# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-23-043501
**Filing Date:** 2023-2
**Character Count:** 5476849
**Document Hash:** 035e28c090a565b623b5afed799cc05f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-043501.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001193125-23-043501

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 256

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08495
- **FILM NUMBER:** 23648378

**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
- **IRS NUMBER:** 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:** 23648377

**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 Fund (Series ID: S000004971)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013445 | Class A                     | NBDAX           |
| C000013447 | Class C                     | GBDCX           |
| C000013448 | Institutional Service Class | MUIBX           |
| C000120823 | Class R6                    | NWIBX           |

### Nationwide Bond Index Fund (Series ID: S000004995)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013548 | Class A                     | GBIAX           |
| C000013550 | Class R6                    | GBXIX           |
| C000033114 | Class R                     |  |
| C000033115 | Class C                     | GBICX           |
| C000175977 | Institutional Service Class | NWXOX           |

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

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013557 | Class A                     | GIIAX           |
| C000013559 | Class C                     | GIICX           |
| 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           |
| C000013563 | Class C                     | GMCCX           |
| 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           |
| C000013567 | Class C                     | GRMCX           |
| 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           |
| C000013574 | Class C                     | GMRCX           |
| 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           |
| C000013578 | Class C                     | NDACX           |
| 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           |
| C000013584 | Class C                     | NDMCX           |
| 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           |
| C000013590 | Class C                     | NCDMX           |
| 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           |
| C000013596 | Class C                     | NCDCX           |
| 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           |
| C000013602 | Class C                     | NDCCX           |
| 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           |
| C000013638 | Class C                     | GCGRX           |
| 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           |
| C000013644 | Class C                     | GTRCX           |
| 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 2025 Fund (Series ID: S000018634)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000051727 | Class A                     | NWHAX           |
| C000051730 | Class R                     | NWHBX           |
| C000051731 | Institutional Service Class | NWHSX           |
| C000051732 | Class R6                    | NWHIX           |

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

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

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

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000115634 | Class A                     | GGEAX           |
| C000115635 | Class C                     | GGECX           |
| 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 BNY Mellon Core Plus Bond ESG 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 Cognitive Value Fund (Series ID: S000041092)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127572 | Class A                     | NWHDX           |
| C000127573 | Class C                     | NWHEX           |
| 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           |
| C000127586 | Class C                     | NWJTX           |
| C000127587 | Class R6                    | NWJUX           |
| C000127588 | Institutional Service Class | NWJVX           |

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

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127589 | Class A                     | NWGPX           |
| C000127590 | Class C                     | NWGQX           |
| 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           |
| C000127603 | Class C                     | NWJDX           |
| 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           |
| C000127612 | Class C                     | NWHKX           |
| C000127613 | Class M                     | NWHLX           |
| C000127614 | Class R6                    | NWHMX           |

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

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127615 | Class A                     | NWHOX           |
| C000127616 | Class C                     | NWHPX           |
| 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           |
| C000127621 | Class C                     | NWHWX           |
| 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           |
| C000127625 | Class C                     | NWKBX           |
| 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           |
| C000127633 | Class C                     | NWJHX           |
| C000127634 | Class R6                    | NWJIX           |
| C000127635 | Institutional Service Class | NWJJX           |

### 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 Amundi Global High Yield Fund (Series ID: S000051209)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000161352 | Class A                     | NWXIX           |
| C000161353 | Class C                     | NWXJX           |
| C000161354 | Class R6                    | NWXKX           |
| C000161355 | Institutional Service Class | NWXLX           |

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

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000161356 | Class A                     | NWXEX           |
| C000161357 | Class C                     | NWXFX           |
| 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 Janus Henderson Overseas Fund (Series ID: S000064917)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000210162 | Institutional Service Class | (NWAKX)         |
| C000210163 | Class A                     | (NWAGX)         |
| C000210164 | Class R6                    | (NWAHX)         |
| C000210165 | Eagle Class                 | (NWAJX)         |

### Nationwide BNY Mellon Disciplined Value 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           |

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

**AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 21, 2023**

**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. 280**

***☒***

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

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

**☒** 

**Amendment No. 296**

**☒** 

(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 05-02-210**

**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.** |
| **10 WEST NATIONWIDE BOULEVARD** | **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 February 28, 2023 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 designated a new effective date for a previously filed post-effective amendment.

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Equity Funds

Prospectus February 28, 2023

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

---

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

---

---

| |
|:---|
| **Nationwide Geneva Small Cap Growth Fund** |
| Class A (NWHZX) / Class C (NWKBX) / 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 Small Company Growth Fund** |
| Class A (NWSAX) / Institutional Service Class (NWSIX) |
| **Nationwide WCM Focused Small Cap Fund** |
| Class A (NWGPX) / Class C (NWGQX) / Class R6 (NWKEX)<br> Institutional Service Class (NWGSX)<br>|

---

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

**nationwide.com/mutualfunds**![](g459282imgde696f7d1.gif)

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**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_11f87864-1710-4319-8aa4-d131df32d91c_1)** |
|  | [Nationwide Bailard Cognitive Value Fund](#xx_11f87864-1710-4319-8aa4-d131df32d91c_1) |
|  | [Nationwide Bailard Technology & Science Fund](#xx_c7ffcc11-f9c4-4628-94c1-244886e9c983_1) |
|  | [Nationwide BNY Mellon Disciplined Value Fund](#xx_dcd643aa-480a-496f-8cc2-1ab5a0aa4aa2_1) |
|  | [Nationwide BNY Mellon Dynamic U.S. Core Fund](#xx_76403b06-2321-4c60-be5a-f2d8d8bb3bc9_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 Small Company Growth Fund](#xx_33ffc276-496c-4541-8d18-bf903567159f_1) |
|  | [Nationwide WCM Focused Small Cap Fund](#xx_348aad76-e3a5-4b44-8668-6c2d370fa2a2_1) |
| **51** | **[How the Funds Invest](#xx_9bb78f11-64fc-4aa3-8e41-e9d8a2f6bb1a_1)** |
|  | [Nationwide Bailard Cognitive Value Fund](#xx_9bb78f11-64fc-4aa3-8e41-e9d8a2f6bb1a_1) |
|  | [Nationwide Bailard Technology & Science Fund](#xx_96dd7f3b-70fa-4c32-ba13-b8e86094d4c7_1) |
|  | [Nationwide BNY Mellon Disciplined Value Fund](#xx_9831b683-39d8-495e-b3d8-7c80ee8e54e2_1) |
|  | [Nationwide BNY Mellon Dynamic U.S. Core Fund](#xx_331b1898-383c-4350-9e84-3234faf07c09_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 Small Company Growth Fund](#xx_bd1fb557-18a9-41f3-b4cf-1e85e63d8db5_1) |
|  | [Nationwide WCM Focused Small Cap Fund](#xx_b486fd7f-0e4f-4cf4-ae51-76ae98327a2b_1) |
| **65** | **[Risks of Investing in the Funds](#xx_ae38dcf6-b6f9-49ad-95ba-ad1b30c9ce96_1)** |
| **73** | **[Fund Management](#xx_a71e2e1d-7675-4a95-88e9-b218f587e6e0_1)** |
| **77** | **[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_6) |
|  | [Revenue Sharing](#xx_98dba9b4-b03f-4201-a6e0-c79485e652af_7) |
|  | [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) |
|  | [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) |
| **90** | **[Distributions and Taxes](#xx_18a53db0-84de-478e-a795-cfa5534fbfd3_1)** |
| **93** | **[Additional Information](#xx_6a147d4f-79ae-4b77-8928-2c8d1215400b_1)** |
| **94** | **[Financial Highlights](#xx_3576a4f7-3f40-4587-b101-2aa52178326e_1)** |
| **106** | **[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 Cognitive Value Fund

