# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-26-059582
**Filing Date:** 2026-2
**Character Count:** 5478658
**Document Hash:** 870034dc1f2e89adeb72daefe12d2c61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-059582.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0001193125-26-059582

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 538

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**EFFECTIVENESS DATE**: 20260302

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08495
- **FILM NUMBER:** 26655246

**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-40455
- **FILM NUMBER:** 26655245

**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 Investor Destinations Aggressive Fund (Series ID: S000005001)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013576 | Class A                     | NDAAX           |
| C000013579 | Class R                     | GAFRX           |
| C000013580 | Class R6                    | GAIDX           |
| C000013581 | Service Class               | NDASX           |
| C000137830 | Institutional Service Class | NWWHX           |

### Nationwide Investor Destinations Moderately Aggressive Fund (Series ID: S000005002)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013582 | Class A                     | NDMAX           |
| C000013585 | Class R                     | GMARX           |
| C000013586 | Class R6                    | GMIAX           |
| C000013587 | Service Class               | NDMSX           |
| C000137831 | Institutional Service Class | NWWIX           |

### Nationwide Investor Destinations Moderate Fund (Series ID: S000005003)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013588 | Class A                     | NADMX           |
| C000013591 | Class R                     | GMDRX           |
| C000013592 | Class R6                    | GMDIX           |
| C000013593 | Service Class               | NSDMX           |
| C000137832 | Institutional Service Class | NWWJX           |

### Nationwide Investor Destinations Moderately Conservative Fund (Series ID: S000005004)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013594 | Class A                     | NADCX           |
| C000013597 | Class R                     | GMMRX           |
| C000013598 | Class R6                    | GMIMX           |
| C000013599 | Service Class               | NSDCX           |
| C000137833 | Institutional Service Class | NWWKX           |

### Nationwide Investor Destinations Conservative Fund (Series ID: S000005005)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013600 | Class A                     | NDCAX           |
| C000013603 | Class R                     | GCFRX           |
| C000013604 | Class R6                    | GIMCX           |
| C000013605 | Service Class               | NDCSX           |
| C000137834 | Institutional Service Class | NWWLX           |

### 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 Destination Retirement Fund (Series ID: S000018632)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000051715 | Class R                     | NWEBX           |
| C000051716 | Institutional Service Class | NWESX           |
| C000051717 | Class R6                    | NWEIX           |
| C000051718 | Class A                     | NWEAX           |

### Nationwide Destination 2030 Fund (Series ID: S000018635)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000051733 | Class A                     | NWIAX           |
| C000051736 | Class R                     | NWBIX           |
| C000051737 | Institutional Service Class | NWISX           |
| C000051738 | Class R6                    | NWIIX           |

### Nationwide Destination 2035 Fund (Series ID: S000018636)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000051739 | Class A                     | NWLAX           |
| C000051742 | Class R                     | NWLBX           |
| C000051743 | Institutional Service Class | NWLSX           |
| C000051744 | Class R6                    | NWLIX           |

### Nationwide Destination 2040 Fund (Series ID: S000018637)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000051745 | Class A                     | NWMAX           |
| C000051748 | Class R                     | NWMDX           |
| C000051749 | Institutional Service Class | NWMSX           |
| C000051750 | Class R6                    | NWMHX           |

### Nationwide Destination 2045 Fund (Series ID: S000018638)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000051751 | Class A                     | NWNAX           |
| C000051754 | Class R                     | NWNBX           |
| C000051755 | Institutional Service Class | NWNSX           |
| C000051756 | Class R6                    | NWNIX           |

### Nationwide Destination 2050 Fund (Series ID: S000018639)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000051757 | Class A                     | NWOAX           |
| C000051760 | Class R                     | NWOBX           |
| C000051761 | Institutional Service Class | NWOSX           |
| C000051762 | Class R6                    | NWOIX           |

### Nationwide Destination 2055 Fund (Series ID: S000030461)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000093595 | Class A                     | NTDAX           |
| C000093598 | Class R                     | NTDTX           |
| C000093599 | Class R6                    | NTDIX           |
| C000093600 | Institutional Service Class | NTDSX           |

### Nationwide Schroders Global 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 Renaissance Small Cap Growth 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 Destination 2060 Fund (Series ID: S000046757)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000146061 | Class A                     | NWWRX           |
| C000146063 | Class R                     | NWWTX           |
| C000146064 | Class R6                    | NWWUX           |
| C000146065 | Institutional Service Class | NWWVX           |

### 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 Destination 2065 Fund (Series ID: S000067490)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000217023 | Institutional Service Class | NWATX           |
| C000217024 | Class A                     | NWAQX           |
| C000217025 | Class R                     | NWARX           |
| C000217026 | Class R6                    | NWASX           |

### 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           |

### Nationwide Destination 2070 Fund (Series ID: S000089561)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000256160 | Institutional Service Class |  |
| C000256161 | Class A                     |  |
| C000256162 | Class R6                    |  |
| C000256163 | Class R                     |  |

?xml version='1.0' encoding='ASCII'? NMF

**AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 19, 2026**

**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. 293**

***☒***

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

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

**☒** 

**Amendment No. 319**

**☒** 

(Check appropriate box or boxes)

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**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** |

---

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on March 2, 2026 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:

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

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Equity Funds

Prospectus March 2, 2026

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

---

| |
|:---|
| **Nationwide Bailard Small Cap Value Fund *(formerly,*** <br> ***Nationwide Bailard Cognitive Value Fund)***<br>|
| Class A (NWHDX) / Class M (NWHFX)<br> Class R6 (NWHGX) / Institutional Service Class (NWHHX)<br>|
| **Nationwide Bailard Technology Fund *(formerly,*** <br> ***Nationwide Bailard Technology & Science Fund)***<br>|
| Class A (NWHOX) / Class M (NWHQX)<br> Class R6 (NWHTX) / Institutional Service Class (NWHUX)<br>|
| **Nationwide BNY Mellon Dynamic U.S. Core Fund** |
| Class A (NMFAX) / Class R (GGFRX)<br> Class R6 (MUIGX) / Institutional Service Class (NGISX)<br> Eagle Class (NWAEX)<br>|
| **Nationwide BNY Mellon Dynamic U.S. Equity Income Fund** |
| Class A (NWALX) / Class K (NWAMX) / Class R6 (NWANX)<br> Institutional Service Class (NWAOX) / Eagle <br> Class (NWAPX)<br>|
| **Nationwide Fund** |
| Class A (NWFAX) / Class R (GNWRX)<br> Class R6 (NWABX) / Institutional Service Class (MUIFX)<br>|
| **Nationwide Geneva Mid Cap Growth Fund** |
| Class A (NWHVX) / Class R6 (NWKAX)<br> Institutional Service Class (NWHYX)<br>|

---

---

| |
|:---|
| **Nationwide Geneva Small Cap Growth Fund** |
| Class A (NWHZX) / Class R6 (NWKCX)<br> Institutional Service Class (NWKDX)<br>|
| **Nationwide GQG US Quality Equity Fund** |
| Class A (NWAUX) / Class R6 (NWAVX)<br> Institutional Service Class (NWAWX) / Eagle <br> Class (NWAYX)<br>|
| **Nationwide Loomis All Cap Growth Fund** |
| Class A (NWZLX) / Class R6 (NWZMX)<br> Institutional Service Class (NWZNX) / Eagle <br> Class (NWADX)<br>|
| **Nationwide Renaissance Small Cap Growth Fund** <br> ***(formerly, Nationwide WCM Focused Small Cap Fund)***<br>|
| Class A (NWGPX) / Class R6 (NWKEX)<br> Institutional Service Class (NWGSX)<br>|

---

&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;

**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**![](g49631img30168b521.gif)

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**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_11f87864-1710-4319-8aa4-d131df32d91c_1)** |
|  | [Nationwide Bailard Small Cap Value Fund](#xx_11f87864-1710-4319-8aa4-d131df32d91c_1) |
|  | [Nationwide Bailard Technology Fund](#xx_c7ffcc11-f9c4-4628-94c1-244886e9c983_1) |
|  | [Nationwide BNY Mellon Dynamic U.S. Core Fund](#xx_76403b06-2321-4c60-be5a-f2d8d8bb3bc9_1) |
|  | [Nationwide BNY Mellon Dynamic U.S. Equity Income Fund](#xx_dcd643aa-480a-496f-8cc2-1ab5a0aa4aa2_1) |
|  | [Nationwide Fund](#xx_fd645ffe-2d42-40a5-934c-43d6b2e154ee_1) |
|  | [Nationwide Geneva Mid Cap Growth Fund](#xx_1b88d688-c955-4a78-8348-c174faf7fad2_1) |
|  | [Nationwide Geneva Small Cap Growth Fund](#xx_78160f42-562a-41a3-85be-491d038db2c0_1) |
|  | [Nationwide GQG US Quality Equity Fund](#xx_2b3198dd-77f7-4018-a4ba-28991ff72783_1) |
|  | [Nationwide Loomis All Cap Growth Fund](#xx_3d37fc0c-1cf7-437d-b26b-1159b53e3d38_1) |
|  | [Nationwide Renaissance Small Cap Growth Fund](#xx_348aad76-e3a5-4b44-8668-6c2d370fa2a2_1) |
| **48** | **[How the Funds Invest](#xx_9bb78f11-64fc-4aa3-8e41-e9d8a2f6bb1a_1)** |
|  | [Nationwide Bailard Small Cap Value Fund](#xx_9bb78f11-64fc-4aa3-8e41-e9d8a2f6bb1a_1) |
|  | [Nationwide Bailard Technology Fund](#xx_96dd7f3b-70fa-4c32-ba13-b8e86094d4c7_1) |
|  | [Nationwide BNY Mellon Dynamic U.S. Core Fund](#xx_331b1898-383c-4350-9e84-3234faf07c09_1) |
|  | [Nationwide BNY Mellon Dynamic U.S. Equity Income Fund](#xx_9831b683-39d8-495e-b3d8-7c80ee8e54e2_1) |
|  | [Nationwide Fund](#xx_00e2fdcf-4287-4c64-8616-b5bb884c48f0_1) |
|  | [Nationwide Geneva Mid Cap Growth Fund](#xx_f2b1f08b-4c68-4ab0-815f-594a88c2c7f9_1) |
|  | [Nationwide Geneva Small Cap Growth Fund](#xx_39c47b8a-a856-462d-9c3b-2d9143e17f7f_1) |
|  | [Nationwide GQG US Quality Equity Fund](#xx_df862ef8-4eb9-407d-811b-85703bd50f4a_1) |
|  | [Nationwide Loomis All Cap Growth Fund](#xx_ab251c99-86ff-4768-98c8-59be0e77ae59_1) |
|  | [Nationwide Renaissance Small Cap Growth Fund](#xx_b486fd7f-0e4f-4cf4-ae51-76ae98327a2b_1) |
| **62** | **[Risks of Investing in the Funds](#xx_ae38dcf6-b6f9-49ad-95ba-ad1b30c9ce96_1)** |
| **71** | **[Fund Management](#xx_a71e2e1d-7675-4a95-88e9-b218f587e6e0_1)** |
| **75** | **[Investing with Nationwide Funds](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_1)** |
|  | [Share Classes](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_1) |
|  | [Sales Charges and Fees](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_5) |
|  | [Revenue Sharing](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_6) |
|  | [Contacting Nationwide Funds](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_7) |
|  | [Fund Transactions](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_8) |
|  | [Buying Shares](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_9) |
|  | [Fair Value Pricing](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_9) |
|  | [Exchanging Shares](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_11) |
|  | [Selling Shares](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_11) |
|  | [Excessive or Short-Term Trading](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_12) |
| **88** | **[Distributions and Taxes](#xx_18a53db0-84de-478e-a795-cfa5534fbfd3_1)** |
| **91** | **[Additional Information](#xx_6a147d4f-79ae-4b77-8928-2c8d1215400b_1)** |
| **92** | **[Financial Highlights](#xx_3576a4f7-3f40-4587-b101-2aa52178326e_1)** |
| **103** | **[Appendix A](#xx_4e9290cb-7992-4e6e-8de8-3a67eb724dd7_1)** |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_4e9290cb-7992-4e6e-8de8-3a67eb724dd7_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 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.45% | 0.20% | 0.20% | 0.45% |
| **Total Annual Fund Operating Expenses** | 1.30% | 0.80% | 0.80% | 1.05% |
| Fee Waiver/Expense Reimbursement<sup>(2)</sup> | (0.07)% | (0.07)% | (0.07)% | (0.07)% |
| **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 March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 | $693 | $957 | $1241 | $2047 |
| Class M Shares | 75 | 248 | 437 | 983 |
| Class R6 Shares | 75 | 248 | 437 | 983 |
| Institutional Service <br> Class Shares<br>| 100 | 327 | 573 | 1276 |

---

**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 404.58% 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® 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, in addition to evaluating traditional risk measures, 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 workplace practices). 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**

**(Years Ended December 31,)**

![](g49631img01bf9a3b2.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **32.82%** | **Q4 2020** |
| **Lowest Quarter:** | **-34.38%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 3.30% | 9.28% | 8.18% |
| Class A Shares– After Taxes on <br> Distributions<br>| 0.76% | 7.34% | 6.58% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 3.68% | 6.94% | 6.21% |
| Class M Shares– Before Taxes | 9.87% | 10.94% | 9.19% |
| Class R6 Shares– Before Taxes | 9.89% | 10.93% | 9.19% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 9.91% | 10.90% | 9.10% |
| Russell 3000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.15% | 13.15% | 14.29% |
| Russell 2000® Value Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 12.59% | 8.88% | 9.27% |

---

**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 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> | 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% | 0.28% |
| **Total Annual Fund Operating Expenses** | 1.05% | 0.73% | 0.73% | 0.88% |
| Fee Waiver/Expense Reimbursement<sup>(2)</sup> | (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% | 0.83% |

---

<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 March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 | $671 | $885 | $1116 | $1780 |
| Class M Shares | 69 | 228 | 401 | 902 |
| Class R6 Shares | 69 | 228 | 401 | 902 |
| Institutional Service <br> Class Shares<br>| 85 | 276 | 483 | 1080 |

---

**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 22.09% 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 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, in addition to evaluating traditional risk measures, 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 workplace

practices). 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**

**(Years Ended December 31,)**

![](g49631img65a8d5ae3.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **34.79%** | **Q2 2020** |
| **Lowest Quarter:** | **-23.23%** | **Q2 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 11.10% | 11.03% | 17.86% |
| Class A Shares– After Taxes on <br> Distributions<br>| 7.87% | 7.90% | 14.75% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 8.81% | 8.09% | 14.09% |
| Class M Shares– Before Taxes | 18.27% | 12.71% | 18.93% |
| Class R6 Shares– Before Taxes | 18.26% | 12.71% | 18.93% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 18.08% | 12.59% | 18.81% |
| Russell 1000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.37% | 13.59% | 14.59% |
| S&P North American Technology Sector <br> Index<sup>TM</sup> (The Index does not pay sales <br> charges, fees, expenses or taxes.)<br>| 27.82% | 18.02% | 22.54% |

---

**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/Chief <br> Investment Officer<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 BNY Mellon Dynamic U.S. Core Fund

**Objective** 

The Nationwide BNY Mellon Dynamic U.S. Core Fund seeks long-term capital growth.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Eagle Class<br> Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering <br> price)<br>| 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>| Eagle Class<br> Shares<br>|
| Management Fees | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |  |
| Other Expenses | 0.16% | 0.32% | 0.07% | 0.16% | 0.09% |
| **Total Annual Fund Operating Expenses** | 0.86% | 1.27% | 0.52% | 0.61% | 0.54% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.02)% | (0.02)% | (0.02)% | (0.02)% | (0.02)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.84% | 1.25% | 0.50% | 0.59% | 0.52% |

---

<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 0.50% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 BNY Mellon Dynamic U.S. Core 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 | $656 | $832 | $1023 | $1573 |
| Class R Shares | 127 | 401 | 695 | 1532 |
| Class R6 Shares | 51 | 165 | 289 | 651 |
| Institutional Service <br> Class Shares<br>| 60 | 193 | 338 | 760 |
| Eagle Class Shares | 53 | 171 | 300 | 675 |

---

**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 13.78% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to provide investors with long-term growth of capital by outperforming the S&P 500® Index over a full market cycle while maintaining a similar level of market risk as the index. To achieve this goal, the Fund's subadviser seeks to identify and construct the most optimal portfolio that targets an equity-like level of volatility by allocating assets among equity securities, money market instruments, futures contracts the value of which are derived from the performance of equity indexes and U.S. Treasury bonds (which are government-issued debt securities), and options on equity index and bond futures contracts. Futures and options are derivatives and may expose the Fund to leverage. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

Equity securities that the Fund buys primarily are common stocks of companies that are included in the S&P 500® Index. With respect to the Fund's portion that invests directly in equity securities, the Fund generally invests in all 500 stocks in the S&P 500® Index in proportion to their weightings in the index. Money market instruments serve primarily as cover for the Fund's derivatives positions, although the subadviser also at times allocates assets to money market instruments in order to hedge against equity market risk. Money market instruments are high-quality short-term debt securities issued by governments and corporations. The Fund obtains exposure to U.S. Treasury

bonds by purchasing futures contracts on U.S. Treasury bonds included in the Bloomberg U.S. Long Treasury Index. The Fund also may purchase options on U.S. Treasury bond futures contracts. The Fund uses Treasury bond futures and options to hedge against equity market risks. It is possible, however, that the Fund will lose money on both its equity investments and its bond exposures at the same time. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of U.S. issuers or derivatives the value of which are linked to securities of U.S. issuers. For these purposes, a U.S. issuer is either (i) a company whose stock is listed on the New York Stock Exchange or NASDAQ; or (ii) the United States Treasury.

In determining what the subadviser believes to be the optimal allocation among equities, U.S. Treasury bonds and money market instruments, the subadviser uses estimates of future returns and volatility. When the subadviser believes that equity markets appear favorable, it uses leverage generated by futures and options to increase the Fund's equity exposure. When equity markets appear to be unfavorable, the subadviser reduces the Fund's equity exposure through the use of equity index futures and related options. It also may allocate assets to U.S. Treasury bond futures and related options and/or money market instruments. By combining equity securities, futures on stock indexes and U.S. Treasury bonds, call options and money market instruments in varying amounts, the subadviser adjusts the Fund's overall equity exposure within a range of 50%–150% of the Fund's net assets. The subadviser regularly reviews the Fund's investments and will consider selling an investment when the subadviser believes such investment is no longer attractive as a result of price appreciation or a change in risk profile, or because other available investments are considered to be more attractive.

The Fund is designed for investors seeking growth of capital by investing in a portfolio of equity and debt securities, and derivatives with investment characteristics similar to equity and debt securities, in order to achieve enhanced equity returns while maintaining a level of volatility risk that is similar to the S&P 500® Index.

**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.

------

**Fund Summary:** Nationwide BNY Mellon Dynamic U.S. Core Fund *(cont.)*

***Leverage risk*** – leverage risk is a direct risk of investing in the Fund. Leverage is investment exposure that exceeds the initial amount invested. Derivatives and other transactions that give rise to leverage may cause the Fund's performance to be more volatile than if the Fund had not been leveraged. Leveraging also may require that the Fund liquidate portfolio securities when it may not be advantageous to do so to satisfy its obligations. Certain derivatives provide the potential for investment gain or loss that may be several times greater than the change in the value of an underlying security, asset, interest rate, index or currency, resulting in the potential for a loss that may be substantially greater than the amount invested. Some leveraged investments have the potential for unlimited loss, regardless of the size of the initial investment.

***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. Futures contracts and options on futures contracts typically involve leverage, which means that 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. Some of these derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Certain futures contracts and related options may be illiquid, making it difficult to close out an unfavorable position. Finally, the Fund's use of derivatives may cause a 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.

&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;*Options* – purchasing and selling options are highly specialized activities and entail greater-than-ordinary investment risks. The ability to close out positions in exchange-traded options depends on the existence of a liquid market. Options that expire unexercised have no value.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds or other investments with debt-like characteristics (e.g., futures contracts the value of which are derived from the performance of bond indexes), subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of

fixed-income securities will decline when interest rates rise. 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower 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 fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Fund will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, the Fund may be required to invest the proceeds in securities with lower yields.

***Cash position risk*** – the Fund may hold significant positions in cash or money market instruments. A larger amount of such holdings will cause the Fund to miss investment opportunities presented during periods of rising market prices.

***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 BNY Mellon Dynamic U.S. Core Fund *(cont.)*

***Strategy risk*** – the subadviser's strategy may cause the Fund to experience above-average short-term volatility. Accordingly, the Fund may be appropriate for investors who have a long investment time horizon and who seek long-term capital growth while accepting the possibility of significant short-term, or even long-term, losses.

***Index strategy risk*** – the portion of the Fund that invests directly in equity securities does not use defensive strategies or attempt to reduce its exposure to poor performing securities. Further, correlation between such portion's performance and that of the index is likely to be negatively affected by the Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Fund shares.

***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.

***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.

*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 16, 2018, 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– Class R6 Shares**

**(Years Ended December 31,)**

![](g49631gr_16.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **19.60%** | **Q2 2020** |
| **Lowest Quarter:** | **-18.09%** | **Q2 2022** |

---

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.

The inception date for Eagle Class shares is September 28, 2018. Pre-inception historical performance for Eagle Class shares is based on the previous performance of Institutional Service Class shares. Performance for Eagle Class shares has not been adjusted to reflect that share class's lower expenses than those of Institutional Service Class shares.

------

**Fund Summary:** Nationwide BNY Mellon Dynamic U.S. Core Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 10.18% | 10.99% | 13.43% |
| Class A Shares– After Taxes on <br> Distributions<br>| 8.74% | 9.85% | 10.99% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 6.82% | 8.48% | 10.05% |
| Class R Shares– Before Taxes | 16.55% | 11.90% | 13.73% |
| Class R6 Shares– Before Taxes | 17.31% | 12.67% | 14.45% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 17.23% | 12.52% | 14.29% |
| Eagle Class Shares– Before Taxes | 17.28% | 12.66% | 14.37% |
| S&P 500® Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| 17.88% | 14.42% | 14.82% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Newton Investment Management North America, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| James H. Stavena | Head of Portfolio <br> Management, Multi-<br> Asset Solutions<br>| Since 2018 |
| Torrey K. Zaches, CFA | Senior Portfolio <br> Manager, Multi-Asset <br> Solutions<br>| Since 2020 |

---

**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 and Eagle Class: $50,000<br> Automatic Asset Accumulation Plan (Class A): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A: $100<br> Class R, Class R6, Institutional Service Class, Eagle 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.

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**Fund Summary:** Nationwide BNY Mellon Dynamic U.S. Equity Income Fund

**Objective** 

The Nationwide BNY Mellon Dynamic U.S. Equity Income Fund seeks total return, consisting of capital appreciation and/or 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 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class K<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Eagle Class<br> Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering <br> price)<br>| 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 K<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Eagle Class<br> Shares<br>|
| Management Fees | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.10% |  |  |  |
| Other Expenses | 0.34% | 0.09% | 0.09% | 0.34% | 0.19% |
| **Total Annual Fund Operating Expenses** | 1.19% | 0.79% | 0.69% | 0.94% | 0.79% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.09)% | (0.09)% | (0.09)% | (0.09)% | (0.09)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.10% | 0.70% | 0.60% | 0.85% | 0.70% |

---

<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 0.60% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 BNY Mellon Dynamic U.S. Equity Income 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 | $681 | $923 | $1184 | $1928 |
| Class K Shares | 72 | 243 | 430 | 970 |
| Class R6 Shares | 61 | 212 | 375 | 850 |
| Institutional Service <br> Class Shares<br>| 87 | 291 | 511 | 1146 |
| Eagle Class Shares | 72 | 243 | 430 | 970 |

---

**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 80.73% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to provide investors with total return, consisting of capital appreciation and/or income, by outperforming the Russell 1000® Value Index over a full market cycle while maintaining a similar level of market risk as the index. To achieve this goal, the Fund's subadviser seeks to identify and construct the most optimal portfolio that targets an equity-like level of volatility by allocating assets among equity securities, money market instruments, futures contracts the value of which are derived from the performance of equity indexes and U.S. Treasury bonds (which are government-issued fixed income securities), and options on equity index and U.S. Treasury bond futures. Futures and options are derivatives and expose the Fund to leverage. In addition, the Fund may write (sell) covered call options to enhance returns and/or to limit volatility. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

The Fund invests, under normal circumstances, at least 80% of its net assets in equity securities of U.S. issuers, primarily common stocks. Equity securities represent an ownership interest in the issuer. Equity securities also may include preferred stocks, convertible securities and derivatives the value of which are linked to equity securities. A U.S. issuer is a company whose stock is listed on the New York Stock Exchange or NASDAQ. The Fund also may invest up to 20% of its net assets in equity securities of foreign companies, which are companies organized under the laws of countries

other than the United States, and which trade in markets other than the New York Stock Exchange or NASDAQ. Although the Fund typically invests in seasoned issuers, it may, depending on the appropriateness to the Fund's strategy and availability in the marketplace, purchase securities of companies in initial public offerings (IPOs) or shortly thereafter, which can be subject to greater volatility than seasoned issuers.

The subadviser's investment process is designed to provide investors with investment exposure to sector weightings and risk characteristics generally similar to those of the Russell 1000® Value Index, although the Fund may emphasize one or more particular sectors at times.

The Fund's subadviser employs a value style of investing, focusing on dividend-paying stocks and other investments and investment techniques that provide income. The subadviser identifies potential investments through extensive quantitative and fundamental analysis, using a bottom-up approach that emphasizes three key factors:

&nbsp;&nbsp;&nbsp;&nbsp;●<u>Value</u>: quantitative screens track traditional measures, such as price-to-earnings, price-to-book and price-to-sales ratios, which are analyzed and compared against the market;

&nbsp;&nbsp;&nbsp;&nbsp;●<u>Sound business fundamentals</u>: a company's balance sheet and income data are examined to determine the company's financial history; and

&nbsp;&nbsp;&nbsp;&nbsp;●<u>Positive business momentum</u>: a company's earnings and forecast changes are analyzed and sales and earnings trends are reviewed to determine the company's financial condition or the presence of a catalyst that will trigger a price increase near- to mid-term.

Money market instruments primarily serve as "cover" for the Fund's derivatives positions, although the subadviser also at times allocates assets to money market instruments in order to hedge against equity market risk. Money market instruments are high-quality short-term debt securities issued by governments and corporations. The Fund obtains exposure to U.S. Treasury bonds by purchasing futures contracts on U.S. Treasury bonds included in the Bloomberg U.S. Long Treasury Index. The Fund also may purchase options on U.S. Treasury bond futures contracts. The Fund uses U.S. Treasury bond futures and options to hedge against equity market risks. It is possible, however, that the Fund could lose money on both its equity investments and its bond exposures at the same time.

In determining what the subadviser believes to be the optimal allocation among equities, U.S. Treasury bonds and money market instruments, the subadviser uses estimates of future returns and volatility. When the subadviser believes that equity markets appear favorable, it uses leverage generated by futures and options to increase the Fund's equity exposure. When equity markets appear to be

------

**Fund Summary:** Nationwide BNY Mellon Dynamic U.S. Equity Income Fund *(cont.)*

unfavorable, the subadviser reduces the Fund's equity exposure through the use of equity index futures and related options. It also may allocate assets to U.S. Treasury bond futures and related options and/or money market instruments. By combining equity securities, futures on stock indexes and U.S. Treasury bonds, call options and money market instruments in varying amounts, the subadviser adjusts the Fund's overall equity exposure within a range of 80%–150% of the Fund's net assets. The subadviser regularly reviews the Fund's investments and will consider selling an investment when the subadviser believes such investment is no longer attractive as a result of price appreciation or a change in risk profile, or because other available investments are considered to be more attractive.

The Fund is designed for investors seeking total return consisting of capital appreciation and/or income, by investing in a portfolio of equity and debt securities, and derivatives with investment characteristics similar to equity and debt securities, in order to achieve enhanced equity returns while maintaining a level of volatility risk that is similar to the Russell 1000® Value Index.

**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.

***Leverage risk*** – leverage risk is a direct risk of investing in the Fund. Leverage is investment exposure that exceeds the initial amount invested. Derivatives and other transactions that give rise to leverage may cause the Fund's performance to be more volatile than if the Fund had not been leveraged. Leveraging also may require that the Fund liquidate portfolio securities when it may not be advantageous to do so to satisfy its obligations. Certain derivatives provide the potential for investment gain or loss that may be several times greater than the change in the value of an underlying security, asset, interest rate, index or currency, resulting in the potential for a loss that may be substantially greater than the amount invested. Some leveraged investments have the potential for unlimited loss, regardless of the size of the initial investment.

***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. Futures

contracts and options on futures contracts typically involve leverage, which means that 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. Some of these derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Certain futures contracts and related options may be illiquid, making it difficult to close out an unfavorable position. Finally, the Fund's use of derivatives may cause a 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.

&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;*Options* – purchasing and selling options are highly specialized activities and entail greater-than-ordinary investment risks. The ability to close out positions in exchange-traded options depends on the existence of a liquid market. Options that expire unexercised have no value.

***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.

***Strategy risk*** – the subadviser's strategy may cause the Fund to experience above-average short-term volatility. Accordingly, the Fund may be appropriate for investors who have a long investment time horizon and who seek long-term total return while accepting the possibility of significant short-term, or even long-term, losses.

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**Fund Summary:** Nationwide BNY Mellon Dynamic U.S. Equity Income Fund *(cont.)*

***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.

***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.

***Dividend-paying stock risk*** – there is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. The 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 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.

***Convertible securities risk*** - the values of convertible securities typically fall when interest rates rise and increase when interest rates fall. The prices of convertible securities with longer maturities tend to be more volatile than those with shorter maturities. Value also tends to change whenever the market value of the underlying common or preferred stock fluctuates. The Fund will lose money if the issuer of a convertible security is unable to meet its financial obligations.

***Preferred stock risk*** – a preferred stock may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status. Preferred stocks often behave like debt securities, but have a lower payment priority than the issuer's bonds or other debt securities. Therefore, they are subject to greater credit risk than those of debt securities. Preferred stocks also may be significantly less liquid than many other securities, such as corporate debt or common stock.

***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.

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower 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 fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Fund will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, the Fund may be required to invest the proceeds in securities with lower yields.

***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

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**Fund Summary:** Nationwide BNY Mellon Dynamic U.S. Equity Income Fund *(cont.)*

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.

***Cash position risk*** – the Fund may hold significant positions in cash or money market instruments. A larger amount of such holdings will cause the Fund to miss investment opportunities presented during periods of rising market prices.

***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.

*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's performance prior to December 21, 2020 reflects returns pursuant to different principal investment strategies. If the Fund's current strategies had been in place during the prior period, the performance information shown would have been different.

The Fund has adopted the historical performance of the BNY Mellon Disciplined Stock Fund, a former series of BNY Mellon Investment Funds IV, Inc. (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on December 16, 2019. The returns presented for periods prior to December 16, 2019 reflect the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had similar investment goals, although the Fund and the Predecessor Fund had different investment objectives. Further, while the Fund and the Predecessor Fund shared some investment strategies and policies, certain of the Fund's investment strategies and policies were different from those of the Predecessor Fund.

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. These returns do not reflect the impact of sales charges. If sales charges were included, the annual total returns would be lower than those shown. 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 K Shares**

**(Years Ended December 31,)**

![](g49631mdvf1_16.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.72%** | **Q4 2020** |
| **Lowest Quarter:** | **-31.34%** | **Q1 2020** |

---

After-tax returns are shown for Class K 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 K shares is based on the previous performance of the Predecessor Fund's Shares. The inception date for Class A, Class R6, Institutional Service Class and Eagle Class shares is December 16, 2019. Therefore, pre-inception historical performance for Class A, Class R6, Institutional Service Class and Eagle Class shares is based on the previous performance of Predecessor Fund's Shares. Performance for Class A shares has been adjusted to reflect sales charges and the higher expenses of Class A shares than those of the Predecessor Fund's Shares. Performance for Class K, Class R6, Institutional Service Class and Eagle Class shares has not been adjusted to reflect each share class's lower expenses than those of the Predecessor Fund's Shares.

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**Fund Summary:** Nationwide BNY Mellon Dynamic U.S. Equity Income Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 11.58% | 13.11% | 11.66% |
| Class A Shares– After Taxes on <br> Distributions<br>| 8.97% | 9.66% | 8.57% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 8.19% | 9.48% | 8.42% |
| Class K Shares– Before Taxes | 18.59% | 14.65% | 12.64% |
| Class R6 Shares– Before Taxes | 18.71% | 14.77% | 12.71% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 18.62% | 14.71% | 12.65% |
| Eagle Class Shares– Before Taxes | 18.74% | 14.76% | 12.69% |
| Russell 1000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.37% | 13.59% | 14.59% |
| Russell 1000® Value Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 15.91% | 11.33% | 10.53% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Newton Investment Management North America, LLC

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| John C. Bailer, CFA | Deputy Head of Equity <br> Income, Portfolio <br> Manager<br>| Since 2019 |
| Brian C. Ferguson | Portfolio Manager, <br> Equity Income Team<br>| Since 2019 |
| Keith Howell Jr., CFA | Portfolio Manager, <br> Equity Income Team<br>| Since 2022 |
| James H. Stavena | Head of Portfolio <br> Management, Multi-<br> Asset Solutions<br>| Since 2020 |
| Torrey K. Zaches, CFA | Senior Portfolio <br> Manager, Multi-Asset <br> Solutions<br>| Since 2023 |

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**Purchase and Sale of Fund Shares** 

---

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

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**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 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class 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% |  |  |  |

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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 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 March 2, 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 | $660 | $848 | $1051 | $1638 |
| Class R Shares | 132 | 421 | 730 | 1609 |
| Class R6 Shares | 56 | 185 | 325 | 734 |
| Institutional Service <br> Class Shares<br>| 64 | 210 | 369 | 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 129.38% 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. The Fund may engage in frequent and active 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.

&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.

***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 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**

**(Years Ended December 31,)**

![](g49631nat_17.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **21.71%** | **Q2 2020** |
| **Lowest Quarter:** | **-18.71%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 7.18% | 10.42% | 12.59% |
| Class A Shares– After Taxes on <br> Distributions<br>| 1.59% | 7.54% | 9.96% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 7.38% | 7.65% | 9.55% |
| Class R Shares– Before Taxes | 13.25% | 11.39% | 12.84% |
| Class R6 Shares– Before Taxes | 14.09% | 12.09% | 13.60% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 14.00% | 12.01% | 13.53% |
| S&P 500® Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| 17.88% | 14.42% | 14.82% |

---

**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 |
| Timothy Woodhouse, <br> CFA<br>| Managing Director, <br> Portfolio Manager<br>| Since 2026 |

---

**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.

------

**Fund Summary:** Nationwide Geneva Mid Cap Growth Fund

**Objective** 

The Nationwide Geneva Mid 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 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.20% | 0.10% | 0.20% |
| **Total Annual Fund Operating Expenses** | 1.10% | 0.75% | 0.85% |

---

**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 | $681 | $905 | $1146 | $1838 |
| Class R6 Shares | 77 | 240 | 417 | 930 |
| Institutional Service <br> Class Shares<br>| 87 | 271 | 471 | 1049 |

---

**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 26.92% 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.

------

**Fund Summary:** Nationwide Geneva Mid Cap Growth Fund *(cont.)*

The Fund's investment focus is on mid-cap growth companies, which are companies whose market capitalization is generally within the market capitalization range of the companies represented in the Russell Midcap® Growth Index at time of purchase, although the Fund may invest in companies outside this range. Under normal circumstances, the Fund invests at least 80% of its net assets in mid-cap growth 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 Midcap® 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 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.

***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.

***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.

***Mid-cap risk*** – medium-sized companies are usually less stable in price and less liquid than larger, more established companies. Therefore, they generally involve greater risk.

*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.

------

**Fund Summary:** Nationwide Geneva Mid Cap Growth Fund *(cont.)*

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**

**(Years Ended December 31,)**

![](g49631mcg_16.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **24.81%** | **Q2 2020** |
| **Lowest Quarter:** | **-19.80%** | **Q2 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -8.02% | 2.05% | 8.70% |
| Class A Shares– After Taxes on <br> Distributions<br>| -9.64% | -2.11% | 4.72% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -3.60% | 1.33% | 6.35% |
| Class R6 Shares– Before Taxes | -2.08% | 3.63% | 9.73% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -2.18% | 3.52% | 9.60% |
| Russell 1000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.37% | 13.59% | 14.59% |
| Russell Midcap® Growth Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 8.66% | 6.65% | 12.49% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Geneva Capital Management LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| William S. Priebe | Managing Principal, <br> Portfolio Manager<br>| Since 2006 |
| José Muñoz, CFA | Managing Principal, <br> Portfolio Manager<br>| Since 2017 |

---

**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.

------

**Fund Summary:** Nationwide Geneva Mid Cap Growth Fund *(cont.)*

**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 Geneva Small Cap Growth Fund

**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 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.76% | 0.76% | 0.76% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.18% | 0.06% | 0.20% |
| **Total Annual Fund Operating Expenses** | 1.19% | 0.82% | 0.96% |

---

**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 | $689 | $931 | $1192 | $1935 |
| Class R6 Shares | 84 | 262 | 455 | 1014 |
| Institutional Service <br> Class Shares<br>| 98 | 306 | 531 | 1178 |

---

**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 27.03% 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.

------

**Fund Summary:** Nationwide Geneva Small Cap Growth Fund *(cont.)*

The Fund's investment focus is on small-cap companies, which are 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, 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 securities markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts, trade disputes and social unrest or rapid technological developments such as artificial intelligence) adversely interrupt the global economy.

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

***Growth 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 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.

------

**Fund Summary:** Nationwide Geneva Small Cap Growth Fund *(cont.)*

The Fund compares its performance to the Russell 3000 Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631scg_16.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **29.91%** | **Q2 2020** |
| **Lowest Quarter:** | **-20.27%** | **Q4 2018** |

---

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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -13.84% | -0.40% | 8.25% |
| Class A Shares– After Taxes on <br> Distributions<br>| -14.38% | -1.22% | 7.47% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -7.79% | -0.30% | 6.64% |
| Class R6 Shares– Before Taxes | -8.24% | 1.17% | 9.30% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -8.36% | 1.04% | 9.18% |
| Russell 3000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.15% | 13.15% | 14.29% |
| Russell 2000® Growth Index (The Index <br> does not pay sales charges, fees, <br> expenses, or taxes.)<br>| 13.01% | 3.18% | 9.57% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Geneva Capital Management LLC

**Portfolio Managers** 

---

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

---

**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.

------

**Fund Summary:** Nationwide Geneva Small Cap Growth Fund *(cont.)*

**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 GQG US Quality Equity Fund

**Objective** 

The Nationwide GQG US Quality Equity Fund seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

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

---

**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>| Eagle Class<br> Shares<br>|
| Management Fees | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.28% | 0.13% | 0.38% | 0.23% |
| **Total Annual Fund Operating Expenses** | 0.98% | 0.58% | 0.83% | 0.68% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.09)% | (0.09)% | (0.09)% | (0.09)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.89% | 0.49% | 0.74% | 0.59% |

---

<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.49% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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

---

------

**Fund Summary:** Nationwide GQG US Quality Equity 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 166.65% of the average value of its portfolio.

**Principal Investment Strategies**

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

The Fund's subadviser seeks to capture market inefficiencies which it believes are driven by investors' propensity to be short-sighted and overly focused on quarter-to-quarter price movements, rather than a company's fundamentals over a longer time horizon (5 years or more). The subadviser believes that this market inefficiency may lead investors to underappreciate the compounding potential of quality, growing companies. To identify this subset of companies, the subadviser generates investment ideas from a variety of sources, ranging from institutional knowledge and industry contacts, to the subadviser's proprietary screening process that seeks to identify suitable companies based on several quality factors, such as rates of return on equity and total capital, margin stability and profitability. Ideas are then subject to rigorous fundamental analysis as the subadviser seeks to identify and invest in companies that it believes reflect higher quality opportunities on a forward-looking basis.

Specifically, the subadviser seeks to buy companies that it believes are reasonably priced and have strong fundamental business characteristics and sustainable and durable earnings growth. The subadviser seeks to outperform peers over a full market cycle by seeking to capture market upside while limiting downside risk. For these purposes, a full market cycle can be measured from a point in the market cycle (e.g., a peak or trough) to the corresponding point in the next market cycle.

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

The subadviser may sell a stock if the subadviser believes that the company's long-term competitive advantage or relative earnings growth prospects have deteriorated, or the subadviser has otherwise lost conviction that the company reflects a higher quality opportunity relative to other available investments on a forward-looking basis. The subadviser also may sell a stock if the company has met its price target or is involved in a business combination, if the subadviser identifies a more attractive investment opportunity, or the subadviser wishes to reduce the Fund's exposure to the company or a particular country or geographic region. The Fund may engage in frequent and active trading of portfolio securities.

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

**Principal Risks**

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

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

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

------

**Fund Summary:** Nationwide GQG US Quality Equity Fund *(cont.)*

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

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

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

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

***Emerging markets risk*** – emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets are considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Since these markets are smaller than developed markets, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to

use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries are unreliable compared to developed markets. Companies in emerging market countries generally are subject to less stringent financial reporting, accounting and auditing standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Many emerging markets also have histories of political instability and abrupt changes in policies, and the ability to bring and enforce actions may be limited. Certain emerging markets also face other significant internal or external risks, including the risk of war, nationalization of assets, unexpected market closures and ethnic, religious and racial conflicts.

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

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

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

***Redemptions risk*** – the Fund is an investment option for other mutual funds that are managed as "funds-of-funds." As a result, from time to time, the Fund may experience relatively large redemptions or investments. Large or continuous redemptions may increase the Fund's transaction costs and could cause the Fund's operating expenses to be allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. If funds-of-funds or other large shareholders redeem large amounts of shares rapidly or unexpectedly, the Fund may have to sell portfolio securities at times when it would not otherwise do so, which could negatively impact the Fund's net asset value and liquidity.

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

*Loss of money is a risk of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not* 

------

**Fund Summary:** Nationwide GQG US Quality Equity Fund *(cont.)*

*insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

**Performance**

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631gqg_5.jpg)

---

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

**(For the Periods Ended December 31, 2025)** 

---

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

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

GQG Partners LLC

**Portfolio Managers** 

---

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

---

**Purchase and Sale of Fund Shares** 

---

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

---

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

------

**Fund Summary:** Nationwide GQG US Quality Equity Fund *(cont.)*

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 Loomis All Cap Growth Fund

**Objective** 

The Nationwide Loomis All Cap Growth Fund seeks to provide long-term capital growth.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

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

---

**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>| Eagle Class<br> Shares<br>|
| Management Fees | 0.80% | 0.80% | 0.80% | 0.80% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.31% | 0.12% | 0.37% | 0.22% |
| **Total Annual Fund Operating Expenses** | 1.36% | 0.92% | 1.17% | 1.02% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.10)% | (0.10)% | (0.10)% | (0.10)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.26% | 0.82% | 1.07% | 0.92% |

---

<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 0.82% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 | $696 | $972 | $1268 | $2108 |
| Class R6 Shares | 84 | 283 | 500 | 1122 |
| Institutional Service <br> Class Shares<br>| 109 | 362 | 634 | 1411 |
| Eagle Class Shares | 94 | 315 | 554 | 1239 |

---

------

**Fund Summary:** Nationwide Loomis All Cap Growth 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 11.29% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests in equity securities, primarily common stocks, issued by companies of any size. The Fund normally invests across a wide range of sectors and industries, using a growth style of equity management that emphasizes companies with sustainable competitive advantages versus others, long-term structural growth drivers that the subadviser believes will lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders. The Fund's subadviser aims to invest in stocks of companies when they trade at a significant discount to the subadviser's estimate of intrinsic value (i.e., companies with share prices trading significantly below what the portfolio manager believes the share price should be). The subadviser will consider selling a portfolio investment when it believes an unfavorable structural change occurs within a given business or the markets in which it operates, when a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects the subadviser's estimate of intrinsic value, or for other investment reasons which the subadviser deems appropriate.

The Fund is not required to maintain any specified percentage of its assets in securities of a particular capitalization size. The Fund is permitted, therefore, at any given time, to invest either all of its assets or none of its assets in any particular capitalization size, or to invest a flexible combination of its assets among various capitalization sizes. At times the subadviser emphasizes investments in one or more industries or sectors. The Fund may invest up to 25% of its net assets in foreign securities. 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.

***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.

***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.

***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.

***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.

***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

------

**Fund Summary:** Nationwide Loomis All Cap Growth Fund *(cont.)*

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.

***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 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 Russell 3000 Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class R6 Shares**

**(Years Ended December 31,)**

![](g49631img91dbb80b4.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **23.88%** | **Q2 2020** |
| **Lowest Quarter:** | **-23.17%** | **Q2 2022** |

---

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.

The inception date for Eagle Class shares is June 19, 2018. Pre-inception historical performance for Eagle Class shares is based on the previous performance of Institutional Service Class shares. Performance for Eagle Class shares has not been adjusted to reflect that share class's lower expenses than those of Institutional Service Class shares.

------

**Fund Summary:** Nationwide Loomis All Cap Growth Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before <br> Taxes<br>| 6.21% | 11.12% | 14.27% | 5/31/2017 |
| Class R6 Shares– Before <br> Taxes<br>| 13.19% | 12.94% | 15.58% | 5/31/2017 |
| Class R6 Shares– After <br> Taxes on Distributions<br>| 11.04% | 10.76% | 13.80% | 5/31/2017 |
| Class R6 Shares– After <br> Taxes on Distributions and <br> Sales of Shares<br>| 9.32% | 9.89% | 12.49% | 5/31/2017 |
| Institutional Service <br> Class Shares– Before <br> Taxes<br>| 13.15% | 12.91% | 15.51% | 5/31/2017 |
| Eagle <br> Class Shares– Before <br> Taxes<br>| 13.06% | 12.84% | 15.45% | 5/31/2017 |
| Russell 3000® Index (The <br> Index does not pay sales <br> charges, fees, expenses or <br> taxes.)<br>| 17.15% | 13.15% | 14.12% |  |
| Russell 3000® Growth Index <br> (The Index does not pay <br> sales charges, fees, <br> expenses or taxes.)<br>| 18.15% | 14.59% | 17.93% |  |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Loomis, Sayles & Company, L.P.

**Portfolio Manager** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Aziz V. Hamzaogullari, <br> CFA<br>| Chief Investment <br> Officer and Founder of <br> the Growth Equity <br> Strategies Team and <br> Portfolio Manager<br>| Since 2017 |

---

**Purchase and Sale of Fund Shares** 

---

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

---

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 Renaissance Small Cap Growth Fund

*(formerly, Nationwide WCM Focused Small Cap Fund)*

**Objective** 

The Nationwide Renaissance 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 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.45% | 0.34% | 0.42% |
| **Total Annual Fund Operating Expenses** | 1.45% | 1.09% | 1.17% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.34)% | (0.34)% | (0.34)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.11% | 0.75% | 0.83% |

---

<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 0.75% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 | $682 | $976 | $1291 | $2183 |
| Class R6 Shares | 77 | 313 | 568 | 1298 |
| Institutional Service <br> Class Shares<br>| 85 | 338 | 611 | 1390 |

---

------

**Fund Summary:** Nationwide Renaissance Small Cap Growth 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 39.29% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in stocks of U.S. small-cap companies that exhibit growth characteristics. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of small-cap companies. For these purposes, small-cap companies are companies whose capitalizations are within the range of the market capitalizations of companies in the Russell 2000® Growth Index. The subadviser makes market capitalization determinations with respect to a security at the time of purchase of such security.

The Fund's subadviser seeks to outperform the Russell 2000® Growth Index over a full market cycle. The subadviser employs a disciplined, research-driven investment process to construct and manage a growth-oriented small cap growth portfolio. The subadviser defines growth stocks as companies whose earnings are expected to grow at an above-average rate relative to the overall market. The subadviser seeks to manage risk through diversification and systematic analysis of investment opportunities across multiple sectors and industries. The subadviser utilizes a proprietary stock selection process designed to identify securities that it believes trade at reasonable valuations supported by above-average corporate profitability and accelerating earnings growth.

Although the Fund maintains a diversified portfolio, it nonetheless may invest in a limited number of issuers. The subadviser may sell a stock if its fundamental characteristics (earnings growth, profitability, or valuation) have deteriorated and replace it with stocks that appear stronger and better ranked according to their analysis.

The Fund transitioned to a new subadviser effective February 23, 2026. This transition, together with trading activity associated with past shareholder redemptions, may lead to the Fund having significant embedded realized capital gains.

**Principal Risks**

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

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

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

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

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

***Growth 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.

***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

------

**Fund Summary:** Nationwide Renaissance Small Cap Growth Fund *(cont.)*

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 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's performance prior to February 23, 2026, 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.

The Fund compares its performance to the Russell 3000 Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631scc_21.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **23.72%** | **Q4 2020** |
| **Lowest Quarter:** | **-34.38%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -11.43% | 2.93% | 6.69% |
| Class A Shares– After Taxes on <br> Distributions<br>| -15.99% | 1.13% | 3.70% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -3.42% | 2.14% | 4.31% |
| Class R6 Shares– Before Taxes | -5.72% | 4.51% | 7.69% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -5.78% | 4.44% | 7.60% |
| Russell 3000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.15% | 13.15% | 14.29% |
| Russell 2000® Growth Index (The Index <br> does not pay sales charges, fees, <br> expenses, or taxes.)<br>| 13.01% | 3.18% | 9.57% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

The Renaissance Group LLC, doing business as Renaissance Investment Management

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Paul A. Radomski, CFA | Managing Partner, <br> Portfolio Manager<br>| Since 2026 |

---

**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>

------

**Fund Summary:** Nationwide Renaissance Small Cap Growth Fund *(cont.)*

**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 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 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 Funds' (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, in addition to evaluating traditional risk measures, 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 workplace practices). 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® <br> Value Index. As of December 31, 2025, the market <br> capitalization of the largest company included in the <br> Russell 2000® Value Index was $14.6 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** 

------

**How the Funds Invest:** Nationwide Bailard Small Cap Value Fund *(cont.)*

**RISK** and **VALUE STYLE RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

***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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**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 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, in addition to evaluating traditional risk measures, 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 workplace practices). 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 62.

***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 BNY Mellon Dynamic U.S. Core Fund

**Objective** 

The Nationwide BNY Mellon Dynamic U.S. Core Fund seeks long-term capital growth. 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 seeks to provide investors with long-term growth of capital by outperforming the ***S&P 500***® ***Index*** over a full market cycle while maintaining a similar level of market risk as the index. To achieve this goal, the Fund's subadviser seeks to identify and construct the most optimal portfolio that targets an equity-like level of volatility by allocating assets among ***equity securities***, money market instruments, futures contracts the value of which are derived from the performance of equity indexes and U.S. Treasury bonds (which are government-issued debt securities), and options on equity index and U.S. Treasury bond futures contracts. ***Futures*** and ***options*** are ***derivatives*** and may expose the Fund to leverage. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

Equity securities that the Fund buys primarily are common stocks of companies that are included in the S&P 500® Index. With respect to the Fund's portion that invests directly in equity securities, the Fund generally invests in all 500 stocks in the S&P 500® Index in proportion to their weightings in the index. Money market instruments serve primarily as "cover" for the Fund's derivatives positions, although the subadviser also at times allocates assets to money market instruments in order to hedge against equity market risk. Money market instruments are high-quality short-term debt securities issued by governments and corporations. The Fund obtains exposure to U.S. Treasury bonds by purchasing futures contracts on U.S. Treasury bonds included in the Bloomberg Long Treasury Index. The Fund also may purchase options on U.S. Treasury bond futures contracts. The Fund uses U.S. Treasury bond futures and options to hedge against equity market risks. It is possible, however, that the Fund will lose money on both its equity investments and its bond exposures at the same time. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of ***U.S. issuers*** or derivatives the value of which are linked to securities of U.S. issuers.

In determining what the subadviser believes to be the optimal allocation among equities, U.S. Treasury bonds and money market instruments, the subadviser uses estimates of future returns and volatility. When the subadviser believes that equity markets appear favorable, it uses leverage generated by futures and options to increase the Fund's equity exposure. When equity markets appear to be unfavorable, the subadviser reduces the Fund's equity exposure through the use of equity index futures and

related options. It also may allocate assets to U.S. Treasury bond futures and related options and/or money market instruments. By combining equity securities, futures on stock indexes and U.S. Treasury bonds, call options and money market instruments in varying amounts, the subadviser adjusts the Fund's overall equity exposure within a range of 50%–150% of the Fund's net assets. The subadviser regularly reviews the Fund's investments and will consider selling an investment when the subadviser believes such investment is no longer attractive as a result of price appreciation or a change in risk profile, or because other available investments are considered to be more attractive.

The Fund is designed for investors seeking growth of capital by investing in a portfolio of equity and debt securities, and derivatives with investment characteristics similar to equity and debt securities, in order to achieve enhanced equity returns while maintaining a level of volatility risk that is similar to the S&P 500® Index.

---

| |
|:---|
| **Key Terms:** |
| &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 and <br> options are derivatives because their values are based <br> on changes in the values of an underlying asset or <br> measure.<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; ***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>|
| &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>|

---

------

**How the funds invest:** Nationwide BNY Mellon Dynamic U.S. Core Fund *(cont.)*

---

| |
|:---|
| &nbsp;&nbsp; ***S&P 500® Index*** – is composed of approximately 500 <br> common stocks selected by Standard & Poor's, most of <br> which are listed on the New York Stock Exchange or <br> NASDAQ. The S&P 500® Index is generally considered to <br> broadly represent the performance of publicly traded <br> U.S. large capitalization stocks, although a small part of <br> the S&P 500® Index is made up of foreign companies that <br> have a large U.S. presence.<br>The term "S&P 500®" is a registered trademark of <br> Standard & Poor's Financial Services LLC ("Standard & <br> Poor's"). Standard & Poor's is not affiliated with the Fund, <br> Nationwide Fund Advisors, Nationwide Fund Distributors <br> LLC, Nationwide Fund Management LLC or any of their <br> respective affiliates. The Fund is not sponsored, <br> endorsed, sold or promoted by Standard & Poor's or any <br> of its affiliates, and Standard & Poor's has no <br> responsibility for nor participates in the Fund's <br> management, administration, marketing or trading.<br>|
| &nbsp;&nbsp; ***U.S. issuers*** – a U.S. issuer is either (i) a company whose <br> stock is listed on the New York Stock Exchange or <br> NASDAQ; or (ii) the United States Treasury.<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 **CASH POSITION RISK**, **DERIVATIVES RISK**, **EQUITY SECURITIES RISK**, **FIXED-INCOME SECURITIES RISK**, **INDEX STRATEGY RISK, LEVERAGE RISK**, **LIQUIDITY RISK**, **MARKET RISK**, **SECTOR RISK**, **SELECTION RISK** and **STRATEGY RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

***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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**How the funds invest:** Nationwide BNY Mellon Dynamic U.S. Equity Income Fund

**Objective** 

The Nationwide BNY Mellon Dynamic U.S. Equity Income Fund seeks total return, consisting of capital appreciation and/or 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** 

The Fund seeks to provide investors with total return, consisting of capital appreciation and/or income, by outperforming the ***Russell 1000® Value Index*** over a full market cycle while maintaining a similar level of market risk as the index. To achieve this goal, the Fund's subadviser seeks to identify and construct the most optimal portfolio that targets an equity-like level of volatility by allocating assets among ***equity securities***, money market instruments, futures contracts the value of which are derived from the performance of equity indexes and U.S. Treasury bonds (which are government-issued fixed income securities), and options on equity index and U.S. Treasury bond futures contracts. ***Futures*** and ***options*** are ***derivatives*** and expose the Fund to leverage. In addition, the Fund may write (sell) covered call options to enhance returns and/or to limit volatility. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

The Fund invests, under normal circumstances, at least 80% of its net assets in equity securities of ***U.S. issuers***, primarily common stocks. Equity securities also may include ***preferred stocks***, ***convertible securities*** and derivatives the value of which are linked to equity securities. The Fund also may invest up to 20% of its net assets in equity securities of foreign companies, which are companies organized under the laws of countries other than the United States, and which trade in markets other than the New York Stock Exchange or NASDAQ. Although the Fund typically invests in seasoned issuers, it may, depending on the appropriateness to the Fund's strategy and availability in the marketplace, purchase securities of companies in initial public offerings (IPOs) or shortly thereafter, which can be subject to greater volatility than seasoned issuers.

The subadviser's investment process is designed to provide investors with investment exposure to sector weightings and risk characteristics generally similar to those of the Russell 1000® Value Index, although the Fund may emphasize one or more particular sectors at times. As of December 31, 2025, the top five sectors of the Russell 1000® Value Index (as defined by Russell) were: financials, industrials, health care, information technology and communication services.

The Fund's subadviser employs a ***value style*** of investing, focusing on dividend-paying stocks and other investments and investment techniques that provide income. The subadviser identifies potential investments through

extensive ***quantitative*** and fundamental analysis, using a ***bottom-up approach*** that emphasizes three key factors:

&nbsp;&nbsp;&nbsp;&nbsp;●**Value**: quantitative screens track traditional measures, such as price-to-earnings, price-to-book and price-to-sales ratios, which are analyzed and compared against the market;

&nbsp;&nbsp;&nbsp;&nbsp;●**Sound business fundamentals**: a company's balance sheet and income data are examined to determine the company's financial history; and

&nbsp;&nbsp;&nbsp;&nbsp;●**Positive business momentum**: a company's earnings and forecast changes are analyzed and sales and earnings trends are reviewed to determine the company's financial condition or the presence of a catalyst that will trigger a price increase near- to mid-term.

Money market instruments primarily serve as "cover" for the Fund's derivatives positions, although the subadviser also at times allocates assets to money market instruments in order to hedge against equity market risk. Money market instruments are high-quality short-term debt securities issued by governments and corporations. The Fund obtains exposure to U.S. Treasury bonds by purchasing futures contracts on U.S. Treasury bonds included in the Bloomberg U.S. Long Treasury Index. The Fund also may purchase options on U.S. Treasury bond futures contracts. The Fund uses U.S. Treasury bond futures and options to hedge against equity market risks. It is possible, however, that the Fund will lose money on both its equity investments and its bond exposures at the same time.

In determining what the subadviser believes to be the optimal allocation among equities, U.S. Treasury bonds and money market instruments, the subadviser uses estimates of future returns and volatility. When the subadviser believes that equity markets appear favorable, it uses leverage generated by futures and options to increase the Fund's equity exposure. When equity markets appear to be unfavorable, the subadviser reduces the Fund's equity exposure through the use of equity index futures and related options. It also may allocate assets to U.S. Treasury bond futures and related options and/or money market instruments. By combining equity securities, futures on stock indexes and U.S. Treasury bonds, call options and money market instruments in varying amounts, the subadviser adjusts the Fund's overall equity exposure within a range of 80%–150% of the Fund's net assets. The subadviser regularly reviews the Fund's investments and will consider selling an investment when the subadviser believes such investment is no longer attractive as a result of price appreciation or a change in risk profile, or because other available investments are considered to be more attractive.

The Fund is designed for investors seeking total return, consisting of capital appreciation and/or income, by investing in a portfolio of equity and debt securities, and derivatives with investment characteristics similar to equity

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**How the funds invest:** Nationwide BNY Mellon Dynamic U.S. Equity Income Fund *(cont.)*

and debt securities, in order to achieve enhanced equity returns while maintaining a level of volatility risk that is similar to the Russell 1000® Value Index.

---

| |
|:---|
| **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; ***Convertible securities*** – generally debt securities or <br> preferred stock that may be converted into common <br> stock. Convertible securities typically pay current <br> income as either interest (debt security convertibles) or <br> dividends (preferred stock). A convertible's value usually <br> reflects both the stream of current income payments <br> and the market value of the underlying common stock.<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. For example, <br> the values of options are based on changes in the values <br> of the underlying stock.<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; ***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>|
| &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.<br>|
| &nbsp;&nbsp; ***Preferred stock*** – a class of stock that often pays <br> dividends at a specified rate and has preference over <br> common stocks in dividend payments and liquidations of <br> assets. Preferred stock does not normally carry voting <br> rights. Some preferred stocks may also be convertible <br> into common stock.<br>|

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| |
|:---|
| &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; ***Russell 1000® Value Index*** – is composed of <br> approximately 1,000 common stocks of companies with <br> market capitalizations ranging from $96 million to <br> $925.2 billion as of December 31, 2025.<br>|
| &nbsp;&nbsp; ***U.S. issuers*** – a U.S. issuer is a company whose stock is <br> listed on the New York Stock Exchange or NASDAQ.<br>|
| &nbsp;&nbsp; ***Value style*** – investing in equity securities that may be <br> trading at prices that do not reflect a company's intrinsic <br> value, based on such factors as a company's stock price <br> relative to its book value, earnings and cash flow. <br> Companies issuing such securities may be currently out <br> of favor, undervalued due to market declines, or <br> experiencing poor operating conditions that may be <br> 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 **CASH POSITION RISK, CONVERTIBLE SECURITIES RISK, DERIVATIVES RISK, DIVIDEND-PAYING STOCK RISK, EQUITY SECURITIES RISK, FIXED-INCOME SECURITIES RISK, FOREIGN SECURITIES RISK, INITIAL PUBLIC OFFERING RISK, LEVERAGE RISK, LIQUIDITY RISK, MARKET RISK, PREFERRED STOCK RISK, QUANTITATIVE ANALYSIS STRATEGY RISK, SECTOR RISK, SELECTION RISK, STRATEGY RISK** and **VALUE STYLE RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

***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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**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. The Fund may engage in frequent and active trading of portfolio securities.

---

| |
|:---|
| **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® Index, ranging from $121.7 million to <br> $4.4 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, PORTFOLIO TURNOVER RISK, SECTOR RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

***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 Geneva Mid Cap Growth Fund

**Objective** 

The Nationwide Geneva Mid Cap Growth 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 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 companies whose ***market capitalization*** is generally within the range of the companies represented in the Russell Midcap® Growth Index (the "Index") at time of purchase ("***mid-cap growth companies***"), although the Fund may invest in companies outside this range. This capitalization range varies with market changes and periodic reconstitution of the Index. Just following a reconstitution, the capitalization range of an index may be significantly different than it was prior to the reconstitution. Under normal circumstances, the Fund invests at least 80% of its net assets in mid-cap growth 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 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 certain industries or sectors.

A complete position will be sold from the portfolio when the subadviser believes there is a major negative change in the long-term outlook for the company or industry. The subadviser also may reduce a position when an individual stock holding represents more than 5% of the portfolio; a particular industry represents more than 15% of the portfolio; or the subadviser believes the stock has become

overvalued based on the subadviser's proprietary valuation model and technical analysis.

---

| |
|:---|
| **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; ***Growth stocks*** – equity securities of companies that the <br> Fund's subadviser believes have above-average rates of <br> earnings or cash flow growth and which therefore may <br> experience above-average increases in stock prices.<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>|
| &nbsp;&nbsp; ***Top-down approach*** – a method of investing that <br> involves first looking at trends in the general economy, <br> followed by selecting industries, and then companies <br> within such industries, that may benefit from those <br> trends.<br>|
| &nbsp;&nbsp; ***Mid-cap growth companies*** – have market <br> capitalizations similar to those of companies included in <br> the Russell Midcap® Growth Index. As of December 31, <br> 2025, the market capitalization for companies included <br> in the Russell Midcap® Growth Index ranged from <br> approximately $25.7 million to $82.05 billion.<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, GROWTH STYLE RISK, MARKET RISK, MID-CAP RISK, SECTOR RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

***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 Geneva Small Cap Growth Fund

**Objective** 

The Nationwide Geneva Small Cap Growth 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 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 companies whose ***market capitalizations*** are generally within the market capitalization range of the companies represented in the Russell 2000® Growth Index (the "Index") at time of purchase ("***small-cap companies***"), although the Fund may invest in companies outside this range. This capitalization range varies with market changes and periodic reconstitution of the Index. Just following a reconstitution, the capitalization range of an index may be significantly different than it was prior to the reconstitution. 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 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 certain industries or sectors.

A complete position will be sold from the portfolio when the subadviser believes there is a major negative change in the long-term outlook for the company or industry. A position will be reduced when an individual stock holding represents more than 5% of the portfolio; a particular industry represents more than 15% of the portfolio; or the subadviser believes the stock has become overvalued based on the

subadviser's proprietary valuation model and technical analysis.

---

| |
|:---|
| **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; ***Growth stocks*** – equity securities of companies that the <br> Fund's subadviser believes have above-average rates of <br> earnings or cash flow growth and which therefore may <br> experience above-average increases in stock prices.<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>|
| &nbsp;&nbsp; ***Small-cap companies*** – have market capitalizations <br> similar to those of companies included in the Russell <br> 2000® Growth Index. As of December 31, 2025, the <br> market capitalization of the largest company included in <br> the Russell 2000® Growth Index was $21.8 billion.<br>|
| &nbsp;&nbsp; ***Top-down approach*** – a method of investing that <br> involves first looking at trends in the general economy, <br> followed by selecting industries, and then companies <br> within such industries, that may benefit from those <br> trends.<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, GROWTH STYLE RISK, MARKET RISK, SECTOR RISK, SELECTION RISK** and **SMALLER COMPANY RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

***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 GQG US Quality Equity Fund

**Objective** 

The Nationwide GQG US Quality Equity 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** 

Under normal circumstances, the Fund invests at least 80% of its net assets in ***equity securities*** of ***U.S. issuers***. Equity securities that the Fund buys primarily are ***common stocks*** of ***large-cap companies***, i.e., those with ***market capitalizations*** similar to those of companies included in the S&P 500 Index. The Fund makes market capitalization determinations with respect to a security at the time of its purchase. The Fund may invest in equity securities of foreign companies in both developed and ***emerging markets***. Although the Fund typically invests in seasoned issuers, it may, depending on the appropriateness to the Fund's strategy and availability in the marketplace, purchase securities of companies in initial public offerings (IPOs) or shortly thereafter, which can be subject to greater volatility than seasoned issuers.

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

Subject to the subadviser's criteria for quality, many of the stocks in which the Fund invests may be considered to be "growth" stocks, in that they may have above-average rates of earnings growth and thus may experience above-average increases in stock prices. The Fund also may

purchase stocks that would not fall into the traditional "growth" style box. In constructing a portfolio of securities, the subadviser is not constrained by sector or industry weights of the Fund's benchmark. The Fund may invest in any economic sector and, at times, emphasize one or more particular industries or sectors. The subadviser relies on individual stock selection driven by a ***bottom-up*** research process rather than seeking to add value based on ***top-down***, macro-based criteria.

The subadviser may sell a stock if the subadviser believes that the company's long-term competitive advantage or relative earnings growth prospects have deteriorated, or the subadviser has otherwise lost conviction that the company reflects a higher quality opportunity than other available investments on a forward-looking basis. The subadviser also may sell a stock if the company has met its price target or is involved in a business combination, if the subadviser identifies a more attractive investment opportunity, or the subadviser wishes to reduce the Fund's exposure to the company or a particular country or geographic region. The Fund also may engage in active and frequent trading of portfolio securities.

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

---

| |
|:---|
| **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. Emerging market <br> countries may be found in regions such as Asia, Latin <br> America, Eastern Europe, the Middle East and 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>|
| &nbsp;&nbsp; ***Large-cap companies*** – companies with market <br> capitalizations similar to those of companies included in <br> the S&P 500® Index, ranging from $3.7 billion to $4.5 <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>|

---

------

**How the funds invest:** Nationwide GQG US Quality Equity Fund *(cont.)*

---

| |
|:---|
| &nbsp;&nbsp; ***Top-down approach*** – a method of investing that <br> involves first looking at trends in the general economy, <br> followed by selecting industries, and then companies <br> within such industries, that may benefit from those <br> trends.<br>|
| &nbsp;&nbsp; ***U.S. issuers*** – a company is a U.S. issuer if (i) at least 50% <br> of its assets are located in the U.S.; (ii) at least 50% of its <br> revenue is generated in the U.S.; (iii) it is organized, <br> conducts its principal operations, or maintains its <br> principal place of business or principal manufacturing <br> facilities in the U.S.; or (iv) its stock is listed on the <br> New York Stock Exchange or NASDAQ.<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 STOCKS RISK, INITIAL PUBLIC OFFERING RISK, MARKET RISK, NONDIVERSIFIED FUND RISK, PORTFOLIO TURNOVER RISK, REDEMPTIONS RISK, SECTOR RISK,** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

***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 Loomis All Cap Growth Fund

**Objective** 

The Nationwide Loomis All Cap Growth Fund seeks to provide long-term capital growth. 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 in ***equity securities***, primarily ***common stocks***, issued by companies of any size, including ***large-cap, mid-cap*** and ***small-cap companies***. The Fund normally invests across a wide range of sectors and industries, using a ***growth style*** of equity management that emphasizes companies with sustainable competitive advantages versus others, long-term structural growth drivers that the subadviser believes will lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders. The Fund's subadviser aims to invest in stocks of companies when they trade at a significant discount to the subadviser's estimate of intrinsic value (i.e., companies with share prices trading significantly below what the portfolio manager believes the share price should be). The subadviser will consider selling a portfolio investment when it believes an unfavorable structural change occurs within a given business or the markets in which it operates, when a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects the subadviser's estimate of intrinsic value, or for other investment reasons which the subadviser deems appropriate.

The Fund is not required to maintain any specified percentage of its assets in securities of a particular ***market capitalization*** size. The Fund is permitted, therefore, at any given time, to invest either all of its assets or none of its assets in any particular capitalization size, or to invest a flexible combination of its assets among various capitalization sizes. At times the subadviser emphasizes investments in one or more industries or sectors. The Fund may invest up to 25% of its net assets in foreign securities. Although the Fund maintains a diversified portfolio, it nonetheless may invest in a limited number of issuers.

---

| |
|:---|
| **Key Terms:** |
| &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; ***Growth style*** – investing in equity securities of <br> companies that the Fund's subadviser believes have <br> above-average rates of cash flow growth and which <br> therefore may experience above-average increases in <br> stock prices.<br>|
| &nbsp;&nbsp; ***Large-cap companies*** – companies with market <br> capitalizations similar to those of companies included in <br> the Russell 1000® Index, ranging from $121.7 million to <br> $4.4 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>|
| &nbsp;&nbsp; ***Mid-cap companies*** – companies with market <br> capitalizations similar to those of companies included in <br> the Russell MidCap® Index, ranging from $121.7 million to <br> $83.5 billion as of December 31, 2025.<br>|
| &nbsp;&nbsp; ***Small-cap companies*** – have market capitalizations <br> similar to those of companies included in the Russell <br> 2000® Index. As of December 31, 2025, the market <br> capitalization of the largest company included in the <br> Russell 2000® Index was $21.8 billion.<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, FOREIGN SECURITIES RISK, GROWTH STYLE RISK, LIMITED PORTFOLIO HOLDINGS RISK, MARKET RISK, SECTOR RISK, SELECTION RISK** and **SMALLER COMPANY RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

***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 Renaissance Small Cap Growth Fund

**Objective** 

The Nationwide Renaissance Small Cap Growth 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 invests primarily in stocks of U.S. small-cap companies that exhibit growth characteristics. Under normal circumstances, the Fund invests at least 80% of its net assets in ***equity securities*** of ***small-cap companies***. The subadviser makes ***market capitalization*** determinations with respect to a security at the time of purchase of such security.

The Fund's subadviser seeks to outperform the Russell 2000® Growth Index over a full market cycle. The subadviser employs a disciplined, research-driven investment process to construct and manage a growth-oriented small cap growth portfolio. The subadviser defines growth stocks as companies whose earnings are expected to grow at an above-average rate relative to the overall market. The subadviser seeks to manage risk through diversification and systematic analysis of investment opportunities across multiple sectors and industries. The subadviser utilizes a proprietary stock selection process designed to identify securities that it believes trade at reasonable valuations supported by above-average corporate profitability and accelerating earnings growth.

Although the Fund maintains a diversified portfolio, it nonetheless may invest in a limited number of issuers. The subadviser may sell a stock if its fundamental characteristics (earnings growth, profitability, or valuation) have deteriorated and replace it with stocks that appear stronger and better ranked according to their analysis.

The Fund transitioned to a new subadviser effective February 23, 2026. This transition, together with trading activity associated with past shareholder redemptions, may lead to the Fund having significant embedded realized capital gains.

---

| |
|:---|
| **Key Terms:** |
| &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; ***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>|

---

&nbsp;&nbsp; ***Small-cap companies*** – have market capitalizations <br> similar to those of companies included in the Russell <br> 2000® Growth Index. As of December 31, 2025, the <br> market capitalization of the largest company included in <br> the Russell 2000® Growth Index was $21.8 billion.<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, GROWTH STYLE RISK, LIMITED PORTFOLIO HOLDINGS RISK, MARKET RISK, SELECTION RISK** and **SMALLER COMPANY RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 62.

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

------

**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.

***Cash position risk*** – a Fund may hold significant positions in cash or money market instruments. A larger amount of such holdings will negatively affect a Fund's investment results in a period of rising market prices due to missed investment opportunities.

***Convertible securities risk*** – the values of convertible securities typically fall when interest rates rise and increase when interest rates fall. The prices of convertible securities with longer maturities tend to be more volatile than those with shorter maturities. Value also tends to change whenever the market value of the underlying common or preferred stock fluctuates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations.

***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 a Fund's losses and reducing a 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;&nbsp;&nbsp;&nbsp;&nbsp;

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

&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.

*Options* – an option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. Investments in options are considered speculative. When a Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if a Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and a Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If a Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and a Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When a Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by a Fund were permitted to expire without being sold or exercised, its premium would represent a loss to a Fund.

*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 a Fund's losses and reducing a 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. A Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.

*Options on futures contracts* – gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the

------

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

term of the option. The success of a Fund's investment in such options depends upon many factors, which may change rapidly over time. There may also be an imperfect or no correlation between the changes in market value of the securities held by a Fund and the prices of the options. Upon exercise of the option, the parties will be subject to all of the risks associated with futures contracts, as described above.

See also "*Leverage risk"* on page 66.

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 Funds and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA in its management of the Funds.

***Dividend-paying stock risk*** – 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 a Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in 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.

***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

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

periods of price decline or little growth. Individual stocks are affected by many factors, including:

● 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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds or other investments with debt-like characteristics (e.g., futures contracts the value of

which are derived from the performance of bond indexes), subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment.

*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 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 a 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 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 a Fund's subadviser.

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

*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 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 are 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.

*Interest rate risk* – prices of fixed-income 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 fixed-income securities with longer-term maturities, rising interest rates are more likely to cause periods of increased volatility and increased redemptions, and may cause the value of a Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on a Fund's investments in fixed-income 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 a Fund's investments in fixed-income securities and increase the risk that, if followed by rising interest rates, a Fund's performance will be negatively impacted. A Fund is subject to the risk that the income generated by its investments in fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

*Duration* – the duration of a fixed-income security estimates how much its price is affected by interest rate changes. For example, a duration of five years means the

price of a fixed-income 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 could decline due to inflation or the threat of inflation. Inflationary expectations generally are 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.

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

*Prepayment and call risk* – the risk that as interest rates decline debt issuers will repay or refinance their loans or obligations earlier than anticipated. If this happens, the Fund may be required to invest the proceeds in securities with lower yields.

***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 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

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

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 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.

***Index strategy risk*** – the portion of the Fund that invests directly in equity securities does not use defensive strategies or attempt to reduce its exposures to poor performing securities. Therefore, in the event of a general market decline, such portion's value may fall more than the value of another portfolio that does attempt to hedge against such market declines. Also, correlation between the portion's performance and that of its target index is likely to be negatively affected by such factors as:

● failure to fully replicate its target index;

● changes in the composition of the target index;

&nbsp;&nbsp;&nbsp;&nbsp;●the timing of purchase and redemption of the Fund's shares and

● the Fund's operating expenses.

Unlike a mutual fund, an index has no operating or other expenses. As a result, even though the portion that invests directly in equity securities attempts to track its target index as closely as possible, it will tend to underperform the index to some degree over time.

***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.

***Leverage risk*** – leverage may be created when an investment exposes a Fund to a risk of loss that exceeds the amount invested. Certain derivatives provide the potential for investment gain or loss that may be several times greater than the change in the value of an underlying security, asset, interest rate, index or currency, resulting in the potential for a loss that may be substantially greater than the amount invested. Some leveraged investments have the potential for unlimited loss, regardless of the size of the initial investment. Because leverage can magnify the effects of changes in the value of a Fund and make a Fund's share price more volatile, a shareholder's investment in a Fund may be more volatile, resulting in larger gains or losses in response to the fluctuating prices of a Fund's investments. Further, the use of leverage will require a Fund to make margin payments, which might impair a Fund's

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

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 a Fund sell a portfolio security at a disadvantageous time.

***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.

***Liquidity risk*** – the risk that a 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 a 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 a Fund's value or prevent a Fund from being able to take advantage of other investment opportunities. Liquidity risk also refers to the risk that a 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, a Fund may be forced to sell liquid securities at unfavorable times and conditions. Funds that invest in 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 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.

***Micro-cap risk*** – see "*Smaller company risk*."

***Mid-cap risk*** – see *"Smaller company risk."*

***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.

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

***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

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

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.

***Preferred stock risk*** – a preferred stock may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status. In addition to this credit risk, investment in preferred stocks involves certain other risks, including skipping or deferring distributions, and redemption in the event of certain legal or tax changes or at the issuer's call. Preferred stocks also are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. Preferred stocks may be significantly less liquid than many other securities, such as U.S. government securities, corporate debt or common stock.

***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.

***Redemptions risk*** – a 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 shares of other mutual funds. As a result, from time to time, a Fund may experience relatively large redemptions or investments. Large or continuous redemptions may increase a Fund's transaction costs and could cause a Fund's operating expenses to be allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. If funds-of-funds or other large shareholders redeem large amounts of shares rapidly or unexpectedly, a Fund may have to sell portfolio securities at times when it would not otherwise do so, which could negatively impact a 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 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' values are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product

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

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.

*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 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.

*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

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

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.

***Strategy risk*** – the subadviser's strategy may cause a Fund to experience above-average short-term volatility. Accordingly, a Fund may be appropriate for investors who have a long investment time horizon and who seek long-term capital growth or total return (as applicable) while accepting the possibility of significant short-term, or even long-term, losses.

***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** 

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 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. The Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund and Nationwide GQG US Quality Equity Fund report their portfolio holdings to the U.S. Securities and Exchange Commission up to 60 days after the end of each fiscal quarter for the Trust. 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 235 Pine Street, Suite 1800, 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 $7.8 billion in assets under management. Bailard has been providing investment management services since 1972.

**GENEVA CAPITAL MANAGEMENT LLC ("GENEVA")**, located at 411 E. Wisconsin Avenue, Suite 2320, Milwaukee, WI 53202, is the subadviser to the Nationwide Geneva Mid Cap Growth Fund and Nationwide Geneva Small Cap Growth Fund. Geneva is a registered investment adviser under the Advisers Act. Geneva is a majority employee-owned Delaware limited liability company. As of December 31, 2025, Geneva had approximately $5.6 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 the subadviser to the Nationwide GQG US Quality Equity Fund. GQG 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 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.

**J.P. MORGAN INVESTMENT MANAGEMENT INC. ("JPMIM")**, located at 270 Park Avenue, New York, NY 10017, 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).

**LOOMIS, SAYLES & COMPANY, L.P. ("LOOMIS SAYLES")**, located at One Financial Center, Boston, MA 02111, is the subadviser to the Nationwide Loomis All Cap Growth Fund. Loomis Sayles was founded in 1926 and is one of the oldest investment advisory firms in the United States with over $431.4 billion in assets under management as of December 31, 2025.

**NEWTON INVESTMENT MANAGEMENT NORTH AMERICA, LLC ("NIMNA")**, located at BNY Mellon Center, 201 Washington Street, Boston, MA 02108, is the subadviser to the Nationwide BNY Mellon Dynamic U.S. Core Fund and Nationwide BNY Mellon Dynamic U.S. Equity Income Fund. NIMNA was formed as an indirect subsidiary of The Bank of New York Mellon Corporation in 2021 and is registered as an investment adviser.

The Renaissance Group LLC, doing business as **RENAISSANCE INVESTMENT MANAGEMENT ("RENAISSANCE")**, located at 50 East RiverCenter Boulevard, Suite 1200, Covington, KY 41011**,** is the subadviser to the Nationwide Renaissance Small Cap Growth Fund. Renaissance is a registered investment adviser.

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

------

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

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 | 0.75<br> %<br>|
| Nationwide Bailard Technology Fund | 0.75<br> %<br>|
| Nationwide BNY Mellon Dynamic U.S. Core <br> Fund<br>| 0.43<br> %<br>|
| Nationwide BNY Mellon Dynamic <br> U.S. Equity Income Fund<br>| 0.51<br> %<br>|
| Nationwide Fund | 0.48<br> %<br>|
| Nationwide Geneva Mid Cap Growth Fund | 0.65<br> %<br>|
| Nationwide Geneva Small Cap Growth <br> Fund<br>| 0.76<br> %<br>|
| Nationwide GQG US Quality Equity Fund | 0.36<br> %<br>|
| Nationwide Loomis All Cap Growth Fund | 0.70<br> %<br>|
| Nationwide Renaissance Small Cap <br> Growth Fund<br>| 0.67<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** |
| Nationwide <br> Bailard <br> Small Cap <br> Value Fund | Up to $500 million | 0.60<br> %<br>|
| Nationwide <br> Bailard <br> Small Cap <br> Value Fund | $500 million and more | 0.55<br> %<br>|
| Nationwide <br> Bailard <br> Technology <br> Fund | Up to $500 million | 0.60<br> %<br>|
| Nationwide <br> Bailard <br> Technology <br> Fund | $500 million and more but less than $1<br> billion<br>| 0.55<br> %<br>|
| 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 30 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 14 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/Chief Investment Officer of Bailard. He joined Bailard in 2009 and has over 16 years of investment experience.

Mr. Moshy is Senior Vice President of Domestic Equities at Bailard. With over 30 years of investment experience, he joined Bailard in 2015.

**Nationwide BNY Mellon Dynamic U.S. Core Fund** 

James H. Stavena and Torrey K. Zaches, CFA, are jointly and primarily responsible for the day-to-day management of the Fund.

Mr. Stavena is the head of the multi-asset solutions portfolio management team. Mr. Stavena joined NIMNA in 1998.

Mr. Zaches is a senior portfolio manager. Mr. Zaches joined NIMNA in 1998.

**Nationwide BNY Mellon Dynamic U.S. Equity Income Fund** 

John C. Bailer, CFA, Brian C. Ferguson, Keith Howell, Jr., CFA, James H. Stavena and Torrey K. Zaches, CFA, are jointly and primarily responsible for the day-to-day management of the Fund.

Mr. Bailer is deputy head of equity income and a portfolio manager at NIMNA. He has been employed by NIMNA since 1992.

Mr. Ferguson is a portfolio manager on the Equity Income team at NIMNA. He has been employed by NIMNA since 1997.

Mr. Howell is a portfolio manager on the Equity Income team at NIMNA. He has been employed by NIMNA since 2006.

Mr. Stavena is head of the multi-asset solutions portfolio management team. He joined NIMNA in 1998.

Mr. Zaches is a senior portfolio manager. He joined NIMNA in 1998.

**Nationwide Fund** 

Susan Bao, CFA, Andrew Stern, CFA, and Timothy Woodhouse, CFA are primarily responsible for the day-to-day management of the Fund.

Ms. Bao is a Managing Director at JPMIM and a portfolio manager within the U.S. Equity Team. She has been with the firm since 1997.

------

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

Mr. Stern is an Executive Director at JPMIM and a portfolio manager for the JPMorgan Large Cap Leaders Team, as well as the short enabled Large Cap Core 130/30 and Research Market Neutral strategies. He is also a co-portfolio manager on the Fundamental Data Science suite. He has been with the firm since 2008.

Mr. Woodhouse is a Managing Director at JPMIM and a portfolio manager within the J.P. Morgan Asset Management Equity business. He is responsible for the management of both Global and US Equity portfolios including the Global Equity Module, Global Core Equity fund, US Large Cap Core 130/30, US Research Market Neutral and US Large Cap Leaders strategies. Mr. Woodhouse has been with the firm since 2009.

**Nationwide Geneva Mid Cap Growth Fund and Nationwide Geneva Small Cap Growth Fund** 

William S. Priebe and Jose Munoz, CFA, are jointly responsible for the day-to-day management of the Funds, including selection of each Fund's investments.

Mr. William S. Priebe, Managing Principal and Portfolio Manager, has been associated with Geneva since 2004.

Mr. Munoz, Managing Principal and Portfolio Manager, has been associated with Geneva since 2011.

**Nationwide GQG US Quality Equity Fund** 

GQG's Portfolio Managers are responsible for the day-to-day management of the Fund under normal circumstances, with the Deputy Portfolio Manager providing support for all aspects of security selection, risk management and portfolio construction with respect to the Fund. Investment decisions are typically made collaboratively by the Portfolio Managers, although, as Chief Investment Officer, Rajiv Jain has the right to act unilaterally on any investment decision-making.

Mr. Rajiv Jain, Portfolio Manager, has been the Chairman and Chief Investment Officer of GQG since its founding in 2016.

Mr. Brian Kersmanc is a Portfolio Manager at GQG, which he joined in 2016.

Mr. Sudarshan Murthy is a Portfolio Manager at GQG, which he joined in 2016.

Mr. Siddharth Jain is a Deputy Portfolio Manager at GQG, which he joined in 2021.

**Nationwide Loomis All Cap Growth Fund** 

Aziz V. Hamzaogullari, CFA, is primarily responsible for the day-to-day management of the Fund. Mr. Hamzaogullari is the Chief Investment Officer and Founder of the Growth Equity Strategies Team. He is a Director of Loomis Sayles,

joined Loomis Sayles in 2010, and has 32 years of investment industry experience.

**Nationwide Renaissance Small Cap Growth Fund**

Paul A Radomski, CFA, is responsible for the day-to-day management of the Fund.

Mr. Radomski is a Managing Partner and Portfolio Manager of the Small Cap Growth portfolios as well as contributing to the management of the firm's other growth and balanced products. He joined the firm in 1987.

**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.

------

**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 a Fund will obtain favorable results at any given time.

------

**Investing with Nationwide Funds**

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

---

| |
|:---|
| &nbsp;&nbsp; The ***Nationwide Geneva Small Cap Growth Fund***, <br> subject to certain exceptions noted below, is only <br> available for investment on a limited basis. In addition, <br> the Fund may from time to time, in its sole discretion <br> based on the Fund's net asset levels and other factors, <br> limit new purchases into the Fund or otherwise modify <br> the closure policy at any time on a case-by-case basis.<br>|
| &nbsp;&nbsp; The continued purchase of Fund shares will be permitted <br> as follows:<br>|
| &nbsp;&nbsp; ●Shareholders of the Fund are able to continue to <br> purchase additional shares in their existing Fund <br> accounts and may continue to reinvest dividends <br> or capital gains distributions from shares owned <br> in the Fund;<br>|
| &nbsp;&nbsp; ●Shareholders of the Fund are able to add to their <br> existing Fund accounts through exchanges from <br> other Nationwide Funds;<br>|
| &nbsp;&nbsp; ●Group employer benefit plans, including 401(k), <br> 403(b) and 457 plans, and health savings account <br> programs (and their successor, related and <br> affiliated plans), can continue to invest in the <br> Fund and open new plans;<br>|
| &nbsp;&nbsp; ●Platforms where the Fund is on a model compiled <br> by a financial intermediary's research department <br> may continue to utilize the Fund for new and <br> existing accounts;<br>|
| &nbsp;&nbsp; ●Approved fee-based advisory programs may <br> continue to utilize the Fund for new and existing <br> program accounts. These particular programs <br> must have been accepted for continued <br> investment by the Fund and its distributor on or <br> before the close of business on October 30, 2017 <br> (the "Closing Date");<br>|
| &nbsp;&nbsp; ●Other fee-based advisory programs that were not <br> accepted for continued investment by the Fund <br> and its distributor on or before the Closing Date <br> may continue to utilize the Fund for existing <br> program accounts, but will not be able to open <br> new program accounts;<br>|
| &nbsp;&nbsp; ●Financial advisors who manage approved <br> discretionary fee-based advisory programs <br> (including registered investment advisory firms) <br> and who have included the Fund in their <br> discretionary account models may continue to <br> make Fund shares available to new and existing <br> accounts. These particular programs must have <br> been accepted for continued investment by the <br> Fund and its distributor on or before the Closing <br> Date;<br>|

---

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

---

| |
|:---|
| &nbsp;&nbsp; ●Other financial advisors who manage approved <br> discretionary fee-based advisory programs <br> (including registered investment advisory firms) <br> and who have included the Fund in their <br> discretionary account models (that were not <br> accepted for continued investment by the Fund <br> and its distributor on or before the Closing Date) <br> may continue to utilize the Fund for existing <br> discretionary fee-based advisory programs, but <br> will not be able to open new discretionary fee-<br> based advisory programs;<br>|
| &nbsp;&nbsp; ●Approved brokerage platforms may continue to <br> utilize the Fund for new and existing accounts. <br> These platforms must have been accepted for <br> continued investments by the Fund and its <br> distributor on or before by the Closing Date;<br>|
| &nbsp;&nbsp; ●Other brokerage platforms (that were not <br> accepted for continued investments by the Fund <br> and its distributor on or before the Closing Date) <br> may continue to utilize the Fund for existing <br> accounts, but will not be able to open new <br> accounts and<br>|
| &nbsp;&nbsp; ●Current and future Nationwide Funds which are <br> permitted to invest in other Nationwide Funds <br> may purchase shares of the Fund.<br>|
| &nbsp;&nbsp; In certain limited circumstances, and under the discretion <br> of the Fund and its distributor, the purchase of Fund <br> shares may be open to new investors. Nationwide offers <br> a broad range of investment options, and investors <br> seeking comparable strategies should visit <br> nationwidefinancial.com.<br>|

---

**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

------

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

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, Class M, Eagle Class and Class K 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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

&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

------

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

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.

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

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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;●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, Class R, Eagle Class and Class K 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 K Shares** 

Class K shares are sold without a sales charge and are not subject to administrative services fees. Class K shares are subject to an annual Rule 12b-1 fee of 0.10%. Class K shares are available only to former holders of Shares of the BNY Mellon Disciplined Stock Fund (a series of BNY Mellon Investment Funds IV, Inc.) (the "Predecessor Fund") who received Class K shares of the Fund in connection with the reorganization of the Predecessor Fund with and into the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund.

**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 (i) written contracts entered into by the Distributor or its affiliate prior to April 1, 2014, and (ii) solely as it relates to the Nationwide Geneva Small Cap Growth Fund, written contracts entered into since that date by the Distributor or its affiliate with a limited number of selected financial intermediaries.

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;

&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

------

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

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.

**Eagle Class Shares** 

Eagle Class shares are sold without a sales charge, and are not subject to Rule 12b-1 fees. Eagle Class shares are subject to a maximum administrative services fee of 0.10%. Eagle 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 Fund for these services;

&nbsp;&nbsp;&nbsp;&nbsp;●fee-based accounts of registered investment advisers investing on behalf of their customers;

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

&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 Eagle Class shares of any Nationwide Fund.

Institutional Service Class, Eagle 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, Eagle 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, Class R and Class K 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, Class M and Eagle Class 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, Class R and Class K 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>|
| Class K shares | 0.10% (distribution or service fee) |

---

**Administrative Services Fees**

Class A, Class R, Institutional Service Class and Eagle Class shares of the Funds are subject to fees pursuant to an Administrative Services Plan (the "Plan") adopted by the

------

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

Board of Trustees. These fees, which are in addition to Rule 12b-1 fees for Class A, Class R and Class K 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, and 0.10% for Eagle 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 Bailard Small Cap Value Fund** Class A and Institutional Service Class shares: 0.25% and 0.25%, respectively.

**Nationwide Bailard Technology Fund** Class A and Institutional Service Class shares: 0.07% and 0.15%, respectively.

**Nationwide BNY Mellon Dynamic U.S. Core Fund** Class A, Class R, Institutional Service Class and Eagle Class shares: 0.09%, 0.25%, 0.09% and 0.02%, respectively.

**Nationwide BNY Mellon Dynamic U.S. Equity Income Fund** Class A, Institutional Service Class and Eagle Class shares: 0.25%, 0.25% and 0.10%, respectively.

**Nationwide Fund** Class A, Class R and Institutional Service Class shares: 0.08%, 0.25% and 0.08%, respectively.

**Nationwide Geneva Mid Cap Growth Fund** Class A and Institutional Service Class shares: 0.10% and 0.10%, respectively.

**Nationwide Geneva Small Cap Growth Fund** Class A and Institutional Service Class shares: 0.12% and 0.14%, respectively.

**Nationwide GQG US Quality Equity Fund** Class A, Institutional Service Class and Eagle Class shares: 0.15%, 0.25% and 0.10%, respectively.

**Nationwide Loomis All Cap Growth Fund** Class A, Institutional Service Class and Eagle Class shares: 0.19%, 0.25% and 0.10%, respectively.

**Nationwide Renaissance Small Cap Growth Fund** Class A and Institutional Service Class shares: 0.11% and 0.08%, respectively.

Because these fees are paid out of a Fund's Class A, Class R, Institutional Service Class and Eagle 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;

● 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

------

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

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

P.O. Box 219336,

Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336,

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 Class K, Institutional Service Class, Class R6, Class M or Eagle Class 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.** |
| **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>|
| **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>|
| **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>|
| **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>|
| **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>| **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>|
| **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>|
| **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.

------

---

| | |
|:---|:---|
| **Minimum Investments** | **Minimum Investments** |
| **Class A and Class K Shares** | **Class A and Class K Shares** |
| To open an account | $2,000 (per Fund) |
| To open an IRA account | $1,000 (per Fund) |
| Additional investments | $100 (per Fund) |
| To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| 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 and Eagle Class Shares** | **Institutional Service Class and Eagle 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** |
| 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

------

**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.

You may use proceeds from sales of Class K shares of a Nationwide Fund to purchase Class A shares of a New Fund, or from sales of Eagle Class shares of a Nationwide Fund to purchase either Institutional Service Class shares or Class A shares of a New Fund, without paying a sales charge, where the New Fund does not offer Class K or Eagle Class shares, as applicable, subject to the minimum investment requirement that applies for Institutional Service Class or Class A shares, respectively. Class A shares are subject to a Rule 12b-1 fee of 0.25% and a maximum administrative services fee of 0.25%. By contrast, Class K shares are subject to a Rule 12b-1 fee of 0.10% and no administrative services fee, and Eagle Class shares are subject to a maximum administrative services fee of 0.10% and no Rule 12b-1 fee.

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

&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

------

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

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 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

------

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

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 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 PricewaterhouseCoopers LLP, 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.

------

**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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)</sup><br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup><br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $16.83 | $0.12 | $1.01 | $1.13 | $(0.19) | $(1.82) | $(2.01) | $15.95 | 7.36%<sup>(g)</sup> | $968 | 1.24% | 0.79% | 1.24% | 404.58% |
| 10/31/2024 | 13.04 | 0.15 | 4.02 | 4.17 | (0.24) | (0.14) | (0.38) | 16.83 | 32.32%<sup>(g)</sup> | 822 | 1.25% | 0.98% | 1.25% | 278.84% |
| 10/31/2023 | 14.59 | 0.12 | (1.24) | (1.12) | (0.13) | (0.30) | (0.43) | 13.04 | (7.82)% | 759 | 1.29% | 0.89% | 1.29% | 257.75% |
| 10/31/2022 | 16.82 | 0.09 | (1.52) | (1.43) | (0.08) | (0.72) | (0.80) | 14.59 | (8.82)% | 816 | 1.29% | 0.63% | 1.29% | 283.03% |
| 10/31/2021 | 9.97 | 0.06 | 6.88 | 6.94 | (0.09) |  | (0.09) | 16.82 | 69.92% | 503 | 1.30% | 0.38% | 1.30% | 199.77% |
| **Class M Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 16.96 | 0.17 | 1.01 | 1.18 | (0.20) | (1.82) | (2.02) | 16.12 | 7.66% | 107162 | 0.95% | 1.10% | 0.95% | 404.58% |
| 10/31/2024 | 13.13 | 0.21 | 4.05 | 4.26 | (0.29) | (0.14) | (0.43) | 16.96 | 32.84% | 106631 | 0.93% | 1.32% | 0.93% | 278.84% |
| 10/31/2023 | 14.69 | 0.17 | (1.25) | (1.08) | (0.18) | (0.30) | (0.48) | 13.13 | (7.52)% | 83094 | 0.94% | 1.24% | 0.94% | 257.75% |
| 10/31/2022 | 16.91 | 0.14 | (1.52) | (1.38) | (0.12) | (0.72) | (0.84) | 14.69 | (8.51)% | 94334 | 0.98% | 0.92% | 0.98% | 283.03% |
| 10/31/2021 | 10.00 | 0.11 | 6.92 | 7.03 | (0.12) |  | (0.12) | 16.91 | 70.60% | 107949 | 1.00% | 0.70% | 1.00% | 199.77% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 16.96 | 0.17 | 1.00 | 1.17 | (0.20) | (1.82) | (2.02) | 16.11 | 7.61%<sup>(g)</sup> | 15 | 0.94% | 1.10% | 0.94% | 404.58% |
| 10/31/2024 | 13.13 | 0.21 | 4.05 | 4.26 | (0.29) | (0.14) | (0.43) | 16.96 | 32.84%<sup>(g)</sup> | 14 | 0.94% | 1.32% | 0.94% | 278.84% |
| 10/31/2023 | 14.70 | 0.17 | (1.26) | (1.09) | (0.18) | (0.30) | (0.48) | 13.13 | (7.59)%<sup>(g)</sup> | 10 | 0.94% | 1.24% | 0.94% | 257.75% |
| 10/31/2022 | 16.92 | 0.14 | (1.52) | (1.38) | (0.12) | (0.72) | (0.84) | 14.70 | (8.50)%<sup>(g)</sup> | 10 | 0.97% | 0.92% | 0.97% | 283.03% |
| 10/31/2021 | 9.99 | 0.11 | 6.94 | 7.05 | (0.12) |  | (0.12) | 16.92 | 70.87%<sup>(g)</sup> | 11 | 1.00% | 0.73% | 1.00% | 199.77% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 17.00 | 0.17 | 1.01 | 1.18 | (0.20) | (1.82) | (2.02) | 16.16 | 7.64%<sup>(g)</sup> | 150 | 0.95% | 1.09% | 0.95% | 404.58% |
| 10/31/2024 | 13.16 | 0.20 | 4.07 | 4.27 | (0.29) | (0.14) | (0.43) | 17.00 | 32.83% | 80 | 0.94% | 1.29% | 0.94% | 278.84% |
| 10/31/2023 | 14.72 | 0.17 | (1.26) | (1.09) | (0.17) | (0.30) | (0.47) | 13.16 | (7.57)% | 67 | 0.99% | 1.23% | 0.99% | 257.75% |
| 10/31/2022 | 16.94 | 0.13 | (1.52) | (1.39) | (0.11) | (0.72) | (0.83) | 14.72 | (8.54)% | 149 | 1.03% | 0.87% | 1.03% | 283.03% |
| 10/31/2021 | 10.02 | 0.10 | 6.93 | 7.03 | (0.11) |  | (0.11) | 16.94 | 70.46% | 175 | 1.05% | 0.64% | 1.05% | 199.77% |

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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) 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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE BAILARD TECHNOLOGY FUND (FORMERLY, NATIONWIDE BAILARD TECHNOLOGY & SCIENCE 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> **Loss**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $29.32 | $(0.22) | $7.66 | $7.44 | $— | $(3.88) | $(3.88) | $32.88 | 28.59% | $10657 | 1.20% | (0.79)% | 1.20% | 22.09% |
| 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 | 17.98 | (0.12) | 5.19 | 5.07 |  | (1.98) | (1.98) | 21.07 | 31.59% | 5108 | 1.23% | (0.63)% | 1.23% | 24.71% |
| 10/31/2022 | 33.86 | (0.15) | (10.30) | (10.45) |  | (5.43) | (5.43) | 17.98 | (36.57)% | 3674 | 1.22% | (0.66)% | 1.22% | 20.23% |
| 10/31/2021 | 26.91 | (0.21) | 10.71 | 10.50 |  | (3.55) | (3.55) | 33.86 | 41.54% | 6948 | 1.19% | (0.68)% | 1.19% | 20.98% |
| **Class M Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 33.00 | (0.15) | 8.76 | 8.61 |  | (3.88) | (3.88) | 37.73 | 28.99% | 191964 | 0.88% | (0.47)% | 0.88% | 22.09% |
| 10/31/2024 | 23.45 | (0.14) | 11.43 | 11.29 |  | (1.74) | (1.74) | 33.00 | 50.08% | 167262 | 0.88% | (0.45)% | 0.88% | 20.38% |
| 10/31/2023 | 19.73 | (0.07) | 5.77 | 5.70 |  | (1.98) | (1.98) | 23.45 | 32.01% | 122901 | 0.91% | (0.31)% | 0.91% | 24.71% |
| 10/31/2022 | 36.53 | (0.09) | (11.28) | (11.37) |  | (5.43) | (5.43) | 19.73 | (36.39)% | 103520 | 0.92% | (0.35)% | 0.92% | 20.23% |
| 10/31/2021 | 28.73 | (0.13) | 11.48 | 11.35 |  | (3.55) | (3.55) | 36.53 | 41.90% | 183006 | 0.90% | (0.39)% | 0.90% | 20.98% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 32.84 | (0.15) | 8.72 | 8.57 |  | (3.88) | (3.88) | 37.53 | 29.01% | 3975 | 0.88% | (0.47)% | 0.88% | 22.09% |
| 10/31/2024 | 23.35 | (0.14) | 11.37 | 11.23 |  | (1.74) | (1.74) | 32.84 | 50.04% | 5126 | 0.88% | (0.45)% | 0.88% | 20.38% |
| 10/31/2023 | 19.66 | (0.07) | 5.74 | 5.67 |  | (1.98) | (1.98) | 23.35 | 31.97% | 2929 | 0.91% | (0.32)% | 0.91% | 24.71% |
| 10/31/2022 | 36.41 | (0.10) | (11.22) | (11.32) |  | (5.43) | (5.43) | 19.66 | (36.37)% | 2064 | 0.92% | (0.37)% | 0.92% | 20.23% |
| 10/31/2021 | 28.64 | (0.13) | 11.45 | 11.32 |  | (3.55) | (3.55) | 36.41 | 41.93% | 4660 | 0.90% | (0.39)% | 0.90% | 20.98% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 32.66 | (0.20) | 8.66 | 8.46 |  | (3.88) | (3.88) | 37.24 | 28.81% | 7307 | 1.03% | (0.63)% | 1.03% | 22.09% |
| 10/31/2024 | 23.26 | (0.18) | 11.32 | 11.14 |  | (1.74) | (1.74) | 32.66 | 49.83% | 6247 | 1.01% | (0.58)% | 1.01% | 20.38% |
| 10/31/2023 | 19.60 | (0.09) | 5.73 | 5.64 |  | (1.98) | (1.98) | 23.26 | 31.91% | 3307 | 0.98% | (0.40)% | 0.98% | 24.71% |
| 10/31/2022 | 36.35 | (0.11) | (11.21) | (11.32) |  | (5.43) | (5.43) | 19.60 | (36.44)% | 2049 | 1.00% | (0.43)% | 1.00% | 20.23% |
| 10/31/2021 | 28.62 | (0.16) | 11.44 | 11.28 |  | (3.55) | (3.55) | 36.35 | 41.81% | 3865 | 0.99% | (0.48)% | 0.99% | 20.98% |

---

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 BNY MELLON DYNAMIC U.S. CORE 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $14.79 | $0.11 | $2.80 | $2.91 | $(0.13) | $(0.54) | $(0.67) | $17.03 | 20.42% | $78271 | 0.84% | 0.72% | 0.86% | 13.78% |
| 10/31/2024 | 10.98 | 0.14 | 3.83 | 3.97 | (0.16) |  | (0.16) | 14.79 | 36.31% | 72177 | 0.84% | 1.02% | 0.86% | 3.54% |
| 10/31/2023 | 10.36 | 0.13 | 0.64 | 0.77 | (0.15) |  | (0.15) | 10.98 | 7.41% | 50231 | 0.84% | 1.20% | 0.87% | 2.94% |
| 10/31/2022 | 13.81 | 0.07 | (2.42) | (2.35) | (0.08) | (1.02) | (1.10) | 10.36 | (18.56)% | 49676 | 0.81% | 0.61% | 0.84% | 2.29% |
| 10/31/2021 | 9.86 | 0.06 | 4.16 | 4.22 | (0.06) | (0.21) | (0.27) | 13.81 | 43.52%<sup>(g)</sup> <br>| 65274 | 0.81% | 0.48% | 0.85% | 3.66% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 14.04 | 0.06 | 2.64 | 2.70 | (0.08) | (0.54) | (0.62) | 16.12 | 20.02% | 580 | 1.12% | 0.45% | 1.15% | 13.78% |
| 10/31/2024 | 10.42 | 0.09 | 3.64 | 3.73 | (0.11) |  | (0.11) | 14.04 | 35.88% | 556 | 1.18% | 0.71% | 1.21% | 3.54% |
| 10/31/2023 | 9.84 | 0.08 | 0.60 | 0.68 | (0.10) |  | (0.10) | 10.42 | 6.96% | 990 | 1.25% | 0.79% | 1.29% | 2.94% |
| 10/31/2022 | 13.18 | 0.02 | (2.30) | (2.28) | (0.04) | (1.02) | (1.06) | 9.84 | (18.87)% | 1118 | 1.24% | 0.17% | 1.28% | 2.29% |
| 10/31/2021 | 9.43 | 0.01 | 3.99 | 4.00 | (0.04) | (0.21) | (0.25) | 13.18 | 43.07% | 1431 | 1.19% | 0.06% | 1.23% | 3.66% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 16.31 | 0.18 | 3.09 | 3.27 | (0.18) | (0.54) | (0.72) | 18.86 | 20.79% | 381117 | 0.50% | 1.04% | 0.52% | 13.78% |
| 10/31/2024 | 12.09 | 0.20 | 4.22 | 4.42 | (0.20) |  | (0.20) | 16.31 | 36.78% | 270808 | 0.50% | 1.36% | 0.53% | 3.54% |
| 10/31/2023 | 11.39 | 0.19 | 0.69 | 0.88 | (0.18) |  | (0.18) | 12.09 | 7.78% | 194871 | 0.50% | 1.53% | 0.54% | 2.94% |
| 10/31/2022 | 15.07 | 0.12 | (2.67) | (2.55) | (0.11) | (1.02) | (1.13) | 11.39 | (18.30)% | 193609 | 0.50% | 0.92% | 0.53% | 2.29% |
| 10/31/2021 | 10.73 | 0.10 | 4.55 | 4.65 | (0.10) | (0.21) | (0.31) | 15.07 | 44.03% | 259381 | 0.50% | 0.78% | 0.54% | 3.66% |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 16.48 | 0.18 | 3.11 | 3.29 | (0.17) | (0.54) | (0.71) | 19.06 | 20.74% | 1064902 | 0.52% | 1.04% | 0.54% | 13.78% |
| 10/31/2024 | 12.22 | 0.20 | 4.26 | 4.46 | (0.20) |  | (0.20) | 16.48 | 36.70% | 973084 | 0.51% | 1.35% | 0.54% | 3.54% |
| 10/31/2023 | 11.50 | 0.19 | 0.71 | 0.90 | (0.18) |  | (0.18) | 12.22 | 7.87% | 766496 | 0.51% | 1.52% | 0.55% | 2.94% |
| 10/31/2022 | 15.21 | 0.12 | (2.70) | (2.58) | (0.11) | (1.02) | (1.13) | 11.50 | (18.34)% | 765792 | 0.51% | 0.91% | 0.54% | 2.29% |
| 10/31/2021 | 10.83 | 0.10 | 4.58 | 4.68 | (0.09) | (0.21) | (0.30) | 15.21 | 43.91%<sup>(g)</sup> <br>| 1011536 | 0.55% | 0.74% | 0.59% | 3.66% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 16.46 | 0.16 | 3.13 | 3.29 | (0.16) | (0.54) | (0.70) | 19.05 | 20.73% | 73815 | 0.59% | 0.97% | 0.61% | 13.78% |
| 10/31/2024 | 12.20 | 0.18 | 4.26 | 4.44 | (0.18) |  | (0.18) | 16.46 | 36.54% | 68014 | 0.66% | 1.21% | 0.69% | 3.54% |
| 10/31/2023 | 11.49 | 0.17 | 0.70 | 0.87 | (0.16) |  | (0.16) | 12.20 | 7.61% | 74366 | 0.67% | 1.37% | 0.71% | 2.94% |
| 10/31/2022 | 15.19 | 0.10 | (2.68) | (2.58) | (0.10) | (1.02) | (1.12) | 11.49 | (18.40)% | 94714 | 0.63% | 0.78% | 0.66% | 2.29% |
| 10/31/2021 | 10.82 | 0.09 | 4.58 | 4.67 | (0.09) | (0.21) | (0.30) | 15.19 | 43.78%<sup>(g)</sup> <br>| 133429 | 0.62% | 0.67% | 0.66% | 3.66% |

---

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.

(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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY INCOME 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $39.05 | $0.50 | $3.19 | $3.69 | $(0.57) | $(4.91) | $(5.48) | $37.26 | 11.49% | $3138 | 0.87% | 1.41% | 0.96% | 80.73% |
| 10/31/2024 | 31.63 | 0.61 | 8.15 | 8.76 | (0.58) | (0.76) | (1.34) | 39.05 | 28.39% | 1878 | 0.93% | 1.70% | 0.97% | 77.00% |
| 10/31/2023 | 34.49 | 0.51 | 0.13 | 0.64 | (0.52) | (2.98) | (3.50) | 31.63 | 1.78% | 1284 | 0.93% | 1.55% | 0.97% | 76.61% |
| 10/31/2022 | 42.45 | 0.41 | (0.51) | (0.10) | (0.40) | (7.46) | (7.86) | 34.49 | (0.33)%<sup>(g)</sup> <br>| 943 | 0.92% | 1.18% | 0.98% | 77.47% |
| 10/31/2021 | 28.54 | 0.33 | 15.16 | 15.49 | (0.35) | (1.23) | (1.58) | 42.45 | 55.90%<sup>(g)</sup> <br>| 195 | 0.95% | 0.85% | 1.01% | 76.03% |
| **Class K Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 39.06 | 0.58 | 3.16 | 3.74 | (0.63) | (4.91) | (5.54) | 37.26 | 11.66%<sup>(g)</sup> | 643841 | 0.70% | 1.63% | 0.79% | 80.73% |
| 10/31/2024 | 31.63 | 0.67 | 8.16 | 8.83 | (0.64) | (0.76) | (1.40) | 39.06 | 28.63%<sup>(g)</sup> <br>| 631304 | 0.75% | 1.89% | 0.80% | 77.00% |
| 10/31/2023 | 34.51 | 0.57 | 0.12 | 0.69 | (0.59) | (2.98) | (3.57) | 31.63 | 1.93% | 533307 | 0.76% | 1.74% | 0.80% | 76.61% |
| 10/31/2022 | 42.46 | 0.48 | (0.51) | (0.03) | (0.46) | (7.46) | (7.92) | 34.51 | (0.16)% | 569225 | 0.76% | 1.35% | 0.81% | 77.47% |
| 10/31/2021 | 28.55 | 0.44 | 15.13 | 15.57 | (0.43) | (1.23) | (1.66) | 42.46 | 56.22% | 633803 | 0.76% | 1.16% | 0.83% | 76.03% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 39.03 | 0.52 | 3.26 | 3.78 | (0.66) | (4.91) | (5.57) | 37.24 | 11.80% | 82865 | 0.60% | 1.44% | 0.69% | 80.73% |
| 10/31/2024 | 31.61 | 0.70 | 8.16 | 8.86 | (0.68) | (0.76) | (1.44) | 39.03 | 28.75% | 2770 | 0.65% | 1.95% | 0.70% | 77.00% |
| 10/31/2023 | 34.49 | 0.59 | 0.13 | 0.72 | (0.62) | (2.98) | (3.60) | 31.61 | 2.04%<sup>(g)</sup> <br>| 1453 | 0.66% | 1.81% | 0.70% | 76.61% |
| 10/31/2022 | 42.47 | 0.50 | (0.53) | (0.03) | (0.49) | (7.46) | (7.95) | 34.49 | (0.14)%<sup>(g)</sup> <br>| 37 | 0.66% | 1.44% | 0.71% | 77.47% |
| 10/31/2021 | 28.55 | 0.45 | 15.17 | 15.62 | (0.47) | (1.23) | (1.70) | 42.47 | 56.43%<sup>(g)</sup> <br>| 20 | 0.66% | 1.17% | 0.73% | 76.03% |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 39.03 | 0.61 | 3.15 | 3.76 | (0.67) | (4.91) | (5.58) | 37.21 | 11.73%<sup>(g)</sup> | 10 | 0.60% | 1.73% | 0.70% | 80.73% |
| 10/31/2024 | 31.61 | 0.71 | 8.15 | 8.86 | (0.68) | (0.76) | (1.44) | 39.03 | 28.76%<sup>(g)</sup> <br>| 9 | 0.65% | 1.98% | 0.72% | 77.00% |
| 10/31/2023 | 34.50 | 0.63 | 0.09 | 0.72 | (0.63) | (2.98) | (3.61) | 31.61 | 2.03% | 7 | 0.66% | 1.92% | 0.70% | 76.61% |
| 10/31/2022 | 42.45 | 0.51 | (0.50) | 0.01 | (0.50) | (7.46) | (7.96) | 34.50 | (0.05)% | 113 | 0.66% | 1.43% | 0.72% | 77.47% |
| 10/31/2021 | 28.55 | 0.47 | 15.12 | 15.59 | (0.46) | (1.23) | (1.69) | 42.45 | 56.29% | 197 | 0.68% | 1.24% | 0.75% | 76.03% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 39.03 | 0.52 | 3.23 | 3.75 | (0.63) | (4.91) | (5.54) | 37.24 | 11.70% | 15439 | 0.69% | 1.43% | 0.78% | 80.73% |
| 10/31/2024 | 31.61 | 0.67 | 8.16 | 8.83 | (0.65) | (0.76) | (1.41) | 39.03 | 28.65%<sup>(g)</sup> <br>| 1608 | 0.74% | 1.87% | 0.78% | 77.00% |
| 10/31/2023 | 34.49 | 0.58 | 0.13 | 0.71 | (0.61) | (2.98) | (3.59) | 31.61 | 1.99%<sup>(g)</sup> <br>| 1071 | 0.72% | 1.77% | 0.76% | 76.61% |
| 10/31/2022 | 42.46 | 0.50 | (0.52) | (0.02) | (0.49) | (7.46) | (7.95) | 34.49 | (0.11)%<sup>(g)</sup> <br>| 539 | 0.66% | 1.46% | 0.72% | 77.47% |
| 10/31/2021 | 28.54 | 0.46 | 15.14 | 15.60 | (0.45) | (1.23) | (1.68) | 42.46 | 56.33%<sup>(g)</sup> <br>| 52 | 0.71% | 1.23% | 0.77% | 76.03% |

---

(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.

------

**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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $34.06 | $0.09 | $5.46 | $5.55 | $(0.07) | $(3.28) | $(3.35) | $36.26 | 17.69% | $217470 | 0.87% | 0.27% | 0.91% | 129.38% |
| 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 | 24.60 | 0.15 | 2.09 | 2.24 | (0.11) | (0.78) | (0.89) | 25.95 | 9.37% | 158099 | 0.87% | 0.56% | 0.92% | 72.63% |
| 10/31/2022 | 33.92 | 0.12 | (5.18) | (5.06) | (0.08) | (4.18) | (4.26) | 24.60 | (17.11)% | 159555 | 0.89% | 0.43% | 0.93% | 53.21% |
| 10/31/2021 | 25.02 | 0.10 | 9.58 | 9.68 | (0.11) | (0.67) | (0.78) | 33.92 | 39.33% | 210658 | 0.86% | 0.33% | 0.91% | 60.51% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 32.54 | (0.04) | 5.19 | 5.15 |  | (3.28) | (3.28) | 34.41 | 17.23%<sup>(g)</sup> | 125 | 1.28% | (0.14)% | 1.32% | 129.38% |
| 10/31/2024 | 24.86 | (0.05) | 8.53 | 8.48 | (0.02) | (0.78) | (0.80) | 32.54 | 34.71%<sup>(g)</sup> <br>| 138 | 1.16% | (0.17)% | 1.21% | 83.61% |
| 10/31/2023 | 23.62 | 0.06 | 2.01 | 2.07 | (0.05) | (0.78) | (0.83) | 24.86 | 9.05%<sup>(g)</sup> <br>| 34 | 1.14% | 0.26% | 1.19% | 72.63% |
| 10/31/2022 | 32.76 | 0.04 | (4.96) | (4.92) | (0.04) | (4.18) | (4.22) | 23.62 | (17.31)%<sup>(g)</sup> <br>| 25 | 1.17% | 0.15% | 1.22% | 53.21% |
| 10/31/2021 | 24.22 | 0.01 | 9.24 | 9.25 | (0.04) | (0.67) | (0.71) | 32.76 | 38.84%<sup>(g)</sup> <br>| 21 | 1.13% | 0.05% | 1.17% | 60.51% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 33.03 | 0.19 | 5.28 | 5.47 | (0.18) | (3.28) | (3.46) | 35.04 | 18.08% | 390461 | 0.54% | 0.60% | 0.58% | 129.38% |
| 10/31/2024 | 25.19 | 0.16 | 8.61 | 8.77 | (0.15) | (0.78) | (0.93) | 33.03 | 35.49% | 361810 | 0.54% | 0.51% | 0.58% | 83.61% |
| 10/31/2023 | 23.93 | 0.24 | 2.02 | 2.26 | (0.22) | (0.78) | (1.00) | 25.19 | 9.74% | 16841 | 0.54% | 0.98% | 0.59% | 72.63% |
| 10/31/2022 | 33.11 | 0.20 | (5.04) | (4.84) | (0.16) | (4.18) | (4.34) | 23.93 | (16.85)% | 36417 | 0.56% | 0.76% | 0.60% | 53.21% |
| 10/31/2021 | 24.43 | 0.18 | 9.36 | 9.54 | (0.19) | (0.67) | (0.86) | 33.11 | 39.80% | 37187 | 0.57% | 0.61% | 0.62% | 60.51% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 33.03 | 0.17 | 5.27 | 5.44 | (0.15) | (3.28) | (3.43) | 35.04 | 17.98% | 1222100 | 0.62% | 0.52% | 0.66% | 129.38% |
| 10/31/2024 | 25.19 | 0.14 | 8.61 | 8.75 | (0.13) | (0.78) | (0.91) | 33.03 | 35.38% | 1138752 | 0.62% | 0.45% | 0.66% | 83.61% |
| 10/31/2023 | 23.92 | 0.20 | 2.04 | 2.24 | (0.19) | (0.78) | (0.97) | 25.19 | 9.67% | 924015 | 0.63% | 0.78% | 0.68% | 72.63% |
| 10/31/2022 | 33.10 | 0.19 | (5.04) | (4.85) | (0.15) | (4.18) | (4.33) | 23.92 | (16.90)% | 842936 | 0.61% | 0.70% | 0.66% | 53.21% |
| 10/31/2021 | 24.43 | 0.17 | 9.34 | 9.51 | (0.17) | (0.67) | (0.84) | 33.10 | 39.66% | 1086864 | 0.64% | 0.55% | 0.69% | 60.51% |

---

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.

(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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE GENEVA MID CAP GROWTH 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> **Loss**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $12.88 | $(0.06) | $0.31 | $0.25 | $— | $(1.41) | $(1.41) | $11.72 | 1.80%<sup>(f)</sup> | $68462 | 1.09% | (0.52)% | 1.09% | 26.92% |
| 10/31/2024 | 11.72 | (0.07) | 3.18 | 3.11 |  | (1.95) | (1.95) | 12.88 | 28.15% | 79231 | 1.09% | (0.55)% | 1.09% | 23.32% |
| 10/31/2023 | 15.41 | (0.06) | 0.50 | 0.44 |  | (4.13) | (4.13) | 11.72 | 3.56% | 71264 | 1.11% | (0.50)% | 1.11% | 20.02% |
| 10/31/2022 | 29.33 | (0.12) | (6.30) | (6.42) |  | (7.50) | (7.50) | 15.41 | (28.71)% | 83517 | 1.10% | (0.69)% | 1.10% | 10.71% |
| 10/31/2021 | 20.92 | (0.19) | 10.06 | 9.87 |  | (1.46) | (1.46) | 29.33 | 48.96% | 137188 | 1.11% | (0.74)% | 1.11% | 10.64% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 15.70 | (0.02) | 0.37 | 0.35 |  | (1.41) | (1.41) | 14.64 | 2.14%<sup>(f)(g)</sup> | 89222 | 0.74% | (0.15)% | 0.74% | 26.92% |
| 10/31/2024 | 13.87 | (0.03) | 3.81 | 3.78 |  | (1.95) | (1.95) | 15.70 | 28.67%<sup>(g)</sup> | 34064 | 0.74% | (0.20)% | 0.74% | 23.32% |
| 10/31/2023 | 17.44 | (0.02) | 0.58 | 0.56 |  | (4.13) | (4.13) | 13.87 | 3.89% | 21938 | 0.76% | (0.16)% | 0.76% | 20.02% |
| 10/31/2022 | 32.09 | (0.08) | (7.07) | (7.15) |  | (7.50) | (7.50) | 17.44 | (28.46)%<sup>(g)</sup> | 27231 | 0.77% | (0.38)% | 0.77% | 10.71% |
| 10/31/2021 | 22.70 | (0.11) | 10.96 | 10.85 |  | (1.46) | (1.46) | 32.09 | 49.46%<sup>(g)</sup> | 115969 | 0.78% | (0.41)% | 0.78% | 10.64% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 15.03 | (0.04) | 0.36 | 0.32 |  | (1.41) | (1.41) | 13.94 | 2.03%<sup>(f)(g)</sup> | 109884 | 0.84% | (0.27)% | 0.84% | 26.92% |
| 10/31/2024 | 13.36 | (0.04) | 3.66 | 3.62 |  | (1.95) | (1.95) | 15.03 | 28.55%<sup>(g)</sup> | 122811 | 0.84% | (0.30)% | 0.84% | 23.32% |
| 10/31/2023 | 16.97 | (0.04) | 0.56 | 0.52 |  | (4.13) | (4.13) | 13.36 | 3.75% | 99678 | 0.86% | (0.26)% | 0.86% | 20.02% |
| 10/31/2022 | 31.46 | (0.09) | (6.90) | (6.99) |  | (7.50) | (7.50) | 16.97 | (28.54)% | 123643 | 0.89% | (0.47)% | 0.89% | 10.71% |
| 10/31/2021 | 22.31 | (0.15) | 10.76 | 10.61 |  | (1.46) | (1.46) | 31.46 | 49.24% | 217941 | 0.92% | (0.55)% | 0.92% | 10.64% |

---

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.

(f) Includes a certain litigation settlement which impacted the Fund's total return. Excluding the settlement proceeds, the Class A, Class R6 and Institutional Service Class total returns are 1.71%, 2.07% and 1.88%, respectively.

(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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE GENEVA SMALL CAP GROWTH 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> **Loss**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $82.61 | $(0.59) | $(4.22) | $(4.81) | $— | $(2.85) | $(2.85) | $74.95 | (6.15)%<sup>(f)</sup> | $75260 | 1.19% | (0.75)% | 1.19% | 27.03% |
| 10/31/2024 | 62.47 | (0.59) | 21.29 | 20.70 |  | (0.56) | (0.56) | 82.61 | 33.26% | 90055 | 1.20% | (0.76)% | 1.20% | 21.28% |
| 10/31/2023 | 66.11 | (0.48) | (1.97) | (2.45) |  | (1.19) | (1.19) | 62.47 | (3.75)% | 68329 | 1.20% | (0.71)% | 1.20% | 16.45% |
| 10/31/2022 | 92.50 | (0.66) | (18.20) | (18.86) |  | (7.53) | (7.53) | 66.11 | (22.02)% | 85496 | 1.21% | (0.91)% | 1.21% | 14.92% |
| 10/31/2021 | 68.67 | (0.78) | 25.00 | 24.22 |  | (0.39) | (0.39) | 92.50 | 35.34% | 120409 | 1.20% | (0.90)% | 1.20% | 13.13% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 88.33 | (0.32) | (4.54) | (4.86) |  | (2.85) | (2.85) | 80.62 | (5.80)%<sup>(f)</sup> | 541799 | 0.82% | (0.38)% | 0.82% | 27.03% |
| 10/31/2024 | 66.51 | (0.32) | 22.70 | 22.38 |  | (0.56) | (0.56) | 88.33 | 33.77% | 540195 | 0.83% | (0.39)% | 0.83% | 21.28% |
| 10/31/2023 | 70.06 | (0.25) | (2.11) | (2.36) |  | (1.19) | (1.19) | 66.51 | (3.40)% | 396570 | 0.83% | (0.34)% | 0.83% | 16.45% |
| 10/31/2022 | 97.22 | (0.41) | (19.22) | (19.63) |  | (7.53) | (7.53) | 70.06 | (21.72)% | 326736 | 0.83% | (0.53)% | 0.83% | 14.92% |
| 10/31/2021 | 71.89 | (0.48) | 26.20 | 25.72 |  | (0.39) | (0.39) | 97.22 | 35.84% | 397363 | 0.83% | (0.53)% | 0.83% | 13.13% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 87.05 | (0.43) | (4.46) | (4.89) |  | (2.85) | (2.85) | 79.31 | (5.92)%<sup>(f)</sup> | 928948 | 0.96% | (0.52)% | 0.96% | 27.03% |
| 10/31/2024 | 65.64 | (0.41) | 22.38 | 21.97 |  | (0.56) | (0.56) | 87.05 | 33.59% | 935191 | 0.95% | (0.51)% | 0.95% | 21.28% |
| 10/31/2023 | 69.23 | (0.32) | (2.08) | (2.40) |  | (1.19) | (1.19) | 65.64 | (3.50)% | 816865 | 0.94% | (0.45)% | 0.94% | 16.45% |
| 10/31/2022 | 96.26 | (0.49) | (19.01) | (19.50) |  | (7.53) | (7.53) | 69.23 | (21.81)% | 863723 | 0.94% | (0.64)% | 0.94% | 14.92% |
| 10/31/2021 | 71.26 | (0.58) | 25.97 | 25.39 |  | (0.39) | (0.39) | 96.26 | 35.69% | 1147764 | 0.94% | (0.64)% | 0.94% | 13.13% |

---

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.

(f) 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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE GQG US QUALITY 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**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $16.99 | $0.22 | $(1.32) | $(1.10) | $(0.19) | $(1.94) | $(2.13) | $13.76 | (7.52)% | $40180 | 0.88% | 1.48% | 0.98% | 166.65% |
| 10/31/2024 | 11.84 | 0.10 | 5.10 | 5.20 | (0.05) |  | (0.05) | 16.99 | 44.00% | 46176 | 0.80% | 0.62% | 0.93% | 217.11% |
| 10/31/2023 | 11.58 | 0.06 | 0.32 | 0.38 | (0.12) |  | (0.12) | 11.84 | 3.35% | 20200 | 0.81% | 0.52% | 0.94% | 204.87% |
| 10/31/2022 | 12.19 | 0.15 | (0.56) | (0.41) | (0.18) | (0.02) | (0.20) | 11.58 | (3.45)%<sup>(g)</sup> <br>| 1660 | 0.74% | 1.30% | 0.94% | 221.61% |
| 10/31/2021<sup>(h)</sup> <br>| 10.00 | 0.04 | 2.15 | 2.19 |  |  |  | 12.19 | 21.90%<sup>(g)</sup> <br>| 9 | 0.97% | 0.46% | 1.37% | 97.43% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 17.01 | 0.30 | (1.34) | (1.04) | (0.24) | (1.94) | (2.18) | 13.79 | (7.14)%<sup>(g)</sup> | 187251 | 0.49% | 1.98% | 0.58% | 166.65% |
| 10/31/2024 | 11.85 | 0.13 | 5.12 | 5.25 | (0.09) |  | (0.09) | 17.01 | 44.43% | 84281 | 0.49% | 0.83% | 0.61% | 217.11% |
| 10/31/2023 | 11.59 | 0.12 | 0.30 | 0.42 | (0.16) |  | (0.16) | 11.85 | 3.68% | 73663 | 0.49% | 1.04% | 0.60% | 204.87% |
| 10/31/2022 | 12.21 | 0.22 | (0.60) | (0.38) | (0.22) | (0.02) | (0.24) | 11.59 | (3.22)% | 57191 | 0.49% | 1.85% | 0.77% | 221.61% |
| 10/31/2021<sup>(h)</sup> <br>| 10.00 | 0.07 | 2.17 | 2.24 | (0.03) |  | (0.03) | 12.21 | 22.39% | 76451 | 0.49% | 0.79% | 0.92% | 97.43% |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 17.00 | 0.27 | (1.33) | (1.06) | (0.22) | (1.94) | (2.16) | 13.78 | (7.26)% | 10263 | 0.59% | 1.77% | 0.69% | 166.65% |
| 10/31/2024 | 11.85 | 0.14 | 5.09 | 5.23 | (0.08) |  | (0.08) | 17.00 | 44.26% | 16238 | 0.58% | 0.86% | 0.68% | 217.11% |
| 10/31/2023 | 11.58 | 0.08 | 0.34 | 0.42 | (0.15) |  | (0.15) | 11.85 | 3.68%<sup>(g)</sup> <br>| 2686 | 0.58% | 0.67% | 0.69% | 204.87% |
| 10/31/2022 | 12.21 | 0.22 | (0.61) | (0.39) | (0.22) | (0.02) | (0.24) | 11.58 | (3.30)%<sup>(g)</sup> <br>| 6 | 0.49% | 1.87% | 0.77% | 221.61% |
| 10/31/2021<sup>(h)</sup> <br>| 10.00 | 0.06 | 2.17 | 2.23 | (0.02) |  | (0.02) | 12.21 | 22.33% | 6 | 0.56% | 0.72% | 1.32% | 97.43% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 17.00 | 0.27 | (1.34) | (1.07) | (0.21) | (1.94) | (2.15) | 13.78 | (7.30)% | 4734 | 0.63% | 1.79% | 0.73% | 166.65% |
| 10/31/2024 | 11.85 | 0.15 | 5.06 | 5.21 | (0.06) |  | (0.06) | 17.00 | 44.05% | 4305 | 0.74% | 0.93% | 0.84% | 217.11% |
| 10/31/2023 | 11.59 | 0.15 | 0.24 | 0.39 | (0.13) |  | (0.13) | 11.85 | 3.40% | 322 | 0.74% | 1.28% | 0.85% | 204.87% |
| 10/31/2022 | 12.21 | 0.26 | (0.65) | (0.39) | (0.21) | (0.02) | (0.23) | 11.59 | (3.32)% | 1101 | 0.58% | 2.20% | 0.77% | 221.61% |
| 10/31/2021<sup>(h)</sup> <br>| 10.00 | 0.06 | 2.17 | 2.23 | (0.02) |  | (0.02) | 12.21 | 22.31% | 6 | 0.59% | 0.69% | 1.34% | 97.43% |

---

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.

(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.

(h) For the period from January 26, 2021 (commencement of operations) through October 31, 2021. Total return is calculated based on inception date of January 25, 2021 through October 31, 2021.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE LOOMIS ALL CAP GROWTH 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> **Loss**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $18.73 | $(0.15) | $5.13 | $4.98 | $— | $(1.81) | $(1.81) | $21.90 | 28.18% | $6241 | 1.26% | (0.79)% | 1.36% | 11.29% |
| 10/31/2024 | 13.90 | (0.12) | 6.07 | 5.95 |  | (1.12) | (1.12) | 18.73 | 44.87% | 7220 | 1.27% | (0.71)% | 1.36% | 8.16% |
| 10/31/2023 | 12.24 | (0.11) | 2.76 | 2.65 |  | (0.99) | (0.99) | 13.90 | 23.14% | 5693 | 1.26% | (0.77)% | 1.36% | 12.63%<sup>(g)</sup> <br>|
| 10/31/2022 | 19.11 | (0.11) | (4.91) | (5.02) |  | (1.85) | (1.85) | 12.24 | (29.04)% | 5203 | 1.28% | (0.77)% | 1.33% | 47.91% |
| 10/31/2021 | 15.11 | (0.13) | 4.56 | 4.43 |  | (0.43) | (0.43) | 19.11 | 29.77% | 6988 | 1.33% | (0.76)% | 1.37% | 13.72% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 19.38 | (0.07) | 5.34 | 5.27 |  | (1.81) | (1.81) | 22.84 | 28.77% | 171402 | 0.82% | (0.36)% | 0.92% | 11.29% |
| 10/31/2024 | 14.28 | (0.04) | 6.26 | 6.22 |  | (1.12) | (1.12) | 19.38 | 45.61% | 145771 | 0.82% | (0.26)% | 0.91% | 8.16% |
| 10/31/2023 | 12.51 | (0.05) | 2.81 | 2.76 |  | (0.99) | (0.99) | 14.28 | 23.56% | 112745 | 0.82% | (0.33)% | 0.92% | 12.63%<sup>(g)</sup> <br>|
| 10/31/2022 | 19.40 | (0.05) | (4.99) | (5.04) |  | (1.85) | (1.85) | 12.51 | (28.68)% | 102457 | 0.84% | (0.32)% | 0.89% | 47.91% |
| 10/31/2021 | 15.26 | (0.05) | 4.62 | 4.57 |  | (0.43) | (0.43) | 19.40 | 30.41% | 175536 | 0.85% | (0.26)% | 0.89% | 13.72% |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 19.28 | (0.09) | 5.30 | 5.21 |  | (1.81) | (1.81) | 22.68 | 28.59% | 46752 | 0.92% | (0.45)% | 1.02% | 11.29% |
| 10/31/2024 | 14.23 | (0.06) | 6.23 | 6.17 |  | (1.12) | (1.12) | 19.28 | 45.41% | 49178 | 0.92% | (0.36)% | 1.01% | 8.16% |
| 10/31/2023 | 12.47 | (0.05) | 2.80 | 2.75 |  | (0.99) | (0.99) | 14.23 | 23.55% | 38024 | 0.92% | (0.37)% | 1.00% | 12.63%<sup>(g)</sup> <br>|
| 10/31/2022 | 19.37 | (0.06) | (4.99) | (5.05) |  | (1.85) | (1.85) | 12.47 | (28.79)% | 159115 | 0.94% | (0.43)% | 0.99% | 47.91% |
| 10/31/2021 | 15.26 | (0.07) | 4.61 | 4.54 |  | (0.43) | (0.43) | 19.37 | 30.21% | 201689 | 0.95% | (0.38)% | 0.99% | 13.72% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 19.31 | (0.09) | 5.32 | 5.23 |  | (1.81) | (1.81) | 22.73 | 28.66% | 4839 | 0.90% | (0.43)% | 1.00% | 11.29% |
| 10/31/2024 | 14.25 | (0.06) | 6.24 | 6.18 |  | (1.12) | (1.12) | 19.31 | 45.42% | 4553 | 0.88% | (0.33)% | 0.97% | 8.16% |
| 10/31/2023 | 12.48 | (0.05) | 2.81 | 2.76 |  | (0.99) | (0.99) | 14.25 | 23.62% | 3025 | 0.83% | (0.33)% | 0.93% | 12.63%<sup>(g)</sup> <br>|
| 10/31/2022 | 19.36 | (0.05) | (4.98) | (5.03) |  | (1.85) | (1.85) | 12.48 | (28.69)% | 2757 | 0.85% | (0.33)% | 0.90% | 47.91% |
| 10/31/2021 | 15.23 | (0.05) | 4.61 | 4.56 |  | (0.43) | (0.43) | 19.36 | 30.40% | 4796 | 0.86% | (0.29)% | 0.90% | 13.72% |

---

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.

(g) Portfolio turnover excludes securities received or delivered in-kind (Note 3).

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE RENAISSANCE SMALL CAP GROWTH FUND (FORMERLY, NATIONWIDE WCM FOCUSED SMALL CAP 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> **Loss**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $31.23 | $(0.10) | $(2.60) | $(2.70) | $(0.23) | $(1.50) | $(1.73) | $26.80 | (9.11)%<sup>(g)</sup> | $11633 | 1.15% | (0.35)% | 1.24% | 39.29% |
| 10/31/2024 | 24.93 | (0.14) | 7.00 | 6.86 | (0.16) | (0.40) | (0.56) | 31.23 | 27.72% | 15749 | 1.16% | (0.48)% | 1.22% | 17.79% |
| 10/31/2023 | 24.71 | (0.12) | 0.87 | 0.75 |  | (0.53) | (0.53) | 24.93 | 3.11% | 11512 | 1.16% | (0.44)% | 1.23% | 19.48% |
| 10/31/2022 | 28.50 | (0.16) | (2.96) | (3.12) |  | (0.67) | (0.67) | 24.71 | (11.22)% | 11868 | 1.16% | (0.59)% | 1.24% | 34.24% |
| 10/31/2021 | 20.37 | (0.18) | 8.31 | 8.13 |  |  |  | 28.50 | 39.91% | 15181 | 1.16% | (0.65)% | 1.27% | 33.26% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 33.68 |  | (2.82) | (2.82) | (0.34) | (1.50) | (1.84) | 29.02 | (8.80)%<sup>(g)</sup> | 34040 | 0.80% | (0.01)% | 0.88% | 39.29% |
| 10/31/2024 | 26.78 | (0.04) | 7.54 | 7.50 | (0.20) | (0.40) | (0.60) | 33.68 | 28.23% | 154278 | 0.80% | (0.12)% | 0.86% | 17.79% |
| 10/31/2023 | 26.42 | (0.02) | 0.91 | 0.89 |  | (0.53) | (0.53) | 26.78 | 3.45% | 108013 | 0.80% | (0.08)% | 0.87% | 19.48% |
| 10/31/2022 | 30.31 | (0.07) | (3.15) | (3.22) |  | (0.67) | (0.67) | 26.42 | (10.87)% | 110243 | 0.80% | (0.23)% | 0.88% | 34.24% |
| 10/31/2021 | 21.59 | (0.09) | 8.81 | 8.72 |  |  |  | 30.31 | 40.39% | 121350 | 0.80% | (0.29)% | 0.91% | 33.26% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 33.31 | (0.03) | (2.79) | (2.82) | (0.31) | (1.50) | (1.81) | 28.68 | (8.88)%<sup>(g)</sup> | 48892 | 0.88% | (0.08)% | 0.96% | 39.29% |
| 10/31/2024 | 26.51 | (0.06) | 7.45 | 7.39 | (0.19) | (0.40) | (0.59) | 33.31 | 28.09% | 79328 | 0.88% | (0.20)% | 0.94% | 17.79% |
| 10/31/2023 | 26.17 | (0.04) | 0.91 | 0.87 |  | (0.53) | (0.53) | 26.51 | 3.40% | 63686 | 0.88% | (0.15)% | 0.95% | 19.48% |
| 10/31/2022 | 30.06 | (0.09) | (3.13) | (3.22) |  | (0.67) | (0.67) | 26.17 | (10.97)% | 57350 | 0.88% | (0.32)% | 0.96% | 34.24% |
| 10/31/2021 | 21.43 | (0.11) | 8.74 | 8.63 |  |  |  | 30.06 | 40.27% | 64509 | 0.89% | (0.38)% | 1.00% | 33.26% |

---

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.

(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 75 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. Effective May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement; 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. For more details on the timing, please refer to 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;

------

**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 due to return of excess contributions from an IRA account;

&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. ("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 within the purchaser's Baird household, 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 due to 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;

------

**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 bought due to returns 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 Baird fees, but only if the transaction is initiated by Baird; and

● shares purchased through a Right of Reinstatement.

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

● 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 Nationwide Funds assets held by accounts within the purchaser's household at Baird. Eligible Nationwide Funds 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 (LOI) which allow for breakpoint discounts based on anticipated purchases within Nationwide Funds, 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;

&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.

------

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

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

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

&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**

Nationwide Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219336

Kansas City, MO 64121-9336

**By Overnight Mail**

Nationwide Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336

Kansas City, MO 64105-1307

**For 24-Hour Access**

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 (3/26)

------

Fixed-Income Funds

Prospectus March 2, 2026

---

| |
|:---|
| **Nationwide Government Money Market Fund** |
| Investor Shares (MIFXX) / Service Class (NWSXX)<br> Class R6 (GMIXX)<br>|
| **Nationwide Inflation-Protected Securities Fund** |
| Class A (NIFAX) / Class R6 (NIFIX)<br> Institutional Service Class (NWXNX)<br>|
| **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>|
| **Nationwide Loomis Core Bond Fund** |
| Class A (NWJGX) / Class R6 (NWJIX)<br> Institutional Service Class (NWJJX) / Eagle Class (NWAZX)<br>|
| **Nationwide Loomis Short Term Bond Fund** |
| Class A (NWJSX) / Class R6 (NWJUX)<br> Institutional Service Class (NWJVX)<br>|

---

&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;

**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**![](g49631img089326431.gif)

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**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_94e835b2-0064-4a4d-8d4b-c095fd964649_1)** |
|  | [Nationwide Government Money Market Fund](#xx_94e835b2-0064-4a4d-8d4b-c095fd964649_1) |
|  | [Nationwide Inflation-Protected Securities Fund](#xx_c57ee70b-649e-47c6-a00c-9777f3b9dec0_1) |
|  | [Nationwide Invesco Core Plus Bond Fund](#xx_359cd0ec-411d-468b-b148-edfd199855f4_1) |
|  | [Nationwide Loomis Core Bond Fund](#xx_bc5e7500-214c-47d4-aaaf-4dc93cbe38fc_1) |
|  | [Nationwide Loomis Short Term Bond Fund](#xx_0eb88c89-3f23-4a9f-af34-e649b8d538ca_1) |
| **28** | **[How the Funds Invest](#xx_105e43c7-844f-4cd6-893c-dc7f7e582582_1)** |
|  | [Nationwide Government Money Market Fund](#xx_105e43c7-844f-4cd6-893c-dc7f7e582582_1) |
|  | [Nationwide Inflation-Protected Securities Fund](#xx_85c6e4a9-a5c0-4b50-bb65-10f219138141_1) |
|  | [Nationwide Invesco Core Plus Bond Fund](#xx_0bd5c076-b5ac-4561-aafd-69887ca8f4e7_1) |
|  | [Nationwide Loomis Core Bond Fund](#xx_e46114a5-d3c7-4e96-a69e-38a1e1ee359a_1) |
|  | [Nationwide Loomis Short Term Bond Fund](#xx_0d296360-669a-4de2-8f10-b0104703c69e_1) |
| **38** | **[Risks of Investing in the Funds](#xx_1cb38ddb-fdd5-41bc-bd50-07c6eabe2a06_1)** |
| **47** | **[Fund Management](#xx_29ad26b9-20d0-4953-82c6-5fead8dcc796_1)** |
| **49** | **[Investing with Nationwide Funds](#xx_74050494-a3ac-4bab-b081-838a9dd07215_1)** |
|  | [Share Classes](#xx_74050494-a3ac-4bab-b081-838a9dd07215_1) |
|  | [Sales Charges and Fees](#xx_74050494-a3ac-4bab-b081-838a9dd07215_4) |
|  | [Revenue Sharing](#xx_74050494-a3ac-4bab-b081-838a9dd07215_5) |
|  | [Contacting Nationwide Funds](#xx_74050494-a3ac-4bab-b081-838a9dd07215_6) |
|  | [Fund Transactions](#xx_74050494-a3ac-4bab-b081-838a9dd07215_7) |
|  | [Buying Shares](#xx_74050494-a3ac-4bab-b081-838a9dd07215_8) |
|  | [Fair Value Pricing](#xx_74050494-a3ac-4bab-b081-838a9dd07215_8) |
|  | [Exchanging Shares](#xx_74050494-a3ac-4bab-b081-838a9dd07215_10) |
|  | [Selling Shares](#xx_74050494-a3ac-4bab-b081-838a9dd07215_10) |
|  | [Excessive or Short-Term Trading](#xx_74050494-a3ac-4bab-b081-838a9dd07215_11) |
| **61** | **[Distributions and Taxes](#xx_759a5016-ee97-490b-b667-bce9944817dd_1)** |
| **64** | **[Additional Information](#xx_476abd17-05a7-42d0-bfe8-0d716eddfaae_1)** |
| **65** | **[Financial Highlights](#xx_d4959cb7-1706-48ca-9cc6-6bdd4a6824a9_1)** |
| **71** | **[Appendix A](#xx_c396cc01-f089-43c8-bb2f-b9d5ed3be4c6_1)** |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_c396cc01-f089-43c8-bb2f-b9d5ed3be4c6_1) |

---

------

**Fund Summary:** Nationwide Government Money Market Fund

**Objective** 

The Nationwide Government Money Market Fund seeks as high a level of current income as is consistent with preserving capital and maintaining liquidity. The Fund is a "government" money market fund that seeks to maintain a stable net asset value of $1.00 per share.

**Fees and Expenses**

This table describes the fees and expenses you may pay when buying and holding shares of the Fund. There are no sales charges to purchase or sell shares of the Fund.

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

---

| | | | |
|:---|:---|:---|:---|
|  | Investor<br> Shares<br>| Service Class<br> Shares<br>| Class R6<br> Shares<br>|
| Management Fees | 0.30% | 0.30% | 0.30% |
| Distribution and/or Service (12b-1) Fees |  | 0.15% |  |
| Other Expenses | 0.25% | 0.30% | 0.15% |
| **Total Annual Fund Operating Expenses** | 0.55% | 0.75% | 0.45% |
| Fee Waiver/Expense Reimbursement<sup>(1),(2)</sup> | (0.02)% | (0.02)% | (0.02)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.53% | 0.73% | 0.43% |

---

<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 0.75% for Service Class shares only until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited excludes any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, acquired fund fees and expenses, short-sale dividend expenses, 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.

<sup>(2)</sup>

In addition to the expense limitation agreement discussed in Footnote 1, the Trust and the Adviser have entered into a written contract in which the Adviser has agreed to waive 0.027% of the management fee to which the Adviser would otherwise be entitled until March 2, 2027. The written contract may be changed or eliminated only with the 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** |
| Investor Shares | $54 | $174 | $305 | $687 |
| Service Class Shares | 75 | 238 | 415 | 928 |
| Class R6 Shares | 44 | 142 | 250 | 565 |

---

**Principal Investment Strategies**

The Fund seeks to maintain a stable price of $1.00 per share by using the amortized cost method of valuation to value portfolio securities. The Fund invests primarily in a portfolio of U.S. government securities and repurchase agreements that are collateralized fully by cash or U.S. government securities, and which mature in 397 calendar days or less, with certain exceptions permitted by applicable regulations. U.S. government securities are debt securities issued and/or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States.

------

**Fund Summary:** Nationwide Government Money Market Fund *(cont.)*

The Fund limits investments to those securities that are Eligible Securities as defined by applicable regulations at the time of purchase (i.e., securities that are determined to present minimal credit risks, government securities, and shares of other money market funds). The Fund maintains a dollar-weighted average maturity of no more than 60 calendar days and a dollar-weighted average life of no more than 120 calendar days that is determined without reference to certain interest rate readjustments.

The Fund operates as a "Government Money Market Fund," as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended. This means that 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 mutual funds that operate as Government Money Market Funds. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. government securities and repurchase agreements that are fully collateralized by U.S. government securities. In contrast to the Fund's 99.5% policy, the Fund's 80% policy does not include cash.

The Fund does not currently intend to impose liquidity fees on Fund redemptions. However, the Fund's Board of Trustees reserves the ability to subject the Fund to a liquidity fee in the future, after providing prior notice to shareholders.

Because the Fund invests in short-term securities, the Fund's subadviser generally sells securities only to meet liquidity needs, to maintain target allocations or to take advantage of more favorable opportunities.

**Principal Risks**

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

***Yield risk*** – there is no guarantee that the Fund will provide a certain level of income or that any such income will stay ahead of inflation. Further, the Fund's yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. On days during which there are net purchases of Fund shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of

the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will likely cause the Fund's yield to increase.

***Interest rate risk*** – generally, when interest rates go up, the value of fixed-income securities goes down. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. The interest earned on the Fund's investments in fixed-income securities will decline when prevailing interest rates fall. Declines in interest rates increase the likelihood that debt obligations will be prepaid, which, in turn, increases these risks. Very low or negative interest rates may prevent the Fund from providing a positive yield or from paying Fund expenses out of current income without impairing the Fund's ability to maintain a stable net asset value 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility.

***Credit risk*** – U.S. government securities generally have the least credit risk, but are not completely free from credit risk. Credit risk is the risk that an issuer will default if it is unable to pay the interest or principal when due. If an issuer defaults, the Fund will lose money. Changes in a bond issuer's credit rating or the market's perception of an issuer's creditworthiness also affect the value of a bond. Any downgrade of securities issued by the U.S. government may result in a downgrade of securities issued by its agencies or instrumentalities.

***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 Government Money Market 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.

***Liquidity risk*** – the risk that the Fund will experience significant net redemptions of Fund shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. An inability to sell portfolio securities may result from adverse market developments or investor perceptions regarding the portfolio securities. While the Fund endeavors to maintain a high level of liquidity in its portfolio so that it can satisfy redemption requests, the Fund's ability to sell portfolio securities can deteriorate rapidly due to credit events affecting particular issuers, or due to general market conditions and a lack of willing buyers.

***Repurchase agreements risk*** – exposes the Fund to the risk that the party that sells the securities to the Fund will default on its obligation to repurchase them.

***Investments in other money market mutual funds risk*** – to the extent that the Fund invests in shares of other money market mutual funds, its performance is directly tied to the performance of such other funds. If one of these other money market mutual funds fails to meet its objective, the Fund's performance will be negatively affected. In addition, Fund shareholders will pay a proportionate share of the fees and expenses of such other money market mutual fund (including applicable management, administration and custodian fees) as well as the Fund's direct expenses. Any such other money market mutual fund will not charge any front-end sales loads, contingent deferred sales charges or Rule 12b-1 fees.

***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.

***Risk associated with holding cash*** – although the Fund seeks to be fully invested, it at times holds some of its assets in cash, which may hurt the Fund's performance.

*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 an index with 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.

Please call 800-848-0920 for the Fund's current 7-day yield.

**Annual Total Returns– Investor Shares**

**(Years Ended December 31,)**

![](g49631mmkt_16.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **1.24%** | **Q4 2023** |
| **Lowest Quarter:** | **0.00%** | **Q1 2022** |

---

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 3.83% | 2.88% | 1.80% |
| Service Class Shares | 3.62% | 2.74% | 1.67% |
| Class R6 Shares | 3.93% | 2.96% | 1.87% |
| iMoneyNet Money Fund AverageTM <br> Government All (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| 3.96% | 2.98% | 1.89% |

---

------

**Fund Summary:** Nationwide Government Money Market Fund *(cont.)*

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Dreyfus, a division of Mellon Investments Corporation

**Purchase and Sale of Fund Shares** 

---

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

**Objective** 

The Nationwide Inflation-Protected Securities Fund seeks to provide inflation protection and income consistent with investment in inflation-indexed securities.

**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 49 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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) | 2.25% |  |  |

---

**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 | 0.25% | 0.25% | 0.25% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.32% | 0.15% | 0.31% |
| **Total Annual Fund Operating Expenses** | 0.82% | 0.40% | 0.56% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.10)% | (0.10)% | (0.10)% |
| **Total Annual Fund Operating Expenses**<br> **After Fee Waiver/Expense Reimbursement**<br>| 0.72% | 0.30% | 0.46% |

---

<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 0.30% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 Inflation-Protected Securities 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 | $297 | $471 | $660 | $1207 |
| Class R6 Shares | 31 | 118 | 214 | 495 |
| Institutional Service <br> Class Shares<br>| 47 | 169 | 303 | 692 |

---

**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 11.39% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets in bonds that are indexed or linked to the rate of inflation in the United States. Such inflation-protected securities are designed to protect the future purchasing power of the money invested in them. For the foreseeable future, the Fund's investment adviser and subadviser anticipate investing the Fund's assets primarily in Treasury Inflation Protected Securities ("TIPS"), which are inflation-adjusted securities issued by the U.S. Treasury. Nevertheless, the Fund has the flexibility to invest in other inflation-linked U.S. government securities, as well as inflation-linked securities issued by entities such as domestic and foreign corporations and governments, so long as they are investment grade at the time of their purchase.

The Fund may invest up to 20% of its net assets in bonds that are not linked to inflation. These securities may include other debt securities issued by the U.S. government, its agencies or instrumentalities, corporations or other non-governmental issuers. In selecting securities, the subadviser typically maintains an average portfolio duration that is up to one year greater than or less than the average portfolio duration of the Bloomberg U.S. TIPS Index. As of December 31, 2025, the average portfolio duration of the Bloomberg U.S. TIPS Index was 4.64 years, although this will change or fluctuate over time. The Fund's subadviser may sell securities in order to buy others that it believes will better serve the Fund's objective.

**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:

***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 continued to lower 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.

***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. 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.

------

**Fund Summary:** Nationwide Inflation-Protected Securities Fund *(cont.)*

***Inflation-protected securities risk*** – because of their inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. Inflation-protected bonds also normally decline in price when real interest rates (the interest rate minus the current inflation rate) rise. Interest payments on inflation-protected securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. The amounts of the Fund's income distributions are likely to fluctuate considerably more than the income distribution amounts of a typical bond fund. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. The Fund's investments in inflation-protected securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. In the event of deflation, in which prices decline over time, the principal and income of inflation-protected bonds would likely decline.

***Inflation-protected securities tax risk*** – any increase in the principal amount of an inflation-protected security is considered taxable ordinary income for the amount of the increase in the calendar year, even though the Fund will not receive the principal until maturity. In such event, the Fund may be required to make annual distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to raise cash by selling portfolio investments. In addition, adjustments during the taxable year for deflation to an inflation-protected bond held by the Fund may cause amounts previously distributed by the Fund in the taxable year as income to be recharacterized as a return of capital.

***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.

***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.

***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.

***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.

*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 Bloomberg U.S. Aggregate Bond Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

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**Fund Summary:** Nationwide Inflation-Protected Securities Fund *(cont.)*

**Annual Total Returns– Class R6 Shares**

**(Years Ended December 31,)**

![](g49631ips_16.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **4.41%** | **Q1 2016** |
| **Lowest Quarter:** | **-6.41%** | **Q2 2022** |

---

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.

The inception date for Institutional Service Class shares is December 6, 2016. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Class R6 shares. Performance for Institutional Service Class shares has been adjusted to reflect that share class's higher expenses than those of the Fund's Class R6 shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 3.94% | 0.00% | 2.30% |
| Class R6 Shares– Before Taxes | 6.69% | 0.86% | 2.89% |
| Class R6 Shares– After Taxes on <br> Distributions<br>| 4.82% | -1.10% | 1.59% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 3.94% | -0.18% | 1.67% |
| Institutional Service Class Shares– Before <br> Taxes<br>| 6.52% | 0.72% | 2.72% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Treasury Inflation-<br> Protected Securities IndexSM (The Index <br> does not pay sales charges, fees, expenses <br> or taxes.)<br>| 7.01% | 1.12% | 3.08% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Nationwide Asset Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Chad W. Finefrock, <br> CFA<br>| Senior Investment <br> Professional<br>| Since 2016 |
| Nicholas J. Kern, CFA | Senior Investment <br> Professional<br>| Since 2023 |

---

**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

------

**Fund Summary:** Nationwide Inflation-Protected Securities Fund *(cont.)*

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.

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**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 49 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.39% | 0.29% | 0.39% |
| **Total Annual Fund Operating Expenses** | 1.09% | 0.74% | 0.84% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.27)% | (0.27)% | (0.27)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.82% | 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 March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 | $505 | $731 | $975 | $1674 |
| Class R6 Shares | 48 | 209 | 385 | 893 |
| Institutional Service <br> Class Shares<br>| 58 | 241 | 439 | 1012 |

---

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**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 425.76% 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.

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**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 continued to lower 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.

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

***Valuation risk*** – the risk that the price the Fund could receive upon the sale of a portfolio investment may differ from the Fund's valuation of the investment, particularly for investments that trade in thin or volatile markets or that are valued using a fair valuation methodology. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. When market quotations are not readily available for Fund investments, those investments are fair valued by the Adviser. There are multiple methods that can be used to fair value a portfolio investment and such methods may involve more subjectivity than the use of market quotations. The value

------

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

established for an investment through fair valuation may be different from what would be produced if the investment had been valued using market quotations. In addition, there is no assurance that the Fund could sell a portfolio investment at any time for the value ascribed to it for purposes of calculating the Fund's net asset value, and it is possible that the Fund could incur a loss because an investment is sold at a discount to its ascribed value. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

***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**

**(Years Ended December 31,)**

![](g49631cpb_18.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **7.51%** | **Q4 2023** |
| **Lowest Quarter:** | **-6.15%** | **Q2 2022** |

---

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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 2.45% | -0.88% | 1.86% |
| Class R6 Shares– Before Taxes | 7.28% | 0.31% | 2.66% |
| Class R6 Shares– After Taxes on <br> Distributions<br>| 5.92% | -1.08% | 1.20% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 4.31% | -0.35% | 1.41% |
| Institutional Service Class Shares– Before <br> Taxes<br>| 7.25% | 0.25% | 2.57% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Invesco Advisers, Inc.

------

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

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **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 |

---

**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 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 Loomis Core Bond Fund

**Objective** 

The Nationwide Loomis Core Bond Fund seeks total return through investments in fixed-income securities.

**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 49 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Eagle Class<br> Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 2.25% |  |  |  |

---

**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>| Eagle Class<br> Shares<br>|
| Management Fees | 0.39% | 0.39% | 0.39% | 0.39% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.14% | 0.08% | 0.33% | 0.18% |
| **Total Annual Fund Operating Expenses** | 0.78% | 0.47% | 0.72% | 0.57% |
| Fee Waiver/Expense Reimbursement<sup>(1),(2)</sup> | (0.13)% | (0.12)% | (0.12)% | (0.12)% |
| **Total Annual Fund Operating Expenses**<br> **After Fee Waiver/Expense Reimbursement**<br>| 0.65% | 0.35% | 0.60% | 0.45% |

---

<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 0.35% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

<sup>(2)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Financial Services, Inc. ("NFS"), have entered into a written Fund Administrative Services Agreement pursuant to which NFS has agreed to reimburse 0.01% of the administrative services fee attributable to Class A shares of the Acquiring Fund for the period from February 17, 2025 through March 2, 2027. The written contract may be changed or eliminated only with the 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

------

**Fund Summary:** Nationwide Loomis Core Bond 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 | $290 | $456 | $636 | $1157 |
| Class R6 Shares | 36 | 139 | 251 | 580 |
| Institutional Service <br> Class Shares<br>| 61 | 218 | 389 | 883 |
| Eagle Class Shares | 46 | 171 | 306 | 702 |

---

**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 144.82% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests primarily in bonds (or fixed-income securities) which include:

● U.S. government securities;

&nbsp;&nbsp;&nbsp;&nbsp;●Corporate bonds issued by U.S. or foreign companies that are investment grade (i.e., rated in the four highest rating categories of a nationally recognized statistical ratings organization such as Moody's or Standard & Poor's or, if unrated, which the subadviser determines to be of comparable quality);

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade debt securities backed by the interest and principal payments of various types of mortgages, known as mortgage-backed securities and

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade debt securities backed by the interest and principal payments on loans for other types of assets, such as automobiles, houses, or credit cards, known as asset-backed securities.

In addition to these, the Fund may invest in other types of 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. Foreign securities in which the Fund invests are denominated in U.S. dollars.

The Fund typically maintains an average portfolio duration that is within one year of the average duration of the Bloomberg U.S. Aggregate Bond Index (the "Aggregate

Bond Index"), although it reserves the right to deviate further from the average duration of the Aggregate Bond Index when the subadviser believes it to be appropriate in light of the Fund's investment objective. As of December 31, 2025, the average duration of the Aggregate Bond Index was 5.92 years.

In deciding which securities to buy or sell, the subadviser considers a number of factors related to the bond issue and the current market, for example, including:

● the financial strength of the issuer;

● current interest rates and valuations;

&nbsp;&nbsp;&nbsp;&nbsp;●the stability and volatility of a country's bond markets and

&nbsp;&nbsp;&nbsp;&nbsp;●expectations regarding general trends in interest rates and currency considerations.

The subadviser also considers how purchasing or selling a bond would impact the Fund's overall portfolio risk profile (for example, its sensitivity to currency risk, interest rate risk and sector-specific risk) and potential return (income and capital gains). 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.

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 continued to lower 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.

------

**Fund Summary:** Nationwide Loomis Core Bond Fund *(cont.)*

***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. 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.

***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.

***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.

***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.

***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.

***Foreign securities risk*** – foreign securities often are more volatile, harder to price and less liquid than U.S. securities.

***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.

***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.

***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

------

**Fund Summary:** Nationwide Loomis Core Bond Fund *(cont.)*

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.*

**Performance**

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631imgd3fbe4af2.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **6.46%** | **Q4 2023** |
| **Lowest Quarter:** | **-5.83%** | **Q1 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.

The inception date for Eagle Class shares is December 4, 2024. Therefore, pre-inception historical performance for Eagle Class shares is based on the previous performance of the Fund's Institutional Service Class shares. Performance shown for Eagle Class shares has not been adjusted to reflect that share class's lower expenses than those of Institutional Service Class shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 4.39% | -0.82% | 1.89% |
| Class A Shares– After Taxes on <br> Distributions<br>| 2.62% | -2.12% | 0.57% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 2.57% | -1.17% | 0.89% |
| Class R6 Shares– Before Taxes | 6.96% | -0.13% | 2.41% |
| Institutional Service Class Shares– Before <br> Taxes<br>| 6.70% | -0.38% | 2.15% |
| Eagle Class Shares– Before Taxes | 6.90% | -0.34% | 2.17% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Loomis, Sayles & Company, L.P.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service** <br> **with Fund**<br>|
| Christopher T. Harms | Portfolio Manager | Since 2017 |
| Clifton V. Rowe, CFA | Portfolio Manager | Since 2017 |
| Daniel Conklin, CFA | Portfolio Manager | Since 2019 |
| Ian Anderson | Co-Agency MBS <br> Portfolio Manager<br>| Since 2020 |
| Barath W. Sankaran, <br> CFA<br>| Co-Agency MBS <br> Portfolio Manager<br>| Since 2020 |

---

------

**Fund Summary:** Nationwide Loomis Core Bond Fund *(cont.)*

**Purchase and Sale of Fund Shares** 

---

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

---

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 Loomis Short Term Bond Fund

**Objective** 

The Nationwide Loomis Short Term Bond Fund seeks total return through investments in fixed-income securities.

**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 49 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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) | 2.25% |  |  |

---

**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 | 0.35% | 0.35% | 0.35% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.34% | 0.24% | 0.34% |
| **Total Annual Fund Operating Expenses** | 0.94% | 0.59% | 0.69% |
| Fee Waiver/Expense Reimbursement<sup>(1),(2)</sup> | (0.16)% | (0.16)% | (0.16)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.78% | 0.43% | 0.53% |

---

<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 0.45% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

<sup>(2)</sup>

In addition to the expense limitation agreement discussed in Footnote 1, the Trust and the Adviser have entered into a written contract in which the Adviser has agreed to waive 0.02% of the management fee to which the Adviser would otherwise be entitled until March 2, 2027. The written contract may be changed or eliminated only with the 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

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**Fund Summary:** Nationwide Loomis Short Term Bond 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 | $303 | $502 | $718 | $1339 |
| Class R6 Shares | 44 | 173 | 313 | 723 |
| Institutional Service <br> Class Shares<br>| 54 | 205 | 368 | 843 |

---

**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 199.42% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in bonds (or fixed-income securities) which include:

● U.S. government securities;

&nbsp;&nbsp;&nbsp;&nbsp;●Corporate bonds issued by U.S. or foreign companies that are investment grade (i.e., rated in the four highest rating categories of a nationally recognized statistical ratings organization such as Moody's or Standard & Poor's or, if unrated, which the subadviser determines to be of comparable quality);

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade debt securities backed by the interest and principal payments of various types of mortgages, known as mortgage-backed securities and

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade debt securities backed by the interest and principal payments on loans for other types of assets, such as automobiles, houses, or credit cards, known as asset-backed securities.

In addition to these, the Fund may invest in other types of 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. Foreign securities in which the Fund invests are denominated in U.S. dollars.

The Fund typically maintains an average portfolio duration that is within one year of the average duration of the Bloomberg U.S. Government/Credit Bond 1-3 Year Index (the "Index"), although it reserves the right to deviate

further from the average duration of the Index when the subadviser believes it to be appropriate in light of the Fund's investment objective. As of December 31, 2025, the average duration of the Index was 1.79 years.

In deciding which securities to buy or sell, the subadviser considers a number of factors related to the bond issue and the current market, for example, including:

● the financial strength of the issuer;

● current interest rates and valuations;

&nbsp;&nbsp;&nbsp;&nbsp;●the stability and volatility of a country's bond markets and

&nbsp;&nbsp;&nbsp;&nbsp;●expectations regarding general trends in interest rates and currency considerations.

The subadviser also considers how purchasing or selling a bond would impact the Fund's overall portfolio risk profile (for example, its sensitivity to currency risk, interest rate risk and sector-specific risk) and potential return (income and capital gains). 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.

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 continued to lower 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.

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**Fund Summary:** Nationwide Loomis Short Term Bond Fund *(cont.)*

***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. 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.

***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.

***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.

***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.

***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.

***Foreign securities risk*** – foreign securities often are more volatile, harder to price and less liquid than U.S. securities.

***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.

***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.

***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

------

**Fund Summary:** Nationwide Loomis Short Term Bond Fund *(cont.)*

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.*

**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 Bloomberg U.S. Aggregate Bond Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631stb_16.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **5.18%** | **Q2 2020** |
| **Lowest Quarter:** | **-2.74%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 3.12% | 1.99% | 2.34% |
| Class A Shares– After Taxes on <br> Distributions<br>| 1.39% | 0.71% | 1.35% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 1.82% | 0.96% | 1.36% |
| Class R6 Shares– Before Taxes | 5.87% | 2.79% | 2.91% |
| Institutional Service Class Shares– Before <br> Taxes<br>| 5.76% | 2.71% | 2.83% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit Bond <br> 1-3 Year Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| 5.35% | 1.97% | 2.09% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Loomis, Sayles & Company, L.P.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher T. Harms | Portfolio Manager | Since 2017 |
| Clifton V. Rowe, CFA | Portfolio Manager | Since 2017 |
| Daniel Conklin, CFA | Portfolio Manager | Since 2019 |

---

**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

------

**Fund Summary:** Nationwide Loomis Short Term Bond Fund *(cont.)*

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.

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**How the Funds Invest:** Nationwide Government Money Market Fund

**Objective** 

The Nationwide Government Money Market Fund seeks as high a level of current income as is consistent with preserving capital and maintaining liquidity. The Fund is a "government" money market fund that seeks to maintain a stable net asset value of $1.00 per share. 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 seeks to maintain a stable net asset value of $1.00 per share by investing in high-quality money market obligations maturing in 397 calendar days or less that are Eligible Securities as defined by applicable regulations at the time of purchase (i.e., securities that are determined to present minimal credit risks, government securities, and shares of other money market funds).

These money market obligations primarily include:

● ***U.S. government securities***;

&nbsp;&nbsp;&nbsp;&nbsp;●***repurchase agreements***, which are agreements to buy a security and then sell the security back after a short period of time at a higher price and

● shares of other government money market mutual funds.

These securities pay interest on either a fixed-rate or variable-rate basis. All of the money market obligations held by the Fund must be denominated in U.S. dollars.

The Fund maintains a dollar-weighted average ***maturity*** of no more than 60 calendar days and a dollar-weighted average life of no more than 120 calendar days that is determined without reference to certain interest rate readjustments.

The Fund operates as a "Government Money Market Fund," as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended. This means that 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 mutual funds that operate as Government Money Market Funds. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. government securities and repurchase agreements that are fully collateralized by U.S. government securities. In contrast to the Fund's 99.5% policy, the Fund's 80% policy does not include cash. The Fund's 80% policy may be changed by the Board of Trustees without shareholder approval upon 60 days' written notice to shareholders.

The Fund does not currently intend to impose liquidity fees on Fund redemptions. However, the Board of Trustees reserves the ability to subject the Fund to a liquidity fee in the future, after providing prior notice to shareholders.

Because the Fund invests in short-term securities, the Fund's subadviser generally sells securities only to meet liquidity needs, to maintain target allocations or to take advantage of more favorable opportunities.

---

| |
|:---|
| **Key Terms:** |
| &nbsp;&nbsp; ***Maturity*** – the date on which the principal amount of a <br> security is required to be paid to investors.<br>|
| &nbsp;&nbsp; ***Repurchase agreements*** – agreements under which a <br> fund enters into a contract with a broker-dealer or a bank <br> for the purchase of securities, and in return the broker-<br> dealer or bank agrees to repurchase the same securities <br> at a specified date and price. The purchased securities <br> constitute collateral for the seller's repurchase <br> obligation. Therefore, a repurchase agreement is <br> effectively a loan by the fund that is collateralized by the <br> securities purchased. Repurchase agreements in which <br> the Fund enters are collateralized either by <br> U.S. government securities and/or cash.<br>|
| &nbsp;&nbsp; ***U.S. government securities*** – debt securities issued <br> and/or guaranteed as to principal or interest by the <br> United States, or by a person controlled or supervised by <br> and acting as an instrumentality of the government of <br> the United States. Securities issued or guaranteed <br> directly by the U.S. government, such as U.S. Treasury <br> securities, are 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>|

---

**Principal Risks** 

Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time. There is no guarantee that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

In addition, the Fund is subject to **CREDIT RISK, INTEREST RATE RISK, INVESTMENTS IN OTHER MONEY MARKET MUTUAL FUNDS RISK, MARKET RISK, LIQUIDITY RISK, REPURCHASE AGREEMENTS RISK, RISK ASSOCIATED WITH HOLDING CASH, SELECTION RISK, U.S. GOVERNMENT SECURITIES RISK** and **YIELD RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 38.

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**How the Funds Invest:** Nationwide Government Money Market Fund *(cont.)*

***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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**How the Funds Invest:** Nationwide Inflation-Protected Securities Fund

**Objective** 

The Nationwide Inflation-Protected Securities Fund seeks to provide inflation protection and income consistent with investment in inflation-indexed securities. 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 at least 80% of its net assets in ***bonds*** that are indexed or linked to the rate of ***inflation*** in the United States. Such inflation-protected securities are designed to protect the future purchasing power of the money invested in them. For the foreseeable future, the Fund's investment adviser and subadviser anticipate investing the Fund's assets primarily in Treasury Inflation Protected Securities ("TIPS"), which are inflation-adjusted securities issued by the U.S. Treasury. Nevertheless, the Fund has the flexibility to invest in other inflation-linked ***U.S. government securities***, as well as inflation-linked securities issued by other entities such as domestic and foreign corporations and governments, so long as they are ***investment grade*** (or, if unrated, deemed by the subadviser to be of equivalent credit quality) at the time of their purchase.

The Fund may invest up to 20% of its net assets in bonds that are not linked to inflation. These securities may include other debt securities issued by the U.S. government, its agencies or instrumentalities, corporations or other non-governmental issuers. In selecting securities, the subadviser typically maintains an average portfolio ***duration*** that is up to one year greater than or less than the average portfolio duration of the Bloomberg U.S. TIPS Index. As of December 31, 2025, the average portfolio duration of the Bloomberg U.S. TIPS Index was 4.64 years, although this will change or fluctuate over time.

In managing the Fund's portfolio, the subadviser begins with a ***top-down approach***, using collaborative, team-based fundamental analysis, to develop a macroeconomic market view. It then applies a ***bottom-up approach***, relying on assessments of relative value and management of sector allocations, focused on disciplined security selection and yield curve management. The combination of these top-down and bottom-up approaches is designed to maximize, through a disciplined analytic approach, the opportunity to add value across economic and market cycles. The Fund's subadviser may sell securities in order to buy others that it believes will better serve the Fund's objective.

Although the Fund does not invest in ***derivative*** instruments as a principal investment strategy, the Fund may use ***swaps, futures*** contracts and ***options*** on futures

contracts, either to hedge against investment risks or to seek greater return.

---

| |
|:---|
| ***About Inflation-Protected Securities*** |
| &nbsp;&nbsp; Inflation-protected securities are bonds whose principal <br> and/or interest payments are adjusted for inflation, <br> unlike traditional bonds that make fixed principal and <br> interest payments. Inflation-protected securities include <br> inflation-indexed bonds, such as TIPS, whose principal <br> value is periodically adjusted to the rate of inflation. TIPS <br> are inflation-indexed bonds that are issued by the <br> U.S. Treasury. The inflation adjustment for TIPS, which <br> typically is applied monthly to the principal of the bond, <br> follows a designated inflation index, such as the <br> Consumer Price Index. A fixed interest rate is applied to <br> the inflation-adjusted principal so that as inflation rises, <br> both the principal value and the interest payments <br> increase. Similarly, as the inflation rate declines, both the <br> principal value and the interest payments decrease. <br> Because of this inflation adjustment feature, inflation-<br> protected securities typically have lower yields than <br> conventional fixed-rate bonds. In addition, because the <br> rate of inflation itself rises and falls frequently, the <br> amount of income these bonds pay is also likely to <br> fluctuate. Therefore, the amounts of the Fund's income <br> distributions are likely to fluctuate considerably more <br> than the income distribution amounts of a typical bond <br> fund.<br>|

---

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

---

| |
|:---|
| **Key Terms:** |
| &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; ***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; ***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>|

---

------

**How the Funds Invest:** Nationwide Inflation-Protected Securities Fund *(cont.)*

---

| |
|:---|
| &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>|
| &nbsp;&nbsp; ***Inflation*** – the rise in the prices of goods and services. <br> The inflation rate is the rate at which changes in prices <br> occur. A positive inflation rate means that prices <br> generally are rising. A negative inflation rate is known as <br> deflation, which means that the prices of goods and <br> services are declining.<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; ***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; ***Top-down approach*** – a method of investing that <br> involves first looking at trends in the general economy, <br> followed by selecting industries, and then companies <br> within such industries, that may benefit from those <br> trends.<br>|

---

&nbsp;&nbsp; ***U.S. government securities*** – bonds and other debt <br> securities issued and/or guaranteed as to principal and <br> interest by either the U.S. government, or by <br> U.S. government agencies, U.S. government-sponsored <br> enterprises and U.S. government instrumentalities. <br> Securities issued or guaranteed directly by the <br> U.S. government are supported by the full faith and <br> credit of the United States. Securities issued or <br> guaranteed by agencies or instrumentalities of the <br> U.S. government, and enterprises sponsored by the <br> U.S. government, are not direct obligations of the <br> United States. Therefore, such securities may not be <br> supported by the full faith and credit of the <br> United States.<br>

**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, INFLATION-PROTECTED SECURITIES RISK, INFLATION-PROTECTED SECURITIES TAX RISK, INTEREST RATE RISK, LIQUIDITY RISK, MARKET RISK, PREPAYMENT AND CALL RISK, REDEMPTIONS RISK, SELECTION RISK** and **U.S. GOVERNMENT SECURITIES RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 38.