**Objective** 

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

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

---

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

---

**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 C<br> Shares<br>| Class M<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |  |
| Other Expenses | 0.46% | 0.46% | 0.21% | 0.21% | 0.46% |
| Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| **Total Annual Fund Operating Expenses** | 1.47% | 2.22% | 0.97% | 0.97% | 1.22% |

---

**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 | $716 | $1013 | $1332 | $2231 |
| Class C Shares | 325 | 694 | 1190 | 2554 |
| Class M Shares | 99 | 309 | 536 | 1190 |
| Class R6 Shares | 99 | 309 | 536 | 1190 |
| Institutional Service <br> Class Shares<br>| 124 | 387 | 670 | 1477 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $225 | $694 | $1190 | $2554 |

---

------

**Fund Summary:** Nationwide Bailard Cognitive Value 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 283.03% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund will, under normal market conditions, invest its assets primarily in common stocks of small-cap value companies that are within a market capitalization range that is similar, although not identical, to the market capitalization range of those companies found 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 addition to evaluating traditional risk measures, the subadviser assesses the risk profiles of environmental, social and governance ("ESG") factors on companies in which the Fund may invest. 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 ESG risk factors. Companies that the subadviser perceives as having high levels of ESG risk and/or significant negative externalities associated with their products or services 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

***Smaller company risk*** – smaller companies are usually less stable in price and less liquid than larger, more established companies. Smaller companies are more vulnerable than larger companies to adverse business and economic developments and may have more limited resources. Therefore, they generally involve greater risk.

***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

------

**Fund Summary:** Nationwide Bailard Cognitive Value Fund *(cont.)*

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.

***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.

***Environmental, Social and Governance investing risk*** – the risk that, because the Fund's ESG strategy will select or exclude securities of certain issuers for reasons other than investment performance, the Fund's performance will differ from or underperform compared to funds that do not utilize an ESG investing strategy. 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.

***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 Fund has adopted the historical performance of the HighMark Cognitive Value Fund, a former series of HighMark Funds (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on September 16, 2013. The returns presented for periods prior to September 16, 2013 reflect the performance of the Predecessor Fund. At the time of the reorganization, the

Fund and the Predecessor Fund had substantially similar investment goals and strategies.

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282img1b2816b42.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **32.82%** | 4Q 2020 |
| **Lowest Quarter:** | **-34.38%** | 1Q 2020 |

---

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

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

The inception date for Class R6 shares is September 18, 2013. Therefore, pre-inception historical performance of Class R6 shares is based on the previous performance of the Predecessor Fund's Fiduciary Class Shares. Performance for

------

**Fund Summary:** Nationwide Bailard Cognitive Value Fund *(cont.)*

Class R6 shares has not been adjusted to reflect that share class's lower expenses than those of the Predecessor Fund's Fiduciary Class Shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -18.24% | 3.76% | 7.51% |
| Class A Shares– After Taxes on <br> Distributions<br>| -18.81% | 2.66% | 5.44% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -10.38% | 2.72% | 5.27% |
| Class C Shares– Before Taxes | -14.65% | 4.24% | 7.35% |
| Class M Shares– Before Taxes | -12.96% | 5.35% | 8.51% |
| Class R6 Shares– Before Taxes | -12.91% | 5.36% | 8.50% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -12.98% | 5.23% | 8.41% |
| Russell 2000® Value Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| -14.48% | 4.13% | 8.48% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Bailard, Inc.

**Portfolio Manager** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund (and**<br> **Predecessor 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>| Vice President, <br> Domestic Equities<br>| Since 2021 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C, Class M: $100<br> Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 Bailard Technology & Science Fund

**Objective** 

The Nationwide Bailard Technology & Science Fund seeks long-term capital appreciation.

**Fees and Expenses**

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

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

---

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

---

**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 C<br> Shares<br>| Class M<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |  |
| Other Expenses | 0.21% | 0.17% | 0.16% | 0.16% | 0.24% |
| **Total Annual Fund Operating Expenses** | 1.21% | 1.92% | 0.91% | 0.91% | 0.99% |

---

**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 | $691 | $937 | $1202 | $1957 |
| Class C Shares | 295 | 603 | 1037 | 2243 |
| Class M Shares | 93 | 290 | 504 | 1120 |
| Class R6 Shares | 93 | 290 | 504 | 1120 |
| Institutional Service <br> Class Shares<br>| 101 | 315 | 547 | 1213 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $195 | $603 | $1037 | $2243 |

---

------

**Fund Summary:** Nationwide Bailard Technology & Science 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 20.23% 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 established companies in the technology and science sectors, including in the semiconductor, semiconductor equipment, hardware, software, information technology services, communications equipment, social media, biotechnology, 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 addition to evaluating traditional risk measures, the subadviser assesses the risk profiles of environmental, social and governance ("ESG") factors on companies in which the Fund may invest. 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 ESG risk factors. Companies that the subadviser perceives as having high levels of ESG risk and/or significant negative externalities associated with their products or services 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, biotechnology and other 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

***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,

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**Fund Summary:** Nationwide Bailard Technology & Science Fund *(cont.)*

communications equipment, social media, biotechnology and interactive media sectors, the Fund has a heavy weighting in these sectors.

The Fund's investments in technology and science related sectors expose the Fund to risks associated with economic conditions in the technology and science 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.

***Environmental, Social and Governance investing risk*** – the risk that, because the Fund's ESG strategy will select or exclude securities of certain issuers for reasons other than investment performance, the Fund's performance will differ from or underperform compared to funds that do not utilize an ESG investing strategy. 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.

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

**Performance**

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

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

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

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**Fund Summary:** Nationwide Bailard Technology & Science Fund *(cont.)*

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282imgcdb0d9aa3.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **34.79%** | 2Q 2020 |
| **Lowest Quarter:** | **-23.23%** | 2Q 2022 |

---

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

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

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -41.13% | 6.94% | 13.18% |
| Class A Shares– After Taxes on <br> Distributions<br>| -42.66% | 3.80% | 10.59% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -23.20% | 5.69% | 10.83% |
| Class C Shares– Before Taxes | -38.50% | 7.41% | 13.00% |
| Class M Shares– Before Taxes | -37.34% | 8.54% | 14.20% |
| Class R6 Shares– Before Taxes | -37.35% | 8.53% | 14.20% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -37.41% | 8.42% | 14.08% |
| S&P North American Technology Sector <br> IndexTM (The Index does not pay sales <br> charges, fees, expenses or taxes.)<br>| -35.36% | 11.73% | 16.60% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Bailard, Inc.

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund (and**<br> **Predecessor Fund)**<br>|
| Sonya Thadhani <br> Mughal, CFA<br>| Chief Executive Officer | Since 2006 |
| David H. Smith, CFA | Executive Vice <br> President, Domestic <br> Equities<br>| Since 2012 |
| Christopher Moshy | Senior Vice President, <br> Domestic Equities<br>| Since 2022 |

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**Purchase and Sale of Fund Shares** 

---

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

---

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

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

---

**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 Disciplined Value Fund

**Objective** 

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class 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 | 0.36% | 0.11% | 0.11% | 0.36% | 0.21% |
| **Total Annual Fund Operating Expenses** | 1.21% | 0.81% | 0.71% | 0.96% | 0.81% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.05)% | (0.05)% | (0.05)% | (0.05)% | (0.05)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.16% | 0.76% | 0.66% | 0.91% | 0.76% |

---

<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 0.66% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 BNY Mellon Disciplined 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $686 | $932 | $1197 | $1952 |
| Class K Shares | 78 | 254 | 445 | 997 |
| Class R6 Shares | 67 | 222 | 390 | 878 |
| Institutional Service <br> Class Shares<br>| 93 | 301 | 526 | 1173 |
| Eagle Class Shares | 78 | 254 | 445 | 997 |

---

**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 77.47% 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, 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. 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 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

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**Fund Summary:** Nationwide BNY Mellon Disciplined Value Fund *(cont.)*

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. "Equity exposure" for purposes of this range refers to exposure that may be broader than the definition of "equity securities" for purposes of the Fund's 80% policy, as described above. 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

***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.

***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

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**Fund Summary:** Nationwide BNY Mellon Disciplined Value Fund *(cont.)*

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 has begun to raise interest rates after a period of historic lows. 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 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 BNY Mellon Disciplined Value Fund *(cont.)*

***Cash position risk*** – the Fund may hold significant positions in cash or money market instruments . A larger amount of such holdings could 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 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 K Shares**

**(Years Ended December 31,)**

![](g459282mdvf1_12.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.72%** | 4Q 2020 |
| **Lowest Quarter:** | **-31.34%** | 1Q 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.

------

**Fund Summary:** Nationwide BNY Mellon Disciplined Value Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -6.72% | 9.02% | 11.24% |
| Class K Shares– Before Taxes | -0.89% | 10.65% | 12.29% |
| Class K Shares– After Taxes on <br> Distributions<br>| -3.47% | 6.90% | 8.91% |
| Class K Shares– After Taxes on <br> Distributions and Sales of Shares<br>| 0.83% | 7.36% | 8.98% |
| Class R6 Shares– Before Taxes | -0.78% | 10.72% | 12.32% |
| Institutional Service Class Shares– Before <br> Taxes<br>| -0.75% | 10.66% | 12.29% |
| Eagle Class Shares– Before Taxes | -0.78% | 10.69% | 12.31% |
| Russell 1000® Value Index (The Index does <br> not pay sales charges, fees, expenses or <br> taxes.)<br>| -7.54% | 6.67% | 10.29% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Newton Investment Management North America, LLC

**Portfolio Manager** 

---

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

---

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

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<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 <br> offering price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale <br> price, whichever is less)<br>|  | 1.00% |  |  |  |  |

---

**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 C<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% | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  |  |
| Other Expenses | 0.14% | 0.14% | 0.33% | 0.08% | 0.21% | 0.18% |
| **Total Annual Fund Operating Expenses** | 0.84% | 1.59% | 1.28% | 0.53% | 0.66% | 0.63% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.03)% | (0.03)% | (0.03)% | (0.03)% | (0.03)% | (0.03)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense** <br> **Reimbursement**<br>| 0.81% | 1.56% | 1.25% | 0.50% | 0.63% | 0.60% |

---

<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 February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $653 | $825 | $1011 | $1550 |
| Class C Shares | 259 | 499 | 863 | 1887 |
| Class R Shares | 127 | 403 | 699 | 1543 |
| Class R6 Shares | 51 | 167 | 293 | 662 |
| Institutional Service <br> Class Shares<br>| 64 | 208 | 365 | 820 |
| Eagle Class Shares | 61 | 199 | 348 | 783 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $159 | $499 | $863 | $1887 |

---

**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 2.29% 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 fixed income 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.

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:

------

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

***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.

***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 has begun to raise interest rates after a period of historic lows. 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 could 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

------

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

***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.

***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 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 may have been different.

**Annual Total Returns– Class R6 Shares**

**(Years Ended December 31,)**

![](g459282gr_13.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **19.60%** | 2Q 2020 |
| **Lowest Quarter:** | **-18.09%** | 2Q 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, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -26.68% | 8.84% | 12.02% |
| Class C Shares– Before Taxes | -23.56% | 9.30% | 11.82% |
| Class R Shares– Before Taxes | -22.50% | 9.73% | 12.34% |
| Class R6 Shares– Before Taxes | -21.87% | 10.49% | 13.04% |
| Class R6 Shares– After Taxes on <br> Distributions<br>| -22.07% | 7.33% | 9.92% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -12.79% | 7.37% | 9.63% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -22.04% | 10.35% | 12.84% |
| Eagle Class Shares– Before Taxes | -21.92% | 10.41% | 12.87% |
| S&P 500® Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| -18.11% | 9.42% | 12.56% |

---

**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 |
| Dimitri Curtil | Global Head of Multi-<br> Asset Solutions<br>| Since 2020 |
| 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, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class, Eagle Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**Tax Information** 

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

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

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

------

**Fund Summary:** Nationwide Fund

**Objective** 

The Nationwide Fund seeks total return through a flexible combination of capital appreciation and current income.