***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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**How the funds invest:** 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 Trust's 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.

---

| |
|:---|
| **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>|

---

------

**How the funds invest:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

---

| |
|:---|
| &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>|
| &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*** – bonds and other debt <br> securities issued and/or guaranteed as to principal and <br> interest by either the U.S. government, or by <br> U.S. government agencies, U.S. government-sponsored <br> enterprises and U.S. government instrumentalities. <br> Securities issued or guaranteed directly by the <br> U.S. government are supported by the full faith and <br> credit of the United States. Securities issued or <br> guaranteed by agencies or instrumentalities of the <br> U.S. government, and enterprises sponsored by the <br> U.S. government, are not direct obligations of the <br> United States. Therefore, such securities may not be <br> supported by the full faith and credit of the <br> United States.<br>|

---

**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 MARKETS 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, SECTOR RISK, SELECTION RISK, SOVEREIGN DEBT RISK, U.S. GOVERNMENT SECURITIES RISK** and **VALUATION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 38.

***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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**How the Funds Invest:** Nationwide Loomis Core Bond Fund

**Objective** 

The Nationwide Loomis Core Bond Fund seeks total return through investments in fixed-income securities. 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 market conditions, the Fund invests primarily in ***bonds*** which include:

● ***U.S. government securities***;

&nbsp;&nbsp;&nbsp;&nbsp;●Corporate debt securities issued by U.S. or foreign companies that nationally recognized rating agencies such as Moody's or S&P recognize as ***investment grade***;

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade debt securities backed by the interest and principal payments of various types of mortgages, known as ***mortgage-backed securities*** and

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade debt securities backed by the interest and principal payments on loans for other types of assets, such as automobiles, houses, or credit cards, known as ***asset-backed securities***.

In addition to these, the Fund may invest in other types of debt securities. Under normal circumstances, the Fund invests at least 80% of its net assets in bonds. Foreign securities in which the Fund invests are denominated in U.S. dollars.

The Fund typically maintains an average portfolio ***duration*** that is within one year of the average duration of the Bloomberg U.S. Aggregate Bond Index (the "Aggregate Bond Index"), although it reserves the right to deviate further from the average duration of the Aggregate Bond Index when the subadviser believes it to be appropriate in light of the Fund's investment objective. As of December 31, 2025, the average duration of the Aggregate Bond Index was 5.92 years.

In deciding which securities to buy or sell, the subadviser considers a number of factors related to the bond issue and the current market, for example, including:

● the financial strength of the issuer;

● current interest rates and valuations;

&nbsp;&nbsp;&nbsp;&nbsp;●the stability and volatility of a country's bond markets and

&nbsp;&nbsp;&nbsp;&nbsp;●expectations regarding general trends in interest rates and currency considerations.

The subadviser also considers how purchasing or selling a bond would impact the Fund's overall portfolio risk profile (for example, its sensitivity to currency risk, interest rate risk and sector-specific risk) and potential return (income and capital gains). The Fund may engage in active and frequent trading of portfolio securities.

Three themes typically drive the subadviser's investment approach. First, the subadviser generally seeks bonds that

are attractively valued relative to the subadviser's credit research team's assessment of credit risk. The broad coverage combined with the goal of identifying attractive investment opportunities makes this an important component of the investment approach. Second, the subadviser may invest significantly in securities the prices of which the subadviser believes are more sensitive to events related to the underlying issuer than to changes in general interest rates or overall market default rates. These securities may not have a direct correlation with changes in interest rates, thus helping to manage interest rate risk and to offer diversified sources for return. Third, the subadviser analyzes different sectors of the economy and differences in the yields ("spreads") of various bonds in an effort to find securities that it believes may produce attractive returns for the Fund in comparison to their risk.

---

| |
|:---|
| **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; ***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; ***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; ***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>|

---

------

**How the Funds Invest:** Nationwide Loomis Core Bond Fund *(cont.)*

&nbsp;&nbsp; ***U.S. government securities*** – bonds and other debt <br> securities issued and/or guaranteed as to principal and <br> interest by either the U.S. government, or by <br> U.S. government agencies, U.S. government-sponsored <br> enterprises and U.S. government instrumentalities. <br> Securities issued or guaranteed directly by the <br> U.S. government are supported by the full faith and <br> credit of the United States. Securities issued or <br> guaranteed by agencies or instrumentalities of the <br> U.S. government, and enterprises sponsored by the <br> U.S. government, are not direct obligations of the <br> United States. Therefore, such securities may not be <br> supported by the full faith and credit of the <br> United States.<br>

**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 **ASSET-BACKED SECURITIES RISK, CREDIT RISK, FOREIGN SECURITIES RISK, INTEREST RATE RISK, LIQUIDITY RISK, MARKET RISK, MORTGAGE-BACKED SECURITIES RISK, PORTFOLIO TURNOVER RISK, PREPAYMENT AND CALL RISK, REDEMPTIONS RISK, SECTOR RISK, SELECTION RISK** and **U.S. GOVERNMENT SECURITIES RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 38.

***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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**How the Funds Invest:** Nationwide Loomis Short Term Bond Fund

**Objective** 

The Nationwide Loomis Short Term Bond Fund seeks total return through investments in fixed-income securities. 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 invests primarily in ***bonds*** which include:

● ***U.S. government securities***;

&nbsp;&nbsp;&nbsp;&nbsp;●Corporate debt securities issued by U.S. or foreign companies that are ***investment grade***;

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade debt securities backed by the interest and principal payments of various types of mortgages, known as ***mortgage-backed securities*** and

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade debt securities backed by the interest and principal payments on loans for other types of assets, such as automobiles, houses, or credit cards, known as ***asset-backed securities***.

In addition to these, the Fund may invest in other types of debt securities. Under normal circumstances, the Fund invests at least 80% of its net assets in bonds. Foreign securities in which the Fund invests are denominated in U.S. dollars.

The Fund typically maintains an average portfolio ***duration*** that is within one year of the average duration of the Bloomberg U.S. Government/Credit Bond 1-3 Year Index (the "Index"), although it reserves the right to deviate further from the average duration of the Index when the subadviser believes it to be appropriate in light of the Fund's investment objective. As of December 31, 2025, the average duration of the Index was 1.79 years.

In deciding which securities to buy or sell, the subadviser considers a number of factors related to the bond issue and the current market, for example, including:

● the financial strength of the issuer;

● current interest rates and valuations;

&nbsp;&nbsp;&nbsp;&nbsp;●the stability and volatility of a country's bond markets and

&nbsp;&nbsp;&nbsp;&nbsp;●expectations regarding general trends in interest rates and currency considerations.

The subadviser also considers how purchasing or selling a bond would impact the Fund's overall portfolio risk profile (for example, its sensitivity to currency risk, interest rate risk and sector-specific risk) and potential return (income and capital gains). The Fund may engage in active and frequent trading of portfolio securities.

Three themes typically drive the subadviser's investment approach. First, the subadviser generally seeks bonds that are attractively valued relative to the subadviser's credit research team's assessment of credit risk. The broad coverage combined with the goal of identifying attractive

investment opportunities makes this an important component of the investment approach. Second, the subadviser may invest significantly in securities the prices of which the subadviser believes are more sensitive to events related to the underlying issuer than to changes in general interest rates or overall market default rates. These securities may not have a direct correlation with changes in interest rates, thus helping to manage interest rate risk and to offer diversified sources for return. Third, the subadviser analyzes different sectors of the economy and differences in the yields ("spreads") of various bonds in an effort to find securities that it believes may produce attractive returns for the Fund in comparison to their risk.

---

| |
|:---|
| **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; ***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; ***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; ***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; ***U.S. government securities*** – bonds and other debt <br> securities issued and/or guaranteed as to principal and <br> interest by either the U.S. government, or by <br> U.S. government agencies, U.S. government-sponsored <br> enterprises and U.S. government instrumentalities. <br> Securities issued or guaranteed directly by the <br> U.S. government are supported by the full faith and <br> credit of the United States. Securities issued or <br> guaranteed by agencies or instrumentalities of the <br> U.S. government, and enterprises sponsored by the <br> U.S. government, are not direct obligations of the <br> United States. Therefore, such securities may not be <br> supported by the full faith and credit of the <br> United States.<br>|

---

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**How the Funds Invest:** Nationwide Loomis Short Term Bond Fund *(cont.)*

**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 **ASSET-BACKED SECURITIES RISK,CREDIT RISK, FOREIGN SECURITIES RISK, INTEREST RATE RISK, LIQUIDITY RISK, MARKET RISK, MORTGAGE-BACKED SECURITIES RISK, PORTFOLIO TURNOVER RISK, PREPAYMENT AND CALL RISK, REDEMPTIONS RISK, SECTOR RISK, SELECTION RISK** and **U.S. GOVERNMENT SECURITIES RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 38.

***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").

***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, a 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 a 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 a 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, a 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 a 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 securities are

------

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

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 a 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 a 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.

*Options on futures contracts* – gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the

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

term of the option. The success of the Fund's investment in such options depends upon many factors, which may change rapidly over time. There may also be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of the options. Upon exercise of the option, the parties will be subject to all of the risks associated with futures contracts, as described above.

*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.

*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 a Fund's losses and reducing a 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, a Fund could sustain significant losses.

*Leverage* – leverage is created when an investment exposes the Fund to a risk of loss that exceeds the amount invested. Certain derivatives provide the potential for investment gain or loss that is several times greater than the change in the value of an underlying security, asset, interest rate, index or currency, resulting in the potential for a loss that is substantially greater than the amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Because

leverage can magnify the effects of changes in the value of the Fund and make the Fund's share price more volatile, a shareholder's investment in the Fund may be more volatile, resulting in larger gains or losses in response to the fluctuating prices of the Fund's investments. Further, the use of leverage typically requires the Fund to make margin payments, which 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.

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 Funds and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA in its management of the Funds

***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

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

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.

***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 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.

*Foreign government debt securities* – a government entity may delay or refuse to pay interest or repay principal on its debt for reasons including cash flow problems, insufficient foreign currency reserves, political considerations, relative size of its debt position to its economy or failure to put into place economic reforms required by the International Monetary Fund. If a government entity defaults, it generally will ask for more time to pay or request further loans. There is no bankruptcy proceeding by which all or part of the debt securities that a government entity has not repaid may be collected.

***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 Funds to substantial risk of loss. These securities are

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

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 Funds.

***Inflation-protected securities risk*** – because of the inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. The values of inflation-protected securities also normally decline when real interest rates rise. A real interest rate is calculated by subtracting the inflation rate from a nominal interest rate. For example, if a 10-year Treasury bond is yielding 5%, and inflation is 2%, the real interest rate is 3%. Interest payments on inflation-protected securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. If the index measuring inflation falls, the principal value of inflation-protected bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Any increase in the principal amount of an inflation-protected security will be considered taxable ordinary income, even though investors, such as the Fund, do not receive their principal until maturity. This means that the Fund could be required to make annual distributions to shareholders that exceed the amount of cash the Fund has received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so. If the principal value of an inflation-linked bond is adjusted downward due to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a return of capital.

There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. The Fund's investments in inflation-protected securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. There also may be a delay between the time a change to the rate of inflation occurs and the time the adjustment for inflation is reflected in the value of the inflation-protected securities. In addition, inflation-linked securities are subject to the risk that the Consumer Price

Index or other relevant pricing index will be discontinued, fundamentally altered in a manner materially adverse to the interests of an investor in the securities, altered by legislation or Executive Order in a materially adverse manner to the interests of an investor in the securities or substituted with an alternative index.

Although inflation-protected securities may provide investors with a hedge against inflation, in the event of deflation, in which prices decline over time, the principal and income of inflation-protected bonds would likely decline in price, resulting in losses to the Fund. If the Fund purchases inflation-protected securities in the secondary market whose principal values have been adjusted upward due to inflation since issuance, the Fund may experience a loss if there is a subsequent period of deflation or a lower level of inflation. If inflation is lower than expected during the period the Fund holds an inflation-protected security, the Fund may earn less on the security than on a conventional bond.

***Inflation-protected securities tax risk*** – any increase in the principal amount of an inflation-protected security may be included for tax purposes in the Fund's gross income, even though no cash attributable to such gross income has been received by the Fund. In such event, the Fund may be required to make annual distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund. In addition, adjustments during the taxable year for deflation to an inflation-protected bond held by the Fund may cause amounts previously distributed by the Fund in the taxable year as income to be recharacterized as a return of capital.

The portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in 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.

***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 a 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 a Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on a Fund's investments in debt securities may decline when prevailing interest rates fall. Declines in interest rates increase the

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

likelihood that debt obligations will be pre-paid, which, in turn, increases these risks. A 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, a 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 a Fund's income. Like other debt securities, floating- and variable-rate securities are subject

to interest rate risk. A Fund will only purchase a floating- or variable-rate security of the same quality as the debt securities it would otherwise purchase.

***Investments in other money market mutual funds risk*** – the Nationwide Government Money Market Fund may invest in shares of other money market mutual funds ("money market funds"), including those advised by the Fund's subadviser, to provide additional liquidity or to achieve higher yields. Like the Nationwide Government Money Market Fund, any such other money market funds are subject to Rule 2a-7 of the Investment Company Act of 1940, and invest in a variety of short-term, high quality, dollar-denominated money market instruments. To the extent that the Nationwide Government Money Market Fund invests in shares of such other money market funds, its performance is directly tied to the performance of the other money market funds in which it invests. If one of these other money market funds fails to meet its objective, the Nationwide Government Money Market Fund's performance would be negatively affected. There can be no assurance that any such other money market fund will achieve its investment objective. Further, as a shareholder of another money market fund, the Nationwide Government Money Market Fund is subject to its proportional share of the other money market fund's expenses (including applicable management, administration and custodian fees). Therefore, shareholders of the Nationwide Government Money Market Fund will be subject indirectly to these expenses in addition to the direct fees and expenses they pay as shareholders of the Nationwide Government Money Market Fund. Any such other money market mutual fund will not charge any front-end sales loads, contingent deferred sales charges or Rule 12b-1 fees.

***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

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

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 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.

***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 a 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, 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 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 a 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*** – 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.

***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 a Fund to reinvest the proceeds from the principal prepayments at lower interest rates, which reduces a Fund's income.

In addition, changes in prepayment levels can increase the volatility of prices and yields on mortgage- and asset-backed securities. If a 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, a Fund may not recover the premium, resulting in a capital loss.

***Redemptions risk*** – a 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 shares of other mutual funds. As a result, from time to time, a Fund may experience relatively large redemptions or investments. Large or continuous redemptions may increase a Fund's transaction costs and could cause a Fund's operating expenses to be allocated over a smaller asset base, leading to an increase in a Fund's expense ratio.

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

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

***Repurchase agreements risk*** – the Fund may make a short-term loan to a qualified bank or broker-dealer. The Fund buys securities that the seller has agreed to buy back at a specified time and at a set price that includes interest. There is a risk that the seller will be unable to buy back the securities at the time required and the Fund would experience delays in recovering amounts owed to it.

***Risks associated with holding cash*** –although the Nationwide Government Money Market Fund seeks to be fully invested, it at times holds some of its assets in cash, which may hurt the Nationwide Government Money Market Fund's performance.

***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.

*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.

***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.

***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.

***Valuation ris*k** – the risk that the price the Fund could receive upon the sale of a portfolio investment may differ from the Fund's valuation of the investment, particularly for investments that trade in thin or volatile markets or that are valued using a fair valuation methodology. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. When market quotations are not readily available for Fund investments, those investments are fair valued by the Adviser. There are multiple methods that can be used to fair value a portfolio investment and such methods may involve more

------

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

subjectivity than the use of market quotations. The value established for an investment through fair valuation may be different from what would be produced if the investment had been valued using market quotations. In addition, there is no assurance that the Fund could sell a portfolio investment at any time for the value ascribed to it for purposes of calculating the Fund's net asset value, and it is possible that the Fund could incur a loss because an investment is sold at a discount to its ascribed value. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

*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.*

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

As stated above, the Nationwide Inflation-Protected Securities Fund does not expect to invest significantly in derivative instruments. However, to the extent that this Fund invests in derivative instruments, it may be subject to ***derivatives risk***, as described above.

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

***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. For each Fund other than the Nationwide Government Money Market 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. The Nationwide Government Money Market Fund also 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 will maintain such portfolio holdings information for no less than six months after posting. The Nationwide Government Money Market Fund files its portfolio holdings report on Form N-CSR and

files monthly reports on Form N-MFP 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.

**DREYFUS ("DREYFUS"), A DIVISION OF MELLON INVESTMENTS CORPORATION ("MIC")**, located at 500 Ross Street, Pittsburgh, PA 15258, is the subadviser to the Nationwide Government Money Market Fund.

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

**LOOMIS, SAYLES & COMPANY, L.P. ("LOOMIS SAYLES")**, located at One Financial Center, Boston, MA 02111, is the subadviser to the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund. Loomis Sayles was founded in 1926 and is one of the oldest investment advisory firms in the United States with over $431.4 billion in assets under management as of December 31, 2025.

**NATIONWIDE ASSET MANAGEMENT, LLC ("NWAM")**, located at One Nationwide Plaza, Columbus, OH 43215, is the subadviser to the Nationwide Inflation-Protected Securities Fund. NWAM is a wholly owned subsidiary of Nationwide Mutual Insurance Company ("Nationwide Mutual") and is an affiliate of the Adviser.

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 Government Money Market <br> Fund<br>| 0.27<br> %<br>|
| Nationwide Inflation-Protected Securities <br> Fund<br>| 0.15<br> %<br>|
| Nationwide Invesco Core Plus Bond Fund | 0.19<br> %<br>|
| Nationwide Loomis Core Bond Fund | 0.27<br> %<br>|
| Nationwide Loomis Short Term Bond Fund | 0.19<br> %<br>|

---

**Portfolio Management**

**Nationwide Invesco Core Plus Bond Fund** 

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.

**Nationwide Inflation-Protected Securities Fund** 

Chad W. Finefrock, CFA, and Nicholas J. Kern, CFA, are co-portfolio managers with joint responsibility for the day-to-day management of the Fund, including the selection of the Fund's investments.

Mr. Finefrock joined Nationwide Mutual, the parent company of NWAM, in 1997. He is a Senior Investment Professional and is responsible for trading U.S. Treasury securities, U.S. government agency debt securities and short-term instruments for Nationwide Mutual and its affiliates.

Mr. Kern joined Nationwide Mutual, the parent company of NWAM, in 2000. He is a Senior Investment Professional and is responsible for underwriting, trading, surveillance and portfolio management of agency and non-agency residential mortgage-backed securities portfolios for Nationwide Mutual and its affiliates.

------

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

**Nationwide Loomis Core Bond Fund** 

Christopher T. Harms, Clifton V. Rowe, CFA, and Daniel Conklin, CFA, are Co-Portfolio Managers of the Fund and are responsible for the day-to-day management of the Fund, including the selection of the Fund's investments. Ian Anderson and Barath W. Sankaran, CFA, are solely responsible for managing the MBS portion of the Fund.

Mr. Harms is a Portfolio Manager and Co-Head of the Relative Return Team at Loomis Sayles, joined Loomis Sayles in 2010, and has 45 years of investment industry experience.

Mr. Rowe, CFA, is a Portfolio Manager for the Relative Return Team at Loomis Sayles, joined Loomis Sayles in 1992, and has 33 years of investment industry experience.

Mr. Conklin, CFA, is a Portfolio Manager for the Relative Return Team at Loomis Sayles, joined Loomis Sayles in 2012, and has 15 years of investment industry experience.

Mr. Anderson is the Agency MBS Strategist for the Mortgage and Structured Finance Team. He is the lead Portfolio Manager for the dedicated Agency MBS strategies and a co-Agency MBS Portfolio Manager for the Loomis Sayles Core Plus Bond Fund, joined Loomis Sayles in 2011, and has over 27 years of investment industry experience.

Mr. Sankaran, CFA, is a member of the Mortgage and Structured Finance Team at Loomis Sayles. He is a co-Portfolio Manager for the dedicated Agency MBS strategies and a co-Agency MBS Portfolio Manager for the Loomis Sayles Core Plus Bond Fund, joined Loomis Sayles in 2009, and has over 16 years of investment industry experience.

**Nationwide Loomis Short Term Bond Fund** 

Christopher T. Harms, Clifton V. Rowe, CFA, and Daniel Conklin, CFA, are Co-Portfolio managers of the Fund and are responsible for the day-to-day management of the Fund, including the selection of the Fund's investments.

Mr. Harms is a Portfolio Manager and Co-Head of the Relative Return Team at Loomis Sayles, joined Loomis Sayles in 2010, and has 45 years of investment industry experience.

Mr. Rowe, CFA, is a Portfolio Manager for the Relative Return Team at Loomis Sayles, joined Loomis Sayles in 1992, and has 33 years of investment industry experience.

Mr. Conklin, CFA, is a Portfolio Manager for the Relative Return Team at Loomis Sayles, joined Loomis Sayles in 2012, and has 15 years of investment industry experience.

**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 and Investor shares are available to all investors. Class R, Service Class, Institutional Service Class, Eagle 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 2.25% (4.25% for Nationwide Invesco Core Plus Bond Fund) 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 for Nationwide Invesco Core Plus Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **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.

**Front-End Sales Charges for Class A Shares for Nationwide Inflation-Protected Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **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 | 2.25<br> %<br>| 2.30<br> %<br>| 2.00<br> %<br>|
| $100,000 to $249,999 | 1.75 | 1.78 | 1.50 |
| $250,000 to $499,999 | 1.25 | 1.27 | 1.00 |
| $500,000 or more |  |  | None\* |

---

\*

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

**Front-End Sales Charges for Class A Shares for Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **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 | 2.25<br> %<br>| 2.30<br> %<br>| 2.00<br> %<br>|
| $100,000 to $249,999 | 1.75 | 1.78 | 1.50 |
| $250,000 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:

------

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

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

&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

&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.

------

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

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

Purchases of $1 million or more of Class A shares of the Nationwide Invesco Core Plus Bond Fund; $500,000 or more of Class A shares of the Nationwide Inflation-Protected Securities Fund; and $250,000 or more of Class A shares of the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond 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 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 (Nationwide Invesco Core Plus Bond Fund)** 

---

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

---

**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares (Nationwide Inflation-Protected Securities Fund)** 

---

| | |
|:---|:---|
| **Amount of Purchase** | **$500,000 or more** |
| If sold within | 18 months |
| Amount of CDSC | 0.75% |

---

**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares (Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund)** 

---

| | |
|:---|:---|
| **Amount of Purchase** | **$250,000 or more** |
| If sold within | 18 months |
| Amount of CDSC | 0.50% |

---

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.

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**

Certain Funds offer Institutional Service Class, Eagle Class, Class R6 and Service Class 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.

------

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

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.

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;

&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 and Service Class Shares** 

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

● retirement plans advised by financial professionals;

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

&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 shares only).

**Eagle Class Shares** 

Eagle Class shares are sold without a sales charge, and are not subject to Rule 12b-1 fees. Eagle Class shares are subject to a maximum administrative services fee of 0.10%. Eagle 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 Fund for these services;

&nbsp;&nbsp;&nbsp;&nbsp;●fee-based accounts of 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 Eagle Class shares of any Nationwide Fund.

Institutional Service Class, Eagle 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, Eagle 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.

------

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

**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 Service Class 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 shares, Eagle Class shares, Class R6 shares and Investor 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 Service Class 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) |
| Service Class shares (Nationwide <br> Government Money Market Fund <br> only)<br>| 0.15% (distribution or service fee) |

---

\*

0.75% for Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund.

**Administrative Services Fees**

Class A, Institutional Service Class, Eagle Class, Service Class and Investor Shares 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 Service Class 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, Institutional Service Class, Service Class shares and Investor Shares and 0.10% for Eagle 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 Government Money Market Fund** Investor Shares and Service Class shares: 0.10% and 0.15%, respectively.

**Nationwide Inflation-Protected Securities Fund** Class A and Institutional Service Class shares: 0.17% and 0.16%, respectively.

**Nationwide Invesco Core Plus Bond Fund** Class A and Institutional Service Class shares: 0.10% and 0.10%, respectively.

**Nationwide Loomis Core Bond Fund** Class A, Institutional Service Class and Eagle Class shares: 0.06%, 0.25% and 0.10%, respectively.

**Nationwide Loomis Short Term Bond Fund** Class A and Institutional Service Class shares: 0.10% and 0.10%, respectively.

Because these fees are paid out of a Fund's Class A, Institutional Service Class, Eagle Class, Service Class and Investor Shares 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

P.O. Box 219336,

Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336,

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, Eagle 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.

---

| | |
|:---|:---|
| **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.** |
| **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>|
| **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>|
| **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>|
| **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>|
| **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>| **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>|
| **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>|
| **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>|

---

------

**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 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.

The Nationwide Government Money Market Fund's securities are valued at amortized cost, which approximates market value, in accordance with Rule 2a-7 of the Investment Company Act of 1940.

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

------

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

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.

---

| | |
|:---|:---|
| **Minimum Investments** | **Minimum Investments** |
| **Class A Shares and Investor Shares** | **Class A Shares and Investor Shares** |
| To open an account | $2,000 (per Fund) |
| To open an IRA account | $1,000 (per Fund) |
| Additional Investments | $100 (per Fund) |
| To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| 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, Eagle Class Shares and Service** <br> **Class Shares** | **Institutional Service Class Shares, Eagle Class Shares and Service** <br> **Class Shares** |
| To open an account | $50,000 (per Fund) |
| Additional Investments | No Minimum |
| 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. | 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. For Investor Shares of the Nationwide Government Money Market Fund, if the average monthly value of your account falls below $500, you generally are subject to a $2 monthly fee. 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.

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

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, and between Service Class shares of the Funds and Service Class 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).

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

------

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

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

&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 (except the Nationwide Government Money Market Fund) 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

------

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

Funds (except the Nationwide Government Money Market Fund). The Board of Trustees has not adopted policies with respect to excessive or short-term trading for the Nationwide Government Money Market Fund because it is offered as a cash management vehicle for liquidity and is expected to be purchased and sold frequently.

**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 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 (except for the Nationwide Inflation-Protected Securities Fund and Nationwide Invesco Core Plus Bond Fund) expects to declare dividends daily and distribute its net investment income, if any, to shareholders monthly. The Nationwide Inflation-Protected Securities Fund and Nationwide Invesco Core Plus Bond Fund expect to declare and distribute their 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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 Funds is primarily derived from investments earning interest rather than dividend income;

&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 Funds 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."** 

------

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

**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 or shareholders investing in a money market fund that maintains a stable net asset value. Because the Nationwide Government Money Market Fund expects to maintain a stable net asset value per share, investors generally should not realize a taxable gain or loss on the redemption of shares in the Nationwide Government Money Market Fund.

**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.

------

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

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 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 PricewaterhouseCoopers LLP, 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 GOVERNMENT MONEY MARKET 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** |
| <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> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)</sup> <br>| **Net Assets,**<br> **End of Period**<br> **(In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(c)</sup> <br>| **Ratio of Net**<br> **Investment**<br> **Income to**<br> **Average Net**<br> **Assets**<sup>(c)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net**<br> **Assets**<sup>(c)(d)</sup> <br>|
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $1.00 | $0.04 | $— | $0.04 | $(0.04) | $— | $(0.04) | $1.00 | 4.06% | $215492 | 0.43% | 3.98% | 0.45% |
| 10/31/2024 | 1.00 | 0.05 |  | 0.05 | (0.05) |  | (0.05) | 1.00 | 5.03% | 215845 | 0.43% | 4.91% | 0.46% |
| 10/31/2023 | 1.00 | 0.04 |  | 0.04 | (0.04) |  | (0.04) | 1.00 | 4.50% | 203363 | 0.43% | 4.41% | 0.46% |
| 10/31/2022 | 1.00 | 0.01 |  | 0.01 | (0.01) |  | (0.01) | 1.00 | 0.71% | 213132 | 0.30% | 0.70% | 0.48% |
| 10/31/2021 | 1.00 |  |  |  |  |  |  | 1.00 | —% | 218056 | 0.08% | —% | 0.48% |
| **Investor Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 1.00 | 0.04 |  | 0.04 | (0.04) |  | (0.04) | 1.00 | 3.95% | 389629 | 0.53% | 3.88% | 0.55% |
| 10/31/2024 | 1.00 | 0.05 |  | 0.05 | (0.05) |  | (0.05) | 1.00 | 4.92% | 398940 | 0.53% | 4.81% | 0.56% |
| 10/31/2023 | 1.00 | 0.04 |  | 0.04 | (0.04) |  | (0.04) | 1.00 | 4.40% | 351355 | 0.53% | 4.32% | 0.56% |
| 10/31/2022 | 1.00 | 0.01 |  | 0.01 | (0.01) |  | (0.01) | 1.00 | 0.66% | 347101 | 0.35% | 0.66% | 0.58% |
| 10/31/2021 | 1.00 |  |  |  |  |  |  | 1.00 | —% | 338228 | 0.08% | —% | 0.58% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 1.00 | 0.04 |  | 0.04 | (0.04) |  | (0.04) | 1.00 | 3.75% | 1366 | 0.72% | 3.69% | 0.75% |
| 10/31/2024 | 1.00 | 0.05 |  | 0.05 | (0.05) |  | (0.05) | 1.00 | 4.72% | 1201 | 0.72% | 4.62% | 0.76% |
| 10/31/2023 | 1.00 | 0.04 |  | 0.04 | (0.04) |  | (0.04) | 1.00 | 4.20% | 1435 | 0.72% | 4.07% | 0.76% |
| 10/31/2022 | 1.00 | 0.01 |  | 0.01 | (0.01) |  | (0.01) | 1.00 | 0.57% | 1895 | 0.46% | 0.60% | 0.78% |
| 10/31/2021 | 1.00 |  |  |  |  |  |  | 1.00 | —% | 1500 | 0.08% | —% | 0.78% |

---

Amounts designated as "—" are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) 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.

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**FINANCIAL HIGHLIGHTS: NATIONWIDE INFLATION-PROTECTED SECURITIES 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $8.91 | $0.33 | $0.14 | $0.47 | $(0.32) | $— | $(0.32) | $9.06 | 5.38% | $11266 | 0.72% | 3.73% | 0.82% | 11.39% |
| 10/31/2024 | 8.55 | 0.28 | 0.41 | 0.69 | (0.33) |  | (0.33) | 8.91 | 8.17% | 8873 | 0.72% | 3.18% | 0.79% | 31.07% |
| 10/31/2023 | 8.92 | 0.34 | (0.41) | (0.07) | (0.30) |  | (0.30) | 8.55 | (0.86)% | 9069 | 0.73% | 3.76% | 0.78% | 24.68% |
| 10/31/2022 | 11.15 | 0.61 | (1.90) | (1.29) | (0.81) | (0.13) | (0.94) | 8.92 | (12.32)% | 9769 | 0.72% | 6.00% | 0.78% | 44.89% |
| 10/31/2021 | 10.77 | 0.37 | 0.25 | 0.62 | (0.24) |  | (0.24) | 11.15 | 5.79% | 11747 | 0.71% | 3.38% | 0.77% | 17.65% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 8.99 | 0.37 | 0.15 | 0.52 | (0.36) |  | (0.36) | 9.15 | 5.89% | 130997 | 0.30% | 4.13% | 0.40% | 11.39% |
| 10/31/2024 | 8.62 | 0.33 | 0.41 | 0.74 | (0.37) |  | (0.37) | 8.99 | 8.67% | 141819 | 0.30% | 3.63% | 0.37% | 31.07% |
| 10/31/2023 | 9.00 | 0.38 | (0.42) | (0.04) | (0.34) |  | (0.34) | 8.62 | (0.54)% | 157102 | 0.30% | 4.20% | 0.36% | 24.68% |
| 10/31/2022 | 11.24 | 0.65 | (1.90) | (1.25) | (0.86) | (0.13) | (0.99) | 9.00 | (11.93)% | 169480 | 0.30% | 6.37% | 0.36% | 44.89% |
| 10/31/2021 | 10.86 | 0.42 | 0.25 | 0.67 | (0.29) |  | (0.29) | 11.24 | 6.26% | 219568 | 0.30% | 3.83% | 0.36% | 17.65% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 8.98 | 0.36 | 0.14 | 0.50 | (0.34) |  | (0.34) | 9.14 | 5.72% | 16687 | 0.46% | 3.99% | 0.56% | 11.39% |
| 10/31/2024 | 8.61 | 0.30 | 0.42 | 0.72 | (0.35) |  | (0.35) | 8.98 | 8.49% | 17053 | 0.48% | 3.38% | 0.54% | 31.07% |
| 10/31/2023 | 8.99 | 0.37 | (0.42) | (0.05) | (0.33) |  | (0.33) | 8.61 | (0.69)% | 18807 | 0.45% | 4.04% | 0.51% | 24.68% |
| 10/31/2022 | 11.23 | 0.64 | (1.91) | (1.27) | (0.84) | (0.13) | (0.97) | 8.99 | (12.07)% | 20720 | 0.45% | 6.22% | 0.51% | 44.89% |
| 10/31/2021 | 10.85 | 0.41 | 0.24 | 0.65 | (0.27) |  | (0.27) | 11.23 | 6.08% | 27080 | 0.45% | 3.72% | 0.51% | 17.65% |

---

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.

------

**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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $8.94 | $0.38 | $0.15 | $0.53 | $(0.05) | $— | $(0.05) | $9.42 | 5.94% | $9306 | 0.84% | 4.26% | 1.52% | 425.76% |
| 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 | 8.54 | 0.32 | (0.21) | 0.11 | (0.33) |  | (0.33) | 8.32 | 1.10% | 10449 | 0.81% | 3.63% | 0.85% | 44.23% |
| 10/31/2022 | 10.54 | 0.22 | (1.89) | (1.67) | (0.24) | (0.09) | (0.33) | 8.54 | (16.23)% | 10771 | 0.81% | 2.31% | 0.84% | 103.72% |
| 10/31/2021 | 10.80 | 0.18 | (0.04) | 0.14 | (0.21) | (0.19) | (0.40) | 10.54 | 1.31% | 16089 | 0.81% | 1.69% | 0.82% | 102.88% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 8.95 | 0.41 | 0.15 | 0.56 | (0.05) |  | (0.05) | 9.46 | 6.31%<sup>(g)</sup> | 124139 | 0.48% | 4.46% | 0.66% | 425.76% |
| 10/31/2024 | 8.32 | 0.38 | 0.63 | 1.01 | (0.38) |  | (0.38) | 8.95 | 12.26% | 335424 | 0.48% | 4.27% | 0.51% | 108.76% |
| 10/31/2023 | 8.54 | 0.35 | (0.21) | 0.14 | (0.36) |  | (0.36) | 8.32 | 1.43% | 524558 | 0.48% | 3.97% | 0.51% | 44.23% |
| 10/31/2022 | 10.55 | 0.25 | (1.90) | (1.65) | (0.27) | (0.09) | (0.36) | 8.54 | (16.04)% | 537588 | 0.48% | 2.61% | 0.51% | 103.72% |
| 10/31/2021 | 10.81 | 0.22 | (0.04) | 0.18 | (0.25) | (0.19) | (0.44) | 10.55 | 1.65% | 1020063 | 0.48% | 2.02% | 0.49% | 102.88% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 8.95 | 0.41 | 0.14 | 0.55 | (0.05) |  | (0.05) | 9.45 | 6.18% | 8633 | 0.58% | 4.51% | 1.17% | 425.76% |
| 10/31/2024 | 8.32 | 0.37 | 0.63 | 1.00 | (0.37) |  | (0.37) | 8.95 | 12.15% | 5458 | 0.58% | 4.15% | 0.61% | 108.76% |
| 10/31/2023 | 8.55 | 0.34 | (0.22) | 0.12 | (0.35) |  | (0.35) | 8.32 | 1.21% | 5058 | 0.58% | 3.84% | 0.62% | 44.23% |
| 10/31/2022 | 10.55 | 0.25 | (1.90) | (1.65) | (0.26) | (0.09) | (0.35) | 8.55 | (15.99)% | 6669 | 0.53% | 2.56% | 0.56% | 103.72% |
| 10/31/2021 | 10.81 | 0.21 | (0.04) | 0.17 | (0.24) | (0.19) | (0.43) | 10.55 | 1.60% | 11153 | 0.53% | 1.97% | 0.54% | 102.88% |

---

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.

(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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE LOOMIS CORE 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $9.27 | $0.39 | $0.14 | $0.53 | $(0.39) | $— | $(0.39) | $9.41 | 5.86% | $15325 | 0.66% | 4.20% | 0.79% | 144.82% |
| 10/31/2024 | 8.74 | 0.37 | 0.58 | 0.95 | (0.38) | (0.04) | (0.42) | 9.27 | 10.98% | 10062 | 0.78% | 4.06% | 0.79% | 143.41% |
| 10/31/2023 | 8.96 | 0.27 | (0.20) | 0.07 | (0.27) | (0.02) | (0.29) | 8.74 | 0.64% | 9253 | 0.80% | 2.96% | 0.80% | 267.27% |
| 10/31/2022 | 10.98 | 0.17 | (1.90) | (1.73) | (0.18) | (0.11) | (0.29) | 8.96 | (16.00)% | 10457 | 0.79% | 1.74% | 0.79% | 342.05% |
| 10/31/2021 | 11.52 | 0.12 | (0.13) | (0.01) | (0.14) | (0.39) | (0.53) | 10.98 | (0.14)% | 13647 | 0.80% | 1.11% | 0.80% | 222.10% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.45 | 0.42 | 0.15 | 0.57 | (0.42) |  | (0.42) | 9.60 | 6.17% | 582050 | 0.35% | 4.40% | 0.47% | 144.82% |
| 10/31/2024 | 8.91 | 0.40 | 0.58 | 0.98 | (0.40) | (0.04) | (0.44) | 9.45 | 11.21% | 252379 | 0.46% | 4.28% | 0.47% | 143.41% |
| 10/31/2023 | 9.13 | 0.30 | (0.20) | 0.10 | (0.30) | (0.02) | (0.32) | 8.91 | 0.92% | 133235 | 0.48% | 3.20% | 0.48% | 267.27% |
| 10/31/2022 | 11.19 | 0.21 | (1.94) | (1.73) | (0.22) | (0.11) | (0.33) | 9.13 | (15.80)% | 145639 | 0.47% | 2.02% | 0.47% | 342.05% |
| 10/31/2021 | 11.74 | 0.16 | (0.14) | 0.02 | (0.18) | (0.39) | (0.57) | 11.19 | 0.08% | 184051 | 0.47% | 1.39% | 0.47% | 222.10% |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(g)</sup> | 9.54 | 0.37 | 0.06 | 0.43 | (0.37) |  | (0.37) | 9.60 | 4.68% | 21244 | 0.42% | 4.30% | 0.54% | 144.82% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.45 | 0.39 | 0.16 | 0.55 | (0.40) |  | (0.40) | 9.60 | 5.91% | 323768 | 0.60% | 4.17% | 0.72% | 144.82% |
| 10/31/2024 | 8.92 | 0.38 | 0.57 | 0.95 | (0.38) | (0.04) | (0.42) | 9.45 | 10.81% | 320665 | 0.71% | 4.03% | 0.72% | 143.41% |
| 10/31/2023 | 9.13 | 0.27 | (0.18) | 0.09 | (0.28) | (0.02) | (0.30) | 8.92 | 0.79%<sup>(h)</sup> | 242725 | 0.73% | 2.90% | 0.73% | 267.27% |
| 10/31/2022 | 11.19 | 0.18 | (1.94) | (1.76) | (0.19) | (0.11) | (0.30) | 9.13 | (16.02)%<sup>(h)</sup> | 305778 | 0.72% | 1.75% | 0.72% | 342.05% |
| 10/31/2021 | 11.74 | 0.13 | (0.14) | (0.01) | (0.15) | (0.39) | (0.54) | 11.19 | (0.17)% | 409776 | 0.72% | 1.15% | 0.72% | 222.10% |

---

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.

(g) For the period from December 5, 2024 (commencement of operations) through October 31, 2025. Total return is calculated based on inception date of December 4, 2024 through October 31, 2025.

(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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE LOOMIS SHORT TERM 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $9.93 | $0.42 | $0.10 | $0.52 | $(0.42) | $— | $(0.42) | $10.03 | 5.35% | $17426 | 0.78% | 4.22% | 0.94% | 199.42% |
| 10/31/2024 | 9.63 | 0.43 | 0.30 | 0.73 | (0.43) |  | (0.43) | 9.93 | 7.70% | 16920 | 0.78% | 4.36% | 0.90% | 251.90% |
| 10/31/2023 | 9.51 | 0.34 | 0.13 | 0.47 | (0.35) |  | (0.35) | 9.63 | 4.95% | 17067 | 0.79% | 3.56% | 0.85% | 227.46% |
| 10/31/2022 | 10.27 | 0.16 | (0.75) | (0.59) | (0.17) |  | (0.17) | 9.51 | (5.81)% | 18233 | 0.80% | 1.65% | 0.85% | 172.73% |
| 10/31/2021 | 10.33 | 0.12 | (0.05) | 0.07 | (0.13) |  | (0.13) | 10.27 | 0.64% | 20441 | 0.80% | 1.18% | 0.85% | 156.80% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.94 | 0.45 | 0.12 | 0.57 | (0.46) |  | (0.46) | 10.05 | 5.81% | 77717 | 0.43% | 4.55% | 0.59% | 199.42% |
| 10/31/2024 | 9.65 | 0.46 | 0.29 | 0.75 | (0.46) |  | (0.46) | 9.94 | 7.95% | 73397 | 0.43% | 4.71% | 0.54% | 251.90% |
| 10/31/2023 | 9.53 | 0.38 | 0.12 | 0.50 | (0.38) |  | (0.38) | 9.65 | 5.30% | 106340 | 0.44% | 3.90% | 0.50% | 227.46% |
| 10/31/2022 | 10.28 | 0.20 | (0.75) | (0.55) | (0.20) |  | (0.20) | 9.53 | (5.38)% | 115687 | 0.45% | 1.98% | 0.50% | 172.73% |
| 10/31/2021 | 10.35 | 0.16 | (0.07) | 0.09 | (0.16) |  | (0.16) | 10.28 | 0.88% | 151365 | 0.45% | 1.52% | 0.50% | 156.80% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.94 | 0.45 | 0.11 | 0.56 | (0.45) |  | (0.45) | 10.05 | 5.71% | 6386 | 0.53% | 4.48% | 0.68% | 199.42% |
| 10/31/2024 | 9.65 | 0.46 | 0.29 | 0.75 | (0.46) |  | (0.46) | 9.94 | 7.88% | 8768 | 0.50% | 4.63% | 0.62% | 251.90% |
| 10/31/2023 | 9.53 | 0.36 | 0.13 | 0.49 | (0.37) |  | (0.37) | 9.65 | 5.18% | 9011 | 0.55% | 3.72% | 0.61% | 227.46% |
| 10/31/2022 | 10.28 | 0.19 | (0.74) | (0.55) | (0.20) |  | (0.20) | 9.53 | (5.42)% | 13515 | 0.49% | 1.92% | 0.54% | 172.73% |
| 10/31/2021 | 10.35 | 0.15 | (0.06) | 0.09 | (0.16) |  | (0.16) | 10.28 | 0.84% | 18047 | 0.49% | 1.48% | 0.54% | 156.80% |

---

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 49 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. Effective May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement; 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. For more details on the timing, please refer to 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;

------

**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 due to return of excess contributions from an IRA account;

&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. ("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 within the purchaser's Baird household, 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 due to 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;

------

**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 bought due to returns 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 Baird fees, but only if the transaction is initiated by Baird; and

● shares purchased through a Right of Reinstatement.

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

● 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 Nationwide Funds assets held by accounts within the purchaser's household at Baird. Eligible Nationwide Funds 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 (LOI) which allow for breakpoint discounts based on anticipated purchases within Nationwide Funds, 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;

&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.

------

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

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

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

&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**

Nationwide Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219336

Kansas City, MO 64121-9336

**By Overnight Mail**

Nationwide Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336

Kansas City, MO 64105-1307

**For 24-Hour Access**

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 (3/26)

------

Global Funds

Prospectus March 2, 2026

---

| |
|:---|
| **Nationwide Bailard International Equities Fund** |
| Class A (NWHJX) / Class M (NWHLX)<br> Class R6 (NWHMX) / Institutional Service Class (NWHNX)<br>|
| **Nationwide International Small Cap Fund** |
| Class A (NWXSX) / Class R6 (NWXUX)<br> Institutional Service Class (NWXVX)<br>|
| **Nationwide Schroders Global Equity Fund *(formerly, Nationwide Global Sustainable Equity Fund)*** |
| Class A (GGEAX) / Class R6 (GGEIX)<br> Institutional Service Class (GGESX)<br>|
| **Nationwide Strategic Income Fund *(formerly, Nationwide Amundi Strategic Income Fund)*** |
| Class A (NWXEX) / Class R6 (NWXGX)<br> Institutional Service Class (NWXHX)<br>|

---

&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;

**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**![](g49631img2f4905d41.gif)

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**Table of Contents**

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| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_25cbc37f-1238-4daa-be2e-727482137643_1)** |
|  | [Nationwide Bailard International Equities Fund](#xx_25cbc37f-1238-4daa-be2e-727482137643_1) |
|  | [Nationwide International Small Cap Fund](#xx_33b36c20-5533-43b1-b9ea-d9de8cb9e61d_1) |
|  | [Nationwide Schroders Global Equity Fund](#xx_517920e5-b163-402c-b152-ce6cd19cfa39_1) |
|  | [Nationwide Strategic Income Fund](#xx_57f61e6a-5da6-4c0f-b886-19258c16fcba_1) |
| **23** | **[How the Funds Invest](#xx_8cbab4d7-6de6-49e6-8e3f-9a01e04887b7_1)** |
|  | [Nationwide Bailard International Equities Fund](#xx_8cbab4d7-6de6-49e6-8e3f-9a01e04887b7_1) |
|  | [Nationwide International Small Cap Fund](#xx_96b347d5-ea73-489c-9cc5-dcf99c61949f_1) |
|  | [Nationwide Schroders Global Equity Fund](#xx_c669fe43-a3ff-4716-a1c3-b8d08685a870_1) |
|  | [Nationwide Strategic Income Fund](#xx_3597fd24-b51e-43ef-b654-5dfdd069401c_1) |
| **30** | **[Risks of Investing in the Funds](#xx_0f7bface-4a78-4aff-8108-b34ee87f4329_1)** |
| **42** | **[Fund Management](#xx_04645634-141c-40ed-9b19-bf67b95c5190_1)** |
| **44** | **[Investing with Nationwide Funds](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_1)** |
|  | [Share Classes](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_1) |
|  | [Sales Charges and Fees](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_4) |
|  | [Revenue Sharing](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_5) |
|  | [Contacting Nationwide Funds](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_5) |
|  | [Fund Transactions](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_7) |
|  | [Buying Shares](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_8) |
|  | [Fair Value Pricing](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_8) |
|  | [Exchanging Shares](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_10) |
|  | [Selling Shares](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_10) |
|  | [Excessive or Short-Term Trading](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_11) |
| **56** | **[Distributions and Taxes](#xx_f8ef6608-57ba-44ce-b97c-e734444113b9_1)** |
| **59** | **[Additional Information](#xx_59d3a328-1229-407b-bb88-dd4a0eca001d_1)** |
| **60** | **[Financial Highlights](#xx_02fa75b3-0a0c-4962-b21f-b23a6887b26c_1)** |
| **65** | **[Appendix A](#xx_ad88b03c-c587-4cff-a767-adb20775c34b_1)** |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_ad88b03c-c587-4cff-a767-adb20775c34b_1) |

---

------

**Fund Summary:** Nationwide Bailard International Equities Fund

**Objective** 

The Nationwide Bailard International Equities 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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.19% | 0.14% | 0.14% | 0.26% |
| **Total Annual Fund Operating Expenses** | 1.04% | 0.74% | 0.74% | 0.86% |
| Fee Waiver/Expense Reimbursement<sup>(2)</sup> | (0.06)% | (0.06)% | (0.06)% | (0.06)% |
| **Total Annual Fund Operating Expenses**<br> **After Fee Waiver/Expense Reimbursement**<br>| 0.98% | 0.68% | 0.68% | 0.80% |

---

<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 March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 International Equities 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 | $669 | $881 | $1111 | $1768 |
| Class M Shares | 69 | 231 | 406 | 913 |
| Class R6 Shares | 69 | 231 | 406 | 913 |
| Institutional Service <br> Class Shares<br>| 82 | 268 | 471 | 1055 |

---

**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 41.36% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in the equity securities of issuers located in developed and, to a lesser extent, emerging market countries around the world. Many securities are denominated in currencies other than the U.S. dollar. It normally invests in established companies in Europe, the United Kingdom, Japan, Asia, Australia and Canada, among other areas. Under normal market conditions, the Fund's holdings are spread across multiple industries and geographic regions. Under normal circumstances, the Fund invests at least 80% of its net assets (at the time of purchase) in equity securities. Equity securities represent an ownership interest in the issuer. Common stocks are the most common type of equity securities.

Some emerging market countries may be considered to be "frontier market" countries, although the Fund does not invest more than 20% of its net assets in frontier market countries. Frontier market countries are those emerging market countries that are considered to be among the smallest, least mature and least liquid.

The Fund employs a disciplined approach with fundamental and quantitative elements. Fundamental research seeks to identify and evaluate country, industry and security-specific drivers. Quantitative research assists in the selection of both countries and securities. The subadviser's stock selection models rank securities according to various measures of value, momentum, quality and analysts' expectations. Because investor behaviors vary around the world, the relative importance of these factors varies by country. A

multifactor model is used to rank countries according to their characteristics, including various measures of value, momentum and risk. The relative weighting among these characteristics typically changes over time according to changes in the overall conditions across global markets. The subadviser generally determines weights of countries, industries and companies based on evaluation of quantitative and fundamental characteristics. In overweighting and underweighting countries, the subadviser may consider global market indices.

The Fund may also invest in equity securities of U.S. companies. The Fund may use derivatives, such as forward foreign currency contracts (including forward foreign currency cross hedges), options, futures and other derivatives for investing and to hedge its investments and risk. Such instruments will principally be used for hedging and risk management purposes, including to help protect its international stock investments from the risk of a strong U.S. dollar.

**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.

------

**Fund Summary:** Nationwide Bailard International Equities Fund *(cont.)*

&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.

***Frontier markets risk*** – frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging market countries and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. The risk magnification is the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.

***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.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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, 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;*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;*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.

------

**Fund Summary:** Nationwide Bailard International Equities Fund *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Forwards* – using forwards can involve greater risks than if the Fund were to invest directly in the underlying securities or assets. Because forwards 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 forward contracts, and therefore they may be less liquid than exchange-traded instruments. If a forward counterparty fails to meet its obligations under the contract, the Fund will lose money.

&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.

***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.

***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. 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**

**(Years Ended December 31,)**

![](g49631img3e2e8c372.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **16.89%** | **Q4 2022** |
| **Lowest Quarter:** | **-23.17%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 26.57% | 8.60% | 6.70% |
| Class A Shares– After Taxes on <br> Distributions<br>| 24.23% | 7.69% | 5.94% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 17.23% | 6.67% | 5.24% |
| Class M Shares– Before Taxes | 34.70% | 10.26% | 7.71% |
| Class R6 Shares– Before Taxes | 34.58% | 10.24% | 7.70% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 34.57% | 10.20% | 7.63% |
| MSCI EAFE® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 31.22% | 8.92% | 8.18% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Bailard, Inc.

------

**Fund Summary:** Nationwide Bailard International Equities Fund *(cont.)*

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service** <br> **with Fund (and** <br> **Predecessor Fund)**<br>|
| Eric P. Leve, CFA | Executive Vice <br> President, <br> International Equities<br>| Since 2006 |
| Daniel McKellar, CFA | Senior Vice President, <br> International Equities<br>| Since 2015 |

---

**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 International Small Cap Fund

**Objective** 

The Nationwide International Small Cap Fund seeks to provide long-term capital growth.

**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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.95% | 0.95% | 0.95% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.42% | 0.17% | 0.29% |
| **Total Annual Fund Operating Expenses** | 1.62% | 1.12% | 1.24% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.23)% | (0.23)% | (0.23)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.39% | 0.89% | 1.01% |

---

<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 0.89% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 | $708 | $1036 | $1385 | $2368 |
| Class R6 Shares | 91 | 333 | 595 | 1343 |
| Institutional Service <br> Class Shares<br>| 103 | 371 | 659 | 1480 |

---

------

**Fund Summary:** Nationwide International Small Cap 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 132.52% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies with smaller market capitalizations at the time of purchase. Companies that are deemed to have smaller capitalizations are those with capitalizations within the range of companies included in the Morgan Stanley Capital International Europe, Australasia and Far East Small Cap Index ("EAFE® Small Cap Index"). In addition, under normal circumstances, the Fund invests primarily in securities of non-U.S. companies. For these purposes, the subadviser considers an issuer to be a non-U.S. company if it maintains its principal place of business outside the United States, it generates more than 50% of its revenues from business outside the United States, or its common stock trades on an exchange outside the United States. Some of the companies in which the Fund invests may be located in emerging market countries, which 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. Many securities are denominated in currencies other than the U.S. dollar.

The subadviser employs a "bottom-up" approach to selecting securities, emphasizing those that it believes to represent above-average potential for capital appreciation, based on fundamental research and analysis. The subadviser seeks to develop a portfolio that is broadly diversified across issuers, countries, industries and even styles. The Fund's portfolio therefore includes stocks that are considered to be either growth stocks or value stocks. Because the subadviser's process is driven primarily by individual stock selection, the overall portfolio's yield, price-to-earnings ratio, price-to-book ratio, growth rate and other characteristics will vary over time and, at any given time, the Fund may emphasize either growth stocks or value stocks.

The Fund's subadviser may use derivatives, such as futures, forwards and swaps, to obtain efficient investment exposure as a substitute for taking a position in an underlying asset, to increase returns, or to hedge against international currency exposure or other risks. The Fund

may engage in frequent and active 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 social unrest or rapid technological developments such as artificial intelligence) adversely interrupt the global economy.

***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.

***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

------

**Fund Summary:** Nationwide International Small Cap Fund *(cont.)*

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.

***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.

***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.

***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.

***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;*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;*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;*Swaps and forwards* – using swaps and forwards can involve greater risks than if the Fund were to invest directly in the underlying securities or assets. Because swaps and forwards 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

------

**Fund Summary:** Nationwide International Small Cap Fund *(cont.)*

opportunities for gains. Currently there are few central exchanges or markets for swap and forward contracts, and therefore they may be less liquid than exchange-traded instruments. If a swap or forward counterparty fails to meet its obligations under the contract, the Fund will lose money.

***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.

***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.

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

**Annual Total Returns– Class R6 Shares**

**(Years Ended December 31,)**

![](g49631img1de714303.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **22.36%** | **Q2 2020** |
| **Lowest Quarter:** | **-27.05%** | **Q1 2020** |

---

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.

------

**Fund Summary:** Nationwide International Small Cap Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before <br> Taxes<br>| 28.87% | 5.01% | 8.07% | 12/29/2016 |
| Class R6 Shares– Before <br> Taxes<br>| 37.25% | 6.66% | 9.16% | 12/29/2016 |
| Class R6 Shares– After <br> Taxes on Distributions<br>| 33.06% | 4.22% | 6.65% | 12/29/2016 |
| Class R6 Shares– After <br> Taxes on Distributions and <br> Sales of Shares<br>| 23.96% | 4.47% | 6.39% | 12/29/2016 |
| Institutional Service <br> Class Shares– Before <br> Taxes<br>| 37.11% | 6.54% | 9.05% | 12/29/2016 |
| MSCI EAFE® Index (The <br> Index does not pay sales <br> charges, fees, expenses or <br> taxes.)<br>| 31.22% | 8.92% | 9.08% |  |
| MSCI EAFE® Small Cap <br> Index (The Index does not <br> pay sales charges, fees, <br> expenses or taxes.)<br>| 31.83% | 5.62% | 8.20% |  |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Wellington Management Company LLP

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jonathan G. White, <br> CFA<br>| Managing Director <br> and Director, Research <br> Portfolios<br>| Since 2018 |
| Mary L. Pryshlak, CFA | Senior Managing <br> Director and Head of <br> Investment Research<br>| Since 2018 |

---

**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 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 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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.20% | 0.12% | 0.37% |
| **Total Annual Fund Operating Expenses** | 1.10% | 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 | $681 | $905 | $1146 | $1838 |
| Class R6 Shares | 79 | 246 | 428 | 954 |
| Institutional Service <br> Class Shares<br>| 104 | 325 | 563 | 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 41.80% 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

------

**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.

------

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

**Annual Total Returns– Class R6 Shares**

**(Years Ended December 31,)**

![](g49631geq_16.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.71%** | **Q2 2020** |
| **Lowest Quarter:** | **-22.31%** | **Q1 2020** |

---

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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 18.30% | 9.03% | 11.37% |
| Class R6 Shares– Before Taxes | 25.89% | 10.71% | 12.44% |
| Class R6 Shares– After Taxes on <br> Distributions<br>| 21.99% | 8.36% | 10.65% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 17.07% | 7.88% | 9.79% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 25.58% | 10.54% | 12.29% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |
| MSCI World Index® Free (The Index does <br> not pay sales charges, fees, expenses or <br> taxes.)<br>| 21.09% | 12.15% | 12.17% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Schroder Investment Management North America Inc.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **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 |

---

**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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**Fund Summary:** Nationwide Strategic Income Fund

*(formerly, Nationwide Amundi Strategic Income Fund)*

**Objective** 

The Nationwide Strategic Income Fund seeks to provide a high level of 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 $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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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) | 2.25% |  |  |

---

**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 | 0.52% | 0.52% | 0.52% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.23% | 0.07% | 0.19% |
| **Total Annual Fund Operating Expenses** | 1.00% | 0.59% | 0.71% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.10)% | (0.10)% | (0.10)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.90% | 0.49% | 0.61% |

---

<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.49% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 | $315 | $527 | $756 | $1413 |
| Class R6 Shares | 50 | 179 | 319 | 728 |
| Institutional Service <br> Class Shares<br>| 62 | 217 | 385 | 873 |

---

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**Fund Summary:** Nationwide Strategic Income 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 290.32% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs a flexible investment approach, allocating across different types of debt securities with few limitations as to credit quality, geography, maturity or sector, with the goal of achieving a high level of current income. The Fund may invest in U.S. government securities and foreign government bonds, as well as U.S. and foreign corporate bonds and debentures, asset-backed securities, mortgage-backed securities (including collateralized mortgage obligations) and convertible bonds. The Fund also may invest in corporate loans. Securities in which the Fund invests pay interest on either a fixed-rate or a variable-rate basis. 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 65% of its net assets, at the time of purchase, in emerging market securities. Emerging market countries include certain countries located in Latin America, Asia, Africa, the Middle East, and developing countries of Europe, primarily Eastern Europe. Many foreign securities are denominated in currencies other than the U.S. dollar.

The Fund may invest without limitation in debt securities of any maturity, duration or credit quality. Accordingly, the Fund may invest a substantial portion of its portfolio in high-yield bonds (i.e., "junk bonds") and other securities that are lower-rated. Some of these debt securities may be in default or at high risk of defaulting, and may have extremely poor prospects for being able to make principal and interest payments.

The Fund's subadviser may use derivatives, such as futures and forward foreign currency contracts, either to increase returns, to hedge against international currency exposure, or to manage the Fund's average portfolio duration. The subadviser also may buy or sell credit default swaps either to hedge against investment risks or to increase return.

The Fund's subadviser does not manage the Fund specific to any index or benchmark, which provides it with flexibility to allocate to and rotate across any sector in the fixed-income universe. This strategy is designed to provide exposure to those areas of the fixed-income market that

the subadviser anticipates will provide value, while attempting to minimize exposure to those areas it anticipates will not provide value. In managing the Fund, the subadviser considers fundamental market factors such as yield and credit quality differences among bonds, as well as demand and supply trends. The subadviser also makes investment decisions based on technical factors such as price momentum, market sentiment, and supply or demand imbalances. 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.

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:

***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.

***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 continued to lower 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.

------

**Fund Summary:** Nationwide Strategic Income Fund *(cont.)*

***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.

***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 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.

***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.

***Convertible securities risk*** - the values of convertible securities typically fall when interest rates rise and increase when interest rates fall. The prices of convertible securities with longer maturities tend to be more volatile than those with shorter maturities. Value also tends to change whenever the market value of the underlying common or preferred stock fluctuates. The Fund will lose money if the issuer of a convertible security is unable to meet its financial obligations.

***Corporate loans risk*** – commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates or the prime rates of U.S. banks. The market for corporate loans may be subject to irregular trading activity, wide bid/ask spreads (difference between the highest price a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept for an asset) and extended trade settlement periods. Corporate loans have speculative characteristics and high risk, and often are referred to as "junk." Furthermore, investments in corporate loans may not be considered "securities" for certain federal securities laws, and therefore the Fund may not be able to rely on the antifraud protections of the federal securities laws.

***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.

***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.

------

**Fund Summary:** Nationwide Strategic Income Fund *(cont.)*

&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;*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;*Forwards* – using forwards can involve greater risks than if the Fund were to invest directly in the underlying securities or assets. Because forwards 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 forward contracts, and therefore they may be less liquid than exchange-traded instruments. If a forward counterparty fails to meet its obligations under the contract, the Fund will lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Credit default swaps* – credit default swaps are subject to credit risk on the underlying investment and to counterparty credit risk. If the counterparty fails to meet its obligations the Fund could sustain significant losses. Credit default swaps also are subject to the risk that the Fund will not properly assess the cost of the underlying investment. If the Fund is selling credit protection, it bears the risk that a credit event will occur, requiring the Fund to pay the counterparty the set value of the defaulted bonds. If the Fund is buying credit protection, there is the risk that no credit event will occur and the Fund will receive no benefit for the premium paid.

***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.

***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.

***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

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**Fund Summary:** Nationwide Strategic Income Fund *(cont.)*

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.

***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.

***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.

***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.

***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.

***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.*

**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.

**Annual Total Returns– Institutional Service Class Shares**

**(Years Ended December 31,)**

![](g49631si_16.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **16.16%** | **Q2 2020** |
| **Lowest Quarter:** | **-18.18%** | **Q1 2020** |

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

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**Fund Summary:** Nationwide Strategic Income Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 4.56% | 5.00% | 5.96% |
| Class R6 Shares– Before Taxes | 7.48% | 5.89% | 6.56% |
| Institutional Service Class Shares– Before <br> Taxes<br>| 7.36% | 5.76% | 6.48% |
| Institutional Service Class Shares– After <br> Taxes on Distributions<br>| 5.10% | 3.33% | 3.98% |
| Institutional Service Class Shares– After <br> Taxes on Distributions and Sales of Shares<br>| 4.32% | 3.35% | 3.90% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Victory Capital Management Inc. ("Victory Capital")

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jonathan M. Duensing, <br> CFA<br>| Senior Managing <br> Director, Director of <br> Fixed Income, and <br> Portfolio Manager<br>| Since 2015 |
| Jeffrey C. Galloway, <br> CFA<br>| Senior Vice President, <br> Portfolio Manager, and <br> Senior Credit Analyst<br>| Since 2023 |

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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 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 Funds Invest:** Nationwide Bailard International Equities Fund

**Objective** 

The Nationwide Bailard International Equities Fund seeks long-term capital appreciation. This objective may be changed by the Nationwide Mutual Funds' (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 primarily in the ***equity securities*** of issuers located in developed and, to a lesser extent, ***emerging market countries*** around the world. Many securities are denominated in currencies other than the U.S. dollar. The Fund normally invests in established companies in Europe, the United Kingdom, Japan, Asia, Australia and Canada, among other areas. Under normal market conditions, the Fund's holdings are spread across multiple industries and geographic regions. Under normal circumstances, the Fund invests at least 80% of its net assets (at the time of purchase) in equity securities.

Some emerging market countries may be considered to be ***frontier market countries***, although the Fund does not invest more than 20% of its net assets in frontier market countries.

The Fund employs a disciplined approach with fundamental and quantitative elements. Fundamental research seeks to identify and evaluate country, industry and security-specific drivers. Quantitative research assists in the selection of both countries and securities. The subadviser's stock selection models rank securities according to various measures of value, momentum, quality and analysts' expectations. Because investor behaviors vary around the world, the relative importance of these factors varies by country. A multifactor model is used to rank countries according to their characteristics, including various measures of value, momentum and risk. The relative weighting among these characteristics typically changes over time according to changes in the overall conditions across global markets. The subadviser generally determines weights of countries, industries and companies based on evaluation of quantitative and fundamental characteristics. In overweighting and underweighting countries, the subadviser may consider global market indices. Sales decisions are made by the subadviser based on changes in country and stock specific rankings, as driven primarily by the subadviser's fundamental and quantitative models.

The Fund may also invest in equity securities of U.S. companies. The Fund may use ***derivatives***, such as forward foreign currency contracts (including forward foreign currency cross hedges), options, ***futures*** and other derivatives, for investing and to hedge its investments and risk. Such instruments will principally be used for hedging and risk management purposes, including to help protect its

international stock investments from the risk of a strong U.S. dollar.

---

| |
|:---|
| **Key Terms:** |
| &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> forwards and options are derivatives, because their <br> values are based on changes in the values of an <br> underlying asset or measure.<br>|
| &nbsp;&nbsp; ***Emerging market countries*** – typically are developing <br> and low- or middle-income countries. Emerging market <br> countries may be found in regions such as Asia, Latin <br> America, Eastern Europe, the Middle East and 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>|
| &nbsp;&nbsp; ***Frontier market countries*** – typically are those emerging <br> market countries that are considered to be among the <br> smallest, least mature and least liquid. For purposes of <br> the Fund, frontier market countries are those that are <br> included in the MSCI Frontier Markets Index.<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>|

---

**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, DERIVATIVES RISK, EMERGING MARKETS RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, FRONTIER MARKETS RISK, MARKET RISK, QUANTITATIVE ANALYSIS STRATEGY RISK** and **SELECTION RISK** each of which is described in the section "Risks of Investing in the Funds" beginning on page 30.

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**How the Funds Invest:** Nationwide Bailard International Equities Fund *(cont.)*

***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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**How the Funds Invest:** Nationwide International Small Cap Fund

**Objective** 

The Nationwide International Small Cap Fund seeks to provide long-term capital growth. 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 at least 80% of its net assets in ***equity securities*** of companies with smaller ***market capitalizations*** at the time of purchase. Companies that are deemed to have smaller capitalizations are those with capitalizations within the range of companies included in the Morgan Stanley Capital International Europe, Australasia and Far East Small Cap Index ("EAFE Small Cap Index"). In addition, under normal circumstances, the Fund invests primarily in securities of non-U.S. companies. For these purposes, the subadviser considers an issuer to be a non-U.S. company if it maintains its principal place of business outside the United States, it generates more than 50% of its revenues from business outside the United States, or its common stock trades on an exchange outside the United States. Some of the companies in which the Fund invests may be located in ***emerging market countries***. Many securities are denominated in currencies other than the U.S. dollar.

Equity securities in which the Fund invests primarily include ***common stock***. The subadviser employs a ***bottom-up*** approach to selecting securities, emphasizing those that it believes to represent above-average potential for capital appreciation, based on fundamental research and analysis. The subadviser seeks to develop a portfolio that is broadly diversified across issuers, countries, industries and even styles. The Fund's portfolio therefore includes stocks that are considered to be either ***growth stocks*** or ***value stocks***. Because the subadviser's process is driven primarily by individual stock selection, the overall portfolio's yield, price-to-earnings ratio, price-to-book ratio, growth rate and other characteristics will vary over time and, at any given time, the Fund may emphasize either growth stocks or value stocks.

The Fund's subadviser may use ***derivatives***, such as ***futures***, ***forwards*** and ***swaps***, either to obtain efficient investment exposure, as a substitute for taking a position in an underlying asset to increase returns, or to hedge against international currency exposure or other risks. The Fund

may engage in frequent and active trading of portfolio securities.

---

| |
|:---|
| **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; ***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> forwards and swaps are derivatives, because their values <br> are based on changes in the values of an underlying <br> asset or measure.<br>|
| &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; ***Equity securities*** – represent an ownership interest in the <br> issuer. Common stocks are the most common type of <br> equity securities.<br>|
| &nbsp;&nbsp; ***Forwards*** – similar to futures, a forward contract <br> obligates one party to buy, and the other party to sell, a <br> specific quantity of an underlying asset (such as a <br> particular currency) for an agreed-upon price at a future <br> date. Unlike futures, forwards are neither standardized <br> nor exchange-traded. Instead, forwards are privately <br> negotiated agreements, the terms of which are <br> customized by the contract parties, and trade over the <br> counter.<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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**How the Funds Invest:** Nationwide International Small Cap Fund *(cont.)*

---

| |
|:---|
| &nbsp;&nbsp; ***Growth stocks*** – equity securities of companies that the <br> Fund's subadviser believes have above-average rates of <br> earnings or cash flow growth and which therefore may <br> experience above-average increases in stock prices.<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>|
| &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; ***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 **COUNTRY OR SECTOR RISK**, **DERIVATIVES RISK, EMERGING MARKETS RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, GROWTH STYLE RISK, LIQUIDITY RISK, MARKET RISK, PORTFOLIO TURNOVER 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 30.

***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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**How the funds invest:** 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 Trust's 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 Funds" beginning on page 30.

***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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**How the Funds Invest:** Nationwide Strategic Income Fund

**Objective** 

The Nationwide Strategic Income Fund seeks to provide a high level of 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** 

The Fund employs a flexible investment approach, allocating across different types of debt securities with few limitations as to credit quality, geography, ***maturity*** or sector, with the goal of achieving a high level of current income.

Consistent with this approach, the Fund may invest in ***U.S. government securities*** and foreign government bonds, as well as U.S. and foreign corporate bonds and debentures, ***asset-backed securities***, ***mortgage-backed securities*** (including collateralized mortgage obligations) and ***convertible securities***. The Fund also may invest in corporate loans. Securities in which the Fund invests pay interest on either a fixed-rate or a variable-rate basis. 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 65% of its net assets, at the time of purchase, in emerging market securities. Many foreign securities are denominated in currencies other than the U.S. dollar, although currency exposure is typically hedged.

The Fund may invest without limitation in debt securities of any maturity, ***duration***, or credit quality. Accordingly, the Fund may invest a substantial portion of its portfolio in ***high-yield bonds*** (i.e., "junk bonds") and other securities that are lower rated or unrated. Some of these debt securities may be in default or at high risk of defaulting, and may have extremely poor prospects for being able to make principal and interest payments. The Fund's subadviser may use ***derivatives***, such as futures and forward foreign currency contracts, either to increase returns, to hedge against international currency exposure, or to manage the Fund's average portfolio duration. The subadviser also may buy or sell ***credit default swaps*** either to hedge against investment risks or to increase return.

The Fund's subadviser does not manage the Fund specific to any index or benchmark, which provides it with flexibility to allocate to and rotate across any sector in the fixed-income universe. This strategy is designed to provide exposure to those areas of the fixed-income market that the subadviser anticipates will provide value, while attempting to minimize exposure to those areas it anticipates will not provide value. In managing the Fund, the subadviser considers fundamental market factors such as yield and credit quality differences among bonds, as well as demand and supply trends. The subadviser also makes investment decisions based on technical factors such as price momentum, market sentiment, and supply or demand

imbalances. The subadviser may sell a security for various reasons, such as to adjust the Fund's average maturity or quality, to shift assets into better-yielding securities, or to alter sector exposure. The Fund may engage in active and frequent trading of portfolio securities.

---

| |
|:---|
| **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; ***Convertible securities*** – generally debt securities or <br> preferred stock that may be converted into common <br> stock. Convertible securities typically pay current <br> income as either interest (debt security convertibles) or <br> dividends (preferred stock). A convertible's value usually <br> reflects both the stream of current income payments <br> and the market value of the underlying common stock.<br>|
| &nbsp;&nbsp; ***Credit default swap*** – a swap contract in which the <br> buyer makes a series of payments to the seller and, in <br> exchange, receives a payoff if the issuer of a credit <br> instrument, such as a bond or loan, defaults on its <br> obligation to pay or experiences some type of credit <br> event, such as a bankruptcy or restructuring. Credit <br> default swaps can be used to hedge against risks or to <br> synthetically expose a portfolio to the diversification and <br> performance characteristics of certain bonds or groups <br> of bonds.<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> forwards and swaps 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>|

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**How the Funds Invest:** Nationwide Strategic Income Fund *(cont.)*

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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; ***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.<br>|
| &nbsp;&nbsp; ***U.S. government securities*** – bonds and other debt <br> securities issued and/or guaranteed as to principal and <br> interest by either the U.S. government, or by <br> U.S. government agencies, U.S. government-sponsored <br> enterprises and U.S. government instrumentalities. <br> Securities issued or guaranteed directly by the <br> U.S. government are supported by the full faith and <br> credit of the United States. Securities issued or <br> guaranteed by agencies or instrumentalities of the <br> U.S. government, and enterprises sponsored by the <br> U.S. government, are not direct obligations of the <br> United States. Therefore, such securities may not be <br> supported by the full faith and credit of the <br> 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 fixed-income 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 **CONVERTIBLE SECURITIES RISK, CORPORATE LOANS RISK, COUNTRY OR SECTOR RISK, CREDIT RISK, DERIVATIVES RISK, EMERGING MARKETS 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, 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 30.

***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").

***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.

***Convertible securities risk*** – the values of convertible securities typically fall when interest rates rise and increase when interest rates fall. The prices of convertible securities with longer maturities tend to be more volatile than those with shorter maturities. Value also tends to change whenever the market value of the underlying common or preferred stock fluctuates. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations.

***Corporate loans risk*** – commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates or the prime rates of U.S. banks. As a result, the value of

corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. However, because the trading market for certain corporate loans is less developed than the secondary market for bonds and notes, a Fund may experience difficulties in selling its corporate loans. The market for corporate loans may be subject to irregular trading activity, wide bid/ask spreads (difference between the highest price a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept for an asset) and extended trade settlement periods. Transactions in corporate loans may take longer than seven days to settle. 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 corporate 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. By investing in a corporate loan, a Fund may become a member of the syndicate.

The corporate loans in which a Fund invests have speculative characteristics and are subject to high 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 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 corporate loan may not recover its principal, may experience a long delay in recovering its investment and may not receive interest during the delay. Furthermore, investments in corporate loans may not be considered "securities" for certain federal securities laws, and therefore a Fund may not be able to rely on the antifraud protections of the federal securities laws.

***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 a 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* – a 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, the United Kingdom officially

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

withdrew from the European Union ("Brexit") in 2020. The full impacts of Brexit on the United Kingdom and the European Union and the broader global economy are unknown, but could result in 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.

*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' 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.

*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* – 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 a 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

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

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.

*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.

*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.

***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, a 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 a 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 a 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

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

to make scheduled payments on its obligations. If a security has not received a rating, a 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 a 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 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 a 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.

***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 a Fund's losses and reducing a 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 a Fund harder to value, especially in declining markets and

&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 a Fund's losses and reducing a 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. A Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.

*Foreign currency contracts* – a forward foreign currency exchange contract is an agreement to buy or sell a specific amount of currency at a future date and at a price set at the time of the contract. A currency futures contract is similar to a forward foreign currency exchange contract except that the futures contract is in a standardized form that trades on an exchange instead of being privately negotiated with a particular counterparty. Forward foreign currency exchange contracts and currency futures contracts (collectively, "currency contracts") may reduce the risk of loss from a change in value of a currency, but they also limit any potential gains and do not protect against fluctuations in the value of the underlying stock or bond. For example, during periods when the U.S. dollar weakens in relation to a foreign currency, a Fund's use of a currency hedging program will result in lower returns than if no currency hedging program were in effect. Currency contracts are considered to be derivatives, because their value and performance depend, at least in part, on the value and performance of an underlying currency. A Fund's investments in currency contracts may involve a small investment relative to the amount of risk assumed. To the extent a 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. These risks may be heightened during volatile market conditions. To the extent that a Fund is unable to close out a position because of market illiquidity, a Fund would not be able to prevent further losses of value in its derivative holdings.

*Forwards* – using forwards can involve greater risks than if a Fund were to invest directly in the underlying securities or assets. Because forwards often involve leverage, their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's losses and reducing a Fund's opportunities for gains. Currently there are few central exchanges or markets for forward contracts, and

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

therefore they may be less liquid than exchange-traded instruments. If a forward counterparty fails to meet its obligations under the contract, a Fund may lose money.

*Options* – an option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. Investments in options are considered speculative. When a Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if a Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and a Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If a Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and a Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When a Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by a Fund were permitted to expire without being sold or exercised, its premium would represent a loss to a Fund.

Purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. To the extent that a Fund invests in over-the-counter options, a Fund will be exposed to credit risk with regard to parties with whom it trades and also will bear the risk of settlement default. These risks 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.

*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 a Fund's losses and reducing a 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, a Fund could sustain significant losses.

*Credit default swaps* – a credit default swap enables an investor to buy or sell protection against a credit event, such as a bond issuer's failure to make timely payments of interest or principal, bankruptcy or restructuring. Certain credit default swaps have been designated for mandatory central clearing. Credit default swaps are subject to credit risk on the underlying investment and to counterparty credit risk. If the counterparty fails to meet its obligations a Fund could sustain significant losses. Credit default swaps also are subject to the risk that a Fund will not assess properly the cost of the underlying investment. If a Fund is selling credit protection, it bears the risk that a credit event will occur, requiring a Fund to pay the counterparty the set value of the defaulted bonds. If a Fund is buying credit protection, there is the risk that no credit event will occur and a Fund will receive no benefit for the premium paid.

*Interest rate swaps* – interest rate swaps allow parties to exchange their rights to receive payments on a security or other reference rate. The use of interest rate swaps involves the risk that the subadviser will not accurately predict anticipated changes in interest rates, which may result in losses to the Fund. Interest rate swaps also involve the possible failure of a counterparty to perform in accordance with the terms of the swap agreement. If a counterparty defaults on its obligations under a swap agreement, the Fund may lose any amount it expected to receive from the counterparty, potentially including amounts in excess of the Fund's initial investment.

*Total return swaps* – total return swaps allow the party receiving the total return to gain exposure and benefit from an underlying reference asset without actually having to own it. Total return swaps will create leverage and the Fund may experience substantial gains or losses in value as a result of relatively small changes in the value of the underlying asset. In addition, total return swaps are subject to credit and counterparty risk. If the counterparty fails to meet its obligations the Fund could sustain significant losses. Total return swaps also are subject to the risk that the Fund will not properly assess the value of the underlying asset. If the Fund is the buyer of a total return swap, the Fund will lose money if the total return of the underlying asset is less than the Fund's obligation to pay a fixed or

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

floating rate of interest. If the Fund is the seller of a total return swap, the Fund could lose money if the total returns of the underlying asset are greater than the fixed or floating rate of interest it would receive.

*Leverage* – leverage is created when an investment exposes a Fund to a risk of loss that exceeds the amount invested. Certain derivatives provide the potential for investment gain or loss that is several times greater than the change in the value of an underlying security, asset, interest rate, index or currency, resulting in the potential for a loss that is substantially greater than the amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Because leverage can magnify the effects of changes in the value of a Fund and make a Fund's share price more volatile, a shareholder's investment in a Fund may be more volatile, resulting in larger gains or losses in response to the fluctuating prices of a Fund's investments. Further, the use of leverage typically requires a Fund to make margin payments, which might impair a 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 a Fund sell a portfolio security at a disadvantageous time.

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 Funds and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA in its management of the Funds.

***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.

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

*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. The Chinese government's acceptance of the VIE structure is evolving, and the China Securities Regulatory Commission ("CSRC") has released 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*** – 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:

● 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*** – 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

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

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;●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 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.

***Frontier markets risk*** – 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 often exercise substantial influence over many aspects of the private sector. In some cases, the governments of such frontier market countries 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,

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

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 is restricted or controlled to varying degrees. These restrictions or controls 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 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 a 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 a Fund.

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 experience as banks in developed markets. In addition, in certain countries there are 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 will be in jeopardy because of failures of or defects in the settlement systems.

***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.

***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 Funds 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 Funds.

***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 a 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 a Fund's investments to decline significantly. The Federal Reserve

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

Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on a 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. A 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.

*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 a Fund's income. Like other debt securities, floating- and variable-rate securities are subject to interest rate risk. A 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 a 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 a 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, a 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 a Fund's value or prevent a Fund from

being able to take advantage of other investment opportunities. Liquidity risk also refers to the risk that a 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, a 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 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.

***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

------

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

more quickly than originally anticipated and a 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, 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 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 a 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.

***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 a Fund to reinvest the proceeds from the principal prepayments at lower interest rates, which reduces a Fund's income.

In addition, changes in prepayment levels can increase the volatility of prices and yields on mortgage- and asset-backed securities. If a 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, a Fund may not recover the premium, resulting in a capital loss.

***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.

***Redemptions risk*** – a 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 shares of other mutual funds. As a result, from time to time, a Fund may experience relatively large redemptions or investments. Large or continuous redemptions may increase a Fund's transaction costs and could cause a Fund's operating expenses to be allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. If funds-of-funds or other large shareholders redeem large amounts of shares rapidly or unexpectedly, a Fund may have to sell portfolio securities at times when it would not otherwise do so, which could negatively impact a Fund's net asset value and liquidity.

***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.

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

***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.

***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.

***Value style ris*k** – over time, a value investing style will go in and out of favor, causing the 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, the 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 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.

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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 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 235 Pine Street, Suite 1800, San Francisco, CA 94104, is the subadviser to the Nationwide Bailard International Equities 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 $7.8 billion in assets under management. Bailard has been providing investment management services since 1972.

**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.

**VICTORY CAPITAL MANAGEMENT INC. ("VICTORY CAPITAL")**, located at 15935 La Cantera Pkwy, San Antonio, TX 78256, is the subadviser to the Nationwide Strategic Income Fund. Victory Capital is a global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which utilizes an independent approach to investment. The portfolio managers primarily responsible for the day-to-day management of the Fund are members of Victory Capital's Pioneer Investments investment franchise.

**WELLINGTON MANAGEMENT COMPANY LLP ("WELLINGTON MANAGEMENT")**, located at 280 Congress Street, Boston, MA 02210, is the subadviser to the Nationwide International Small Cap Fund. Wellington Management is a Delaware limited liability partnership.

Wellington Management has been a registered investment adviser since October 1979.

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 International Equities <br> Fund<br>| 0.75<br> %<br>|
| Nationwide International Small Cap Fund | 0.75<br> %<br>|
| Nationwide Schroders Global Equity Fund | 0.65<br> %<br>|
| Nationwide Strategic Income Fund | 0.42<br> %<br>|

---

Beginning January 1, 2026, the Nationwide Bailard International Equities Fund began paying NFA an annual management fee based on the rates in the table below, which are expressed as a percentage of the Nationwide Bailard International Equities Fund's average daily net assets, without taking into account any applicable fee waivers or reimbursements.

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Management Fee** |
| Nationwide Bailard International <br> Equities Fund | Up to $1 billion | 0.60<br> %<br>|
| Nationwide Bailard International <br> Equities Fund | $1 billion and more | 0.55<br> %<br>|

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**Portfolio Management**

**Nationwide Bailard International Equities Fund** 

Eric P. Leve, CFA and Daniel McKellar, CFA, are jointly responsible for the day-to-day management of the Fund.

Mr. Leve is Executive Vice President, International Equities at Bailard. He joined Bailard in 1987 and has over 30 years of investment experience.

Mr. McKellar is Senior Vice President, International Equities at Bailard. He joined Bailard in 2011 and has over 15 years of investment experience.

**Nationwide International Small Cap Fund** 

Jonathan G. White, CFA, and Mary L. Pryshlak, CFA, are jointly responsible for the day-to-day management of the Fund.

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

Mr. White is Managing Director and Director, Research Portfolios of Wellington Management, and joined the firm in 1999.

Ms. Pryshlak is Senior Managing Director and Head of Investment Research at Wellington Management, and joined the firm in 2004.

**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.

**Nationwide Strategic Income Fund** 

Victory Capital uses a team of portfolio managers from its investment franchise, Pioneer Investments ("Pioneer") to manage the Fund. The portfolio managers who are jointly and primarily responsible for day-to-day management of the Fund are Jonathan M. Duensing, CFA, and Jeffrey C. Galloway, CFA.

Mr. Duensing is Senior Managing Director, Director of Fixed Income, and Portfolio Manager of Pioneer. He joined Victory Capital in 2025, and the predecessor investment adviser in 1996.

Mr. Galloway is Senior Vice President, Portfolio Manager, and Senior Credit Analyst of Pioneer. He joined Victory Capital in 2025, and the predecessor investment adviser in 2006.

**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.

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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, 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% (2.25% for Nationwide Strategic Income Fund) 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 for Nationwide Bailard International Equities Fund, Nationwide International Small Cap Fund and Nationwide Schroders Global Equity Fund** 

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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 $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\* |

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\*

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

**Front-End Sales Charges for Class A Shares for Nationwide Strategic Income Fund** 

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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 | 2.25<br> %<br>| 2.30<br> %<br>| 2.00<br> %<br>|
| $100,000 to $249,999 | 1.75 | 1.78 | 1.50 |
| $250,000 to $499,999 | 1.25 | 1.27 | 1.00 |
| $500,000 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;

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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 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

&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.

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

Purchases of $1 million or more of Class A shares of the Nationwide Bailard International Equities Fund, Nationwide International Small Cap Fund and Nationwide Schroders Global Equity Fund shares, and $500,000 or more of Class A shares of the Nationwide Strategic Income 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 Funds in this Prospectus) at one time, or you can utilize the ROA discount and Letter of Intent discount as described

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

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 (Nationwide Bailard International Equities Fund, Nationwide International Small Cap Fund and Nationwide Schroders Global Equity Fund)** 

---

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

---

**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares (Nationwide Strategic Income Fund)** 

---

| | |
|:---|:---|
| **Amount of Purchase** | **$500,000 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 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 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;&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;●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.

**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.

**Share Classes Available Only to Institutional Accounts**

The Funds offer 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 (i) written contracts entered into by the Distributor or its affiliate prior

------

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

to April 1, 2014, and (ii) solely as it relates to the Nationwide International Small Cap Fund, written contracts entered into since that date by the Distributor or its affiliate with a limited number of selected financial intermediaries.

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;

&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 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 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 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 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 and Institutional Service Class shares; however, many intermediaries do not charge the maximum permitted fee or

------

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

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 Bailard International Equities Fund** Class A and Institutional Service Class shares: 0.05% and 0.12%, respectively.

**Nationwide International Small Cap Fund** Class A and Institutional Service Class shares: 0.25% and 0.12%, respectively.

**Nationwide Schroders Global Equity Fund** Class A and Institutional Service Class shares: 0.08% and 0.25%, respectively.

**Nationwide Strategic Income Fund** Class A and Institutional Service Class shares: 0.16% and 0.12%, respectively.

Because these fees are paid out of a 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 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.

------

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

***By Regular Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services

P.O. Box 219336,

Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336,

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.

---

| | |
|:---|:---|
| **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.** |
| **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>|
| **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>|
| **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>|
| **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>|
| **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>| **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>|
| **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>|
| **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>|

---

------

**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 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

------

**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.

---

| | |
|:---|:---|
| **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) |
| To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| 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 |
| **Class M Shares** | **Class M Shares** |
| To open an account | $5,000 (per Fund) |
| Additional Investments | $100 |

---

---

| |
|:---|
| **Minimum Investments** |
| 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

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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 (except for the Nationwide Strategic Income Fund) expects to declare and distribute its net investment income, if any, to shareholders as dividends quarterly. The Nationwide Strategic Income Fund expects to declare and distribute its net investment income, if any, to shareholders as dividends monthly. 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 PricewaterhouseCoopers LLP, 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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE BAILARD INTERNATIONAL EQUITIES 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $9.63 | $0.20 | $2.23 | $2.43 | $(0.33) | $— | $(0.33) | $11.73 | 25.90% | $7419 | 1.19% | 1.94% | 1.19% | 41.36% |
| 10/31/2024 | 7.94 | 0.18 | 1.75 | 1.93 | (0.24) |  | (0.24) | 9.63 | 24.53% | 4945 | 1.20% | 1.92% | 1.20% | 38.37% |
| 10/31/2023 | 6.84 | 0.17 | 1.11 | 1.28 | (0.18) |  | (0.18) | 7.94 | 18.73% | 3557 | 1.22% | 2.12% | 1.22% | 47.96% |
| 10/31/2022 | 9.38 | 0.18 | (2.42) | (2.24) | (0.30) |  | (0.30) | 6.84 | (24.53)% | 2864 | 1.24% | 2.16% | 1.24% | 44.83% |
| 10/31/2021 | 7.33 | 0.18 | 2.03 | 2.21 | (0.16) |  | (0.16) | 9.38 | 30.34% | 4314 | 1.26% | 1.93% | 1.26% | 39.84% |
| **Class M Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.66 | 0.23 | 2.24 | 2.47 | (0.35) |  | (0.35) | 11.78 | 26.33% | 237879 | 0.89% | 2.23% | 0.89% | 41.36% |
| 10/31/2024 | 7.96 | 0.21 | 1.76 | 1.97 | (0.27) |  | (0.27) | 9.66 | 24.89% | 188371 | 0.88% | 2.21% | 0.88% | 38.37% |
| 10/31/2023 | 6.85 | 0.20 | 1.12 | 1.32 | (0.21) |  | (0.21) | 7.96 | 19.27% | 155910 | 0.89% | 2.50% | 0.89% | 47.96% |
| 10/31/2022 | 9.40 | 0.20 | (2.43) | (2.23) | (0.32) |  | (0.32) | 6.85 | (24.39)% | 134084 | 0.91% | 2.51% | 0.91% | 44.83% |
| 10/31/2021 | 7.34 | 0.21 | 2.04 | 2.25 | (0.19) |  | (0.19) | 9.40 | 30.85% | 185472 | 0.92% | 2.29% | 0.92% | 39.84% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.66 | 0.23 | 2.24 | 2.47 | (0.35) |  | (0.35) | 11.78 | 26.33% | 7346 | 0.92% | 2.12% | 0.92% | 41.36% |
| 10/31/2024 | 7.96 | 0.21 | 1.76 | 1.97 | (0.27) |  | (0.27) | 9.66 | 24.89% | 1649 | 0.88% | 2.22% | 0.88% | 38.37% |
| 10/31/2023 | 6.85 | 0.21 | 1.11 | 1.32 | (0.21) |  | (0.21) | 7.96 | 19.27% | 1374 | 0.89% | 2.53% | 0.89% | 47.96% |
| 10/31/2022 | 9.40 | 0.17 | (2.40) | (2.23) | (0.32) |  | (0.32) | 6.85 | (24.39)% | 1306 | 0.91% | 2.02% | 0.91% | 44.83% |
| 10/31/2021 | 7.34 | 0.21 | 2.04 | 2.25 | (0.19) |  | (0.19) | 9.40 | 30.85% | 10519 | 0.92% | 2.35% | 0.92% | 39.84% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.66 | 0.21 | 2.25 | 2.46 | (0.34) |  | (0.34) | 11.78 | 26.19% | 6677 | 1.01% | 1.95% | 1.01% | 41.36% |
| 10/31/2024 | 7.96 | 0.20 | 1.76 | 1.96 | (0.26) |  | (0.26) | 9.66 | 24.85% | 3551 | 0.94% | 2.10% | 0.94% | 38.37% |
| 10/31/2023 | 6.85 | 0.20 | 1.12 | 1.32 | (0.21) |  | (0.21) | 7.96 | 19.21% | 3485 | 0.93% | 2.44% | 0.93% | 47.96% |
| 10/31/2022 | 9.39 | 0.20 | (2.43) | (2.23) | (0.31) |  | (0.31) | 6.85 | (24.34)% | 3726 | 0.95% | 2.43% | 0.95% | 44.83% |
| 10/31/2021 | 7.33 | 0.19 | 2.06 | 2.25 | (0.19) |  | (0.19) | 9.39 | 30.84% | 9593 | 0.96% | 2.12% | 0.96% | 39.84% |

---

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.

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**FINANCIAL HIGHLIGHTS: NATIONWIDE INTERNATIONAL SMALL CAP 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $10.14 | $0.16 | $2.33 | $2.49 | $(0.79) | $— | $(0.79) | $11.84 | 27.09% | $168 | 1.22% | 1.63% | 1.43% | 132.52% |
| 10/31/2024 | 8.37 | 0.14 | 1.88 | 2.02 | (0.25) |  | (0.25) | 10.14 | 24.35% | 290 | 1.23% | 1.43% | 1.37% | 88.45% |
| 10/31/2023 | 7.87 | 0.13 | 0.41 | 0.54 | (0.04) |  | (0.04) | 8.37 | 6.85% | 322 | 1.25% | 1.41% | 1.39% | 81.93% |
| 10/31/2022 | 13.67 | 0.11 | (4.00) | (3.89) | (0.47) | (1.44) | (1.91) | 7.87 | (32.45)% | 240 | 1.46% | 1.12% | 1.52% | 85.43% |
| 10/31/2021 | 9.66 | 0.13 | 3.96 | 4.09 | (0.08) |  | (0.08) | 13.67 | 42.50% | 1158 | 1.41% | 1.00% | 1.43% | 73.74% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.19 | 0.19 | 2.36 | 2.55 | (0.82) |  | (0.82) | 11.92 | 27.64%<sup>(g)</sup> | 162999 | 0.91% | 1.84% | 1.11% | 132.52% |
| 10/31/2024 | 8.43 | 0.18 | 1.88 | 2.06 | (0.30) |  | (0.30) | 10.19 | 24.62%<sup>(g)</sup> <br>| 224998 | 0.90% | 1.87% | 1.03% | 88.45% |
| 10/31/2023 | 7.95 | 0.16 | 0.43 | 0.59 | (0.11) |  | (0.11) | 8.43 | 7.28% | 486988 | 0.90% | 1.79% | 1.03% | 81.93% |
| 10/31/2022 | 13.76 | 0.16 | (4.04) | (3.88) | (0.49) | (1.44) | (1.93) | 7.95 | (32.11)% | 490565 | 0.95% | 1.62% | 1.02% | 85.43% |
| 10/31/2021 | 9.72 | 0.13 | 4.03 | 4.16 | (0.12) |  | (0.12) | 13.76 | 43.01% | 675666 | 0.99% | 1.03% | 1.01% | 73.74% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.18 | 0.18 | 2.35 | 2.53 | (0.81) |  | (0.81) | 11.90 | 27.42% | 97766 | 1.03% | 1.78% | 1.23% | 132.52% |
| 10/31/2024 | 8.41 | 0.17 | 1.88 | 2.05 | (0.28) |  | (0.28) | 10.18 | 24.50% | 79530 | 1.03% | 1.72% | 1.17% | 88.45% |
| 10/31/2023 | 7.94 | 0.15 | 0.41 | 0.56 | (0.09) |  | (0.09) | 8.41 | 7.03% | 52678 | 1.01% | 1.69% | 1.14% | 81.93% |
| 10/31/2022 | 13.73 | 0.14 | (4.00) | (3.86) | (0.49) | (1.44) | (1.93) | 7.94 | (32.06)% | 43027 | 1.03% | 1.50% | 1.09% | 85.43% |
| 10/31/2021 | 9.70 | 0.13 | 4.01 | 4.14 | (0.11) |  | (0.11) | 13.73 | 42.84% | 43726 | 1.09% | 1.03% | 1.11% | 73.74% |

---

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.

(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.

------

**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 Income**<br> **(Loss)**<sup>(a)</sup><br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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 Investment 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $22.60 | $0.07 | $4.93 | $5.00 | $(0.25) | $(1.43) | $(1.68) | $25.92 | 23.91% | $43866 | 1.13% | 0.30% | 1.13% | 41.80% |
| 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 | 18.17 | 0.05 | 1.90 | 1.95 | (0.06) | (1.58) | (1.64) | 18.48 | 11.31% | 35482 | 1.25% | 0.25% | 1.32% | 42.83% |
| 10/31/2022 | 25.87 | 0.10 | (4.68) | (4.58) | (0.08) | (3.04) | (3.12) | 18.17 | (19.99)% | 34769 | 1.31% | 0.47% | 1.49% | 28.25% |
| 10/31/2021 | 18.29 | (0.03) | 7.86 | 7.83 | (0.05) | (0.20) | (0.25) | 25.87 | 43.09% | 47775 | 1.30% | (0.11)% | 1.55% | 39.73% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 23.70 | 0.15 | 5.19 | 5.34 | (0.34) | (1.43) | (1.77) | 27.27 | 24.32% | 12183 | 0.80% | 0.61% | 0.80% | 41.80% |
| 10/31/2024 | 19.37 | 0.12 | 4.36 | 4.48 | (0.15) |  | (0.15) | 23.70 | 23.19% | 9333 | 0.89% | 0.52% | 0.89% | 31.22% |
| 10/31/2023 | 18.96 | 0.12 | 1.98 | 2.10 | (0.11) | (1.58) | (1.69) | 19.37 | 11.67% | 7487 | 0.90% | 0.62% | 0.95% | 42.83% |
| 10/31/2022 | 26.89 | 0.17 | (4.88) | (4.71) | (0.18) | (3.04) | (3.22) | 18.96 | (19.73)% | 5159 | 0.96% | 0.80% | 1.14% | 28.25% |
| 10/31/2021 | 18.99 | 0.05 | 8.16 | 8.21 | (0.11) | (0.20) | (0.31) | 26.89 | 43.56% | 7682 | 0.95% | 0.22% | 1.20% | 39.73% |
| **Institutional** <br> **Service** <br> **Class Shares**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 23.71 | 0.09 | 5.20 | 5.29 | (0.27) | (1.43) | (1.70) | 27.30 | 24.02% | 186917 | 1.05% | 0.37% | 1.05% | 41.80% |
| 10/31/2024 | 19.39 | 0.06 | 4.36 | 4.42 | (0.10) |  | (0.10) | 23.71 | 22.83% | 170533 | 1.14% | 0.25% | 1.14% | 31.22% |
| 10/31/2023 | 18.97 | 0.11 | 1.97 | 2.08 | (0.08) | (1.58) | (1.66) | 19.39 | 11.58% | 153290 | 1.02% | 0.57% | 1.02% | 42.83% |
| 10/31/2022 | 26.89 | 0.16 | (4.88) | (4.72) | (0.16) | (3.04) | (3.20) | 18.97 | (19.78)% | 5359 | 1.02% | 0.76% | 1.20% | 28.25% |
| 10/31/2021 | 18.99 | 0.03 | 8.16 | 8.19 | (0.09) | (0.20) | (0.29) | 26.89 | 43.44% | 6920 | 1.05% | 0.14% | 1.30% | 39.73% |

---

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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE STRATEGIC INCOME FUND (FORMERLY, NATIONWIDE AMUNDI STRATEGIC INCOME 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 Income**<sup>(a)</sup><br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $10.00 | $0.59 | $0.12 | $0.71 | $(0.50) | $— | $(0.50) | $10.21 | 7.33% | $131915 | 0.90% | 5.85% | 1.01% | 290.32% |
| 10/31/2024 | 9.43 | 0.60 | 0.50 | 1.10 | (0.53) |  | (0.53) | 10.00 | 11.91% | 38516 | 0.99% | 6.16% | 1.15% | 220.79% |
| 10/31/2023 | 9.68 | 0.60 | 0.12 | 0.72 | (0.47) | (0.50) | (0.97) | 9.43 | 7.90% | 15994 | 0.90% | 6.36% | 1.10% | 49.85% |
| 10/31/2022 | 10.55 | 0.49 | (0.96) | (0.47) | (0.40) |  | (0.40) | 9.68 | (4.55)% | 1799 | 0.79% | 4.84% | 1.02% | 75.11% |
| 10/31/2021 | 10.11 | 0.40 | 0.62 | 1.02 | (0.58) |  | (0.58) | 10.55 | 10.35% | 1410 | 0.83% | 3.80% | 1.07% | 101.89% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.01 | 0.63 | 0.12 | 0.75 | (0.55) |  | (0.55) | 10.21 | 7.69% | 91626 | 0.49% | 6.28% | 0.60% | 290.32% |
| 10/31/2024 | 9.43 | 0.65 | 0.50 | 1.15 | (0.57) |  | (0.57) | 10.01 | 12.55% | 70980 | 0.49% | 6.68% | 0.65% | 220.79% |
| 10/31/2023 | 9.69 | 0.64 | 0.10 | 0.74 | (0.50) | (0.50) | (1.00) | 9.43 | 8.15% | 54882 | 0.49% | 6.75% | 0.71% | 49.85% |
| 10/31/2022 | 10.55 | 0.51 | (0.94) | (0.43) | (0.43) |  | (0.43) | 9.69 | (4.19)% | 51242 | 0.49% | 5.02% | 0.73% | 75.11% |
| 10/31/2021 | 10.11 | 0.43 | 0.63 | 1.06 | (0.62) |  | (0.62) | 10.55 | 10.72% | 97899 | 0.49% | 4.14% | 0.73% | 101.89% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.01 | 0.62 | 0.11 | 0.73 | (0.53) |  | (0.53) | 10.21 | 7.55% | 1236935 | 0.61% | 6.16% | 0.72% | 290.32% |
| 10/31/2024 | 9.43 | 0.64 | 0.50 | 1.14 | (0.56) |  | (0.56) | 10.01 | 12.41% | 530870 | 0.61% | 6.52% | 0.77% | 220.79% |
| 10/31/2023 | 9.68 | 0.62 | 0.12 | 0.74 | (0.49) | (0.50) | (0.99) | 9.43 | 8.13% | 147999 | 0.61% | 6.63% | 0.82% | 49.85% |
| 10/31/2022 | 10.55 | 0.50 | (0.95) | (0.45) | (0.42) |  | (0.42) | 9.68 | (4.40)% | 69124 | 0.61% | 4.99% | 0.84% | 75.11% |
| 10/31/2021 | 10.10 | 0.43 | 0.63 | 1.06 | (0.61) |  | (0.61) | 10.55 | 10.69%<sup>(g)</sup> | 53980 | 0.61% | 4.07% | 0.85% | 101.89% |

---

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.

(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 44 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. Effective May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement; 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. For more details on the timing, please refer to 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;

------

**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 due to return of excess contributions from an IRA account;

&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. ("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 within the purchaser's Baird household, 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 due to 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;

------

**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 bought due to returns 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 Baird fees, but only if the transaction is initiated by Baird; and

● shares purchased through a Right of Reinstatement.

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

● 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 Nationwide Funds assets held by accounts within the purchaser's household at Baird. Eligible Nationwide Funds 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 (LOI) which allow for breakpoint discounts based on anticipated purchases within Nationwide Funds, 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;

&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.

------

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

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

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

&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**

Nationwide Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219336

Kansas City, MO 64121-9336

**By Overnight Mail**

Nationwide Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336

Kansas City, MO 64105-1307

**For 24-Hour Access**

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 (3/26)

------

Index Funds

Prospectus March 2, 2026

---

| |
|:---|
| **Nationwide Bond Index Fund** |
| Class A (GBIAX) / Class R (n/a)<br> Class R6 (GBXIX) / Institutional Service Class (NWXOX)<br>|
| **Nationwide International Index Fund** |
| Class A (GIIAX) / Class R (GIIRX)<br> Class R6 (GIXIX) / Institutional Service Class (NWXPX)<br>|
| **Nationwide Mid Cap Market Index Fund** |
| Class A (GMXAX) / Class R (GMXRX)<br> Class R6 (GMXIX) / Institutional Service Class (NWXQX)<br>|
| **Nationwide NYSE Arca Tech 100 Index Fund** |
| Class A (NWJCX) / Class R6 (NWJEX)<br> Institutional Service Class (NWJFX)<br>|
| **Nationwide S&P 500 Index Fund** |
| Class A (GRMAX) / Class R (GRMRX)<br> Class R6 (GRMIX) / Service Class (GRMSX) / Institutional <br> Service Class (GRISX)<br>|
| **Nationwide Small Cap Index Fund** |
| Class A (GMRAX) / Class R (GMSRX)<br> Class R6 (GMRIX) / Institutional Service Class (NWXRX)<br>|

---

&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;

**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**![](g49631img273f86d01.gif)

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**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_d8d125e4-2da6-41fd-b985-681901bec361_1)** |
|  | [Nationwide Bond Index Fund](#xx_d8d125e4-2da6-41fd-b985-681901bec361_1) |
|  | [Nationwide International Index Fund](#xx_7b7c2708-19cc-4c5a-a4a1-3833c2ae8f05_1) |
|  | [Nationwide Mid Cap Market Index Fund](#xx_6d1ead3b-0ef0-4d9f-8225-d18d2d189a1d_1) |
|  | [Nationwide NYSE Arca Tech 100 Index Fund](#xx_8b87154a-bdb6-4b1b-ac3a-c55a4ea89641_1) |
|  | [Nationwide S&P 500 Index Fund](#xx_e4bf0843-243a-4a11-890a-a48ef2ab61a0_1) |
|  | [Nationwide Small Cap Index Fund](#xx_132a302e-191a-4550-8e78-a7eba30d30b0_1) |
| **27** | **[How the Funds Invest](#xx_791d40af-5f40-4d65-929e-ddc79c85f434_1)** |
|  | [Nationwide Bond Index Fund](#xx_791d40af-5f40-4d65-929e-ddc79c85f434_1) |
|  | [Nationwide International Index Fund](#xx_f994f1ad-fbfb-4e56-bc87-49166102d9a6_1) |
|  | [Nationwide Mid Cap Market Index Fund](#xx_0afb8ee8-07bc-425c-a923-151e7d8fbe04_1) |
|  | [Nationwide NYSE Arca Tech 100 Index Fund](#xx_8c9ba4e1-ffea-4aaf-b25f-eb5d073bf783_1) |
|  | [Nationwide S&P 500 Index Fund](#xx_d6dabbc6-e965-4c4a-b1ef-7d58669d1719_1) |
|  | [Nationwide Small Cap Index Fund](#xx_690b92f6-c407-46ec-aa01-576f27c02cda_1) |
| **34** | **[Risks of Investing in the Funds](#xx_b6c802a4-8261-4974-b837-ae7b769cb56b_1)** |
| **41** | **[Fund Management](#xx_d53104e3-b5cd-406b-9f0c-2afecd4a208f_1)** |
| **43** | **[Investing with Nationwide Funds](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_1)** |
|  | [Share Classes](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_1) |
|  | [Sales Charges and Fees](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_4) |
|  | [Revenue Sharing](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_5) |
|  | [Contacting Nationwide Funds](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_6) |
|  | [Fund Transactions](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_7) |
|  | [Buying Shares](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_8) |
|  | [Fair Value Pricing](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_8) |
|  | [Exchanging Shares](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_10) |
|  | [Selling Shares](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_10) |
|  | [Excessive or Short-Term Trading](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_11) |
| **55** | **[Distributions and Taxes](#xx_cc391541-0ebb-430f-b7fb-247e5a3750da_1)** |
| **58** | **[Additional Information](#xx_3373ab5a-2cba-4d89-a64b-01f38517fcd8_1)** |
| **59** | **[Financial Highlights](#xx_84e049ea-1da0-4ad1-80d5-c068aa28e14e_1)** |
| **66** | **[Appendix A](#xx_6b772b90-e660-4b83-8a2b-1472035c630b_1)** |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_6b772b90-e660-4b83-8a2b-1472035c630b_1) |

---

------

**Fund Summary:** Nationwide Bond Index Fund

**Objective** 

The Nationwide Bond Index Fund seeks to match the performance of the Bloomberg U.S. Aggregate Bond Index ("Aggregate Bond Index") as closely as possible before the deduction of Fund expenses.

**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 43 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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) | 2.25% |  |  |  |

---

**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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.18% | 0.18% | 0.18% | 0.18% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.30% | 0.38% | 0.13% | 0.38% |
| **Total Annual Fund Operating Expenses** | 0.73% | 1.06% | 0.31% | 0.56% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.09)% | (0.09)% | (0.09)% | (0.09)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.64% | 0.97% | 0.22% | 0.47% |

---

<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 0.22% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 Bond Index 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 | $289 | $444 | $613 | $1103 |
| Class R Shares | 99 | 328 | 576 | 1286 |
| Class R6 Shares | 23 | 91 | 165 | 384 |
| Institutional Service <br> Class Shares<br>| 48 | 170 | 304 | 693 |

---

**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 78.72% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs a "passive" management, or indexing, approach, which seeks to match approximately the performance of the Aggregate Bond Index before the deduction of Fund expenses. The Aggregate Bond Index represents a wide spectrum of public, investment grade, debt securities in the United States, including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed securities (collectively, "bonds"). Some of these securities may be purchased with delayed delivery. Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of bonds that are included in or correlated with the Aggregate Bond Index. The Fund does not necessarily invest in all of the bonds in the index, or in the same weightings. The Fund may invest in bonds not included in the Aggregate Bond Index which are selected to reflect characteristics such as maturity, duration, or credit quality similar to the Aggregate Bond Index. The Fund also may trade securities in segments of the portfolio to the extent necessary to closely mirror the duration of corresponding segments of the Index. As a result, the Fund may have different levels of interest rate, credit or prepayment risks from the levels of risks in the index. In addition, the Fund may have a higher portfolio turnover rate than that of other "index" funds.

The Fund intends to be diversified in approximately the same proportion as the Aggregate Bond Index is diversified. The Fund may become "nondiversified," as defined in the

Investment Company Act of 1940 Act, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Aggregate Bond Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Aggregate Bond Index.

**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:

***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 continued to lower 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.

***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. 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.

***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

------

**Fund Summary:** Nationwide Bond Index Fund *(cont.)*

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.

***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.

***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 securities risk*** – mortgage-backed 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.

***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.

***Index fund risk*** – the Fund does not use defensive strategies or attempt to reduce its exposure to poor performing securities. Further, correlation between the Fund's performance and that of the index is likely to be negatively affected by the Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Fund shares.

***Nondiversified fund risk*** – in seeking to track the Aggregate Bond Index, the Fund may become nondiversified as a result of a change in relative market capitalization or index weighting of one or more constituents in the Aggregate Bond Index. Because the Fund may hold larger positions in fewer securities than diversified funds, a single security's increase or decrease in value may have a greater impact on the Fund's value and total return.

***Foreign securities risk*** – foreign securities often are more volatile, harder to price and less liquid than U.S. securities.

***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.

***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. 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.

------

**Fund Summary:** Nationwide Bond Index Fund *(cont.)*

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631bdx_16.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **6.46%** | **Q4 2023** |
| **Lowest Quarter:** | **-6.12%** | **Q1 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.

The inception date for Institutional Service Class shares is December 6, 2016. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Class R6 shares. Performance for Institutional Service Class shares has been adjusted to reflect that share class's higher expenses than those of the Fund's Class R6 shares.

Class R shares have not commenced operations as of the date of this Prospectus. Pre-inception historical performance for Class R shares is based on the previous performance of Class A shares. Performance for Class R shares has been adjusted to reflect differences in sales charges between classes, but not differing expenses.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 4.11% | -1.48% | 1.08% |
| Class A Shares– After Taxes on <br> Distributions<br>| 2.76% | -2.55% | 0.09% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 2.42% | -1.54% | 0.41% |
| Class R Shares– Before Taxes | 6.54% | -1.03% | 1.30% |
| Class R6 Shares– Before Taxes | 7.00% | -0.61% | 1.73% |
| Institutional Service Class Shares– Before <br> Taxes<br>| 6.73% | -0.87% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

BlackRock Investment Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| James Mauro | Managing Director <br> and Portfolio Manager<br>| Since 2021 |
| Jonathan Graves | Managing Director <br> and Portfolio Manager<br>| Since 2025 |
| Marcus Tom | Director and Portfolio <br> 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

------

**Fund Summary:** Nationwide Bond Index Fund *(cont.)*

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 International Index Fund

**Objective** 

The Nationwide International Index Fund seeks to match the performance of the MSCI Europe, Australasia and Far East Index ("MSCI EAFE® Index") as closely as possible before the deduction of Fund expenses.

**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 43 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 0.24% | 0.24% | 0.24% | 0.24% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.27% | 0.37% | 0.12% | 0.37% |
| **Total Annual Fund Operating Expenses** | 0.76% | 1.11% | 0.36% | 0.61% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.07)% | (0.07)% | (0.07)% | (0.07)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.69% | 1.04% | 0.29% | 0.54% |

---

<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 0.29% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 International Index 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 | $641 | $797 | $967 | $1457 |
| Class R Shares | 106 | 346 | 605 | 1345 |
| Class R6 Shares | 30 | 109 | 195 | 449 |
| Institutional Service <br> Class Shares<br>| 55 | 188 | 333 | 755 |

---

**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 12.88% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs a "passive" management, or indexing, approach, which seeks to match approximately the performance of the MSCI EAFE® Index before the deduction of Fund expenses. The MSCI EAFE® Index includes equity securities of large- and mid-cap companies located in Europe, Australia and Asia (including the Far East). Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of securities of companies included in the MSCI EAFE® Index. The Fund will, under normal circumstances, invest in all of the countries represented in the MSCI EAFE® Index. The Fund may not, however, invest in all the companies within a country represented in the MSCI EAFE® Index, or in the same weightings as in the MSCI EAFE® Index.

The Fund intends to be diversified in approximately the same proportion as the MSCI EAFE® Index is diversified. The Fund may become "nondiversified," as defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the MSCI EAFE® Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the MSCI EAFE® Index.

**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.

***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.

***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.

***Mid-cap risk*** – medium-sized companies are usually less stable in price and less liquid than larger, more established companies. Therefore, they generally involve greater risk.

***Index fund risk*** – the Fund does not use defensive strategies or attempt to reduce its exposure to poor performing securities. Further, correlation between the Fund's performance and that of the index is likely to be negatively affected by the Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Fund shares.

***Nondiversified fund risk*** – in seeking to track the MSCI EAFE® Index, the Fund may become nondiversified as a result of a change in relative market capitalization or index weighting of one or more constituents in the MSCI EAFE® Index. Because the Fund may hold larger positions in fewer

------

**Fund Summary:** Nationwide International Index Fund *(cont.)*

securities than diversified funds, a single security's increase or decrease in value may have a greater impact on the Fund's value and total return.

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

***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. 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**

**(Years Ended December 31,)**

![](g49631intx_17.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **18.27%** | **Q4 2022** |
| **Lowest Quarter:** | **-22.75%** | **Q1 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.

The inception date for Institutional Service Class shares is December 6, 2016. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Class R6 shares. Performance for Institutional Service Class shares has been adjusted to reflect that share class's higher expenses than those of the Fund's Class R6 shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 23.50% | 7.10% | 7.06% |
| Class A Shares– After Taxes on <br> Distributions<br>| 21.24% | 6.07% | 5.97% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 15.05% | 5.37% | 5.37% |
| Class R Shares– Before Taxes | 30.59% | 7.98% | 7.35% |
| Class R6 Shares– Before Taxes | 31.54% | 8.80% | 8.15% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 31.28% | 8.52% | 7.92% |
| MSCI EAFE® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 31.22% | 8.92% | 8.18% |

---

------

**Fund Summary:** Nationwide International Index Fund *(cont.)*

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

BlackRock Investment Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jennifer Hsui, CFA | Managing Director, <br> Portfolio Manager<br>| Since 2019 |
| Peter Sietsema | Managing Director | Since 2023 |
| Matt Waldron, CFA | Managing Director | Since 2025 |
| Steven White | Managing Director | 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.

------

**Fund Summary:** Nationwide Mid Cap Market Index Fund

**Objective** 

The Nationwide Mid Cap Market Index Fund seeks to match the performance of the Standard & Poor's MidCap 400® Index ("S&P MidCap 400 Index") as closely as possible before the deduction of Fund expenses.

**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 43 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 0.20% | 0.20% | 0.20% | 0.20% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.23% | 0.33% | 0.08% | 0.31% |
| **Total Annual Fund Operating Expenses** | 0.68% | 1.03% | 0.28% | 0.51% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.01)% | (0.01)% | (0.01)% | (0.01)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.67% | 1.02% | 0.27% | 0.50% |

---

<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract waiving 0.01% of the management fee to which the Adviser would otherwise be entitled until March 2, 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 | $640 | $779 | $931 | $1372 |
| Class R Shares | 104 | 327 | 568 | 1259 |
| Class R6 Shares | 28 | 89 | 156 | 355 |
| Institutional Service <br> Class Shares<br>| 51 | 163 | 284 | 640 |

---

**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

------

**Fund Summary:** Nationwide Mid Cap Market Index Fund *(cont.)*

the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15.69% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs a "passive" management, or indexing, approach, which seeks to match approximately the performance of the S&P MidCap 400® Index before the deduction of Fund expenses. The S&P MidCap 400® Index includes equity securities of approximately 400 mid-cap U.S. companies in a wide range of businesses. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies included in the S&P MidCap 400® Index. The Fund does not necessarily invest in all of the securities included in the S&P MidCap 400® Index or in the same weightings.

The Fund intends to be diversified in approximately the same proportion as the S&P MidCap 400® Index is diversified. The Fund may become "nondiversified," as defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P MidCap 400® Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P MidCap 400® Index.

**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.

***Mid-cap risk*** – medium-sized companies are usually less stable in price and less liquid than larger, more established companies. Therefore, they generally involve greater risk.

***Index fund risk*** – the Fund does not use defensive strategies or attempt to reduce its exposure to poor performing securities. Further, correlation between the Fund's performance and that of the index is likely to be negatively affected by the Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Fund shares.

***Nondiversified fund risk*** – in seeking to track the S&P MidCap 400 Index, the Fund may become nondiversified as a result of a change in relative market capitalization or index weighting of one or more constituents in the S&P MidCap 400 Index. Because the Fund may hold larger positions in fewer securities than diversified funds, a single security's increase or decrease in value may have a greater impact on the Fund's value and total return.

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

***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.* 

------

**Fund Summary:** Nationwide Mid Cap Market Index Fund *(cont.)*

**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.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631mcx_16.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **24.25%** | **Q4 2020** |
| **Lowest Quarter:** | **-29.93%** | **Q1 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.

The inception date for Institutional Service Class shares is December 6, 2016. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Class R6 shares. Performance for

Institutional Service Class shares has been adjusted to reflect that share class's higher expenses than those of the Fund's Class R6 shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 0.64% | 7.12% | 9.32% |
| Class A Shares– After Taxes on <br> Distributions<br>| -2.20% | 4.51% | 6.73% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 2.25% | 5.20% | 6.93% |
| Class R Shares– Before Taxes | 6.44% | 8.06% | 9.64% |
| Class R6 Shares– Before Taxes | 7.23% | 8.85% | 10.43% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 6.98% | 8.61% | 10.21% |
| Russell 3000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.15% | 13.15% | 14.29% |
| S&P MidCap 400® Index (The Index does <br> not pay sales charges, fees, expenses or <br> taxes.)<br>| 7.50% | 9.12% | 10.72% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

BlackRock Investment Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jennifer Hsui, CFA | Managing Director, <br> Portfolio Manager<br>| Since 2019 |
| Peter Sietsema | Managing Director | Since 2023 |
| Matt Waldron, CFA | Managing Director | Since 2025 |
| Steven White | Managing Director | Since 2025 |

---

------

**Fund Summary:** Nationwide Mid Cap Market Index Fund *(cont.)*

**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.

------

**Fund Summary:** Nationwide NYSE Arca Tech 100 Index Fund

**Objective** 

The Nationwide NYSE Arca Tech 100 Index Fund seeks to track the total return of the NYSE Arca Tech 100<sup>SM</sup> Index ("NYSE Arca Tech 100 Index") before deducting for Fund expenses.

**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 43 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.22% | 0.22% | 0.22% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.17% | 0.08% | 0.21% |
| **Total Annual Fund Operating Expenses** | 0.64% | 0.30% | 0.43% |

---

**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 | $637 | $768 | $911 | $1327 |
| Class R6 Shares | 31 | 97 | 169 | 381 |
| Institutional Service <br> Class Shares<br>| 44 | 138 | 241 | 542 |

---

**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 0.31% of the average value of its portfolio.

------

**Fund Summary:** Nationwide NYSE Arca Tech 100 Index Fund *(cont.)*

**Principal Investment Strategies**

The Fund seeks 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. The market capitalizations of the companies in the NYSE Arca Tech 100 Index range from small- to large-capitalization companies.

To pursue its principal investment strategy, the Fund, under normal market conditions, invests at least 80% of its net assets in securities of companies included in the NYSE Arca Tech 100 Index. In doing so, the Fund typically invests in index securities in approximately the same proportions as they are represented in the NYSE Arca Tech 100 Index. The largest component of the NYSE Arca Tech 100 Index consists of companies in the technology sector, such as companies in the software, hardware and semiconductor industries. However, the NYSE Arca Tech 100 Index also includes companies in numerous other industries, such as aerospace and defense, health care equipment, biotechnology and others. Because the NYSE Arca Tech 100 Index includes securities from several technology industries, the Fund is permitted to invest more than 25% of its net assets in securities of companies in the technology sector.

The Fund intends to be diversified in approximately the same proportion as the NYSE Arca Tech 100 Index is diversified. The Fund may become "nondiversified," as defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the NYSE Arca Tech 100 Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the NYSE Arca Tech 100 Index.

**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.

***Index fund risk*** – the Fund does not use defensive strategies or attempt to reduce its exposure to poor performing securities. Further, correlation between the Fund's performance and that of the index is likely to be negatively affected by the Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Fund shares.

***Nondiversified fund risk*** – in seeking to track the NYSE Arca Tech 100 Index, the Fund may become nondiversified as a result of a change in relative market capitalization or index weighting of one or more constituents in the NYSE Arca Tech 100 Index. Because the Fund may hold larger positions in fewer securities than diversified funds, a single security's increase or decrease in value may have a greater impact on the Fund's value and total return.

***Concentration risk*** – the risk associated with exposure to any one industry or sector. Because the technology sector constitutes a large percentage of the NYSE Arca Tech 100 Index, the Fund focuses its investments (i.e., invests more than 25% of its total assets) in the technology sector. This sector concentration exposes the Fund to risks associated with economic conditions in the technology sector. 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.

***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.

------

**Fund Summary:** Nationwide NYSE Arca Tech 100 Index 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.

***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 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**

**(Years Ended December 31,)**

![](g49631atx_20.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **23.42%** | **Q2 2020** |
| **Lowest Quarter:** | **-17.02%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 13.00% | 12.00% | 15.73% |
| Class A Shares– After Taxes on <br> Distributions<br>| 11.88% | 8.94% | 13.74% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 8.48% | 8.91% | 12.81% |
| Class R6 Shares– Before Taxes | 20.29% | 13.72% | 16.82% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 20.13% | 13.58% | 16.68% |
| Russell 1000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.37% | 13.59% | 14.59% |
| NYSE Arca Tech 100<sup>SM</sup> Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 20.59% | 13.97% | 17.21% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

------

**Fund Summary:** Nationwide NYSE Arca Tech 100 Index Fund *(cont.)*

**Subadviser** 

Mellon Investments Corporation

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Marlene Walker Smith | Senior Director, Chief <br> Investment Officer, <br> Mellon<br>| Since 2020 |
| David France, CFA | Senior Vice President, <br> Senior Portfolio <br> Manager of Equity <br> Index Portfolio <br> Management<br>| Since 2020 |
| Todd Frysinger, CFA | Senior Vice President, <br> Senior Portfolio <br> Manager of Equity <br> Index Portfolio <br> Management<br>| Since 2020 |
| Vlasta Sheremeta, <br> CFA<br>| Senior Vice President, <br> Senior Portfolio <br> Manager of Equity <br> Index Portfolio <br> Management<br>| Since 2020 |
| Michael Stoll | Senior Vice President, <br> Senior Portfolio <br> Manager of Equity <br> Index Portfolio <br> Management<br>| Since 2020 |

---

**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 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 S&P 500 Index Fund

**Objective** 

The Nationwide S&P 500 Index Fund seeks 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 ("S&P 500 Index").

**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 43 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R<br> Shares<br>| Class R6<br> Shares<br>| Service Class<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering <br> price)<br>| 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>| Service Class<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  | 0.15% |  |
| Other Expenses | 0.20% | 0.31% | 0.06% | 0.31% | 0.31% |
| **Total Annual Fund Operating Expenses** | 0.57% | 0.93% | 0.18% | 0.58% | 0.43% |

---

**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 | $630 | $747 | $875 | $1248 |
| Class R Shares | 95 | 296 | 515 | 1143 |
| Class R6 Shares | 18 | 58 | 101 | 230 |
| Service Class Shares | 59 | 186 | 324 | 726 |
| Institutional Service <br> Class Shares<br>| 44 | 138 | 241 | 542 |

---

**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 3.39% of the average value of its portfolio.

------

**Fund Summary:** Nationwide S&P 500 Index Fund *(cont.)*

**Principal Investment Strategies**

The Fund employs a "passive" management, or indexing, approach, which seeks to match approximately the performance of the S&P 500 Index before the deduction of Fund expenses. The S&P 500 Index includes equity securities of approximately 500 large U.S. companies in a wide range of businesses. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies included in the S&P 500 Index. The Fund does not necessarily invest in all of the securities included in the S&P 500 Index or in the same weightings.

The Fund intends to be diversified in approximately the same proportion as the S&P 500 Index is diversified. The Fund may become "nondiversified," as defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500 Index.

**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.

***Index fund risk*** – the Fund does not use defensive strategies or attempt to reduce its exposure to poor performing securities. Further, correlation between the Fund's performance and that of the index is likely to be negatively affected by the Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Fund shares.

***Nondiversified fund risk*** – in seeking to track the S&P 500 Index, the Fund may become nondiversified as a result of a change in relative market capitalization or index weighting of one or more constituents in the S&P 500 Index. Because the Fund may hold larger positions in fewer securities than diversified funds, a single security's increase or decrease in value may have a greater impact on the Fund's value and total return.

***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.

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

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

------

**Fund Summary:** Nationwide S&P 500 Index Fund *(cont.)*

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631spx_17.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.45%** | **Q2 2020** |
| **Lowest Quarter:** | **-19.73%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 10.49% | 12.43% | 13.48% |
| Class A Shares– After Taxes on <br> Distributions<br>| 9.21% | 11.64% | 12.10% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 7.09% | 9.81% | 10.72% |
| Class R Shares– Before Taxes | 16.86% | 13.37% | 13.82% |
| Class R6 Shares– Before Taxes | 17.68% | 14.22% | 14.62% |
| Service Class Shares– Before Taxes | 17.25% | 13.76% | 14.17% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 17.36% | 13.93% | 14.34% |
| S&P 500® Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| 17.88% | 14.42% | 14.82% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

BlackRock Investment Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jennifer Hsui, CFA | Managing Director, <br> Portfolio Manager<br>| Since 2019 |
| Peter Sietsema | Managing Director | Since 2023 |
| Matt Waldron, CFA | Managing Director | Since 2025 |
| Steven White | Managing Director | 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> Service Class: $25,000<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, 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.

------

**Fund Summary:** Nationwide S&P 500 Index Fund *(cont.)*

**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 Small Cap Index Fund

**Objective** 

The Nationwide Small Cap Index Fund seeks to match the performance of the Russell 2000® Index ("Russell 2000 Index") as closely as possible before the deduction of Fund expenses.

**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 43 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 0.19% | 0.19% | 0.19% | 0.19% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.28% | 0.37% | 0.12% | 0.37% |
| **Total Annual Fund Operating Expenses** | 0.72% | 1.06% | 0.31% | 0.56% |
| Fee Waiver/Expense Reimbursement<sup>(1),(2)</sup> | (0.05)% | (0.05)% | (0.05)% | (0.05)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.67% | 1.01% | 0.26% | 0.51% |

---

<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract waiving 0.02% of the management fee to which the Adviser would otherwise be entitled until March 2, 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.

<sup>(2)</sup>

The Trust and the Adviser have entered into a written contract limiting annual fund operating expenses to 0.28% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**Example**

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

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 Small Cap Index 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 | $640 | $787 | $948 | $1414 |
| Class R Shares | 103 | 332 | 580 | 1290 |
| Class R6 Shares | 27 | 95 | 169 | 388 |
| Institutional Service <br> Class Shares<br>| 52 | 174 | 308 | 697 |

---

**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 14.57% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs a "passive" management, or indexing, approach, which seeks to match approximately the performance of the Russell 2000® Index before the deduction of Fund expenses. The Russell 2000® Index is composed of equity securities of approximately 2,000 small-cap U.S. companies in a wide range of businesses. To the extent that the Russell 2000® Index emphasizes certain sectors, the Fund will likely similarly emphasize any such sectors. Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of securities of companies included in the Russell 2000® Index. The Fund does not necessarily invest in all of the securities included in the Russell 2000® Index or in the same weightings.

The Fund intends to be diversified in approximately the same proportion as the Russell 2000® Index is diversified. The Fund may become "nondiversified," as defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Russell 2000® Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Russell 2000® Index.

**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.

***Small-cap 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.

***Index fund risk*** – the Fund does not use defensive strategies or attempt to reduce its exposure to poor performing securities. Further, correlation between the Fund's performance and that of the index is likely to be negatively affected by the Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Fund shares.

***Nondiversified fund risk*** – in seeking to track the Russell 2000 Index, the Fund may become nondiversified as a result of a change in relative market capitalization or index weighting of one or more constituents in the Russell 2000 Index. Because the Fund may hold larger positions in fewer securities than diversified funds, a single security's increase or decrease in value may have a greater impact on the Fund's value and total return.

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

------

**Fund Summary:** Nationwide Small Cap Index Fund *(cont.)*

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. 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.

***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.

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.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631scx_17.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **31.28%** | **Q4 2020** |
| **Lowest Quarter:** | **-30.74%** | **Q1 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.

The inception date for Institutional Service Class shares is December 6, 2016. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Class R6 shares. Performance for Institutional Service Class shares has been adjusted to reflect that share class's higher expenses than those of the Fund's Class R6 shares.

------

**Fund Summary:** Nationwide Small Cap Index Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 5.75% | 4.25% | 8.41% |
| Class A Shares– After Taxes on <br> Distributions<br>| 5.14% | 3.36% | 6.29% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 3.83% | 3.13% | 6.13% |
| Class R Shares– Before Taxes | 11.81% | 5.15% | 8.73% |
| Class R6 Shares– Before Taxes | 12.72% | 5.93% | 9.51% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 12.38% | 5.70% | 9.27% |
| Russell 3000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 17.15% | 13.15% | 14.29% |
| Russell 2000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| 12.81% | 6.09% | 9.62% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

BlackRock Investment Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jennifer Hsui, CFA | Managing Director, <br> Portfolio Manager<br>| Since 2019 |
| Peter Sietsema | Managing Director | Since 2023 |
| Matt Waldron, CFA | Managing Director | Since 2025 |
| Steven White | Managing Director | 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 Bond Index Fund

**Objective** 

The Nationwide Bond Index Fund seeks to match the performance of the Bloomberg U.S. Aggregate Bond Index ("Aggregate Bond Index") as closely as possible before the deduction of Fund expenses. 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 employs a "passive" management approach, investing in a portfolio of assets whose performance the subadviser expects to match approximately the performance of the Aggregate Bond Index before the deduction of Fund expenses. This means that the Fund will buy or sell securities only when the Fund's subadviser believes it necessary in order to match the performance of the Aggregate Bond Index, and not based on its economic, financial or market analysis. Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of bonds that are included in or correlated with the Aggregate Bond Index. The Aggregate Bond Index is composed primarily of U.S. dollar-denominated ***investment grade bonds*** of different types, including:

● corporate bonds issued by U.S. and foreign companies;

● ***U.S. government securities***;

● ***mortgage-backed securities***;

● securities of foreign governments and their agencies and

&nbsp;&nbsp;&nbsp;&nbsp;●securities of supranational entities, such as the World Bank.

The Fund does not necessarily invest in all of the bonds in the index, or in the same weightings. The Fund may invest in bonds not included in the Aggregate Bond Index which are selected to reflect characteristics such as ***maturity, duration***, or credit quality similar to the Aggregate Bond Index. The Fund also may trade securities in segments of the portfolio to the extent necessary to closely mirror the duration of corresponding segments of the Index. As a result, the Fund may have different levels of interest rate, credit or prepayment risks from the levels of risks in the index. In addition, the Fund may have a higher portfolio turnover rate than that of other "index" funds.

The Fund usually invests a substantial portion of its assets in mortgage-backed securities, which may be either pass-through securities or collateralized mortgage obligations. The Fund may purchase securities on a when-issued basis, and it also may purchase or sell 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, enabling the Fund to lock in a favorable yield and price.

Foreign government and corporate bonds included in the Index are denominated in U.S. dollars. All debt securities purchased are determined to be investment grade by a rating agency at the time of investment. The subadviser monitors any subsequent rating downgrade of a security to consider what action, if any, should be taken. Downgraded securities are not required to be sold.

The Aggregate Bond Index is a market-weighted index comprising approximately 8,200 dollar-denominated investment grade bonds with maturities greater than one year. Bloomberg selects bonds for the Aggregate Bond Index based on its criteria for the Index and does not evaluate whether any particular bond is an attractive investment. Bloomberg may periodically update the Aggregate Bond Index, at which time there may be substantial changes in the composition of the Index. These composition changes may result in significant turnover in the Fund's portfolio as the Fund attempts to mirror the changes. Individuals cannot invest directly in an index.

The Fund intends to be diversified in approximately the same proportion as the Aggregate Bond Index is diversified. The 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 Aggregate Bond Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Aggregate Bond Index.

---

| |
|:---|
| **Key Terms:** |
| &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; ***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; ***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>|

---

------

**How the Funds Invest:** Nationwide Bond Index Fund *(cont.)*

---

| |
|:---|
| &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; ***U.S. government securities*** – bonds and other debt <br> securities issued and/or guaranteed as to principal and <br> interest by either the U.S. government, or by <br> U.S. government agencies, U.S. government-sponsored <br> enterprises and U.S. government instrumentalities. <br> Securities issued or guaranteed directly by the <br> U.S. government are supported by the full faith and <br> credit of the United States. Securities issued or <br> guaranteed by agencies or instrumentalities of the <br> U.S. government, and enterprises sponsored by the <br> U.S. government, are not direct obligations of the <br> United States. Therefore, such securities may not be <br> supported by the full faith and credit of the <br> United States.<br>|

---

**Principal Risks** 

The Fund is subject to the same risks that apply to all mutual funds that invest in fixed-income 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, FOREIGN SECURITIES RISK, INDEX FUND RISK, INTEREST RATE RISK, LIQUIDITY RISK, MARKET RISK, MORTGAGE-BACKED SECURITIES RISK, NONDIVERSIFIED FUND RISK, PREPAYMENT AND CALL RISK**, **SELECTION RISK** and **U.S. GOVERNMENT SECURITIES RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 34.

***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 International Index Fund

**Objective** 

The Nationwide International Index Fund seeks to match the performance of the MSCI Europe, Australasia and Far East Index ("MSCI EAFE® Index") as closely as possible before the deduction of Fund expenses. 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 employs a "passive" management approach, investing in a portfolio of assets whose performance the subadviser expects to match approximately the performance of the MSCI EAFE<sup>®</sup> Index before the deduction of Fund expenses. This means that the Fund will buy or sell securities only when the Fund's subadviser believes it necessary in order to match the performance of the MSCI EAFE<sup>®</sup> Index, and not based on its economic, financial or market analysis. Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling securities of companies included in the MSCI EAFE<sup>®</sup> Index.

The Fund will, under normal circumstances, invest in all of the countries represented in the MSCI EAFE<sup>®</sup> Index. The Fund may not, however, invest in all of the companies within a country represented in the MSCI EAFE<sup>®</sup> Index, or in the same weightings as in the MSCI EAFE<sup>®</sup> Index. The Fund's subadviser chooses investments so that the ***market capitalizations***, industry weightings and other fundamental characteristics of the securities chosen are similar to the MSCI EAFE<sup>®</sup> Index as a whole.

The MSCI EAFE<sup>®</sup> Index is composed of ***equity securities*** of large- and mid-cap companies (i.e., those with market capitalizations that ranged from $2.6 billion to $420.03 billion as of December 31, 2025) from various industries whose primary trading markets are in developed markets outside the United States. Companies included in the MSCI EAFE<sup>®</sup> Index are selected from among the larger capitalization companies in these markets. The countries currently included in the MSCI EAFE<sup>®</sup> Index are Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, The Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The country weightings are based on each country's relative market capitalization, and not its gross domestic product, which means that countries with larger capital markets (such as Japan and the United Kingdom) will have the greatest effect on the Index's performance. Individuals cannot invest directly in an index.

The Fund intends to be diversified in approximately the same proportion as the MSCI EAFE<sup>®</sup> Index is diversified. The 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 MSCI EAFE<sup>®</sup> Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the MSCI EAFE<sup>®</sup> Index.

MSCI chooses the stocks in the MSCI EAFE<sup>®</sup> Index based on factors including, among others, market capitalization, trading activity and the overall mix of industries represented in the Index. The MSCI EAFE<sup>®</sup> Index generally is considered to broadly represent the performance of stocks traded in developed international markets. Inclusion of a stock in the MSCI EAFE<sup>®</sup> Index does not mean that MSCI believes the stock to be an attractive investment. MSCI may periodically update the MSCI EAFE<sup>®</sup> Index, at which time there may be substantial changes in the composition of the Index.

---

| |
|:---|
| **Key Terms:** |
| &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; ***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 **COUNTRY OR SECTOR RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, INDEX FUND RISK, MARKET RISK, MID-CAP RISK, NONDIVERSIFIED FUND RISK, REDEMPTIONS RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 34.

***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 Mid Cap Market Index Fund

**Objective** 

The Nationwide Mid Cap Market Index Fund seeks to match the performance of the Standard & Poor's MidCap 400® Index ("S&P MidCap 400 Index") as closely as possible before the deduction of Fund expenses. 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 employs a "passive" management approach, investing in a portfolio of assets whose performance the subadviser expects to match approximately the performance of the S&P MidCap 400 Index before the deduction of Fund expenses. This means that the Fund will buy or sell securities only when the Fund's subadviser believes it necessary in order to match the performance of the S&P MidCap 400 Index, and not based on its economic, financial or market analysis. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies included in the S&P MidCap 400 Index.

The Fund does not necessarily invest in all of the securities in the S&P MidCap 400 Index, or in the same weightings. The Fund's portfolio manager chooses investments so that the ***market capitalizations***, industry weightings and other fundamental characteristics of the securities chosen are similar to the S&P MidCap 400 Index as a whole. As of December 31, 2025, the market capitalizations of companies in the S&P MidCap 400 Index ranged from $472.8 million to $32.99 billion.

The Fund intends to be diversified in approximately the same proportion as the S&P MidCap 400 Index is diversified. The 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 S&P MidCap 400 Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P MidCap 400 Index.

The S&P MidCap 400 Index is composed of ***equity securities*** of approximately 400 U.S. mid-capitalization companies in a wide range of businesses and generally is considered to broadly represent the performance of publicly traded U.S. mid-capitalization stocks. The S&P MidCap 400 Index is a market-weighted index, which means that the stocks of the largest companies in the index have the greatest effect on its performance. Standard & Poor's selects stocks for the S&P MidCap 400 Index based on a number of factors, including market capitalization, liquidity, financial viability and industry representation, and does not evaluate whether

any particular stock is an attractive investment. Standard & Poor's periodically updates the S&P MidCap 400 Index, at which time there may be substantial changes in the composition of the Index. Individuals cannot invest directly in an index.

---

| |
|:---|
| **Key Terms:** |
| &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; ***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, INDEX FUND RISK, MARKET RISK, MID-CAP RISK, NONDIVERSIFIED FUND RISK, REDEMPTIONS RISK, SECTOR RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 34.

***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 NYSE Arca Tech 100 Index Fund

**Objective** 

The Nationwide NYSE Arca Tech 100 Index Fund seeks to track the total return of the NYSE Arca Tech 100<sup>SM</sup> Index ("NYSE Arca Tech 100 Index") before deducting for Fund expenses. 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 seeks 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. The ***market capitalizations*** of the companies in the NYSE Arca Tech 100 Index range from small- to large-capitalization companies. As of December 31, 2025, the market capitalizations for companies included in the NYSE Arca Tech 100 Index ranged from approximately $2.4 billion to $1.2 trillion.

To pursue its principal investment strategy, the Fund, under normal market conditions, invests at least 80% of its net assets in ***equity securities*** included in the NYSE Arca Tech 100 Index. In doing so, the Fund typically invests in index securities in approximately the same proportions as they are represented in the NYSE Arca Tech 100 Index.

The Fund intends to be diversified in approximately the same proportion as the NYSE Arca Tech 100 Index is diversified. The 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 NYSE Arca Tech 100 Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the NYSE Arca Tech 100 Index.

The largest component of the NYSE Arca Tech 100 Index consists of companies in the technology sector, such as companies in the software, hardware and semiconductor industries. However, the NYSE Arca Tech 100 Index also includes companies in numerous other industries, such as aerospace and defense, health care equipment, biotechnology and others. Because the NYSE Arca Tech 100 Index includes securities from several technology industries,

the Fund is permitted to invest more than 25% of its net assets in securities of companies in the technology sector.

---

| |
|:---|
| **Key Terms:** |
| &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; ***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 **CONCENTRATION RISK, EQUITY SECURITIES RISK, INDEX FUND RISK, MARKET RISK, NONDIVERSIFIED FUND RISK, SECTOR RISK, SELECTION RISK** and **SMALLER COMPANIES RISK,** each of which is described in the section "Risks of Investing in the Funds" beginning on page 34.

***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 S&P 500 Index Fund

**Objective** 

The Nationwide S&P 500 Index Fund seeks 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 ("S&P 500 Index"). 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 employs a "passive" management approach, investing in a portfolio of assets whose performance the subadviser expects to match approximately the performance of the S&P 500 Index before the deduction of Fund expenses. This means that the Fund will buy or sell securities only when the Fund's subadviser believes it necessary in order to match the performance of the S&P 500 Index, and not based on its economic, financial or market analysis. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies included in the S&P 500 Index.

The Fund does not necessarily invest in all of the securities in the S&P 500 Index, or in the same weightings. The Fund's portfolio manager chooses investments so that the ***market capitalizations***, industry weightings and other fundamental characteristics of the securities chosen are similar to the S&P 500 Index as a whole. As of December 31, 2025, the market capitalizations of companies in the S&P 500 Index ranged from $3.7 billion to $4.5 trillion.

The S&P 500 Index is composed of ***equity securities*** of approximately 500 companies selected by Standard & Poor's, most of which are listed on the New York Stock Exchange or NASDAQ. The S&P 500 Index generally is considered to broadly represent the performance of publicly traded U.S. larger capitalization stocks, although a small part of the S&P 500 Index is made up of foreign companies that have a large U.S. presence. The S&P 500 Index is a market-weighted index, which means that the stocks of the largest companies in the index have the greatest effect on its performance. Standard & Poor's selects stocks for the S&P 500 Index based on a number of factors, including market capitalization, liquidity, financial viability and industry representation, and does not evaluate whether any particular stock is an attractive investment. Standard & Poor's periodically updates the S&P 500 Index, at which time there may be substantial changes in the composition of the Index. Individuals cannot invest directly in an index.

The Fund intends to be diversified in approximately the same proportion as the S&P 500 Index is diversified. The 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 S&P 500 Index. A "nondiversified" fund

generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500 Index.

---

| |
|:---|
| **Key Terms:** |
| &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; ***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, INDEX FUND RISK, MARKET RISK, NONDIVERSIFIED FUND RISK, SECTOR RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 34.

***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 Small Cap Index Fund

**Objective** 

The Nationwide Small Cap Index Fund seeks to match the performance of the Russell 2000® Index ("Russell 2000 Index") as closely as possible before the deduction of Fund expenses. 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 employs a "passive" management approach, investing in a portfolio of assets whose performance the subadviser expects to match approximately the performance of the Russell 2000 Index before the deduction of Fund expenses. This means that the Fund will buy or sell securities only when the Fund's subadviser believes it necessary in order to match the performance of the Russell 2000 Index, and not based on its economic, financial or market analysis. Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of securities of companies included in the Russell 2000 Index. To the extent that the Russell 2000 Index emphasizes certain sectors, the Fund will likely similarly emphasize any such sectors.

The Fund does not necessarily invest in all of the securities in the Russell 2000 Index, or in the same weightings. The Fund's portfolio manager chooses investments so that the ***market capitalizations***, industry weightings and other fundamental characteristics of the securities chosen are similar to the Russell 2000 Index as a whole. As of December 31, 2025, the market capitalization of the largest company in the Russell 2000 Index was $21.8 billion.

The Russell 2000 Index is composed of the 1,001st through 3,000th largest U.S. companies ranked by market capitalization, as determined by the Frank Russell Company. The Russell 2000 Index represents ***equity securities*** issued by smaller U.S. companies in a wide range of businesses, and generally is considered to broadly represent the performance of publicly traded U.S. smaller-capitalization stocks. The Russell 2000 Index is a market-weighted index, which means that the stocks of the largest companies in the index have the greatest effect on its performance. Inclusion of a stock in the Russell 2000 Index does not mean that the Frank Russell Company believes the stock to be an attractive investment. Individuals cannot invest directly in an index.

The Fund intends to be diversified in approximately the same proportion as the Russell 2000 Index is diversified. The 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 Russell 2000 Index. A "nondiversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

Shareholder approval will not be sought if the Fund becomes nondiversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Russell 2000 Index.

The Frank Russell Company updates the Russell 2000 Index once annually, at which time there may be substantial changes in the composition of the Index. Stocks of companies that merge, are acquired or otherwise cease to exist during the year are not replaced in the Index until the annual update.

---

| |
|:---|
| **Key Terms:** |
| &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; ***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, INDEX FUND RISK, MARKET RISK, NONDIVERSIFIED FUND RISK, REDEMPTIONS RISK, SECTOR RISK, SELECTION RISK** and **SMALL-CAP RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 34.

***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").

***Concentration risk*** – the risk associated with exposure to any one industry or sector. The Nationwide NYSE Arca Tech 100 Index Fund focuses its investments (i.e., invests more than 25% of its net assets) in the technology sector. This sector concentration exposes the Fund to risks associated with economic conditions in the technology sector. 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.

***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 a 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.

*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' 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.

*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* – 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 a 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.

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

*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 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.

*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.

*Europe and United Kingdom focus* – a 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, the United Kingdom officially withdrew from the European Union ("Brexit") in 2020. The full impacts of Brexit on the United Kingdom and the European Union and the broader global economy are unknown, but could result in 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.

***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.

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

*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 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.

***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:

● 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.

***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 a Fund could lose its entire investment in a certain market); and the possible adoption of foreign governmental restrictions such as exchange controls.

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

*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 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.

*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.

*Foreign government debt securities* – a government entity may delay or refuse to pay interest or repay principal on its debt for reasons including cash flow problems, insufficient foreign currency reserves, political considerations, relative size of its debt position to its economy or failure to put into place economic reforms required by the International Monetary Fund. If a government entity defaults, it generally will ask for more time to pay or request further loans. There is no bankruptcy proceeding by which all or part of the debt securities that a government entity has not repaid may be collected.

*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 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.

***Index fund risk*** – the Funds do not use defensive strategies or attempt to reduce their exposures to poor performing securities. Therefore, in the event of a general market decline, a Fund's value may fall more than the value of another mutual fund that does attempt to hedge against such market declines. Also, correlation between a Fund's performance and that of its target index is likely to be negatively affected by such factors as:

● failure to fully replicate its target index;

● changes in the composition of the target index;

&nbsp;&nbsp;&nbsp;&nbsp;●the timing of purchase and redemption of the Fund's shares and

● the Fund's operating expenses.

Unlike an index fund, an index has no operating or other expenses. As a result, even though an index fund attempts to track its target index as closely as possible, it will tend to underperform the index to some degree over time.

***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 continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on a 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. A 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.

*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

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

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.

***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 debt securities, small- and mid-capitalization stocks, REITs 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 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.

***Mid-cap risk*** – see *"Smaller companies risk."*

***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

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

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.

***Nondiversified fund risk*** – in seeking to track an index, a Fund may become nondiversified as a result of a change in relative market capitalization or index weighting of one or more constituents in the index. Because the Fund may hold larger positions in fewer securities than diversified funds, a single security's increase or decrease in value may have a greater impact on the Fund's value and total return.

***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*** – a 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 shares of other mutual funds. As a result, from time to time, a Fund may experience relatively large redemptions or investments. Large or continuous redemptions may increase a Fund's transaction costs and could cause a Fund's operating expenses to be allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. If funds-of-funds or other large shareholders redeem large amounts of shares rapidly or unexpectedly, a Fund may have to sell portfolio securities at times when it would not otherwise do so, which could negatively impact a Fund's net asset value and liquidity.

***Sector risk*** – see "*Country or sector risk*."

***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.

***Small-cap risk*** – see "*Smaller companies risk*."

***Smaller companies risk*** – in general, stocks of smaller and medium-sized companies (including micro- and mid-cap companies) trade in lower volumes, may be less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies or the market overall. Small- and mid-cap 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 small- or mid-cap company may lose substantial value. Investing in small- and mid-cap companies requires a longer term investment view and may not be appropriate for all investors.

***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 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, or in anticipation of possible redemptions, a Fund may invest without limit in cash or money market cash equivalents. The use of temporary defensive positions therefore is not a principal strategy, as it prevents a 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 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

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

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.

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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 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.

**BLACKROCK INVESTMENT MANAGEMENT, LLC ("BlackRock")**, located at 1 University Square Dr., Princeton, NJ 08540, is the subadviser to 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. BlackRock is a registered investment adviser and a commodity pool operator and was organized in 1999. BlackRock is an indirect wholly owned subsidiary of BlackRock, Inc.

**MELLON INVESTMENTS CORPORATION ("MELLON")**, located at 500 Ross Street, Pittsburgh, PA 15258, is the subadviser to the Nationwide NYSE Arca Tech 100 Index Fund. Mellon is a global investment manager offering a full spectrum of client solutions across fixed income, equity, multi-asset and index. With roots dating back to the 1800s, Mellon has been innovating across asset classes for generations and has the combined scale and capabilities to offer clients a broad range of investment solutions.

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:

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| | |
|:---|:---|
| **Fund** | **Actual Management Fee Paid** |
| Nationwide Bond Index Fund | 0.09<br> %<br>|
| Nationwide International Index Fund | 0.20<br> %<br>|
| Nationwide Mid Cap Market Index Fund | 0.19<br> %<br>|
| Nationwide NYSE Arca Tech 100 Index <br> Fund<br>| 0.22<br> %<br>|
| Nationwide S&P 500 Index Fund | 0.12<br> %<br>|
| Nationwide Small Cap Index Fund | 0.14<br> %<br>|

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**Portfolio Management**

**Nationwide Bond Index Fund** 

The Fund is managed by a team comprising James Mauro, Jonathan Graves and Marcus Tom. This team is responsible for the day-to-day management of the Fund and the selection of the Fund's investments.

Mr. Mauro is a Managing Director and Global Head of Index Fixed Income Portfolio Management. His service with the firm dates back to 2010.

Mr. Graves is a Managing Director and Deputy Head of Americas Index Fixed Income Portfolio Management. His service with the firm dates back to 2003.

Mr. Tom is a Director and Head of the Index Fixed Income Portfolio Management team in Atlanta. His service with the firm dates back to 2000.

**Nationwide International Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide S&P 500 Index Fund and Nationwide Small Cap Index Fund** 

Each Fund is managed by a team comprising Jennifer Hsui, CFA, Peter Sietsema, Matt Waldron, CFA and Steven White. This team is responsible for the day-to-day management of the Funds and the selection of the Funds' investments.

Ms. Hsui is a Managing Director and Global Head of Index Equity Portfolio Management within BlackRock's ETF and Index Equity team. Her service with the firm dates back to 2006.

Mr. Sietsema is a Director and Head of North America Portfolio Management for Index Equity Investments within BlackRock Global Markets and Index Investments. His service with the firm dates back to 2007.

Mr. Waldron is a Managing Director and U.S. Head of International Portfolio Management within BlackRock Global Markets and Index Investments. His service with the firm dates back to 2011.

Mr. White is a Director and Head of the Active Risk Index ETF team and co-CIO for Index Equity Investments. His service with the firm dates back to 2011.

------

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

**Nationwide NYSE Arca Tech 100 Index Fund** 

Marlene Walker Smith; David France, CFA; Todd Frysinger, CFA; Vlasta Sheremeta, CFA, and Michael Stoll are jointly and primarily responsible for the day-to-day management of the Fund.

Ms. Smith is a Senior Director and Chief Investment Officer for Mellon. She has been employed by Mellon since 1995.

Mr. France is a Senior Vice President, Senior Portfolio Manager of Equity Index Portfolio Management. He has been employed by Mellon since 2009.

Mr. Frysinger is a Senior Vice President, Senior Portfolio Manager of Equity Index Portfolio Management. He has been employed by Mellon since 2007.

Ms. Sheremeta is a Senior Vice President, Senior Portfolio Manager of Equity Index Portfolio Management. She has been employed by Mellon since 2011.

Mr. Stoll is a Senior Vice President, Senior Portfolio Manager of Equity Index Portfolio Management. He has been employed by Mellon since 2005.

**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 Funds 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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. Class R, Class R6, Institutional Service Class and Service Class 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.

**Share Classes Available to All Investors**

**Class A Shares**

Class A shares are subject to a front-end sales charge of 5.75% (2.25% for the Nationwide Bond Index Fund) 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 for all Funds (except Nationwide Bond Index Fund)** 

---

| | | | |
|:---|:---|:---|:---|
| **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.

**Front-End Sales Charges for Class A Shares for Nationwide Bond Index Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **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 | 2.25<br> %<br>| 2.30<br> %<br>| 2.00<br> %<br>|
| $100,000 to $249,999 | 1.75 | 1.78 | 1.50 |
| $250,000 to $499,999 | 1.25 | 1.27 | 1.00 |
| $500,000 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;

------

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

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

&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

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

&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 ($100,000 for Nationwide Bond Index Fund) 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 Funds (or $500,000 or more for the Nationwide Bond Index 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 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:

------

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

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

&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 (all Funds except Nationwide Bond Index Fund)** 

---

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

---

**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares (Nationwide Bond Index Fund)** 

---

| | |
|:---|:---|
| **Amount of Purchase** | **$500,000 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 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 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 Class R, Institutional Service Class, Class R6 and Service Class 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 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;

------

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

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

● 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.

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;

&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 and Service Class Shares** 

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

● retirement plans advised by financial professionals;

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

&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 shares only).

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, Class R and Service Class 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 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 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, Class R and

------

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

Service Class 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 <br> either a distribution or a service <br> fee)<br>|
| Service Class shares | 0.15% (distribution or service fee) |

---

**Administrative Services Fees**

Class A, Class R, Institutional Service Class and 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, Class R and Service Class 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, Institutional Service Class and 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 Bond Index Fund** Class A, Class R and Institutional Service Class shares: 0.17%, 0.25% and 0.25%, respectively.

**Nationwide International Index Fund** Class A, Class R and Institutional Service Class shares: 0.15%, 0.25% and 0.25%, respectively.

**Nationwide Mid Cap Market Index Fund** Class A, Class R and Institutional Service Class shares: 0.15%, 0.25% and 0.23%, respectively.

**Nationwide NYSE Arca Tech 100 Index Fund** Class A and Institutional Service Class shares: 0.09% and 0.13%, respectively.

**Nationwide S&P 500 Index Fund** Class A, Class R, Institutional Service Class and Service Class shares: 0.14%, 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Small Cap Index Fund** Class A, Class R and Institutional Service Class shares: 0.16%, 0.25% and 0.25%, respectively.

Because these fees are paid out of a Fund's Class A, Class R, Institutional Service Class and 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;

● 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.

------

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

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

P.O. Box 219336,

Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336,

Kansas City, MO 64105-1307.

------

**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.

---

| | |
|:---|:---|
| **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.** |
| **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>|
| **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>|
| **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>|
| **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>|
| **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>| **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>|
| **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>|
| **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 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

------

**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) |
| To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| Additional Investments (Automatic <br> 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 |
| **Service Class Shares** | **Service Class Shares** |
| To open an account | $25,000 (per Fund) |
| Additional Investments | No Minimum |

---

---

| |
|:---|
| **Minimum Investments** |
| 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, and between Service Class shares of the Funds and Service Class 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

------

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

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 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."

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

**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 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** 

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. The Nationwide Bond Index Fund expects to declare daily and distribute its net investment income, if any, to shareholders as dividends monthly. Each of the Nationwide International Index Fund, the Nationwide Mid Cap Market Index Fund, the Nationwide NYSE Arca Tech 100 Index Fund, the Nationwide S&P 500 Index Fund, and the Nationwide Small Cap Index 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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;●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.

------

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

**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 appropriate certifications or other documentation concerning its status under FATCA.

------

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

**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 PricewaterhouseCoopers LLP, 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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE BOND INDEX 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $9.58 | $0.30 | $0.22 | $0.52 | $(0.31) | $— | $(0.31) | $9.79 | 5.51% | $227253 | 0.64% | 3.16% | 0.74% | 78.72% |
| 10/31/2024 | 9.00 | 0.28 | 0.59 | 0.87 | (0.29) |  | (0.29) | 9.58 | 9.69% | 231394 | 0.64% | 2.97% | 0.72% | 87.24% |
| 10/31/2023 | 9.26 | 0.24 | (0.25) | (0.01) | (0.25) |  | (0.25) | 9.00 | (0.24)% | 237236 | 0.64% | 2.55% | 0.73% | 83.82% |
| 10/31/2022 | 11.43 | 0.18 | (1.99) | (1.81) | (0.19) | (0.17) | (0.36) | 9.26 | (16.18)% | 210652 | 0.65% | 1.70% | 0.71% | 66.27% |
| 10/31/2021 | 11.74 | 0.15 | (0.28) | (0.13) | (0.18) |  | (0.18) | 11.43 | (1.10)% | 272757 | 0.67% | 1.29% | 0.69% | 151.19% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.57 | 0.34 | 0.21 | 0.55 | (0.35) |  | (0.35) | 9.77 | 5.85% | 20330 | 0.22% | 3.58% | 0.32% | 78.72% |
| 10/31/2024 | 8.98 | 0.32 | 0.60 | 0.92 | (0.33) |  | (0.33) | 9.57 | 10.29% | 24528 | 0.22% | 3.39% | 0.30% | 87.24% |
| 10/31/2023 | 9.24 | 0.28 | (0.25) | 0.03 | (0.29) |  | (0.29) | 8.98 | 0.18% | 18767 | 0.22% | 2.97% | 0.31% | 83.82% |
| 10/31/2022 | 11.41 | 0.21 | (1.97) | (1.76) | (0.24) | (0.17) | (0.41) | 9.24 | (15.84)% | 16807 | 0.24% | 1.92% | 0.28% | 66.27% |
| 10/31/2021 | 11.72 | 0.20 | (0.28) | (0.08) | (0.23) |  | (0.23) | 11.41 | (0.68)% | 270659 | 0.24% | 1.71% | 0.26% | 151.19% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.56 | 0.32 | 0.21 | 0.53 | (0.32) |  | (0.32) | 9.77 | 5.70% | 5602 | 0.47% | 3.34% | 0.57% | 78.72% |
| 10/31/2024 | 8.98 | 0.30 | 0.58 | 0.88 | (0.30) |  | (0.30) | 9.56 | 9.90% | 5122 | 0.47% | 3.14% | 0.55% | 87.24% |
| 10/31/2023 | 9.24 | 0.26 | (0.26) |  | (0.26) |  | (0.26) | 8.98 | (0.07)% | 5808 | 0.47% | 2.69% | 0.56% | 83.82% |
| 10/31/2022 | 11.41 | 0.19 | (1.98) | (1.79) | (0.21) | (0.17) | (0.38) | 9.24 | (16.07)% | 8036 | 0.48% | 1.88% | 0.54% | 66.27% |
| 10/31/2021 | 11.71 | 0.17 | (0.27) | (0.10) | (0.20) |  | (0.20) | 11.41 | (0.85)% | 9411 | 0.50% | 1.46% | 0.52% | 151.19% |

---

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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE INTERNATIONAL INDEX 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $8.99 | $0.23 | $1.75 | $1.98 | $(0.32) | $— | $(0.32) | $10.65 | 22.75% | $366135 | 0.72% | 2.37% | 0.77% | 12.88% |
| 10/31/2024 | 7.64 | 0.20 | 1.41 | 1.61 | (0.26) |  | (0.26) | 8.99 | 21.27% | 355220 | 0.69% | 2.22% | 0.73% | 11.49% |
| 10/31/2023 | 6.79 | 0.20 | 0.80 | 1.00 | (0.15) |  | (0.15) | 7.64 | 14.53% | 264077 | 0.69% | 2.50% | 0.74% | 17.64% |
| 10/31/2022 | 9.28 | 0.19 | (2.29) | (2.10) | (0.39) |  | (0.39) | 6.79 | (23.43)% | 241567 | 0.70% | 2.33% | 0.73% | 10.02% |
| 10/31/2021 | 7.09 | 0.20 | 2.14 | 2.34 | (0.15) |  | (0.15) | 9.28 | 33.21% | 317180 | 0.73% | 2.24% | 0.73% | 25.24% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 8.97 | 0.19 | 1.75 | 1.94 | (0.29) |  | (0.29) | 10.62 | 22.30% | 38160 | 1.07% | 2.02% | 1.12% | 12.88% |
| 10/31/2024 | 7.63 | 0.17 | 1.40 | 1.57 | (0.23) |  | (0.23) | 8.97 | 20.74% | 29123 | 1.04% | 1.87% | 1.08% | 11.49% |
| 10/31/2023 | 6.77 | 0.17 | 0.80 | 0.97 | (0.11) |  | (0.11) | 7.63 | 14.24% | 24843 | 1.04% | 2.09% | 1.09% | 17.64% |
| 10/31/2022 | 9.25 | 0.16 | (2.28) | (2.12) | (0.36) |  | (0.36) | 6.77 | (23.65)% | 21788 | 1.05% | 2.02% | 1.08% | 10.02% |
| 10/31/2021 | 7.06 | 0.16 | 2.15 | 2.31 | (0.12) |  | (0.12) | 9.25 | 32.88% | 29219 | 1.04% | 1.80% | 1.04% | 25.24% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.06 | 0.26 | 1.78 | 2.04 | (0.36) |  | (0.36) | 10.74 | 23.29% | 402004 | 0.32% | 2.74% | 0.37% | 12.88% |
| 10/31/2024 | 7.70 | 0.23 | 1.43 | 1.66 | (0.30) |  | (0.30) | 9.06 | 21.70% | 590363 | 0.29% | 2.61% | 0.33% | 11.49% |
| 10/31/2023 | 6.85 | 0.23 | 0.80 | 1.03 | (0.18) |  | (0.18) | 7.70 | 14.95% | 587158 | 0.29% | 2.85% | 0.34% | 17.64% |
| 10/31/2022 | 9.35 | 0.22 | (2.30) | (2.08) | (0.42) |  | (0.42) | 6.85 | (23.03)% | 608244 | 0.29% | 2.70% | 0.33% | 10.02% |
| 10/31/2021 | 7.14 | 0.22 | 2.17 | 2.39 | (0.18) |  | (0.18) | 9.35 | 33.69% | 947553 | 0.31% | 2.51% | 0.31% | 25.24% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.05 | 0.22 | 1.79 | 2.01 | (0.34) |  | (0.34) | 10.72 | 22.88% | 24587 | 0.57% | 2.30% | 0.62% | 12.88% |
| 10/31/2024 | 7.69 | 0.21 | 1.43 | 1.64 | (0.28) |  | (0.28) | 9.05 | 21.43% | 29224 | 0.54% | 2.36% | 0.58% | 11.49% |
| 10/31/2023 | 6.83 | 0.23 | 0.79 | 1.02 | (0.16) |  | (0.16) | 7.69 | 14.81% | 22675 | 0.54% | 2.84% | 0.59% | 17.64% |
| 10/31/2022 | 9.33 | 0.20 | (2.30) | (2.10) | (0.40) |  | (0.40) | 6.83 | (23.29)% | 12868 | 0.54% | 2.51% | 0.57% | 10.02% |
| 10/31/2021 | 7.13 | 0.22 | 2.15 | 2.37 | (0.17) |  | (0.17) | 9.33 | 33.38% | 17944 | 0.53% | 2.43% | 0.53% | 25.24% |

---

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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE MID CAP MARKET INDEX 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $17.49 | $0.14 | $0.76 | $0.90 | $(0.13) | $(1.69) | $(1.82) | $16.57 | 5.71% | $216359 | 0.67% | 0.84% | 0.68% | 15.69% |
| 10/31/2024 | 14.17 | 0.15 | 4.25 | 4.40 | (0.17) | (0.91) | (1.08) | 17.49 | 32.07% | 233953 | 0.67% | 0.89% | 0.68% | 17.74% |
| 10/31/2023 | 15.79 | 0.14 | (0.38) | (0.24) | (0.15) | (1.23) | (1.38) | 14.17 | (1.72)% | 189187 | 0.68% | 0.92% | 0.69% | 19.08% |
| 10/31/2022 | 20.33 | 0.14 | (2.35) | (2.21) | (0.15) | (2.18) | (2.33) | 15.79 | (12.10)% | 230144 | 0.68% | 0.84% | 0.69% | 15.40% |
| 10/31/2021 | 14.17 | 0.12 | 6.57 | 6.69 | (0.12) | (0.41) | (0.53) | 20.33 | 47.93% | 285112 | 0.68% | 0.64% | 0.69% | 15.98% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 17.02 | 0.08 | 0.73 | 0.81 | (0.10) | (1.69) | (1.79) | 16.04 | 5.27% | 18266 | 1.02% | 0.49% | 1.03% | 15.69% |
| 10/31/2024 | 13.82 | 0.09 | 4.15 | 4.24 | (0.13) | (0.91) | (1.04) | 17.02 | 31.67% | 19956 | 1.00% | 0.56% | 1.01% | 17.74% |
| 10/31/2023 | 15.44 | 0.09 | (0.37) | (0.28) | (0.11) | (1.23) | (1.34) | 13.82 | (2.08)% | 15834 | 1.01% | 0.60% | 1.02% | 19.08% |
| 10/31/2022 | 19.94 | 0.09 | (2.29) | (2.20) | (0.12) | (2.18) | (2.30) | 15.44 | (12.32)% | 18210 | 0.97% | 0.55% | 0.98% | 15.40% |
| 10/31/2021 | 13.91 | 0.07 | 6.45 | 6.52 | (0.08) | (0.41) | (0.49) | 19.94 | 47.59% | 20005 | 0.93% | 0.40% | 0.94% | 15.98% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 18.03 | 0.21 | 0.78 | 0.99 | (0.20) | (1.69) | (1.89) | 17.13 | 6.07% | 274180 | 0.27% | 1.25% | 0.28% | 15.69% |
| 10/31/2024 | 14.57 | 0.22 | 4.39 | 4.61 | (0.24) | (0.91) | (1.15) | 18.03 | 32.69% | 336573 | 0.25% | 1.31% | 0.26% | 17.74% |
| 10/31/2023 | 16.20 | 0.21 | (0.39) | (0.18) | (0.22) | (1.23) | (1.45) | 14.57 | (1.32)% | 353176 | 0.26% | 1.34% | 0.27% | 19.08% |
| 10/31/2022 | 20.79 | 0.22 | (2.41) | (2.19) | (0.22) | (2.18) | (2.40) | 16.20 | (11.73)% | 397089 | 0.26% | 1.26% | 0.27% | 15.40% |
| 10/31/2021 | 14.48 | 0.20 | 6.71 | 6.91 | (0.19) | (0.41) | (0.60) | 20.79 | 48.53% | 516702 | 0.26% | 1.07% | 0.27% | 15.98% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 18.02 | 0.17 | 0.79 | 0.96 | (0.16) | (1.69) | (1.85) | 17.13 | 5.88% | 15945 | 0.50% | 1.01% | 0.51% | 15.69% |
| 10/31/2024 | 14.57 | 0.18 | 4.38 | 4.56 | (0.20) | (0.91) | (1.11) | 18.02 | 32.31% | 16961 | 0.48% | 1.08% | 0.49% | 17.74% |
| 10/31/2023 | 16.20 | 0.17 | (0.39) | (0.22) | (0.18) | (1.23) | (1.41) | 14.57 | (1.55)% | 13952 | 0.49% | 1.11% | 0.50% | 19.08% |
| 10/31/2022 | 20.79 | 0.18 | (2.41) | (2.23) | (0.18) | (2.18) | (2.36) | 16.20 | (11.93)% | 15351 | 0.48% | 1.04% | 0.49% | 15.40% |
| 10/31/2021 | 14.47 | 0.16 | 6.72 | 6.88 | (0.15) | (0.41) | (0.56) | 20.79 | 48.32% | 19388 | 0.48% | 0.83% | 0.49% | 15.98% |

---

(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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE NYSE ARCA TECH 100 INDEX 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $129.94 | $0.35 | $24.32 | $24.67 | $(0.38) | $(31.23) | $(31.61) | $123.00 | 24.19% | $458024 | 0.64% | 0.32% | 0.64% | 0.31% |
| 10/31/2024 | 99.09 | 0.50 | 37.06 | 37.56 | (0.50) | (6.21) | (6.71) | 129.94 | 39.16% | 423011 | 0.64% | 0.41% | 0.64% | 22.71% |
| 10/31/2023 | 101.84 | 0.54 | 12.44 | 12.98 | (0.69) | (15.04) | (15.73) | 99.09 | 14.30% | 296727 | 0.66% | 0.54% | 0.66% | 2.54% |
| 10/31/2022 | 139.18 | 0.65 | (26.12) | (25.47) | (0.59) | (11.28) | (11.87) | 101.84 | (20.08)% | 281015 | 0.65% | 0.56% | 0.65% | 4.64% |
| 10/31/2021 | 104.27 | 0.43 | 40.06 | 40.49 | (0.37) | (5.21) | (5.58) | 139.18 | 39.93% | 400884 | 0.63% | 0.33% | 0.63% | 5.39% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 131.75 | 0.73 | 24.73 | 25.46 | (0.82) | (31.23) | (32.05) | 125.16 | 24.61% | 27912 | 0.30% | 0.65% | 0.30% | 0.31% |
| 10/31/2024 | 100.34 | 0.93 | 37.56 | 38.49 | (0.87) | (6.21) | (7.08) | 131.75 | 39.64% | 30607 | 0.30% | 0.75% | 0.30% | 22.71% |
| 10/31/2023 | 102.98 | 0.90 | 12.59 | 13.49 | (1.09) | (15.04) | (16.13) | 100.34 | 14.70% | 24865 | 0.32% | 0.88% | 0.32% | 2.54% |
| 10/31/2022 | 140.71 | 1.04 | (26.41) | (25.37) | (1.08) | (11.28) | (12.36) | 102.98 | (19.81)% | 23631 | 0.31% | 0.90% | 0.31% | 4.64% |
| 10/31/2021 | 105.36 | 0.86 | 40.49 | 41.35 | (0.79) | (5.21) | (6.00) | 140.71 | 40.39% | 26005 | 0.30% | 0.67% | 0.30% | 5.39% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 131.84 | 0.59 | 24.76 | 25.35 | (0.64) | (31.23) | (31.87) | 125.32 | 24.45% | 226960 | 0.43% | 0.53% | 0.43% | 0.31% |
| 10/31/2024 | 100.43 | 0.77 | 37.58 | 38.35 | (0.73) | (6.21) | (6.94) | 131.84 | 39.45% | 217984 | 0.43% | 0.62% | 0.43% | 22.71% |
| 10/31/2023 | 103.04 | 0.78 | 12.61 | 13.39 | (0.96) | (15.04) | (16.00) | 100.43 | 14.58% | 194951 | 0.43% | 0.77% | 0.43% | 2.54% |
| 10/31/2022 | 140.75 | 0.92 | (26.45) | (25.53) | (0.90) | (11.28) | (12.18) | 103.04 | (19.91)% | 177791 | 0.43% | 0.79% | 0.43% | 4.64% |
| 10/31/2021 | 105.39 | 0.71 | 40.51 | 41.22 | (0.65) | (5.21) | (5.86) | 140.75 | 40.23% | 286140 | 0.42% | 0.55% | 0.42% | 5.39% |

---

(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 S&P 500 INDEX FUND**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $27.00 | $0.21 | $5.29 | $5.50 | $(0.21) | $(0.47) | $(0.68) | $31.82 | 20.77% | $218642 | 0.57% | 0.74% | 0.57% | 3.39% |
| 10/31/2024 | 19.88 | 0.21 | 7.15 | 7.36 | (0.21) | (0.03) | (0.24) | 27.00 | 37.21% | 200760 | 0.60% | 0.86% | 0.60% | 3.07% |
| 10/31/2023 | 18.45 | 0.22 | 1.51 | 1.73 | (0.22) | (0.08) | (0.30) | 19.88 | 9.45% | 120533 | 0.57% | 1.11% | 0.57% | 5.76% |
| 10/31/2022 | 22.85 | 0.19 | (3.47) | (3.28) | (0.18) | (0.94) | (1.12) | 18.45 | (15.06)% | 114245 | 0.58% | 0.95% | 0.58% | 4.17% |
| 10/31/2021 | 16.22 | 0.18 | 6.62 | 6.80 | (0.17) |  | (0.17) | 22.85 | 42.09%<sup>(f)</sup> <br>| 145028 | 0.60% | 0.88% | 0.60% | 5.58% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 26.82 | 0.11 | 5.25 | 5.36 | (0.12) | (0.47) | (0.59) | 31.59 | 20.36% | 281431 | 0.92% | 0.39% | 0.92% | 3.39% |
| 10/31/2024 | 19.75 | 0.13 | 7.11 | 7.24 | (0.14) | (0.03) | (0.17) | 26.82 | 36.75% | 229334 | 0.93% | 0.53% | 0.93% | 3.07% |
| 10/31/2023 | 18.33 | 0.15 | 1.50 | 1.65 | (0.15) | (0.08) | (0.23) | 19.75 | 9.07% | 154993 | 0.93% | 0.75% | 0.93% | 5.76% |
| 10/31/2022 | 22.72 | 0.12 | (3.45) | (3.33) | (0.12) | (0.94) | (1.06) | 18.33 | (15.38)% | 130082 | 0.94% | 0.59% | 0.94% | 4.17% |
| 10/31/2021 | 16.14 | 0.11 | 6.59 | 6.70 | (0.12) |  | (0.12) | 22.72 | 41.62% | 129054 | 0.94% | 0.55% | 0.94% | 5.58% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 27.33 | 0.32 | 5.35 | 5.67 | (0.32) | (0.47) | (0.79) | 32.21 | 21.22% | 278191 | 0.18% | 1.13% | 0.18% | 3.39% |
| 10/31/2024 | 20.12 | 0.32 | 7.23 | 7.55 | (0.31) | (0.03) | (0.34) | 27.33 | 37.75% | 260678 | 0.18% | 1.29% | 0.18% | 3.07% |
| 10/31/2023 | 18.66 | 0.30 | 1.54 | 1.84 | (0.30) | (0.08) | (0.38) | 20.12 | 9.92% | 205594 | 0.18% | 1.52% | 0.18% | 5.76% |
| 10/31/2022 | 23.10 | 0.27 | (3.50) | (3.23) | (0.27) | (0.94) | (1.21) | 18.66 | (14.74)% | 218922 | 0.19% | 1.34% | 0.19% | 4.17% |
| 10/31/2021 | 16.39 | 0.26 | 6.70 | 6.96 | (0.25) |  | (0.25) | 23.10 | 42.72% | 261107 | 0.19% | 1.28% | 0.19% | 5.58% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 27.23 | 0.25 | 5.33 | 5.58 | (0.25) | (0.47) | (0.72) | 32.09 | 20.92% | 702380 | 0.43% | 0.88% | 0.43% | 3.39% |
| 10/31/2024 | 20.05 | 0.26 | 7.20 | 7.46 | (0.25) | (0.03) | (0.28) | 27.23 | 37.40% | 615413 | 0.43% | 1.04% | 0.43% | 3.07% |
| 10/31/2023 | 18.59 | 0.25 | 1.54 | 1.79 | (0.25) | (0.08) | (0.33) | 20.05 | 9.69% | 454045 | 0.43% | 1.24% | 0.43% | 5.76% |
| 10/31/2022 | 23.03 | 0.22 | (3.51) | (3.29) | (0.21) | (0.94) | (1.15) | 18.59 | (15.00)% | 378475 | 0.44% | 1.09% | 0.44% | 4.17% |
| 10/31/2021 | 16.34 | 0.21 | 6.68 | 6.89 | (0.20) |  | (0.20) | 23.03 | 42.37% | 448834 | 0.44% | 1.03% | 0.44% | 5.58% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 27.04 | 0.21 | 5.29 | 5.50 | (0.21) | (0.47) | (0.68) | 31.86 | 20.73% | 289540 | 0.58% | 0.74% | 0.58% | 3.39% |
| 10/31/2024 | 19.91 | 0.22 | 7.16 | 7.38 | (0.22) | (0.03) | (0.25) | 27.04 | 37.21% | 281287 | 0.58% | 0.89% | 0.58% | 3.07% |
| 10/31/2023 | 18.47 | 0.22 | 1.52 | 1.74 | (0.22) | (0.08) | (0.30) | 19.91 | 9.47% | 221528 | 0.58% | 1.11% | 0.58% | 5.76% |
| 10/31/2022 | 22.88 | 0.19 | (3.48) | (3.29) | (0.18) | (0.94) | (1.12) | 18.47 | (15.09)% | 225636 | 0.59% | 0.94% | 0.59% | 4.17% |
| 10/31/2021 | 16.23 | 0.18 | 6.64 | 6.82 | (0.17) |  | (0.17) | 22.88 | 42.20%<sup>(f)</sup> <br>| 280550 | 0.59% | 0.88% | 0.59% | 5.58% |

---

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.