**Fees and Expenses**

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

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

---

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

---

**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 C<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% | 0.53% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  |
| Other Expenses | 0.15% | 0.10% | 0.32% | 0.07% | 0.15% |
| **Total Annual Fund Operating Expenses** | 0.93% | 1.63% | 1.35% | 0.60% | 0.68% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.04)% | (0.04)% | (0.04)% | (0.04)% | (0.04)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.89% | 1.59% | 1.31% | 0.56% | 0.64% |

---

<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract waiving 0.045% of the management fee to which the Adviser would otherwise be entitled until February 29, 2024. 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 | $661 | $851 | $1056 | $1649 |
| Class C Shares | 262 | 510 | 883 | 1929 |
| Class R Shares | 133 | 424 | 736 | 1620 |
| Class R6 Shares | 57 | 188 | 331 | 746 |
| Institutional Service <br> Class Shares<br>| 65 | 214 | 375 | 843 |

---

------

**Fund Summary:** Nationwide Fund *(cont.)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $162 | $510 | $883 | $1929 |

---

**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 53.21% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests in a diversified portfolio of common stocks to produce an overall blended equity portfolio consisting of various types of stocks that the subadviser believes offer the potential for capital growth and/or dividend income. Most of the stocks in which the Fund invests are issued by large-capitalization companies. The Fund considers large-capitalization companies to be those companies with market capitalizations of more than $5 billion. Some of these companies may be located outside of the United States. The Fund makes market capitalization determinations with respect to a security at the time it purchases such security.

In managing the Fund, the subadviser allocates the Fund's assets across a variety of industries, selecting companies in each industry based on the research of a team of global industry analysts. The Fund typically seeks to maintain representation in each major industry represented by broad-based, large-cap U.S. equity indices.

The subadviser employs a "bottom-up" approach to selecting securities, emphasizing those that it believes to represent above-average potential for total return, based on fundamental research and analysis. Fundamental analysis of a company typically involves the assessment of a variety of factors, and may include the company's business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and environmental, social and/or governance (ESG) factors. The subadviser seeks to develop a portfolio that is broadly diversified across issuers, sectors, industries and styles. The Fund's portfolio therefore will include 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 subadviser may sell a security when it believes that a significant change in the company's business fundamentals exists, it has become overvalued in terms of earnings, assets or growth prospects, or in order to take advantage of more attractive alternatives.

**Principal Risks**

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

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

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

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

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

***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.

***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.

***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 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.

***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.

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

**Performance**

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

**Annual Total Returns– Institutional Service Class Shares**

**(Years Ended December 31,)**

![](g459282nat_14.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **21.71%** | 2Q 2020 |
| **Lowest Quarter:** | **-18.71%** | 1Q 2020 |

---

After-tax returns are shown in the table for Institutional Service Class shares only and will vary for other classes. After-tax returns are calculated using the historical highest

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

The inception date for Class R6 shares is April 10, 2018. Pre-inception historical performance for Class R6 shares is based on the previous performance of Institutional Service Class shares. Performance for Class R6 shares has not been adjusted to reflect that share class's lower expenses than Institutional Service Class shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -24.00% | 7.20% | 10.74% |
| Class C Shares– Before Taxes | -20.68% | 7.67% | 10.56% |
| Class R Shares– Before Taxes | -19.58% | 8.09% | 10.96% |
| Class R6 Shares– Before Taxes | -19.13% | 8.82% | 11.70% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -19.17% | 8.74% | 11.66% |
| Institutional Service Class Shares– After <br> Taxes on Distributions<br>| -19.93% | 6.17% | 9.74% |
| Institutional Service Class Shares– After <br> Taxes on Distributions and Sales of <br> Shares<br>| -10.79% | 6.39% | 9.18% |
| S&P 500® Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| -18.11% | 9.42% | 12.56% |

---

**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 2017 |
| Mary L. Pryshlak, CFA | Senior Managing <br> Director and Head of <br> Investment Research<br>| Since 2018 |

---

------

**Fund Summary:** Nationwide Fund *(cont.)*

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> \**Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

---

**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 C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.64% | 0.64% | 0.64% | 0.64% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.22% | 0.23% | 0.14% | 0.26% |
| **Total Annual Fund Operating Expenses** | 1.11% | 1.87% | 0.78% | 0.90% |

---

**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 | $908 | $1151 | $1849 |
| Class C Shares | 290 | 588 | 1011 | 2190 |
| Class R6 Shares | 80 | 249 | 433 | 966 |
| Institutional Service <br> Class Shares<br>| 92 | 287 | 498 | 1108 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $190 | $588 | $1011 | $2190 |

---

**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 Geneva Mid Cap Growth Fund *(cont.)*

the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10.71% of the average value of its portfolio.

**Principal Investment Strategies**

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

The Fund's investment focus is on U.S. companies whose market capitalization is generally within the market capitalization range of the companies represented in the Russell Midcap® Growth Index at time of purchase ("mid-cap growth companies"), although the Fund may invest in companies outside this range. Under normal circumstances, the Fund invests at least 80% of its net assets in 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

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

------

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

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282mcg_13.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **24.81%** | 2Q 2020 |
| **Lowest Quarter:** | **-19.80%** | 2Q 2022 |

---

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

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

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -32.87% | 6.58% | 9.32% |
| Class A Shares– After Taxes on <br> Distributions<br>| -37.11% | 1.35% | 5.35% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -16.38% | 5.07% | 7.16% |
| Class C Shares– Before Taxes | -29.68% | 7.05% | 9.16% |
| Class R6 Shares– Before Taxes | -28.51% | 8.23% | 10.35% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -28.59% | 8.10% | 10.21% |
| Russell Midcap® Growth Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| -26.72% | 7.64% | 11.41% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Geneva Capital Management LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund (and**<br> **Predecessor Funds)**<br>|
| William A. Priebe, CFA | Portfolio Manager, <br> Advisor<br>| Since 1999 |
| 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, Class C: $2,000<br> Class R6: $1,000,000<br> Institutional Service Class: $50,000<br> Automatic Asset Accumulation Plan (Class A, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $50<br>|

---

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

------

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

---

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

---

**Example**

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses, and any expense limitation or fee waivers that 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 | $692 | $940 | $1207 | $1967 |
| Class C Shares | 292 | 594 | 1021 | 2212 |
| Class R6 Shares | 86 | 268 | 466 | 1037 |
| Institutional Service <br> Class Shares<br>| 97 | 303 | 525 | 1166 |

---

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

---

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

---

**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 Geneva Small Cap Growth Fund *(cont.)*

the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14.92% of the average value of its portfolio.

**Principal Investment Strategies**

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

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

**Principal Risks**

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

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

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

***Market risk*** – the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. This occurs due to numerous factors, including interest rates, the outlook for corporate profits, the health of the

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

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

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

***Smaller company risk*** – smaller companies are usually less stable in price and less liquid than larger, more established companies. Smaller companies are more vulnerable than larger companies to adverse business and economic developments and may have more limited resources. Therefore, they generally involve greater risk.

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

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

**Performance**

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

------

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

Fund and the Predecessor Fund had substantially similar investment goals and strategies.

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282scg_12.jpg)

---

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

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

The inception date for Class R6 shares is September 18, 2013. Therefore, pre-inception historical performance of Class R6 shares is based on the previous performance of the Predecessor Fund's Fiduciary Class Shares. Performance for

Class R6 shares has not been adjusted to reflect that share class's lower expenses than those of the Predecessor Fund's Fiduciary Class Shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

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

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Geneva Capital Management LLC

**Portfolio Managers** 

---

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

---

**Purchase and Sale of Fund Shares** 

---

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

---

------

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

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 0.56% | 0.31% | 0.56% | 0.41% |
| **Total Annual Fund Operating Expenses** | 1.26% | 0.76% | 1.01% | 0.86% |
| Fee Waiver/Expense Reimbursement<sup>(1),(2)</sup> | (0.29)% | (0.27)% | (0.27)% | (0.27)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.97% | 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 February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

<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 0.02% of the administrative services fee attributable to Class A shares of the Acquiring Fund for the period from January 23, 2023 through January 22, 2025. 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 GQG US Quality Equity 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 | $668 | $925 | $1201 | $1986 |
| Class R6 Shares | 50 | 216 | 396 | 917 |
| Institutional Service <br> Class Shares<br>| 76 | 295 | 532 | 1212 |
| Eagle Class Shares | 160 | 247 | 450 | 1036 |

---

**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 221.61% 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. 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:

------

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

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

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

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

***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.

------

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

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

**Performance**

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

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,)**

![](g459282gqg_2.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **11.74%** | 4Q 2022 |
| **Lowest Quarter:** | **-11.54%** | 3Q 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, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before Taxes | -8.81% | 4.97% | 1/25/2021 |
| Class A Shares– After Taxes on <br> Distributions<br>| -9.20% | 4.66% | 1/25/2021 |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -4.91% | 3.82% | 1/25/2021 |
| Class R6 Shares– Before Taxes | -2.97% | 8.62% | 1/25/2021 |
| Institutional Service <br> Class Shares– Before Taxes<br>| -3.13% | 8.47% | 1/25/2021 |
| Eagle Class Shares– Before Taxes | -2.96% | 8.60% | 1/25/2021 |
| S&P 500® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| -18.11% | 1.52% |  |

---

**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 |

---

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 0.27% | 0.08% | 0.33% | 0.18% |
| **Total Annual Fund Operating Expenses** | 1.32% | 0.88% | 1.13% | 0.98% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.06)% | (0.06)% | (0.06)% | (0.06)% |
| **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 February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $964 | $1251 | $2069 |
| Class R6 Shares | 84 | 275 | 482 | 1079 |
| Institutional Service <br> Class Shares<br>| 109 | 353 | 616 | 1369 |
| Eagle Class Shares | 94 | 306 | 536 | 1196 |

---

------

**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 47.91% 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

***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 as the price of the company's stock may fall or not approach the value that the subadviser has placed on it. In

------

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

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 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– Class R6 Shares**

**(Years Ended December 31,)**

![](g459282imge0636d634.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **23.88%** | 2Q 2020 |
| **Lowest Quarter:** | **-23.17%** | 2Q 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.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before <br> Taxes<br>| -32.15% | 5.24% | 7.02% | 5/31/2017 |
| Class R6 Shares– Before <br> Taxes<br>| -27.76% | 6.95% | 8.65% | 5/31/2017 |
| Class R6 Shares– After <br> Taxes on Distributions<br>| -29.07% | 5.34% | 7.15% | 5/31/2017 |
| Class R6 Shares– After <br> Taxes on Distributions and <br> Sales of Shares<br>| -15.46% | 5.39% | 6.79% | 5/31/2017 |
| Institutional Service <br> Class Shares– Before <br> Taxes<br>| -27.76% | 6.90% | 8.56% | 5/31/2017 |
| Eagle <br> Class Shares– Before <br> Taxes<br>| -27.80% | 6.86% | 8.53% | 5/31/2017 |
| Russell 3000® Growth <br> Index (The Index does not <br> pay sales charges, fees, <br> expenses, or taxes.)<br>| -28.97% | 10.45% | 11.86% |  |

---

**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 of the Growth <br> Equity Strategies <br> Team and Portfolio <br> Manager<br>| Since 2017 |

---

------

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

---

**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 Small Company Growth Fund

**Objective** 

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

**Fees and Expenses**

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

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

---

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

---

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

---

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

---

<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.94% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $704 | $979 | $1275 | $2114 |
| Institutional Service <br> Class Shares<br>| 121 | 382 | 663 | 1464 |

---

------

**Fund Summary:** Nationwide Small Company 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 17.88% of the average value of its portfolio.

**Principal Investment Strategies**

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

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

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

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

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

**Principal Risks**

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

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

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

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

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

***Smaller company risk*** – smaller companies are usually less stable in price and less liquid than larger, more established companies. Smaller companies are more vulnerable than larger companies to adverse business and economic developments and may have more limited resources. Therefore, they generally involve greater risk.

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

***Sector risk*** – investments in particular industries or sectors may be more volatile than the overall stock market. Therefore, if the Fund emphasizes one or more industries or economic sectors, it will be more susceptible to financial,

------

**Fund Summary:** Nationwide Small Company Growth Fund *(cont.)*

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

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

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

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

**Performance**

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

**Annual Total Returns– Institutional Service Class Shares**

**(Years Ended December 31,)**

![](g459282sco_11.jpg)

---

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

---

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.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

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

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Brown Capital Management, LLC

------

**Fund Summary:** Nationwide Small Company Growth Fund *(cont.)*

**Portfolio Managers** 

---

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

---

**Purchase and Sale of Fund Shares** 

---

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

---

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

---

**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 WCM Focused Small Cap Fund

**Objective** 

The Nationwide WCM Focused Small Cap Fund seeks long-term capital appreciation.