(f) 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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE SMALL CAP INDEX 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $12.05 | $0.08 | $1.51 | $1.59 | $(0.14) | $(0.42) | $(0.56) | $13.08 | 13.74% | $154179 | 0.67% | 0.65% | 0.72% | 14.57% |
| 10/31/2024 | 9.13 | 0.10 | 2.94 | 3.04 | (0.11) | (0.01) | (0.12) | 12.05 | 33.32% | 147444 | 0.68% | 0.90% | 0.72% | 15.50% |
| 10/31/2023 | 10.21 | 0.11 | (1.02) | (0.91) | (0.10) | (0.07) | (0.17) | 9.13 | (9.05)% | 117119 | 0.68% | 1.04% | 0.74% | 15.43% |
| 10/31/2022 | 13.51 | 0.08 | (2.51) | (2.43) | (0.08) | (0.79) | (0.87) | 10.21 | (18.96)% | 136871 | 0.68% | 0.77% | 0.77% | 17.43% |
| 10/31/2021 | 9.06 | 0.04 | 4.46 | 4.50 | (0.05) |  | (0.05) | 13.51 | 49.71% | 173269 | 0.70% | 0.35% | 0.74% | 19.96% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 11.72 | 0.04 | 1.47 | 1.51 | (0.11) | (0.42) | (0.53) | 12.70 | 13.41% | 28503 | 1.01% | 0.31% | 1.06% | 14.57% |
| 10/31/2024 | 8.90 | 0.06 | 2.85 | 2.91 | (0.08) | (0.01) | (0.09) | 11.72 | 32.77% | 26651 | 1.01% | 0.57% | 1.05% | 15.50% |
| 10/31/2023 | 9.95 | 0.07 | (0.98) | (0.91) | (0.07) | (0.07) | (0.14) | 8.90 | (9.24)% | 20185 | 1.01% | 0.71% | 1.07% | 15.43% |
| 10/31/2022 | 13.20 | 0.05 | (2.46) | (2.41) | (0.05) | (0.79) | (0.84) | 9.95 | (19.25)% | 22939 | 0.99% | 0.46% | 1.08% | 17.43% |
| 10/31/2021 | 8.87 |  | 4.37 | 4.37 | (0.04) |  | (0.04) | 13.20 | 49.30% | 25924 | 1.01% | 0.04% | 1.05% | 19.96% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 12.50 | 0.13 | 1.57 | 1.70 | (0.17) | (0.42) | (0.59) | 13.61 | 14.24% | 49426 | 0.26% | 1.07% | 0.31% | 14.57% |
| 10/31/2024 | 9.47 | 0.15 | 3.04 | 3.19 | (0.15) | (0.01) | (0.16) | 12.50 | 33.80% | 56939 | 0.26% | 1.32% | 0.30% | 15.50% |
| 10/31/2023 | 10.58 | 0.15 | (1.05) | (0.90) | (0.14) | (0.07) | (0.21) | 9.47 | (8.63)% | 47111 | 0.26% | 1.46% | 0.32% | 15.43% |
| 10/31/2022 | 13.97 | 0.14 | (2.61) | (2.47) | (0.13) | (0.79) | (0.92) | 10.58 | (18.64)% | 54435 | 0.26% | 1.19% | 0.35% | 17.43% |
| 10/31/2021 | 9.35 | 0.10 | 4.60 | 4.70 | (0.08) |  | (0.08) | 13.97 | 50.39% | 71282 | 0.28% | 0.78% | 0.32% | 19.96% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 12.48 | 0.10 | 1.57 | 1.67 | (0.15) | (0.42) | (0.57) | 13.58 | 13.96% | 9407 | 0.51% | 0.81% | 0.56% | 14.57% |
| 10/31/2024 | 9.46 | 0.12 | 3.03 | 3.15 | (0.12) | (0.01) | (0.13) | 12.48 | 33.41% | 7698 | 0.51% | 1.07% | 0.55% | 15.50% |
| 10/31/2023 | 10.56 | 0.13 | (1.04) | (0.91) | (0.12) | (0.07) | (0.19) | 9.46 | (8.78)% | 5759 | 0.50% | 1.24% | 0.56% | 15.43% |
| 10/31/2022 | 13.95 | 0.12 | (2.61) | (2.49) | (0.11) | (0.79) | (0.90) | 10.56 | (18.79)% | 8076 | 0.41% | 1.04% | 0.50% | 17.43% |
| 10/31/2021 | 9.34 | 0.08 | 4.59 | 4.67 | (0.06) |  | (0.06) | 13.95 | 50.09% | 12273 | 0.47% | 0.58% | 0.51% | 19.96% |

---

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 43 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. Effective May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement; 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. For more details on the timing, please refer to 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;

------

**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 due to return of excess contributions from an IRA account;

&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. ("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 within the purchaser's Baird household, 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 due to 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;

------

**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 bought due to returns 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 Baird fees, but only if the transaction is initiated by Baird; and

● shares purchased through a Right of Reinstatement.

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

● 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 Nationwide Funds assets held by accounts within the purchaser's household at Baird. Eligible Nationwide Funds 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 (LOI) which allow for breakpoint discounts based on anticipated purchases within Nationwide Funds, 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;

&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.

------

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

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

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

&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**

Nationwide Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219336

Kansas City, MO 64121-9336

**By Overnight Mail**

Nationwide Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336

Kansas City, MO 64105-1307

**For 24-Hour Access**

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-IDX (3/26)

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Investor Destinations Funds

Prospectus March 2, 2026

---

| |
|:---|
| **Nationwide Investor Destinations Aggressive Fund** |
| Class A (NDAAX) / Class R (GAFRX)<br> Class R6 (GAIDX) / Institutional Service Class (NWWHX)<br> Service Class (NDASX)<br>|
| **Nationwide Investor Destinations Moderately Aggressive Fund** |
| Class A (NDMAX) / Class R (GMARX)<br> Class R6 (GMIAX) / Institutional Service Class (NWWIX)<br> Service Class (NDMSX)<br>|
| **Nationwide Investor Destinations Moderate Fund** |
| Class A (NADMX) / Class R (GMDRX)<br> Class R6 (GMDIX) / Institutional Service Class (NWWJX)<br> Service Class (NSDMX)<br>|
| **Nationwide Investor Destinations Moderately Conservative Fund** |
| Class A (NADCX) / Class R (GMMRX)<br> Class R6 (GMIMX) / Institutional Service Class (NWWKX)<br> Service Class (NSDCX)<br>|
| **Nationwide Investor Destinations Conservative Fund** |
| Class A (NDCAX) / Class R (GCFRX)<br> Class R6 (GIMCX) / Institutional Service Class (NWWLX)<br> Service Class (NDCSX)<br>|

---

&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;

**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**![](g49631img03beaaf31.gif)

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**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_0b60dc16-1a8a-4f71-9bee-96de8bbb15b9_1)** |
|  | [Nationwide Investor Destinations Aggressive Fund](#xx_0b60dc16-1a8a-4f71-9bee-96de8bbb15b9_1) |
|  | [Nationwide Investor Destinations Moderately Aggressive Fund](#xx_06afbeee-201f-497d-b9c0-d36ef18aee08_1) |
|  | [Nationwide Investor Destinations Moderate Fund](#xx_3870caab-7fb4-4c12-8f8c-53c913c49c0a_1) |
|  | [Nationwide Investor Destinations Moderately Conservative Fund](#xx_42c4f8a1-baf2-4b98-a846-17ec22ab7bfe_1) |
|  | [Nationwide Investor Destinations Conservative Fund](#xx_3b5c835f-973c-434c-bfe0-47973bc7c708_1) |
| **32** | **[How the Funds Invest](#xx_950a3a3c-4cac-4975-ac8d-7bf26484ec68_1)** |
|  | [Nationwide Investor Destinations Funds](#xx_950a3a3c-4cac-4975-ac8d-7bf26484ec68_1) |
| **35** | **[Risks of Investing in the Funds](#xx_40e3096e-cb64-4e5d-9009-555bcc7f5bbb_1)** |
| **43** | **[Fund Management](#xx_ad6bca29-fa77-4afb-aac6-55610b17047c_1)** |
| **45** | **[Investing with Nationwide Funds](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_1)** |
|  | [Share Classes](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_1) |
|  | [Sales Charges and Fees](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_4) |
|  | [Revenue Sharing](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_5) |
|  | [Contacting Nationwide Funds](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_5) |
|  | [Fund Transactions](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_7) |
|  | [Buying Shares](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_8) |
|  | [Fair Value Pricing](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_8) |
|  | [Exchanging Shares](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_10) |
|  | [Selling Shares](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_10) |
|  | [Excessive or Short-Term Trading](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_11) |
| **57** | **[Distributions and Taxes](#xx_9f5c6714-4aab-46aa-8f00-3c77df18f86c_1)** |
| **60** | **[Additional Information](#xx_72f4c42d-baa2-49c4-a032-af50e001f951_1)** |
| **61** | **[Financial Highlights](#xx_a7da023d-be91-4546-ad2f-7eea60da62fd_1)** |
| **67** | **[Appendix A](#xx_14e3cfc3-30bc-4995-a943-22963e6e914b_1)** |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_14e3cfc3-30bc-4995-a943-22963e6e914b_1) |
| **74** | **[Appendix B](#xx_77476175-2edd-41ac-81ef-143afbb7b63e_1)** |
|  | [Additional Information about Underlying Funds](#xx_77476175-2edd-41ac-81ef-143afbb7b63e_1) |

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**Fund Summary:** Nationwide Investor Destinations Aggressive Fund

**Objective** 

The Nationwide Investor Destinations Aggressive Fund seeks to maximize total investment return for an aggressive level of risk.

**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 45 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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>| Service Class<br> Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering <br> price)<br>| 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>| Service Class<br> Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.15% | 0.20% | 0.06% | 0.19% | 0.21% |
| Acquired Fund Fees and Expenses | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| **Total Annual Fund Operating Expenses** | 0.85% | 1.15% | 0.51% | 0.64% | 0.91% |

---

**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 | $657 | $831 | $1019 | $1564 |
| Class R Shares | 117 | 365 | 633 | 1398 |
| Class R6 Shares | 52 | 164 | 285 | 640 |
| Institutional Service <br> Class Shares<br>| 65 | 205 | 357 | 798 |
| Service Class Shares | 93 | 290 | 504 | 1120 |

---

**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 39.70% of the average value of its portfolio.

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**Fund Summary:** Nationwide Investor Destinations Aggressive Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund aims to provide diversification across major asset classes– U.S. stocks, international stocks, and bonds– by investing primarily in mutual funds offered by Nationwide Mutual Funds and unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds").

Each Underlying Fund invests directly in equity or other securities, as appropriate to its investment objective and strategies. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities or other securities with a goal of obtaining investment returns that closely track a benchmark securities index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across major asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund pursues its objective primarily by seeking growth of capital. Through investments in the Underlying Funds, the Fund invests heavily in equity securities, such as common stocks of U.S. and international companies (including smaller companies). The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. Nationwide Fund Advisors (the "Adviser") establishes a target allocation for the Fund among different asset classes which the Adviser believes is appropriate for the Fund's risk profile and investment strategies, and which the Adviser may change over time. As of January 31, 2026, the Fund allocated approximately 60% of its net assets in U.S. stocks, approximately 34% in international stocks, and approximately 6% in bonds. The Fund is designed for aggressive investors who are comfortable with assuming the risks associated with investing in a high percentage of stocks, including international stocks. The Fund is also designed for investors with long time horizons, who want to maximize their long-term returns and who have a high tolerance for possible short-term losses.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the

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**Fund Summary:** Nationwide Investor Destinations Aggressive Fund *(cont.)*

investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

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

***Emerging markets risk*** – emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets are considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Since these markets are smaller than developed markets, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in

developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries are unreliable compared to developed markets. Companies in emerging market countries generally are subject to less stringent financial reporting, accounting and auditing standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Many emerging markets also have histories of political instability and abrupt changes in policies, and the ability to bring and enforce actions may be limited. Certain emerging markets also face other significant internal or external risks, including the risk of war, nationalization of assets, unexpected market closures and ethnic, religious and racial conflicts.

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an

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**Fund Summary:** Nationwide Investor Destinations Aggressive Fund *(cont.)*

Underlying Fund may be required to invest the proceeds in securities with lower yields.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a

call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying 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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

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**Fund Summary:** Nationwide Investor Destinations Aggressive Fund *(cont.)*

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

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

**Performance**

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

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631img79cb407d2.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.56%** | **Q2 2020** |
| **Lowest Quarter:** | **-24.64%** | **Q1 2020** |

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 10.56% | 7.68% | 9.38% |
| Class A Shares– After Taxes on <br> Distributions<br>| 7.39% | 5.31% | 6.66% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 7.41% | 5.51% | 6.72% |
| Class R Shares– Before Taxes | 17.00% | 8.63% | 9.70% |
| Class R6 Shares– Before Taxes | 17.66% | 9.32% | 10.42% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 17.50% | 9.19% | 10.29% |
| Service Class Shares– Before Taxes | 17.25% | 8.90% | 9.98% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

------

**Fund Summary:** Nationwide Investor Destinations Aggressive Fund *(cont.)*

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Class R: no minimum<br> Class R6: $1,000,000<br> Institutional Service Class, 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, 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.

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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. |

---

**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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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive Fund

**Objective** 

The Nationwide Investor Destinations Moderately Aggressive Fund seeks to maximize total investment return for a moderately aggressive level of risk.

**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 45 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Service Class<br> Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering <br> price)<br>| 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>| Service Class<br> Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.14% | 0.19% | 0.05% | 0.15% | 0.20% |
| Acquired Fund Fees and Expenses | 0.34% | 0.34% | 0.34% | 0.34% | 0.34% |
| **Total Annual Fund Operating Expenses** | 0.86% | 1.16% | 0.52% | 0.62% | 0.92% |

---

**Example**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $658 | $834 | $1024 | $1575 |
| Class R Shares | 118 | 368 | 638 | 1409 |
| Class R6 Shares | 53 | 167 | 291 | 653 |
| Institutional Service <br> Class Shares<br>| 63 | 199 | 346 | 774 |
| Service Class Shares | 94 | 293 | 509 | 1131 |

---

**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 33.63% of the average value of its portfolio.

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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund aims to provide diversification across major asset classes—U.S. stocks, international stocks, and bonds—by investing primarily in mutual funds offered by Nationwide Mutual Funds and unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds").

Each Underlying Fund invests directly in equity or other securities, as appropriate to its investment objective and strategies. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities or other securities with a goal of obtaining investment returns that closely track a benchmark securities index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across major asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund pursues its objective primarily by seeking growth of capital, as well as income. Through investments in the Underlying Funds, the Fund invests a significant portion of its assets in equity securities, such as common stocks of U.S. and international companies, including smaller companies, and a smaller portion in bonds. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. Nationwide Fund Advisors (the "Adviser") establishes a target allocation for the Fund among different asset classes which the Adviser believes is appropriate for the Fund's risk profile and investment strategies, and which the Adviser may change over time. As of January 31, 2026, the Fund allocated approximately 47% of its net assets in U.S. stocks, approximately 33% in international stocks and approximately 20% in bonds (including mortgage-backed and asset-backed securities). The Fund is designed for moderately aggressive investors who want to maximize returns over the long-term but who have a tolerance for possible short-term losses or who are looking for some additional diversification.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the

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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive Fund *(cont.)*

investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

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

***Emerging markets risk*** – emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets are considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Since these markets are smaller than developed markets, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in

developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries are unreliable compared to developed markets. Companies in emerging market countries generally are subject to less stringent financial reporting, accounting and auditing standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Many emerging markets also have histories of political instability and abrupt changes in policies, and the ability to bring and enforce actions may be limited. Certain emerging markets also face other significant internal or external risks, including the risk of war, nationalization of assets, unexpected market closures and ethnic, religious and racial conflicts.

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an

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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive Fund *(cont.)*

Underlying 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, an Underlying 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.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying Fund's opportunities for gains. Currently there are few central exchanges or markets for swap contracts, and therefore

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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive Fund *(cont.)*

they may be less liquid than exchange-traded instruments. If a swap counterparty fails to meet its obligations under the contract, the Underlying Fund will lose money.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying 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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

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

**Performance**

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

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631imgc506f92e3.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **18.46%** | **Q2 2020** |
| **Lowest Quarter:** | **-21.64%** | **Q1 2020** |

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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.

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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 9.26% | 6.36% | 8.40% |
| Class A Shares– After Taxes on <br> Distributions<br>| 6.38% | 4.12% | 5.81% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 6.39% | 4.43% | 5.91% |
| Class R Shares– Before Taxes | 15.59% | 7.31% | 8.70% |
| Class R6 Shares– Before Taxes | 16.33% | 8.00% | 9.42% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 16.31% | 7.92% | 9.33% |
| Service Class Shares– Before Taxes | 15.92% | 7.58% | 8.98% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**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, 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, Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A): $50<br>|

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

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

---

| | | |
|:---|:---|:---|
| **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.

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund

**Objective** 

The Nationwide Investor Destinations Moderate Fund seeks to maximize total investment return for a moderate level of risk.

**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 45 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Service Class<br> Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering <br> price)<br>| 5.75% |  |  |  |  |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Service Class<br> Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.12% | 0.21% | 0.06% | 0.15% | 0.21% |
| Acquired Fund Fees and Expenses | 0.34% | 0.34% | 0.34% | 0.34% | 0.34% |
| **Total Annual Fund Operating Expenses** | 0.84% | 1.18% | 0.53% | 0.62% | 0.93% |

---

**Example**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $656 | $828 | $1014 | $1553 |
| Class R Shares | 120 | 375 | 649 | 1432 |
| Class R6 Shares | 54 | 170 | 296 | 665 |
| Institutional Service <br> Class Shares<br>| 63 | 199 | 346 | 774 |
| Service Class Shares | 95 | 296 | 515 | 1143 |

---

**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 32.15% of the average value of its portfolio.

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund aims to provide diversification across major asset classes—U.S. stocks, international stocks, and bonds—by investing primarily in mutual funds offered by Nationwide Mutual Funds and unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds").

Each Underlying Fund invests directly in equity or other securities, as appropriate to its investment objective and strategies. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities or other securities with a goal of obtaining investment returns that closely track a benchmark securities index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across major asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund pursues its objective by seeking both growth of capital and income. Through investments in the Underlying Funds, the Fund invests a majority of its assets in equity securities, such as common stocks of U.S. and international companies (including smaller companies) that the investment adviser believes offer opportunities for capital growth, but also a considerable portion of its assets in bonds (including mortgage-backed and asset-backed securities) in order to generate investment income. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. Nationwide Fund Advisors (the "Adviser") establishes a target allocation for the Fund among different asset classes which the Adviser believes is appropriate for the Fund's risk profile and investment strategies, and which the Adviser may change over time. As of January 31, 2026, the Fund allocated approximately 39% of its net assets in U.S. stocks, approximately 23% in international stocks and approximately 38% in bonds. The Fund is designed for investors who have a lower tolerance for risk than more aggressive investors and who are seeking both capital growth and income. The Fund is also designed for investors who have a longer time horizon and who are willing to accept moderate short-term price fluctuations in exchange for potential longer-term results.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

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

***Emerging markets risk*** – emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets are considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Since these markets are smaller than developed markets, they may be more likely to suffer sharp and frequent price changes or long-term price

depression because of adverse publicity, investor perceptions or the actions of a few large investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries are unreliable compared to developed markets. Companies in emerging market countries generally are subject to less stringent financial reporting, accounting and auditing standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Many emerging markets also have histories of political instability and abrupt changes in policies, and the ability to bring and enforce actions may be limited. Certain emerging markets also face other significant internal or external risks, including the risk of war, nationalization of assets, unexpected market closures and ethnic, religious and racial conflicts.

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying 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, an Underlying 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.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying Fund's opportunities for gains. Currently there are few central

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

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 Underlying Fund will lose money.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying 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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

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

**Performance**

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

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631img22ecfd254.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **14.67%** | **Q2 2020** |
| **Lowest Quarter:** | **-16.97%** | **Q1 2020** |

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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.

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 6.86% | 4.68% | 6.73% |
| Class A Shares– After Taxes on <br> Distributions<br>| 4.44% | 2.66% | 4.51% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 4.61% | 3.09% | 4.63% |
| Class R Shares– Before Taxes | 12.95% | 5.57% | 7.02% |
| Class R6 Shares– Before Taxes | 13.59% | 6.27% | 7.71% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 13.51% | 6.17% | 7.62% |
| Service Class Shares– Before Taxes | 13.24% | 5.84% | 7.28% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**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, 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, 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.

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative Fund

**Objective** 

The Nationwide Investor Destinations Moderately Conservative Fund seeks to maximize total investment return for a moderately conservative level of risk.

**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 45 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Service Class<br> Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering <br> price)<br>| 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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Service Class<br> Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.16% | 0.24% | 0.10% | 0.21% | 0.24% |
| Acquired Fund Fees and Expenses | 0.34% | 0.34% | 0.34% | 0.34% | 0.34% |
| **Total Annual Fund Operating Expenses** | 0.88% | 1.21% | 0.57% | 0.68% | 0.96% |

---

**Example**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $660 | $840 | $1035 | $1597 |
| Class R Shares | 123 | 384 | 665 | 1466 |
| Class R6 Shares | 58 | 183 | 318 | 714 |
| Institutional Service <br> Class Shares<br>| 69 | 218 | 379 | 847 |
| Service Class Shares | 98 | 306 | 531 | 1178 |

---

**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 32.92% of the average value of its portfolio.

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund aims to provide diversification across major asset classes—U.S. stocks, international stocks, and bonds—by investing primarily in mutual funds offered by Nationwide Mutual Funds and unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds").

Each Underlying Fund invests directly in equity or other securities, as appropriate to its investment objective and strategies. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities or other securities with a goal of obtaining investment returns that closely track a benchmark securities index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across major asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund pursues its objective by seeking income and, secondarily, long-term growth of capital. Through investments in the Underlying Funds, the Fund invests a majority of its assets in fixed-income securities, such as bonds, mortgage-backed securities and asset-backed securities in order to generate investment income, but also a considerable portion of its assets in equity securities, such as common stocks of U.S. and international companies (including smaller companies) that the investment adviser believes offer opportunities for capital growth. The Adviser establishes a target allocation for the Fund among different asset classes which the Adviser believes is appropriate for the Fund's risk profile and investment strategies, and which the Adviser may change over time. As of January 31, 2026, the Fund allocated approximately 56% of its net assets in bonds, approximately 27% in U.S. stocks and approximately 17% in international stocks. The Fund is designed for investors who have a lower tolerance for risk and whose primary goal is income and secondary goal is growth. The Fund is also designed for investors who have a shorter time horizon or who are willing to accept some amount of market volatility in exchange for greater potential income and growth.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative Fund *(cont.)*

Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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

fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying 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, an Underlying 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.

***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.

***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.

***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.

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative Fund *(cont.)*

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above

the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying 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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative Fund *(cont.)*

Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

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

**Performance**

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

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

The Fund compares its performance to the Bloomberg U.S. Aggregate Bond Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631imgde90cf515.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **10.82%** | **Q2 2020** |
| **Lowest Quarter:** | **-11.14%** | **Q1 2020** |

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 4.59% | 2.87% | 4.95% |
| Class A Shares– After Taxes on <br> Distributions<br>| 2.79% | 1.25% | 3.22% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 2.87% | 1.68% | 3.29% |
| Class R Shares– Before Taxes | 10.55% | 3.73% | 5.22% |
| Class R6 Shares– Before Taxes | 11.34% | 4.42% | 5.91% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 11.18% | 4.32% | 5.81% |
| Service Class Shares– Before Taxes | 10.87% | 3.98% | 5.48% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative Fund *(cont.)*

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Class R: no minimum<br> Class R6: $1,000,000<br> Institutional Service Class, 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, 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.

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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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**Fund Summary:** Nationwide Investor Destinations Conservative Fund

**Objective** 

The Nationwide Investor Destinations Conservative Fund seeks to maximize total investment return for a conservative level of risk.

**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 45 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Service Class<br> Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering <br> price)<br>| 5.75% |  |  |  |  |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Service Class<br> Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.15% | 0.25% | 0.10% | 0.16% | 0.25% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.86% | 1.21% | 0.56% | 0.62% | 0.96% |

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**Example**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $658 | $834 | $1024 | $1575 |
| Class R Shares | 123 | 384 | 665 | 1466 |
| Class R6 Shares | 57 | 179 | 313 | 701 |
| Institutional Service <br> Class Shares<br>| 63 | 199 | 346 | 774 |
| Service Class Shares | 98 | 306 | 531 | 1178 |

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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 32.77% of the average value of its portfolio.

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**Fund Summary:** Nationwide Investor Destinations Conservative Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund aims to provide diversification across major asset classes—U.S. stocks, international stocks, and bonds—by investing primarily in mutual funds offered by Nationwide Mutual Funds and unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds").

Each Underlying Fund invests directly in equity or other securities, as appropriate to its investment objective and strategies. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities or other securities with a goal of obtaining investment returns that closely track a benchmark securities index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across major asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund pursues its objective by seeking income and, secondarily, long-term growth of capital. Through investments in the Underlying Funds, the Fund invests heavily in fixed-income securities, such as bonds, mortgage-backed securities and asset-backed securities, and a relatively small portion of its assets in equity securities, such as common stocks of U.S. and international companies (including smaller companies). The Adviser establishes a target allocation for the Fund among different asset classes which the Adviser believes is appropriate for the Fund's risk profile and investment strategies, and which the Adviser may change over time. As of January 31, 2026, the Fund allocated approximately 75% of its net assets in bonds, and approximately 25% in stocks. The Fund is designed for investors who have a low tolerance for risk and whose primary goal is income, or who have a short time horizon.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares

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**Fund Summary:** Nationwide Investor Destinations Conservative Fund *(cont.)*

may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also

may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying 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, an Underlying 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.

***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.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***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.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of

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**Fund Summary:** Nationwide Investor Destinations Conservative Fund *(cont.)*

price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a

put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***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.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying 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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that

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**Fund Summary:** Nationwide Investor Destinations Conservative Fund *(cont.)*

typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

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

**Performance**

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

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

The Fund compares its performance to the Bloomberg U.S. Aggregate Bond Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631img94de3f266.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **7.09%** | **Q2 2020** |
| **Lowest Quarter:** | **-6.93%** | **Q2 2022** |

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 2.13% | 0.94% | 3.10% |
| Class A Shares– After Taxes on <br> Distributions<br>| 0.69% | -0.35% | 1.83% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 1.29% | 0.21% | 1.91% |
| Class R Shares– Before Taxes | 7.94% | 1.77% | 3.36% |
| Class R6 Shares– Before Taxes | 8.67% | 2.45% | 4.03% |
| Institutional Service Class Shares– Before <br> Taxes<br>| 8.63% | 2.37% | 3.94% |
| Service Class Shares– Before Taxes | 8.14% | 2.03% | 3.62% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

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**Fund Summary:** Nationwide Investor Destinations Conservative Fund *(cont.)*

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

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

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

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| | | |
|:---|:---|:---|
| **To Purchase and Sell (Redeem) Fund Shares** | **To Purchase and Sell (Redeem) Fund Shares** | **To Purchase and Sell (Redeem) Fund Shares** |
| **Mail:**<br> Nationwide Funds<br> 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 Funds Invest:** Nationwide Investor Destinations Funds

**Investment Objective** 

Each Fund seeks to maximize total investment return for a given level of risk.

**Principal Investment Strategies** 

The Funds included in this Prospectus (the "Funds" or "Investor Destinations Funds") seek to provide diversification across major asset classes—U.S. and international stocks (including stocks of smaller companies) and bonds—by investing in a professionally selected mix of underlying portfolios of Nationwide Mutual Funds (the "Trust") (each, an "Underlying Fund" or collectively, "Underlying Funds"). Underlying Funds may also include unaffiliated exchange-traded funds, and the Funds may also invest directly in securities or derivatives. Depending on its target risk level, each Fund invests different amounts in these asset classes and the Underlying Funds.

The Funds may invest in actively managed Underlying Funds. The Funds may also invest in index funds offered by the Trust, representing several asset classes. The index funds invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track those of the relevant stock or bond index.

To the extent that it is appropriate or suitable for a Fund's investment objective, Nationwide Fund Advisors (the "Adviser") expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not be) one or more comparable unaffiliated Underlying Funds. Please see the Appendix B to this Prospectus for additional information about each of the affiliated Underlying Funds in which the Funds may invest. The Adviser may modify the asset allocation strategy for any Fund and may modify the selection of Underlying Funds for any Fund from time to time.

**Nationwide Investor Destinations Aggressive Fund ("Aggressive Fund")** 

The Aggressive Fund pursues its objective primarily by seeking growth of capital. The Aggressive Fund's target allocation is heavily weighted toward U.S. and international stock investments.

This Fund may be appropriate for investors who:

● are comfortable with substantial investment risk;

● have a long investment time horizon and

&nbsp;&nbsp;&nbsp;&nbsp;●seek to maximize long-term returns while accepting the possibility of significant short-term or even long-term losses.

**Nationwide Investor Destinations Moderately Aggressive Fund ("Moderately Aggressive Fund")** 

The Moderately Aggressive Fund pursues its objective primarily by seeking growth of capital, as well as income. The Moderately Aggressive Fund's target allocation is significantly weighted toward U.S. and international stock investments, but also includes some bonds which may have the potential to reduce volatility.

This Fund may be appropriate for investors who:

● are comfortable with significant investment risk;

● have a long investment time horizon;

● seek additional diversification and

&nbsp;&nbsp;&nbsp;&nbsp;●seek to maximize long-term returns while accepting the possibility of short-term or even long-term losses.

**Nationwide Investor Destinations Moderate Fund ("Moderate Fund")** 

The Moderate Fund pursues its objective by seeking both growth of capital and income. The Moderate Fund's target allocation is weighted toward U.S. and international stock investments, but also includes a significant portion in bonds which may have the potential to add income and reduce volatility.

This Fund may be appropriate for investors who:

&nbsp;&nbsp;&nbsp;&nbsp;●have a lower tolerance for risk than more aggressive investors;

● seek both growth and income from their investment and

&nbsp;&nbsp;&nbsp;&nbsp;●are willing to accept moderate short-term price fluctuations in exchange for potentially higher returns over time.

**Nationwide Investor Destinations Moderately Conservative Fund ("Moderately Conservative Fund")** 

The Moderately Conservative Fund pursues its objective by seeking income and, secondarily, long-term growth of capital. The Moderately Conservative Fund's target allocation is weighted toward bonds, but also includes a significant portion in U.S. and international stock investments for long-term growth.

This Fund may be appropriate for investors who:

&nbsp;&nbsp;&nbsp;&nbsp;●have a lower tolerance for risk than more aggressive investors;

● primarily seek income from their investment;

● have a shorter investment time horizon and

&nbsp;&nbsp;&nbsp;&nbsp;●are willing to accept some short-term price fluctuations in exchange for potentially higher income and growth.

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**How the Funds Invest:** Nationwide Investor Destinations Funds *(cont.)*

**Nationwide Investor Destinations Conservative Fund ("Conservative Fund")** 

The Conservative Fund pursues its objective by seeking income and, secondarily, long-term growth of capital. The Conservative Fund's target allocation is heavily weighted toward bonds, while including some stocks which the investment adviser believes have the potential for long-term growth.

This Fund may be appropriate for investors who:

● have a short investment time horizon;

● have a low tolerance for risk and

● primarily seek income from their investment.

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**How the Funds Invest:** Nationwide Investor Destinations Funds *(cont.)*

The Adviser establishes an anticipated allocation among different asset classes which the Adviser believes is appropriate for each Fund's risk profile and individual strategies. The Adviser bases this decision on the expected return potential, the anticipated risks and the volatility of each asset class. Within each anticipated asset class allocation, the Adviser selects the Underlying Funds, and the percentage of the Fund's assets that will be allocated to each such Underlying Fund.

The table below shows the approximate allocations for each Fund stated as a percentage of the Fund's net assets as of January 31, 2026. However, due to market value fluctuations or other factors, actual allocations may vary over time. In addition, the anticipated asset class allocations themselves may change over time in order for each Fund to meet its respective objective or as economic and/or market conditions warrant.

Investors should be aware that the Adviser applies a long-term investment horizon with respect to each Fund, and therefore, allocation changes are not likely to be made in response to short-term market conditions. The Adviser reserves the right to add or delete asset classes or to change the allocations at any time and without notice. The Appendix B to this Prospectus contains information about the affiliated Underlying Funds in which the Funds may invest as of January 31, 2026. The Funds also may invest in other mutual funds and exchange-traded funds not identified in the Appendix B to this Prospectus, including unaffiliated mutual funds and exchange-traded funds, that are chosen either to complement or replace the Underlying Funds.

Information concerning each Fund's actual allocations to Underlying Funds will be available in each Fund's Semiannual and Annual Report and on the Trust's internet site (nationwide.com/mutualfunds) from time to time.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Allocations** | **Allocations** | **Allocations** | **Allocations** | **Allocations** |
| **Asset Classes**<br>| **Aggressive**<br> **Fund**<br>| **Moderately**<br> **Aggressive**<br> **Fund**<br>| **Moderate**<br> **Fund**<br>| **Moderately**<br> **Conservative**<br> **Fund**<br>| **Conservative**<br> **Fund**<br>|
| **U.S. Stocks**<sup>1</sup> | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 16% |
| **International Stocks** | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 9% |
| **Bonds** | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 75% |

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<sup>1</sup>

"U.S. Stocks" generally includes stocks of large-capitalization, mid-capitalization and small-capitalization companies with market capitalizations, in the aggregate, similar to companies in the Russell 3000<sup>®</sup> Index. The market capitalization range of the Russell 3000® Index as of December 31, 2025, was $2.6 million to $4.4 trillion.

The Adviser is also the investment adviser of each affiliated Underlying Fund. Because an investor is investing indirectly in the Underlying Funds through a Fund, he or she will pay a proportionate share of the applicable expenses of the Underlying Funds (including applicable management, administration and custodian fees), as well as the Fund's direct expenses. The Underlying Funds do not charge the Funds any front-end sales loads, contingent deferred sales charges or Rule 12b-1 fees.

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**Risks of Investing in the Funds**

None of the Investor Destinations Funds can guarantee that it will achieve its investment objective.

As with any mutual fund, the value of each Fund's investments—and therefore, the value of each Fund's shares—may fluctuate, and you may lose money. These changes may occur because of the following risks:

**Risks Associated with a Fund-of-Funds Structure** 

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby a Fund invests primarily in other mutual funds. These risks include the following:

&nbsp;&nbsp;&nbsp;&nbsp;●*Underlying Fund Expenses*: because each Fund owns shares of the Underlying Funds, shareholders of a Fund will indirectly pay a proportional share of the fees and expenses, including applicable management, administration and custodian fees, of the Underlying Funds in which the Funds invest. The Underlying Funds do not charge any front-end sales loads, contingent deferred sales charges or Rule 12b-1 fees.

&nbsp;&nbsp;&nbsp;&nbsp;●*Performance*: each Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more of the Underlying Funds fails to meet its investment objective, a Fund's performance will be negatively affected. There can be no assurance that any Fund or Underlying Fund will achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;●*Asset Allocation*: each Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. Each Fund will be affected to varying degrees by stock and bond market risks, among others. The potential impact of the risks related to an asset class depends on the size of a Fund's investment allocation to it.

&nbsp;&nbsp;&nbsp;&nbsp;●*Strategy*: there is the risk that the Adviser's evaluations and allocation among asset classes and Underlying Funds are incorrect. Further, the Adviser may add or delete Underlying Funds, or alter a Fund's asset allocation at its discretion. A material change in the Underlying Funds selected or in asset allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;●*Conflict of Interest*: the Adviser has the authority to select and replace Underlying Funds. In doing so, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Funds' assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated

Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to each of the Funds and must act in the best interest of the Funds.

***Exchange-traded funds risk*** – when a Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to a Fund's direct fees and expenses. In addition, a Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). A Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – each Fund is subject to the risk that the methods and analyses employed by a Fund's investment adviser, or by an Underlying Fund's investment adviser or subadviser(s), will not produce the desired results. This could cause a Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which a Fund or an Underlying 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.

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

***Limited portfolio holdings risk*** – because a Fund may hold large positions in the Underlying Funds, an increase or decrease in the value of the shares or interests issued by these vehicles will have a greater impact on a Fund's value and total return.

**Risks Associated with U.S. and International Stocks** 

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

● 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-capitalization 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 or an Underlying Fund invests.

***Smaller company risk*** – in general, stocks of small- 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 or an Underlying Fund's investment in a smaller company may lose substantial value. Investing in small- and mid-cap companies requires a longer-term investment view and may not be appropriate for all investors.

**Risks Associated with Fixed-Income Securities (Bonds and Money Market Instruments)**

***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 a Fund

or an Underlying 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 a Fund's or an Underlying Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying 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. A 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.

*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 a 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 a Fund.

***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 Underlying Fund, and therefore 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 a Fund or an Underlying 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 Underlying Fund's subadviser to be of comparable quality.

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

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 a Fund or an Underlying Fund generally are determined at the time of their purchase. Any subsequent rating downgrade of a debt obligation will be monitored generally by the Underlying 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, a Fund or an Underlying Fund must rely entirely on the credit assessment of the Underlying 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 a Fund or an Underlying 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 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 a 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.

***Mortgage- and asset-backed securities risks*** – these securities are subject to prepayment and call risk, which is the risk that payments from the borrower will be received earlier than expected due to changes in the rate at which the underlying loans are prepaid or due to foreclosures on the underlying mortgage loans. Faster prepayments often happen when market interest rates are falling. Conversely, when interest rates rise, prepayments may happen more slowly, which can increase a security's price volatility and cause the market value of the security to fall because the market may view its interest rate as too low for a longer-term investment. This is known as "extension risk." Additionally, through its investments in mortgage-backed securities, including those issued by private lenders, a Fund or an Underlying 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. 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.

*Extension risk* – the risk that principal repayments will not occur as quickly as anticipated, causing the expected maturity of a mortgage-backed 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 a Fund or an Underlying 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.

***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 a Fund or an Underlying Fund to reinvest the proceeds from the principal prepayments at lower interest rates, which reduces a Fund's or an Underlying Fund's income.

In addition, changes in prepayment levels can increase the volatility of prices and yields on mortgage- and asset-backed securities. If a Fund or an Underlying Fund pays a premium (a price higher than the principal amount of the bond) for a mortgage- or asset-backed security and that

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

security is prepaid, a Fund or an Underlying Fund may not recover the premium, resulting in a capital loss.

**Risks Associated with International Stocks and Bonds**

***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 an Underlying 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 or an Underlying Fund invests a significant portion of its assets in a specific geographic region, a Fund or an Underlying 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 or an Underlying Fund's assets are invested, the Fund or Underlying 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 or an Underlying 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* – an Underlying Fund that invests in foreign securities 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 an Underlying 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 an Underlying 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 an Underlying Fund can earn on its investments and typically results in a higher operating expense ratio for an Underlying 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 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.

***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.

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

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 an Underlying 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 an Underlying 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 an Underlying 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 or Underlying 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.

**Additional Principal Risks that May Affect the Funds**

***Derivatives risk*** – a derivative is a contract 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 or Underlying Fund's losses and reducing a Fund's or Underlying 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 a Fund or Underlying Fund harder to value, especially in declining markets and

&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 generally involve leverage, their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing a Fund's or Underlying Fund's opportunities for gains. While futures 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. A Fund or Underlying Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.

*Options* – an option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash of an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. Investments in options are considered speculative. When an Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if an Underlying Fund writes a call

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

option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If an Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When an Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by an Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

Purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. To the extent that a Fund invests in over-the-counter options, the Underlying Fund will be exposed to credit risk with regard to parties with whom it trades and also bears 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.

*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 an Underlying Fund's losses and reducing an Underlying 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, an Underlying Fund could sustain significant losses.

*Equity swaps* – an equity swap enables an investor to buy or sell investment exposure linked to the total return (including dividends) of an underlying stock, group of stocks or stock index. Until equity swaps are designated for mandatory central clearing, the terms of an equity swap generally are privately negotiated by an Underlying Fund and the swap counterparty. An equity swap may be embedded within a structured note or other derivative instrument. Equity swaps are subject to stock market risk of the underlying stock, group of stocks or stock index in addition to counterparty credit risk. An equity swap could result in losses if the underlying stock, group of stocks, or stock index does not perform as anticipated.

*Interest rate swaps* – interest rate swaps allow parties to exchange their rights to receive payments on a security or other reference rate. The use of interest rate swaps involves the risk that an Underlying Fund's subadviser will not accurately predict anticipated changes in interest rates, which may result in losses to the Underlying Fund. Interest rate swaps also involve the possible failure of a counterparty to perform in accordance with the terms of the swap agreement. If a counterparty defaults on its obligations under a swap agreement, the Underlying Fund may lose any amount it expected to receive from the counterparty, potentially including amounts in excess of the Fund's initial investment.

*Total return swaps* – total return swaps allow the party receiving the total return to gain exposure and benefit from an underlying reference asset without actually having to own it. Total return swaps will create leverage and a Fund or Underlying Fund may experience substantial gains or losses in value as a result of relatively small changes in the value of the underlying asset. In addition, total return swaps are subject to credit and counterparty risk. If the counterparty fails to meet its obligations a Fund or Underlying Fund will sustain significant losses. Total return swaps also are subject to the risk that a Fund or Underlying Fund will not properly assess the cost of the underlying asset. If a Fund or Underlying Fund is the buyer of a total return swap, a Fund or Underlying Fund will lose money if the total return of the underlying asset is less than a Fund's or Underlying Fund's obligation to pay a fixed or floating rate of interest. If a Fund or Underlying Fund is the seller of a total return swap, a Fund or Underlying Fund will lose money if the total returns of the underlying asset are greater than the fixed or floating rate of interest it would receive.

*Leverage* – leverage is created when an investment exposes a Fund or Underlying Fund to a risk of loss that exceeds the amount invested. Certain derivatives provide the potential for investment gain or loss that may be several

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

times greater than the change in the value of an underlying security, asset, interest rate, index or currency, resulting in the potential for a loss that is substantially greater than the amount invested. Some leveraged investments have the potential for unlimited loss, regardless of the size of the initial investment. Because leverage can magnify the effects of changes in the value of a Fund or Underlying Fund and make a Fund's or Underlying Fund's share price more volatile, a shareholder's investment in a Fund may be more volatile, resulting in larger gains or losses in response to the fluctuating prices of a Fund's or Underlying Fund's investments. Further, the use of leverage typically requires a Fund or Underlying Fund to make margin payments, which might impair a Fund's or Underlying 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 a Fund or Underlying Fund sell a portfolio security at a disadvantageous time.

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 Funds and, therefore, is not subject to the regulation as a commodity pool operator under the CEA in its management of the Funds.

***Index fund risk*** – Underlying Funds that seek to match the performance of an index may not fully replicate their respective indexes and may perform differently from the securities in the index. To minimize this possibility, index funds attempt to be fully invested at all times and generally do not hold a significant portion of their assets in cash. Since index funds generally do not attempt to hedge against market declines, they may fall in value more than other mutual funds in the event of a general market decline. In addition, unlike an index fund, an index has no operating or other expenses. As a result, even though index funds attempt to track their indexes as closely as possible, they will tend to underperform the indexes to some degree over time.

***Liquidity risk*** – the risk that a security cannot be sold, or cannot be sold quickly, at an acceptable price. An inability to sell a portfolio position can adversely affect a Fund's or Underlying Fund's value or prevent a Fund or Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also refers to the risk that a Fund or Underlying 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, a Fund or Underlying Fund may be forced to sell liquid securities at unfavorable times and conditions. A Fund or Underlying Fund that invests in fixed-income securities, such as mortgage-backed securities, and small- and mid-capitalization stocks will be especially subject to the risk that during certain periods, the liquidity of particular issuers 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. Investments in foreign securities tend to have more exposure to liquidity risk than domestic securities.

***Short sales risk*** – a Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to a Fund. A Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, a Fund is subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of a Fund. Short positions introduce more risk to a Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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.

A Fund may invest in or use other types of investments or strategies not shown here 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").

***Please see the Appendix B to this Prospectus for additional information about the affiliated Underlying Funds in which the Funds invest.*** 

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

**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 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.

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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 Funds' assets and supervises the daily business affairs of each Fund. Organized in 1999 as an investment adviser, NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc.

NFA determines the asset allocation for each Fund, selects the appropriate mix of Underlying Funds, places trades in exchange-traded funds (if any) and monitors the performance and positioning of the Underlying Funds. For these services, each Fund pays NFA an annual management fee. This is in addition to the indirect fees that each Fund pays as a shareholder of the underlying investments.

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory agreement 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 an annual management fee based on the Fund's average daily net assets. The annual management fee paid by each Fund to NFA 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 0.13%.

**Portfolio Management**

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA, are the Funds' co-portfolio managers and are jointly responsible for the day-to-day management of the Funds in accordance with (1) their respective target asset class allocations and (2) the allocations to each of their respective Underlying Funds. As Portfolio Managers, they are jointly responsible for overseeing diversified portfolios that invest across multiple asset classes through underlying funds. The role involves setting strategic and tactical asset allocation, selecting and monitoring managers, and managing risk to deliver competitive, risk-adjusted returns.

Mr. Graham is Chief Investment Officer of NFA. Mr. Graham joined the Office of Investments at Nationwide Mutual Insurance Company ("Nationwide Mutual") in November 2004, building the external manager platform for long only, hedge fund and private equity investments for Nationwide's general account and pension assets. He joined NFA in 2016.

Mr. Robinette is a Senior Investment Professional of Multi-Asset Investments for NFA. Mr. Robinette joined Nationwide Mutual in 2012 where he most recently managed a portfolio

of hedge funds and led manager due diligence reviews. He joined NFA in 2017.

Mr. Urban is a Senior Investment Professional of Multi-Asset Investments for NFA. He joined NFA in 2016. Prior to joining NFA, Mr. Urban worked for six years as an investment analyst for the Ohio Public Employees Retirement System, where he was most recently responsible for hedge fund manager selection and due diligence as well as portfolio risk management.

**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 Funds managed by the portfolio manager, if any.

**Manager-of-Managers Structure** 

The Adviser has no current plans to hire a subadviser with respect to these Funds. Nevertheless, 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. Currently, the Funds are managed directly by the Adviser, but 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.

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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 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. Class R, Class R6, Institutional Service Class, and Service Class 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.

**Share Classes Available to All Investors**

**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** 

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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 $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\* |

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\*

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;

------

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

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

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

● 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,

------

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

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.

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 Class R, Institutional Service Class, Class R6 and Service Class 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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 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.

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;

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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;●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 and Service Class Shares** 

Institutional Service Class and Service Class shares are sold without a sales charge. Institutional Service Class shares are not subject to Rule 12b-1 fees. Institutional Service Class and Service Class shares are subject to a maximum annual administrative services fee of 0.25%. Institutional Service Class and 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 shares only).

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, Class R and Service Class 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 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 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, Class R and Service Class 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 <br> either a distribution or service fee)<br>|
| Service Class shares | 0.25% (distribution or service fee) |

---

**Administrative Services Fees**

Class A, Class R, Institutional Service Class and 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, Class R and Service Class 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, Institutional Service Class and Service Class shares; however, many intermediaries do not charge the maximum permitted fee or even a portion thereof and the Board of

------

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

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 Investor Destinations Aggressive Fund** Class A, Class R, Institutional Service Class and Service Class shares: 0.09%, 0.14%, 0.13% and 0.15%, respectively.

**Nationwide Investor Destinations Conservative Fund** Class A, Class R, Institutional Service Class and Service Class shares: 0.05%, 0.15%, 0.06% and 0.15%, respectively.

**Nationwide Investor Destinations Moderate Fund** Class A, Class R, Institutional Service Class and Service Class shares: 0.06%, 0.15%, 0.09% and 0.15%, respectively.

**Nationwide Investor Destinations Moderately Aggressive Fund** Class A, Class R, Institutional Service Class and Service Class shares: 0.09%, 0.14%, 0.10% and 0.15%, respectively.

**Nationwide Investor Destinations Moderately Conservative Fund** Class A, Class R, Institutional Service Class and Service Class shares: 0.06%, 0.14%, 0.11% and 0.14%, respectively.

Because these fees are paid out of a Fund's Class A, Class R, Institutional Service Class and 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;

● 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

------

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

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

P.O. Box 219336,

Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336,

Kansas City, MO 64105-1307.

------

**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.

---

| | |
|:---|:---|
| **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.** |
| **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>|
| **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>|
| **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>|
| **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>|
| **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>| **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>|
| **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>|
| **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>|

---

------

**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 (including affiliated Underlying 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. Investments in other registered open-end mutual funds are valued based on the NAV for those mutual funds, which in turn may use fair value pricing. The prospectuses for those underlying mutual funds should explain the circumstances under which those funds will use fair value pricing and the effects of using fair value pricing. Shares of exchange-traded funds are valued based on the prices at which they trade on the stock exchanges on which they are listed.

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 an Underlying Fund's NAV is calculated, an Underlying 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 an Underlying 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 an Underlying 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 an Underlying 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.

------

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

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 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) |
| To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| Additional Investments (Automatic <br> 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 and Service Class Shares** | **Institutional Service Class Shares and Service Class Shares** |
| To open an account | $50,000 (per Fund) |
| Additional Investments | No Minimum |

---

---

| |
|:---|
| **Minimum Investments** |
| 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, and between Service Class shares of the Funds and Service Class 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

------

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

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 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, as may be the Underlying Funds that invest in such foreign securities. 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."

------

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

**Monitoring of Trading Activity** 

The Funds, through the Adviser, 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 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** 

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 PricewaterhouseCoopers, LLP, 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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE INVESTOR DESTINATIONS AGGRESSIVE 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** | **Ratios/Supplemental Data** | **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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $10.54 | $0.12 | $1.38 | $1.50 | $(0.24) | $(1.45) | $(1.69) | $10.35 | 16.48% | $79606 | 0.53% | 1.29% | 0.53% | 39.70% |
| 10/31/2024 | 8.62 | 0.14 | 2.34 | 2.48 | (0.16) | (0.40) | (0.56) | 10.54 | 29.68% | 82737 | 0.53% | 1.45% | 0.53% | 47.76% |
| 10/31/2023 | 8.34 | 0.07 | 0.50 | 0.57 | (0.07) | (0.22) | (0.29) | 8.62 | 7.07% | 67103 | 0.52% | 0.83% | 0.52% | 14.54% |
| 10/31/2022 | 11.10 | 0.36 | (2.39) | (2.03) | (0.43) | (0.30) | (0.73) | 8.34 | (19.58)% | 76405 | 0.53% | 3.83% | 0.53% | 34.31% |
| 10/31/2021 | 8.32 | 0.24 | 2.80 | 3.04 | (0.26) |  | (0.26) | 11.10 | 37.03% | 98337 | 0.53% | 2.36% | 0.53% | 14.17% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.11 | 0.09 | 1.31 | 1.40 | (0.22) | (1.45) | (1.67) | 9.84 | 16.12% | 36054 | 0.83% | 1.03% | 0.83% | 39.70% |
| 10/31/2024 | 8.28 | 0.12 | 2.24 | 2.36 | (0.13) | (0.40) | (0.53) | 10.11 | 29.39% | 41322 | 0.83% | 1.25% | 0.83% | 47.76% |
| 10/31/2023 | 8.03 | 0.04 | 0.49 | 0.53 | (0.06) | (0.22) | (0.28) | 8.28 | 6.76% | 36693 | 0.82% | 0.52% | 0.82% | 14.54% |
| 10/31/2022 | 10.72 | 0.32 | (2.31) | (1.99) | (0.40) | (0.30) | (0.70) | 8.03 | (19.89)% | 38002 | 0.84% | 3.57% | 0.84% | 34.31% |
| 10/31/2021 | 8.06 | 0.20 | 2.71 | 2.91 | (0.25) |  | (0.25) | 10.72 | 36.61% | 52658 | 0.85% | 2.04% | 0.85% | 14.17% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.79 | 0.16 | 1.42 | 1.58 | (0.28) | (1.45) | (1.73) | 10.64 | 16.87% | 278703 | 0.19% | 1.60% | 0.19% | 39.70% |
| 10/31/2024 | 8.82 | 0.18 | 2.40 | 2.58 | (0.21) | (0.40) | (0.61) | 10.79 | 30.10% | 262009 | 0.19% | 1.81% | 0.19% | 47.76% |
| 10/31/2023 | 8.52 | 0.11 | 0.51 | 0.62 | (0.10) | (0.22) | (0.32) | 8.82 | 7.44% | 208392 | 0.18% | 1.20% | 0.18% | 14.54% |
| 10/31/2022 | 11.33 | 0.40 | (2.45) | (2.05) | (0.46) | (0.30) | (0.76) | 8.52 | (19.34)% | 229143 | 0.19% | 4.19% | 0.19% | 34.31% |
| 10/31/2021 | 8.48 | 0.28 | 2.85 | 3.13 | (0.28) |  | (0.28) | 11.33 | 37.51% | 312586 | 0.19% | 2.71% | 0.19% | 14.17% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.57 | 0.14 | 1.39 | 1.53 | (0.26) | (1.45) | (1.71) | 10.39 | 16.79% | 3123 | 0.32% | 1.49% | 0.32% | 39.70% |
| 10/31/2024 | 8.64 | 0.17 | 2.35 | 2.52 | (0.19) | (0.40) | (0.59) | 10.57 | 30.05% | 3385 | 0.32% | 1.75% | 0.32% | 47.76% |
| 10/31/2023 | 8.36 | 0.09 | 0.50 | 0.59 | (0.09) | (0.22) | (0.31) | 8.64 | 7.23% | 3341 | 0.31% | 1.02% | 0.31% | 14.54% |
| 10/31/2022 | 11.13 | 0.38 | (2.40) | (2.02) | (0.45) | (0.30) | (0.75) | 8.36 | (19.44)% | 3588 | 0.32% | 4.05% | 0.32% | 34.31% |
| 10/31/2021 | 8.33 | 0.26 | 2.81 | 3.07 | (0.27) |  | (0.27) | 11.13 | 37.41% | 5767 | 0.32% | 2.47% | 0.32% | 14.17% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.59 | 0.11 | 1.40 | 1.51 | (0.24) | (1.45) | (1.69) | 10.41 | 16.43% | 279560 | 0.59% | 1.17% | 0.59% | 39.70% |
| 10/31/2024 | 8.64 | 0.14 | 2.35 | 2.49 | (0.14) | (0.40) | (0.54) | 10.59 | 29.69% | 278330 | 0.59% | 1.43% | 0.59% | 47.76% |
| 10/31/2023 | 8.37 | 0.07 | 0.49 | 0.56 | (0.07) | (0.22) | (0.29) | 8.64 | 6.89% | 460308 | 0.58% | 0.75% | 0.58% | 14.54% |
| 10/31/2022 | 11.13 | 0.35 | (2.39) | (2.04)<sup>(g)</sup> | (0.42) | (0.30) | (0.72) | 8.37 | (19.58)%<sup>(g)</sup> | 458976 | 0.59% | 3.77% | 0.59% | 34.31% |
| 10/31/2021 | 8.34 | 0.24 | 2.80 | 3.04 | (0.25) |  | (0.25) | 11.13 | 37.03% | 624603 | 0.59% | 2.33% | 0.59% | 14.17% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes payment by an affiliate which impacted the Fund's per share operations activity and total return. The per share impact was $0.01 per share for Service Class. Excluding the payment from the affiliate, the Service Class total returns is -19.68%. (Note 3)

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $10.42 | $0.17 | $1.19 | $1.36 | $(0.27) | $(1.21) | $(1.48) | $10.30 | 14.95% | $135536 | 0.52% | 1.77% | 0.52% | 33.63% |
| 10/31/2024 | 8.76 | 0.18 | 2.08 | 2.26 | (0.20) | (0.40) | (0.60) | 10.42 | 26.54% | 141222 | 0.52% | 1.86% | 0.52% | 42.62% |
| 10/31/2023 | 8.56 | 0.10 | 0.41 | 0.51 | (0.09) | (0.22) | (0.31) | 8.76 | 6.15% | 118075 | 0.52% | 1.06% | 0.52% | 14.63% |
| 10/31/2022 | 11.22 | 0.36 | (2.38) | (2.02) | (0.41) | (0.23) | (0.64) | 8.56 | (19.07)% | 146719 | 0.52% | 3.75% | 0.52% | 37.04% |
| 10/31/2021 | 8.78 | 0.26 | 2.46 | 2.72 | (0.28) |  | (0.28) | 11.22 | 31.39% | 190995 | 0.52% | 2.48% | 0.52% | 16.49% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.88 | 0.13 | 1.13 | 1.26 | (0.25) | (1.21) | (1.46) | 9.68 | 14.70% | 71803 | 0.82% | 1.48% | 0.82% | 33.63% |
| 10/31/2024 | 8.35 | 0.15 | 1.96 | 2.11 | (0.18) | (0.40) | (0.58) | 9.88 | 26.06% | 76301 | 0.82% | 1.63% | 0.82% | 42.62% |
| 10/31/2023 | 8.18 | 0.07 | 0.40 | 0.47 | (0.08) | (0.22) | (0.30) | 8.35 | 5.87% | 67714 | 0.82% | 0.77% | 0.82% | 14.63% |
| 10/31/2022 | 10.75 | 0.32 | (2.28) | (1.96) | (0.38) | (0.23) | (0.61) | 8.18 | (19.33)% | 78674 | 0.84% | 3.49% | 0.84% | 37.04% |
| 10/31/2021 | 8.44 | 0.22 | 2.35 | 2.57 | (0.26) |  | (0.26) | 10.75 | 30.90% | 107069 | 0.84% | 2.21% | 0.84% | 16.49% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.40 | 0.20 | 1.20 | 1.40 | (0.30) | (1.21) | (1.51) | 10.29 | 15.39% | 404720 | 0.18% | 2.10% | 0.18% | 33.63% |
| 10/31/2024 | 8.75 | 0.22 | 2.06 | 2.28 | (0.23) | (0.40) | (0.63) | 10.40 | 26.87% | 400506 | 0.18% | 2.25% | 0.18% | 42.62% |
| 10/31/2023 | 8.55 | 0.13 | 0.41 | 0.54 | (0.12) | (0.22) | (0.34) | 8.75 | 6.52% | 364873 | 0.18% | 1.39% | 0.18% | 14.63% |
| 10/31/2022 | 11.21 | 0.39 | (2.37) | (1.98)<sup>(g)</sup> | (0.45) | (0.23) | (0.68) | 8.55 | (18.80)%<sup>(g)</sup> | 384753 | 0.18% | 4.11% | 0.18% | 37.04% |
| 10/31/2021 | 8.76 | 0.30 | 2.45 | 2.75 | (0.30) |  | (0.30) | 11.21 | 31.94% | 515657 | 0.18% | 2.86% | 0.18% | 16.49% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.37 | 0.19 | 1.19 | 1.38 | (0.29) | (1.21) | (1.50) | 10.25 | 15.25% | 18004 | 0.28% | 2.03% | 0.28% | 33.63% |
| 10/31/2024 | 8.72 | 0.21 | 2.06 | 2.27 | (0.22) | (0.40) | (0.62) | 10.37 | 26.82% | 20845 | 0.29% | 2.16% | 0.29% | 42.62% |
| 10/31/2023 | 8.52 | 0.12 | 0.42 | 0.54 | (0.12) | (0.22) | (0.34) | 8.72 | 6.48% | 18838 | 0.25% | 1.33% | 0.25% | 14.63% |
| 10/31/2022 | 11.18 | 0.39 | (2.38) | (1.99) | (0.44) | (0.23) | (0.67) | 8.52 | (18.89)% | 20822 | 0.23% | 4.04% | 0.23% | 37.04% |
| 10/31/2021 | 8.74 | 0.29 | 2.45 | 2.74 | (0.30) |  | (0.30) | 11.18 | 31.83% | 22793 | 0.23% | 2.79% | 0.23% | 16.49% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.37 | 0.16 | 1.20 | 1.36 | (0.27) | (1.21) | (1.48) | 10.25 | 14.96% | 289862 | 0.58% | 1.64% | 0.58% | 33.63% |
| 10/31/2024 | 8.72 | 0.18 | 2.06 | 2.24 | (0.19) | (0.40) | (0.59) | 10.37 | 26.42% | 285051 | 0.58% | 1.81% | 0.58% | 42.62% |
| 10/31/2023 | 8.53 | 0.09 | 0.41 | 0.50 | (0.09) | (0.22) | (0.31) | 8.72 | 6.03% | 544834 | 0.58% | 0.96% | 0.58% | 14.63% |
| 10/31/2022 | 11.18 | 0.35 | (2.36) | (2.01)<sup>(g)</sup> | (0.41) | (0.23) | (0.64) | 8.53 | (19.10)%<sup>(g)</sup> | 559489 | 0.58% | 3.70% | 0.58% | 37.04% |
| 10/31/2021 | 8.75 | 0.26 | 2.44 | 2.70 | (0.27) |  | (0.27) | 11.18 | 31.33% | 760754 | 0.58% | 2.45% | 0.58% | 16.49% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes payment by an affiliate which impacted the Fund's per share operations activity and total return. The per share impact was $0.01 per share for Class R6 and Service Class. Excluding the payment from the affiliate, the Class R6 and Service Class total returns are -18.89% and -19.20%, respectively. (Note 3)

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE INVESTOR DESTINATIONS MODERATE FUND**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $9.93 | $0.22 | $0.88 | $1.10 | $(0.28) | $(0.89) | $(1.17) | $9.86 | 12.38% | $121949 | 0.50% | 2.31% | 0.50% | 32.15% |
| 10/31/2024 | 8.65 | 0.22 | 1.62 | 1.84 | (0.23) | (0.33) | (0.56) | 9.93 | 21.87% | 125669 | 0.52% | 2.29% | 0.52% | 36.66% |
| 10/31/2023 | 8.55 | 0.13 | 0.28 | 0.41 | (0.13) | (0.18) | (0.31) | 8.65 | 4.85% | 105356 | 0.52% | 1.46% | 0.52% | 13.59% |
| 10/31/2022 | 10.90 | 0.32 | (2.10) | (1.78) | (0.35) | (0.22) | (0.57) | 8.55 | (17.14)% | 130850 | 0.53% | 3.37% | 0.53% | 34.56% |
| 10/31/2021 | 9.06 | 0.24 | 1.86 | 2.10 | (0.26) |  | (0.26) | 10.90 | 23.50% | 170634 | 0.53% | 2.31% | 0.53% | 20.10% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.49 | 0.17 | 0.86 | 1.03 | (0.26) | (0.89) | (1.15) | 9.37 | 12.07% | 52265 | 0.84% | 1.96% | 0.84% | 32.15% |
| 10/31/2024 | 8.29 | 0.19 | 1.55 | 1.74 | (0.21) | (0.33) | (0.54) | 9.49 | 21.52% | 53378 | 0.84% | 2.07% | 0.84% | 36.66% |
| 10/31/2023 | 8.21 | 0.10 | 0.26 | 0.36 | (0.10) | (0.18) | (0.28) | 8.29 | 4.52% | 48147 | 0.83% | 1.13% | 0.83% | 13.59% |
| 10/31/2022 | 10.50 | 0.29 | (2.03) | (1.74) | (0.33) | (0.22) | (0.55) | 8.21 | (17.44)% | 54462 | 0.84% | 3.15% | 0.84% | 34.56% |
| 10/31/2021 | 8.74 | 0.20 | 1.80 | 2.00 | (0.24) |  | (0.24) | 10.50 | 23.14% | 75187 | 0.83% | 2.04% | 0.83% | 20.10% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.85 | 0.24 | 0.88 | 1.12 | (0.31) | (0.89) | (1.20) | 9.77 | 12.75% | 278722 | 0.19% | 2.64% | 0.19% | 32.15% |
| 10/31/2024 | 8.58 | 0.26 | 1.61 | 1.87 | (0.27) | (0.33) | (0.60) | 9.85 | 22.33% | 294804 | 0.19% | 2.72% | 0.19% | 36.66% |
| 10/31/2023 | 8.48 | 0.16 | 0.28 | 0.44 | (0.16) | (0.18) | (0.34) | 8.58 | 5.25% | 271803 | 0.18% | 1.80% | 0.18% | 13.59% |
| 10/31/2022 | 10.82 | 0.35 | (2.08) | (1.73) | (0.39) | (0.22) | (0.61) | 8.48 | (16.89)% | 293628 | 0.19% | 3.71% | 0.19% | 34.56% |
| 10/31/2021 | 9.00 | 0.28 | 1.84 | 2.12 | (0.30) |  | (0.30) | 10.82 | 23.85% | 407191 | 0.19% | 2.76% | 0.19% | 20.10% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.83 | 0.24 | 0.87 | 1.11 | (0.30) | (0.89) | (1.19) | 9.75 | 12.65% | 5235 | 0.28% | 2.61% | 0.28% | 32.15% |
| 10/31/2024 | 8.57 | 0.25 | 1.60 | 1.85 | (0.26) | (0.33) | (0.59) | 9.83 | 22.14% | 7439 | 0.27% | 2.69% | 0.27% | 36.66% |
| 10/31/2023 | 8.47 | 0.15 | 0.28 | 0.43 | (0.15) | (0.18) | (0.33) | 8.57 | 5.20% | 7117 | 0.24% | 1.70% | 0.24% | 13.59% |
| 10/31/2022 | 10.81 | 0.29 | (2.03) | (1.74) | (0.38) | (0.22) | (0.60) | 8.47 | (16.96)% | 7113 | 0.25% | 3.14% | 0.25% | 34.56% |
| 10/31/2021 | 8.99 | 0.28 | 1.83 | 2.11 | (0.29) |  | (0.29) | 10.81 | 23.76% | 9381 | 0.28% | 2.73% | 0.28% | 20.10% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.86 | 0.20 | 0.90 | 1.10 | (0.28) | (0.89) | (1.17) | 9.79 | 12.38% | 192146 | 0.59% | 2.18% | 0.59% | 32.15% |
| 10/31/2024 | 8.59 | 0.22 | 1.60 | 1.82 | (0.22) | (0.33) | (0.55) | 9.86 | 21.76% | 197363 | 0.59% | 2.29% | 0.59% | 36.66% |
| 10/31/2023 | 8.49 | 0.12 | 0.28 | 0.40 | (0.12) | (0.18) | (0.30) | 8.59 | 4.83% | 372366 | 0.58% | 1.38% | 0.58% | 13.59% |
| 10/31/2022 | 10.83 | 0.31 | (2.08) | (1.77) | (0.35) | (0.22) | (0.57) | 8.49 | (17.22)% | 395148 | 0.59% | 3.31% | 0.59% | 34.56% |
| 10/31/2021 | 9.00 | 0.24 | 1.84 | 2.08 | (0.25) |  | (0.25) | 10.83 | 23.47% | 536081 | 0.59% | 2.30% | 0.59% | 20.10% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $10.13 | $0.30 | $0.64 | $0.94 | $(0.33) | $(0.58) | $(0.91) | $10.16 | 10.06% | $50486 | 0.54% | 3.11% | 0.54% | 32.92% |
| 10/31/2024 | 9.06 | 0.26 | 1.28 | 1.54 | (0.29) | (0.18) | (0.47) | 10.13 | 17.31% | 64701 | 0.53% | 2.67% | 0.53% | 35.30% |
| 10/31/2023 | 9.01 | 0.17 | 0.16 | 0.33 | (0.17) | (0.11) | (0.28) | 9.06 | 3.58% | 53941 | 0.52% | 1.79% | 0.52% | 12.97% |
| 10/31/2022 | 11.01 | 0.27 | (1.92) | (1.65) | (0.31) | (0.04) | (0.35) | 9.01 | (15.39)% | 61696 | 0.50% | 2.77% | 0.50% | 37.80% |
| 10/31/2021 | 9.74 | 0.22 | 1.30 | 1.52 | (0.25) |  | (0.25) | 11.01 | 15.72% | 73240 | 0.50% | 2.07% | 0.50% | 25.70% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.17 | 0.27 | 0.63 | 0.90 | (0.29) | (0.58) | (0.87) | 10.20 | 9.64% | 14661 | 0.87% | 2.77% | 0.87% | 32.92% |
| 10/31/2024 | 9.09 | 0.25 | 1.27 | 1.52 | (0.26) | (0.18) | (0.44) | 10.17 | 16.98% | 18664 | 0.86% | 2.54% | 0.86% | 35.30% |
| 10/31/2023 | 9.04 | 0.14 | 0.16 | 0.30 | (0.14) | (0.11) | (0.25) | 9.09 | 3.23% | 17362 | 0.85% | 1.45% | 0.85% | 12.97% |
| 10/31/2022 | 11.05 | 0.25 | (1.94) | (1.69)<sup>(g)</sup> | (0.28) | (0.04) | (0.32) | 9.04 | (15.74)%<sup>(g)</sup> | 17878 | 0.87% | 2.54% | 0.87% | 37.80% |
| 10/31/2021 | 9.77 | 0.19 | 1.29 | 1.48 | (0.20) |  | (0.20) | 11.05 | 15.31% | 24679 | 0.89% | 1.76% | 0.89% | 25.70% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.29 | 0.31 | 0.68 | 0.99 | (0.36) | (0.58) | (0.94) | 10.34 | 10.45% | 100285 | 0.23% | 3.16% | 0.23% | 32.92% |
| 10/31/2024 | 9.20 | 0.31 | 1.28 | 1.59 | (0.32) | (0.18) | (0.50) | 10.29 | 17.62% | 104469 | 0.22% | 3.15% | 0.22% | 35.30% |
| 10/31/2023 | 9.14 | 0.20 | 0.17 | 0.37 | (0.20) | (0.11) | (0.31) | 9.20 | 3.97% | 97558 | 0.21% | 2.12% | 0.21% | 12.97% |
| 10/31/2022 | 11.17 | 0.32 | (1.97) | (1.65) | (0.34) | (0.04) | (0.38) | 9.14 | (15.19)% | 107252 | 0.21% | 3.18% | 0.21% | 37.80% |
| 10/31/2021 | 9.87 | 0.26 | 1.32 | 1.58 | (0.28) |  | (0.28) | 11.17 | 16.14% | 151492 | 0.21% | 2.39% | 0.21% | 25.70% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.23 | 0.31 | 0.65 | 0.96 | (0.34) | (0.58) | (0.92) | 10.27 | 10.27% | 2322 | 0.34% | 3.18% | 0.34% | 32.92% |
| 10/31/2024 | 9.14 | 0.32 | 1.27 | 1.59 | (0.32) | (0.18) | (0.50) | 10.23 | 17.65% | 3443 | 0.30% | 3.26% | 0.30% | 35.30% |
| 10/31/2023 | 9.09 | 0.19 | 0.16 | 0.35 | (0.19) | (0.11) | (0.30) | 9.14 | 3.80% | 3805 | 0.28% | 2.04% | 0.28% | 12.97% |
| 10/31/2022 | 11.11 | 0.32 | (1.96) | (1.64) | (0.34) | (0.04) | (0.38) | 9.09 | (15.24)% | 4048 | 0.29% | 3.18% | 0.29% | 37.80% |
| 10/31/2021 | 9.82 | 0.24 | 1.31 | 1.55 | (0.26) |  | (0.26) | 11.11 | 16.00% | 5694 | 0.31% | 2.26% | 0.31% | 25.70% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.23 | 0.27 | 0.67 | 0.94 | (0.32) | (0.58) | (0.90) | 10.27 | 9.96% | 52170 | 0.62% | 2.71% | 0.62% | 32.92% |
| 10/31/2024 | 9.14 | 0.28 | 1.27 | 1.55 | (0.28) | (0.18) | (0.46) | 10.23 | 17.24% | 55994 | 0.61% | 2.83% | 0.61% | 35.30% |
| 10/31/2023 | 9.09 | 0.16 | 0.16 | 0.32 | (0.16) | (0.11) | (0.27) | 9.14 | 3.47% | 100316 | 0.60% | 1.71% | 0.60% | 12.97% |
| 10/31/2022 | 11.11 | 0.27 | (1.95) | (1.68)<sup>(g)</sup> | (0.30) | (0.04) | (0.34) | 9.09 | (15.54)%<sup>(g)</sup> | 108192 | 0.62% | 2.72% | 0.62% | 37.80% |
| 10/31/2021 | 9.82 | 0.21 | 1.31 | 1.52 | (0.23) |  | (0.23) | 11.11 | 15.65% | 143327 | 0.62% | 1.98% | 0.62% | 25.70% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes payment by an affiliate which impacted the Fund's per share operations activity and total return. The per share impact was $0.01 per share for Class R and Service Class. Excluding the payment from the affiliate, the Class R and Service Class total returns are -15.83% and -15.63%, respectively. (Note 3)

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE INVESTOR DESTINATIONS CONSERVATIVE FUND**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $10.04 | $0.36 | $0.34 | $0.70 | $(0.36) | $(0.17) | $(0.53) | $10.21 | 7.40% | $80199 | 0.53% | 3.61% | 0.53% | 32.77% |
| 10/31/2024 | 9.19 | 0.29 | 0.90 | 1.19 | (0.34) |  | (0.34) | 10.04 | 13.06% | 98170 | 0.52% | 2.98% | 0.52% | 28.74% |
| 10/31/2023 | 9.19 | 0.21 |  | 0.21 | (0.21) |  | (0.21) | 9.19 | 2.27% | 71279 | 0.51% | 2.19% | 0.51% | 8.48% |
| 10/31/2022 | 11.02 | 0.23 | (1.72) | (1.49) | (0.26) | (0.08) | (0.34) | 9.19 | (13.93)% | 76271 | 0.51% | 2.28% | 0.51% | 38.68% |
| 10/31/2021 | 10.38 | 0.19 | 0.66 | 0.85 | (0.21) |  | (0.21) | 11.02 | 8.22% | 89866 | 0.53% | 1.78% | 0.53% | 28.07% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.02 | 0.30 | 0.36 | 0.66 | (0.33) | (0.17) | (0.50) | 10.18 | 6.94% | 15736 | 0.88% | 3.09% | 0.88% | 32.77% |
| 10/31/2024 | 9.17 | 0.30 | 0.85 | 1.15 | (0.30) |  | (0.30) | 10.02 | 12.69% | 16514 | 0.87% | 3.06% | 0.87% | 28.74% |
| 10/31/2023 | 9.17 | 0.18 |  | 0.18 | (0.18) |  | (0.18) | 9.17 | 1.92% | 15786 | 0.86% | 1.85% | 0.86% | 8.48% |
| 10/31/2022 | 10.99 | 0.20 | (1.72) | (1.52) | (0.22) | (0.08) | (0.30) | 9.17 | (14.20)% | 17088 | 0.87% | 2.02% | 0.87% | 38.68% |
| 10/31/2021 | 10.36 | 0.17 | 0.63 | 0.80 | (0.17) |  | (0.17) | 10.99 | 7.78% | 25549 | 0.86% | 1.54% | 0.86% | 28.07% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.11 | 0.37 | 0.36 | 0.73 | (0.40) | (0.17) | (0.57) | 10.27 | 7.57% | 70416 | 0.23% | 3.74% | 0.23% | 32.77% |
| 10/31/2024 | 9.25 | 0.36 | 0.87 | 1.23 | (0.37) |  | (0.37) | 10.11 | 13.41% | 77559 | 0.22% | 3.65% | 0.22% | 28.74% |
| 10/31/2023 | 9.24 | 0.24 | 0.01 | 0.25 | (0.24) |  | (0.24) | 9.25 | 2.68% | 69514 | 0.21% | 2.50% | 0.21% | 8.48% |
| 10/31/2022 | 11.09 | 0.27 | (1.75) | (1.48) | (0.29) | (0.08) | (0.37) | 9.24 | (13.76)% | 78086 | 0.21% | 2.63% | 0.21% | 38.68% |
| 10/31/2021 | 10.44 | 0.23 | 0.66 | 0.89 | (0.24) |  | (0.24) | 11.09 | 8.63% | 104097 | 0.20% | 2.10% | 0.20% | 28.07% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.08 | 0.39 | 0.33 | 0.72 | (0.39) | (0.17) | (0.56) | 10.24 | 7.53% | 33487 | 0.29% | 3.92% | 0.29% | 32.77% |
| 10/31/2024 | 9.23 | 0.38 | 0.83 | 1.21 | (0.36) |  | (0.36) | 10.08 | 13.26% | 47350 | 0.29% | 3.82% | 0.29% | 28.74% |
| 10/31/2023 | 9.22 | 0.24 |  | 0.24 | (0.23) |  | (0.23) | 9.23 | 2.58% | 58910 | 0.30% | 2.48% | 0.30% | 8.48% |
| 10/31/2022 | 11.06 | 0.27 | (1.75) | (1.48) | (0.28) | (0.08) | (0.36) | 9.22 | (13.80)% | 94028 | 0.31% | 2.69% | 0.31% | 38.68% |
| 10/31/2021 | 10.41 | 0.22 | 0.66 | 0.88 | (0.23) |  | (0.23) | 11.06 | 8.54% | 169200 | 0.30% | 2.03% | 0.30% | 28.07% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.09 | 0.33 | 0.36 | 0.69 | (0.36) | (0.17) | (0.53) | 10.25 | 7.15% | 54673 | 0.63% | 3.28% | 0.63% | 32.77% |
| 10/31/2024 | 9.23 | 0.33 | 0.85 | 1.18 | (0.32) |  | (0.32) | 10.09 | 12.96% | 52969 | 0.62% | 3.30% | 0.62% | 28.74% |
| 10/31/2023 | 9.22 | 0.20 | 0.01 | 0.21 | (0.20) |  | (0.20) | 9.23 | 2.27% | 84008 | 0.61% | 2.09% | 0.61% | 8.48% |
| 10/31/2022 | 11.06 | 0.22 | (1.73) | (1.51) | (0.25) | (0.08) | (0.33) | 9.22 | (14.06)% | 90881 | 0.61% | 2.19% | 0.61% | 38.68% |
| 10/31/2021 | 10.42 | 0.19 | 0.65 | 0.84 | (0.20) |  | (0.20) | 11.06 | 8.11% | 112937 | 0.60% | 1.72% | 0.60% | 28.07% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(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 45 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. Effective May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement; 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. For more details on the timing, please refer to 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;

------

**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 due to return of excess contributions from an IRA account;

&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. ("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 within the purchaser's Baird household, 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 due to 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;

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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 bought due to returns 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 Baird fees, but only if the transaction is initiated by Baird; and

● shares purchased through a Right of Reinstatement.

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

● 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 Nationwide Funds assets held by accounts within the purchaser's household at Baird. Eligible Nationwide Funds 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 (LOI) which allow for breakpoint discounts based on anticipated purchases within Nationwide Funds, 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;

&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.

------

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

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

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

&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. 

------

**Appendix B:** Additional Information about Underlying Funds

Following are descriptions of the affiliated Underlying Funds in which the Funds may invest as of January 31, 2026. These descriptions are qualified in their entirety by reference to the prospectus and statement of additional information of each Underlying Fund. The following list of eligible Underlying Funds is subject to change at any time and without notice. This Appendix B does not contain information about unaffiliated mutual funds, including exchange-traded funds, in which the Funds may invest. Underlying Funds not identified in this Appendix B may be selected by the Adviser at its discretion. Prospectuses for any Underlying Funds should be referred to for more information.

**U.S. Stocks** 

NATIONWIDE FUNDAMENTAL ALL CAP EQUITY PORTFOLIO seeks to outperform the U.S. stock market, as represented by the Russell 3000® Index, over a full market cycle while maintaining a similar level of market risk as the Russell 3000® Index. The Fund invests in equity securities issued by companies of any market capitalization, including large-cap, mid-cap and small-cap securities.

NATIONWIDE GQG US QUALITY EQUITY FUND invests at least 80% of its net assets in equity securities of U.S issuers. Under normal circumstances, the Fund invests primarily in common stocks of large-cap companies, i.e., those with market capitalizations similar to those of companies included in the S&P 500 Index. Some of these companies may be located in both developed and emerging market countries. The Fund's subadviser seeks to capture market inefficiencies that may lead investors to underappreciate the compounding potential of quality, growing companies, by generating investment ideas from a variety of sources, ranging from institutional knowledge and industry contacts, to the Fund's subadviser's proprietary screening process that seeks to identify suitable companies based on several quality factors, such as rates of return on equity and total capital, margin stability and profitability. In order to identify this subset of companies, the generated investment ideas are then subject to rigorous fundamental analysis as the Fund's subadviser seeks to identify and invest in companies that it believes reflect higher quality opportunities on a forward-looking basis. Specifically, the Fund's subadviser seeks to buy companies that it believes are reasonably priced and have strong fundamental business characteristics and sustainable and durable earnings growth. Subject to the Fund's subadviser's criteria for quality, many of the stocks in which the Fund invests may be considered to be "growth" stocks, in that they may have above-average rates of earnings growth and thus may experience above-average increases in stock prices.

NATIONWIDE LARGE CAP EQUITY PORTFOLIO seeks long-term growth of capital by taking long and short positions in a broadly diversified portfolio of equity investments in U.S. companies. The Fund will target approximately 30% of

its equity exposure in short positions (i.e., stocks that the subadviser deems unattractive) and approximately 130% of the Fund's equity exposure will be in long positions (i.e., stocks that the subadviser deems attractive), resulting in approximately 100% net equity exposure. To execute this strategy, the Fund intends to gain its short equity exposure entirely through the use of total return swap contracts and its long equity exposure through the use of total return swaps and/or by investing directly in stocks.

NATIONWIDE MID CAP MARKET INDEX FUND employs a "passive" management, or indexing, approach, designed to match approximately the performance of the S&P MidCap 400 Index before the deduction of Fund expenses. The S&P MidCap 400 Index includes approximately 400 stocks of medium-sized U.S. companies in a wide range of businesses. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies included in the S&P MidCap 400 Index.

NATIONWIDE SMALL CAP INDEX FUND employs a "passive" management, or indexing, approach, designed to match approximately the performance of the Russell 2000 Index before the deduction of Fund expenses. The Russell 2000 Index is composed of approximately 2,000 common stocks of smaller U.S. companies in a wide range of businesses. Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the Russell 2000 Index.

NATIONWIDE U.S. 130/30 EQUITY PORTFOLIO seeks long-term growth of capital by taking long and short positions in stocks of U.S. companies. The Fund invests approximately 30% of its net assets in short positions (i.e., stocks that the subadviser deems unattractive) and approximately 130% of the Fund's net assets will be in long positions (i.e., stocks that the subadviser deems attractive), resulting in approximately 100% net equity exposure. To execute this strategy, the Fund currently intends to gain its short equity exposure entirely through the use of swap contracts and its long equity exposure through the use of swaps and/or by investing directly in stocks.

**International Stocks** 

NATIONWIDE INTERNATIONAL EQUITY PORTFOLIO seeks long-term growth of capital by taking long and short positions in a broadly diversified portfolio of equity investments in non-U.S. companies. The Fund will target approximately 30% of its net assets in short positions at the time of rebalance (i.e., stocks that the subadviser deems unattractive) and approximately 130% of the Fund's net assets will be in long positions (i.e., stocks that the subadviser deems attractive), resulting in approximately 100% net equity exposure. To execute this strategy, the Fund intends to gain its short equity exposure entirely through the use of total return swap contracts and its long

------

**Appendix B:** Additional Information about Underlying Funds *(cont.)*

equity exposure through the use of total return swaps and/or by investing directly in stocks.

NATIONWIDE INTERNATIONAL INDEX FUND employs a "passive" management, or indexing, approach, designed to match approximately the performance of the MSCI EAFE Index before the deduction of Fund expenses. The MSCI EAFE Index includes common stocks of larger and mid-sized companies located in Europe, Australia and Asia (including the Far East). Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index.

**Bonds** 

NATIONWIDE BOND PORTFOLIO seeks to exceed incrementally the total return of the Bloomberg U.S. Aggregate Bond Index ("Aggregate Bond Index"), before the deduction of Fund expenses, over a full market cycle. Under normal circumstances the Fund invests at least 80% of its net assets in bonds and other debt securities. The Fund's investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets measured at the time of purchase ("Total Assets"), and 10% of the Fund's Total Assets may be invested in sovereign and corporate debt securities and other instruments of issuers in emerging market countries. Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Fund's Total Assets. The subadviser's investment process (i) combines diversified sources of return by employing multiple strategies, (ii) takes a global perspective to seek relative value opportunities, (iii) employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views, and (iv) emphasizes a risk aware approach as it views management as both an offensive and defensive tool. The subadviser uses derivatives, including but not limited to, interest rate futures, interest rate swaps and credit default swaps, either to hedge against investment risks, manage the Fund's duration and/or gain exposure to certain fixed income securities or indices. The Fund's target duration range under normal interest rate conditions is expected to approximate that of the Aggregate Bond Index plus or minus one year, and over the last five years ended December 31, 2025, the duration of the Aggregate Bond Index has ranged between 5.92 and 6.78 years.

NATIONWIDE INFLATION-PROTECTED SECURITIES FUND seeks to provide inflation protection and income consistent with investment in inflation-indexed securities. Most of these securities are Treasury Inflation Protected Securities, which are inflation-adjusted securities issued by the U.S. Treasury. Nevertheless, this Underlying Fund has the flexibility to invest in other inflation-linked U.S. government securities, as well as inflation-linked securities issued by entities such as domestic and foreign corporations and

governments, so long as they are investment grade at the time of their purchase. The Fund may invest in debt securities of any maturity, but is expected to maintain an average portfolio duration that is up to one year greater than or less than the average portfolio duration of the Bloomberg U.S. TIPS Index, which was 4.64 years as of December 31, 2025. The Fund also may invest up to 20% of its net assets in fixed-income securities that are not linked to inflation. These securities may include other debt securities issued by the U.S. government, its agencies or instrumentalities, corporations or other nongovernmental issuers.

NATIONWIDE LOOMIS CORE BOND FUND seeks total return by investing, under normal circumstances, at least 80% of its net assets in bonds. The Fund invests primarily in bonds (or fixed-income securities) that are U.S. government securities, investment grade corporate bonds issued by U.S. or foreign companies, mortgage-backed securities, or asset-backed securities. The Fund typically maintains an average portfolio duration that is within one year of the average duration of the Bloomberg U.S. Aggregate Bond Index, but may deviate from this average duration when circumstances warrant.

NATIONWIDE LOOMIS SHORT TERM BOND FUND invests primarily in bonds (or fixed-income securities) which include:

● U.S. government securities;

&nbsp;&nbsp;&nbsp;&nbsp;●Corporate debt securities issued by U.S. or foreign companies that are investment grade;

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade fixed-income securities backed by the interest and principal payments of various types of mortgages, known as mortgage-backed securities and

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade fixed-income securities backed by the interest and principal payments on loans for other types of assets, such as automobiles, houses, or credit cards, known as asset-backed securities.

Under normal market conditions, the Fund will invest at least 80% of its net assets in bonds. The Fund typically maintains an average portfolio duration that is within one year of the average duration of the Bloomberg U.S. Government/Credit Bond 1-3 Year Index (the "Index"), although it reserves the right to deviate further from the average duration of the Index when the subadviser believes it to be appropriate in light of the Fund's investment objective. As of December 31, 2025, the average duration of the Index was 1.79 years.

**Emerging Market Stocks, Emerging Market Bonds and High-Yield Bonds** 

NATIONWIDE STRATEGIC INCOME FUND employs a flexible investment approach, allocating across different types of fixed-income securities with few limitations as to credit quality, geography, maturity or sector, with the goal of achieving a high level of current income. The Fund may

------

**Appendix B:** Additional Information about Underlying Funds *(cont.)*

invest a substantial portion of its portfolio in high-yield bonds (i.e., "junk bonds") and other securities that are lower-rated. The Fund also may invest in U.S. government securities and foreign government bonds, as well as U.S. and foreign corporate bonds and debentures, asset-backed securities, mortgage-backed securities (including collateralized mortgage obligations) and convertible bonds. The Fund may invest in corporate loans. 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 65% of its net assets, at the time of purchase, in emerging market securities. Many foreign securities are denominated in currencies other than the U.S. dollar. The Fund's subadviser does not manage the Fund to any index or benchmark, a strategy that is designed to provide exposure to those areas of the fixed-income market that the subadviser anticipates will provide value. In managing the Fund, the subadviser considers fundamental market factors such as yield and credit quality differences among bonds, as well as demand and supply trends. The subadviser also makes investment decisions based on technical factors such as price momentum, market sentiment, and supply or demand imbalances.

The SAI contains more information on the Funds' investments and strategies and can be requested using the addresses and telephone numbers on the back of this Prospectus.

------

**For Additional Information Contact:** 

**By Regular Mail**

Nationwide Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219336

Kansas City, MO 64121-9336

**By Overnight Mail**

Nationwide Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336

Kansas City, MO 64105-1307

**For 24-Hour Access**

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-ID (3/26)

------

Target Destination Funds

Prospectus March 2, 2026

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

---

| |
|:---|
| **Nationwide Destination 2030 Fund** |
| Class A (NWIAX) / Class R (NWBIX)<br> Class R6 (NWIIX) / Institutional Service Class (NWISX)<br>|
| **Nationwide Destination 2035 Fund** |
| Class A (NWLAX) / Class R (NWLBX)<br> Class R6 (NWLIX) / Institutional Service Class (NWLSX)<br>|
| **Nationwide Destination 2040 Fund** |
| Class A (NWMAX) / Class R (NWMDX)<br> Class R6 (NWMHX) / Institutional Service Class (NWMSX)<br>|
| **Nationwide Destination 2045 Fund** |
| Class A (NWNAX) / Class R (NWNBX)<br> Class R6 (NWNIX) / Institutional Service Class (NWNSX)<br>|

---

---

| |
|:---|
| **Nationwide Destination 2050 Fund** |
| Class A (NWOAX) / Class R (NWOBX)<br> Class R6 (NWOIX) / Institutional Service Class (NWOSX)<br>|
| **Nationwide Destination 2055 Fund** |
| Class A (NTDAX) / Class R (NTDTX)<br> Class R6 (NTDIX) / Institutional Service Class (NTDSX)<br>|
| **Nationwide Destination 2060 Fund** |
| Class A (NWWRX) / Class R (NWWTX)<br> Class R6 (NWWUX) / Institutional Service Class (NWWVX)<br>|
| **Nationwide Destination 2065 Fund** |
| Class A (NWAQX) / Class R (NWARX)<br> Class R6 (NWASX) / Institutional Service Class (NWATX)<br>|
| **Nationwide Destination 2070 Fund** |
| Class A (NWBAX) / Class R (NWBBX)<br> Class R6 (NWBCX) / Institutional Service Class (NWBDX)<br>|
| **Nationwide Destination Retirement Fund** |
| Class A (NWEAX) / Class R (NWEBX)<br> Class R6 (NWEIX) / Institutional Service Class (NWESX)<br>|

---

&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;

**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**![](g49631imgc5495e201.gif)

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**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_0a992f07-274c-47b9-ba05-d28b9c0f4101_1)** |
|  | [Nationwide Destination 2030 Fund](#xx_0a992f07-274c-47b9-ba05-d28b9c0f4101_1) |
|  | [Nationwide Destination 2035 Fund](#xx_83338c09-bc57-41ab-af1b-693d4653734b_1) |
|  | [Nationwide Destination 2040 Fund](#xx_7085272a-1b41-45fa-a439-ebc4fbf4db0c_1) |
|  | [Nationwide Destination 2045 Fund](#xx_3dd1c7a4-55eb-4c0a-bd4f-80767312af81_1) |
|  | [Nationwide Destination 2050 Fund](#xx_9a526487-10c7-4931-8de7-1b671cfe83e7_1) |
|  | [Nationwide Destination 2055 Fund](#xx_df40b389-0f37-4ea1-a150-f0ffb18b4206_1) |
|  | [Nationwide Destination 2060 Fund](#xx_5a98de38-a844-4aae-bc19-9776598407bd_1) |
|  | [Nationwide Destination 2065 Fund](#xx_08863ac2-333e-452d-9665-991d0e03b85f_1) |
|  | [Nationwide Destination 2070 Fund](#xx_8c71c739-561a-476a-a2a2-ee1641b14ace_1) |
|  | [Nationwide Destination Retirement Fund](#xx_65f67bbb-41b6-4eea-9e3c-caebb670a25b_1) |
| **63** | **[How the Funds Invest](#xx_be1eb5ca-3b8e-49ab-9956-bc543d0a8703_1)** |
|  | [Nationwide Target Destination Funds](#xx_be1eb5ca-3b8e-49ab-9956-bc543d0a8703_1) |
| **65** | **[Risks of Investing in the Funds](#xx_e0b0a644-ba1f-4202-a160-44a58cb6d76f_1)** |
| **73** | **[Fund Management](#xx_fd1c6376-79ab-494e-9513-fcae3dbefad2_1)** |
| **75** | **[Investing with Nationwide Funds](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_1)** |
|  | [Share Classes](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_1) |
|  | [Sales Charges and Fees](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_4) |
|  | [Revenue Sharing](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_5) |
|  | [Contacting Nationwide Funds](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_5) |
|  | [Fund Transactions](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_7) |
|  | [Buying Shares](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_8) |
|  | [Fair Value Pricing](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_8) |
|  | [Exchanging Shares](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_10) |
|  | [Selling Shares](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_10) |
|  | [Excessive or Short-Term Trading](#xx_d482e9ff-a03f-43ea-91ad-f3187b4b99d9_11) |
| **87** | **[Distributions and Taxes](#xx_5c3f7d02-8e2e-4ac5-baff-5ecefa2246da_1)** |
| **90** | **[Additional Information](#xx_a7e75536-1ac1-4567-8e3f-4b49a209c3df_1)** |
| **91** | **[Financial Highlights](#xx_00bb7abf-9ca2-468d-b5d2-b1a8a478649e_1)** |
| **102** | **[Appendix A](#xx_07021ecd-23d6-443d-9745-4b000396f6ce_1)** |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_07021ecd-23d6-443d-9745-4b000396f6ce_1) |
| **109** | **[Appendix B](#xx_75c762c4-67f4-4416-887b-618dca11c9cb_1)** |
|  | [Additional Information about Underlying Funds](#xx_75c762c4-67f4-4416-887b-618dca11c9cb_1) |

---

------

**Fund Summary:** Nationwide Destination 2030 Fund

**Objective** 

The Nationwide Destination 2030 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.26% | 0.26% | 0.01% | 0.26% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.97% | 1.22% | 0.47% | 0.72% |

---

**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. 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 | $668 | $866 | $1080 | $1696 |
| Class R Shares | 124 | 387 | 670 | 1477 |
| Class R6 Shares | 48 | 151 | 263 | 591 |
| Institutional Service <br> Class Shares<br>| 74 | 230 | 401 | 894 |

---

**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 40.14% of the average value of its portfolio.

------

**Fund Summary:** Nationwide Destination 2030 Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2030. Therefore, the Fund currently seeks both capital growth and income, and invests in equity securities, such as common stocks of U.S. and international companies, but also invests in bonds (including mortgage-backed and asset-backed securities) in order to generate investment income. As of January 31, 2026, the Fund allocated approximately 38% of its net assets in U.S. stocks (including smaller company stocks), approximately 18% in international stocks, and approximately 44% in bonds. As the year 2030 approaches, the Fund's allocations to different asset classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for investors who are willing to accept moderate short-term price fluctuations in exchange for potential longer-term returns, but who have a lower tolerance for risk than more aggressive investors. The Fund also assumes that its investors will retire in or close to 2030 at the age of 65, and that such investors seek both capital growth and investment income.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that the Nationwide Mutual Funds' Board of Trustees approve combining the Fund with the Nationwide Destination Retirement Fund, which offers investors the most

conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an

------

**Fund Summary:** Nationwide Destination 2030 Fund *(cont.)*

affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

***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.

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying 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, an Underlying Fund may have some exposure to subprime loans, as well as to the mortgage and credit markets generally. Subprime loans,

------

**Fund Summary:** Nationwide Destination 2030 Fund *(cont.)*

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.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a

"put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying Fund may be forced to sell other securities or instruments that are more liquid, but at

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**Fund Summary:** Nationwide Destination 2030 Fund *(cont.)*

unfavorable times and conditions. Investments in foreign securities tend to have more exposure to liquidity risk than domestic securities.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631imga27f61772.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **15.24%** | **Q2 2020** |
| **Lowest Quarter:** | **-16.85%** | **Q1 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.

------

**Fund Summary:** Nationwide Destination 2030 Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 7.78% | 4.26% | 6.82% |
| Class A Shares– After Taxes on <br> Distributions<br>| 5.42% | 2.05% | 4.53% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 5.23% | 2.72% | 4.74% |
| Class R Shares– Before Taxes | 14.04% | 5.22% | 7.18% |
| Class R6 Shares– Before Taxes | 14.87% | 6.03% | 8.00% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 14.60% | 5.76% | 7.72% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |
| S&P Target Date To 2030 Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 13.97% | 6.50% | 7.83% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

---

**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.

------

**Fund Summary:** Nationwide Destination 2035 Fund

**Objective** 

The Nationwide Destination 2035 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.26% | 0.26% | 0.01% | 0.26% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.97% | 1.22% | 0.47% | 0.72% |

---

**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. 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 | $668 | $866 | $1080 | $1696 |
| Class R Shares | 124 | 387 | 670 | 1477 |
| Class R6 Shares | 48 | 151 | 263 | 591 |
| Institutional Service <br> Class Shares<br>| 74 | 230 | 401 | 894 |

---

**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 39.01% of the average value of its portfolio.

------

**Fund Summary:** Nationwide Destination 2035 Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2035. Therefore, the Fund currently seeks long-term growth of capital, and invests considerably in equity securities, such as common stocks of U.S. and international companies, including smaller companies, but also invests in bonds in order to generate investment income. As of January 31, 2026, the Fund allocated approximately 46% of its net assets in U.S. stocks (including smaller company stocks), approximately 22% in international stocks, and approximately 32% in bonds (including mortgage-backed and asset-backed securities). As the year 2035 approaches, the Fund's allocations to different asset classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for investors who are comfortable with assuming the risks associated with investing considerably in stocks (including international stocks and smaller companies), are willing to accept moderate short-term losses in exchange for potential longer-term returns, but who have a lower tolerance of risk than more aggressive investors. The Fund also assumes that its investors will retire in or close to 2035 at the age of 65, and that such investors seek capital growth over the long term, but also some investment income.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that

the Nationwide Mutual Funds' Board of Trustees approve combining the Fund with the Nationwide Destination Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated

------

**Fund Summary:** Nationwide Destination 2035 Fund *(cont.)*

Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

***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.

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying 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

------

**Fund Summary:** Nationwide Destination 2035 Fund *(cont.)*

mortgage-backed securities, an Underlying 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.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered

speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying Fund may be forced to sell other

------

**Fund Summary:** Nationwide Destination 2035 Fund *(cont.)*

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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631imge330cefc3.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **17.47%** | **Q2 2020** |
| **Lowest Quarter:** | **-20.04%** | **Q1 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.

------

**Fund Summary:** Nationwide Destination 2035 Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 9.02% | 5.35% | 7.64% |
| Class A Shares– After Taxes on <br> Distributions<br>| 6.43% | 3.12% | 5.31% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 6.13% | 3.59% | 5.40% |
| Class R Shares– Before Taxes | 15.52% | 6.31% | 8.00% |
| Class R6 Shares– Before Taxes | 16.37% | 7.11% | 8.81% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 16.13% | 6.86% | 8.55% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |
| S&P Target Date To 2035 Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 15.89% | 7.69% | 8.75% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

---

**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.

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**Fund Summary:** Nationwide Destination 2040 Fund

**Objective** 

The Nationwide Destination 2040 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 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 | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.26% | 0.26% | 0.01% | 0.26% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.97% | 1.22% | 0.47% | 0.72% |

---

**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. 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 | $668 | $866 | $1080 | $1696 |
| Class R Shares | 124 | 387 | 670 | 1477 |
| Class R6 Shares | 48 | 151 | 263 | 591 |
| Institutional Service <br> Class Shares<br>| 74 | 230 | 401 | 894 |

---

**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 40.90% of the average value of its portfolio.

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**Fund Summary:** Nationwide Destination 2040 Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2040. Therefore, the Fund currently emphasizes the pursuit of long-term growth of capital, and invests considerably in equity securities, such as common stocks of U.S. and international companies, including smaller companies. As of January 31, 2026, the Fund allocated approximately 51% of its net assets in U.S. stocks (including smaller company stocks), approximately 28% in international stocks, and approximately 21% in bonds (including mortgage-backed and asset-backed securities). As the year 2040 approaches, the Fund's allocations to different asset classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for investors who are comfortable with assuming the risks associated with investing in a high percentage of stocks, including international stocks and stocks of small-cap companies. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. The Fund also assumes that its investors will retire in or close to 2040 at the age of 65, and that such investors want to maximize their long-term returns and have a tolerance for possible short-term losses.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that

the Nationwide Mutual Funds' Board of Trustees approve combining the Fund with the Nationwide Destination Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated

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**Fund Summary:** Nationwide Destination 2040 Fund *(cont.)*

Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

***Foreign securities risk*** – foreign securities often are more volatile, harder to price and less liquid than U.S. securities. The prices of foreign securities may be further affected by

other factors, such as changes in the exchange rates between the U.S. dollar and the currencies in which the securities are traded.

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

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of

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**Fund Summary:** Nationwide Destination 2040 Fund *(cont.)*

consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying 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, an Underlying 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.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund

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**Fund Summary:** Nationwide Destination 2040 Fund *(cont.)*

purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying 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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The

Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

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**Fund Summary:** Nationwide Destination 2040 Fund *(cont.)*

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631imgf4eeaafb4.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **18.45%** | **Q2 2020** |
| **Lowest Quarter:** | **-21.55%** | **Q1 2020** |

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 10.37% | 6.33% | 8.39% |
| Class A Shares– After Taxes on <br> Distributions<br>| 7.71% | 4.09% | 6.01% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 7.02% | 4.41% | 6.01% |
| Class R Shares– Before Taxes | 16.79% | 7.31% | 8.74% |
| Class R6 Shares– Before Taxes | 17.77% | 8.11% | 9.56% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 17.47% | 7.83% | 9.28% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |
| S&P Target Date To 2040 Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 17.26% | 8.69% | 9.52% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**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>|

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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.

---

| | | |
|:---|:---|:---|
| **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.

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**Fund Summary:** Nationwide Destination 2040 Fund *(cont.)*

**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 Destination 2045 Fund

**Objective** 

The Nationwide Destination 2045 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 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% |  |  |  |

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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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.26% | 0.26% | 0.01% | 0.26% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.97% | 1.22% | 0.47% | 0.72% |

---

**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. 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 | $668 | $866 | $1080 | $1696 |
| Class R Shares | 124 | 387 | 670 | 1477 |
| Class R6 Shares | 48 | 151 | 263 | 591 |
| Institutional Service <br> Class Shares<br>| 74 | 230 | 401 | 894 |

---

**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 39.14% of the average value of its portfolio.

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**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2045. Therefore, the Fund currently emphasizes the pursuit of long-term growth of capital, and invests heavily in equity securities, such as common stocks of U.S. and international companies, including smaller companies. As of January 31, 2026, the Fund allocated approximately 56% of its net assets in U.S. stocks (including smaller company stocks), approximately 30% in international stocks, and approximately 14% in bonds (including mortgage-backed and asset-backed securities). As the year 2045 approaches, the Fund's allocations to different asset classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for investors who are comfortable with assuming the risks associated with investing in a high percentage of stocks, including international stocks and stocks of smaller companies. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. The Fund also assumes that its investors will retire in or close to 2045 at the age of 65, and that such investors want to maximize their long-term returns and can tolerate possible short-term losses.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that

the Nationwide Mutual Funds' Board of Trustees approve combining the Fund with the Nationwide Destination Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated

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**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

***Foreign securities risk*** – foreign securities often are more volatile, harder to price and less liquid than U.S. securities. The prices of foreign securities may be further affected by

other factors, such as changes in the exchange rates between the U.S. dollar and the currencies in which the securities are traded.

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

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of

------

**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying 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, an Underlying 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.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund

------

**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying 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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The

Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

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**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631img918d80655.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **19.23%** | **Q2 2020** |
| **Lowest Quarter:** | **-22.46%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 11.25% | 6.90% | 8.84% |
| Class A Shares– After Taxes on <br> Distributions<br>| 8.31% | 4.58% | 6.43% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 7.71% | 4.86% | 6.39% |
| Class R Shares– Before Taxes | 17.90% | 7.88% | 9.21% |
| Class R6 Shares– Before Taxes | 18.84% | 8.71% | 10.03% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 18.47% | 8.41% | 9.74% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |
| S&P Target Date To 2045 Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 18.55% | 9.54% | 10.10% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**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.

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**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

**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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**Fund Summary:** Nationwide Destination 2050 Fund

**Objective** 

The Nationwide Destination 2050 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 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% |  |  |  |

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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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.26% | 0.26% | 0.01% | 0.26% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.97% | 1.22% | 0.47% | 0.72% |

---

**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. 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 | $668 | $866 | $1080 | $1696 |
| Class R Shares | 124 | 387 | 670 | 1477 |
| Class R6 Shares | 48 | 151 | 263 | 591 |
| Institutional Service <br> Class Shares<br>| 74 | 230 | 401 | 894 |

---

**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 38.23% of the average value of its portfolio.

------

**Fund Summary:** Nationwide Destination 2050 Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2050. Therefore, the Fund currently emphasizes the pursuit of long-term growth of capital, and invests significantly in equity securities, such as common stocks of U.S. and international companies, including smaller companies. As of January 31, 2026, the Fund allocated approximately 59% of its net assets in U.S. stocks (including smaller company stocks), approximately 32% in international stocks, and approximately 9% in bonds. As the year 2050 approaches, the Fund's allocations to different asset classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for relatively aggressive investors who are comfortable with assuming the risks associated with investing in a high percentage of stocks, including international stocks and smaller companies. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. The Fund also assumes that its investors will retire in or close to 2050 at the age of 65, and that such investors want to maximize their long-term returns and have a tolerance for possible short-term losses.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that the Nationwide Mutual Funds' Board of Trustees approve

combining the Fund with the Nationwide Destination Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an

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**Fund Summary:** Nationwide Destination 2050 Fund *(cont.)*

interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

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

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

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income securities may decline when prevailing interest rates fall. Declines in interest rates

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**Fund Summary:** Nationwide Destination 2050 Fund *(cont.)*

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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying Fund may be required to invest the proceeds in securities with lower yields.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

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**Fund Summary:** Nationwide Destination 2050 Fund *(cont.)*

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631img41c66c426.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **23.11%** | **Q1 2024** |
| **Lowest Quarter:** | **-23.08%** | **Q1 2020** |

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 11.80% | 7.20% | 9.07% |
| Class A Shares– After Taxes on <br> Distributions<br>| 9.00% | 5.03% | 6.80% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 7.93% | 5.11% | 6.61% |
| Class R Shares– Before Taxes | 18.27% | 8.19% | 9.42% |
| Class R6 Shares– Before Taxes | 19.37% | 9.03% | 10.27% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 19.08% | 8.77% | 9.99% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |
| S&P Target Date To 2050 Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 19.18% | 9.97% | 10.47% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

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**Fund Summary:** Nationwide Destination 2050 Fund *(cont.)*

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **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.

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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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**Fund Summary:** Nationwide Destination 2055 Fund

**Objective** 

The Nationwide Destination 2055 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 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% |  |  |  |

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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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.26% | 0.26% | 0.01% | 0.26% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.97% | 1.22% | 0.47% | 0.72% |

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**Example**

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses. 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 | $668 | $866 | $1080 | $1696 |
| Class R Shares | 124 | 387 | 670 | 1477 |
| Class R6 Shares | 48 | 151 | 263 | 591 |
| Institutional Service <br> Class Shares<br>| 74 | 230 | 401 | 894 |

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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 49.21% of the average value of its portfolio.

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**Fund Summary:** Nationwide Destination 2055 Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2055. Therefore, the Fund currently emphasizes the pursuit of long-term growth of capital, and invests heavily in equity securities, such as common stocks of U.S. and international companies, including smaller companies. As of January 31, 2026, the Fund allocated approximately 60% of its net assets in U.S. stocks (including smaller company stocks), approximately 34% in international stocks, and approximately 6% to bonds. As the year 2055 approaches, the Fund's allocations to different asset classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for aggressive investors who are comfortable with assuming the risks associated with investing in a high percentage of stocks, including international stocks and smaller companies. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. The Fund also assumes that its investors will retire in or close to 2055 at the age of 65, and that such investors want to maximize their long-term returns and have a high tolerance for possible short-term losses.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that the Nationwide Mutual Funds' Board of Trustees approve

combining the Fund with the Nationwide Destination Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an

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**Fund Summary:** Nationwide Destination 2055 Fund *(cont.)*

interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

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

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

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income securities may decline when prevailing interest rates fall. Declines in interest rates

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**Fund Summary:** Nationwide Destination 2055 Fund *(cont.)*

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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying Fund may be required to invest the proceeds in securities with lower yields.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

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**Fund Summary:** Nationwide Destination 2055 Fund *(cont.)*

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631img987b13097.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **19.92%** | **Q2 2020** |
| **Lowest Quarter:** | **-23.54%** | **Q1 2020** |

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 12.23% | 7.43% | 9.20% |
| Class A Shares– After Taxes on <br> Distributions<br>| 9.09% | 5.21% | 7.01% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 8.29% | 5.28% | 6.75% |
| Class R Shares– Before Taxes | 18.77% | 8.42% | 9.57% |
| Class R6 Shares– Before Taxes | 19.62% | 9.24% | 10.40% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 19.29% | 8.97% | 10.11% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |
| S&P Target Date To 2055 Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 19.94% | 10.15% | 10.59% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

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**Fund Summary:** Nationwide Destination 2055 Fund *(cont.)*

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **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.

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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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**Fund Summary:** Nationwide Destination 2060 Fund

**Objective** 

The Nationwide Destination 2060 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 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% |  |  |  |

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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 R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.26% | 0.26% | 0.01% | 0.26% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.97% | 1.22% | 0.47% | 0.72% |

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**Example**

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses. 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 | $668 | $866 | $1080 | $1696 |
| Class R Shares | 124 | 387 | 670 | 1477 |
| Class R6 Shares | 48 | 151 | 263 | 591 |
| Institutional Service <br> Class Shares<br>| 74 | 230 | 401 | 894 |

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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 48.99% of the average value of its portfolio.

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**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2060. Therefore, the Fund currently emphasizes the pursuit of long-term growth of capital, and invests heavily in equity securities, such as common stocks of U.S. and international companies, including smaller companies. As of January 31, 2026, the Fund allocated approximately 61% of its net assets in U.S. stocks (including smaller company stocks), approximately 33% in international stocks, and approximately 6% in bonds. As the year 2060 approaches, the Fund's allocations to different asset classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for aggressive investors who are comfortable with assuming the risks associated with investing in a high percentage of stocks, including international stocks and smaller companies. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. The Fund also assumes that its investors will retire in or close to 2060 at the age of 65, and that such investors want to maximize their long-term returns and have a high tolerance for possible short-term losses.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that the Nationwide Mutual Funds' Board of Trustees approve

combining the Fund with the Nationwide Destination Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an

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**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

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

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

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income securities may decline when prevailing interest rates fall. Declines in interest rates

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**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying Fund may be required to invest the proceeds in securities with lower yields.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

------

**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631img8d03ccfc8.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.10%** | **Q2 2020** |
| **Lowest Quarter:** | **-23.93%** | **Q1 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**

**(For the Periods Ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 12.26% | 7.51% | 9.27% |
| Class A Shares– After Taxes on <br> Distributions<br>| 9.46% | 5.49% | 7.33% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 8.21% | 5.36% | 6.88% |
| Class R Shares– Before Taxes | 18.73% | 8.53% | 9.65% |
| Class R6 Shares– Before Taxes | 19.62% | 9.32% | 10.46% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 19.35% | 9.07% | 10.19% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 11.72% |
| S&P Target Date To 2060 Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| 19.90% | 10.21% | 10.80% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

------

**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

---

**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.

------

**Fund Summary:** Nationwide Destination 2065 Fund

**Objective** 

The Nationwide Destination 2065 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.26% | 0.26% | 0.01% | 0.26% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.97% | 1.22% | 0.47% | 0.72% |

---

**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. 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 | $668 | $866 | $1080 | $1696 |
| Class R Shares | 124 | 387 | 670 | 1477 |
| Class R6 Shares | 48 | 151 | 263 | 591 |
| Institutional Service <br> Class Shares<br>| 74 | 230 | 401 | 894 |

---

**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 59.24% of the average value of its portfolio.

------

**Fund Summary:** Nationwide Destination 2065 Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2065. Therefore, the Fund currently emphasizes the pursuit of long-term growth of capital, and invests principally in equity securities, such as common stocks of U.S. and international companies. As of January 31, 2026, the Fund allocated approximately 61% of its net assets in U.S. stocks (including smaller company stocks), approximately 34% in international stocks, and approximately 5% in bonds. As the year 2065 approaches, the Fund's allocations to different asset classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated mutual funds of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for aggressive investors who are comfortable with assuming the risks associated with investing in a high percentage of stocks, including international stocks and smaller companies. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. The Fund also assumes that its investors will retire in or close to 2065 at the age of 65, and that such investors want to maximize their long-term returns and have a high tolerance for possible short-term losses.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that the Nationwide Mutual Funds' Board of Trustees approve combining the Fund with the Nationwide Destination

Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying

------

**Fund Summary:** Nationwide Destination 2065 Fund *(cont.)*

Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

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

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

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income securities may decline when prevailing interest rates fall. Declines in interest rates

------

**Fund Summary:** Nationwide Destination 2065 Fund *(cont.)*

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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying Fund may be required to invest the proceeds in securities with lower yields.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

------

**Fund Summary:** Nationwide Destination 2065 Fund *(cont.)*

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631img350f320b9.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **10.99%** | **Q4 2023** |
| **Lowest Quarter:** | **-15.43%** | **Q2 2022** |

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

------

**Fund Summary:** Nationwide Destination 2065 Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before <br> Taxes<br>| 12.25% | 7.64% | 10.56% | 2/28/2020 |
| Class A Shares– After <br> Taxes on Distributions<br>| 10.05% | 6.10% | 8.77% | 2/28/2020 |
| Class A Shares– After <br> Taxes on Distributions and <br> Sales of Shares<br>| 7.87% | 5.53% | 7.78% | 2/28/2020 |
| Class R Shares– Before <br> Taxes<br>| 18.74% | 8.63% | 11.38% | 2/28/2020 |
| Class R6 Shares– Before <br> Taxes<br>| 19.66% | 9.46% | 12.22% | 2/28/2020 |
| Institutional Service <br> Class Shares– Before <br> Taxes<br>| 19.28% | 9.17% | 11.94% | 2/28/2020 |
| MSCI All Country World <br> Index (The Index does not <br> pay sales charges, fees, <br> expenses or taxes.)<br>| 22.34% | 11.19% | 13.82% |  |
| S&P Target Date To 2065+ <br> Index (The Index does not <br> pay sales charges, fees, <br> expenses or taxes.)<br>| 19.77% | 10.52% | 12.68% |  |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2020 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Asset Strategies<br>| Since 2020 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<br>| Since 2020 |

---

**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.

------

**Fund Summary:** Nationwide Destination 2070 Fund

**Objective** 

The Nationwide Destination 2070 Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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.*

**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 | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.27% | 0.27% | 0.02% | 0.27% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.98% | 1.23% | 0.48% | 0.73% |

---

**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. 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 | $669 | $869 | $1086 | $1707 |
| Class R Shares | 125 | 390 | 676 | 1489 |
| Class R6 Shares | 49 | 154 | 269 | 604 |
| Institutional Service <br> Class Shares<br>| 75 | 233 | 406 | 906 |

---

**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 18.90% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the year 2070. Therefore, the Fund currently emphasizes the pursuit of long-term growth of capital, and invests principally in equity securities, such as common stocks of U.S. and international companies. As of January 31, 2026, the Fund allocated approximately 61% of its net assets in U.S. stocks (including smaller company stocks), approximately 34% in international stocks, and approximately 5% in bonds. As the year 2070 approaches, the Fund's allocations to different asset

------

**Fund Summary:** Nationwide Destination 2070 Fund *(cont.)*

classes will progressively become more conservative with increasing emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

The Fund invests primarily in affiliated mutual funds of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund is designed for aggressive investors who are comfortable with assuming the risks associated with investing in a high percentage of stocks, including international stocks and smaller companies. The Fund seeks exposure to securities of foreign issuers, which may include securities of issuers in emerging market countries. The Fund also assumes that its investors will retire in or close to 2070 at the age of 65, and that such investors want to maximize their long-term returns and have a high tolerance for possible short-term losses.

As the Fund reaches the year of its target date, Nationwide Fund Advisors (the "Adviser") expects to recommend that the Nationwide Mutual Funds' Board of Trustees approve combining the Fund with the Nationwide Destination Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the

------

**Fund Summary:** Nationwide Destination 2070 Fund *(cont.)*

investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

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

***Emerging markets risk*** – emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets are considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Since these markets are smaller than developed markets, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in

developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries are unreliable compared to developed markets. Companies in emerging market countries generally are subject to less stringent financial reporting, accounting and auditing standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Many emerging markets also have histories of political instability and abrupt changes in policies, and the ability to bring and enforce actions may be limited. Certain emerging markets also face other significant internal or external risks, including the risk of war, nationalization of assets, unexpected market closures and ethnic, religious and racial conflicts.

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an

------

**Fund Summary:** Nationwide Destination 2070 Fund *(cont.)*

Underlying Fund may be required to invest the proceeds in securities with lower yields.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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 or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a

call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin

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**Fund Summary:** Nationwide Destination 2070 Fund *(cont.)*

account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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**

Performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. Performance information is not provided because the Fund is new and did not complete one full calendar year of operations.

The Fund's broad-based securities market index is the MSCI All Country World Index. The Fund also compares its performance to the S&P Target Date To 2065+ Index, which has characteristics relevant to the Fund's investment strategy. Updated performance information is available at no cost by visiting nationwide.com/mutualfunds or by calling 800-848-0920ctag:ba].

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2025 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Asset Strategies<br>| Since 2025 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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.

------

**Fund Summary:** Nationwide Destination Retirement Fund

**Objective** 

The Nationwide Destination Retirement Fund seeks capital appreciation and income consistent with its current asset allocation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 75 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 79 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 | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.25% | 0.25% |  | 0.25% |
| Acquired Fund Fees and Expenses | 0.33% | 0.33% | 0.33% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.96% | 1.21% | 0.46% | 0.71% |

---

**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. 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 | $667 | $863 | $1075 | $1685 |
| Class R Shares | 123 | 384 | 665 | 1466 |
| Class R6 Shares | 47 | 148 | 258 | 579 |
| Institutional Service <br> Class Shares<br>| 73 | 227 | 395 | 883 |

---

**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 31.55% of the average value of its portfolio.

------

**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

**Principal Investment Strategies**

The Fund is a "fund-of-funds" that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund invests in a professionally selected mix of different asset classes that is tailored for investors who have already retired. Currently the Fund primarily seeks income, and therefore invests in bonds of U.S. and international issuers (including mortgage-backed and asset-backed securities) in order to generate investment income, and secondarily seeks capital growth, investing a smaller portion in equity securities, such as common stocks of U.S. and international companies. As of January 31, 2026, the Fund allocated approximately 57% of its net assets in bonds, approximately 30% in U.S. stocks (including smaller company stocks), and approximately 13% in international stocks.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across several asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified.

The Fund assumes that its investors have already retired at the age of 65, and that such investors seek both investment income and capital preservation, combined with a smaller emphasis on capital growth.

**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:

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby the Fund invests primarily in other mutual funds. These risks include that: (1) the Fund will indirectly pay a proportional share of the fees and expenses

of the Underlying Funds in which it invests; (2) the Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more Underlying Funds fail to meet their investment objectives, the Fund's performance will be negatively affected; (3) the Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. The potential impact of the risks related to an asset class depends on the size of the Fund's investment allocation to it; (4) the Adviser's evaluations and allocation among asset classes and Underlying Funds may be incorrect; (5) the Adviser may add or delete Underlying Funds, or alter the Fund's asset allocation, at its discretion. Changes to the Fund's Underlying Funds or allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss; and (6) in selecting the Underlying Funds in which the Fund invests, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not) be one or more comparable unaffiliated Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Fund's assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to the Fund and must act in the best interest of the Fund.

***Exchange-traded funds risk*** – when the Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. In addition, the Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

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**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

***Management risk*** – the Fund is subject to the risk that the methods and analyses employed by its investment adviser, or by the investment advisers or subadvisers to the Underlying Funds, will not produce the desired results. This could cause the Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which an Underlying 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.

***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.

***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.

***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.

***Fixed-income securities risk*** – investments in fixed-income securities, such as bonds, subject the Fund to interest rate risk, credit risk and prepayment and call risk, which may affect the value of your investment. Interest rate risk is the risk that the value of fixed-income securities will decline when interest rates rise. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent an Underlying 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 may cause the value of the Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying

Fund's investments in fixed-income 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 fixed-income securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

Credit risk is the risk that the issuer of a bond may default if it is unable to pay interest or principal when due. If an issuer defaults, the Underlying Fund, and therefore the Fund, will lose money. Changes in a bond issuer's credit rating or the market's perceptions of an issuer's creditworthiness also may affect the value of a bond. Prepayment and call risk is the risk that certain debt securities will be paid off by the issuer more quickly than anticipated. If this occurs, an Underlying 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, an Underlying 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.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, commodity, 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 significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing the Fund's or Underlying 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

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**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

contract fails to fulfill its obligations to the Fund or Underlying Fund. Certain derivatives held by a Fund or Underlying Fund may be illiquid, 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.

&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 or an Underlying 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;*Options* – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract will increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract will decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if an Underlying 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 an Underlying Fund's losses and reducing an Underlying 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 Underlying Fund will lose money.

***Index fund risk*** – an Underlying Fund that seeks to match the performance of an index does not use defensive strategies or attempt to reduce its exposure to poorly performing securities. Further, correlation between an Underlying Fund's performance and that of the index is likely to be negatively affected by the Underlying Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Underlying Fund shares.

***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 an Underlying Fund's value or prevent an Underlying Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that an Underlying 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, an Underlying 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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in an Underlying Fund, an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return.

***Retirement goal risk*** – the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – the Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, an Underlying Fund

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**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

will be subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of the Fund. Short positions introduce more risk to an Underlying Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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 Bloomberg U.S. Aggregate Bond Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g49631imgef0d78a210.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **9.82%** | **Q2 2020** |
| **Lowest Quarter:** | **-9.04%** | **Q2 2022** |

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | 5.89% | 2.54% | 4.88% |
| Class A Shares– After Taxes on <br> Distributions<br>| 4.48% | 0.56% | 2.95% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 3.59% | 1.37% | 3.23% |
| Class R Shares– Before Taxes | 12.06% | 3.46% | 5.20% |
| Class R6 Shares– Before Taxes | 12.87% | 4.25% | 6.00% |
| Institutional Service <br> Class Shares– Before Taxes<br>| 12.65% | 3.98% | 5.72% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 7.30% | -0.36% | 2.01% |
| S&P Target Date Retirement Income Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| 11.66% | 4.15% | 5.32% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

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**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Christopher C. Graham | Chief Investment <br> Officer<br>| Since 2016 |
| Keith P. Robinette, <br> CFA<br>| Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Multi-Asset <br> Investments<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **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>|

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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> 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 Funds Invest:** Nationwide Target Destination Funds

**Investment Objective** 

Each Fund seeks capital appreciation and income consistent with its current asset allocation. A Fund's investment objective is non-fundamental and can be changed by the Nationwide Mutual Funds' (the "Trust's") Board of Trustees ("Board of Trustees" or "Board") without shareholder approval upon 60 days' written notice to shareholders.

**Principal Investment Strategies** 

Each Fund seeks to achieve its objective by investing in a professionally selected mix of different asset classes that is tailored for investors planning to retire in, or close to, the target date designated in the Fund's name (or, in the case of the Nationwide Destination Retirement Fund, have already retired). Depending on its proximity to its target date, each Fund employs a different combination of investments among different asset classes in order to emphasize, as appropriate, growth, income and/or preservation of capital. As the target date designated in a Fund's name approaches, the Fund's allocations to different asset classes will become more conservative, with greater emphasis on investments that provide for income and preservation of capital (such as fixed income securities), and less on those offering the potential for growth (such as equity securities).

Choosing a Fund with an earlier target retirement date represents a more conservative approach, with typically greater investment in bonds and short-term investments. Choosing a Fund with a later target retirement date represents a more aggressive approach, with typically greater investment in stocks. The following chart shows, as of the date of this Prospectus, how the investment glidepath for each Fund is expected to gradually change such Fund's targeted allocations over time between equity and fixed income securities. The actual asset allocations of any particular Fund may differ from those shown in this chart.

![](g49631nwglidepath_7.jpg)

As a Fund reaches the year of its target date, the Adviser expects to recommend that the Trust's Board of Trustees approve combining such Fund with the Nationwide Destination Retirement Fund, which offers investors the most conservative and income-oriented allocation scheme of the Nationwide Target Destination Funds. If the combination is approved and applicable regulatory requirements are met, the Fund's shareholders would then become shareholders of the Nationwide Destination Retirement Fund. Shareholders will be provided with additional information at that time, including information pertaining to any tax consequences of the combination.

The asset classes in which the Funds may invest include, but are not limited to, U.S. stocks, international and emerging market stocks, bonds (U.S., international and emerging markets) and short-term investments.

Each Fund is a "fund-of-funds" that invests primarily in underlying mutual funds of the Trust, but which also may invest in unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds") that collectively represent several asset classes. Certain Underlying Funds are actively managed, and other Underlying Funds are "index" funds that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take

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**How the Funds Invest:** Nationwide Target Destination Funds *(cont.)*

short positions in certain securities, or otherwise to increase returns. Further, the Funds may invest directly in securities and derivatives (futures, options, and swaps) in addition to investing in Underlying Funds. You could purchase shares of many of the Underlying Funds directly. However, the Funds offer the added benefits of a professional asset allocation program at risk levels considered appropriate to each Fund's target date and diversification.

In managing each Fund, the Adviser establishes an anticipated allocation among different asset classes based on the year identified in the Fund's name. Within each anticipated asset class allocation, the Adviser selects the Underlying Funds and the percentage of the Fund's assets that will be allocated to each such Underlying Fund. Each Fund's portfolio managers review the allocations among the asset classes and Underlying Funds on a routine basis. The Adviser will make changes to these allocations from time to time as appropriate to the risk profile and individual strategies of each Fund and in order to help achieve each Fund's investment objective. The Adviser may modify the asset allocation strategy for any Fund and modify the selection of Underlying Funds for any Fund from time to time. The Funds generally assume an investor's target retirement age of 65; this age is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. Investors also should be aware that the Funds are not a complete financial solution to one's retirement needs—you should consider many factors when selecting a target retirement date, such as when to retire, what your financial needs will be, and what other sources of income you may have.

The table below shows the approximate allocations for each Fund, stated as a percentage of the Fund's net assets as of January 31, 2026. However, due to market fluctuations and other factors, actual allocations may vary over time. In addition, these asset class allocations themselves will change over time in order to meet each Fund's objective or as economic and/or other market conditions warrant. The Adviser reserves the right to add or delete asset classes or to change the allocations at any time and without notice. To the extent that it is appropriate or suitable for a Fund's investment objective, the Adviser expects to invest in affiliated Underlying Funds without considering or canvassing the universe of unaffiliated Underlying Funds available, even though there may (or may not be) one or more comparable unaffiliated Underlying Funds. The Appendix B to this Prospectus contains information about the affiliated Underlying Funds in which the Funds may invest as of January 31, 2026. The Funds may also invest in other mutual funds and exchange-traded funds not identified in Appendix B to this Prospectus, including unaffiliated mutual funds and exchange-traded funds that are chosen either to complement or replace the Underlying Funds.

Information concerning each Fund's actual allocations to Underlying Funds will be available in each Fund's Semiannual and Annual Report and on the Trust's internet site (nationwide.com/mutualfunds) from time to time.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Classes**<br>| <br>**2070**<br> **Fund**<br>| <br>**2065**<br> **Fund**<br>| <br>**2060**<br> **Fund**<br>| <br>**2055**<br> **Fund**<br>| <br>**2050**<br> **Fund**<br>| <br>**2045**<br> **Fund**<br>| <br>**2040**<br> **Fund**<br>| <br>**2035**<br> **Fund**<br>| <br>**2030**<br> **Fund**<br>| <br>**Destination**<br> **Retirement**<br> **Fund**<br>|
| **U.S. Stocks**<sup>1</sup> | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 30% |
| **International Stocks** | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 13% |
| **Bonds** | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 57% |

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<sup>1</sup>

"U.S. Stocks" generally includes stocks of large-capitalization, mid-capitalization and small-capitalization companies with market capitalizations, in the aggregate, similar to companies in the Russell 3000<sup>®</sup> Index. The market capitalization range of the Russell 3000<sup>®</sup> Index as of December 31, 2025, was $2.6 million to $4.4 trillion.

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**Risks of Investing in the Funds**

There is no guarantee that a Fund will achieve its investment objective.

Investments in each Fund are subject to risks related to the Fund's allocation strategy. In general, a Fund with a later target date is expected to be more volatile, and thus riskier, because of its greater allocation to equity securities than a Fund with an earlier target date. A Fund at its target date is expected to be less volatile than a Fund in its "pre-target date" stage.

**An investor may have different retirement needs than the allocation model anticipates. Because a Fund's allocation may not match a particular investor's retirement goal, an investor may find that he or she does not have the desired level of retirement assets available when the investor has a need to withdraw funds.** 

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

**Risks Associated with a Fund-of-Funds Structure** 

***Fund-of-funds risk*** – there are certain risks associated with a structure whereby a Fund invests primarily in other mutual funds. These risks include the following:

&nbsp;&nbsp;&nbsp;&nbsp;●*Underlying Fund Expenses*: because each Fund owns shares of the Underlying Funds, shareholders of a Fund will indirectly pay a proportional share of the fees and expenses, including applicable management, administration and custodian fees, of the Underlying Funds in which the Funds invest. The Underlying Funds do not charge any front-end sales loads, contingent deferred sales charges or Rule 12b-1 fees.

&nbsp;&nbsp;&nbsp;&nbsp;●*Performance*: each Fund's investment performance is directly tied to the performance of the Underlying Funds in which it invests. If one or more of the Underlying Funds fails to meet its investment objective, a Fund's performance will be negatively affected. There can be no assurance that any Fund or Underlying Fund will achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;●*Asset Allocation*: each Fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes and Underlying Funds. Each Fund will be affected to varying degrees by stock and bond market risks, among others. The potential impact of the risks related to an asset class depends on the size of a Fund's investment allocation to it.

&nbsp;&nbsp;&nbsp;&nbsp;●*Strategy*: there is the risk that the Adviser's evaluations and allocation among asset classes and Underlying Funds are incorrect. Further, the Adviser may add or delete Underlying Funds, or alter a Fund's asset allocation at its

discretion. A material change in the Underlying Funds selected or in asset allocation (or the lack thereof) could affect both the level of risk and the potential for gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;●*Conflict of Interest*: the Adviser has the authority to select and replace Underlying Funds. In doing so, the Adviser is subject to a conflict of interest because the Adviser is also the investment adviser to most, if not all, of the Underlying Funds. The Adviser receives advisory fees from affiliated Underlying Funds and, therefore, has an incentive to invest the Funds' assets in affiliated Underlying Funds instead of unaffiliated Underlying Funds. In addition, the Adviser might have an interest in making an investment in an affiliated Underlying Fund, or in maintaining an existing investment in an affiliated Underlying Fund, in order to benefit that affiliated Underlying Fund (for example, by assisting the affiliated Underlying Fund in achieving or maintaining scale). Notwithstanding the foregoing, the Adviser has a fiduciary duty to each of the Funds and must act in the best interest of the Funds.

***Exchange-traded funds risk*** – when a Fund invests in exchange-traded funds ("ETFs"), you will indirectly bear fees and expenses charged by the ETFs in addition to a Fund's direct fees and expenses. In addition, a Fund will be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the ETFs). A Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

***Limited portfolio holdings risk*** – because a Fund may hold large positions in the Underlying Funds, an increase or decrease in the value of the shares or interests issued by these vehicles will have a greater impact on a Fund's value and total return.

***Management risk*** – each Fund is subject to the risk that the methods and analyses employed by a Fund's investment adviser, or by an Underlying Fund's investment adviser or subadviser(s), will not produce the desired results. This could cause a Fund to lose value or its performance to lag those of relevant benchmarks or other funds with similar objectives.

***Market risk*** – the risk that one or more markets in which a Fund or an Underlying 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

------

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

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.

**Risks Associated with U.S. and International Stocks** 

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

● 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-capitalization 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 or an Underlying Fund invests.

***Smaller company risk*** – in general, stocks of small- 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 or an Underlying Fund's investment in a smaller company may lose substantial value. Investing in small- and mid-cap companies requires a longer-term investment view and may not be appropriate for all investors.

**Risks Associated with Fixed-Income Securities (Bonds and Money Market Instruments)**

***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 a Fund or an Underlying 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 a Fund's or an Underlying Fund's investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on an Underlying 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. A 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.

*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 a 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 a Fund.

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

***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, an Underlying Fund, and therefore 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 a Fund or an Underlying 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 Underlying 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 a Fund or an Underlying Fund generally are determined at the time of their purchase. Any subsequent rating downgrade of a debt obligation will be monitored generally by the Underlying 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, a Fund or an Underlying Fund must rely entirely on the credit assessment of the Underlying 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 a Fund or an Underlying 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 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 a 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.

***Mortgage- and asset-backed securities risks*** – these securities are subject to prepayment and call risk, which is the risk that payments from the borrower will be received earlier than expected due to changes in the rate at which the underlying loans are prepaid or due to foreclosures on the underlying mortgage loans. Faster prepayments often happen when market interest rates are falling. Conversely, when interest rates rise, prepayments may happen more slowly, which can increase a security's price volatility and cause the market value of the security to fall because the market may view its interest rate as too low for a longer-term investment. This is known as "extension risk." Additionally, through its investments in mortgage-backed securities, including those issued by private lenders, a Fund or an Underlying 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. 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.

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

*Extension risk* – the risk that principal repayments will not occur as quickly as anticipated, causing the expected maturity of a mortgage-backed 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 a Fund or an Underlying 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.

***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 a Fund or an Underlying Fund to reinvest the proceeds from the principal prepayments at lower interest rates, which reduces a Fund's or an Underlying Fund's income.

In addition, changes in prepayment levels can increase the volatility of prices and yields on mortgage- and asset-backed securities. If a Fund or an Underlying 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, a Fund or an Underlying Fund may not recover the premium, resulting in a capital loss.

**Risks Associated with International Stocks and Bonds**

***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 a Fund or an Underlying 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 or an Underlying Fund invests a significant portion of its assets in a specific geographic region, a Fund or an Underlying 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 or an Underlying Fund's assets are invested, the Fund or Underlying 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 or an Underlying 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 or an Underlying Fund that invests in foreign securities 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 or an Underlying 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 or an Underlying 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 or an Underlying Fund can earn on its investments and typically results in a higher operating expense ratio for a Fund or an Underlying 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 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.

***Emerging markets risk*** – the risks of foreign investments are usually much greater for emerging markets. Investments in

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

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 an Underlying 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 an Underlying 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 an Underlying 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 or Underlying 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.

**Additional Principal Risks that May Affect the Funds**

***Index fund risk*** – Underlying Funds that seek to match the performance of an index may not fully replicate their respective indexes and may perform differently from the securities in the index. To minimize this possibility, index funds attempt to be fully invested at all times and generally do not hold a significant portion of their assets in cash. Since index funds generally do not attempt to hedge against market declines, they may fall in value more than other mutual funds in the event of a general market decline. In addition, unlike an index fund, an index has no operating or other expenses. As a result, even though index funds attempt to track their indexes as closely as possible, they will tend to underperform the indexes to some degree over time.

***Derivatives risk*** – a derivative is a contract 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 or Underlying Fund's losses and reducing a Fund's or Underlying 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;

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

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

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

&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 generally involve leverage, their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing a Fund's or Underlying Fund's losses and reducing a Fund's or Underlying Fund's opportunities for gains. While futures 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. A Fund or Underlying Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.

*Options* – an option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash of an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. Investments in options are considered speculative. When an Underlying Fund writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if an Underlying Fund writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to sell the underlying security or futures contract at a lower price than its current market value. If an Underlying Fund writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Underlying Fund would be forced to buy the underlying security or futures contract at a higher price than its current market value. When an Underlying Fund purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the

same (in the case of a put option). If an option purchased by an Underlying Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

Purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. To the extent that a Fund invests in over-the-counter options, the Underlying Fund will be exposed to credit risk with regard to parties with whom it trades and also bears 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.

*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 an Underlying Fund's losses and reducing an Underlying 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, an Underlying Fund could sustain significant losses.

*Equity swaps* – an equity swap enables an investor to buy or sell investment exposure linked to the total return (including dividends) of an underlying stock, group of stocks or stock index. Until equity swaps are designated for mandatory central clearing, the terms of an equity swap generally are privately negotiated by an Underlying Fund and the swap counterparty. An equity swap may be embedded within a structured note or other derivative instrument. Equity swaps are subject to stock market risk of the underlying stock, group of stocks or stock index in addition to counterparty credit risk. An equity swap could result in losses if the underlying stock, group of stocks, or stock index does not perform as anticipated.

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

*Interest rate swaps* – interest rate swaps allow parties to exchange their rights to receive payments on a security or other reference rate. The use of interest rate swaps involves the risk that an Underlying Fund's subadviser will not accurately predict anticipated changes in interest rates, which may result in losses to the Underlying Fund. Interest rate swaps also involve the possible failure of a counterparty to perform in accordance with the terms of the swap agreement. If a counterparty defaults on its obligations under a swap agreement, the Underlying Fund may lose any amount it expected to receive from the counterparty, potentially including amounts in excess of the Fund's initial investment.

*Total return swaps* – total return swaps allow the party receiving the total return to gain exposure and benefit from an underlying reference asset without actually having to own it. Total return swaps will create leverage and a Fund or Underlying Fund may experience substantial gains or losses in value as a result of relatively small changes in the value of the underlying asset. In addition, total return swaps are subject to credit and counterparty risk. If the counterparty fails to meet its obligations a Fund or Underlying Fund will sustain significant losses. Total return swaps also are subject to the risk that a Fund or Underlying Fund will not properly assess the cost of the underlying asset. If a Fund or Underlying Fund is the buyer of a total return swap, a Fund or Underlying Fund will lose money if the total return of the underlying asset is less than a Fund's or Underlying Fund's obligation to pay a fixed or floating rate of interest. If a Fund or Underlying Fund is the seller of a total return swap, a Fund or Underlying Fund will lose money if the total returns of the underlying asset are greater than the fixed or floating rate of interest it would receive.

*Leverage* – leverage is created when an investment exposes a Fund or Underlying Fund to a risk of loss that exceeds the amount invested. Certain derivatives provide the potential for investment gain or loss that may be several times greater than the change in the value of an underlying security, asset, interest rate, index or currency, resulting in the potential for a loss that is substantially greater than the amount invested. Some leveraged investments have the potential for unlimited loss, regardless of the size of the initial investment. Because leverage can magnify the effects of changes in the value of a Fund or Underlying Fund and make a Fund's or Underlying Fund's share price more volatile, a shareholder's investment in a Fund may be more volatile, resulting in larger gains or losses in response to the fluctuating prices of a Fund's or Underlying Fund's investments. Further, the use of leverage typically requires a Fund or Underlying Fund to make margin payments, which might impair a Fund's or Underlying 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 a Fund or Underlying Fund sell a portfolio security at a disadvantageous time.

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 Funds and, therefore, is not subject to the regulation as a commodity pool operator under the CEA in its management of the Funds.

***Liquidity risk*** – the risk that a Fund or Underlying 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 a Fund or Underlying 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, a Fund or Underlying 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 a Fund's or Underlying Fund's value or prevent a Fund or Underlying Fund from being able to take advantage of other investment opportunities. Swaps and certain other types of privately negotiated derivative instruments in particular may present liquidity risks. Liquidity risk also refers to the risk that a Fund or Underlying 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, a Fund or Underlying 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.

***Retirement goal risk*** - the assumption that an investor will retire at the age of 65 is only an approximate guide, and is not necessarily intended to reflect the specific age at which an investor should retire or start withdrawing retirement assets. An investor may have different retirement needs than the allocation model anticipates.

***Short sales risk*** – a Fund will suffer a loss if an Underlying Fund takes a short position in a security and the price of the security rises rather than falls. Short positions expose the Underlying Fund to the risk that it will be required to cover the short position at a time when the security has appreciated in value, thus resulting in a loss to a Fund. A Fund's investment performance also will suffer if an Underlying Fund is required to close out a short position earlier than it had intended. In addition, a Fund is subject to expenses related to short positions that typically are not associated with investing in securities directly (for example, costs of borrowing and margin account maintenance costs associated with the Underlying Fund's open short positions). These expenses will impact negatively the performance of a Fund. Short positions introduce more risk to a Fund than long positions because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the

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

transaction costs, whereas there is no maximum attainable price of the security held in a short position. Therefore, in theory, securities held short present unlimited risk.

*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.

A Fund may invest in or use other types of investments or strategies not shown here 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").

***Please see the Appendix B to this Prospectus for additional information about the affiliated Underlying Funds in which the Funds invest.***

**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 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. Organized in 1999 as an investment adviser, NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc.

The Adviser determines the asset allocation for each Fund, selects the appropriate mix of Underlying Funds, places trades in exchange-traded funds (if any), and monitors the performance and positioning of the Underlying Funds.

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory agreement 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 the Adviser a unified management fee of 0.13% of the Fund's average daily net assets. Under the unified fee structure, the Adviser pays substantially all of the expenses of managing and operating a Fund except Rule 12b-1 fees, administrative services fees, the cost of investment securities or other investment assets, taxes, interest, brokerage commissions, short-sale dividend expenses, the cost of share certificates representing shares of the Trust, compensation and expenses of the non-interested Trustees and counsel to the non-interested Trustees, and expenses incurred by a Fund in connection with any merger or reorganization or any other expenses not incurred in the ordinary course of a Fund's business.

The unified management fee paid to the Adviser does not include, and is in addition to, the indirect investment management fees and other operating expenses that the Funds pay as shareholders of an affiliated or unaffiliated Underlying Fund.

**Portfolio Management**

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA, are the Funds' co-portfolio managers and are jointly responsible for the day-to-day management of the Funds in accordance with (1) their respective target asset class allocations and (2) the allocations to each of their respective Underlying Funds. As Portfolio Managers, they are jointly responsible for overseeing diversified portfolios that invest across multiple asset classes through underlying funds. The role involves setting strategic and tactical asset allocation, selecting and monitoring managers, and managing risk to deliver competitive, risk-adjusted returns.

Mr. Graham is Chief Investment Officer of NFA. Mr. Graham joined the Office of Investments at Nationwide Mutual Insurance Company ("Nationwide Mutual") in November 2004, building the external manager platform for long only, hedge fund and private equity investments for Nationwide's general account and pension assets. He joined NFA in 2016.

Mr. Robinette is a Senior Investment Professional of Multi-Asset Investments for NFA. Mr. Robinette joined Nationwide Mutual in 2012 where he most recently managed a portfolio of hedge funds and led manager due diligence reviews. He joined NFA in 2017.

Mr. Urban is a Senior Investment Professional of Multi-Asset Investments for NFA. He joined NFA in 2016. Prior to joining NFA, Mr. Urban worked for six years as an investment analyst for the Ohio Public Employees Retirement System, where he was most recently responsible for hedge fund manager selection and due diligence as well as portfolio risk management.

**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 has no current plans to hire a subadviser with respect to these Funds. Nevertheless, 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. Currently, the Funds are managed directly by the Adviser, but 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;

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

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

&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 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 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.

**Share Classes Available to All Investors**

**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;

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

● 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,

------

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

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.

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 Class R, 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 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.

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;

&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

------

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

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 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 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> distribution or a 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 Destination 2030 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination 2035 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination 2040 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination 2045 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination 2050 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination 2055 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination 2060 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination 2065 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination 2070 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Destination Retirement Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, 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;

● 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.

------

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

***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

P.O. Box 219336,

Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336,

Kansas City, MO 64105-1307.

------

**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.

---

| | |
|:---|:---|
| **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.** |
| **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>|
| **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>|
| **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>|
| **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>|
| **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>| **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>|
| **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>|
| **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 (including affiliated Underlying 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. Investments in other registered open-end mutual funds are valued based on the NAV for those mutual funds, which in turn may use fair value pricing. The prospectuses for those underlying mutual funds should explain the circumstances under which those funds will use fair value pricing and the effects of using fair value pricing. Shares of exchange-traded funds are valued based on the prices at which they trade on the stock exchanges on which they are listed.

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 an Underlying Fund's NAV is calculated, an Underlying 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 an Underlying 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 an Underlying 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 an Underlying 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.

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

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 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) |
| To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| Additional Investments (Automatic <br> 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 |

---

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.<br>

**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

------

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

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 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, as may be the Underlying Funds that invest in such foreign securities. 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, 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.

------

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

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 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** 

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.

**Rebalancing Target Asset Allocations** 

As a Fund rebalances its portfolio or adjusts its exposure to different asset classes, the Fund may experience gains and losses on sale of portfolio assets or redemption of shares in an Underlying Fund, which, in turn, may cause a Fund to make additional capital gain distributions to its shareholders. In addition, when a Fund reaches its target date, it is expected that the Fund will be combined with the Nationwide Destination Retirement Fund. Such a combination likely would be effected as an acquisition of the

assets of the applicable Fund in exchange for shares of the Nationwide Destination Retirement Fund at net asset value, with the shares of Nationwide Destination Retirement Fund then distributed to shareholders of the applicable Fund. Based on current tax rules, the Adviser expects such a combination to be effected in a non-taxable transaction. Changes in such tax rules or applicable law or other developments could negatively impact the combination of Funds.

At the time the Board of Trustees evaluates a proposed combination, the Board will consider, among other things, the taxability of the proposed combination under the law as it exists at that time. If the Funds are advised by counsel that the combination would have a material adverse tax result for shareholders for federal income tax purposes (or, if the Board otherwise so determines), it is not expected that the combination would take place.

**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

------

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

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 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 PricewaterhouseCoopers, LLP, 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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2030 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $8.79 | $0.21 | $0.85 | $1.06 | $(0.26) | $(0.75) | $(1.01) | $8.84 | 13.52% | $40942 | 0.62% | 2.49% | 0.62% | 40.14% |
| 10/31/2024 | 7.79 | 0.21 | 1.39 | 1.60 | (0.23) | (0.37) | (0.60) | 8.79 | 21.06% | 41680 | 0.63% | 2.52% | 0.63% | 39.72% |
| 10/31/2023 | 7.62 | 0.07 | 0.30 | 0.37 | (0.08) | (0.12) | (0.20) | 7.79 | 4.96% | 37153 | 0.63% | 0.87% | 0.63% | 34.02% |
| 10/31/2022 | 10.23 | 0.26 | (1.98) | (1.72) | (0.31) | (0.58) | (0.89) | 7.62 | (18.43)% | 35855 | 0.63% | 3.04% | 0.63% | 36.18% |
| 10/31/2021 | 8.46 | 0.22 | 1.78 | 2.00 | (0.23) |  | (0.23) | 10.23 | 23.98% | 46817 | 0.62% | 2.29% | 0.62% | 32.48% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 8.70 | 0.19 | 0.83 | 1.02 | (0.24) | (0.75) | (0.99) | 8.73 | 13.18% | 41309 | 0.89% | 2.25% | 0.89% | 40.14% |
| 10/31/2024 | 7.72 | 0.19 | 1.37 | 1.56 | (0.21) | (0.37) | (0.58) | 8.70 | 20.75% | 42034 | 0.88% | 2.25% | 0.88% | 39.72% |
| 10/31/2023 | 7.55 | 0.05 | 0.30 | 0.35 | (0.06) | (0.12) | (0.18) | 7.72 | 4.70% | 38483 | 0.88% | 0.65% | 0.88% | 34.02% |
| 10/31/2022 | 10.14 | 0.24 | (1.96) | (1.72) | (0.29) | (0.58) | (0.87) | 7.55 | (18.61)% | 43313 | 0.89% | 2.78% | 0.89% | 36.18% |
| 10/31/2021 | 8.40 | 0.20 | 1.76 | 1.96 | (0.22) |  | (0.22) | 10.14 | 23.54% | 58410 | 0.88% | 2.06% | 0.88% | 32.48% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 8.89 | 0.26 | 0.85 | 1.11 | (0.30) | (0.75) | (1.05) | 8.95 | 14.04% | 46771 | 0.14% | 3.13% | 0.14% | 40.14% |
| 10/31/2024 | 7.86 | 0.26 | 1.40 | 1.66 | (0.26) | (0.37) | (0.63) | 8.89 | 21.72% | 70244 | 0.14% | 2.98% | 0.14% | 39.72% |
| 10/31/2023 | 7.70 | 0.11 | 0.30 | 0.41 | (0.13) | (0.12) | (0.25) | 7.86 | 5.42% | 59896 | 0.14% | 1.36% | 0.14% | 34.02% |
| 10/31/2022 | 10.33 | 0.32 | (2.02) | (1.70) | (0.35) | (0.58) | (0.93) | 7.70 | (18.02)% | 54819 | 0.13% | 3.72% | 0.13% | 36.18% |
| 10/31/2021 | 8.54 | 0.27 | 1.80 | 2.07 | (0.28) |  | (0.28) | 10.33 | 24.53% | 77905 | 0.14% | 2.72% | 0.14% | 32.48% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 8.81 | 0.23 | 0.85 | 1.08 | (0.28) | (0.75) | (1.03) | 8.86 | 13.75% | 62955 | 0.39% | 2.72% | 0.39% | 40.14% |
| 10/31/2024 | 7.80 | 0.22 | 1.40 | 1.62 | (0.24) | (0.37) | (0.61) | 8.81 | 21.38% | 61381 | 0.39% | 2.63% | 0.39% | 39.72% |
| 10/31/2023 | 7.64 | 0.09 | 0.29 | 0.38 | (0.10) | (0.12) | (0.22) | 7.80 | 5.14% | 46584 | 0.39% | 1.14% | 0.39% | 34.02% |
| 10/31/2022 | 10.26 | 0.28 | (1.99) | (1.71) | (0.33) | (0.58) | (0.91) | 7.64 | (18.26)% | 47338 | 0.38% | 3.21% | 0.38% | 36.18% |
| 10/31/2021 | 8.48 | 0.30 | 1.73 | 2.03 | (0.25) |  | (0.25) | 10.26 | 24.28% | 58567 | 0.38% | 3.14% | 0.38% | 32.48% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2035 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $9.91 | $0.20 | $1.12 | $1.32 | $(0.28) | $(0.95) | $(1.23) | $10.00 | 14.94% | $39380 | 0.63% | 2.12% | 0.63% | 39.01% |
| 10/31/2024 | 8.57 | 0.21 | 1.76 | 1.97 | (0.22) | (0.41) | (0.63) | 9.91 | 23.70% | 41434 | 0.62% | 2.20% | 0.62% | 42.20% |
| 10/31/2023 | 8.26 | 0.06 | 0.41 | 0.47 | (0.07) | (0.09) | (0.16) | 8.57 | 5.67% | 36171 | 0.59% | 0.69% | 0.59% | 38.67% |
| 10/31/2022 | 11.20 | 0.31 | (2.27) | (1.96) | (0.37) | (0.61) | (0.98) | 8.26 | (19.19)% | 36049 | 0.58% | 3.36% | 0.58% | 31.93% |
| 10/31/2021 | 8.93 | 0.25 | 2.29 | 2.54 | (0.27) |  | (0.27) | 11.20 | 28.79% | 47906 | 0.62% | 2.37% | 0.62% | 28.42% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.78 | 0.17 | 1.11 | 1.28 | (0.26) | (0.95) | (1.21) | 9.85 | 14.72% | 38807 | 0.89% | 1.86% | 0.89% | 39.01% |
| 10/31/2024 | 8.47 | 0.18 | 1.74 | 1.92 | (0.20) | (0.41) | (0.61) | 9.78 | 23.37% | 38552 | 0.88% | 1.93% | 0.88% | 42.20% |
| 10/31/2023 | 8.17 | 0.04 | 0.39 | 0.43 | (0.04) | (0.09) | (0.13) | 8.47 | 5.29% | 31954 | 0.88% | 0.42% | 0.88% | 38.67% |
| 10/31/2022 | 11.09 | 0.29 | (2.26) | (1.97) | (0.34) | (0.61) | (0.95) | 8.17 | (19.41)% | 35125 | 0.89% | 3.13% | 0.89% | 31.93% |
| 10/31/2021 | 8.86 | 0.23 | 2.25 | 2.48 | (0.25) |  | (0.25) | 11.09 | 28.39% | 48471 | 0.88% | 2.25% | 0.88% | 28.42% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.02 | 0.26 | 1.13 | 1.39 | (0.32) | (0.95) | (1.27) | 10.14 | 15.59% | 47400 | 0.14% | 2.71% | 0.14% | 39.01% |
| 10/31/2024 | 8.66 | 0.25 | 1.78 | 2.03 | (0.26) | (0.41) | (0.67) | 10.02 | 24.27% | 69067 | 0.14% | 2.64% | 0.14% | 42.20% |
| 10/31/2023 | 8.36 | 0.10 | 0.41 | 0.51 | (0.12) | (0.09) | (0.21) | 8.66 | 6.07% | 55823 | 0.14% | 1.15% | 0.14% | 38.67% |
| 10/31/2022 | 11.33 | 0.35 | (2.30) | (1.95) | (0.41) | (0.61) | (1.02) | 8.36 | (18.85)% | 52840 | 0.13% | 3.75% | 0.13% | 31.93% |
| 10/31/2021 | 9.02 | 0.32 | 2.30 | 2.62 | (0.31) |  | (0.31) | 11.33 | 29.51% | 65766 | 0.14% | 2.95% | 0.14% | 28.42% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.93 | 0.22 | 1.12 | 1.34 | (0.29) | (0.95) | (1.24) | 10.03 | 15.23% | 61715 | 0.39% | 2.34% | 0.39% | 39.01% |
| 10/31/2024 | 8.59 | 0.22 | 1.77 | 1.99 | (0.24) | (0.41) | (0.65) | 9.93 | 23.94% | 58359 | 0.39% | 2.34% | 0.39% | 42.20% |
| 10/31/2023 | 8.29 | 0.08 | 0.40 | 0.48 | (0.09) | (0.09) | (0.18) | 8.59 | 5.80% | 44095 | 0.38% | 0.89% | 0.38% | 38.67% |
| 10/31/2022 | 11.23 | 0.32 | (2.26) | (1.94) | (0.39) | (0.61) | (1.00) | 8.29 | (18.96)% | 40353 | 0.38% | 3.46% | 0.38% | 31.93% |
| 10/31/2021 | 8.95 | 0.35 | 2.22 | 2.57 | (0.29) |  | (0.29) | 11.23 | 29.09% | 48105 | 0.38% | 3.37% | 0.38% | 28.42% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2040 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $9.96 | $0.17 | $1.28 | $1.45 | $(0.25) | $(1.04) | $(1.29) | $10.12 | 16.41% | $39396 | 0.63% | 1.76% | 0.63% | 40.90% |
| 10/31/2024 | 8.44 | 0.18 | 1.95 | 2.13 | (0.19) | (0.42) | (0.61) | 9.96 | 26.05% | 38172 | 0.62% | 1.93% | 0.62% | 44.86% |
| 10/31/2023 | 8.11 | 0.05 | 0.46 | 0.51 | (0.05) | (0.13) | (0.18) | 8.44 | 6.42% | 34234 | 0.59% | 0.54% | 0.59% | 39.67% |
| 10/31/2022 | 11.07 | 0.32 | (2.32) | (2.00) | (0.38) | (0.58) | (0.96) | 8.11 | (19.74)% | 33998 | 0.58% | 3.54% | 0.58% | 25.57% |
| 10/31/2021 | 8.62 | 0.26 | 2.47 | 2.73 | (0.28) |  | (0.28) | 11.07 | 32.10% | 42062 | 0.62% | 2.55% | 0.62% | 24.30% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.82 | 0.14 | 1.27 | 1.41 | (0.23) | (1.04) | (1.27) | 9.96 | 16.14% | 38319 | 0.89% | 1.48% | 0.89% | 40.90% |
| 10/31/2024 | 8.34 | 0.15 | 1.93 | 2.08 | (0.18) | (0.42) | (0.60) | 9.82 | 25.65% | 38421 | 0.88% | 1.64% | 0.88% | 44.86% |
| 10/31/2023 | 8.02 | 0.02 | 0.46 | 0.48 | (0.03) | (0.13) | (0.16) | 8.34 | 6.07% | 32634 | 0.88% | 0.26% | 0.88% | 39.67% |
| 10/31/2022 | 10.96 | 0.30 | (2.30) | (2.00) | (0.36) | (0.58) | (0.94) | 8.02 | (19.93)% | 34471 | 0.89% | 3.31% | 0.89% | 25.57% |
| 10/31/2021 | 8.55 | 0.23 | 2.44 | 2.67 | (0.26) |  | (0.26) | 10.96 | 31.71% | 44759 | 0.88% | 2.22% | 0.88% | 24.30% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.12 | 0.22 | 1.30 | 1.52 | (0.30) | (1.04) | (1.34) | 10.30 | 16.91% | 43205 | 0.14% | 2.29% | 0.14% | 40.90% |
| 10/31/2024 | 8.56 | 0.22 | 2.00 | 2.22 | (0.24) | (0.42) | (0.66) | 10.12 | 26.75% | 61826 | 0.14% | 2.29% | 0.14% | 44.86% |
| 10/31/2023 | 8.23 | 0.09 | 0.47 | 0.56 | (0.10) | (0.13) | (0.23) | 8.56 | 6.87% | 43852 | 0.14% | 0.99% | 0.14% | 39.67% |
| 10/31/2022 | 11.22 | 0.38 | (2.36) | (1.98) | (0.43) | (0.58) | (1.01) | 8.23 | (19.37)% | 41010 | 0.13% | 4.04% | 0.13% | 25.57% |
| 10/31/2021 | 8.73 | 0.31 | 2.49 | 2.80 | (0.31) |  | (0.31) | 11.22 | 32.60% | 54746 | 0.14% | 2.98% | 0.14% | 24.30% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.06 | 0.18 | 1.31 | 1.49 | (0.27) | (1.04) | (1.31) | 10.24 | 16.72% | 66471 | 0.39% | 1.89% | 0.39% | 40.90% |
| 10/31/2024 | 8.52 | 0.20 | 1.98 | 2.18 | (0.22) | (0.42) | (0.64) | 10.06 | 26.33% | 55195 | 0.38% | 2.06% | 0.38% | 44.86% |
| 10/31/2023 | 8.19 | 0.07 | 0.46 | 0.53 | (0.07) | (0.13) | (0.20) | 8.52 | 6.58% | 39760 | 0.39% | 0.75% | 0.39% | 39.67% |
| 10/31/2022 | 11.17 | 0.34 | (2.34) | (2.00) | (0.40) | (0.58) | (0.98) | 8.19 | (19.57)% | 38397 | 0.38% | 3.65% | 0.38% | 25.57% |
| 10/31/2021 | 8.69 | 0.35 | 2.42 | 2.77 | (0.29) |  | (0.29) | 11.17 | 32.33% | 45012 | 0.38% | 3.40% | 0.38% | 24.30% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2045 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $10.60 | $0.15 | $1.46 | $1.61 | $(0.25) | $(1.18) | $(1.43) | $10.78 | 17.30% | $39363 | 0.64% | 1.50% | 0.64% | 39.14% |
| 10/31/2024 | 8.84 | 0.18 | 2.18 | 2.36 | (0.19) | (0.41) | (0.60) | 10.60 | 27.39% | 36408 | 0.63% | 1.78% | 0.63% | 46.67% |
| 10/31/2023 | 8.49 | 0.04 | 0.52 | 0.56 | (0.05) | (0.16) | (0.21) | 8.84 | 6.62% | 32102 | 0.59% | 0.44% | 0.59% | 39.90% |
| 10/31/2022 | 11.73 | 0.36 | (2.48) | (2.12) | (0.42) | (0.70) | (1.12) | 8.49 | (20.02)% | 30610 | 0.58% | 3.71% | 0.58% | 23.85% |
| 10/31/2021 | 9.01 | 0.28 | 2.73 | 3.01 | (0.29) |  | (0.29) | 11.73 | 33.93% | 38907 | 0.61% | 2.58% | 0.61% | 22.50% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.39 | 0.12 | 1.44 | 1.56 | (0.23) | (1.18) | (1.41) | 10.54 | 17.08% | 35234 | 0.89% | 1.27% | 0.89% | 39.14% |
| 10/31/2024 | 8.68 | 0.15 | 2.14 | 2.29 | (0.17) | (0.41) | (0.58) | 10.39 | 27.11% | 35147 | 0.88% | 1.49% | 0.88% | 46.67% |
| 10/31/2023 | 8.34 | 0.01 | 0.51 | 0.52 | (0.02) | (0.16) | (0.18) | 8.68 | 6.31% | 28642 | 0.88% | 0.16% | 0.88% | 39.90% |
| 10/31/2022 | 11.56 | 0.33 | (2.45) | (2.12) | (0.40) | (0.70) | (1.10) | 8.34 | (20.30)% | 28345 | 0.89% | 3.49% | 0.89% | 23.85% |
| 10/31/2021 | 8.90 | 0.25 | 2.70 | 2.95 | (0.29) |  | (0.29) | 11.56 | 33.59% | 38524 | 0.88% | 2.28% | 0.88% | 22.50% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.73 | 0.21 | 1.49 | 1.70 | (0.30) | (1.18) | (1.48) | 10.95 | 18.04% | 37228 | 0.14% | 2.10% | 0.14% | 39.14% |
| 10/31/2024 | 8.95 | 0.23 | 2.20 | 2.43 | (0.24) | (0.41) | (0.65) | 10.73 | 27.90% | 57141 | 0.14% | 2.21% | 0.14% | 46.67% |
| 10/31/2023 | 8.59 | 0.08 | 0.53 | 0.61 | (0.09) | (0.16) | (0.25) | 8.95 | 7.16% | 43996 | 0.14% | 0.90% | 0.14% | 39.90% |
| 10/31/2022 | 11.86 | 0.42 | (2.53) | (2.11) | (0.46) | (0.70) | (1.16) | 8.59 | (19.68)% | 40470 | 0.13% | 4.28% | 0.13% | 23.85% |
| 10/31/2021 | 9.10 | 0.33 | 2.77 | 3.10 | (0.34) |  | (0.34) | 11.86 | 34.56% | 54833 | 0.14% | 2.99% | 0.14% | 22.50% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10.60 | 0.17 | 1.48 | 1.65 | (0.27) | (1.18) | (1.45) | 10.80 | 17.78% | 48905 | 0.39% | 1.71% | 0.39% | 39.14% |
| 10/31/2024 | 8.85 | 0.19 | 2.18 | 2.37 | (0.21) | (0.41) | (0.62) | 10.60 | 27.56% | 42623 | 0.38% | 1.92% | 0.38% | 46.67% |
| 10/31/2023 | 8.49 | 0.06 | 0.52 | 0.58 | (0.06) | (0.16) | (0.22) | 8.85 | 6.95% | 31418 | 0.39% | 0.65% | 0.39% | 39.90% |
| 10/31/2022 | 11.74 | 0.36 | (2.47) | (2.11) | (0.44) | (0.70) | (1.14) | 8.49 | (19.92)% | 27356 | 0.38% | 3.74% | 0.38% | 23.85% |
| 10/31/2021 | 9.00 | 0.38 | 2.66 | 3.04 | (0.30) |  | (0.30) | 11.74 | 34.28% | 31637 | 0.38% | 3.52% | 0.38% | 22.50% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2050 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $9.59 | $0.13 | $1.39 | $1.52 | $(0.22) | $(1.02) | $(1.24) | $9.87 | 17.83% | $37347 | 0.62% | 1.42% | 0.62% | 38.23% |
| 10/31/2024 | 7.87 | 0.15 | 2.01 | 2.16 | (0.15) | (0.29) | (0.44) | 9.59 | 28.23% | 37415 | 0.63% | 1.62% | 0.63% | 45.69% |
| 10/31/2023 | 7.55 | 0.03 | 0.47 | 0.50 | (0.03) | (0.15) | (0.18) | 7.87 | 6.76% | 29613 | 0.63% | 0.34% | 0.63% | 41.66% |
| 10/31/2022 | 10.31 | 0.32 | (2.23) | (1.91) | (0.37) | (0.48) | (0.85) | 7.55 | (20.20)% | 28283 | 0.63% | 3.77% | 0.63% | 19.99% |
| 10/31/2021 | 7.86 | 0.24 | 2.46 | 2.70 | (0.25) |  | (0.25) | 10.31 | 34.98% | 36640 | 0.63% | 2.47% | 0.63% | 22.22% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.35 | 0.10 | 1.37 | 1.47 | (0.20) | (1.02) | (1.22) | 9.60 | 17.68% | 36913 | 0.89% | 1.14% | 0.89% | 38.23% |
| 10/31/2024 | 7.69 | 0.12 | 1.97 | 2.09 | (0.14) | (0.29) | (0.43) | 9.35 | 27.82% | 37781 | 0.88% | 1.32% | 0.88% | 45.69% |
| 10/31/2023 | 7.38 | 0.01 | 0.46 | 0.47 | (0.01) | (0.15) | (0.16) | 7.69 | 6.52% | 28872 | 0.88% | 0.10% | 0.88% | 41.66% |
| 10/31/2022 | 10.11 | 0.30 | (2.19) | (1.89) | (0.36) | (0.48) | (0.84) | 7.38 | (20.42)% | 29163 | 0.89% | 3.55% | 0.89% | 19.99% |
| 10/31/2021 | 7.73 | 0.22 | 2.41 | 2.63 | (0.25) |  | (0.25) | 10.11 | 34.57% | 38311 | 0.88% | 2.31% | 0.88% | 22.22% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.65 | 0.18 | 1.39 | 1.57 | (0.26) | (1.02) | (1.28) | 9.94 | 18.41% | 38630 | 0.14% | 1.95% | 0.14% | 38.23% |
| 10/31/2024 | 7.93 | 0.19 | 2.03 | 2.22 | (0.21) | (0.29) | (0.50) | 9.65 | 28.78% | 52263 | 0.14% | 2.08% | 0.14% | 45.69% |
| 10/31/2023 | 7.60 | 0.07 | 0.48 | 0.55 | (0.07) | (0.15) | (0.22) | 7.93 | 7.37% | 37864 | 0.14% | 0.84% | 0.14% | 41.66% |
| 10/31/2022 | 10.37 | 0.36 | (2.24) | (1.88) | (0.41) | (0.48) | (0.89) | 7.60 | (19.76)% | 35028 | 0.13% | 4.22% | 0.13% | 19.99% |
| 10/31/2021 | 7.89 | 0.29 | 2.47 | 2.76 | (0.28) |  | (0.28) | 10.37 | 35.59% | 43407 | 0.14% | 2.96% | 0.14% | 22.22% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 9.59 | 0.14 | 1.41 | 1.55 | (0.24) | (1.02) | (1.26) | 9.88 | 18.23% | 57411 | 0.39% | 1.56% | 0.39% | 38.23% |
| 10/31/2024 | 7.88 | 0.16 | 2.02 | 2.18 | (0.18) | (0.29) | (0.47) | 9.59 | 28.45% | 47290 | 0.38% | 1.80% | 0.38% | 45.69% |
| 10/31/2023 | 7.56 | 0.05 | 0.47 | 0.52 | (0.05) | (0.15) | (0.20) | 7.88 | 7.01% | 32116 | 0.39% | 0.59% | 0.39% | 41.66% |
| 10/31/2022 | 10.32 | 0.32 | (2.21) | (1.89) | (0.39) | (0.48) | (0.87) | 7.56 | (19.96)% | 28098 | 0.38% | 3.75% | 0.38% | 19.99% |
| 10/31/2021 | 7.86 | 0.32 | 2.40 | 2.72 | (0.26) |  | (0.26) | 10.32 | 35.19% | 29990 | 0.38% | 3.42% | 0.38% | 22.22% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2055 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $14.99 | $0.18 | $2.24 | $2.42 | $(0.34) | $(1.69) | $(2.03) | $15.38 | 18.28% | $28650 | 0.64% | 1.29% | 0.64% | 49.21% |
| 10/31/2024 | 12.22 | 0.23 | 3.17 | 3.40 | (0.25) | (0.38) | (0.63) | 14.99 | 28.43% | 25602 | 0.62% | 1.61% | 0.62% | 45.89% |
| 10/31/2023 | 11.69 | 0.04 | 0.76 | 0.80 | (0.05) | (0.22) | (0.27) | 12.22 | 6.94% | 20848 | 0.62% | 0.35% | 0.62% | 39.07% |
| 10/31/2022 | 15.89 | 0.49 | (3.44) | (2.95) | (0.58) | (0.67) | (1.25) | 11.69 | (20.15)% | 19580 | 0.62% | 3.74% | 0.62% | 18.66% |
| 10/31/2021 | 12.06 | 0.36 | 3.87 | 4.23 | (0.40) |  | (0.40) | 15.89 | 35.64% | 24351 | 0.63% | 2.43% | 0.63% | 24.93% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 14.87 | 0.16 | 2.20 | 2.36 | (0.30) | (1.69) | (1.99) | 15.24 | 17.99% | 19167 | 0.89% | 1.11% | 0.89% | 49.21% |
| 10/31/2024 | 12.14 | 0.19 | 3.14 | 3.33 | (0.22) | (0.38) | (0.60) | 14.87 | 28.05% | 21534 | 0.88% | 1.34% | 0.88% | 45.89% |
| 10/31/2023 | 11.61 | 0.01 | 0.76 | 0.77 | (0.02) | (0.22) | (0.24) | 12.14 | 6.71% | 17210 | 0.88% | 0.09% | 0.88% | 39.07% |
| 10/31/2022 | 15.81 | 0.46 | (3.43) | (2.97) | (0.56) | (0.67) | (1.23) | 11.61 | (20.39)% | 15659 | 0.89% | 3.49% | 0.89% | 18.66% |
| 10/31/2021 | 12.02 | 0.33 | 3.85 | 4.18 | (0.39) |  | (0.39) | 15.81 | 35.34% | 19837 | 0.88% | 2.24% | 0.88% | 24.93% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 15.16 | 0.25 | 2.27 | 2.52 | (0.41) | (1.69) | (2.10) | 15.58 | 18.85% | 25560 | 0.14% | 1.77% | 0.14% | 49.21% |
| 10/31/2024 | 12.35 | 0.29 | 3.21 | 3.50 | (0.31) | (0.38) | (0.69) | 15.16 | 29.06% | 41452 | 0.14% | 2.05% | 0.14% | 45.89% |
| 10/31/2023 | 11.81 | 0.11 | 0.76 | 0.87 | (0.11) | (0.22) | (0.33) | 12.35 | 7.47% | 28446 | 0.14% | 0.84% | 0.14% | 39.07% |
| 10/31/2022 | 16.05 | 0.57 | (3.49) | (2.92) | (0.65) | (0.67) | (1.32) | 11.81 | (19.80)% | 25617 | 0.13% | 4.26% | 0.13% | 18.66% |
| 10/31/2021 | 12.15 | 0.44 | 3.90 | 4.34 | (0.44) |  | (0.44) | 16.05 | 36.33% | 31441 | 0.14% | 2.93% | 0.14% | 24.93% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 15.13 | 0.21 | 2.26 | 2.47 | (0.37) | (1.69) | (2.06) | 15.54 | 18.52% | 34089 | 0.39% | 1.48% | 0.39% | 49.21% |
| 10/31/2024 | 12.33 | 0.25 | 3.21 | 3.46 | (0.28) | (0.38) | (0.66) | 15.13 | 28.72% | 28230 | 0.38% | 1.78% | 0.38% | 45.89% |
| 10/31/2023 | 11.79 | 0.07 | 0.77 | 0.84 | (0.08) | (0.22) | (0.30) | 12.33 | 7.21% | 18840 | 0.39% | 0.58% | 0.39% | 39.07% |
| 10/31/2022 | 16.02 | 0.49 | (3.44) | (2.95) | (0.61) | (0.67) | (1.28) | 11.79 | (19.98)% | 14900 | 0.38% | 3.70% | 0.38% | 18.66% |
| 10/31/2021 | 12.13 | 0.52 | 3.78 | 4.30 | (0.41) |  | (0.41) | 16.02 | 36.01% | 14827 | 0.38% | 3.54% | 0.38% | 24.93% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2060 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $12.84 | $0.15 | $1.95 | $2.10 | $(0.28) | $(1.19) | $(1.47) | $13.47 | 18.23% | $16512 | 0.63% | 1.25% | 0.63% | 48.99% |
| 10/31/2024 | 10.40 | 0.19 | 2.74 | 2.93 | (0.21) | (0.28) | (0.49) | 12.84 | 28.67% | 14553 | 0.63% | 1.60% | 0.63% | 49.06% |
| 10/31/2023 | 9.91 | 0.04 | 0.65 | 0.69 | (0.04) | (0.16) | (0.20) | 10.40 | 7.02% | 12247 | 0.64% | 0.34% | 0.64% | 41.00% |
| 10/31/2022 | 13.46 | 0.41 | (2.92) | (2.51) | (0.50) | (0.54) | (1.04) | 9.91 | (20.22)% | 11040 | 0.64% | 3.70% | 0.64% | 22.52% |
| 10/31/2021 | 10.18 | 0.30 | 3.32 | 3.62 | (0.34) |  | (0.34) | 13.46 | 36.12% | 13000 | 0.63% | 2.39% | 0.63% | 36.19% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 12.76 | 0.13 | 1.92 | 2.05 | (0.25) | (1.19) | (1.44) | 13.37 | 17.89% | 5984 | 0.89% | 1.06% | 0.89% | 48.99% |
| 10/31/2024 | 10.34 | 0.15 | 2.74 | 2.89 | (0.19) | (0.28) | (0.47) | 12.76 | 28.42% | 6343 | 0.88% | 1.21% | 0.88% | 49.06% |
| 10/31/2023 | 9.86 | 0.01 | 0.65 | 0.66 | (0.02) | (0.16) | (0.18) | 10.34 | 6.71% | 4060 | 0.88% | 0.08% | 0.88% | 41.00% |
| 10/31/2022 | 13.40 | 0.39 | (2.91) | (2.52) | (0.48) | (0.54) | (1.02) | 9.86 | (20.38)% | 3342 | 0.89% | 3.51% | 0.89% | 22.52% |
| 10/31/2021 | 10.15 | 0.28 | 3.30 | 3.58 | (0.33) |  | (0.33) | 13.40 | 35.85% | 4000 | 0.88% | 2.27% | 0.88% | 36.19% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 12.91 | 0.22 | 1.97 | 2.19 | (0.35) | (1.19) | (1.54) | 13.56 | 18.87%<sup>(g)</sup> | 14141 | 0.14% | 1.78% | 0.14% | 48.99% |
| 10/31/2024 | 10.45 | 0.25 | 2.76 | 3.01 | (0.27) | (0.28) | (0.55) | 12.91 | 29.35%<sup>(g)</sup> | 18520 | 0.14% | 2.02% | 0.14% | 49.06% |
| 10/31/2023 | 9.97 | 0.09 | 0.65 | 0.74 | (0.10) | (0.16) | (0.26) | 10.45 | 7.42% | 12832 | 0.14% | 0.84% | 0.14% | 41.00% |
| 10/31/2022 | 13.53 | 0.45 | (2.91) | (2.46) | (0.56) | (0.54) | (1.10) | 9.97 | (19.77)% | 11178 | 0.13% | 4.05% | 0.13% | 22.52% |
| 10/31/2021 | 10.21 | 0.35 | 3.35 | 3.70 | (0.38) |  | (0.38) | 13.53 | 36.89% | 12000 | 0.14% | 2.80% | 0.14% | 36.19% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 12.90 | 0.18 | 1.96 | 2.14 | (0.31) | (1.19) | (1.50) | 13.54 | 18.51% | 21673 | 0.39% | 1.44% | 0.39% | 48.99% |
| 10/31/2024 | 10.44 | 0.21 | 2.77 | 2.98 | (0.24) | (0.28) | (0.52) | 12.90 | 29.08% | 17406 | 0.38% | 1.70% | 0.38% | 49.06% |
| 10/31/2023 | 9.96 | 0.06 | 0.65 | 0.71 | (0.07) | (0.16) | (0.23) | 10.44 | 7.14% | 10493 | 0.39% | 0.58% | 0.39% | 41.00% |
| 10/31/2022 | 13.51 | 0.45 | (2.93) | (2.48) | (0.53) | (0.54) | (1.07) | 9.96 | (19.93)% | 7775 | 0.38% | 3.99% | 0.38% | 22.52% |
| 10/31/2021 | 10.20 | 0.41 | 3.25 | 3.66 | (0.35) |  | (0.35) | 13.51 | 36.43% | 8000 | 0.38% | 3.33% | 0.38% | 36.19% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2065 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $13.52 | $0.13 | $2.13 | $2.26 | $(0.30) | $(0.90) | $(1.20) | $14.58 | 18.11% | $3216 | 0.64% | 0.97% | 0.64% | 59.24% |
| 10/31/2024 | 10.73 | 0.17 | 2.90 | 3.07 | (0.21) | (0.07) | (0.28) | 13.52 | 28.87% | 1610 | 0.63% | 1.34% | 0.63% | 57.31% |
| 10/31/2023 | 10.17 | 0.03 | 0.67 | 0.70 | (0.04) | (0.10) | (0.14) | 10.73 | 6.97% | 1468 | 0.63% | 0.29% | 0.63% | 34.99% |
| 10/31/2022 | 13.43 | 0.32 | (2.88) | (2.56) | (0.50) | (0.20) | (0.70) | 10.17 | (20.06)% | 901 | 0.60% | 2.86% | 0.60% | 28.46% |
| 10/31/2021 | 10.11 | 0.22 | 3.45 | 3.67 | (0.35) |  | (0.35) | 13.43 | 36.94% | 468 | 0.53% | 1.73% | 0.53% | 71.42% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 13.46 | 0.10 | 2.12 | 2.22 | (0.27) | (0.90) | (1.17) | 14.51 | 17.84% | 1379 | 0.89% | 0.80% | 0.89% | 59.24% |
| 10/31/2024 | 10.69 | 0.13 | 2.90 | 3.03 | (0.19) | (0.07) | (0.26) | 13.46 | 28.57% | 979 | 0.88% | 1.00% | 0.88% | 57.31% |
| 10/31/2023 | 10.14 | 0.01 | 0.67 | 0.68 | (0.03) | (0.10) | (0.13) | 10.69 | 6.76% | 464 | 0.88% | 0.05% | 0.88% | 34.99% |
| 10/31/2022 | 13.39 | 0.28 | (2.87) | (2.59) | (0.46) | (0.20) | (0.66) | 10.14 | (20.31)% | 211 | 0.88% | 2.53% | 0.88% | 28.46% |
| 10/31/2021 | 10.11 | 0.15 | 3.47 | 3.62 | (0.34) |  | (0.34) | 13.39 | 36.35% | 139 | 0.88% | 1.22% | 0.88% | 71.42% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 13.56 | 0.22 | 2.12 | 2.34 | (0.36) | (0.90) | (1.26) | 14.64 | 18.76% | 3987 | 0.14% | 1.63% | 0.14% | 59.24% |
| 10/31/2024 | 10.76 | 0.24 | 2.90 | 3.14 | (0.27) | (0.07) | (0.34) | 13.56 | 29.53% | 3255 | 0.14% | 1.90% | 0.14% | 57.31% |
| 10/31/2023 | 10.20 | 0.09 | 0.67 | 0.76 | (0.10) | (0.10) | (0.20) | 10.76 | 7.50% | 1830 | 0.13% | 0.82% | 0.13% | 34.99% |
| 10/31/2022 | 13.46 | 0.44 | (2.95) | (2.51) | (0.55) | (0.20) | (0.75) | 10.20 | (19.69)% | 1263 | 0.13% | 3.87% | 0.13% | 28.46% |
| 10/31/2021 | 10.12 | 0.38 | 3.35 | 3.73 | (0.39) |  | (0.39) | 13.46 | 37.49% | 1176 | 0.13% | 3.06% | 0.13% | 71.42% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 13.55 | 0.19 | 2.11 | 2.30 | (0.33) | (0.90) | (1.23) | 14.62 | 18.39% | 4866 | 0.39% | 1.41% | 0.39% | 59.24% |
| 10/31/2024 | 10.75 | 0.21 | 2.90 | 3.11 | (0.24) | (0.07) | (0.31) | 13.55 | 29.26% | 4110 | 0.38% | 1.64% | 0.38% | 57.31% |
| 10/31/2023 | 10.19 | 0.06 | 0.67 | 0.73 | (0.07) | (0.10) | (0.17) | 10.75 | 7.22% | 2364 | 0.39% | 0.54% | 0.39% | 34.99% |
| 10/31/2022 | 13.45 | 0.46 | (3.00) | (2.54) | (0.52) | (0.20) | (0.72) | 10.19 | (19.90)% | 985 | 0.38% | 4.08% | 0.38% | 28.46% |
| 10/31/2021 | 10.11 | 0.06 | 3.65 | 3.71 | (0.37) |  | (0.37) | 13.45 | 37.20% | 710 | 0.38% | 0.48% | 0.38% | 71.42% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2070 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> **from**<br> **Investments**<br>| **Total from Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(g)</sup> | $10.00 | $0.04 | $1.54 | $1.58 | $(0.04) | $— | $(0.04) | $11.54 | 15.88% | $6 | 0.66% | 0.59% | 0.66% | 18.90% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(g)</sup> | 10.00 | 0.02 | 1.55 | 1.57 | (0.03) |  | (0.03) | 11.54 | 15.73%<sup>(h)</sup> | 6 | 0.91% | 0.34% | 0.91% | 18.90% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(g)</sup> | 10.00 | 0.08 | 1.53 | 1.61 | (0.07) |  | (0.07) | 11.54 | 16.20% | 1145 | 0.15% | 1.11% | 0.15% | 18.90% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(g)</sup> | 10.00 | 0.06 | 1.53 | 1.59 | (0.06) |  | (0.06) | 11.53 | 15.94%<sup>(h)</sup> | 6 | 0.41% | 0.85% | 0.41% | 18.90% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) For the period from March 10, 2025 (commencement of operations) through October 31, 2025. Total return is calculated based on inception date of March 7, 2025 through October 31, 2025.

(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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION RETIREMENT 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 Operations** | **Net**<br> **Investment**<br> **Income**<br>| **Net Realized Gains** | **Total Distributions** | **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)(e)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $7.62 | $0.14 | $0.64 | $0.78 | $(0.26) | $(0.46) | $(0.72) | $7.68 | 11.24% | $41794 | 0.57% | 1.94% | 0.57% | 31.55% |
| 10/31/2024 | 6.89 | 0.23 | 0.89 | 1.12 | (0.23) | (0.16) | (0.39) | 7.62 | 16.65% | 17266 | 0.58% | 3.09% | 0.58% | 27.87% |
| 10/31/2023 | 6.95 | 0.10 | 0.14 | 0.24 | (0.12) | (0.18) | (0.30) | 6.89 | 3.42% | 16350 | 0.58% | 1.47% | 0.58% | 21.72% |
| 10/31/2022 | 9.09 | 0.22 | (1.53) | (1.31) | (0.26) | (0.57) | (0.83) | 6.95 | (15.90)% | 18719 | 0.59% | 2.82% | 0.59% | 40.04% |
| 10/31/2021 | 8.20 | 0.20 | 0.89 | 1.09 | (0.20) |  | (0.20) | 9.09 | 13.41% | 28374 | 0.60% | 2.22% | 0.60% | 33.36% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 7.57 | 0.14 | 0.60 | 0.74 | (0.23) | (0.46) | (0.69) | 7.62 | 10.85% | 49329 | 0.88% | 1.93% | 0.88% | 31.55% |
| 10/31/2024 | 6.85 | 0.21 | 0.88 | 1.09 | (0.21) | (0.16) | (0.37) | 7.57 | 16.29% | 26997 | 0.88% | 2.87% | 0.88% | 27.87% |
| 10/31/2023 | 6.91 | 0.08 | 0.13 | 0.21 | (0.09) | (0.18) | (0.27) | 6.85 | 3.10% | 27378 | 0.88% | 1.17% | 0.88% | 21.72% |
| 10/31/2022 | 9.04 | 0.19 | (1.52) | (1.33) | (0.23) | (0.57) | (0.80) | 6.91 | (16.13)% | 33580 | 0.89% | 2.48% | 0.89% | 40.04% |
| 10/31/2021 | 8.16 | 0.17 | 0.88 | 1.05 | (0.17) |  | (0.17) | 9.04 | 13.04% | 48391 | 0.88% | 1.91% | 0.88% | 33.36% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 7.64 | 0.19 | 0.63 | 0.82 | (0.29) | (0.46) | (0.75) | 7.71 | 11.81% | 63157 | 0.13% | 2.56% | 0.13% | 31.55% |
| 10/31/2024 | 6.91 | 0.26 | 0.90 | 1.16 | (0.27) | (0.16) | (0.43) | 7.64 | 17.12% | 36457 | 0.14% | 3.57% | 0.14% | 27.87% |
| 10/31/2023 | 6.98 | 0.14 | 0.13 | 0.27 | (0.16) | (0.18) | (0.34) | 6.91 | 3.85% | 33990 | 0.13% | 1.92% | 0.13% | 21.72% |
| 10/31/2022 | 9.12 | 0.25 | (1.53) | (1.28) | (0.29) | (0.57) | (0.86) | 6.98 | (15.45)% | 36346 | 0.13% | 3.23% | 0.13% | 40.04% |
| 10/31/2021 | 8.23 | 0.24 | 0.89 | 1.13 | (0.24) |  | (0.24) | 9.12 | 13.89% | 50257 | 0.14% | 2.68% | 0.14% | 33.36% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 7.62 | 0.14 | 0.66 | 0.80 | (0.27) | (0.46) | (0.73) | 7.69 | 11.58% | 57324 | 0.38% | 1.96% | 0.38% | 31.55% |
| 10/31/2024 | 6.90 | 0.24 | 0.89 | 1.13 | (0.25) | (0.16) | (0.41) | 7.62 | 16.70% | 18783 | 0.39% | 3.31% | 0.39% | 27.87% |
| 10/31/2023 | 6.96 | 0.12 | 0.13 | 0.25 | (0.13) | (0.18) | (0.31) | 6.90 | 3.67% | 18569 | 0.38% | 1.68% | 0.38% | 21.72% |
| 10/31/2022 | 9.10 | 0.23 | (1.53) | (1.30) | (0.27) | (0.57) | (0.84) | 6.96 | (15.71)% | 21738 | 0.38% | 3.00% | 0.38% | 40.04% |
| 10/31/2021 | 8.21 | 0.26 | 0.85 | 1.11 | (0.22) |  | (0.22) | 9.10 | 13.64% | 30819 | 0.38% | 2.95% | 0.38% | 33.36% |

---

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 are based on the direct expenses of the Fund and do not include the effect of the underlying funds' expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(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 75 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. Effective May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement; 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. For more details on the timing, please refer to 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;

------

**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 due to return of excess contributions from an IRA account;

&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. ("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 within the purchaser's Baird household, 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 due to 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;

------

**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 bought due to returns 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 Baird fees, but only if the transaction is initiated by Baird; and

● shares purchased through a Right of Reinstatement.

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

● 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 Nationwide Funds assets held by accounts within the purchaser's household at Baird. Eligible Nationwide Funds 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 (LOI) which allow for breakpoint discounts based on anticipated purchases within Nationwide Funds, 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;

&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.

------

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

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

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

&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. 

------

**Appendix B:** Additional Information about Underlying Funds

Following are descriptions of the affiliated Underlying Funds in which the Funds may invest as of January 31, 2026. These descriptions are qualified in their entirety by reference to the prospectus and statement of additional information of each Underlying Fund. The following list of eligible Underlying Funds is subject to change at any time and without notice. This Appendix B does not contain information about unaffiliated mutual funds, including exchange-traded funds, in which the Funds may invest. Underlying Funds not identified in this Appendix B may be selected by the Adviser at its discretion. Prospectuses for any Underlying Funds should be referred to for more information.

**U.S. Stocks** 

NATIONWIDE FUNDAMENTAL ALL CAP EQUITY PORTFOLIO seeks to outperform the U.S. stock market, as represented by the Russell 3000® Index, over a full market cycle while maintaining a similar level of market risk as the Russell 3000® Index. The Fund invests in equity securities issued by companies of any market capitalization, including large-cap, mid-cap and small-cap securities.

NATIONWIDE LARGE CAP EQUITY PORTFOLIO seeks long-term growth of capital by taking long and short positions in a broadly diversified portfolio of equity investments in U.S. companies. The Fund will target approximately 30% of its equity exposure in short positions (i.e., stocks that the subadviser deems unattractive) and approximately 130% of the Fund's equity exposure will be in long positions (i.e., stocks that the subadviser deems attractive), resulting in approximately 100% net equity exposure. To execute this strategy, the Fund intends to gain its short equity exposure entirely through the use of total return swap contracts and its long equity exposure through the use of total return swaps and/or by investing directly in stocks.

NATIONWIDE SMALL CAP INDEX FUND employs a "passive" management, or indexing, approach, designed to match approximately the performance of the Russell 2000® Index before the deduction of Fund expenses. The Russell 2000® Index is composed of approximately 2,000 common stocks of smaller U.S. companies in a wide range of businesses. Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the Russell 2000® Index.

NATIONWIDE U.S. 130/30 EQUITY PORTFOLIO seeks long-term growth of capital by taking long and short positions in stocks of U.S. companies. The Fund invests approximately 30% of its net assets in short positions (i.e., stocks that the subadviser deems unattractive) and approximately 130% of the Fund's net assets will be in long positions (i.e., stocks that the subadviser deems attractive), resulting in approximately 100% net equity exposure. To execute this strategy, the Fund currently intends to gain its short equity

exposure entirely through the use of swap contracts and its long equity exposure through the use of swaps and/or by investing directly in stocks.

**International Stocks** 

NATIONWIDE INTERNATIONAL EQUITY PORTFOLIO seeks long-term growth of capital by taking long and short positions in a broadly diversified portfolio of equity investments in non-U.S. companies. The Fund will target approximately 30% of its net assets in short positions at the time of rebalance (i.e., stocks that the subadviser deems unattractive) and approximately 130% of the Fund's net assets will be in long positions (i.e., stocks that the subadviser deems attractive), resulting in approximately 100% net equity exposure. To execute this strategy, the Fund intends to gain its short equity exposure entirely through the use of total return swap contracts and its long equity exposure through the use of total return swaps and/or by investing directly in stocks.

NATIONWIDE INTERNATIONAL INDEX FUND employs a "passive" management, or indexing, approach, designed to match approximately the performance of the MSCI EAFE® Index before the deduction of Fund expenses. The MSCI EAFE® Index includes common stocks of larger and medium sized companies located in Europe, Australia and Asia (including the Far East). Under normal circumstances, the Fund invests at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE® Index.

**Bonds** 

NATIONWIDE BOND PORTFOLIO seeks to exceed incrementally the total return of the Bloomberg U.S. Aggregate Bond Index ("Aggregate Bond Index"), before the deduction of Fund expenses, over a full market cycle. Under normal circumstances the Fund invests at least 80% of its net assets in bonds and derivatives the value of which are linked to bonds. The Fund's investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets measured at the time of purchase ("Total Assets"), and 10% of the Fund's Total Assets may be invested in sovereign and corporate debt securities and other instruments of issuers in emerging market countries. Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Fund's Total Assets. The subadviser's investment process (i) combines diversified sources of return by employing multiple strategies, (ii) takes a global perspective to seek relative value opportunities, (iii) employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views, and (iv) emphasizes a risk aware approach as it views management as both an offensive and defensive tool. The subadviser uses derivatives, including but not limited to, interest rate futures, interest rate swaps and credit default swaps, either

------

**Appendix B:** Additional Information about Underlying Funds *(cont.)*

to hedge against investment risks, manage the Fund's duration and/or gain exposure to certain fixed income securities or indices. The Fund's target duration range under normal interest rate conditions is expected to approximate that of the Aggregate Bond Index plus or minus one year, and over the last five years ended December 31, 2025, the duration of the Aggregate Bond Index has ranged between 5.92 and 6.78 years.

NATIONWIDE INFLATION-PROTECTED SECURITIES FUND seeks to provide inflation protection and income consistent with investment in inflation-indexed securities. Most of these securities are Treasury Inflation Protected Securities, which are inflation-adjusted securities issued by the U.S. Treasury. Nevertheless, this Underlying Fund has the flexibility to invest in other inflation-linked U.S. government securities, as well as inflation-linked securities issued by entities such as domestic and foreign corporations and governments, so long as they are investment grade at the time of their purchase. In selecting securities, the subadviser typically maintains an average portfolio duration that is up to one year greater than or less than the average portfolio duration of the Bloomberg U.S. TIPS Index, which was 4.64 years as of December 31, 2025. The Fund also may invest up to 20% of its net assets in fixed-income securities that are not linked to inflation. These securities may include other debt securities issued by the U.S. government, its agencies or instrumentalities, corporations or other nongovernmental issuers.

NATIONWIDE LOOMIS SHORT TERM BOND FUND invests primarily in bonds (or fixed-income securities) which include:

● U.S. government securities;

&nbsp;&nbsp;&nbsp;&nbsp;●Corporate debt securities issued by U.S. or foreign companies that are investment grade;

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade fixed-income securities backed by the interest and principal payments of various types of mortgages, known as mortgage-backed securities and

&nbsp;&nbsp;&nbsp;&nbsp;●Investment grade fixed-income securities backed by the interest and principal payments on loans for other types of assets, such as automobiles, houses, or credit cards, known as asset-backed securities.

Under normal market conditions, the Fund will invest at least 80% of its net assets in bonds. The Fund typically maintains an average portfolio duration that is within one year of the average duration of the Bloomberg U.S. Government/Credit Bond 1-3 Year Index (the "Index"), although it reserves the right to deviate further from the average duration of the Index when the subadviser believes it to be appropriate in light of the Fund's investment objective. As of December 31, 2025, the average duration of the Index was 1.79 years.

**High-Yield Bonds** 

NATIONWIDE STRATEGIC INCOME FUND employs a flexible investment approach, allocating across different types of fixed-income securities with few limitations as to credit quality, geography, maturity or sector, with the goal of achieving a high level of current income. The Fund may invest a substantial portion of its portfolio in high-yield bonds (i.e., "junk bonds") and other securities that are lower-rated. The Fund also may invest in U.S. government securities and foreign government bonds, as well as U.S. and foreign corporate bonds and debentures, asset-backed securities, mortgage-backed securities (including collateralized mortgage obligations) and convertible bonds. The Fund may invest in corporate loans. 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 65% of its net assets, at the time of purchase, in emerging market securities. Many foreign securities are denominated in currencies other than the U.S. dollar. The Fund's subadviser may use derivatives, such as futures and forward foreign currency contracts, either to increase returns, to hedge against international currency exposure, or to manage the Fund's average portfolio duration. The subadviser also may buy or sell credit default swaps either to hedge against investment risks or to increase return. The Fund's subadviser does not manage the Fund to any index or benchmark, a strategy that is designed to provide exposure to those areas of the fixed-income market that the subadviser anticipates will provide value. In managing the Fund, the subadviser considers fundamental market factors such as yield and credit quality differences among bonds, as well as demand and supply trends. The subadviser also makes investment decisions based on technical factors such as price momentum, market sentiment, and supply or demand imbalances.

The SAI contains more information on the Funds' investments and strategies and can be requested using the addresses and telephone numbers on the back of this Prospectus.

------

**For Additional Information Contact:** 

**By Regular Mail**

Nationwide Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219336

Kansas City, MO 64121-9336

**By Overnight Mail**

Nationwide Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave., Suite 219336

Kansas City, MO 64105-1307

**For 24-Hour Access**

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-TD (3/26)

------

**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** <br> **Renaissance Small** <br> **Cap Growth Fund** <br> *(formerly, Nationwide* <br> *WCM Focused Small* <br> *Cap Fund)*<br> Class A (NWGPX)<br> Class R6 (NWKEX)<br> Institutional Service <br> Class (NWGSX)<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>|

---

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Nationwide Mutual Funds (the "Trust"), a Delaware statutory trust, is a registered open-end investment company currently consisting of 45 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 Renaissance Small Cap Growth Fund *(formerly, Nationwide WCM Focused Small Cap Fund)* dated March 2, 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 March 2, 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 March 2, 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, dated March 2, 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](https://www.sec.gov/ix?doc=/Archives/edgar/data/1048702/000104870225000012/primary-document.htm) 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

ii

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

---

| | |
|:---|:---|
| **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_55) | 55 |
| [Investment Restrictions](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_55) | 55 |
| [Disclosure of Portfolio Holdings](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_58) | 58 |
| [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_67) | 67 |
| [Brokerage Allocation](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_82) | 82 |
| [Additional Information on Purchases and Sales](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_92) | 92 |
| [Valuation of Shares](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_97) | 97 |
| [Systematic Investment Strategies](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_99) | 99 |
| [Investor Privileges](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_100) | 100 |
| [Investor Services](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_102) | 102 |
| [Additional Information](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_103) | 103 |
| [Additional General Tax Information for All Funds](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_105) | 105 |
| [Major Shareholders](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_119) | 119 |
| [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 45 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**

**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

Nationwide Bailard Small Cap Value Fund

Nationwide Bailard Technology 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 International Index Fund

Nationwide International Small Cap Fund

Nationwide Loomis All Cap Growth Fund

Nationwide Mid Cap Market Index Fund

Nationwide NYSE Arca Tech 100 Index Fund

Nationwide Renaissance Small Cap Growth Fund

Nationwide S&P 500 Index Fund

Nationwide Schroders Global Equity Fund

Nationwide Small Cap Index 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

Nationwide Government Money Market Fund

Nationwide Inflation-Protected Securities Fund

Nationwide Invesco Core Plus Bond Fund

Nationwide Loomis Core Bond Fund

Nationwide Loomis Short Term Bond Fund

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

Nationwide International Index Fund

Nationwide Mid Cap Market Index Fund

Nationwide NYSE Arca Tech 100 Index Fund

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Nationwide S&P 500 Index Fund

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, a Fund must rely entirely on the credit assessment of the Fund's 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 requirements and restrictions on the Funds' use of derivatives 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 affects 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 unrelated to the value of the investments being hedged, such as speculative or other pressures on the markets in which

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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 counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. Thus, when the Fund purchases

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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, and hedging against changes in the value of portfolio securities due to anticipated changes in interest rates, currency values

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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 strained international relations and 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. Under recently finalized rules of the Financial Industry Regulatory Authority (FINRA), the TBA market is subject to mandatory margin requirements that require a Fund to post collateral in connection with its TBA transactions. Throughout the duration of each transaction, a Fund or the counterparty will make payments as collateral values fluctuate to maintain full collateralization for the term of the transaction. Collateral will be marked-to-market each business day. In the event a counterparty defaults on the transaction or declares bankruptcy or insolvency, a Fund may incur expenses in enforcing its rights, or the Fund may experience delay and costs in recovering collateral or may sustain a loss if the value of the collateral declines. 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.

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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.

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.

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*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.

**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 spread of the human coronavirus disease beginning in 2019 ("COVID-19") is an example. COVID-19 has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread 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 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. Although the WHO and the United States ended their declarations of COVID-19 as a global health emergency in May 2023, 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.

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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.

*Artificial Intelligence ("AI")*. The rapid development and increasingly widespread use of certain AI technologies, including machine learning models and generative AI, may adversely impact markets, the overall performance of a Fund's investments, or the services provided to a Fund by its service providers. For example, issuers in which a Fund invests and/or service providers to the Funds may use and/or expand the use of AI technologies in their business operations, and the challenges with properly managing its use could result in reputational harm, competitive harm, legal liability, and/or an adverse effect on business operations.

AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through the use of AI could be insufficient, incomplete, inaccurate or biased and lead to adverse effects for a Fund, including, potentially, operational errors and investment losses. Additionally, the use of AI technologies could impact the market as a whole, including through the use of AI by malicious actors for market manipulation, fraud and cyberattacks. The use of AI technologies may face regulatory scrutiny in the future, which could limit the development of AI and impede the growth of companies that develop and use AI. Actual usage of AI technologies by a Fund's service providers and issuers in which a Fund invests will vary. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

**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

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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.

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

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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.

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.

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**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.

**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.

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**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.

In December 2023, the SEC adopted rule amendments that require any covered clearing agency ("CCA") for U.S. Treasury securities to mandate that each of its direct participants (generally banks and broker-dealers that meet certain membership criteria) submit for clearance and settlement all eligible secondary market U.S. Treasury securities transactions to which they are a counterparty. The clearing requirement extends to all repurchase and reverse repurchase agreements of such direct participants that are collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions for which a bank acts as agent for custody, collateral management, and settlement services. These transactions had not historically been subject to mandatory central clearing, and voluntary central clearing of such transactions has generally been limited.

Treasury repo transactions entered into by a Fund with any direct participant of a CCA will be subject to this mandatory clearing requirement. Compliance with the clearing mandate for Treasury repo transactions will be required by June 30, 2027, at which time a Fund will be obligated to clear all or substantially all of its Treasury repo transactions. There are, at present, significant regulatory and operational uncertainties related to the implementation of these requirements, which may affect the cost, terms, and/or availability of cleared Treasury repo transactions.

**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.

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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.

*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.

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.

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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.

*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.

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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, 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;

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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;●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.

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.

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**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.

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.

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**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 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.

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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 future status and role of FNMA and FHLMC could be impacted by various actions and developments, including actions taken by the FHFA in FHFA's role as conservator, restrictions placed on FNMA and FHLMC, and future legislative and regulatory actions and developments that alter the operations, ownership, structure and/or mission of FNMA and FHLMC. Such developments may, in turn, impact the value of securities issued or guaranteed by FNMA and FHLMC, which could cause a Fund to lose value.

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. For example, in May 2025, the long-term sovereign credit rating of the U.S. government was downgraded by Fitch and Moody's, citing a combination of expected fiscal deterioration, a high and growing federal debt, rising interest rates, and an erosion of governance relative to peers. Future downgrades could similarly contribute to increased volatility in U.S. and international financial markets, lead to higher interest rates, put downward pressure on the market value of U.S. Treasury securities, and raise the cost of borrowing across a range of debt instruments.

*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.

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.

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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 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

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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.

*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.

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*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 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.

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*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 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.

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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.

**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)).

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**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 Cognitive Value Fund<sup>2</sup> | &nbsp;&nbsp; 404.58% | &nbsp;&nbsp; 278.84% |
| Nationwide BNY Mellon Dynamic U.S. Core Fund<sup>2</sup> | &nbsp;&nbsp; 13.78% | &nbsp;&nbsp; 3.54% |
| Nationwide Fund<sup>2</sup> | &nbsp;&nbsp; 129.38% | &nbsp;&nbsp; 83.61% |
| Nationwide GQG US Quality Equity Fund<sup>1</sup> | &nbsp;&nbsp; 166.65% | &nbsp;&nbsp; 217.11% |
| Nationwide Inflation-Protected Securities Fund<sup>1</sup> | &nbsp;&nbsp; 11.39% | &nbsp;&nbsp; 31.07% |
| Nationwide International Small Cap Fund<sup>2</sup> <br>| &nbsp;&nbsp; 132.52% | &nbsp;&nbsp; 88.45% |
| Nationwide Invesco Core Plus Bond Fund<sup>2</sup> | &nbsp;&nbsp; 425.76% | &nbsp;&nbsp; 108.76% |
| Nationwide Loomis Short Term Bond Fund<sup>1</sup> | &nbsp;&nbsp; 199.42% | &nbsp;&nbsp; 251.90% |
| Nationwide NYSE Arca Tech 100 Index Fund<sup>1</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 22.71% |
| Nationwide Renaissance Small Cap Growth Fund<sup>2</sup> | &nbsp;&nbsp; 39.29% | &nbsp;&nbsp; 17.79% |
| Nationwide Schroders Global Equity Fund<sup>2</sup> | &nbsp;&nbsp; 41.80% | &nbsp;&nbsp; 31.22% |
| Nationwide Strategic Income Fund<sup>2</sup> | &nbsp;&nbsp; 290.32% | &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.

**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.

**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.

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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;●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.

**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.

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**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.

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; (iii) certain countries or geographic regions; or (iv) investments that have, or whose issuers have, particular characteristics. 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.

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**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.

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;

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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 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; 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; Proxymity Limited; Broadridge Financial Solutions, Inc.; Glass Lewis & Co, LLC; Advent Software, Inc.; SWIFT SC; Access Fintech, Inc.; FilePoint EDGAR Services, LLC; PricewaterhouseCoopers LLP; S&P Global Inc.; EquiLend LLC; WTax (VAT IT Group Ltd); SitusAMC Holdings Corp.; and, on occasion, to transition managers such as BlackRock Institutional Trust Company; Capital Institutional Services; State Street Bank and Trust Company; Electra Information Systems; or Citigroup, 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.

**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 45 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 | 114 |
| **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.  |

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| | | |
|:---|:---|:---|
| **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 | 114 |
| **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 | 114 |
| **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. |
| **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>| 114 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Mr. Karlawish was a Partner, and Senior Wealth Advisor with Curi RMB Capital from August 2022 to October <br> 2025. Previously, he was Senior Director of Wealth Management with Curi Wealth Management which acquired Park Ridge <br> Asset Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset <br> Management, LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. <br> Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T <br> Variable Insurance Funds from February 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Mr. Karlawish was a Partner, and Senior Wealth Advisor with Curi RMB Capital from August 2022 to October <br> 2025. Previously, he was Senior Director of Wealth Management with Curi Wealth Management which acquired Park Ridge <br> Asset Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset <br> Management, LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. <br> Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T <br> Variable Insurance Funds from February 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Mr. Karlawish was a Partner, and Senior Wealth Advisor with Curi RMB Capital from August 2022 to October <br> 2025. Previously, he was Senior Director of Wealth Management with Curi Wealth Management which acquired Park Ridge <br> Asset Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset <br> Management, LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. <br> Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T <br> Variable Insurance Funds from February 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  |

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| | | |
|:---|:---|:---|
| **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 | 114 |
| **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 | 114 |
| **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. |
| **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 | 114 |
| **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. |

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<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.

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**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** |
| 1978 | 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. |
| **Nicholas T. Graham** | **Nicholas T. Graham** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1982 | Vice President and Chief Compliance Officer since December 2025 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**Mr. Graham is Vice President of NFA and Chief <br> Compliance Officer of NFA and the Trust. He previously served as AVP, Chief Compliance Officer for the Nationwide <br> Office of Investments and its registered investment adviser, Nationwide Asset Management, LLC.<sup>1</sup> | **Principal Occupation(s) During the Past Five Years (or Longer)**Mr. Graham is Vice President of NFA and Chief <br> Compliance Officer of NFA and the Trust. He previously served as AVP, Chief Compliance Officer for the Nationwide <br> Office of Investments and its registered investment adviser, Nationwide Asset Management, LLC.<sup>1</sup> |
| **Stephen R. Rimes** | **Stephen R. Rimes** |
| **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. |

---

<sup>1</sup>

These positions are held with an affiliated person or principal underwriter of the Funds.

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**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.

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

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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 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. 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

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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), Mr. Karlawish and Ms. Kosel, 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 |
| 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; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Kristina Bradshaw | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Lorn C. Davis | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Keith F. Karlawish | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Carol A. Kosel | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Charlotte Petersen | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| David E. Wezdenko | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &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.

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**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; $38721 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $149500 |
| Kristina Bradshaw | &nbsp;&nbsp; 100229 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 390000 |
| Lorn C. Davis | &nbsp;&nbsp; 105696 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 411250 |
| Keith F. Karlawish | &nbsp;&nbsp; 127220 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 495000 |
| Carol A. Kosel | &nbsp;&nbsp; 104089 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 405000 |
| Douglas F. Kridler<sup>2</sup> | &nbsp;&nbsp; 101197 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 393750 |
| Barbara I. Jacobs<sup>2</sup> | &nbsp;&nbsp; 99913 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 388750 |
| Charlotte Petersen | &nbsp;&nbsp; 98941 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 385000 |
| David E. Wezdenko | &nbsp;&nbsp; 106660 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 415000 |

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<sup>1</sup>

As of October 31, 2025, the Fund Complex included two trusts comprised of 114 investment company funds or series.

<sup>2</sup>

Mr. Kridler and Ms. Jacobs retired as Trustees effective December 31, 2025.

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.

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**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.

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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>|
| 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>|

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Investment Advisory Fee** |
| 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 Renaissance Small Cap Growth Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.75%<br> 0.70%<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>|
| 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>|

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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

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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 March 2, 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%

● 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 Renaissance Small Cap Growth Fund to 0.75%

● 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%

<sup>1</sup>In addition, with respect to the Service Class of the Nationwide Government Money Market Fund, effective until at least March 2, 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 March 2, 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; 777688 | &nbsp;&nbsp; 777688 | &nbsp;&nbsp; 759302 | &nbsp;&nbsp; 759302 | &nbsp;&nbsp; 678783 | &nbsp;&nbsp; 678783 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 1412567 | &nbsp;&nbsp; 1412567 | &nbsp;&nbsp; 1346928 | &nbsp;&nbsp; 1346928 | &nbsp;&nbsp; 953057 | &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; 475986 | &nbsp;&nbsp; 227992 | &nbsp;&nbsp; 500409 | &nbsp;&nbsp; 278839 | &nbsp;&nbsp; 487904 | &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; 893656 | &nbsp;&nbsp; 712052 | &nbsp;&nbsp; 572869 | &nbsp;&nbsp; 425983 | &nbsp;&nbsp; 423010 | &nbsp;&nbsp; 320305 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp; 400376 | &nbsp;&nbsp; 246769 | &nbsp;&nbsp; 441425 | &nbsp;&nbsp; 319638 | &nbsp;&nbsp; 494969 | &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; 431741 | &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; 342314 | &nbsp;&nbsp; 188619 | &nbsp;&nbsp; 404511 | &nbsp;&nbsp; 272330 | &nbsp;&nbsp; 506244 | &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 Renaissance Small Cap Growth Fund | &nbsp;&nbsp; 1394121 | &nbsp;&nbsp; 1246458 | &nbsp;&nbsp; 1769632 | &nbsp;&nbsp; 1630921 | &nbsp;&nbsp; 1441946 | &nbsp;&nbsp; 1302887 |
| 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; 435641 | &nbsp;&nbsp; 327507 | &nbsp;&nbsp; 436849 | &nbsp;&nbsp; 344188 | &nbsp;&nbsp; 425015 | &nbsp;&nbsp; 326164 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 5292415 | &nbsp;&nbsp; 4188781 | &nbsp;&nbsp; 2189050 | &nbsp;&nbsp; 1560207 | &nbsp;&nbsp; 837358 | &nbsp;&nbsp; 510640 |

---

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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 Renaissance Small Cap Growth Fund | Renaissance Investment Management |
| 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. |

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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 $7.8 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 500 Ross Street, Pittsburgh, PA 15258. 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 $5.6 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 270 Park Avenue, New York, NY 10017. 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 $431.4 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.

The Renaissance Group LLC, doing business as Renaissance Investment Management, is a registered investment adviser located at 50 East RiverCenter Boulevard, Suite 1200, Covington, KY 41011.

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."

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 $1.33 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; 48348 | &nbsp;&nbsp; 52046 | &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; 78244 | &nbsp;&nbsp; 92449 | &nbsp;&nbsp; 127092 |
| Nationwide Mid Cap Market Index Fund | &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 Renaissance Small Cap Growth Fund | &nbsp;&nbsp; 836470 | &nbsp;&nbsp; 1061790 | &nbsp;&nbsp; 865165 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 126915 | &nbsp;&nbsp; 117725 | &nbsp;&nbsp; 99330 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; 668248 | &nbsp;&nbsp; 670627 | &nbsp;&nbsp; 414049 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 65327 | &nbsp;&nbsp; 66469 | &nbsp;&nbsp; 65505  |

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---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** |
| **Fund** | **2025** | **2024** | **2023** |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 1,995,387 | &nbsp;&nbsp; 876,811 | &nbsp;&nbsp; 373,541 |

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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

Nationwide Fund Management LLC

Nationwide Life Insurance Company

Nationwide Life and Annuity Insurance Company

Jefferson National Life Insurance Company

Nationwide Financial Services, Inc.

Nationwide Corporation

Nationwide Mutual Insurance Company

Christopher Graham

------

Nicholas T. Graham

Joseph N. Aniano

Lee T. Cummings

Stephen R. Rimes

David Majewski

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, 2025, 2024 and 2023:

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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,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained**<br> **by**<br> **Distributor**<br>| **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>|
| &nbsp;&nbsp; Nationwide Bailard International <br> Equities Fund<br>| &nbsp;&nbsp; $24086 | &nbsp;&nbsp; $3678 | &nbsp;&nbsp; $33378 | &nbsp;&nbsp; $4579 | &nbsp;&nbsp; $2399 | &nbsp;&nbsp; $312 |
| &nbsp;&nbsp; Nationwide Bailard Small Cap Value <br> Fund<br>| &nbsp;&nbsp; 2804 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8744 | &nbsp;&nbsp; 1305 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 23653 | &nbsp;&nbsp; 3458 | &nbsp;&nbsp; 34088 | &nbsp;&nbsp; 4901 | &nbsp;&nbsp; 7564 | &nbsp;&nbsp; 592 |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic <br> U.S. Core Fund<br>| &nbsp;&nbsp; 46664 | &nbsp;&nbsp; 6879 | &nbsp;&nbsp; 68062 | &nbsp;&nbsp; 9682 | &nbsp;&nbsp; 71163 | &nbsp;&nbsp; 10394 |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic <br> U.S. Equity Income Fund<br>| &nbsp;&nbsp; 22750 | &nbsp;&nbsp; 3409 | &nbsp;&nbsp; 15302 | &nbsp;&nbsp; 2282 | &nbsp;&nbsp; 7103 | &nbsp;&nbsp; 1021 |
| Nationwide Bond Index Fund | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2278 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 60 |
| Nationwide Fund | &nbsp;&nbsp; 34795 | &nbsp;&nbsp; 4783 | &nbsp;&nbsp; 51906 | &nbsp;&nbsp; 7275 | &nbsp;&nbsp; 33257 | &nbsp;&nbsp; 4903 |
| &nbsp;&nbsp; Nationwide Geneva Mid Cap Growth <br> Fund<br>| &nbsp;&nbsp; 15312 | &nbsp;&nbsp; 2261 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 1637 | &nbsp;&nbsp; 12054 | &nbsp;&nbsp; 1756 |
| &nbsp;&nbsp; Nationwide Geneva Small Cap Growth <br> Fund<br>| &nbsp;&nbsp; 20058 | &nbsp;&nbsp; 2864 | &nbsp;&nbsp; 17894 | &nbsp;&nbsp; 2498 | &nbsp;&nbsp; 23685 | &nbsp;&nbsp; 3641 |
| &nbsp;&nbsp; Nationwide GQG US Quality Equity <br> Fund<br>| &nbsp;&nbsp; 54449 | &nbsp;&nbsp; 7720 | &nbsp;&nbsp; 68595 | &nbsp;&nbsp; 9394 | &nbsp;&nbsp; 2985 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp; Nationwide Inflation-Protected <br> Securities Fund<br>| &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 252 |
| Nationwide International Index Fund | &nbsp;&nbsp; 4089 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; Nationwide International Small Cap <br> Fund<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp; Nationwide Invesco Core Plus Bond <br> Fund<br>| &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 2549 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp; Nationwide Loomis All Cap Growth <br> Fund<br>| &nbsp;&nbsp; 10574 | &nbsp;&nbsp; 1507 | &nbsp;&nbsp; 6991 | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 12392 | &nbsp;&nbsp; 1653 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 2215 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp; Nationwide Loomis Short Term Bond <br> Fund<br>| &nbsp;&nbsp; 7821 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 3112 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 1726 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp; Nationwide Mid Cap Market Index <br> Fund<br>| &nbsp;&nbsp; 7239 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 6702 | &nbsp;&nbsp; 1081 | &nbsp;&nbsp; 8250 | &nbsp;&nbsp; 1158  |

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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,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained**<br> **by**<br> **Distributor**<br>| **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>|
| &nbsp;&nbsp; Nationwide NYSE Arca Tech 100 <br> Index Fund<br>| &nbsp;&nbsp; 113857 | &nbsp;&nbsp; 16496 | &nbsp;&nbsp; 163590 | &nbsp;&nbsp; 23242 | &nbsp;&nbsp; 138096 | &nbsp;&nbsp; 19739 |
| &nbsp;&nbsp; Nationwide Renaissance Small Cap <br> Growth Fund<br>| &nbsp;&nbsp; 3843 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 14426 | &nbsp;&nbsp; 1634 | &nbsp;&nbsp; 4650 | &nbsp;&nbsp; 633 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 99316 | &nbsp;&nbsp; 14031 | &nbsp;&nbsp; 109431 | &nbsp;&nbsp; 15447 | &nbsp;&nbsp; 48154 | &nbsp;&nbsp; 6633 |
| &nbsp;&nbsp; Nationwide Schroders Global Equity <br> Fund<br>| &nbsp;&nbsp; 561 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 188 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 4568 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 4839 | &nbsp;&nbsp; 653 | &nbsp;&nbsp; 5957 | &nbsp;&nbsp; 856 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 164035 | &nbsp;&nbsp; 16486 | &nbsp;&nbsp; 101966 | &nbsp;&nbsp; 10191 | &nbsp;&nbsp; 10568 | &nbsp;&nbsp; 1667 |

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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; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 25628 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 181374 | &nbsp;&nbsp; $3254 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp; 5545 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $623302 |
| Nationwide Bond Index Fund | &nbsp;&nbsp; 578158 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Fund | &nbsp;&nbsp; 513149 | &nbsp;&nbsp; 718 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 191278 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 212519 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Government Money Market Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $2068 | &nbsp;&nbsp; N/A |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; 118315 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp; 24414 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide International Index Fund | &nbsp;&nbsp; 885989 | &nbsp;&nbsp; 163035 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; 509 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp; 23325 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class R** | **Service Class** | **Class K** |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; 15885 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 35455 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp; 42536 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 560292 | &nbsp;&nbsp; 95573 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; 1039123 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Renaissance Small Cap Growth Fund | &nbsp;&nbsp; 33535 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 515005 | &nbsp;&nbsp; 1248131 | &nbsp;&nbsp; 421300 | &nbsp;&nbsp; N/A |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; 99783 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 360355 | &nbsp;&nbsp; 130305 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 206044 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &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; $(1154) | &nbsp;&nbsp; $15857 |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 2013 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 2633 | &nbsp;&nbsp; 22995 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 12233 | &nbsp;&nbsp; 172394 |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 505225 | &nbsp;&nbsp; 123622 |
| Nationwide Bond Index Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 35898 | &nbsp;&nbsp; 542260 |
| Nationwide Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 48452 | &nbsp;&nbsp; 465414 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 9773 | &nbsp;&nbsp; 181504 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; (5057) | &nbsp;&nbsp; 217576 |
| Nationwide Government Money Market Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; (4265) | &nbsp;&nbsp; 6333 |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; 115799 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 23585 |
| Nationwide International Index Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 12849 | &nbsp;&nbsp; 1036174 |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 453 |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 1739 | &nbsp;&nbsp; 21585 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 15326 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 5291 | &nbsp;&nbsp; 30164 |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 41593 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 6631 | &nbsp;&nbsp; 649234 |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 46228 | &nbsp;&nbsp; 992895 |
| Nationwide Renaissance Small Cap Growth Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; (2079) | &nbsp;&nbsp; 35613 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 2166136 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 3920 | &nbsp;&nbsp; 95863 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; 488899 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 10362 | &nbsp;&nbsp; 195681 |

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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 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

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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; 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; 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; 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; 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 Renaissance Small Cap Growth Fund | &nbsp;&nbsp; 103085 | &nbsp;&nbsp; 110662 | &nbsp;&nbsp; 86579 |
| 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 |

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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; $(197125) | &nbsp;&nbsp; $(201022) | &nbsp;&nbsp; $35091 |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; 220321 | &nbsp;&nbsp; (2254) | &nbsp;&nbsp; - | &nbsp;&nbsp; (197585) | &nbsp;&nbsp; (199839) | &nbsp;&nbsp; 20482 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 111243 | (834) | &nbsp;&nbsp; - | &nbsp;&nbsp; (102888) | &nbsp;&nbsp; (103722) | &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; (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; (659896) | &nbsp;&nbsp; (662789) | &nbsp;&nbsp; 26051 |
| Nationwide Bond Index Fund | &nbsp;&nbsp; 367454 | &nbsp;&nbsp; (1993) | &nbsp;&nbsp; - | &nbsp;&nbsp; (347044) | &nbsp;&nbsp; (349037) | &nbsp;&nbsp; 18417 |
| Nationwide Fund | &nbsp;&nbsp; 802645 | &nbsp;&nbsp; (5256) | &nbsp;&nbsp; - | &nbsp;&nbsp; (750060) | &nbsp;&nbsp; (755316) | &nbsp;&nbsp; 47329 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 262906 | &nbsp;&nbsp; (1349) | &nbsp;&nbsp; - | &nbsp;&nbsp; (249402) | &nbsp;&nbsp; (250751) | &nbsp;&nbsp; 12155 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 1184814 | &nbsp;&nbsp; (10849) | &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; - |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; 79475 | &nbsp;&nbsp; (1888) | &nbsp;&nbsp; - | &nbsp;&nbsp; (60594) | &nbsp;&nbsp; (62482) | &nbsp;&nbsp; 16993 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp; 26398 | (86) | &nbsp;&nbsp; - | &nbsp;&nbsp; (25528) | &nbsp;&nbsp; (25614) | &nbsp;&nbsp; 784 |
| Nationwide International Index Fund | &nbsp;&nbsp; 969629 | &nbsp;&nbsp; (11120) | &nbsp;&nbsp; - | &nbsp;&nbsp; (858135) | &nbsp;&nbsp; (869255) | &nbsp;&nbsp; 100374 |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; 752484 | &nbsp;&nbsp; (16263) | &nbsp;&nbsp; - | &nbsp;&nbsp; (589585) | &nbsp;&nbsp; (605848) | &nbsp;&nbsp; 146636 |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp; 56712 | (281) | &nbsp;&nbsp; - | &nbsp;&nbsp; (53855) | &nbsp;&nbsp; (54136) | &nbsp;&nbsp; 2576 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; 353292 | &nbsp;&nbsp; (3979) | &nbsp;&nbsp; - | &nbsp;&nbsp; (313445) | &nbsp;&nbsp; (317424) | &nbsp;&nbsp; 35868 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 1255803 | &nbsp;&nbsp; (6149) | &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; (215817) | &nbsp;&nbsp; (216982) | &nbsp;&nbsp; 10609 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 1430534 | &nbsp;&nbsp; (6900) | &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; (593499) | &nbsp;&nbsp; (597242) | &nbsp;&nbsp; 33722 |
| &nbsp;&nbsp; Nationwide Renaissance Small Cap Growth <br> Fund<br>| &nbsp;&nbsp; 108678 | (985) | &nbsp;&nbsp; - | &nbsp;&nbsp; (98814) | &nbsp;&nbsp; (99799) | &nbsp;&nbsp; 8879 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 1093297 | &nbsp;&nbsp; (6685) | &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; (175005) | &nbsp;&nbsp; (176282) | &nbsp;&nbsp; 11563 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 1051496 | &nbsp;&nbsp; (23856) | &nbsp;&nbsp; - | &nbsp;&nbsp; (810641) | &nbsp;&nbsp; (834497) | &nbsp;&nbsp; 216999 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 2582352 | &nbsp;&nbsp; (19153) | &nbsp;&nbsp; - | &nbsp;&nbsp; (2390572) | &nbsp;&nbsp; (2409725) | &nbsp;&nbsp; 172627 |

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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;

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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;●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;

&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** 

PricewaterhouseCoopers, LLP, Two Commerce Square, 2001 Market St., Suite 1800, Philadelphia, PA 19103, 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

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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.

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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 or Jefferson National Insurance Company. 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; $38052845 | &nbsp;&nbsp; $45070 |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; 451143619 | &nbsp;&nbsp; 466172 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 93893784 | &nbsp;&nbsp; 27327 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 4061659291 | &nbsp;&nbsp; 73733 |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp; 988454361 | &nbsp;&nbsp; 268753 |
| Nationwide Fund | &nbsp;&nbsp; 1715619505 | &nbsp;&nbsp; 92472 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 22744673 | &nbsp;&nbsp; 8635 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 186784673 | &nbsp;&nbsp; 187744 |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; 332231355 | &nbsp;&nbsp; 85303 |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; 728545295 | &nbsp;&nbsp; 74932 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; 52404120 | &nbsp;&nbsp; 21542 |
| Nationwide Renaissance Small Cap Growth Fund | &nbsp;&nbsp; 211001942 | &nbsp;&nbsp; 166105 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; 30259295 | &nbsp;&nbsp; 8024 |

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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; 28754 | &nbsp;&nbsp; 15574 | &nbsp;&nbsp; 21368 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 78290 | &nbsp;&nbsp; 53243 | &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; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Fund | &nbsp;&nbsp; 411681 | &nbsp;&nbsp; 408321 | &nbsp;&nbsp; 340064 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 41020 | &nbsp;&nbsp; 32331 | &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; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; 75854 | &nbsp;&nbsp; 58030 | &nbsp;&nbsp; 37702 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp; 2981 | &nbsp;&nbsp; 2009 | &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; 15159 | &nbsp;&nbsp; 48376 | &nbsp;&nbsp; 15550 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; 21542 | &nbsp;&nbsp; 16065 | &nbsp;&nbsp; 26092 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 5391 | &nbsp;&nbsp; 5186 | &nbsp;&nbsp; 5999 |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 1414 | &nbsp;&nbsp; 1977 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 27166 | &nbsp;&nbsp; 65402 | &nbsp;&nbsp; 54499 |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; 3378 | &nbsp;&nbsp; 6613 | &nbsp;&nbsp; 3063 |
| Nationwide Renaissance Small Cap Growth Fund | &nbsp;&nbsp; 166105 | &nbsp;&nbsp; 54831 | &nbsp;&nbsp; 101274 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 12472 | &nbsp;&nbsp; 8093 | &nbsp;&nbsp; 14129 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; 39866 | &nbsp;&nbsp; 27275 | &nbsp;&nbsp; 71616 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 47200 | &nbsp;&nbsp; 46866 | &nbsp;&nbsp; 54438 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 112413 | &nbsp;&nbsp; 42541 | &nbsp;&nbsp; 13405 |

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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, 2025**<br>| **Name of Broker or Dealer** |
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $713349.47 | Macquarie Group Limited |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; 372788.00 | Virtu Americas LLC |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 9179930.60 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 4692719.11 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 6017367.51 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 21542882.16 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 5010364.00 | Morgan Stanley & Co. LLC |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund<br>| &nbsp;&nbsp; 19064599.45 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 12431347.69 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 27035705.76 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 7074140.00 | Morgan Stanley & Co. LLC |
| Nationwide Bond Index Fund | &nbsp;&nbsp; 1561930.42 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 676731.76 | Barclays Capital, Inc. |
|  | &nbsp;&nbsp; 73552.89 | BMO Capital Markets Corp.  |

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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, 2025**<br>| **Name of Broker or Dealer** |
|  | &nbsp;&nbsp; 911412.54 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 355975.09 | Deutsche Bank Securities Inc. |
|  | &nbsp;&nbsp; 1594435.49 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 1298842.57 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 195451.18 | Nomura Securities International, Inc. |
|  | &nbsp;&nbsp; 190102.65 | RBC Capital Markets, LLC |
|  | &nbsp;&nbsp; 943190.60 | Wells Fargo Securities, LLC |
| Nationwide Fund | &nbsp;&nbsp; 34093830.80 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 37479248.00 | Morgan Stanley & Co. LLC |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 4385162.79 | Raymond James & Associates, Inc. |
| Nationwide International Index Fund | &nbsp;&nbsp; 2151176.66 | Macquarie Group Limited |
|  | &nbsp;&nbsp; 5011803.06 | UBS Securities LLC |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp; 207164.47 | Barclays Capital, Inc. |
|  | &nbsp;&nbsp; 429477.79 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 817837.66 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 645914.21 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 813137.04 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 407879.38 | Jane Street Capital, LLC |
|  | &nbsp;&nbsp; 1017596.77 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 633416.23 | SANTANDER INVESTMENT S.A. |
|  | &nbsp;&nbsp; 139944.53 | Wells Fargo Securities, LLC |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 1702893.83 | BMO Capital Markets Corp. |
|  | &nbsp;&nbsp; 205225.53 | BNP Paribas Securities Corp. |
|  | &nbsp;&nbsp; 2433117.73 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 399126.62 | Citadel Securities LLC |
|  | &nbsp;&nbsp; 4404097.18 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 5265974.49 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 1679721.30 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 6316202.62 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 2362728.60 | Wells Fargo Securities, LLC |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp; 253429.07 | Barclays Capital, Inc. |
|  | &nbsp;&nbsp; 96832.81 | BMO Capital Markets Corp. |
|  | &nbsp;&nbsp; 815491.83 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 817762.91 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 490927.63 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 978242.04 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 534399.76 | RBC Capital Markets, LLC |
|  | &nbsp;&nbsp; 426204.54 | Wells Fargo Securities, LLC |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 1468990.98 | Jefferies LLC |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 10737303.25 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 5601460.82 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 7197475.66 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 25767891.76 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 5984032.00 | Morgan Stanley & Co. LLC |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 19627177.49 | BNP Paribas Securities Corp. |
|  | &nbsp;&nbsp; 4230779.68 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 13181028.84 | Citigroup Global Markets Inc.  |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Approximate Aggregate**<br> **Value of Issuer's**<br> **Securities Owned by the**<br> **Fund as of fiscal year**<br> **end October 31, 2025**<br>| **Name of Broker or Dealer** |
|  | &nbsp;&nbsp; 3176082.23 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 1059255.23 | Mizuho Securities USA LLC |
|  | &nbsp;&nbsp; 15421006.96 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 1415380.22 | Nomura Securities International, Inc. |

---

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** 

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 Renaissance Small Cap Growth 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,

------

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

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")* 

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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 Renaissance Small Cap Growth 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** 

---

| | | | |
|:---|:---|:---|:---|
| **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; 5.75% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 5.00%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| $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 |  |  |  |

---

**Class A Shares of the Nationwide Invesco Core Plus Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **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; 4.25% | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 3.75% |
| $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 |  |  |  |

---

**Class A Shares of the Nationwide Strategic Income Fund, Nationwide Bond Index Fund and Nationwide Inflation-Protected Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **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; 2.25% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 2.00% |
| $100,000 to $249,999 | 1.75 | 1.78 | 1.50 |
| $250,000 to $499,999 | 1.25 | 1.27 | 1.00 |
| $500,000 or more |  |  |  |

---

**Class A Shares of the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **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; 2.25% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 2.00% |
| $100,000 to $249,999 | 1.75 | 1.78 | 1.50 |
| $250,000 or more |  |  |  |

---

**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 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

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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 |
| 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

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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 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.

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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 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

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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 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

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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 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

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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 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* 

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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.

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.

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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 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

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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.

**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  |

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| | |
|:---|:---|
| **Series** | **Share Classes** |
| 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>|
| 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 Renaissance Small Cap Growth Fund<sup>4</sup> | 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>5</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>6</sup> | Class A, Class R6, Institutional Service Class |
| Nationwide U.S. 130/30 Equity Portfolio\* | Class R6 |

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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 February 23, 2026. Formerly, Nationwide WCM Focused Small Cap Fund.

<sup>5</sup>

Name change effective November 17, 2025. Formerly, Nationwide Global Sustainable Equity Fund.

<sup>6</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.

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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.

**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,

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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 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

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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 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

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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 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

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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 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

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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, 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 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. 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

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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.

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

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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.

*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

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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 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

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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 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

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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.

*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

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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

● 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

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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 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

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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 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

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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), 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** 

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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** |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; A | &nbsp;&nbsp; 3% |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 3% |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; Eagle | &nbsp;&nbsp; 1% |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; A | &nbsp;&nbsp; 1% |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp; A | &nbsp;&nbsp; 1% |

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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**

**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**

**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) other 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"). 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 experience and perspective, 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.

Bailard'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 ("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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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.

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 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

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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.

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

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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 UK Financial Conduct Authority's Conduct of Business Sourcebook ("UK COBS"), 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 instruct "abstain" on proxies issued by Invesco Ltd. that are held in client accounts. If an "abstain" vote is not operationally possible, Invesco will not vote the shares.

***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.

**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.

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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;●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.

&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 facts and circumstances applicable to each company, issue, and individual ballot item. These include relevant market laws and regulations, country-specific best practices or corporate governance codes, the issuer's public disclosures, internal research, input from external research providers, and any dialogue we have had with company management. As a result, investment teams may reach different conclusions on portfolio companies and may cast different votes at the same shareholder meeting. When investment teams choose to vote a proxy that is contrary to the principles below or internal proxy voting guidelines, they are required to document their rationales.

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.

&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 generally 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, we 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, we 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 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 should be free from 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.

***Other Board Qualifications:*** In our view, an effective board should be comprised of qualified and engaged directors with a mix of skills, experience, perspectives and characteristics. We recognize that the presence of a variety of these factors in the boardroom may contribute to robust challenge, debate, and innovation, and allows the board to make informed judgements. We expect companies to comply with their local market legal requirements or listing standards for board diversity and to the extent that a company fails to comply with such requirements, Invesco will generally vote against the nominating committee chair, or nearest equivalent. Invesco will also consider the professional experience of the individuals on the board and how they underpin the company's performance and long-term shareholder value, among other factors.

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***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 variety of director viewpoints and experience. It is our view, 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.

***Governance failures:*** A board of directors is ultimately responsible for overseeing management and ensuring that proper governance, oversight and control mechanisms are in place at the company it oversees. Invesco considers the adequacy of a company's response to material oversight failures when determining whether any voting action is warranted. Invesco may take voting action against director nominees in response to material failures of governance, risk oversight or fiduciary responsibilities at the company that adversely affect shareholder value. This may include for example, bribery, fines or sanctions from regulatory bodies, demonstrably poor risk oversight, or adverse legal judgments, among other things. 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.

***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.

&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.

***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*** 

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***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.

***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 and Social Issues** 

***Shareholder proposals addressing environmental and social issues:*** We recognize environmental and social shareholder proposals are nuanced and require company specific analysis, and therefore, Invesco will analyze such proposals on a case-by-case basis. When analyzing such proposals, we will consider the following factors, among others:

● whether we consider the adoption of such proposal would promote long-term shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the board's written response to the proposal in the proxy and whether the company has already responded or taken action to appropriately address the issue(s) raised in the proposal;

● the materiality of the issue(s) being raised;

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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;●whether there are fines or litigation, significant controversies including reputational risks associated with the company's practices or policies related to the issue(s) raised in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the company's existing level of disclosure and track record on environmental and social issues or if the company already complies with relevant local laws and regulations as it relates to the issue(s) raised in the proposal;

● the intentions of the proponent(s) and how they impact the company's long-term economic success;

● if the proposal requests greater transparency or disclosure to make an informed assessment; and

● whether the proposal's requested action is unduly burdensome (scope or timeframe) or overly prescriptive.

**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 pay practices.

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***Exhibit A*** 

Harbourview Asset Management Corporation

Invesco Advisers, Inc.

Invesco Asset Management (India) Pvt. Ltd\*<sup>1</sup>

Invesco Asset Management (Japan) Limited\*<sup>1</sup>

Invesco Asset Management (Schweiz) AG

Invesco Asset Management Deutschland, GmbH

Invesco Asset Management Limited<sup>1</sup>

Invesco Asset Management Singapore Ltd

Invesco Australia Ltd

Invesco Canada Ltd.<sup>1</sup>

Invesco Capital Management LLC

Invesco Capital Markets, Inc.\*<sup>1</sup>

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.<sup>1</sup>

Invesco RR Fund L.P.

Invesco Senior Secured Management, Inc.

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Invesco Taiwan Limited\*<sup>1</sup>

Invesco Trust Company

OppenheimerFunds, Inc.

WL Ross & Co. LLC

\* Invesco entities with specific proxy voting guidelines

<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

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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.

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,

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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.

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

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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.

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,

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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.

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 policies 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.

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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 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.

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**<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 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 ("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.

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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, and

● Promote adequate disclosure about a company's business operations and financial activity

<u>Securities of Non-U.S. 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>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.

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**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.

**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.

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**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.

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.

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**<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.

**ISS' 2025 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:** 

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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 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>;

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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 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 trigger threshold and other terms of the pill;

● The disclosed rationale for the adoption;

● The trigger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The context in which the pill was adopted, (e.g., factors such as the company's size and stage of development, sudden changes in its market capitalization, and extraordinary industry-wide or macroeconomic events);

● A commitment to put any renewal to a shareholder vote;

● The company's overall track record on corporate governance and responsiveness to shareholders; 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;

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● 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.

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

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● 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

&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.

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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:

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).

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**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;

● 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;

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● 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.

**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.

**SPECIAL PURPOSE ACQUISITION CORPORATIONS (SPACS) - PROPOSALS FOR EXTENSIONS** 

The main purpose of SPACs is to identify and acquire a viable target within a specified timeframe, and failure to achieve this objective within the allotted time calls into question management's ability to execute its primary objective. The end of that timeframe is generally referred to as the termination date.

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**General Recommendation:** Generally support requests to extend the termination date by up to one year from the SPAC's original termination date (inclusive of any built-in extension options, and accounting for prior extension requests).

Other factors that may be considered include: any added incentives, business combination status, other amendment terms, and, if applicable, use of money in the trust fund to pay excise taxes on redeemed shares.

**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; or

● 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.

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**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.

&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);

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&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.

**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.

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**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);

&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.

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**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);

&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.

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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.

**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.

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<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.

<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") 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 Newton 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 line with Newton's policy 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 BNY Investments & Wealth Proxy Voting team ("BNYIW Proxy team") together with the Newton Responsible Investment team ("RI 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 BNYIW Proxy 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.

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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 , subject to practical constraints such as market share blocking (where shares cannot be freely traded during the meeting window) and market or company requirements for Powers of Attorney. Where share blocking would adversely affect clients' ability to trade or is not in shareholders' best interests, NIMNA may refrain from voting. If a required Power of Attorney has not been put in place by a client, NIMNA will not submit a vote.

**Voting Procedures** 

All voting opportunities are communicated to NIMNA by way of an electronic voting platform.

The BNYIW Proxy team reviews the bespoke policy recommendation for all 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) for matters of concern. 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. Voting decisions are submitted via the electronic voting service. The BNYIW Proxy team maintains platform alerts to ensure timely voting, and administrative elements are managed by Newton's Corporate Actions team and certain BNY operations teams to ensure voting rights can be and are exercised.

Members of certain BNY 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 via its electronic platform, providing research, and implementing Newton's bespoke voting policy by issuing recommendations based on that policy. 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. All instances where a potential material conflict of interest has been recognized and where NIMNA engages its proxy voting service provider's recommendation are disclosed in our annual stewardship report.

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**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, and are available upon request. In addition, the Corporate Actions team reports monthly on critical risk indicators in relation to voting matters.

**<u>RENAISSANCE INVESTMENT MANAGEMENT ("RENAISSANCE")</u>**

Renaissance Investment Management has a responsibility to the vote proxies of client securities under its management solely in the best interest of its clients, if Renaissance has been delegated proxy-voting responsibility by the client. This policy document contains Renaissance's policies and procedures for the voting of client proxies. This policy is incorporated into and made part of the Renaissance Compliance Policies & Procedures Manual by reference.

**Summary of Renaissance's Proxy Voting Policy and Procedures**

Renaissance Investment Management (hereafter "Renaissance") has a responsibility to vote proxies of client securities under its management solely in the best interest of its clients, if Renaissance has been delegated proxy voting responsibility by the client. Renaissance votes all proxies with respect to client securities unless Renaissance's proxy recommendation service (hereafter "Proxy Recommendation Service") does not provide a recommendation or we do not have adequate information to make a decision in the best interest of our clients. We will not vote the client's proxies if the client has retained that responsibility and has so notified Renaissance via contract or in writing or if the client is participating in securities lending, in which case Renaissance will not recall the shares to vote them. Renaissance can abstain from votes in a share-blocking country in favor of preserving Renaissance's ability to trade any particular security at any time.

Renaissance has contracted with a third-party, proxy-voting agent ("Proxy Agent") to use their proxy voting system who has retained, with Renaissance's approval, a third-party Proxy Recommendation Service who provides research on corporate governance issues and corporate actions, makes proxy vote recommendations and handles the administrative functions associated with the voting of client proxies. While the Proxy Recommendation Service provides the proxy-vote recommendations, Renaissance retains the ultimate authority on deciding how to vote and can override the Proxy Recommendation Service if we disagree with the recommendation. It is Renaissance's policy to vote in accordance with the Proxy Recommendation Service's recommendations and the Proxy Agent votes proxies in accordance with the recommendations of the Proxy Recommendation Service unless instructed otherwise by Renaissance. However, in the event that Renaissance disagrees with the Proxy Recommendation Service's proxy-voting recommendations or if the Proxy Recommendation Service has a conflict of interest and Renaissance decides not to vote in accordance to the Proxy Recommendation Service's recommendation, Renaissance's Proxy Conflict Committee's rationale and ultimate decision will be internally documented.

When clients have delegated proxy-voting responsibility to Renaissance, Renaissance will identify any material corporate conflicts that exist between the interests of Renaissance and its clients in addition to any material Proxy Recommendation Service conflicts of interest. This examination will include a review of the relationship of Renaissance with the issuer of each security (and any of the issuer's affiliates) to determine if the issuer is a client of Renaissance or has some other relationship with Renaissance or a client of Renaissance. Renaissance is not presently aware of any material Renaissance corporate conflicts other than potentially voting proxy issues relating to a company who could also be a client. This conflict is mitigated by utilizing the Proxy Recommendation Service. Renaissance is not aware of any Proxy Recommendation Service provider

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conflicts of interest that are not disclosed to Renaissance by the Proxy Agent and mitigated through our Proxy Conflict Committee. However, should other material conflicts arise Renaissance will examine the scope of the conflict and will implement procedures to ensure that the final voting decision is unbiased.

If a client has instructed Renaissance to vote its proxies, the client may submit a written request for the following:

● A copy of our Proxy Voting Policy;

● A copy of the Proxy Recommendation Service's proxy-voting policy guidelines;

● A copy of how Renaissance voted on a particular security in the client's account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●If a client would like to instruct Renaissance regarding how to vote specific proxies for the shares the client owns, please submit written requests at least ten (10) business days before the proxy-voting date to:

Renaissance Investment Management

Attn: Compliance Dept.

50 East RiverCenter Blvd., Suite 1200

Covington, KY 41011

E-mail: compliance@reninv.com / Phone: 513-723-4500

**Conflicts of Interest** 

Renaissance has contracted with a third-party proxy voting agent ("Proxy Agent") to use their proxy voting system who has retained, with Renaissance's approval, a third-party proxy recommendation service (hereafter "Proxy Recommendation Service") who provides research on corporate governance issues and corporate actions, makes proxy vote recommendations, and handles the administrative functions associated with the voting of client proxies. While the Proxy Recommendation Service provides the proxy vote recommendations, Renaissance retains the ultimate authority on deciding how to vote and can override the Proxy Recommendation Service if we disagree with the recommendation. It is Renaissance's policy to vote in accordance with the Proxy Recommendation Service's recommendations and the Proxy Agent votes proxies in accordance with the recommendations of the Proxy Recommendation Service unless instructed otherwise by Renaissance. However, in the event that Renaissance disagrees with the Proxy Recommendation Service's proxy voting recommendations or if the Proxy Recommendation Service has a conflict of interest and Renaissance decides not to vote in accordance with the Proxy Recommendation Service's recommendation, Renaissance's Proxy Conflict Committee's rationale and ultimate decision will be internally documented.

Presently, Renaissance is not aware of any material corporate conflicts of interest by us or Affiliated Managers Group ("AMG"), our parent company, other than potentially voting a proxy for a company who is also a client. Renaissance is not a publicly traded company and currently we do not invest in AMG stock or vote their proxy ballots. We utilize the recommendations from a third-party Proxy Recommendation Service to vote all proxies unless there is no recommendation provided by the Proxy Recommendation Service or they have a conflict of interest. However, should such conflicts arise; we will identify the conflicts that exist between the interests of Renaissance/AMG/AMG Affiliates and our clients. This examination will include a review of the relationship of Renaissance/AMG/AMG Affiliates with the issuer of each security (and any of the issuer's affiliates) to determine if the issuer is a client of Renaissance or has some other relationship with Renaissance, AMG, an AMG Affiliate, or a client of Renaissance.

If the Proxy Recommendation Service determines it has a material conflict of interest regarding a vote, we will be notified of the conflict by the Proxy Agent who reviews the research reports containing the voting recommendation service's conflicts of interest. If necessary, we will then convene a meeting of our Proxy Conflict Committee, screen for any Renaissance corporate and Proxy Conflict Committee member that have personal conflicts of interest and instruct the Proxy Agent of the voting decision of the Proxy Conflict Committee via their electronic interface. If we determine we do not have enough information to make a voting recommendation, we will either abstain or not vote the proxy if abstention is not an option. If our Chief Compliance Officer determines we have enough information to determine how to vote the proxy ballot, we will document any such Renaissance corporate conflict(s) or Proxy Conflict Committee member conflict(s) and exclude any member(s) from the Renaissance Proxy Conflict Committee that have personal conflicts of interest prior to determining how we will cast the vote. Renaissance's Chief Compliance Officer will chair the committee.

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Annually, Renaissance will request a copy of the Proxy Recommendation Service's current conflict of interest avoidance procedures, conflict of interest statement and statement of compliance to verify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●They do not currently have any business relationships that would constitute a conflict of interest that would affect Renaissance's clients that we need to disclose to our clients; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Ensure they have adequate personnel experience and systems to ensure accurate recommendations are made to Renaissance.

Below are examples of the types of conflicts of interest the Proxy Recommendation Service could have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Proxy Recommendation Service's parent companies have a significant, reportable stake in a company or Glass Lewis becomes aware through public disclosure of ownership stake in a company we are covering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Proxy Recommendation Service's employee, relative or any of its subsidiaries, a member of the Research Advisory Council, or a member of the Proxy Recommendation Service Strategic Committee, which includes a parent company affiliated person who serves as an officer or director of a public company.

● Investment Manager Customer is a public company or a division of a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Proxy Recommendation Service Customer submits a shareholder proposal or is a dissident shareholder in a proxy contest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Proxy Recommendation Service has a business relationship with a public company, such as a partner or vendor relationship.

● Public company buys a Proxy Paper from the Proxy Recommendation Service prior to publication of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Proxy Recommendation Service engaged with the public company during the solicitation period, but the company did not purchase the Proxy Paper.

The Proxy Agent does not provide voting recommendations for Renaissance. Rather, they only provide the system used to vote proxies and retain all proxy records so it is not possible for them to have a conflict of interest that would influence the proxy vote. The Proxy Agent will notify Renaissance of any Proxy Recommendation Service conflicts of interest listed in their research reports.

**<u>SCHRODER INVESTMENT MANAGEMENT</u> <u>NORTH AMERICA INC. ("SCHRODERS")</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.

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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** 

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** 

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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.</u> <u>("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 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.

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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 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.

&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>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.

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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.

**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

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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 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).

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**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**

**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 | $500001-$1000000 |
| Daniel McKellar, CFA | Nationwide Bailard International Equities Fund | $500001-$1000000 |
| Thomas J. Mudge III, CFA | Nationwide Bailard Small Cap Value Fund | Over $1,000,000 |
| Blaine Townsend, CIMC, CIMA | Nationwide Bailard Small Cap Value Fund | $100001-$500000 |
| Osman Akgun, PhD, CFA | Nationwide Bailard Small Cap Value Fund | $100001-$500000 |
| Sonya Thadhani Mughal, CFA | Nationwide Bailard Technology Fund | $500001-$1000000 |
| David H. Smith, CFA | Nationwide Bailard Technology Fund | $500001-$1000000 |
| Christopher Moshy | Nationwide Bailard Technology Fund | $100001-$500000 |
| *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 |  |
| Timothy Woodhouse, 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>| $100001-$500000 |
| 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>|  |
| *Renaissance Investment Management* | *Renaissance Investment Management* | *Renaissance Investment Management* |
| Paul A. Radomski, CFA | Nationwide Renaissance Small Cap Growth Fund | Over $1,000,000 |
| *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 |  |
| *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 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. Investment performance bonuses are based on pre-tax performance and are not based on value of assets held in the Fund's portfolio. For the Nationwide Bailard Small Cap Value Fund, the Nationwide Bailard International Equities 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 Small Cap Value Category (for the Nationwide Bailard Small Cap Value Fund), Morningstar Foreign Large Blend Category (for the Nationwide Bailard International Equities 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. Smith, 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. Smith, 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. Mr. Leve is paid a base salary and none of Mr. Leve's compensation is based directly on the performance of the Nationwide Bailard International Equities Fund. None of Ms. Mughal's nor Mr. Smith'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 October 31, 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 are 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. ("Invesco")</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. ("JP Morgan" –</u> <u>("JPMIM")</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 awards made under a deferred cash plan linked to the performance of a basket of Newton-managed portfolios (pooled vehicles) and awards under the BNY Restricted Stock Unit plan. This approach aligns us closely with clients and provides employees with an appropriately balanced discretionary incentive arrangement. Most discretionary incentive-eligible employees 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 BNY Restricted Stock Unit 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 a tangible and direct link between compensation and the performance of the fund they are responsible for.

It is intended that discretionary incentive awards will be made annually with deferred elements having a three-year vesting period.

Additionally, Newton operates an all-employee long-term incentive plan (LTIP for All), under which all eligible employees are able to receive a deferred cash award linked to the value of a Newton basket of funds. Awards under LTIP for All typically

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have a three-year vesting period. These awards are not units in the fund but they are marked to market against the value of the Newton managed funds.

**<u>Renaissance Investment Management ("Renaissance")</u>** 

Managing Partners, Senior Partners and other investment professionals of Renaissance are compensated through a fixed salary and bonuses equal to a percentage of residual profits of the firm. Partners are also equity owners in the business and receive dividends allocated pro rata based upon their respective ownership percentage. The level of dividends is set based on a percentage of revenues. All other associates are compensated via salary and bonuses. Bonuses are determined by the Managing Partners and the Senior Partners and are paid each year-end based upon achievement of specific company and individuals.

**<u>Schroder Investment Management North America Inc. ("Schroders")</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</u> <u>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.

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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 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>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 "Fund") as set forth in the Subadvisory Agreements between Wellington Management, Nationwide Mutual Funds and Nationwide Fund Advisors on behalf of the Fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Fund. The following information is as of October 31, 2025.

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 the Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Fund ("Portfolio Managers") includes a base salary. The base salary for the 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 Portfolio Managers 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 | &nbsp;&nbsp; Mutual Funds: 1 account, $259.3 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Eric P. Leve, 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>|
| Eric P. Leve, CFA | &nbsp;&nbsp; Other Accounts: 9 accounts, $962.4 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Christopher Moshy | &nbsp;&nbsp; Mutual Funds: 1 account, $213.9 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Christopher Moshy | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $20.8 million total assets (1 account, <br> $20.8 million total assets for which the advisory fee is based on performance)<br>|
| Christopher Moshy | &nbsp;&nbsp; Other Accounts: 1 account, $2.2 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Daniel McKellar, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $259.3 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Daniel McKellar, 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>|
| Daniel McKellar, CFA | &nbsp;&nbsp; Other Accounts: 9 accounts, $962.4 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Thomas J. Mudge III, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $109.7 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Thomas J. Mudge III, 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>|
| Thomas J. Mudge III, CFA | &nbsp;&nbsp; Other Accounts: 1 account, $70.1 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Blaine Townsend, CIMC, CIMA | &nbsp;&nbsp; Mutual Funds: 1 account, $109.7 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Blaine Townsend, CIMC, CIMA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $19.5 million total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Blaine Townsend, CIMC, CIMA | &nbsp;&nbsp; Other Accounts: 50 accounts, $440.0 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| David H. Smith, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $213.9 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| David H. Smith, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $434.1 million total assets (1 <br> account, $20.8 million total assets for which the advisory fee is based on <br> performance)<br>|
| David H. Smith, CFA | &nbsp;&nbsp; Other Accounts: 1 account, $2.2 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Sonya Thadhani Mughal, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $213.9 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Sonya Thadhani Mughal, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $413.3 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Sonya Thadhani Mughal, 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>|

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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>|
| Osman Akgun, PhD, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $109.7 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Osman Akgun, PhD, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $432.8 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Osman Akgun, PhD, CFA | &nbsp;&nbsp; Other Accounts: 15 accounts, $202.4 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **BlackRock Investment Management, LLC** | **BlackRock Investment Management, LLC** |
| Jennifer Hsui, CFA | &nbsp;&nbsp; Mutual Funds: 374 accounts, $3.14 trillion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Jennifer Hsui, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 123 accounts, $103.3 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Jennifer Hsui, 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>|
| Peter Sietsema | &nbsp;&nbsp; Mutual Funds: 373 accounts, $3.15 trillion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Peter Sietsema | &nbsp;&nbsp; Other Pooled Investment Vehicles: 210 accounts, $962.2 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Peter Sietsema | &nbsp;&nbsp; Other Accounts: 63 accounts, $705.9 billion total assets (1 account, $3.33 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Matt Waldron, CFA  | &nbsp;&nbsp; Mutual Funds: 366 accounts, $3.14 trillion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Matt Waldron, CFA  | &nbsp;&nbsp; Other Pooled Investment Vehicles: 146 accounts, $384.1 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Matt Waldron, CFA  | &nbsp;&nbsp; Other Accounts: 75 accounts, $180 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Steven White | &nbsp;&nbsp; Mutual Funds: 365 accounts, $3.14 trillion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Steven White | &nbsp;&nbsp; Other Pooled Investment Vehicles: 7 accounts, $204.6 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Steven White | &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>|
| James Mauro | &nbsp;&nbsp; Mutual Funds: 132 accounts, $846.8 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| James Mauro | &nbsp;&nbsp; Other Pooled Investment Vehicles: 45 accounts, $49.07 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| James Mauro | &nbsp;&nbsp; Other Accounts: 5 accounts, $4.05 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Jonathan Graves  | &nbsp;&nbsp; Mutual Funds: 34 accounts, $139 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Jonathan Graves  | &nbsp;&nbsp; Other Pooled Investment Vehicles: 68 accounts, $31.27 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Jonathan Graves  | &nbsp;&nbsp; Other Accounts: 9 accounts, $3.50 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Marcus Tom | &nbsp;&nbsp; Mutual Funds: 12 accounts, $84.17 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Marcus Tom | &nbsp;&nbsp; Other Pooled Investment Vehicles: 11 accounts, $49.53 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Marcus Tom | &nbsp;&nbsp; Other Accounts: 6 accounts, $3.07 billion total assets (0 accounts, $0 total assets for <br> 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>|
| **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>|
| 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 | &nbsp;&nbsp; Mutual Funds: 9 accounts, $17.14 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Michael Hyman | &nbsp;&nbsp; Other Pooled Investment Vehicles: 25 accounts, $33.90 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Michael Hyman | &nbsp;&nbsp; Other Accounts: 5 accounts, $939.4 million 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>|
| Matthew Brill, CFA | &nbsp;&nbsp; Mutual Funds: 9 accounts, $17.14 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Matthew Brill, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 26 accounts, $33.92 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Matthew Brill, CFA | &nbsp;&nbsp; Other Accounts: 23 accounts, $13.91 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Todd Schomberg, CFA | &nbsp;&nbsp; Mutual Funds: 9 accounts, $17.14 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Todd Schomberg, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 26 accounts, $34.16 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Todd Schomberg, CFA | &nbsp;&nbsp; Other Accounts: 22 accounts, $13.72 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Chuck Burge | &nbsp;&nbsp; Mutual Funds: 11 accounts, $28.42 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Chuck Burge | &nbsp;&nbsp; Other Pooled Investment Vehicles: 12 accounts, $36.80 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Chuck Burge | &nbsp;&nbsp; Other Accounts: 5 accounts, $698.4 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **J.P. Morgan Investment Management Inc.** | **J.P. Morgan Investment Management Inc.** |
| Susan Bao, CFA | &nbsp;&nbsp; Mutual Funds: 3 accounts, $5.77 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Susan Bao, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 5 accounts, $14.87 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Susan Bao, CFA | &nbsp;&nbsp; Other Accounts: 1476 accounts, $2.48 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Andrew Stern, CFA | &nbsp;&nbsp; Mutual Funds: 10 accounts, $40.47 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Andrew Stern, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 7 accounts, $16.32 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Andrew Stern, CFA | &nbsp;&nbsp; Other Accounts: 464 accounts, $775 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Timothy Woodhouse, CFA | &nbsp;&nbsp; Mutual Funds: 3 accounts, $5.77 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Timothy Woodhouse, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 10 accounts, $33.04 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Timothy Woodhouse, CFA | &nbsp;&nbsp; Other Accounts: 467 accounts, $1.52 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **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 | &nbsp;&nbsp; Mutual Funds: 2 accounts, $165.93 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| James H. Stavena | &nbsp;&nbsp; Other Pooled Investment Vehicles: 153 accounts, $11.78 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| James H. Stavena | &nbsp;&nbsp; Other Accounts: 1 account, $3.34 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Torrey K. Zaches, CFA | &nbsp;&nbsp; Mutual Funds: 2 accounts, $165.93 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Torrey K. Zaches, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 153 accounts, $11.78 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Torrey K. Zaches, CFA | &nbsp;&nbsp; Other Accounts: 1 account, $3.34 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| John C. Bailer, CFA | &nbsp;&nbsp; Mutual Funds: 10 accounts, $10.96 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| John C. Bailer, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $2.38 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| John C. Bailer, CFA | &nbsp;&nbsp; Other Accounts: 19 accounts, $16.81 billion total assets (2 accounts, $38.63 million <br> total assets for which the advisory fee is based on performance)<br>|
| Brian C. Ferguson | &nbsp;&nbsp; Mutual Funds: 8 accounts, $10.96 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Brian C. Ferguson | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $849.26 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Brian C. Ferguson | &nbsp;&nbsp; Other Accounts: 30 accounts, $3.38 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Keith Howell Jr., CFA | &nbsp;&nbsp; Mutual Funds: 12 accounts, $11.52 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Keith Howell Jr., CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 4 accounts, $2.65 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Keith Howell Jr., CFA | &nbsp;&nbsp; Other Accounts: 8 accounts, $756.13 million 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>|
| **Renaissance Investment Management** | **Renaissance Investment Management** |
| Paul A. Radomski, 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>|
| Paul A. Radomski, 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>|
| Paul A. Radomski, CFA | &nbsp;&nbsp; Other Accounts: 151 accounts, $514.2 million total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| **Schroder Investment Management North America Inc.** | **Schroder Investment Management North America Inc.** |
| Alex Tedder | &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>|
| Alex Tedder | &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>|
| Alex Tedder | &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>|
| **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>|
| **Wellington Management Company LLP** | **Wellington Management Company LLP** |
| Jonathan G. White, CFA | &nbsp;&nbsp; Mutual Funds: 15 accounts, $16.63 billion total assets (3 accounts, $6.97 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Jonathan G. White, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 49 accounts, $17.06 billion total assets (6 <br> accounts, $1.79 billion total assets for which the advisory fee is based on <br> performance)<br>|
| Jonathan G. White, CFA | &nbsp;&nbsp; Other Accounts: 87 accounts, $30.05 billion total assets (11 accounts, $5.89 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Mary L. Pryshlak, CFA | &nbsp;&nbsp; Mutual Funds: 16 accounts, $16.91 billion total assets (3 accounts, $6.99 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Mary L. Pryshlak, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 49 accounts, $17.06 billion total assets (6 <br> accounts, $1.78 billion total assets for which the advisory fee is based on <br> performance)<br>|
| Mary L. Pryshlak, CFA | &nbsp;&nbsp; Other Accounts: 87 accounts, $30.05 billion total assets (11 accounts, $5.89 billion <br> total assets for which the advisory fee is based on performance)<br>|

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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.

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.

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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 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 Messrs. Mauro, Tom and Graves 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. Messrs. Mauro, Tom and Graves 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

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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.

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

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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 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 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>("Invesco")</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.

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**<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 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.

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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.

**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

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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.

**<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.

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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.

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.

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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.

**<u>Renaissance Investment Management</u>**

Side-By-Side Management: Since side-by-side management of various types of portfolios with varying fee structures raises the incentive for favorable or preferential treatment of a portfolio or a group of portfolios, we have implemented the following procedures designed to treat all portfolios fairly over time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We employ a random trading rotation prior to trade execution to ensure all directed and non-directed brokerage clients have the same chance of receiving a first or last trade execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Directed brokerage accounts are grouped by each broker and all discretionary brokerage accounts are grouped together in one trading block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We perform a sample test quarterly to ensure the random trade rotation is being followed. Our Chief Compliance Officer approves any exceptions to the execution order and the exceptions are documented by the trading department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We perform a quarterly test to ensure associate accounts are traded at the end of every trading rotation when clients and associates are invested in the same strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We perform an annual test to ensure an associate's account returns fall within a reasonable range of client account returns for the same strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●All accounts within a particular strategy utilize the same Buy List/model regardless of the fee structure of the account unless there are client-imposed restrictions.

● Our Chief Compliance Officer is responsible for ensuring we comply with all applicable regulations.

By utilizing these procedures, we believe that portfolios that are subject to side-by-side management alongside other products are receiving fair treatment over time.

**<u>Schroder Investment Management</u> <u>North America Inc. ("Schroders")</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,

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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. ("Victory Capital")</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>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. The Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Fund ("Portfolio Managers") 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 Fund. 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

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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 Managers 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**

**5% Shareholders** 

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 94205.995 | 12.75% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DR EAST<br> JACKSONVILLE FL 32246-6484<br>| 78119.495 | 10.57% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 57407.862 | 7.77% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 46868.535 | 6.34% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 43130.986 | 5.84% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 37261.929 | 5.04% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS M<br>| &nbsp;&nbsp; CHARLES SCHWAB COMPANY INC<br> FUNDS DEPT 8TH FL<br> REINVESTMENT ACCOUNT<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 20066880.748 | 94.14%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 137721.308 | 71.12% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 21569.076 | 11.14% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002<br>| 20953.476 | 10.82% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 363755.714 | 52.81% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 79260.364 | 11.51% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 62316.585 | 9.05% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 60212.021 | 8.74% |
| &nbsp;&nbsp; NATIONWIDE BAILARD INTERNATIONAL EQUITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 59774.763 | 8.68%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) CLASS A<br>| &nbsp;&nbsp; US BANK NA CUST<br> PATRICIA M MORAN IRA ROLLOVER<br> 155 GLOVER AVE<br> YONKERS NY 10704-4234<br>| 20114.081 | 27.97% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 13389.838 | 18.62% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) CLASS A<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 10127.188 | 14.08% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 5741.713 | 7.98% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) CLASS M<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 6459643.845 | 92.00% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) CLASS M<br>| &nbsp;&nbsp; MATRIX TRUST COMPANY CUST FBO<br> BAILARD, INC. 401(K) PLAN<br> PO BOX 52129<br> PHOENIX AZ 85072-2129<br>| 398460.608 | 5.67% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 581.679 | 56.18% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) CLASS R6<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 452.923 | 43.74% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; DA DAVIDSON & COMPANY<br> 8 3RD ST N<br> GREAT FALLS MT 59401-3155<br>| 5890.552 | 57.15%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 3415.736 | 33.14% |
| &nbsp;&nbsp; NATIONWIDE BAILARD SMALL CAP VALUE FUND <br> (FORMERLY, NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 999.988 | 9.70% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 108375.109 | 28.03% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 47412.447 | 12.26% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 20000.465 | 5.17% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) CLASS M<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 4981309.652 | 93.20% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) CLASS M<br>| &nbsp;&nbsp; MATRIX TRUST COMPANY CUST FBO<br> BAILARD, INC. 401(K) PLAN<br> PO BOX 52129<br> PHOENIX AZ 85072-2129<br>| 278478.765 | 5.21% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 93640.377 | 83.69%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) CLASS R6<br>| &nbsp;&nbsp; ASCENSUS TRUST COMPANY FBO<br> WARDELL BUILDERS INCORPORATED 401(K<br> 234122<br> P O BOX 10758<br> FARGO ND 58106-0758<br>| 10638.756 | 9.51% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 111030.319 | 55.42% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 27297.064 | 13.62% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 19733.561 | 9.85% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; CARTER E PLOTT<br> TOD<br> 188 CRANBERRY CT<br> WARREN OH 44483-1539<br>| 17258.096 | 8.61% |
| &nbsp;&nbsp; NATIONWIDE BAILARD TECHNOLOGY FUND <br> (FORMERLY, NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND) INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 8187.991 | 4.09% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 1427001.816 | 30.28% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 431274.797 | 9.15%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 418640.323 | 8.88% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 282908.622 | 6.00% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS R<br>| &nbsp;&nbsp; ASCENSUS TRUST COMPANY FBO<br> CERRO PACIFIC LUMBER, INC. 401(K) P<br> 590162<br> PO BOX 10758<br> FARGO ND 58106-0758<br>| 19703.908 | 65.88% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS R<br>| &nbsp;&nbsp; MATRIX TRUST COMPANY CUST. FBO<br> ROOM 214 401(K) PLAN<br> 717 17TH STREET<br> SUITE 1300<br> DENVER CO 80202-3304<br>| 7047.167 | 23.56% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS R<br>| &nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> CASSIDY CORP 401(K) PROFIT SHARING<br> 1251 WATERFRONT PLACE, SUITE 525<br> PITTSBURGH PA 15222-4228<br>| 3121.856 | 10.44% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS R6<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 9519971.523 | 46.82% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 5135074.906 | 25.25% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND CLASS R6<br>| &nbsp;&nbsp; JP MORGAN SECURITIES LLC<br> 575 WASHINGTON BLVD FL 12TH<br> JERSEY CITY NJ 07310-1616<br>| 1239748.193 | 6.10%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND EAGLE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 9046945.133 | 15.86% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND EAGLE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & COMPANY INC<br> ATTN MUTUAL FUNDS SF215FMT-05<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 4170252.422 | 7.31% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 1462788.486 | 35.69% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 732596.998 | 17.87% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 339617.627 | 8.29% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 312241.982 | 7.62% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 278137.647 | 6.79% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; BVU FUND LP<br> 125 HIGH STREET<br> OLIVER STREET TOWER<br> BOSTON MA 02110-2704<br>| 274303.951 | 6.69%  |

---

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. CORE <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 217937.194 | 5.32% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY <br> INCOME FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-2052<br>| 15850.910 | 14.25% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY <br> INCOME FUND CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 14360.379 | 12.91% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY <br> INCOME FUND CLASS A<br>| &nbsp;&nbsp; PATRICK PAUL EMMANUEL LENOIR LARA &<br> ROXANA CESTELOS MIRANDA JTWROS<br> TOD<br> 5401 GROVE RIDGE WAY<br> ROCKVILLE MD 20852-4650<br>| 9076.108 | 8.16% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY <br> INCOME FUND CLASS A<br>| &nbsp;&nbsp; MARTIN MOLINUEVO<br> TOD<br> 81 P ST NW<br> WASHINGTON DC 20001-1133<br>| 6301.254 | 5.66% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY <br> INCOME FUND CLASS K<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 2625178.630 | 14.35% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY <br> INCOME FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2197674.918 | 98.28% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY <br> INCOME FUND EAGLE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 287.788 | 100.00%  |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC U.S. EQUITY <br> INCOME FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 541164.218 | 90.04% |
| NATIONWIDE BOND INDEX FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 15307492.364 | 71.18% |
| NATIONWIDE BOND INDEX FUND CLASS A | &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DRIVE EAST<br> JACKSONVILLE FL 32246-6484<br>| 3857385.204 | 17.94% |
| NATIONWIDE BOND INDEX FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1408873.612 | 6.55% |
| NATIONWIDE BOND INDEX FUND CLASS R6 | &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> NTC-PLNS<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1197726.771 | 59.29% |
| NATIONWIDE BOND INDEX FUND CLASS R6 | &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 641825.668 | 31.77% |
| NATIONWIDE BOND INDEX FUND CLASS R6 | &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 116706.129 | 5.78%  |

---

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 544295.700 | 99.58% |
| NATIONWIDE FUND CLASS A | &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 2278971.883 | 30.99% |
| NATIONWIDE FUND CLASS A | &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 1227388.352 | 16.69% |
| NATIONWIDE FUND CLASS A | &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 765091.637 | 10.41% |
| NATIONWIDE FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 750869.504 | 10.21% |
| NATIONWIDE FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NWVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 38523.774 | 0.52% |
| NATIONWIDE FUND CLASS R | &nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> FARLEY CAPITAL L.P. 401(K) PROFIT S<br> 1251 WATERFRONT PLACE, SUITE 525<br> PITTSBURGH PA 15222-4228<br>| 2120.268 | 45.49% |
| NATIONWIDE FUND CLASS R | &nbsp;&nbsp; ASCENSUS TRUST COMPANY FBO<br> DIANE BONANNI DMD 401(K) P/S PLAN<br> 54456<br> P O BOX 10758<br> FARGO ND 58106-0758<br>| 2104.300 | 45.15%  |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE FUND CLASS R | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 436.551 | 9.37% |
| NATIONWIDE FUND CLASS R6 | &nbsp;&nbsp; THE NORTHERN TRUST COMPANY FBO<br> MANAGEFORME MODERATELY AGGRESSIVE<br> FUND 7019271<br> MUTUAL FUNDS SERVICES WB33<br> 333 S WABASH AVE<br> CHICAGO IL 60604-4107<br>| 12521549.100 | 91.12% |
| NATIONWIDE FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> (NTC-PLNS)<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1132799.178 | 8.24% |
| &nbsp;&nbsp; NATIONWIDE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 17369443.924 | 40.96% |
| &nbsp;&nbsp; NATIONWIDE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 14030763.803 | 33.09% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 1905375.026 | 32.49% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 450111.159 | 7.68%  |

---

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 404755.835 | 6.90% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 398856.759 | 6.80% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 293555.737 | 5.01% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; EDWARD D JONES & CO<br> FOR THE BENEFIT OF CUSTOMERS<br> 12555 MANCHESTER RD<br> SAINT LOUIS MO 63131-3710<br>| 3322589.773 | 45.41% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2925103.283 | 39.98% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 474339.187 | 6.48% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 2328314.652 | 30.12% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 1496599.456 | 19.36%  |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 1024114.785 | 13.25% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 736230.239 | 9.52% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; VOYA INSTITUTIONAL TRUST COMPANY2<br> 1 ORANGE WAY<br> WINDSOR CT 06095-4773<br>| 387847.121 | 5.02% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 202719.567 | 23.24% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 155976.950 | 17.88% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DR EAST<br> JACKSONVILLE FL 32246-6484<br>| 91420.861 | 10.48% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 81052.194 | 9.29% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 52685.136 | 6.04%  |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 43651.927 | 5.00% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 1532350.753 | 27.06% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 1097691.237 | 19.38% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPOWER BENEFIT PLANS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002<br>| 856262.782 | 15.12% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; ASCENSUS TRUST COMPANY FBO<br> MUTUAL OF OMAHA MASTER PLAN 999506<br> P O BOX 10758<br> FARGO ND 58106-0758<br>| 414910.148 | 7.33% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; BAND & CO C/O US BANK NA<br> 1555 N RIVERCENTER DR STE 302<br> MILWAUKEE WI 53212-3958<br>| 336396.702 | 5.94% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> (NTC-PLNS)<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 324538.533 | 5.73% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 2099914.454 | 21.63%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 1711341.280 | 17.63% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 1308296.373 | 13.48% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 798573.412 | 8.23% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 786906.923 | 8.11% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MARIL & CO FBO 70<br> C/O RELIANCE TRUST COMPANY WI<br> MAILCODE: BD1N - ATTN: MF<br> 4900 W BROWN DEER RD<br> MILWAUKEE WI 53223-2422<br>| 600165.283 | 6.18% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY MARKET <br> FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 158778906.770 | 77.73% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY MARKET <br> FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 35319337.750 | 17.29% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY MARKET <br> FUND INVESTOR SHARES<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 173544059.197 | 64.32%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY MARKET <br> FUND INVESTOR SHARES<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 72083280.690 | 26.72% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY MARKET <br> FUND INVESTOR SHARES<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 17769757.234 | 6.59% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY MARKET <br> FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NWVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1354877.620 | 99.33% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY MARKET <br> FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 7252.790 | 0.53% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 972306.349 | 33.19% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 724234.037 | 24.72% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 409476.206 | 13.98% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 210747.229 | 7.19%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-2052<br>| 151348.769 | 5.17% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 10000669.272 | 71.95% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 1236813.588 | 8.90% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATELY<br> AGGRESSIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1016185.317 | 7.31% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS AGGRESSIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1001993.065 | 7.21% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> EAGLE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 281074.763 | 52.09% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> EAGLE CLASS<br>| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPLOYEE BENEFIT CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002<br>| 153794.919 | 28.50% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> EAGLE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 62386.774 | 11.56% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 172163.204 | 61.29%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 54480.567 | 19.39% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> GPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 29408.734 | 10.47% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY EQUITY FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-2052<br>| 23975.813 | 8.54% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 790504.062 | 62.84% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 155142.291 | 12.33% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; STATE STREET BANK<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST FL 1<br> BOSTON MA 02111-2901<br>| 107152.581 | 8.52% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS A<br>| &nbsp;&nbsp; MATRIX TRUST COMPANY CUST. FBO<br> RTA 401K PLAN & TRUST<br> 717 17TH STREET<br> SUITE 1300<br> DENVER CO 80202-3304<br>| 90490.525 | 7.19% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; NVIT<br> INVESTOR DESTINATIONS CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 2329916.404 | 16.61% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; NVIT<br> BLUE PRINT CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1900436.273 | 13.54%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; NVIT<br> INVESTOR DESTINATIONS MODERATELY<br> CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1593222.036 | 11.36% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1367907.591 | 9.75% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1352377.708 | 9.64% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; NVIT BLUE PRINT MODERATELY<br> CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1018209.661 | 7.26% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS<br> MODERATE FUND<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 765785.075 | 5.46% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION 2030<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 751851.877 | 5.36% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 713100.785 | 5.08% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 558244.564 | 32.10% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 419731.878 | 24.14%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; ATTN NPIO TRADE DESK<br> DCGT AS TTEE AND/OR CUST<br> FBO PLIC VARIOUS RETIREMENT PLANS<br> OMNIBUS<br> 711 HIGH STREET<br> DES MOINES IA 50392-0001<br>| 277819.977 | 15.98% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED SECURITIES <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 173713.779 | 9.99% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 28066932.978 | 79.22% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3983553.975 | 11.24% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> R<br>| &nbsp;&nbsp; STATE STREET BANK AND TRUST COMPANY<br> TRUSTEE AND/OR CUSTODIAN<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST FL 1<br> BOSTON MA 02111-2901<br>| 2562036.916 | 63.91% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> R<br>| &nbsp;&nbsp; ASCENSUS TRUST COMPANY FBO<br> DISPATCHIT INC 401(K) P/S PLAN 7<br> 9898<br> P O BOX 10758<br> FARGO ND 58106-0758<br>| 1294107.701 | 32.28% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATELY<br> AGGRESSIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 9249144.835 | 23.91% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS AGGRESSIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 6945320.397 | 17.95%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 4567743.039 | 11.81% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> R6<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> NTC-PLNS<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3577453.894 | 9.25% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION 2050<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1938094.506 | 5.01% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND CLASS <br> R6<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 706746.761 | 1.83% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 2393993.188 | 96.88% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 7969.580 | 48.18% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 2169.052 | 13.11% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS A<br>| &nbsp;&nbsp; US BANK NA CUST<br> ANDREW HOWARD IRA<br> 2287 MASERATI DR<br> FRISCO TX 75033-1675<br>| 1079.250 | 6.52%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS A<br>| &nbsp;&nbsp; US BANK NA CUST<br> CHRISTINA PAULINE ELLIS SIMPLE IRA<br> ADU SIMPLE PLAN<br> 5100 SEA FOSSIL DR.<br> HUNTINGTOWN MD 20639-4509<br>| 952.105 | 5.76% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 880.191 | 5.32% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS A<br>| &nbsp;&nbsp; VERONICA R PETRACH<br> 731 SUNNYVIEW DR<br> MT PLEASANT WI 53406-5655<br>| 867.412 | 5.24% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 4443757.353 | 31.10% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS R6<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 4180708.875 | 29.26% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS R6<br>| &nbsp;&nbsp; THE NORTHERN TRUST COMPANY FBO<br> MANAGEFORME AGGRESSIVE FUND 7019268<br> MUTUAL FUNDS SERVICES WB33<br> 333 S WABASH AVE<br> CHICAGO IL 60604-4107<br>| 2462946.334 | 17.24% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> CLASS R6<br>| &nbsp;&nbsp; CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DR STE 302<br> MILWAUKEE WI 53212-3958<br>| 2112944.461 | 14.79% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 4592490.622 | 49.55%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 2643211.761 | 28.52% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL CAP FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; ATTN MUTUAL FUNDS<br> C/O ID 337<br> SEI PRIVATE TRUST COMPANY<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456-9989<br>| 1176650.876 | 12.69% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) CLASS A<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 396514.314 | 39.31% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) CLASS A<br>| &nbsp;&nbsp; CHRISTINE A MCDONALD 2020<br> IRREVOCABLE TRUST<br> JAMES T BIONDO TR<br> U/A 12/29/2020<br> 18250 ROCKPORT PL<br> LAKEWOOD RCH FL 34211-1169<br>| 140440.569 | 13.92% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 80735.419 | 8.00% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 26935.240 | 2.67% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) CLASS R6<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 10394061.839 | 94.63% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 523783.057 | 53.47%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 223626.853 | 22.83% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 70109.939 | 7.16% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 59907.667 | 6.12% |
| &nbsp;&nbsp; NATIONWIDE INVESCO CORE PLUS BOND FUND <br> (FORMERLY, NATIONWIDE BNY MELLON CORE <br> PLUS BOND FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> (NTC-PLNS)<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2358.003 | 0.24% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 170758.766 | 54.61% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 41187.316 | 13.17% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 19580.684 | 6.26% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 17488.177 | 5.59%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 7672489.621 | 95.92% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> EAGLE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2052080.971 | 91.57% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> EAGLE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 188897.712 | 8.43% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 94640.050 | 49.93% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP GROWTH FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 83144.669 | 43.87% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS A | &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 288636.817 | 20.31% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS A | &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 263337.625 | 18.53% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS A | &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 136735.215 | 9.62%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS A | &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 99446.289 | 7.00% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 6441.114 | 0.45% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 12344717.788 | 20.18% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS R6 | &nbsp;&nbsp; THE NORTHERN TRUST COMPANY FBO<br> MANAGEFORME MODERATE FUND 7019270<br> MUTUAL FUNDS SERVICES WB33<br> 333 S WABASH AVE<br> CHICAGO IL 60604-4107<br>| 10031834.256 | 16.40% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS R6 | &nbsp;&nbsp; NVIT BLUE PRINT BALANCED FUND<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 5325849.060 | 8.71% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS R6 | &nbsp;&nbsp; NVIT BLUE PRINT MODERATE FUND<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 4702658.555 | 7.69% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS R6 | &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 4046846.949 | 6.62% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS R6 | &nbsp;&nbsp; NVIT BLUE PRINT<br> CAPITAL APPRECIATION FUND<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 3851730.398 | 6.30% |
| NATIONWIDE LOOMIS CORE BOND FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 1999263.553 | 3.27%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND FUND EAGLE <br> CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY NJ 07303-2052<br>| 883149.639 | 40.70% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND FUND EAGLE <br> CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 450098.471 | 20.74% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND FUND EAGLE <br> CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 333659.365 | 15.38% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 28986767.383 | 91.72% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 270995.912 | 16.73% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 228479.098 | 14.10% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 183766.456 | 11.34% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 150366.487 | 9.28%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS A<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 128843.789 | 7.95% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 108278.688 | 6.68% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 99103.882 | 6.12% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS A<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 85517.199 | 5.28% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 4340213.214 | 36.09% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 3407554.655 | 28.33% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATELY<br> CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5 02 210<br> COLUMBUS OH 43215-2226<br>| 2208800.816 | 18.37% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 715937.999 | 5.95% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 430258.929 | 42.33%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 327555.001 | 32.23% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM BOND FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 129155.982 | 12.71% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R<br>| &nbsp;&nbsp; STATE STREET BANK<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST FL 1<br> BOSTON MA 02111-2901<br>| 627675.888 | 49.32% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R<br>| &nbsp;&nbsp; MATRIX TRUST COMPANY TRUSTEE FBO<br> TRAILS WEST MANUFACTURING OF IDAHO<br> 717 17TH STREET<br> SUITE 1300<br> DENVER CO 80202-3304<br>| 185112.535 | 14.55% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R<br>| &nbsp;&nbsp; ASCENSUS TRUST COMPANY FBO<br> MICRO STRATEGIES INC 401(K) PSP<br> 11894<br> P O BOX 10758<br> FARGO ND 58106-0758<br>| 161943.441 | 12.72% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R<br>| &nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> CONSOLIDATED AFFILIATES LLC 401(K)<br> 1251 WATERFRONT PLACE, SUITE 525<br> PITTSBURGH PA 15222-4228<br>| 161946.924 | 12.72% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R<br>| &nbsp;&nbsp; MATRIX TRUST COMPANY AS AGENT FOR<br> ADVISOR TRUST, INC.<br> CUSD#200 (IL) 403(B) PLAN<br> 717 17TH ST STE 1300<br> DENVER CO 80202-3304<br>| 66049.665 | 5.19% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 9990514.513 | 70.05%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1778212.092 | 12.47% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS AGGRESSIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 3675589.524 | 29.62% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATELY<br> AGGRESSIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 3289441.848 | 26.51% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1526880.765 | 12.31% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS MODERATE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1409487.182 | 11.36% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; EMPOWER TRUST FBO<br> RECORDKEEPING FOR EMPLOYEE BENEFITS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002<br>| 646142.125 | 5.21% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 187941.658 | 1.51% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 951048.460 | 91.03% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 52359.039 | 5.01%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 1084539.977 | 28.64% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 421136.793 | 11.12% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; EMPOWER TRUST FBO<br> GREAT WEST IRA ADVANTAGE<br> C/O FASCORE LLC<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002<br>| 370911.879 | 9.80% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 271398.917 | 7.17% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 233063.530 | 6.15% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 200870.868 | 5.30% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 68343.979 | 28.80% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 46418.948 | 19.56%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> GOVERNMENT TAX SOLUTIONS 401(K) PRO<br> 1251 WATERFRONT PLACE SUITE 525<br> PITTSBURGH PA 15222-4228<br>| 27113.155 | 11.43% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; STATE STREET BANK AND TRUST COMPANY<br> TRUSTEE AND/OR CUSTODIAN<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST FL 1<br> BOSTON MA 02111-2901<br>| 25505.259 | 10.75% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; EMPOWER TRUST FBO<br> FBO CERTAIN RETIREMENT PLANS<br> 8515 E ORCHARD ROAD 2T2<br> GREENWOOD VLG CO 80111-5002<br>| 19587.721 | 8.25% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; AMERICAN UNITED LIFE INSURANCE<br> COMPANY CO GROUP RETIREMENT ANNUITY<br> PO BOX 368<br> INDIANAPOLIS IN 46206-0368<br>| 17327.305 | 7.30% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 410700.100 | 23.73% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 196941.806 | 11.38% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 172088.388 | 9.94% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 164555.701 | 9.51%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPLOYEE BENEFIT CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002<br>| 134585.059 | 7.77% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 134310.517 | 7.76% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 208631.978 | 41.14% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 53890.054 | 10.63% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 42216.699 | 8.32% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 41178.778 | 8.12% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 28705.089 | 5.66% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS R6<br>| &nbsp;&nbsp; ATTN MUTUAL FUND OPERATIONS<br> MAC & CO A/C 649290<br> 500 GRANT STREET ROOM 151-1010<br> PITTSBURGH PA 15219-2502<br>| 100434.373 | 37.31%  |

---

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS R6<br>| &nbsp;&nbsp; CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DR STE 302<br> MILWAUKEE WI 53212-3958<br>| 62214.019 | 23.11% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS R6<br>| &nbsp;&nbsp; MATRIX TRUST COMPANY CUST. FBO<br> REESE ENGINEERING<br> 717 17TH STREET<br> SUITE 1300<br> DENVER CO 80202-3304<br>| 56914.673 | 21.14% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) CLASS R6<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 21665.630 | 8.05% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; RELIANCE TRUST CO FBO<br> COMERICA EB R/R<br> PO BOX 570788<br> ATLANTA GA 30357-3114<br>| 867742.412 | 54.41% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 157527.177 | 9.88% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 122649.257 | 7.69% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 108150.465 | 6.78% |
| &nbsp;&nbsp; NATIONWIDE RENAISSANCE SMALL CAP GROWTH <br> FUND (FORMERLY, NATIONWIDE WCM FOCUSED <br> SMALL CAP FUND) INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DR EAST<br> JACKSONVILLE FL 32246-6484<br>| 79747.706 | 5.00%  |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE S&P 500 INDEX FUND CLASS A | &nbsp;&nbsp; STATE STREET BANK<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST FL 1<br> BOSTON MA 02111-2901<br>| 1025116.285 | 14.51% |
| NATIONWIDE S&P 500 INDEX FUND CLASS A | &nbsp;&nbsp; EMPOWER TRUST FBO<br> SECUR BENE HLTH REIN ARNGNT IN VEBA<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002<br>| 607661.830 | 8.60% |
| NATIONWIDE S&P 500 INDEX FUND CLASS A | &nbsp;&nbsp; RELIANCE TRUST COMPANY FBO<br> RETIREMENT PLANS SERVICED BY METLIF<br> C/O FASCORE LLC<br> 8515 E ORCHARD RD # 2T2<br> GREENWOOD VILLAGE CO 80111-5002<br>| 536511.879 | 7.59% |
| NATIONWIDE S&P 500 INDEX FUND CLASS A | &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 521986.231 | 7.39% |
| NATIONWIDE S&P 500 INDEX FUND CLASS A | &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 450267.115 | 6.37% |
| NATIONWIDE S&P 500 INDEX FUND CLASS A | &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 427029.459 | 6.04% |
| NATIONWIDE S&P 500 INDEX FUND CLASS A | &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DRIVE EAST<br> JACKSONVILLE FL 32246-6484<br>| 426686.492 | 6.04% |
| NATIONWIDE S&P 500 INDEX FUND CLASS A | &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 405487.602 | 5.74%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE S&P 500 INDEX FUND CLASS R | &nbsp;&nbsp; STATE STREET BANK AND TRUST COMPANY<br> TRUSTEE AND/OR CUSTODIAN<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST FL 1<br> BOSTON MA 02111-2901<br>| 7880907.748 | 83.97% |
| NATIONWIDE S&P 500 INDEX FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 6195794.344 | 72.82% |
| NATIONWIDE S&P 500 INDEX FUND CLASS R6 | &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE LIFE INSURANCE COMPANY<br> GPVA<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1459410.178 | 17.15% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 20907553.962 | 94.44% |
| NATIONWIDE S&P 500 INDEX FUND SERVICE CLASS | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 6250370.600 | 66.24% |
| NATIONWIDE S&P 500 INDEX FUND SERVICE CLASS | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3141562.850 | 33.29% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS A<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 888457.307 | 48.96% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 179799.492 | 9.91%  |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 176638.409 | 9.73% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS A<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 144280.696 | 7.95% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> (NTC-PLNS)<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 197429.552 | 40.79% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS R6<br>| &nbsp;&nbsp; PAUL M ZELISKO TRUST 2<br> MARK ZELISKO TR<br> FBO MARK ZELISKO<br> U/A 06/16/1994<br> 3579 W COLUMBUS AVE<br> CHICAGO IL 60652-2539<br>| 61247.552 | 12.66% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS R6<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 50583.784 | 10.45% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS R6<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 50543.881 | 10.44% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS R6<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 41559.315 | 8.59% |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) CLASS R6<br>| &nbsp;&nbsp; JP MORGAN SECURITIES LLC<br> 575 WASHINGTON BLVD FL 12TH<br> JERSEY CITY NJ 07310-1616<br>| 35688.658 | 7.37%  |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE SCHRODERS GLOBAL EQUITY FUND <br> (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 7058617.465 | 94.42% |
| NATIONWIDE SMALL CAP INDEX FUND CL R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1333844.055 | 37.27% |
| NATIONWIDE SMALL CAP INDEX FUND CL R6 | &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION 2040<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 361684.954 | 10.11% |
| NATIONWIDE SMALL CAP INDEX FUND CL R6 | &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION 2050<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 354397.920 | 9.90% |
| NATIONWIDE SMALL CAP INDEX FUND CL R6 | &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION 2045<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 325310.380 | 9.09% |
| NATIONWIDE SMALL CAP INDEX FUND CL R6 | &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION 2035<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 308177.622 | 8.61% |
| NATIONWIDE SMALL CAP INDEX FUND CL R6 | &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION 2055<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 237293.388 | 6.63% |
| NATIONWIDE SMALL CAP INDEX FUND CL R6 | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 63581.177 | 1.78% |
| NATIONWIDE SMALL CAP INDEX FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 7766870.109 | 66.23%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE SMALL CAP INDEX FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1723418.334 | 14.70% |
| NATIONWIDE SMALL CAP INDEX FUND CLASS A | &nbsp;&nbsp; STATE STREET BANK<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST FL 1<br> BOSTON MA 02111-2901<br>| 1148939.730 | 9.80% |
| NATIONWIDE SMALL CAP INDEX FUND CLASS R | &nbsp;&nbsp; STATE STREET BANK<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST FL 1<br> BOSTON MA 02111-2901<br>| 2023353.450 | 86.61% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 634876.018 | 90.76% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 50502.093 | 7.22% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 5240509.571 | 35.73% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 5107620.933 | 34.83% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 1664935.101 | 11.35%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS A<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 1061490.584 | 7.24% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS R6<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 2995156.251 | 14.34% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS R6<br>| &nbsp;&nbsp; NVIT<br> INVESTOR DESTINATIONS MODERATE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 2582648.614 | 12.37% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS R6<br>| &nbsp;&nbsp; NVIT INV DEST BALANCED FUND<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 2079093.225 | 9.95% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS R6<br>| &nbsp;&nbsp; NVIT INV DEST CAP APPRECIATION FUND<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1442623.334 | 6.91% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS R6<br>| &nbsp;&nbsp; NVIT<br> INVESTOR DESTINATIONS CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1243907.667 | 5.96% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS<br> MANAGED GROWTH FUND<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1232648.172 | 5.90% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1188559.586 | 5.69%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) CLASS R6<br>| &nbsp;&nbsp; NVIT<br> INVESTOR DESTINATIONS MODERATELY<br> CONSERVATIVE<br> 1 NATIONWIDE PLZ MSC 5-02-210<br> COLUMBUS OH 43215-2226<br>| 1175750.049 | 5.63% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 42643075.618 | 31.15% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 25561185.166 | 18.67% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 24472600.642 | 17.88% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 20776932.938 | 15.18% |
| &nbsp;&nbsp; NATIONWIDE STRATEGIC INCOME FUND <br> (FORMERLY, NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND) INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 14800489.591 | 10.81% |

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**STATEMENT OF ADDITIONAL INFORMATION** 

**March 2, 2026** 

**NATIONWIDE MUTUAL FUNDS** 

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| | | |
|:---|:---|:---|
| **Nationwide Destination 2030 Fund**<br> Class A (NWIAX)<br> Class R (NWBIX)<br> Class R6 (NWIIX)<br> Institutional Service Class (NWISX)<br>| **Nationwide Destination 2035 Fund**<br> Class A (NWLAX)<br> Class R (NWLBX)<br> Class R6 (NWLIX)<br> Institutional Service Class (NWLSX)<br>| **Nationwide Destination 2040 Fund**<br> Class A (NWMAX)<br> Class R (NWMDX)<br> Class R6 (NWMHX)<br> Institutional Service Class (NWMSX)<br>|
| **Nationwide Destination 2045 Fund**<br> Class A (NWNAX)<br> Class R (NWNBX)<br> Class R6 (NWNIX)<br> Institutional Service Class (NWNSX)<br>| **Nationwide Destination 2050 Fund**<br> Class A (NWOAX)<br> Class R (NWOBX)<br> Class R6 (NWOIX)<br> Institutional Service Class (NWOSX)<br>| **Nationwide Destination 2055 Fund**<br> Class A (NTDAX)<br> Class R (NTDTX)<br> Class R6 (NTDIX)<br> Institutional Service Class (NTDSX)<br>|
| **Nationwide Destination 2060 Fund**<br> Class A (NWWRX)<br> Class R (NWWTX)<br> Class R6 (NWWUX)<br> Institutional Service Class (NWWVX)<br>| **Nationwide Destination 2065 Fund**<br> Class A (NWAQX)<br> Class R (NWARX)<br> Class R6 (NWASX)<br> Institutional Service Class (NWATX)<br>| **Nationwide Destination 2070 Fund**<br> Class A (NWBAX)<br> Class R (NWBBX)<br> Class R6 (NWBCX)<br> Institutional Service Class (NWBDX)<br>|
| **Nationwide Destination Retirement** <br> **Fund**<br> Class A (NWEAX)<br> Class R (NWEBX)<br> Class R6 (NWEIX)<br> Institutional Service Class (NWESX)<br>| **Nationwide Investor Destinations** <br> **Aggressive Fund**<br> Class A (NDAAX)<br> Class R (GAFRX)<br> Class R6 (GAIDX)<br> Institutional Service Class (NWWHX)<br> Service Class (NDASX)<br>| **Nationwide Investor Destinations** <br> **Conservative Fund**<br> Class A (NDCAX)<br> Class R (GCFRX)<br> Class R6 (GIMCX)<br> Institutional Service Class (NWWLX)<br> Service Class (NDCSX)<br>|
| **Nationwide Investor Destinations** <br> **Moderate Fund**<br> Class A (NADMX)<br> Class R (GMDRX)<br> Class R6 (GMDIX)<br> Institutional Service Class (NWWJX)<br> Service Class (NSDMX)<br>| **Nationwide Investor Destinations** <br> **Moderately Aggressive Fund**<br> Class A (NDMAX)<br> Class R (GMARX)<br> Class R6 (GMIAX)<br> Institutional Service Class (NWWIX)<br> Service Class (NDMSX)<br>| **Nationwide Investor Destinations** <br> **Moderately Conservative Fund**<br> Class A (NADCX)<br> Class R (GMMRX)<br> Class R6 (GMIMX)<br> Institutional Service Class (NWWKX)<br> Service Class (NSDCX)<br>|

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Nationwide Mutual Funds (the "Trust"), a Delaware statutory trust, is a registered open-end investment company currently consisting of 45 series as of the date hereof. This Statement of Additional Information ("SAI") relates to the 15 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 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, Nationwide Destination 2070 Fund and Nationwide Destination Retirement Fund dated March 2, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;●Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Moderately Conservative Fund and Nationwide Investor Destinations Conservative Fund dated March 2, 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](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001048702/000104870225000012/primary-document.htm) 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

ii

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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_757effaf-d077-437a-919c-f3b2e272ee09_1) | 1 |
| [Additional Information on Portfolio Instruments, Strategies and Investment Policies](#xx_757effaf-d077-437a-919c-f3b2e272ee09_1) | 1 |
| [Portfolio Turnover](#xx_757effaf-d077-437a-919c-f3b2e272ee09_49) | 49 |
| [Investment Restrictions](#xx_757effaf-d077-437a-919c-f3b2e272ee09_50) | 50 |
| [Disclosure of Portfolio Holdings](#xx_757effaf-d077-437a-919c-f3b2e272ee09_52) | 52 |
| [Trustees and Officers of the Trust](#xx_757effaf-d077-437a-919c-f3b2e272ee09_53) | 53 |
| [Investment Advisory and Other Services](#xx_757effaf-d077-437a-919c-f3b2e272ee09_60) | 60 |
| [Brokerage Allocation](#xx_757effaf-d077-437a-919c-f3b2e272ee09_71) | 71 |
| [Additional Information on Purchases and Sales](#xx_757effaf-d077-437a-919c-f3b2e272ee09_79) | 79 |
| [Valuation of Shares](#xx_757effaf-d077-437a-919c-f3b2e272ee09_83) | 83 |
| [Systematic Investment Strategies](#xx_757effaf-d077-437a-919c-f3b2e272ee09_84) | 84 |
| [Investor Privileges](#xx_757effaf-d077-437a-919c-f3b2e272ee09_85) | 85 |
| [Investor Services](#xx_757effaf-d077-437a-919c-f3b2e272ee09_87) | 87 |
| [Additional Information](#xx_757effaf-d077-437a-919c-f3b2e272ee09_87) | 87 |
| [Additional General Tax Information for All Funds](#xx_757effaf-d077-437a-919c-f3b2e272ee09_89) | 89 |
| [Major Shareholders](#xx_757effaf-d077-437a-919c-f3b2e272ee09_103) | 103 |
| [Appendix](#xx_1faf3acc-bd27-40eb-8697-dbee85e194e4_1)[A – Debt Ratings](#xx_1faf3acc-bd27-40eb-8697-dbee85e194e4_1) | A-1 |
| [Appendix](#xx_e28a6966-c4bf-47c3-9243-bf660f861365_1)[B – Proxy Voting Guidelines Summaries](#xx_e28a6966-c4bf-47c3-9243-bf660f861365_1) | B-1 |
| [Appendix](#xx_6b1f456a-ff73-45e2-8576-77bd4d6f9cae_1)[C – Portfolio Managers](#xx_6b1f456a-ff73-45e2-8576-77bd4d6f9cae_1) | C-1 |
| [Appendix](#xx_b63aca54-60cd-42d7-8f58-493bdd6b3043_1)[D – 5% Shareholders](#xx_b63aca54-60cd-42d7-8f58-493bdd6b3043_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 45 separate series, each with its own investment objective.

Each of the Funds featured herein is a diversified fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act").

**Additional Information on Portfolio Instruments, Strategies 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.

With respect to the Funds, this SAI uses the term "Fund" to include the underlying mutual funds or other investments ("Underlying Funds") in which such Funds invest. Please review the discussions in the Prospectuses for further information regarding the investment objectives and policies of each Fund, including their respective Underlying Funds.

The Funds are "funds-of-funds," which means that each Fund invests primarily in other mutual funds. The Prospectuses discuss the investment objectives and strategies for the Funds and explain the types of Underlying Funds in which each Fund may invest. Underlying Funds invest in stocks, bonds, other securities and investments and reflect varying amounts of potential investment risk and reward. Each Fund allocates its assets among the different Underlying Funds, and each Fund is permitted to invest in the Nationwide Contract (described in more detail below).

**Fund-of-Funds Investing** 

Each Fund is a "fund-of-funds" that seeks to meet its respective objective by investing primarily in shares of affiliated investment companies. The Trust relies on Rule 12d1-4 under the 1940 Act which generally permits, subject to the conditions stated in the rule, the Funds to invest up to 100% of their respective assets in shares of other investment companies. 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 management fee paid by a 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.

**Investment Strategies** 

The Funds strive to provide shareholders with a high level of diversification across major asset classes primarily through both professionally designed asset allocation models and professionally selected investments in the Underlying Funds. Nationwide Fund Advisors, the Funds' investment adviser ("NFA" or the "Adviser") first determines each Fund's asset class allocation. NFA bases this decision on each Fund's anticipated risk level, the expected return potential of each asset class, the anticipated risks or volatility of each asset class and similarities or differences in the typical investment cycle of the various asset classes. NFA has sole responsibility for determining each Fund's asset class allocation and the selection of the Underlying Funds. As the investment adviser to the Funds, NFA has a fiduciary duty to each Fund and must act in each Fund's best interests.

In general, a Fund may not invest in all Underlying Funds identified in the Prospectus or this SAI, but instead may select a limited number of Underlying Funds considered most appropriate for each Fund's investment objective. In selecting Underlying Funds, NFA considers a variety of factors in the context of current economic and market conditions, including an Underlying Fund's investment strategy, risk profile and historical performance.

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The potential rewards and risks associated with each Fund depend on both the asset class allocation and the chosen mix of Underlying Funds. NFA periodically reviews asset class allocations and continually monitors the mix of Underlying Funds, and will make changes either to the asset class allocations, the mix of Underlying Funds, or the Underlying Funds themselves in seeking to meet the investment objective of each Fund. There can be no guarantee, however, that any of the Funds will meet its respective objective.

Many of the Underlying Funds in which the Funds may invest, such as index funds and index exchange-traded funds ("ETFs"), follow "passive" investment strategies. Unlike active managers, portfolio managers that follow passive investment strategies do not buy or sell securities based on economic, market or individual security analysis. Instead, the portfolio managers of these Underlying Funds seek to assemble portfolios of securities expected to approximately match the performance of specifically designated indices. The portfolio managers generally make changes to such Underlying Fund portfolio holdings only as needed to maintain alignment with the respective index. A potential benefit of passively managed index funds is low shareholder expenses, which may enhance returns.

The investment performance of each Fund is directly related to the investment performance of the Underlying Funds. The ability of a Fund to meet its investment objective depends upon the allocation of the Fund's assets among the Underlying Funds and the ability of an Underlying Fund to meet its own investment objective. It is possible that an Underlying Fund will fail to execute its investment strategies effectively. As a result, an Underlying Fund may not meet its investment objective, which would affect a Fund's investment performance. There can be no assurance that the investment objective of any Fund or any Underlying Fund will be achieved. Further, any changes made in the Underlying Funds, such as changes in investment objectives or strategies, may affect the performance of the Funds that invest in the Underlying Funds.

Each Nationwide Target Destination Fund (as defined below) will be designated by a target date intended to represent the approximate retirement year for the investor (assumed to be the year in which the investor is closest to age 65). As the target date approaches, each Nationwide Target Destination Fund will adjust and become increasingly conservative in its risk profile. The Nationwide Destination Retirement Fund is intended for investors who have already retired. Periodically, each Nationwide Investor Destinations Fund (as defined below) will adjust its asset allocation target ranges to ensure broad diversification and to adjust to changes in market conditions.

The **Nationwide Target Destination Funds** include the following Funds:

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

Nationwide Destination 2070 Fund

Nationwide Destination Retirement Fund

The **Nationwide Investor Destinations Funds** include the following Funds:

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

The following is a list of the underlying mutual funds that are part of the Nationwide group of funds (the "Nationwide Funds") in which the Funds may currently invest. The Funds also are permitted to invest in unaffiliated funds, including exchange-traded funds. This list may be updated from time to time. NFA has employed a subadviser(s) for each Underlying Fund listed below. Each of the Underlying Funds is described in its respective prospectus.

Nationwide Bond Portfolio

Nationwide Fundamental All Cap Equity Portfolio

Nationwide Government Money Market Fund

Nationwide GQG US Quality Equity Fund

Nationwide Inflation-Protected Securities Fund

Nationwide International Equity Portfolio

Nationwide International Index Fund

Nationwide Large Cap Equity Portfolio

Nationwide Loomis Core Bond Fund

Nationwide Loomis Short Term Bond Fund

Nationwide Mid Cap Market Index Fund

Nationwide Small Cap Index Fund

Nationwide Strategic Income Fund

Nationwide U.S. 130/30 Equity Portfolio

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**Bank and Corporate Loans** 

A Fund 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.

**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.

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*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** 

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 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

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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** 

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.

*Collateralized Loan Obligations ("CLOs").* 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 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

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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.

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.

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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 the 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 the 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 limit the 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.

*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

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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, a Fund must rely entirely on the credit assessment of the Fund's 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.

**Derivative Instruments** 

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<sup>®</sup> 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 requirements and restrictions on the Funds' use of derivatives 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 affects 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.

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*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 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.

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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 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

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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, 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.

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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.

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

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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*. 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 "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 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.

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*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.

*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.

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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.

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.

*Equity Swaps*. The 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 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 Funds 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 Funds 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 Funds 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 Funds on the notional amount. In other cases, the counterparty and the Funds 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 Funds 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

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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 Funds are contractually entitled to receive, if any.

*Credit Default Swaps*. A 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.

*Total Return Swaps*. A 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 Funds 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.

*Inflation Swaps*. The Funds may enter into inflation swaps. Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swap agreements may be used by a Fund to hedge the inflation risk in nominal bonds (i.e., non-inflation-indexed bonds) thereby creating "synthetic" inflation-indexed bonds. Among other reasons, one factor that may lead to changes in the values of inflation swap agreements are changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, which may lead to a change in the value of an inflation swap agreement. Additionally, payments received by a Fund from

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inflation swap agreements will result in taxable income, either as ordinary income or capital gains, which will increase the amount of taxable distributions received by shareholders. Inflation swap agreements are not currently subject to mandatory central clearing and exchange-trading.

*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.

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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.

*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

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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.

*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.

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**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 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 Underlying 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 Underlying Funds' exposure to certain companies, sectors, regions, and countries and may affect the Underlying 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 Underlying Funds' performance relative to similar funds that do not adhere to such criteria or apply such analysis. Additionally, an Underlying 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 an Underlying 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 Underlying Funds may invest in companies that do not reflect the beliefs and values of any particular investor.

**Exchange-Traded Notes** 

The Funds may invest in exchange-traded notes ("ETNs"), which are debt securities linked to an underlying index. Similar to ETFs, an ETN's valuation is derived, in part, from the value of the index to which it is linked. ETNs, however, also bear the characteristics and risks of fixed-income securities, including credit risk and change in rating risk.

**Floating- and 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.

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.

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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** 

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.

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

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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 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.

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*Investment in Emerging Markets*. The Funds 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.

*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.

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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 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.

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*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.

*Foreign Sovereign Debt*. 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.

*Investing through Stock Connect*. An Underlying 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

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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 the Underlying 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 the Underlying Fund may experience delays in transacting via Stock Connect. The stocks of Chinese companies that are owned by an Underlying Fund are held in an omnibus account and registered in nominee name. Please also see the sections on risks relating to investing outside the United States and investing in emerging markets. See "Foreign Securities" above regarding investing outside the United States.

*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.

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

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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 Fund 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.

**Lending Portfolio Securities** 

Each Fund may lend its portfolio securities (including shares of ETFs) 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;

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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.

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** 

*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.

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*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 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.

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**Mortgage- and Asset-Backed Securities** 

The Funds 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.

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.

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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 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

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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, 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

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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 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. Under recently finalized rules of the Financial Industry Regulatory Authority (FINRA), the TBA market is subject to mandatory margin requirements that require a Fund to post collateral in connection with its TBA transactions. Throughout the duration of each transaction, a Fund or the counterparty will make payments as collateral values fluctuate to maintain full collateralization for the term of the transaction. Collateral will be marked-to-market each business day. In the event a counterparty defaults on the transaction or declares bankruptcy or insolvency, a Fund may incur expenses in enforcing its rights, or the Fund may experience delay and costs in recovering collateral or may sustain a loss if the value of the collateral declines. 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

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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** 

The Funds 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.

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.

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*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.

**Nationwide Contract** 

Each Fund may invest in the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued by Nationwide Life Insurance Company ("Nationwide Life"). The Nationwide Contract has a stable principal value and pays a fixed rate of interest to each Fund that invests in the contract, which is currently adjusted on a quarterly basis. If Nationwide Life becomes unable to pay interest or repay principal under the contract, a Fund may lose money. Because the entire contract is issued by a single issuer, the financial health of such issuer may have a greater impact on the value of a Fund that invests in it. Nationwide Life could decide to stop issuing the Nationwide Contract in its current form, and instead offer the Funds a new fixed interest contract (or amend the existing contract). NFA can increase or redeem all or a portion of a Fund's investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. Neither the Funds, the Adviser, Nationwide Life nor any of its affiliates guarantee a Fund's performance or that a Fund will provide a certain level of income.

The Funds' portfolio managers believe that the stable nature of the Nationwide Contract may reduce a Fund's volatility and overall risk, especially during periods when the market values of bonds and other debt securities decline. However, under certain market conditions, such as when the market values of bonds and other debt securities increase, investing in the Nationwide Contract could hamper a Fund's performance.

**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.

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The spread of the human coronavirus disease beginning in 2019 ("COVID-19") is an example. COVID-19 has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread 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 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. Although the WHO and the United States ended their declarations of COVID-19 as a global health emergency in May 2023, 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.

*Artificial Intelligence ("AI")*. The rapid development and increasingly widespread use of certain AI technologies, including machine learning models and generative AI, may adversely impact markets, the overall performance of a Fund's investments, or the services provided to a Fund by its service providers. For example, issuers in which a Fund invests and/or service providers to the Funds may use and/or expand the use of AI technologies in their business operations, and the challenges with properly managing its use could result in reputational harm, competitive harm, legal liability, and/or an adverse effect on business operations.

AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through the use of AI could be insufficient, incomplete, inaccurate or biased and lead to adverse effects for a Fund, including, potentially, operational errors and investment losses. Additionally, the use of AI technologies could impact the market as a whole, including through the use of AI by malicious actors for market manipulation, fraud and cyberattacks. The use of AI technologies may face regulatory scrutiny in the future, which could limit the development of AI and impede the growth of companies that develop and use AI. Actual usage of AI technologies by

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a Fund's service providers and issuers in which a Fund invests will vary. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

**Preferred Stocks, Convertible Securities and Other Equity Securities** 

The Funds may invest in preferred stocks and other types of convertible securities. 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. A Fund 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** 

The Funds 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, a Fund 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.

**Redemption Fee Risk** 

Certain unaffiliated Underlying Funds may charge redemption fees to shareholders who redeem their Underlying Fund shares within a specified period of time following the purchase of such shares. Ordinarily, a mutual fund that imposes redemption fees does so in order to deter investors from engaging in excessive or short-term trading, often referred to as "market timing," and to reimburse it for transaction costs borne by other fund shareholders on account of market timing activity. The Funds do not intend to engage in market timing in Underlying Fund shares. However, each Fund will place purchase and redemption orders in shares of Underlying Funds pursuant to an established asset allocation model in response to daily purchases and redemptions of such Fund's own shares, to conduct periodic rebalancing of the Fund's assets to conform to the established model following periods of market fluctuation, and in response to changes made to an existing asset allocation model itself. While the portfolio managers will attempt to conduct each Fund's purchase and redemption of Underlying Fund shares in a manner to avoid or minimize subjecting the Fund to redemption fees, there may be instances where payment of such fees is unavoidable or the portfolio managers are not successful in minimizing their impact.

**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

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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.

In December 2023, the SEC adopted rule amendments that require any covered clearing agency ("CCA") for U.S. Treasury securities to mandate that each of its direct participants (generally banks and broker-dealers that meet certain membership criteria) submit for clearance and settlement all eligible secondary market U.S. Treasury securities transactions to which they are a counterparty. The clearing requirement extends to all repurchase and reverse repurchase agreements of such direct participants that are collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions for which a bank acts as agent for custody, collateral management, and settlement services. These transactions had not historically been subject to mandatory central clearing, and voluntary central clearing of such transactions has generally been limited.

Treasury repo transactions entered into by a Fund with any direct participant of a CCA will be subject to this mandatory clearing requirement. Compliance with the clearing mandate for Treasury repo transactions will be required by June 30, 2027, at which time a Fund will be obligated to clear all or substantially all of its Treasury repo transactions. There are, at present, significant regulatory and operational uncertainties related to the implementation of these requirements, which may affect the cost, terms, and/or availability of cleared Treasury repo transactions.

**Restricted, Non-Publicly Traded and Illiquid Securities** 

Each Fund may not invest more than 15% (5% with respect to an underlying 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.

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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 assesses, manages, and periodically reviews its liquidity risk.

*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.

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 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").

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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** 

*Exchange-Traded Funds*. The Funds 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** 

Certain Underlying 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

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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.

An Underlying 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, 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.

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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.

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 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 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** 

The Funds 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.

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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.

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 Funds 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 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 or for other cash management purposes, or if a Fund's adviser or 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. See also "Short-Term Instruments."

**U.S. Government Securities and U.S. Government Agency Securities** 

Each Fund 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, and by various agencies or instrumentalities which have been established or sponsored by the U.S. government.

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 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 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 securities to assist the institutions in

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meeting their debt obligations. Finally, other agencies and instrumentalities, such as the Farm Credit System and 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 a 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 future status and role of FNMA and FHLMC could be impacted by various actions and developments, including actions taken by the FHFA in FHFA's role as conservator, restrictions placed on FNMA and FHLMC, and future legislative and regulatory actions and developments that alter the operations, ownership, structure and/or mission of FNMA and FHLMC. Such developments may, in turn, impact the value of securities issued or guaranteed by FNMA and FHLMC, which could cause a Fund to lose value.

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 the Funds 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. For example, in May 2025, the long-term sovereign credit rating of the U.S. government was downgraded by Fitch and Moody's, citing a combination of expected fiscal deterioration, a high and growing federal debt, rising interest rates, and an erosion of governance relative to peers. Future downgrades could similarly contribute to increased volatility in U.S. and international financial markets, lead to higher interest rates, put downward pressure on the market value of U.S. Treasury securities, and raise the cost of borrowing across a range of debt instruments.

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*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.

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. Each Fund 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** 

The Funds may invest or hold warrants or 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.

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**When-Issued Securities and 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 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** 

The Funds may invest in zero coupon securities, step-coupon securities, 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.

**Portfolio Turnover** 

The portfolio turnover rate for each Fund is calculated by dividing the lesser of purchases or 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 will generally result in higher brokerage expenses, and may increase the volatility of the Fund.

The Funds had no significant variation in their portfolio turnover rates for the fiscal years ended December 31, 2025 and 2024.

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**Investment Restrictions** 

The following are fundamental investment restrictions for the Funds 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 (1) 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 (2) a majority of the outstanding voting securities, whichever is less.

**Each Fund:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not 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 SAI of the Fund.

&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 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not 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.

&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.

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 seventh 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. Each 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.

Note, however, that the fundamental investment limitations described above do not prohibit each Fund from investing all or substantially all of its assets in the shares of other registered, open-end investment companies, such as the Underlying Funds.

The following are the non-fundamental operating policies of each of the Funds, which may be changed by the Board of Trustees without shareholder approval:

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**Each Fund may not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Purchase or otherwise acquire any security if, as a result, more than 15% 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.

Note, however, that the non-fundamental investment limitations described above do not prohibit each Fund from investing all or substantially all of its assets in the shares of other registered, open-end investment companies, such as the Underlying Funds.

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.

For purposes of a Fund's fundamental concentration policy set forth above, while a Fund may not concentrate, the aggregation of holdings of the Underlying Funds may result in a Fund indirectly having concentrated assets in a particular industry or group of industries or in a single issuer. Any indirect concentration occurs as a result of the Underlying Funds following their own investment objectives and strategies. In addition, to the extent a Fund makes direct investments in securities and instruments not issued by other investment companies, such Fund will consider the industries to which such direct investments belong for purposes of applying the Fund's concentration policy. Also, to the extent an Underlying Fund has adopted a policy to concentrate in a particular industry, the Fund will take such policy into account to the extent it invests in such Underlying Fund. However, each Fund does not look through to the holdings of Underlying Funds for purposes of the applicable Fund's concentration 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.

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**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.

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 Funds 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.

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; 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; Proxymity Limited; Broadridge Financial Solutions, Inc.; Glass Lewis & Co, LLC; Advent Software, Inc.; SWIFT SC; Access Fintech, Inc.; FilePoint EDGAR Services, LLC; PricewaterhouseCoopers LLP; S&P Global Inc.; EquiLend LLC; WTax (VAT IT Group Ltd); SitusAMC Holdings Corp.; and, on occasion, to transition managers

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such as BlackRock Institutional Trust Company; Capital Institutional Services; State Street Bank and Trust Company; Electra Information Systems; or Citigroup, 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.

**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 45 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 | 114 |
| **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 | 114 |
| **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**  |

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| | | |
|:---|:---|:---|
| **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 | 114 |
| **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. |
| **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>| 114 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Mr. Karlawish was a Partner, and Senior Wealth Advisor with Curi RMB Capital from August 2022 to October <br> 2025. Previously, he was Senior Director of Wealth Management with Curi Wealth Management which acquired Park Ridge <br> Asset Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset <br> Management, LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. <br> Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T <br> Variable Insurance Funds from February 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Mr. Karlawish was a Partner, and Senior Wealth Advisor with Curi RMB Capital from August 2022 to October <br> 2025. Previously, he was Senior Director of Wealth Management with Curi Wealth Management which acquired Park Ridge <br> Asset Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset <br> Management, LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. <br> Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T <br> Variable Insurance Funds from February 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Mr. Karlawish was a Partner, and Senior Wealth Advisor with Curi RMB Capital from August 2022 to October <br> 2025. Previously, he was Senior Director of Wealth Management with Curi Wealth Management which acquired Park Ridge <br> Asset Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset <br> Management, LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. <br> Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T <br> Variable Insurance Funds from February 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 | 114 |
| **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 | 114  |

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| | | |
|:---|:---|:---|
| **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. |
| **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 | 114 |
| **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. |

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<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** |
| 1978 | 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.  |

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| | |
|:---|:---|
| **Nicholas T. Graham** | **Nicholas T. Graham** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1982 | Vice President and Chief Compliance Officer since December 2025 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**Mr. Graham is Vice President of NFA and Chief <br> Compliance Officer of NFA and the Trust. He previously served as AVP, Chief Compliance Officer for the Nationwide <br> Office of Investments and its registered investment adviser, Nationwide Asset Management, LLC.<sup>1</sup> | **Principal Occupation(s) During the Past Five Years (or Longer)**Mr. Graham is Vice President of NFA and Chief <br> Compliance Officer of NFA and the Trust. He previously served as AVP, Chief Compliance Officer for the Nationwide <br> Office of Investments and its registered investment adviser, Nationwide Asset Management, LLC.<sup>1</sup> |
| **Stephen R. Rimes** | **Stephen R. Rimes** |
| **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. |

---

<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

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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.

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

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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 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. 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), Mr. Karlawish and Ms. Kosel, each of whom is an Independent Trustee.

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**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 |
| 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; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Kristina Bradshaw | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Lorn C. Davis | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Keith F. Karlawish | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Carol A. Kosel | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| Charlotte Petersen | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &nbsp;&nbsp; N/A |
| David E. Wezdenko | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; None | &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; $38721 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $149500 |
| Kristina Bradshaw | &nbsp;&nbsp; 100229 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 390000 |
| Lorn C. Davis | &nbsp;&nbsp; 105696 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 411250  |

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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>|
| Keith F. Karlawish | &nbsp;&nbsp; 127220 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 495000 |
| Carol A. Kosel | &nbsp;&nbsp; 104089 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 405000 |
| Douglas F. Kridler<sup>2</sup> | &nbsp;&nbsp; 101197 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 393750 |
| Barbara I. Jacobs<sup>2</sup> | &nbsp;&nbsp; 99913 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 388750 |
| Charlotte Petersen | &nbsp;&nbsp; 98941 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 385000 |
| David E. Wezdenko | &nbsp;&nbsp; 106660 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 415000 |

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<sup>1</sup>

As of October 31, 2025, the Fund Complex included two trusts comprised of 114 investment company funds or series.

<sup>2</sup>

Mr. Kridler and Ms. Jacobs retired as Trustees effective December 31, 2025.

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** 

**Target Destination Funds** 

**Trust Expenses** 

The Trust, on behalf of the Target Destination Funds, pays a unified management fee, as discussed in more detail below, pays the compensation of the Trustees who are not "interested persons" of the Trust (as such term is defined in the 1940 Act) ("Independent Trustees"); interest charges; taxes; Rule 12b-1 fees; fees and expenses of legal counsel to the Independent Trustees; the cost of investment securities and other investment assets and expenses connected with the execution, recording, and settlement of portfolio security transactions; short sale dividend expenses; administrative services fees under an Administrative Services Plan; the cost of share certificates representing shares of the Trust; expenses incurred by a Fund in connection with any merger or reorganization or any other non-routine expenses not incurred in the ordinary course of a Fund's business. NFA may, from time to time, agree to voluntarily or contractually waive a portion of the unified management fee in order to limit total operating expenses for each Fund and/or classes.

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**Unified Fee Management Agreement** 

Under a Unified Fee Management Agreement with the Trust, NFA manages the Target Destination Funds in accordance with the policies and procedures established by the Board. For these services, each Target Destination Fund pays NFA a unified management fee of 0.13% of the Fund's average daily net assets. Out of that fee, NFA pays substantially all of the expenses of managing and operating a Fund, including those related to investment advisory services; mutual fund administration (including the daily calculation of each Fund's net asset value); transfer agency; custody of the Funds' assets; governmental fees; membership dues in the Investment Company Institute allocable to the Trust; fees and expenses of independent certified public accountants; fees and expenses of legal counsel to the Trust (excluding fees for any extraordinary matters or legal fees and costs in contemplation or arising out of litigation to which the Funds, the officers or the Trustees are a party or incurred in anticipation of becoming a party); expenses of preparing, filing, printing, and mailing shareholder reports, notices, proxy statements, and reports to governmental agencies; insurance and bonding premiums; the compensation and expenses of the Trust's officers and Trustees who are "interested persons" of NFA; expenses relating to the issuance, registration, and qualification of shares of the Funds; and expenses related to printing and delivering prospectuses, statements of additional information and shareholder reports and supplements to any of the aforementioned to existing shareholders.

Under the unified fee arrangement, the Trust, and not NFA, is responsible for payment of compensation to and expenses of the independent Trustees; interest charges; taxes; Rule 12b-1 fees; fees and expenses of legal counsel to the independent Trustees; the cost of investment securities (and other investment assets) and expenses connected with the execution, recording, and settlement of portfolio security transactions; short sale dividend expenses; the cost of share certificates representing shares of the Trust; administrative services fees under an Administrative Services Plan; expenses incurred by a Fund in connection with any merger or reorganization or any other expenses not incurred in the ordinary course of a Fund's business.

The unified management fee paid to NFA is in addition to, and does not include, the indirect investment management fees and other operating expenses that the Funds pay as shareholders of an affiliated or unaffiliated Underlying Fund. NFA and the Board concur that the fees paid to NFA are for services in addition to the services provided by the Underlying Funds and do not duplicate those services.

The Unified Fee Management 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 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 or NFA, on not more than 60 days' written notice. The Agreement further provides that NFA may render similar services to others.

**Investor Destinations Funds** 

**Trust Expenses** 

The Trust, on behalf of the Investor Destinations Funds, pays the compensation and expenses of the Independent Trustees and the compensation of the Trustees who are not employees of Nationwide Investment Management Group ("NIMG"), or its affiliates, and all expenses (other than those assumed by NFA), 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 each Investor Destinations Fund, as described below.

**Investment Advisory Agreement** 

Under the Investment Advisory Agreement (the "Agreement") with the Trust, NFA manages the Investor Destinations Funds in accordance with the policies and procedures established by the Trustees. For services provided under the Investment Advisory Agreement, NFA receives from each Investor Destinations Fund an annual fee, paid monthly, of 0.13%, based on average daily net assets of each Fund.

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 one year 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 or NFA, on not more than 60 days' written notice. The Agreement further provides that NFA may render similar services to others.

**Investment Adviser** 

NFA manages the day-to-day investments of the assets of the Funds. NFA, located at One Nationwide Plaza, Mail Code 1-18-102, Columbus, Ohio 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.

NFA pays the compensation of the officers of the Trust employed by NFA and pays the compensation and expenses of the 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.

**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 certain Funds. In this regard, NFA has entered into an expense limitation agreement with the Trust on behalf of the Investor Destinations 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.

With respect to the Investor Destinations Funds, 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 below; 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.

------

NFA has agreed contractually to waive advisory fees and, if necessary, reimburse expenses to limit total annual fund operating expenses for all share classes of the Investor Destinations Funds of the Trust to 0.25% until at least March 2, 2027. The expense limitation excludes 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. ("JPMorgan") (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; and expenses incurred by a Fund in connection with any merger or reorganization. The expense limitation also may exclude other nonroutine expenses not incurred in the ordinary course of the Funds' business.

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**Investment Advisory Fees** 

During the fiscal years ended October 31, 2025, 2024 and 2023, the Funds paid NFA fees for investment advisory services, after waivers and reimbursements as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Years Ended October 31,** | **Fiscal Years Ended October 31,** | **Fiscal Years Ended October 31,** | **Fiscal Years Ended October 31,** | **Fiscal Years Ended October 31,** | **Fiscal Years Ended October 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | **Fees Paid** | **Fees Waived and/or Reimbursed** | **Fees Paid** | **Fees Waived and/or Reimbursed** | **Fees Paid** | **Fees Waived and/or Reimbursed** |
| Nationwide Destination 2030 Fund | &nbsp;&nbsp; $257817 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $268841 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $250145 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2035 Fund | &nbsp;&nbsp; 253699 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 255866 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 229232 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2040 Fund | &nbsp;&nbsp; 242765 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 233363 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 207251 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2045 Fund | &nbsp;&nbsp; 213278 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 211284 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 182854 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2050 Fund | &nbsp;&nbsp; 222999 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 207410 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 172145 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2055 Fund | &nbsp;&nbsp; 141360 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 138365 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 111939 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2060 Fund | &nbsp;&nbsp; 76155 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 65492 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 50798 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2065 Fund | &nbsp;&nbsp; 15770 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10372 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 6609 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2070 Fund | &nbsp;&nbsp; 888 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Destination Retirement Fund | &nbsp;&nbsp; 237893 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 132181 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 141096 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Aggressive Fund<br>| &nbsp;&nbsp; 847192 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 857494 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1106489 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Conservative Fund<br>| &nbsp;&nbsp; 348205 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 395746 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 506050 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderate <br> Fund<br>| &nbsp;&nbsp; 847024 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 905238 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1178300 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderately Aggressive Fund<br>| &nbsp;&nbsp; 1173829 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1224601 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1600310 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderately Conservative Fund<br>| &nbsp;&nbsp; 294248 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 330683 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 410066 | &nbsp;&nbsp; N/A |

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**Manager-of-Managers Structure** 

NFA and the Trust have received from the SEC two exemptive orders for the 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.

NFA has no current intention to hire a subadviser for the Funds. In instances where NFA would hire a subadviser, pursuant to the exemptive orders, NFA monitors and evaluates any subadvisers, which includes performing initial due diligence on prospective subadvisers for the Funds, selecting the 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 would have responsibility for communicating performance expectations and evaluations to the subadvisers 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 would regularly provide written reports to the Board of Trustees regarding the results of its evaluation and monitoring functions. Although NFA would 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

Nationwide Fund Management LLC

Nationwide Life Insurance Company

Nationwide Life and Annuity Insurance Company

Jefferson National Life Insurance Company

Jefferson National Life Insurance Company of New York

Nationwide Financial Services, Inc.

Nationwide Corporation

Nationwide Mutual Insurance Company

Christopher Graham

Nicholas T. Graham

Joseph N. Aniano

------

Lee T. Cummings

Stephen R. Rimes

David Majewski

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 amounts of underwriting commissions received (which includes front-end sales charges and contingent deferred sales charges) by NFD from the sale of fund shares and the amounts retained by NFD after reallowances to dealers for the Funds listed below for the fiscal years ended October 31, 2025, 2024 and 2023:

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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,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained**<br> **by**<br> **Distributor**<br>| **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>|
| Nationwide Destination 2030 Fund | &nbsp;&nbsp; $3437 | &nbsp;&nbsp; $495 | &nbsp;&nbsp; $2304 | &nbsp;&nbsp; $332 | &nbsp;&nbsp; $2771 | &nbsp;&nbsp; $379 |
| Nationwide Destination 2035 Fund | &nbsp;&nbsp; 4619 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 3802 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 6132 | &nbsp;&nbsp; 794 |
| Nationwide Destination 2040 Fund | &nbsp;&nbsp; 3342 | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 100 |
| Nationwide Destination 2045 Fund | &nbsp;&nbsp; 3069 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 2855 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 3155 | &nbsp;&nbsp; 415 |
| Nationwide Destination 2050 Fund | &nbsp;&nbsp; 3486 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 2568 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 2534 | &nbsp;&nbsp; 343 |
| Nationwide Destination 2055 Fund | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 126 |
| Nationwide Destination 2060 Fund | &nbsp;&nbsp; 1561 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 981 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 4239 | &nbsp;&nbsp; 653 |
| Nationwide Destination 2065 Fund | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; Nationwide Destination Retirement <br> Fund<br>| &nbsp;&nbsp; 3361 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 1473 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Aggressive Fund<br>| &nbsp;&nbsp; 64092 | &nbsp;&nbsp; 9093 | &nbsp;&nbsp; 41073 | &nbsp;&nbsp; 6005 | &nbsp;&nbsp; 40740 | &nbsp;&nbsp; 5963 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Conservative Fund<br>| &nbsp;&nbsp; 21762 | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 29506 | &nbsp;&nbsp; 3281 | &nbsp;&nbsp; 54130 | &nbsp;&nbsp; 5961 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderate Fund<br>| &nbsp;&nbsp; 47533 | &nbsp;&nbsp; 6885 | &nbsp;&nbsp; 70101 | &nbsp;&nbsp; 9801 | &nbsp;&nbsp; 70940 | &nbsp;&nbsp; 12584 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderately Aggressive Fund<br>| &nbsp;&nbsp; 34840 | &nbsp;&nbsp; 4959 | &nbsp;&nbsp; 54870 | &nbsp;&nbsp; 7277 | &nbsp;&nbsp; 60848 | &nbsp;&nbsp; 9319 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderately Conservative Fund<br>| &nbsp;&nbsp; 28405 | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 24312 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 22801 | &nbsp;&nbsp; 825 |

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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 the Funds' Class A (distribution or service fee)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●0.50% of the average daily net assets of the Funds' Class R shares (0.25% of which will be a distribution fee and 0.25% of which will be considered a service fee)

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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;●0.25% of the average daily net assets of the Investor Destinations Funds' Service Class shares (0.25% 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** |
| Nationwide Destination 2030 Fund | &nbsp;&nbsp; $101345 | &nbsp;&nbsp; $200438 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2035 Fund | &nbsp;&nbsp; 98701 | &nbsp;&nbsp; 192337 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2040 Fund | &nbsp;&nbsp; 93483 | &nbsp;&nbsp; 191738 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2045 Fund | &nbsp;&nbsp; 93304 | &nbsp;&nbsp; 171917 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2050 Fund | &nbsp;&nbsp; 89909 | &nbsp;&nbsp; 184013 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2055 Fund | &nbsp;&nbsp; 65689 | &nbsp;&nbsp; 100950 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2060 Fund | &nbsp;&nbsp; 37535 | &nbsp;&nbsp; 30574 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2065 Fund | &nbsp;&nbsp; 5955 | &nbsp;&nbsp; 7427 | &nbsp;&nbsp; N/A |
| Nationwide Destination 2070 Fund | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; N/A |
| Nationwide Destination Retirement Fund | &nbsp;&nbsp; 89404 | &nbsp;&nbsp; 214073 | &nbsp;&nbsp; N/A |
| Nationwide Investor Destinations Aggressive Fund | &nbsp;&nbsp; 199504 | &nbsp;&nbsp; 185387 | &nbsp;&nbsp; $660047 |
| Nationwide Investor Destinations Conservative Fund | &nbsp;&nbsp; 214361 | &nbsp;&nbsp; 79107 | &nbsp;&nbsp; 129648 |
| Nationwide Investor Destinations Moderate Fund | &nbsp;&nbsp; 303236 | &nbsp;&nbsp; 261377 | &nbsp;&nbsp; 466431 |
| Nationwide Investor Destinations Moderately Aggressive Fund | &nbsp;&nbsp; 338052 | &nbsp;&nbsp; 361056 | &nbsp;&nbsp; 688426 |
| Nationwide Investor Destinations Moderately Conservative Fund | &nbsp;&nbsp; 133985 | &nbsp;&nbsp; 76963 | &nbsp;&nbsp; 131665 |

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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:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Prospectus**<br> **Printing &**<br> **Mailing**<sup>1</sup> <br>| **Distributor**<br> **Compensation**<br> **& Costs**<br>| **Broker-Dealer**<br> **Compensation**<br> **& Costs**<br>|
| Nationwide Destination 2030 Fund | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $818 | &nbsp;&nbsp; $300965 |
| Nationwide Destination 2035 Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 290275 |
| Nationwide Destination 2040 Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 284163 |
| Nationwide Destination 2045 Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1031 | &nbsp;&nbsp; 264190 |
| Nationwide Destination 2050 Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 273204 |
| Nationwide Destination 2055 Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 166381 |
| Nationwide Destination 2060 Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 68019 |
| Nationwide Destination 2065 Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 13349 |
| Nationwide Destination 2070 Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 0 |
| Nationwide Destination Retirement Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 303161 |
| Nationwide Investor Destinations Aggressive Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 9628 | &nbsp;&nbsp; 1035310 |
| Nationwide Investor Destinations Conservative Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (19547) | &nbsp;&nbsp; 442663 |
| Nationwide Investor Destinations Moderate Fund | &nbsp;&nbsp; 0 | (825) | &nbsp;&nbsp; 1031869 |
| Nationwide Investor Destinations Moderately Aggressive Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 16872 | &nbsp;&nbsp; 1370662 |
| Nationwide Investor Destinations Moderately Conservative Fund | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4596 | &nbsp;&nbsp; 338017 |

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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 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

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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 0.25% of the average daily net assets of the Class A, Class R, Service Class and Institutional Service Class shares of the Funds, respectively. 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 $3,877,612, $3,894,848, and $4,917,390, respectively, in administrative services fees from the Funds.

**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

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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, the Target Destination Funds did not pay any fund administration and transfer agency fees. During the fiscal years ended October 31, 2025, 2024 and 2023, the Investor Destinations Funds paid NFM the following fund administration and transfer agency fees, including reimbursement for payment of networking fees:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Year Ended**<br> **October 31, 2023**<br>|
| Nationwide Investor Destinations Aggressive Fund | &nbsp;&nbsp; $192164 | &nbsp;&nbsp; $185406 | &nbsp;&nbsp; $222127 |
| Nationwide Investor Destinations Conservative Fund | &nbsp;&nbsp; 105406 | &nbsp;&nbsp; 108417 | &nbsp;&nbsp; 116322 |
| Nationwide Investor Destinations Moderate Fund | &nbsp;&nbsp; 188153 | &nbsp;&nbsp; 193437 | &nbsp;&nbsp; 233996 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately Aggressive <br> Fund<br>| &nbsp;&nbsp; 242354 | &nbsp;&nbsp; 246494 | &nbsp;&nbsp; 303971 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>| &nbsp;&nbsp; 96445 | &nbsp;&nbsp; 97352 | &nbsp;&nbsp; 100059 |

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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.

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>|
| Nationwide Destination 2030 Fund | &nbsp;&nbsp; $32441 | &nbsp;&nbsp; $(162) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(30819) | &nbsp;&nbsp; $(30981) | &nbsp;&nbsp; $1460 |
| Nationwide Destination 2035 Fund | &nbsp;&nbsp; $28492 | &nbsp;&nbsp; $(177) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(26725) | &nbsp;&nbsp; $(26902) | &nbsp;&nbsp; $1590 |
| Nationwide Destination 2040 Fund | &nbsp;&nbsp; $30389 | &nbsp;&nbsp; $(162) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(28763) | &nbsp;&nbsp; $(28925) | &nbsp;&nbsp; $1464 |
| Nationwide Destination 2045 Fund | &nbsp;&nbsp; $28678 | &nbsp;&nbsp; $(121) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(27467) | &nbsp;&nbsp; $(27588) | &nbsp;&nbsp; $1090 |
| Nationwide Destination 2050 Fund | &nbsp;&nbsp; $22231 | &nbsp;&nbsp; $(219) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(20043) | &nbsp;&nbsp; $(20262) | &nbsp;&nbsp; $1969 |
| Nationwide Destination 2055 Fund | &nbsp;&nbsp; $29344 | &nbsp;&nbsp; $(112) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(28223) | &nbsp;&nbsp; $(28335) | &nbsp;&nbsp; $1009 |
| Nationwide Destination 2060 Fund | &nbsp;&nbsp; $8793 | &nbsp;&nbsp; $(32) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(8474) | &nbsp;&nbsp; $(8506) | &nbsp;&nbsp; $287 |
| Nationwide Destination 2065 Fund | &nbsp;&nbsp; $3914 | &nbsp;&nbsp; $(16) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(3757) | &nbsp;&nbsp; $(3773) | &nbsp;&nbsp; $141  |

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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>|
| Nationwide Destination 2070 Fund | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Nationwide Destination Retirement Fund | &nbsp;&nbsp; $63051 | &nbsp;&nbsp; $(317) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(59884) | &nbsp;&nbsp; $(60201) | &nbsp;&nbsp; $2850 |
| &nbsp;&nbsp; Nationwide Investor Destinations Aggressive <br> Fund<br>| &nbsp;&nbsp; $230533 | &nbsp;&nbsp; $(1197) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(218558) | &nbsp;&nbsp; $(219755) | &nbsp;&nbsp; $10778 |
| &nbsp;&nbsp; Nationwide Investor Destinations Conservative <br> Fund<br>| &nbsp;&nbsp; $266704 | &nbsp;&nbsp; $(1383) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(252868) | &nbsp;&nbsp; $(254251) | &nbsp;&nbsp; $12453 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderate <br> Fund<br>| &nbsp;&nbsp; $519965 | &nbsp;&nbsp; $(2255) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(497411) | &nbsp;&nbsp; $(499666) | &nbsp;&nbsp; $20299 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Aggressive Fund<br>| &nbsp;&nbsp; $281246 | &nbsp;&nbsp; $(1206) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(269185) | &nbsp;&nbsp; $(270391) | &nbsp;&nbsp; $10855 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>| &nbsp;&nbsp; $172156 | &nbsp;&nbsp; $(1093) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(161216) | &nbsp;&nbsp; $(162309) | &nbsp;&nbsp; $9847 |

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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;

&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.

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**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** 

PricewaterhouseCoopers LLP, Two Commerce Square, 2001 Market St., Suite 1800, Philadelphia, PA 19103, 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. Because the Funds invest primarily in shares of the Underlying Funds it is expected that all transactions in portfolio securities for these Funds will be entered into by the Underlying Funds. 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 a 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

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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 of affiliated Underlying Funds 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 a Funds' operating expenses. Commission recapture is a form of institutional discount brokerage that returns commission dollars directly to a 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 a 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, a 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.

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During the fiscal years ended October 31, 2025, 2024 and 2023, the Target Destination Funds and the Investor Destinations Funds paid the following brokerage commissions:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Year Ended**<br> **October 31, 2023**<br>|
| Nationwide Destination 2030 Fund | &nbsp;&nbsp; $110 | &nbsp;&nbsp; $677 | &nbsp;&nbsp; $213 |
| Nationwide Destination 2035 Fund | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 762 | &nbsp;&nbsp; 232 |
| Nationwide Destination 2040 Fund | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 141 |
| Nationwide Destination 2045 Fund | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 182 |
| Nationwide Destination 2050 Fund | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 175 |
| Nationwide Destination 2055 Fund | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 113 |
| Nationwide Destination 2060 Fund | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 62 |
| Nationwide Destination 2065 Fund | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 3 |
| Nationwide Destination 2070 Fund | &nbsp;&nbsp; 10 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Nationwide Destination Retirement Fund | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 87 |
| Nationwide Investor Destinations Aggressive Fund | &nbsp;&nbsp; 4301 | &nbsp;&nbsp; 8091 | &nbsp;&nbsp; 96 |
| Nationwide Investor Destinations Conservative Fund | &nbsp;&nbsp; 8571 | &nbsp;&nbsp; 2448 | &nbsp;&nbsp; 438 |
| Nationwide Investor Destinations Moderate Fund | &nbsp;&nbsp; 5221 | &nbsp;&nbsp; 8179 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately Aggressive <br> Fund<br>| &nbsp;&nbsp; 4006 | &nbsp;&nbsp; 10377 | &nbsp;&nbsp; 386 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>| &nbsp;&nbsp; 3782 | &nbsp;&nbsp; 3620 | &nbsp;&nbsp; 284 |

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During the fiscal years ended October 31, 2025, 2024 and 2023, neither the Investor Destinations Funds nor the Target Destination Funds held direct investments in securities of their regular broker-dealers or paid brokerage commissions to affiliated brokers.

**Other Dealer Compensation** 

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.

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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

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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 Renaissance Small Cap Growth 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.

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*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:

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| | |
|:---|:---|
| **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 |

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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.

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*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.

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*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 Renaissance Small Cap Growth 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.

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*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 table shows 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.

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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**<br> **% of offering price**<br>|
| less than $50,000 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 5.00% |
| $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 |  |  |  |

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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;

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

(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 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 or more, 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

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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 Class A Contingent Deferred Sales Charge** 

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

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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 is18 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 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,

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"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 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

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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.

**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 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. Investments in other registered open-end mutual funds are valued based on the NAV for those mutual funds, which in turn may use fair value pricing. The Prospectuses for those underlying mutual funds should explain the circumstances under which those funds will use fair value pricing and the effects of using fair value pricing. Equity securities (including shares of exchange traded funds) 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 approved by the Board. Securities traded on NASDAQ 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 generally are valued at the bid evaluation price provided by a third-party pricing service.

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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. The Board of Trustees will oversee the Adviser's fair value determinations and its performance as valuation designee. 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. 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 results of fair valuation determinations and regularly reports the results to the Board or a committee of the Board. 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 or an underlying mutual 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 or underlying fund's NAV is calculated, a Fund or underlying 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 or underlying fund's foreign investments since their last closing prices were calculated on their primary securities markets or exchanges. When a Fund or an underlying fund uses fair value pricing, the 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.

In addition to performing the 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.

**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 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.

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**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.

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

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then redeem those Class A shares within 18 months of the original purchase, the applicable CDSC will be the CDSC for the original 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.

**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 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.

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**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.

**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.

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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, Institutional Service Class, Class R6 |
| Nationwide Bailard Small Cap Value Fund\*<sup>1</sup> | Class A, Class M, Institutional Service Class, Class R6 |
| Nationwide Bailard Technology Fund\*<sup>2</sup> | Class A, Class M, Institutional Service Class, Class R6 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund\* | &nbsp;&nbsp; Class A, Class R, Institutional Service Class, Class R6, <br> Eagle Class<br>|
| Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund\*<br>| &nbsp;&nbsp; Class A, Class K, Institutional Service Class, Class R6, <br> Eagle Class<br>|
| Nationwide Bond Index Fund\* | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Bond Portfolio\* | Class R6 |
| Nationwide Destination 2030 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination 2035 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination 2040 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination 2045 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination 2050 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination 2055 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination 2060 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination 2065 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination 2070 Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Destination Retirement Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Fund\* | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Fundamental All Cap Equity Portfolio\* | Class R6 |
| Nationwide Geneva Mid Cap Growth Fund\* | Class A, Institutional Service Class, Class R6 |
| Nationwide Geneva Small Cap Growth Fund\* | Class A, Institutional Service Class, Class R6 |
| Nationwide Government Money Market Fund\* | Service Class, Investor Shares, Class R6 |
| Nationwide GQG US Quality Equity Fund\* | Class A, Institutional Service Class, Eagle Class, Class R6 |
| Nationwide Inflation-Protected Securities Fund\* | Class A, Institutional Service Class, Class R6 |
| Nationwide International Equity Portfolio\* | Class R6 |
| Nationwide International Index Fund\* | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide International Small Cap Fund\* | Class A, Institutional Service Class, Class R6 |
| Nationwide Invesco Core Plus Bond Fund\*<sup>3</sup> | Class A, Institutional Service Class, Class R6 |
| Nationwide Investor Destinations Aggressive Fund | &nbsp;&nbsp; Class A, Class R, Institutional Service Class, Class R6, <br> Service Class<br>|
| Nationwide Investor Destinations Conservative Fund | &nbsp;&nbsp; Class A, Class R, Institutional Service Class, Class R6, <br> Service Class<br>|
| Nationwide Investor Destinations Moderate Fund | &nbsp;&nbsp; Class A, Class R, Institutional Service Class, Class R6, <br> Service Class<br>|
| Nationwide Investor Destinations Moderately Aggressive <br> Fund<br>| &nbsp;&nbsp; Class A, Class R, Institutional Service Class, Class R6, <br> Service Class<br>|
| Nationwide Investor Destinations Moderately Conservative <br> Fund<br>| &nbsp;&nbsp; Class A, Class R, Institutional Service Class, Class R6, <br> Service Class<br>|
| Nationwide Large Cap Equity Portfolio\* | Class R6 |
| Nationwide Loomis All Cap Growth Fund\* | Class A, Institutional Service Class, Class R6, Eagle Class |
| Nationwide Loomis Core Bond Fund\* | Class A, Institutional Service Class, Class R6, Eagle Class |
| Nationwide Loomis Short Term Bond Fund\* | Class A, Institutional Service Class, Class R6 |
| Nationwide Mid Cap Market Index Fund\* | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide NYSE Arca Tech 100 Index Fund\* | Class A, Institutional Service Class, Class R6 |
| Nationwide Renaissance Small Cap Growth Fund\*<sup>4</sup> | Class A, Class R6, Institutional Service Class  |

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| | |
|:---|:---|
| **Series** | **Share Classes** |
| Nationwide S&P 500 Index Fund\* | &nbsp;&nbsp; Class A, Class R, Service Class, Institutional Service Class, <br> Class R6<br>|
| Nationwide Schroders Global Equity Fund\*<sup>5</sup> | Class A, Class R6, Institutional Service Class |
| Nationwide Small Cap Index Fund\* | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Strategic Income Fund\*<sup>6</sup> | Class A, Class R6, Institutional Service Class |
| Nationwide U.S. 130/30 Equity Portfolio\* | Class R6 |

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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 February 23, 2026. Formerly, Nationwide WCM Focused Small Cap Fund.