**Fees and Expenses**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

---

**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 C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.24% | 0.25% | 0.13% | 0.21% |
| **Total Annual Fund Operating Expenses** | 1.24% | 2.00% | 0.88% | 0.96% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.08)% | (0.08)% | (0.08)% | (0.08)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.16% | 1.92% | 0.80% | 0.88% |

---

<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 0.80% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $686 | $938 | $1210 | $1982 |
| Class C Shares | 295 | 620 | 1070 | 2321 |
| Class R6 Shares | 82 | 273 | 480 | 1077 |
| Institutional Service <br> Class Shares<br>| 90 | 298 | 523 | 1171 |

---

------

**Fund Summary:** Nationwide WCM Focused Small Cap Fund *(cont.)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $195 | $620 | $1070 | $2321 |

---

**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 34.24% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in stocks of U.S. small-cap companies that the subadviser believes have improving earnings growth potential and attractive valuation. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of small-cap companies whose capitalization is within the range of the market capitalization of the companies in the Russell 2000® Index. The subadviser makes market capitalization determinations with respect to a security at the time of purchase of such security. In addition to holdings in primarily U.S. small-cap equity securities, the Fund may invest up to 20% of its net assets in foreign securities. Some of the stocks in which the Fund invests may be considered to be "value" stocks, in that they may trade at what the subadviser believes to be a discount to intrinsic value.

The subadviser uses an actively managed bottom-up stock selection process for choosing securities across the small-cap equity market universe. The subadviser selects securities using a process that seeks to identify companies that have all three of the following attributes: durable competitive advantages, stakeholder-friendly management, and trade at a discount to intrinsic value. The portfolio is constructed using the subadviser's best ideas that are generated through multiple sources, including management discussions, industry knowledge and prior research. The subadviser's goal is to uncover companies with sustained high return on invested capital, consistent growth in free cash flow and stable to growing market share. The subadviser assigns the highest portfolio security weights to companies in which the subadviser has the highest level of conviction. The subadviser is not constrained by the sector weights in the benchmark.

Although the Fund maintains a diversified portfolio, it nonetheless may invest in a limited number of issuers. The

subadviser may sell a security as it reaches the subadviser's estimate of the company's value; if relative fundamentals deteriorate; or if alternative investments become sufficiently more attractive.

**Principal Risks**

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

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

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

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

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

***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.

***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

------

**Fund Summary:** Nationwide WCM Focused Small Cap Fund *(cont.)*

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.

***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.

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

The following bar chart and table can help you evaluate the Fund's potential risks. The bar chart shows how the Fund's annual total returns have varied from year to year. The table compares the Fund's average annual total returns to the returns of a broad-based securities index. The table also compares the Fund's average annual total returns to a secondary benchmark 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,)**

![](g459282scc_17.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **23.72%** | 4Q 2020 |
| **Lowest Quarter:** | **-34.38%** | 1Q 2020 |

---

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

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

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

------

**Fund Summary:** Nationwide WCM Focused Small Cap Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -19.90% | 2.40% | 8.61% |
| Class A Shares– After Taxes on <br> Distributions<br>| -20.37% | -1.44% | 6.28% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -11.55% | 0.25% | 6.08% |
| Class C Shares– Before Taxes | -16.48% | 2.83% | 8.43% |
| Class R6 Shares– Before Taxes | -14.69% | 3.98% | 9.61% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -14.76% | 3.89% | 9.53% |
| Russell 2000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| -20.44% | 4.13% | 9.01% |
| Russell 2000® Value Index (The Index <br> does not pay sales charges, fees, <br> expenses, or taxes.)<br>| -14.48% | 4.13% | 8.48% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

WCM Investment Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jonathon Detter, CFA | Portfolio Manager & <br> Business Analyst<br>| Since 2017 |
| Anthony B. <br> Glickhouse, CFA<br>| Portfolio Manager & <br> Business Analyst<br>| Since 2017 |
| Patrick McGee, CFA | Portfolio Manager & <br> Business Analyst<br>| Since 2017 |

---

**Purchase and Sale of Fund Shares** 

---

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

---

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

---

**Tax Information** 

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

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

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

------

**How the Funds Invest:** Nationwide Bailard Cognitive Value Fund

**Objective** 

The Nationwide Bailard Cognitive Value Fund seeks long-term capital appreciation. This objective may be changed by Nationwide Mutual Fund's (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 of ***small-cap value companies*** that are within a ***market capitalization*** range that is similar, although not identical, to the market capitalization range of those companies found 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 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 addition to evaluating traditional risk measures, the subadviser assesses the risk profiles of environmental, social and governance ("ESG") factors on companies in which the Fund may invest. 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 ESG risk factors. Companies that the subadviser perceives as having high levels of ESG risk and/or significant negative externalities associated with their products or services 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; ***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; ***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-cap value companies*** – companies whose <br> capitalization is within the range of the market <br> capitalization of the companies in the Russell 2000<sup>®</sup> <br> Value Index. As of December 31, 2022, the market <br> capitalization for companies included in the Russell <br> 2000<sup>®</sup> Value Index ranged from approximately <br> $1.4 million to $6.2 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, ENVIRONMENTAL, SOCIAL AND GOVERNANCE INVESTING RISK, FOREIGN SECURITIES RISK, MARKET RISK, MICRO-CAP RISK, PORTFOLIO TURNOVER RISK, SECTOR RISK, SELECTION RISK, SMALLER COMPANY RISK** and **VALUE STYLE RISK** each of which is described in the section "Risks of Investing in the Funds" beginning on page 65.

***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 & Science Fund

**Objective** 

The Nationwide Bailard Technology & Science 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 established companies in the technology and science sectors, including in the semiconductor, semiconductor equipment, hardware, software, information technology services, communications equipment, social media, biotechnology, 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 addition to evaluating traditional risk measures, the subadviser assesses the risk profiles of environmental, social and governance ("ESG") factors on companies in which the Fund may invest. 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 ESG risk factors. Companies that the subadviser perceives as having high levels of ESG risk and/or significant negative externalities associated with their products or services 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, biotechnology and other 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; ***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, ENVIRONMENTAL SOCIAL, AND GOVERNANCE INVESTING RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, GROWTH STYLE RISK, INITIAL PUBLIC OFFERING RISK, MARKET RISK, NEW PUBLIC COMPANY RISK, SECTOR RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 65.

***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 Disciplined Value Fund

**Objective** 

The Nationwide BNY Mellon Disciplined Value 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, 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. 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, 2022, the top five sectors of the Russell 1000® Value Index (as defined by Russell) were: financials, industrials, health care, information technology and energy.

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

&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. "Equity exposure" for purposes of this range refers to exposure that may be broader than the definition of "equity securities" for purposes of the Fund's 80% policy, as described above. 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

------

**How the funds invest:** Nationwide BNY Mellon Disciplined Value 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>|

---

---

| |
|:---|
| &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***<sup>®</sup> ***Value Index*** – is composed of <br> approximately 1,000 common stocks of companies with <br> market capitalizations ranging from $28.2 million to <br> $556.7 billion as of December 31, 2022.<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 65.