<sup>5</sup>

Name change effective November 17, 2025. Formerly, Nationwide Global Sustainable Equity Fund.

<sup>6</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.

**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.

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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.

Unless otherwise indicated, the discussion below with respect to a Fund includes in the case of a Fund invested in an Underlying Fund classified as a regulated investment company, its pro rata share of the dividends and distributions paid by such Underlying Fund. In addition, unless otherwise indicated, the tax consequences described below in respect of the Fund's investments apply to any investments made directly by the Fund and to any investments made by an Underlying Fund that is a regulated investment company.

***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.*** 

**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 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.

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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 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 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:

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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;●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.

*Fund-of-funds*. Because the Fund is a fund-of-funds, distributions by the Underlying Funds, redemptions of shares in the Underlying Funds and changes in asset allocations may result in taxable distributions to shareholders of ordinary income or capital gains. A fund-of-funds generally will not be able to currently offset gains realized by one Underlying Fund in which the fund-of-funds invests against losses realized by another Underlying Fund. If shares of an Underlying Fund are purchased within 30 days before or after redeeming at a loss other shares of that Underlying Fund (whether pursuant to a rebalancing of the Fund's portfolio or otherwise), all or a part of the loss will not be deductible by the Fund and instead will increase its basis for the newly purchased shares. Also, except with respect to qualified fund-of-funds discussed below, a fund-of-funds (a) is not eligible to pass-through to shareholders foreign tax credits from an Underlying Fund that pays foreign income taxes (see, "Taxation of Fund Distributions– Pass-through of foreign tax credits" below), (b) is not eligible to pass-through to shareholders exempt-interest dividends from an Underlying Fund, and (c) dividends paid by a fund-of-funds from interest earned by an Underlying Fund on U.S. government obligations is unlikely to be exempt from state and local income tax (see, "U.S. government securities" below). However, a fund-of-funds is eligible to pass-through to shareholders qualified dividends earned by an Underlying Fund (see, "Taxation of Fund Distributions "—Qualified dividend income for individuals" and "—Dividends-received deduction for corporations"). A qualified fund-of-funds, i.e., a Fund at least 50 percent of the value of the total assets of which (at the close of each quarter of the taxable year) is represented by interests in other RICs, is eligible to pass-through to shareholders (a) foreign tax credits, and (b) exempt-interest dividends.

*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.

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*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 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. 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

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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 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. The 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. The 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, 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, or if the Fund is a qualified fund-of-funds (i.e., a fund at least 50 percent of the value of the total assets of which, at the close of each quarter of the taxable year, is represented by interests in other RICs), 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

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(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 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 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. 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. However, see, "Taxation of the Fund– Fund-of-funds" above.

*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

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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.

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.

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*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.

*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.

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*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 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

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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 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

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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.

*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.

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*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

● 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.

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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 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 U.S. 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

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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 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.

**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 NIMG. 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 the shares of any class of the Trust.

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| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Percent of Fund Shares Owned by Trustees/Officers** |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Aggressive Fund<br>| Institutional Service Class | &nbsp;&nbsp; 9% |

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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 a Fund.

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**APPENDIX A**

**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**

**PROXY VOTING GUIDELINES SUMMARIES**

**<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.

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.

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**<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.

**ISS' 2025 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;

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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 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 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

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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;●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 trigger threshold and other terms of the pill;

● The disclosed rationale for the adoption;

● The trigger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The context in which the pill was adopted, (e.g., factors such as the company's size and stage of development, sudden changes in its market capitalization, and extraordinary industry-wide or macroeconomic events);

● A commitment to put any renewal to a shareholder vote;

● The company's overall track record on corporate governance and responsiveness to shareholders; 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

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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 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.

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.

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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

&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.

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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:

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.

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**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;

● 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.

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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.

**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.

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● 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.

**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.

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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;●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.

**SPECIAL PURPOSE ACQUISITION CORPORATIONS (SPACS) - PROPOSALS FOR EXTENSIONS** 

The main purpose of SPACs is to identify and acquire a viable target within a specified timeframe, and failure to achieve this objective within the allotted time calls into question management's ability to execute its primary objective. The end of that timeframe is generally referred to as the termination date.

**General Recommendation:** Generally support requests to extend the termination date by up to one year from the SPAC's original termination date (inclusive of any built-in extension options, and accounting for prior extension requests).

Other factors that may be considered include: any added incentives, business combination status, other amendment terms, and, if applicable, use of money in the trust fund to pay excise taxes on redeemed shares.

**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.

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**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; or

● 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.

&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.

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**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.

**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;

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&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);

&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);

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

&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.

**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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.

<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.

------

**Appendix C**

**Portfolio Managers** 

**INVESTMENTS IN EACH FUND** 

---

| | | |
|:---|:---|:---|
| **Name of Portfolio**<br> **Manager**<br>| **Fund Name** | &nbsp;&nbsp; **Dollar Range of**<br> **Investments in**<br> **Each Fund (as of**<br> **October 31, 2025)**<br>|
| *Nationwide Fund Advisors* | *Nationwide Fund Advisors* | *Nationwide Fund Advisors* |
| Christopher C. Graham | Nationwide Destination 2030 Fund |  |
| Christopher C. Graham | Nationwide Destination 2035 Fund |  |
| Christopher C. Graham | Nationwide Destination 2040 Fund |  |
| Christopher C. Graham | Nationwide Destination 2045 Fund |  |
| Christopher C. Graham | Nationwide Destination 2050 Fund |  |
| Christopher C. Graham | Nationwide Destination 2055 Fund |  |
| Christopher C. Graham | Nationwide Destination 2060 Fund |  |
| Christopher C. Graham | Nationwide Destination 2065 Fund |  |
| Christopher C. Graham | Nationwide Destination 2070 Fund |  |
| Christopher C. Graham | Nationwide Destination Retirement Fund |  |
| Christopher C. Graham | Nationwide Investor Destinations Aggressive Fund |  |
| Christopher C. Graham | Nationwide Investor Destinations Conservative Fund |  |
| Christopher C. Graham | Nationwide Investor Destinations Moderate Fund | $100001-$500000 |
| Christopher C. Graham | &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Aggressive Fund<br>|  |
| Christopher C. Graham | &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>|  |
| Keith P. Robinette, CFA | Nationwide Destination 2030 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination 2035 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination 2040 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination 2045 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination 2050 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination 2055 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination 2060 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination 2065 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination 2070 Fund |  |
| Keith P. Robinette, CFA | Nationwide Destination Retirement Fund |  |
| Keith P. Robinette, CFA | Nationwide Investor Destinations Aggressive Fund |  |
| Keith P. Robinette, CFA | Nationwide Investor Destinations Conservative Fund |  |
| Keith P. Robinette, CFA | Nationwide Investor Destinations Moderate Fund |  |
| Keith P. Robinette, CFA | &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Aggressive Fund<br>| $100001-$500000 |
| Keith P. Robinette, CFA | &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>|  |

---

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---

| | | |
|:---|:---|:---|
| **Name of Portfolio**<br> **Manager**<br>| **Fund Name** | &nbsp;&nbsp; **Dollar Range of**<br> **Investments in**<br> **Each Fund (as of**<br> **October 31, 2025)**<br>|
| Andrew Urban, CFA | Nationwide Destination 2030 Fund |  |
| Andrew Urban, CFA | Nationwide Destination 2035 Fund |  |
| Andrew Urban, CFA | Nationwide Destination 2040 Fund |  |
| Andrew Urban, CFA | Nationwide Destination 2045 Fund |  |
| Andrew Urban, CFA | Nationwide Destination 2050 Fund |  |
| Andrew Urban, CFA | Nationwide Destination 2055 Fund |  |
| Andrew Urban, CFA | Nationwide Destination 2060 Fund |  |
| Andrew Urban, CFA | Nationwide Destination 2065 Fund |  |
| Andrew Urban, CFA | Nationwide Destination 2070 Fund |  |
| Andrew Urban, CFA | Nationwide Destination Retirement Fund |  |
| Andrew Urban, CFA | Nationwide Investor Destinations Aggressive Fund |  |
| Andrew Urban, CFA | Nationwide Investor Destinations Conservative Fund |  |
| Andrew Urban, CFA | Nationwide Investor Destinations Moderate Fund |  |
| Andrew Urban, CFA | &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Aggressive Fund<br>| $100001-$500000 |
| Andrew Urban, CFA | &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>|  |

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**DESCRIPTION OF COMPENSATION STRUCTURE**

**<u>Nationwide Fund Advisors ("NFA")</u>** 

NFA uses a compensation structure that is designed to attract and retain high-caliber investment professionals. Portfolio managers are compensated based primarily on the scale and complexity of all of their NFA responsibilities, including but not limited to portfolio responsibilities. Portfolio manager compensation is reviewed annually and may be modified at any time as appropriate to adjust the factors used to determine bonuses or other compensation components.

Each portfolio manager is paid a base salary that NFA believes is industry competitive in light of the portfolio manager's experience and responsibility. In addition, each portfolio manager is eligible to receive an annual cash bonus that is derived from both quantitative and non-quantitative factors. Quantitative factors include the financial performance of NFA or its parent company. Fund performance is not a specific factor in determining a portfolio manager's compensation. Also significant in annual compensation determinations are subjective factors as identified by NFA's Chief Executive Officer or such other managers as may be appropriate. The compensation of portfolio managers with other job responsibilities (such as managerial, providing analytical support for other accounts, etc.) will include consideration of the scope of such responsibilities and the managers' performance in meeting them. Annual bonuses may vary significantly from one year to the next based on all of these factors. High performing portfolio managers may receive annual bonuses that constitute a substantial portion of their respective total compensation.

Certain portfolio managers also are eligible to participate in a non-qualified deferred compensation plan sponsored by Nationwide Mutual Life Insurance Company, NFA's ultimate parent company. Such plan affords participating employees the tax benefits of deferring the receipt of a portion of their cash compensation. Portfolio managers also may participate in benefit plans and programs available generally to all NFA employees.

------

**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.

---

| | |
|:---|:---|
| **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>|
| **Nationwide Fund Advisors** | **Nationwide Fund Advisors** |
| Christopher C. Graham | &nbsp;&nbsp; Mutual Funds: 36 accounts, $23.9 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Christopher C. Graham | &nbsp;&nbsp; Other Pooled Investment Vehicles: 27 accounts, $1.0 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Christopher C. Graham | &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>|
| Keith P. Robinette, CFA | &nbsp;&nbsp; Mutual Funds: 36 accounts, $23.9 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Keith P. Robinette, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 27 accounts, $1.0 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Keith P. Robinette, 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>|
| Andrew Urban, CFA | &nbsp;&nbsp; Mutual Funds: 36 accounts, $23.9 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Andrew Urban, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 27 accounts, $1.0 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Andrew Urban, 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>|

---

**POTENTIAL CONFLICTS OF INTEREST**

**<u>Nationwide Fund Advisors</u>** 

It is possible that conflicts of interest may arise in connection with the portfolio manager's management of the Funds on the one hand, and other accounts or activities for which the portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he advises or activities in which he participates. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts or products, a portfolio manager may take action with respect to another account or product that differs from the action taken with respect to the Fund. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. The Trust has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.

------

**Appendix D**

**5% Shareholders** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE DESTINATION 2030 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4020296.865 | 84.28% |
| NATIONWIDE DESTINATION 2030 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 385847.912 | 8.09% |
| NATIONWIDE DESTINATION 2030 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4793661.005 | 99.93% |
| NATIONWIDE DESTINATION 2030 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3589160.729 | 71.44% |
| NATIONWIDE DESTINATION 2030 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 1363392.522 | 27.14% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4642983.734 | 60.87% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2985176.713 | 39.13% |
| NATIONWIDE DESTINATION 2035 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3571434.498 | 85.72%  |

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------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE DESTINATION 2035 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 240751.982 | 5.78% |
| NATIONWIDE DESTINATION 2035 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4120927.218 | 99.92% |
| NATIONWIDE DESTINATION 2035 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3569024.539 | 73.57% |
| NATIONWIDE DESTINATION 2035 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 1250458.990 | 25.77% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4213312.718 | 63.20% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2453150.486 | 36.80% |
| NATIONWIDE DESTINATION 2040 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3497055.939 | 84.88% |
| NATIONWIDE DESTINATION 2040 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 280212.206 | 6.80% |
| NATIONWIDE DESTINATION 2040 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4152916.112 | 100.00%  |

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------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE DESTINATION 2040 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3115674.565 | 73.80% |
| NATIONWIDE DESTINATION 2040 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 1046428.683 | 24.79% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4373043.488 | 62.95% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> INSTITUTONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2574273.618 | 37.05% |
| NATIONWIDE DESTINATION 2045 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3107999.202 | 80.92% |
| NATIONWIDE DESTINATION 2045 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 380692.497 | 9.91% |
| NATIONWIDE DESTINATION 2045 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3574313.998 | 100.00% |
| NATIONWIDE DESTINATION 2045 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2802336.744 | 79.14% |
| NATIONWIDE DESTINATION 2045 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 710503.142 | 20.06%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3387304.980 | 67.51% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1629826.560 | 32.49% |
| NATIONWIDE DESTINATION 2050 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3117161.846 | 78.75% |
| NATIONWIDE DESTINATION 2050 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 668386.212 | 16.88% |
| NATIONWIDE DESTINATION 2050 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3817704.666 | 99.98% |
| NATIONWIDE DESTINATION 2050 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3025328.800 | 75.26% |
| NATIONWIDE DESTINATION 2050 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 918387.501 | 22.85% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3685228.228 | 57.20%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2756997.653 | 42.80% |
| NATIONWIDE DESTINATION 2055 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1848746.695 | 95.30% |
| NATIONWIDE DESTINATION 2055 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> P O BOX 182029<br> COLUMBUS OH 43218-2029<br>| 22526.909 | 1.16% |
| NATIONWIDE DESTINATION 2055 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1298805.918 | 100.00% |
| NATIONWIDE DESTINATION 2055 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1260584.721 | 73.34% |
| NATIONWIDE DESTINATION 2055 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 393537.975 | 22.89% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2129909.696 | 87.55% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 302906.126 | 12.45% |
| NATIONWIDE DESTINATION 2060 FUND CLASS A | &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1197903.455 | 93.78%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE DESTINATION 2060 FUND CLASS A | &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 38881.059 | 3.04% |
| NATIONWIDE DESTINATION 2060 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 478323.970 | 99.95% |
| NATIONWIDE DESTINATION 2060 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 801952.206 | 74.43% |
| NATIONWIDE DESTINATION 2060 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> GPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 273501.249 | 25.38% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1442782.347 | 80.41% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> FBP PARTICIPATING RETIREMENT PLANS<br> NTC-PLNS<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 351477.002 | 19.59% |
| NATIONWIDE DESTINATION 2065 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 198360.823 | 93.99% |
| NATIONWIDE DESTINATION 2065 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 8779.115 | 4.16%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| NATIONWIDE DESTINATION 2065 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 103803.651 | 100.00% |
| NATIONWIDE DESTINATION 2065 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 155301.966 | 60.23% |
| NATIONWIDE DESTINATION 2065 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 100347.283 | 38.92% |
| NATIONWIDE DESTINATION 2065 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2138.186 | 0.83% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 357094.922 | 93.03% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> (NTC-PLNS)<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 26735.580 | 6.97% |
| NATIONWIDE DESTINATION 2070 FUND CLASS A | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 524.386 | 100.00% |
| NATIONWIDE DESTINATION 2070 FUND CLASS R | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 523.368 | 100.00% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2070 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 525.436 | 100.00%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4353819.811 | 80.56% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> QPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 180166.910 | 3.33% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT FUND <br> CLASS R<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 6327504.550 | 100.00% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 5795790.145 | 70.58% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 2201519.356 | 26.81% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> DCVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 4707810.838 | 62.04% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION RETIREMENT FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> FBO PARTICIPATING RETIREMENT PLANS<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2816372.206 | 37.11% |
| NATIONWIDE DESTINATION 2070 FUND CLASS R6 | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> ATTN IMG FINANCE<br> 1 NATIONWIDE PLZ 1 33 13<br> COLUMBUS OH 43215-2239<br>| 103717.183 | 96.27%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 1246432.636 | 15.04% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 1033645.570 | 12.47% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DRIVE EAST<br> JACKSONVILLE FL 32246-6484<br>| 962030.521 | 11.61% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 777530.257 | 9.38% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 719326.484 | 8.68% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 712676.112 | 8.60% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS R<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 3717991.692 | 99.29% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 25777819.805 | 91.74%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> 1 NATIONWIDE PLZ # 1-33-401<br> COLUMBUS OH 43215-2239<br>| 1174206.555 | 4.18% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 101038.418 | 28.98% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 61298.197 | 17.58% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 45809.002 | 13.14% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DR E<br> JACKSONVILLE FL 32246-6484<br>| 33182.621 | 9.52% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> GPVA<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 17315192.399 | 61.50% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> AGGRESSIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 10838267.274 | 38.50% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 1214256.008 | 15.76%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 1063874.087 | 13.81% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 847436.059 | 11.00% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DRIVE EAST<br> JACKSONVILLE FL 32246-6484<br>| 662996.776 | 8.60% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 537796.639 | 6.98% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 500384.187 | 6.49% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 417771.683 | 5.42% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 393664.423 | 5.11% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS R<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1296511.386 | 84.24%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS R<br>| &nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> CASSIDY CORP 401(K) PROFIT SHARING<br> 1251 WATERFRONT PLACE, SUITE 525<br> PITTSBURGH PA 15222-4228<br>| 190590.824 | 12.38% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 6227884.021 | 92.36% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 721659.516 | 25.67% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| 456856.679 | 16.25% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 326618.357 | 11.62% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 304597.289 | 10.84% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 232787.537 | 8.28% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 209255.350 | 7.44%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 178019.184 | 6.33% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2615943.053 | 49.30% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> CONSERVATIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2556342.325 | 48.18% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 1962459.609 | 15.18% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DRIVE EAST<br> JACKSONVILLE FL 32246-6484<br>| 1684924.354 | 13.04% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND CLASS A<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1596075.621 | 12.35% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 1574991.466 | 12.19% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND CLASS R<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 5482926.661 | 99.61%  |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 26376316.157 | 90.19% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 86582.953 | 21.22% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 62286.736 | 15.26% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 53861.373 | 13.20% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DR E<br> JACKSONVILLE FL 32246-6484<br>| 32210.755 | 7.89% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 24344.661 | 5.97% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 11095664.726 | 54.27% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 9341173.350 | 45.68%  |

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------

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| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 815550.400 | 42.20% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DR E<br> JACKSONVILLE FL 32246-6484<br>| 457467.850 | 23.67% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 168215.884 | 8.71% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 108200.048 | 5.60% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2348455.927 | 17.12% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 2060782.735 | 15.03% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DRIVE EAST<br> JACKSONVILLE FL 32246-6484<br>| 1913047.160 | 13.95% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 1362468.560 | 9.93%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 740151.217 | 5.40% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND CLASS R<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 7980608.648 | 99.90% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 38078116.115 | 92.67% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 16740535.664 | 55.89% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 13210914.643 | 44.11% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 705089.845 | 14.22% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 674414.538 | 13.60% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DRIVE EAST<br> JACKSONVILLE FL 32246-6484<br>| 575979.317 | 11.62%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 399157.727 | 8.05% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 300013.717 | 6.05% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; C/O IPO PORTFOLIO ACCOUNTING<br> NATIONWIDE TRUST COMPANY FSB<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 200795.740 | 4.05% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND CLASS R<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 1486340.300 | 98.91% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 8369386.145 | 92.43% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 58973.323 | 25.69% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015<br> ATTN: COURTNEY WALLER<br> 880 CARILLON PKWY<br> ST PETERSBURG FL 33716-1100<br>| 32065.940 | 13.97% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH<br> FOR THE SOLE BENEFIT OF ITS<br> CUSTOMERS<br> 4800 DEER LAKE DR E<br> JACKSONVILLE FL 32246-6484<br>| 27911.719 | 12.16%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name/Address** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965<br>| 23981.364 | 10.45% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; UBS WM USA<br> 0O0 11011 6100<br> SPEC CDY A/C EBOC UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN NJ 07086-6761<br>| 17321.239 | 7.55% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; TERRI A BRUCKNER<br> TOD<br> 7936 SADDLE RUN<br> POWELL OH 43065-8801<br>| 17060.980 | 7.43% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN LINDSAY O TOOLE<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| 16323.093 | 7.11% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR<br> CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| 13705.371 | 5.97% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| 11999.220 | 5.23% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND SERVICE <br> CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE COMPANY<br> NACO<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2559987.704 | 50.01% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND SERVICE <br> CLASS<br>| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029<br>| 2549913.073 | 49.81% |

---

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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 January 1, 2026, is filed herewith as Exhibit](d49631dex9928d1a.htm) [EX-28.d.1.a.](d49631dex9928d1a.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 January 1, 2026, is filed herewith as Exhibit](d49631dex9928d4c1.htm) [EX-28.d.4.c.1.](d49631dex9928d4c1.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 The Renaissance Group, LLC,](d49631dex9928d4i.htm) [doing business as Renaissance Investment Management, dated February 23, 2026, is filed herewith as Exhibit](d49631dex9928d4i.htm) [EX-28.d.4.i.](d49631dex9928d4i.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](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928d4t.htm) [Management Inc., effective June 10, 2025, previously filed as Exhibit EX-28.d.4.t with the Trust's registration](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928d4t.htm) [statement on December 12, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/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](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928d4u.htm) [North America Inc., effective September 15, 2025, previously filed as Exhibit EX-28.d.4.u with the Trust's](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928d4u.htm) [registration statement on December 12, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/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, previously filed as Exhibit EX-28.g.1.e with](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928g1e.htm) [the Trust's registration statement on December 12, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/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 February 23, 2026, is filed herewith as Exhibit](d49631dex9928h4d.htm) [EX-28.h.4.d.](d49631dex9928h4d.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](d49631dex9928h6.htm) [behalf of the Nationwide Government Money Market Fund, dated March 1, 2026, is filed herewith as Exhibit](d49631dex9928h6.htm) [EX-28.h.6.](d49631dex9928h6.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](d49631dex9928h7.htm) [Government Money Market Fund, dated March 1, 2026, is filed herewith as Exhibit EX-28.h.7.](d49631dex9928h7.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](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928h8.htm) [Nationwide Fund, Nationwide Government Money Market Fund, Nationwide International Equity Portfolio,](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928h8.htm) [Nationwide Loomis Short Term Bond Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928h8.htm) [Index Fund, effective as of March 1, 2025, as amended August 22, 2025, previously filed as Exhibit EX-28.h.8 with](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928h8.htm) [the Trust's registration statement on December 12, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/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,](d49631dex9928h9.htm) [2026, on behalf of the Nationwide Government Money Market Fund, is filed herewith as Exhibit EX-28.h.9.](d49631dex9928h9.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](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928h12.htm) [All Cap Equity Portfolio, effective as of July 1, 2025, previously filed as Exhibit EX-28.h.12 with the Trust's](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928h12.htm) [registration statement on December 12, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Legal Opinion of Stradley Ronon Stevens and Young, LLP is filed herewith as Exhibit EX-28.i.](d49631dex9928i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(j) [Consent of Independent Registered Public Accounting Firm is filed herewith as Exhibit EX-28.j.](d49631dex9928j.htm)

&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,](d49631dex9928p2.htm) [reviewed March 4, 2025, is filed herewith as Exhibit EX-28.p.2.](d49631dex9928p2.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 5, 2025, is filed herewith as Exhibit EX-28.p.4.](d49631dex9928p4.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 and Policy on Personal Trading and Related Activities by Loomis Sayles Personnel for Loomis,](d49631dex9928p7.htm) [Sayles & Company, L.P., effective January 14, 2000, amended September 2025, is filed herewith as Exhibit](d49631dex9928p7.htm) [EX-28.p.7.](d49631dex9928p7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Code of Ethics for Renaissance Investment Management, dated December 31, 2024, is filed herewith as Exhibit](d49631dex9928p8.htm) [EX-28.p.8.](d49631dex9928p8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Code of Ethics and Personal Trading Policy for Nationwide Asset Management, LLC, dated April 2025, is filed](d49631dex9928p9.htm) [herewith as Exhibit EX-28.p.9.](d49631dex9928p9.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 February 11, 2025, is filed](d49631dex9928p10.htm) [herewith as Exhibit EX-28.p.10.](d49631dex9928p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Code of Ethics for GQG Partners LLC, dated September 30, 2025, is filed herewith as Exhibit EX-28.p.11.](d49631dex9928p11.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 2025, is filed herewith as](d49631dex9928p12.htm) [Exhibit EX-28.p.12.](d49631dex9928p12.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](d49631dex9928p13.htm) [February 11, 2025, is filed herewith as Exhibit EX-28.p.13.](d49631dex9928p13.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 July 3, 2025, is filed herewith as Exhibit](d49631dex9928p14.htm) [EX-28.p.14.](d49631dex9928p14.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 31, 2025, is filed herewith as](d49631dex9928p16.htm) [Exhibit EX-28.p.16.](d49631dex9928p16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Code of Ethics for Los Angeles Capital Management LLC, dated May 30, 2025, is filed herewith as Exhibit](d49631dex9928p17.htm) [EX-28.p.17.](d49631dex9928p17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Code of Ethics for Victory Capital Management Inc., effective April 1, 2025, is filed herewith as Exhibit](d49631dex9928p18.htm) [EX-28.p.18.](d49631dex9928p18.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 2020,](d49631dex9928p19.htm) [reviewed January 2026, is filed herewith as Exhibit EX-28.p.19.](d49631dex9928p19.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](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928p20.htm) [2025, previously filed as Exhibit EX-28.p.20 with the Trust's registration statement on December 12, 2025, is](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928p20.htm) [hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(q) (1) [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;(2) [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;(3) [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;(4) [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;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [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;(6) [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;(7) [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;(8) [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;(9) [Power of Attorney with respect to the Trust for Joseph Aniano, dated November 13, 2025, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/d28597dex9928q11.htm) [EX-28.q.11 with the Trust's registration statement on December 12, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525317710/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.

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Principal Occupation** | **Position with NFA** | **Position with Funds** |
| Joseph N. 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>|

---

------

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Principal Occupation** | **Position with NFA** | **Position with Funds** |
| 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 |
| 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 |

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------

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Principal Occupation** | **Position with NFA** | **Position with Funds** |
| 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 Small Cap Value Fund (formerly, Nationwide Bailard Cognitive Value Fund), Nationwide Bailard Technology Fund (formerly, 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 two fiscal years, other than in their capacities as a director or officer of affiliated entities.

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| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
| Pramila Agrawal<br> Portfolio Manager, Head of Custom <br> Income Strategies and Director<br>| None. | None. |
| 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<br> 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> 77 Coleman Street, 6<sup>th</sup> Floor, London, <br> England EC2R 5BJ<br>| Representative of Loomis Sayles as a <br> corporate Director<br>|
|  | 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 #05-01/03, Ocean <br> Financial Centre, Singapore 049315<br>| Director  |
|  | Loomis Sayles (Netherlands) B.V.<br> Stadsplateau 7, Utrecht, Netherlands <br> 3521 AZ<br>| Managing Director |
|  | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 <br> Paris<br>| Chairman of the Supervisory Board <br> (2022– 2024)<br>|
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager |
| Matthew J. Eagan<br> Portfolio Manager and Head of Full <br> Discretion and Director<br>| None. | None. |
| Daniel J. Fuss<br> Vice Chairman and Director<br>| None.  | None.  |
| John R. Gidman<br> Chief Operating Officer and Director <br>| NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director and President |

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------

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| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and Chief Executive Officer |
| David L. Giunta<br> Director<br>| Natixis Investment Managers, LLC<br> 888 Boylston Street, Boston, MA<br> 02199<br>| President and Chief Executive Officer, <br> US; Member of the Board of Managers<br>|
|  | Natixis Advisors, LLC<br> 888 Boylston Street, Boston, MA 02199<br>| President and Chief Executive Officer; <br> Member of the Board of Managers<br>|
|  | Natixis Distribution, LLC<br> 888 Boylston Street, Boston, MA 02199<br>| President and Chief Executive Officer; <br> Member of the Board of Managers<br>|
|  | AEW Capital Management, Inc.<br> Two Seaport Lane, Boston, MA 02210<br>| Director |
|  | Gateway Investment Advisers, LLC<br> 312 Walnut Street, Cincinnati, OH 45202<br>| Member of the Board of Managers |
|  | Harris Associates, Inc.<br> 111 South Wacker Drive, Suite 4600, <br> Chicago IL 60606<br>| Director |
|  | Vaughan Nelson Investment <br> Management, Inc.<br> 600 Travis Street, Suite 3800<br> Houston, TX 77002<br>| Director |
|  | 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, 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>|
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager |
| Aziz V. Hamzaogullari<br> Founder, Chief Investment Officer and <br> Portfolio Manager, Growth Equity <br> Strategies, and Director<br>| None. | None. |
| Maurice Leger<br> Head of Global Distribution and Director<br>| Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager |
|  | Loomis Sayles Distributors, L.P.<br> One Financial Center, Boston, MA 02111<br>| President |

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------

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
|  | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 <br> Paris<br>| Supervisory Board Member <br> (2022– 2024)<br>|
| Richard G. Raczkowski<br> Co-Head and Portfolio Manager, Relative <br> Return, and Director<br>| None. | None. |
| Rebecca O'Brien Radford<br> General Counsel, Secretary and Director <br> (1/1/23 to present)<br>| Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director |
|  | Loomis Sayles Investments Limited<br> 77 Coleman Street, 6<sup>th</sup> Floor, London, <br> England EC2R 5BJ<br>| General Counsel and Secretary |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and Secretary |
|  | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 <br> Paris<br>| Supervisory Board Member <br> (2022– 2024)<br>|
|  | NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director and Secretary |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and General Counsel |
| Philippe Setbon<br> Director<br>| Natixis Investment Managers<br> 59, avenue Pierre Mendès-France,75013 <br> Paris, France<br>| Chief Executive Officer (*Directeur* <br> *général*) <br>|
|  | Natixis<br> 7 Promenade Germaine Sablon, 75013 <br> Paris, France<br>| Member of Senior Management <br> Committee<br> Deputy Chief Executive Officer <br> (*directeur général délégué*) <br> (2025– present)<br>|
|  | Natixis TradEx Solutions<br> 59 avenue Pierre Mendès-France, 75013 <br> Paris, France<br>| Director (2020– 2024) |
|  | Harris Associates, Inc.<br> 111 South Wacker Drive, Suite 4600<br> Chicago, Illinois 60606<br>| Director (2024– present) |
|  | AEW Europe<br> 43 avenue Pierre Mendès-France<br> 75013 Paris, France<br>| Chair of the Board of Directors <br> (Président du conseil d'administration) <br> (2024– present)<br>|
|  | DNCA Finance<br> 19 place Vendôme<br> 75001 Paris, France<br>| Chair of Supervisory Board (Président du <br> comité de surveillance) (2024– present)<br>|
|  | AEW Capital Management, Inc.<br> Two Seaport Lane, Boston Massachusetts <br> 02210<br>| Director (2024– present) |
| Susan L. Sieker<br> Chief Financial Officer and Director<br>| Loomis Sayles Investments Limited<br> 77 Coleman Street, 6<sup>th</sup> Floor, London, <br> England EC2R 5BJ<br>| Chief Financial Officer |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and Chief Financial Officer |

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------

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
|  | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 <br> Paris<br>| Supervisory Board Member <br> (2022– 2024)<br>|
|  | Loomis Sayles Investments Asia Pte. Ltd.<br> 10 Collyer Quay #05-01/03, Ocean <br> Financial Centre, Singapore 049315<br>| Director |
|  | NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director and Treasurer |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and Chief Financial Officer |
| David L. WaldmanChief Investment <br> Officer and Director<br>| Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 <br> Paris <br>| Supervisory Board Member <br> (2022– 2024)<br>|

---

(j) The Renaissance Group LLC, doing business as Renaissance Investment Management ("Renaissance") acts as subadviser to the Nationwide Renaissance Small Cap Growth Fund. To the knowledge of the Registrant, the directors and officers of Renaissance 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> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301<br>| Sole Member |
| Rajiv Jain, Chairman, Chief Investment <br> Officer and Manager | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 1<sup>8th</sup> Floor<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> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<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  |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager\*\* | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<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  |

---

------

---

| | | |
|:---|:---|:---|
| **Name and Position with**<br> **Investment Adviser**<br>| **Name and Principal Business**<br> **Address of Other Company**<br>| **Connection with Other Company** |
| Charles Falck<br> Deputy Chief Financial Officer\*\*\* | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301<br>| Deputy Chief Financial Officer (as of <br> June 2025); formerly, Chief Operating <br> Officer <br>|
| Charles Falck<br> Deputy Chief Financial Officer\*\*\* | GQG Global UCITS ICAV<br> 2<sup>nd</sup> Floor, 5 Earlsfort Terrace<br> Dublin D2<br> Ireland<br>| Director  |
| Charles Falck<br> Deputy Chief Financial 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  |
| Charles Falck<br> Deputy Chief Financial Officer\*\*\* | GQG Private Capital Solutions LLC\*<br> 909 A St, Suite 810<br> Tacoma, WA 98402<br>| Deputy Chief Financial Officer (as of <br> June 2025)<br>|
| Todd LaFountaineChief Operating <br> Officer | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301<br>| Chief Operating Officer (since June <br> 2025)<br>|
| Todd LaFountaineChief Operating <br> Officer | GQG Partners Community <br> Empowerment Foundation\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301<br>| Board Member  |
| Todd LaFountaineChief Operating <br> Officer | GQG Private Capital Solutions LLC\*<br> 909 A St, Suite 810<br> Tacoma, WA 98402<br>| Chief Operating Officer (since June <br> 2025)<br>|
| Sal DiGangi, Global Chief Compliance <br> Officer | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301<br>| Global Chief Compliance Officer |
| Sal DiGangi, Global Chief Compliance <br> Officer | GQG Private Capital Solutions LLC\*909 <br> A St, Suite 810Tacoma, WA 98402<br>| Chief Compliance Officer |
| Frederick H. Sherley, General Counsel <br> and Secretary | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<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 |

---

\* Affiliated entity

\*\* Melodie Zakaluk will retire effective 12.31.2025

\*\*\* Charles Falck will become Chief Financial Officer upon Melodie Zakaluk's retirement

(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.

------

&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.

---

| | |
|:---|:---|
| **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 |

---

(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.

---

| | | |
|:---|:---|:---|
| **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 |

---

------

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  | Director/Officer | Director/Officer |
| Bradford Rowe |  |  | Officer | Officer |
| Linda Barker |  |  | Officer | Officer |
| Liz Mueller |  |  | Officer | Officer |
| Steve Oetomo |  |  | Officer | Officer |

---

(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.

---

| | | |
|:---|:---|:---|
| **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 N. Aniano | Manager | President, Chief Executive Officer and <br> Principal Executive Officer<br>|

---

(c) Not applicable.

ITEM 33. LOCATION OF ACCOUNTS AND RECORDS

J.P. Morgan Investor Services Co.

1 Beacon Street

Boston, Massachusetts 02108-3002

------

Nationwide Funds Group

One Nationwide Plaza

Columbus, OH 43215

ITEM 34. MANAGEMENT SERVICES

Not applicable.

ITEM 35. UNDERTAKINGS

Not applicable.

------

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, and has duly caused this Post-Effective Amendment Nos. 293/319 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 19<sup>th</sup> day of February, 2026.

---

| | |
|:---|:---|
| NATIONWIDE MUTUAL FUNDS | NATIONWIDE MUTUAL FUNDS |
| BY: | /s/ Allan J. Oster |
|  | Allan J. Oster, Assistant Secretary and Attorney-In-Fact for Registrant |

---

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/ Keith F. Karlawish\*</u>

Keith F. Karlawish, Trustee and Chairman

<u>/s/ Carol A. Kosel\*</u>

Carol A. Kosel, 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, Assistant Secretary and Attorney-In-Fact

------

## Exhibit 99.28

**EX-28.d.1.a** 

**EXHIBIT A** 

**INVESTMENT ADVISORY AGREEMENT** 

**BETWEEN** 

**NATIONWIDE FUND ADVISORS AND NATIONWIDE MUTUAL FUNDS** 

Effective May 1, 2007

*Amended January 1, 2026\** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Funds of the Trust**<br>| <br> **Advisory Fees**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Fund | <br> 0.54% on assets up to $250 million;<br>0.53% on assets of $250 million and more<br>but less than $1 billion;<br>0.52% on assets of $1 billion and more<br>but less than $2 billion;<br>0.495% on assets of $2 billion and more<br>but less than $5 billion; and<br>0.47% on assets of $5 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide BNY Mellon Dynamic U.S. Core Fund | <br> 0.45% on assets up to $5 billion; and<br>0.425% on assets of $5 billion and more<br>|

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Funds of the Trust**<br>| <br> **Advisory Fees**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Government Money Market Fund | <br> 0.30% on assets up to $1 billion;<br>0.28% on assets of $1 billion and more<br>but less than $2 billion;<br>0.26% on assets of $2 billion and more<br>but less than $5 billion; and<br>0.24% on assets of $5 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide S&P 500 Index Fund | <br> 0.125% on assets up to $1.5 billion;<br>0.105% on assets of $1.5 billion and more<br>but less than $3 billion; and<br>0.095% on assets of $3 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Small Cap Index Fund | <br> 0.19% on assets up to $1.5 billion;<br>0.17% on assets of $1.5 billion and more<br>but less than $3 billion; and<br>0.16% on assets of $3 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Mid Cap Market Index Fund | <br> 0.195% on assets up to $1.5 billion;<br>0.175% on assets of $1.5 billion and more<br>but less than $3 billion; and<br>0.165% on assets of $3 billion and more<br>|

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Funds of the Trust**<br>| <br> **Advisory Fees**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide International Index Fund | <br> 0.245% on assets up to $1.5 billion;<br>0.205% on assets of $1.5 billion and more<br>but less than $3 billion; and<br>0.195% on assets of $3 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Bond Index Fund | <br> 0.185% on assets up to $1.5 billion;<br>0.145% on assets of $1.5 billion and more<br>but less than $3 billion; and<br>0.135% on assets of $3 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Investor Destinations Aggressive Fund | <br> 0.13% of average daily net assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Investor Destinations Moderately<br>Aggressive Fund<br>| <br> 0.13% of average daily net assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Investor Destinations Moderate Fund<br>| <br> 0.13% of average daily net assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Investor Destinations Moderately<br>Conservative Fund<br>| 0.13% of average daily net assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Investor Destinations Conservative Fund<br>| <br> 0.13% of average daily net assets<br>|

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Funds of the Trust**<br>| <br> **Advisory Fees**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Schroders Global Equity Fund | <br> 0.65% on assets up to $250 million;<br>0.60% on assets of $250 million and more but less than $500 million;<br>0.58% on assets of $500 million and more but less than $1 billion; and<br>0.55% on assets of $1 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Inflation-Protected Securities Fund | <br> 0.25% on assets up to $1 billion; and<br>0.23% on assets of $1 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Invesco Core Plus Bond Fund | <br> 0.45% on assets up to $500 million;<br>0.425% on assets of $500 million and more but less than $1 billion;<br>0.40% on assets of $1 billion and more but less than $1.5 billion; and<br>0.39% on assets of $1.5 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Bailard Small Cap Value Fund | <br> 0.60% on assets up to $500 million; and<br>0.55% on assets of $500 million and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Bailard International Equities Fund | <br> 0.60% on assets up to $1 billion; and<br>0.55% on assets of $1 billion and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Bailard Technology Fund | <br> 0.60% on assets up to $500 million;<br>0.55% on assets of $500 million and more but less than $1 billion; and<br>0.50% on assets of $1 billion and more<br>|

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Funds of the Trust**<br>| <br> **Advisory Fees**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Geneva Mid Cap Growth Fund | <br> 0.65% on assets up to $250 million;<br>0.60% on assets of $250 million and more but less than $500 million; and<br>0.55% on assets of $500 million and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Geneva Small Cap Growth Fund | <br> 0.84% on assets up to $250 million;<br>0.79% on assets of $250 million and more but less than $500 million; and<br>0.74% on assets of $500 million and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Loomis Core Bond Fund | <br> 0.41% on assets up to $250 million;<br>0.385% on assets of $250 million and more but less than $1 billion;<br>0.36% on assets of $1 billion and more<br>but less than $2 billion;<br>0.335% on assets of $2 billion and more<br>but less than $5 billion; and<br>0.31% on assets of $5 billion and more<br>|

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Funds of the Trust**<br>| <br> **Advisory Fees**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Loomis Short Term Bond Fund | <br> 0.35% on assets up to $500 million;<br>0.34% on assets of $500 million and more but less than $1 billion;<br>0.325% on assets of $1 billion and more but less than $3 billion;<br>0.30% on assets of $3 billion and more but less than $5 billion;<br>0.285% on assets of $5 billion and more but less than $10 billion; and<br>0.275% on assets of $10 billion and more.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide Renaissance Small Cap Growth Fund | <br> 0.75% on assets up to $500 million; and<br>0.70% on assets of $500 million and more<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Nationwide NYSE Arca Tech 100 Index Fund | <br> 0.448% on assets up to $50 million;<br>0.248% on assets of $50 million and more but less than $250 million;<br>0.198% on assets of $250 million and more but less than $500 million; and<br>0.148% on assets of $500 million and more<br>|

---

*\* As approved by the Board of Trustees at its meeting held on December 9-10, 2025.* 

------

IN WITNESS WHEREOF, the parties have executed this Amended Exhibit A on the day and year first written above.

---

| | |
|:---|:---|
| NATIONWIDE FUND ADVISORS | NATIONWIDE FUND ADVISORS |
| By: | /s/ Joseph Aniano |
| Name: Joseph N. Aniano | Name: Joseph N. Aniano |
| Title: President | Title: President |
| NATIONWIDE MUTUAL FUNDS | NATIONWIDE MUTUAL FUNDS |
| By: | /s/ Joseph Aniano |
| Name: Joseph N. Aniano | Name: Joseph N. Aniano |
| Title: President | Title: President |

---

## Exhibit 99.28

**EX-28.d.4.c.1** 

**EXHIBIT A** 

**SUBADVISORY AGREEMENT** 

**AMONG** 

**NATIONWIDE MUTUAL FUNDS,** 

**NATIONWIDE FUND ADVISORS** 

**AND BAILARD, INC.** 

Effective June 4, 2013

*As Amended January 1, 2026\**

---

| | |
|:---|:---|
| **Funds of the Trust** | **Subadvisory Fees** |
| Nationwide Bailard Small Cap Value Fund *(formerly, Nationwide Bailard Cognitive Value Fund)* | 0.325% on Subadviser Assets up to $500 million<br> 0.300% on Subadviser Assets of $500 million and more |
|  Nationwide Bailard International Equities Fund | 0.325% on Subadviser Assets up to $1 billion |
|  | 0.300% on Subadviser Assets of $1 billion and more |
| Nationwide Bailard Technology Fund *(formerly, Nationwide Bailard Technology and Science Fund)* | 0.325% on Subadviser Assets up to $500 million<br> 0.300% on Subadviser Assets of $500 million and more but less than $1 billion<br> 0.275% on Subadviser Assets of $1 billion and more |

---

\*As approved at the Board of Trustees Meeting held on December 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/ Joe Aniano |
| Name: Joe Aniano<u> </u> |
| Title: President<u> </u> |
| ADVISER |
| NATIONWIDE FUND ADVISORS |
| By: /s/ Joe Aniano<u> </u> |
| Name: Joe Aniano<u> </u> |
| Title: President<u> </u> |
| SUBADVISER |
| BAILARD, INC. |
| By: /s/ Sonya Mughal<u> </u> |
| Name: Sonya Mughal |
| Title: Chief Executive Officer<u> </u> |

---

## Exhibit 99.28

**EX-28.d.4.i** 

**<u>SUBADVISORY AGREEMENT</u>** 

THIS AGREEMENT is made and entered into effective the 23rd day of February, 2026, 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 **THE RENAISSANCE GROUP LLC, doing business as RENAISSANCE INVESTMENT MANAGEMENT**, a limited liability company 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;&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;&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;&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;&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 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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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;&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. 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

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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;&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. 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.

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Subadviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such Broker viewed in terms of either that particular transaction or the overall responsibility of the Subadviser with respect to the accounts as to which it exercises investment discretion.

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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <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

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <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 custodian(s) by a representative of the Subadviser properly authorized (pursuant to written instruction by the Adviser) to give such instructions.

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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;(j) <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <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;&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;&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

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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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser is a limited liability company 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;&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

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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;&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;&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;&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;&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;&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;&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;&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

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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;&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;&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;&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;&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;&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;&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;&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;&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.

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&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) <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;&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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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.

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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;&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;&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;&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;&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;&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;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorized</u>. The Adviser or the Trust has authorized such 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;(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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Independently Developed</u>. The party independently developed such information.

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 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;&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 with acknowledgment of receipt, to the parties at the following 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Subadviser:

Renaissance Investment Management

50 E. Rivercenter Blvd., Suite 1200

------

Covington, KY 41011

Attn: Compliance Department

&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) If to the Adviser:

Nationwide Fund Advisors

One Nationwide Plaza

Mail Code 1-18-102

Columbus, OH 43215

Attention: Legal Department

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&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;&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;&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;&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;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

---

| |
|:---|
| TRUST |
| NATIONWIDE MUTUAL FUNDS |
| By: <u>/s/ Christopher Graham</u> |
| Name: Christopher Graham<u> </u> |
| Title: SVP, Chief Investment Officer<u> </u> |
| ADVISER |
| NATIONWIDE FUND ADVISORS |
| By: <u>/s/ Christopher Graham</u> |
| Name: Christopher Graham<u> </u> |
| Title: SVP, Chief Investment Officer |
| SUBADVISER |
| THE RENAISSANCE GROUP LLC, doing business as RENAISSANCE INVESTMENT MANAGEMENT |
| By: <u>/s/ Sudhir Warrier</u> |
| Name: Sudhir Warrier |
| Title: Senior Partner, COO, CCO<u> </u> |

---

------

**EXHIBIT A** 

**SUBADVISORY AGREEMENT** 

**AMONG** 

**NATIONWIDE MUTUAL FUNDS,** 

**NATIONWIDE FUND ADVISORS** 

**AND THE RENAISSANCE GROUP LLC, doing business as RENAISSANCE INVESTMENT** 

**MANAGEMENT** 

Effective February 23, 2026\*

---

| | |
|:---|:---|
| **Funds of the Trust** | **Subadvisory Fees** |
| Nationwide Renaissance Small Cap Growth Fund | 0.45% on all Subadviser Assets |

---

\*As approved at the Board of Trustees Meeting held on December 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: <u>/s/ Christopher Graham</u> |
| Name: Christopher Graham |
| Title: SVP, Chief Investment Officer |
| ADVISER |
| NATIONWIDE FUND ADVISORS |
| By: <u>/s/ Christopher Graham</u> |
| Name: Christopher Graham<u> </u> |
| Title: SVP, Chief Investment Officer |
| SUBADVISER |
| THE RENAISSANCE GROUP LLC, doing business as RENAISSANCE INVESTMENT MANAGEMENT |
| By: /s/ Sudhir Warrier |
| Name: Sudhir Warrier<u> </u> |
| Title : Senior Partner, COO, CCO |

---

## 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 February 23, 2026*†*\**

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| | |
|:---|:---|
| **Name of Fund/Class** | **Expense Limitation for Fund/Class** |
| <br> Nationwide Government Money Market Fund |  |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| Service Class‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| <br> Nationwide S&P 500 Index Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| <br> Nationwide Small Cap Index Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |

---

------

---

| | |
|:---|:---|
| <br> Nationwide Mid Cap Market Index Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| <br> Nationwide International Index Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| <br> Nationwide Bond Index Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| <br> Nationwide BNY Mellon Dynamic U.S. Core Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Eagle Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| <br> Nationwide Schroders Global Equity Fund |  |
| *(formerly, Nationwide Global Sustainable Equity Fund)* |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| <br> Nationwide Inflation-Protected Securities Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| <br> Nationwide Invesco Core Plus Bond Fund *(formerly,* |  |
| *Nationwide BNY Mellon Core Plus Bond Fund)* |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |

---

------

---

| | |
|:---|:---|
| <br> Nationwide Bailard Small Cap Value Fund |  |
| *(formerly, Nationwide Bailard Cognitive Value Fund)* |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| <br> Nationwide Bailard International Equities Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| <br> Nationwide Bailard Technology Fund |  |
| *(formerly, Nationwide Bailard Technology & Science Fund)* |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| <br> Nationwide Geneva Mid Cap Growth Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| <br> Nationwide Geneva Small Cap Growth Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| <br> Nationwide Loomis Core Bond Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| <br> Nationwide Loomis Short Term Bond Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |

---

------

---

| | |
|:---|:---|
| <br> Nationwide Renaissance Small Cap Growth Fund |  |
| *(formerly, Nationwide WCM Focused Small Cap Fund)* |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| <br> Nationwide NYSE Arca Tech 100 Index Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| <br> Nationwide Strategic Income Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| <br> Nationwide International Small Cap Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| <br> Nationwide Loomis All Cap Growth Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Eagle Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| <br> Nationwide BNY Mellon Dynamic U.S. Equity Income Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Eagle Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| <br> Nationwide GQG US Quality Equity Fund |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Eagle Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |

---

------

---

| | |
|:---|:---|
| <br> Nationwide U.S. 130/30 Equity Portfolio |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| <br> Nationwide Fundamental All Cap Equity Portfolio |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |

---

*\* As ratified by the Board of Trustees at its meeting held on March 10-11, 2026.* 

† Effective through March 2, 2027.

‡ With respect to the Service Class of the Nationwide Government Money Market Fund, effective until at least March 2, 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 | NATIONWIDE MUTUAL FUNDS |
| By: | /s/ Joseph Aniano |
| Name: Joseph N. Aniano | Name: Joseph N. Aniano |
| Title: President | Title: President |
| <br> NATIONWIDE FUND ADVISORS | <br> NATIONWIDE FUND ADVISORS |
| By: | /s/ Joseph Aniano |
| Name: Joseph N. Aniano | Name: Joseph N. Aniano |
| Title: President | Title: President |

---

## Exhibit 99.28

**EX-28.h.6** 

Nationwide Financial Services, Inc.

One Nationwide Plaza

Columbus, Ohio 43215

March 1, 2026

Nationwide Mutual Funds

One Nationwide Plaza

Columbus, Ohio 43215

**Re: Administrative Services Fee Waiver** 

Ladies and Gentlemen:

By our execution of this letter agreement (the "Agreement"), intending to be legally bound hereby, Nationwide Financial Services, Inc. ("NFS") agrees that, with respect to the **Nationwide Government Money Market Fund**, a series of Nationwide Mutual Funds, NFS shall waive all or a portion of the Administrative Services Fee in an amount that may vary in order to ensure that each class of the Nationwide Government Money Market Fund maintains each day a stable net asset value per share of $1.00, for the period from the date of this Agreement through February 28, 2027. NFS acknowledges that NFS shall not be entitled to collect on, or make a claim for, waived fees at any time in the future.

---

| | |
|:---|:---|
| Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
| By: | /s/ Benjamin Hoecherl |
| Name: Benjamin Hoecherl | Name: Benjamin Hoecherl |
| Title: VP, Product & Business Development - IMG | Title: VP, Product & Business Development - IMG |

---

Your signature below acknowledges

acceptance of this Agreement:

---

| | |
|:---|:---|
| Nationwide Mutual Funds | Nationwide Mutual Funds |
| By: | /s/ Allan J. Oster |
| Name: Allan J. Oster | Name: Allan J. Oster |
| Title: Assistant Secretary | Title: Assistant Secretary |
| Date: March 1, 2026 | Date: March 1, 2026 |

---

## Exhibit 99.28

**EX-28.h.7** 

Nationwide Fund Distributors LLC

One Nationwide Plaza

Mail Code 1-18-102

Columbus, Ohio 43215

March 1, 2026

Nationwide Mutual Funds

One Nationwide Plaza

Mail Code 5-02-210

Columbus, Ohio 43215

---

| | |
|:---|:---|
| **Re:** | **Rule 12b-1 Fee Waiver**  |

---

Ladies and Gentlemen:

By our execution of this letter agreement (the "Agreement"), intending to be legally bound hereby, Nationwide Fund Distributors LLC ("NFD") agrees that, with respect to the **Nationwide Government Money Market Fund**, a series of Nationwide Mutual Funds, NFD shall waive all or a portion of the Rule 12b-1 Fee to which it otherwise would be entitled in an amount that may vary in order to ensure that each class of the Nationwide Government Money Market Fund maintains each day a stable net asset value per share of $1.00, for the period from the date of this Agreement through February 28, 2027. NFD acknowledges that NFD shall not be entitled to collect on, or make a claim for, waived fees at any time in the future.

---

| |
|:---|
| Nationwide Fund Distributors LLC |
| By: _/s/ Lee Cummings_____________ |
| Name: Lee T. Cummings |
| Title: President |

---

Your signature below acknowledges

acceptance of this Agreement:

Nationwide Mutual Funds

By: _/s/ Allan Oster_________________

Name: Allan J. Oster

Title: Assistant Secretary

Date: March 1, 2026

## Exhibit 99.28

**EX-28.h.9** 

Nationwide Fund Advisors

One Nationwide Plaza

Mail Code 1-18-102

Columbus, Ohio 43215

March 1, 2026

Nationwide Mutual Funds

One Nationwide Plaza

Mail Code 5-02-210

Columbus, Ohio 43215

**Re: Investment Advisory Fee Waiver** 

Ladies and Gentlemen:

By our execution of this letter agreement (the "Agreement"), intending to be legally bound hereby, Nationwide Fund Advisors ("NFA") agrees that, with respect to the **Nationwide Government Money Market Fund**, a series of Nationwide Mutual Funds, NFA shall waive all or a portion of the Investment Advisory Fee to which it otherwise would be entitled in an amount that may vary in order to ensure that each class of the Nationwide Government Money Market Fund maintains each day a stable net asset value per share of $1.00, for the period from the date of this Agreement through February 28, 2027. NFA acknowledges that NFA shall not be entitled to collect on, or make a claim for, waived fees at any time in the future.

---

| | |
|:---|:---|
| Nationwide Fund Advisors | Nationwide Fund Advisors |
| By: | /s/ Lee Cummings |
| Name: Lee T. Cummings | Name: Lee T. Cummings |
| Title: Senior Vice President | Title: Senior Vice President |

---

Your signature below acknowledges

acceptance of this Agreement:

---

| | |
|:---|:---|
| Nationwide Mutual Funds | Nationwide Mutual Funds |
| By: | /s/ Allan Oster |
| Name: Allan J. Oster | Name: Allan J. Oster |
| Title: Assistant Secretary | Title: Assistant Secretary |
| Date: March 1, 2026 | Date: March 1, 2026 |

---

## Exhibit 99.28

**EX-28.i** 

---

| | |
|:---|:---|
|  <br> ![LOGO](g49631g91d33.jpg)  | **Stradley Ronon Stevens & Young, LLP**<br>2000 K Street, N.W., Suite 700<br>Washington, D.C. 20006<br>Telephone 202-822-9611<br>Fax 202-822-0140<br><u>www.stradley.com</u> |

---

February 19, 2026

Nationwide Mutual Funds

One Nationwide Plaza

Mail Code 1-18-102

Columbus, OH 43215

---

| | |
|:---|:---|
| **Subject:** | **Nationwide Mutual Funds, a Delaware statutory trust (the "Trust") - Post-Effective Amendment No. 293, Amendment No. 319 to Registration Statement on Form N-1A, to be filed under the Securities Act of 1933 and the Investment Company Act of 1940, each as amended (the "Post-Effective Amendment")**  |

---

Ladies and Gentlemen:

This opinion is given in connection with the filing of the above-referenced Post-Effective Amendment relating to an unlimited amount of authorized shares of beneficial interest, no par value, of the series of the Trust identified in Exhibit A (each a "Fund" and, collectively, the "Funds").

In connection with this opinion, we have examined: (i) a copy of the Trust's Certificate of Trust, as filed with the Secretary of State of the State of Delaware on October 1, 2004, and amended on April 24, 2007, January 14, 2011, and June 21, 2018; (ii) the Trust's Second Amended and Restated Agreement and Declaration of Trust, amended and restated as of June 17, 2009 ("Declaration of Trust"); (iii) the Trust's Third Amended and Restated Bylaws, amended and restated as of August 28, 2020; (iv) a Good Standing Certificate, dated February 19, 2026, from the Secretary of State of the State of Delaware; and (v) various other pertinent proceedings of the Board of Trustees of the Trust (the "Board") as well as other documents and items we deem material to this opinion.

The Trust is authorized by the Declaration of Trust to issue an unlimited number of shares of beneficial interest, all without par value. The Declaration of Trust authorizes the Board to designate any additional series and to allocate shares to separate series and to divide shares of any series into two or more classes and to issue classes of any series.

The Trust has filed with the U.S. Securities and Exchange Commission a registration statement under the Securities Act of 1933, as amended (the "Securities Act"), which registration statement is deemed to register an indefinite number of shares of the Trust pursuant to the provisions of Section 24(f) of the Investment Company Act of 1940, as amended (the "1940 Act"). You have further advised that the Trust has filed, and each year hereafter will timely file, a Notice pursuant to Rule 24f-2 under the 1940 Act, perfecting the registration of

**A Pennsylvania Limited Liability Partnership**![LOGO](g49631g0207024722717.jpg)

------

Nationwide Mutual Funds

February 19, 2026

the shares sold by the series of the Trust during each fiscal year during which such registration of an indefinite number of shares remains in effect.

You have also informed us that the shares of the Trust have been, and will continue to be, sold in accordance with the Trust's usual method of distributing its registered shares, under which prospectuses are made available for delivery to offerees and purchasers of such shares in accordance with Section 5(b) of the Securities Act.

The following opinion is limited to the federal securities laws of the United States and the Delaware Statutory Trust Act governing the issuance of shares of the Trust only and does not extend to other securities or "Blue Sky" laws or to other laws.

Based upon the foregoing information and examination, so long as the Trust remains a valid and subsisting statutory trust in good standing under the laws of its state of formation, and the registration of an indefinite number of shares of the Trust remains effective, the authorized shares of the series of the Trust have been duly authorized, and when issued for the consideration set by the Board pursuant to the Declaration of Trust and as described in this Post-Effective Amendment, and subject to compliance with Rule 24f-2, will be validly issued, fully-paid, and non-assessable shares, and the holders of such shares will have all of the rights provided for with respect to such holdings by the Declaration of Trust and the laws of the State of Delaware.

We hereby consent to the use of this opinion, in lieu of any other, as an exhibit to the Registration Statement of the Trust along with any amendments thereto, covering the registration of the shares of the Trust under the Securities Act and the applications, registration statements or notice filings, and amendments thereto, and we further consent to references in the registration statement of the Trust to the fact that this opinion concerning the legality of the issue has been rendered by us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| STRADLEY RONON STEVENS & YOUNG, LLP | STRADLEY RONON STEVENS & YOUNG, LLP |
| BY: | /s/ Jessica D. Burt  |
|  | Jessica D. Burt, a Partner |

---

**A Pennsylvania Limited Liability Partnership**

![LOGO](g49631g0207024722717.jpg)

------

Nationwide Mutual Funds

February 19, 2026

**<u>Exhibit A</u>**

Nationwide Bailard International Equities Fund

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 Bond Index 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

Nationwide Destination 2070 Fund

Nationwide Destination Retirement Fund

Nationwide Fund

Nationwide Geneva Mid Cap Growth Fund

Nationwide Geneva Small Cap Growth Fund

Nationwide Government Money Market Fund

Nationwide GQG US Quality Equity Fund

Nationwide Inflation-Protected Securities Fund

Nationwide International Index Fund

Nationwide International Small Cap Fund

Nationwide Invesco Core Plus Bond Fund (formerly, Nationwide BNY Mellon Core Plus Bond 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 NYSE Arca Tech 100 Index Fund

Nationwide Renaissance Small Cap Growth Fund (formerly, Nationwide WCM Focused Small Cap Fund)

Nationwide S&P 500 Index Fund

Nationwide Schroders Global Equity Fund (formerly, Nationwide Global Sustainable Equity Fund)

Nationwide Small Cap Index Fund

Nationwide Strategic Income Fund (formerly, Nationwide Amundi Strategic Income Fund)

**A Pennsylvania Limited Liability Partnership**

![LOGO](g49631g0207024722717.jpg)

## Exhibit 99.28

**EX-28.j** 

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Nationwide Mutual Funds of our reports dated December 22, 2025, relating to the financial statements and financial highlights of the funds listed in Appendix A, which appears in Nationwide Mutual Funds' Certified Shareholder Reports on Form N-CSR for the year ended October 31, 2025. We also consent to the references to us under the headings "Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 18, 2026

------

**Appendix A** 

**Nationwide Mutual Funds** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Nationwide Bailard International Equities Fund

&nbsp;&nbsp;&nbsp;&nbsp;2. Nationwide Bailard Cognitive Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;3. Nationwide Bailard Technology & Science Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. Nationwide BNY Mellon Dynamic U.S. Core Fund

&nbsp;&nbsp;&nbsp;&nbsp;5. Nationwide BNY Mellon Dynamic U.S. Equity Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;6. Nationwide Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;7. Nationwide Destination 2030 Fund

&nbsp;&nbsp;&nbsp;&nbsp;8. Nationwide Destination 2035 Fund

&nbsp;&nbsp;&nbsp;&nbsp;9. Nationwide Destination 2040 Fund

&nbsp;&nbsp;&nbsp;&nbsp;10. Nationwide Destination 2045 Fund

&nbsp;&nbsp;&nbsp;&nbsp;11. Nationwide Destination 2050 Fund

&nbsp;&nbsp;&nbsp;&nbsp;12. Nationwide Destination 2055 Fund

&nbsp;&nbsp;&nbsp;&nbsp;13. Nationwide Destination 2060 Fund

&nbsp;&nbsp;&nbsp;&nbsp;14. Nationwide Destination 2065 Fund

&nbsp;&nbsp;&nbsp;&nbsp;15. Nationwide Destination 2070 Fund

&nbsp;&nbsp;&nbsp;&nbsp;16. Nationwide Destination Retirement Fund

&nbsp;&nbsp;&nbsp;&nbsp;17. Nationwide Fund

&nbsp;&nbsp;&nbsp;&nbsp;18. Nationwide Geneva Mid Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;19. Nationwide Geneva Small Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;20. Nationwide Government Money Market Fund

&nbsp;&nbsp;&nbsp;&nbsp;21. Nationwide GQG US Quality Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;22. Nationwide Inflation-Protected Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;23. Nationwide International Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;24. Nationwide International Small Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;25. Nationwide Invesco Core Plus Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;26. Nationwide Investor Destinations Aggressive Fund

&nbsp;&nbsp;&nbsp;&nbsp;27. Nationwide Investor Destinations Conservative Fund

&nbsp;&nbsp;&nbsp;&nbsp;28. Nationwide Investor Destinations Moderate Fund

&nbsp;&nbsp;&nbsp;&nbsp;29. Nationwide Investor Destinations Moderately Aggressive Fund

&nbsp;&nbsp;&nbsp;&nbsp;30. Nationwide Investor Destinations Moderately Conservative Fund

&nbsp;&nbsp;&nbsp;&nbsp;31. Nationwide Loomis All Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;32. Nationwide Loomis Core Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;33. Nationwide Loomis Short Term Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;34. Nationwide Mid Cap Market Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;35. Nationwide NYSE Arca Tech 100 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;36. Nationwide WCM Focused Small Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;37. Nationwide S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;38. Nationwide Global Sustainable Equity Fund <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;39. Nationwide Small Cap Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;40. Nationwide Strategic Income Fund

<sup>(1)</sup> Effective November 17, 2025, the fund was renamed Nationwide Schroders Global Equity Fund

## Exhibit 99.28

**EX-28.p.2** 

Code of Ethics for Fund Access Persons

April 1, 2021

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Code of Ethics for Fund Access Persons** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Effective Date: April 1, 2021<br>Date Last Reviewed: March 4, 2025<br>|

---

Applies to the following types of Funds registered under the 1940 Act:

☒ Open-End Mutual Funds (excluding money-market funds)

☒ Money Market Funds

☒ ETFs

☒ Closed-End Funds

☒ Business Development Companies

**Objective and Scope** 

The purpose of this Code of Ethics (the "Code") is to prevent Access Persons (as defined below) of BlackRock open- and closed-end funds, exchange traded funds and business development companies (each a "Fund" and collectively, the "Funds") from engaging in any act, practice or course of business prohibited by paragraph (b) of Rule 17j-1 (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"). This Code is required by paragraph (c) of the Rule. A copy of the Rule is attached to this Code as Appendix A.

**Executive Summary** 

Access Persons of the Funds, in conducting their personal securities transactions, owe a fiduciary duty to the Funds. The fundamental standard to be followed in personal securities transactions is that Access Persons may not take inappropriate advantage of their positions. All personal securities transactions by Access Persons must be conducted in such a manner as to avoid any actual or potential conflict of interest between the Access Person's interest and the interests of the Funds, or any abuse of an Access Person's position of trust and responsibility.

**Policy / Document Requirements and Statements** 

**1. Introduction** 

Potential conflicts arising from personal investment activities could include buying or selling securities based on knowledge of a Fund's trading position or plans (sometimes referred to as front-running), and acceptance of personal favors that could influence trading judgments on behalf of the Fund. While this Code is designed to address identified conflicts and potential conflicts, it cannot possibly be written broadly enough to cover all potential situations and, in this regard, Access Persons are expected to adhere not only to the letter, but also the spirit, of the policies contained herein.

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**2. Confidential Information** 

In order to understand how this Code applies to particular persons and transactions, familiarity with the key terms and concepts used in this Code is necessary. Those key terms and concepts are:

&nbsp;&nbsp;&nbsp;&nbsp;2.1. "Access Person" with respect to a Fund means any Advisory Person of the Fund, BlackRock or a Subadviser.
Those persons who may be considered Access Persons of the Funds include those listed on attached Appendix B to this Code and will be updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. "Advisory Person" means: (a) any director or advisory board<sup>1</sup> member, officer, general partner or employee of a Fund, BlackRock or a Subadviser or of any company in a control relationship to the Fund, BlackRock or a Subadviser, who, in connection with his or
her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of a Covered Security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or
sales; and (b) any natural person in a control relationship to the Fund, BlackRock or a Subadviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;2.4. "Beneficial ownership" has the meaning set forth in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), a copy of which is included as Appendix C. The determination of direct or indirect beneficial ownership shall apply to all securities which an Access Person has
or acquires.

&nbsp;&nbsp;&nbsp;&nbsp;2.5. "BRIL" means BlackRock Investments, LLC, each open-end Fund's
principal underwriter and the principal underwriter of certain closed-end Funds.

&nbsp;&nbsp;&nbsp;&nbsp;2.6. "BlackRock" means persons controlling, controlled by or under common control with BlackRock, Inc. that act
as investment adviser or subadviser to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;2.7. "Board" means, collectively, the boards of directors or trustees of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;2.8. "PTP" means the Personal Trading Policy adopted by BlackRock and BRIL and approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;2.9. "control" has the meaning set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;2.10. "Covered Security" has the meaning set forth in Section 2(a)(36) of the 1940 Act, except that it shall
not include: direct obligations of the U.S. Government; bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements; and shares issued by registered open-end investment companies. A high-quality short-term debt instrument is one with a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally
recognized statistical rating organization.

&nbsp;&nbsp;&nbsp;&nbsp;2.11. "Independent Director" means a director or trustee of a Fund who is not an "interested person"
of the Fund within the meaning of Section 2(a)(19) of the 1940 Act. All provisions of this Code applicable to Independent Directors will also be applicable to advisory board members.

1 As defined in Section 2(a)(1) of the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;2.12. "Investment Personnel" of a Fund, BlackRock or a Subadviser means: (a) any employee of the Fund,
BlackRock, or a Subadviser (or of any company in a control relationship to the Fund, BlackRock, or a Subadviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase
or sale of securities by the Fund and (b) any natural person who controls the Fund, BlackRock, or a Subadviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2.13. "IPO" means an offering of securities registered under the Securities Act of 1933, as amended (the
"1933 Act") the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;2.14. "Limited Offering" means an offering exempt from registration under the 1933 Act pursuant to
Section 4(A)(2) or Section 4(a)(5), or pursuant to Rule 504 or 506 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;2.15. "Purchase or sale of a Covered Security" includes, among other things, the writing of an option to purchase
or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;2.16. "Subadviser" means any investment adviser to a Fund that does not control, is not controlled by, and is not
under common control with, BlackRock and to whom BlackRock delegates certain investment management responsibilities.

**3. Applicability** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1. All Access Persons of BlackRock's investment advisory companies and BRIL shall be subject to the restrictions,
limitations and reporting responsibilities set forth in the PTP, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;3.2. Persons subject to this Section 3 shall not be subject to the restrictions, limitations and reporting
responsibilities set forth in Sections 4 and 5 below. In particular, an Access Person of BlackRock's investment advisory companies need not make a separate report under this Code to the extent the information would duplicate information
required to be recorded under Rule 204-2(a)(13) under the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;3.3. Any Access Person of a Subadviser shall not be subject to this Code, so long as such Access Person is subject to a code
of ethics duly adopted by the Subadviser relating to personal securities transactions by such Access Person, provided that such code of ethics complies with the requirements of the Rule and has been approved by the Board.

**4. Pre-Approval of Investments in Initial Public Offerings or Limited Offerings** 

With respect to purchases of securities (including, but not limited to, any Covered Security) issued in an IPO or a Limited Offering, all Access Persons of BlackRock's investment advisory companies are subject to the restrictions, limitations, and reporting responsibilities set forth in the PTP and in addition, with respect to Limited Offerings, the Global Employee Private Investment Policy.

No Investment Personnel shall directly or indirectly acquire beneficial ownership in any security (including, but not limited to, any Covered Security) issued in an IPO or a Limited Offering unless permitted by Legal & Compliance in advance. The Chief Compliance Officer ("CCO") of the Funds shall maintain a written record of any decisions to permit these transactions, along with the reasons supporting the decision.

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**5. Reporting** 

 **5.1. Initial Holdings Reports** <br>

No later than ten days after a person becomes an Access Person, he or she must report to Legal & Compliance the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or
indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were
held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date that the report is submitted by the Access Person.

 **5.2. Quarterly Reporting** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Every Access Person shall either report to Legal & Compliance the information described in paragraphs 5.2.2 and
5.2.3 below with respect to transactions in any Covered Security in which the Access Person has, or by reason of the transaction acquires, any direct or indirect beneficial ownership or, in the alternative, make the representation in
Section 5.2.4 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 Every report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to
which the report relates was effected and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares, and
the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the name of the broker, dealer, or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the date that the report is submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. a description of any factors potentially relevant to an analysis of whether the Access Person may have a conflict of
interest with respect to the transaction, including the existence of any substantial economic relationship between the transaction and securities held or to be acquired by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 Upon establishing any account in which any securities are held for the direct or indirect benefit of the Access Person,
an Access Person shall provide a report to Legal & Compliance containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 If no transactions were conducted by an Access Person during a calendar quarter that are subject to the reporting
requirements described above, such Access Person shall, not later than 30 days after the end of that calendar quarter, provide a written representation to that effect to the Funds.

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 **5.3. Annual Reporting** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 Every Access Person shall report to each Fund the information described in Section 5.3.2 below with respect to
transactions in any Covered Security in which the Access Person has, or by reason of the transaction acquires, any direct or indirect beneficial ownership in the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 Annually, an Access Person shall provide a report to each Fund containing the following information (which information
must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or
indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held
for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date that the report is submitted by the Access Person.

 **5.4. Exceptions to Reporting Requirements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 An Access Person is not required to make a report otherwise required under Sections 5.1, 5.2 and 5.3 above with respect
to any transaction effected for any account over which the Access Person does not have any direct or indirect influence or control; provided, however, that if the Access Person is relying upon the provisions of this Section 5.4.1 to avoid
making such a report, the Access Person shall, not later than 30 days after the end of each calendar quarter, identify any such account in writing and certify in writing that he or she had no direct or indirect influence over any such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 An Access Person is not required to make a report otherwise required under Section 5.2 above with respect to
transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 An Independent Director of a Fund (which for purposes of this Section shall include an advisory board member) who would
be required to make a report pursuant to Sections 5.1, 5.2 and 5.3 above, solely by reason of being a board member of the Fund, is not required to make an initial holdings report under Section 5.1 above and an annual report under
Section 5.3 above, and is only required to make a quarterly report under Section 5.2 above, with respect to a transaction in a Covered Security, if the Independent Director knew or, in the ordinary course of fulfilling the Independent
Director's official duties as a board member of the Fund, should have known that: (a) the Fund has engaged in a transaction in the same security within the last 15 days of such Independent Director's transaction in such Covered
Security or is engaging or going to engage in a transaction in the same security within the next 15 days of such Independent Director's transaction in such Covered Security; or (b) the Fund or BlackRock has within the last 15 days of such
Independent Director's transaction in such Covered Security considered a transaction in the same security or is considering a transaction in the same security or within the next 15 days of such Independent Director's transaction in such
Covered Security is going to consider a transaction in the same security.

 **5.5. Annual Certification** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 All Access Persons are required to certify that they have read and understand this Code and recognize that they are
subject to the provisions hereof and will comply with the policy and procedures stated herein. Further, all Access Persons are required to certify annually that they have complied with the requirements of this Code and that they have reported all
personal securities transactions required to be disclosed or reported pursuant to the requirements of such policies. A copy of the certification form to be used in complying with this Section 5.5.1 is attached to this Code as Appendix D.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 Each Fund, BlackRock and BRIL shall prepare an annual report to the Board to be presented to the Board each year and
which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. summarize existing procedures concerning personal investing, including preclearance policies and the monitoring of
personal investment activity after preclearance has been granted, and any material changes in the procedures during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. describe any issues arising under this Code or procedures since the last report to the Board including, but not limited
to, information about any material violations of this Code or procedures and the sanctions imposed during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. identify any recommended changes in existing restrictions or procedures based upon experience under this Code, evolving
industry practice or developments in applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. contain such other information, observations and recommendations as deemed relevant by such Fund, BlackRock or BRIL; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. certify that such Fund, BlackRock and BRIL have adopted this Code with procedures reasonably necessary to prevent Access
Persons from violating the provisions of Rule 17j-1(b) or this Code.

 **5.6. Notification of Reporting Obligation and Review of Reports** <br>

Each Access Person shall receive a copy of this Code and be notified of his or her reporting obligations. All reports shall be promptly submitted upon completion to the Funds' CCO who shall review such reports.

 **5.7. Miscellaneous** <br>

Any report under this Code may contain a statement that the report shall not be construed as an admission by the person making the report that the person has any direct or indirect beneficial ownership in the securities to which the report relates.

**6. Recordkeeping Requirements** 

Each Fund, BlackRock and BRIL, as applicable, shall maintain, at its principal place of business, records in the manner and to the extent set out below, which records shall be available for examination by representatives of the Securities and Exchange Commission (the "SEC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. As long as this Code is in effect, a copy of it (and any version thereof that was in effect within the past five years)
shall be preserved in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The following records must be maintained in an easily accessible place for five years after the end of the fiscal year
in which the event took place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a record of any violation of this Code, and of any action taken as a result of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a record of all persons, currently or within the past five years, who are or were required to make reports under
Section 5, or who are or were responsible for reviewing these reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of
securities under Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The following records must be maintained for five years after the end of the fiscal year in which the event took place,
the first two years in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a copy of each report made by an Access Person pursuant to this Code, including any information required by
Section 5.4.1 in lieu of such reports; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a copy of each annual report submitted by each Fund, BlackRock and BRIL to the Board.

**7. Confidentiality**

No Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of a Fund) any information regarding securities transactions by a Fund or consideration by a Fund or BlackRock of any such securities transaction.

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of securities transactions hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

**8. Sanctions**

Upon discovering a violation of this Code, Legal & Compliance reviews the violation and imposes appropriate sanctions. In addition, the Board may impose any sanctions it deems appropriate, including a letter of censure, the suspension or termination of any officer or employee of a Fund, or the recommendation to the employer (including BlackRock) of the violator of the suspension or termination of the employment of the violator.

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**Appendix A** 

**Rule 17j-1 under the 1940 Act** 

**i. DEFINITIONS** 

For purposes of this section:

1. Access Person means:

&nbsp;&nbsp;&nbsp;&nbsp;A. Any Advisory Person of a Fund or of a Fund's investment adviser. If an investment adviser's primary business
is advising Funds or other advisory clients, all of the investment adviser's directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser. All of a Fund's directors, officers,
and general partners are presumed to be Access Persons of the Fund.

1)

2)

&nbsp;&nbsp;&nbsp;&nbsp;B. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes,
participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any
recommendation to the Fund regarding the purchase or sale of Covered Securities.

2. Advisory Person of a Fund or of a Fund's investment adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;A. Any director, officer, general partner or employee of the Fund or investment adviser (or of any company in a control
relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by a Fund, or whose functions relate
to the making of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;B. Any natural person in a control relationship to the Fund or investment adviser who obtains information concerning
recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

3. Control has the same meaning as in section 2(a)(9) of the Act.

4. Covered Security means a security as defined in section 2(a)(36) of the Act, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;A. Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;B. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments,
including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;C. Shares issued by open-end Funds.

5. Fund means an investment company registered under the Investment Company Act.

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6. An Initial Public Offering means an offering of securities registered under the Securities Act of 1933, the issuer of
which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

7. Investment Personnel of a Fund or of a Fund's investment adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Any employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment
adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any natural person who controls the Fund or investment adviser and who obtains information concerning recommendations
made to the Fund regarding the purchase or sale of securities by the Fund.

8. A Limited Offering means an offering that is exempt from registration under the Securities Act of 1933 pursuant to
section 4(a)(2) or section 4(a)(5) or pursuant to rule 504, or rule 506 under the Securities Act of 1933.

9. Purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a
Covered Security.

10. Security Held or to be Acquired by a Fund means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Any Covered Security which, within the most recent 15 days:

1) Is or has been held by the Fund; or

2) Is being or has been considered by the Fund or its investment adviser for purchase by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in
paragraph (1)(10)(A) of this section.

11. Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in
(or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**ii.** **UNLAWFUL ACTIONS** 

It is unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment

adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund:

1. To employ any device, scheme or artifice to defraud the Fund;

2. To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make
the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

3. To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

4. To engage in any manipulative practice with respect to the Fund.

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**iii.** **CODE OF ETHICS** 

1. **Adoption and Approval of Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Every Fund (other than a money market fund or a Fund that does not invest in Covered Securities) and each investment
adviser of and principal underwriter for the Fund, must adopt a written code of ethics containing provisions reasonably necessary to prevent its Access Persons from engaging in any conduct prohibited by paragraph (II) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The board of directors of a Fund, including a majority of directors who are not interested persons, must approve the
code of ethics of the Fund, the code of ethics of each investment adviser and principal underwriter of the Fund, and any material changes to these codes. The board must base its approval of a code and any material changes to the code on a
determination that the code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by paragraph (II) of this section. Before approving a code of a Fund, investment adviser or principal
underwriter or any amendment to the code, the board of directors must receive a certification from the Fund, investment adviser or principal underwriter that it has adopted procedures reasonably necessary to prevent Access Persons from violating the
Funds, investment adviser's, or principal underwriter's code of ethics. The Fund's board must approve the code of an investment adviser or principal underwriter before initially retaining the services of the investment adviser or
principal underwriter. The Fund's board must approve a material change to a code no later than six months after adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If a Fund is a unit investment trust, the Fund's principal underwriter or depositor must approve the Fund's
code of ethics, as required by paragraph (III)(1)(B) of this section. If the Fund has more than one principal underwriter or depositor, the principal underwriters and depositors may designate, in writing, which principal underwriter or depositor
must conduct the approval required by paragraph (III)(1)(B) of this section, if they obtain written consent from the designated principal underwriter or depositor.

**2.** **Administration of Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund, investment adviser and principal underwriter must use reasonable diligence and institute procedures reasonably
necessary to prevent violations of its code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No less frequently than annually, every Fund (other than a unit investment trust) and its investment advisers and
principal underwriters must furnish to the Fund's board of directors, and the board of directors must consider, a written report that:

1) Describes any issues arising under the code of ethics or procedures since the last report to the board of directors, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations; and

2) Certifies that the Fund, investment adviser or principal underwriter, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the code.

3. **Exception for Principal Underwriters.** The requirements of paragraphs (III)(1) and (III)(2) of this section do not
apply to any principal underwriter unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The principal underwriter is an affiliated person of the Fund or of the Fund's investment adviser; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. An officer, director or general partner of the principal underwriter serves as an officer, director or general partner
of the Fund or of the Fund's investment adviser.

**iv. REPORTING REQUIREMENTS OF ACCESS PERSONS** 

 **1. Reports Required.** 

Unless excepted by paragraph (IV)(2) of this section, every Access Person of a Fund (other than a money market fund or a Fund that does not invest in Covered Securities) and every Access Person of an investment adviser of or principal underwriter for the Fund, must report to that Fund, investment adviser or principal underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Holdings Reports. No later than 10 days after the person becomes an Access Person (which information must be
current as of a date no more than 45 days prior to the date the person becomes an Access Person):

1) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person; 

2) The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quarterly Transaction Reports.** 

No later than 30 days after the end of a calendar quarter, the following information:

1) With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

1) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved; 

2) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

3) The price of the Covered Security at which the transaction was effected;

4) The name of the broker, dealer or bank with or through which the transaction was effected; and

5) The date that the report is submitted by the Access Person.

2) With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

1) The name of the broker, dealer or bank with whom the Access Person established the account;

2) The date the account was established; and

3) The date that the report is submitted by the Access Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Holdings Reports.** 

Annually, the following information (which information must be current as of a date no more than 45 days before the report is submitted):

1) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership; 

2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

3) The date that the report is submitted by the Access Person.

**2. Exceptions from Reporting Requirements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A. A person need not make a report under paragraph (IV)(1) of this section with respect to transactions effected for,
and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. B. A director of a Fund who is not an "interested person" of the Fund within the meaning of section 2(a)(19)
of the Act, and who would be required to make a report solely by reason of being a Fund director, need not make:

1) An initial holdings report under paragraph (IV)(1)(A) of this section and an annual holdings report under paragraph (IV)(1)(C) of this section; and

2) A quarterly transaction report under paragraph (IV)(1)(B) of this section, unless the director knew or, in the ordinary course of fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after the director's transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or its investment adviser considered purchasing or selling the Covered Security. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. An Access Person to a Fund's principal underwriter need not make a report to the principal underwriter under
paragraph (IV)(1) of this section if:

1) The principal underwriter is not an affiliated person of the Fund (unless the Fund is a unit investment trust) or any investment adviser of the Fund; and

2) The principal underwriter has no officer, director or general partner who serves as an officer, director or general partner of the Fund or of any investment adviser of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. An Access Person to an investment adviser need not make a separate report to the investment adviser under paragraph
(IV)(1) of this section to the extent the information in the report would duplicate information required to be recorded under § 275.204-2(a)(13) of this chapter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. An Access Person need not make a quarterly transaction report under paragraph (IV)(1)(B) of this section if the report
would duplicate information contained in broker trade confirmations or account statements received by the Fund, investment adviser or principal underwriter with respect to the Access Person in the time period required by paragraph (IV)(1)(B), if all
of the information required by that paragraph is

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contained in the broker trade confirmations or account statements, or in the records of the Fund, investment adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. An Access Person need not make a quarterly transaction report under paragraph (IV)(1)(B) of this section with respect to
transactions effected pursuant to an Automatic Investment Plan.

**3. Review of Reports.** 

Each Fund, investment adviser and principal underwriter to which reports are required to be made by paragraph (IV)(1) of this section must institute procedures by which appropriate management or compliance personnel review these reports.

**4. Notification of Reporting Obligation.** 

Each Fund, investment adviser and principal underwriter to which reports are required to be made by paragraph (IV)(1) of this section must identify all Access Persons who are required to make these reports and must inform those Access Persons of their reporting obligation.

**5. Beneficial Ownership.** 

For purposes of this section, beneficial ownership is interpreted in the same manner as it would be under Rule 16a-1(a)(2) of this chapter in determining whether a person is the beneficial owner of a security for purposes of section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder. Any report required by paragraph (IV) of this section may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

**v. PRE-APPROVAL OF INVESTMENTS IN IPOS AND LIMITED OFFERINGS** 

Investment Personnel of a Fund or its investment adviser must obtain approval from the Fund or the Fund's investment adviser before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering.

**vi. RECORDKEEPING REQUIREMENTS** 

1. Each Fund, investment adviser and principal underwriter that is required to adopt a code of ethics or to which reports are required to be made by Access Persons must, at its principal place of business, maintain records in the manner and to the extent set out in this paragraph (VI), and must make these records available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of each code of ethics for the organization that is in effect, or at any time within the past five years was in
effect, must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of the code of ethics, and of any action taken as a result of the violation, must be
maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each report made by an Access Person as required by this section, including any information provided in lieu
of the reports under paragraph (IV)(2)(E) of this section, must be maintained for at least five

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years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of all persons, currently or within the past five years, who are or were required to make reports under
paragraph (IV) of this section, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A copy of each report required by paragraph (III)(2)(B) of this section must be maintained for at least five years after
the end of the fiscal year in which it is made, the first two years in an easily accessible place.

2. A Fund or investment adviser must maintain a record of any decision, and the reasons supporting the decision, to approve
the acquisition by investment personnel of securities under paragraph (V), for at least five years after the end of the fiscal year in which the approval is granted.

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**Appendix B** 

**Access Persons** 

The following are "Access Persons" for purposes of the foregoing Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Director/Trustee of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any advisory board member of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Officer of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio Managers of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All employees of BlackRock, Inc. and its subsidiaries

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**Appendix C** 

**Rule 16a-1(a)(2) under the Exchange Act** 

Other than for purposes of determining whether a person is a beneficial owner of more than ten percent of any class of equity securities registered under Section 12 of the Act, the term beneficial owner shall mean any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the equity securities, subject to the following:

1. The term pecuniary interest in any class of equity securities shall mean the opportunity, directly or indirectly, to
profit or share in any profit derived from a transaction in the subject securities.

2. The term indirect pecuniary interest in any class of equity securities shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Securities held by members of a person's immediate family sharing the same household; provided, however, that the
presumption of such beneficial ownership may be rebutted; see also Rule 16a-1(a)(4);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A general partner's proportionate interest in the portfolio securities held by a general or limited partnership.
The general partner's proportionate interest, as evidenced by the partnership agreement in effect at the time of the transaction and the partnership's most recent financial statements, shall be the greater of:

1) The general partner's share of the partnership's profits, including profits attributed to any limited partnership interests held by the general partner and any other interests in profits that arise from the purchase and sale of the partnership's portfolio securities; or

2) The general partner's share of the partnership capital account, including the share attributable to any limited partnership interest held by the general partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A performance-related fee, other than an asset-based fee, received by any broker, dealer, bank, insurance company,
investment company, investment adviser, investment manager, trustee or person or entity performing a similar function; provided, however, that no pecuniary interest shall be present where:

1) The performance-related fee, regardless of when payable, is calculated based upon net capital gains and/or net capital appreciation generated from the portfolio or from the fiduciary's overall performance over a period of one year or more; and

2) Equity securities of the issuer do not account for more than ten percent of the market value of the portfolio. A right to a nonperformance-related fee alone shall not represent a pecuniary interest in the securities; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A person's right to dividends that is separated or separable from the underlying securities. Otherwise, a right to
dividends alone shall not represent a pecuniary interest in the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A person's interest in securities held by a trust, as specified in Rule 16a-8(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A person's right to acquire equity securities through the exercise or conversion of any derivative security,
whether or not presently exercisable.

3. A shareholder shall not be deemed to have a pecuniary interest in the portfolio securities held by a corporation or
similar entity in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio.

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**Appendix D** 

**Initial and Annual Certification Form** 

**Code of Ethics for the Funds** 

This is to certify that I have read and understand the Code of Ethics of the Funds and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of such Code of Ethics and that I have reported all personal securities transactions and accounts required to be disclosed or reported pursuant to the requirements of such Code of Ethics.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; Please sign your name here:<br>|
| &nbsp;&nbsp;&nbsp; Please print your name here:<br>|
| &nbsp;&nbsp;&nbsp; Please date here:<br>|

---

Please sign two copies of this Certification Form, return one copy to Chief Compliance Officer, c/o BlackRock, 50 Hudson Yards, New York, NY 10001, and retain the other copy, together with a copy of the Code of Ethics, for your records.

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## Exhibit 99.28

**EX-28.p.4** 

APPENDIX A –CODE OF ETHICS

BAILARD, INC. CODE OF ETHICS AND BUSINESS CONDUCT

**INTRODUCTION** 

This Code of Ethics and Business Conduct ("Code" or "Code of Ethics") sets forth legal and ethical standards of conduct for the employees of Bailard, Inc. and its affiliated entities (the "Firm" or" Bailard"). This Code is intended to promote the conduct of each employee and the Firm with high standards of integrity and compliance with all applicable laws and regulations.

**APPLICABILITY OF THE CODE** 

This Code applies to all Firm employees. This Code does not apply to the independent directors or advisory council members of Bailard's affiliated entities.

**STATEMENT OF ETHICAL PRINCIPLES AND STANDARD OF BUSINESS CONDUCT** 

The Firm holds all employees to a high standard of integrity and business practice. To properly serve our clients, the Firm strives to avoid or manage conflicts of interest or the appearance of conflicts of interest. The Firm requires that you, as an employee of the Firm, hold yourself to its high standards to protect its reputation for ethical conduct.

You must, at all times, conduct yourself in a lawful, honest, and ethical manner; place the interest of clients first; display loyalty, honesty, fairness, and good faith toward clients; avoid taking inappropriate advantage of any position of trust or responsibility; and maintain the confidentiality of client and proprietary information.

At all times, you must place the interest of clients first and avoid activities and relationships that might interfere with the duty to make decisions in the best interests of our clients. When trading, conduct all personal securities transactions in full compliance with this Code, including these ethical principles and standards of business conduct.

If you have any doubts about whether any conduct complies with the letter or the spirit of this Code, please consult with the CCO or the CEO. We will make every effort to preserve the confidentiality of such discussions, and in no event will there be retaliation for any report of a possible violation of this Code. As a rule of thumb, when in doubt, please err on the side of caution and ask questions, disclose information, and report any concerns.

For your guidance, some of the most important legal concepts within which we operate are mentioned below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fiduciary Duty

Bailard and its employees owe a fiduciary duty to our clients and stockholders. This means a duty of loyalty, fairness and good faith, and a corresponding duty not to do anything prejudicial to or in conflict with the interests of our clients and

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stockholders. We owe our clients the highest duty of loyalty and rely on you to avoid conduct that is or may be inconsistent with that duty. It is also important for you to avoid actions that, while they may not actually involve a conflict of interest or an abuse of a client's trust, may have the appearance of impropriety. All transactions of employees shall be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility.

Neither the Firm nor its employees shall take any inappropriate advantage of their position. This is a higher standard than that applicable to ordinary arm's length business transactions between persons who do not owe a fiduciary duty to the other parties, and it is a duty and standard of conduct that is required of Bailard and all Bailard employees.

You owe a duty to Bailard to advance Bailard's interests when the opportunity to do so arises. You are prohibited from engaging in activities that give rise to situations that are in conflict with the best interest of Bailard, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Knowingly competing with Bailard in any way (e.g., where an employee competes with Bailard in the acquisition or
disposition of securities or other property for personal gain),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Seizing opportunities that may be suitable for Bailard for personal gain without first offering such opportunity
to Bailard,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Using or permitting others to use Bailard-owned equipment, materials, or employees for personal gain, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disclosing or using confidential information belonging to Bailard for other than company purposes, including for
your personal profit or advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Fraud and Deceit; Inside Information

The various laws administered by the SEC and the Commodity Futures Trading Commission ("CFTC") contain broad provisions prohibiting fraud, deceit or "any manipulative or deceptive device or contrivance" in connection with securities and commodities transactions and the giving of investment advice. It is under these broad general provisions that the SEC, CFTC, and private individuals have successfully brought many of the important cases in the securities field that have received so much publicity in recent years, including cases on improper use of material nonpublic ("inside") information.

You are subject to our *<u>Insider Trading Policy</u>* which prohibits you from using any material nonpublic information, no matter how acquired, in your own transactions or in the discharge of your responsibilities to clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Manipulation

Care must always be taken to avoid market manipulation of securities and commodities trading. Such manipulation is strictly prohibited by law. The Firm and

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its employees are prohibited from knowingly spreading false and/or malicious rumors about securities with the intent of influencing the price of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Confidentiality and Disclosure of Information

All information relating to Bailard clients, investors, prospects, and employees, as well as proprietary data and information about Bailard and investments on behalf of Bailard's clients and/or funds, is strictly confidential and may not be revealed to third parties, unless authorized by the client or investor, required to service the client or investor, or permitted by Bailard's Compliance Manual, including this Code of Ethics. You agree and acknowledge that you may not disclose the identity, affairs, investments, or other personal information of any clients, investors or potential clients, or investors to anyone outside Bailard. Unauthorized disclosure of information is grounds for immediate dismissal.

Information about the actual purchase or sale decisions, contemplated purchases or sales, or other transactions under consideration for clients, whether or not actually authorized, must be kept confidential. Information about clients, investors, and prospects is confidential and must not be disclosed to persons who do not have a need to know such information in connection with their employment by the Firm.

You must maintain the confidentiality of confidential information entrusted to you by the Firm, except when disclosure is authorized by the CCO or legally mandated. Confidential information includes but is not limited to lists of clients, investors, prospects, personal information about employees, proprietary formulas, business plans, or financial information. Unauthorized disclosure of any confidential information is prohibited.

Third parties may ask you for information concerning the Firm. All responses to inquiries on behalf of the Firm must be approved by the CCO. If you receive any inquiries of this nature, you must decline to comment and refer the inquirer to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Federal Securities and Other Laws

Bailard and its employees are required to comply with all applicable Federal Securities Laws and all other applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Penalties

Under the various federal and state securities and commodities statutes, penalties that may be imposed for violations include civil liability for damages, temporary suspension, or permanent prohibition from engaging in various aspects of the securities, commodities, or investment advisory businesses as well as and criminal penalties.

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**INSIDER TRADING AND PERSONAL TRADING** 

Bailard prohibits all employees from trading in their accounts or in accounts under their direct or indirect control (see discussion below regarding beneficial interest), either personally or on behalf of others, while in possession of material, nonpublic information. This includes trading in accounts managed on behalf of Bailard's clients. Further, Bailard prohibits all employees from communicating material, nonpublic information to others in violation of the law. You are required to follow the policies and procedures set forth in our *<u>Insider Trading Policy</u>* and our*<u>Personal Trading Policy</u>*, which imposes*<u> </u>*certain pre-clearance and reporting requirements.

**GIFTS & ENTERTAINMENT AND POLITICAL CONTRIBUTIONS** 

Bailard holds its employees to high ethical standards and strictly prohibits any giving or receipt of things of value that are designed to improperly influence the recipient. All employees are subject to our *<u>Gifts</u> <u>& Entertainment Policy</u>* and our *<u>Political Contributions Policy.</u>*

**ANTI-BRIBERY AND CORRUPTION** 

Bailard and its officers, directors, employees, and agents are prohibited from engaging in any prohibited foreign trade practices under the Foreign Corrupt Practices Act, including making corrupt payments to foreign government officials for the purpose of obtaining or retaining business. Employees are subject to our *<u>Anti-Bribery and Corruption Policy</u>*.

**SERVICE AS A DIRECTOR** 

You are prohibited from serving on the board of directors of a publicly traded company without prior authorization by the CCO, which authorization shall be based upon a determination that the board service would not be in conflict with the interests of the Firm or any client. Notify Compliance when you are seeking approval to serve as a director.

**OUTSIDE ACTIVITIES** 

You must request written preapproval from the CCO prior to serving as an employee, officer, consultant, director, adviser, trustee, or in a similar role of any other entity, trust, or organization. Approval of such activities might be withheld if the CEO, your immediate manager, or the CCO determines that your service would not be in the best interest of the Firm or its clients. The CCO will request preapproval from the CEO. The Senior Compliance Officer will review the CCO's certifications.

**SANCTIONS** 

Careful adherence to this Code and the policies and procedures under Bailard's Compliance Manual (the "Compliance Manual") is one of the primary conditions of employment at Bailard, Inc. You may be required to give up any profit or other benefit realized from any transaction in violation of this Code and/or the Compliance Manual, and, in appropriate cases, be subject to other sanctions up to and including reprimands, trading restrictions, or fines. Suspensions or termination of employment may be imposed for conduct inconsistent with this Code and/or Compliance Manual

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as well. Retaliation against persons reporting violations will not be tolerated and may be grounds for sanctions. In addition, as pointed out in the preamble to this Code, certain violations of this Code and/or the Compliance Manual may also involve violations of law with the possibility of civil or criminal penalties.

**COMPLIANCE WITH LAWS, RULES, AND REGULATIONS** 

Bailard requires employees to comply with all laws, rules, and regulations applicable to the Firm whenever and wherever it does business. Employees are expected to use good judgment and common sense in seeking to comply with all applicable laws, rules, and regulations and to ask for advice when uncertain about them.

If you become aware of the violation of any law, rule, or regulation by the Firm, whether by its employees or any third-party doing business on behalf of the Firm, or you become aware of any violation of this Code, it is your responsibility to report the matter to the CCO.

While it is Bailard's desire to address matters internally, nothing in this Code prohibits you from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. You do not need prior authorization from your supervisor, the CCO, or any other person or entity affiliated with Bailard to make any such reports or disclosures. You do not need to notify Bailard that they have made such reports or disclosures. Additionally, nothing in this Code prohibits you from recovering an award pursuant to a whistleblower program of a government agency or entity.

You shall not discharge, demote, suspend, threaten, harass or in any other manner discriminate or retaliate against an employee because she or he reports any such violation. This Code should not be construed to prohibit you from testifying, participating, or otherwise assisting in any state or federal administrative, judicial, or legislative proceeding or investigation.

## Exhibit 99.28

**EX-28.p.7** 

## LOOMIS, SAYLES & CO., L.P.

## LOOMIS SAYLES INVESTMENTS LIMITED

## LOOMIS SAYLES INVESTMENTS ASIA PTE. LTD.

## LOOMIS SAYLES (NETHERLANDS) B.V.

## LOOMIS SAYLES TRUST COMPANY LLC

## LOOMIS SAYLES DISTRIBUTORS, L.P.
**<u>Code of Ethics</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Policy on Personal Trading and** <br> **Related Activities**<br> **by Loomis Sayles Personnel**<br>

EFFECTIVE:

January 14, 2000

AS AMENDED:

September 2025

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**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  **Code of Ethics** | **Code of Ethics** | 3.0 |
| 1. | INTRODUCTION | 3.0 |
| 2. | STATEMENT OF GENERAL PRINCIPLES | 3.0 |
| 3. | A FEW KEY TERMS | 4.0 |
| 3.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered Security | 4.0 |
| 3.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial Ownership | 6.0 |
| 3.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Control | 7.0 |
| 3.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintaining Personal Accounts | 7.0 |
| 4. | SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING | 8.0 |
| 4.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-clearance | 8.0 |
| 4.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Good Until Canceled and Limit Orders | 10.0 |
| 4.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Trading Profits | 10.0 |
| 4.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Round Trip Transactions in Loomis Advised Funds | 11.0 |
| 4.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 11.0 |
| 4.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales | 12.0 |
| 4.7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competing with Client Trades | 12.0 |
| 4.8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap/De Minimis Exemption | 13.0 |
| 4.9. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Person Seven-Day Blackout Rule | 13.0 |
| 4.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Recommendations | 14.0 |
| 4.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Public Offerings | 15.0 |
| 4.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Placement Transactions | 16.0 |
| 4.13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading | 16.0 |
| 4.14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted and Concentration List | 18.0 |
| 4.15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loomis Sayles Hedge Funds | 18.0 |
| 4.16. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemptions Granted by the Chief Compliance Officer | 18.0 |
| 5. | PROHIBITED OR RESTRICTED ACTIVITIES | 19.0 |
| 5.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Company Board Service and Other Affiliations | 19.0 |
| 5.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in Investment Clubs and Private Pooled Vehicles | 19.0 |
| 6. | REPORTING REQUIREMENTS | 20.0 |
| 6.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code | 20.0 |
| 6.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage Confirmations and Brokerage Account Statements | 21.0 |
| 6.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification | 22.0 |
| 6.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Reporting | 22.0 |
| 6.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review of Reports by Chief Compliance Officer | 23.0 |
| 6.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal Reporting of Violations to the Chief Compliance Officer | 23.0 |
| 6.7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Register of Interests in Securities | 24.0 |
| 6.8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives | 24.0 |
| 7. | SANCTIONS | 25.0 |
| 8. | RECORDKEEPING REQUIREMENTS | 26.0 |
| 9. | MISCELLANEOUS | 27.0 |
| 9.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality | 27.0 |
| 9.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Client Trading Knowledge | 27.0 |
| 9.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to Access Persons, Investment Persons and Research Analysts as to Code Status | 27.0 |
| 9.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to Personal Trading Compliance of Engagement of Independent Contractors | 27.0 |
| 9.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemptions to the Application of the Code | 28.0 |
| 9.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Questions and Educational Materials | 28.0 |

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**<u>Code of Ethics</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Policy on Personal Trading and** <br> **Related Activities**<br>

**1.** **INTRODUCTION** 

This Code of Ethics ("Code") has been adopted by Loomis, Sayles & Co., L.P. ("Loomis US"), Loomis Sayles Investments Limited ("Loomis UK"), Loomis Sayles Investments Asia Pte. Ltd. ("Loomis Asia"), Loomis Sayles (Netherlands) B.V., including the employees in the Paris branch ("Loomis Netherlands"), Loomis Sayles Trust Company LLC, and Loomis Sayles Distributors, L.P. (collectively ("Loomis Sayles") to govern certain conduct of Loomis Sayles' **Supervised Persons** and personal trading in securities and related activities of those individuals who have been deemed **Access Persons** thereunder, and under certain circumstances, those **Access Persons'** family members and others in a similar relationship to them.

The policies in this Code reflect Loomis Sayles' desire to detect and prevent not only situations involving actual or potential conflicts of interest with client investments or unethical conduct, but also those situations involving even the appearance of these.

**2.** **STATEMENT OF GENERAL PRINCIPLES** 

It is the policy of Loomis Sayles that no **Access Person** or **Supervised Person** as such terms are defined under the Code, (please note that Loomis Sayles treats all employees as **Access Persons**) shall engage in any act, practice or course of conduct that would violate the Code, the fiduciary duty owed by Loomis Sayles and its personnel to Loomis Sayles' clients, Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the provisions of Section 17(j) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 17j-1 there under. It is required that all **Access Persons** must comply with all applicable laws, rules and regulations including, but not limited to the **Federal Securities Laws**. The Investment Management Association of Singapore's ("IMAS'") Code of Ethics & Standards of Professional Conduct provides that Loomis Asia (as a member of IMAS) should have in place appropriate policies and internal controls governing personal dealing and appropriate structures in place to carry out monitoring and to ensure compliance. Therefore, all employees of Loomis Asia must also comply with the Securities and Futures Act, Chapter 289 of Singapore (the "Securities and Futures Act"), the Financial Advisers Act, Chapter 110 of Singapore (the "Financial Advisers Act"), and all other applicable Singapore laws, rules and regulations.

Under the requirements of the Financial Conduct Authority (FCA), there are Conduct Rules within the Senior Managers and Certification Regime (SM&CR) with which all employees of Loomis UK must comply. These rules are designed to improve the levels of responsibility and accountability, honesty and integrity, and to act at all times with due care, skill and diligence.

The Code is designed to comply with all of the above regulations.

The fundamental position of Loomis Sayles is, and has been, that it must at all times place

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the interests of its clients first. Accordingly, your personal financial transactions (and in some cases, those of your family members and others in a similar relationship to you) and related activities must be conducted consistently with this Code and in such a manner as to avoid any actual or potential conflict of interest or abuse of your position of trust and responsibility.

Without limiting in any manner the fiduciary duty owed by Loomis Sayles to its clients, it should be noted that Loomis Sayles considers it proper that purchases and sales be made by **Access Persons** in the marketplace of securities owned by Loomis Sayles' clients, <u>provided</u> that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in the Code. In making personal investment decisions, however, you must exercise extreme care to ensure that the provisions of the Code are not violated and under no circumstances, may an **Access Person** use the knowledge of **Covered Securities** purchased or sold by any client of Loomis Sayles or **Covered Securities** being considered for purchase or sale by any client of Loomis Sayles to profit personally, directly or indirectly, by the market effect of such transactions.

Improper trading activity can constitute a violation of the Code. The Code can also be violated by an **Access Person's** failure to file required reports, by making inaccurate or misleading reports or statements concerning trading activity, or by opening an account with a non-**Select Broker** without proper approval as set forth in the Code.

It is not intended that these policies will specifically address every situation involving personal trading. These policies will be interpreted and applied, and exceptions and amendments will be made, by Loomis Sayles in a manner considered fair and equitable, but in all cases with the view of placing Loomis Sayles' clients' interests paramount. It also bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate you from scrutiny of, and sanctions for, securities transactions which indicate an abuse of Loomis Sayles' fiduciary duty to any of its clients.

You are encouraged to bring any questions you may have about the Code to **Personal Trading Compliance**.

**Personal Trading Compliance**, the **Chief Compliance Officer** and the Loomis Sayles Ethics Committee will review the terms and provisions of the Code at least annually, and make amendments as necessary. Any amendments to the Code will be provided to you.

**3.** **A FEW KEY TERMS** 

**Boldfaced** terms have special meaning in this Code. The application of a particular Code requirement to you may hinge on the elements of the definition of these terms. See the **Glossary** at the end of this Code for definitions of these terms. In order to have a basic understanding of the Code, however, you must have an understanding of the terms "**Covered Security**", "**Beneficial Ownership**" and "**Investment Control**" as used in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Covered Security** 

This Code generally relates to transactions in and ownership of an investment that is a **Covered Security (defined under Sec. 2(a)(36) of the Investment Company Act 1940)**. Currently, this means any type of equity or debt security (such as common and preferred stocks, and corporate and government bonds or notes), any equivalent (such as ADRs, GDR's, etc.), any derivative, instrument representing, or any rights relating to, a **Covered Security**, and any closely related security (such as certificates of participation, depository receipts, collateral–trust certificates,

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put and call options, warrants, and related convertible or exchangeable securities and securities indices). Shares of closed-end funds, municipal obligations and securities issued by agencies and instrumentalities of the U.S. government (e.g. GNMA obligations) are also considered **Covered Securities** under the Code.

Additionally, the shares of any investment company registered under the Investment Company Act and the shares of any collective investment vehicle ("CIV"), (e.g. SICAVs, OEICs, UCITs, etc.) that is advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate ("**Reportable Funds**") are deemed to be **Covered Securities** for purposes of certain provisions of the Code. **Reportable Funds** include open-end and closed-end funds and CIVs that are advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate, but exclude money market funds. A current list of **Reportable Funds** is attached as <u>Exhibit One</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

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| | |
|:---|:---|
| *Explanatory Note:* | *While the definition of* ***Reportable Funds*** *encompasses funds or CIVs that are advised, sub-advised and/or distributed by Natixis and its affiliates, only those funds or CIVs advised or sub-advised by Loomis Sayles* ***("Loomis Advised Fund")*** *are subject to certain trading restrictions of the Code (specifically, the Short-Term Trading Profit and Round Trip Transaction restrictions). Please refer to Section 4.3 and 4.4 of the Code for further explanation of these trading restrictions. Additionally, <u>Exhibit One</u> distinguishes between those funds and CIVs that are only subject to reporting requirements under the Code (all* ***Reportable Funds****), and those that are subject to* ***<u>both</u>*** *the reporting requirements and the aforementioned trading restrictions (Loomis Advised Funds).* |

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Shares of exchange traded funds ("ETFs") and closed-end funds are deemed to be **Covered**<u> </u>**Securities** for the purposes of certain provisions of the Code. Broad based open-ended ETFs with either a market capitalization exceeding U.S. $1 billion **OR** an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from certain provisions of the Code ("**Exempt ETFs**"). A current list of **Exempt ETFs** is attached as <u>Exhibit Two</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

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| | |
|:---|:---|
| *Explanatory Note:* | *Broad based open-ended ETFs are determined by* ***Personal Trading Compliance*** *using Bloomberg data.* |

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All **Access Persons** are expected to comply with the spirit of the Code, as well as the specific rules contained in the Code. Therefore, while the lists of **Reportable Funds** and **Exempt ETFs** are subject to change, it is ultimately the responsibility of all **Access Persons** to review these lists which can be found in <u>Exhibit(s) One and Two</u>, prior to making an investment in a **Reportable Fund** or ETF.

It should be noted that private placements, hedge funds and investment pools are deemed to be **Covered Securities** for purposes of the Code whether or not advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser. Investments in such securities are discussed under sections 4.12 and 5.2.

Please see <u>Exhibit Three</u> for the application of the Code to a specific **Covered Security** or

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instrument, including exemptions from pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Beneficial Ownership** 

The Code governs any **Covered Security** in which an Access Person has any direct or indirect "**Beneficial Ownership**." **Beneficial Ownership** for purposes of the Code means a direct or indirect "pecuniary interest" that is held or shared by you directly or indirectly (through any contract, arrangement, understanding, relationship or otherwise) in a **Covered Security**. The term "pecuniary interest" in turn generally means your opportunity directly or indirectly to receive or share in any <u>profit</u> derived from a transaction in a **Covered Security,** whether or not the **Covered Security** or the relevant account is in your name and regardless of the type of account (i.e. brokerage account, direct account, or retirement plan account). Although this concept is subject to a variety of U.S. Securities and Exchange Commission ("SEC") rules and interpretations, you should know that you are <u>presumed</u> under the Code to have an indirect pecuniary interest as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ownership of a **Covered Security** by your spouse or minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ownership of a **Covered Security** by a live-in partner who shares
your household and combines his/her financial resources in a manner similar to that of married persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ownership of a **Covered Security** by your other family members sharing your household (including an adult
child (even if that child is currently living away at a college/university), a stepchild, a grandchild, a parent, stepparent, grandparent, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● your share ownership, partnership interest or similar interest in **Covered Securities** held by a
corporation, general or limited partnership or similar entity you control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● your right to receive dividends or interest from a **Covered Security** even if that right is separate or
separable from the underlying securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● your interest in a **Covered Security** held for the benefit of you alone or for you and others in a trust or
similar arrangement (including any present or future right to income or principal); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● your right to acquire a **Covered Security** through the exercise or conversion of a "derivative **Covered Security**."

In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security**, including **Reportable Funds**, in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

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|:---|:---|
| *Explanatory Note:* | *All accounts that hold or can hold a Covered Security in which an* ***Access*** ***Person*** *has* ***Beneficial Ownership*** *are subject to the Code (such accounts* |

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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; *include, but are not limited to, personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of minor children living in your household, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, IRAs, 401Ks, trusts, DRIPs, ESOPs, etc.).*<br>

Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** **Investment Control** 

The Code governs any **Covered Security** in which an **Access Person** has direct or indirect "**Investment Control**." The term **Investment Control** encompasses any influence (i.e., power to manage, trade, or give instructions concerning the investment disposition of assets in the account or to approve or disapprove transactions in the account), whether sole or shared, direct or indirect, you exercise over the account or **Covered Security**.

You should know that you are <u>presumed</u> under the Code to have **Investment Control** as a result of having:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Investment Control** (sole or shared) over your personal brokerage account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Investment Control** (sole or shared) over an account(s) in the name of your spouse or minor children,
unless, you have renounced an interest in your spouse's assets (subject to the approval of the **Chief Compliance Officer**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Investment Control** (sole or shared) over an account(s) in the name of any family member, friend or
acquaintance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Involvement in an Investment Club;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trustee power over an account(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The existence and/or exercise of a power of attorney over an account.

Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** **Maintaining Personal Accounts** 

All **Access Persons** that reside within the U.S.("Loomis US Access Persons"), who have personal accounts that hold or can hold **Covered Securities** in which they have direct or indirect **Investment Control** <u>and</u> **Beneficial Ownership** are required to maintain such accounts at one of the following firms: Ameriprise, Baird, Bank of America/Merrill Lynch, Charles Schwab, Citi Personal Wealth Management, Fidelity Investments, Interactive Brokers, JP Morgan Chase & Co., Morgan Stanley Smith Barney, UBS, Vanguard, or Wells Fargo (collectively, the "**Select Brokers**"). Additionally, an **Access Person** may only purchase and hold shares of **Reportable Funds** through either: a **Select Broker**; directly from the **Reportable Fund's** through its transfer agent, or through one or more of Loomis Sayles' retirement plans, unless an exception to the Select Broker requirement, as described below, is granted.

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Accounts in which the Loomis US **Access Person** only has either **Investment Control** or **Beneficial Ownership**; certain retirement accounts with the Loomis US **Access Person's** prior employer; accounts managed by an outside adviser in which the Loomis US **Access Person** exercises no investment discretion; accounts in which the Loomis US **Access Person**'**s** spouse is employed by another investment firm and must abide by that firm's Code of Ethics; and/or the retirement accounts of a Loomis US **Access Person's** spouse may be maintained with a firm other than the **Select Brokers** upon the prior written approval of **Personal Trading Compliance** or the **Chief Compliance Officer.** In these cases, Loomis US **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly for non-Select Brokers. In addition, **Personal Trading Complianc**e or the **Chief Compliance Officer** may grant exemptions to the **Select Broker** requirement for accounts not used for general trading purposes such as ESOPs, DRIPs, securities held physically or in book entry form, family of fund accounts or situations in which the Loomis US **Access Person** has a reasonable hardship for not maintaining their accounts with a **Select Broker**.

**Access Persons** with a residence outside the U.S., are exempt from maintaining their personal accounts at a **Select Broker**. However, such **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly.

**All Access Persons must receive pre-clearance approval from Personal Trading Compliance prior to the opening of any new personal accounts that can hold Covered Securities in which the Access Person has direct or indirect Investment Control or Beneficial Ownership. This includes Select Broker accounts. In addition, the opening of all reportable accounts must also be reported to Personal Trading Compliance as set forth in Section 6.2 and Section 6.3 of the Code.** 

Finally, Access Persons must inform the **Select Broker** or other financial institution of his/her association with Loomis Sayles during the account opening process.

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| | |
|:---|:---|
| *Explanatory Note:* | *While certain accounts may be granted an exemption from certain provisions of the Code, inclusive of the* ***Select Broker*** *requirement, they are still subject to the reporting requirements of the Code and may be subject to the pre-clearance requirements of the Code (e.g. joint accounts) as set forth in Section 4.1 of the Code. The terms of a specific exemption will be outlined in an exemption memorandum which is issued to the* ***Access Person*** *by* ***Personal Trading Compliance.*** *An* ***Access Person****'****s*** *failure to abide by the terms and conditions of an account exemption issued by* ***Personal Trading Compliance*** *could result in a violation of the Code.* |

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**4.** **SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING** 

The following are substantive prohibitions and restrictions on **Access Persons'** personal trading and related activities. In general, the prohibitions set forth below relating to trading activities apply to accounts holding **Covered Securities** in which an **Access Person** has **Beneficial Ownership** <u>and</u> **Investment Control**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Pre-clearance** 

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Each **Access Person** must pre-clear through the FIS Employee Compliance Management system ("ECM") all **Volitional** transactions in **Covered Securities** (i.e. transactions in which the **Access Person** has determined the timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold) in which he or she has **Investment Control** <u>and</u> in which he or she has or would acquire **Beneficial Ownership**. Exceptions to the pre-clearance requirement include, but are not limited to: Open-ended mutual funds and CIVs meeting the criteria described below, **Exempt ETFs** listed in <u>Exhibit Two</u>, and US Government Agency bonds (i.e. GNMA, FNMA, FHLMC), as set forth in <u>Exhibit(s) Three and Five</u>.

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| | |
|:---|:---|
| Explanatory Note: | *A CIV is exempt from pre-clearance under the following conditions: issues shares that shareholders have the right to redeem on demand; calculates an NAV on a daily basis in a manner consistent with the principles of Section 2(a)(41) of the 1940 Act and Rule 2a-4 thereunder; issues and redeems shares at the NAV next determined after receipt of the relevant purchase or redemption order consistent with the "forward pricing" principles of Rule 22c-1 under the 1940 Act; and there is no secondary market for the shares of the CIV.* |
|  Explanatory Note: | *Futures, options and swap transactions in* **Covered** ***Securities*** *must be manually pre-cleared by* ***Personal Trading Compliance*** *since ECM cannot handle such transactions. Initial public offerings, private placement transactions, including hedge funds whether or not they are advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser, participation in investment clubs and private pooled vehicles require special pre-clearance as detailed under Sections 4.11, 4.12 and 5.2 of the Code.* |
|  Explanatory Note: | *Broad based open-ended ETFs with either a market capitalization exceeding $1billion* ***OR*** *an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from the pre-clearance and trading restrictions set forth in Sections 4.1, 4.3, 4.5, 4.6, 4.7, 4.9, and 4.10 of the Code. A list of the* ***Exempt ETFs*** *is provided in Exhibit Two of the Code. All closed end-funds, closed-end ETFs, sector based/narrowly defined ETFs and broad based open-ended ETFs with a market capitalization below U.S. $1 billion AND an average daily trading volume below 1 million shares (over a 90 day period) are subject to the pre-clearance and trading restrictions detailed under Section 4 of the Code.* |
|  | ***All closed-end funds and ETFs, including those Exempt ETFs and their associated options as described above, are subject to the reporting requirements detailed in Section 6 of the Code.*** |

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Any transaction approved pursuant to the pre-clearance request procedures **<u>must be executed by the end of the trading day on which it is approved</u>** unless **Personal Trading Compliance** extends the pre-clearance for an additional trading day. If the **Access Person's** trade has not been executed by the end of the same trading day (or the next trading day in the case of an extension), the pre-clearance will lapse and the **Access Person** may not trade without again seeking and obtaining pre-clearance of the intended trade.

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For **Access Persons** with a U.S. residence, pre-clearance requests can only be submitted through ECM and/or to **Personal Trading Compliance** Monday – Friday from 9:30am-4:00pm Eastern Standard Time. **Access Persons** with a residence outside the U.S. will be given separate pre-clearance guidelines instructing them on the availability of ECM and **Personal Trading Compliance** support hours.

If after pre-clearance is given and before it has lapsed, an **Access Person** becomes aware that a **Covered Security** as to which he or she obtained pre-clearance has become the subject of a buy or sell order, or is being considered for purchase or sale for a client account, the **Access Person** who obtained the pre-clearance must consider the pre-clearance revoked **<u>and must notify Personal Trading Compliance immediately</u>.** If the transaction has already been executed before the **Access Person** becomes aware of such facts, no violation will be considered to have occurred as a result of the **Access Person's** transaction.

If an **Access Person** has actual knowledge that a requested transaction is nevertheless in violation of this Code or any provision thereof, approval of the request will not protect the **Access Person's** transaction from being considered in violation of the Code. The **Chief Compliance Officer** or **Personal Trading Compliance** may deny or revoke pre-clearance for any reason that is deemed to be consistent with the spirit of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** **Good Until Canceled and Limit Orders** 

No **Access Person** shall place a "good until canceled," "limit" or equivalent order with his/her broker except that an **Access Person** may utilize a "day order with a limit" so long as the transaction is consistent with provisions of this Code, including the pre-clearance procedures. All orders must expire at the end of the trading day on which they are pre-cleared unless otherwise extended by **Personal Trading Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **Short Term Trading Profits** 

No **Access Person** may profit from the **Volitional** purchase and sale, **or** conversely the **Volitional** sale and purchase, of the same or equivalent **Covered Security (**including **Loomis Advised Funds)** within 60 calendar days (unless the sale involved shares of a **Covered Security** that were acquired more than 60 days prior). Hardship exceptions may be requested (in advance) from **Personal Trading Compliance**.

An **Access Person** may sell a **Covered Security** (including **Loomis Advised Funds**) or cover an existing short position at a loss within 60 calendar days. Such requests must be submitted through the ECM System and to **Personal Trading Compliance** for approval because the ECM System does not have the capability to determine whether the **Covered Security** will be sold at a gain or a loss.

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| | |
|:---|:---|
| *Explanatory Note:* | *For purposes of calculating the 60 day holding period, the trade date of a given purchase or sale is deemed to be day zero. 60 full days must pass before an* ***Access Person*** *can trade that same* ***Covered Security*** *for a profit and therefore, allowing the* ***Access Person*** *to do so on the 61st day.* |
| *Explanatory Note:* | *The Short Term Trading Profits provision is applicable to transactions that are executed across all of an* ***Access Person's*** *accounts. For example, if an* ***Access Person*** *sold shares of ABC in his/her Fidelity brokerage account today, that* ***Access Person*** *would not be allowed to buy shares of ABC in* |

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| | |
|:---|:---|
|  | *his/her Charles Schwab IRA account at a lower price within 60 days following the sale.* |
| *Explanatory Note:* | *Please refer to <u>Exhibit One</u> for a current list of* ***Loomis Advised Funds****. Please also note that all closed-end funds are subject to the trading restrictions of Section 4.3 of the Code.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** **Restrictions on Round Trip Transactions in Loomis Advised Funds** 

In addition to the 60 day holding period requirement for purchases and sales of **Loomis Advised Funds,** an **Access Person** is prohibited from purchasing, selling and then re-purchasing shares of the same **Loomis Advised Fund** within a 90 day period ("Round Trip Restriction"). The Round Trip Restriction does not limit the number of times an **Access Person** can purchase a **Loomis Advised Fund** or sell a **Loomis Advised Fund** during a 90 day period. In fact, subject to the holding period requirement described above, an **Access Person** can purchase a **Loomis Advised Fund** (through one or multiple transactions) and can liquidate their position in that fund (through one or several transactions) during a 90 day period. However, an **Access Person** cannot then reacquire a position in the same **Loomis Advised Fund** previously sold within the same 90 day period.

The Round Trip Restriction will only apply to **Volitional** transactions in **Loomis Advised Funds**. Therefore, shares of **Loomis Advised Funds** acquired through a dividend reinvestment or dollar cost averaging program, and automatic monthly contributions to the firm's 401K plan will not be considered when applying the Round Trip Restriction.

Finally, all **Volitional** purchase and sale transactions of **Loomis Advised Funds,** in any share class and in <u>any</u> employee account (i.e., direct account with the **Loomis Advised Fund**, Select Broker account, 401K account, etc.) will be matched for purposes of applying the Round Trip Restriction.

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|:---|:---|
| *Explanatory Note:* | *Only* ***Loomis Advised Funds*** *are subject to Section 4.4 of the Code. Please refer to <u>Exhibit One</u> for a current list of* ***Loomis Advised Funds****.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.** **Derivatives** 

No **Access Person** shall use derivatives, including but not limited, to options, futures, swaps or warrants on a **Covered Security** to evade the restrictions of the Code. In other words, no **Access Person** may use derivative transactions with respect to a **Covered Security** if the Code would prohibit the **Access Person** from taking the same position directly in the underlying **Covered Security**.

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| | |
|:---|:---|
| *Explanatory Note:* | *When transacting in derivatives,* ***Access Persons*** *must pre-clear the derivative and the underlying security in ECM as well as receive manual approval from* ***Personal Trading Compliance*** *before executing their transaction. Please note that options on Exempt ETFs and the underlying index of the ETF, as well as futures on currencies, commodities, cash instruments (such as loans or deposits), stock indexes and interest rates do not require pre-clearance, but do require reporting. For more detailed information, please see Section 4.1 of the Code.* |

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|:---|:---|
| *Explanatory Note:* | *Futures and Options on virtual currency (e.g., Bitcoin, Ethereum) are exempt from pre-clearance and the Code's trading restrictions, similar to futures and options on other currencies, but they are subject to the Code's reporting requirements. Futures and Options on an Initial Coin Offering require pre-clearance, reporting and are subject to the Code's trading restrictions.* |
| *Explanatory Note:* | *Entering into Financial Spread Betting or Contract for Difference transactions, the act of taking a bet on the price movement of a security or underlying index is strictly prohibited under the Code.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6.** **Short Sales** 

No **Access Person** may purchase a put option, sell a call option, sell a **Covered Security** short or otherwise take a short position in a **Covered Security** then being held long in a Loomis Sayles client account, unless, in the cases of the purchase of a put or sale of a call option, the option is on a broad based index.

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| | |
|:---|:---|
| *Explanatory Note:* | *If an* ***Access Person*** *seeks pre-clearance to purchase a put option or sell a call option to hedge an existing long position in the same underlying securities,* ***Personal Trading Compliance*** *will compare the value of the underlying long position to the option to determine whether the* ***Access Person's*** *net position would be long or short. If short, the option transaction will be denied.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7.** **Competing with Client Trades** 

Loomis Asia is required to give priority to Loomis Sayles' client orders. Loomis Asia cannot purchase or sell securities that are permitted to be traded on the Singapore Exchange Securities Trading Limited (the "SGX-ST") or on the securities market of any recognized market operator in Singapore if it were to act as a principal or on behalf of a person associated with or connected to Loomis Asia, where a client of Loomis Sayles who is not associated with or connected to Loomis Asia has instructed Loomis Asia to purchase or sell securities of the same class and Loomis Asia has not complied with the instruction. In addition, Loomis Asia must also accord priority to transactions for the purchase or sale of securities or to investments made on behalf of clients, over those made for the following persons: (i) Loomis Asia; (ii) Loomis Asia's associated persons; (iii) Loomis Asia's officers; (iv) Loomis Asia's employees; (v) Loomis Asia's representatives; (vi) any person whom Loomis Asia knows to be an associated person of the persons in (iii), (iv) or (v). However, neither Loomis Asia nor its employees will act in a principal capacity.

Except as set forth in Section 4.8, an **Access Person** may not, directly or indirectly, purchase or sell a **Covered Security** (**Reportable Funds** are not subject to this rule.) when the **Access Person** knows, or reasonably should have known, that such **Covered Securities** transaction competes in the market with any actual or considered **Covered Securities** transaction for any client of Loomis Sayles, or otherwise acts to harm any Loomis Sayles client's **Covered Securities** transactions.

Generally pre-clearance will be <u>denied</u> if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a **Covered Security** or a closely related **Covered Security** is the subject of a pending
"buy" or "sell" order for a Loomis Sayles client until that buy or sell order is executed or withdrawn.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the **Covered Security** is being considered for purchase or sale for a Loomis Sayles client, until that
security is no longer under consideration for purchase or sale.

The ECM System has the information necessary to deny pre-clearance if any of these situations apply. Therefore, if you receive an approval in ECM, you may assume the **Covered Security** is not being considered for purchase or sale for a client account <u>unless</u> you have actual knowledge to the contrary, in which case the pre-clearance you received is null and void. For **Covered Securities** requiring manual pre-clearance (i.e. futures, options and other derivative transactions in **Covered Securities**), the applicability of such restrictions will be determined by **Personal Trading Compliance** upon the receipt of the pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8.** **Large Cap/De Minimis Exemption** 

An **Access Person** who wishes to make a trade in a **Covered Security** that would otherwise be denied pre-clearance solely because the **Covered Security** is under consideration or pending execution for a client, as provided in Section 4.7, will nevertheless receive approval when submitted for pre-clearance provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the issuer of the **Covered Security** in which the **Access Person** wishes to transact has a market
capitalization exceeding U.S. $5 billion (a "Large Cap Security"); <u>AND</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the <u>aggregate</u> amount of the **Access Person's** transactions in that Large Cap Security on that
day across all personal accounts does not exceed $10,000 USD.

Such transactions will be subject to all other provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9.** **Investment Person Seven-Day Blackout Rule** 

No **Investment Person** shall, directly or indirectly, purchase or sell any **Covered Security** (**Reportable Funds** are not subject to this rule) within a period of seven (7) calendar days (trade date being day zero) <u>before</u> and <u>after</u> the date that a Loomis Sayles client, with respect to which he or she has the ability to influence investment decisions or has prior investment knowledge regarding associated client activity, has purchased or sold such **Covered Security** or a closely related **Covered Security**. It is ultimately the **Investment Person's** responsibility to understand the rules and restrictions of the Code and to know what **Covered Securities** are being traded in his/her client(s) account(s) or any account(s) with which he/she is associated.

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|:---|:---|
| *Explanatory Note:* | *The "seven days before" element of this restriction is based on the premise that an* ***Investment Person*** *who has* *****the ability to influence investment decisions or has prior investment knowledge regarding associated client activity can normally be expected to know, upon execution of his or her personal trade, whether any client as to which he or she is associated, has traded, or will be trading in the same or closely related* ***Covered Security*** *within seven days of his or her personal trade. Furthermore, an* ***Investment Person*** *who has the ability to influence investment decisions has a fiduciary obligation to recommend and/or affect suitable and attractive trades for clients regardless of whether such trades may cause a prior personal trade to be considered an apparent violation of this restriction. It would constitute a breach of fiduciary duty and a violation of this Code to delay or fail to make any such recommendation or transaction in a client account in order to avoid* |

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| | |
|:---|:---|
|  | *a conflict with this restriction.* |
|  | *It is understood that there may be particular circumstances (i.e. news on an issuer, a client initiated liquidation, subscription or rebalancing) that may occur after an* ***Investment Person's*** *personal trade which gives rise to an opportunity or necessity for an associated client to trade in that* ***Covered Security*** *which did not exist or was not anticipated by that person at the time of that person's personal trade.* ***Personal Trading Compliance*** *will review all extenuating circumstances which may warrant the waiving of any remedial actions in a particular situation involving an inadvertent violation of this restriction. In such cases, an exception to the Investment Person Seven-Day Blackout Rule will be granted upon approval by the* ***Chief Compliance Officer****.* |
|  | *The* ***Chief Compliance Officer****, or designee thereof, may grant a waiver of the Investment Person Seven-Day Blackout Rule if the* ***Investment Person's*** *proposed transaction is conflicting with client "cash flow" trading in the same security (i.e., purchases of a broad number of portfolio securities in order to invest a capital addition to the account or sales of a broad number of securities in order to generate proceeds to satisfy a capital withdrawal from the account). Such "cash flow" transactions are deemed to be non-volitional at the security level since they do not change the weighting of the security being purchased or sold in the client's portfolio.* |
| *Explanatory Note:* | *The trade date of an* ***Investment Person****'s purchase or sale is deemed to be day zero. Any associated client trade activity executed, in either that* ***Covered Security*** *or a closely related* ***Covered Security****, 7 full calendar days before or after an* ***Access Person****'s trade will be considered a violation of the Investment Person Seven-Day Blackout Rule. For example, if a client account purchased shares of company ABC on May 4th, any* ***Access Person*** *who is associated with that client account cannot trade ABC in a personal account until May 12th without causing a potential conflict with the Investment Person Seven-Day Blackout Rule.* |
| *Explanatory Note:* | *While the* ***Investment Person*** *Seven-Day Blackout Rule is designed to address conflicts between Investment Persons and their clients, it is the fiduciary obligation of all* ***Access Persons*** *to not effect trades in their personal account if they have prior knowledge of client trading or pending trading activity in the same or equivalent securities. The personal trade activity of all* ***Access Persons*** *is monitored by* ***Personal Trading Compliance*** *for potential conflicts with client trading activity.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10.** **Research Recommendations** 

The Loomis Sayles Fixed Income **Research Analysts** issue "Buy," "Sell," and "Hold" recommendations on the fixed income securities that they cover. The Equity products have their own **Research Analysts** that provide recommendations to their respective investment teams. Collectively the fixed income and equity recommendations and equity price targets are hereinafter referred to as "Recommendations".

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**Recommendations** are intended to be used for the benefit of the firm's clients. It is also understood **Access Persons** may use **Recommendations** as a factor in the investment decisions they make in their personal and other brokerage accounts that are covered by the Code. The fact that **Recommendations** may be used by the firm's investment teams for client purposes and **Access Persons** may use them for personal reasons creates a potential for conflicts of interests. Therefore, the following rules apply to **Recommendations**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● During the three (3) business day period <u>before</u> a **Research Analyst** issues a recommendation on a **Covered Security,** that the **Research Analyst** has reason to believe that his/her **Recommendation** is likely to result in client trading in the **Covered Security**, the **Research Analyst** may not purchase or sell said **Covered Security** for any of his/her personal brokerage accounts or other accounts covered by the Code.

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|:---|:---|
| *Explanatory Note:* | *It is understood that there may be particular circumstances such as a news release, change of circumstance or similar event that may occur after a* ***Research Analyst's*** *personal trade which gives rise to a need, or makes it appropriate, for the* ***Research Analyst*** *to issue a* ***Recommendation*** *on said* ***Covered Security.*** *A* ***Research Analyst*** *has an affirmative duty to make unbiased* ***Recommendations*** *and issue reports, both with respect to their timing and substance, without regard to his or her personal interest in the* ***Covered Security****. It would constitute a breach of a* ***Research Analyst's*** *fiduciary duty and a violation of this Code to delay or fail to issue a* ***Recommendation*** *in order to avoid a conflict with this restriction.* |
|  | ***Personal Trading Compliance*** *will review any extenuating circumstances which may warrant the waiving of any remedial sanctions in a particular situation involving an inadvertent violation of this restriction.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Access Persons** are prohibited from using a **Recommendation** for purposes of transacting in the **Covered Security** covered by the **Recommendation** in their personal accounts and other accounts covered by the Code until such time Loomis Sayles' clients have completed their transactions in said securities in order to give priority to Loomis Sayles' clients' best interests.

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|:---|:---|
| *Explanatory Note:* | **Personal Trading Compliance** *utilizes various automated reports to monitor* **Access Persons'** *trading in* **Covered Securities** *relative to* **Recommendations** *and associated client transactions. It also has various tools to determine whether a* **Recommendation** *has been reviewed by an* **Access Person***. An* **Access Person's** *trading in a* **Covered Security** *following a* **Recommendation** *and subsequent client trading in the same security and in the same direction will be deemed a violation of the Code unless* **Personal Trading Compliance** *determines otherwise.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11.** **Initial Public Offerings** 

Investing in **Initial Public Offerings** of **Covered Securities** is prohibited unless such opportunities are connected with your prior employment compensation (i.e. options, grants, etc.) or your spouse's employment compensation. No **Access Person** may, directly or indirectly, purchase any securities sold in an **Initial Public Offering** without obtaining prior written approval from the

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 **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12.** **Private Placement Transactions** 

No **Access Person** may, directly or indirectly, purchase any **Covered Security** offered and sold pursuant to a **Private Placement Transaction**, including hedge funds and Initial Coin Offerings ("ICO"), including Coins and Tokens offered through an ICO structure, without obtaining the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management. In addition to addressing potential conflicts of interest between the **Access Person's Private Placement Transaction** and the firm's clients' best interests, the pre-clearance of **Private Placements** is designed to determine whether the **Access Person** may come into possession of material non-public information ("MNPI") on a publically traded company as a result of the **Private Placement**.

A **Private Placement Transaction** approval must be obtained by completing an automated Private Placement Pre-clearance Form which can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

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|:---|:---|
| *Explanatory Note:* | *If you have been authorized to acquire a* ***Covered Security*** *in a* ***Private Placement*** *****Transaction****,*** *you must disclose to* ***Personal Trading Compliance*** *if you are involved in a client's subsequent consideration of an investment in the issuer of the* ***Private Placement****, even if that investment involves a different type or class of* ***Covered Security****. In such circumstances, the decision to purchase securities of the issuer for a client must be independently reviewed by an* ***Investment Person*** *with no personal interest in the issuer.* |

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The purchase of additional shares, (including mandatory capital calls), or the subsequent sale (partial or full) of a previously approved **Private Placement**, must receive pre-clearance approval from the **Chief Compliance Officer**. In addition, **<u>all</u>** transactions in **Private Placements** must be reported quarterly and annually as detailed in Section 6 of the Code.

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|:---|:---|
| *Explanatory Note:* | *To submit a pre-clearance request for subsequent trade activity in a* ***Private Placement****,* ***Access Persons*** *must complete the automated Private Placement Pre-clearance Form which will be reviewed by* ***Personal Trading Compliance*** *to ensure there are no conflicts with any underlying Code provisions including the Short-Term Trading Rule.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.13.** **Insider Trading** 

At the start of an **Access Person's** engagement with Loomis Sayles, and annually thereafter, each **Access Person** must acknowledge his/her understanding of and compliance with the Loomis Sayles Insider Trading Policies and Procedures. The firm's policy is to refrain from trading or recommending trading when in the possession of MNPI.

Some examples of MNPI may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Earnings estimates or dividend changes

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Positive or negative forthcoming news about an issuer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Supplier discontinuances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mergers or acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Regulatory Actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an **Access Person** receives or believes that he/she may have received MNPI with respect to a company, the Access Person <u>must</u> contact the **Chief Compliance Officer** or General Counsel immediately, and <u>must not</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● purchase or sell that security in question, including any derivatives of that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● recommend the purchase or sale of that security, including any derivatives of that security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● relate the information to anyone other than the **Chief Compliance Officer** or General Counsel of Loomis
Sayles.

If it has been determined that an **Access Person** has obtained MNPI on a particular company, its securities will generally be placed on the firm's Restricted List thereby restricting trading by the firm's client accounts and **Access Persons**, unless a firewall can be put in place in accordance with Loomis Sayles' Insider Trading Policies and Procedures.

In addition, under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), Loomis Asia is required under the Notice on Reporting of Misconduct of Representatives by Holders of Capital Markets Services License and Exempt Financial Institutions to report to the Monetary Authority of Singapore ("MAS") upon discovery of, inter alia, any involvement of its representatives in market misconduct or insider trading.

The Market Abuse Regulation ("MAR") requires that firms and individuals report suspicious transactions and orders (STORs), as defined in Article 16 of MAR, as well as attempted market abuse, to the FCA, without delay. The STOR report should be submitted via the FCA's Connect system.

Separately, **Access Persons** must inform **Personal Trading Compliance** if a spouse, partner and/or immediate family member **("Related Person")** is an officer and/or director of a publicly traded company in order to enable **Personal Trading Compliance** to implement special pre-clearance procedures for said Access Persons in order to prevent insider trading in the **Related Person's** company's securities.

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|:---|:---|
| *Explanatory Note:* | *An* ***Access Person*** *may not trade in the securities of a company with which a* ***Related Person*** *is associated without receiving prior approval from* ***Personal Trading Compliance*** *in order to ensure that the* ***Access Person*** *is not trading while in possession of material non-public information relating to the company.* |

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**Access Persons** should refer to the Loomis Sayles Insider Trading Policies and Procedures which are available on the Legal and Compliance homepage of the firm's Intranet, for complete guidance on dealing with MNPI.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.14.** **Restricted and Concentration List** 

The Loomis Sayles Restricted and Concentration List ("Restricted List") is designed to restrict Loomis Sayles and/or **Access Persons** from trading in or recommending, the securities of companies on the Restricted List for client and/or **Access Persons** personal accounts. Companies may be added to the Restricted List if Loomis Sayles comes into possession of MNPI about a company. A company's securities can also be added to the Restricted List due to the size of the aggregate position Loomis Sayles' clients may have in the company. Finally, there may be regulatory and/or client contractual restrictions that may prevent Loomis Sayles from purchasing securities of its affiliates, and as a result, the securities of all publicly traded affiliates of Loomis Sayles will be added to the Restricted List. No conclusion should be drawn from the addition of an issuer to the Restricted List. **The Restricted List is confidential, proprietary information which must not be distributed outside of the firm.** 

At times, an **Access Person** may have possession of MNPI on a specific company as a result of his/her being behind a firewall. In such cases, **Personal Trading Compliance** will create a specialized Restricted List in ECM for the **Access Person** behind the wall in order to prevent trading in the company's securities until such time as the **Chief Compliance Officer** has deemed the information in the Access Person's possession to be in the public domain or no longer material.

If a security is added to either the Loomis Sayles firm-wide Restricted List or an individual or group **Access Person** Restricted List, **Access Persons** will be restricted from purchasing or selling all securities related to that issuer until such time as the security is removed from the applicable Restricted List. The ECM System has the information necessary to deny pre-clearance if these situations apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15.** **Loomis Sayles Hedge Funds** 

From time to time Loomis Sayles may manage hedge funds, and **Access Persons** of Loomis Sayles, including the hedge fund's investment team and supervisors thereof may make personal investments in such hedge funds. At times, especially during the early stages of a new hedge fund, there may be a limited number of outside investors (i.e., clients and non-employee individual investors) in such funds. In order to mitigate the appearance that investing personally in a hedge fund can potentially be used as a way to benefit from certain trading practices that would otherwise be prohibited by the Code if **Access Persons** engaged in such trading practices in their personal accounts, investment team members of a hedge fund they manage are individually required to limit their personal investments in such funds to no more than 20% of the hedge funds' total assets. In addition, the supervisor of a hedge fund investment team must limit his/her personal investment in such hedge fund to no more than 25% of the hedge fund's total assets.

By limiting the personal interests in the hedge fund by their investment teams and their supervisors in this manner, all of the portfolio trading activity of the Loomis Sayles hedge funds is deemed to be exempt from the pre-clearance and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16.** **Exemptions Granted by the Chief Compliance Officer** 

Subject to applicable law, **Personal Trading Compliance** or the **Chief Compliance Officer** may from time to time grant exemptions, other than or in addition to those described in <u>Exhibit Five</u>, from the trading restrictions, pre-clearance requirements or other provisions of the Code with respect to particular individuals such as non-employee directors, consultants, temporary

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employees, interns or independent contractors, and types of transactions or **Covered Securities**, where, in the opinion of the **Chief Compliance Officer**, such an exemption is appropriate in light of all the surrounding circumstances.

In situations where the **CCO** or **Personal Trading Compliance** may have a familial relationship with an **Access Person** covered by the Code, the **CCO** or **Personal Trading Compliance** member will abstain in the review and potential approval of any investment related activity for that **Access Person**, and such review and approval will be conducted by a Personal Trading Compliance professional that does not have a familial relationship with the **Access Person**.

**5.** **PROHIBITED OR RESTRICTED ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Public Company Board Service and Other Affiliations** 

To avoid conflicts of interest, MNPI and other compliance and business issues, Loomis Sayles prohibits **Access Persons** from serving as officers or members of the board of any publicly traded entity. This prohibition does not apply to service as an officer or board member of any parent or subsidiary of Loomis Sayles.

In addition, in order to identify potential conflicts of interests, compliance and business issues, before accepting any service, employment, engagement, connection, association, or affiliation in or within any enterprise, business or otherwise, (herein after, collectively **"**Outside Activity(ies)**"**), an **Access Person** must obtain the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management.

To pre-approve an Outside Activity the Access Person must complete the Outside Activity Form, that can be found within the 'Important Links' section of the ECM Homepage. In determining whether to approve such Outside Activity, **Personal Trading Compliance** and the **Chief Compliance Officer** will consider whether such service will involve an actual or perceived conflict of interest with client trading, place impediments on Loomis Sayles' ability to trade on behalf of clients or otherwise materially interfere with the effective discharge of Loomis Sayles' or the **Access Person's** duties to clients. Loomis Asia Compliance will also be involved in this review process to be alerted on activities that require prompt notifications to MAS.

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| *Explanatory Note:* | *Examples of Outside Activities include, but are not limited to, family businesses, acting as an officer, partner or trustee of an organization or trust, political positions, second jobs, professional associations, etc. Outside Activities that are not covered by the Code are activities that involve a charity or foundation, as long as you do not provide investment or financial advice to the organization. Examples would include: volunteer work, homeowners' organizations (such as condos or coop boards), or other civic activities.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Participation in Investment Clubs and Private Pooled Vehicles** 

No **Access Person** shall participate in an investment club or invest in a hedge fund, or similar private organized investment pool (but not an SEC registered open-end mutual fund) without the express permission of **Personal Trading Compliance,** the **Chief Compliance Officer**

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 <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management, whether or not the investment vehicle is advised, sub-advised or distributed by Loomis Sayles or a Natixis investment adviser.

**6.** **REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code** 

Within 10 days after becoming an **Access Person,** each **Access Person** must file with **Personal Trading Compliance**, a report of all **Covered Securities** holdings (including holdings of **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information contained therein must be current as of a date not more than 45 days prior to the individual becoming an **Access Person**.

Additionally, within 10 days of becoming an **Access Person**, such **Access Person** must report all brokerage or other accounts that hold or can hold **Covered Securities** in which the **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information must be as of the date the person became an **Access Person**. An **Access Person** can satisfy these reporting requirements by providing **Personal Trading Compliance** with a current copy of his or her brokerage account or other account statements, which hold or can hold **Covered Securities**. An automated Initial Code of Ethics Certification and Disclosure Form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'. This form must be completed and submitted to **Personal Trading Compliance** by the **Access Person** within 10 days of becoming an **Access Person**. The content of the Initial Holdings information must include, at a minimum, the title and type of security, the ticker symbol or CUSIP or ISIN, number of shares, and principal amount of each Covered Security (including Reportable Funds) and the name of any broker, dealer or bank with which the securities are held. With the exception of the Access Persons of Loomis Asia and Loomis UK, newly hired **Access Persons** must close existing non-Select brokerage accounts and transfer the assets to a **Select Broker** within 30 days of their start date at Loomis Sayles, unless the **Access Person** receives written approval from **Personal Trading Compliance** or the **Chief Compliance Officer** to maintain his/her account(s) at a non**-**Select Broker.

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|:---|:---|
| *Explanatory Note:* | *Loomis Sayles treats all of its employees and certain consultants as* ***Access Persons****. Therefore, you are deemed to be an* ***Access Person*** *as of the first day you begin working for the firm.* |
| *Explanatory Note:* | *Types of accounts in which* ***Access Persons*** *are required to report include, but are not limited to: personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of your partner, accounts of minor children living in your household, accounts of your adult children (18 years or older) living at college / university, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, pension accounts, cash management accounts (e.g. checking, savings, ATM or other banking accounts that allow transactions and holdings in Covered Securities), microsavings and mobile based application accounts, IRAs, 401Ks, trusts, DRIPs, ESOPs etc. that either hold or can hold Covered Securities (including Reportable Funds). In addition, physically held shares of* ***Covered Securities*** *must also be reported. An* ***Access Person*** *should contact* ***Personal Trading Compliance*** *if they are unsure as to whether an account or personal investment is subject to reporting under the Code so the account or* |

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*investment can be properly reviewed.*

At the time of the initial disclosure period, each **Access Person** must also submit information pertaining to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● His/her participation in any Outside Activity as described in Section 5.1 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● His/her participation in an Investment Club as described in Section 5.2 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Holdings in **Private Placements** including hedge funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A **Related Person** that is an officer and/or director of a publicly traded company; if any.

Upon becoming an **Access Person,** each **Access Person** will receive a copy of the Code, along with the Loomis Sayles Insider Trading Policies and Procedures and Loomis Sayles Gifts, Business Entertainment and Political Contributions Policies and Procedures. Within the 10 day initial disclosure period and annually thereafter, each **Access Person** must acknowledge that he or she has received, read and understands the aforementioned policies and recognize that he or she is subject hereto, and certify that he or she will comply with the requirements of each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Brokerage Confirmations and Brokerage Account Statements** 

Each **Access Person** must notify **Personal Trading Compliance <u>immediately</u>** upon the opening of an account that holds or may hold **Covered Securities** (including **Reportable Funds**), <u>in which such</u> **<u>Access Person</u>** <u>has</u> **<u>Beneficial Ownership</u>** <u>or</u> **<u>Investment Control.</u>** In addition, if an account has been granted an exemption to the **Select Broker** requirement and/or the account is unable to be added to the applicable **Select Broker's** daily electronic broker feed, which supplies ECM with daily executed confirms and positions, **Personal Trading Compliance** will instruct the broker dealer of the account to provide it with duplicate copies of the account's confirmations and statements. If the broker dealer cannot provide **Personal Trading Compliance** with confirms and statements, the **Access Person** is responsible for providing **Personal Trading Compliance** with copies of such confirms as and when transactions are executed in the account, and statements on a monthly basis, if available, but no less than quarterly. Upon the opening of an account, an automated Personal Account Reporting Form must be completed and submitted to **Personal Trading Compliance**. This form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

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| | |
|:---|:---|
| *Explanatory Note:* | *If the opening of an account is not reported immediately to* ***Personal Trading Compliance****, but is reported during the corresponding quarterly certification period, and there has not been any trade activity in the account, then the* ***Access Person*** *will be deemed to have not violated its reporting obligations under this Section of the Code.* |
| *Explanatory Note:* | *For those accounts that are maintained at a* ***Select Broker*** *and are eligible for the broker's daily electronic confirm and position feed,* ***Access Persons*** *do not need to provide duplicate confirms and statements to* ***Personal Trading Compliance****. However, it is the* ***Access Person's*** *responsibility to accurately review and certify their quarterly transactions and annual holdings information in ECM, and to promptly notify* ***Personal Trading Compliance*** *if there are any discrepancies.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification** 

Utilizing ECM, each **Access Person** must file a report of all **Volitional** transactions in **Covered Securities** (including **Volitional** transactions in **Reportable Funds**) made during each calendar quarterly period in which such **Access Person** has, or by reason of such transaction acquires or disposes of, any **Beneficial Ownership** of a **Covered Security** (even if such **Access Person** has no direct or indirect **Investment Control** over such **Covered Security**), or as to which the **Access Person** has any direct or indirect **Investment Control** (even if such **Access Person** has no **Beneficial Ownership** in such **Covered Security**). **Non-volitional** transactions in **Covered Securities** (including **Reportable Funds**) such as automatic monthly payroll deductions, changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging programs, and transactions made within the Guided Choice Program are still subject to the Code's annual reporting requirements. If no transactions in any **Covered Securities,** required to be reported, were effected during a quarterly period by an **Access Person**, such **Access Person** shall nevertheless submit a report through ECM within the time frame specified below stating that no reportable securities transactions were affected. The following information will be available in electronic format for **Access Persons** to verify on their Quarterly Transaction report:

The date of the transaction, the title of the security, ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each reportable security, nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), the price of the transaction, and the name of the broker, dealer or bank with which the transaction was effected. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

With the exception of those accounts described in <u>Exhibit Four,</u> **Access Persons** are also required to report each account that may hold or holds **Covered Securities** (including accounts that hold or may hold **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** or **Investment Control** that have been opened or closed during the reporting period. In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security,** including **Reportable Funds,** in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

Finally **Access Persons** must report any **Related Person** that is an officer and/or director of a publicly traded company and that they do not serve as an officer or member of the board of any publicly traded company.

Every quarterly report must be submitted no later than thirty (30) calendar days after the close of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Annual Reporting** 

On an annual basis, as of a date specified by **Personal Trading Compliance,** each **Access Person** must file with **Personal Trading Compliance** a dated annual certification which identifies all holdings in **Covered Securities** (including **Reportable Funds**) in which such **Access Person**

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has **Beneficial Ownership** and/or **Investment Control**. This reporting requirement also applies to shares of **Covered Securities**, including shares of **Reportable Funds** that were acquired during the year in **Non-volitional** transactions. Additionally, each **Access Person** must identify all personal accounts which hold or may hold **Covered Securities** (including **Reportable Funds),** in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. The information in the Annual Package shall reflect holdings in the **Access Person's** account(s) that are current as of a date specified by **Personal Trading Compliance**. The following information will be available in electronic format for **Access Persons** to verify on the Annual Holdings report:

The title of the security, the ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each **Covered Security** (including **Reportable Funds**) and the name of any broker, dealer or bank with which the securities are held. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

Furthermore, on an annual basis, each **Access Person** must acknowledge and certify that during the past year he/she has received, read, understood and complied with the Code, Insider Trading Policies and Procedures, and the Policies and Procedures on Gifts, Business Entertainment, and Political Contributions, except as otherwise disclosed in writing to **Personal Trading Compliance** or the **Chief Compliance Officer**. Finally, as part of the annual certification, each **Access Person** must acknowledge and confirm any Outside Activities in which he or she currently participates and any Related Person that is an officer and/or director of a publicly traded company.

All material changes to the Code will be promptly distributed to Access Persons, and also be distributed to **Supervised Persons** on a quarterly basis. On an annual basis, Supervised Persons will be asked to acknowledge his/her receipt, understanding of and compliance with the Code.

Every annual report must be submitted no later than (45) calendar days after the date specified by **Personal Trading Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Review of Reports by Chief Compliance Officer** 

The **Chief Compliance Officer** shall establish procedures as the **Chief Compliance Officer** may from time to time determine appropriate for the review of the information required to be compiled under this Code regarding transactions by **Access Persons** and to report any violations thereof to all necessary parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Internal Reporting of Violations to the Chief Compliance Officer** 

Prompt internal reporting of any violation of the Code to the **Chief Compliance Officer** or **Personal Trading Compliance** is required under Rule 204A-1 and FCA (MAR and COBS). While the daily monitoring process undertaken by **Personal Trading Compliance** is designed to identify any violations of the Code, and handle any such violations promptly, **Access Persons** and **Supervised Persons** are required to promptly report any violations they learn of resulting from either their own conduct or those of other **Access Persons** or **Supervised Persons** to the **Chief Compliance Officer** or **Personal Trading Compliance**. It is incumbent upon Loomis Sayles to create an environment that encourages and protects **Access Persons** or **Supervised Persons** who report violations. In doing so, individuals have the right to remain anonymous in reporting violations. Furthermore, any form of retaliation against an individual who reports a violation could constitute a further violation of the Code, as deemed appropriate by the **Chief Compliance Officer**.

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All **Access Persons** and **Supervised Persons** should therefore feel safe to speak freely in reporting any violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Register of Interests in Securities** 

Pursuant to regulations 4 and 4A of the Securities and Futures (Licensing and Conduct of Business) Regulations, all employees of Loomis Asia who have been appointed as representatives under the Securities and Futures Act are required to maintain a register of their interests in securities which are listed for quotation, or quoted on the Singapore Exchange Securities Trading Limited or any recognized market operator recognized by the Monetary Authority of Singapore under the Securities and Futures Act. For purposes of the register of interests in securities, "securities" includes any type of equity or debt security, any equivalent, any derivative, instrument representing, or any rights relating to a security, and any closely related security, as well as units in any open-ended funds, closed-end funds and business trusts. In addition, all employees are deemed to have an "interest" in securities if he/she has **Beneficial Ownership** or **Investment Control** (whether formal or informal, expressed or implied) over those securities. Section 4 of the SFA also sets out instances under which a person is deemed to have an "interest" in securities (for instance, where a person has an interest in securities through a corporation in which such person has a controlling interest. If you are unsure whether your personal trading activity needs to be entered into your register of interests in securities, please consult **Personal Trading Compliance**.

Representatives of Loomis Asia must enter into their register of interests in securities, within 7 days after the date that they acquire any interest in securities, particulars of the securities in which they have an interest and particulars of their interests in those securities. Where there is a change in any interest in securities, representatives must enter in their register, within 7 days after the date of the change, particulars of the change (including the date of the change and the circumstances by reason of which the change occurred). Representatives of Loomis Asia maintain records of their holdings and transactions in securities on an Automated System (ECM). Such records must be produced for the MAS' inspection upon request.

Loomis Asia separately maintains a nil register of interest in securities for the entity which does not hold any such interest.

The register of interests in securities is kept in Loomis Asia's office (as notified to MAS) and Loomis US. Each entry in the register must be retained in an easily accessible form for a period of not less than 5 years after the date on which the entry was first made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.** **Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives** 

Pursuant to the license conditions set out upon being granted the Capital Markets Services License to conduct the regulated activity of Fund Management and Dealing in Capital Markets Products in Singapore, Loomis Asia's Directors and Chief Executive Officer ("CEO") are required to inform MAS via email or other means directed, of any change in business interests and substantial shareholdings promptly (i.e., 5% or more ownership of the outstanding voting securities in any entity).

*Notification of Substantial Shareholdings* 

For Loomis Asia's Appointed Representatives, Directors and CEO, substantial shareholdings need to be recorded in ECM in a timely fashion upon the acquisition date of a 5%

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position, and thereafter for any 1% change in a 5% position. For Loomis Asia's Directors and CEO who are not an Appointed Representatives, notification of substantial shareholdings to MAS is required and usually made via email unless otherwise directed to be made in other means.

Appointed Representatives, the CEO and Directors of Loomis Asia are responsible for notifying **Personal Trading Compliance** within 14 calendar days upon acquiring a 5% position and any 1% changes thereto for review and mitigation of potential conflict of interests arising of such substantial shareholdings. Loomis Asia Compliance will also rely on ad hoc reviews, monthly certifications and quarterly checklists to identify reportable holdings.

*Notification of Business interests* 

Business interests refer to any role with any business entity arising from pre-approved Outside Activities or internal roles within Loomis's corporate and affiliated entities usually held by senior officers and directors. Loomis Asia's Appointed Representatives, Directors and CEO must notify **Personal Trading Compliance** within 14 calendar days from the effective date of any changes to their business interests. Changes in business interests of Loomis Asia's Directors or CEO would be separately notified to MAS via email or other means directed.

For internal roles within Loomis's corporate and affiliated entities held by certain Loomis Asia's directors, Loomis Asia's Compliance will work with the Legal and Compliance of Loomis US to periodically obtain updates on potential changes to the internal roles for prompt notification to MAS.

**7.** **SANCTIONS** 

Any violation of the substantive or procedural requirements of this Code will result in the imposition of a sanction as set forth in the firm's then current Sanctions Policy that is maintained on the ECM Homepage, or as the Ethics Committee may deem appropriate under the circumstances of the particular violation. These sanctions may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a letter of caution or warning (i.e. Procedures Notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● payment of a fine,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● requiring the employee to reverse a trade and realize losses or disgorge any profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● restitution to an affected client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● suspension of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● actions affecting employment status, such as suspension of employment without pay, demotion or termination of
employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● referral to the SEC, FCA or MAS and other civil authorities or criminal authorities.

Serious violations, including those involving deception, dishonesty or knowing breaches of law or fiduciary duty, will result in one or more of the most severe sanctions regardless of the violator's history of prior compliance.

*Explanatory Note:* *Any violation of the Code, following a "first offense" whether or not for the same type of violation, will be treated as a subsequent offense.*

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Fines, penalties and disgorged profits will be donated to a charity selected by the Loomis Sayles Charitable Giving Committee.

**8.** **RECORDKEEPING REQUIREMENTS** 

Loomis Sayles shall maintain and preserve records, in an easily accessible place, relating to the Code of the type and in the manner and form and for the time period prescribed from time to time by applicable law. Currently, Loomis Sayles is required by law to maintain and preserve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in an easily accessible place, a copy of this Code (and any prior Code of Ethics that was in effect at any time
during the past five years) for a period of five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in an easily accessible place a record of any violation of the Code and of any action taken as a result of such
violation for a period of five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a copy of each report (or information provided in lieu of a report including any manual pre-clearance forms and information relied upon or used for reporting) submitted under the Code for a period of five years, provided that for the first two years such copy must be preserved in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● copies of **Access Persons'** and **Supervised Persons'** written acknowledgment of initial
receipt of the Code and his/her annual acknowledgement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in an easily accessible place, a record of the names of all **Access Persons** within the past five years,
even if some of them are no longer **Access Persons**, the holdings and transactions reports made by these Access Persons, and records of all Access Persons' personal securities reports (and duplicate brokerage confirmations or account
statements in lieu of these reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a copy of each report provided to any Investment Company as required by paragraph (c)(2)(ii) of Rule 17j-1 under the 1940 Act or any successor provision for a period of five years following the end of the fiscal year in which such report is made, provided that for the first two years such record shall be
preserved in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a written record of any decision and the reasons supporting any decision, to approve the purchase by an **Access Person** of any **Covered Security** in an **Initial Public Offering or Private Placement Transaction** or other limited offering for a period of five years following the end of the fiscal year in which the approval is granted.

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|:---|:---|
| *Explanatory Note:* | *Under Rule 204-2, the standard retention period required for all documents and records listed above is five years, from the end of the calendar year in which the record was created, in an easily accessible place, the first two years in an appropriate office of* ***Personal Trading Compliance****. Under the IMAS Code of Ethics & Standards of Professional Conduct, Loomis Asia is required to keep records related to its policies and internal controls governing personal dealing, including any violations and the resultant investigations and actions taken where appropriate, for a period of six years. Under MAR, the FCA requires all records be retained for 5 years.* |

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**9.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** **Confidentiality** 

Loomis Sayles will keep information obtained from any **Access Person** hereunder in strict confidence. Notwithstanding the forgoing, reports of **Covered Securities** transactions and violations hereunder will be made available to the SEC, FCA, MAS or any other regulatory or self-regulatory organizations to the extent required by law**,** rule or regulation, and in certain circumstances, may in Loomis Sayles' discretion be made available to other civil and criminal authorities. In addition, information regarding violations of the Code may be provided to clients or former clients of Loomis Sayles that have been directly or indirectly affected by such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** **Disclosure of Client Trading Knowledge** 

No **Access Person** may, directly or indirectly, communicate to any person who is not an **Access Person** or other approved agent of Loomis Sayles (e.g., legal counsel) any non-public information relating to any client of Loomis Sayles or any assets held in the account of a client, including, without limitation, the purchase or sale or considered purchase or sale of a **Covered Security** on behalf of any client of Loomis Sayles, except to the extent necessary to comply with applicable law or to effectuate traditional asset management/operations activities on behalf of the client of Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** **Notice to Access Persons, Investment Persons and Research Analysts as to Code Status** 

**Personal Trading Compliance** will initially determine an employee's status as an **Access Person, Research Analyst** or **Investment Person** and the client accounts to which **Investment Persons** should be associated, and will inform such persons of their respective reporting and duties under the Code.

All **Access Persons** and/or the applicable supervisors thereof, have an obligation to inform **Personal Trading Compliance** if an **Access Person's** responsibilities change during the **Access Person's** tenure at Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.** **Notice to Personal Trading Compliance of Engagement of Independent Contractors** 

Any **Access Person** that engages as a non-employee service provider ("NESP"), such as a consultant, temporary employee, intern or independent contractor shall notify **Personal Trading Compliance** of this engagement, and provide to **Personal Trading Compliance** the information necessary to make a determination as to how the Code shall apply to such NESP, if at all.

NESPs are generally not subject to pre-clearance, trading restrictions and certain reporting provisions of the Code. However, NESP's must receive, review and acknowledge a Code of Ethics Compliance Statement that further describes his/her Code requirements and fiduciary duties while engaged with Loomis Sayles.

At times, NESP's are contracted to various departments at Loomis Sayles where they may be involved or be privy to the investment process for client accounts or the Loomis Sayles recommendation process. Prior to their engagement, the Loomis Sayles Human Resources Department will notify **Personal Trading Compliance** of these NESP's and depending on the facts

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and circumstances, the NESP will be communicated what provisions of the Code will apply to them during their engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.** **Exemptions to the Application of the Code** 

Under limited circumstances, the **Chief Compliance Officer** may deem it admissible to allow non-Loomis Sayles employees access to certain client information, which will designate those individuals as Access Persons under the Code. Since there are significant variations in terms of: (i) the nature of the types of services, (ii) types of access being provided; and the length of time during which such persons provide services to Loomis Sayles or require access to client data, the **Chief Compliance Officer** may deem it appropriate to apply a limited set of Code requirements to those individuals. In such instances, the **Chief Compliance Officer** or **Personal Trading Compliance** will train those individuals of the relevant key concepts of the Code, and require them to periodically certify having received, read, understood and complied with those requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6.** **Questions and Educational Materials** 

**Access Persons** are encouraged to bring to **Personal Trading Compliance** any questions you may have about interpreting or complying with the Code about **Covered Securities**, accounts that hold or may hold **Covered Securities** or personal trading activities of you, your family, or household members, your legal and ethical responsibilities, or similar matters that may involve the Code.

**Personal Trading Compliance** will from time to time circulate educational materials or bulletins or conduct training sessions designed to assist you in understanding and carrying out your duties under the Code. On an annual basis, each **Access Person** is required to successfully complete the Code of Ethics and Fiduciary Duty Tutorial designed to educate **Access Persons** on their responsibilities under the Code and other Loomis Sayles policies and procedures that generally apply to all employees.

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***GLOSSARY OF TERMS***

The **boldface** terms used throughout this policy have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "**Access Person**" means an "access person" as defined from time to time in Rule 17j-1 under the 1940 Act or any applicable successor provision. Currently, this means any director, or officer of Loomis Sayles, or any **Advisory Person** (as defined below) of Loomis Sayles, but does not
include any director who is not an officer or employee of Loomis Sayles or its corporate general partner and who meets all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. He or she, in connection with his or her regular functions or duties, does not make, participate in or obtain information regarding the purchase or sale of Covered Securities by a registered investment company, and whose functions do not relate to the making of recommendations with respect to such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. He or she does not have access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any **Reportable Fund**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. He or she is not involved in making securities recommendations to clients, and does not have access to such recommendations that are nonpublic.

Loomis Sayles treats all employees as **Access Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "**Advisory Person**" means an "advisory person" and "advisory
representative" as defined from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act, respectively, or any applicable
successor provision. Currently, this means (i) every employee of Loomis Sayles (or of any company in a **Control** relationship to Loomis Sayles), who, in connection with his or her regular functions or duties, makes, participates in, or
obtains information regarding the purchase or sale of a **Covered Security** by Loomis Sayles on behalf of clients, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) every
natural person in a **Control** relationship to Loomis Sayles who obtains information concerning recommendations made to a client with regard to the purchase or sale of a **Covered Security. Advisory Person** also includes: (a) any
other employee designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as an **Advisory Person** under this Code; (b) any consultant, temporary employee, intern or independent contractor (or similar person)
engaged by Loomis Sayles designated as such by **Personal Trading Compliance** or the **Chief Compliance Officer** as a result of such person's access to information about the purchase or sale of **Covered Securities** by Loomis
Sayles on behalf of clients (by being present in Loomis Sayles offices, having access to computer data or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "**Beneficial Ownership** "**  is defined in Section 3.2 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "**Chief Compliance Officer**" refers to the officer or employee of Loomis Sayles
designated from time to time by Loomis Sayles to receive and review reports of

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purchases and sales by **Access Persons**, and to address issues of personal trading. "**Personal Trading Compliance**" means the employee or employees of Loomis Sayles designated from time to time by the General Counsel of Loomis Sayles to receive and review reports of purchases and sales, and to address issues of personal trading, by the **Chief Compliance Officer**, and to act for the **Chief Compliance Officer** in the absence of the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "**Covered Security**" is defined in Section 3.1 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"Exempt ETF"** is defined in Section 3.1 of the Code and a list of such funds is found in
Exhibit Two.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "**Federal Securities Laws**" refers to the Securities Act of 1933, the Securities Exchange Act
of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to
funds and investment advisers, and any rules adopted there under by the SEC or the U.S. Department of the Treasury, and any amendments to the above mentioned statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "**Investment Control**" is defined in Section 3.3 of the Code. This means
"control" as defined from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act or any applicable successor provision.
Currently, this means the power to directly or indirectly influence, manage, trade, or give instructions concerning the investment disposition of assets in an account or to approve or disapprove transactions in an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "**Initial Public Offering**" means an "initial public offering" as defined from
time to time in Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means any offering of securities registered under the Securities Act of 1933 the issuer of which immediately
before the offering, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "**Investment Company**" means any **Investment Company** registered as such under the 1940
Act and for which Loomis Sayles serves as investment adviser or subadviser or which an affiliate of Loomis Sayles serves as an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "**Investment Person**" means all **Portfolio Managers** of Loomis Sayles and other **Advisory Persons** who assist the **Portfolio Managers** in making and implementing investment decisions for an **Investment Company** or other client of Loomis Sayles, including, but not limited to, designated **Research Analysts** and traders of Loomis Sayles. A person is considered an **Investment Person** only as to those client accounts or types of client accounts as to which he or she is designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as such. As to other accounts, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **"Loomis Advised Fund"** is any Reportable Fund advised or sub-advised by Loomis Sayles. A list of these funds can be found in <u>Exhibit One</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "**Non-volitional**" transactions are any
transaction in which the employee has not

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determined the timing as to when the purchase or sale will occur and the amount of shares to be purchased or sold, i.e. changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging program, automatic monthly payroll deductions, and any transactions made within the Guided Choice Program. **Non-volitional** transactions are not subject to the pre-clearance or quarterly reporting requirements under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "**Portfolio Manager**" means any individual employed by Loomis Sayles who has been designated
as a **Portfolio Manager** by Loomis Sayles. A person is considered a **Portfolio Manager** only as to those client accounts as to which he or she is designated by the **Chief Compliance Officer** as such. As to other client accounts, he or
she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "**Private Placement Transaction**" means a "limited offering" as defined from time
to time in Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means an offering exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or 4(6)
or Rule 504, 505 or 506 under that Act, including hedge funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "**Recommendation**" means any change to a security's price target or other type of
recommendation in the case of an equity **Covered Security,** or any initial rating or rating change in the case of a fixed income **Covered Security** in either case issued by a **Research Analyst**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "**Related Person**" means a spouse/partner and/or immediately family member of an Access
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. "**Reportable Fund**" is defined in Section 3.1 of the Code, and a list of such
funds is found in <u>Exhibit One</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. "**Research Analyst**" means any individual employed by Loomis Sayles who has been
designated as a **Research Analyst** or **Research Associate** by Loomis Sayles. A person is considered a **Research Analyst** only as to those **Covered Securities** which he or she is assigned to cover and about which he or she issues
research reports to other **Investment Persons** or otherwise makes recommendations to Investment Persons beyond publishing their research. As to other securities, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. "**Select Broker**" is defined in Section 3.4 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. "**Supervised Person**" is defined in Section 202(a)(25) of the Advisers Act and currently
includes any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Loomis Sayles, or other person who provides investment advice on behalf of Loomis Sayles and is subject to the
supervision and control of Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. "**Volitional**" transactions are any transactions in which the employee has determined the
timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold. **Volitional** transactions are subject to the pre-clearance and reporting

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requirements under the Code.