***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 fixed income 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**, **SELECTION RISK** and **STRATEGY RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 65.

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

------

**How the Funds Invest:** Nationwide Fund

**Objective** 

The Nationwide Fund seeks total return through a flexible combination of capital appreciation and current income. This objective may be changed by the Trust's Board of Trustees without shareholder approval upon 60 days' written notice to shareholders.

**Principal Investment Strategies** 

The Fund invests in a diversified portfolio of common stocks to produce an overall blended equity portfolio consisting of various types of stocks that the subadviser believes offer the potential for capital growth and/or dividend income. Most of the stocks in which the Fund invests are issued by ***large-cap companies***. Some of these companies may be located outside of the United States. The Fund makes ***market capitalization*** determinations with respect to a security at the time it purchases such security.

In managing the Fund, the subadviser allocates the Fund's assets across a variety of industries, selecting companies in each industry based on the research of a team of global industry analysts. The Fund typically seeks to maintain representation in each major industry represented by broad-based, large-cap U.S. equity indices.

The subadviser employs a ***bottom-up approach*** to selecting securities, emphasizing those that it believes to represent above-average potential for total return, based on fundamental research and analysis. Fundamental analysis of a company typically involves the assessment of a variety of factors, and may include the company's business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and environmental, social and/or governance (ESG) factors. The subadviser seeks to develop a portfolio that is broadly diversified across issuers, sectors, industries and styles. The Fund's portfolio therefore will include 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 subadviser may sell a security when it believes that a significant change in the company's business fundamentals exists, it has become overvalued in terms of earnings, assets or growth prospects or in order to take advantage of more attractive alternatives.

---

| |
|:---|
| **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; ***Large-cap companies*** – companies with market <br> capitalizations similar to those of companies included in <br> the Russell 1000<sup>®</sup> Index, ranging from $179.5 million to <br> $1.95 trillion as of December 31, 2022.<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; ***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 **DIVIDEND-PAYING STOCK RISK**, **EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, GROWTH STYLE RISK, MARKET RISK, SELECTION RISK** and **VALUE STYLE RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 65.

***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 U.S. 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 ("***U.S. 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 U.S. 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; ***U.S. mid-cap growth companies*** – have market <br> capitalizations similar to those of companies included in <br> the Russell Midcap® Growth Index and which list their <br> stock on a U.S. national securities exchange. As of <br> December 31, 2022, the market capitalization for <br> companies included in the Russell Midcap<sup>®</sup> Growth Index <br> ranged from approximately $98.3 million to $48.6 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 65.

***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 U.S. companies whose ***market capitalizations*** are generally within the market capitalization range of the companies represented in the Russell 2000<sup>®</sup> 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, 2022, the <br> market capitalization of the largest company included in <br> the Russell 2000® Growth Index was $7.5 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 65.

***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 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 $2.2 billion to $1.9 <br> trillion as of December 31, 2022.<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>|

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

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| |
|:---|
| &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 65.

***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 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<sup>®</sup> Index, ranging from $179.5 million to <br> $1.95 trillion as of December 31, 2022.<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<sup>®</sup> Index, ranging from $179.5 million to <br> $52.2 billion as of December 31, 2022.<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, 2022, the market <br> capitalization of the largest company included in the <br> Russell 2000® Index was $7.5 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 65.

***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 Small Company Growth Fund

**Objective** 

The Nationwide Small Company Growth Fund seeks long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. 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 common stocks of small companies. The Fund employs a ***growth style*** of investing, as the subadviser seeks to build a portfolio of exceptional small companies that have the wherewithal to become exceptional large companies. Specifically, the subadviser seeks to identify publicly-traded companies early in their corporate life cycle that can produce exceptional long-term returns. For the purpose of the Fund, small companies are defined as companies with total operating revenues of $500 million or less at the time of initial investment. ***It is important to note that the Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the Fund's focus is on the revenue produced by the issuer of the securities.*** 

In selecting small companies with the potential to become successful large companies, the subadviser analyzes the potential for:

• sustainable revenue growth;

&nbsp;&nbsp;&nbsp;&nbsp;•adequate resources to establish and defend a viable product or service market, and market share;

• sufficient profitability to support long-term growth and

&nbsp;&nbsp;&nbsp;&nbsp;•management skills and resources necessary to plan and execute a long-term growth plan.

The subadviser believes that:

&nbsp;&nbsp;&nbsp;&nbsp;•a sustained commitment to a portfolio of exceptional small companies will, over time, produce a significant investment return and

&nbsp;&nbsp;&nbsp;&nbsp;•an investment analysis that identifies and successfully evaluates those few small companies with the legitimate potential to become large companies can be a very rewarding investment strategy.

Accordingly, the subadviser employs analysis that contains elements of traditional dividend discount and earnings yield models.

The subadviser generally expects to hold securities for the long term in order to realize the potential rewards for incurring the risks associated with investing early in a company's corporate life cycle. Nevertheless, the subadviser sells securities when it believes their potential for future growth is diminished. The Fund may emphasize particular industry sectors or groupings, such as

the software sector, and the percentage of the Fund's assets invested in such sectors or groupings will vary from time to time, depending on the subadviser's perception of investment opportunities.

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

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| |
|:---|
| **Key Terms:** |
| &nbsp;&nbsp; ***Growth style*** – investing in equity securities of <br> companies that the Fund's subadviser believes have <br> above-average rates of earnings or cash flow growth <br> and which therefore may experience above-average <br> increases in stock prices.<br>|

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**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, SMALLER COMPANY RISK** and **STRATEGY RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 65.

***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 WCM Focused Small Cap Fund

**Objective** 

The Nationwide WCM Focused Small Cap 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 the subadviser believes have improving earnings growth potential and attractive valuation. 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. In addition to holdings in primarily U.S. small-cap equity securities, the Fund may invest up to 20% of its net assets in foreign securities. Some of the stocks in which the Fund invests may be considered to be ***value stocks***, in that they may trade at what the subadviser believes to be a discount to intrinsic value.

The subadviser uses an actively managed ***bottom-up approach*** to choosing securities across the small-cap equity market universe. The subadviser selects securities using a process that seeks to identify companies that have all three of the following attributes: durable competitive advantages, stakeholder-friendly management, and trade at a discount to intrinsic value. The portfolio is constructed using the subadviser's best ideas that are generated through multiple sources, including management discussions, industry knowledge and prior research. The subadviser's goal is to uncover companies with sustained high return on invested capital, consistent growth in free cash flow and stable to growing market share. The subadviser assigns the highest portfolio security weights to companies in which the subadviser has the highest level of conviction. The subadviser is not constrained by the sector weights in the benchmark.