## Exhibit 99.28

**EX-28.p.8** 

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| | |
|:---|:---|
| ![LOGO](g49631g0211161633962.jpg) | <br> **Renaissance**<br>**Investment Management**<br>**CODE OF ETHICS**<br>**December 31, 2024**<br>![LOGO](g49631g0211161634425.jpg) <br>50 EAST RIVERCENTER BOULEVARD ∎ SUITE 1200<br>COVINGTON, KY 41011 ∎ 800.837.3863 ∎ 513.723.4500 ∎ FAX 513.723.4512 ∎ www.reninv.com |

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 ![LOGO](g49631g0211115855060.jpg) <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| ![LOGO](g49631g0211172934168.jpg) | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| ![LOGO](g49631g0211172934168.jpg) | **I.** | **GENERAL PRINCIPLES** | **GENERAL PRINCIPLES** | **4** |
| ![LOGO](g49631g0211172934168.jpg) |  | A. | Definitions | **4** |
| ![LOGO](g49631g0211172934168.jpg) |  | B. | Responsibility | **8** |
| ![LOGO](g49631g0211172934168.jpg) |  | C. | Duty to Clients | **8** |
| ![LOGO](g49631g0211172934168.jpg) |  | D. | Prohibited Acts | **9** |
| ![LOGO](g49631g0211172934168.jpg) |  | E. | Suitability | **9** |
| ![LOGO](g49631g0211172934168.jpg) |  | F. | Conflicts of Interest | **9** |
| ![LOGO](g49631g0211172934168.jpg) |  | G. | Outside Employment and Business Activities | **10** |
| ![LOGO](g49631g0211172934168.jpg) |  | H. | Diversion of Renaissance Business or Investment Opportunity | **10** |
| ![LOGO](g49631g0211172934168.jpg) |  | I. | Serving on a Board of Directors | **10** |
| ![LOGO](g49631g0211172934168.jpg) |  | J. | Rumors | **10** |
| ![LOGO](g49631g0211172934168.jpg) |  | K. | Portfolio Pumping and Window Dressing | **10** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **II.** | <br> **PERSONAL SECURITIES TRANSACTIONS** | <br> **PERSONAL SECURITIES TRANSACTIONS** | **11** |
| ![LOGO](g49631g0211172934168.jpg) |  | A. | Purpose | **11** |
| ![LOGO](g49631g0211172934168.jpg) |  | B. | Responsibility | **11** |
| ![LOGO](g49631g0211172934168.jpg) |  | C. | Reporting | **11** |
| ![LOGO](g49631g0211172934168.jpg) |  | D. | Beneficial Interest | **12** |
| ![LOGO](g49631g0211172934168.jpg) |  | E. | Preclearance of Trades and Prohibited Transactions | **13** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **III.** | <br> **INSIDER TRADING** | <br> **INSIDER TRADING** | **17** |
| ![LOGO](g49631g0211172934168.jpg) |  | A. | Supervisory Responsibility | **17** |
| ![LOGO](g49631g0211172934168.jpg) |  | B. | Section 204A of the Adviser Act | **17** |
| ![LOGO](g49631g0211172934168.jpg) |  | C. | Definitions | **17** |
| ![LOGO](g49631g0211172934168.jpg) |  | D. | Renaissance's Policy on Insider Trading | **18** |
| ![LOGO](g49631g0211172934168.jpg) |  | E. | Affiliated Managers Group Insider Trading Policies & Procedures | **18** |
| ![LOGO](g49631g0211172934168.jpg) |  | F. | Prevention of Insider Trading | **18** |
| ![LOGO](g49631g0211172934168.jpg) |  | G. | Detection of Insider Trading | **19** |
| ![LOGO](g49631g0211172934168.jpg) |  | H. | Sanctions | **19** |
| ![LOGO](g49631g0211172934168.jpg) |  | I. | Acknowledgement | **19** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **IV.** | <br> **GIFTS, ENTERTAINMENT AND OTHER SENSITIVE PAYMENTS** | <br> **GIFTS, ENTERTAINMENT AND OTHER SENSITIVE PAYMENTS** | **19** |
| ![LOGO](g49631g0211172934168.jpg) |  | A. | Gifts | **19** |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |

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 ![LOGO](g49631g0211115855060.jpg) <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| ![LOGO](g49631g0211172934168.jpg) |  | <br> ****TABLE OF CONTENTS** - CONTINUED** | <br> ****TABLE OF CONTENTS** - CONTINUED** |  |
| ![LOGO](g49631g0211172934168.jpg) |  | <br>B. | <br>Entertainment | **20** |
| ![LOGO](g49631g0211172934168.jpg) |  | C. | Sensitive Payments/Bribery/Kickback Prohibitions (FCPA) | **21** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **V.** | <br> **FELONIES, MISDEMEANORS AND SANCTIONS BY REGULATORY ORGANIZATIONS** | <br> **FELONIES, MISDEMEANORS AND SANCTIONS BY REGULATORY ORGANIZATIONS** | <br> **21** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **VI.** | <br> **SECURITIES WHISTLEBLOWER INCENTIVES AND PROTECTION PROGRAM** | <br> **SECURITIES WHISTLEBLOWER INCENTIVES AND PROTECTION PROGRAM** | <br> **22** |
| ![LOGO](g49631g0211172934168.jpg) |  | A. | Securities Whistleblower Incentives and Protection Program (Section 21F (h)(1) of the Exchange Act of 1934) | **22** |
| ![LOGO](g49631g0211172934168.jpg) |  | B. | Renaissance's Policy on Securities Laws Violations | **22** |
| ![LOGO](g49631g0211172934168.jpg) |  | C. | Violations of the Code, State or Federal Statutes | **23** |
| ![LOGO](g49631g0211172934168.jpg) |  | D. | Issue Reporting | **23** |
| ![LOGO](g49631g0211172934168.jpg) |  | E. | Investigative/Reporting Procedures | **23** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **VII.** | <br> **DEFEND TRADE SECRETS ACT** | <br> **DEFEND TRADE SECRETS ACT** | **24** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **VIII.** | <br> **CONFIDENTIALITY** | <br> **CONFIDENTIALITY** | **25** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **IX.** | <br> **RECORDKEEPING** | <br> **RECORDKEEPING** | **25** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **X.** | <br> **EDUCATION** | <br> **EDUCATION** | **26** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **XI.** | <br> **ACKNOWLEDGMENT** | <br> **ACKNOWLEDGMENT** | **26** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **XII.** | <br> **QUESTIONS – CONCERNS** | <br> **QUESTIONS – CONCERNS** | **26** |
| ![LOGO](g49631g0211172934168.jpg) | <br> **XIII.** | <br> **DELIVERY OF CODE OF ETHICS UPON REQUEST** | <br> **DELIVERY OF CODE OF ETHICS UPON REQUEST** | **26** |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
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| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
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| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |
| ![LOGO](g49631g0211172934168.jpg) |  |  |  |  |

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Message from the Managing Partners:

At Renaissance Investment Management (hereafter "Renaissance" or the "Firm"), we strive to exhibit the professionalism in representing the interests of our clients. The ethical culture of Renaissance is of critical importance to us, as is evidenced by the policies and procedures of Renaissance, including this Code of Ethics. Please review this Code of Ethics and strive to adhere to both its letter and spirit.

This Code of Ethics (the "Code" or "Policy") is incorporated into and made part of the Renaissance Compliance Policies & Procedures Manual by reference.

**I.** **GENERAL PRINCIPLES** 

This Code meets the requirements of Rule 204A-1 under the Investment Advisers Act of 1940, as amended, and Rule 17j-1 under the Investment Company Act of 1940, as amended. In general, these rules impose an obligation on registered investment companies and their investment advisers and principal underwriters to adopt a written Code of Ethics covering the personal securities trading activities of certain of their officers and associates. This Code also sets forth other policies and procedures designed to aid Renaissance in complying with other federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Definitions** 

The following terms are used throughout the text of this Policy and only apply to this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Account"** means a brokerage or other account that holds, or could potentially hold, a
Reportable Security in which the Associate has a direct or indirect Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Access Person"** means all Renaissance Associates, unless the Associate is deemed as a non-Access person by the Chief Compliance Officer ("CCO"). All Associates are Access Persons for purposes of Rule 204A-1. The CCO has the discretion to deem an
Associate a non-Access Person on a temporary basis depending on the circumstances of their employment (e.g., short- or long-term disability or pregnancy) or deem them as covered under another Associate's
reporting/preclearance requirements (e.g., child or spouse working for Renaissance temporarily). If an Associate is deemed a non-Access Person on a temporary basis, they are still required to preclear any
transactions that occur in their absence through any means the CCO deems appropriate.

For preclearance, trading and securities reporting purposes, members of the Associate's immediate family (defined as his or her spouse, domestic partner, fiancée, minor children and/or other <u>dependent</u> relatives or persons) living in the same household are considered Access Persons. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** "**Advisers Act"** means the Investment Advisers Act of 1940 and the rules and regulations
promulgated thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"Affiliate"** means an entity that is controlled by, controls or is under common control with
Renaissance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **"Affiliated Funds"** are mutual funds provided by an investment company, which are required to be
registered under the Investment Company Act of 1940, that are managed by Renaissance, Affiliated Managers Group ("AMG") or an AMG Affiliate. AMG maintains the list of Affiliated Funds and upon amendment promptly provides the updated list
to the Renaissance CCO for distribution to Renaissance Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **" Associate "** refers to all Renaissance partners and employees.

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 ![LOGO](g49631g0211115855060.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6**. **"Automatic Investment Plan"** means a program in which regular periodic purchases of Reportable
Securities (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **"Beneficial Interest/Ownership"** shall be interpreted in the same manner as it would be under Rule 16a-1(a) (2) under the Securities Exchange Act of 1934, as amended, in determining whether a person is a beneficial owner of a security for the purposes of Section 16 of the Securities Exchange Act
of 1934, as amended, and the rules and regulations thereunder. As a general rule, "Beneficial Interest" will be attributed to an Associate in all instances where the Associate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Possesses the ability to purchase or sell the securities (discretion or the ability to direct the disposition of the
securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Possesses voting power (including the power to vote or to direct the voting) over such securities; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Receives any benefits substantially equivalent to those of ownership.

An Associate is presumed to be a Beneficial Owner of securities that are held by his/her immediate family members including domestic partners living in the Associate's household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **"Buy List"** is the list of recommended securities currently being utilized to invest client funds
in any of Renaissance's strategies, excluding incubated strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9**. **" CCO "** refers to Renaissance's Chief Compliance Officer. The CCO has the right
to delegate compliance responsibilities to other Associates at Renaissance, but retains responsibility to monitor the completion of those compliance responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10**. **"Closed-end fund"** is an investment company's mutual
funds whose shares are issued and sold to the public with a specified number of shares in a one-time initial public offering, meaning no additional shares will be issued. Closed-end funds are bought and sold either on stock exchanges or over-the-counter. The value of the shares is set by the
transactions on the secondary market and can be higher or lower than the value of the portfolio securities that make up the closed-end investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **"Code" or "Code of Ethics"** refers to the Code that is in force and is currently
available on the Renaissance intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **"Control"** shall have the same meanings as set forth in Section 2(a)(9) of the Investment
Company Act of 1940, a summary of which states:

*''Control'' means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.* 

*Any person who owns beneficially, either directly or through one or more controlled companies, more than 25 per centum of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25 per centum of the voting securities of any company shall be presumed not to control such company. A natural person shall be presumed not to be a controlled person within the meaning of this title.* 

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 ![LOGO](g49631g0211115855060.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **"Family Member"** means anyone living in the household of the associate as well as children,
parents and in-laws. Only family members living in the same household are considered access person for pre-clearance purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **"Firm"** and **"Renaissance"** means The Renaissance Group LLC, doing
business as Renaissance Investment Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **"Focus List"** aka **"Highest Ranked Investment Opportunities List"** is a list of
securities comprised of the top 20% of the investment universe for all Renaissance strategies, except for the International Small Cap and Emerging Markets strategies, which are comprised of the top 30% of the investment universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **" Frozen Account "** means a client account in which the account holder or
authorized representative has instructed Renaissance to cease trading securities within an account due to death, pending liquidation or transfer of the securities in the account, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **"Gift"** means a gift, as broadly defined, received or given by Renaissance or an Associate in
relation to Renaissance's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **"Incubated Strategy"** is a Renaissance investment strategy that only contains
Associate, Associate-family or other Associate beneficially owned accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **" Initial Public Offering "** is the first sale of an offering of
securities registered under the Securities Act of 1933, as amended (the "Securities Act") to the public, by a private company subject to the registration requirements of Section 5 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **" Limited Offering "** means an offering of securities pursuant to an exemption
from the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **"Model Change"** means changes in existing models (Buy Lists) initiated by a portfolio manager or
analyst wherein one or more securities are added or removed from current models (Buy Lists).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **" Open-end fund "** is a mutual fund
that, when used in the context of general equities, continually creates new shares on demand. Mutual fund shareholders buy the funds at net asset value and can redeem them at any time at the prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **"Portfolio Pumping" (also known as "marking the close")** means the illegal act of
bidding up the value of a portfolio right before the end of a quarter, when the portfolio's performance is measured. This is done by placing a large number of orders on existing holdings, which drives up the value of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **" Reportable Security "** means all securities in which an Associate has a
Beneficial Interest or discretion with five exceptions listed below.  **<u>Note:</u>** A Reportable Security means a security as defined in Section 202(a) (18) of the Act (15 u.s.c. 80b-2(a)(18)), which includes all instruments that are considered a "security" under the Investment Advisers Act of 1940.

Reportable Securities specifically <u>do</u> <u>not</u> include the following five types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transactions and holdings in direct obligations of the Government of the United States;

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 ![LOGO](g49631g0211115855060.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Money Market instruments - bankers' acceptances, bank certificates of deposit, commercial paper, repurchase
agreements and other high-quality, short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares of money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Transactions and holdings in shares of open-end mutual funds, unless the
adviser or a control affiliate acts as the investment adviser or principal underwriter for the open-end mutual fund; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Transactions in units of a unit investment trust if the unit investment trust is invested exclusively in
unaffiliated open-end mutual funds.

For purposes of clarification, the following securities are <u>examples</u> of Reportable Securities, but is not a complete list of Reportable Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● stocks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● bonds, including government agency bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● exchange traded funds ("ETFs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Affiliated Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● American Depositary Receipts ("ADRs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● futures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● foreign unit trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● foreign mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investment clubs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● dividend reinvestments that are directed by an Associate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● stock purchase plan acquisitions directed by an Associate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● limited partnerships – including hedge funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● private placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **"Restricted List"** is a list of securities maintained by the CCO for which Renaissance or an
Associate of Renaissance could be in possession of material, nonpublic information. Securities will remain on the Restricted List until the material, nonpublic information becomes public information, at which time the security will be removed
from the list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.** **"Restricted Trading List"** is a list comprised of the securities in the current "Buy
List" and "Focus List" for each Renaissance investment strategy that is not an Incubated Strategy, including actively managed securities currently or previously recommended (still held in accounts due to Portfolio Manager
discretion) by Renaissance and alternate securities recommended by Renaissance.

ETFs, ETNs and Unaffiliated open-end mutual funds are excluded from the Restricted Trading List.

"Non-Restricted Trading List" securities held in "Frozen Accounts" or Unsupervised Securities are not considered to be actively managed by Renaissance for the purposes of the Code. Any previously recommended nonrestricted securities held in

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a client's managed account due to client direction are excluded from the definition of Restricted Trading List securities.

*<u>Note:</u>* For securities with multiple tickers, the Restricted Trading List applies to all tickers of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.** **"Public Company"** means any entity subject to the reporting requirements of Section 12 or
15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.** **"Security"** under Reportable Security means any note; stock; treasury stock; security future;
bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit-sharing agreement; collateral-trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting-trust
certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of
securities (including any interest therein or based on the value thereof); or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, any interest or instrument
commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.** **" Short-Term Trading "** is the purchase and sale of a security within 30 days
in the same account. Sales and subsequent purchases are not considered short-term trading unless the security that is purchased is sold again within 30 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.** **" Unsupervised Securities "** means any securities requested to be held by a
client in his/her custodial account, which are not actively managed or charged a management fee by Renaissance, including securities that are sold by Renaissance when an account transitions to Renaissance. In some Wrap/SMA platforms, these
securities are referred to as securities held below the line.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.** **"Window Dressing"** is a strategy used by mutual fund and other portfolio managers near the year-
or quarter-end to improve the appearance of a portfolio's/fund's performance before presenting it to clients or shareholders. To window dress, the portfolio manager sells stocks with large losses
and purchases high-flying stocks near the end of the quarter. These securities are then reported as part of the portfolio's/fund's holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Responsibility** 

It is the responsibility of Renaissance's management to ensure that Renaissance conducts its business in accordance with ethical standards in keeping with its fiduciary duties to its clients. Accordingly, this Code provides details of the regulatory and ethical standards to which all Renaissance Associates must adhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Duty to Clients** 

Renaissance has a duty to exercise its authority and responsibility in the best interest of its clients, which includes the responsibility to make full and fair disclosure of all material facts, especially when Renaissance's or its Associates' interests may conflict with those of its clients. Renaissance Associates must disclose any conflicts of interest between their personal accounts/Renaissance/affiliate interests and the client's accounts/interests to the CCO. This is accomplished through the Annual Certification Form and one-on-one Associate meetings with the CCO, if the Associate has conflicts to disclose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Prohibited Acts** 

Associates must comply with applicable federal securities laws. Associates are prohibited in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by any client account(s) from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Employing any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Making any untrue statement of a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Omitting to state a material fact necessary in order to make a statement, in light of the circumstances under
which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** Engaging in any fraudulent or deceitful act, practice or course of business; or engaging in any manipulative
practices; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** Using research or software procured from soft dollars for their own personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Suitability** 

Renaissance shall only recommend those investments that are suitable for a direct-managed client based upon the direct-managed client's particular situation and circumstances. This is accomplished based on the direct-managed client's written Investment Policy and Guidelines. If a direct-managed client does not have such a document, Renaissance will request that the client complete an Investment Objective Questionnaire. Wrap/SMA and UMA Sponsors are responsible for the suitability of investment selections for the clients on their platforms, except for one Wrap/SMA Sponsor where Renaissance has responsibility for client suitability per contractual agreement.

We also remind clients to review the suitability of their portfolios through our annual ADV offer letter and quarterly in our client appraisal, which asks direct-managed clients to inform Renaissance if their financial situation, investment objectives or reasonable investment restrictions have changed.

*Note: Please refer to the Renaissance Compliance Manual for additional details.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Conflicts of Interest** 

Renaissance has a duty to disclose potential and actual conflicts of interest to its clients. All Associates have a duty to report potential and actual conflicts of interest to the CCO. It is not possible to provide a precise or comprehensive definition of a conflict of interest. However, one factor that is common to all conflicts of interest situations is the possibility that an Associate's actions or decisions will be affected because of actual or potential differences between or among the interests of Renaissance, its affiliates or clients and/or the Associate's own personal interests. An Associate's particular activity or situation could be found to involve a conflict of interest even though it does not result in any financial loss to Renaissance, its affiliates or clients or any gain to Renaissance or the Associate, regardless of the motivations of the Associate involved.

Investments by Associates that interfere with their duties at Renaissance divide loyalty or could create an actual conflict or the appearance of a conflict of interest. Each Associate must promptly report any situation or transaction involving what could be an actual or potential conflict of interest to the CCO. In each instance, the CCO and a Managing Partner or another Senior Partner shall be responsible for determining if a conflict of interest exists, and if a conflict exists, how it should be remedied.

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Meetings between Associates and the CCO to report potential conflicts, the Annual Certification Form and the reporting and approval (or disapproval) of outside employment and business activities are the methods used to communicate Associate conflicts or potential conflicts to the CCO.

Examples of potential conflicts include Associate family members who work for a Renaissance vendor or who sit on the board of a publicly traded company in which Renaissance could invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Outside Employment and Business Activities** 

Associates shall not be employed by, accept any remuneration from or perform any services for any person or entity, including serving as a trustee, general partner of a partnership, or as a director, officer or in a similar capacity for any entity or organization other than Renaissance or any Affiliate of Renaissance, except as specifically authorized by a Managing Partner or Senior Partner of Renaissance. The Associate must submit an Outside Employment Approval Form to the CCO for review and approval prior to obtaining outside employment. If the Associate changes his/her place of outside employment, a new form must be submitted to the CCO for approval. Associates should never have any outside employment that could cause embarrassment to or jeopardize the interests of Renaissance, interfere with the operations of Renaissance or adversely affect his/her productivity or that of other Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Diversion of Renaissance Business or Investment Opportunity** 

Associates shall not acquire or derive personal gain or profit from any business or investment opportunity that comes to his/her attention as a result of his/her association with Renaissance, if he/she should reasonably have known Renaissance or its clients could reasonably be expected to participate or have an interest in such business or investment opportunity. In this situation, the Associate must disclose in writing all relevant facts to the CCO and receive specific written authorization from the CCO prior to engaging in the investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Serving on a Board of Directors** 

Associates are permitted to serve on the Board of Directors of a publicly traded company, private company or charitable organization. Any board directorships must be approved by the CCO and Associates must complete a Board Directorship Reporting Form. The CCO will document this potential conflict of interest and track all directorships. When serving as Board Members, Associates may serve in an investment-related position on the board (e.g., investment committee member) if they do not provide selection advice regarding specific securities (e.g., allowable activities include selection of investment advisors, asset allocation management or investment policy creation). It is the Board Member's/Associate's responsibility to notify the CCO of the termination of such service or any new Board service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Rumors** 

An Associate is prohibited from intentionally or unintentionally starting or participating in rumors regarding any Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K. Portfolio Pumping and Window Dressing** 

Portfolio pumping and window dressing are specifically prohibited by this Code.

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**II.** **PERSONAL SECURITIES TRANSACTIONS** 

*Advisers Act Rule 204-2* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Purpose** 

The following procedures are designed to ensure that conflicts with client interests are avoided and that Renaissance Associates conduct their personal trading activities in a manner consistent with Renaissance's fiduciary obligations and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Responsibility** 

The CCO shall ensure that current and accurate records of all covered personal securities transactions of all Renaissance Associates are maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial/Annual Holding Reports:** Each Associate must submit to the CCO a report of all Accounts that
hold or could potentially hold Reportable Securities and a list of Reportable Securities contained in those Accounts initially within 10 calendar days of his/her employment. Thereafter, Associates must submit an Annual Holdings Report no later than
February 14<sup>th</sup> of the following calendar year with a statement date as of 12/31 of the previous year, unless a statement dated 12/31 is not available from the custodian/provider. If a statement
dated 12/31 is not available, the Associate will provide the most recent statement available. The information in the Annual Holdings Report must be current as of a date within 45 calendar days prior to the date the Annual Holdings Report is
submitted; or certified that is it current within that reporting period. The Annual Holding Reports are maintained on the Renaissance intranet and annually the CCO, or CCO's designee, will send an email requesting that Associates complete the
Annual Holdings Report. The CCO or CCO's designee, reviews all received Initial and Annual Holdings Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Quarterly Transaction Report:** Each Associate must submit a Quarterly Transaction Report of his/her
personal securities transactions in Reportable Securities during the calendar quarter to the CCO no later than 30 calendar days after the end of each calendar quarter. The Quarterly Transaction Report is maintained on the Renaissance intranet and
quarterly the CCO, or CCOs' designee, will send an email requesting that Associates complete the Quarterly Transaction Report. Completed Quarterly Transaction Reports are retained electronically on the Preclearance System. Duplicate quarterly
brokerage account statements can be submitted in lieu of listing the holdings/transaction information on the Quarterly Transaction Reports, provided all of the required transaction information is contained in the statements.

In addition, quarterly each Associate must ensure that their list of Accounts is up to date on the Preclearance System on the Renaissance intranet prior to submitting his/her Quarterly Transaction Report.

Rule 204A-1 permits three exceptions to personal securities reporting. Reports are not required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● With respect to transactions effected pursuant to an automatic investment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● With respect to securities held in accounts over which the Access Person had no direct or indirect influence or
control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In the case of an advisory firm that has only one Access Person, as long as the firm maintains records of the holdings
and transactions that rule 204A-1 would otherwise require to be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The CCO or CCO's designee, reviews all submitted Quarterly Transaction Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Supplemental Data:** The CCO can require that Associates provide supplemental transactional data at year-end in order to reconcile the current Associate Annual Holdings Report to the previous one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Duplicate Brokerage Confirmation and Statements:** A duplicate confirmation of trades for Reportable
Securities should be sent (by the brokerage firm, if possible) to the CCO at: Renaissance Investment Management, Attn: CCO at Renaissance's current mailing address. The CCO should be listed as an interested party in order to receive copies of
trade confirmations for all Accounts in which an Associate has a Beneficial Interest that contain or could potentially contain Reportable Securities.

Accounts over which Associates do not have direct or indirect influence or control are not required to be set up for duplicate confirmations, including those where an interested party cannot be added to an account such as a 401(k) or stock plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Beneficial Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** The term "Beneficial Interest" is defined in Section I.A.7 of this Code. For purposes of
clarification, an Associate is presumed to have a Beneficial Interest in, and therefore an obligation to pre-clear and report, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Reportable Securities owned directly by an Associate in his/her name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Reportable Securities owned by an Associate indirectly through an Account or investment vehicle for his/her
benefit, such as an IRA, brokerage account, 529 Plan, family trust or partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Reportable Securities owned in which the Associate has a joint ownership interest, such as securities owned
in a joint brokerage account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** Reportable Securities in which a member of the Associate's immediate family (defined as "his/her
spouse, domestic partner, fiancée, minor children, and/or other dependent relatives or persons") living in the same household has a direct, indirect or joint ownership interest with the Associate; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Reportable Securities owned by trusts, private foundations, power of attorney or other charitable accounts
for which the Associate has investment discretion (other than accounts that are managed by Renaissance).

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| | |
|:---|:---|
| **2.a.** | An exception to the reporting and preclearance rules outlined in Section II.E of this Code applies to the following Accounts for which the Associate has no direct or indirect (other than Section II.E.1.c of this Code) influence or control:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Accounts managed by a third-party investment adviser. If an Account is managed by a nonaffiliated, third-party
investment adviser, the Associate must obtain and submit an Affidavit for Non-Renaissance Managed Accounts to the CCO and complete the Annual Certification Form section regarding their third-party adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** An Associate's Account managed by Renaissance, for which the Associate is not the Portfolio Manager. The
Associate's Account must be managed in a manner

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consistent with the other clients in the strategy, and his/her trades must be executed at the end of the trading rotation in order to qualify for the preclearance exceptions and quarterly reporting exceptions outlined in this section. However, Annual/Initial Holdings Reports are still required under Section II.C.1 of this Code. If the Associate exercises investment discretion for his/her own Account managed by Renaissance other than model changes, rebalancing, opening or closing an account, the reporting and preclearance requirements of Section II of this Code will apply. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** An Associate's Account managed by Renaissance for which he/she is the Portfolio Manager, provided his/her
Account is managed in a manner consistent with the other clients in the strategy, and his/her trades are executed at the end of the trading rotation. However, Annual/Initial Holdings Reports are still required under Section II.C.1 of this Code. If
the Associate exercises investment discretion for his/her own Account managed by Renaissance other than model changes, rebalancing, opening or closing an account, the reporting and preclearance requirements of Section II of this Code will apply.

&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.** An exception to the reporting and preclearance rules outlined in Section II.E of this Code (other than Section II.E.1.c of this Code) also applies to transactions effected pursuant to an automatic investment plan, which includes dividend reinvestment plans. However, the initial set up of an automatic investment plan is subject to Section II.E of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Preclearance of Trades and Prohibited Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Preclearance of Trades and Review** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **a. Preclearance Form:** All Reportable Securities must be precleared other than the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquisition of stock dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bond calls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consolidations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Futures and options on currencies or on a broad-based securities index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Gifts of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Limited Partnership subsequent draws after initial approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mergers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of its securities,
to the extent such rights were acquired from such issuers, and sales of such rights so acquired and other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Subsequent dividend reinvestments after initial approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Subsequent automatic investments after initial approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Stock splits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Spin-offs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tender offers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable Annuities (underlying nonaffiliated funds) – affiliated funds must be
pre-

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cleared <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unaffiliated open-ended mutual funds

Associates must submit a Preclearance Form electronically on the Renaissance intranet Preclearance System or via email (as described below) for all transactions in Reportable Securities, not excluded above, on the day the transaction is to be executed. If the intended transaction is not a Prohibited Transaction (as defined below in Section II.E.2.a. of this Code), the Preclearance System will automatically approve the intended transaction and communicate the approval to the Associate. If the Associate wants an exception override or another type of manual override is used, the CCO, or the CCO's designee, will provide the manual override approval. The pre-clearance is only valid for the date approved for all pre-cleared securities except for Private Placements, Hedge Funds, Limited Partnerships, initial automatic investments and limit orders, and is not in effect until approval is received from the CCO. If the **<u>broker</u>** did not finish the trade on the day the transaction was pre-cleared, the transaction does not have to be precleared again the next day. The CCO will submit his/her Preclearance Form to a Managing Partner or another Senior Partner of Renaissance electronically via the preclearance system.

The CCO can preclear an investment transaction via email if the Associate is traveling; the Preclearance System is down; the system cannot currently accept the preclearance, such as direct investments, commodities, etc.; or for any other reason the CCO deems necessary. The emailed preclearance will be kept electronically and the information transferred to the Preclearance System.

*Note:* Mistakes made by an Associate in precleared financial account numbers or number of shares will not be considered a violation of the preclearance policy and will be corrected on the Preclearance System when the transaction confirmation is received.

&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. Automatic Investment Plans:** Automatic Investments in Reportable Securities must be precleared when initially established and again for any changes to the recurring precleared amount. Any subsequent purchases or sales in a Reportable Security in accordance with an Automatic Investment Plan are not subject to the preclearance or prohibited transaction rules promulgated herein. Pre-clearances for automatic investment plans needs to be precleared at least three (3) trading days prior to the initial investment. The preclearance approval for the automatic investment plan will be valid for 60 days, after which time it must be reapproved. The automatic investment plan must be started 30 days prior to the security being added to the Restricted Trading List. Restricted Trading List Securities can be invested in as part of an Automatic Investment Plan if the Restricted Trading List Security has not been traded as part of a model change within the last (3) three trading days prior to approval.

&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;**c. Restricted Trading List Security Annual Sale Exceptions:** Associates are allowed to sell up to five (5) Restricted Trading List securities in a calendar year. The sale transaction can only be executed if there are no model change transactions being executed in the security being sold, and it has been three (3) trading days since the model change transactions in the security have been completed.

&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. Restricted Trading List Security Bought 30 or More Days Prior to Being Added to The Restricted Trading List:** An Associate can sell a Restricted Trading List security at any time, if it was purchased 30 or more days prior to the security being added to the Restricted Trading List. A current Associate who can prove the Restricted Trading List

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security was held before they worked for Renaissance can sell the shares previously owned if they provide evidence of ownership prior to employment. The sale transaction can only be executed if there are no model change transactions being executed in the security being sold, and it has been three (3) trading days since the model change transactions in the security have been completed.

&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;**e. Limited/Private Offerings/Hedge Funds:** Acquisitions of securities in private offerings, limited offerings, limited partnerships or hedge funds need to be pre-cleared as provided in Section II.E.1.a of this Code. Notwithstanding any language to the contrary in this Code, an Associate is only required to preclear any transaction that they have discretion over (e.g., the initial investment to a limited partnership would have to be precleared but nondiscretionary draws by the partnership do not have to be pre-cleared). Since Renaissance does not invest in hedge funds, limited partnerships or other private offerings for any of our strategies and the Associate does not control when the initial investment will occur in the investment process, the Associate needs to preclear the investment on the date of or prior to investment in the offering/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;**f. Options Trading:** The associate will preclear the initial call or put and when the option is exercised, the associate will enter the executed transaction into the pre-clearance system and link it to the original transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Prohibited Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Securities on a Renaissance Restricted Trading List:** In order to avoid any actual or apparent conflicts of interest with Renaissance trading on behalf of its clients, Renaissance does not permit any personal trading in securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that are currently on any Renaissance Restricted Trading List, except in limited cases such as Hardship Exemptions (as
described in Section II.E.5 of this Code below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● except in Automatic Investment Plans (as described in Section II.E.1.b of this Code above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● except in Restricted Trading List securities owned prior to employment with Renaissance (as described in Section
II.E.1.d of this Code above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● except if a Restricted Trading List security was purchased 30 days or more prior to being added to a Renaissance
Restricted Trading List (as described in Section II.E.1.d of this Code above); and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● except for the five (5) Restricted Trading List securities that can be sold in a calendar year (as described in
Section II.E.1.c of this Code above).

Renaissance does not permit any personal trading in securities that were recently on a Renaissance Restricted Trading List until three (3) trading days after the security has been removed from the Restricted Trading List. If the security was on the Buy List, then the transactions the day before and the day of the trade, up to the time of the pre-clearance approval, will also be reviewed before pre-clearance is granted. In the CCO's absence, another member of Senior Management will conduct the review.

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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;**b. Securities Not on a Renaissance Restricted Trading List:** In furtherance of the objective of avoiding any actual or perceived conflicts of interest, Renaissance does not permit any personal trading in securities in which Renaissance traded for a client, unless it has been three (3) trading days since the model change transactions have been completed or the security is an unaffiliated open-end mutual 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;**c. Short-Term Trading:** Short-term trading in Restricted Trading List securities and Affiliated Mutual Funds is prohibited. Associates are allowed to short-term trade non-Restricted Trading List securities an unlimited number of times for a loss and are limited to 24 trades for a profit in a calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Initial Public Offerings** 

Associates are allowed to acquire securities through Initial Public Offerings ("IPOs") subject to the preclearance requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Limit/Stop Loss Orders** 

Limit orders are good for up to 30 calendar days without preclearance reapproval. After 30 calendar days, the Limit/Stop Loss Order must be reapproved through the preclearance system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Hardship Exemption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Gifts of Reportable Securities** 

The giving or receiving of a gift of a Reportable Security in the form of a gift to or from an Account in which an Associate has a Beneficial Interest is not subject to the preclearance rules promulgated under this Section II.E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Testing for Compliance and Resolution of Violations** 

The CCO, or the CCO's designee, shall be responsible for ensuring periodic reviews of personal securities transactions are conducted to ensure compliance with both the letter and the spirit of this Code. Another Senior Partner or designated Partner(s), will be responsible for approving and overriding any CCO transactions. The CCO will be responsible for determining appropriate remedial action if violations are discovered. Such remedial actions can include but are not limited to: a memorandum to the Associate; administrative warnings; demotion; monetary penalties; suspension; revocation of trading privileges; trade cancellation, sell positions at a loss; dismissal from Renaissance, etc.

In addition, in the case of an Associate engaging in a prohibited transaction, the CCO can require the Associate to reverse the transaction and disgorge any realized profits to charity. These are guidelines only, so Renaissance can apply any appropriate sanction depending on the circumstances of the violation.

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**III.** **INSIDER TRADING** 

*Advisers Act Section 204A* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Supervisory Responsibility** 

The CCO shall be responsible for implementing, monitoring and enforcing Renaissance's policies and procedures against insider trading embodied in this section of the Code. In addition, all Associates are subject to Affiliated Managers Group, Inc.'s Insider Trading Policies and Procedures, which is posted on the Renaissance intranet under Compliance/Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Section 204A of the Adviser Act** 

*Section 204A* requires all investment advisers to establish, maintain and enforce written procedures designed to prevent the misuse of material, nonpublic information in violation of the Securities and Exchange Act of 1934. This conduct is frequently referred to as "insider trading."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Definitions** 

**Insider:** The term "insider" is broadly defined. It includes officers and Associates of Renaissance who (by virtue of his/her employment or other close association) has insider information on a publicly traded firm. Insider information is defined as material information about a company's activities that has not been disclosed to the public. In addition, a person can be a "temporary insider" if that person enters into a special confidential relationship. A temporary insider can include, among others, Renaissance's attorneys, accountants, consultants, and the employees of such organizations. In addition, Renaissance could become a temporary insider of a client it advises or for whom it performs other services. If a client expects Renaissance to keep the disclosed nonpublic information confidential and the relationship implies such a duty, then Renaissance will be considered an insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Insider Trading:** The term "insider trading" is not defined in federal securities laws, but
usually is used to refer to the effecting of securities transactions while in possession of material, nonpublic information (whether or not one is an "insider") or to the communication of material, nonpublic information to others. While
the law concerning insider trading is not static, it is understood that the law prohibits:

&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;**a.** Trading by an insider, while in possession of material, nonpublic information;

&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.** Trading by a non-insider (also called a "temporary insider") while in possession of material, nonpublic information; and where the information was either disclosed to the non-insider in violation of an insider's duty to keep the information confidential or was misappropriated; and,

&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;**c.** Communicating material, nonpublic information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Material Information:** The term "material information" is usually defined as information
that a reasonable investor would most likely consider important in making their investment decisions, or information that is reasonably certain to have a substantial effect on the price of a firm's securities, regardless of whether the
information is related directly to their business. Material information includes, but is not limited to: dividend changes; earnings estimates; changes in previously released earnings estimates; significant merger or acquisition proposals or
agreements; major litigation; liquidation problems; and extraordinary management developments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Nonpublic Information:** Information is nonpublic until it has been effectively communicated to
the marketplace. For example, information found in a report filed with the SEC or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal or other publications of general circulation would be considered public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Renaissance's Policy on Insider Trading** 

All Associates are prohibited from trading either personally or on behalf of others on material nonpublic information or communicating material nonpublic information to others in violation of *Section 204A*. After an Associate has received information, he/she should refrain from trading while in possession of that information unless he/she first determines that the information is public, nonmaterial or both. The Associate also must refrain from disclosing the information to others, such as immediate family, domestic partners, relatives and/or business or social acquaintances. The Associate will immediately report any "material nonpublic information" to the CCO and not report it to anyone else at Renaissance. If the Associate has any questions as to whether the information is material and nonpublic, he/she must resolve the question with the CCO before trading, recommend trading or divulging the information to anyone other than the CCO.

In accordance with this policy to prevent trading of public securities based on material, nonpublic information, the CCO will maintain a "Restricted List" that identifies any securities that cannot be purchased for an Associate, client or Renaissance-owned accounts because material, nonpublic information could have been received by an Associate(s) of Renaissance. Whether the security is added to the Restricted List will depend on the CCO's investigation of who at Renaissance possesses the "insider information" and to whom it has been distributed within Renaissance. The CCO has the option to restrict a single person from transactions in that security if the CCO deems that person is the only one with the "insider" knowledge and this fact is documented.

The name of the issuer on the Restricted List could be coded as "prohibited" in Renaissance's preclearance system if the knowledge is known by a decision maker (e.g., Portfolio Manager/Analyst). The Performance & Portfolio Analyst and CCO will ensure Renaissance does not act on this information for Renaissance's clients, Associate's personal use or a Renaissance strategy/client until the information becomes public knowledge. After the information becomes public knowledge, the security will be removed from the Restricted List and Associates and Renaissance will be able to trade freely in the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Affiliated Managers Group Insider Trading Policies & Procedures** 

As an affiliate of Affiliated Managers Group ("AMG"), all Associates are subject to the AMG Insider Trading Policies & Procedures (AMG Policy). The AMG Policy describes the specific trading procedures for securities of AMG. The AMG Policy is posted on the Renaissance intranet and incorporated into this Code by reference. When updates are made to the AMG Policy, the CCO, or the CCO's designee, sends an email notifying Associates that the updated AMG Policy has been posted on the intranet for Associate review. All AMG securities transactions require preclearance by Renaissance's CCO together with AMG's Clearance Officer, or a designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Prevention of Insider Trading** 

To prevent insider trading from occurring, the CCO shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Design an appropriate educational program and provide educational materials to familiarize Associates with
Renaissance's policy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Answer questions and inquiries regarding Renaissance's policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Review Renaissance's policy on a regular basis and update it as necessary to reflect regulatory and
industry changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** Resolve issues as to whether information received by an Associate constitutes material and nonpublic
information; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** Upon determination that an Associate has possession of material nonpublic information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Implement measures to prevent dissemination of such information; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Restrict Associates from trading in any affected securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Detection of Insider Trading** 

In order to detect insider trading and inappropriate personal securities transactions, the CCO, or a designee, shall ensure a periodic test is done to review for insider trading as part of the Annual Compliance Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Sanctions** 

Any violation of the Insider Trading Policy can be expected to result in serious sanctions by Renaissance. Upon learning of a potential insider trading violation, the CCO shall prepare a report for the Managing Partners and Senior Partners of Renaissance that provides details and recommendations for further action, which could include, but is not limited to, reprimands, demotions, monetary penalties, disgorgement of profits, suspensions and/or dismissal, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Acknowledgement** 

Renaissance requires that all Associates annually acknowledge in writing that they have reviewed and agree to comply with Renaissance's policy and procedures regarding Insider Trading on the Annual Certification Form.

**IV.** **GIFTS, ENTERTAINMENT AND OTHER SENSITIVE PAYMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Gifts** 

It is common practice while conducting business to give and receive Gifts. However, such giving and receiving of Gifts creates the potential for real and perceived conflicts of interest. It is Renaissance's policy to discourage Associates from giving extravagant Gifts (to be determined by the CCO) in dealings with clients, prospects, vendors and other third parties. Likewise, Renaissance discourages the receipt of extravagant Gifts. The following policies and procedures are designed to put limits on and properly monitor these Gifts to ensure that no actual or potential conflicts of interest arise.

The definition of Gifts includes paying for lodging, travel expenses or any other business expense for another person, excluding meals. Accordingly, such practices are subject to these policies and procedures. Renaissance Associates can attend free seminars that vendors sponsor as long as their travel and hotel expenses are not reimbursed by the vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Logging and Approval of Gifts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a**. Gifts of over $10 must be reported to the CCO and recorded on the gift log, whether given or received by an Associate of
Renaissance. Gifts greater than

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$100 are prohibited unless approved by the CCO, whether given or received by an Associate of Renaissance. There is a cumulative $100 calendar year limit for each Associate for the receipt or giving of gifts to or from a brokerage firm, Renaissance client, vendor or any third party. Gifts for funeral arrangements whether given or received by Renaissance or its Associates are excluded from the limits listed above. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Gifts of cash, including a cash equivalent such as a gift certificate, bond, security or other items that may be
readily converted to cash are prohibited with the following exception. A gift card of $10 or less may be accepted by an Associate. Under no circumstance is it acceptable for an Associate to sell a Gift for his/her profit or for the profit of
Renaissance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Acceptance of a Gift that is directed to the Firm must be reported to the CCO by the recipient. Such a Gift, if
approved, will be accepted on behalf of and treated as the property of Renaissance and recorded on the Gift Log as a Firm gift and can be valued up to $200 without prior approval. An email will be sent to Renaissance Associates announcing the gift
is available for everyone's use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** Gifts are permitted only when made in accordance with applicable laws and regulations and in accordance with
generally accepted business practices in the various countries and jurisdictions where Renaissance conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** If an Associate receives a Gift that is prohibited under the Code, it must be declined or returned in order to
protect the reputation and integrity of Renaissance. If the Gift has already been received and cannot be returned, it will be donated to a charity of a Managing Partner's or Senior Partner's choice. If the gift is received by a Managing
Partner or Senior Partner (other than the CCO), it will be donated to a charity of the CCO's choice. Any question as to the appropriateness of any Gift should be directed to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Entertainment** 

Renaissance recognizes that occasional participation in business entertainment with representatives from organizations with whom Renaissance transacts business, such as clients, potential clients or any person or entity that does or seeks to do business with or on behalf of Renaissance, can be useful in relationship building and is a common practice in business. Examples of such business entertainment include: lunches; dinners; cocktail parties; golf outings; or attending professional sporting events. However, such entertainment practices do give rise to the potential for real and perceived conflicts of interest. It is Renaissance's policy to discourage an Associate from relying heavily on entertainment in relationship building with clients, prospects, vendors and other third parties. Likewise, Renaissance discourages the regular receipt of entertainment from any single vendor. The following policies and procedures are designed to put limits on and properly monitor these activities to ensure that no actual or potential conflicts of interest arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Occasional participation by an Associate in business entertainment for legitimate business purposes is
permitted provided a representative from both organizations (the host and the recipient) attends the event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** If the estimated value of the entertainment (excluding meals) exceeds $250 per person, the Associate must consult
with the CCO to determine if it gives rise to actual or potential conflicts of interest. This applies to cases in which the Renaissance Associate is the host as well as the recipient of the entertainment. The CCO could bring the matter to the
attention of a Managing Partner or other Senior Partner. Associates are not strictly prohibited from accepting entertainment with a value over $250 (e.g., a college or pro basketball, baseball, football game). However, it is imperative

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that Renaissance is assured that such entertainment opportunities are isolated in nature and do not jeopardize an Associate's objectivity. Please note that ERISA plan fiduciaries are prohibited from receiving gifts and entertainment in an aggregate amount exceeding $250 per year. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Renaissance requires its Associates to use Renaissance funds to pay for their own business lodging and other travel
expenses. Legitimate business expenses will be reimbursed to the Associate by Renaissance in accordance with Renaissance's Travel Policy. An exception can be made if a Renaissance Associate speaks at an industry conference and is reimbursed by
the industry conference for travel expenses, meals and lodging and/or given free attendance to the conference or the conference is sponsored by our parent company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Sensitive Payments/Bribery/Kickback Prohibitions (FCPA)** 

Associates can make any type of charitable contributions or political contributions in his/her own name, but cannot use or in any way associate Renaissance's name with such contributions (except as what is allowed under applicable law). All political contributions by an Associate or an Associate's family members must be approved by the CCO in writing <u>prior</u> to any contribution being made according to the current Renaissance Pay to Play Policy. *Note: Please refer to the Renaissance Pay to Play Policy for additional details.*

Associates are strictly prohibited from doing the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Using Renaissance's name or funds to support political candidates or issues, or elected or appointed
government officials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Paying or receiving bribes or kickbacks in violation of any law applicable to the transaction; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Making payments to government officials or government employees that are unlawful or otherwise not in
accordance with regulatory rules and generally accepted business practices of the governing jurisdiction.

The above notwithstanding, Renaissance makes charitable contributions in the normal course of business in the furtherance of relationships within the business community. Such contributions require the approval of a Managing Partner or Senior Partner (other than the CCO) and must be reported to the CCO.

**V.** **FELONIES, MISDEMEANORS AND SANCTIONS BY REGULATORY ORGANIZATIONS** 

As an investment advisor registered with the SEC, Renaissance is required to complete Form ADV Part 1. This form is submitted to the SEC on an annual basis or as material changes occur.

As part of Form ADV Part 1, Renaissance must disclose any past felonies, misdemeanors within the financial industry or causes for sanctions by regulatory organizations committed by any of Renaissance's Associates. The specific questions from Form ADV Part 1 are reproduced and incorporated in the Annual Certification Form. Each Associate is responsible for answering <u>the questions listed in the ADV section of the Annual Certification Form</u>. If an Associate can answer "yes" to any of the questions contained in the <u>ADV section of the Annual Certification Form either now or throughout the year,</u> he/she has an obligation to inform the CCO immediately.

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**VI.** **SECURITIES WHISTLEBLOWER INCENTIVES AND PROTECTION PROGRAM** 

*Section 21F (h)(1) of the Exchange Act of 1934* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Securities Whistleblower Incentives and Protection Program (Section 21F (h)(1) of the Exchange Act of 1934)** 

Section 922 of the Dodd-Frank act authorized the SEC to reward whistleblowers who provide the SEC with original information that leads to a successful enforcement action by the SEC and/or certain state and federal regulators.

Pursuant to the terms of the Securities Whistleblower Incentives and Protection Program (the "Program"), a whistleblower is defined as a natural person who submits to the SEC information related to the ongoing or imminent violation of federal securities laws. To qualify as a whistleblower and to be considered for a bounty, a whistleblower must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Voluntarily come forward to the SEC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With original information about a violation of the federal securities laws,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. That leads to a successful judicial or administrative enforcement action brought by the SEC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In which the SEC obtains monetary sanctions totaling more than $1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Renaissance's Policy on Securities Laws Violations** 

Renaissance maintains policies and procedures to help prevent violations of federal and/or state securities laws by its Associates. Renaissance's CCO is in charge of monitoring and investigating its Associates for potential violations of securities laws. All Associates are encouraged to discuss any potential violations of federal and/or state securities laws with the CCO. All matters reported to the CCO will be investigated immediately and, if necessary, appropriate steps will be taken to address any potential violations.

Notwithstanding any provision directly or indirectly contained in any written agreement between Renaissance and any Associate, and notwithstanding any other communication of any other kind to the contrary, any Renaissance Associate can communicate with the Commission about a possible securities law violation at any time without penalty in accordance with the Whistleblower Regulations described above.

Nothing in this Code or in any other agreements an Associate has with Renaissance is intended to or shall preclude or impede an Associate from cooperating with any governmental or regulatory entity or agency in any investigation, or from communicating any suspected wrongdoing or violation of law to any such entity or agency, including, but not limited to, reporting pursuant to the "whistleblower rules" promulgated by the Securities and Exchange Commission (Securities Exchange Act Rules 21F-1, et seq.).

For avoidance of doubt, an Associate is not required to give the CCO or anyone at Renaissance prior notice of or obtain prior consent in connection with the regulatory communications contemplated by the SEC's or any other regulatory entity or agency's whistleblower rules.

All Associates are encouraged (and have the responsibility) to ask questions and seek guidance from the CCO or other senior management with respect to any action or transaction that could constitute a violation and to refrain from any action or transaction that could lead

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to the appearance of a violation. The CCO will also provide periodic training to all Renaissance Associates regarding the requirements of these policies and procedures.

Any questions pertaining to the above should be addressed with the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Violations of the Code, State or Federal Statutes** 

Conflicts of Interest, unlawful activity (e.g., violation of state or federal law), theft, bribery, fraud, suspicious activity, incorrect financial reporting, tax evasion, or any situation or occurrence that any Associate observes or suspects could violate the Code, any other Renaissance Policy, or applicable federal or state securities law or statute should be immediately reported to the CCO. If the Associate feels uncomfortable reporting the activity or asking their question in the work environment, please contact the CCO at home at the number listed on the Renaissance intranet under Acct/HR/Associate Listing. If the Associate suspects the CCO of wrongdoing, he/she should notify a Managing Partner or another Senior Partner of Renaissance. All communications will be treated with the utmost sensitivity and every effort will be made to protect the complainant's identity with the appropriate regard for confidentiality. This policy is designed to encourage Associates to include their name with the allegation(s) because appropriate follow-up questions and investigation might not be possible unless the source of the information is identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Issue Reporting** 

Concerns expressed anonymously will be explored appropriately and consideration will be given to the seriousness of the issue raised, the credibility of the concern and the likelihood of confirming the allegation from attributable sources. However, if reported anonymously, the CCO will be unable to apprise the Associate of the actions taken. If an Associate decides to report allegations in an anonymous fashion, he/she should write as much detail regarding the action, or violation of policy/law as possible, reporting the dates, systems, clients and periods involved. This information should be mailed in hard copy to Renaissance's current address to the attention of the CCO or to the attention of a Managing Partner or another Senior Partner in the case of alleged wrongdoing by the CCO. Ensure the envelope does not contain any identifiable name and/or address and should be mailed from a post office instead of from a home address.

Allegations made in bad faith (e.g., knowingly making false accusations) could result in disciplinary action for the Associate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Investigative/Reporting Procedures** 

Renaissance hereby adopts the following procedures that are intended (1) to effect compliance with applicable laws, rules and regulations to which Renaissance is subject, and (2) to protect its Associates from retaliation under circumstances where they report possible violations of federal securities laws internally or externally.

&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. Requirement to Report Violations** 

All Associates shall promptly report to Renaissance's CCO, or the CCO's designee, evidence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A violation of any federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A breach of fiduciary duty arising under any federal or state laws; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A similar violation of any federal or state law by Renaissance or any Renaissance Associate. The CCO shall review
all such reports ("Reports") and provide such Reports to the Managing Partners and other Senior Partner of Renaissance.

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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;**2. Consultation with Counsel** 

Upon receipt of any such Reports, the CCO can consult with legal counsel to determine whether an investigation and/or self-reporting to any regulatory body is recommended and/or necessary or determine it themselves.

&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. Investigation** 

If, after consultation with counsel or review by the CCO, it is determined that an internal investigation is necessary, the CCO will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Advise the Managing Partners and other Senior Partner of the existence of the Report, including all relevant facts and
circumstances relating to such Report, and the determination reached after consultation with counsel or their review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Establish a reasonable timeframe for and initiate an investigation that will be conducted by Renaissance's CCO
with assistance from outside legal counsel, if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Apprise the Managing Partners and other Senior Partner of the results of the investigation and recommend appropriate
remedial measures to be taken upon a finding of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A violation of any federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A breach of fiduciary duty arising under any federal or state laws; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A similar violation of any federal or state law by Renaissance or any Renaissance Associate.

&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. Self-Reporting to Regulatory Authorities** 

Upon the conclusion of an internal investigation that results in a finding of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A material violation of any federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A breach of fiduciary duty arising under any federal or state laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A similar violation of any federal or state law by Renaissance or any Renaissance Associate,

the Managing Partners, Senior Partner and/or the CCO could consult with legal counsel in an effort to determine whether self-reporting of such violation is necessary and/or recommended.

**VII. DEFEND TRADE SECRETS ACT** 

The Federal "Defend Trade Secrets Act" ("DTSA") codified at 18 U.S.C. § 1832 et. seq. became effective on May 11, 2016. The DTSA's primary function is to create a private cause of action for trade secret misappropriation under federal law. The DTSA also provides a mechanism for a court to seize and protect misappropriated trade secrets as requested by a plaintiff under extraordinary circumstances without providing advance notice to the defendant.

Most critically for Renaissance, the DTSA provides immunity against criminal or civil liability to Associates, consultants and contractors for violating any federal or state trade secret law if the disclosure of the trade secret is made to a federal, state or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or in a document filed under seal as part of a lawsuit or other proceeding.

The DTSA defines "trade secret" by reference to the Economic Espionage Act, to include: all forms and types of financial, business, scientific, technical, economic, or engineering information, including patterns, plans, compilations, program devices, formulas, designs,

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prototypes, methods, techniques, processes, procedures, programs, or codes, whether tangible or intangible, and whether or how stored, compiled, or memorialized physically, electronically, graphically, photographically, or in writing if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The owner has taken reasonable measures to keep such information secret; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The information derives independent economic value, actual or potential, from not being publicly known, and not being
readily ascertainable through proper means by, another person who can obtain economic value from the disclosure or use of the information.

Under the DTSA, Renaissance is required to give advance notice of such immunity in any agreement or other document with an Associate, consultant, or contractor that governs the use of trade secrets.

Renaissance is therefore incorporating the following advance notice of immunity into this Code, which will be reviewed and acknowledged by all Renaissance Associates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any Renaissance Associate, contractor, or consultant shall not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or in a
document filed under seal as part of a lawsuit or other proceeding.

**VIII. CONFIDENTIALITY** 

All reports and documents required to be filed under the Code are strictly confidential and will not be discussed with any unauthorized Associate of Renaissance. The reports/documents will be made available, however, to the Securities and Exchange Commission, DOL, Affiliated Managers Group, auditors or other regulatory bodies with authority to review such reports/documents, if requested. Other than those limited purposes, the reports/documents will be kept in a secure location/data storage location once they have been reviewed.

**IX. RECORDKEEPING** 

Renaissance will maintain in its records the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** A copy of the Code that is or was in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Records of any violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Actions taken as a result of any violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** Copies of the Associate's acknowledgment of receipt of the Code (Annual Certification Form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** All reports and forms required to be filed by Associates under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** A record of all Associates who are or were required to file reports under this Code, or who are or were
responsible for reviewing these reports; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** Preclearance requests, approval records, and any reasons supporting the decisions to approve the purchase of
a limited offering.

The retention period is five (5) years from the end of the fiscal year in which the transaction occurs, in an easily accessible place, the first two (2) years onsite.

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 ![LOGO](g49631g0211115855060.jpg) <br>

**X. EDUCATION** 

Renaissance will provide Associates with periodic training/education regarding Renaissance's Code and related issues to educate Associates regarding their obligations, any amendments to the Code and/or regulatory changes. Associates are encouraged to ask the CCO questions regarding the Code.

**XI. ACKNOWLEDGMENT** 

Renaissance requires that all Associates annually acknowledge in writing that they understand and agree to comply with Renaissance's Code in the Annual Certification Form.

**XII. QUESTIONS – CONCERNS** 

If an Associate has any questions or concerns regarding any definitions or duties imposed on them by this Code, he/she should immediately consult with the CCO.

**XIII. DELIVERY OF CODE OF ETHICS UPON REQUEST** 

Pursuant to the requirements of Form ADV Part 2A, Renaissance offers to provide a complete copy of Renaissance's Code of Ethics to any client upon request. Any Associate who receives such a request for a copy of the Code of Ethics should forward that request to the CCO. The CCO is ultimately responsible for responding to any client request for the Code of Ethics.

*A copy of any of the policies and procedures referenced in this Code can be found on the Renaissance Intranet or upon request by emailing compliance@reninv.com.*

## Exhibit 99.28

**EX-28.p.9** 

&nbsp;&nbsp;&nbsp;&nbsp;**C. CODE OF ETHICS & PERSONAL TRADING POLICY** 

Nationwide Asset Management, LLC ("<u>NWAM</u>") has adopted a Code of Ethics & Personal Trading Policy ("<u>Policy</u>") per Rule 204A-1 under the Investment Adviser Act of 1940 (the "Advisers Act"). This Policy prohibits "Access Persons" of NWAM and certain affiliated access persons of other business units or staff offices in connection with the purchase or sale by such persons of securities held or to be acquired by any client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To employ any device, scheme, or artifice to defraud any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To make to any client an untrue statement of a material fact or omit to state to any client a material fact necessary in
order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any
client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To engage in a manipulative practice with respect to any client.

While affirming its confidence in the integrity and good faith of all of its officers and employees as well as those employees who support its business activities, NWAM recognizes that certain personnel have or may have knowledge of present or future portfolio transactions and, in certain instances, the power to influence portfolio transactions made by clients. Furthermore, if such individuals engage in personal Covered Securities transactions, these individuals could be in a position where their personal interests may conflict with the interests of clients. Accordingly, this Policy is designed to prevent conduct that could create an actual or potential conflict of interest with any NWAM client.

**C.1 Definitions** 

**Access Person** shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any Officer or Director of Nationwide Asset Management and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Anyone who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic
information regarding the portfolio holdings of any Reportable Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Anyone who is involved in making securities recommendations to clients, or who has access to such recommendations that
are nonpublic; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Nationwide associates with key-card access to secure locations designated for
the activities of Nationwide Asset Management, or anyone else deemed to be by the firm's Chief Compliance Officer.

**Beneficial Ownership** shall be interpreted in the same manner as it would be in determining whether a person is considered a "beneficial owner" as defined in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, which generally speaking, encompasses those situations where the beneficial owner has or shares the

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opportunity, directly or indirectly, to profit from a transaction in Covered Securities.

Without limiting the scope of "beneficial ownership," a person is normally regarded as the beneficial owner of Covered Securities with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Covered Securities held by the individual or by one or more members of the individual's immediate family sharing
the same household (including, but not limited to, a spouse, domestic partner, minor child, or other relative);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The person's interest in Covered Securities held in a discretionary or trust account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The person's right to acquire equity Covered Securities through the exercise or conversion of stock options,
warrants or convertible debt, whether or not presently exercisable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All other Covered Securities held in any other account for which the person has investment discretion or authority.

**Covered Security** shall mean any security as defined in Section 2(a)(36) of the Act, *except* that it <u>shall not include</u> direct obligations of the United States government, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), shares of money market funds, shares of registered open-end investment companies (i.e., mutual funds other than Reportable Funds) and shares of unit investment trusts that are exclusively invested in one or more open-end Funds that are not Reportable Funds.

**Discretionary Account (Managed Account)** shall mean any account with respect to securities held in accounts over which the access person has no direct or indirect influence or control.

**Exempt-Access Persons** shall mean NWAM's officers, directors, employees and other related persons which are presumed to be Access Persons for purposes of the Rules. However, certain persons, such as certain officers, directors or other persons, such as temporary employees, often do not have actual access to investment or portfolio information or participate in the recommendation process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Where the CCO has determined that the relevant director, officer, employee or temporary employee: (i) is not in a
policy making position; (ii) does not otherwise have access to nonpublic information with respect to client holdings, transactions or securities recommendations; and (iii) is not involved in the recommendation process, the CCO may
determine to treat such person as an "Exempt-Access Person" for purposes of this Policy.

**Generic Account** shall mean any brokerage account outside of the Approved Broker List.

**Non-Volitional Purchases or Sales** include those transactions that do not involve a willing act or conscious decision on the part of the officer or employee. For example,

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shares received or disposed of by Access Persons in a merger, recapitalization, or similar transaction are considered non-volitional as are trades made within a discretionary brokerage account or managed account.

**Reportable Fund** shall mean any Fund for which Nationwide Asset Management, LLC serves as an investment adviser.

**Restricted List** shall mean a list of securities and asset classes in which there is a high risk for a potential conflict of interest between Access Persons and client accounts or where there is potential access to material non-public information.

**Supervised Person** means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

**C.2 General Principles and Standard of Conduct** 

It is the duty of all *Access Persons* to place the interests of NWAM's clients above their own at all times. Consistent with that duty, all Access Persons of NWAM must (1) conduct all personal Covered Securities transactions in a manner that is consistent with this Policy; (2) avoid any actual or potential conflict of personal interest with the interests of NWAM's Clients; (3) adhere to the fundamental standard that they should not take inappropriate advantage of their positions of trust and responsibility; (4) safeguard material non-public information about client transactions including disclosure of portfolio holdings; and (5) comply with all federal and applicable state securities laws. NWAM's commitment to *<u>integrity and ethical behavior</u>* remains constant. Access

Persons, every day, must reflect the *<u>highest standards of professional conduct and personal integrity</u>*. Good judgment and the desire to do what is right are the foundation of the reputation of NWAM.

Any situation that may create, or even appear to create, a conflict between personal interests and the interest of NWAM or its clients should be avoided. It is essential to disclose any questionable situations to the Compliance Office as soon as such situation arises.

This Policy applies to transactions in Covered Securities for personal accounts of all *Access Persons* and any other accounts in which they have any beneficial ownership. It imposes certain investment restrictions and prohibitions and requires the reports set forth below. Some Access Persons may find themselves "frozen" in a position if they become aware of material non-public information or if a client is active in a given Covered Security. NWAM will not bear any losses in personal or beneficially owned accounts resulting from the implementation of any portion of this Policy.

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**C.3 General Prohibitions for all Associates** 

All *Access Persons* of NWAM shall keep all information pertaining to clients' portfolio transactions and holdings confidential. No person with access to Covered Securities holdings, recommendations or pending securities transactions and holdings should disclose this information to any person, unless such disclosure is made in connection with his or her regular functions or duties. Special care should be taken to avoid discussing confidential information in circumstances that would disclose this information to anyone who would not have access to such information in the normal course of events.

No *Access Person* shall use information concerning prospective or actual portfolio transactions in any manner that might prove detrimental to the interests of a client.

No *Access Person* shall purchase, sell, or exchange shares of any series of a mutual fund while in possession of material non-public information concerning the portfolio holdings of any series of such fund.

No *Access Person* shall use his or her position for his or her personal benefit or attempt to cause a client to purchase, sell or hold a particular Covered Security when that action may reasonably be expected to create a personal benefit for the Associate.

No *Access Person* shall selectively disclose "non-public" information concerning the portfolio holdings of any client to anyone who does not have a legitimate business need for such information.

No *Access Person* shall intentionally engage in any act, practice, or course of conduct that would violate the provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, or any other Federal or State securities regulation.

No *Access Person* shall engage in, or help others engage in, market timing in the series of any Reportable Fund, or any other shares of mutual funds that have a policy against market timing. This prohibition does not apply to short-term transactions in money market funds, unless these transactions are part of a market timing strategy of other mutual funds, nor does it apply to contributions to a 401(k) program or an automatic reinvestment program. However, this prohibition does apply to internal transfers within a 401(k) program to the extent such transactions violate a mutual fund's policy against market timing. Any profits derived by an Associate as a result of such impermissible market timing may be subject to disgorgement at the discretion of the Disciplinary Committee.

No *Access Person* shall engage in, or help others engage in, late trading of mutual funds for any purpose. Late trading is defined as entering or canceling any buy, sell, transfer, or change order after the close of the regular trading on the New York Stock Exchange (generally, 4:00 p.m., Eastern Time) or such other time designated in a mutual

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fund's prospectus as the timing of calculation of the mutual fund's net asset value.

**C.4 Personal Trading Restrictions and Pre-Clearance for Access Persons** 

**Short Selling** 

*Access Persons* are not permitted to directly sell short any Covered Security. Access Persons are also not permitted to sell naked calls or buy naked puts on Covered Securities. Mutual funds, collective funds or exchange traded funds that engage in such activities are exempt from this provision. Hedging portfolio risk is allowable with pre-clearance from Compliance for the strategy.

**Initial Public Offerings** 

*Access Persons* are generally prohibited from acquiring any Covered Security in an IPO (including in Managed Accounts). Access Persons may, however, request and receive pre-clearance to participate in an IPO in certain circumstances. Examples of such circumstances include a conversion offering or similar issuer directed share programs generally consistent with recent rulings and interpretations issued by the FINRA. In approving any such request, the onus for substantiating and documenting compliance with this Policy rests on the individual seeking approval. Notwithstanding submission of substantiating documentation, approval for participation in an IPO may be withheld if the Compliance Office believes that an actual or potential conflict of interest exists with respect to any client. Approval to invest in an IPO shall be valid for a period of time stated in the approval but may be withdrawn at any time prior to the Access Person's purchase in an IPO.

**Private Placements** 

*Access Persons* investing in private placements of any kind must obtain pre-clearance from the Compliance Office (including in Managed Accounts). In determining whether to grant such prior approval, the Compliance Office shall determine (among other factors) whether the investment opportunity should be reserved for a client(s), and whether the opportunity is being offered to the individual by virtue of his or her position with NWAM. Any Access Persons who have been authorized to acquire Covered Securities in a private placement must disclose such investment when he or she is involved in any subsequent consideration of an investment by a client in that issuer. In such circumstances, the appropriate Access Person(s) with no personal interest in the particular issuer shall independently review the client's decision to purchase that issuer's Covered Securities.

All *Access Persons* requesting private placement approval must request pre-clearance with supporting documentation to the Compliance Office. Approval to invest in a private

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placement shall be valid for the period of time stated in the approval, but may be withdrawn at any time prior to the Access Person's purchase in the private placement.

New Access Persons must disclose pre-existing private placement securities on their Initial Holdings Report for review by the Compliance Office. Access Persons may be required to liquidate/terminate their investment in a private placement if deemed by the Compliance Office to be a conflict of interest.

For the avoidance of doubt, a private placement includes any raising of capital via the private market that is not registered with organizations such as the SEC because a public offering is not involved. Examples might include, without limitation, investments in limited partnerships (LP interests), limited liability companies (LLC membership interests), hedge funds or small corporations (shares of stock).

**Trading Restrictions** 

*Access Persons* are prohibited from engaging in investment transactions in any security, option on a security or asset class on Nationwide Asset Management's Restricted List without prior pre-clearance by the Compliance Office. This restriction applies to any account Beneficially Owned by the Access Person.

**Transactions Exempted from Trading Restrictions** 

Purchases or sales effected in any account over which the Access Person has no direct or indirect influence, control, or investment discretion or authority (for example, you have given full discretion to an outside adviser to manage your money);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● purchases or sales which are non-volitional on the part of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● subsequent purchases which are made through an automatic dividend reinvestment or automatic direct purchase plan (for
example, Dividend Reinvestment Programs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● purchases effected upon the exercise of rights issued by an issuer pro-rata to
all holders of a class of its Covered Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; Documentation of investment management agreements granting discretion over your assets must be given to
the Compliance Office in a reasonable time after entering such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Please note that initial public offerings and private placements require pre-approval from Compliance in all accounts including managed.

**Pre-Clearance** 

When applicable, requests for pre-clearance should be made through the automated compliance system in use at the time and shall include, among other things, the type of transaction (e.g., buy or sell), the security name, the security symbol/CUSIP, the

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number of shares (or investment amount), the brokerage account name, and the account number.

**Transactions shall not be placed for execution until pre-clearance approval has been received**. Pre-clearance approval is good only for the day received, unless otherwise stated in writing from the Compliance Office; therefore, orders should be placed as market or day limit orders. If for any reason the trade is not executed by 4 p.m. on the day on which pre-clearance approval is received, the Access Person must submit a new request and receive approval prior to placing any subsequent order. Pre-clearance requests will be reviewed by Compliance against any known or potential conflicts of interest at the time. These include but are not limited to; the job function of the Access Person, the Access Person's relationship to the Covered Security, information available to the Access Person regarding the Covered Security, whether any client portfolio holds or recently traded in the Covered Security and whether or not the Access Person's request is consistent with the views of Nationwide Asset Management.

**Exempt and Non-Reportable Securities** 

The following transactions are exempt from the prohibitions contained in this Policy, do not require pre-clearance, and do not have to be reported (securities that do not qualify as Covered Securities under this Policy are also exempt from these reporting requirements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable Annuities and Variable Life

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Oil, gas or other mineral leases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Commodities, commodity contracts or futures contracts

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**C.5 Reporting, Disclosure Information and Certification Requirements** 

**Initial Holdings Reports** 

All ***Access Persons*** shall disclose all personal Covered Securities holdings to the Compliance Office. The Initial Holdings Report shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the title of the security, security symbol or CUSIP, type of security, number of shares and principal amount of each
Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the name of any broker, dealer, bank, plan administrator, or other institution with whom the Access Person maintained an
account and the account number in which any Covered Securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date that the report is submitted by the Access Person and the date as of which the information is current; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a statement that the report shall not be construed as an admission by the person making such report that he or she has
any direct or indirect beneficial ownership in the Covered Security to which the report relates.

New ***Access Persons*** required to submit an Initial Holdings Reports no later than ten (10) days after the person becomes an Access Person. All Initial Holdings Reports shall provide information that is current as of a date no more than forty-five (45) days before the Initial Holding Report is submitted.

**Quarterly Reports** 

All *Access Persons* shall report to the Compliance Office transactions in any Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security. Exempt-Access Persons may be required to make Quarterly Reports under certain circumstances.

The Quarterly Report shall be made no later than seventeen (17) days after the end of the calendar quarter in which the transaction to which the report relates was effected. All *Access Persons* shall be required to submit a report for all periods, including those periods in which no Covered Securities transactions were effected. The report shall contain the following applicable information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date of the transaction, the title of the Covered Security, security symbol or CUSIP, the interest rate and maturity
date, the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the name of the broker, dealer, bank, plan administrator, or other institution

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with or through whom the transaction was effected and the account number where security is held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date the report is submitted.

Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

All *Access Persons* shall direct their brokers to supply duplicate copies of all monthly brokerage statements (excluding confirmations) for all Covered Securities held in any accounts in which the Access Person is a Beneficial Owner to the Compliance Department on a timely basis if the Office of Compliance otherwise does not receive or have access to the statements electronically. It is the intent of this Policy that only brokerage firms that supply electronic feeds to the current automated compliance system be used. Exceptions must be approved by the Compliance Office. Duplicate copies of the Nationwide 401(k) Savings Plan or other Nationwide deferred compensation program statements do not need to be sent; however, the Compliance Office reserves the right to modify this exception or request such information on an ad-hoc basis.

With respect to any new account established by the Access Person in which any Covered Securities were held during the quarter for the direct or indirect benefit of the Access Person, the Access Person shall report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the name of the broker, dealer, bank, plan administrator or other institution with whom the Access Person established
the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date the report is submitted.

**Annual Holdings Reports** 

All *Access Persons* shall disclose all personal Covered Securities holdings on an annual basis within 30 days after the end of the calendar year. All Annual Reports shall provide information on personal Covered Securities holdings that is current as of a date no more than 30 days before the Annual Report is submitted. Such Annual Reports shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the title of the security, security symbol or CUSIP, number of shares, and principal amount of each Covered Security in
which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the name of any broker, dealer, bank, plan administrator, or other institution with whom the Access Person maintains an
account and the account number in which any Covered Securities are held for the direct or indirect benefit of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date that the report is submitted by the Access Person and the date as of which the information is current; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a statement that the report shall not be construed as an admission by the person

------

making such report that he or she has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

**Certification of Compliance with the Policy** 

All *Access Persons* shall be provided with a copy of this Policy and any amendments, hereto, and all Access Persons shall certify upon becoming an Access Person and annually that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● they have received, read, and understand the Policy and recognize that they are subject to its provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● they have complied with the requirements of the Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to the extent applicable, they have reported all personal Covered Securities transactions required to be reported
pursuant to the requirements of the Policy.

**Personal Brokerage Accounts** 

All *Access Persons* shall notify the Compliance Department before a personal security transaction is made in a Covered Security or Reportable Fund in any new personal brokerage account in which the Access Person has Beneficial Ownership. It is the intent of this Policy that only brokerage firms that supply electronic feeds to the current automated compliance system be used. Exceptions must be approved by the Compliance Office.

**Review of Reports and Notification** 

The Compliance Office will review all brokerage account statements and Initial, Quarterly and Annual Reports to detect conflicts of interest and abusive practices. In addition, the Compliance Office shall notify each Access Person as to the extent to which he or she is subject to the reporting requirements provided under this Policy and shall deliver a copy of this Policy to each Access Person upon request.

**Responsibility to Report** 

The *responsibility* for reporting is imposed on each *Access Person* required to make a report to ensure that the Compliance Office is in receipt of timely and complete reports. Efforts on behalf of the Covered or Access Person by other services (e.g., brokerage firms) *do not change or alter the Access Person's responsibility*. Late reporting is regarded as a direct violation of this Policy and will be treated accordingly.

**Requirements for Exempt-Access Person** 

Exempt-Access Persons must, prior to being so designated and at least annually thereafter, certify to the CCO, as to the relevant facts and circumstances that formed the basis of the CCO's above-described determination. Once designated by the CCO

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as an Exempt-Access Person, the individual is exempt from the initial and annual holdings reports and quarterly transaction reports. The CCO reserves the right to impose additional or different restrictions upon Exempt-Access Persons based on the facts and circumstances of their role with Nationwide Asset Management.

Exempt-Access Persons must submit to the CCO a quarterly transaction report consistent with this Policy with respect to any Covered Securities transaction occurring in such quarter *only if* such person knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties, should have known that, during the 15-day period immediately before or after the date of the Covered Securities transaction, a client account purchased or sold the Covered Security, or NWAM considered purchasing or selling the Covered Security for a client account. Any such report must be accompanied by an explanation of the circumstances which necessitated its filing.

Any Exempt-Access Person who obtains or seeks to obtain information which would suggest that the individual should be treated as an Access Person must promptly inform the CCO of the relevant circumstances and, unless notified to the contrary by the CCO, must comply with all relevant requirements applicable to Access Persons *until such time as the CCO determines that reversion to Exempt-Access Person status is appropriate*.

**C.6 Reporting Violations to the Compliance Office** 

All associates shall promptly report any possible violations of this Policy to the Compliance Office. The Compliance Office shall timely report all violations of this Policy and the reporting requirements thereunder to the Disciplinary Committee as appropriate. If an associate is uncomfortable reporting a violation about another associate they may do so anonymously through the Nationwide Office of Ethics.

**C.7 Retention of Records** 

NWAM shall, at its principal place of business, maintain records in the manner and to the extent set out below and must make these records available to the SEC and any other regulatory body having jurisdiction over NWAM at any time and from time to time for periodic, special or other examination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of this Policy, or any Policy which within the past five (5) years has been in effect, shall be preserved in
an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any violation of this Policy, and of any action taken as a result of such violation, shall be preserved in
an easily accessible place for a period of not less than five (5) years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of each report, certification or acknowledgement made by an

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Access Person pursuant to this Policy shall be preserved for a period of not less than five (5) years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to
this Policy shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of
Covered Securities in a private placement, as described in this Policy, for at least five (5) years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of each annual report for at least five (5) years after the end of the fiscal year in which it is made, the
first two in an accessible place.

All such records shall be maintained for at least the first two years in an easily accessible place as deemed appropriate by the Compliance Office.

## Exhibit 99.28

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| | |
|:---|:---|
| **EX-28.p.10** | ![LOGO](g49631dsp130.jpg) |

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&nbsp;&nbsp; **<u>Personal Trading Policy and Code of Conduct</u>**<br>Category: Code of Ethics/Personal Trading<br>

  
This policy outlines the process where an employee of Mellon Investments Corporation ("MIC") intends to engage in trading in a personal account and/or a beneficially owned personal account. MIC has adopted The Bank of New York Mellon Corporation Personal Securities Trading Policy and Code of Conduct (collectively, the "Code") and the CFA Asset Manager Code of Professional Conduct. The Code and CFA Asset Manager Code of Professional Conduct are referenced as Exhibit A & B respectively.

  
**Investment Employee:** An employee who, in the normal conduct of their job responsibilities, has access (or are likely to be perceived to have access) to nonpublic information regarding any advisory client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of any Proprietary Fund, is involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public.

**Access Decision Maker (ADM) Employee:** Generally, employees are considered to be ADM Employees if they are Portfolio Managers or Research Analysts and make or participate in recommendations or decisions regarding the purchase or sale of securities for mutual funds or managed accounts. Portfolio Managers of broad-based index funds and traders are not typically classified as ADM Employees.

**Personal Trading Activity:** Trading in investments or securities for the benefit of oneself or immediate family member. This includes brokerage or investment accounts for which the employee is named as holder, has a beneficial interest or control and any in which the employee shares an ownership interest with persons who are not covered under this Policy or has the power, directly or indirectly, to effect transactions in the account. This may be a formal power, e.g., through a power of attorney or a fiduciary relationship such as trustee or custodian, or an informal arrangement, including the accounts of minor children and other financial dependents and, only when required by local regulation, the accounts of spouses and domestic partners.

  
The Personal Trading Policy applies to all MIC employees (each, an "Employee") and any of their beneficially owned personal accounts.

**I.** **New Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Upon commencement of employment at MIC, each new Employee must acknowledge in writing, that they will comply
with the Code. All MIC Employees are classified, typically within 15 calendar days of joining or transferring into the Firm, as an Investment Employee ("IE"), and applicable portfolio managers and research analysts will receive an
additional classification as an Access Decision Maker ("ADM"). A MIC Compliance Officer will also periodically review the status of and reclassify Employees whose responsibilities may have changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A member of Compliance will review the policy requirements with all newly hired Employees. Periodically, or
upon request, Compliance may offer additional review sessions. In addition, there is a

![LOGO](g49631dsp130a.jpg)

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review of the policy requirements as part of the annual Compliance training.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Compliance will contact all newly hired temporary employees, contractors and consultants
("Contractors") to have them certify their compliance with the Code of Ethics and determine whether or not the Contractor will be required to pre-clear and/or report personal security holdings.
Short term contractors (typically 90 days or less), interns and co-ops, and vendors will not be monitored and will receive a classification of "Other".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Within 10 calendar days of notification as a Monitored Employee, employees are required to submit to The Bank
of New York Corporation Securities Trading Conduct Group ("Conduct Group") a copy of their beneficially owned accounts and reportable holdings in those accounts via the automated personal securities trading platform, Star Compliance, a
web based third party application. Although the Conduct Group will request duplicate statements and confirms from Employees' brokers, Employees are ultimately responsible for ensuring that their broker(s) send the duplicate confirms and
statements to the Conduct Group. All Employees are required to maintain all beneficially owned accounts with an approved broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Employee non-discretionary/managed accounts do not have to be disclosed
in Star Compliance. However, employees with non-discretionary/managed accounts must submit a Managed Account form in CodeRAP for determination if the account is eligible. Once the account is approved, the
employee is required to complete an annual certification in Star Compliance for the account(s) and provide quarterly statements on the account(s) as requested.

**II.** **Pre-clearance Process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Employees who wish to place a personal securities transaction for a reportable security, as defined in the Code
(collectively, a "Transaction") must first request and receive approval to do so by accessing the Star Compliance application and completing and submitting a pre-clearance request. Employees must
receive notice that the pre-clearance request was approved prior to placing a security trade. Approved Transactions must be executed no later than the end of the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Requests will be denied for Transactions for which trades are pending in the same security in a client account
and for at least two business days after trades were executed in the same security in a client account, subject to certain de minimis exceptions as more fully explained in the Code. Moreover, ADMs are prohibited from trading in a security for seven
calendar days before and after trades in that security are executed in client accounts they manage.

Requests will also be denied for the following types of Transactions, *<u>or any other Transactions prohibited in the Code but not listed here</u>*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. IPO's (subject to certain exceptions outlined in the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities on MIC's restricted list (subject to certain de minimis exceptions outlined in the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Short sales of Bank of New York securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Option transactions involving Bank of New York securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Sales of Bank of New York securities within 60 days of purchase (except in extreme hardship cases); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchases of Bank of New York securities on margin.

If Star Compliance is inoperable for an extended period then pre-clearance requests could be made utilizing the

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BNY Manual Preclearance Form found on the BNY Compliance and Ethics website Manual Preclearance Form.

**III.** **Transaction Review Process** 

The Conduct Group compares pre-clearance requests to the duplicate confirms received from Employees brokers. The Conduct Group conducts the comparison to ensure all Transactions were approved and in compliance with short term trading. Short term trading is defined as the purchasing then selling or selling then purchasing the same or equivalent (derivative) security within 30 calendar days for non firm securities and 60 calendar days for Firm securities (securities issued by Bank of New York and its subsidiaries). Employees who engage in short term trading will be issued a violation and any profits realized must be disgorged. Any exceptions are reported to the MIC Compliance Officer and MIC CCO.

MIC Compliance and the Conduct Group reserves the right to request accounts statements and trade confirmations as needed.

**IV.** **Quarterly Transaction Review Process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Each Employee is required to file within 30 calendar days after the end of the quarter, via the Star Compliance
application, a Personal Quarterly Transaction Report (QTR). A QTR must be filed for any full or partial quarter in which the Employee was employed at MIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The MIC Compliance Officer, acting together with the Conduct Group and senior MIC management, will take all
necessary and appropriate actions for any detected Code violations.

**V.** **Annual Reports** 

On an annual basis and within 30 calendar days after year end, an Annual Holding report must be filed via the Star Compliance application. The report must contain an accurate and current listing of your reportable holdings.

**VI.** **Private Placement Review** 

Private Placements require the pre-approval of the Employee's Manager, Compliance Officer, and the Conduct Group. Any Employee who seeks to invest in a private placement must complete the Private Placement Form ("PP Form") and submit in CodeRAP for approval. Decisions relative to such investments are based on specific facts and circumstances.

**VII.** **Volcker Covered Funds** 

Employees are prohibited from acquiring any initial or subsequent investment in a Volcker Covered Fund unless they obtain prior written approval from the Conduct Group, the Employee's Manager, and a MIC Compliance Officer.

**VIII.** **Sanctions** 

Employees who are not in compliance with this policy may be subject to sanctions. These sanctions may include, but are not limited to, disgorgement of any profit or any other financial sanction, a warning, probation, suspension, or termination of employment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 204A of the Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Advisers Act Rules 204-2(a)(12) and (13)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Company Act Rule 17j-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Personal Securities Trading Policy I-A-045

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Code of Conduct I-A-010-Code of Conduct

  
Compliance Department

  
**Policy Created**: September 2021

**Prior Revision**: January 2025

**Last Updated:** February 2025

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**<u>Exhibit A</u>**

Refer to the attached:

**BNY Personal Securities Trading Policy dated February 11, 2025** 

**BNY Code of Conduct 2024** 

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**<u>Exhibit B</u>**

**CFA Asset Manager Code of Professional Conduct** 

The most recent version of the CFA Asset Manager Code of Professional Conduct can be obtained through the below referenced link:

https://www.cfainstitute.org/-/media/documents/ethics-in-practice/code_of_ethics_and_standards_of_professional_conduct.pdf

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Exhibit A Policy Number: I-A-045

![LOGO](g49631dsp219.jpg)

## Personal Securities Trading Policy

## Level 3 Policy
1. <u>Summary</u>

Personal trading investments can lead to actual or perceived conflicts of interest which can undermine the integrity of the actions of The Bank of New York Corporation, its subsidiaries and affiliates that are majority owned (the "Firm").

The Firm is subject to various laws and/or regulations governing the personal trading of Securities/Financial Instruments (as defined in Section 8.1 of this Policy and collectively referenced as "securities"). The Firm has established limitations on personal trading so that employees' personal securities investments are conducted in compliance with the applicable rules and regulations and are free from actual or perceived conflicts of interest.

2. Purpose

The Personal Securities Trading Policy (this "Policy") sets out the global minimum obligations and restrictions related to personal securities transactions for all employees, including requirements and prohibitions related to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoidance of conflicts of interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market Abuse<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in Firm securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in Non-Firm securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Public Offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Firm-affiliated Volcker Covered Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excessive Trading<sup>2</sup>

This Policy also articulates additional requirements and restrictions for Monitored Employees who are likely to receive Firm or client information as normal course of business in their roles. These

<sup>1</sup> Market Abuse includes insider dealing, market manipulation or unlawful disclosure of inside information.

<sup>2</sup> The Firm reserves the right to limit trading in employee account(s) if deemed excessive.

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additional responsibilities include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filing of reports via the Star Compliance System (Star), the Firm's electronic personal trading monitoring system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing duplicate statements and trade confirmations directly to the Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance prior to trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibition on short term trading

3. Applicability/Scope

This Policy applies to all employees of the Firm when trading in securities unless such securities are listed as "Exempt" under Section 8.1. Where indicated, this Policy may also apply to "Indirect Accounts," as defined in Section 8.1 of this Policy.

An employee is defined as a Director (excluding non-employees), Officer, Agent, Temporary Worker, Contractor, Intern or any other person who works for and contracted with the Firm, regardless of their duration of employment or contract. The Firm may, from time to time, designate additional persons that may from time to time have access to MNPI as being subject to this Policy.

Where business/country-specific requirements are more stringent than those set out within this Policy, the business or country-specific rules prevail and you must also comply with such rules.

4. Provisions of the Policy

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Principal Requirements for all Employees

Failure to comply with any requirement in this Policy may subject you to discipline, up to and including termination of employment and referral to law enforcement, when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1 Avoidance of Conflicts of Interest** 

You must not put your own interests ahead of the Firm and its clients. You must, comply with all applicable legal requirements, securities laws and the I-A-010: Code of Conduct. Employees must treat all Firm and client information as confidential. Refer to the Firm's Code of Conduct for additional guidance*.* You are prohibited from placing transactions in securities if this would create, or could reasonably be perceived to create a conflict of interest between you and your clients, the Firm's clients, or the Firm. In accordance with securities and/or Market Abuse laws, you are prohibited from engaging in insider trading, trading while in possession of Material Non-Public Information (MNPI) (as defined in Section 8.1 of this Policy), Front Running (as defined in Section 8.1 of this Policy) or any other potential market manipulative trading activity.

If you possess MNPI or have knowledge about client holdings, transactions, or recommendations, you must not, directly or indirectly (see definition of Indirect Ownership in Section 8.1 of this Policy):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage or attempt to engage in trading on the basis of such information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommend that another person engages in dealing or induce another person to engage in trading on the basis of the
information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlawfully disclose the information (Tipping)

In accordance with securities regulations, these prohibitions also apply to former employees, who must refrain from trading in any securities, Tipping or recommending that another person do the same, while in possession of MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2 Trading in BNY Securities** 

If you invest or trade in Firm securities, you must be aware of your responsibilities and be sensitive to even the appearance of impropriety. The following prohibitions apply to all transactions in the

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Firm's publicly traded securities, whether owned directly (i.e., in your name) or indirectly (see definition of Indirect Ownership in Section 8.1 of this Policy). The following activities are **prohibited**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Short Sales** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Short-Term Trading:** Defined as purchasing and selling, or selling and purchasing Firm securities within any 60
calendar day period. If you engage in short-term trading, you will be required to disgorge profits as determined by the Securities Trading Conduct group. This includes transactions in the Firm related employee benefit plans such as the BNY 401(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Margin Transactions**: However, you may use Firm securities to collateralize full-recourse loans for non-securities purposes or for the acquisition of securities other than those issued by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Option Transactions**: Defined as any derivative transaction involving or having its value based upon any securities
issued by the Firm, including the buying and writing of over-the-counter and exchange traded options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Major Firm Events**: Non-publicly announced events of which you have
knowledge (prohibition will expire 24 hours after a public announcement is made).

The Firm will comply with insider trading laws in connection with trades in its own securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3 Prohibitions When Trading in Non-Firm Securities** 

You must be sensitive to any impropriety in connection with your personal securities transactions in securities of any issuer, including those owned indirectly (see Indirect Ownership defined in Section 8.1). You are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Engaging in FX derivative trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Spread Betting**: Taking bets on securities pricing, including FX spread-betting to reflect market/currency movement
activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Short Selling** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4 Initial Public Offerings (IPO)** 

You are prohibited from acquiring securities through an allocation by the underwriter of an IPO without the prior approval of the Securities Trading Conduct group. Approval is only likely to be given in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allocation comes through an employee of the issuer who has a direct family relationship to the Firm employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuance is arranged by governments to promote the public ownership of previously state owned assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where a bank, savings and loan or insurance company converts from a structure owned by policyholders to one owned by
investors (demutualization)

Approval may not be available to employees of registered broker-dealers due to certain laws and regulations (e.g., FINRA rules in the U.S.). If you have any questions as to whether a particular offering constitutes an IPO, email the Securities Trading Conduct group before submitting an

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indication of interest to purchase the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.5 Private Placements** 

You are prohibited from acquiring any security in a private placement unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. A Private Placement Form must be submitted in Code RAP for approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are holding an investment of a privately-held (i.e., not traded on an exchange) Firm affiliated fund and you wish
to divest all or a portion of your investment, you are required to obtain pre-approval from the Securities Trading Conduct group prior to redemption. Refer to MySource for a copy of the request Affiliated Fund Request form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Securities Trading Conduct group will generally not approve any private placement requests that appear to present an
actual or potential conflict of interest. This includes instances where, among other things, the opportunity is being offered to you by virtue of your position with the Firm or its affiliates or your relationship to a managed fund or account and
whether or not the investment opportunity being offered to you could be re-allocated to a client. So that no actual or potential conflict exists between the proposed private placement purchase and the
interests of any managed fund or account, you must comply with any and all requests for information and/or documentation necessary for the Employee Compliance/Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within 30 days of being designated a Monitored Employee (see Sections 4.2 to 4.4 for information), you must disclose any
existing investment in private placement securities to the Securities Trading Conduct group who will determine if you will be permitted to continue to hold the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.6 BNY Affiliated Volcker Covered Funds** 

You are prohibited from acquiring any initial or subsequent investment in a Firm affiliated Volcker Covered Fund (Refer to the Volcker Compliance site on MySource) unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. Unless your job duties are directly related to providing investment advisory, commodity trading advisory or "other services" to the fund, your investment in such funds will not be permitted. A Private Placement Form must be submitted in Code RAP for approval.

If you are newly hired and you hold an investment (either directly or indirectly) in an affiliated Firm Volcker Covered Fund you must receive permission to continue to hold that investment. You must disclose your investment within 30 calendar days of your hire date by completing the Private Placement Form available in Code RAP. You may be required to divest your ownership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.7 Ability to Request Account Statements and Trade Confirmations***

For all employees, the Firm reserves the right to request accounts statements and trade confirmations when needed.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Monitored Employees

If you are determined to be at risk for receiving Firm or client information as described below, your personal trading and accounts where you have Indirect Ownership (as defined in Section 8.1) are required to be monitored and you are thus deemed a Monitored Employee. There are strict limitations on such trading for Monitored Employees as further described in Section 4.4.

Monitored Employees include employees who, as a routine and normal course of their job:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are deemed to be at a high risk of receiving MNPI of issuer clients (generally, certain employees located in or
supporting Private Side businesses as defined by the Firm's

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I-A-046: Information Barriers Policy. These are employees who are deemed to be *private* under I-A-046: Information Barrier Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have nonpublic information regarding advisory client's purchases or sales of securities or nonpublic information
regarding the portfolio holdings of a Proprietary Fund, are involved in making securities recommendations to advisory clients, or have access to such recommendations before they are public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have foreknowledge of the clients' trading positions or plans such that the information may elevate the risk of
Front Running or similar manipulative trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to inside information with respect to the Firm's financial results in advance of such results being
released to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Required by regulation – employees who work for a Firm broker-dealer or investment adviser (or their equivalents).

Additionally, each business unit is required to classify all employees who are Senior Directors, Managing Directors or above as Investment/Public or Insider Risk.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;4.3 Classifications of Monitored Employees

The Firm has assigned Monitored Employees a classification that will correspond to the type of information they routinely are exposed to in as performing their job duties. They are as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Classification Type** | **Definition** |
| &nbsp;&nbsp;&nbsp; **Access Decision Maker (ADM) Employee** | Employees within BNY Investments who are Portfolio Managers or Research Analysts and make or participate in recommendations or decisions regarding the purchase or sale of securities for mutual funds or managed accounts. Portfolio Managers of broad-based index funds and traders are not typically classified as ADM Employees. |
| &nbsp;&nbsp;&nbsp; **Insider Risk Employee** | Employees who in the normal course of business are likely to receive MNPI regarding issuer clients. These employees are on the "private side" of the Information Barrier in accordance with the I-A-046: Information Barriers Policy. |
| &nbsp;&nbsp;&nbsp; **Investment/Public Employee** | Employees in the normal course of business who:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Are on the "public side" of the Information Barrier in accordance with the I-A-046: Information BarriersPolicy.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Employees that by regulation are required to have their personal trading monitored.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Have access to nonpublic information regarding advisory client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of a Firm Proprietary Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;• Are involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Have foreknowledge of clients trading positions or plans such that the information may elevate the risk of Front Running <br>This classification typically includes employees in BNY Investments and BNY Wealth businesses as well as employees in other Public side businesses or Corporate Functions who have an elevated risk (clear access to pre-trade settlement information) of Front Running.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Employees of a Firm business regulated by certain investment company laws. Examples are:<br> &nbsp;&nbsp;&nbsp;&nbsp;• In the U.S., employees who are "advisory persons" or "access persons" under Rule 17j-1 of the Investment Company Act of 1940 or "access persons" under Rule 204A-1 of the Advisers Act. |

---

<sup>3</sup> Employees who are not currently monitored and are designated as private under the I-A-046: Information Barrier Policy, Senior Directors or Managing Directors will be changed to monitored from February 2024 through May 2024.

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;• In the U.K., employees in companies undertaking specified activities under the Financial Services and Markets Act 2000 (Regulated Activities), Order 2001, and regulated by the Financial Conduct Authority.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Any member of the Firm's Senior Management who, as part of his/her usual duties, has management responsibility for fiduciary activities or routinely has access to information about advisory clients' securities transactions. |
| &nbsp;&nbsp;&nbsp; **Pre-Release Earning Group (PREG) Employee** | Includes all Executive Committee members, their administrative assistants and any individual determined by the business to have access to the Firm's earnings in advance of public announcements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;4.4 Additional Requirements and Restrictions for Monitored Employees

In addition to the requirements which apply to all employees as described in Section 3.1 of this Policy, all Monitored Employees are also subject to the additional requirements noted below. These requirements apply to all securities accounts and holdings for which you have direct or indirect ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1 Reporting for All Monitored Employees** 

You are required to file various reports via Star, the Firm's electronic personal trading monitoring system. Required reports must also include any securities (except those deemed exempt as defined in Section 8.1), held outside of an account (for example, if you hold physical securities outside of a brokerage account, you must report those securities). You are required to file the following reports in order to be in compliance with the Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Reports: Within 10 calendar days of being notified by the Securities Trading Conduct group that you are a
Monitored Employee, you must file an Initial Broker Accounts and an Initial Holdings Report. These reports must contain a listing of all accounts that trade, or are capable of trading, securities. Initial Holdings Reports must be an accurate
recording of accounts and securities holdings within the preceding 45 days of your being deemed a monitored employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Reports: On an annual basis and within 30 calendar days after the end of the year, you must file an Annual
Holdings Report. The report must contain an accurate and current listing of securities held in all accounts that trade, or are capable of trading securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Accounts: On an annual basis and within 30 calendar days after the end of the year, you must review all of your
reported accounts in the Star system and make any updates, including adding and/or removing accounts where necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing Reporting: If you open a new account, or receive securities through a gift or inheritance, you must update your
holdings in the Star system within 10 calendar days of the event (i.e., account opening or date of receipt of securities). For gifts/inheritance, you must disclose the name of the person receiving or giving the gift or inheritance, date of the
transaction, and name of the broker through which the transaction was effected (if applicable). A gift of securities must be one where the donor does not receive anything of monetary value in return. Preclearance is required for all reportable
holdings that are being liquidated (e.g. an executor liquidating a portfolio).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updating Holdings: You are responsible for your securities holdings being accurate in the Star system. This may require you
to make manual adjustments for changes to your securities holdings (excluding exempt securities as defined in Section 8.1 of this Policy) that occur as a result of corporate actions, dividend reinvestments, or

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similar activity. These adjustments must be reported as soon as possible, but no less than annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly Transaction Reports (Investment/Public and ADM employees only): Within 30 calendar days after the end of
the quarter, you must file a Quarterly Transactions Report. The report must contain a list of all reportable transactions that occurred in the quarter. You must certify all broker accounts that are capable of trading in reportable securities and all
reportable securities held. Your report must be current within 45 calendar days of the date the report is filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifications: The Securities Trading Conduct group will require certifications when there is a material change to
this Policy. Additional certifications may be required as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.2 Additional Reporting for ADM Employees** 

Further reporting requirements for ADM Employees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contemporaneous Disclosure Reports (ADM employees only): Prior to making or acting upon a portfolio recommendation
(buy/hold/sell) in a security you have direct or indirect ownership, written authorization must be obtained. Under no circumstances may you provide portfolio recommendations or place trades based on their potential impact to your personal securities
holdings, nor may you refuse to provide a recommendation or execute a transaction within the portfolio.to avoid submitting a Contemporaneous Disclosure. There are a limited number of transactions that are exempt from this requirement. More
information, including a copy of the Contemporaneous Disclosure Form can be found on MySource .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.3 Account Statements and Trade Confirmations** 

Monitored Employees are required to provide duplicate statements and trade confirmations directly to the Firm. You must adhere to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Countries with Approved Brokers - U.S., UK, India, Singapore or Hong
Kong<sup>4</sup>-based Monitored Employees: You must maintain all accounts with an approved broker-dealer (refer to MySource for the Approved Broker List). Employees are required
to provide account statements to the Securities Trading Conduct Team until the account is on a feed with an Approved Broker. If you have securities held in a physical form or held directly with an issuer, you must provide copies of account
statements and trade confirmations.

**Note:** Certain brokers may require the account owner's consent in order for the Firm to receive their account information electronically (connection to the electronic feed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Countries *without* Approved Brokers: You must provide copies of account statements to your designated local
Compliance Officer or Securities Trading Conduct Team upon receipt or at least quarterly. You are also required to enter your trade confirmation details into the Star system within 10 calendar days of the transaction. You may be compelled to move
your accounts and hold them with an electronic broker-dealer where legally permissible and in jurisdictions where the Firm has made arrangements with a broker-dealer to provide automated electronic feeds to the Star system. You will be notified when
this requirement becomes

<sup>4</sup> The Approved Broker requirement for employees in Singapore and Hong Kong will go into effect on September 30, 2024.

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effective within your jurisdiction and are no longer required to manually enter your trade details into the Star system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all employees, the Firm reserves the right to request accounts statements and trade confirmations as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.4 Preclearance Prior to Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitored Employees must receive approval in the Star system to trade any security unless the security is expressly
Exempt as defined in Section 8.1 of this Policy. You must also obtain preclearance for trades made by indirect owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs and Single-Stock ETFs are reportable. Proprietary ETFs must be pre-cleared prior to transacting in for employees who are classified as ADM, Investment/Public or Insider Risk Employees.

**NOTE:** if you are classified as a PREG employee (see Section 4.7 of this Policy), you are only required to preclear trades in Firm securities (equities, fixed income, or derivatives) of The Bank of New York Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although preclearance approval does not obligate you to place a trade, you should not seek preclearance for transactions
you do not intend to make. Do not discuss the response (e.g. approval or denial) to a preclearance request with anyone (excluding any account co-owners or indirect owners). If you have questions regarding a
response to a trade request, contact the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you receive approval to trade, the trade must be executed by the close of business the following day in the local
jurisdiction. For example, if you receive approval on Monday at 3 PM EST, the preclearance is only valid until the close of the trading day on Tuesday. You should be aware that all preclearance time stamps in the Star system are in EST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are only permitted to place day only orders which are orders that expire at the end of the trading day. Orders that
extend beyond a single trading day, such as "good-until-cancelled" or similar orders, are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may also be subject to additional approvals, for example approval from your supervisor, depending upon your
classification. Please check with your local Compliance Officer for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.5 Additional Preclearance Restrictions for ADM, Investment/Public and certain private side employees (de minimis limits)** 

ADM, Investment/Public and certain private side employees will generally not be given preclearance approval to execute a transaction in any security that appears on their business unit's Blackout List (as defined in Section 8.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.5.1 Approval for De Minimis Transactions for ADM Employees and Investment/Public Employees for Securities on Blackout List***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADM, Investment/Public and certain private side employees are eligible to receive de minimis approval for trades in
securities of any one issuer in a 30-day period even if the security is on the Blackout List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• De Minimis transactions are permitted as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADMs:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market Cap<br>Category** | **Market Cap Value** | **De Minimis Amount<br>Allowed Per Trade** | **30 Day Period<br>Limit** |
| &nbsp;&nbsp;&nbsp; **Micro- Cap** | Market value of less than $250 million | Not allowed | Not allowed |
| &nbsp;&nbsp;&nbsp; **Small- Cap** | Market value between $250 million and $5 billion | Not allowed | Not allowed |
| &nbsp;&nbsp;&nbsp; **Mid- Cap** | Market value between $5 billion and $20 billion | $10000 | $20000 |
| &nbsp;&nbsp;&nbsp; **Large- Cap** | Market value between $20 billion and more | $10000 | $20000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment/Public and certain private side employees:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market Cap<br>Category** | **Market Cap Value** | **De Minimis Amount<br>Allowed Per Trade** | **30 Day Period<br>Limit** |
| &nbsp;&nbsp;&nbsp; **Micro- Cap** | Market value of less than $250 million | Not allowed | Not allowed |
| &nbsp;&nbsp;&nbsp; **Small- Cap** | Market value between $250 million and $5 billion | $10000 | $20000 |
| &nbsp;&nbsp;&nbsp; **Mid- Cap** | Market value between $5 billion and $20 billion | $25000 | $50000 |
| &nbsp;&nbsp;&nbsp; **Large- Cap** | Market value between $20 billion and more | $50000 | $100000 |

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**Note:** Currency is listed in USD. Use the local currency equivalent outside of the US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.5.1.1 Additional Restrictions for ADM employees (7 Day Blackout Period)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not permitted to buy or sell a security within 7 calendar days before and 7 calendar days after the investment
company or managed account for which you are affiliated has effected a transaction in that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any trade initiated within the 7 day blackout period is deemed a violation of Policy and as such you will be required to
disgorge profits per the Securities Trading Conduct group in their sole discretion. This does not apply to approved de minimis transactions during the 7 day blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;4.5 Managed Accounts

If you have an account fully managed by a third-party (you have an investment management, trust or similar agreement) which specifically documents in writing that you are unable to direct trades in the account, you must submit a Managed Account Form via Code RAP to determine if the account is eligible for exclusion from some of the reporting requirements, providing duplicate account statements/trade confirms or preclearance requirements noted within this Policy. For all managed accounts, you must add your account information in the Star system and comply with all provisions of the Policy *until* the Securities Trading Conduct group deems the account to be excluded in writing.

If your account is approved as managed, you are required to complete an annual certification in the Star system attesting that the account continues to be maintained under the account provisions the Securities Trading Conduct group relied upon to provide approval. In addition, you are required to

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provide copies of statements to the Securities Trading Conduct group when requested.

&nbsp;&nbsp;&nbsp;&nbsp;4.6 Prohibition on Short-Term Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Firm Securities**: Employees classified as ADM, Investment/Public Employee
and Insider Risk are prohibited from engaging in short-term trading. Short term trading is defined as the purchasing then selling, or selling then purchasing, the same or equivalent (derivative) security within 30 calendar days. PREG employees are
not subject to a holding period for non-Firm securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Firm Securities**: All employees are prohibited from purchasing then selling, or selling then purchasing any Firm
securities (Firm securities include any securities issued by The Bank of New York Corporation and its subsidiaries, including, but not limited to, shares of common stock, preferred stock or bonds of the Firm) within 60 calendar days.

Employees who engage in short-term trading in non-Firm securities (within 30 calendar days) or Firm securities (within 60 calendar days) will be issued a violation and any profits realized must be disgorged.

**Example:** Transactions resulting in a position that is liquidated (sell), and then a new position is re-established (buy), would meet the criteria for a profit disgorgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit is based upon the difference between the most recent purchase and sale prices for the most recent transactions.
You should be aware that profit for disgorgement purposes may differ from the capital gains calculations for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disposition of any disgorged profits will be at the discretion of the Firm to a bona fide and legally permitted
charity. You will be responsible for any tax and related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit disgorgement, where applicable, is not required for any security that is deemed Exempt (as defined in
Section 8.1 of this Policy) and trades in Proprietary Funds conducted within the BNY 401(k).

&nbsp;&nbsp;&nbsp;&nbsp;4.7 Specific Restrictions for PREG Employees

Every quarter the Firm imposes a restriction on PREG employees. As such, you are prohibited from trading in the Firm's securities from 12:01 AM Eastern Standard Time, on the 15th day of the month preceding the end of each calendar quarter through the first trading day after the public announcement of the Firm's earnings for that quarter.

For example, if earnings are released on Wednesday at 9:30 AM Eastern Standard Time, you may not trade the Firm's securities until Thursday at 9:30 AM Eastern Standard Time. Non-trading days, such as weekends or holidays, are not counted as part of the restricted period. At its discretion, the Firm may extend the blackout period for some or all PREG employees. You will be notified if there is such an extension. The Firm may establish additional event-specific blackout periods that may be applicable to any or all categories of Monitored Employees. The Firm will notify you of any additional blackout periods.

The blackout period includes trades in various employee plans. Specifically, you may not make payroll deductions, investment elections changes or reallocation of balances that might impact your holdings in company stock in the BNY 401(k) Plan; you may not exercise options granted through the employee incentive compensation or similar plan; you may not enroll in, or make payroll deduction changes, in your Employee Stock Purchase Plan.

If you trade Firm securities made during the blackout period, you must unwind the trade and surrender profits as determined by the Firm in its sole discretion. Any losses due to the unwinding are yours to incur. Further, you may be subject to disciplinary action or referral to law enforcement when necessary.

The Firm reserves the right to restrict trading in companies in similar industries as the Firm.

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&nbsp;&nbsp;&nbsp;&nbsp;4.8 Insider Threats

BNY considers Insider Threats to be a serious matter and has established an enterprise-wide Insider Threat program to provide direction, governance and drive organizational awareness to manage the risks. BNY s Enterprise Insider Threat program is aligned to the Company's organizational risk priorities, including enhanced protection of information assets. As defined in the Enterprise Insider Threat Policy, Internal Fraud refers to unauthorized activity (e.g., inappropriate/unauthorized trading, market manipulation) or fraud (e.g., fraudulent funds transfer/movement, credit fraud, forgery, check fraud) by an Insider, which may cause financial or non-financial harm. Please consult the Enterprise Insider Threat Policy for more information.

&nbsp;&nbsp;&nbsp;&nbsp;5. Governance and Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;5.1 All Employees are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhering to all sections of this Policy as it relates to their role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Immediately contacting the Securities Trading Conduct group or your Compliance Officer (or anonymously through the
Firm's Ethics Help Line or Ethics Hot Line) if a known or suspected violation of this Policy occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting MNPI to their MNPI Coordinator. Employees should not seek advice from anyone other than a Compliance Officer,
their MNPI coordinator or the Control Room regarding appropriate handling of MNPI. Employees may also report the receipt of actual or suspected MNPI directly to the Control Room if the employee's MNPI Coordinator is unavailable. The obligation
to report all MNPI applies to both private and public side LOBs/Corporate Staff functions.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Businesses and Corporate Functions

Management of the Firm's Business and Corporate Staff groups are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classifying employees within 15 calendar days of joining or transfer and developing business line polices/procedures to
describe the protocols for assigning classifications that are consistent with this Policy, seeking guidance from Compliance as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retaining accurate records of each employee's classifications in their business unit, maintaining proper controls
so that the classifications are current and providing an annual attestation to Compliance that the classification of the employees are accurate, when requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating employees' classification and overseeing staff so that they are properly trained on the Policy
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overseeing the timely completion of all required reports, violation notices and certifications as required by this
Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When required, constructing (and keeping current) a list of securities appropriate for Policy restrictions; typically
this will consist of trading systems required for employee monitoring, portfolio manager codes, and designated approvers. Generally this detail will be required only in instances where a Business or Corporate Functions have staff classified as an
Investment or ADM employee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When required, providing timely and accurate updates to the list of Proprietary Funds (those that are advised, sub-advised or underwritten by the business) to the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Securities Trading Conduct Group

The Securities Trading Conduct group is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining all necessary records to demonstrate compliance with this Policy in a readily accessible place, for seven
years from their creation. This includes but is not limited to versions of this Policy, record of employee violations and actions taken, holdings and transaction reports required by this Policy, list of monitored employees and their classifications,
and lists of securities appropriate for restriction as reported by a Line of Business and/or Corporate Function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treating employee related records as "highly confidential", to the extent permissible by law.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 Compliance Officers

Compliance Officers are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing policy training to employees when requested by the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting compliance with this Policy, including detail on violations, to Legal Entity and Fund Boards, as required by
law, regulation or policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When requested by the Securities Trading Conduct group, approving requests for investment.

&nbsp;&nbsp;&nbsp;&nbsp;5.5 Legal Department

The Legal Department is responsible for providing legal analysis of new and revised legislation of all jurisdictions regarding personal securities trading laws and regulations and participating in the review of material policy amendments.

&nbsp;&nbsp;&nbsp;&nbsp;5.6 Engineering Department

The Engineering Department is responsible for providing support for internally hosted applications so that systems function properly, including various files are properly loaded into the system, developing an alert process to detect any failed or non-received files, and adequately testing all software updates or hardware installations.

&nbsp;&nbsp;&nbsp;&nbsp;6. Adherence and Control

Failure to comply with any aspect of this Policy may result in the imposition of serious sanctions and employee will be issued a violation notice. You may also receive additional sanctions, which include, but are not limited to, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, and may result in an employee being subject to corrective action as outlined in II-H-610-US: Managing Performance and Conduct Through Corrective Action for U.S.-based employees (or the applicable corrective action policy for non-U.S. based employees),<sup>5</sup> up to and including termination of employment and referral to law enforcement, when required.

If you know of or suspect a violation of this Policy has occurred, immediately contact the Securities Trading Conduct group or your Compliance Officer. You may also report known or suspected violations anonymously through the Firm's Ethics Help Line or Ethics Hot Line.

Amendments to or waivers of any requirements discussed above are at the discretion of the Chief Compliance Officer or their designee. When required, the concurrence of other officers or directors

<sup>5</sup> View the Policies Portal or consult your local HR Partner for the policy for the relevant jurisdiction.

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of the Firm may also be needed. Any waiver or exemption must be evidenced in writing to be valid.

&nbsp;&nbsp;&nbsp;&nbsp;7. Addendum(s)

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Addendum I: EMEA Personal Securities Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1 Applicability / Scope** 

This Addendum sets out the regional obligations and restrictions in EMEA that operate in relation to personal securities trading under FCA Handbook COBS 11.7A, EU Directive 2014/65/EU, and EU Regulation No 600/201, together commonly known as "MIFID 2" and EU Regulation No 596/2014 "MAR" and is applicable to any employee in the UK or EU who is subject to this I-A-045: Personal Securities Trading Policy ("the Global PST Policy").

Following the withdrawal of the United Kingdom ("UK") from the European Union ("EU") at 23:00 GMT on 31 January 2020, where relevant to a Party, references to EU legislation referenced in this Policy shall be read as references to the UK version of such legislation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2 Provisions of the Addendum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.1 UK and EU Requirements in Relation to Personal Trading (Including those arising from MIFID and MAR)***

Both UK and EU regulations require that the Firm establish, implement and maintain adequate policies and procedures to ensure our compliance with our obligations under personal securities trading rules.

These rules cover Financial Instruments as defined in the Definitions Section and apply to any employees who have inside information or MNPI, who have access to client confidential information or who could have a client conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.2 Information that Triggers an Employee to be Subject to this Addendum***

UK and EU employees who are subject to this Addendum will be defined as those who as a routine and in the normal course of their job:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to inside information as defined under I-A-040: Market Abuse Policy by virtue of an activity carried out by them on behalf of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to any other confidential information relating to clients or transactions with or for clients by virtue of an
activity carried out by them on behalf of the Firm; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are involved in activities that may give rise to a conflict of interest in relation to either the Firm or any client(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.3 Restrictions for Employees Subject to this Addendum***

The restrictions set out below are in addition to restrictions set forth in the Global PST Policy and apply when a UK or EU employee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transacting outside the scope of the activities they carry out in their professional capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The trade is carried out on behalf of the employee whether owned directly (i.e., in your name) or indirectly (see
definition of Indirect Ownership in Section 8.1 of the Global PST Policy).

Unless conducted in compliance with 7.1.2.5 below, employees are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entering a transaction which meets at least one of the following criteria:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It would amount to Market Abuse as defined by the UK or EU MAR as defined in Section 8.1 of I-A-040: Market Abuse Policy ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It involves the misuse or improper disclosure of the Firm's or a client's confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may give rise to a conflict of interest in relation to either the Firm or any client(s) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It conflicts or is likely to conflict with an obligation of the Firm under UK law or EU law on markets in financial
instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advising, recommending or inducing any other person to enter a transaction in Securities or Financial Instruments, other
than in the proper course of their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing, other than in the normal course of his employment or contract for services, any information or opinion to any
other person that would or might advise or persuade that other person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any of the activities set out in #2 above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advise or persuade any other person to engage in any of the activities set out #2 above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.4 Definitions of Financial Instruments under UK and EU Regulations***

This Addendum generally applies to all UK and EU employees when trading in Securities, or where applicable, other Financial Instruments as defined in this section.

Under both UK and EU Regulations, the Firm must consider both securities and other Financial Instruments under these regulations and as defined in this section, and whether it will permit personal trading in these instruments. As such a list of instruments restricted under the UK and EU regulations and the Firm's treatment of such instruments for the purpose of personal trading are outlined below in Section 8.1.Restrictions on Financial Instruments for Personal Trading

Outlined below are the in-scope instrument classes and their treatment under this Addendum. For the purpose of clarity, this Addendum is not intended to introduce restrictions in relation to sweep accounts within brokerage arrangements that exist simply for the purpose of cash transference as part of general fund management activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.5 Permitted for Employees Subject to this Addendum (subject to the notification/approval requirements of the Global PST Policy)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable Securities: Trading in transferable securities is permitted so long as conducted in compliance with the
Global PST Policy and the employee is NOT in possession of MNPI whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Employee Subject to this Addendum is already a Monitored Employee under the Global PST Policy they transact in
accordance with their applicable restrictions and requirements; or.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Units in Collective Investment Undertakings and units or shares in an Alternative Investment Fund:
Trading in UCITS or Alternative Investment Funds. is permitted so long

------

as conducted in compliance with the Global PST Policy and the employee is NOT in possession of MNPI whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Employee Subject to this Addendum is already a Monitored Employee under the Global PST Policy they transact in
accordance with their applicable restrictions and requirements; or.

**Please note:** Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes Firm proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this Addendum. Therefore, such arrangements do not normally require disclosure, or pre-approval where the Addendum may otherwise require this (e.g. a BNY proprietary MMF).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.6 Prohibited***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Contracts for Difference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Spread Bets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.7 Express Written Approval from Local Compliance Officer***

The instruments below will require an express written approval from your local Compliance Officer prior to trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money Market Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative instruments for the transfer of credit risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options, futures, swaps and forward rate agreements Options/futures on securities is permitted so long as in compliance
with PSTP; for financial instruments that are not a security, you must contact BCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please note, use of currency exchange is permitted for such domestic activity as for example personal travel needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.3 Governance and Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.3.1 Compliance Officers***

Compliance Officers are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sign off on any preclearance requests for financial instruments as noted in 7.1.2.6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.4 Addendum Governance** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Addendum Owner | Addendum<br> Approver(s) | Review and Approval<br> Date | Additional Contact(s) for Questions |
| &nbsp;&nbsp;&nbsp; Annette Fong<br> UK Chief Compliance Officer<br>Denis Caprasse<br> Head of SA/NV Compliance | Steve Wachtel<br> Global Head of Personal Securities Trading | January 29, 2024 |  |

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8. Appendices

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Definitions

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| | |
|:---|:---|
| Term | Definition/Meaning of Term |
| Automatic Investment Plan | A program in which regular periodic purchases (withdrawals) are made automatically to/from investment accounts in accordance with a predetermined schedule and allocation. Examples include: Dividend Reinvestment Plans (DRIPS), payroll deductions, bank account drafts or deposits, automatic mutual fund investments/withdrawals (PIPS/SWIPS), and asset allocation accounts. |
| Blackout List | List of securities submitted by a Business Unit for which there are pending or executed transactions for an affiliated account (other than an index fund). |
| Firm Securities | Include any securities issued by The Bank of New York Corporation and its subsidiaries, including, but not limited to, shares of common stock, preferred stock or bonds of the Company. |
| Exempt Securities/Financial Instruments (Collectively "Exempt Securities" or "Exempt") | &nbsp;&nbsp;&nbsp;&nbsp; All securities require reporting and preclearance unless expressly exempt by this Policy. The following financial instruments are exempt for all classifications of employees:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash-like securities, such as bankers' acceptances, bank CDs and time deposits, money market funds, FX spot transactions, commercial paper and repurchase agreements.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Digital assets - regardless of where they are held (in brokerage exchange accounts or in personal cryptocurrency wallets). <br>Note: Direct participation investments in Initial Coin Offerings (ICOs), pooling money with others with the intent to invest in digital assets or cryptocurrencies and creating investment vehicles to sell interest in Limited Partnerships (LPs) or Master Limited Partnerships (MLPs) for the purpose of investing in digital assets or cryptocurrencies are all considered to be private securities transactions that must be reported.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee investments in their sovereign governments. Obligations of other instrumentalities or quasi-government agencies are not exempt.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by open-end investment companies (i.e., mutual funds and variable capital companies) that are not Proprietary Funds. Proprietary Funds are exempt for employees classified as Insider Risk.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in retirement plans properly organized under local law of companies not associated with the Firm (e.g., spouse's plan, previous employer's plan, etc.). This exemption is not applicable to any plan wherein the trades can be directed in common stock by the account holder.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in college tuition plans for dependents properly organized under local law. It should be noted that this exemption is not applicable securities that are deemed to be a Proprietary Fund for employees classified as an ADM and Investment Employees.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed annuities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuities, as long as the sub-accounts are not invested in Proprietary Fund sub-accounts.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held in approved non-discretionary (managed) accounts.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-financial commodities (e.g., agricultural futures, metals, oil, gas, etc.), currency, crypto-based currency, and financial futures (excluding stock and narrow-based stock index futures).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that are involuntary (such as stock dividends, sales of fractional shares or sales of shares to cover account fees); however, sales initiated by brokers to satisfy margin calls are not considered involuntary.<br>|

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions pursuant to the exercise of rights (purchases or sales) by an issuer made pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuer.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales effected pursuant to a bona fide tender offer.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions pursuant to an automatic investment plan, including payroll withholding to purchase Proprietary Funds. The initial purchase and additional changes to the automatic investment plan are subject to preclearance approval.<br>|
| Front Running | The purchase or sale of securities for your own or the company's accounts on the basis of your knowledge of the company's or company's clients trading positions or plans. |
| Index Fund | An investment company or managed portfolio (including indexed accounts and model driven accounts) that contain securities in proportions designed to replicate the performance of an independently maintained, broad-based index or that is based not on investment discretion but on computer models using prescribed objective criteria to replicate such an independently maintained index. |
| Indirect Ownership | &nbsp;&nbsp;&nbsp;&nbsp; Generally, you are the indirect owner of securities if you are named as power of attorney on the account or, through any contract, arrangement, understanding, relationship, or otherwise, you have the opportunity, directly or indirectly, to share at any time in any profit derived from a transaction in them. This includes trades which are effected by or on behalf of the employee when the trade is carried out for the account of any of the persons referenced below. Common indirect ownership situations include, but are not limited to:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of your Immediate Family by blood, marriage, adoption, or otherwise, who share the same household with you; <br>"Immediate Family" includes any person with whom they have a family relationship, or whom they have close links, such as your spouse, domestic partner, children (including stepchildren, foster children, sons-in-law and daughters-in-law), grandchildren, parents (including step-parents, mothers-in-law and fathers-in-law), grandparents, and siblings (including brothers-in-law, sisters-in-law and stepbrothers and stepsisters):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person in conjunction with whom the employee has a direct or indirect material interest in the outcome of the trade – other than obtaining a fee or commission for the execution of the trade; <br>Employees must consider this requirement and report trades which fit under the above definition to avoid violations and breaches of both regulations and Policy.<br>|
| Initial Public Offering (IPO) | The first offering of a company's securities to the public. |
| Investment Clubs | Organizations whose members make joint decisions on which securities to buy or sell. The securities are generally held in the name of the investment club. Prior to participating in an investment club, all Monitored Employees are required to obtain written permission from their local Compliance Officer to participate in the club. If permission is granted, the account is subject to all aspects of this Policy. |
| Investment Company | A company that issues securities that represent an undivided interest in the net assets held by the company. Mutual funds are open-end investment companies that issue and sell redeemable securities representing an undivided interest in the net assets of the company. |
| Material Non-Public Information (MNPI) and examples | &nbsp;&nbsp;&nbsp;&nbsp; MNPI is generally defined as material information about a company (including BNY), its securities or any financial instruments related to that company that has not been disclosed to the public. Information is "material" if:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, sell, or hold securities/financial instruments; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a substantial likelihood it would have been viewed by a reasonable investor as having significantly altered the "total mix" of information available.<br>Information about an issuer is "non-public" if:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is of a precise nature and is not generally available to the investing public. Information received under circumstances indicating that it is not yet in general<br>|

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; circulation and may be attributable, directly or indirectly, to the issuer or its insiders is likely to be deemed non-public information.<br>Most companies announce material information through a press release or a regulatory filing (such as with the Securities and Exchange Commission) and/or a posting on the company's website. Therefore, if it has been determined that information is material but there is no announcement of it in any of those sources, it is likely to be non-public at that point.<br>Examples of information that may, depending on the particular facts and circumstances, be material and non-public include, but are not limited to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A proposal or agreement for a merger, acquisition or divestiture, or for the sale or purchase of substantial assets.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A tender offer, which can be material for the party making the tender offer as well as for the issuer of the securities for which the tender offer is made.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An extraordinary dividend declaration, change in the dividend rate or stock repurchase policy.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A proposal or agreement concerning the creation of a credit facility.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A draw down on a credit facility or a liquidity problem.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A potential default under a material agreement or actions by creditors, customers or suppliers relating to a company's credit standing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings and other financial information, such as operating results, projections, a significant restatement or large or unusual write-offs, write-downs, profits or losses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pending discoveries or developments, such as new products, sources of materials, patents, processes, inventions or discoveries of mineral deposits.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A proposal or agreement concerning a financial restructuring.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A proposal to issue or redeem securities, or a development with respect to a pending issuance or redemption of securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information conveyed by a client relating to the client's pending orders for securities/financial instruments that would be likely to have a material effect on the prices of those securities/financial instruments.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about major contracts or increases or decreases in orders.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about derivative contracts such as options, futures, and forward rate agreements relating to an underlying security.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The institution of, or a development in, litigation or a regulatory proceeding.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developments regarding a company's senior management or board of directors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information that is inconsistent with published information, especially if published in regulatory reports or press releases.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant cybersecurity incident.<br>|
| Money Market Fund | A mutual fund that invests in short-term debt instruments where its portfolio is valued at amortized cost so as to seek to maintain a stable net asset value (typically of $1 per share). |
| Non-Discretionary (Managed) Account | An account in which the employee has a beneficial interest but no direct or indirect control over the investment decision making process. Any such accounts of Monitored employees must be approved by the Securities Trading Conduct group in writing in order to be exempt from the reporting and preclearance requirements noted in this Policy. |
| Option | A security which gives the investor the right, but not the obligation, to buy or sell a specific security at a specified price within a specified time frame. |
| Short term trading in option positions | Opening and closing or closing and opening an option position within 30 days of each other or opening an option position within 30 days of expiration will result in any profits being subject to disgorgement. When opening an option position against an existing common stock holding you must have held that position for at least 30 days to avoid any profits being subject to disgorgement. |
| Private Placement | An offering of securities exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rules in the U.K. Such offerings are exempt from registration because they do not constitute a public offering. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled |

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| | |
|:---|:---|
| | investment vehicles such as hedge funds, investments in privately-held and family owned businesses and Volcker Covered Funds. For the purpose of this policy, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements. |
| Proprietary Fund | An investment company or collective fund for which a Company subsidiary serves as an investment adviser, sub-adviser or principal underwriter. The Proprietary Fund Listing can be found on MySource on the Compliance and Ethics homepage. |
| Securities/Financial Instruments (Collectively "Securities") | Any investment that represents an ownership stake or debt stake in a company, partnership, governmental unit, business or other enterprise. It includes stocks, bonds, notes, evidences of indebtedness, certificates of participation in any profit-sharing agreement, units in collective investment undertakings, collateral trust certificates and certificates of deposit. It also includes security-based derivatives and swaps and many types of puts, calls, straddles and options on any security or group of securities; fractional undivided interests in oil, gas, or other mineral rights; and investment contracts, variable life insurance policies and variable annuities whose cash values or benefits are tied to the performance of an investment account. Unless expressly exempt, all securities transactions are covered under the provisions of this policy (See exempt securities). |
| Short Sale | The sale of a security that is not owned by the seller at the time of the trade. |
| Spread Betting | A type of speculation that involves taking a bet on the price movement of a security. A spread betting company quotes two prices, the bid and offer price (also, called the spread), and investors bet whether the price of the underlying security will be lower than the bid or higher than the offer. The investor does not own the underlying security in spread betting, they simply speculate on the price movement of the stock. |
| Tender Offer | An offer to purchase some or all shareholders' shares in a corporation. The price offered is usually at a premium to the market price. |
| Trading | The buying or selling, including as a gift or other disposition, of a security. |
| Volcker Covered Fund | Generally, a "Volcker Covered Fund" is a domestic or foreign hedge fund, private equity fund, venture capital fund, commodity pool or alternative investment fund (AIF) that is sold in a private, restricted or unregistered offering to investors who must meet certain net worth, income or sophistication standards or is sold to a restricted number of investors. <br>Generally, the fund is not registered with a securities/commodity regulator and therefore cannot be offered to the general or retail public unless the investor meets some type of qualification to demonstrate the investor does not need the protection of the securities or commodities regulations. <br>A complete list of Covered Funds can be found at the Volcker Compliance Site on MySource or refer to the I-A-049: Volcker Covered Funds Policy. |
| Section 7.1: Addendum I: EMEA PST specific definitions | Section 7.1: Addendum I: EMEA PST specific definitions |
| Financial Instrument | &nbsp;&nbsp;&nbsp;&nbsp; 1. Transferable Securities e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares in companies (whether listed or unlisted, admitted to trading or otherwise), comparable interests in partnerships and other entities and equivalent securities;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bonds and securitised debt;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• depositary receipts in respect of the instruments above;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities giving the right to acquire or sell transferable securities (for example, warrants, options, futures and convertible bonds); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securitised cash-settled derivatives, including certain futures, options, swaps and other contracts for differences relating to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.<br>2. Money-Market Instruments e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• treasury bills<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certificates of deposit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commercial paper<br>|

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&nbsp;&nbsp;&nbsp;&nbsp; 3. Units in Collective Investment Undertakings e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• units in regulated collective investment schemes e.g., UK OEICS, NURS or EU UCITS. Please note: Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes BNY proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this policy. Therefore, such arrangements do not normally require disclosure, or pre-approval where the policy may otherwise require this (e.g. a BNY proprietary MMF).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• units or shares in an Alternative Investment Fund<br>4. Options, futures, swaps and forward rate agreements<br>Whether settled in cash or physically relating to any of the following underlying<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transferable securities,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currencies,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rates or yields,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• emission allowances,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other derivative instruments,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial indices or financial measures<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other asset or right of a fungible nature, an index or measure related to the price or value of, or volume of transactions in any asset, right, service or obligation<br>5. Derivative instruments for the transfer of credit risk e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• credit default products,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• synthetic collateralised debt obligations,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• total rate of return swaps,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• downgrade options<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• credit spread products<br>6. Financial Contracts for Differences e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Spreadbet - a bet on the price movement of any Financial Instrument where the investor bets on an increase or a fall in price in relation to a spread (the bid and ask prices) quoted by a spread betting company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a contract the stated purpose of which is to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a contract between a buyer and a seller that stipulates that the buyer must pay the seller the difference between the current value of an asset and its value at contract time.<br>

8.2 Document Governance

&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1 Periodic Review** 

This Level 3 Policy will have a mandatory periodic review of 12 months.

Note: If this Policy requires changes outside of the periodic review date AND the Policy is reviewed in its entirety at such time that the changes are incorporated, the periodic review date will be refreshed.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2 Ownership/Questions** 

Ownership of this Policy lies with the Owner noted below. Questions should be directed to the Owner or Contact(s) noted below:

Policy Owner Policy Approver Version Review and Approval Date Next Review Date Additional Contact(s) for Questions

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  <u> Steven Wachtel Global Head of Securities Trading Conduct and Trade Surveillance</u>   <u> Steven Wachtel Global Head of Securities Trading Conduct and Trade Surveillance</u>   <u>7.3</u>   <u>February 5, 2025</u>   <u>April 3, 2025</u>   <u>securitiestradingpolicyhelp@bny.com</u>

8.3 Version Control

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| | | | |
|:---|:---|:---|:---|
| Version<br>Number | Date of Change | Author (and Role of<br> Author) of Change | Description of Change |
| 7.4 | February 11, 2025 | Steven Wachtel,<br> Global Head of Securities Trading Compliance | Corrected 2 typos. No other changes. |
| 7.3 | February 6, 2025 | Steven Wachtel,<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp;&nbsp; Adhoc update:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updated to reflect move to Star Compliance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Added additional definitions to 8.1<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updated de minimis rules in 4.4.5<br>|
| 7.2 | December 18, 2024 | Ekta Agarwal,<br> Compliance Governance | &nbsp;&nbsp;&nbsp;&nbsp; Adhoc update:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updated the approved broker list in section 4.4.3<br>|
| 7.1 | October 10, 2024 | Ekta Agarwal,<br> Compliance Governance | &nbsp;&nbsp;&nbsp;&nbsp; Adhoc refresh:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updated BNYM to BNY and removed Mellon<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferred to new rebranded template<br>|
| 7 | September 20, 2024 | Steven Wachtel,<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp;&nbsp; Adhoc Update:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Elimination of Broker Dealer Employee Classification, prohibition on excessive trading and clarification on classification timeline.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updated Policy Approver<br>|
| 6 | April 4, 2024 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Approved Broker requirement added for Singapore and Hong Kong |
| 5 | January 29, 2024 | Steven Wachtel<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp;&nbsp; Periodic review complete:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification that all private side employees will be monitored<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New requirements to monitor all Senior Directors and above<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification that the Firm reserves the right to request accounts statements and trade confirmations when needed<br>|
| 4 | March 30, 2023 | Steven Wachtel<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification of annual reporting requirements under Section 4.4.1<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarification of employee requirement to provide account statements to the Securities Trading Conduct Team until the account is on a feed with an Approved Broker.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodic Review of Policy<br>|
| 3 | December 27, 2022 | Mark Compton<br> EMEA Head of Markets Compliance | Updated Addendum 7.1: EMEA Personal Securities Trading<br>Updated Section 8.4. Document Hierarchy |

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|:---|:---|:---|:---|
| 2.0 | October 6, 2022 | Mark Compton<br> EMEA Head of Markets Compliance | Addition of Addendum 7.1: EMEA Personal Securities Trading and additional definitions added under Section 8.1 specific to EMEA personal securities trading |
| 1.9 | June 2, 2022 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Addition of Insider Threat language (Section 4.8) |
| 1.8 | March 24, 2022 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Periodic Review of Policy.<br>Clarification of Investment Employee and Insider Risk classification and other non-substantive changes.<br>Update to child documents under Section 8.5 |
| 1.7 | March 29, 2021 | Carol Cersosimo <br>Manager <br>Personal Securities Trading Group | Revised to remove reference to old policy;<br> Correction of typo in Section 4.1.5. |
|  | January 26, 2021 | Carol Cersosimo <br>Manager <br>Personal Securities Trading Group | Revised to reflect reporting requirement for Insider Risk employees for Non-Proprietary ETFs |
|  | January 15, 2021 | Steven Wachtel <br>Global Head of Securities Trading Compliance | Streamlined employee classifications, added Approved Broker requirement for UK and India-based employees, updated indirect ownership section to comply with MiFID II and instituted a strict 30 day hold requirement for non-company securities. |
|  | January 15, 2019 | Carol Cersosimo <br>Manager <br>Personal Securities Trading Group | Revised to transfer the classification responsibility from Local Compliance to the 1<sup>st</sup> Line of Business for Investment Services; removed reference to IEC Oversight and Senior Leadership Team Members. |
|  | June 8, 2018 | Gerald DiMarco <br>Manager <br>Global Ethics Office | The document was reviewed and reapproved without changes, pending substantive revisions anticipated for July 2018. |
|  | April 3, 2018 | Gerald DiMarco <br>Manager <br>Global Ethics Office | Revised to include existing requirement for pre-approval prior to divesting from an affiliated fund; other minor edits. |

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## Exhibit 99.28

**EX-28.p.11** 

## GQG Partners

## Investment Advisory Compliance Manual
![LOGO](g49631dsp158.jpg)

&nbsp;&nbsp; **GQG Partners LLC GQG** <br>**Partners (UK)Ltd.**<br>**GQG Partners (Australia) Pty Ltd. GQG**<br>**Partners Ltd**<br>**GQG Private Capital Solutions LLC**<br>

**September 30, 2025** 

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**Appendix A – Code of Ethics** 

**I.**  **<u>Professional Standards</u>** 

GQG and its affiliated companies ("GQG") have adopted this Code of Ethics to specify and prohibit certain types of transactions deemed to create conflicts of interest (or at least the potential for or the appearance of such a conflict), and to establish reporting requirements and enforcement procedures relating to personal trading by Supervised Persons. "Supervised Persons"16F36 n include employees, officers, and directors (excluding independent directors) as well as any other person determined by the Chief Compliance Officer ("CCO") in the CCO's sole discretion and thus are subject to the policies and procedures contained within this Code of Ethics. Supervised Persons may include temporary employees, contract workers, consultants or other third-parties. Supervised Persons must act in an ethical and professional manner

A. All Supervised Persons must at all times reflect the professional standards expected of persons in the investment
advisory business. These standards require all Supervised Persons to be judicious, accurate, objective and reasonable in dealing with both clients and other parties.

B. All Supervised Persons must act within the spirit and the letter of the federal, state and local laws and
regulations pertaining to investment advisers and the general conduct of business.

C. At all times, the interests of GQG's Clients are paramount, and all Supervised Persons will place the
interests of GQG's Clients ahead of any personal interests or GQG's, except as may otherwise be approved or disclosed to Clients. Accordingly, personal transactions in securities by Supervised Persons must be accomplished so as to avoid
even the appearance of a conflict of interest on the part of such personnel with the interests of GQG's Clients. Since a conflict of interest cannot be avoided in all cases that may arise over time, in the event of an identified conflict of
interest or appearance of one, the Compliance Department will work with the Supervised Person to eliminate address (including through client disclosure and consent as appropriate), or mitigate any such conflict. Likewise, Supervised Persons must
avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with GQG at the expense of Clients, or that otherwise brings into question the person's independence or judgment.

D. GQG has adopted Insider Trading Policies, which set parameters for the establishment, maintenance and enforcement of
policies and procedures to detect and prevent the misuse of material non-public information by Supervised Persons. The Insider Trading Policies are a part of this Code of Ethics.

E. GQG has adopted Personal Trading Policies which set parameters for the establishment, maintenance and enforcement of
policies and procedures to detect and prevent Supervised Persons from taking advantage of, or even appearing to take advantage of, their fiduciary relationship with our Clients. The Personal Trading Policies are a part of this Code of Ethics.

F. GQG has adopted an FCPA Policy to ensure compliance by Supervised Persons with the Foreign Corrupt Practices Act
(the "FCPA"), and maintenance of the highest level of professional and ethical standards in the conduct of GQG's business affairs. The FCPA policy is an additional document that Supervised Persons must review and acknowledge.

G. Supervised Persons will not accept compensation for services from outside sources without the specific permission of
GQG's CCO or designee.

<sup>36</sup> All Supervised Persons are considered Access Persons. "Access Persons" are any Supervised Persons who have access to non-public information regarding client transactions or reportable fund holdings, make securities recommendations to clients or have access to such recommendations that are non-public, and, for most advisers, all officers, directors and partners.

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H. When any Supervised Persons face a conflict between their personal interest and the interests of Clients, they will
report the conflict to GQG's CCO for instruction regarding how to proceed.

I. The recommendations and actions of GQG are confidential and private matters. Accordingly, it is GQG's policy
to prohibit, prior to general public release, the transmission, distribution or communication of any information regarding securities transactions of Client accounts to third parties, except when GQG has a legitimate business purpose for doing so,
and the recipients are subject to a duty of confidentiality. Further, GQG will only make such disclosures if, in GQG's opinion, it is in the best interest of GQG's Clients.

J. In addition, no information obtained during employment regarding particular securities (including internal reports
and recommendations) may be transmitted, distributed, or communicated to anyone who is not affiliated with GQG, without the prior written approval of the CCO or designee.

K. The policies and guidelines set forth in this Code of Ethics must be strictly adhered to by all Supervised Persons.
Severe disciplinary actions, including dismissal, may be imposed for violations of this Code of Ethics.

**II.**  **<u>Insider Trading</u> <u>& Material Non-Public Information</u>** 

**A.**  **<u>Overview and Purpose</u>** 

The purpose of the policies and procedures in this Section II (the "Insider Trading Policies") is to detect and prevent "insider trading" by any person associated with GQG. The term "insider trading" is not defined in the securities laws, but generally refers to the use of material, non-public information ("MNPI") to trade in securities or the communication of MNPI information to others.

**B.**  **<u>General Policy</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Prohibited Activities</u>** 

All Supervised Persons are prohibited from the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. trading or recommending trading in securities for any account (personal or Client) while in possession of MNPI about
the issuer of the securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. communicating MNPI about any issuer of securities to any other person.

The activities described above are not only violations of these Insider Trading Policies but also may be violations of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Identification of Material, Non-Public Information</u>** 

GQG will conduct monitoring or periodic testing designed to identify any MNPI of which the Firm becomes aware. Monitoring includes written electronic communications surveillance and may include targeted reviews of candidates seeking a role who may provide writing samples about companies as part of the hiring process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Reporting of MNPI</u>** 

Any Supervised Person who possesses or believes that she/he may possess MNPI about any issuer of securities (other than GQG Partners Inc.) must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. report the matter immediately to the CCO or designee who will review the matter and provide further instructions
regarding appropriate handling of the information to the reporting individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. refrain from trading the securities or derivatives related to any company which the reporting individual may possess
MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. refrain from discussing any potentially MNPI with anyone, including colleagues, except as directed by the CCO or
General Counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. refrain from conducting research, trading, or other investment activities regarding a security for which the
Supervised Person may have MNPI until the CCO dictates an appropriate course of action.

**C.**  **<u>Material Information, Non-Public Information, Insider Trading and Insiders</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Material Information</u> **.** "Material information" generally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any information that a reasonable investor would likely consider important in making an investment decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any information that is reasonably certain to have a substantial effect on the price of a company's
securities. Examples of material information include the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation
problems and extraordinary management developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Non-Public Information</u>. Information is "non-public" until it has been effectively communicated to the market, and the market has had time to "absorb" the information. For example, information found in an internal company
report which has not been released to the public would likely be considered "non-public". Examples of public information would be information found in a report filed with the Securities and
Exchange Commission, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation, including the online versions would be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Insider Trading</u>. While the law concerning "insider trading" is not static and varies from country
to country, in the United States, it generally prohibits: (1) trading by an insider while in possession of MNPI; (2) trading by non-insiders while in possession of MNPI, where the information was
either disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; and (3) communicating MNPI to others. In other countries, insider trading laws
may prohibit any trading on MNPI, no matter how obtained. GQG may be subject to those other laws in the normal course of its business, so it is best not to trade when in possession of MNPI, unless the CCO explicitly permits the activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Insiders.</u> The concept of "insider" is broad and includes all employees of a company. In addition,
any person may be a temporary insider if she/he enters into a special, confidential relationship with a company in the conduct of a company's affairs and as a result has access to information solely for the company's purposes. Any person
associated with GQG may become a temporary insider for a company it advises or for which it performs other services. Temporary insiders may also include the following: a company's attorneys, accountants, consultants, bank lending officers and
the employees of such organizations.

**D.**  **<u>Penalties for Insider Trading</u>** 

The legal consequences for trading on or communicating MNPI are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties

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below even if he/she does not personally benefit from the violation. Penalties may include: civil injunctions, jail sentences, revocation of applicable securities-related registrations and licenses, fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited; and fines for the Supervised Person or other controlling person of up to the greater of US$1,000,000 or three times the amount of the profit gained or loss avoided. In addition, GQG's management will impose serious sanctions on any person who violates the Insider Trading Policies. These sanctions may include suspension or dismissal of the person or persons involved.

**E.**  **<u>Trading Restricted List</u>** 

Based on the facts and circumstances, the CCO, generally in consultation with General Counsel, may determine that knowing a company's potential inside information requires GQG to restrict trading activity in securities issued by the company for a period of time. The company name will be placed on the restricted list and the trade order management system and code of ethics platform to prevent trading in the name. The name will be removed from the list at such time that MNPI is announced by the company, otherwise in the public domain or sufficient time has passed (e.g., after a subsequent earnings announcement that does not mention the MNPI).

**III.**  **<u>General Trading Policies</u>** 

**A.**  **<u>General Principles</u>** 

The pre-clearance procedures, trading restrictions and reporting requirements in this Section III (the "Personal Trading Policies") have been approved by the management of GQG. Securities transactions by Supervised Persons in Covered Accounts, as each of these terms are defined below, must be conducted in accordance with the Personal Trading Policies. In the conduct of any and all personal securities transactions, all Supervised Persons must act in accordance with the following general principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the interests of Clients must be placed before personal interests at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. no Supervised Person may take inappropriate advantage of his or her position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Personal Trading Policies shall be followed in such a manner as to avoid any actual or potential conflict of
interest or any abuse of a Supervised Person's position of trust and responsibility.

**B.**  **<u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **SUPERVISED PERSONS** All directors (excluding the independent director), officers and employees of GQG,
including part-time employees or persons designated by the CCO, are "Supervised Persons" under the Personal Trading Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **COVERED ACCOUNTS** A "covered account" under the Personal Trading Policies is any brokerage or
other investment account, including accounts for private investments, health saving accounts, trusts, retirement accounts, etc., which has the ability to purchase or sell Covered Securities as outlined in this policy in which a Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. has a direct or indirect interest, including, without limitation, an account of an immediate family member living in
the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. has direct or indirect control over purchase or sale of securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. has been established by any other person or entity and in which the Supervised

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Person may have a "Beneficial Ownership" interest or derive a direct or indirect benefit. (As used in this Code of Ethics, "Beneficial Ownership" has the meaning given to it in Advisers Act Rule 204A-137

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **ADDITIONAL DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Initial Public Offering" ("IPO") means any security which is being offered for the first
time on a recognized stock exchange and in the United States particularly means an offering of securities registered under the Securities Act of 1933 the issuer of which, immediately before the registration, was not subject to the reporting
requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Part-time employees" means employees employed on a permanent basis, who works less than a thirty hour
work week.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Covered Security" includes stock, closed-end funds, exchange
traded funds/ exchange traded notes ("ETFs"), GQG advised or sub-advised funds, fixed income securities, including municipal bonds, and other evidences of indebtedness (including loan
participations and assignments), limited partnership interests, investment contracts, and all derivative instruments, such as options and warrants.

For the avoidance of doubt, "Covered Security" includes all securities issued by GQG Partners Inc., including common and preferred stock, GQG Performance Stock Units ("PSUs"), Restricted Stock Units ("RSUs"), CHESS depository receipts ("CDIs"), limited partnership interests, notes and bonds and any derivative of the foregoing.

Covered Security requires disclosure and preclearance as outline below in Section E and F.

**C.**  **<u>Administration of the Code of Ethics Procedures</u>** 

GQG utilizes Orion to assist in the administration of the Code of Ethics program. Orion must be used by Supervised Persons to submit all necessary statements, disclosures, and preclearance requests, unless a different arrangement has been approved by the CCO.

Any person with the authority to approve personal security transactions, exemptions, or outside business activity disclosures under the Code of Ethics may not approve their personal submissions, without the approval of the CCO or the designee.

<sup>37</sup> For purposes of this Code of Ethics, "Beneficial Ownership" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act, and includes (among other things), ownership by any person who, directly or indirectly, through any contract, agreement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. For this purpose, a pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities. It generally includes, but is not limited to, securities held by members of a person's immediate family sharing the same household; a general partner's interest in the portfolio securities held by a partnership; the right to a performance-related fee under certain circumstances; the right to dividends under certain circumstances; a person's interest in securities held by a trust under certain circumstances; and the right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable. However, a person is not deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio. This interpretation of the term "beneficial ownership" may vary slightly from the definition of "beneficial ownership" used elsewhere in the GQG Compliance Manual, but in any event Supervised Persons should assume that the term applies broadly.

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**D.**  **<u>Covered Accounts</u>** 

Supervised Persons are expected to maintain their Covered Accounts at an Electronic Broker subject the exceptions outlined below. An "Electronic Broker" is a broker that transmits security transactions and holding information through an electronic data feed to Orion. Where able, GQG will establish on behalf of a Supervised Person an electronic data feed in accordance with the Electronic Brokers procedures that may or may not include the Supervised Person completing a letter of authorization or similar document for inclusion into the data feed.

New Supervised Persons are required to transition their covered accounts within 90 days of hire, unless an exception has been approved by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Electronic Broker Covered Accounts</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Supervised Persons hired after June 1, 2022, are expected to maintain all covered accounts at an "Electronic
Broker".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Supervised Persons hired prior to June 1, 2022, that open a new covered account after June 1, 2022, are
expected to maintain the covered account at an Electronic Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An exception request is not required for investments in private securities, i.e., hedge funds, private equity funds,
GQG Private Funds, etc., GQG advised funds held at the transfer agent/administrator or covered accounts of Non-U.S. Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Supervised Persons seeking an exception to this section must complete an Electronic Broker Exception Request Form
approved by the CCO or designee. Supervised Persons that are granted an exception and permitted to maintain a covered account not at an Electronic Broker are still required to provide account statements on a quarterly basis. Failure to provide
account statements as necessary may result in disciplinary action.

**E.**  **<u>Personal Securities Transactions</u>** 

Supervised Persons are prohibited from purchasing securities except as set forth below. Generally, Supervised Persons are not permitted to purchase publicly traded equity or fixed income securities or related derivatives.

Any sale of securities in a Covered Account (for instance, securities acquired before the individual became a Supervised Person or before the account became a covered account or securities acquired through a gift or an inheritance) must be pre-cleared by the Compliance Department.

Supervised Persons are required to submit all preclearance requests through Orion, unless another arrangement has been approved by the CCO. The Compliance Department evaluates the request and approves or denies as deemed appropriate. Notice of the decision will be sent from Orion to the Supervised Person.

Approved preclearance request is valid for two (2) trading days. For the avoidance of doubt, if pre-clearance is approved and the trading day is still in session, that day is considered the first trading day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Permitted Transactions Required to be Pre-cleared</u>** 

The following transactions by Supervised Persons are permitted, provided that the transaction has been pre-cleared by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any transaction in shares of GQG advised or sub-advised fund (e.g., a mutual
fund, private fund, Australian or Canadian publicly offered fund, SICAV, UCIT, exchange trade funds, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any transaction in any GQG issued security, including PSUs, RSUs, and CDIs. For additional information please
consult the GQG Partners Inc. Securities Dealing Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As provided below, subject to pre-clearance requirements, transactions in
shares of certain ETFs are permissible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions in shares of ETFs that are comprised of equity securities are permissible only if the ETF is a
"broad-based" ETF. For these purposes, "broad-based" means (i) an ETF that tracks an index or average that provides a substantial representation of a broad segment of the market such as an index fund (which may include
leveraged ETFs) or (ii) an active ETF that has at least (50) holdings (which may include, without limitation, long/short ETFs and levered ETFs); or.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Transactions in shares of ETFs that invest primarily in (i) securities or other investments that are not
subject to pre-clearance requirements under this code (e.g., U.S. Treasury securities) or (ii) "non equity" securities or other investments that are deemed not to present conflicts with investments
on behalf of GQG's clients (e.g., ETFs that invest in fixed income securities or precious metals); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions in shares of ETF where GQG serves as investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any transaction in shares of a closed end fund. (Note: Only transactions in shares of "broad-based"
closed end funds are permitted. For these purposes, "broad-based" has the same meaning as described above for broad based ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any transaction in shares, units, or other interests in a privately offered, privately traded, or privately held
investment, including GQG private funds (collectively "Limited Offerings").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Any sale transaction in a stock or fixed income security acquired prior to being identified as a Supervised Person
or inherited or gifted to a Supervised Person. For the avoidance of doubt, purchasing a stock or fixed income security, excluding US Treasuries and GNMAs, is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any transaction in interests in a variable annuity product issued by an insurance company separate account if such
separate account is linked to a fund that is advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Transactions Not Required to be Pre-cleared or Disclosed</u>** 

All transactions involving the securities below are not subject to pre-clearance or reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Open-end mutual funds (not closed-end mutual funds) and unit investment trusts that are not advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Variable annuities issued by an insurance company separate account if such separate

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account is not linked to a fund that is advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Australian or Canadian publicly offered funds that are not advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. UCITS funds (excluding ETFs) that are not advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. United States government securities (i.e., U.S. Treasury bonds and GNMAs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Money market instruments (e.g., bankers' acceptances, Certificates of Deposit, and repurchase agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any transaction in cryptocurrency (e.g., digital or virtual currency such as Bitcoin).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Transactions in Delegated Discretion Accounts</u>** 

Pre-clearance is not required on trades in a covered account over which a Supervised Person has no discretion (except for acquisition of any security in an initial public offering or in a limited offering) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Supervised Person submits a Delegated Discretion Account(s) Exemption Request Form (found in Orion), which
includes evidence that investment discretion for the account has been delegated in writing to a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Supervised Person certifies in writing that she/he has not and cannot direct, suggest, recommend, or consult on
potential specific investment decisions with the independent fiduciary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Supervised Person complies with the Reporting Requirements outlined in Section F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Exemptions</u>** 

Because no written policy can provide for every possible contingency, the CCO may consider granting an exemption from the preclearance requirements on a case-by-case basis considering the facts and circumstances presented. Any request for such consideration must be submitted by the Supervised Person in writing to the CCO. An exemption will be granted only in those cases in which the CCO determines that granting the request will not create a conflict of interest or where the conflict of interest is deemed immaterial. For example, an exemption may be provided for reason of financial hardship where a divestment of company stock that GQG may be trading is determined to be immaterial to the overall trading volume of the security, and the divestment reasonably has no impact on the security price. Each exemption to the preclearance requirements will be documented and approved by the CCO, or designee. Documentation will include the reason the exemption was granted, including a discussion on conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Supervised Person's GQG Accounts</u>** 

To foster an alignment of Supervised Persons' financial interest with that of Clients, the Code's preclearance requirements do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Supervised Persons' accounts managed by GQG that are (i) considered "seed" accounts for
potential strategy offerings by GQG (or are otherwise approved by the CCO) or (ii) managed in a similar manner to one or more accounts following a corresponding investment strategy that GQG offers or manages for one or more other GQG clients (a
"Supervised Person GQG Account"); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the purchase of interests in any unregistered pooled investment vehicle for which GQG serves as investment adviser
(the purchase of which, if part of a limited offering, is specifically approved for all Supervised Persons in accordance with Advisers Act Rule 204A-1(c), i.e., obtaining approval before directly or indirectly
acquiring beneficial ownership, as presenting no potential conflicts of interest). For avoidance of doubt, Supervised Persons are still required to seek pre-clearance on purchases and sales of unregistered
pooled investment vehicle for which GQG serves as investment adviser in accordance with Section

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The exemption under this section is in reference to 204A-1(c), which relates to beneficial ownership.

Additionally, to prevent an incentive to favor a Supervised Person GQG Account over Client accounts, transactions for Supervised Person GQG Accounts are placed in accordance with the same trade aggregation and allocation procedures that apply to all other Client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>Blackout Period</u>** 

Supervised Persons may not trade in a Covered Security on any day that a Client account or fund advised or sub-advised by GQG has a pending buy or sell order in the same Covered Security. In addition, a Supervised Person may not buy or sell a Covered Security during a period beginning seven calendar days before and ending seven calendar days after a GQG advised or sub-advised fund or client account transaction in that security.

The blackout period will not apply to purchases or sales which are (i) part of an automatic dividend reinvestment plan, (ii) purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders of a class of its securities and sales of such rights acquired from the issuer, (iii) purchases or sales associated with a Delegated Discretionary Account or (iv) conflicting with Client transactions based upon a cash flow.

Securities issued by GQG Inc. are subject to certain blackout periods as specified in the Securities Dealing Policy. Please consult the Compliance Department for additional information.

**F.**  **<u>Reporting Requirements</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Initial Account and Annual Holdings Reports</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Within ten (10) calendar days of being identified and notified as a Supervised Person, each Supervised Person
must provide a list of Covered Accounts and Covered Securities owned by the Supervised Person, the Supervised Person's immediate family members living in the same household, or any other person or entity in which the Supervised Person may have
a "Beneficial Ownership" interest or derive a direct or indirect benefit. (As used in this Code of Ethics, "Beneficial Ownership" has the meaning given it in Advisers Act Rule 204A-1 <sup>38</sup>

<sup>38</sup> For purposes of this Code of Ethics, "Beneficial Ownership" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act, and includes (among other things), ownership by any person who, directly or indirectly, through any contract, agreement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. For this purpose, a pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities. It generally includes, but is not limited to, securities held by members of a person's immediate family sharing the same household; a general partner's interest in the portfolio securities held by a partnership; the right to a performance-related fee under certain circumstances; the right to dividends under certain circumstances; a person's interest in securities held by a trust under certain circumstances; and the right to acquire securities through the exercise or conversion of any derivative security, whether or not presently

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each Supervised Person must submit annually thereafter a holdings report setting forth the above-specified
information, which must be current as of a date no more than forty-five (45) calendar days before the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The holdings report must include the title and type of security, ticker symbol or CUSIP, the number of shares or par
value and the principal amount. All Supervised Persons are deemed to have authorized GQG to access all records of account holdings in GQG managed accounts for purposes of satisfying reporting and record keeping requirements associated with the Code
of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Immediate Trade Confirmations for Unbrokered Trades</u>** 

If no broker is involved in a trade by a Supervised Person, the Supervised Person shall provide a transaction report within ten (10) calendar days of the trade. Such report must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate
and maturity date, number of shares, and principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the institution with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Supervised Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Quarterly Transaction Reports</u>** 

Each Supervised Person must report to the CCO or designee no later than thirty (30) calendar days after the end of the calendar quarter, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With respect to any transaction during the quarter in a Covered Security in which the Supervised Person had any
direct or indirect Beneficial Ownership, report the following for each transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The transaction date, the title, ticker symbol or CUSIP, the interest rate and maturity date (if applicable), the
number of shares or par value and the principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The nature of the transaction (*i.e.,* purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The date that the report is submitted by the Supervised Person.

exercisable. However, a person is not deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio. This interpretation of the term "beneficial ownership" may vary slightly from the definition of "beneficial ownership" used elsewhere in the GQG Compliance Manual, but in any event Supervised Persons should assume that the term applies broadly.

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The foregoing reporting obligation includes securities acquired via a gift or inheritance.

Reporting required under Item (i) is satisfied by either (1) a direct broker feed for the account is delivered to GQG's personal trading system, currently Orion, for the entire reporting period (or from when the account was established during the reporting period) OR (2) the Supervised Person uploads the account statement(s) covering the reporting period to Orion. On an exception basis, statements may be delivered to the CCO or designee. Failure to provide account statements may result in disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to any account established by the Supervised Person in which any Covered Securities were held during
the quarter for the direct or indirect benefit of the Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The name of the broker, dealer or bank where the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The date that the report is submitted by the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If a Supervised Person instructs each entity where a Covered Account is established to provide duplicate account
statements required under the above section to the CCO or designee within the time period required for a Quarterly Transaction Report (*i.e.*, within thirty (30) calendar days after the end of the applicable calendar quarter) and provides
the information required in partF.3.a above, then such Supervised Person need only represent on the Quarterly Transaction Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. that he/she has directed each entity where a covered account is established to send duplicate confirmations and
account statements to the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the form of such confirmations, account statements or records provided to GQG contains all the information required
in a Quarterly Transaction Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. with respect to any account established during the applicable quarter in which the Supervised Person has Beneficial
Ownership in Covered Securities, the information provided in accordance with part ii. is true and accurate.

It is the obligation of each Supervised Person relying on part iii to ensure compliance with its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Exception to Reporting Requirements:</u>** 

A person need not make a report to the CCO under the Reporting Section above with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control and/or direct financial interest; however, such accounts are subject to periodic transactions requests and certifications to confirm compliance. Further, any GQG managed accounts are also exempt from the reporting requirement (due to the fact that GQG maintains these records within its trading records). (For example, if a Supervised Person makes an affirmative demonstration that control has been delegated to an independent third party, or that Supervised Person's ownership involves a blind trust.)

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**G.**  **<u>Reporting Violations</u> <u>& Penalties for Violations</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Reporting Violations</u>** 

All Supervised Persons shall promptly report to the Compliance Department all apparent violations of the Code without fear of retaliation. All reports will be treated confidentially and investigated promptly and appropriately. GQG will not permit any form of intimidation or retaliation against any Supervised Person who reports a violation of GQG's policies.

The CCO shall report to senior management all material violations of the Code. When the CCO finds that a violation otherwise reportable to senior management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of Section 206 of the Advisers Act, he or she may, in his or her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

For the avoidance of doubt, nothing in this Code prohibits Supervised Persons from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Supervised Persons do not need prior authorization from their supervisor, senior management, the Board of Directors, the CCO, or anyone else affiliated with GQG to make any such reports or disclosures and are not required to notify GQG that they have made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Penalties for Violations</u>** 

Supervised Persons who violate the Personal Trading Policies may be subject to disciplinary actions, which will be made and administered on a case-by-case basis by the Compliance Department, which may consult with senior management. Such determinations will take into consideration the severity of the violation and generally will be in line with the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial occurrence will include education and notification of supervisor, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Second occurrence will include notification of the Supervised Person's supervisor. The Compliance Department
may impose other actions as it deems appropriate, such as temporarily prohibition on personal trading, reversal of the position, or transition the personal account to an Electronic Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Third occurrence will include notification to the Supervised Person's Department Head and CEO, who may impose
disciplinary action as deemed appropriate, including impact of year end cash incentives or termination of the Supervised Person.

If a violation results in a financial gain to a Supervised Person, he/or she may be required to donate the resulting gain to charity.

**IV.**  **<u>Outside Activities of Supervised Persons</u>** 

From time-to-time Supervised Persons may be asked to serve as Directors, Advisory Directors, Trustees or officers of various corporations, charitable organizations, foundations, and the like. Sometimes these are non-paid positions and sometimes they are compensated. Sometimes the corporations are public or are thinking of becoming public and sometimes they are closely held corporations never expected to be publicly traded. Some of the activities may involve participation in, or knowledge of, proposed financial investments by the group involved. This section will briefly address the issues raised by these

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activities.

There is no absolute prohibition on any Supervised Persons participating in outside activities. As a practical matter, however, there may be circumstances in which it would not be in GQG's best interest to allow Supervised Persons to participate in outside activities. The first consideration must be whether the activity will take so much of the Supervised Person's time that it will affect his or her performance. As important, however, is whether the activity will subject the Supervised Persons to conflicts of interest that will reflect poorly on both him or her and GQG.

Any Supervised Persons wishing to accept (or, if a new Supervised Person, to continue) a position with a corporation (public or private), charitable organization, foundation or similar group must seek prior approval from their direct manager prior to submitting an Outside Activity request in Orion to the Compliance Department.

These types of requests will be treated on a case-by-case basis with the interests of clients being paramount and will require the approval of the CCO or designee.

No Supervised Person may use GQG property, services, Supervised Persons, or other resources, for his or her personal benefit or the benefit of another person or entity, without approval of the CCO. For this purpose, "property" means both tangible and intangible property, including funds, premises, equipment, supplies, information, business plans, business opportunities, confidential research, intellectual property, proprietary processes, and ideas for new research or services.

**V.** **Gifts and Entertainment <sup><u>39 40</u></sup>** 

The purpose of this provision is to prevent Supervised Persons from receiving business through improper influence or accepting gifts or entertainment that could influence decision making and result in an actual or perceived conflict of interest.

All Supervised Persons must exercise good judgment in considering the value, frequency, the recipient or provider, and the intent of gifts and entertainment. Supervised Persons may not accept any gift or entertainment that might influence their investment decisions or that might make the Supervised Person feel beholden to any person or firm. No Supervised Person may give or accept cash or cash equivalents (Visa and Amex Gift cards), stocks, bonds, notes, loans, or any other evidence of ownership or obligation. In addition, Supervised Persons must not accept entertainment, gifts or other gratuities from individuals seeking to conduct business with GQG, or on behalf of an advisory client, unless in compliance with the Gift & Entertainment Restrictions discussed below. If there is a question regarding gifts and entertainment, it should be reviewed by the CCO or designee. The CCO or designee may make exceptions to this provision (including in consultation with outside legal counsel if he or she deems advisable), but should not be expected to, and no decision not to provide for an exception shall be escalated, retaliated against in any way, or otherwise be the subject of a formal or informal complaint.

Normal business entertainment, which includes occasional meals, tickets to theatrical performances, sporting events and other events at which representatives of both the giver and recipient are in attendance, and which meet the guidelines below, is generally not considered a gift under this policy, but are reportable as entertainment. Gifts or entertainment will not be so frequent or extensive as to raise any questions regarding GQG's ethical conduct or performance of fiduciary obligations,

<sup>39</sup> GQG Partners (Australia) Pty Ltd employees should also consult the Compliance Annex for additional gift and entertainment procedures.

<sup>40</sup> GQG Partners employees associated with a third party, i.e., IQEQ, ACA/ Foreside, etc. need to ensure they adherence to the third party's requirements in addition to those related to GQG.

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irrespective of the value of such activity. For an activity to qualify as entertainment a GQG Supervised Person as well as the person providing the Entertainment must be in attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Receiving Entertainment:** No Supervised Person should knowingly accept any entertainment other than normal
business entertainment, without the approval of his/her manager and the CCO or designee. Types of entertainment which may be considered outside of normal business entertainment would be tickets to exclusive events (e.g. Superbowl, World Series,
World Cup or other events of this nature).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Receiving Gifts & Entertainment from Securities Brokers, Commodities Brokers and Transaction Counterparties:** No Supervised Person shall accept any gift from any securities broker, commodities broker or transaction counterparty. No Supervised person shall accept any entertainment from any securities broker, commodities broker or
transaction counterparty other than normal business meals without the approval of his/her manager and the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Receiving Gifts:** No Supervised Person shall knowingly directly or indirectly accept in any one year any gift(s)
with a total value (in the aggregate) in excess of US$100 from anyone having a business and/or professional relationship with GQG or any of its affiliates without disclosure to and approval by the CCO or designee. <u>Note</u>: Some entertainment,
discounts or special deals may be considered gifts within the meaning of this policy. All questions regarding the policy should be directed to the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Giving Gifts:** No Supervised Person shall knowingly directly or indirectly give in any one year any gift(s) with
a total value (in the aggregate) in excess of US$100 to any person, or the principal, proprietor, employee, agent or representative of another person ("Other Person"), if the person or the Other Person (as the case may be) has a business
or professional relationship with GQG or any of its affiliates without disclosure to and approval by the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Giving Entertainment:** No Supervised Person shall knowingly provide business entertainment other than normal
business entertainment as described above, without the approval of his/her manager and the CCO or designee. Types of entertainment which may be considered outside of normal business entertainment would be tickets to exclusive events (e.g. Superbowl,
World Series, World Cup or other events of this nature).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Union officials, ERISA plan fiduciaries and government officials:** No Supervised Person shall provide any gift
or entertainment to any union officials, ERISA plan fiduciaries or any government officials or government employees, or designees, without the *<u>prior</u>*   written consent of the CCO. Any gifts and entertainment provided to union
officials, ERISA plan fiduciaries, government officials or government employees, regardless of value, must be reported to the CCO (even if pre-approved) in order to facilitate compliance with various federal,
state and municipal requirements and with Department of Labor Form LM-10 requirements, pursuant to the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Corrupt Practices Act of 1977("FCPA")**: GQG has implemented a policy regarding the FCPA.
Supervised Persons must comply at all times with the FCPA. The FCPA anti-bribery section prohibits payments, offers, or gifts of money or anything of value, with corrupt intent, to a foreign official in order to obtain or retain business or to
secure an improper advantage anywhere in the world. The prohibition applies whether an item would benefit the official directly or another person, such as a family member, friend or business associate. Supervised Persons are required to comply with
GQG's FCPA Policy. Facilitation payments are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation of Gifts:** The valuation of a gift is either the market price or its face value, whichever is higher.
In the event a gift valued at more than US$100 is received by a Supervised Person, the gift

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should be promptly returned unless the gift is perishable in nature, than the contents may be shared with the office location for which it was delivered. The valuation of a gift may exclude tax and shipping costs.

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| | |
|:---|:---|
| **<u>Reporting</u>** | **<u>Requirements</u>**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting of Gifts: Supervised Persons must report all gifts given or received which are not considered nominal<sup>41</sup> value in nature. Examples of nominal gifts not subject to disclosure are branded items, such as stress balls, mugs, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting of Entertainment: Supervised Persons must report all entertainment given or received which has a value of
greater than $100 per person.

<sup>41</sup> The Firm considers gifts of de minimis value (e.g. pens, notepads or modest ornaments) or promotional items that display the firm's logo (e.g. umbrellas, tote bags or shirts) below $25.00 as "nominal".

## Exhibit 99.28

**EX-28.p.12**![LOGO](g49631g17p04.jpg)

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MESSAGE FROM OUR CEO

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| | |
|:---|:---|
| ![LOGO](g49631g0211073958113.jpg) | <br> Dear Colleagues:<br>The BNY Code of Conduct guides our actions and decisions as individuals and as a global financial services company responsible for overseeing nearly $50 trillion in assets for our clients – managing it, moving it and keeping it safe. The Code aligns with our strategic pillars: Be More For Our Clients, Run Our Company Better and Power Our Culture. Our guidelines for ethical behavior in our day-to-day work are guided by our culture of integrity, which means we do what is right, always, regardless of the impact on a specific transaction or short-term working relationship. |

---

The Code provides six key guidelines that relate to many of the situations you may encounter working at our company: Respecting Others, Avoiding Conflicts, Conducting Business, Working with Governments, Protecting Company Assets and Supporting Our Communities. Topics range from protecting client and employee records and meeting our privacy obligations to responsibly growing our company with our own environmental, social and responsible business practices and conduct, which are further explained in our <u>Sustainability Report</u>.

However, the Code alone cannot address every possible situation. We expect all employees to exercise good judgment, using the Code as a primary resource to better understand our guidelines on ethical behavior, and to seek help when unsure of the right course of action. Above all, each of us, regardless of level, is obligated to put the interests of our company, clients and shareholders above any personal interest.

While the Code is fundamental, it is not your only resource. Your manager, Legal, Audit, Compliance and Ethics, and The People Team are readily available to answer your questions. When in doubt, I urge you to use these resources and escalate situations if you feel they are not getting the proper attention. You should never be afraid or reluctant to speak up.

Being a BNY employee means exercising good judgment and conducting yourself in a manner that is above reproach. Please take the time to review the Code of Conduct and keep it in mind to help ensure you always do what is right.

![LOGO](g49631g0211073958589.jpg)

Robin Vince

President & Chief Executive Officer

The Code of Conduct does not alter the terms and conditions of your employment. Rather, it helps each of us to know what must be done to make sure we always Do What's Right. Throughout the Code, references to company policies apply only to global policies that cover all employees and do not include additional policies you must follow that are specific to your location or line of business. The Code is not intended to fully describe the requirements of referenced policies.

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**CONTENTS** 

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| | |
|:---|:---|
|  Doing What's Right | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT BNY, "DOING WHAT'S RIGHT" MEANS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOW TO DO WHAT'S RIGHT | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS | 5 |
|  How To Report A Concern | 5 |
|  Key Guidelines of Our Code of Conduct | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; RESPECTING OTHERS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVOIDING CONFLICTS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONDUCTING BUSINESS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; WORKING WITH GOVERNMENTS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROTECTING COMPANY ASSETS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; SUPPORTING OUR COMMUNITIES | 7 |
|  What You Should Know About Our Code of Conduct | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; OUR STRATEGIC PILLARS AND PRINCIPLES | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; PURPOSE OF OUR CODE OF CONDUCT | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; WHO MUST FOLLOW THIS CODE? | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; WHAT IS EXPECTED OF EMPLOYEES? | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; COOPERATING WITH REGULATORY AGENCIES | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; WHAT IS EXPECTED OF MANAGERS? | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; MANAGING RISK AS A MANAGER | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; WHAT HAPPENS WHEN A CONCERN IS REPORTED? | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZERO TOLERANCE FOR RETALIATION | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; COOPERATING WITH AN INVESTIGATION | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES | 11 |
|  Key Guidelines | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; RESPECTING OTHERS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; MUTUAL RESPECT AND PROFESSIONAL TREATMENT | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; HARASSMENT-FREE ENVIRONMENT | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAFETY AND SECURITY | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; MANAGERS' RESPONSIBILITIES | 15 |
|  Avoiding Conflicts | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; OVERVIEW | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; GIFTS AND ENTERTAINMENT | 16 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; OUTSIDE SERVICE AS A DIRECTOR, TRUSTEE, OFFICER, INVESTMENT COMMITTEE MEMBER, PARTNER, OR BUSINESS OWNER OF A FOR-PROFIT BUSINESS OR A NOT-FOR-PROFIT ORGANIZATION | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; OWNERSHIP OF AN OUTSIDE BUSINESS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIDUCIARY APPOINTMENTS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; PERSONAL INVESTMENT DECISIONS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; CORPORATE OPPORTUNITIES | 21 |
|  Conducting Business | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAIR COMPETITION AND ANTI-TRUST | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANTI-CORRUPTION AND IMPROPER PAYMENTS | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMBATING FINANCIAL CRIME AND MONEY LAUNDERING | 24 |
|  Working With Governments | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; YOUR OBLIGATIONS | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASIC GUIDELINES | 25 |
|  Protecting Company Assets | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL INTEGRITY | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; USE OF COMPANY ASSETS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROTECTING CLIENT AND EMPLOYEE RECORDS AND MEETING OUR PRIVACY OBLIGATIONS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBAL RECORDS MANAGEMENT PROGRAM | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; USE OF ARTIFICIAL INTELLIGENCE-BASED TECHNOLOGIES | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; INSIDE OR PROPRIETARY INFORMATION | 31 |
|  Supporting Our Communities | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; POLITICAL ACTIVITIES | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVESTOR AND MEDIA RELATIONS | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; STRENGTHENING SOCIAL AND ENVIRONMENTAL SUSTAINABILITY | 36 |
|  Additional Help | 38 |

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**Doing What's Right** 

**AT BNY, "DOING WHAT'S RIGHT" MEANS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributing to a culture of integrity is expected and valued,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducting business in full compliance with all applicable laws and regulations, and in accordance with the highest
ethical expectations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fostering honest, fair and open communication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demonstrating respect for our clients, communities and one another,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being accountable for your own and team actions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being willing to take a stand to correct or prevent any improper activity or business mistake.

**HOW TO DO WHAT'S RIGHT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Put company principles, policies and procedures into action,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Know the laws and regulations affecting your job duties and follow them,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Take responsibility for talking to someone if you see a problem, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ask questions if you are unsure of the right thing to do.

**WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Could the action affect the company's reputation?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Would it look bad if reported in the media?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Am I uncomfortable taking part in this action or knowing about it?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is there any question of illegality?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Will the action be questionable with the passage of time?

If the answer to any of these questions is "yes," ask more questions. Keep asking until you get a satisfactory answer. Talk to your manager, the Compliance and Ethics, Legal or People Team departments, or call the Ethics Office before doing anything further. Don't stop asking until you get the help you need.

*It's Your Obligation to Do What's Right.* 

**How To Report A Concern** 

The best place to start is by talking to your manager. If this makes you uncomfortable or you are unable to speak with your manager, then consider the options below.

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**Ethics Help Line** 

(Operated by members of the company's Ethics Office)

• United States and Canada: 1-888-635-5662

• Europe: 00-800-710-63562

• Brazil: 0800-891-3813

• Australia: 0011-800-710-63562

• Asia: appropriate international access code

+800-710-63562 (except Japan)

• Japan: appropriate international access code

+800-710-6356

• Other locations, use your country's international calling prefix and then dial

(United States) 1-412-236-7519

*Please note that your phone call can be anonymous.* 

Email: <u>mailto:ethics@bny.com</u> (To remain anonymous, please use the telephone help line for reporting your concern.)

**Ethics Hot Line** 

(Operated by EthicsPoint, an independent hot line administrator)

• United States and Canada: 1- 866-294-4696

• Outside the United States dial the AT&T Direct Access Number for your country and carrier, then 866-294-4696

**AT&T Direct Access Numbers by Country/Carrier** 

• United Kingdom: British Telecom

0-800-89-0011; C&W 0-500-89-0011; INTL 0-800-013-0011

• India: 000-117

• Brazil: 0-800-890-0288

• Ireland: 1-800-550-000; Universal International Freephone 00-800-222-55288

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

• Japan: Softbank Telecom 00 663-5111; KDDI 00 539-111

• Australia: Telstra 1-800-881-011; Optus 1-800-551-155

• Hong Kong: Hong Kong Telephone

800-96-1111; New World Telephone

###-##-####

• Singapore: Sing Tel 800-011-1111; StarHub 800-001-0001

Web Report: <u>ethicspoint.com</u> (hosted on EthicsPoint's secure servers and is not part of the company's website or intranet).

*Please note that all contacts to EthicsPoint can be anonymous.* 

**Incident Reporting** 

If your concern involves potential criminal or unusual client activity, you must file an Incident

Report within 72 hours. In the U.S., you can file an Incident Report using the icon on your PC desktop. In other locations, you should contact your compliance officer for assistance in following country-specific guidelines.

**Director's Mailbox** 

You may also submit all concerns, including concerns about questionable accounting or auditing matters, you may also report your concern to the presiding director of the board (who is independent of management). You can contact the presiding director by sending an email to non-management director@bnymellon.com or by postal mail addressed to:

BNY Corporation

Church Street Station

PO Box 2164

New York, New York 10008-2164 USA Attention: Non-Management Director

*Please note the postal mail option can be anonymous.* 

**Key Guidelines of Our Code of Conduct** 

**RESPECTING OTHERS** 

We respect human rights and treat employees with fairness, dignity, and respect at work. We are committed to fostering an inclusive workplace where talented people want to stay and develop their careers. Supporting a diverse, engaged workforce allows us to be successful in building trust, empowering teams, serving our clients and outperforming our peers. We give

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equal employment opportunity to all individuals in compliance with legal requirements and because it's the right thing to do.

**AVOIDING CONFLICTS** 

We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY and our clients, and not driven by any personal interest or gain. We are alert to any potential conflict of interest and ensure we identify and mitigate or eliminate any such conflict.

**CONDUCTING BUSINESS** 

We secure business based on honest competition in the marketplace, which contributes to the success of our company, our clients, and our shareholders. We compete in full compliance with all applicable laws and regulations. We support worldwide efforts to combat financial corruption and financial crime.

**WORKING WITH GOVERNMENTS** 

We follow all requirements that apply to doing business with governments. We recognize that practices that may be acceptable when dealing with a private company that is the client may cause problems or be a violation of law when working with a government.

**PROTECTING COMPANY ASSETS** 

We ensure all entries made in the company's books and records are complete and accurate and comply with established accounting and record-keeping procedures. We maintain confidentiality of all forms of data and information entrusted to us and prevent the misuse of information belonging to the company or any client.

**SUPPORTING OUR COMMUNITIES** 

We take an active part in our communities around the world, both as individuals and as a company. BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We aim to be honest, fair, and transparent when we interact with our communities and the public at large. We consider human dignity important, and we work to preserve human rights throughout our operations and value chain. We seek to address climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business.

**What You Should Know About Our Code of Conduct** 

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> At the foundation of our Code of Conduct are our strategic pillars – Be More For Our Clients, Run Our Company Better and Power Our Culture.<br>Our strategic pillars guide us and the work that we do. Our principles guide how we work together and who we are as a company. | **OUR STRATEGIC PILLARS AND PRINCIPLES**<br>Our principles provide the framework for our decision making and guide our business conduct. Incorporating these principles into our actions helps us to do what is right and protect the reputation of the company. Our principles to the firm describe how we act, how we treat each other and how we show up for our clients.<br>• Be Client-Obsessed<br>• Spark Progress<br>• Own It<br>• Stay Curious<br>• Thrive Together |

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**What Our Principles Do:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Explain what we stand for and our shared culture of integrity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Span geographies and lines of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Represent the promises made to our clients, communities, shareholders and each other, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remain critical to our success.

**PURPOSE OF OUR CODE OF CONDUCT** 

Today's global marketplace is filled with a host of new challenges and changes, but one constant guides us — the mandate to meet the highest expectations for legal and ethical integrity.

The Code of Conduct (Code) is the foundation of our commitment to Doing What's Right, but it is not intended to describe every law or policy that applies to you. Nor does it address every business situation you may face. You're expected to use common sense and good judgment and seek advice when you're unsure of the proper response to a particular situation.

The Code provides the framework and sets the expectations for business conduct. It clarifies our responsibilities to each other, clients, suppliers, government officials, competitors and the communities we serve. It outlines important legal and ethical issues. Compliance with the letter and the spirit of our Code of Conduct, laws and regulations, policies and procedures is not optional. Failing to meet these guidelines could expose our company to serious damage.

**WHO MUST FOLLOW THIS CODE?** 

All employees worldwide who work for BNY or an entity that is more than 50 percent owned by the company must adhere to the guidelines in our Code. No employee is exempt from these requirements, regardless of the position you hold, the location of your job or the number of hours you work. If you oversee vendors, consultants or temporary workers, you must supervise their work to ensure their actions are consistent with the key guidelines in this Code.

**WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS** 

Waivers of the Code are not permitted for any executive officer of BNY, unless the waiver is made by the company's board of directors (or a committee of the board) and disclosed promptly to shareholders. Individuals who are deemed to be "executive officers" of BNY will be notified as appropriate.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Q & A**<br>**Q: I work outside of the U.S. Do U.S. laws apply to me?**<br>**A:** BNY is the parent of our operating companies and is incorporated in the U.S., so U.S. laws may apply to certain business activities even if they are conducted outside of the U.S.<br>Other countries may apply their laws outside of their boundaries. If you have questions about the laws that apply to your business activity, ask your manager or contact the Legal representative who supports your line of business.<br>**Q: What is my role in managing risk?**<br>**A:** Each employee plays an important role in managing risk when you:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Perform your job with integrity and in compliance with policies, procedures and the law<br>&nbsp;&nbsp;&nbsp;&nbsp;• Adhere to the controls established for your business<br>&nbsp;&nbsp;&nbsp;&nbsp;• Ask questions if instructions are not clear or if you are unsure of the right thing to do<br>&nbsp;&nbsp;&nbsp;&nbsp;• Escalate issues immediately to your manager (e.g., an error, a missed control, wrongdoing or incorrect instructions)<br>Doing What's Right means being accountable for your own and your team's actions and being willing to take a stand to correct or prevent any improper activity or a business mistake.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **WHAT IS EXPECTED OF EMPLOYEES?**<br>You're responsible for contributing to our culture of integrity by Doing What's Right, by knowing the rules that apply to your job and complying with them. This includes company and line of business policies, procedures, laws and regulations governing the country and businesses in which you work.<br>If your line of business or regional policy is more restrictive than the Code of Conduct or a Global Policy, you must follow the more restrictive rules. Ask your manager if you have questions about performing your job and keep asking until you get a satisfactory answer. Remember to question any request that does not comply with company policies, laws or regulations, or is inconsistent with our Code of Conduct.<br>No manager or leader in our company can ask you to violate a law or regulation, or to act in a manner inconsistent with our Code of Conduct. You should challenge any such request and alert appropriate individuals. Identifying and managing risk is the responsibility of every employee. You're required to adhere to the established internal controls in your area of responsibility and promptly elevate all risk, compliance and regulatory concerns to your manager.<br>You're expected to comply with applicable laws and regulations and follow this Code, including the spirit of its intent. The penalty for violating any provision of the Code of Conduct may be disciplinary action up to and including dismissal. If you violate a criminal law applicable to the company's business, the matter will be reported to the appropriate authorities.<br>You are required to use CODE RAP (Code Reports and Permissions) to report or obtain approval for certain activities that are noted throughout the Code of Conduct and various company policies (e.g., gifts, entertainment and certain outside employment or positions). CODE RAP is a web-based system which you can learn more about by visiting MySource, the company's intranet site. If you need assistance or do not have access to a PC, ask your manager for help.<br>You're obligated to comply fully with our Code of Conduct and may be required to certify your compliance with the Code. You will be notified of any required certifications.<br>**COOPERATING WITH REGULATORY AGENCIES**<br>All employees are required to cooperate and communicate with regulators responsively, completely and transparently. All commitments you have made in response to exam findings and any responses to regulatory information requests are to be completed within the agreed time frame. You must notify your manager immediately should situations arise that make it unlikely that you will meet the agreed upon commitments. In addition, your compliance officer should be advised of any delays in meeting regulatory commitments.<br>**WHAT IS EXPECTED OF MANAGERS?**<br>Those who manage or supervise others have a special obligation to set an example in Doing What's Right. Some of the ways you're expected to demonstrate this leadership include:<br>• Creating a culture of integrity, risk management, compliance and ethics,<br>• Considering risk in all your decision-making, |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinforcing with your staff the importance of early identification and escalation of potential risks to the appropriate
managers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensuring employees have the relevant resources to understand their job duties,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring compliance with the Code of Conduct, company policies and procedures of the employees you supervise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fostering an environment in which employees are comfortable raising questions and concerns without fear of retaliation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting instances of non-compliance to the proper management level,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking appropriate disciplinary action for compliance and ethics violations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing the Code of Conduct, no less than annually, with your staff.

**MANAGING RISK AS A MANAGER** 

As a manager, you must always consider risk in your decision-making. You are required to understand fully the risk, compliance and regulatory issues that may impact the areas you serve. You are required to escalate any concerns immediately to the appropriate management level to ensure the requisite attention is given to the matter. In addition, any corrective measures must be implemented timely, thoroughly and in a sustainable manner.

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| | |
|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Q & A**<br>**Q: Where do I go for help if I'm uncomfortable talking to my management?**<br>**A:** You can contact the Ethics Help Line or the Ethics Hot Line. The contact information is in the Code of Conduct, on MySource and on the company's public Internet site.<br>**Q: Can I report a concern anonymously?**<br>**A:** Yes, you can report your concern to the Ethics Help Line or Ethics Hot Line anonymously if you wish. | **RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS**<br>You are required to speak up immediately if you have a question or concern about what to do in a certain situation or if you believe someone is doing — or about to do — something that violates the law, company policy or our Code of Conduct. If you have a genuine concern, you must raise it promptly.<br>If you have a question or concern, your manager is usually a good place to start. Other people you may go to for help or advice are:<br>• Your manager's manager<br>• Your line of business compliance officer<br>• Someone in The People Team or the Legal department<br>You must speak up. If your concern is not addressed, raise it through other channels. You can always contact the Ethics Office through the Ethics Help Line or Ethics Hot Line. When in doubt, reach out.<br>**WHAT HAPPENS WHEN A CONCERN IS REPORTED?**<br>When you report a concern to the Ethics Help Line or Ethics Hot Line, your concerns will be taken seriously and investigated fully. Be prepared to give detailed information about your concern. You can choose to be anonymous if you want. Your confidentiality will be protected to the fullest extent possible and every effort will be made to quickly resolve your concern. |

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These reporting mechanisms are meant to be used only when you have a genuine concern that something is wrong. You will not be provided protection for your own misconduct just because you filed a report or if you knowingly give a false report.

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**ZERO TOLERANCE FOR RETALIATION** 

Anyone who reports a concern or reports misconduct in good faith, meaning they have the reasonable belief that the information is true, is demonstrating a commitment to our values and following our Code of Conduct. The company has zero tolerance for acts of retaliation. Zero means zero. No one has the authority to justify an act of retaliation. Any employee who engages in retaliation will be subject to disciplinary action, which may include dismissal.

**COOPERATING WITH AN INVESTIGATION** 

You're required to cooperate with any investigation into alleged violations of our Code of Conduct, laws, regulations, policies or procedures, and are expected to be truthful and forthcoming during any investigation. This includes situations where you are an involved party, a witness or are asked to provide information as part of an investigation. Any attempt to withhold information, sabotage or otherwise interfere with an investigation may be subject to any level of disciplinary action up to and including dismissal. Remember, investigations are confidential company matters. To protect the integrity of the investigation, you are not allowed to discuss any aspect of an investigation, even the fact that an investigation is being conducted, with other employees or the public.

At the same time, this requirement for confidentiality does not prohibit you from reporting legal violations to any governmental or regulatory body or official or finance-related self-regulatory organization (collectively, "Governmental Authorities"), and you may do so either during or after your employment without notice to the company. Furthermore, no BNY policy or agreement is meant to prohibit you from doing so, or from participating in any benefits involved in such reporting. The only restriction in this regard is that you are not authorized to disclose information covered by the Company's attorney-client privilege.

**DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES** 

The confidentiality of our information and the protection of that information is a theme that recurs several times in this Code and in many of our policies. However, nothing in this Code, in those policies or in any agreement with BNY is meant to prohibit you from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an
investigation by any Governmental Authorities regarding a possible violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• testifying, participating or otherwise assisting in an action or proceeding by a Governmental Authority relating to a
possible violation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• participating in any benefits for information provided to Governmental Authorities in the manner described in the first
or second points above. You are permitted to report in this manner both during and after your employment here irrespective of any confidentiality agreements you may have signed or policies in place during your employment and without providing notice
to the Company. The only restriction is that you are not authorized to disclose information covered by the company's attorney-client privilege.

**COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES** 

While the Code prohibits you from revealing "trade secrets" outside of the company, you may do so without facing criminal or civil liability if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the material is revealed in confidence solely for the purpose of reporting or investigating a suspected violation of law
to a federal, state or local government official, either directly or indirectly, or to an attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the material is revealed in a complaint or other document filed under seal in a lawsuit or other proceeding.

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Note that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to his/her attorney and may use the trade secret information in the court proceeding. In such cases, trade secret information must be filed under seal, and it may be disclosed only under a court order.

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**Key Guidelines** 

**RESPECTING OTHERS** 

We are committed to fostering an inclusive workplace where talented people want to stay and develop their careers. Supporting a diverse, engaged workforce allows us to be successful in building trust, empowering teams, serving our clients and outperforming our peers. We give equal employment opportunity to all individuals in compliance with legal requirements and because it's the right thing to do.

**MUTUAL RESPECT AND PROFESSIONAL TREATMENT** 

We value teamwork and nothing damages a team more quickly than a lack of mutual respect. For our company to be successful, we all must work together toward common goals. Employees and managers share a mutual responsibility to keep one another informed of any information that may be important to job performance and to understanding the organization. You're expected to treat your fellow employees professionally — it's what we owe each other in the workplace.

The company recognizes your right to form personal relationships with those you meet in the workplace; however, you're expected to use good judgment to ensure your personal relationships do not negatively affect your job performance or interfere with your ability to supervise others. Favoritism, open displays of affection, not respecting personal boundaries and making business decisions based on emotions or personal relationships are inappropriate. You should avoid situations where your personal relationship with other employees, customers, vendors, contractors or individuals who conduct business with BNY may create a potential conflict or perception of favoritism, especially if there is a reporting relationship. Romantic personal relationships between employees in a reporting relationship, where one person has direct or indirect authority or influence over the employment status of the other person, are strictly prohibited. This includes authority to make decisions about promotions, transfers, salary, administrative actions and management-related decisions affecting the employee or indirect supervision where one person works in a business unit that ultimately reports to the other person. Such relationships need to be immediately disclosed to management or The People Team to address the conflicts that such a relationship creates.

Situations that involve borrowing money, making loans between employees or between one employee and a family member of another employee must be avoided, unless it is of an incidental nature involving a minimal amount of money. Managers should be particularly sensitive to situations involving lending money to those who report to them and avoid these workplace situations.

*(Reference: Gifts and Entertainment Policy)* 

**Q & A** 

**Q: I asked a question in a staff meeting and the response I received was offensive – several people laughed at me, and I was mortified. What should I do?** 

**A:** The response you received was inappropriate. Healthy communication can only occur in environments where different opinions can be expressed, and respectful debate occurs. It's okay to disagree with a colleague. However, it must be done in a professional and respectful way. Talk to the person who made the remark. If you feel uncomfortable doing so, speak with your manager or The People Team.

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

Similarly, gifts and entertainment between employees (including family members of another employee) can create conflicts. Company policy places limits on the amounts that are permissible and amounts above those established limits require approval via CODE RAP.

*(Reference: Gifts and Entertainment Policy)* 

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Managers must also be aware of situations where shared householders, family members or close personal friends may also work at BNY. The company prohibits any work situations where there is a direct reporting relationship between family members. In addition, wherever possible, situations should be avoided that involve family members working in the same business unit at the same location, or family members working in positions where they can jointly control or influence transactions. Senior executives must be aware that there are restrictions on hiring family members. If you encounter such a situation or are aware of one, you should contact The People Team for guidance.

*(Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy)* 

**HARASSMENT-FREE ENVIRONMENT** 

BNY supports human rights and treats employees with fairness, dignity and respect at work and will not tolerate any form of harassment or discrimination. Harassment can be verbal, physical or include visual images where the effect creates an offensive atmosphere. It can take many forms and includes jokes, slurs, hate speech and offensive remarks, whether delivered verbally, graphically or in electronic media, including email.

Harassment also includes disrespectful behavior or remarks that involve a person's race, color, sex, age, sexual orientation, gender identity, religion, disability, national origin or any other legally protected status, including, but not limited to, ableism, ageism, antisemitism, homophobia, Islamophobia, racism, sexism and xenophobia. Certain local laws or regulations may provide additional protection for employees, so check with The People Team or the Legal department in your local area if you have questions.

Some countries have specific laws concerning sexual harassment that include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intentional or unintentional, unwelcome sexual advances with or without touching

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coerced sexual acts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requests or demands for sexual favors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other verbal or physical conduct of a sexual nature

Our commitment to a harassment-free environment applies in all work-related settings and activities, whether on or off company premises, and extends to employees' actions toward clients and vendors. Harassment of any kind will not be tolerated in the workplace. See our <u>Human Rights Statement</u>.

**Q & A** 

**Q: A colleague makes comments about my appearance that make me feel uncomfortable. I've told my colleague that I don't like these comments, but they continue, and I'm told I'm too sensitive. What am I supposed to do?** 

**A:** You should talk to your manager and ask for help. If you do not feel comfortable talking to your manager, talk to The People Team or call the Ethics Help Line or Ethics Hot Line.

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

**SAFETY AND SECURITY** 

BNY is committed to establishing and maintaining safe and healthy working conditions at all locations and to complying with laws that pertain to employee workplace safety. Listed below are some of the principles of maintaining a safe and secure workplace:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must contribute to maintaining a workplace free from physical aggression and fear. Threats, intimidating behavior or
language, or any acts of violence will not be tolerated, including with respect to work-related, personal and/or social/political/geopolitical matters.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• You may not use, possess, sell, or transfer illegal drugs on company property. In addition, you won't be permitted to work if you're using illegal drugs or impaired by alcohol. | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• You may not use, possess, sell, or transfer illegal drugs on company property. In addition, you won't be permitted to work if you're using illegal drugs or impaired by alcohol. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;• You may not bring weapons onto company property. This includes weapons used for sporting purposes or otherwise legal to possess. Weapons of any kind have no place in the work environment.<br>&nbsp;&nbsp;&nbsp;&nbsp;• You should be alert to individuals who are on company premises without proper authorization.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Make sure you observe all physical access rules in your location and report incidents of unauthorized entry to your manager or to security personnel.<br>*(Reference: Company Identification Card Issuance; Display and Use of Company Identification)* | &nbsp;&nbsp; <br> **Q & A**<br>**Q: I have reason to believe that a colleague is coming to the office intoxicated. What should I do?**<br>**A:** You should notify your manager immediately. If you're uncomfortable discussing this with your manager, contact The People Team.<br>|

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**MANAGERS' RESPONSIBILITIES** 

As part of a worldwide financial services organization, managers have a special responsibility to demonstrate our values through their actions. Managers must foster a culture of integrity, honesty, and respect. This includes creating a work environment that is free from discrimination, harassment, intimidation or bullying of any kind. This type of behavior will not be tolerated and is inconsistent with our values and the Code of Conduct.

Managers also must ensure that all aspects of the employment relationship are free from bias and that decisions are based upon individual performance and merit.

**Avoiding Conflicts** 

We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY and our clients and are not driven by any personal interest or gain. We are alert to any potential conflict of interest and ensure we identify and mitigate or eliminate any such conflict.

**OVERVIEW** 

The way we conduct our daily business dealings with clients, suppliers, vendors, and competitors determines our reputation in the marketplace far more than any other actions we take. Each one of us contributes to BNY's reputation. You're expected always to act in a way that reflects our commitment to a culture of integrity and responsible business behavior.

A conflict of interest is any situation where your interests and the company's interests or the interests of our clients are, or could appear to be, in opposition. When you're in such a situation, it may be difficult to objectively fulfill your job duties and your loyalty to the company or to our clients may be compromised — or appear to be compromised. Every business decision you make should be in the best interests of the company and our clients and not for your own personal gain or benefit. So, you may not engage in any activity that creates, or even appears to create, a conflict of interest between you and BNY or its clients. You should not take any business action, including any loan or guarantee, for your personal benefit, or to benefit a relative, a spouse, shared householder or romantic partner, or a close friend at the expense of the company's or a client's best interests.

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| | |
|:---|:---|
| <br> If you believe you have a conflict of interest, or may be perceived to have such a conflict, you must disclose this to your compliance officer or to the Ethics Office. You're expected to cooperate fully with all efforts to resolve any such conflict. The routine activities on the following pages can give rise to an actual or perceived conflict of interest.<br>*(Reference: Business Conflicts of Interest Policy)* | &nbsp;&nbsp; <br> Even if the conflict does not create an improper action, the appearance of a conflict of interest can be equally damaging to our reputation. |

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**GIFTS AND ENTERTAINMENT** 

Our clients, suppliers and vendors are vital to BNY's success. That's why it's imperative that these relationships remain objective, fair, transparent and free from conflicts. While business gifts and entertainment can be important to building goodwill, they can also affect the relationship if your ability to exercise sound business judgment becomes blurred. To prevent misunderstandings, it's recommended that, at the beginning of the business relationship, you discuss with your clients, suppliers and vendors what is permissible under our Code.

Fundamentally, interactions with existing or prospective clients, suppliers and vendors are business relationships that should be treated accordingly. The inappropriate giving or receiving of gifts and entertainment can erode the distinction between a business and a personal relationship. An appropriate benchmark is whether public disclosure of any gift or entertainment you accept or give would embarrass you or damage BNY's reputation.

If your judgment begins to be influenced inappropriately by a close relationship with a client, supplier or vendor, then you have crossed the line, and you should remove yourself from that relationship.

**The basic guideline is that no gift or entertainment may be accepted or provided if it obligates you, or appears to obligate you, to the individual receiving or giving the gift or entertainment.** 

Gifts and entertainment should be defined in the broadest sense to include money, securities, business opportunities, goods, services, discounts on goods or services, entertainment, corporate tickets, company-sponsored events, food, drink and any similar items.

In addition to the rules noted below apply across the company, certain lines of business may have more restrictive rules and requirements. You are expected to know and follow the more rigorous guidelines that may apply to your job or your location.

**Q & A** 

**Q: My line of business is considering asking a local vendor that we use from time to time to donate small gifts to a local charity. Since we're not getting anything of value, can we assume this is allowable?** 

**A:** No. This is inappropriate. Asking vendors or suppliers to donate gifts, even if nominal in amount and for a charitable purpose, gives the impression that they must honor our request to continue doing business with the company.

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

The following are NOT allowed, regardless of the value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting or giving anything as a "quid pro quo," that is for doing something in return for the gift or
entertainment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting or giving cash or cash equivalents (e.g., checks, cash convertible gift certificates or cards, securities, and
loans),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting or giving a gift or entertainment that violates any law or regulation or brings harm to BNY's reputation,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting or giving anything that could be viewed as a bribe, payoff, or improper influence,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting or giving a gift or entertainment that violates any standard of conduct for your profession, especially if you
hold a license or a certification,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using your position in any way to obtain anything of value from prospective or existing clients, suppliers, vendors or
persons to whom you refer business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing entertainment that is lavish or too frequent for an existing or prospective client, vendor or supplier,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participating in any entertainment that is inappropriate, sexually oriented or inconsistent with ethical business
practices,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting gifts or entertainment from, or giving them to, any vendor or supplier during the selection or sourcing
process, whether or not you are the primary relationship manager or involved directly in the negotiation to secure the products or services,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participating in any action that would cause the other person to violate their own company's guidelines for gifts
and entertainment, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing gifts or entertainment to an existing or prospective client, supplier, or vendor not recorded properly in the
company books and records.

**Q & A** 

**Q: I am vacationing in the Caribbean and my client has a home on the island that I'm visiting. She's been asking me to stay in her home. I'll make sure we discuss business, and I may even be able to get some business referrals from her friends. There won't be any expense to BNY. Can I stay in the client's home?** 

**A:** No. Staying in a client's home is inappropriate. Your client is a business associate, not a personal friend. This type of entertainment could be viewed as improper and could bring harm to the company's reputation if disclosed to the public. The fact that the company is not paying for any expenses is not relevant. You should thank the client for the kind suggestion, explain our policy and politely decline the offer.

The exchange of gifts and entertainment is a well-established practice and can be important to building relationships, but it can also affect the relationship if your ability to exercise sound business judgment becomes blurred. BNY's relationships with clients, prospects, intermediaries, consultants, centers of influence, suppliers, vendors, third parties and other business partners, including government and quasi-government employees and union officials, must be transparent, objective, fair and free from conflicts and perceptions of corruption or undue influence.

As such, BNY has established strict reporting requirements and limits related to gifts, entertainment, and similar accommodations. You are required to know and understand the Gifts and Entertainment Tier I Policy, abide by all limits set within the Policy and use Code Rap to report or seek preapproval where required. You can always contact your manager or the Ethics Office if you have questions.

*(Reference: Gifts and Entertainment Policy)* 

**Q & A** 

**Q: I'm worried about the impression my office is giving to the community. We host what I consider to be lavish parties for prospective clients and some people seem to be constantly "entertaining" clients. Should I be worried?** 

**A:** It depends. It could be that your colleagues are engaging in legitimate business entertainment. It's possible that the entertainment complies with the Code of Conduct and company policies, and you may not have all the facts. You should talk to your manager or the next level of management about your concern. If you're uncomfortable doing this or you get

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an unsatisfactory answer, contact the Ethics Help Line or the Ethics Hot Line to report your concern doing business with the company.

**OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS** 

Certain types of outside employment or business dealings may cause a conflict of interest or the appearance of a conflict. It's your responsibility to recognize these situations. Any activity that diminishes your ability to perform your job duties objectively, benefits you at the expense of BNY, competes with any business or service provided by the company or has the potential to damage our reputation will not be permitted.

Certain types of outside employment or business dealings may not be accepted while employed by BNY, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment or association with companies or organizations that prepare, audit, or certify statements or documents
pertinent to the company's business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment with other financial institutions, with limited exceptions approved by the Ethics Office and, where applicable
and consistent with our policy, our Chief Executive Officer, Chief Risk Officer, General Counsel, and Chief Compliance and Ethics Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment with clients, competitors, vendors, or suppliers that you deal with in the normal course of your job duties,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any business relationship with a client, prospect, supplier, vendor, or agent of the company (other than normal consumer
transactions conducted through ordinary retail sources).

**Q & A** 

**Q: A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY. Should I be concerned that his outside employment could be a conflict?** 

**A:** It does not seem likely this would be a conflict, so long as your colleague is not involved in the decisionmaking process to purchase supplies from the outside company or approve invoices or payments to the supplier. If you're concerned, you may want to talk with your manager. In addition, you can always contact your compliance officer or the Ethics Office for guidance.

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

Certain types of outside employment and business dealings require approval from the company before acceptance. You must seek approval via CODE RAP. Depending upon your job duties or other regulatory requirements, your request may be denied, or limits may be placed upon your activities. The following positions require approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment involving the use of a professional license even if that license is not required for you to perform your
current duties (e.g., FINRA, real estate, insurance, certified accountant, and attorney),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment involving providing tax advice or tax return preparation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any type of employment in the financial services industry,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment that could compete with the company or divert business opportunities in any way,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any position that is similar in nature to your present job duties and involves a "knowledge transfer" to the
other organization,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jobs that adversely affect the quality of your work, distract your attention from your job duties or otherwise influence
your judgment when acting on behalf of the company,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment of any kind that would negatively impact the company's financial or professional reputation, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as an expert witness, industry arbitrator or other similar litigation support that is unrelated to BNY, as these
activities generally take a significant amount of time and have the potential to create conflicts of interest (e.g., taking a position that is contrary to company policies or procedures or otherwise conflicts with the interests of our clients).

Even if your outside employment is approved or permissible under the Code, you may not solicit employees, clients, vendors or suppliers, nor may you utilize the company's name, time, property, supplies or equipment. All approvals granted for outside employment expire after one year.

Annual reapproval via CODE RAP is required since facts and circumstances may change.

*(Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation Policy)* 

**OUTSIDE SERVICE AS A DIRECTOR, TRUSTEE, OFFICER, INVESTMENT COMMITTEE MEMBER, PARTNER, OR BUSINESS OWNER OF A FOR-PROFIT BUSINESS OR A NOT-FOR-PROFIT ORGANIZATION** 

You must obtain prior approval from the Ethics Office through CODE RAP if you wish to serve as a director, trustee, officer, partner, or business owner of any for-profit business OR for certain not-for-profit (NFP) organizations if any of the following conditions exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is an existing or proposed client, business, or financial relationship between the NFP organization and BNY,
including receiving charitable contributions, grants, or foundation money from BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The NFP organization is a trade or industry organization (e.g., Financial Industry Regulatory Authority or the Chartered
Financial Analyst Institute).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You receive any type of direct or indirect compensation (e.g., cash, securities, goods, services, tax benefit, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have been asked by BNY to serve the NFP organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The organization/entity is any type of government agency, or your position/ role is considered to be a public official
(whether elected or appointed).

You must obtain prior approval from the Ethics Office through CODE RAP to serve as a member of an investment committee that makes or oversees decisions or recommendations with respect to investing the assets of a for-profit or a not-for-profit organization or to the serve on the board of a publicly traded company.

You may not serve until you have full approval from BNY as required by policy and documented in CODE RAP. If you are compensated, you may be required to surrender the compensation if there is a potential conflict of interest or you're serving the outside entity on behalf of BNY. Annual reapproval via CODE RAP is required as facts and circumstances may change, so you may not be given permission to serve every year.

Even if the service does not require approval, you must notify BNY of any anticipated negative publicity, and you must follow these guidelines while you serve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never attempt to influence decisions that may lead to the use of BNY or its affiliates' products, services or other
types of benefit to the company; the entity's records must reflect that you recused yourself from such a vote or discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must ensure the entity conducts its affairs lawfully, ethically and in accordance with prudent management and
financial practices. If you cannot, then you must resign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You cannot divulge any confidential or proprietary information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you learn of any Material Nonpublic Information (MNPI) you must contact the Control Room or your local compliance
officer to report each instance.

*(Reference: Outside Affiliations, Outside Employment and Certain Outside Compensation Policy)* 

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**Q & A** 

**Q: I've been asked to sit on the board of a local non-profit group. They use our Wealth Management group to manage their charitable giving program. I don't have any business dealings with the non- profit group and don't work in Wealth Management. Do I have to report this?** 

**A:** Yes. The non-profit entity is a client of BNY. It does not matter which line of business has the client relationship, or whether you have any business dealings with the group. You must submit a CODE RAP form and receive approval before you agree to serve.

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

**OWNERSHIP OF AN OUTSIDE BUSINESS** 

If you own a business (either as a sole proprietor or partial owner), you must seek approval for this ownership via CODE RAP. You'll be required to provide pertinent details, such as any relationship with BNY (including employees), any compensation/ payment received, time required and potential conflicts of interest (actual or in appearance). Annual reapproval via CODE RAP is required as facts and circumstances may change.

*(Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation)* 

**FIDUCIARY APPOINTMENTS** 

Fiduciary appointments are those where you act as a trustee, executor, administrator, guardian, assignee, receiver, custodian under a uniform gift to minors act, investment adviser or any capacity in which you possess investment discretion on behalf of another or any other similar capacity. In general, you're strongly discouraged from serving as a fiduciary unless you're doing so for a family member. All requests to serve as a fiduciary, with the exception of serving for a family member who is not a BNY client, require approval through CODE RAP.

If there is a client relationship, there may be restrictions or controls placed on your service, or you may be denied the ability to serve in such a fiduciary capacity.

In all situations where you're acting as a fiduciary, you must follow these guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not represent that you're performing the same professional services that are performed by a bank, or that you
have access to such services,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not accept a fee for acting as a co-fiduciary with a bank, unless you receive
approval from the board of directors of that bank, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not permit your appointment to interfere with the time and attention you devote to your BNY job duties.

**PERSONAL INVESTMENT DECISIONS** 

Your personal investments and those of certain family members could lead to conflicts of interest. Therefore, you're required to comply with the company's Personal Securities Trading Policy, including adhering to the restrictions placed on trading in BNY securities and a strict prohibition against insider trading.

Certain employees will have additional restrictions placed on their personal investments that may include reporting and preclearing various types of securities transactions. You must be familiar with the responsibilities that apply to your job, and you'll be expected to follow those rules.

In addition, if you have (or anyone who reports to you has) responsibility for a client, supplier or vendor relationship as part of your job duties, you must be cautious about potential investments in that business or its securities, particularly for privately held or thinly traded public companies and ensure your full compliance with the Personal Securities Trading Policy.

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**DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS** 

You should be particularly sensitive to business situations involving family members, household members or close personal friends. In general, a family member or close personal friend should not have any business dealings with you or with anyone who reports to you. This guidance also applies to situations where your family members or close personal friends provide an indirect service to a client for whom you have responsibility, as well as to situations in which your family member or close personal friend is affiliated with a vendor of BNY, or a competitor to BNY.

You must disclose any such situation to your manager and your compliance officer and cooperate with all efforts to resolve such conflicts.

*(Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy)* 

**Q & A** 

**Q: My child works for a consulting company that BNY routinely hires for software development. My job does not require that I interact with them, and I have no influence or input over the decision to hire the consulting company. Is this okay?** 

**A:** It doesn't appear that there are any conflicts of interest with your child working for the consulting company and your job at BNY. To be certain, discuss this matter with your manager or your compliance officer, so that you can be sure there are no conflicts with this situation.

All transactions with your clients, suppliers or vendors must be handled strictly on an "arm's-length basis," meaning that the terms of all transactions must not even suggest the appearance of a personal advantage.

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

**CORPORATE OPPORTUNITIES** 

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| | |
|:---|:---|
| You have an obligation to avoid conflicts in connection with BNY's legitimate business interests. You and your family members are prohibited from personally benefiting from the use of company property or information that you directly or indirectly obtained through your position at BNY.<br>Your actions must not compete in any way with businesses the company engages in, and you may neither ask for, nor accept, a business opportunity that may belong to BNY or could appear to belong to it.<br>You may not give legal, tax or other professional advice to clients, prospects, vendors or suppliers of the company. You may not give investment advice to clients, prospects, vendors or suppliers of the company, unless this activity is part of your regular job responsibilities. You must also be cautious if clients, prospects, suppliers or other employees seek your guidance or your recommendation of a third-party professional who provides these services, such as an attorney, accountant, insurance broker, stockbroker, or real estate agent. | <br> All transaction with your clients, suppliers or vendors must be handled strictly on an "arm'slength basis," meaning that the terms of all transactions must not even suggest the appearance of a personal advantage.<br>|
| You have an obligation to avoid conflicts in connection with BNY's legitimate business interests. You and your family members are prohibited from personally benefiting from the use of company property or information that you directly or indirectly obtained through your position at BNY.<br>Your actions must not compete in any way with businesses the company engages in, and you may neither ask for, nor accept, a business opportunity that may belong to BNY or could appear to belong to it.<br>You may not give legal, tax or other professional advice to clients, prospects, vendors or suppliers of the company. You may not give investment advice to clients, prospects, vendors or suppliers of the company, unless this activity is part of your regular job responsibilities. You must also be cautious if clients, prospects, suppliers or other employees seek your guidance or your recommendation of a third-party professional who provides these services, such as an attorney, accountant, insurance broker, stockbroker, or real estate agent. |  |

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If you make such a recommendation, you must follow these requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide several candidates and ensure you show no favoritism toward any of them

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose in writing that the recommendations are in no way sponsored or endorsed by the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not accept any fee (now or in the future), nor may you expect any direct or indirect benefit (e.g., more business from
a better relationship) from the recommendation

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**Conducting Business** 

**FAIR COMPETITION AND ANTI-TRUST** 

BNY is committed to fair dealing with our clients, suppliers, competitors and employees. The company is also committed to open competition as we believe this benefits our clients, the company and the community at large. We compete vigorously, but only in full compliance with the laws and regulations of the numerous jurisdictions in which we do business and a culture of honesty and integrity.

All BNY entities must comply with fair competition, fair dealing and anti-trust laws to protect the markets from anti-competitive activities. Some examples of such anti-competitive activities are those that involve entering into formal or informal agreements, whether written or oral, with competitors regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixing prices or terms, or any information that impacts prices or terms,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocating markets, sales territories or clients, including sharing marketing plans or strategic documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boycotting or refusing to deal with certain suppliers, vendors, or clients (unless required by a law or governing body,
such as the Office of Foreign Assets Control), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making the use of a product or service from a supplier or vendor conditional upon their use of our services or products.

Fair dealing requires us to deal fairly with our clients, suppliers, competitors and employees. Unfair advantage may not be taken through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manipulation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concealment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Abuse of privileged information,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misrepresentation of material facts, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other unfair-dealing practices.

**Q & A** 

**Q: A close friend works for a competitor of BNY. We sometimes talk about the challenges we have in marketing certain products and bounce ideas off one another. Is this a problem?** 

**A:** Yes. You're discussing confidential information that belongs to the company. You may also be violating anti-trust or anti-competitive laws. Do not talk about these types of matters with your friend, family members or anyone outside of the company.

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

Please contact a member of the Legal department if you have any questions on the application of competition and anti-trust laws to a particular activity and whether it is legal or in compliance with the spirit of these laws. The following points reinforce the significance and complexity of these laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The laws can vary within the same country or organization. For example, several states within the U.S. have fair
competition laws, in addition to the federal anti-trust laws. Likewise, within the EU, individual countries may have laws that apply in addition to EU laws,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The laws of certain countries may apply to conduct that takes place outside of that country (e.g., the U.S. and EU),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violations of these laws typically carry harsh penalties. Most permit significant monetary penalties for both the company
and the individual employee, and some permit convicted individuals to be imprisoned,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meetings at professional gatherings, trade associations or conferences are particularly vulnerable to potential
violations. If you're involved in any discussion with a competitor that begins to suggest anticompetitive or anti-trust activity, or gives the appearance of this kind of activity, you must inform the competitor that the discussion must cease.
If it does not, you must remove yourself from the group. Immediately report the incident to the Legal department to protect both you and the company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Many countries' competition laws have provisions that make it illegal to monopolize or to abuse a dominant position
in a market. You should check with the Legal department if you're a senior manager of a business and have concerns about these issues.

Complying with fair competition and anti-trust laws also means that you may not use information or materials that belong to our competitors. This includes using information that a former employee of a competitor may bring with them to BNY. We succeed in the marketplace based on our own merits and do not engage in corporate "espionage" or unethical means to gain advantage on the competition. You're expected to comply fully with the letter and the spirit of all fair competition and anti-trust laws.

**ANTI-CORRUPTION AND IMPROPER PAYMENTS** 

Most countries in which we do business have laws that prohibit bribes to governments, their officials and commercial (non-government) clients. The term "officials" can be applied broadly to include officials of political parties, political candidates, employees of governments and employees of government-owned businesses. BNY employees are subject to the Foreign Corrupt Practices Act and the UK Bribery Act. You must comply with these laws regardless of the line of business in which you work or your country of residence.

Any attempt to pay or offer money or anything of value to influence the actions or decisions of such officials may result in a violation of the above-referenced laws. Violation of these laws is a serious offense which can lead to significant penalties for the company and for you individually. You're required to comply fully with the Company's Anti-Corruption Policy and adhere to all associated rules including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not offer or give anything of value (including gifts, meals, entertainment, or other benefits) to a U.S. or non-U.S. "official" to obtain or retain business or secure any improper advantage.

*Note that "things of value" may include jobs or internships or offers thereof. Company policies require that all candidates for employment (whether permanent, limited duration or as an intern) must proceed through the formal HR recruiting process. You must not engage in informal recruiting, hiring or hiring discussions outside of the formal HR recruiting process. In addition, "things of value" may also include consulting, contractor, or temporary work assignments at BNY, whether or not a third-party employment staffing agency is involved. You must adhere to all internal controls applicable to such arrangements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not agree to hire or exert any influence in the hiring of any client or potential client or any relative or other
person in whom the client or potential client may be interested,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not accept or present anything if it obligates you, or appears to obligate you, and ensure that all hospitality,
entertainment, and gifts are in accordance with applicable corporate policies and preceded by all required internal approvals,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not attempt to avoid laws by making payments through third parties: be cautious when selecting or dealing with agents
or other third-party providers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never make any payment that you do not record on company books and records, or make misleading accounting entries,

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Seek guidance when circumstances are unclear or you're asked to make or approve a payment or take any other action that makes you uncomfortable, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report any observations of others engaging in any behavior that you believe is improper.

**COMBATING FINANCIAL CRIME AND MONEY LAUNDERING** 

Money laundering is the process by which individuals or entities attempt to conceal unlawful funds or otherwise make the source of the funds appear legitimate. As a member of the financial services community, you have a special obligation to support law enforcement throughout the world to combat various types of financial crime, such as attempts to launder money for criminal activity and finance terrorist operations. You're expected to comply fully with all anti-money laundering laws and only conduct business with reputable clients involved in legitimate business activities that use funds derived from lawful purposes.

It is critical to the health of the company that every employee adheres to the company's strict "know-yourcustomer" policies. In addition to our global policies, individual lines of business have detailed policies and procedures that address unique requirements and circumstances. You're expected to know those procedures and follow them. Ask your manager for guidance. Knowing your customer means following established customer identification protocols for your business line, validating that the individual or entity, and the source of their funds is legitimate.

Failing to detect suspicious transactions or doing business with any person or entity involved in criminal or terrorist activities, for example, forced labor or human trafficking, puts the company and you at serious risk. Accordingly, the company will not tolerate any circumstance where an individual or business unit circumvents anti-money laundering policies or procedures or fails to report suspicious activity. No amount of revenue and no client relationship are worth the risk of doing business with those involved in criminal or terrorist activity. If you suspect or detect any suspicious activity, you must file an Incident Report as soon as possible and no later than 72 hours after detection. No manager or executive has the authority to suppress such reports.

*(References: Global Anti-Money Laundering Policy; Anti-Tax Evasion Policy; AML Training Policy; Anti-Bribery & Corruption Policy; Suspicious Activity Reporting Policy for Non-U.S. Based Employees and Contractors; Global Economic Sanctions Policy.)* 

**Q & A** 

**Q: A longtime client started a new company that purchases medical equipment for a facility in the Middle East. The payments are made via wire transfers from an account of another company she owns in the Cayman Islands. The bank account of the Cayman Island company is in Europe. Should I be concerned?** 

**A:** Yes. Transferring funds to or from countries unrelated to the transaction, or transfers that are complex or illogical is a significant red flag. You're obligated to file an Incident Report no later than 72 hours from the time you identify the activity as suspicious.

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

**Working With Governments** 

We follow all requirements that apply to doing business with governments. We recognize that practices that may be acceptable when dealing with a private company that is the client may cause problems or be a violation of law when working with a government.

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**YOUR OBLIGATIONS** 

BNY conducts business with national and local governments and with government-owned entities. While you must always follow the standard of Doing What's Right with any client, you should be aware that there are special rules when doing business with a government. Some practices that are acceptable when a private company is your client, such as nominal gifts or entertainment, may cause problems, or in some cases be a violation of law, when working with governments.

If you're involved in any part of the process of providing services to a government entity, you have a special obligation to follow the basic guidelines in this section of the Code. These guidelines also apply in circumstances where you may be supervising the work of third parties in support of a government client (e.g., consultants, contractors, temporary workers, or suppliers).

If you're a manager or recruiter who has responsibility for hiring decisions, you may have additional, unique requirements. For example, certain jurisdictions, such as the U.S., have laws concerning employment discussions and the hiring of former government officials and their family members or lobbyists. Check with your local People Team representative or the Legal department in such circumstances to be sure you're following requirements of the law.

**Q & A** 

**Q: I have clients in a country where some businesses have been "nationalized" and are now owned and run by the state. Are the people I deal with in these circumstances considered to be officials of the government?** 

**A:** You should assume the answer is yes. The laws can be complicated, so contact the Legal department for guidance.

**Q: I'm hosting a dinner for a few of the larger clients in my region. One of the clients I was going to invite is the representative for the account we manage for the State of New Jersey. Do I have to notify anyone?** 

**A:** Yes. You may not proceed until you've received approval via CODE RAP from the Anti-Corruption and Government Contracting Unit of Compliance.

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

**BASIC GUIDELINES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Know the restrictions or limitations on presenting and receiving hospitality.

— Do not offer or accept gifts to or from representatives of governments that do not comply with company policies,

— Never accept or offer anything of value meant to induce or influence government employees or officials, as this gives the appearance of a bribe,

— Don't "tip" government officials or offer "inducement" payments, and

— Do not accept or present anything if it obligates you or appears to obligate you.

Observe a "higher standard of care."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never destroy or steal government property,

— Don't make false or fictitious statements, or represent that agreements have been met if they haven't,

— Don't deviate from contract requirements without prior approval from the government, and

— Never issue invoices or charges that are inaccurate, incorrect, or unauthorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperate with government investigations and audits.

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— Don't avoid, contravene, or otherwise interfere with any government investigation or audit, and

— Don't destroy or alter any company documents (whether electronic or paper) in anticipation of a request for those documents from the government.

It's important to note that in addition to the basic guidelines above, if your client is a U.S. federal, state or local government, there are very specific legal requirements and company policies that you must follow.

These obligations apply to all businesses that deal with U.S. federal, state or local entities or officials, regardless of the location or the line of business providing the service, even in locations outside the U.S.

*(Reference: Gifts and Entertainment Policy, Anti-Corruption Policy)* 

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**Protecting Company Assets** 

We ensure all entries made in the company's books and records are complete and accurate and comply with established accounting and record-keeping procedures. We maintain confidentiality of all forms of data and information entrusted to us and prevent the misuse of information belonging to the company or any client.

**FINANCIAL INTEGRITY** 

BNY is committed to keeping honest, accurate and transparent books and records. You're expected to follow established accounting and record-keeping rules and to measure and report financial performance honestly.

Investors count on us to provide accurate information so they can make decisions about our company. All business records must be clear, truthful, and accurate, and follow generally accepted accounting principles and laws.

You may not have any secret agreement or side arrangements with anyone — a client, another employee or their family member, or a supplier, vendor, or agent of the company.

The financial condition of the company reflects records and accounting entries supported by virtually every employee. Business books and records also include documents many employees create, such as expense diaries and time sheets.

Falsifying any document can impact the financial condition of the company. As a public company, BNY is required to file reports with government agencies and make certain public statements. Many people and entities use these statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountants** — to calculate taxes and other government fees,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investors** — to make decisions about buying or selling our securities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regulatory agencies** — to monitor and enforce our compliance with government regulations.

You're expected to maintain accurate and complete records at all times. Financial integrity is fundamental to our success, and falsification, backdating or misrepresentation of any company books, records or reports will not be tolerated.

**Q & A** 

**Q: I think a co-worker is submitting reports that indicate she worked overtime that she did not actually work. I don't want to get anyone in trouble, so what should I do?** 

**A:** Reporting hours not worked is a form of theft. This is a serious issue and may be a violation of law. You must report your concern to your manager or The People Team. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern.

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

**ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS** 

If you're responsible for the accuracy of the company's financial filings with regulators, you have a higher duty to ensure your behavior follows the most stringent standards of personal and professional conduct. This includes the chief executive officer, president, chief financial officer, company controller and such other individuals as determined by the general counsel. Individuals in this group must adhere to the following additional standards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose to the general counsel and chief compliance and ethics officer any material transaction or relationship that
could reasonably be expected to be a conflict of interest,

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Provide stakeholders with information that is accurate, complete, objective, fair, relevant, timely and understandable, including information in filings and submissions to the U.S. Securities and Exchange Commission and other regulatory bodies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act in good faith, responsibly, with due care, competence, and diligence, without misrepresenting material facts or
allowing your independent judgment to be compromised,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never mislead or improperly influence any authorized audit or interfere with any auditor engaged in the performance of an
internal or independent review of the company's system of internal controls, financial statements or accounting books and records, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly report any possible violation of the company's Code of Conduct to the general counsel and chief compliance
and ethics officer.

**USE OF COMPANY ASSETS** 

Company assets include, but are not limited to, company funds, equipment, facilities, supplies, postal and electronic mail, and any type of company-owned information. It also includes your time and the time of those with whom you work — you're expected to use your time at work responsibly. Company assets are to be used for legitimate business purposes and not for your personal gain. You're expected to use good judgment to ensure that assets are not misused or wasted.

The company's name and brand are vital assets. To ensure that we maintain a culture of integrity and value of our brand, it is imperative to adhere to the brand guidelines when using the name, logo, or any reference to the brand. Details about the brand and brand guidelines are listed at the Brand Center site on MySource.

In addition to keeping within brand guidelines to ensure that the name and brand are used appropriately and to protect these assets. You should not imply, directly or indirectly, any company sponsorship, unless you have prior and proper approval. This includes refraining from using the company's name to endorse a client, supplier, vendor or any third party without the approval of Corporate Marketing. You may not proceed with any such use of the company's name or endorsement without first receiving approval through CODE RAP.

*(Reference: Use of BNY Brand and Logos by Third-Party Policy).* 

**Q & A** 

**Q: I think a co-worker is submitting reports that indicate she worked overtime that she did not actually work. I don't want to get anyone in trouble, so what should I do?** 

**A:** Reporting hours not worked is a form of theft. This is a serious issue and may be a violation of law. You must report your concern to your manager or The People Team. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern.

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

*Careless, wasteful, inefficient, or inappropriate use of any company* 

*assets is irresponsible and inconsistent with our* 

*Code of Conduct. Any type of theft, fraud or embezzlement will not* 

*be tolerated.* 

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**PROTECTING CLIENT AND EMPLOYEE RECORDS AND MEETING OUR PRIVACY OBLIGATIONS** 

The company is responsible for ensuring privacy, confidentiality and controlled access to all client and employee information. This includes personal information related to prospective clients and job candidates. All of our stakeholders expect us to collect, maintain, use, disseminate and dispose of information only as necessary to carry out responsibilities or as authorized by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nearly every employee in the company has access to personal information, so you're expected to adhere to the
following key requirements concerning privacy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collection of client and employee information must be controlled. This means that the collection of such information must
be permitted under law and only for a legitimate business purpose. Accessing external accounts for clients using client passwords is not permitted under any circumstances, regardless of whether it is authorized and provided by the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Storage and transport of all forms of collected client and employee information must be controlled and safeguarded. This
means that information collected must be maintained in a secured environment, transported by approved vendors and access provided only to those who need to view the information to perform their job duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of client and employee information must be controlled. If the law or company policy provides that the client or
employee be given a right to "opt-out" of certain uses of information, then you must respect that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disposal of client and employee information must be controlled. You should only retain information for the time period
necessary to deliver the service or product and in compliance with applicable retention periods. When it's necessary to dispose of information (regardless of the media on which the information is stored) you must do so in a manner appropriate
to the sensitivity of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any compromise of client or employee information must be reported. If you're aware of or suspect that client or
employee information has been lost, stolen, missing, misplaced or misdirected, or that there's been unauthorized access to information, you must immediately report the matter through the company's incident reporting process.

Know how to protect records and make sure to always follow company policies. The loss of any protected data can be extremely harmful to the company financially and damages our reputation.

*(Reference: Global Data Privacy Policy, Information Classification, Handling and Records Management Policy).* 

**Q & A** 

**Q: As part of my group's job duties, we're able to view the accounts of wealthy clients. I overheard one of my colleagues talking to his brother on the phone about the balance in a client's account who happens to be a very prominent sports figure. I don't think this is right, but what should I do?** 

**A:** You're correct in being concerned. Your colleague had no right to disclose personal information about a client to anyone who has no legitimate business need for the information. File an Incident Report and contact the Ethics Help Line or the Ethics Hot Line to report your concern.

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

**GLOBAL RECORDS MANAGEMENT PROGRAM** 

You must follow company and local policies for retention, management, and destruction of records. If there's an investigation or if litigation is pending or anticipated, certain records may need to be retained beyond established destruction periods. In most cases, you'll be notified of the need to retain documents by the Legal department, if appropriate.

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Records should be defined in the broadest sense — meaning that they include any information created or received that has been recorded on any medium or captured in reproducible form. Records also include any document that is intentionally retained and managed as final evidence of a business unit's activities, events or transactions, or for operational, legal, regulatory, or historical purposes.

The media and formats of records take many forms, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Papers, emails, instant messages and other electronically maintained documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Microfilms, photographs, and reproductions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voice, text, and audio tapes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Magnetic tapes, flash drives, optical disks, and drawings, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other media, regardless of physical form or characteristics that have been made or received in the transaction of
business activities.

**USE OF ARTIFICIAL INTELLIGENCE-BASED TECHNOLOGIES** 

BNY is committed to the responsible, ethical use of Artificial Intelligence (AI) and Machine Learning (ML)- based technologies.

If you are involved in the development, operation and decommissioning of systems incorporating AI/ML models, you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Register, validate and maintain such models in accordance with the firm's Model Risk Management framework.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process all data associated with such models in accordance with the firm's Data Ethics framework, including any
data generated by the model/broader system.

You must also follow the requirements and policies of adjacent domains where these overlap, including Third Party Governance requirements when onboarding a vendor-provided system incorporating AI.

Almost all employees, including those in non-technical roles, have broader obligations in relation to the appropriate use of AI/ML-based technologies, so you're expected to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhere to the requirements of any tool or platform-specific attestation signed prior to gaining access to the tool or
platform in question (e.g., Eliza Pro).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Undertake appropriate review of all output data generated by an AI system prior to use, taking accountability for its
suitability in relation to the given intended purpose.

*(References: Data Ethics Policy, Models and Model-Like Approaches Policy, Global Data Privacy Policy)* 

**USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION** 

As an employee, you have access to the company's computers, systems, and corporate information to do your job. This access means you also have the obligation to use these systems responsibly and follow company policies to protect information and systems.

Electronic systems include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal computers (including email and instant messages) and computer networks,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Telephones, cell phones, voice mail, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other communications devices, such as tablets, wearable technology, smart watches, etc.

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Never send sensitive or confidential data over the Internet or over phone systems without following established company policies to protect such information.

You should have no expectation of privacy when you use these systems, except as otherwise provided by applicable law. You're given access to the company's systems to conduct legitimate company business and you're expected to use them in a professional and responsible manner. The company reserves the right to intercept, monitor and record your communication on these systems in accordance with applicable law.

You're expected to protect the security of these systems and follow company policies concerning access and proper use (such as maintaining passwords). If your password is disclosed or compromised in any way, you must file a CODE RAP report immediately and observe all necessary steps to restore the confidentiality of your password. Also, the occasional use of company systems for personal purposes is acceptable, but you're expected to use good judgment and comply with company policies. Keep personal use to a minimum and use company systems wisely and in a manner that would not damage the company's reputation.

You're permitted to use the company's systems if you follow these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Messages you create should be professional and appropriate for business communication, including those created via email
or instant messaging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never engage in communication that may be considered offensive, derogatory, obscene, vulgar, harassing or threatening
(e.g., inappropriate jokes, sexual comments or images, comments that may offend, including those based upon gender, race, age, religious belief, sexual orientation, gender identity, disability or any other basis defined by law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not distribute copyrighted or licensed materials improperly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not transmit chain letters, advertisements, or solicitations (unless they're specifically authorized by the
company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never view or download inappropriate materials.

Notwithstanding the above, employees in Luxembourg are prohibited from using the company's corporate email for non-employment and non-business-related purposes.

*(References: Electronic Communication Policy; Information Classification, Handling and Records Management Policy)* 

**Q & A** 

**Q: My co-worker sometimes sends sensitive client data via the Internet to a vendor we use to help solve problems. I'm concerned because I don't think this information is protected properly. He says it's okay because the vendor is authorized to receive the data and the problems that need to be resolved are time sensitive. Should I be worried?** 

**A:** Yes. This is a serious matter, and you must talk to your manager immediately. Your co-worker could be putting clients and BNY at great risk. If you don't raise your concern, you may be as responsible as your co-worker for violating company policies. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern.

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

**INSIDE OR PROPRIETARY INFORMATION** 

As an employee, you may have knowledge about the company's businesses or possess confidential information about the private or business affairs of our existing, prospective or former clients, suppliers, vendors and employees. You should assume all such information is confidential and privileged and hold it in the strictest confidence. Confidential information includes all nonpublic information that may be of use to competitors, or harmful to the company or its clients, if disclosed.

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It is never appropriate to use such information for personal gain or pass it on to anyone outside the company who is not expressly authorized to receive such information. Other employees who do not need the information to perform their job duties do not have a right to it. You're expected to protect all such information and failure to do so will not be tolerated.

If you're uncertain about whether you have inside or proprietary information, you should treat the information as if it were and check with your manager or a representative from the Legal department. The following list contains examples of "inside" or "proprietary" information.

**INSIDE INFORMATION**

Inside information is material nonpublic information relating to any company, including BNY, whose securities trade in a public market. Information is deemed to be material if a reasonable investor would likely consider it important when deciding to buy or sell securities of the company, or if the information would influence the market price of those securities.

If you're in possession of material nonpublic information about BNY or any other company, you may not trade the securities of that company for yourself or for others, including clients. Nearly all countries and jurisdictions have strict securities laws that make you, the company, and any person with whom you share the information, legally responsible for misusing inside information. The company's Information Barriers Policy provides instructions on the proper handling of inside information and the company will not tolerate any violation of this policy. Certain employees have significant restrictions placed on their trading in BNY securities or the securities of other companies. You must know the restrictions relative to your job and follow company policies and applicable securities laws.

**Q & A** 

**Q: I discovered that an investor in one of our funds has requested to withdraw a significant amount of money from the fund. I manage a client's money and he has an investment in the same fund.** 

**To protect my client's interest, I want to pull his money out of the fund because its performance will likely drop. Even though the withdrawal is not yet known by the public, is this okay because I have a fiduciary duty to my client and I'm not benefiting personally by trading on behalf of my client?** 

**A:** No. You're in possession of material nonpublic information and you may not trade the securities of that fund. Your duty to comply with securities laws supersedes any duty you have to your client. You should immediately contact the Legal department to discuss this situation.

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

**PROPRIETARY INFORMATION**

Proprietary information includes business plans, client lists (prospective and existing), marketing strategies, any method of doing business, product development plans, pricing plans, analytical models or methods, computer software and related documentation and source code, databases, inventions, ideas and works of authorship. Any information, inventions, models, methods, ideas, software, works or materials that you create as part of your job responsibilities or on company time, or that you create using information or resources available to you because of your employment by the company, or that relate to the business of the company, belong to the company exclusively and are considered proprietary information.

Proprietary information also includes business contracts, invoices, statements of work, requests for investment or proposal, and other similar documents. Any information related to a client, supplier or vendor financial information (including internal assessments of such), or credit ratings or opinions is considered proprietary. You should also assume all information related to client trades, nonpublic portfolio holdings and research reports are proprietary. The same is true regarding reports or communications issued by internal auditors, external regulators or accountants, consultants or any other third-party agent or examiner.

Company-produced policies, procedures or other similar work materials are proprietary and, while they may be shared with other employees, they cannot be shared with anyone outside of the company without prior consent of the policy owner and legal counsel.

------

These restrictions on the communication of proprietary information notwithstanding, employees are permitted to communicate certain proprietary information to regulatory authorities as detailed in the sections Direct Communication with Government and Regulatory Authorities and Communication of Trade Secrets to Government and Regulatory Authorities above.

*(References: Information Barriers, Personal Securities Trading Policy, Ownership and Protection of Intellectual Property)* 

*Your obligation to protect inside or proprietary information extends* 

*beyond the period of your employment with the* 

*company. The information you use during your employment* 

*belongs to the company and you may not take or use this* 

*information after you leave the company.* 

------

**Supporting Our Communities** 

We take an active part in our communities around the world, both as individuals and as a company. BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We aim to be honest, fair and transparent when we interact with our communities and the public at large. We consider human dignity important, and we work to preserve human rights throughout our operations and value chain. We seek to address climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business.

**POLITICAL ACTIVITIES** 

**PERSONAL POLITICAL ACTIVITY**

BNY encourages you to keep informed of political/geopolitical issues and candidates and to take an active interest in political/geopolitical affairs. However, if you do participate in any political activity,\* you must follow these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never act as a representative of the company unless you have written permission from the Chief Executive Officer, the
general counsel, and the Chief Compliance and Ethics Officer of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never engage in personal political activity on behalf of candidates, parties or political causes during working time or
while at BNY facilities. Your activities should be on your own time, with your own resources, and must not interrupt or disrupt company operations. You may not use company time, equipment, communications channels, facilities, supplies, clerical
support, advertising, or any other company resources. This prohibition applies to campaigning for political candidates, participating in protests about social or geopolitical matters, or engaging in any other similar activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not use company funds for any political activity, and you will not be reimbursed or compensated in any way for a
political contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your political activities may not affect your objectivity or ability to perform your job duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not solicit the participation of employees, clients, suppliers, vendors, or any other party with whom the company
does business during work time or using any BNY facilities or resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may be required to preclear personal political contributions made by you, and in some cases, your family members.

\*Political activity as defined under this policy does not include any employee activity protected by Section 7 of the National Labor Relations Act, including but not limited to group activities to improve or protest over terms/conditions of employment.

*(Reference: Political Contributions Policy)* 

**LOBBYING**

Lobbying is generally defined as any activity that attempts to influence the passage or defeat of legislation. Lobbying activities are broad and may cover certain "grass roots" activities where groups of people, such as company employees, are contacted to encourage them to call public officials for the purpose of influencing legislation. Lobbying is prevalent in the U.S. and is gaining influence within the EU and other locations.

If you are engaged in lobbying, there may be disclosure requirements and restrictions on certain activities. If your job duties include any of the following activities, you must contact Marketing & Corporate Affairs or the Legal department for guidance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Government contract sales or marketing

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Efforts to influence legislation or administrative actions, such as accompanying trade associations in meetings with
government officials concerning legislation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meeting with legislators, regulators, or their staffs regarding legislation

Lobbying does not include situations where a government agency is seeking public comment on proposed regulations.

*(Reference: Procurement Lobbying)* 

**CORPORATE POLITICAL ACTIVITIES**

The laws of many countries, including the U.S., set strict limits on political contributions made by corporations. Contributions are defined broadly to include any form of money, purchase of tickets, use of company personnel or facilities, or payment for services. BNY will make contributions only as permissible by law, such as those through company-approved political action committees.

**INVESTOR AND MEDIA RELATIONS** 

**INVESTOR RELATIONS**

All contacts with institutional shareholders or securities analysts about the company must be made through the Investor Relations group of the Finance department. You must not hold informal or formal discussions with such individuals or groups, unless you are specifically authorized to do so. Even if you are authorized, you cannot provide special access or treatment to shareholders or analysts. All investors must have equal access to honest and accurate information.

**MEDIA RELATIONS**

Corporate Communications must approve all contacts with the media, including speeches, testimonials or other public statements made on behalf of the company or about its business. You may not respond to any request for interviews, comments or information from any television channel, radio station, newspaper, magazine or trade publication, either on or off the record, unless you have express authorization from Corporate Communications.

If you are contacted or interviewed about matters unrelated to your job or to the company, you may not identify BNY as your employer, and you may not make comments about BNY.

*(Reference: External Engagement Policy; Use of BNY Brand and Logos by Third Party Policy)* 

**Q & A** 

**Q: I have been asked to provide a statement about BNY's experience with a vendor's product that we use. The vendor wants to use my quote on their website or in other marketing materials. Is this okay?** 

**A:** It depends. Before agreeing to any such arrangement, you should contact Corporate Communications. BNY carefully protects its reputation by being highly selective in providing such endorsements. Do not proceed until you have the approval of your manager and Corporate Communications.

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

**CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP** 

The company encourages you to take part in charitable, educational, fraternal or other civic affairs, as long as you follow these basic rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your activities may not interfere or in any way conflict with your job duties or with company business.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not make any gifts or contributions to charities or other entities in the name of, or on behalf of, the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not imply the company's sponsorship for or support of any outside event or organization without the
approval of the most senior executive of your line of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not use your position for the purpose of soliciting business or contributions for any other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must be cautious in the use of company letterhead, facilities or even your business card so that there is no implied
or presumed corporate support for non-company business.

From time to time the company may agree to sponsor certain charitable events. In these situations, it may be proper to use company letterhead, facilities, or other resources (such as employees' time or company funds). Ask your manager if you're unclear whether the event in question is company sponsored.

*(Reference: Use of BNY Brand and Logos by Third Party Policy)* 

**PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS** 

You may participate in trade association meetings and conferences. However, you must be mindful that these situations often include contact with competitors. You must follow the rules related to fair competition and antitrust referenced in this Code and company policies.

In addition, meetings where a client, vendor or supplier pays for your attendance should be rare and only occur when it is legally allowed, in compliance with company policy and preapproval has been obtained via CODE RAP.

If you perform public speaking or writing services on behalf of BNY, any form of compensation, accommodations, or gift that you or any of your immediate family members receive must be reported through CODE RAP. Remember, any materials that you may use must not contain any confidential or proprietary information. The materials must be approved by the Legal Department and the appropriate level of management that has the topical subject matter expertise.

*(Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation)* 

**STRENGTHENING SOCIAL AND ENVIRONMENTAL SUSTAINABILITY** 

Our sustainability strategy follows two paths: helping our clients and partners meet their sustainability and community goals through the products and services we offer and managing our own business and operations with a focus on resilience.

Within our business and operations, we prioritize understanding and improving our environmental footprint, from our Green House Gas emissions to our building standards to our efficient use of natural resources.

We respect human dignity and expect our employees to work to preserve human rights throughout our operations and value chain. We do not tolerate forced labor, slavery or human trafficking in any form and expect employees to avoid knowingly working with any supplier, contractor or client who engages in such practices.

We believe that environmental and social considerations are increasingly material for us and for our financial sector clients given the increasing regulatory requirements and environmental impacts globally.

Our approach to sustainability drives how we work with clients and partners to achieve their sustainability goals, and guides the way we run our firm, including how we engage with our stakeholders and continue to earn our client's trust.

BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We manage our firm with a focus on resilience — including our work to enable a more inclusive, environmentally sustainable, and trusted financial system. We empower our clients and partners with solutions to achieve their sustainability goals and to advance a more inclusive economy.

------

For more information on our approach to sustainability, sustainability reports and policies and statements, please visit our <u>Sustainability webpage.</u>

------

**Additional Help** 

This section contains additional questions and answers about the requirements of our Code.

Remember, ignorance or a lack of understanding is not an excuse for violating the Code. The company has established many resources to help deal with questions you may have regarding compliance with the Code. You're expected to take advantage of these resources.

**Q: A friend of mine is running for political office and I would like to help her out with her campaign. Can I do this?** 

**A:** Yes. Your personal support is your personal business. Just make sure that you do not use company assets, including company time or its name to advance the campaign. In addition, be aware that certain political contributions must be reported and/or precleared.

**Q: I was leaving the office and a journalist asked me if I could answer a few questions. I told him no and left the car park, but I felt bad about not talking to him. Should I have answered his questions?** 

**A:** Not at that time. You did the right thing by saying no. You should contact Corporate Communications and tell them of the request. They will determine whether it will be all right for you to talk to the media. If you receive a future request, suggest the journalist contact Corporate Communications directly.

**Q: I am running for the local school board and I want to use the office copier to make copies of my campaign flyer. Is that okay?** 

**A:** No. Company property and equipment may not be used for a political purpose without authorization from Marketing & Corporate Affairs. Running for any public office is considered to be a political purpose. Accepting any political appointment or running for office requires approval via CODE RAP.

**Q: To thank a client of mine, I want to give him tickets to attend a local football match. He mentioned that his company does not permit this type of entertainment, but I know he would love to go to the match. If he doesn't care about his own company's policy, can I give him the tickets?** 

**A:** No. If you know that giving him the tickets will violate his own company's policy, do not give the gift. Just as we want clients to respect our limits on gifts, we must do the same.

**Q: One of the vendors we're considering for an assignment offered to take me to a local golf course to play a round and have dinner. He wants to talk about his company's proposal so that we can make a more informed decision. We'll be talking about business, and there won't be much money spent on a round of golf and a modest dinner. Is that okay?** 

**A:** No. You're evaluating vendors to provide a service. It's always inappropriate to receive or give entertainment when the company is in the middle of a selection process.

**Q: One of my vendors offered to send me to a conference at no cost to BNY. Can I accept the invitation?** 

**A:** No. Accepting a free trip from a vendor is never permissible. If you're interested in attending the conference, speak to your manager. Most costs associated with your attendance at the conference must be paid by your department. You'll be required to file a CODE RAP form if your manager agrees it's appropriate to attend the conference and you're requesting permission to permit the vendor to pay for part of your conference attendance.

**Q: We're entitled to a large payment from a government client if we certify that we've met all service level agreements on time. We're not sure whether a few very minor items have been completed, but they're not that important to the service. It's close to the end of the quarter and we'd like to realize the payment. Is it okay to send the invoice and certify that the agreements have all been met now?** 

**A:** No. You cannot submit the invoice and certification until you're certain that all requirements of the agreement have been met. Submission of an incorrect certification could subject the company, and you, to criminal penalties, so it is vitally important that any certification submitted to the government be completely accurate.

**Q: A colleague called while on vacation requesting that I check their email to see if they received an item they were expecting. They gave me their logon identification** 

------

 **and password, requesting that I call them back with the information. Can I do this?** 

**A:** No. Passwords and other login credentials must be kept confidential and cannot be used by, or shared with, fellow employees. If your password is disclosed or compromised in any way, you're required to file a CODE RAP form and restore the confidentiality of your password immediately afterward.

**Q: I would like to take a part-time job working for my brother's recycling business. His business has no relationship with the company and the work I'll be doing for him is not at all similar to what I do in my job here at the company. Can I do this, and do I have to file any forms?** 

**A:** Yes, you may, as long as the time you spend there does not interfere with your job at the company, and you don't use any company equipment or supplies. You don't need to file a CODE RAP form, since you're not the sole proprietor or partial owner

of the business. However, if you work in certain lines of business

(such as a broker-dealer), you may need to notify Compliance. Check with your manager or compliance officer if you're uncertain.

**Q: I observed a colleague in our supply area filling up a box full of pens, paper and other items. I asked her what she was doing, and she told me that her son's school was short on supplies, so she was trying to help out. She said our company can afford the supplies more than her son's school and that it was the right thing to do. I am friendly with my colleague, and I don't want to get her in trouble. What should I do?** 

**A:** Your colleague is stealing from the company, and you must file an Incident Report. The supplies purchased by our company are to be used for business needs only. Your colleague had no right to take these supplies for any purpose, even if it seems like a good cause.

*If faced with a situation in which you're unsure of the* 

*correct action to take, contact your manager,* 

*an ethics officer, compliance officer, Legal representative or* 

*People Team business partner for help.* 

*There are many resources at your disposal to help you. Don't* 

*hesitate to use them and Do What's Right!* 

<sup>©</sup>2024 The Bank of New York Mellon Corporation. All rights reserved.

## Exhibit 99.28

---

| | |
|:---|:---|
| **EX-28.p.13** | ![LOGO](g49631dsp213a.jpg) |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**<u>Personal Trading Policy and Code of Conduct</u>** |
| &nbsp;&nbsp;&nbsp;Category: Code of Ethics/Personal Trading |

---

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

This policy outlines the process where an employee of Mellon Investments Corporation ("MIC") intends to engage in trading in a personal account and/or a beneficially owned personal account. MIC has adopted The Bank of New York Mellon Corporation Personal Securities Trading Policy and Code of Conduct (collectively, the "Code") and the CFA Asset Manager Code of Professional Conduct. The Code and CFA Asset Manager Code of Professional Conduct are referenced as Exhibit A & B respectively.

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

**Investment Employee:** An employee who, in the normal conduct of their job responsibilities, has access (or are likely to be perceived to have access) to nonpublic information regarding any advisory client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of any Proprietary Fund, is involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public.

**Access Decision Maker (ADM) Employee:** Generally, employees are considered to be ADM Employees if they are Portfolio Managers or Research Analysts and make or participate in recommendations or decisions regarding the purchase or sale of securities for mutual funds or managed accounts. Portfolio Managers of broad-based index funds and traders are not typically classified as ADM Employees.

**Personal Trading Activity:** Trading in investments or securities for the benefit of oneself or immediate family member. This includes brokerage or investment accounts for which the employee is named as holder, has a beneficial interest or control and any in which the employee shares an ownership interest with persons who are not covered under this Policy or has the power, directly or indirectly, to effect transactions in the account. This may be a formal power, e.g., through a power of attorney or a fiduciary relationship such as trustee or custodian, or an informal arrangement, including the accounts of minor children and other financial dependents and, only when required by local regulation, the accounts of spouses and domestic partners.

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

The Personal Trading Policy applies to all MIC employees (each, an "Employee") and any of their beneficially owned personal accounts.

**I.** **New Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Upon commencement of employment at MIC, each new Employee must acknowledge in writing, that they will comply
with the Code. All MIC Employees are classified, typically within 15 calendar days of joining or transferring into the Firm, as an Investment Employee ("IE"), and applicable portfolio managers and research analysts will receive an
additional classification as an Access Decision Maker ("ADM"). A MIC Compliance Officer will also periodically review the status of and reclassify Employees whose responsibilities may have changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A member of Compliance will review the policy requirements with all newly hired Employees. Periodically, or
upon request, Compliance may offer additional review sessions. In addition, there is a

![LOGO](g49631dsp213b.jpg)

------

review of the policy requirements as part of the annual Compliance training.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Compliance will contact all newly hired temporary employees, contractors and consultants
("Contractors") to have them certify their compliance with the Code of Ethics and determine whether or not the Contractor will be required to pre-clear and/or report personal security holdings.
Short term contractors (typically 90 days or less), interns and co-ops, and vendors will not be monitored and will receive a classification of "Other".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Within 10 calendar days of notification as a Monitored Employee, employees are required to submit to The Bank
of New York Corporation Securities Trading Conduct Group ("Conduct Group") a copy of their beneficially owned accounts and reportable holdings in those accounts via the automated personal securities trading platform, Star Compliance, a
web based third party application. Although the Conduct Group will request duplicate statements and confirms from Employees' brokers, Employees are ultimately responsible for ensuring that their broker(s) send the duplicate confirms and
statements to the Conduct Group. All Employees are required to maintain all beneficially owned accounts with an approved broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Employee non-discretionary/managed accounts do not have to be disclosed
in Star Compliance. However, employees with non-discretionary/managed accounts must submit a Managed Account form in CodeRAP for determination if the account is eligible. Once the account is approved, the
employee is required to complete an annual certification in Star Compliance for the account(s) and provide quarterly statements on the account(s) as requested.

**II.** **Pre-clearance Process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Employees who wish to place a personal securities transaction for a reportable security, as defined in the Code
(collectively, a "Transaction") must first request and receive approval to do so by accessing the Star Compliance application and completing and submitting a pre-clearance request. Employees must
receive notice that the pre-clearance request was approved prior to placing a security trade. Approved Transactions must be executed no later than the end of the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Requests will be denied for Transactions for which trades are pending in the same security in a client account
and for at least two business days after trades were executed in the same security in a client account, subject to certain de minimis exceptions as more fully explained in the Code. Moreover, ADMs are prohibited from trading in a security for seven
calendar days before and after trades in that security are executed in client accounts they manage.

Requests will also be denied for the following types of Transactions, *<u>or any other Transactions prohibited in the Code but not listed here</u>*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. IPO's (subject to certain exceptions outlined in the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities on MIC's restricted list (subject to certain de minimis exceptions outlined in the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Short sales of Bank of New York securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Option transactions involving Bank of New York securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Sales of Bank of New York securities within 60 days of purchase (except in extreme hardship cases); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchases of Bank of New York securities on margin.

If Star Compliance is inoperable for an extended period then pre-clearance requests could be made utilizing the

------

BNY Manual Preclearance Form found on the BNY Compliance and Ethics website Manual Preclearance Form.

**III.** **Transaction Review Process** 

The Conduct Group compares pre-clearance requests to the duplicate confirms received from Employees brokers. The Conduct Group conducts the comparison to ensure all Transactions were approved and in compliance with short term trading. Short term trading is defined as the purchasing then selling or selling then purchasing the same or equivalent (derivative) security within 30 calendar days for non firm securities and 60 calendar days for Firm securities (securities issued by Bank of New York and its subsidiaries). Employees who engage in short term trading will be issued a violation and any profits realized must be disgorged. Any exceptions are reported to the MIC Compliance Officer and MIC CCO.

MIC Compliance and the Conduct Group reserves the right to request accounts statements and trade confirmations as needed.

**IV.** **Quarterly Transaction Review Process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Each Employee is required to file within 30 calendar days after the end of the quarter, via the Star Compliance
application, a Personal Quarterly Transaction Report (QTR). A QTR must be filed for any full or partial quarter in which the Employee was employed at MIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The MIC Compliance Officer, acting together with the Conduct Group and senior MIC management, will take all
necessary and appropriate actions for any detected Code violations.

**V.** **Annual Reports** 

On an annual basis and within 30 calendar days after year end, an Annual Holding report must be filed via the Star Compliance application. The report must contain an accurate and current listing of your reportable holdings.

**VI.** **Private Placement Review** 

Private Placements require the pre-approval of the Employee's Manager, Compliance Officer, and the Conduct Group. Any Employee who seeks to invest in a private placement must complete the Private Placement Form ("PP Form") and submit in CodeRAP for approval. Decisions relative to such investments are based on specific facts and circumstances.

**VII.** **Volcker Covered Funds** 

Employees are prohibited from acquiring any initial or subsequent investment in a Volcker Covered Fund unless they obtain prior written approval from the Conduct Group, the Employee's Manager, and a MIC Compliance Officer.

**VIII.** **Sanctions** 

Employees who are not in compliance with this policy may be subject to sanctions. These sanctions may include, but are not limited to, disgorgement of any profit or any other financial sanction, a warning, probation, suspension, or termination of employment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 204A of the Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Advisers Act Rules 204-2(a)(12) and (13)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Company Act Rule 17j-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Personal Securities Trading Policy I-A-045

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Code of Conduct I-A-010-Code of Conduct

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

Compliance Department

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

**Policy Created**: September 2021

**Prior Revision**: January 2025

**Last Updated:** February 2025

------

**<u>Exhibit A</u>** 

Refer to the attached:

**BNY Personal Securities Trading Policy dated February 11, 2025** 

**BNY Code of Conduct 2024** 

------

**<u>Exhibit B</u>** 

**CFA Asset Manager Code of Professional Conduct** 

The most recent version of the CFA Asset Manager Code of Professional Conduct can be obtained through the below referenced link:

https://www.cfainstitute.org/-/media/documents/ethics-in-practice/code_of_ethics_and_standards_of_professional_conduct.pdf

------

Exhibit A Policy Number: I-A-045

![LOGO](g49631dsp219a.jpg)

## Personal Securities Trading Policy

## Level 3 Policy
&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Summary</u>

Personal trading investments can lead to actual or perceived conflicts of interest which can undermine the integrity of the actions of The Bank of New York Corporation, its subsidiaries and affiliates that are majority owned (the "Firm").

The Firm is subject to various laws and/or regulations governing the personal trading of Securities/Financial Instruments (as defined in Section 8.1 of this Policy and collectively referenced as "securities"). The Firm has established limitations on personal trading so that employees' personal securities investments are conducted in compliance with the applicable rules and regulations and are free from actual or perceived conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;2. Purpose

The Personal Securities Trading Policy (this "Policy") sets out the global minimum obligations and restrictions related to personal securities transactions for all employees, including requirements and prohibitions related to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoidance of conflicts of interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market Abuse<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in Firm securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in Non-Firm securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Public Offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Firm-affiliated Volcker Covered Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excessive Trading<sup>2</sup>

This Policy also articulates additional requirements and restrictions for Monitored Employees who are likely to receive Firm or client information as normal course of business in their roles. These

<sup>1</sup> Market Abuse includes insider dealing, market manipulation or unlawful disclosure of inside information.

<sup>2</sup> The Firm reserves the right to limit trading in employee account(s) if deemed excessive.

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additional responsibilities include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filing of reports via the Star Compliance System (Star), the Firm's electronic personal trading monitoring system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing duplicate statements and trade confirmations directly to the Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance prior to trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibition on short term trading

&nbsp;&nbsp;&nbsp;&nbsp;3. Applicability/Scope

This Policy applies to all employees of the Firm when trading in securities unless such securities are listed as "Exempt" under Section 8.1. Where indicated, this Policy may also apply to "Indirect Accounts," as defined in Section 8.1 of this Policy.

An employee is defined as a Director (excluding non-employees), Officer, Agent, Temporary Worker, Contractor, Intern or any other person who works for and contracted with the Firm, regardless of their duration of employment or contract. The Firm may, from time to time, designate additional persons that may from time to time have access to MNPI as being subject to this Policy.

Where business/country-specific requirements are more stringent than those set out within this Policy, the business or country-specific rules prevail and you must also comply with such rules.

&nbsp;&nbsp;&nbsp;&nbsp;4. Provisions of the Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Principal Requirements for all Employees

Failure to comply with any requirement in this Policy may subject you to discipline, up to and including termination of employment and referral to law enforcement, when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1 Avoidance of Conflicts of Interest** 

You must not put your own interests ahead of the Firm and its clients. You must, comply with all applicable legal requirements, securities laws and the I-A-010: Code of Conduct. Employees must treat all Firm and client information as confidential. Refer to the Firm's Code of Conduct for additional guidance*.* You are prohibited from placing transactions in securities if this would create, or could reasonably be perceived to create a conflict of interest between you and your clients, the Firm's clients, or the Firm. In accordance with securities and/or Market Abuse laws, you are prohibited from engaging in insider trading, trading while in possession of Material Non-Public Information (MNPI) (as defined in Section 8.1 of this Policy), Front Running (as defined in Section 8.1 of this Policy) or any other potential market manipulative trading activity.

If you possess MNPI or have knowledge about client holdings, transactions, or recommendations, you must not, directly or indirectly (see definition of Indirect Ownership in Section 8.1 of this Policy):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage or attempt to engage in trading on the basis of such information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommend that another person engages in dealing or induce another person to engage in trading on the basis of the
information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlawfully disclose the information (Tipping)

In accordance with securities regulations, these prohibitions also apply to former employees, who must refrain from trading in any securities, Tipping or recommending that another person do the same, while in possession of MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2 Trading in BNY Securities** 

If you invest or trade in Firm securities, you must be aware of your responsibilities and be sensitive to even the appearance of impropriety. The following prohibitions apply to all transactions in the

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Firm's publicly traded securities, whether owned directly (i.e., in your name) or indirectly (see definition of Indirect Ownership in Section 8.1 of this Policy). The following activities are **prohibited**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Short Sales** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Short-Term Trading:** Defined as purchasing and selling, or selling and purchasing Firm securities within any 60
calendar day period. If you engage in short-term trading, you will be required to disgorge profits as determined by the Securities Trading Conduct group. This includes transactions in the Firm related employee benefit plans such as the BNY 401(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Margin Transactions**: However, you may use Firm securities to collateralize full-recourse loans for non-securities purposes or for the acquisition of securities other than those issued by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Option Transactions**: Defined as any derivative transaction involving or having its value based upon any securities
issued by the Firm, including the buying and writing of over-the-counter and exchange traded options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Major Firm Events**: Non-publicly announced events of which you have knowledge
(prohibition will expire 24 hours after a public announcement is made).

The Firm will comply with insider trading laws in connection with trades in its own securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3 Prohibitions When Trading in Non-Firm Securities** 

You must be sensitive to any impropriety in connection with your personal securities transactions in securities of any issuer, including those owned indirectly (see Indirect Ownership defined in Section 8.1). You are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engaging in FX derivative trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Spread Betting**: Taking bets on securities pricing, including FX spread-betting to reflect market/currency movement
activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Short Selling** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4 Initial Public Offerings (IPO)** 

You are prohibited from acquiring securities through an allocation by the underwriter of an IPO without the prior approval of the Securities Trading Conduct group. Approval is only likely to be given in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allocation comes through an employee of the issuer who has a direct family relationship to the Firm employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuance is arranged by governments to promote the public ownership of previously state owned assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where a bank, savings and loan or insurance company converts from a structure owned by policyholders to one owned by
investors (demutualization)

Approval may not be available to employees of registered broker-dealers due to certain laws and regulations (e.g., FINRA rules in the U.S.). If you have any questions as to whether a particular offering constitutes an IPO, email the Securities Trading Conduct group before submitting an

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indication of interest to purchase the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.5 Private Placements** 

You are prohibited from acquiring any security in a private placement unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. A Private Placement Form must be submitted in Code RAP for approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are holding an investment of a privately-held (i.e., not traded on an exchange) Firm affiliated fund and you wish to
divest all or a portion of your investment, you are required to obtain pre-approval from the Securities Trading Conduct group prior to redemption. Refer to MySource for a copy of the request Affiliated Fund Request form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Securities Trading Conduct group will generally not approve any private placement requests that appear to present an
actual or potential conflict of interest. This includes instances where, among other things, the opportunity is being offered to you by virtue of your position with the Firm or its affiliates or your relationship to a managed fund or account and
whether or not the investment opportunity being offered to you could be re-allocated to a client. So that no actual or potential conflict exists between the proposed private placement purchase and the
interests of any managed fund or account, you must comply with any and all requests for information and/or documentation necessary for the Employee Compliance/Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within 30 days of being designated a Monitored Employee (see Sections 4.2 to 4.4 for information), you must disclose any
existing investment in private placement securities to the Securities Trading Conduct group who will determine if you will be permitted to continue to hold the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.6 BNY Affiliated Volcker Covered Funds** 

You are prohibited from acquiring any initial or subsequent investment in a Firm affiliated Volcker Covered Fund (Refer to the Volcker Compliance site on MySource) unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. Unless your job duties are directly related to providing investment advisory, commodity trading advisory or "other services" to the fund, your investment in such funds will not be permitted. A Private Placement Form must be submitted in Code RAP for approval.

If you are newly hired and you hold an investment (either directly or indirectly) in an affiliated Firm Volcker Covered Fund you must receive permission to continue to hold that investment. You must disclose your investment within 30 calendar days of your hire date by completing the Private Placement Form available in Code RAP. You may be required to divest your ownership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.7 Ability to Request Account Statements and Trade Confirmations***

For all employees, the Firm reserves the right to request accounts statements and trade confirmations when needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Monitored Employees

If you are determined to be at risk for receiving Firm or client information as described below, your personal trading and accounts where you have Indirect Ownership (as defined in Section 8.1) are required to be monitored and you are thus deemed a Monitored Employee. There are strict limitations on such trading for Monitored Employees as further described in Section 4.4.

Monitored Employees include employees who, as a routine and normal course of their job:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are deemed to be at a high risk of receiving MNPI of issuer clients (generally, certain employees located in or supporting
Private Side businesses as defined by the Firm's

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I-A-046: Information Barriers Policy. These are employees who are deemed to be *private* under I-A-046: Information Barrier Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have nonpublic information regarding advisory client's purchases or sales of securities or nonpublic information
regarding the portfolio holdings of a Proprietary Fund, are involved in making securities recommendations to advisory clients, or have access to such recommendations before they are public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have foreknowledge of the clients' trading positions or plans such that the information may elevate the risk of Front
Running or similar manipulative trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to inside information with respect to the Firm's financial results in advance of such results being
released to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Required by regulation – employees who work for a Firm broker-dealer or investment adviser (or their equivalents).

Additionally, each business unit is required to classify all employees who are Senior Directors, Managing Directors or above as Investment/Public or Insider Risk.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Classifications of Monitored Employees

The Firm has assigned Monitored Employees a classification that will correspond to the type of information they routinely are exposed to in as performing their job duties. They are as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Classification Type** | **Definition** |
| &nbsp;&nbsp;&nbsp;**Access Decision Maker (ADM) Employee** | Employees within BNY Investments who are Portfolio Managers or Research Analysts and make or participate in recommendations or decisions regarding the purchase or sale of securities for mutual funds or managed accounts. Portfolio Managers of broad-based index funds and traders are not typically classified as ADM Employees. |
| &nbsp;&nbsp;&nbsp;**Insider Risk Employee** | Employees who in the normal course of business are likely to receive MNPI regarding issuer clients. These employees are on the "private side" of the Information Barrier in accordance with the I-A-046: Information Barriers Policy. |
| &nbsp;&nbsp;&nbsp;**Investment/Public Employee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employees in the normal course of business who:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Are on the "public side" of the Information Barrier in accordance with the I-A-046: Information BarriersPolicy.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Employees that by regulation are required to have their personal trading monitored.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Have access to nonpublic information regarding advisory client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of a Firm Proprietary Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;• Are involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Have foreknowledge of clients trading positions or plans such that the information may elevate the risk of Front Running<br>This classification typically includes employees in BNY Investments and BNY Wealth businesses as well as employees in other Public side businesses or Corporate Functions who have an elevated risk (clear access to pre-trade settlement information) of Front Running.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Employees of a Firm business regulated by certain investment company laws. Examples are:<br>&nbsp;&nbsp;&nbsp;&nbsp;• In the U.S., employees who are "advisory persons" or "access persons" under Rule 17j-1 of the Investment Company Act of 1940 or "access persons" under Rule 204A-1 of the Advisers Act.<br>|

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<sup>3</sup> Employees who are not currently monitored and are designated as private under the I-A-046: Information Barrier Policy, Senior Directors or Managing Directors will be changed to monitored from February 2024 through May 2024.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• In the U.K., employees in companies undertaking specified activities under the Financial Services and Markets Act 2000 (Regulated Activities), Order 2001, and regulated by the Financial Conduct Authority.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Any member of the Firm's Senior Management who, as part of his/her usual duties, has management responsibility for fiduciary activities or routinely has access to information about advisory clients' securities transactions.<br>|
| &nbsp;&nbsp;&nbsp;**Pre-Release Earning Group (PREG) Employee** | Includes all Executive Committee members, their administrative assistants and any individual determined by the business to have access to the Firm's earnings in advance of public announcements. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Additional Requirements and Restrictions for Monitored Employees

In addition to the requirements which apply to all employees as described in Section 3.1 of this Policy, all Monitored Employees are also subject to the additional requirements noted below. These requirements apply to all securities accounts and holdings for which you have direct or indirect ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1 Reporting for All Monitored Employees** 

You are required to file various reports via Star, the Firm's electronic personal trading monitoring system. Required reports must also include any securities (except those deemed exempt as defined in Section 8.1), held outside of an account (for example, if you hold physical securities outside of a brokerage account, you must report those securities). You are required to file the following reports in order to be in compliance with the Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Reports: Within 10 calendar days of being notified by the Securities Trading Conduct group that you are a Monitored
Employee, you must file an Initial Broker Accounts and an Initial Holdings Report. These reports must contain a listing of all accounts that trade, or are capable of trading, securities. Initial Holdings Reports must be an accurate recording of
accounts and securities holdings within the preceding 45 days of your being deemed a monitored employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Reports: On an annual basis and within 30 calendar days after the end of the year, you must file an Annual Holdings
Report. The report must contain an accurate and current listing of securities held in all accounts that trade, or are capable of trading securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Accounts: On an annual basis and within 30 calendar days after the end of the year, you must review all of your
reported accounts in the Star system and make any updates, including adding and/or removing accounts where necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing Reporting: If you open a new account, or receive securities through a gift or inheritance, you must update your
holdings in the Star system within 10 calendar days of the event (i.e., account opening or date of receipt of securities). For gifts/inheritance, you must disclose the name of the person receiving or giving the gift or inheritance, date of the
transaction, and name of the broker through which the transaction was effected (if applicable). A gift of securities must be one where the donor does not receive anything of monetary value in return. Preclearance is required for all reportable
holdings that are being liquidated (e.g. an executor liquidating a portfolio).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updating Holdings: You are responsible for your securities holdings being accurate in the Star system. This may require you
to make manual adjustments for changes to your securities holdings (excluding exempt securities as defined in Section 8.1 of this Policy) that occur as a result of corporate actions, dividend reinvestments, or

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similar activity. These adjustments must be reported as soon as possible, but no less than annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly Transaction Reports (Investment/Public and ADM employees only): Within 30 calendar days after the end of the
quarter, you must file a Quarterly Transactions Report. The report must contain a list of all reportable transactions that occurred in the quarter. You must certify all broker accounts that are capable of trading in reportable securities and all
reportable securities held. Your report must be current within 45 calendar days of the date the report is filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifications: The Securities Trading Conduct group will require certifications when there is a material change to
this Policy. Additional certifications may be required as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.2 Additional Reporting for ADM Employees** 

Further reporting requirements for ADM Employees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contemporaneous Disclosure Reports (ADM employees only): Prior to making or acting upon a portfolio recommendation
(buy/hold/sell) in a security you have direct or indirect ownership, written authorization must be obtained. Under no circumstances may you provide portfolio recommendations or place trades based on their potential impact to your personal securities
holdings, nor may you refuse to provide a recommendation or execute a transaction within the portfolio.to avoid submitting a Contemporaneous Disclosure. There are a limited number of transactions that are exempt from this requirement. More
information, including a copy of the Contemporaneous Disclosure Form can be found on MySource .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.3 Account Statements and Trade Confirmations** 

Monitored Employees are required to provide duplicate statements and trade confirmations directly to the Firm. You must adhere to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Countries with Approved Brokers - U.S., UK, India, Singapore or Hong
Kong<sup>4</sup>-based Monitored Employees: You must maintain all accounts with an approved broker-dealer (refer to MySource for the Approved Broker List). Employees are required
to provide account statements to the Securities Trading Conduct Team until the account is on a feed with an Approved Broker. If you have securities held in a physical form or held directly with an issuer, you must provide copies of account
statements and trade confirmations.

**Note:** Certain brokers may require the account owner's consent in order for the Firm to receive their account information electronically (connection to the electronic feed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Countries *without* Approved Brokers: You must provide copies of account statements to your designated local
Compliance Officer or Securities Trading Conduct Team upon receipt or at least quarterly. You are also required to enter your trade confirmation details into the Star system within 10 calendar days of the transaction. You may be compelled to move
your accounts and hold them with an electronic broker-dealer where legally permissible and in jurisdictions where the Firm has made arrangements with a broker-dealer to provide automated electronic feeds to the Star system. You will be notified when
this requirement becomes

<sup>4</sup> The Approved Broker requirement for employees in Singapore and Hong Kong will go into effect on September 30, 2024.

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effective within your jurisdiction and are no longer required to manually enter your trade details into the Star system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all employees, the Firm reserves the right to request accounts statements and trade confirmations as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.4 Preclearance Prior to Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitored Employees must receive approval in the Star system to trade any security unless the security is expressly Exempt
as defined in Section 8.1 of this Policy. You must also obtain preclearance for trades made by indirect owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs and Single-Stock ETFs are reportable. Proprietary ETFs must be pre-cleared prior to transacting in for employees who are classified as ADM, Investment/Public or Insider Risk Employees.

**NOTE:** if you are classified as a PREG employee (see Section 4.7 of this Policy), you are only required to preclear trades in Firm securities (equities, fixed income, or derivatives) of The Bank of New York Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although preclearance approval does not obligate you to place a trade, you should not seek preclearance for transactions
you do not intend to make. Do not discuss the response (e.g. approval or denial) to a preclearance request with anyone (excluding any account co-owners or indirect owners). If you have questions regarding a
response to a trade request, contact the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you receive approval to trade, the trade must be executed by the close of business the following day in the local
jurisdiction. For example, if you receive approval on Monday at 3 PM EST, the preclearance is only valid until the close of the trading day on Tuesday. You should be aware that all preclearance time stamps in the Star system are in EST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are only permitted to place day only orders which are orders that expire at the end of the trading day. Orders that
extend beyond a single trading day, such as "good-until-cancelled" or similar orders, are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may also be subject to additional approvals, for example approval from your supervisor, depending upon your
classification. Please check with your local Compliance Officer for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.5 Additional Preclearance Restrictions for ADM, Investment/Public and certain private side employees (de minimis limits)** 

ADM, Investment/Public and certain private side employees will generally not be given preclearance approval to execute a transaction in any security that appears on their business unit's Blackout List (as defined in Section 8.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.5.1 Approval for De Minimis Transactions for ADM Employees and Investment/Public Employees for Securities on Blackout List***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADM, Investment/Public and certain private side employees are eligible to receive de minimis approval for trades in
securities of any one issuer in a 30-day period even if the security is on the Blackout List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• De Minimis transactions are permitted as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADMs:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Market Cap**<br> **Category** | **Market Cap Value** | **De Minimis Amount<br>Allowed Per Trade** | **30 Day Period<br>Limit** |
| &nbsp;&nbsp;&nbsp; **Micro- Cap** | Market value of less than $250 million | Not allowed | Not allowed |
| &nbsp;&nbsp;&nbsp; **Small- Cap** | Market value between $250 million and $5 billion | Not allowed | Not allowed |
| &nbsp;&nbsp;&nbsp; **Mid- Cap** | Market value between $5 billion and $20 billion | $10000 | $20000 |
| &nbsp;&nbsp;&nbsp; **Large- Cap** | Market value between $20 billion and more | $10000 | $20000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment/Public and certain private side employees:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market Cap Category** | **Market Cap Value** | **De Minimis Amount<br>Allowed Per Trade** | **30 Day Period<br>Limit** |
| &nbsp;&nbsp;&nbsp; **Micro- Cap** | Market value of less than $250 million | Not allowed | Not allowed |
| &nbsp;&nbsp;&nbsp; **Small- Cap** | Market value between $250 million and $5 billion | $10000 | $20000 |
| &nbsp;&nbsp;&nbsp; **Mid- Cap** | Market value between $5 billion and $20 billion | $25000 | $50000 |
| &nbsp;&nbsp;&nbsp; **Large- Cap** | Market value between $20 billion and more | $50000 | $100000 |

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**Note:** Currency is listed in USD. Use the local currency equivalent outside of the US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.5.1.1** **Additional Restrictions for ADM employees (7 Day Blackout Period)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not permitted to buy or sell a security within 7 calendar days before and 7 calendar days after the investment
company or managed account for which you are affiliated has effected a transaction in that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any trade initiated within the 7 day blackout period is deemed a violation of Policy and as such you will be required to
disgorge profits per the Securities Trading Conduct group in their sole discretion. This does not apply to approved de minimis transactions during the 7 day blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Managed Accounts

If you have an account fully managed by a third-party (you have an investment management, trust or similar agreement) which specifically documents in writing that you are unable to direct trades in the account, you must submit a Managed Account Form via Code RAP to determine if the account is eligible for exclusion from some of the reporting requirements, providing duplicate account statements/trade confirms or preclearance requirements noted within this Policy. For all managed accounts, you must add your account information in the Star system and comply with all provisions of the Policy *until* the Securities Trading Conduct group deems the account to be excluded in writing.

If your account is approved as managed, you are required to complete an annual certification in the Star system attesting that the account continues to be maintained under the account provisions the Securities Trading Conduct group relied upon to provide approval. In addition, you are required to

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provide copies of statements to the Securities Trading Conduct group when requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Prohibition on Short-Term Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Firm Securities**: Employees classified as ADM, Investment/Public Employee
and Insider Risk are prohibited from engaging in short-term trading. Short term trading is defined as the purchasing then selling, or selling then purchasing, the same or equivalent (derivative) security within 30 calendar days. PREG employees are
not subject to a holding period for non-Firm securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Firm Securities**: All employees are prohibited from purchasing then selling, or selling then purchasing any Firm
securities (Firm securities include any securities issued by The Bank of New York Corporation and its subsidiaries, including, but not limited to, shares of common stock, preferred stock or bonds of the Firm) within 60 calendar days.

Employees who engage in short-term trading in non-Firm securities (within 30 calendar days) or Firm securities (within 60 calendar days) will be issued a violation and any profits realized must be disgorged.

**Example:** Transactions resulting in a position that is liquidated (sell), and then a new position is re-established (buy), would meet the criteria for a profit disgorgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit is based upon the difference between the most recent purchase and sale prices for the most recent transactions. You
should be aware that profit for disgorgement purposes may differ from the capital gains calculations for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disposition of any disgorged profits will be at the discretion of the Firm to a bona fide and legally permitted
charity. You will be responsible for any tax and related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit disgorgement, where applicable, is not required for any security that is deemed Exempt (as defined in
Section 8.1 of this Policy) and trades in Proprietary Funds conducted within the BNY 401(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 Specific Restrictions for PREG Employees

Every quarter the Firm imposes a restriction on PREG employees. As such, you are prohibited from trading in the Firm's securities from 12:01 AM Eastern Standard Time, on the 15th day of the month preceding the end of each calendar quarter through the first trading day after the public announcement of the Firm's earnings for that quarter.

For example, if earnings are released on Wednesday at 9:30 AM Eastern Standard Time, you may not trade the Firm's securities until Thursday at 9:30 AM Eastern Standard Time. Non-trading days, such as weekends or holidays, are not counted as part of the restricted period. At its discretion, the Firm may extend the blackout period for some or all PREG employees. You will be notified if there is such an extension. The Firm may establish additional event-specific blackout periods that may be applicable to any or all categories of Monitored Employees. The Firm will notify you of any additional blackout periods.

The blackout period includes trades in various employee plans. Specifically, you may not make payroll deductions, investment elections changes or reallocation of balances that might impact your holdings in company stock in the BNY 401(k) Plan; you may not exercise options granted through the employee incentive compensation or similar plan; you may not enroll in, or make payroll deduction changes, in your Employee Stock Purchase Plan.

If you trade Firm securities made during the blackout period, you must unwind the trade and surrender profits as determined by the Firm in its sole discretion. Any losses due to the unwinding are yours to incur. Further, you may be subject to disciplinary action or referral to law enforcement when necessary.

The Firm reserves the right to restrict trading in companies in similar industries as the Firm.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 Insider Threats

BNY considers Insider Threats to be a serious matter and has established an enterprise-wide Insider Threat program to provide direction, governance and drive organizational awareness to manage the risks. BNY s Enterprise Insider Threat program is aligned to the Company's organizational risk priorities, including enhanced protection of information assets. As defined in the Enterprise Insider Threat Policy, Internal Fraud refers to unauthorized activity (e.g., inappropriate/unauthorized trading, market manipulation) or fraud (e.g., fraudulent funds transfer/movement, credit fraud, forgery, check fraud) by an Insider, which may cause financial or non-financial harm. Please consult the Enterprise Insider Threat Policy for more information.

&nbsp;&nbsp;&nbsp;&nbsp;5. Governance and Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 All Employees are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhering to all sections of this Policy as it relates to their role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Immediately contacting the Securities Trading Conduct group or your Compliance Officer (or anonymously through the
Firm's Ethics Help Line or Ethics Hot Line) if a known or suspected violation of this Policy occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting MNPI to their MNPI Coordinator. Employees should not seek advice from anyone other than a Compliance Officer,
their MNPI coordinator or the Control Room regarding appropriate handling of MNPI. Employees may also report the receipt of actual or suspected MNPI directly to the Control Room if the employee's MNPI Coordinator is unavailable. The obligation
to report all MNPI applies to both private and public side LOBs/Corporate Staff functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Businesses and Corporate Functions

Management of the Firm's Business and Corporate Staff groups are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classifying employees within 15 calendar days of joining or transfer and developing business line polices/procedures to
describe the protocols for assigning classifications that are consistent with this Policy, seeking guidance from Compliance as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retaining accurate records of each employee's classifications in their business unit, maintaining proper controls so
that the classifications are current and providing an annual attestation to Compliance that the classification of the employees are accurate, when requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating employees' classification and overseeing staff so that they are properly trained on the Policy
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overseeing the timely completion of all required reports, violation notices and certifications as required by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When required, constructing (and keeping current) a list of securities appropriate for Policy restrictions; typically this
will consist of trading systems required for employee monitoring, portfolio manager codes, and designated approvers. Generally this detail will be required only in instances where a Business or Corporate Functions have staff classified as an
Investment or ADM employee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When required, providing timely and accurate updates to the list of Proprietary Funds (those that are advised, sub-advised or underwritten by the business) to the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Securities Trading Conduct Group

The Securities Trading Conduct group is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining all necessary records to demonstrate compliance with this Policy in a readily accessible place, for seven years
from their creation. This includes but is not limited to versions of this Policy, record of employee violations and actions taken, holdings and transaction reports required by this Policy, list of monitored employees and their classifications, and
lists of securities appropriate for restriction as reported by a Line of Business and/or Corporate Function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treating employee related records as "highly confidential", to the extent permissible by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Compliance Officers

Compliance Officers are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing policy training to employees when requested by the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting compliance with this Policy, including detail on violations, to Legal Entity and Fund Boards, as required by law,
regulation or policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When requested by the Securities Trading Conduct group, approving requests for investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Legal Department

The Legal Department is responsible for providing legal analysis of new and revised legislation of all jurisdictions regarding personal securities trading laws and regulations and participating in the review of material policy amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Engineering Department

The Engineering Department is responsible for providing support for internally hosted applications so that systems function properly, including various files are properly loaded into the system, developing an alert process to detect any failed or non-received files, and adequately testing all software updates or hardware installations.

&nbsp;&nbsp;&nbsp;&nbsp;6. Adherence and Control

Failure to comply with any aspect of this Policy may result in the imposition of serious sanctions and employee will be issued a violation notice. You may also receive additional sanctions, which include, but are not limited to, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, and may result in an employee being subject to corrective action as outlined in II-H-610-US: Managing Performance and Conduct Through Corrective Action for U.S.-based employees (or the applicable corrective action policy for non-U.S. based employees),<sup>5</sup> up to and including termination of employment and referral to law enforcement, when required.

If you know of or suspect a violation of this Policy has occurred, immediately contact the Securities Trading Conduct group or your Compliance Officer. You may also report known or suspected violations anonymously through the Firm's Ethics Help Line or Ethics Hot Line.

Amendments to or waivers of any requirements discussed above are at the discretion of the Chief Compliance Officer or their designee. When required, the concurrence of other officers or directors

<sup>5</sup> View the Policies Portal or consult your local HR Partner for the policy for the relevant jurisdiction.

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of the Firm may also be needed. Any waiver or exemption must be evidenced in writing to be valid.

&nbsp;&nbsp;&nbsp;&nbsp;7. Addendum(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Addendum I: EMEA Personal Securities Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1 Applicability / Scope** 

This Addendum sets out the regional obligations and restrictions in EMEA that operate in relation to personal securities trading under FCA Handbook COBS 11.7A, EU Directive 2014/65/EU, and EU Regulation No 600/201, together commonly known as "MIFID 2" and EU Regulation No 596/2014 "MAR" and is applicable to any employee in the UK or EU who is subject to this I-A-045: Personal Securities Trading Policy ("the Global PST Policy").

Following the withdrawal of the United Kingdom ("UK") from the European Union ("EU") at 23:00 GMT on 31 January 2020, where relevant to a Party, references to EU legislation referenced in this Policy shall be read as references to the UK version of such legislation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2 Provisions of the Addendum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.1 UK and EU Requirements in Relation to Personal Trading (Including those arising from MIFID and MAR)***

Both UK and EU regulations require that the Firm establish, implement and maintain adequate policies and procedures to ensure our compliance with our obligations under personal securities trading rules.

These rules cover Financial Instruments as defined in the Definitions Section and apply to any employees who have inside information or MNPI, who have access to client confidential information or who could have a client conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.2 Information that Triggers an Employee to be Subject to this Addendum***

UK and EU employees who are subject to this Addendum will be defined as those who as a routine and in the normal course of their job:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to inside information as defined under I-A-040: Market Abuse Policy by virtue of an activity carried out by them on behalf of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have access to any other confidential information relating to clients or transactions with or for clients by virtue of an
activity carried out by them on behalf of the Firm; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are involved in activities that may give rise to a conflict of interest in relation to either the Firm or any client(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.3 Restrictions for Employees Subject to this Addendum***

The restrictions set out below are in addition to restrictions set forth in the Global PST Policy and apply when a UK or EU employee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transacting outside the scope of the activities they carry out in their professional capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The trade is carried out on behalf of the employee whether owned directly (i.e., in your name) or indirectly (see
definition of Indirect Ownership in Section 8.1 of the Global PST Policy).

Unless conducted in compliance with 7.1.2.5 below, employees are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entering a transaction which meets at least one of the following criteria:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It would amount to Market Abuse as defined by the UK or EU MAR as defined in Section 8.1 of I-A-040: Market Abuse Policy ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It involves the misuse or improper disclosure of the Firm's or a client's confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may give rise to a conflict of interest in relation to either the Firm or any client(s) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It conflicts or is likely to conflict with an obligation of the Firm under UK law or EU law on markets in financial
instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advising, recommending or inducing any other person to enter a transaction in Securities or Financial Instruments, other
than in the proper course of their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing, other than in the normal course of his employment or contract for services, any information or opinion to any
other person that would or might advise or persuade that other person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any of the activities set out in #2 above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advise or persuade any other person to engage in any of the activities set out #2 above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.4 Definitions of Financial Instruments under UK and EU Regulations***

This Addendum generally applies to all UK and EU employees when trading in Securities, or where applicable, other Financial Instruments as defined in this section.

Under both UK and EU Regulations, the Firm must consider both securities and other Financial Instruments under these regulations and as defined in this section, and whether it will permit personal trading in these instruments. As such a list of instruments restricted under the UK and EU regulations and the Firm's treatment of such instruments for the purpose of personal trading are outlined below in Section 8.1.Restrictions on Financial Instruments for Personal Trading

Outlined below are the in-scope instrument classes and their treatment under this Addendum. For the purpose of clarity, this Addendum is not intended to introduce restrictions in relation to sweep accounts within brokerage arrangements that exist simply for the purpose of cash transference as part of general fund management activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.5 Permitted for Employees Subject to this Addendum (subject to the notification/approval requirements of the Global PST Policy)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable Securities: Trading in transferable securities is permitted so long as conducted in compliance with the Global
PST Policy and the employee is NOT in possession of MNPI whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Employee Subject to this Addendum is already a Monitored Employee under the Global PST Policy they transact in
accordance with their applicable restrictions and requirements; or.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Units in Collective Investment Undertakings and units or shares in an Alternative Investment Fund:
Trading in UCITS or Alternative Investment Funds. is permitted so long

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as conducted in compliance with the Global PST Policy and the employee is NOT in possession of MNPI whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Employee Subject to this Addendum is already a Monitored Employee under the Global PST Policy they transact in
accordance with their applicable restrictions and requirements; or.

**Please note:** Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes Firm proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this Addendum. Therefore, such arrangements do not normally require disclosure, or pre-approval where the Addendum may otherwise require this (e.g. a BNY proprietary MMF).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.6 Prohibited***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Contracts for Difference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Spread Bets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.7 Express Written Approval from Local Compliance Officer***

The instruments below will require an express written approval from your local Compliance Officer prior to trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money Market Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative instruments for the transfer of credit risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options, futures, swaps and forward rate agreements Options/futures on securities is permitted so long as in compliance
with PSTP; for financial instruments that are not a security, you must contact BCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please note, use of currency exchange is permitted for such domestic activity as for example personal travel needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.3 Governance and Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.3.1 Compliance Officers***

Compliance Officers are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sign off on any preclearance requests for financial instruments as noted in 7.1.2.6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.4 Addendum Governance** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Addendum Owner | Addendum<br> Approver(s) | Review and Approval Date | Additional Contact(s) for Questions |
| &nbsp;&nbsp;&nbsp; Annette Fong<br> UK Chief Compliance Officer<br>Denis Caprasse<br> Head of SA/NV Compliance | Steve Wachtel<br> Global Head of Personal Securities Trading | January 29, 2024 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;8. Appendices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Definitions

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Term | Definition/Meaning of Term |
| &nbsp;&nbsp;&nbsp;Automatic Investment Plan | A program in which regular periodic purchases (withdrawals) are made automatically to/from investment accounts in accordance with a predetermined schedule and allocation. Examples include: Dividend Reinvestment Plans (DRIPS), payroll deductions, bank account drafts or deposits, automatic mutual fund investments/withdrawals (PIPS/SWIPS), and asset allocation accounts. |
| &nbsp;&nbsp;&nbsp;Blackout List | List of securities submitted by a Business Unit for which there are pending or executed transactions for an affiliated account (other than an index fund). |
| &nbsp;&nbsp;&nbsp;Firm Securities | Include any securities issued by The Bank of New York Corporation and its subsidiaries, including, but not limited to, shares of common stock, preferred stock or bonds of the Company. |
| &nbsp;&nbsp;&nbsp;Exempt Securities/Financial Instruments (Collectively "Exempt Securities" or "Exempt") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All securities require reporting and preclearance unless expressly exempt by this Policy. The following financial instruments are exempt for all classifications of employees:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash-like securities, such as bankers' acceptances, bank CDs and time deposits, money market funds, FX spot transactions, commercial paper and repurchase agreements.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Digital assets - regardless of where they are held (in brokerage exchange accounts or in personal cryptocurrency wallets).<br>Note: Direct participation investments in Initial Coin Offerings (ICOs), pooling money with others with the intent to invest in digital assets or cryptocurrencies and creating investment vehicles to sell interest in Limited Partnerships (LPs) or Master Limited Partnerships (MLPs) for the purpose of investing in digital assets or cryptocurrencies are all considered to be private securities transactions that must be reported.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Employee investments in their sovereign governments. Obligations of other instrumentalities or quasi-government agencies are not exempt.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by open-end investment companies (i.e., mutual funds and variable capital companies) that are not Proprietary Funds. Proprietary Funds are exempt for employees classified as Insider Risk.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Securities in retirement plans properly organized under local law of companies not associated with the Firm (e.g., spouse's plan, previous employer's plan, etc.). This exemption is not applicable to any plan wherein the trades can be directed in common stock by the account holder.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Securities in college tuition plans for dependents properly organized under local law. It should be noted that this exemption is not applicable securities that are deemed to be a Proprietary Fund for employees classified as an ADM and Investment Employees.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Fixed annuities.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuities, as long as the sub-accounts are not invested in Proprietary Fund sub-accounts.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Securities held in approved non-discretionary (managed) accounts.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Non-financial commodities (e.g., agricultural futures, metals, oil, gas, etc.), currency, crypto-based currency, and financial futures (excluding stock and narrow-based stock index futures).<br>&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that are involuntary (such as stock dividends, sales of fractional shares or sales of shares to cover account fees); however, sales initiated by brokers to satisfy margin calls are not considered involuntary.<br>|

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Transactions pursuant to the exercise of rights (purchases or sales) by an issuer made pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuer.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Sales effected pursuant to a bona fide tender offer.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Transactions pursuant to an automatic investment plan, including payroll withholding to purchase Proprietary Funds. The initial purchase and additional changes to the automatic investment plan are subject to preclearance approval.<br>|
| &nbsp;&nbsp;&nbsp;Front Running | The purchase or sale of securities for your own or the company's accounts on the basis of your knowledge of the company's or company's clients trading positions or plans. |
| &nbsp;&nbsp;&nbsp;Index Fund | An investment company or managed portfolio (including indexed accounts and model driven accounts) that contain securities in proportions designed to replicate the performance of an independently maintained, broad-based index or that is based not on investment discretion but on computer models using prescribed objective criteria to replicate such an independently maintained index. |
| &nbsp;&nbsp;&nbsp;Indirect Ownership | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generally, you are the indirect owner of securities if you are named as power of attorney on the account or, through any contract, arrangement, understanding, relationship, or otherwise, you have the opportunity, directly or indirectly, to share at any time in any profit derived from a transaction in them. This includes trades which are effected by or on behalf of the employee when the trade is carried out for the account of any of the persons referenced below. Common indirect ownership situations include, but are not limited to:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of your Immediate Family by blood, marriage, adoption, or otherwise, who share the same household with you;<br>"Immediate Family" includes any person with whom they have a family relationship, or whom they have close links, such as your spouse, domestic partner, children (including stepchildren, foster children, sons-in-law and daughters-in-law), grandchildren, parents (including step-parents, mothers-in-law and fathers-in-law), grandparents, and siblings (including brothers-in-law, sisters-in-law and stepbrothers and stepsisters):<br> &nbsp;&nbsp;&nbsp;&nbsp;• Any person in conjunction with whom the employee has a direct or indirect material interest in the outcome of the trade – other than obtaining a fee or commission for the execution of the trade;<br>Employees must consider this requirement and report trades which fit under the above definition to avoid violations and breaches of both regulations and Policy. |
| &nbsp;&nbsp;&nbsp;Initial Public Offering (IPO) | The first offering of a company's securities to the public. |
| &nbsp;&nbsp;&nbsp;Investment Clubs | Organizations whose members make joint decisions on which securities to buy or sell. The securities are generally held in the name of the investment club. Prior to participating in an investment club, all Monitored Employees are required to obtain written permission from their local Compliance Officer to participate in the club. If permission is granted, the account is subject to all aspects of this Policy. |
| &nbsp;&nbsp;&nbsp;Investment Company | A company that issues securities that represent an undivided interest in the net assets held by the company. Mutual funds are open-end investment companies that issue and sell redeemable securities representing an undivided interest in the net assets of the company. |
| &nbsp;&nbsp;&nbsp;Material Non-Public Information (MNPI) and examples | &nbsp;&nbsp;&nbsp; MNPI is generally defined as material information about a company (including BNY), its securities or any financial instruments related to that company that has not been disclosed to the public. Information is "material" if:<br> &nbsp;&nbsp;&nbsp;&nbsp;• there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, sell, or hold securities/financial instruments; or<br>&nbsp;&nbsp;&nbsp;&nbsp;• there is a substantial likelihood it would have been viewed by a reasonable investor as having significantly altered the "total mix" of information available.<br>Information about an issuer is "non-public" if:<br>&nbsp;&nbsp;&nbsp;&nbsp;• it is of a precise nature and is not generally available to the investing public. Information received under circumstances indicating that it is not yet in general<br>|

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; circulation and may be attributable, directly or indirectly, to the issuer or its insiders is likely to be deemed non-public information.<br>Most companies announce material information through a press release or a regulatory filing (such as with the Securities and Exchange Commission) and/or a posting on the company's website. Therefore, if it has been determined that information is material but there is no announcement of it in any of those sources, it is likely to be non-public at that point.<br>Examples of information that may, depending on the particular facts and circumstances, be material and non-public include, but are not limited to:<br>&nbsp;&nbsp;&nbsp;&nbsp;• A proposal or agreement for a merger, acquisition or divestiture, or for the sale or purchase of substantial assets.<br>&nbsp;&nbsp;&nbsp;&nbsp;• A tender offer, which can be material for the party making the tender offer as well as for the issuer of the securities for which the tender offer is made.<br>&nbsp;&nbsp;&nbsp;&nbsp;• An extraordinary dividend declaration, change in the dividend rate or stock repurchase policy.<br>&nbsp;&nbsp;&nbsp;&nbsp;• A proposal or agreement concerning the creation of a credit facility.<br>&nbsp;&nbsp;&nbsp;&nbsp;• A draw down on a credit facility or a liquidity problem.<br>&nbsp;&nbsp;&nbsp;&nbsp;• A potential default under a material agreement or actions by creditors, customers or suppliers relating to a company's credit standing.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Earnings and other financial information, such as operating results, projections, a significant restatement or large or unusual write-offs, write-downs, profits or losses.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Pending discoveries or developments, such as new products, sources of materials, patents, processes, inventions or discoveries of mineral deposits.<br>&nbsp;&nbsp;&nbsp;&nbsp;• A proposal or agreement concerning a financial restructuring.<br>&nbsp;&nbsp;&nbsp;&nbsp;• A proposal to issue or redeem securities, or a development with respect to a pending issuance or redemption of securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Information conveyed by a client relating to the client's pending orders for securities/financial instruments that would be likely to have a material effect on the prices of those securities/financial instruments.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Information about major contracts or increases or decreases in orders.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Information about derivative contracts such as options, futures, and forward rate agreements relating to an underlying security.<br>&nbsp;&nbsp;&nbsp;&nbsp;• The institution of, or a development in, litigation or a regulatory proceeding.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Developments regarding a company's senior management or board of directors.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Information that is inconsistent with published information, especially if published in regulatory reports or press releases.<br>&nbsp;&nbsp;&nbsp;&nbsp;• A significant cybersecurity incident.<br>|
| &nbsp;&nbsp;&nbsp;Money Market Fund | A mutual fund that invests in short-term debt instruments where its portfolio is valued at amortized cost so as to seek to maintain a stable net asset value (typically of $1 per share). |
| &nbsp;&nbsp;&nbsp;Non-Discretionary (Managed) Account | An account in which the employee has a beneficial interest but no direct or indirect control over the investment decision making process. Any such accounts of Monitored employees must be approved by the Securities Trading Conduct group in writing in order to be exempt from the reporting and preclearance requirements noted in this Policy. |
| &nbsp;&nbsp;&nbsp;Option | A security which gives the investor the right, but not the obligation, to buy or sell a specific security at a specified price within a specified time frame. |
| &nbsp;&nbsp;&nbsp;Short term trading in option positions | Opening and closing or closing and opening an option position within 30 days of each other or opening an option position within 30 days of expiration will result in any profits being subject to disgorgement. When opening an option position against an existing common stock holding you must have held that position for at least 30 days to avoid any profits being subject to disgorgement. |
| &nbsp;&nbsp;&nbsp;Private Placement | An offering of securities exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rules in the U.K. Such offerings are exempt from registration because they do not constitute a public offering. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled |

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| | |
|:---|:---|
|  | investment vehicles such as hedge funds, investments in privately-held and family owned businesses and Volcker Covered Funds. For the purpose of this policy, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements. |
| &nbsp;&nbsp;&nbsp;Proprietary Fund | An investment company or collective fund for which a Company subsidiary serves as an investment adviser, sub-adviser or principal underwriter. The Proprietary Fund Listing can be found on MySource on the Compliance and Ethics homepage. |
| &nbsp;&nbsp;&nbsp;Securities/Financial Instruments (Collectively "Securities") | Any investment that represents an ownership stake or debt stake in a company, partnership, governmental unit, business or other enterprise. It includes stocks, bonds, notes, evidences of indebtedness, certificates of participation in any profit-sharing agreement, units in collective investment undertakings, collateral trust certificates and certificates of deposit. It also includes security-based derivatives and swaps and many types of puts, calls, straddles and options on any security or group of securities; fractional undivided interests in oil, gas, or other mineral rights; and investment contracts, variable life insurance policies and variable annuities whose cash values or benefits are tied to the performance of an investment account. Unless expressly exempt, all securities transactions are covered under the provisions of this policy (See exempt securities). |
| &nbsp;&nbsp;&nbsp;Short Sale | The sale of a security that is not owned by the seller at the time of the trade. |
| &nbsp;&nbsp;&nbsp;Spread Betting | A type of speculation that involves taking a bet on the price movement of a security. A spread betting company quotes two prices, the bid and offer price (also, called the spread), and investors bet whether the price of the underlying security will be lower than the bid or higher than the offer. The investor does not own the underlying security in spread betting, they simply speculate on the price movement of the stock. |
| &nbsp;&nbsp;&nbsp;Tender Offer | An offer to purchase some or all shareholders' shares in a corporation. The price offered is usually at a premium to the market price. |
| &nbsp;&nbsp;&nbsp;Trading | The buying or selling, including as a gift or other disposition, of a security. |
| &nbsp;&nbsp;&nbsp;Volcker Covered Fund | Generally, a "Volcker Covered Fund" is a domestic or foreign hedge fund, private equity fund, venture capital fund, commodity pool or alternative investment fund (AIF) that is sold in a private, restricted or unregistered offering to investors who must meet certain net worth, income or sophistication standards or is sold to a restricted number of investors.<br> Generally, the fund is not registered with a securities/commodity regulator and therefore cannot be offered to the general or retail public unless the investor meets some type of qualification to demonstrate the investor does not need the protection of the securities or commodities regulations.<br> A complete list of Covered Funds can be found at the Volcker Compliance Site on MySource or refer to the I-A-049: Volcker Covered Funds Policy. |
| &nbsp;&nbsp;&nbsp;Section 7.1: Addendum I: EMEA PST specific definitions | &nbsp;&nbsp;&nbsp;Section 7.1: Addendum I: EMEA PST specific definitions |
| &nbsp;&nbsp;&nbsp;Financial Instrument | &nbsp;&nbsp; 1. Transferable Securities e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;• shares in companies (whether listed or unlisted, admitted to trading or otherwise), comparable interests in partnerships and other entities and equivalent securities;<br>&nbsp;&nbsp;&nbsp;&nbsp;• bonds and securitised debt;<br>&nbsp;&nbsp;&nbsp;&nbsp;• depositary receipts in respect of the instruments above;<br>&nbsp;&nbsp;&nbsp;&nbsp;• securities giving the right to acquire or sell transferable securities (for example, warrants, options, futures and convertible bonds); and<br>&nbsp;&nbsp;&nbsp;&nbsp;• securitised cash-settled derivatives, including certain futures, options, swaps and other contracts for differences relating to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.<br>2. Money-Market Instruments e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;• treasury bills<br>&nbsp;&nbsp;&nbsp;&nbsp;• certificates of deposit<br>&nbsp;&nbsp;&nbsp;&nbsp;• commercial paper<br>|

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&nbsp;&nbsp; <br> 3. Units in Collective Investment Undertakings e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;• units in regulated collective investment schemes e.g., UK OEICS, NURS or EU UCITS. Please note: Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes BNY proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this policy. Therefore, such arrangements do not normally require disclosure, or pre-approval where the policy may otherwise require this (e.g. a BNY proprietary MMF).<br>&nbsp;&nbsp;&nbsp;&nbsp;• units or shares in an Alternative Investment Fund<br>4. Options, futures, swaps and forward rate agreements<br>Whether settled in cash or physically relating to any of the following underlying<br>&nbsp;&nbsp;&nbsp;&nbsp;• transferable securities,<br>&nbsp;&nbsp;&nbsp;&nbsp;• currencies,<br>&nbsp;&nbsp;&nbsp;&nbsp;• interest rates or yields,<br>&nbsp;&nbsp;&nbsp;&nbsp;• emission allowances,<br>&nbsp;&nbsp;&nbsp;&nbsp;• other derivative instruments,<br>&nbsp;&nbsp;&nbsp;&nbsp;• financial indices or financial measures<br>&nbsp;&nbsp;&nbsp;&nbsp;• commodities<br>&nbsp;&nbsp;&nbsp;&nbsp;• any other asset or right of a fungible nature, an index or measure related to the price or value of, or volume of transactions in any asset, right, service or obligation<br>5. Derivative instruments for the transfer of credit risk e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;• credit default products,<br>&nbsp;&nbsp;&nbsp;&nbsp;• synthetic collateralised debt obligations,<br>&nbsp;&nbsp;&nbsp;&nbsp;• total rate of return swaps,<br>&nbsp;&nbsp;&nbsp;&nbsp;• downgrade options<br>&nbsp;&nbsp;&nbsp;&nbsp;• credit spread products<br>6. Financial Contracts for Differences e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;• a Spreadbet - a bet on the price movement of any Financial Instrument where the investor bets on an increase or a fall in price in relation to a spread (the bid and ask prices) quoted by a spread betting company<br>&nbsp;&nbsp;&nbsp;&nbsp;• a contract the stated purpose of which is to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description<br>&nbsp;&nbsp;&nbsp;&nbsp;• a contract between a buyer and a seller that stipulates that the buyer must pay the seller the difference between the current value of an asset and its value at contract time.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Document Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1 Periodic Review** 

This Level 3 Policy will have a mandatory periodic review of 12 months.

Note: If this Policy requires changes outside of the periodic review date AND the Policy is reviewed in its entirety at such time that the changes are incorporated, the periodic review date will be refreshed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2 Ownership/Questions** 

Ownership of this Policy lies with the Owner noted below. Questions should be directed to the Owner or Contact(s) noted below:

<u>Policy Owner</u>   <u>Policy Approver</u>   <u>Version</u>   <u>Review and Approval Date</u>   <u>Next Review Date</u>   <u>Additional Contact(s) for Questions</u>

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<u> Steven Wachtel Global Head of Securities Trading Conduct and Trade Surveillance</u>   <u>Steven Wachtel <br> Global Head of<br>Securities<br>Trading Conduct<br>and Trade<br>Surveillance</u>   <u>7.3 </u>   <u>February 5, 2025</u>   <u>April 3, 2025 </u>   <u>securitiestradingpolicyhelp@bny.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Version Control

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Version Number | Date of Change | Author (and Role of Author) of Change | Description of Change |
| &nbsp;&nbsp;&nbsp;7.4 | February 11,<br>2025 | Steven Wachtel,<br> Global Head of Securities Trading Compliance | Corrected 2 typos. No other changes. |
| &nbsp;&nbsp;&nbsp;7.3 | February 6,<br>2025 | Steven Wachtel,<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp; Adhoc update:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Updated to reflect move to Star Compliance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Added additional definitions to 8.1<br>&nbsp;&nbsp;&nbsp;&nbsp;• Updated de minimis rules in 4.4.5<br>|
| &nbsp;&nbsp;&nbsp;7.2 | December 18,<br>2024 | Ekta Agarwal,<br> Compliance Governance | &nbsp;&nbsp;&nbsp; Adhoc update:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Updated the approved broker list in section 4.4.3<br>|
| &nbsp;&nbsp;&nbsp;7.1 | October 10,<br>2024 | Ekta Agarwal,<br> Compliance Governance | &nbsp;&nbsp;&nbsp; Adhoc refresh:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Updated BNYM to BNY and removed Mellon<br>&nbsp;&nbsp;&nbsp;&nbsp;• Transferred to new rebranded template<br>|
| &nbsp;&nbsp;&nbsp;7 | September 20,<br>2024 | Steven Wachtel,<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp; Adhoc Update:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Elimination of Broker Dealer Employee Classification, prohibition on excessive trading and clarification on classification timeline.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Updated Policy Approver<br>|
| &nbsp;&nbsp;&nbsp;6 | April 4, 2024 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Approved Broker requirement added for Singapore and Hong Kong |
| &nbsp;&nbsp;&nbsp;5 | January 29, 2024 | Steven Wachtel<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp; Periodic review complete:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Clarification that all private side employees will be monitored<br>&nbsp;&nbsp;&nbsp;&nbsp;• New requirements to monitor all Senior Directors and above<br>&nbsp;&nbsp;&nbsp;&nbsp;• Clarification that the Firm reserves the right to request accounts statements and trade confirmations when needed<br>|
| &nbsp;&nbsp;&nbsp;4 | March 30, 2023 | Steven Wachtel<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Clarification of annual reporting requirements under Section 4.4.1<br>&nbsp;&nbsp;&nbsp;&nbsp;• Clarification of employee requirement to provide account statements to the Securities Trading Conduct Team until the account is on a feed with an Approved Broker.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Periodic Review of Policy<br>|
| &nbsp;&nbsp;&nbsp;3 | December 27,<br>2022 | Mark Compton<br> EMEA Head of Markets Compliance | Updated Addendum 7.1: EMEA Personal Securities Trading<br>Updated Section 8.4. Document Hierarchy |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;2.0 | October 6, 2022 | Mark Compton<br> EMEA Head of Markets Compliance | Addition of Addendum 7.1: EMEA Personal Securities Trading and additional definitions added under Section 8.1 specific to EMEA personal securities trading |
| &nbsp;&nbsp;&nbsp;1.9 | June 2, 2022 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Addition of Insider Threat language (Section 4.8) |
| &nbsp;&nbsp;&nbsp;1.8 | March 24, 2022 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Periodic Review of Policy.<br>Clarification of Investment Employee and Insider Risk classification and other non-substantive changes.<br>Update to child documents under Section 8.5 |
| &nbsp;&nbsp;&nbsp;1.7 | March 29, 2021 | Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | Revised to remove reference to old policy;<br> Correction of typo in Section 4.1.5. |
|  | January 26, 2021 | Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | Revised to reflect reporting requirement for Insider Risk employees for Non-Proprietary ETFs |
|  | January 15, 2021 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Streamlined employee classifications, added Approved Broker requirement for UK and India-based employees, updated indirect ownership section to comply with MiFID II and instituted a strict 30 day hold requirement for non-company securities. |
|  | January 15, 2019 | Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | Revised to transfer the classification responsibility from Local Compliance to the 1<sup>st</sup> Line of Business for Investment Services; removed reference to IEC Oversight and Senior Leadership Team Members. |
|  | June 8, 2018 | Gerald DiMarco<br> Manager<br> Global Ethics Office | The document was reviewed and reapproved without changes, pending substantive revisions anticipated for July 2018. |
|  | April 3, 2018 | Gerald DiMarco<br> Manager<br> Global Ethics Office | Revised to include existing requirement for pre-approval prior to divesting from an affiliated fund; other minor edits. |

---

## Exhibit 99.28

**EX-28.p.14** 

POLICY ON GSAM CODE OF ETHICS

*Applicability: All GSAM; Additional details found on the <u>Document</u><u> </u><u>Landing</u> <u>Page</u>* 

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **A.** | **SCOPE AND SUMMARY** | **2** |
| **B.** | **GOVERNANCE AND OVERSIGHT** | **7** |
| **C.** | **POLICY REQUIREMENTS** | **7** |
| **D.** | **ROLES AND RESPONSIBILITIES** | **13** |
| **E.** | **EXCEPTIONS** | **13** |
| **F.** | **REPORTING AND ESCALATIONS** | **14** |
| **G.** | **IMPLEMENTATION PLAN** | **16** |

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Scope and Summary** 

It is the policy of the Adviser that the Adviser and its Supervised Persons shall comply with applicable Federal Securities Laws and that no Supervised Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 under the Investment Company Act or Sections 204 and 206 of the Investment Advisers Act. No Supervised Person shall engage in, or permit anyone within his or her control to engage in, any act, practice or course of conduct which would operate as a fraud or deceit upon, or constitute a manipulative practice with respect to, an Investment Company or other investment advisory clients or an issuer of any security owned by an Investment Company or other investment advisory clients. In addition, the fundamental position of the Adviser is, and has been, that each Access Person shall place at all times the interests of each Investment Company and its shareholders and all other investment advisory clients first in conducting personal securities transactions. Accordingly, private securities transactions by Access Persons of the Adviser must be conducted in a manner consistent with this Code and so as to avoid any actual or potential conflict of interest or any abuse of an Access Person's position of trust and responsibility. Further, Access Persons should not take inappropriate advantage of their positions with, or relationship to, any Investment Company, any other investment advisory client, the Adviser or any affiliated company.

Without limiting in any manner the fiduciary duty owed by Access Persons to the Investment Companies under the provisions of this Code, it should be noted that purchases and sales may be made by Access Persons in the marketplace of securities owned by the Investment Companies; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved and with an investment, rather than a trading, outlook. Not only does this policy encourage investment freedom and result in investment experience, but it also fosters a continuing personal interest in such investments by those responsible for the continuous supervision of the Investment Companies' portfolios. It is also evidence of confidence in the investments made. In making personal investment decisions with respect to any security, however, extreme care must be exercised by Access Persons to ensure that the prohibitions of this Code are not violated. Further, personal investing by an Access Person should be conducted in such a manner so as to eliminate the possibility that the Access Person's time and attention is being devoted to his or her personal investments at the expense of time and attention that should be devoted to management of an Investment Company's or other investment advisory client's portfolio. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an Access Person of his or her fiduciary duty to any Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Framework Linkages** 

This Policy has linkages to the following Framework(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FIRMWIDE FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS CONDUCT AND ETHICS

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FIRMWIDE FRAMEWORK FOR MARKET CONDUCT RISK MANAGEMENT FOR COVERED BUSINESSES AND ACTIVITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Policy Linkages** 

This Policy has linkages to the following Tier I Policy(ies):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Firmwide</u> <u> </u> <u>Policy</u> <u> </u> <u>on</u> <u> </u> <u>Market</u> <u> </u> <u>Conduct</u> <u> </u> <u>Risk</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Regulatory Linkages** 

Section 17(j) of the Investment Company Act provides, among other things, that it is unlawful for any affiliated person of the Adviser to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by an Investment Company in contravention of such rules and regulations as the Commission may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the Commission has adopted Rule 17j-1 which provides, among other things, that it is unlawful for any affiliated person of the Adviser in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by an Investment Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To employ any device, scheme or artifice to defraud such Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To make any untrue statement of a material fact to such Investment Company or omit to state a material fact necessary in
order to make the statements made to such Investment Company, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any such
Investment Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) To engage in any manipulative practice with respect to such Investment Company.

Similarly, Section 206 of the Investment Advisers Act provides that it is unlawful for any investment adviser, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To employ any device, scheme or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To engage in any transaction, practice or course of business which operates as a fraud or deceit upon any client or
prospective client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

In addition, Section 204A of the Investment Advisers Act requires the Adviser to establish written policies and procedures reasonably designed to prevent the misuse in violation of the Investment Advisers Act or Securities Exchange Act or rules or regulations thereunder of material, non-public information by the Adviser or any person associated with the Adviser. Pursuant to Section 204A, the Commission has adopted Rule 204A-1 which requires the Adviser to maintain and enforce a written code of ethics.

This Policy is governed by LRR's within multiple jurisdictions. Furthermore, the Firm may deem any other LRRs subject to this policy on a case-by-case basis.

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POLICY ON GSAM CODE OF ETHICS

This Policy has linkages to the following key Market Conduct Risk (MCR) Laws, Rules, and Regulations (LRR) obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 17J-1 of the Investment Company Act – <u>17</u> <u> </u> <u>C.F.R.</u> <u>§</u> <u> </u> <u>270.17J-1</u> – Personal investment activities of investment company personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 204A-1 of the Investment Advisers Act – <u>17</u> <u>C.F.R.</u> <u> </u> <u>§</u> <u> </u> <u>204A-1</u> – Investment adviser codes of ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 206 of the Investment Advisers Act – <u>15</u> <u> </u> <u>U.S.C.</u> <u> </u> <u>§</u> <u>80b–6</u> – Prohibited transactions by investment advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Risk Taxonomy Linkages** 

Applicable risks for this document include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 (L2) Risk: Inappropriate Sales or Advisory Practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 (L3) Risk: Fiduciary Responsibility Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 4 (L4) Risk: Failure to Exercise Fiduciary Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 (L2) Risk:Conflicts of Interest Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 (L3) Risk: Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 4 (L4): Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 (L3) Risk: Personal Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 4 (L4): Unauthorized Personal Outside Business Activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 4 (L4): Unauthorized Personal Investments or Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Access Person" with respect to Goldman Sachs & Co. LLC ("GS&Co.") and Goldman
Sachs International ("GSI") the principal underwriters of any Investment Company (as defined below), means any director, officer or general partner who, in the ordinary course of business, makes, participates in or obtains information
regarding the purchase or sale of Covered Securities by any Investment Company or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Investment Company regarding the purchase or sale of
Covered Securities.

"Access Person" with respect to Goldman Sachs Asset Management, L.P. and GSAM related entities other than GS&Co. and GSI ("GSAM") means any of their Supervised Persons (as defined below) who: (1) has access to (a) non-public information regarding any client's purchase or sale of securities, or (b) non-public information regarding the portfolio holdings of any Reportable Fund (as defined below) or (2) is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. For these purposes, all GSAM directors, officers and partners are considered to be Access Persons. In addition, "Access Person" means (1) any employee of GSAM (and any director, officer, general partner or employee of any company in a control relationship to GSAM) who, in connection with his or her regular functions or duties,

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POLICY ON GSAM CODE OF ETHICS

makes, participates in or obtains information regarding the purchase or sale of a Covered Security by an Investment Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to the Adviser who obtains information concerning the recommendations made to an Investment Company with regard to the purchase or sale of a Covered Security by an Investment Company. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Adviser" means each GSAM related entity so long as it serves as investment adviser, sub-adviser, or principal underwriter to any Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Automatic Investment Plan" means a program in which regular periodic purchases or withdrawals are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. "Beneficial Ownership" of a security shall be interpreted in the same manner as it would be under Rule 16a-1 (a) (2) under the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), in determining whether a person is the beneficial owner of a security for purposes of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. "Board of Trustees" means the board of trustees, directors or managers, including a majority of the
disinterested trustees/directors/managers, of any Investment Company for which an Adviser serves as an investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company
Act of 1940, as amended (the "Investment Company Act"). Section 2(a)(9) generally provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such
power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. "Covered Security" means a security as defined in Section 202(a)(18) of the Investment Advisers Act
of 1940, as amended (the "Investment Advisers Act") or Section 2(a)(36) of the Investment Company Act, and open-end ETF shares and UIT ETF shares, except that it does not include:
(1) direct obligations of the Government of the United States; (2) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (any instrument having a maturity at issuance of
less than 366 days and that is in one of the two highest rating categories of a nationally recognized statistical rating organization), including repurchase agreements; (3) shares issued by money market funds registered under the Investment
Company Act; (4) shares issued by open-end investment companies registered under the Investment Company Act other than Reportable Funds; and (5) shares issued by unit investment trusts that are
invested exclusively in one or more open-end investment companies registered under the Investment Company Act, none of which are Reportable Funds (6) qualified tuition

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POLICY ON GSAM CODE OF ETHICS

programs established pursuant to Section 529 of the Internal Revenue Code of 1986 ("529 Plans"), including interests in pre-paid tuition 529 plans and college savings 529 plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. "Exchange-traded fund (ETF)" means an investment company registered under the Investment Company Act as a
unit investment trust ("UIT ETF") or as an open-end investment company ("open-end ETF") that is comprised of a basket of securities to replicate
a securities index or subset of securities underlying an index. ETFs are traded on securities exchanges and in the over-the-counter markets intra-day at negotiated prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act, the
Sarbanes-Oxley Act of 2002, the Investment Company Act, the Investment Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "Commission") under any of these statutes, the
Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, the
issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. "Investment Company" means a company registered as such under the Investment Company Act, or any series
thereof, for which the Adviser is the investment adviser, sub- adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. "Investment Personnel" of the Adviser means (i) any employee of the Adviser (or of any company in a
control relationship to the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by an Investment Company or (ii) any natural
person who controls the Adviser and who obtains information concerning recommendations made to an Investment Company regarding the purchase or sale of securities by an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. A "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933
pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. "Purchase or sale of Covered Security" includes, among other things, the writing of an option to purchase
or sell a Covered Security or any security that is exchangeable for or convertible into another Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. "Reportable Fund" means any investment company registered under the Investment Company Act for which the
Adviser serves as an investment adviser as defined in Section 2(a)(20) of the Investment Company Act or any investment company registered under the Investment Company Act whose investment adviser or principal underwriter controls the Adviser,
is controlled by the Adviser or is under common control with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. "Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive
and review reports of purchases and sales by Access Persons. The

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POLICY ON GSAM CODE OF ETHICS

term "Alternative Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer and Alternative Review Officer may be designated with respect to each Adviser. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. "Supervised Person" means any partner, officer, director (or other person occupying a similar status or
performing similar functions), or employee of GSAM or other person who provides investment advice on behalf of GSAM and is subject to the supervision and control of GSAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security
has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. With respect to an analyst of the Adviser, the foregoing period shall commence on the day
that he or she decides to recommend the purchase or sale of the security to the Adviser for an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. A security is "held or to be acquired" if within the most recent 15 days it (1) is or has been held
by the Investment Company, or (2) is being or has been considered by the Adviser for purchase by the Investment Company, and (3) includes any option to purchase or sell and any security convertible into or exchangeable for a security
described in (1) or (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Governance and Oversight** 

The Board of Trustees of each Investment Company shall approve this Code of Ethics. Any material amendments to this Code of Ethics must be approved by the Board of Trustees of each Investment Company no later than six months after the adoption of the material change. Before their approval of this Code of Ethics and any material amendments hereto, the Adviser shall provide a certification to the Board of Trustees of each such Investment Company that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

The Policy on GSAM Code of Ethics is a Tier II policy as defined in the <u>Firmwide Policy on</u> <u>Frameworks, Policies, Standards, Procedures and Annexes</u> and a Market Conduct Risk Document as defined in the <u>Standard</u><u> </u><u>for</u><u> </u><u>Market</u><u> </u><u>Conduct</u><u> </u><u>Risk</u><u> </u><u>Documents</u><u> </u><u>and</u><u> </u><u>Controls</u><u> </u><u>Related</u> <u>to Designated Market Activities</u>. As such, this document is required to be reviewed at least annually by Asset Management Compliance.

Asset Management Compliance is responsible for approving this Policy. The Asset Management Compliance team owns the Policy and is responsible for maintaining and overseeing the Policy, reviewing conformance with the Policy requirements, and providing guidance to divisions on consistency of the associated divisional Standards / Procedures created in support of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Policy Requirements** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **PROHIBITED PURCHASES AND SALES** 

1a. While the scope of actions which may violate the Statement of Policy set forth above cannot be exactly defined, such actions would always include at least the following prohibited activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Access Person shall purchase or sell, directly or indirectly, any Covered Security in which he or she has, or by
reason of such transaction acquires, any direct or indirect beneficial ownership and which to his or her actual knowledge at the time of such purchase or sale the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being considered for purchase or sale by an Investment Company or other investment advisory clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being purchased or sold by an Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. No Access Person shall enter an order for the purchase or sale of a Covered Security which an Investment Company or other
investment advisory clients is purchasing or selling or considering for purchase or sale until the later of (i) the day after the Investment Company's or other investment advisory clients' transaction in that Covered Security is
completed or (ii) such time as the Investment Company or other investment advisory clients is no longer considering the security for purchase or sale, unless the Review Officer determines that it is clear that, in view of the nature of the
Covered Security and the market for such Covered Security, the order of the Access Person will not adversely affect the price paid or received by the Investment Company or other investment advisory clients. Any securities transactions by an Access
Person in violation of this Subsection 2 must be unwound, if possible, and the profits, if any, will be subject to disgorgement based on the assessment of the appropriate remedy as determined by the Adviser.

The preceding restrictions of this Section C-1 are not applicable to particular Access Persons with respect to transactions by Investment Companies or other advisory clients whose trading and holdings information is unavailable to such Access Persons due to the presence of an information barrier. Access Persons in GSAM's XIG group for example, are generally "walled off" from non-public trading and holdings information of GSAM's direct investing businesses, such as GSAM's Fixed Income or Fundamental Equity business. As a result, these Access Persons would not be subject to the restrictions of Section C-1 with respect to those particular client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. No Access Person shall, in the absence of prior approval by the Review Officer, sell certain Covered Securities that were
purchased, or purchase certain Covered

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Securities that were sold, within the prior 30 calendar days (measured on a last-in first- out basis).

1b. In addition to the foregoing, the following provisions will apply to Access Persons of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of an
Investment Company or other investment advisory clients) any information regarding securities transactions by an Investment Company or other investment advisory clients or consideration by an Investment Company or other investment advisory clients
or the Adviser of any such securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Access Persons must, as a regulatory requirement and as a requirement of this Code, obtain prior approval before directly
or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering. In addition, Access Persons must comply with any additional restrictions or prohibitions that may be adopted by the Adviser from
time to time.

1c. In addition to the foregoing, the following provision will apply to Investment Personnel of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Investment Personnel shall serve on the board of directors of any publicly traded company, absent prior written
authorization and determination by the Review Officer that the board service would be consistent with the interests of the Investment Companies and their shareholders or other investment advisory clients. Such interested Investment Personnel may not
participate in the decision for any Investment Company or other investment advisory clients to purchase and sell securities of such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BROKERAGE ACCOUNTS** 

Access Persons are required to direct their brokers to supply for the Review Officer on a timely basis duplicate copies of confirmations of all securities transactions in which the Access Person has a beneficial ownership interest and related periodic statements, whether or not one of the exemptions listed in Section E applies. If an Access Person is unable to arrange for duplicate copies of confirmations and periodic account statements to be sent to the Review Officer, he or she must immediately notify the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PRECLEARANCE PROCEDURE** 

With such exceptions and conditions as the Adviser deems to be appropriate from time to time and consistent with the purposes of this Code (for example, exceptions based on an issuer's market capitalization, the amount of public trading activity in a security, the size of a particular

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transaction or other factors), prior to effecting any securities transactions in which an Access Person has a beneficial ownership interest, the Access Person must receive approval by the Adviser. Any approval is valid only for such number of day(s) as may be determined from time to time by the Adviser. If an Access Person is unable to effect the securities transaction during such period, he or she must re-obtain approval prior to effecting the securities transaction.

The Adviser will decide whether to approve a personal securities transaction for an Access Person after considering the specific restrictions and limitations set forth in, and the spirit of, this Code of Ethics, including whether the security at issue is being considered for purchase or sale for an Investment Company or other investment advisory clients (taking into account the Access Person's access to information regarding the transactions and holdings of such Investment Company or other investment advisory client). The Adviser is not required to give any explanation for refusing to approve a securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **ANNUAL CERTIFICATION OF COMPLIANCE** 

Each Supervised Person shall certify to the Review Officer annually that he or she (A) has read and understands this Code of Ethics and any procedures that are adopted by the Adviser relating to this Code, and recognizes that he or she is subject thereto; (B) has complied with the requirements of this Code of Ethics and such procedures; and (C) if an Access Person, has disclosed or reported all personal securities transactions and beneficial holdings in Covered Securities required to be disclosed or reported pursuant to the requirements of this Code of Ethics and any related procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **CONFIDENTIALITY** 

All reports of securities transactions, holding reports and any other information filed with the Adviser pursuant to this Code shall be treated as confidential, except that reports of securities transactions and holdings reports hereunder will be made available to the Investment Companies and to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation or to the extent the Adviser considers necessary or advisable in cooperating with an investigation or inquiry by the Commission or any other regulatory or self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **REVIEW OF REPORTS** 

6a. The Review Officer shall be responsible for the review of the quarterly transaction reports required under VIII-C, and the initial and annual holdings reports required under Sections F-4 and F-5, respectively, of this Code of Ethics. In connection with the review of these reports, the Review Officer or the Alternative Review Officer shall take appropriate measures to determine whether each reporting person has complied with the provisions of this Code of Ethics and any related procedures adopted by the Adviser. Any violations of the Code of Ethics shall be reported promptly to the Adviser's chief compliance officer by the Review Officer, or Alternate Review Officer, as applicable.

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6b. On an annual basis, the Review Officer shall prepare for the Board of Trustees of each Investment Company and the Board of Trustees of each Investment Company shall consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A report which describes any issues arising under this Code or any related procedures adopted by the Adviser including
without limitation information about material violations of the Code and sanctions imposed in response to material violations. An Alternative Review Officer shall prepare reports with respect to compliance by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. A report identifying any recommended changes to existing restrictions or procedures based upon the Adviser's
experience under this Code, evolving industry practices and developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. A report certifying to the Board of Trustees that the Adviser has adopted procedures that are reasonably necessary to
prevent Access Persons from violating this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **SANCTIONS** 

Upon discovering a violation of this Code, the Adviser may impose such sanction(s) as it deems appropriate, including, among other things, a letter of censure, suspension or termination of the employment of the violator and/or restitution to the affected Investment Company or other investment advisory client of an amount equal to the advantage that the offending person gained by reason of such violation. In addition, as part of any sanction, the Adviser may require the Access Person or other individual involved to reverse the trade(s) at issue and forfeit any profit or absorb any loss from the trade. It is noted that violations of this Code may also result in criminal prosecution or civil action. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board of Trustees of the Investment Company with respect to whose securities the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **INTERPRETATION OF PROVISIONS** 

The Adviser may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **IDENTIFICATION OF ACCESS PERSONS AND INVESTMENT PERSONNEL; ADDITIONAL DISTRIBUTION TO SUPERVISED PERSONS** 

The Adviser shall identify all persons who are considered to be Access Persons and Investment Personnel and shall inform such persons of their respective duties and provide them with copies of this Code and any related procedures or amendments to this Code adopted by the Adviser. In addition, all Supervised Persons shall be provided with a copy of this Code and all amendments. All Supervised Persons (including Access Persons) shall provide the Review Officer with a written acknowledgment of their receipt of the Code and any amendments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **RECORDS** 

The Adviser shall maintain records in the manner and to the extent set forth below, which records may be maintained using micrographic or electronic storage medium under the conditions described in Rule 204-2(g) of the Investment Advisers Act and Rule 31a-2(f)(1) and Rule 17j-1 under the Investment Company Act, and shall be available for examination by representatives of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be
preserved for a period of not less than five years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an
easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. A copy of each initial holdings report, annual holdings report and quarterly transaction report made by an Access Person
pursuant to this Code (including any brokerage confirmation or account statements provided in lieu of the reports) shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years
in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. A record of the names of all persons who are, or within the past five years have been, required to make initial holdings,
annual holdings or quarterly transaction reports pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. A record of all written acknowledgements for each person who is currently, or within the past five years was, required to
acknowledge their receipt of this Code and any amendments thereto. All acknowledgements for a person must be kept for the period such person is a Supervised Person of the Adviser and until five years after the person ceases to be a Supervised Person
of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. A record of the names of all persons, currently or within the past five years who are or were responsible for reviewing
initial holdings, annual holdings or quarterly transaction reports shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. A record of any decision and the reason supporting the decision to approve the acquisition by Access Person of Initial
Public Offerings and Limited Offerings shall be maintained for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. A copy of each report required by Section C-3 of this Code shall be maintained
for at least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **SUPPLEMENTAL COMPLIANCE AND REVIEW PROCEDURES** 

The Adviser may establish, in its discretion, supplemental compliance and review procedures (the "Procedures") that are in addition to those set forth in this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or assist the Adviser in the administration of this Code. The Procedures may be more, but shall not be less, restrictive than the provisions of this Code. The Procedures, and any amendments thereto, do not require the approval of the Board of Trustees of an Investment Company or other investment advisory clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Roles and Responsibilities** 

Asset Management Compliance is responsible for advising on the requirements contained in this Policy and ensuring the guidance herein is revised and updated, as appropriate. All relevant Asset Management personnel are responsible for complying with, and escalating issues relating to, this policy when engaging in relevant activities. Other groups at the firm, including, but not limited to, Asset Management Legal and other control-side personnel, may, in certain instances, be involved in helping to provide advice in connection with potential concerns related to the activities covered by this policy. The relevant Asset Management businesses that engage in activities to which this policy applies are responsible for managing the risks related to those activities, including implementing relevant controls, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Exceptions** 

Although exceptions to the Code will rarely, if ever, be granted, a designated Officer of the Adviser, after consultation with the Review Officer, may make exceptions on a case by case basis, from any of the provisions of this Code upon a determination that the conduct at issue involves a negligible opportunity for abuse or otherwise merits an exception from the Code. All such exceptions must be received in writing by the person requesting the exception before becoming effective. The Review Officer shall report any exception to the Board of Trustees of the Investment Company with respect to which the exception applies at its next regularly scheduled Board meeting.

The Statement of Policy set forth above shall be deemed not to be violated by and the prohibitions of Section C of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Purchases or sales of securities effected for, or held in, any account over which the Access Person has no direct or
indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Purchases or sales of securities which are not eligible for purchase or sale by an Investment Company or other investment
advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Purchases or sales of securities which are non-volitional on the part of the
Access Person, an Investment Company or other investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Purchases or sales of securities which are part of an Automatic Investment Plan provided that no adjustment is made by
the Access Person to the rate at which securities are purchased or sold, as the case may be, under such a plan during any period in which the security is being considered for purchase or sale by an Investment Company or other investment advisory
clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Purchases of securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of
its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's acquisition
of all of the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Purchases or sales of publicly-traded shares of companies that have a market capitalization in excess of $5 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Chief Investment Officer ("CIO") signature approved de minimis per day purchases or sales ($50,000 or less)
of publicly traded shares of companies that have a 10-day average daily trading volume of at least $1 million, subject to the following additional parameters:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VIII(1). Access Persons must submit a current (same day) printout of a Yahoo Finance, Bridge or Bloomberg (or similar
service) screen with the minimum 10-day average daily trading volume information indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VIII(2). No Access Person (together with related accounts) may own more than <sup>1</sup>⁄<sub>2</sub> of 1% of the outstanding securities of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VIII(3). Multiple trades of up to $50,000 on different days are permitted so long as each day the trade is approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VIII(4). A security purchased pursuant to this exemption must be held for a minimum of 360 days prior to sale unless it
appears on the Adviser's "$5 billion" Self Pre-Clearance Securities List or normal pre-clearance pursuant to Section VII of this Code is obtained, in which case the security must be held for
at least 30 days prior to sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Purchases or sales of securities with respect to which neither an Access Person, nor any member of his or her immediate
family as defined in Rule 16a-1(c) under the Exchange Act, has any direct or indirect influence, control or prior knowledge, which purchases or sales are effected for, or held in, a "blind
account." For this purpose, a "blind account" is an account over which an investment adviser exercises full investment discretion (subject to account guidelines) and does not consult with or seek the approval of the Access Person,
or any member of his or her immediate family, with respect to such purchases and sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Other purchases or sales which, due to factors determined by the Adviser, only remotely potentially impact the interests
of an Investment Company or other investment advisory clients because the securities transaction involves a small number of shares of an issuer with a large market capitalization and high average daily trading volume or would otherwise be very
unlikely to affect a highly institutional market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Transactions within a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting and Escalations** 

Every Supervised Person shall promptly report any violation of this Code of Ethics to the Adviser's Chief Compliance Officer and/or the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Every Access Person shall report to the Review Officer the information: (1) described in Section F-3 of this Code with respect to transactions in any Covered Security in which such Access Person has, or by reason of such transaction acquires or disposes of, any direct or indirect beneficial ownership in the
Covered Security, and (2) described in Sections F-4 or VIII-E of this Code with respect to securities holdings beneficially owned by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Notwithstanding Section F-1 of this Code, an Access Person need not make a report
to the extent the information in the report would duplicate information recorded pursuant to Rule 204-2(a)(13) under the Investment Advisers Act or if the report would duplicate information contained in broker
trade confirmations or account statements so long as the Adviser receives confirmations or statements no later than 30 days after the end of the applicable calendar quarter. The quarterly transaction reports required under Section
F-

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1 shall be deemed made with respect to (1) any account where the Access Person has made provision for transmittal of all daily trading information regarding the account to be delivered to the designated Review Officer for his or her review or (2) any account maintained with the Adviser or an affiliate. With respect to Investment Companies for which the Adviser does not act as investment adviser or sub-adviser, reports required to be furnished by officers and trustees or managers of such Investment Companies who are Access Persons of the Adviser must be made under Section F-3 of this Code and furnished to the designated review officer of the relevant investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction and New Account Reports. Unless quarterly transaction reports are deemed to have been made under
Section F-2 of this Code, every quarterly transaction report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and
shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(1). The date of the transaction, the title, and as applicable the exchange ticker or CUSIP number, the interest rate
and maturity date, class and the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(2). The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(3). The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(4). The name of the broker, dealer or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(5). The date that the report was submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(6). With respect to any account established by an Access Person in which any securities were held during the quarter
for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(a). The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(b). The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(c). The date that the report was submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Initial Holdings Reports.* No later than 10 days after becoming an Access Person, each Access Person must submit a
report containing the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IV(1). The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IV(2). The name of any broker, dealer or bank with which the Access Person maintained an account in which any securities
(not just Covered Securities) were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IV(3). The date that the report is submitted by the Access Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Annual Holdings Reports.* On an annual basis, every Access Person shall submit the following information (which
information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• V(1). The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• V(2). The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities (not
just Covered Securities) are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• V(3). The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. These reporting requirements shall apply whether or not one of the exemptions listed in Section E applies except that:
(1) an Access Person shall not be required to make a report with respect to securities transactions effected for, and any Covered Securities held in, any account over which such Access Person does not have any direct or indirect influence or
control; and (2) an Access Person need not make a quarterly transaction report with respect to the transactions effected pursuant to an Automatic Investment Plan or a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any such report may contain a statement that the report shall not be construed as an admission by the person making such
report that (1) he or she has or had any direct or indirect beneficial ownership in the Covered Security to which the report relates (a "Subject Security") or (2) he or she knew or should have known that the Subject Security
was being purchased or sold, or considered for purchase or sale, by an Investment Company or other investment advisory clients on the same day.

Anyone who believes that business has been conducted contrary to the policies and procedures set forth in this document should promptly contact their supervisor, Asset Management Compliance, and/or Asset Management Legal as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Implementation Plan** 

This Policy does not have an implementation plan.

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RELATED DOCUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>FIRMWIDE FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS CONDUCT AND ETHICS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>FIRMWIDE</u> <u> </u> <u>FRAMEWORK</u> <u> </u> <u>FOR</u> <u> </u> <u>MARKET</u> <u> </u> <u>CONDUCT</u> <u>RISK</u> 

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REVISION HISTORY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Version 9.10, July 03, 2025 (Current version: Minor change(s)/no change(s), partial review; Other; Updated to comply with
Policy on Policies requirements as per Implementation Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Version 9.9, June 27, 2025 (Minor change(s)/no change(s), partial review; Other; Updated to comply with Policy on
Policies requirements as per Implementation Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Version 9.8, December 04, 2024 (Minor change(s)/no change(s), full review; Routine review cycle)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Version 9.7, September 17, 2024 (Minor change(s)/no change(s), partial review; Other; FXCO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Version 9.6, September 09, 2024 (Minor change(s)/no change(s), partial review; Other; Updated certain metadata changes.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Version 9.5, September 26, 2023 (Minor change(s)/no change(s), full review; Routine review cycle; Minor edits for
formatting; updates from AIMS to XIG; minor revisions for clarity in Section V(A)(3))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Version 9.4, September 07, 2022 (Minor change(s)/no change(s), partial review; New or changed business products or
processes; Updated to include the acquisition of NextCapital Advisers, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Version 9.3, February 26, 2021 (Minor change(s)/no change(s), partial review; New or changed business products or
processes; Removal of application to PWM ISG.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Version 9.2, October 07, 2020 (Minor change(s)/no change(s), full review; Routine review cycle; Reviewed and approved
without change.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Version 9.1, November 26, 2019 (Minor change(s)/no change(s), partial review; Other; Migration to GS Docs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Version 9.0, September 09, 2019 (Spelling error correction in title)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Version 8.0, August 29, 2019 (Updated to reflect the name change of Standard & Poor's Investment Advisory
Services to GSAM Strategies Portfolios, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Version 7.0, August 20, 2019 (Updated to specify additional GSAM related entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Version 6.0, February 15, 2019 (Revision)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Version 5.0, January 17, 2018 (Typo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Version 4.0, May 10, 2017 (Entity change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Version 3.0, December 04, 2014 (Reviewed and reapproved w/o change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Version 2.0, March 13, 2012 (Revision of policy to address the ALGO entity.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Version 1.0, March 10, 2012 (New Document)

Publication Date: July 03, 2025 *For Internal Use Only* Page 18 of 18

## Exhibit 99.28

**EX-28.p.16** 

## NEUBERGER BERMAN

## CODE OF ETHICS

---

| | |
|:---|:---|
| **Last Updated:** | 31 January 2025 |
| **Policy Owner:** | NB Central Compliance |
| **Previous Versions:** | 16 January 2024 |
|  | 1 July 2023 |
|  | 13 January 2023 |
|  | 30 June 2022 |
|  | 31 March 2022 |
|  | 18 January 2022 |
|  | 26 January 2021 |
|  | January 2019 |
|  | January 2018 |
|  | January 2016 |
|  | January 2013 |
|  | May 2011 |

---

------

**CODE OF ETHICS** 

This Code of Ethics (the "Code") is adopted by the North-American based registered investment advisers (the "NB Advisers")<sup>1</sup> of Neuberger Berman Group LLC (the "Firm") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), the Neuberger Berman Group of Funds (the "NB Funds") and any NB Adviser that serves as investment adviser or sub-adviser to the NB Funds or other non-NB Funds (collectively, the "Funds") pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "Company Act").

Any questions relating to this document should be brought to the attention of your designated Chief Compliance Officer or the firm's Head of Compliance, Brad E. Cetron.

By accepting employment with the Firm, you have agreed to be bound by this Code of Ethics. On an annual basis you will be required to certify in writing your understanding of, and adherence to, this Code and your intention to comply with its requirements (including any amendments).

<sup>1</sup> Neuberger Berman Investment Advisers LLC ("NBIA"), NB Alternatives Advisers LLC ("NBAA"), Neuberger Berman Canada ULC ("NB Canada"), Neuberger Berman Loan Advisers LLC, Neuberger Berman Loan Advisers II LLC, Neuberger Berman Loan Advisers IV LLC, and Neuberger Berman BD LLC ("NBBD"). This Code also applies to Neuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A.

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**Table of Contents** 

---

| | | |
|:---|:---|:---|
| **Statement of General Principles** | **Statement of General Principles** | **4** |
| **A. General Prohibitions** | **A. General Prohibitions** | **5** |
| **B. Definitions** | **B. Definitions** | **5** |
| **C. Code Policies** | **C. Code Policies** | **11** |
| 1. | Covered Accounts | 11 |
| 2. | Initial Public Offerings | 11 |
| 3. | Information Barrier | 11 |
| 4. | Transactions in Restricted List Securities | 12 |
| 5. | Private Placements | 12 |
| 6. | Digital Assets | 12 |
| 7. | Dissemination of Client Information | 13 |
| 8. | Gifts and Entertainment | 13 |
| 9. | Related Issuer | 13 |
| 10. | Trading Opposite Clients | 13 |
| 11. | Service on a Board of Directors | 14 |
| 12. | Limitations on Short and Long Positions | 14 |
| 13. | Transactions in Shares of Funds | 15 |
| 14. | Transactions in Futures, Swaps, Forwards and Commodities | 15 |
| 15. | Transactions in Options and Warrants | 15 |
| 16. | Sanctions | 15 |
| 17. | Violations | 16 |
| **D. Reporting Requirements** | **D. Reporting Requirements** | **16** |
| 1. | Reports by Access Persons | 16 |
| 2. | Reports by Disinterested Directors/Trustees | 17 |
| 3. | Exceptions to Reporting Requirements | 18 |
| 4. | Notification of Reporting Obligations | 18 |
| **E. Code Procedures** | **E. Code Procedures** | **18** |
| 1. | Maintenance of Covered Accounts | 18 |
| 2. | Pre-Clearance of Securities Transactions | 19 |
| 3. | Blackout Period | 19 |
| 4. | Price Restitution | 20 |
| 5. | Holding Period | 21 |
| 6. | Code Procedures Monitoring | 23 |
| **F. NB Funds' Ethics and Compliance Committee** | **F. NB Funds' Ethics and Compliance Committee** | **23** |
| **G. Annual Report to the NB Funds' Board** | **G. Annual Report to the NB Funds' Board** | **23** |
| **H. Administration** | **H. Administration** | **23** |
| **I. Recordkeeping** | **I. Recordkeeping** | **24** |
| **EXHIBIT A - Applicability of Code Procedures to Temporary Access Persons** | **EXHIBIT A - Applicability of Code Procedures to Temporary Access Persons** | **26** |

---

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**Statement of General Principles** 

The Code is designed to ensure, among other things, that employees put Client interests first and conduct their activities in a manner consistent with applicable Federal Securities Laws. The following principles shall govern the personal investment activities of all individuals subject to this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Employees must at all times place the interests of Clients ahead of their personal interests - Client trades have priority over personal securities trades.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Personal securities transactions must be conducted in accordance with this Code and in such a manner as to avoid any actual, perceived or potential conflict of interest or abuse of an employee's position of trust and responsibility.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Employees should not take advantage of their position to benefit themselves at the expense of any Client.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **In personal securities investing, employees should follow a philosophy of investment rather than trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Employees must comply with applicable Federal Securities Laws.** 

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**A. General Prohibitions** 

No person associated with the NB Advisers or the Firm, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Client, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Employ any device, scheme or artifice to defraud any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Make any untrue statement of a material fact to any Client or omit to state to such Client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Engage in any manipulative practice with respect to any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Engage in any transaction in a security while in possession of material nonpublic information regarding the security or the issuer of the security; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Engage in any transaction intended to raise, lower, or maintain the price of any security or to create a false appearance of active trading.** 

**B. Definitions** 

The following words have the following meanings in this Code:

**Access Person** 

a. Any employee, officer, director of any NB Adviser or NB Fund (or any company controlled by the NB Advisers) and
their Immediate Family Members;

b. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business,
makes, participates in or obtains information regarding the purchase or sale of Covered Securities by any NB Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any
recommendation to the NB Fund regarding the purchase or sale of Covered Securities; and

c. Any temporary employee, consultant, contractor, intern or other person engaged by the Firm for a period of
ninety (90) days or more who performs advisory functions (i.e., provides investment advice) on behalf of any NB Adviser or NB Fund ("Temporary Access Person"). See Exhibit A for applicability of Code Procedures to Temporary Access
Persons.

**Advisory Person** 

An Access Person of the NB Advisers who, in connection with his or her regular functions or duties, makes, or participates in making, recommendations regarding the purchase or sale of Covered Securities by a Related Client. The determination as to whether an individual is an Advisory Person shall be made by the Legal and Compliance Department, taking into consideration the following roles and responsibilities: Portfolio Manager, Traders, Analysts (credit/research) and any member on

------

any of their respective teams, including administrative staff.

**Beneficial Interest** 

An employee has a Beneficial Interest in an account if they may profit or share in the profit from transactions. In general, a person is regarded as having direct or indirect Beneficial Interest in securities held in his or her name, as well as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the name of an Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in his or her name as trustee for himself or herself or for his or her Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in a trust in which he or she has a Beneficial Interest or is the settlor with a power to revoke;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by another person and he or she has a contract or an understanding with such person that the securities held in
that person's name are for his or her benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the form of acquisition rights of such security through the exercise of warrants, options, rights, or
conversion rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a partnership of which he or she is a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a corporation which he or she uses as a personal trading medium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a holding company which he or she controls; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other relationship in which a person would have beneficial ownership under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect Beneficial Interest shall apply to all securities which an Access
Person has or acquires.

Any employee who wishes to disclaim a Beneficial Interest in any securities must submit a written request to the Legal and Compliance Department explaining the reasons therefore. Any disclaimers granted by the Legal and Compliance Department must be made in writing. Without limiting the foregoing, if a disclaimer is granted to any employee with respect to an account of an Immediate Family Member, the provisions of this Code applicable to such employee shall not apply to the Immediate Family Member for which such disclaimer was granted. However, if the Immediate Family Member whose account was disclaimed is also an employee of an NB Adviser, the sections of this Code applicable to employees would still be applicable to the employee's Immediate Family Member.

**Blind Trust** 

A trust in which an Access Person has Beneficial Interest or is the settlor with a power to revoke, with respect to which the Legal and Compliance Department has determined that such Access Person has no direct or indirect influence or control over the selection or disposition of securities and no knowledge of transactions therein, provided, however, that direct or indirect influence or control of such trust is held by a person or entity not associated with the Firm and not a relative of such Access Person.

**Client** 

An investment advisory account, including, but not limited to, the Funds, other commingled investment vehicles and separate accounts for which any of the NB Advisers provides investment advice, management or exercises discretion.

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**"Control"** means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Generally, any person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company (Section 2(a)(9) of the Company Act).

**Covered Account** 

An account held in the name of an Access Person where the Access Person has, or is deemed to have, a Beneficial Interest, including investments held outside of an account over which an Access Person has physical control, such as a stock certificate.

**Covered Security** 

a. Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of
interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security,
fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on
the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing;

b. Shares of any Fund; and

c. Exchange Traded Funds and closed-end funds registered under the Company
Act.

The term Covered Security does not include:

a. Direct obligations of the Government of the United States, its territories or States or Related Securities
thereof, (including short term debt securities that are government securities within the meaning of the law);

b. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short- term debt
instruments including repurchase agreements; and

c. Shares issued by registered open-end investment companies for which any
NB Adviser does not act as investment adviser, sub-adviser or distributor provided such shares are held directly with the fund company in a mutual fund account and not in a third-party brokerage account unless
the Access Person has obtained prior written approval from the Legal and Compliance Department to maintain such account.

***De minimis* Restitution** 

Price restitutions that result in less than $2500 collectively (which may be updated from time to time) or where the gain to be received by each underlying Client account is less than $100.

**Digital Asset** 

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A "Digital Asset" is broadly defined as any digital representation of value which is recorded on a cryptographically secured distributed ledger technology (blockchain). Digital Assets include, but are not limited to, virtual currencies and cryptocurrency (including crypto tokens) and Stablecoins. A particular digital asset may or may not meet the definition of "security" under the federal securities laws. Any references herein to "Digital Assets" should be interpreted as encompassing all forms of digital assets such as Bitcoin, Ethereum, Ripple, and all other types of cryptocurrencies or crypto coins.

**Digital Asset Derivative** 

A Digital Asset Derivative is one whose value is based on or derived from the value of a Digital Asset such as options, futures and swaps on a Digital Asset.

**Disinterested Director/Trustee** 

A person who serves as director/trustee of an NB Fund and is not otherwise affiliated with an NB Fund.

**Domestic Partnership** 

An interpersonal relationship between two individuals who live together and share a common domestic life ("Domestic Partners").<sup>2</sup>

**Equity Advisory Person** 

Solely for Covered Accounts maintenance purposes, an Advisory Person who is a member of an equities portfolio management team or the Equity Research Department.

**Ethics and Compliance Committee** 

The Ethics and Compliance Committee of the NB Funds (except the NB Registered Private Equity Funds).

**Exchange Traded Fund** 

Unit investment trusts or open-ended investment companies registered under the Company Act that trade on a national stock exchange.

**Exempt Transactions** 

Transactions that may be exempt from certain provisions of the Code such as, pre-clearance, minimum holding period, or blackout periods. Exempt Transactions are not exempt from the general provisions of the Code including reporting requirements. The following have been defined as Exempt Transactions:

a. Transactions in Managed Accounts.

b. Transactions made automatically in accordance with a predetermined schedule and allocation, such as part of a
dividend reinvestment plan ("DRIP").

c. An involuntary purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of a
class of its securities, to the extent such rights were acquired from such issuer, and sales of rights so acquired.

<sup>2</sup> The above definition is being used solely for purposes of this Code of Ethics and should not be construed as the applicable definition for other purposes (e.g., employee benefits).

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d. The acquisition or disposition of securities through stock dividends, stock splits, reverse stock splits,
mergers, margin calls, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

e. Securities transactions effected in Blind Trusts.

f. A transaction by an NB Fund Disinterested Director/Trustee unless at the time of such transaction, the
Disinterested Fund Director/Trustee, knew or should have known that, during the fifteen calendar day period immediately preceding or, after the date of the transaction by the Disinterested Director/Trustee, such security was purchased or sold by the
NB Fund or was being considered for purchase or sale for Clients of the NB Adviser, provided that the foregoing does not apply if the Disinterested Fund Director/Trustee gains knowledge that such security was held by the NB Fund due to public
disclosure on the NB Fund's website of such holding.

g. Transactions in the following broad-based security indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average, Vanguard S&P 500 ETF (VOO), iShares Core S&P 500 ETF (IVV)<sup>3</sup>

h. Other transactions designated in writing by the Legal and Compliance Department.

**Federal Securities Laws** 

The Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Company Act, the Advisers Act, the Sarbanes-Oxley Act of 2002 (as applicable), Title V of the Gramm- Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to registered investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**Fund** 

Any investment company, and series thereof, registered under the Company Act for which any NB Adviser is the investment manager, investment adviser, sub-adviser, administrator or distributor.

**iCompliance** 

The Firm's proprietary employee compliance dashboard that facilitates the disclosure, reporting and monitoring of a number of key compliance requirements pursuant to the Firm's Code of Ethics and Code of Conduct.

**Immediate Family Member** 

a. An Access Person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, Domestic
Partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in- law (including adoptive relationships) who share the same household as the Access Person or to whom the employee provides material financial support; and

b. Any other relative or person who shares the same household as the Access Person or to whom the employee
provides material financial support and is deemed to be an Immediate Family Member by the Legal and Compliance Department.

**Legal and Compliance Department** 

<sup>3</sup> Transactions involving a futures contract or swap on the broad-based security indices are prohibited.

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The Neuberger Berman Legal and Compliance Department.

**Limited Access Person** 

An Access Person's Immediate Family Member who would otherwise be an Access Person but who is determined by the Legal and Compliance Department to be a Limited Access Person considering factors including, but not limited to, whether the Immediate Family Member shares the same household as the Access Person <u>and</u> is financially dependent on the Access Person.

**Limited Access Person Account** 

An account in the name of a Limited Access Person held at the Firm. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**Managed Account** 

A Covered Account where full control and investment discretion has been delegated pursuant to an investment advisory agreement that includes the payment of a management fee to: 1) an unrelated third-party investment manager, or 2) a Neuberger Berman portfolio management team of which the employee is not a member. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**NB Advisers** 

The Firm's North American-based investment advisers: Neuberger Berman Investment Advisers LLC, Neuberger Berman Canada ULC, Neuberger Berman BD LLC, NB Alternatives Advisers LLC, Neuberger Berman Loan Advisers LLC, Neuberger Berman Loan Advisers II LLC, Neuberger Berman Loan Advisers IV LLC, Neuberger Berman Trust Company N.A., and Neuberger Berman Trust Company of Delaware N.A.

**NB Closed-End Fund ("CEF") Insider** 

An Access Person who is a director, officer or principal stockholder (holder of more than 10% of a class of reportable securities) of any company that has a class of equity securities registered pursuant to Section 12 of the Exchange Act and is subject to beneficial ownership reporting obligations under Section 16. Obligations apply to all insiders of the closed-end funds ("NB CEF") as well as to NBIA and certain of its affiliated persons.

**NB Funds** 

The NB Group of Funds.

**Private Placement** 

An offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 under the Securities Act.

**Related Client** 

A Client account, including a proprietary account consisting of seed capital during the incubation period, for which an Advisory Person or the portfolio management team of which the Advisory Person is a member, has or is deemed to have, investment decision-making authority or is responsible for maintaining and/or reviewing information pertaining to the account.

------

**Related Issuer** 

An issuer with respect to which an Advisory Person or their Immediate Family Member: (i) has a material business relationship with such issuer or any promoter, underwriter, officer, director, or employee of such issuer; or (ii) is an Immediate Family Member of any officer, director or senior management employee of such issuer.

**Related Security** 

A Related Security is one whose value is based on or derived from the value of an underlying security, including convertible securities and derivative securities such as options, futures, swaps, and warrants.

**Security Held or to be Acquired by a Client** 

Any Covered Security (or Related Security) that within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or has been held by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being or has been considered by a NB Adviser for purchase by such Client.

**Trading Desk** 

The Neuberger Berman Trading Desk.

**C. Code Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Covered</u> <u> </u> <u>Accounts</u> 

Access Persons who are not Equity Advisory Persons are generally permitted to maintain their Covered Accounts at Neuberger Berman, or with prior approval from the Legal and Compliance Department, at Fidelity Investments ("Fidelity"). Equity Advisory Persons are required to maintain their Covered Accounts at Neuberger Berman.<sup>4</sup>

***Canadian Employees Only****.* Employees in Canada are required to maintain their Covered Accounts at RBC and to ensure that any accounts opened are added to the electronic feed between Neuberger Berman and RBC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Initial</u> <u> </u> <u>Public</u> <u> </u> <u>Offerings</u> 

Access Persons are generally prohibited from acquiring direct or indirect beneficial ownership of any equity security in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information</u> <u> </u> <u>Barrier</u> 

The Firm has adopted Information Barrier Policies and Procedures (the "Policy"). All Access Persons are required to be familiar with the Policy and shall certify, on an annual basis, that they have read, understood and complied with the requirements of this Code and the Policy.

<sup>4</sup> See Section E(1) for information related to Maintenance of Covered Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transactions</u> <u> </u> <u>in</u> <u> </u> <u>Restricted</u> <u> </u> <u>List</u> <u>Securities</u> <u> </u> 

Access Persons may obtain material non-public information ("MNPI") or establish special or "insider" relationships with one or more issuers of securities (e.g., the employee may become an officer or director of an issuer, a member of, or in discussions leading to the formation of, a creditor committee that engages in material negotiations with an issuer, and so forth). In such cases, the Access Person should keep in mind that they are subject to the Firm's Information Barrier Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Private</u> <u> </u> <u>Placements</u> 

Access Persons may not acquire direct or indirect Beneficial Interest in any Private Placement (also referred to as private securities transactions) without prior written approval from the Legal and Compliance Department and such other persons as may be required. Private Placements include, but are not limited to, any interest in a hedge fund, private equity vehicle or other similar private or limited offering investment.<sup>5</sup>

Approval of a Private Placement shall take into account, among other factors, whether: i) the investment opportunity should be reserved for a Client, and ii) the opportunity is being offered to the individual by virtue of his or her position with the Firm, the NB Adviser or his or her relationship with or to the Client or the issuer of the Private Placement. Additional capital investments (other than capital calls related to the initially approved investment) in a previously approved Private Placement require a new approval.

Advisory Persons who hold a previously approved Private Placement and are subsequently involved, or play a part in the consideration of the same Private Placement as an investment for a Related Client, must inform the Legal and Compliance Department of their personal investment (or their Immediate Family Member's investment). The decision to invest in the Private Placement for a Related Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

Access Persons' Private Placement redemptions are subject to review and approval by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Digital</u> <u>Assets</u> 

Access Persons transacting in Digital Assets are required to disclose their coin-exchange accounts ("Digital Assets Accounts")<sup>6</sup> and obtain prior approval for Digital Asset transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to the 60 calendar day holding period.

<sup>5</sup> Employees do not require pre-approval for private investments made through Employee Investment Solutions ("EIS"). The investments will be added to iCompliance on the employee's behalf. The employee remains responsible for ensuring that all their investments are accurately reflected in iCompliance.

<sup>6</sup> For example, Coinbase, Kraken, Robinhood, etc.

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*Same-Day Blackout Period*. An Advisory Person may not buy or sell a Digital Asset on a day during which a Related Client account executes a "buy" or "sell" order in the same Digital Asset or a Digital Asset Derivative. Purchases that occur on the same day will be required to be "broken." Any losses will be incurred by the Advisory Person and any gains (including gains disgorged from a sale on the same day) may be donated to a charitable organization designated by the Firm.

*Quarterly iCompliance Certification*. Within 30 days of each calendar quarter-end, Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital Assets transactions have complied with the required 60 calendar day holding period.

In addition, Advisory Persons who transact in Digital Assets for Related Client accounts are also required to provide evidence of any Digital Assets transactions executed during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Dissemination</u> <u> </u> <u>of</u> <u> </u> <u>Client</u> <u> </u> <u>Information</u> 

Access Persons are prohibited from revealing material information relating to current or anticipated investment intentions, portfolio transactions or activities of Client/Funds except to persons whose responsibilities require knowledge of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Gifts</u> <u> </u> <u>and</u> <u> </u> <u>Entertainment</u> 

The Firm has adopted the Gifts & Entertainment Policy and Procedures to which all employees are subject. Access Persons are required to obtain prior approval from their manager and the Legal and Compliance Department before giving or receiving any gift, to or from any Commercial Partner<sup>7</sup> and are also subject to the entertainment pre-approval and reporting thresholds provided in the Firm's policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Related</u> <u> </u> <u>Issuer</u> 

Advisory Persons are required to disclose to the Legal and Compliance Department when they play a part in any consideration of an investment by a Client in a Related Issuer. The decision to purchase securities of the Related Issuer for a Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Trading</u> <u> </u> <u>Opposite</u> <u> </u> <u>Clients</u> 

<sup>7</sup> As defined in the Gift & Entertainment Policy and Procedures.

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No Advisory Person or Advisory Person of a Fund may execute transactions in a Covered Security held in a Covered Account that would be on the opposite side of any trade in a Related Client account that was executed within 5 business days prior to the trade in the Covered Account ("Opposite Side Trade"). For example, if an Advisory Person executes a purchase of shares of Company XYZ on Monday, February 1st for a Related Client account(s), that Advisory Person and their team will be prohibited from executing a sale of shares of Company XYZ for their Covered Accounts between the time when the Related Client order was submitted on Monday, February 1st through the close of trading on Monday, February 8th.

Notwithstanding the foregoing, an Advisory Person or Advisory Person of a Fund (or their team member) may execute an Opposite Side Trade for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to capture a gain or loss for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Person or Advisory Person of a Fund sold the security for the Related Client account in order to
raise cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Person or Advisory Person of a Fund bought the security for the Related Client account as part of
the initial investment of the Related Client account or investments were made as a result of additional funds contributed to an existing Related Client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities transactions effected in Blind Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities transactions that are non-volitional on the part of the
Advisory Person or Advisory Person of a Fund. Non-volitional transactions include shares obtained or redeemed through a corporate action (e.g., stock dividend) or the exercise of rights issued by an issuer pro
rata to all holders of a class of securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other such exceptions as may be granted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Service</u> <u> </u> <u>on</u> <u> </u> <u>a</u> <u> </u> <u>Board</u> <u> </u> <u>of</u> <u> </u> <u>Directors</u> 

Access Persons are prohibited from serving on the board of directors of any public or private company without prior written approved from the Legal and Compliance Department, including positions undertaken as part of NB work-related responsibilities.<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Limitations</u> <u> </u> <u>on</u> <u> </u> <u>Short</u> <u> </u> <u>and</u> <u> </u> <u>Long</u> <u>Positions</u> 

Advisory Persons are not permitted to: a) sell short any security (or Related Security) that they hold or intend to hold for a Related Client; or b) buy a long position in a security (or Related Security) if they have or intend to create a short position in the same security for a Related Client. Notwithstanding the foregoing, certain types of transactions may be permitted with prior approval from the Legal and Compliance Department and the CIO (or designee), such as

<sup>8</sup> Request must be made through iCompliance by completing the Outside Affiliation request form. For positions held with outside companies in connection with an employee's NB work-related responsibilities, the submitter should select the appropriate choice indicating that the position is being undertaken as part of the employee's NB work-related responsibilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A purchase to cover an existing short position, except that if an Advisory Person intends to create a long
position for a Related Client in the same security, all Related Client transactions must be completed before the Advisory Person can cover their short position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A short sale against a broad-based index. Approved broad-based indices include the S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average. Any other broad-based index must be approved by the Legal and Compliance Department before engaging in any
short sales against such index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A short sale to hedge an existing security position provided the hedging activity is proportionate to the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any approvals granted under this section will not relieve the Advisory Person from being subject to Price
Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Transactions in Shares of Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All trading in shares of a Fund is subject to the terms of the prospectus and the Statement of Additional
Information of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No Access Person may engage in excessive trading, late trading or market timing in any shares of any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Transactions</u> <u> </u> <u>in</u> <u> </u> <u>Futures,</u> <u> </u> <u>Swaps,</u> <u>Forwards</u> <u> </u> <u>and</u> <u>Commodities</u> <u> </u> 

The Firm is subject to regulatory requirements mandating the monitoring of certain financial instruments positions held by client accounts, and in some cases, employee personal accounts. To minimize the regulatory risk to the Firm and ensure the focus is on required client monitoring, Access Persons are prohibited from entering into any transaction (long or short) involving a futures contract, swap, forward contract (including currency forwards), and commodities. Access Persons who join the Firm with such holdings must close out the positions at the earliest opportunity. Adding to, or rolling such positions is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Transactions</u> <u> </u> <u>in</u> <u> </u> <u>Options</u> <u> </u> <u>and</u> <u> </u> <u>Warrants</u> 

Access Persons are not permitted to enter into any transactions (long or short) involving the following:<sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stock options (options on a single-name equity or narrow-based index)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stock ETFs (ETFs where the underlying holding is a single-name stock) Transactions in options on
broad-based indices continue to be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Sanctions</u> 

The Firm shall have the authority to impose sanctions for violations of this Code. Such

<sup>9</sup> Effective July 1, 2023.

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sanctions may include a letter of censure, suspension or termination of the employment of the violator, forfeiture of profits, forfeiture of personal trading privileges, forfeiture of gifts, or any other penalty deemed to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Violations</u> 

Access Persons must report apparent or suspected violations in addition to actual or known violations of the Code to the Legal and Compliance Department. Access Persons are encouraged to seek advice from the Legal and Compliance Department with respect to any action or transaction which may violate this Code and to refrain from any action or transaction which might lead to the appearance of a violation. The types of reporting that are required under this Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fraud or illegal acts involving any aspect of the Firm's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material misstatements in regulatory filings, internal books and records, client records or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Activity that is harmful to clients, including fund investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deviations from required controls and procedures that safeguard clients and the Firm.

**D. Reporting Requirements<sup>10</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reports by Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All Access Persons must disclose their Covered Accounts within 10 calendar days of becoming an Access Person.
The initial holdings disclosure must include all Covered Accounts in which the Access Person has a direct or indirect Beneficial Interest. Access Persons may satisfy this requirement by providing copies of their account statements for all Covered
Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The information provided must be current as of a date no more than 45 days prior to the date the person became
an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Access Persons will be provided with a copy of the Code of Ethics and be required to acknowledge receipt of the
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Quarterly Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Within 30 days of the end of each calendar quarter, Access Persons must disclose

<sup>10</sup> All Code reporting disclosures are done through iCompliance.

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securities transactions in any Covered Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Interest that occurred during the previous quarter. For each transaction executed during the quarter, the following information must be provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• type of transaction (buy, sell, short, cover, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• name of security, exchange ticker, symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares, price and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the broker, dealer or bank with, or through which, the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest rate and maturity date (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The above requirement may be satisfied if information is being received by Neuberger Berman as stated in
Section D(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Annual Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On an annual basis, Access Persons must affirm that all Covered Accounts have been reported and are reflected
in iCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to certify that they have read, understand, and complied with the Code of Ethics
and the Information Barrier Policies and Procedures, and have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The information provided must be current as of a date no more than 45 days of the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. With respect to any Blind Trust in which an Access Person has a Beneficial Interest, such Access Person must
certify that they do not exert any direct or indirect influence or control over the trustee by: a) suggesting or directing any particular transactions in the account, or b) consulting with the trustee regarding the allocation of investments in the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. With respect to any Managed Account managed by a third-party, Access Persons must certify that they do not
exert any direct or indirect influence or control over the third-party manager by: a) suggesting or directing any particular transactions in the account, or b) consulting with the third-party manager regarding the allocation of investments in the
account.

2. Reports by Disinterested Directors/Trustees

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A director/trustee of a NB Fund who is not an "interested person" of the NB Fund within the meaning of section 2(a)(19) of the Company Act, and who would be required to make a report solely by reason of being a NB Fund director/trustee, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An initial holdings disclosure and annual holdings disclosure under Section D(1)(a) and (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A quarterly transactions disclosure under Section D(1)(b) above, unless the director/trustee knew or, in the
ordinary course of fulfilling their official duties as a NB Fund director/trustee, should have known that during the 15-day period immediately before or after the director/trustee's transaction in a
Covered Security, the NB Fund purchased or sold the Covered Security, or the NB Fund or its investment adviser considered purchasing or selling the Covered Security, provided that the foregoing does not apply if the Disinterested Fund
Director/Trustee gains knowledge that such security was held by the NB Fund due to public disclosure on the NB Fund's website of such holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Reporting Requirements

With regards to Section D(1)(b), Access Persons need not disclose holdings if such disclosure would duplicate information contained in trade confirmations or account statements (including electronic feeds of such information) received by Neuberger Berman. For purposes of the foregoing, the Legal and Compliance Department maintains (i) electronic records of all securities transactions effected through Neuberger Berman and Fidelity, and (ii) copies of any duplicate confirmations or electronic feeds that have been received by the Legal and Compliance Department with respect to securities transactions that, pursuant to exceptions granted by the Legal and Compliance Department, have not been effected through Neuberger Berman or Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notification of Reporting Obligations

The Legal and Compliance Department shall identify all Access Persons who are required to make reports under the Code and inform them of their reporting obligations.

**E. Code Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintenance of Covered Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General Rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons who are not Equity Advisory Persons may maintain their Covered Accounts at Neuberger Berman, or
with <u>prior written approval from the Legal and</u> <u>Compliance Department</u>, at Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Equity Advisory Persons are required to maintain their Covered Accounts at Neuberger Berman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Limited Access Persons are not required to keep their securities accounts at Neuberger

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Berman or Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions to Maintenance of Covered Accounts at Neuberger Berman or Fidelity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Managed Accounts. Any Access Person granted approval to maintain an external Managed Account is required to
direct the third-party manager to provide duplicate copies of all trade confirmations, as well as copies of account statements to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. DRIPs established directly with the issuer that have been approved by the Legal and Compliance Department and
for which duplicate copies of confirmations and periodic statements are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Other accounts as may be permitted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-Clearance of Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons are required to pre-clear transactions in Covered
Accounts not maintained at Neuberger Berman by submitting a pre-clearance request in iCompliance that is compared with the Firm's Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Legal and Compliance Department reviews transactions for required trade pre-clearance and all transactions are subject to the Price Restitution review, subject to certain exceptions (see section E(4)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Equity Research Personnel

Advisory Persons who are members of the Firm's Equity Research Department are subject to additional pre-approval requirements for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. NB CEF Insiders

Access Persons who are NB CEF Insiders must obtain prior approval from mutual fund compliance before placing any transactions in the NB CEFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions from Pre-Clearance Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Other securities designated in writing by the Legal and Compliance Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blackout Period

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same Day – Advisory Persons of a Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. An Advisory Person of a Fund may not buy or sell a Covered Security (or a Related Security) on a day during
which any Related Client executes either a "buy" or "sell" order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases that occur within the Same Day Blackout Period will be required to be "broken." Any
losses will be incurred by the Covered Account and any gains (including gains disgorged from a sale within the Same Day Blackout Period) may be donated to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Certain Limited Access Person Accounts may be subject to the Same Day Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Research Personnel

Advisory Persons who are members of the Firm's Equity Research Department may be subject to a blackout period for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Access Person purchases or sells a Covered Security in a Covered Account and a Client purchases or sells
the same security during the same day, the Access Person may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Limited Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Advisory Person related to a Limited Access Person purchases or sells a Covered Security in the Limited
Access Person Account and such Advisory Person purchases or sells the same security during the same day for a Related Client, the Limited Access Person Account may not receive a more favorable price than that received by the Related Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, a "purchase" includes a long buy, as well as a cover short, and a
"sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Five(5)/One(1) Day Price Restitution – Advisory Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If an Advisory Person purchases or sells a Covered Security within five (5) business

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days prior, or one (1) business day subsequent to a Related Client ("5/1 Price Restitution"), the Advisory Person may not receive a more favorable price than that received by the Related Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Certain Limited Access Person Accounts may be subject to the 5/1 Price Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, a "purchase" includes a long buy, as well as a cover short, and a
"sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Price Restitution Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Price restitution will generally be executed when there is a total gain of at least $2500 (which may be updated
from time to time) from the difference in price received by the Access Person vs. the Related Client(s), and a gain of at least $100 (which may be updated from time to time) to each underlying Client Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to the Funds, the Legal and Compliance Department reserves the right to review the individual
restitutions below $2500 and may require payment of these amounts if facts and circumstances warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Where restitution is required, preference shall be to provide the economic benefit to Clients where
operationally, contractually or legally permitted. Where otherwise not feasible or permitted, restitution may be made by transfer, wire or check and shall be remitted to the Firm for donation to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions to Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *De minimis* Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions in non-Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Transactions arising through hedged options trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Transactions in the Firm's retirement contribution program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Certain transactions related to the initial investment of a Related Client account or investments made as a
result of additional funds contributed to an existing Related Client account communicated to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Other exceptions designated in writing by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Holding Period

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Sixty (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All securities positions, including both long and short positions, established in any Covered Account must be
held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to hold shares of any Fund for at least 60 calendar days. After the holding period
has lapsed, Fund shares may be redeemed or exchanged; however, the redemption or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The holding period begins on the day of the transaction and is measured on a last-in, first-out ("LIFO") basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions to the Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions in Managed Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. U.S. Treasury obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Bona fide hedging transactions, identified as such to the Legal and Compliance Department prior to execution,
on the following broad-based indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Positions where at time of order entry, there is an expected loss of at least 10%. **This exception does not apply to losses on options.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding the foregoing, on a limited basis and with the prior approval of the Legal and Compliance
Department and CIO (or designee), shares that have been held for at least one year may be sold even if additional shares of the same security were purchased in the last 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The 60-day holding period for Funds shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable and tax-exempt money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuity contracts for which a Fund does not serve as the underlying investment vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of an investment company that are purchased through an automatic investment program or payroll deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The above exceptions shall not apply if, in the opinion of the Legal and Compliance Department, a pattern of
excessive trading exists.

Any requests for exceptions to the holding period must be submitted to the Legal and Compliance Department.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Code Procedures Monitoring

The Legal and Compliance Department will conduct post-trade monitoring of employee trades to ascertain that such trading conforms to the procedures above, and where required, that employees have obtained the necessary pre-trade approvals as may be applicable.

**F. NB Funds' Ethics and Compliance Committee<sup>11</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Ethics and Compliance Committee shall be composed of at least two members who shall be Disinterested
Director/Trustees selected by the Board of Directors/Trustees of the Company/Trust (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Ethics and Compliance Committee shall consult regularly with the Legal and Compliance Department and/or the
NB Funds Chief Compliance Officer and either the Committee or the Board shall meet no less frequently than annually with the Legal and Compliance Department and/or the NB Funds Chief Compliance Officer regarding the implementation of this Code. The
Legal and Compliance Department shall provide the Ethics and Compliance Committee with such reports as are required herein or as are requested by the Ethics and Compliance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On a quarterly basis, i) the NB Funds' Chief Compliance Officer reviews with the Ethics and Compliance
Committee violations of the Code, if any, and ii) the Chief Compliance Officers of NBIA and NBBD provide certifications to the NB Funds' Board with respect to whether there were any material violations of the Code.

**G. Annual Report to the NB Funds' Board** 

No less frequently than annually and concurrently with reports to the Board, the NB Funds Chief Compliance Officer shall furnish to the Funds, and the Board must consider a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes any issues arising under this Code or procedures concerning personal investing since the last such
report, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies that NBIA, the NB Funds or any NB Adviser, as applicable, have adopted procedures reasonably necessary
to prevent Access Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies any recommended changes in existing restrictions or procedures based upon the fund's experience
under the Code, evolving industry practices, or developments in applicable laws or regulations.

**H.** **Administration** 

<sup>11</sup> The Ethics and Compliance Committee is a committee for all the NB Funds except the NB Registered Private Equity Funds. On a quarterly basis, the NB Funds' Chief Compliance Officer reviews with the Board of Directors/Trustees of the NB Registered Private Equity Funds ("PE Funds Board") violations of the Code, if any; and on a quarterly basis the Chief Compliance Officers of NBIA, NBAA and NBBD provide certifications to the PE Funds' Board with respect to whether there were any material violations of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Access Persons must be presented with a copy of this Code of Ethics upon commencement of employment and any
amendments thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Access Persons are required to read this Code of Ethics and to acknowledge in writing that they have read,
understood and agreed to abide by this Code of Ethics, upon commencement of employment and on an annual basis thereafter. In addition, Access Persons are required to read and understand any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Access Persons are required to provide a list of their Covered Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons who violate the rules of this Code of Ethics are subject to sanctions, which may include
censure, suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing contained in this Code of Ethics shall be interpreted as relieving any Covered Account from acting in
accordance with the provisions of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If any Access Person has any question with regard to the applicability of the provisions of this Code of Ethics
generally or with regard to any securities transaction, he or she should consult with the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Legal and Compliance Department may grant exceptions to the requirements of this Code based upon individual
facts and circumstances. Exceptions granted will be documented and retained in accordance with record-keeping requirements. Exceptions will not serve as precedent for additional exceptions, even under similar circumstances.

**I. Recordkeeping** 

The Firm shall maintain the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code of Ethics and any Code of Ethics that has been in effect within the previous five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any record of any violation of this Code of Ethics and any action taken as a result of the violation. These
records shall be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person as required by this Code of Ethics, including any information
provided in lieu of the monthly reports. These records shall be maintained for at least five years after the end of the fiscal year in which the report is made or the information provided, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A record of all persons, currently or within the past five years, who are or were required to make reports
under this Code of Ethics, or who are or were responsible for reviewing these reports. These records shall be maintained in an easily accessible place.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each decision to approve an acquisition by an Access Person of any Private Placement. These records
must be maintained for at least five years after the end of the fiscal year in which the approval is granted.

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**EXHIBIT A** 

**Applicability of Code Procedures to Temporary Access Persons** 

This section describes the requirements under the Code procedures applicable to Temporary Access Persons who will be engaged by the Firm for ninety (90) days or more and will perform advisory functions (i.e., provide investment advice) on behalf of any NB Adviser or NB Fund. **The Legal and Compliance Department reserves the right to treat persons who the Firm will engage for less than ninety (90) days as Temporary Access Persons if it deems so appropriate.** Absent specific mention in this section, Temporary Access Persons are subject to all other provisions of the Code.

**C.8. Gifts and Entertainment and Anti-Corruption** 

Temporary Access Persons are required to comply with the firm's Global Anti-Corruption Policy and Gifts & Entertainment Policy and Procedures. These policies include prohibitions on certain activities that could be seen as bribery (such as cash gifts to Commercial Partners) and contain other limits and restrictions on the provision or receipt of gifts and entertainment based on applicable law and internal policies. A copy of these policies may be obtained from NB Connect or from Human Capital Management and should be reviewed before providing any gifts and entertainment to, or receiving any gifts and entertainment from, any Neuberger Berman Commercial Partner. Please reach out to Human Capital Management if you have any questions.

**C.17. Political Activities** 

Temporary Access Persons who are U.S. or Canadian Citizens or Permanent Residents may be required to comply with the firm's Political Activity Policy. The policy may be obtained from NB Connect or from Human Capital Management and requires prior approval for political activities, including, but not limited to political contributions. Prior to engaging in any political activity, Temporary Access Persons should review the policy for required actions. Please reach out to Human Capital Management if you have any questions.

**D.1. Reporting Requirements – Temporary Access Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All Temporary Access Persons must disclose their Covered Accounts within 10 calendar days of becoming a
Temporary Access Person. The initial holdings disclosure must include all Covered Accounts in which the Temporary Access Person has a direct or indirect Beneficial Interest. Temporary Access Persons may satisfy this requirement by providing copies
of their account statements for all Covered Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The information provided must be current as of a date no more than 45 days prior to the date the person became
an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Temporary Access Persons will be provided with a copy of the Code of Ethics and be required to acknowledge
receipt of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ongoing Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Temporary Access Persons must provide the Legal and Compliance Department with duplicate statements of all
Covered Accounts disclosed, on a monthly basis (or quarterly, as may be applicable) for their duration at the Firm.

**E.1. Maintenance of Covered Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons are not required to hold their Covered Accounts at Neuberger Berman, but must either
1) direct their broker, adviser or trustee, as applicable, to provide duplicate copies of all trade confirmations, as well as copies of account statements to the Legal and Compliance Department for their duration at the Firm, or 2) provide copies of
their trade confirmations and account statements to the Legal and Compliance Department.

**E.2. Pre-Clearance of Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons are required to pre-clear transactions in
Covered Accounts by submitting a pre-clearance request in iCompliance.

**E.3. Same-Day Blackout Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Temporary Access Person of a Fund may not buy or sell a Covered Security (or Related Security) on a day
during which any Related Client executes either a "buy" or "sell" order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases that occur within the Same Day Blackout Period will be required to be "broken." Any
losses will be incurred by the Covered Account and any gains (including gains disgorged from a sale within the Same Day Blackout Period) may be donated to a charitable organization designated by the Firm.

**E.4. Price Restitution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Same Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Temporary Access Person purchases or sells a Covered Security in a Covered Account and a Client purchases
or sells the same security during the same day, the Temporary Access Person may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Five(5)/One(1) Day Price Restitution<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Temporary Access Person purchases or sells a Covered Security within five (5) business days prior, or
one (1) business day subsequent to a Related Client ("5/1 Price

<sup>12</sup> Applicable only if the Temporary Access Person is part of a portfolio management team or is otherwise involved in investment-related activities.

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Restitution"), the Temporary Access Person may not receive a more favorable price than that received by the Related Client.

**E.5. Holding Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sixty (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All securities positions, including both long and short positions, established in any Covered Account must be
held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Temporary Access Persons are required to hold shares of any Fund for at least 60 calendar days. After the
holding period has lapsed, Fund shares may be redeemed or exchanged; however, the redemption or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The holding period begins on the day of the transaction and is measured on a last-in, first-out ("LIFO") basis.

**E.6. Digital Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons transacting in Digital Assets are required to disclose their Digital Assets Accounts
in iCompliance and pre-clear Digital

Assets transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to the 60 calendar day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Within 30 days of each calendar quarter-end, Temporary Access Persons
are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital Assets transactions have complied with the required 60 calendar day holding period.

## Exhibit 99.28

**EX-28.p.17** 

LOS ANGELES CAPITAL MANAGEMENT LLC

CODE OF ETHICS

May 30, 2025

**<u>Definitions</u>** 

**Access Persons.** Any Supervised Person who has access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of a ***Reportable Fund***; or who is involved in the investment decision making process for a client, or who has access to such investment decisions for a client. All directors, officers, and partners are presumed to be Access Persons as the Firm's primary business is providing investment advice. Each employee of the Firm is considered an Access Person unless otherwise exempted by Los Angeles Capital's Approving Officers.

**Approving Officers.** Chief Compliance Officer in conjunction with any of the following: Senior Counsel, CEO, or Chairman.

**Automatic Investment Plan.** A program in which regular periodic purchases or withdrawals are made automatically in to or from Investment Accounts in accordance with a pre-determined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Ownership**. Generally speaking, beneficial ownership encompasses those situations where the beneficial owner has the right to enjoy some economic benefit from the ownership of the security or can obtain ownership of the securities immediately or within 60 days or can vote or dispose of the securities. A person is normally regarded as the beneficial owner of securities held in such person's living trust or securities held in the name of his or her spouse or minor children living in his or her household.

**Closed End Fund.** A fund which does not continuously offer their shares for sale, but rather, sells a fixed number of shares at one time (in an Initial Public Offering), after which the shares typically trade on a secondary market. The price is determined by the market and may be greater or less than the shares' net asset value.

**Compliance System*.*** Third-party compliance software/system used by Los Angeles Capital to record certifications and monitor activities including, but not limited to, employee and/or Access Persons' personal trading, conflicts of interest, outside business interests, gifts and entertainment, etc. The Compliance System may be accessed via the Firm's intranet, "In the Loop" on the Compliance home page.

**Foreign Official.** Includes governmental officials, political party leaders, candidates for office, employees of state-owned enterprises (such as state-owned banks or pension plans), and relatives or agents of such persons where if a payment is made to such relative or agent it is with the knowledge or intent that it ultimately would benefit the Foreign Official.

**Initial Public Offering (IPO).** An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of sections 13 and 15 of the Securities Exchange Act of 1934.

**Investment Account.** An Investment Account is considered any personal brokerage account or retirement account capable of holding a security and where the Access Person has Beneficial Ownership or direct or indirect influence or control.

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**Limited Offering**. An offering made to a few select individuals that is exempt from registration under the Securities Act of 1933 (e.g., hedge funds, private placements, etc.).

**Non-Discretionary Account.** An account over which the Access Person has no direct or indirect influence or control.

**Outside Business Interest.** Any significant business interest in, or an outside position with, an entity not owned or controlled by the Firm.

**Outside Entity.** Any entity (including non-profits) unaffiliated with the Firm, whether publicly or privately held. This may also include unincorporated businesses or self-employment, including family or private businesses. An Outside Entity does NOT include local community organizations such as local churches, homeowners' associations, clubs, or local charities.

**Reportable Fund.** Any fund for which Los Angeles Capital serves as an investment adviser or sub-adviser.

**Reportable Security.** Any security as defined in Section 202(a)(18) of the Act, except that it does NOT include: (i) direct obligations of the Government of the United States; (ii) Bankers' acceptances, back certificates of deposit, commercial paper and high quality short term debt instruments, including repurchase agreements, (iii) shares issued by money market funds; (iv) Shares issued by open-end funds other than ***Reportable Funds***; and (v) Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are ***Reportable Funds***.

**Supervised Person.** Director, officer, partner, or other person occupying similar status or performing similar functions, an employee of the Firm, and any other person who provides advice on behalf of the adviser and is subject to the adviser's supervision and control.

**<u>Introduction</u>** 

This Code of Ethics (the "Code") establishes the rules of conduct for Los Angeles Capital Management LLC ("Los Angeles Capital"), LACM GP LLC and LACM Global, Ltd. (collectively, "the Firm") under Section 204 and Rule 204A-1 of the Investment Advisers Act of 1940, Rule 17j-1 of the Investment Company Act of 1940, and the Financial Conduct Authority Principles for Business and Conduct of Business.

**<u>Scope of the Code</u>** 

The Code applies to all employees, directors, and officers of the Firm with the exception of the Personal Trading Policy section. The Personal Trading Policy section only applies to individuals that are deemed to be Access Persons. The activities of the Firm and its personnel are governed by the rules and regulations under the Advisers Act and similar Federal and State rules.

**<u>General Principles</u>** 

The Firm acts as a fiduciary to its clients and investors ("client(s)") and therefore has an affirmative duty of care, loyalty, honesty, and good faith to act in clients' best interests. The Firm's personnel have an obligation to uphold these duties and to act with professional integrity and good judgement. At a minimum, the Firm and its employees must conduct themselves in accordance with the following principles at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You must place the interests of clients before yourself and the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You must conduct business with integrity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You must comply with applicable securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You must act in a professional and ethical manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. You have a duty to act with skill, competence, and diligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. You have a duty to communicate with clients in a timely and accurate manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. You must conduct all personal securities transactions in such a manner as to be consistent with the Code and to avoid
any actual or potential conflict of interest or any abuse of an employee's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. You must adequately protect client assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. You must take reasonable care to organize and control the Firm's affairs responsibly and effectively, with
adequate risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. You must adhere to the fundamental standard that investment advisory personnel do not take inappropriate advantage of
their positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. You must adhere to the principle that information concerning the identity of security holdings and financial
information of clients is confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Decisions affecting clients are to be made with the goal of providing suitable advice and equitable and fair treatment
among clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Communications with clients or prospective clients should be candid and fulsome. They should be true and complete and
not mislead or misrepresent. This applies to all marketing and promotional materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. You must adhere to the principle that independence and objectivity in the investment decision making process is
paramount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. You must report any violations of the Code to Los Angeles Capital's Chief Compliance Officer
("CCO"). If it would not be appropriate to report to the CCO, then violations should be brought to the attention of Los Angeles Capital's General Counsel.

All employees must comply with applicable federal securities laws and Firm policies issued from time to time, and, as an SEC registered adviser, the Firm and its employees are prohibited from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employing a device, scheme, or artifice that would defraud an investment advisory client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Making to a client or potential client any untrue statement of a material fact or omitting a material fact necessary
in order to make the statements made not misleading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engaging in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a
client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Engaging in a manipulative practice with respect to a client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Engaging in any manipulative practice with respect to securities, including price manipulation, acting on or spreading
false market rumors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Making use of any information that an employee may have become aware of by virtue of his/her relationship with a
client organization. Employees may not conduct a transaction while aware of such "inside information" if the information is indeed non-public in nature and comes about through dialogue and/or
interaction with an official at a publicly traded organization.<sup>1</sup>

**<u>Standards of Business Conduct</u>** 

**Conflicts of Interest** 

The Firm recognises that, from time to time, a conflict of interest may arise between its own interests and those of a client. The Firm requires that its clients' interests take precedence and that its employees and Access Persons disregard any other relationship, arrangement, material interest, or conflict of interest which may serve to influence, or appear to influence, the Firm's discretionary management.

<sup>1</sup> Refer to Los Angeles Capital's Insider Trading Policy for further information.

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From time to time the Firm may have an interest or relationship to a transaction that either gives, or may give, rise to a conflict of interest. As a fiduciary, the Firm must not knowingly advise or deal in the exercise of discretion in relation to that transaction unless reasonable steps are taken to manage the conflict of interest to avoid impairment of that transaction. Where the Firm faces a material conflict as to a client that the Firm is unable to manage, this fact must be disclosed to the client(s) concerned.

All conflicts and potential conflicts of interest, including interest in a transaction, should be reported by employees to Los Angeles Capital's Compliance department via the Compliance System upon hire or upon entering into any such relationship, whichever may come first. Each reported conflict will be examined by a member of the Compliance department or the General Counsel to determine whether a conflict exists and determine the appropriate measures to be taken to avoid or manage the conflict. These measures may include the implementation of appropriate information barriers or other procedures to isolate the involved personnel from investment-making decisions regarding the securities of, or transactions with, an issuer.

In determining whether a conflict of interest exists, the Firm must specifically take into account whether the Firm or an employee: (i) is likely to make a financial gain or avoid a financial loss at the expense of the client; (ii) has an interest in the outcome of the service provided to the client, or the transaction carried out on behalf of a client, which is distinct from the client's interest in that outcome; (iii) carries on the same business as the client; or (iv) receives, or will receive, from a person other than the client, an inducement in relation to a service provided to the client in the form of monies, goods, or services, other than the standard commission or fee for that service. The following list includes, but is not limited to, possible conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Immediate family member is employed by a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o broker-dealer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o publicly traded company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o critical service provider (see Compliance for a full list of Critical Service Providers)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o regulatory agency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o investment adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee or family member serves on the board of directors or committee of any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any material,  ***Beneficial Ownership*** or interest in any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executorship, trusteeship, or power of attorney privileges other than with respect to a family member.

Record of Conflicts

As its principal mechanism for identifying, managing, monitoring, and mitigating conflicts of interest, the Firm maintains a record of identified and reported conflicts of interests, which itemizes conflicts, mitigating controls, and responsibilities.

Identified material conflicts are disclosed to clients in Los Angeles Capital's Form ADV Part 2A.

**Outside Business Interest** 

The Firm permits employees to maintain ***Outside Business Interests*** as long as the Outside Business Interest does not: (i) create an actual or potential conflict of interest for the Firm; (ii) interfere with the employee's duties to the Firm and its clients; or (iii) jeopardize the business or reputation of the Firm. Outside Business Interests include a wide range of endeavors, including but not limited to employment with an unaffiliated company, acting as an independent contractor or consultant, ownership in an unrelated business, or serving as a director or officer of any Outside Entity.

Employees should not hold any part-time or secondary position with any ***Outside Entity*** that may create an actual or potential conflict of interest with the duties the employee performs for the Firm, regardless of

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whether the employee is compensated or not. A position with an Outside Entity is considered an Outside Business Interest.

**Employees may not engage in Outside Business Interests without prior approval from their supervisor, the CCO, General Counsel, and the CEO.** A request to engage in or undertake an Outside Business Interest must be submitted via the Compliance System. See Compliance for more information.

No Firm employee may accept an appointment as an executor, trustee, guardian, conservator, general partner, or other fiduciary, or any appointment as a consultant in connection with fiduciary or active money management matters, without obtaining prior approval from Los Angeles Capital's CCO. Securities trading by employees in any fiduciary capacity is subject to the Firm's Personal Trading Procedures.

Approval of an Outside Business Interest will be subject to the implementation of procedures to safeguard against potential conflicts of interest, such as establishing information barriers, placing securities of the Outside Business on the Firm's restricted list, or recusing yourself if the Outside Business ever considers doing business with the Firm. Approval may be withdrawn at any time if the Firm's senior management concludes that withdrawal is in the Firm or its clients' best interests. Employees must provide Compliance with prompt notification any time a previously approved Outside Business Interest changes or the employee becomes aware of a conflict of interest relating to the activity. It is possible that the employee may be required to discontinue the previously approved activity.

See Compliance if you are unsure of your reporting obligations.

**Disciplinary Events** 

All employees are required to promptly notify Los Angeles Capital's CCO of any disciplinary history upon hire and in the event of notice of or commencement of any regulatory, legal, or disciplinary action even if such action relates to your prior employment. The CCO is responsible for determining whether the information is material and must be reported to regulators and/or clients.

**Prohibited Activities** 

Employees are prohibited from all of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using or sharing knowledge about pending, currently considered, or recent securities transactions of clients to profit
personally, directly or indirectly, as a result of such transaction, including purchasing or selling such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing to other persons any information about a client and/or former clients, including financial circumstances,
security holdings, identity (unless the client has previously consented to the circumstances of the disclosure), and any advice furnished by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Borrowing from clients or providers of goods or services with whom the Firm deals, except those who engage in lending in
the usual course of business and then only on terms offered to others in similar circumstances, without special treatment. This prohibition does not preclude borrowing from individuals related to you by blood or marriage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Giving advice to clients that may be interpreted as giving legal advice. All questions in this area should be referred
to Los Angeles Capital's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Giving clients advice on tax matters, the preparation of tax returns, or investment decisions, with the exception of
situations that may be appropriate in the performance of an official fiduciary or advisory responsibility, or as otherwise required in the ordinary course of your duties.

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**<u>Gifts and Entertainment</u>** 

A conflict of interest may occur when an employee's personal interests interfere or potentially interfere with responsibilities to the Firm or its clients. The overriding principle is to eliminate any conflict of interest. Accordingly, employees should not solicit, give, or accept inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could be viewed as overly generous, aimed at influencing decision-making, or making either party feel beholden to a person or a company or that in any manner would conflict with the best interests of the Firm or its clients.

**Limits to Gifts and Entertainment Received by Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No employee may receive any gift, service, or other thing valued greater than $100 in aggregate (a "Prohibited
Gift") from any person or entity that does or hopes to do business with the Firm or an affiliate of the Firm within a calendar year. Receiving cash gifts is prohibited. Los Angeles Capital's CCO is authorized to make a final
determination as to whether the thing of value should be considered a Prohibited Gift within the context of the Code's principles and may approve or deny requests to be able to accept any gift. An example of something that would not be
considered a Prohibited Gift would be receipt of free admission to a conference hosted by one of the Firm's current vendors or service providers which is also provided to other clients at no charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No employee may accept extravagant or excessive entertainment from a client, prospective client, or any other person or
entity that does or hopes to do business with the Firm or an affiliate of the Firm.<sup>2</sup> Employees may accept a business entertainment event, such as dinner or a sporting event, of reasonable value,
if the person or entity providing the entertainment (i) is present; (ii) the entertainment is not provided as part of a quid pro quo arrangement; and (iii) the entertainment does not create a conflict of interest in relation to any
client account.

**Limits to Gifts and Entertainment Given by Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No employee may give or offer to give any gift, service, entertainment, or other thing of value to employees,
affiliates, or representatives of entities appearing on the LACM Restricted Entities List.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Except as prohibited above, no employee may give or offer to give any gift, service, or other thing valued greater than
$100 in aggregate within a calendar year to existing clients, prospective clients, or any other person or entity that does or hopes to do business with the Firm or an affiliate of the Firm, including brokers and service providers, without the prior
consent of Los Angeles Capital's Compliance department. Cash gifts of any amount are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>There are more restrictive rules and limitations for gifts and entertainment provided to individuals associated with or employed by certain state or local government plans, ERISA plans, unions and union officials, and</u>  ***<u>Foreign Officials</u>*** <u>. Please contact Compliance regarding specific gift giving limitations prior to giving any gifts to such persons.</u> Please note that for some clients or prospects entertainment and gifts may be required to be reported to a third party and could reflect unfavorably on the Firm or disqualify the Firm from being able to provide management
services in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o State and local governments increasingly limit or prohibit gifts and entertainment to the employees, officers, board
members, and consultants of their pension and other investing funds. Some prohibit providing anything of value, including any food, whether provided at a Firm facility or event or elsewhere, or transportation to and from airports by cab or private

<sup>2</sup> Entertainment provided by a broker/dealer is subject to stricter requirements. Please refer to the section on Broker/Dealer Entertainment for more information.

<sup>3</sup> The LACM Restricted Entities List is available via the Compliance System.

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car. Failure to comply with these requirements by the Firm or its employees can lead to disqualification of the Firm from managing assets for the client, loss of management fees, sanctions, or other penalties. Please see Compliance regarding specific gift and entertainment limitations for such persons. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gifts and contributions to elected political officials and candidates for political office are covered by special
rules. See the Firm's Pay to Play Policy, a copy of which is posted on the Compliance home page of the intranet, "In the Loop".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No employee may provide extravagant or excessive entertainment to a client, prospective client, or any other person or
entity that does or hopes to do business with the Firm or its affiliates. Employees may provide a business entertainment event, such as dinner or a sporting event, of reasonable value, if the person or entity providing the entertainment is present
and it is incidental to the performance of the Firm's business.

**Broker/Dealer Entertainment** 

All employees are required to obtain pre-clearance from Compliance prior to accepting any ***entertainment from a broker/dealer*** by submitting a Broker Entertainment Request via the Compliance System. Each Firm attendee/representative must submit a separate request to cover his or her participation only. Pre-clearance approval cannot be granted by the same individual seeking pre-clearance. All Broker Entertainment Requests must be submitted to the Compliance department in advance of the event.

**Pre-Clearing and Reporting Gifts and Entertainment** 

Regardless of value or giver, ***<u>all</u>*** gifts and entertainment received are required to be logged in to the Compliance System. You are advised to seek pre-approval if you are not certain whether the entertainment would be considered excessive, if you are providing a gift or entertainment to a government fund/pension plan, Union or Union Official, or ERISA fiduciary, or if you cannot judge whether a gift has a value over $100. If any unapproved gift is received, the recipient should either reject the gift, give the gift to Compliance who will return the gift to the giver, or if returning the gift would harm relations with the giver, Compliance will donate the gift to charity.

**<u>Personal Trading Policy</u>** 

**Scope of Personal Trading Policy** 

**The Personal Trading Policy portion of the Code is only applicable to *Access Persons*. Every director, officer, and employee of the Firm is considered an *Access Person,* unless otherwise exempted by Los Angeles Capital's *Approving Officers*.** Consultants, interns, or other temporary or leased employees may be considered an *Access Person* depending on certain factors such as length of service, nature of duties, and access to the Firm's information. Such persons will be notified if they are NOT considered to be an Access Person.

Related Parties of Access Persons

Certain Related Parties to Access Persons are subject to the specific reporting requirements detailed in the *Personal Trading Procedures* section.

**Personal Trading Procedures** 

The Firm adopted the following Personal Trading Procedures that must be followed by all Access Persons and their Related Parties where applicable. In certain circumstances, and in its discretion, Compliance may prohibit an Access Person from engaging in any personal trading activity and will communicate such

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prohibition or other limitations to the Access Person at hire or at the time of effect. Restrictions on personal trading do not relieve an Access Person of any reporting requirements set forth by the Code.<sup>4</sup>

Disclosure of Personal Accounts and Security Holdings

Each Access Person must disclose via the Compliance System all Investment Accounts and directly held Reportable Securities where the Access Person or a Related Party has direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within 10 days of being hired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At account opening

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the time such ownership is obtained, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a quarterly basis thereafter

Appendix A offers guidance on account disclosure requirements specific to various account types. Appendix C includes the minimum account statement requirements accepted to fulfill regulatory requirements.

Each Access Person and Related Party, where relevant, must consent to Compliance's receipt of data feeds from such persons' Investment Accounts directly to the Compliance System.

Under the SEC Rules, a person is regarded as having Beneficial Ownership when they can either directly or indirectly benefit economically from the account OR if the securities are held in the name of a Related Party, defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A husband, wife, or domestic partner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A minor child

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative or significant other sharing the same house, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anyone else if the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Obtains benefits substantially equivalent to ownership of the securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Can obtain ownership of the securities immediately or within 60 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Can vote the securities

Another example of an Access Person having Beneficial Ownership includes trades in any relative's brokerage account (not just those living in the same household) if the Access Person is authorized to make or direct trades AND can benefit economically from the account, regardless of whether the Access Person actually makes or directs the trades.

Whether you have Beneficial Ownership in the securities of a spouse, domestic partner, minor child, or relative or significant other sharing the same house can be rebutted only under very limited facts and circumstances. If you believe your situation is unique and therefore rebuts the presumption of Beneficial Ownership, you must contact the CCO for written approval.

If you act as a fiduciary with respect to funds and accounts managed outside of the Firm (e.g., if you act as the executor of an estate for which you make investment decisions) and have received approval to engage in such Outside Business Interest, you are deemed to have Beneficial Ownership in the assets of that fund or account. Accordingly, any securities transactions you make on behalf of that fund or account will be subject to the general trading restrictions and reporting applicable to you under the Code.

<sup>4</sup> Certain Access Persons, such as consultants, interns, or other temporary employees, may be required to meet the Code's reporting obligations in alternative ways to the Compliance System. Where applicable, the Compliance department will work with each Access Person to determine satisfactory requirements which will be communicated at time of hire or occurrence.

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Permitted Investment Accounts

Access Persons and their Related Parties are only permitted to maintain Investment Accounts with the brokerages identified on LACM's Designated Brokerage List for Access Persons and Related Parties.<sup>5</sup> Employer-sponsored retirement accounts (e.g., 401(k), 403(b), and pension plans), 529 Plans, and Compliance-approved Non-Discretionary Accounts are exempt from this requirement.

Unless written permission is granted by Compliance, Access Persons and their Related Parties are required to transition any applicable accounts within 90 calendar days from the time of disclosure to a broker on LACM's Designated Brokerage List. The transition process must begin within 30 calendar days from the date of account disclosure. Evidence that the transition has commenced may be requested by Compliance at any time on or after the 31<sup>st</sup> calendar day.

Pre-Clearance Procedures

Transacting in various security types, including limited offerings, must be pre-cleared via the Compliance System. Please see Appendix B for examples of the types of securities transactions that require pre-clearance or consult Compliance if you are unsure of any pre-clearance obligations. All personal trading pre-clearance requests must be approved in the Compliance System prior to execution.

Personal Trade Pre-Clearance Requests are made via the Compliance System and require the approval of a member of the Trading department <u>AND</u> a member of the Compliance department. Compliance retains the discretion to evaluate the circumstances of each transaction in conjunction with its corresponding trade request. Certain circumstances may require an estimated value of the transaction subject to a reasonable variance.

Pre-clearance approval cannot be granted by the same individual seeking pre-clearance. **<u>A standard approval is valid only until the end of the trading day on which approval was granted, or such shorter time as may be specified.</u>** If the trade is not executed by the end of the current trading day a new pre-clearance request needs to be submitted for approval prior to trading on any subsequent day.

*Private Investments*

Initial purchases by Access Persons or their Related Parties in securities of privately–owned companies are required to receive pre-clearance approval from a member of the Compliance department via the Compliance System. A standard approval is valid only within thirty calendar days from the day on which approval was granted. If the company notifies you of their intent to go public, you must immediately notify Compliance. All such positions in privately – owned companies and subsequent transactions need to be confirmed quarterly via the Compliance System as part of the Quarterly Reporting process.

*LACM Identified Securities List*

Transactions directed by Access Persons or Related Parties in securities and ***Reportable Funds*** identified on this list require pre-clearance approval prior to execution. This includes transactions directed by Access Persons or Related Parties in employer sponsored retirement accounts, as well as applicable transactions occurring in the Los Angeles Capital 401(k) Profit Sharing Plan.

*Exemptions from Pre-Clearance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions pursuant to an  ***Automatic Investment Plan*** (plan contributions, dividend reinvestment plans,
etc.). **Note that a voluntary, initial automatic investment transaction in** 

<sup>5</sup> The LACM Designated Brokerage List for Access Persons and Related Parties is available via the Compliance System. Consultants, interns, or other temporary employees deemed an Access Person by Compliance may be exempt from the Firm's Designated Brokerage requirement in certain circumstances.

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 **an account other than an employer sponsored retirement account must be pre-cleared in accordance with its security and transaction type,** but all subsequent automatic investments are exempt from pre-clearance provided the schedule and security remain the same. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected upon the exercise of rights issued pro rata to all holders of a class of its securities, to the
extent such rights were acquired from such issuers, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-directed acquisition or sales of securities due to involuntary corporate
actions, including stock dividends, splits, mergers, spin-offs, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receipt of gifts of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales held in Compliance-approved Non-Discretionary Accounts where
the employee has no direct or indirect influence or control. This includes accounts where the employee has signed overall investment discretion to an adviser, broker, or other trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition of shares of Los Angeles Capital by Access Persons pursuant to periodic share offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent transactions in a Limited Offering where the initial investment received pre-clearance approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fractional share positions that are automatically executed subject to broker discretion or account terms.

Prohibited Transactions

The Firm does not allow Access Persons to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of an LACM restricted security<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase of shares through an  ***Initial Public Offering (IPO)*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in frequent trading of a  ***Reportable Fund*** <sup>7</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase of such other security types as listed on Appendix B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in day trading as it may be a potential distraction from servicing clients, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Undertaking personal investment transactions with the same individual employee at a broker-dealer firm on the
Firm's approved brokerage roster<sup>8</sup>

In the event that a restricted security was held prior to your employment with the Firm or prior to the addition to the Firm's restricted list, the Firm will not require you to liquidate your position but instead require pre-clearance on future purchase and sale transactions.

Quarterly Personal Brokerage Statements

Access Persons will provide the Compliance department via the Compliance System all Investment Account statements where the Access Person has either direct or indirect Beneficial Ownership AND direct/indirect influence or control, including the investment accounts of all Related Parties. This may include such accounts as traditional brokerage accounts, IRAs, former employer sponsored retirement plans (e.g., 401(k)s or 403(b)s), etc. and must reflect all activity within the account during the quarterly period under review.

Where possible, data feeds for these accounts and their respective activity will be provided on a daily basis to the Compliance department via the Compliance System. If feeds are not possible, each Access Person will be required to submit, on a quarterly basis via the Compliance System, duplicate copies of all

<sup>6</sup> Refer to the Firm's Restricted Securities List. The Restricted Securities List is available via the Compliance System

<sup>7</sup> Frequent trading of a ***Reportable Fund*** is defined as selling or repurchasing a position that was taken or sold, respectively, less than thirty days prior to the transaction. Certain funds may have more restrictive frequent trading policies. A list of the ***Reportable Funds*** is available via the Compliance System.

<sup>8</sup> ***Non-Discretionary Accounts*** and Related Parties are not subject to this prohibition. A list of prohibited individuals is available via the Compliance System.

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Investment Account statements where the Access Person has either direct or indirect Beneficial Ownership AND direct/indirect influence or control, including the Investment Accounts of all Related Parties. Statements must meet the minimum requirements outlined in Appendix C.

Exempt Reporting Requirements

Access Persons do not need to provide statements or pre-clear transactions in Compliance-approved Non-Discretionary Accounts where the Access Person has no direct or indirect influence or control, including securities held in accounts where the Access Person may have signed over ALL investment discretion to an adviser, broker, or other trustee. However, Access Persons are required to report the existence of these accounts in the Compliance System on a quarterly basis, along with acceptable proof of the account's non-discretionary status within 10 days of being hired, at the time the account is considered to be non-discretionary, and annually thereafter. If you are uncertain as to whether this exclusion applies to you, please see Compliance for further clarification.

Ownership of shares of Los Angeles Capital allocated pursuant to periodic share offerings and 529 College Savings Plans are exempt from <u>all</u> reporting requirements and do not need to be disclosed in any capacity in the Compliance System.

Los Angeles Capital's 401(k) Profit Sharing Plan

Most investments available through Los Angeles Capital's 401(k) Profit Sharing Plan are exempt from reporting, with the exception of the ***Reportable Funds*** listed on the LACM Identified Securities List. Transactions in ***Reportable Funds*** that are made pursuant to an automatic investment plan, such as a plan contribution, are exempt. However, transactions in ***Reportable Funds*** that are directed by the Access Person by either a direct exchange in or out of the ***Reportable Fund***, or through a one-time reallocation of your investment mix, require pre-clearance approval.

Access Persons are not required to provide a quarterly statement for the Los Angeles Capital 401(k) Profit Sharing Plan. Transactions in ***Reportable Funds*** will be monitored directly via transaction reports provided by the plan administrator. Transaction reports must meet the minimum requirements outlined in Appendix C.

**Confidentiality** 

All reports submitted to Los Angeles Capital's Compliance department pursuant to the Code will remain confidential, except to the extent necessary to (i) advise senior management or obtain advice of counsel; (ii) implement and enforce the provisions of the Code or (iii) comply with requests for information from regulatory, SROs, and law enforcement agencies.

**<u>Code of Ethics</u> <u>Certifications</u>** 

The Compliance department will provide each employee with a current copy of the Code upon hire, request, material change, and a copy will be maintained on the Compliance System and on the Firm's intranet, "In the Loop", for easy, continuous retrieval. Upon hire and quarterly thereafter, each employee will certify in writing that he/she: (i) received, read, and understands the Code and any applicable amendments; (ii) recognizes that he/she is subject to the Code; (iii) has complied with the requirements of the Code; and (iv) if an Access Person, has disclosed all personal securities and transactions required to be reported pursuant to the requirements of the Code.

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Certifications are made by all employees and Access Persons via the Compliance System upon hire and within 30 days of each calendar quarter-end.<sup>9</sup> As applicable, certifications include all positions in directly held Reportable Securities, confirmation of all Investment Accounts for the Access Person and their Related Parties, certification of all entries made in the Compliance System, including, but not limited to, gifts and entertainment, and conflicts of interest, and responses to any additional requests or certifications deemed necessary by Compliance. The Compliance department will review all submissions for accuracy and completeness, cross-checking with other required documentation.

**<u>Administration and Enforcement of Code</u>** 

**Annual Review** 

Compliance will review the Code at least annually for its adequacy and effectiveness. Any material amendments to the Code must be approved by Los Angeles Capital's Board and submitted to the Board of any U.S. registered investment company ("U.S. RIC") that Los Angeles Capital currently serves as a sub-adviser. All material amendments will be promptly communicated to Firm employees.

As a U.S. RIC adviser or sub-adviser, Los Angeles Capital will provide a written annual report to the Board of each U.S. RIC that describes any issues arising under the Code since the last report, including information about material violations of the Code and sanctions imposed in response. This report will also include discussion of any waivers that might be considered important by the U.S. RIC's Board and will certify that the Firm has adopted policies and procedures reasonably designed to prevent employees and Access Persons from violating the Code.

**Recordkeeping** 

All required documentation will be retained in accordance with Rule 204-2 of the Investment Advisers Act and Rule 17j-1 of the Investment Company Act of 1940. Please see the Firm's Books and Records policy for further information.

**Violations of the Code** 

All employees and Access Persons must report immediately to Compliance if they: (i) suspect that another employee or anyone else working on behalf of the Firm or its affiliates has breached any of the General Principles outlined in this Code; (ii) believe that any of the Firm's procedures are inconsistent with the Firm's fiduciary duty or regulations; or (iii) are asked, directly or indirectly, to act in any manner inconsistent with the General Principles of the Code.

Access Persons must make sure that their Related Parties covered by the Code are familiar with the requirements of the Code, particularly regarding personal trading requirements. A violation due to the actions of a Related Party constitutes a violation by their related Access Person.

Material violations of the Code include violations that impact a client or are egregious, malicious, or repetitive in nature. A violation may include, but is not limited to: failure to receive pre-clearance when obligated; opening a non-permitted Investment Account; trading in restricted securities; fraudulent misrepresentation of personal securities holdings or conflicts of interest; receipt of or gifting an excessive gift or entertainment event to a client, prospective client, or any individual or entity who does business or hopes to do business with the Firm; failing to receive pre-clearance for broker entertainment; repetitive non-

<sup>9</sup> Certain Access Persons, such as consultants, interns, or other temporary employees, may be required to meet the Code's reporting obligations in alternative ways to the Compliance System. These individuals are currently not loaded into the Compliance System and complete reporting obligations via hardcopy/emailed forms.

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material violations for the same offense; non-compliance with applicable laws, rules, and regulations; fraud or illegal acts involving any of the Firm's business; material misrepresentation in regulatory filings, internal books and records, client records, or reports; activity that is harmful to a client, including its shareholders; and deviations from required controls and procedures that safeguard clients and the Firm.

Sanctions

Any violations of the Code may result in disciplinary action that Los Angeles Capital's Board and the CCO deem appropriate, including, but not limited to, a warning, fines, disgorgement, suspension, demotion, loss of responsibility, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

Sanctions for Personal Trading Violations

Personal trading violations, including, but not limited to, trading without the required pre-clearance or trading restricted securities, may result in the immediate unwinding of the trade or a fine. If required, the amount of the fine will be determined by members of Los Angeles Capital's Board and the CCO. It may include the disgorgement of any profits from the trade to a mutually agreed upon charity. The trade(s) may be unwound as soon as possible upon discovery and notification of the violation.

**<u>Whistleblower Policy</u>** 

The Firm is committed to high ethical standards and compliance with the law in all of its operations and will deal with its regulators in an open and cooperative way. The Firm must disclose to regulators anything relating to the Firm of which a regulator would reasonably expect notice. The Firm believes that its employees are in the best position to provide early identification of significant issues that may arise with compliance with these standards and the law. The Firm's policy is to create an environment in which its employees can report these issues in good faith without the fear of reprisal.

The Firm requires employees to report illegal activity or activities that are not in compliance with the Firm's formal written policies and procedures, including the Firm's Code of Ethics, to assist the Firm in detecting and putting an end to fraud or unlawful conduct. All such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately.

The Firm expects the Whistleblower Policy to be used responsibly. If an employee believes that a policy is not being followed because it is merely being overlooked, the normal first recourse should be to bring the issue to the attention of the party charged with the operation of the policy. In most cases, an employee should be able to resolve the issue with his or her manager, or, if appropriate, another senior member of the Firm. However, instances may occur when this recourse fails, or you have legitimate reason not to notify management. In such cases the Firm has established a system for employees to report illegal activities or non-compliance with the Firm's formal policies and procedures.

An employee who has good faith belief that a violation of law or failure of compliance may occur or is occurring has a right to come forward and report under this Whistleblower Policy. "Good faith" does not mean that a reported concern must be correct, but it does require that the reporting employee believe that he or she is fully disclosing information that is truthful.

Reports may be oral, by telephone or interview, or in writing by letter, memorandum, instant message, or e-mail. The employee making the report must identify himself or herself. The employee should also clearly identify that the report is being made pursuant to the Whistleblower Policy and in a context commensurate with the fact that the Policy is being invoked. The report should be made to the following parties, in the order shown:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer, unless it would not be appropriate or that officer fails to respond, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The General Counsel

The Chief Compliance Officer and/or General Counsel, as appropriate, will consult about the investigation as required. Depending on the nature of the matters covered by the report, an officer or manager may conduct the investigation, or it may be conducted by the Chief Compliance Officer, the General Counsel, or by an external party.

The investigation will be conducted diligently by any appropriate action.

The Firm understands the importance of maintaining confidentiality of the reporting employee to make the Whistleblower right effective. Therefore, the identity of the employee making the report will be kept confidential, except to the extent that disclosure may be required by law, a governmental agency, by self-regulatory organization, or as an essential part of completing the investigation determined by the Chief Compliance Officer or General Counsel. Any disclosure shall be limited to the minimum required. The employee making the report will be advised if confidentiality cannot be maintained.

The Chief Compliance Officer will follow up with the investigation to make sure that it is completed, and that any non-compliance issues are addressed. The Chief Compliance Officer will ensure that no acts of retribution or retaliation occur against the person(s) reporting violations or cooperating in an investigation in good faith.

The Chief Compliance Officer or General Counsel will report to the Firm's Board concerning the findings of any investigation they determine involved a significant non-compliance issue.

If an employee elects not to report suspected unlawful activity or a suspected violation of law to the Firm, the employee may contact the appropriate governmental authority for review and possible investigation. Nothing in any Confidentiality Agreement or separation agreement/release between an employee or former employee and the Company will be considered violated in making a report of suspected unlawful activity to a governmental authority. This includes reporting related to the performance of a US Government contract involving: (i) evidence of gross mismanagement, (ii) gross waste, (iii) fraud, (iv) abuse of authority, (v) substantial and specific danger to public health or safety, or (vi) a violation of law, rule, or regulation. Reporting may be made to a designated investigative or law enforcement representative of a Federal department or agency authorized to receive such information (e.g., a Federal employee responsible for contract oversight or management at the relevant agency). For more information please refer to the federal procedures and remedies detailed in the Contractor Employee Whistleblower Rights under 41 U.S.C. 4712 and as described in Federal Acquisition Regulations 3.900 through 3.905.

**The California Attorney General's whistleblower hotline is 800-952-5225, the SEC's whistleblower hotline is 202-551-4790, and the FCA's Whistleblowing Advice Line is +44 (0)20 7066 9200 or <u>whistle@fca.org.uk</u>.** 

Note that submitting a report that is known to be false is a violation of this Policy. The Firm will not retaliate against an individual who reports a violation as required by law.

Retaliation against an individual who lawfully reports a violation is prohibited and constitutes a further violation of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Appendix A: Account Disclosure Matrix</u>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Account Type*** | ***Disclosure*** | ***Electronic Feed*** | ***Assets at Firm-Approved Brokerage*** | ***Other Requirements*** |
| **Discretionary Investment Accounts**<br> ***(e.g., individual/joint non-retirement, IRAs, HSA, Trusts)*** | Required | Required | Required | New Investment Accounts are disclosed at account inception via the Compliance System, upon obtaining Beneficial Ownership, or upon a change from Non-Discretionary status.<br>Access Persons and Related Parties must transition applicable accounts within 90 days of disclosure date directly to an eligible brokerage. The transition process must commence within 30 days from the date of account disclosure. |
| **Non-Discretionary Investment Account** | Required | Not Required | Not Required | Non-Discretionary status is subject to Compliance approval and must be evidenced:<br>1) within 10 days of hire date OR account opening OR at time the account is considered to be non-discretionary; AND<br> 2) on an annual basis thereafter.<br>An account is considered non-discretionary only AFTER Compliance has provided written approval. |
| **Employer-sponsored retirement**<br> ***(e.g., 401(k), 403(b), pensions)*** | Required | Not Required | Not Required | Disclosure is required at the time of hire or account inception. Quarterly statement must be uploaded via the Compliance System. |
| **Los Angeles Capital's 401(k) Profit Sharing Plan** | Required | Not Required | N/A | Transactions are monitored for investments in securities and ***Reportable Funds*** on the LACM Identified Securities List. Pre-clearance requirements are included on the LACM Identified Securities List. |
| **529 Plans** | Not Required | N/A | N/A | N/A |

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**<u>Appendix B: Code of Ethics Pre-Clearance Matrix</u>** 

If a security type you would like to trade is not listed below, please see Compliance for additional guidance. Transactions made pursuant to an automatic investment plan require pre-clearance at the initial investment in an investment account other than an employer sponsored retirement account (subsequent investments made pursuant to the automatic investment plan do not require pre-clearance).

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| | |
|:---|:---|
| Security Type | Pre-Clearance Approval |
|  **Bankers' Acceptance** | Not Required |
|  **Certificate of Deposits (CDs)** | Not Required |
|  **Commercial Paper** | Not Required |
|  **Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All debt issued by LACM Restricted Security List | PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp; High Quality, Short-Term Debt Instruments | Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal or Government Bond (Non-Federal) | Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Notes | Not Required |
|  **Digital Currency** | Not Required |
|  **Digital Coin/Token** | Not Required |
|  **Direct Obligations of U.S. Government** | Not Required |
|  **Funds (Open and Closed)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ETF | Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp; Single-Stock ETFs | Required |
| &nbsp;&nbsp;&nbsp;&nbsp; ETFs on LACM Identified Securities List | Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-end Funds | Required |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds on LACM Identified Securities List | Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Unit Investment Fund or Trust | Required |
|  **Initial Coin Offering (ICO)** | PROHIBITED |
|  **IPO Allocation** | PROHIBITED |
|  **Limited or Direct Offering** | Required at time of initial investment; not required for subsequent investments provided in same offering |
|  **Options/Futures Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ETFs or Indices | Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp; Single-Stock ETFs | Required |
| &nbsp;&nbsp;&nbsp;&nbsp; ETFS on LACM Identified Securities List | Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Stocks | Required |
| &nbsp;&nbsp;&nbsp;&nbsp; Stocks on LACM Restricted Security List | PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp; All other options/futures contracts | Not Required |
|  **Repurchase Agreements** | Not Required |
|  **Shares issued by Los Angeles Capital** | Not Required |

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<sup>10</sup> Transactions in securities or ***Reportable Funds*** on the LACM Identified Securities List that occur as a part of an automatic investment plan in an employer sponsored retirement account do not require pre-clearance. Direct exchanges in or out of these securities, or one-time reallocations involving these securities, require pre-clearance.

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| | |
|:---|:---|
| Security Type | Pre-Clearance Approval |
|  **Stock** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | Required |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks on LACM Restricted Security List | PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | Required |
|  **Swaps** | PROHIBITED |

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**<u>Appendix C: Account Statement Requirements</u>** 

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| | | |
|:---|:---|:---|
| ***Disclosure/Statement Type*** | ***Requirements*** | ***Method of Verification*** |
| Initial Account and Holdings Disclosures | &nbsp;&nbsp;&nbsp;&nbsp; Account statements or information provided to satisfy the initial account and holdings disclosure requirement must be current as of a date no more than 45 days prior to the date the employee became an Access Person ("Hire Date").<br>Statements must include at a minimum, the following position level detail:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security Name<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Type of security<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Ticker or CUSIP/SEDOL (if applicable)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Shares<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal Amount<br>| Required certifications and disclosures are obtained via the Compliance System on the **Initial Combined Report** or via hard copy on the **Personal Securities & Account Disclosure Report**.<br>Statements as of a date no more than 45 days prior to the Hire Date are to be supplemented with a brokerage transaction report from the as-of date of the statement to the Hire Date to reasonably determine ownership and holdings as-of the Hire Date. |
| Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account statements or information provided must be current as of a date no more than 45 days prior to the date the report was submitted.<br>Statements must include at a minimum, the following:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Position level detail<br>o Security Name<br> o Type of security<br> o Exchange Ticker or CUSIP/SEDOL (if applicable)<br> o Number of Shares<br> o Principal Amount<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction level detail:<br>o Transaction Date<br> o Nature of Transaction (e.g., buy, sell)<br> o Security Name<br> o Exchange Ticker or CUSIP/SEDOL (if applicable)<br> o Interest Rate/Maturity Date (if applicable)<br> o Number of Shares<br> o Price the transaction was effected<br> o Principal Amount<br> o Name of broker, dealer, or bank<br>| Required certifications and disclosures are obtained via the Compliance System on the **Quarterly Combined Report** or via hard copy on the **Quarterly Report**.<br>For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |

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## Exhibit 99.28

**EX-28.p.18** 

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| | |
|:---|:---|
| ![LOGO](g49631304a.jpg) | ![LOGO](g49631304b.jpg) |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC

Effective April 1, 2025

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

Previously updated: July 1, 2023

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| | | |
|:---|:---|:---|
| **1. Introduction** | **1. Introduction** | **1** |
| **2. Definitions** | **2. Definitions** | **2** |
| **3. Culture of Compliance** | **3. Culture of Compliance** | **4** |
| **4. Policy Statement on Insider Trading** | **4. Policy Statement on Insider Trading** | **5** |
| A. | Introduction | 5 |
| B. | Scope of the Policy Statement | 6 |
| C. | What is Material Information? | 6 |
| D. | What is Non-Public Information? | 7 |
| E. | Identifying Inside Information | 7 |
| F. | Contact with Public Companies | 7 |
| G. | Tender Offers | 8 |
| H. | Protecting Sensitive Information | 8 |
| I. | Trading in Securities Listed on Exchanges in Other Countries | 8 |
| J. | Public Company Confidential Records | 8 |
| **5. Conflicts of Interest** | **5. Conflicts of Interest** | **9** |
| A. | Gifts and Entertainment | 9 |
| B. | Political Contributions | 10 |
| C. | Outside Business Activities | 11 |
| D. | Other Prohibitions on Conduct | 12 |
| E. | Review of Employee Communications | 13 |
| **6. Standards of Business Conduct** | **6. Standards of Business Conduct** | **13** |
| **7. Personal Trading, Code of Ethics Reporting and Certifications** | **7. Personal Trading, Code of Ethics Reporting and Certifications** | **13** |
| A. | Employee Investment Accounts | 14 |
| B. | Employee Investment Account Reporting | 15 |
| C. | Personal Trading Requirements and Restrictions | 16 |
| D. | Representation and Warranties | 18 |
| E. | Quarterly and Annual Certifications of Compliance | 18 |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

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| | | |
|:---|:---|:---|
| F. | Review Procedures | 19 |
| G. | Recordkeeping | 19 |
| H. | Whistleblower Provisions | 19 |
| I. | Confidentiality | 20 |
| J. | Reporting to the Board of Directors of Affiliated Funds | 20 |
| **8. Code of Ethics Violation Guidelines** | **8. Code of Ethics Violation Guidelines** | **20** |
| **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds | **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds | i |
| **Appendix 2** – Approved Brokers List | **Appendix 2** – Approved Brokers List | ii |
| **Appendix 3** – Investment Account Disclosure | **Appendix 3** – Investment Account Disclosure | iii |
| **Appendix 4** – Preclearance and Reporting By Security Type | **Appendix 4** – Preclearance and Reporting By Security Type | iv |
| **Appendix 5** – ETFs Eligible for De Minimis Transaction Exemption | **Appendix 5** – ETFs Eligible for De Minimis Transaction Exemption | vi |
| **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | viii |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. INTRODUCTION** 

Rule 204A-1 of the Investment Advisers Act of 1940 ("Advisers Act") requires all investment advisers registered with the Securities and Exchange Commission ("SEC") to adopt codes of ethics that set forth standards of conduct and require compliance with federal securities laws. Victory Capital Management Inc. ("VCM") and WestEnd Advisors, LLC ("WestEnd") are both registered investment advisers under the Advisers Act and also both wholly owned subsidiaries of Victory Capital Holdings, Inc. ("VCH"). WestEnd and VCM, together with VCM's subsidiaries, RS Investments (UK) Limited, RS Investments (Hong Kong) Limited, and RS Investment Management (Singapore) Pte. Ltd. (collectively the "Affiliated Advisers"), have adopted this Code of Ethics ("Code"), which sets forth the standards of business conduct that are required of Access Persons*.* As an adviser to regulated investment companies, VCM also adopts this Code in adherence to Rule 17j-1<sup>1</sup> under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Officers and employees of RS Investments (Hong Kong) Limited and RS Investment Management (Singapore) Pte. Ltd. should also review the related Code supplements.

VCH is a Delaware corporation with its Class A common stock listed on the NASDAQ Global Select Market, under the ticker symbol "VCTR." As a public company, compliance policies were adopted that apply to VCH and the Affiliated Advisers (collectively "Victory Capital'). The VCH policies are in addition to the compliance program of the Affiliated Advisers. In particular, the policies that apply to Victory Capital include: (1) Code of Business Conduct and Ethics, (2) Corporate Communications Policy and (3) Insider Trading Policy. Affiliated Advisers make these policies readily available to their Access Persons.

Victory Capital Services, Inc. ("VCS"), is a Victory Capital affiliated broker-dealer that (i) provides marketing and distribution support for the Victory Funds and the 529 Plan; (ii) introduces retail customers to the Victory Funds and the 529 Plan on a direct-application basis; and (iii) introduces retail customers to a clearing broker-dealer pursuant to a fully-disclosed clearing arrangement.

Access Persons have a responsibility to adhere to the highest ethical principles. Thus, the Code imposes obligations in addition to those required under applicable laws and regulations. The Code is a minimum standard of conduct. Additionally, Access Persons must act in accordance with their fiduciary duty owed to Affiliated Adviser clients. Therefore, literal compliance with the Code will not protect an Access Persons if their behavior otherwise violates their fiduciary duty. If an Access Person is uncertain as to the intent or purpose of any provision of the Code, or whether a proposed action is compatible with their fiduciary duty, they should consult the appropriate Affiliated Adviser Chief Compliance Officer ("CCO") or a member of the Compliance team.

The Affiliated Advisers recognize the importance of an Access Person's ability to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, the Affiliated Advisers have implemented certain standards and limitations designed to minimize these conflicts.

Victory Capital's reputation is of paramount importance; therefore, the Affiliated Advisers will not tolerate blemishes due to careless personal trading or other conduct prohibited by the Code. Consequently, Material Violations (as defined herein) of the Code may be subject to harsh

<sup>1</sup> Rule 17j-1 requires that fund advisers adopt written codes of ethics and have procedures in place to prevent their personnel from abusing their access to information about the fund's securities trading and requires "access persons" to submit reports periodically containing information about their personal securities holdings and transactions.

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sanctions. Frequent violations of the Code may result in limitations on personal securities trading or other disciplinary actions, which can include termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DEFINITIONS** 

<u>"Access Person"</u> means any employee of VCM. It also includes anyone deemed an Access Person by a CCO. As a matter of practice, the Board of Directors of the Victory Portfolios, Victory Portfolios II, Victory Portfolios III, Victory Portfolios IV, Victory Variable Insurance Funds, Victory Variable Insurance Funds II, and the Pioneer Closed-End Funds (collectively the "Victory Funds") generally consists of members who are not employees or officers of Victory Capital, or their affiliates. Unless designated by the COO, a non-employee director is not treated as an "access person" within the meaning of Rule 204A-1 under the Advisers Act and is not treated as either an "access person" or an "advisory person" of VCM.

<u>"Affiliated Funds"</u> means any individual series portfolio of the Victory Funds, as well as other sub-advised affiliates listed in Appendix 1, each an investment company registered under the Investment Company Act.

"<u>Automatic or Periodic Investment Plan"</u> is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<u>"Beneficial Interest"</u> means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. An Access Person is deemed to have a Beneficial Interest in securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts (including Non-Victory Capital Employee Compensation Programs, Non-Victory Capital Employee Stock Participation Program, and Employer-Sponsored Retirement Plan Accounts), Uniform Transfers to Minors Act accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether an Access Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Department. Such questions will be resolved in accordance with, and this definition shall be interpreted in a manner consistent with, the definition of "beneficial owner" set forth in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

<u>"Blackout Period"</u> means seven (7) calendar days before through seven (7) calendar days after the date a client trade is executed for VCM or the month in which a security is added to the Securities Under Consideration list for WestEnd.

<u>"Business Entertainment"</u> includes any social event, hospitality event, charitable event, sporting event, entertainment event, meal, leisure activity or event of like nature or purpose, and any transportation or lodging accompanying or related to such activity or event, including any entertainment activity offered in connection with an educational event or business conference, irrespective of whether any business is conducted during, or is attendant to, such activity.

<u>"Covered Government Official</u>" means a 1) state or local governmental official; 2) candidate for state or local office; or 3) federal candidate currently holding state or local office. A governmental "official" includes an incumbent, candidate, or successful candidate for elective office of a state or

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local government entity, if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, or has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, by a state or a political subdivision of a state.

<u>"De Minimis Security</u>" means an ETF listed in Appendix 5 of this Code of Ethics. In certain situations, a client trade in a De Minimis Security may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"De Minimis Trade"</u> means a Personal Trade Request that at the time is request is either 1) for an equity security with a market capitalization between $3 billion and $50 billion and the market value for the request is less than $10,000 or 2) for an equity security with a market capitalization above $50 billion and the market value for the request is less than $50,000. In certain situations, a De Minimis Trade may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"Exempt Securities"</u> means 1) direct obligations of the U.S. Government; 2) bankers' acceptances, bank certificates of deposit and commercial paper; 3) investment grade, short-term debt instruments, including repurchase agreements; 4) shares held in money market funds; 5) variable insurance products that invest in funds for which an Affiliated Adviser does not act as adviser or sub-adviser; 6) open-end mutual funds for which an Affiliated Advisers does not act as adviser or sub-adviser; and 7) investments in qualified tuition programs ("529 Plans"). Exempt Securities do not need to be pre-cleared.

<u>"Franchise"</u> means a group of employees who report directly or indirectly to the same Chief Investment Officer that oversees a brand-named strategy

"<u>Immediate Family</u>" means all family members who share the same household, including but not limited to, a spouse, domestic partner, fiancée, parents, grandparents, children, grandchildren, siblings, step-siblings, step-children, step-parents, or in-laws. Immediate Family includes adoptive relationships and any other relationships (whether or not recognized by law) that a CCO determines could lead to conflicts of interest, diversions of corporate opportunity, or create the appearance of impropriety.

"<u>Initial Holdings Report</u>" is a report that discloses all securities holdings of every Access Person, which must be submitted to the Compliance Department within ten (10) calendar days of becoming an Access Person.

"<u>Initial Public Offering" or "IPO"</u> means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before such registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

<u>"Managed Accounts"</u> means investment advisory or brokerage accounts over which an Access Person has no direct or indirect influence or control in the investment decisions or activities.

"<u>Material Non-Public Information" or "MNPI"</u> means information that is both <u>material</u> *and* <u>non-public</u> that might have an effect on the market for a security. Access Persons who possess MNPI must not act or cause others to act on such information.

<u>"Material Violation"</u> means any violation of this Code or other misconduct deemed material by a CCO, in conjunction with the Compliance Committee or the VCM Board of Directors.

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"<u>Maximum Allowable Trades</u>" means Access Persons are limited to 15 trades in individual securities per calendar quarter across their Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade towards the Maximum Allowable Trades in a quarter. Individual securities transactions that do not require pre-clearance (i.e. open-end mutual funds, dividend reinvestments) will not count towards the Maximum Allowable Trades.

<u>"MCO"</u> means MyComplianceOffice, which is a web-based compliance system used to track and approve employee personal trading, gifts and entertainment, political contributions, and outside business activities, store policies, and facilitate employee certifications and manage other compliance objectives.

<u>"Personal Account"</u> means an investment account in which an employee retains investment discretion.

"<u>Personal Trading" or "Personal Trades</u>" means trades or transactions by Access Persons in their Personal Accounts.

<u>"Proprietary Product"</u> is a fund or product in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

<u>"Reportable Fund"</u> means any investment company registered under the Investment Company Act for which an Affiliated Adviser is an investment adviser or a sub-adviser, or any registered investment company whose investment adviser or principal underwriter controls Victory Capital, is controlled by Victory Capital, or is under common control with Victory Capital. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

<u>"Reportable Security"</u> means any security that is not an Exempt Security, for which Access persons must submit holdings and transaction reports. See the list of Exempt Securities under *Appendix 4*, as defined by rule 204A-1 under the Investment Advisers Act of 1940.

<u>"RIC"</u> means a Regulated Investment Company.

<u>"Short-Sell" or "Short-Selling"</u> means the sale of a security that is not owned by the seller. Access Persons may not take a short position in a security. However, mutual funds or ETFs that correspond to the inverse performance of a broad-based index are not considered to be Short-Sales. For example, buying (long) the ProShares Short S&P500 ETF is permitted. Employees may also trade in funds that track a volatility index.

<u>"Solutions Team"</u> means any employee who is a member of the Solutions Platform group, generally involved in passive investments.

"<u>Victory Capital Stock</u>" means securities offered by VCH or any subsidiary through a registration statement that has been declared effective by the SEC (e.g. "VCTR").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. CULTURE OF COMPLIANCE** 

The Affiliated Advisers' primary objective is to provide value through investment advisory, sub-advisory and other financial services to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals, pension funds, and retail clients.

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The Affiliated Advisers require that all dealings on behalf of existing and prospective clients be handled with honesty, integrity and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, the Affiliated Advisers are fiduciaries that owe their clients a duty of undivided loyalty, and you have a responsibility to act in a manner consistent with this duty. You must actively work to avoid the possibility that the advice or services provided to clients is, or gives the appearance of being, based on your self-interest or the interests of the Affiliated Advisers and not in the clients' best interests. Violations of the Code must be reported promptly to the appropriate CCO or his/her designee.

You must act solely in the best interests of our clients. Statutory and regulatory requirements impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities to clients and you must comply fully with these rules and regulations. Your respective Compliance Department professionals are available to assist you in meeting these requirements.

Since no set of rules can anticipate every possible situation, it is essential that you obtain guidance from the appropriate CCO, Chief Legal Officer ("CLO"), or their designees when you are unsure how to follow these rules in letter and in spirit. It is your responsibility to fully understand and comply with the Code and other applicable policies or seek guidance from a CCO. Technical compliance with the Code and its procedures will not necessarily validate an action. Any activity that compromises the Affiliated Advisers integrity, even if it does not expressly violate a rule, may result in further action from a CCO. In some instances, a CCO holds discretionary authority to apply exceptions under the Code. In a CCO's absence, the CLO may act in his or her place.

The Affiliated Advisers' fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the sections that follow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. POLICY STATEMENT ON INSIDER TRADING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Introduction** 

The Affiliated Advisers seek to foster a culture of compliance, a reputation for integrity, professionalism and values, and endeavors to protect the confidence and trust placed in us by our clients. To further that goal, this Policy Statement implements procedures to deter the misuse of MNPI in securities transactions.

The term "insider trading" is not defined in the federal securities laws but refers generally to the situation when a person trades while aware of MNPI or communicates MNPI to others in breach of a duty of trust or confidence.

While the law concerning insider trading is not static, it is generally understood that the law prohibits any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider, while aware of MNPI;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider, while aware of MNPI, where the information was
disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating MNPI to others in breach of a duty of trust or confidence.

Trading securities while in possession of MNPI or improperly communicating that information to others may result in stringent penalties. Criminal sanctions may include fines of up to $5,000,000, twenty years' imprisonment, or both. The civil penalty for a violator may be an amount up to three times the profit (or loss avoided) as a result of the insider trading violation, and a permanent bar from working in the securities industry. Investors may sue and seek to recover damages for insider trading violations.

Regardless of whether a regulatory inquiry occurs, the Affiliated Advisers take seriously any violation of this Policy Statement. Such violations constitute grounds for disciplinary sanctions, up to and including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Scope of the Policy Statement** 

This Policy Statement is drafted broadly and will be applied and interpreted in a similar manner. It applies to all Access Persons and to transactions in any security participated in by Immediate Family members of Access Persons or trusts or corporations controlled by Access Persons.

Any questions relating to this Policy Statement should be directed to a CCO or his/her designee. You must notify compliance immediately if you have any reason to believe that a violation of this Policy Statement has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. What is Material Information?** 

Trading on inside information is not a basis for liability unless the information relied upon is deemed to be material. "Material" information is defined generally as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. If the disclosure of that information would be expected to alter the total mix of information that is publicly available about that company, then the information is considered material. Any questions about whether information is material should be directed to a member of compliance.

Material information often relates to a company's financial results and operations, including, for example, dividend changes, earning results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Information about a company could be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company, or the securities of several companies. Material information does not have to relate to a company's business. For example, in *Carpenter v. U.S.*, the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a reporter for The Wall Street Journal was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. What is Non-Public Information?** 

For issues concerning insider trading to arise, information must not only be material, it must also be "non-public". Non-public information is information that has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an "insider" is also deemed non-public information. For non-public information to become public information, it must be disseminated through recognized channels of distribution designed to broadly reach the securities marketplace.

Facts verifying that the information is public (and therefore has become generally available) may include, for example, and without limitation, disclosure in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National business and financial wire service, such as Dow Jones or Reuters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National news service or newspaper, such as AP or The Wall Street Journal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Publicly disseminated disclosure document, such as a proxy statement or prospectus.

The circulation of rumors or "talk on the street", even if accurate, widespread and reported in the media, does not constitute the requisite public disclosure. In addition, the information must not only be publicly disclosed, there must also be adequate time for the market to digest the information. Material non-public information is not made public by selective dissemination. Material information improperly disclosed only to institutional investors or to a fund analyst or a favored group of analysts retains its status as "non-public" information that must not be disclosed or otherwise misused.

Partial disclosure does not constitute public dissemination. So long as any material component of the "inside" information has yet to be publicly disclosed, the information is deemed non-public and may not be misused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Identifying Inside Information** 

Before executing any Personal Trades or trades for client accounts, Access Persons must determine whether they have access to MNPI. If you believe that you might have access to MNPI, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the information and proposed trade immediately to a CCO or a member of compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not purchase or sell the securities as Personal Trades or for clients without written clearance to do so from a CCO
or a member of compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the inside information other than to compliance and, if necessary, your direct manager.

A member of the Compliance Department will determine whether the information is material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Contact with Public Companies** 

The Affiliated Advisers contact with public companies may help form the basis of investment decisions. Legal issues may arise if, in the course of these contacts, you become aware of MNPI. This could happen, for example, if a company's chief financial officer were to

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prematurely disclose quarterly results, or an investor relations representative selectively discloses adverse news to a handful of investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Tender Offers** 

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC forbids trading and "tipping" while in possession of MNPI regarding the receipt of a tender offer, the tender offeror, the target company or anyone acting on behalf of either of these parties. You should exercise caution any time you become aware of non-public information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Protecting Sensitive Information** 

You are responsible for safeguarding all confidential information relating to investment research, fund and client holdings, including analyst research reports, investment meeting discussions or notes, and current fund or client transaction information, regardless whether such information is deemed MNPI. Other types of information (for example, marketing plans, employment issues and shareholder identities) may also be confidential and should not be shared with individuals outside the company unless approved by a CCO or an executive officer.

You are expressly prohibited from knowingly spreading any false rumor concerning any company, or any purported market development, that is designed to impact trading in or the price of that company's or any other company's securities, and from engaging in any other type of activity that constitutes illegal market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Trading in Securities Listed on Exchanges in Other Countries** 

Trading in securities listed on exchanges in other countries is governed by the laws of that country. When trading in such securities, you must ensure compliance with applicable law, which in all relevant cases prohibits trading on the basis of MNPI or price-sensitive information, as those terms are defined in the relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Public Company Confidential Records** 

VCH's and Affiliated Adviser records must always be treated as confidential and must not be disclosed or used for any purpose at any time other than for the normal course of business. Information learned about other entities in a special relationship with VCH, such as acquisition, joint venture and partnership negotiations, is confidential and must not be disclosed without proper authorization.

At all times, you are prohibited from making any recommendation or expressing any opinion as to trading in Victory Capital Stock

See VCH's *Corporate Communications Policy* and *Insider Trading Policy* for more information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. CONFLICTS OF INTEREST** 

A "conflict of interest" exists when your interests may be contrary to our clients' and shareholders' interests. A conflict may arise if you take action or have business, financial or other interests that may make it difficult to perform your work objectively and effectively.

Conflicts of interest may arise, for example, if you or your Immediate Family member receives improper personal benefits (for example, personal loans, services, or payment for services) as a result of your position at an Affiliated Adviser or you gain personal enrichment or benefits through access to confidential information. Conflicts may also arise if you or an Immediate Family member holds a financial interest in a company that does business with an Affiliated Adviser or has outside business interests that may result in divided loyalties or compromised independent judgment. Conflicts may also arise when making securities investments for Proprietary Products or Personal Accounts or when determining how to allocate trading opportunities.

Conflicts of interest can arise in many common situations, despite best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for Personal Trading or other conduct that violates your fiduciary duties to clients. You are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. Any questions regarding a conflict of interest or potential conflict of interest should be directed to a manager, a CCO or a representative of compliance.

The following areas represent many common types of conflicts of interests and the procedures to be followed; however, the list is not intended to be all-inclusive. A summary is provided for each case, but further details can be found in the related policies and procedures for your specific Affiliated Adviser. To the extent there is a conflict between an Affiliated Adviser's related policies and procedures and the requirements of the Code, the Code shall prevail. For questions related to conflicts of interest, please contact a member of your Affiliated Adviser's compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Gifts and Entertainment** 

<u>Gifts</u>

Giving or receiving gifts or other items of value to or from persons doing business or seeking to do business with an Affiliated Adviser could call into question the independence of its judgment as a fiduciary of its clients. Accordingly, such conduct is only permitted in accordance with the limitations stated herein.

Affiliated Adviser policies on gifts and entertainment are derived from industry practices. You should be aware that there are various laws and regulations that prohibit you from giving anything of value to employees of various financial institutions in connection with attempts to obtain any business transaction with the institution, which is viewed as a form of bribery. If there is any question about the appropriateness of any particular gift, you should consult a member of compliance.

Under no circumstances may a gift be received as any form of compensation for services provided by an Affiliated Adviser or an Access Person. Gifts of nominal value may be given to or accepted from present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship. You are required to pre-clear all gifts given and received in MCO, and promptly report all gifts given in the Affiliated Adviser's expense reporting system. Any gifts received must promptly be

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disclosed in MCO. Gifts from an individual or entity may not exceed $100 in aggregate value in any calendar year unless pre-approval is obtained from your direct manager and compliance.

Gifts of up to $100 per person per year may be provided to present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship.

Additional policies concerning gifts may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

<u>Entertainment</u>

You may sponsor and participate in Reasonable and Customary Business Entertainment. Any Business Entertainment that is not Reasonable and Customary must be pre-approved by a CCO and your manager. You must accompany the persons being entertained for an entertainment activity to qualify as permissible Business Entertainment. All Business Entertainment expenses must be reported promptly in the applicable expense reporting system, listing each attendee at the entertainment event. The receipt of Business Entertainment must be disclosed promptly after each occurrence in MCO, with the exception of infrequent business meals that cost no more than $25 per person. If the client, broker, service provider, vendor or supplier is not present, the entertainment is considered a gift. Items that are normally associated with entertainment that are given or received during a virtual event can be considered entertainment as long as the appropriate parties are in attendance at the virtual event.

Additional policies concerning gifts and entertainment may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Political Contributions** 

SEC regulations limit political contributions to Covered Government Officials by employees of investment advisory firms and certain affiliated companies. The SEC's "Pay-to-Play" Rule 206(4)-5 (the "Rule") prohibits advisers from receiving any compensation for providing investment advice to a government entity within two years after a contribution has been made by the adviser or one of its covered associates. The two-year time out is triggered by a political contribution to an official of a government entity. The date of the contribution starts the time out.

The Rule permits contributions of up to $350 per person for any election to an elected official or candidate for whom the individual is entitled to vote, and up to $150 per person for any election to an elected official or candidate for whom the individual is not entitled to vote. Many U.S. cities, states and other government entities have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. While contributions to candidates in federal elections would generally not raise any issues under state or local laws, contributions to state and local officials are generally not approved. Prior to the commencement of employment, you must disclose all political contributions in the past 2 years to Human Resources. During

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employment, you must receive approval from compliance through MCO before making personal political contributions at all levels. Political contributions which require pre-approval include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Government Officials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal candidate campaigns and affiliated committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political Action Committees (PACs) and Super PACs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-profit organizations that may engage in political activities, such as
501(c)(4), 501(c)(6) organizations, and 527 organizations

Note: U.S. national political party donations (e.g. Democratic or Republican) do not require preclearance, provided the donation is not earmarked for a specific candidate.

Contributions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary contributions, gifts or loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "In kind" contributions (e.g. donations of goods or services or underwriting or hosting fundraisers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses,
purchasing tickets to inaugural events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to joint fund-raising committees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made by a PAC that is controlled by an Access Person.

See the *Political Contributions Policy* (F-2) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Outside Business Activities** 

Prior to commencement of employment with VCM, all Outside Business Activities ("OBAs") must be disclosed to Human Resources. During employment and prior to commencement of any new OBA, you must fill out and submit an OBA request form in MCO. You are responsible for notifying compliance of any material OBA changes and must review, update and certify quarterly to your OBA activities.

<u>Holding Political Office/Appointments</u>

You must avoid any political appointment that may conflict with the performance of your duties on behalf of the Affiliated Advisers and their clients. Prior written approval must be obtained from a CCO before holding political office and, if approved, must be confirmed annually through the compliance certification process. You must expressly remove yourself from any discussions and decisions regarding products or services offered by the Affiliated Advisers.

<u>Outside Employment or Business Activities</u> 

You may pursue other interests on your own time as long as the activity doesn't conflict, interfere, or reflect negatively on the Affiliated Advisers or their clients. However, full-time employees should consider their position to be their primary employment.

All outside business activities must be reported to and pre-approved by both your manager and a CCO (or CCO designee). Outside employment or business activities may be considered any activity conducted by you for another organization or business purpose that is outside the scope of your job function with the Affiliated Advisers. This includes, but is not limited to, being an employee, independent contractor, consultant, sole proprietor, officer, director or partner of another organization, or being compensated by, or having the reasonable expectation of compensation from, any other

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person or organization as a result of any business activity outside the scope of the relationship with the Affiliated Advisers. Certain activities are <u>not</u> considered reportable OBAs, including any non-investment related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt.

Passive investments requirements are governed by the Limited Offerings and Private Placement sections of this Code. If you are unsure if a specific activity is an OBA or passive investment, you should consults with a member of compliance.

Absent prior approval of a CCO and the Chief Executive Officer, you or your Immediate Family member may not serve on the board of directors of any publicly traded company or investment company. You or your Immediate Family member's service on a for-profit private company's board of directors must also be pre-approved by your direct manager and a CCO or CLO, and reported on the your annual Code certification.

All outside employment or business activities must be reported to and pre-approved by both your direct manager and a CCO and reported on your quarterly certification. You are prohibited from the commencement of any outside employment or business activities until a CCO's approval within MCO has occurred.

In addition to these outside employment or business activity procedures, if you are a registered representatives of VCS, you must also adhere to related requirements as set forth in VCS's Written Supervisory Procedures Manual.

See the *Outside Business Activity* Policy (F-4) for more information.

<u>Bequests</u>

A bequest is the act of leaving or giving something of value in a will. The acceptance of a bequest from a client, vendor or business partner may raise questions about the propriety of that relationship. Any potential or actual bequest in excess of $100 made to you by a client, vendor, or business partner under a will or trust agreement must be reported to compliance, unless the grantor is a member of your immediate family. Such bequests shall be subject to the approval of your direct manage and a CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Other Prohibitions on Conduct** 

In addition to the specific prohibitions detailed elsewhere in the Code, you are subject to a general requirement not to engage or participate in any act or practice that would defraud Affiliated Adviser clients. This general prohibition includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any untrue statement of a material fact or employing any device, scheme or artifice to defraud a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Omitting to state a material fact, or failing to provide any information necessary to properly clarify any statements
made, in light of the circumstances, thereby creating a materially misleading impression;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misuse of client confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making investment decisions, changing internal research ratings and trading decisions other than exclusively for the
benefit and in the best interest of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using information about investment or trading decisions or changes in research ratings (whether considered, proposed or
made) to benefit or avoid economic injury to an Access Person or anyone other than our clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking, delaying or failing to take any action with respect to any research recommendation, report or rating or any
investment or trading decision for a client in order to avoid economic injury to an Access Person or anyone other than a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with the intent of
personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revealing to any other person (except in the normal course of your duties on behalf of a client) any information
regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a client or
engaging in any manipulative practice with respect to any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Review of Employee Communications** 

All correspondence related to the Affiliated Advisers' business and any client correspondence is subject to review by compliance. The Affiliated Advisers are required to maintain original records of employee correspondence that is communicated on approved devices (such as through email). In addition, the Affiliated Advisers are required to monitor employee communications and compliance with conflicts of interest and insider trading policies and procedures. Consequently, all employee communications, including emails and other forms of electronic communication are archived and subject to review for compliance purposes. You are advised that you should have no expectation of privacy regarding personal communications that are sent or received on company-provided or connected electronic devices or communication platforms, such as instant messages or emails.

Additionally, you are prohibited from sending client communications via any personal email account, instant messaging, text or other method that is not captured in our archiving system. You may only use an Affiliated Adviser's e-mail system, instant messaging system, Bloomberg and other explicitly approved methods for business-related communications. You are permitted to communicate on an Affiliated Adviser's e-mail system connected through personal mobile devices such as smartphones. See the appropriate technology policy for more information*.* 

**6. STANDARDS OF BUSINESS CONDUCT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to place the interests of client accounts first and not take advantage of your position at the expense
of clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not mislead or defraud any clients by any statement, act or manipulative practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in a manner to avoid any actual, potential, or appearance of, a
conflict of interest, or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not induce or cause a client to take action, or not to take action, for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not share portfolio holdings information except as permitted by the applicable portfolio holdings disclosure
policy. See the policy for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must notify a CCO or CLO, as soon as reasonably practical, if you are arrested, arraigned, indicted or plead no
contest or guilty to any criminal offense (other than minor traffic violations) or if named as a defendant in any investment-related civil proceeding or any administrative or disciplinary action.

**7. PERSONAL TRADING, CODE OF ETHICS REPORTING AND CERTIFICATIONS** 

Personal Trading is a privilege granted by the Affiliated Advisers that may be withdrawn at any time. All personal investment activities must be conducted in accordance with your fiduciary duty and the

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requirements of the Code at all times. The CCOs have complete discretion over all Personal Trading activity and have no obligation to explain any denial or restriction relating thereto. You may be required to disgorge any gains generated (or losses avoided) from Personal Trading violations. Access Persons must maintain adequate records of all Personal Trading transactions and be prepared to disclose those transactions to compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Employee Investment Accounts** 

Subject to disclosure and pre-clearance requirements, Access Persons may open and maintain Managed Accounts and Personal Accounts with select brokers supported by MCO through direct electronic feeds ("Approved Brokers"). Any accounts held with a broker that is not on the Approved Broker List must be transferred to an Approved Broker within 90 days of the commencement of employment.

On a case-by-case basis, compliance may approve certain accounts held with brokers that are not on the Approved Brokers List. Compliance must still receive statements for each of these types of accounts, regardless of whether they are Managed or Personal Accounts.

For a list of Approved Brokers see *Appendix 2 – Approved Brokers List.* For a summary of account disclosure requirements see *Appendix 3 – Investment Account Disclosure.* For a summary of preclearance requirements see *Appendix 4 – Preclearance and Reporting By Security Type.*

<u>Managed Accounts</u> 

Access Persons may open and maintain Managed Accounts with Approved Brokers. With the exception of IPOs and Limited Offerings, the requirements listed below under Personal Trading Requirements and Restrictions do not apply to Managed Accounts. Participation in an IPO or a private placement in a Managed Account still requires prior approval of a CCO or his/her designee.

Managed Accounts require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each quarter, <u>all employees</u> must certify that all Managed Accounts have been disclosed and
verify all transactions are correctly reflected in MCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The employee must certify and compliance must be able to independently verify that the account is truly discretionary;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must certify quarterly that they had no direct or indirect influence or control over any transactions
that occurred in their Managed Accounts.

Failure to adhere to these requirements could lead to disciplinary actions and penalties up to and including termination.

<u>Personal Accounts</u> 

Access Persons may open and maintain Personal Accounts at Victory Capital Services and with brokers on the Approved Brokers List (see Appendix 2). All requirements listed below under Personal Trading Requirements and Restrictions apply to Personal Accounts.

Personal Accounts require the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each quarter, <u>all employees</u> must certify that all Personal Accounts have been disclosed and
verify all Personal Trades or transactions are correctly reflected in MCO.

Access Persons acknowledge and agree that the Affiliated Advisers may request and obtain information regarding Personal Accounts from broker-dealers. Affiliated Advisers may use personal information, including name, address and social security numbers, to identify and verify employee accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Employee Investment Account Reporting** 

<u>Investment Account Disclosure</u>

All Personal Accounts and Managed Accounts must be disclosed to and approved by compliance prior to trading or on the next quarterly certification, whichever is sooner. New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

<u>Initial Holdings Report/Annual Holdings Report</u> 

No Personal Trading will be authorized before compliance has received a completed Initial Holdings Report as part of the new hire on-boarding process. Any exceptions must be approved by a CCO. The Initial Holdings Report must be submitted to compliance within ten (10) calendar days of becoming an Access Person. All Access Persons must submit a similar report annually to compliance. These reports must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date when the individual became an Access Person (Initial Holdings Report only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of each Personal Account in which any securities are or could be held in the Beneficial Interest of the Access
Person, and the name of the broker-dealer or financial institution holding these accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current holdings in private placements (or non-public offering), including
private equity, hedge funds or partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Reportable Security or Reportable Fund in which the Access Person has a Beneficial Interest, including title,
number of shares, and principal amount. Holdings information must be current as of 45 calendar days before the report is submitted.

<u>Quarterly Securities Transaction Report</u> 

At the end of each quarter, every Access Person must verify his or her Personal Trades or transactions in Personal Accounts through MCO by submitting a Securities Transaction Report ("STR") no later than 30 calendar days following the end of each calendar quarter (whether or not trades were made). The STR must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of any transaction in a Reportable Security or Reportable Fund effected during the preceding quarter, such
as the date, number of shares, principal amount of securities involved, nature of the transaction (i.e., a buy or a sell), price, and the name of the broker/dealer or financial institution that effected the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and number for any account established in the preceding quarter

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Certain transactions are exempt from the quarterly reporting requirement. See *"Summary of Preclearance Requirements"* in *Appendix 4 – Preclearance and Reporting By Security Type* for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Personal Trading Requirements and Restrictions** 

<u>Prohibited Securities and Transactions</u>

Commodities, currencies, futures, options, and selling securities short are prohibited in Personal Accounts.

Investments in companies under common control of VCH are also prohibited in Personal Accounts.

<u>Pre-clearance Requirement</u>

You must obtain compliance approval prior to executing a transaction that requires pre-clearance (see Appendix 4 – *Preclearance and Reporting By Security Type)*. Approval may only be requested by submitting a *Personal Trade Pre-Clearance Request* ("PTR") in MCO. Compliance approval expires at the end of the trading day approval was provided (see exception granted to Covered Persons, as defined in VCH's *Insider Trading Policy*). In certain circumstances, an approved and executed Personal Trade may need to be broken or profits disgorged (e.g. a Blackout Period triggered by subsequent client trading).

*Cryptocurrencies* – Trading in cryptocurrencies must be pre-cleared using the appropriate section of the Trade Pre-Clearance form within MCO. Such trades must be executed either in an account at a firm that is on our approved broker list (see Appendix 2) or in an account that does not offer any security trading capability. Accounts established to trade cryptocurrencies that do not have security trading capabilities must be reported in MCO. Receiving pre-clearance approval does not relieve you of your fiduciary duty and the responsibility to follow the spirit of the Code.

Compliance will review cryptocurrency trade requests for perceived or actual conflicts. As a general rule, compliance expects that cryptocurrencies traded on common crypto exchanges (e.g. Coinbase) will not pose a conflict and would be approved. Trades in cryptocurrencies will not be subject to the Short-Term Trading Period or count towards your Maximum Allowable Trades, however compliance may deny trades if it determines an actual or perceived conflict exists or an employee is trading too frequently. Decisions for approval and denial are the sole responsibility of compliance and are final.

You should be aware that the regulatory environment continues to evolve with respect to cryptocurrencies. In the future, you may be required to divest crypto holdings or hold them only at approved account providers if deemed necessary to meet regulatory requirements.

<u>Prohibition on Personal Trades Ahead of Client Pending Orders</u>

You are prohibited from executing Personal Trades in securities where you are aware of any pending orders in such securities by any Franchise that, if executed, would trigger a Blackout Period, create a conflict, or disadvantage a client. Adherence to the above Pre-Clearance Requirement does not provide relief from this prohibition.

<u>Franchise Blackout Period</u> 

The Franchise Blackout Period is triggered by all client trades within an employee's specific Franchise. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the blackout period.

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Employees may not make De Minimis Trades in the same security on consecutive trading days. The LCR Department does not provide exceptions to the Franchise Blackout Period beyond De Minimis Trades and ETFs.

<u>Standard Blackout Period</u> 

For all other employees (e.g. support staff) and the Victory Solutions Team the Standard Blackout Period is triggered by all client trades. Therefore, a Personal Trade by an employee during a Blackout Period in the same name as any client is generally prohibited. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the Standard Blackout Period. Employees may not make De Minimis Trades in the same security on consecutive trading days. The appropriate CCO, or his/her designee, may determine that a nonvolitional client trade (e.g. cash flow trading) did not trigger a Blackout Period. In such cases, Compliance will confirm that there are no other potential conflicts before approving or reviewing a Personal Trade. Additionally, in certain situations (e.g. shared office spaces), the CCO, or his/her designee, may apply the Standard Blackout Period to Franchises.

<u>Private Equity Prohibitions</u> 

Employees who are part of a franchise that invests in private equity on behalf of clients are prohibited from investing in any publicly-listed portfolio companies held by such franchise. Publicly-listed companies that are not portfolio companies but are in similar sectors and industries as those that are held will be reviewed on a case-by-case basis for potential conflicts.

<u>Short-Term Holding Period</u>

Personal Trading must be for investment purposes rather than for speculation. You may not purchase and sell or sell and purchase the same security within sixty (60) calendar days, calculated on a LIFO basis. This means each purchase will require you to hold your entire position in that security for 60 days. Similarly, this means each sale will require you not to purchase that name for 60 days. Excess profits (or losses avoided) as a result of violating this restriction may be subject to disgorgement. You should carefully consider whether you have the conviction to hold an entire position or refrain from adding to a position for at least 60 days before engaging in buy or sell transactions. See exceptions related to trading in Victory Capital stock. The Short-Term Holding Period only applies to transactions that require pre-clearance.

The appropriate CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Maximum Allowable Trades</u>

You are limited to 15 Personal Trades in individual securities per calendar quarter across your Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade. Transactions listed in the "Reportable ONLY (Preclearance NOT Required)" section of Appendix 4 do not count toward the 15 allowable trades. A CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Prohibition on Small Market Capitalization Securities</u> 

Personal Trade purchases in smaller market capitalization stocks of $3 billion market capitalization or less are prohibited. Due to potential conflicts associated with such names, Victory reserves this universe for client use. New hires who hold names in such securities or existing employees who hold names that have since gone below $3 billion should speak to the LCR Department prior to submitting a request to sell.

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<u>IPO Rule</u> 

You may <u>not</u> directly or indirectly acquire a Beneficial Interest in any securities offered in an IPO or in an Initial Coin Offering (ICO), in a Personal Account or Managed Account, without prior approval of a CCO or his/her designee.

<u>Limited Offerings (Private Placements)</u> 

You may <u>not</u> acquire a Beneficial Interest in a private placement without the prior approval of a CCO or his/her designee. Prior approval is required whether investing directly or through a Personal Account or Managed Account. Private placements, such as investment in a private company, investments in a hedge fund or other private investment fund are reportable through the preclearance process. Subsequent capital contributions and full or partial redemptions must be precleared through MCO.

<u>Market Timing Mutual Fund Transactions</u> 

You shall not participate in any activity that may be construed as market timing of mutual funds. Specifically, you shall <u>not</u> engage in excessive trading or market timing activities as described in each prospectus of a Proprietary Product or Reportable Fund.

<u>Trading in Victory Capital Stock</u>

Victory Capital Stock (VCTR) is a Reportable Security under the Code and any transaction in VCTR in a Personal Account must be precleared. You may be eligible for certain benefits related to VCTR, such as participation in the ESPP and grants of stock options or restricted stock. Certain transactions related to these benefits will require pre-clearance. For a summary of pre-clearance requirements for VCTR see *Pre-Clearance Requirements for Victory Capital Stock* under *Appendix 4 – Preclearance and Reporting By Security Type*. If you are uncertain whether a transaction requires pre-clearance, you should consult with compliance prior to trading.

VCTR transactions related to the above employee benefits will not trigger the Short-Term Holding Period in a Personal Account. Likewise, VCTR transactions in a Personal Account will not affect an employee's ability to exercise such employee benefits.

Covered Persons, as defined in VCH's *Insider Trading Policy,* will have 3 business days upon receipt of approval to effect transactions in VCTR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Representations and Warranties** 

Each time you submit a PTR, you shall be deemed to make the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not in possession of any MNPI for the requested security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not aware of any client trading in the same security during any Blackout Period to which you are subject

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have not traded the same position in the opposite direction, in the past 60 days (Mandatory Short-Term Holding
Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Quarterly and Annual Certifications of Compliance** 

You are required to certify quarterly that you have disclosed all reportable:

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Outside Business Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Political activity and contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Personal Trading Accounts, including Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Personal Trades.

You are required to certify annually to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have read, understand and complied with this Code and other related policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You have read, understand and complied with Victory Capital's Corporate Information Protection and Technology
Use Policy (A-8);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You have provided and verified all reportable holdings data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You have answered all additional questions and disclosures within the Annual Code of Ethics Certification in an
accurate and truthful manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Review Procedures** 

Compliance will maintain review procedures consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Recordkeeping** 

All Code of Ethics records will be maintained pursuant to the provisions of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Whistleblower Provisions** 

If you believe that there has been a violation of this Code, any federal law, or regulation of any governmental agency or entity, you must promptly notify VCM and WestEnd via: 1) a Chief Legal Officer, 2) a Chief Compliance Officer, or 3) the anonymous VCM Hotline at 800-854-9055.

Nothing in this Code shall prohibit you from: 1) making any disclosure of relevant and necessary information to any law enforcement agency, regulatory authority, or self-regulatory organization, or as required by law; 2) participating, cooperating, or testifying in any action, investigation, or proceeding with any law enforcement agency, regulatory authority, or self-regulatory organization; or 3) accepting any U.S. Securities and Exchange Commission awards.

You are protected from retaliation for reporting violations of this Code. Retaliation or the threat of retaliation against you for reporting a violation constitutes a further violation of this Code and may lead to immediate suspension and further sanctions.

VCM is also responsible for communicating the Victory Funds whistleblower procedures to applicable employees. The Victory Funds have implemented procedures for receiving anonymous reports of suspected or actual violations of the Victory Funds' policies and questionable accounting, internal accounting controls, or auditing matters.

Call 866-844-3863 to initiate a report regarding Victory Portfolios, Victory Portfolios II, or the Victory Variable Insurance Funds trusts.

Call 877-711-3336 to initiate a report regarding Victory Portfolios III trust.

Call 866-992-3741 to initiate a reporting regarding Victory Portfolios IV, Victory Variable Insurance Funds II, or Pioneer Closed-End Funds.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Confidentiality** 

All information obtained from any employee shall be kept in strict confidence, except when requested by the SEC or any other regulatory or self-regulatory organization, and may otherwise be disclosed to the extent required by law or regulation. Additionally, certain information may be provided to a broker-dealer, service provider or vendor, such as employee name, social security number and home address, in order to ascertain Personal Trading activity that is required to be disclosed by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Reporting to the Board of Directors of Affiliated Funds** 

At least annually, the appropriate Affiliated Advisers will provide the Board of Directors of Affiliated Funds with information regarding: 1) any Material Violations under this Code and any sanctions imposed as a response to such Material Violation; and 2) certification that it has adopted procedures necessary to prevent Access Persons from violating this Code.

**8. CODE OF ETHICS VIOLATION GUIDELINES** 

You are responsible for conducting your activities in accordance with this Code. Violations of the Code may result in applicable sanctions.

Sanctions may correlate to the severity of the violation and may take into consideration, among other things, such factors as the frequency and severity of any prior violations. A CCO may recommend escalation to the VCM Board of Directors and Compliance Committee. When necessary, the VCM Board of Directors may obtain input from the Compliance Committee and a CCO when determining whether such violation is a Material Violation.

The CCOs hold discretionary authority to revoke Personal Trading privileges for any length of time and also reserve the right to lift Personal Trading sanctions in response to market conditions. Additionally, a CCO or Compliance Committee may impose a monetary penalty for any violation. A CCO will report all warnings, violations, exceptions granted and sanctions to the Compliance Committee.

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| | |
|:---|:---|
| **Minor Violations** | **Potential Actions** |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; • Provided incorrect or incomplete account or trading information<br>• Engaging in a pattern of discouraged or excessive trading<br>• Trading without pre-clearance approval when trade would have normally been approved and additional violations did not occur<br>• Failure to submit a complete or timely initial or annual holdings or securities transactions report<br>• Failure to provide the Compliance Department a duplicate confirmation in a timely manner after request or notice by the Compliance Department<br>• Failure to pre-clear properly an OBA or political contribution that would have been approved<br>• Failure to complete a quarterly or annual certification by due date<br>• Failure to pre-clear an investment in a private placement that would have been approved<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Compliance may question you and document response<br>• 1<sup>st</sup> violation within a 12-month period may result in a warning letter<br>• CCO and Compliance Committee may be notified of all warnings and citations given to employees<br>• You may be required to break a trade or disgorge profits from the trade<br>• Any additional actions a CCO or Compliance deem appropriate under the circumstances<br>|
| **Technical Violations** | **Potential Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp; • Any pattern of a Minor Violation within a 12-month period may qualify as a Technical Violation<br>• Failure to report a Personal Account in which trades requiring pre-clearance have occurred<br>• Trading without pre-clearance approval when trade would not have been approved<br>• Trading without pre-clearance or supplied incorrect information, which may have resulted in additional violations<br>• Failure to pre-clear any activity that would have been denied by the Compliance Department<br>• Any willful violations of the Code, as determined by a CCO, to be more severe than a Minor Violation<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Compliance may question you and document response<br>• Compliance may issue a warning letter<br>• Compliance Committee may be notified<br>• Human Resources may be notified<br>• You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br>• Temporary ban from Personal Trading for no less than 30 calendar days<br>• A fine may be imposed, as determined by a CCO on a case-by-case basis<br>• Any other actions deemed appropriate by a CCO or compliance<br>|
| **Repeat Technical Violations** | **Potential Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp; • Any Technical Violation that is repeated at least two (2) times during a 12-month period<br>| &nbsp;&nbsp;&nbsp;&nbsp; • A CCO may meet with your direct manager to discuss violation<br>• Human Resources may be notified<br>• You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br>• Three (3) or more technical violations within a 12 month period may receive a citation letter, monetary fine and loss of Personal Trading privileges for no less than 90 calendar days<br>• Any other actions deemed appropriate by a CCO or compliance<br>|
| **Material Violations / Fraudulent Actions** | **Potential Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp; • Any Material Violation<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Compliance Committee will review and recommend sanctions and penalties up to and including termination of employment<br>• The Board of Directors and, when applicable, clients may be notified<br>• Possible criminal sanctions imposed by regulatory authorities<br>|

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp; • A fine of $10,000 may be imposed by the Board of Directors<br>Any other actions deemed appropriate by a CCO, Compliance Committee or the Board of Directors<br>

The Code of Ethics Violation Guidelines provides examples of potential Code violations and the actions that Victory Capital might take if you violate the Code; it is not intended to serve as an exhaustive list of potential Code violations or actions relating thereto. All findings of Code violations and any actions relating thereto will be made on a case-by-case basis. The CCOs have discretion to interpret violations and impose various sanctions in response to such violations as deemed necessary.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**Reconsideration** 

If you wish to dispute a violation notice, you may submit a written explanation of the circumstances of the violation to a CCO. The CCOs (and the CLO if escalation is deemed necessary) will review submissions on a case-by-case basis. The CCOs and CLO are under no obligation to change any sanction that has been imposed.

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| ![LOGO](g49631304a.jpg) | ![LOGO](g49631304b.jpg) |

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**Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds** 

As described in this Code, certain restrictions apply to trading in an Affiliated Fund, a Proprietary Product and any fund sub-advised by an Affiliated Adviser. Please refer to the company's intranet site "Under the wing" for a complete list or follow one of the links below.

**Affiliated Funds** 

For the most up-to-date list of Affiliated Victory Funds, please visit <u>www.vcm.com.</u> 

**Proprietary Products** 

Proprietary Products, are funds or products in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. Employees are required to pre-clear trades in any Proprietary Products.

On a quarterly basis Victory's compliance and fund administration department will review fund ownership levels to determine if any funds meet the criteria to be deemed a Proprietary Product. A list of current Proprietary Products will be maintained on the Compliance page of Victory's intranet site.

**Sub-Advised Funds** 

VCM acts as sub-adviser to a number of unaffiliated registered investment companies (mutual funds).

Please refer to VCM's ADV filed with the SEC by searching for the firm name on <u>https://www.adviserinfo.sec.gov</u>. ADV Part 1 contains SECTION 5.G.(3), which lists "Advisers to Registered Investment Companies and Business Development Companies". The name of the fund complex can be obtained by searching for the SEC File Number (under More Options) using EDGAR: <u>https://www.sec.gov/edgar/searchedgar/companysearch.html</u>. A complete list is also available on the company's intranet site "Under the wing" under the compliance tab.

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**Appendix 2 – Approved Brokers List** 

In addition to accounts on Victory Capital's retail brokerage platform, you are allowed to open new or maintain existing personal or managed accounts at any of the external brokers listed below. However, you may NOT begin trading in a brokerage account (in-house or external) until it is reported in MCO and set up on our broker data feed. The approved external brokers have been divided into tiers based on how responsive they typically are to our requests to add new accounts to the broker data feed.

**<u>Tier 1 Approved Brokers</u>**

These brokers provide enhanced broker data feed functionality and typically add new accounts to our broker data feed within 1 – 3 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Charles Schwab (acquired TD Ameritrade)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Interactive Brokers

**<u>Tier 2 Approved Brokers</u>**

These brokers may take longer than Tier 1 Approved Brokers, but they generally add new accounts to our broker data feed within 5 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ameriprise Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Vanguard

**<u>Tier 3 Approved Brokers</u>**

These brokers may require you to sign a form before they will add a new account to our broker data feed, and/or typically take longer to update the feed once all their requirements are met – your ability to trade in a new account at these firms may be significantly delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JP Morgan Chase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Morgan Stanley (acquired E\*TRADE)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Northern Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. RBC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Wells Fargo

**<u>Approved Non-Brokers</u>**

The following types of accounts are typically not held through a traditional brokerage firm but are still allowed under the Code of Ethics – you may be required to manually report transactions effected in reportable securities within these types of accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employer Sponsored Retirement Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ESOP/ESPP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Direct Registration Service (DRS – i.e. Computershare, American Stock Transfer Company, etc.)

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**Appendix 3 – Investment Account Disclosure** 

New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. All new Personal Accounts and Managed Accounts must be reported to compliance prior to trading or on the next quarterly certification, whichever is sooner. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

The below chart summarizes certain account types and their disclosure requirements. If you have a beneficial interest in any account identified below, you must follow the disclosure requirements. If you are uncertain whether an account should be disclosed or if you have a beneficial interest in an account not listed below, you should consult with a CCO or a member of the Compliance team.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Account Type** | **Initial Disclosure** | **Periodic Verification** |
| &nbsp;&nbsp;&nbsp; All Personal Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; All Managed Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Affiliated Fund Direct Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; 401(k) if able to hold Reportable Securities | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Security Lending Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Margin Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Investment Club Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Private Placements | Yes | No |
| &nbsp;&nbsp;&nbsp; Unaffiliated Open-end Mutual Fund Direct Accounts | No | No |
| &nbsp;&nbsp;&nbsp; Retirement accounts if unable to hold Reportable Securities | No | No |
| &nbsp;&nbsp;&nbsp; 529 Plans | No | No |
| &nbsp;&nbsp;&nbsp; Bank accounts if unable to hold Reportable Securities | No | No |
| &nbsp;&nbsp;&nbsp; Donor Advised Fund (only pre-clear gift of stock to account) | No | No |
| &nbsp;&nbsp;&nbsp; HSA Investments (if unable to hold Reportable Securities) | No | No |
| &nbsp;&nbsp;&nbsp; Accounts that facilitate trading cryptocurrencies | Yes | Yes |

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**Also see the Account Reporting Job Aid for more details.** 

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**Appendix 4 – Preclearance and Reporting By Security Type** 

Most transactions in Personal Accounts require you to submit a PTR through MCO. See *Section VI: Personal Trading Requirements and Restrictions* for more information.

**Summary of Pre-clearance and Reporting Requirements** 

The below chart summarizes the pre-clearance and reporting requirements of certain security types. Additional details can be found in the Pre-Clearance Job Aid. If you are uncertain whether a transaction requires pre-clearance, you should consult with a CCO or a member of the Compliance team. For Victory Capital Stock, please refer to the *Summary of Pre-Clearance Requirements for Victory Capital Stock* provided in this Appendix.

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|:---|
| &nbsp;&nbsp;&nbsp; **Prohibited in Personal Accounts** |
| &nbsp;&nbsp;&nbsp; Commodity Futures |
| &nbsp;&nbsp;&nbsp; Futures |
| &nbsp;&nbsp;&nbsp; Options |
| &nbsp;&nbsp;&nbsp; Currency Futures |
| &nbsp;&nbsp;&nbsp; Selling Securities Short |
| &nbsp;&nbsp;&nbsp; Single Stock ETFs (and similar instruments that provide exposure to a single stock) |
| &nbsp;&nbsp;&nbsp; Companies under common control with VCH |
| &nbsp;&nbsp;&nbsp; **Pre-clear in Managed Accounts and Personal Accounts** |
| &nbsp;&nbsp;&nbsp; Initial Public Offerings (IPO) |
| &nbsp;&nbsp;&nbsp; Initial Coin Offerings (ICO) |
| &nbsp;&nbsp;&nbsp; Private placements |
| &nbsp;&nbsp;&nbsp; **Pre-clear in Personal Accounts** |
| &nbsp;&nbsp;&nbsp; Equities |
| &nbsp;&nbsp;&nbsp; Corporate, High-Yield, Convertible, International, and Municipal Bonds |
| &nbsp;&nbsp;&nbsp; Exchange-traded funds (ETFs), including affiliated ETFs |
| &nbsp;&nbsp;&nbsp; Exchange-traded notes (ETNs) |
| &nbsp;&nbsp;&nbsp; Closed-end funds |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |
| &nbsp;&nbsp;&nbsp; Agency Securities (e.g. Fannie Mae, Freddie Mac etc.) |
| &nbsp;&nbsp;&nbsp; Trust preferred & traditional preferred securities |
| &nbsp;&nbsp;&nbsp; Any pre-clearance securities that are gifted or donated by an Access Person (e.g. direct to charity or to donor advised fund) |
| &nbsp;&nbsp;&nbsp; Unit investment trusts |
| &nbsp;&nbsp;&nbsp; Victory Proprietary Products (currently there are none) |
| &nbsp;&nbsp;&nbsp; VCM 401(k) transactions greater than $100,000 in a Proprietary Product |
| &nbsp;&nbsp;&nbsp; Cryptocurrencies (e.g. Bitcoin, Ethereum, etc.) |
| &nbsp;&nbsp;&nbsp; **Reportable <u>ONLY</u> (pre-clearance NOT required)** |
| &nbsp;&nbsp;&nbsp; Dividend Reinvestment Plans (DRIPs) |
| &nbsp;&nbsp;&nbsp; Victory Mutual Funds, unless it's a Proprietary Product |
| &nbsp;&nbsp;&nbsp; Variable insurance products only where an Affiliated Adviser serves as adviser or sub-adviser |
| &nbsp;&nbsp;&nbsp; **Exempt Transactions (only the effect of these transactions will be captured as an update on the annual holdings certification)** |

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| &nbsp;&nbsp;&nbsp; Approved automatic or periodic investment plans |
| &nbsp;&nbsp;&nbsp; Dividend reinvestment transactions |
| &nbsp;&nbsp;&nbsp; Corporate action transactions (e.g., stock splits, rights offerings, mergers and acquisitions) |
| &nbsp;&nbsp;&nbsp; Security lending transactions |
| &nbsp;&nbsp;&nbsp; **Exempt Securities not subject to the Code** |
| &nbsp;&nbsp;&nbsp; Direct obligations of the U.S. government |
| &nbsp;&nbsp;&nbsp; Bankers' acceptances, bank certificates of deposit and commercial paper |
| &nbsp;&nbsp;&nbsp; Investment grade, short-term debt instruments, including repurchase agreements |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; Money market funds |
| &nbsp;&nbsp;&nbsp; Variable insurance products unless an Affiliated Adviser acts as adviser or sub-adviser |
| &nbsp;&nbsp;&nbsp; Unaffiliated open-end mutual funds |
| &nbsp;&nbsp;&nbsp; Investments in qualified tuition programs ("529 Plans"), including the USAA College Savings Plan |
| &nbsp;&nbsp;&nbsp; Physical Commodities (i.e. precious metals) |
| &nbsp;&nbsp;&nbsp; Foreign Currencies held in order to use as currency (not for investment/speculation purposes) |

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**Summary of Pre-Clearance Requirements for Victory Capital Stock (ticker "VCTR")** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **VCTR Transaction Description** | **Pre-Clear** |
| &nbsp;&nbsp;&nbsp; **Common Stock (Class A Shares)** | |
| &nbsp;&nbsp;&nbsp; Employee purchase or sale in any Personal Account (e.g. a brokerage account for the benefit of the employee or for the benefit of the employee's Immediate Family) | Yes |
| &nbsp;&nbsp;&nbsp; Employee purchase or sale in a Managed Account approved by Compliance. | No |
| &nbsp;&nbsp;&nbsp; **Employee Stock Purchase Plan (ESPP)** |  |
| &nbsp;&nbsp;&nbsp; Purchases made pursuant to Employee Stock Purchase Plan | No |
| &nbsp;&nbsp;&nbsp; Sales of shares acquired through the Employee Stock Purchase Plan | Yes |
| &nbsp;&nbsp;&nbsp; **Options** |  |
| &nbsp;&nbsp;&nbsp; Sale of shares in the open market acquired through the exercise of any options | Yes |
| &nbsp;&nbsp;&nbsp; Cash Exercise - Employee pays the entire cost of the exercise.  | No |
| &nbsp;&nbsp;&nbsp; Withhold Shares - Victory Capital withholds shares equal to the cost of the exercise.  | No |
| &nbsp;&nbsp;&nbsp; **Restricted Stock (Class B Shares)** |  |
| &nbsp;&nbsp;&nbsp; Selling restricted stock in the open market | Yes |
| &nbsp;&nbsp;&nbsp; Cash - Cash payment to cover vested shares tax liability  | No |
| &nbsp;&nbsp;&nbsp; Net - Surrender shares to Victory Capital to cover vested shares tax liability  | No |
| &nbsp;&nbsp;&nbsp; **10b5-1 Trading Plan** |  |
| &nbsp;&nbsp;&nbsp; Officers of VCH required to make filings under Section 16 of the Securities and Exchange Act of 1934, as amended, conducting trades in accordance with an approved 10b5-1 Trading Plan. | No |

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| ![LOGO](g49631304a.jpg) | ![LOGO](g49631304b.jpg) |

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**Appendix 5 – ETFs Eligible for De Minimis Transaction Exemption** 

Firm trades in the following ETFs will not trigger any Blackout Period due to their use as highly liquid cash management vehicles in various client accounts.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Symbol** | **CUSIP** |
| &nbsp;&nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | IEF | 464287440 |
| &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | TLT | 464287432 |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | IEFA | 46432F842 |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | IEMG | 46434G103 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | IVV | 464287200 |
| &nbsp;&nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | AGG | 464287226 |
| &nbsp;&nbsp;&nbsp;iShares FTSE China 25 Index | FXI | 464287184 |
| &nbsp;&nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond | HYG | 464288513 |
| &nbsp;&nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | 464287242 |
| &nbsp;&nbsp;&nbsp;iShares MSCI ACWI Index Fund | ACWI | 464288257 |
| &nbsp;&nbsp;&nbsp;iShares MSCI China Index Fund | MCHI | 46429B671 |
| &nbsp;&nbsp;&nbsp;iShares MSCI Emerging Index Fund ETF | EEM | 464287234 |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE Index Fund ETF | EFA | 464287465 |
| &nbsp;&nbsp;&nbsp;iShares MSCI Japan Index Fund ETF | EWJ | 464286848 |
| &nbsp;&nbsp;&nbsp;iShares MSCI India | INDA | 46429B598 |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 | IWF | 464287614 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | IWM | 464287655 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Value | IWN | 464287630 |
| &nbsp;&nbsp;&nbsp;iShares Russell Mid-Cap Value | IWS | 464287473 |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays High Yield Bond ETF | JNK | 78468R622 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF | SPY | 78462F103 |
| &nbsp;&nbsp;&nbsp;SPDR S&P MidCap 400 ETF | MDY | 78467Y107 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE All-World ex-US ETF | VEU | 922042775 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Developed Markets ETF | VEA | 921943858 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | VWO | 922042858 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Europe ETF | VGK | 922042874 |
| &nbsp;&nbsp;&nbsp;Vanguard Mortgage-Backed Securities ETF | VMBS | 92206C771 |
| &nbsp;&nbsp;&nbsp;Vanguard Real Estate ETF | VNQ | 922908553 |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Bond ETF | BSV | 921937827 |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Corporate Bond ETF | VCSH | 92206C409 |
| &nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | VOO | 922908363 |
| &nbsp;&nbsp;&nbsp;Vanguard Total Bond Market ETF | BND | 921937835 |
| &nbsp;&nbsp;&nbsp;Vanguard Total International Stock ETF | VXUS | 921909768 |
| &nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF | VTI | 922908769 |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

Copyright© 2025, Victory Capital Management Inc. vii of ix

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**Supplement 1** 

**RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code** 

**of Ethics Supplement ("Singapore Supplement")** 

The policies and procedures in this Singapore Supplement to the Code apply to Access Persons of RSIMS and are in addition to, and supplement, the policies and procedures detailed in the Code.

Matters set out in the relevant sections of this Singapore Supplement shall be read in conjunction, and as one, with the Code. To the extent there is any inconsistency between the Code and this Singapore Supplement, this Singapore Supplement shall prevail.

**Short-Selling of Securities** 

All Victory Capital employees, including employees of RSIMS, are prohibited from Short-Selling any security.

**Trading on Inside Information** 

In addition to the requirements set out in the Code, all employees of RSIMS and all members of their Immediate Family are required to comply with all applicable laws in Singapore in relation to any Securities Transactions. Such laws include but are not limited to Part XII (Market Conduct) of the Securities and Futures Act (Chapter 289 of Singapore) ("SFA") which set out prohibitions against the following conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• False trading and market rigging transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities market manipulation and manipulation of prices of futures contracts and cornering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The making of false or misleading statements or the dissemination of information that is false or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fraudulently inducing persons to deal in securities or trade in futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment of fraudulent or deceptive devices, or manipulative and deceptive devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bucketing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insider trading and tipping off.

**Reporting Requirements** 

In addition to the Personal Account and Personal Trading requirements and restrictions set out in the Code, each employee of RSIMS who acts as a representative of RSIMS in RSIMS' capacity as the holder of a capital markets services license issued pursuant to the SFA for fund management (each a "Relevant Access Person") is required to maintain a register of his or her interests in securities (as such term is defined in section 2(1) of the SFA, the relevant extract of which is set out in the Appendix) that are listed for quotation, or quoted, on a securities exchange or recognized market operator in the prescribed Form 15 to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).

Within 7 days after the date he or she acquires the interest in the relevant securities, each Relevant Access Person shall be required to enter into his or her register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Particulars of securities in which such Relevant Access Person has any interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Particulars of such interests.

Where there is any change in any interest in the securities of such Relevant Access Person, he or she shall enter particulars of the change (including the date of the change and the circumstances by reason of which the change has occurred), within 7 days after the date of the change.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

All entries in the register must be kept in an easily accessible form for a period of not less than 5 years after the date on which such entry was first made. The register shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If in physical form, be kept at RSIMS's principal place of business in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If in electronic form, be kept in such manner so as to ensure that full access to the register may be gained by the
Monetary Authority of Singapore ("MAS") at RSIMS's principal place of business in Singapore.

RSIMS is required to maintain records of the place at which the Relevant Access Persons keep their respective registers and the places at which copies of those registers are kept in Singapore. As a separate matter, RSIMS is also required to maintain a Form 15 in relation to RSIMS' own interests in the relevant Securities.

Copyright© 2025, Victory Capital Management Inc. ix of ix

## Exhibit 99.28

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| ![LOGO](g49631g0212090915284.jpg) | **EX-28.p.19** |

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CODE OF ETHICS AND PERSONAL TRADING POLICY FOR NORTH AMERICA

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**APPLICABLE TO** | &nbsp;&nbsp; • All Covered Persons (as defined below)<br>• All Invesco NA entities<br>|
| &nbsp;&nbsp;&nbsp;**DEPARTMENTS IMPACTED** | Global Ethics Office (defined below) |
| &nbsp;&nbsp;&nbsp;**RISK ADDRESSED BY POLICY** | Clients are harmed because of a Covered Person's conflict of interest, violation of fiduciary duties or fraudulent/deceptive personal trading activities. |
| &nbsp;&nbsp;&nbsp;**RELEVANT LAW & RELATED RESOURCES** | &nbsp;&nbsp; • Rule 17j-1 under the Investment Company Act ("Rule 17j-1")<br>• Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1")<br>• Ontario Securities Commission: National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103")<br>• FINRA Rule 3210 and 3120<br>|
| &nbsp;&nbsp;&nbsp; **INITIAL APPROVAL** <br> **DATE(S)** | &nbsp;&nbsp; • Invesco Mutual Funds Board: December 2023<br>• Invesco ETF Board: December 2023<br>• Invesco Canada ("ICL") Funds Independent Review Committee<br>• Invesco Canada Funds Advisory Board and Board of Directors of Invesco Canada Corporate Class Inc. following recommendation by the Compliance Committee of the Board: October 2024<br>|
| &nbsp;&nbsp;&nbsp; **DATE OF LAST** <br> **REVIEW** | January 2026 |
| &nbsp;&nbsp;&nbsp;**POLICY INCEPTION DATE** | January 2020 |

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**<u>GLOSSARY</u>** 

**<u>Background.</u>** 

Invesco must maintain a written code of ethics and establish policies and procedures to ensure compliance with securities laws, including managing conflicts of interest such as personal trading. The North America Code of Ethics (the "Code") and Personal Trading Policy requires Covered Persons to uphold high ethical standards and integrity in accordance with their fiduciary duties. The Code is intended to comply with the requirements of the Rules listed in the summary box above (collectively, the "Rules").

**<u>Definitions.</u>** 

*"Beneficial Ownership"* means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share in the economic interest or profit derived from the ownership of, or transaction in, a Covered Security.

*"Client Account"* means an Invesco Fund (with respect to Covered Persons other than Independent Directors/Trustees; defined below), an Invesco ETF, a separately managed account, a personal trust or estate, an Employee benefit trust or any other account for which an Invesco NA Adviser provides investment advisory or sub-advisory services. For Independent Directors/Trustees, "Client Account" shall mean the Invesco funds they oversee.

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*"<u>Compliance Reporting System</u>"* means any third party, web-based application utilized by Covered Persons, *excluding Independent Directors/Trustees*, for compliance reporting (i.e., personal securities transactions, investment accounts, outside activities, etc.)

*"Contingent Worker*" means any Invesco consultant or contractor with access to the firm's internal network systems.

*"Covered Account*" means any account that holds or may hold a Covered Security whether directly or through Beneficial Ownership, and as further described in Section B.1 below.

*"Covered Person"* means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee (interns, part-time or full-time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contingent Worker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director or Officer of Invesco Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Director/Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any individual who is conducting business on behalf of an Invesco Adviser or affiliate, and has access to the
firm's internal network systems or offices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person meeting the definition of "*Access Person*" as defined in Rule 17j-1 or Rule 204A-1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anyone who, at the discretion of GEO, is deemed to be a Covered Person subject to the requirements of this Code.

*"Covered Security"* generally means, investment instruments or assets (public or private), unless otherwise *exempt* from the definition, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks/shares (e.g., common, preferred, restricted, or depositary receipts) or bonds (e.g., corporate or municipal);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Products (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end funds, Interval funds and real estate investment trusts (REITs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Instruments that are convertible or exchangeable into a Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivatives (e.g., options, futures, forwards, swaps, commodities, warrants/ rights), or other obligations whose value is
derived or based on any of the above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited Offerings/Limited Liability Company interests (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Open-end Mutual Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Private Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any security/instrument that can be traded by an Invesco Adviser or an affiliate on behalf of a client.

The following securities are exempt from the definition of "*Covered Security:*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of a sovereign government (e.g., U.S. government, Canadian government, etc.) and their respective
agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper or high- quality short-term debt instruments
(including repurchase agreements);

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of an open-end mutual fund for which Invesco does not serve as an
investment adviser, sub-adviser or principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market funds and equivalent funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment trusts that invest exclusively in open-end mutual funds for which
Invesco does not serve as an investment adviser, sub-adviser or principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any unit investment trust including those advised or sub-advised by Invesco
(notwithstanding the foregoing, the Invesco QQQ Trust shall be considered a Covered Security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal-protected or linked-note investment products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Physical commodities (including foreign currencies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Mutual Fund grants awarded as part of the long-term fund awards.

*"Delegated Discretionary Account"* means an account for which a Covered Person has written evidence that decision-making authority has been completely relinquished to a professional money manager who is not a family member or not otherwise subject to this Code and over which the Covered Person has no direct or indirect influence or control.

*"Employee"* means an individual who serves as a director or officer of an Invesco NA entity or who is employed on a full-time or part-time basis by an Invesco NA entity or subsidiary thereof. For purposes of this Code, the term Employee also includes the Employee's Immediate Family Members (defined below).

"*ETP Access Person*" means a Covered Person who has access to Material Non-public Information attached to Invesco ETPs including but not limited to any client's purchase or sale of Invesco ETPs and/or the holdings of an Invesco ETP or anyone else determined as such and as notified by Compliance.

"*Exchange-Traded Product*" or "*ETP*" means a security traded on an exchange that: (i) tracks an underlying security, index or financial instrument; or (ii) uses a benchmark index but whose manager(s) may change sector allocations, market-time trades, or deviate from the index. The term "*ETP*" includes, among other things, exchange-traded funds ("ETFs"), exchange-traded notes ("ETNs") and exchange-traded commodities ("ETCs").

*"Global Ethics Office"* or *"GEO"* means the team within Compliance that is responsible for monitoring conflicts in connection with a Covered Person's personal trading, political contributions, outside business activities and gifts and entertainment.

*"Immediate Family Member"* means a Covered Person's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spouse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Domestic partner or equivalent (e.g., PACS (Civil Solidarity Pact), common law marriage, etc.):

o Generally defined as a permanent committed relationship

o With Beneficial Ownership of their partner's Covered Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Child, stepchild, parent, stepparent, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law or sister-in-law who shares the Covered Person's household.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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A roommate who does not meet any of the above criteria is **<u>not</u>** considered an Immediate Family Member.

It is the employee's responsibility to share the Code of Ethics requirements with their immediate family members.

*Questions regarding the applicability of this definition should be directed to GEO by submitting a question through the* <u>GEO Support Portal</u>*.*

*"Independent Director/Trustee"* means any; (i) director or trustee of an Invesco Mutual Fund who is not an "interested person" (as defined in Section 2(a)(19) of the Investment Company Act) of an Invesco Mutual Fund; (ii) director or trustee of an Invesco ETP who is not an "interested person" (as defined in Section 2(a)(19) of the Investment Company Act) of an Invesco ETP; or (iii) member of the Invesco Canada Independent Review Committee, Invesco Canada Funds Advisory Board or Board of Directors of Invesco Corporate Class Inc. who has no other executive responsibilities or engagement in an Invesco Canada Fund or Invesco NA's day-to-day activities beyond the scope of their duties as director/trustee.

*"Initial Public Offering"* or *"IPO"* means: (i) any Covered Security which is being offered for the first time on a recognized stock exchange; or (ii) an offering of securities registered under the Securities Act, the issuer of which immediately before such registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended or foreign regulatory equivalents thereof.

*"Investment Person"* generally means a Covered Person (excluding Independent Directors/Trustees) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as part of their regular functions or duties makes or participates in making recommendations regarding the purchase or
sale of securities in a Client Account (e.g., portfolio managers, securities analysts or traders); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• works directly with or is in the same department/investment team as a portfolio manager and is likely to be exposed to
sensitive information relating to those Client Accounts for which the portfolio manager has responsibility (including those who serve an administrative function).

*"Limited Offering or Private Placement"* means an offering that is exempt from registration under U.S. federal securities laws. Private Placements are generally sold to a small number of select investors (as opposed to a public issue, in which Covered Securities are made available for sale on the open market) in order to raise capital. These may include interest in hedge funds (including limited partnership interests), shares in private companies, crowdfunding, and private real estate investments.

*"MNPI" or "Material Non-public Information"* means information not known to the public that may, if disclosed, have a significant impact on the price of a financial instrument and that a reasonable investor would likely consider relevant or important when making an investment decision.

*"Rights Issue"* or *"Rights Offer"* means a dividend of subscription rights to buy additional securities in a company made to the company's existing security holders.

"*Robo-Advisor Account*" means a Covered Person's account that holds, or can hold, Covered Securities that is maintained on a digital platform offered by a broker on the<u> </u><u>U.S. Designated/Approved Broker List</u> to provide automated, algorithm-driven

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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investment decisions with little to no human intervention.

"*Special Purpose Acquisition Company*" or "*SPAC*" is a company without commercial operations and formed specifically to raise capital through an IPO for the purpose of acquiring or merging with an existing company.

**A. <u>POLICY</u>** 

Each Invesco NA Adviser has a fiduciary relationship with respect to each of their Client Accounts. As such, Invesco NA and Covered Persons shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• place the interests of clients ahead of their personal interests (or, in the case of Independent Directors/Trustees, the
funds they oversee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct personal trading in accordance with this Code and related policies, avoiding actual or potential conflicts of
interest and misuse of their position of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with applicable laws, rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain confidentiality of all MNPI.

Invesco NA and all Covered Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• profiting personally by using MNPI and disclosing MNPI to any person (except as may be permitted by law and in
accordance with Invesco's insider trading policies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employing any device, scheme or artifice to defraud any Client Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making an untrue statement of a material fact or omitting to state a material fact to a client that, in light of the
circumstances under which they are made, are necessary to make the statement non-misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in any act, practice or course of business that operates or would operate as a fraud or deceit to a Client
Account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in any manipulative practice with respect to a Client Account or securities (including price manipulation).

Invesco NA maintains other compliance policies that may be directly applicable to a Covered Person's specific responsibilities and duties and that address additional standards of conduct for Employees. These policies are available on the Invesco Ltd. intranet site and include, but are not limited to:

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| &nbsp;&nbsp;&nbsp; • <u>Global Code of Conduct</u><br> • <u>Global Insider Trading</u><br> • <u>Global Fraud Escalation</u><br> • <u>Global Political Contributions</u><br> • <u>Global Outside Business Activities</u> | • <u>U.S. Gifts and Entertainment</u><br> • <u>Gifts and Entertainment (ICL)</u><br> • <u>Global Anti-Bribery and Corruption</u><br> • <u>Global Social Media Policy</u> |

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Violations of the above policies may lead to increased escalation. For further detail, see Section C. Violations and Sanctions.

Please see <u>Exhibit B</u> for requirements applicable to Independent Directors/Trustees.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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**B. <u>PERSONAL TRADING REQUIREMENTS</u>** 

References to Covered Persons in this Section B shall exclude Independent Directors/Trustees. Personal trading requirements and pre-clearance requirements (if any) for Independent Directors/Trustees are set forth in <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Covered Account Requirements for Covered Persons.</u>** 

Covered Persons are required to report all investment accounts (i.e., Covered Accounts) for which they, or Immediate Family Members, have Beneficial Ownership or have discretion, control or interests, whether such discretion, control or interests are exercised or not. It is presumed that a Covered Person can control accounts held by Immediate Family Members living in the same household.

U.S. Covered Accounts must be held with a regulated financial institution listed on the <u>U.S. Designated/Approved Broker List</u><sup>2</sup>.

<u>Covered Accounts include but are not limited to the following</u>:

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| &nbsp;&nbsp;&nbsp;Brokerage Accounts | Discretionary/Robo-Advisor Accounts<sup>3</sup> | Employee Stock Plans (e.g., ESPPs, ESOPs or ISOs) |
| &nbsp;&nbsp;&nbsp;Retirement Accounts (e.g., IRAs, SIPPs, Superannuation, deco, RRSP, TFSA or any other local equivalent) | Transfer Agent Accounts that hold reportable Covered Securities (e.g., Invesco open-end mutual fund account) | Mutual Fund, Collective Investment or WRAP Accounts, which hold Invesco open-end funds |
| &nbsp;&nbsp;&nbsp;Pension Plans, which hold Covered Securities *(excluding Invesco open-end funds)* | Stock and Shares ISAs (i.e., Investment ISA) | UTMAs and UGMAs |
| &nbsp;&nbsp;&nbsp;529 Accounts that hold Covered Securities and the Invesco CollegeBound 529 plan | Invesco 401(k) Plan | Schwab Personal Choice Retirement Account ("PCRA") |

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<sup>2</sup><u> </u><u>The U.S. Designated/Approved Broker List</u> is accessible through the <u>Compliance Reporting System</u>.

<sup>3</sup> <u>Discretionary and Robo-Advisor Accounts</u> must be disclosed. New and existing Discretionary and Robo- Advisor accounts must be approved by GEO. The Covered Person must provide supporting documentation (e.g., managed account agreement) and other required information to GEO, including duplicate statements.

Covered Persons are required to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *<u>Covered Accounts held with a broker located in the U.S. or India are</u> <u>maintained:</u>* 

o with a financial institution on the <u>U.S. Designated/Approved Broker List</u> (which may be accessed via the <u>Compliance Reporting System</u>);

o in a qualified retirement plan that a Covered Person is not legally or unilaterally able to transfer; or

o for the U.S. only, with any full-service broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *<u>Invesco Open-End Mutual Funds are held</u>:* 

o in an account maintained with a financial institution (or broker on the<u> </u><u>U.S. Designated/Approved Broker List</u>);

o in a qualified retirement plan that a Covered Person is not legally or

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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unilaterally able to transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in the Covered Person's Invesco 401(k) or Invesco CollegeBound 529 plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o directly with Invesco's Mutual Funds' transfer agent.

Covered Persons may not purchase or hold Invesco affiliated open-end mutual funds beyond the above restrictions. This requirement does not apply to other Invesco securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>All other Covered Accounts</u>* <u>(e.g., external retirement plans, stock plans through</u> <u>third-party administrators)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Covered Persons shall direct their financial institution to submit statements and confirmations to GEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If the financial institution is unable to provide transactional statements (or contract notes) to GEO through a link
or hard copy, the Covered Person shall be personally responsible for submitting statements directly or upon request through the <u>GEO Support Portal</u> in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Trade confirmations (or contract notes) must be provided no later than 15 calendar days from the date of execution;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transactional statements must be provided within 15 calendar days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>US Invesco Schwab Personal Choice Retirement Account (PCRA):</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Covered Persons must report the PCRA in the Compliance Reporting System as soon as it is opened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In addition to the restrictions applied by the PCRA administrator, the account is subject to short-term trading
restrictions and Employees must pre-clear single-stock ETPs and those ETPs with underlying Covered Securities with a concentration of 25% or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Questions regarding the PCRA account should be directed to Human Resources or the plan administrator.

&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Statements (Transactions) and Trade Confirmations (or Contract Notes).</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees shall maintain a Covered Account with a financial institution that provides electronic trade confirmations (or
contract notes) and statements directly to GEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the financial institution fails or is unable to provide an electronic link or a hard copy, the Covered Person shall
be personally responsible for providing transactional statements and trade confirmations (or contract notes) for the Covered Account(s) to GEO through the <u>GEO Support Portal</u> or where applicable, to their local
Compliance upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>All Covered Accounts must be reported in the</u> <u>Compliance Reporting System</u> <u>before trading begins or upon hire.</u> Statements are not required for accounts that do not meet the Covered Accounts definition, such as accounts that are

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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only able to invest in unaffiliated Open-end Mutual Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Pre-Clearance of Personal Trades.</u>** 

*Covered Persons and their Immediate Family Members* are required to pre-clear all transactions in Covered Securities as illustrated in <u>Exhibit A</u> and described herein through the <u>Compliance Reporting System</u>.

Unless otherwise indicated in the Code, Covered Persons may not execute trades in a Covered Account until they receive approval from GEO. Approval status is communicated via an automated alert from the Compliance Reporting System. Covered Persons must carefully review this alert to confirm whether the trade request was approved or denied.

For Covered Accounts where the Covered Person has beneficial interest but does not exercise control (e.g., accounts for Immediate Family Members), all trade requests must be submitted by the Covered Person.

Gifting or bequeathing Covered Securities, including in-kind transfers or donations of stock shares to charities or family members must also be pre-cleared**.** Gifting is prohibited if the recipient is a public official or has a connection to Invesco's business.

**<u>Trade Authorization (i.e., Market Orders).</u>** Trade requests which have been submitted and approved within the <u>Compliance Reporting System</u> prior to market close are only valid for the current business day, unless the approval is granted after the close of the trading day (e.g., trading on a foreign market or OTC), in which case the approval will not expire until the end of the next trading day.

If a trade is not executed within the approval window, the Covered Person must submit a new pre-clearance request and *receive* approval before trading in the same security.

**<u>Prohibited Trade Orders.</u>** Covered Persons are required to avoid executing transactions outside of the approval window. All orders that do not expire at market close (e.g., Good 'Til Canceled (GTC), limit orders, stop loss orders, etc.) are prohibited.

**<u>Pre-clearance of Limited Offerings and Private Placements</u>**<u>.</u> Covered Persons and their Immediate Family Members must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear investments in Limited Offerings and Private Placements and receive
approval from GEO before investing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit a Private Placement pre-clearance request through the <u>Compliance Reporting System</u> and include a detailed description of the investment and relevant documentation (e.g., offering deck, offering/private placement memorandum and term sheet). Allow a minimum of three to five
business days before the intended investment date to allow ample time for review.

Additionally, Covered Persons seeking to invest in a Limited Offering/Private Placement sponsored by Invesco Ltd. and its affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must pre-clear all transactions through the <u>Compliance Reporting System</u> if the investment is made alongside third-party investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• May transact without pre-clearance if Invesco offers the investment exclusively to
Employees.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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Limited Offerings and Private Placements are subject to ongoing reporting obligations. If you have questions about these requirements before investing, please contact Legal or GEO by submitting a question through the <u>GEO Support Portal</u>.

**<u>Exemptions from Pre-Clearance</u>**. Purchases or sales of the following are exempt from the pre-clearance requirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Securities in an approved Delegated Discretionary/Robo-Advisor Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Mutual Funds and Invesco Canada Funds (**this exemption does not apply to closed-end funds or interval funds**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco ETPs **(this exemption does not apply to ETP Access Persons);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unaffiliated broad-based ETPs **(this exemption does not apply to single stock ETPs);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currencies, cryptocurrencies, and commodities, including trusts invested entirely in a currency, cryptocurrency or
commodity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivatives of an index of securities, currencies, cryptocurrencies or commodities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held in Invesco CollegeBound 529 Plans, Invesco Core U.S. 401(k) Plans (**this exemption does not apply to the PCRA**) and registered group retirement savings plans offered by an Invesco Ltd. affiliate.

**<u>Pre-clearance of Employee Share Purchase Plans and Long-Term Incentive</u> <u>Plans</u>.** The acquisition or deposit of shares, including IVZ shares through an Employee Share Purchase Plan or Equity Awards Program is exempt from pre-clearance**.** However, pre-clearance is required if Covered Persons wish to sell or gift the shares, including IVZ shares. Please refer to <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>4. Trading Restrictions/Prohibitions.</u>** 

**<u>Blackout Period</u>***.* Covered Persons are prohibited from trading any Covered Security in a personal account on a day during which a Client Account has a pending "buy" or "sell" order in the same Covered Security.

<u>In addition</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investment Persons* with knowledge of trading in a Covered Security for a Client Account are prohibited from
personal trading within three trading days before and three trading days after such Client Account transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *All other Covered Persons* with knowledge of trading in a Covered Security for a Client Account are prohibited
from personal trading in the same Covered Security within two trading days after such Client Account transaction.

**<u>Blackout Period Exemptions.</u>** Blackout period restrictions may be exempt if purchases and sales of a Covered Security comply with certain conditions (e.g., large market capitalization, daily trading limit, etc.) as may be determined from time to time by the GEO. Refer to the **<u>FAQ</u>** for details.

**<u>Other Prohibitions</u>***.* Covered Persons shall be prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading a Covered Security of an issuer on the applicable Restricted List(s);

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchasing a Covered Security in an IPO or secondary offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchasing a publicly listed SPAC when the targeted company is known;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• participating in an investment club;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excessive short-term trading of any Invesco Open-end Mutual Funds (excluding
money market funds) and/or cash-in-lieu Invesco ETPs according to the various limitations outlined in the respective prospectus or other fund disclosure documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in personal trading of Covered Securities that is excessive, or that compromises Invesco NA's fiduciary
duty to Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effecting short sales of a Covered Security in a Covered Account if a Client Account for which the Covered Person has
investment management responsibility has a long position in such Covered Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading options on common stock, single-stock ETPs, or Invesco ETPs unless the underlying security has been held for no
fewer than 60 days. To clarify, trading naked options on any Covered Security that is subject to the short-term profit restriction is prohibited and only covered calls and protective puts are permitted.

**<u>Short-Term Trading Restriction for all Covered Persons</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Persons cannot profit from the purchase and sale of a Covered Security (or a short sale and cover of the same
Covered Security) within 60 calendar days of the trade date of the same Covered Security. Gains are calculated on a first- in, first-out (FIFO) method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Invesco Canada Funds are subject to the short-term trading requirements outlined in the applicable
prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This restriction shall apply to all Covered Securities, including those which are exempt from pre-clearance (e.g., Invesco Funds and Invesco ETPs). Transactions in unaffiliated ETPs (excluding single stock ETPs), currencies, cryptocurrencies, commodities, trusts invested entirely in a currency,
cryptocurrency or commodity, and derivatives (e.g., options and futures) based on an index of securities, currencies, cryptocurrencies and commodities are exempt from the 60-day holding period. This exemption
shall not apply to derivatives of individual securities, single stock ETPs, or Invesco ETPs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Covered Security is traded within the applicable holding period, the full amount of any profit from the trade,
which has not been adjusted to account for applicable taxes or related fees, shall be disgorged to a charity of Invesco Ltd.'s choice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Persons are exempt from the 60-day holding period if the trade
transaction is executed at a loss.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>5. Special Requirements for Transactions in Invesco Ltd. Stock.</u>** 

Transactions in Invesco Ltd. stock are subject to the pre-clearance and reporting requirements set forth above. Covered Persons are prohibited from engaging in transactions in publicly traded options such as puts, calls and other derivative securities relating to Invesco Ltd.'s securities, on an exchange or any other organized market.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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Covered Persons should refer to the <u>Global Insider Trading</u> policy whenever they wish to transact in Invesco Ltd. securities in a Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>6.</u> <u>Covered Persons Reporting and Certification Requirements.</u>** 

**<u>Certification Requirements</u>.** All Covered Persons are required to complete a Code of Ethics and Compliance policies acknowledgment on their start date with Invesco, and annually thereafter, to acknowledge and certify that they have received, reviewed, understand, and shall comply with the Code. In addition, Covered Persons will be required to acknowledge receipt and understanding of any material amendments or new interpretations of the Code.

**<u>Reporting Requirements</u>.** All Covered Persons are subject to initial (upon joining Invesco) and ongoing reporting requirements. These reports will be reviewed by GEO and are intended solely for internal use and are confidential unless required to be disclosed to a regulatory or government agency.

**<u>Summary of Reporting Obligations</u>** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **<u>New Hires</u><sup>4</sup>**<br>| <br> **<u>Covered Persons</u>** | <br> **<u>Covered Persons</u>** |
| **<u>Upon joining the firm</u>**<br> (due in 10 calendar days) | **<u>Quarterly</u>**<br> (due no later than 30 calendar days after the calendar quarter-end)<br>| **<u>Annual</u>**<br> (due no later than 30 calendar days from distribution)<br>|
| <u>Covered Accounts/ Initial Holdings Report</u><br> (*including a list of all Covered Securities and private/limited holdings. All holdings must be as of the Covered Person's employment start date*) | <u>Quarterly Transaction Report</u> (*excluding dividends reinvested, private/limited offering transactions previously disclosed, auto investment plans, payroll deductions, transactions executed in an approved Discretionary/Robo-Advisor Account*)<br>| <u>Annual Holdings & Private Investments Report</u><br> (*excluding holdings in an approved Discretionary Account, and any holdings designated as non-reportable on <u>Exhibit A</u>*) |
| <u>Initial Compliance Policies Certification</u><br>|  | <u>Annual Compliance Policies Certification</u><br>|

---

<sup>4</sup>Any New Hire who fails to submit the Covered Accounts/Initial Holdings Report (IHR) within the (10) calendar days of their employment start date will be prohibited from engaging in any personal securities transactions until such report is submitted and may be issued a violation and subject to other sanctions.

The Quarterly Transaction Report *can exclude* transactions executed in Covered Securities **if they were**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed directly with an affiliated transfer agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Made within the Covered Person's registered group retirement savings plan, including the ICL sponsored GWL Group
Retirement Savings Plan or the Invesco Core U.S. 401(k) Plan **(PCRA transactions are not exempted and must be reported)**.

**<u>New Covered Accounts</u>.** All Covered Persons must report **any new** Covered Account for themselves or any Immediate Family Member within 30 calendar days of opening. Personal securities transactions cannot occur within the account until it has been reported.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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**<u>Exhibit A</u>.** Attached as <u>Exhibit A</u> is an Overview of Personal Trading Requirements that provides a summary of certain requirements set forth under this Code which are applicable to Covered Persons (excluding Independent Directors/Trustees). The Overview is not meant to serve as a replacement for reading the Code.

*Individuals who meet the definition of a Covered Person and are on formal leave of absence or garden leave without access to Invesco systems are not considered Covered Persons during the time they are on leave.* 

**C. <u>VIOLATIONS AND SANCTIONS</u>** 

Covered Persons must report any known or suspected violations of the Code to GEO. Violations and potential violations of the Code are investigated by GEO. Independent Directors/Trustees may report concerns, violations and potential violations to the applicable Chief Compliance Officer (CCO) or their delegate.

If GEO determines that a Covered Person (excluding Independent Directors/Trustees) has violated the Code, sanctions may be imposed based on the severity of the violation, following the established escalation procedure. Possible sanctions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• letter of education, warning or reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reversal of trades made in violation of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of profits earned from the Code violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension, demotion or reassignment of the Covered Person's responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• termination of employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral to civil or criminal authorities, where appropriate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other sanction, as may be determined by GEO, the CCO, or the applicable governance committee(s).

GEO maintains internal procedures regarding the violation investigation, sanction determination and sanction enforcement process.

To help mitigate or eliminate certain conflicts of interest related to personal trading, Covered Persons may be required to sell a previously approved Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the sale results in a **loss**, the Covered Person is not entitled to reimbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the sale results in a **gain**, the Covered Person may be required to disgorge any profit.

**D. <u>CODE ADMINISTRATION</u>** 

GEO shall be responsible for the administration and oversight of the Code and shall be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying Covered Persons, providing Covered Persons with the Code and notifying them of their reporting obligations
under the Code, and ensuring

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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that Covered Persons submit the required certifications and reports required under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the personal trading activities of Covered Persons to identify potential or actual violations of the Code and
promptly investigating such matters to resolve and make the appropriate remediations, if needed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly report any violations of the Code in writing to the applicable CCO.

In very limited circumstances, certain exceptions to any provision of the Code may be granted on a case-by-case basis by the applicable CCO or their delegate. Such exceptions shall be documented in writing by the GEO.

Any questions regarding this Code should be directed to the GEO, which may be contacted using the <u>GEO Support Portal</u> via the intranet.

**E. <u>REPORTING.</u>** 

<u>ICL Boards/Committees</u>. At least quarterly, the CCO shall inform the Invesco Canada Funds Independent Review Committee of violations, sanctions imposed, material changes and any other information as may be requested from time to time relating to the Code and for the relevant review period.

Invesco Mutual Funds Board and Invesco ETF Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Quarterly</u>: At least quarterly, each applicable CCO shall furnish a written report to the applicable Board
regarding material violations of the Code by Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Annually</u>: No less frequently than annually, each applicable CCO shall furnish a written report to the applicable
Board that describes significant issues arising under the Code since the last report to the Board, including information about material violations of the Code and sanctions imposed in response to material violations. The CCO shall certify that the
applicable Invesco NA Adviser to the Invesco Mutual Funds and Invesco ETFs has adopted procedures reasonably designed to prevent Covered Persons from violating the Code. At this time, the Board shall also review the current Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Material Changes to Code</u>. The applicable Committee/Boards mentioned in this Code shall approve any material
changes made to the Code either before implementing such change or no later than six months after the change is implemented.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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**EXHIBIT A** 

**<u>OVERVIEW OF PERSONAL TRADING REQUIREMENTS</u>** 

Below are some, but not all, of the common investment instruments and key actions required of Covered Persons (excluding Independent Directors/Trustees) under the Code.

Gifting or bequeathing Covered Securities (i.e., the in-kind transfer, trading or gifting of stock shares) to charities or family members must be pre-cleared and is prohibited if the family member is a public official or connected to Invesco's business.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Security Type** | <br>**Pre-Clearance** | <br>**Reporting** | <br> **60-Day Profit**<br> **Limit Restriction**<br>|
| &nbsp;&nbsp;&nbsp; ***Equities*** | &nbsp;&nbsp;&nbsp; ***Equities*** | &nbsp;&nbsp;&nbsp; ***Equities*** | &nbsp;&nbsp;&nbsp; ***Equities*** |
| &nbsp;&nbsp;&nbsp; Common/Preferred Stocks<br> (which includes in-kind transfers, trading or gifting/bequeathing) | <br> Yes | <br> Yes | <br> Yes |
| &nbsp;&nbsp;&nbsp; IPOs | PROHIBITED | PROHIBITED | N/A |
| &nbsp;&nbsp;&nbsp; Rights Issue or Rights Offer<sup>5</sup> | Yes | Yes | No |
| &nbsp;&nbsp;&nbsp; Trusts invested entirely in a currency or commodity | No | Yes | No |
| &nbsp;&nbsp;&nbsp; ***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | &nbsp;&nbsp;&nbsp; ***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | &nbsp;&nbsp;&nbsp; ***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | &nbsp;&nbsp;&nbsp; ***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** |
| &nbsp;&nbsp;&nbsp; **Non-ETP Access Persons:**<br> Invesco ETPs | <br> No | <br> Yes | <br> Yes |
| &nbsp;&nbsp;&nbsp; **ETP Access Persons:**<br> Invesco ETPs | <br> Yes | <br> Yes | <br> Yes |
| &nbsp;&nbsp;&nbsp; Unaffiliated broad-based ETPs | No | Yes | No |
| &nbsp;&nbsp;&nbsp; **Single-stock ETPs and unaffiliated ETPs** with underlying Covered Securities that have a concentration of 25% or more | <br> Yes | <br> Yes | <br> Yes |
| &nbsp;&nbsp;&nbsp; ***Cryptocurrencies<sup>6</sup>*** | &nbsp;&nbsp;&nbsp; ***Cryptocurrencies<sup>6</sup>*** | &nbsp;&nbsp;&nbsp; ***Cryptocurrencies<sup>6</sup>*** | &nbsp;&nbsp;&nbsp; ***Cryptocurrencies<sup>6</sup>*** |
| &nbsp;&nbsp;&nbsp; Cryptocurrencies | No | No | No |
| &nbsp;&nbsp;&nbsp; Trusts invested entirely in a cryptocurrency | No | Yes | No |
| &nbsp;&nbsp;&nbsp; ***Derivatives*** | &nbsp;&nbsp;&nbsp; ***Derivatives*** | &nbsp;&nbsp;&nbsp; ***Derivatives*** | &nbsp;&nbsp;&nbsp; ***Derivatives*** |
| &nbsp;&nbsp;&nbsp; Futures, Swaps and Options<sup>7</sup> based on common stock and affiliated ETPs | <br> Yes | <br> Yes | <br> Yes |

---

<sup>5</sup> Pre-clearance is required on the day of electing to participate in the Rights issue or Offer.

<sup>6</sup> Cryptocurrency exemptions are subject to change and requirements may be applied to certain Employees upon notification by Compliance. Some digital assets claiming to be cryptocurrency could be deemed securities by regulators. Please contact the Global Ethics Office if you have questions regarding the requirements of your digital assets under the Code.

<sup>7</sup> Options are restricted to covered calls and protective puts where the underlying security has been held no fewer than 60 days. All other option types are prohibited.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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![LOGO](g49631g0212090915284.jpg)

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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; <br> **Security Type** | <br> **Pre-Clearance** | <br> **Reporting** | <br> **60-Day Profit**<br> **Limit Restriction**<br>|
| &nbsp;&nbsp;&nbsp; Naked options on securities that are subject to 60-Day Profit Limit Restriction | PROHIBITED | PROHIBITED | N/A |
| &nbsp;&nbsp;&nbsp; Futures, Swaps and Options Based on an index, currencies, commodities, cryptocurrency, government bonds and unaffiliated ETPs | No | Yes | No |
| &nbsp;&nbsp;&nbsp; ***Mutual Funds*** | &nbsp;&nbsp;&nbsp; ***Mutual Funds*** | &nbsp;&nbsp;&nbsp; ***Mutual Funds*** | &nbsp;&nbsp;&nbsp; ***Mutual Funds*** |
| &nbsp;&nbsp;&nbsp; Invesco Open-end Mutual Funds | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Invesco Closed-end Funds and Interval Funds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Invesco Canada Open-end Mutual Funds | No | Yes | Subject to<br> Prospectus<br> Requirements |
| &nbsp;&nbsp;&nbsp; Invesco Canada Closed-end Funds and Interval Funds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Unaffiliated Open-end Mutual Funds | No | No | No |
| &nbsp;&nbsp;&nbsp; Unaffiliated Closed-end Funds and Interval Funds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; ***Fixed Income/Bonds*** | &nbsp;&nbsp;&nbsp; ***Fixed Income/Bonds*** | &nbsp;&nbsp;&nbsp; ***Fixed Income/Bonds*** | &nbsp;&nbsp;&nbsp; ***Fixed Income/Bonds*** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury | No | No | No |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit | No | No | No |
| &nbsp;&nbsp;&nbsp; Money Market Funds | No | No | No |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Structured products linked to indices | No | Yes | No |
| &nbsp;&nbsp;&nbsp; ***Invesco Ltd. Corporate Securities***<br> *(including the in-kind transfer, trading or gifting/bequeathing)* | &nbsp;&nbsp;&nbsp; ***Invesco Ltd. Corporate Securities***<br> *(including the in-kind transfer, trading or gifting/bequeathing)* | &nbsp;&nbsp;&nbsp; ***Invesco Ltd. Corporate Securities***<br> *(including the in-kind transfer, trading or gifting/bequeathing)* | &nbsp;&nbsp;&nbsp; ***Invesco Ltd. Corporate Securities***<br> *(including the in-kind transfer, trading or gifting/bequeathing)* |
| &nbsp;&nbsp;&nbsp; **IVZ and IVR shares** | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; **Sale of IVZ shares acquired through ESPP, RSA and LTA** | Yes | Yes | No |
| &nbsp;&nbsp;&nbsp; Derivatives on IVZ, short sells of IVZ or IVZ share transactions in Professionally Managed Accounts | PROHIBITED | PROHIBITED | N/A |
| &nbsp;&nbsp;&nbsp; ***Long-Term Fund Awards*** | &nbsp;&nbsp;&nbsp; ***Long-Term Fund Awards*** | &nbsp;&nbsp;&nbsp; ***Long-Term Fund Awards*** | &nbsp;&nbsp;&nbsp; ***Long-Term Fund Awards*** |
| &nbsp;&nbsp;&nbsp; Invesco Mutual Fund grants awarded | No | No | No |
| &nbsp;&nbsp;&nbsp; ***Invesco CollegeBound 529 Plan*** | No | Yes | No |
| &nbsp;&nbsp;&nbsp; ***Limited Offerings/Private Placements\**** | &nbsp;&nbsp;&nbsp; ***Limited Offerings/Private Placements\**** | &nbsp;&nbsp;&nbsp; ***Limited Offerings/Private Placements\**** | &nbsp;&nbsp;&nbsp; ***Limited Offerings/Private Placements\**** |
| &nbsp;&nbsp;&nbsp; ***Non-Invesco offerings*** | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; ***Invesco offerings*** | Yes\*\* | Yes | Yes |

---

*\*Covered Persons may not participate in a Limited Offering without first: (a) obtaining approval from GEO before making or joining the investment, and (b) providing the offering documentation (e.g., Offering Deck, Offering Memorandum or Term Sheet) to GEO for review.* 

*\*\*Covered Persons must pre-clear activity in Limited Offerings/Private Placements sponsored by Invesco Ltd. or its affiliates with GEO unless the investment is offered exclusively to Invesco Employees.* 

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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**EXHIBIT B** 

**<u>INDEPENDENT DIRECTORS/TRUSTEES</u>** 

Independent Directors/Trustees on the Invesco Mutual Funds, Invesco Canada Fund and the Invesco ETP Boards shall refrain from beneficially owning Invesco Ltd. stock.

Independent Directors/Trustees who have questions, need to report a potential or actual violation, may report such matters to the applicable Chief Compliance Officer, or their delegate.

**<u>OVERVIEW</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Independent Directors/Trustees of the Invesco Mutual Funds:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are subject to and must comply with the pre-clearance requirements for certain
transactions involving Invesco Mutual Funds that are closed-end Funds under the Independent Directors/Trustees policies and guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall complete a Quarterly Transaction Report only if the Independent Director/Trustee knew or, or in the ordinary
course of fulfilling their official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following the date of the Independent Director/Trustee's
transaction in a Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Invesco Mutual Fund purchased or sold the Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Invesco Mutual Fund, Invesco Advisers, Inc., or any sub-adviser to such
Invesco Mutual Fund considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement per the above bullet,
shall request the Quarterly Transaction Report and complete the report with the following information for each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date of the transaction , the Covered Security name, number of shares (for equity securities), or the interest
rate and maturity date (if applicable) and the principal amount (for debt securities) for each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the nature of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Covered Security identifier (i.e., CUSIP or symbol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the execution price of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the name of the broker-dealer or bank executing the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date that the report was submitted to the applicable Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are subject to the short-term trading restrictions (e.g., profit restriction) with respect to Invesco Mutual Funds that
are closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Independent Directors/Trustees on the Invesco ETPs Board:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall complete a Quarterly Transaction Report only if the Independent Director/Trustee knew, or in the ordinary course
of fulfilling their official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following the date of the Independent Director/Trustee's
transaction in a Covered Security:

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Invesco ETP purchased or sold the Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Invesco ETP, Invesco Capital Management, LLC. or any sub-adviser to such
Invesco ETP considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement, shall request the
Quarterly Transaction Report and complete the report with the following information for each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date of the transaction, the Covered Security name, number of shares (for equity securities), or the interest rate
and maturity date (if applicable) and the principal amount (for debt securities) for each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the nature of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Covered Security identifier (i.e., CUSIP or symbol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the execution price of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the name of the broker-dealer or bank executing the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date that the report was submitted to the applicable Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors/Trustees on the Invesco ETPs Board, <u>are not</u> subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pre-clearance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o providing account statements or trade confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Covered Account or Annual Holdings reporting requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o short-term trading restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Independent Directors/Trustees on the Invesco Canada Fund Board:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall complete a Quarterly Transaction Report only if the Independent Director/Trustee knew or, or in the ordinary
course of fulfilling their official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following the date of the Independent Director/Trustee's
transaction in a Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Invesco Canada Fund purchased or sold the Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Invesco Canada Fund, Invesco Canada Ltd. or any sub-adviser to such Invesco
Canada Fund considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement, shall request the
Quarterly Transaction Report and complete the report with the following information for each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date of the transaction, the Covered Security name, number of shares (for equity securities), or the interest rate
and maturity date (if applicable) and the principal amount (for debt securities) for each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the nature of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Covered Security identifier (i.e., CUSIP or symbol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the execution price of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the name of the broker-dealer or bank executing the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date that the report was submitted to the applicable Chief Compliance Officer.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

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![LOGO](g49631g0212090915284.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors/Trustees on the Invesco Canada Fund Board, <u>are not</u> subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pre-clearance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o providing account statements or trade confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Covered Account or Annual Holdings reporting requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o short-term trading restrictions.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.