Although the Fund maintains a diversified portfolio, it nonetheless may invest in a limited number of issuers. The subadviser may sell a security as it reaches the subadviser's estimate of the company's value; if relative fundamentals deteriorate or alternative investments become sufficiently more attractive.

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

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| |
|:---|
| &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, 2022, the market <br> capitalization of the largest company included in the <br> Russell 2000® Index was $7.5 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>|

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**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, LIMITED PORTFOLIO HOLDINGS RISK, MARKET RISK, SECTOR RISK, SELECTION RISK, SMALLER COMPANY RISK** and **VALUE STYLE RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 65.

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

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**Risks of Investing in the Funds**

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

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

***Behavioral Finance techniques risk*** – the criteria used in implementing Behavioral Finance techniques and the weight placed on those criteria may not be predictive of a security's value, and the effectiveness of the criteria can change over time. There is no guarantee that the subadviser will be successful in applying Behavioral Finance techniques to successfully predict investor behavior to exploit stock price anomalies, and the Fund may underperform funds that do not employ such techniques.

***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

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**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 69.

Nationwide Fund Advisors, although registered as a commodity pool operator under the Commodity Exchange Act ("CEA"), has claimed exclusion from the definition of the term "commodity pool operator" under the 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

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

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.

***Environmental, Social and Governance investing risk*** – a Fund's environmental, social and corporate governance ("ESG") investing strategy, which typically selects or excludes 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 investing 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.

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 has begun to raise interest rates after a period of historic lows. 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 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

------

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

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 ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or

------

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

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 and social unrest) adversely interrupt the global economy. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could

adversely affect a Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies world-wide and therefore can affect the value of a Fund's investments.

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

The "COVID-19" strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

***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

------

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

diversified, a single security's increase or decrease in value may have a greater impact on a Fund's value and total return.

***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.

*Financial Services* – a Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies 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 financial services sector and financial services companies whose securities a Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that sector. Financial services companies have also been affected by increased competition, which could adversely affect the profitability or viability of such companies.

*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 healthcare sector.

*Consumer Discretionary* – companies engaged in the consumer discretionary sector 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 these companies.

*Utilities* – companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.

*Product Durables* – durable products and services are generally non-essential products and services whose demand tends to increase as consumers' disposable income

------

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

increases, such as automobiles, apparel, electronics, home furnishings, and travel and leisure products and services. Durable goods are those that last in value for a relatively long time, and therefore do not have to be purchased frequently. This sector can be significantly affected by the performance of the overall economy, interest rates, competition, and consumer confidence. Success can depend heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, durable products. The prices of raw materials fluctuate in response to a number of factors, including 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 product durables sector may be subject to significant competition, which may also have an adverse impact on their profitability.

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

***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 investments*** – 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 investments 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 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 GQG US Quality Equity Fund reports its 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 180 Sutter Street, Suite 200, San Francisco, CA 94104, is the subadviser to the Nationwide Bailard Cognitive Value Fund and Nationwide Bailard Technology & Science 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, 2022, Bailard had approximately $5 billion in assets under management. Bailard has been providing investment management services since 1972.

**BROWN CAPITAL MANAGEMENT, LLC ("BROWN CAPITAL")**, located at 1201 North Calvert Street, Baltimore, MD 21202, is the subadviser to the Nationwide Small Company Growth Fund. Brown Capital has been a registered investment adviser since 1983.

**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, 2022, Geneva had approximately $5.0 billion in assets under management. Geneva has been providing investment management services since 1987.

**GQG PARTNERS LLC ("GQG")**, located at 450 East Las Olas Boulevard, Suite 750, 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. GQG provides investment management services for institutions, mutual funds and other investors using emerging markets, global, international and US equity investment strategies.

**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 $282.1 billion in assets under management as of December 31, 2022.

**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 Disciplined Value Fund and Nationwide BNY Mellon Dynamic U.S. Core 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.

**WCM INVESTMENT MANAGEMENT, LLC ("WCM")**, located at 281 Brooks Street, Laguna Beach, California 92651, is the subadviser to the Nationwide WCM Focused Small Cap Fund. WCM is a Delaware limited liability company founded in 1976 and provides investment advice to institutional and high net worth clients.

**WELLINGTON MANAGEMENT COMPANY LLP ("WELLINGTON MANAGEMENT")**, located at 280 Congress Street, Boston, MA 02210, is the subadviser to the Nationwide 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' semiannual report to shareholders, which will cover the period ending April 30, 2023.

**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, 2022, expressed as a percentage of each Fund's average

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**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 Cognitive Value Fund | 0.75% |
| Nationwide Bailard Technology & Science <br> Fund<br>| 0.75% |
| Nationwide BNY Mellon Disciplined Value <br> Fund<br>| 0.55% |
| Nationwide BNY Mellon Dynamic U.S. Core <br> Fund<br>| 0.42% |
| Nationwide Fund | 0.49% |
| Nationwide Geneva Mid Cap Growth Fund | 0.64% |
| Nationwide Geneva Small Cap Growth <br> Fund<br>| 0.77% |
| Nationwide GQG US Quality Equity Fund | 0.18% |
| Nationwide Loomis All Cap Growth Fund | 0.75% |
| Nationwide Small Company Growth Fund | 0.83% |
| Nationwide WCM Focused Small Cap Fund | 0.67% |

---

**Portfolio Management**

**Nationwide Bailard Cognitive 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 35 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 28 years of investment experience and joined the firm in 2016. Prior to joining Bailard he was a partner and a senior portfolio manager at Nelson Capital Management, which he joined in 2009.

Dr. Akgun is Vice President of Domestic Equities and joined Bailard in 2012 after receiving his Ph.D. in Industrial Engineering and Operations Research at the University of California, Berkeley.

**Nationwide Bailard Technology & Science 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 28 years of investment experience, having joined Bailard in 1994.

Mr. Smith is Executive Vice President of Domestic Equities and focuses on technology sector research and security selection for the firm. He joined Bailard in 2009.

Mr. Moshy is Senior Vice President of Domestic Equities at Bailard. With over 27 years of investment experience, he joined Bailard in 2015.

**Nationwide BNY Mellon Disciplined Value Fund** 

John C. Bailer, CFA, Brian C. Ferguson and Keith Howell Jr., 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 2021, following the integration of Mellon Investments Corporation's equity and multi-asset capabilities into the Newton Investment Management Group. Before joining NIMNA, Mr. Howell was a senior research analyst at Mellon Investments Corporation and The Boston Company Asset Management (both BNY Mellon group companies).

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

James H. Stavena, Dimitri Curtil 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. Curtil is the global head of the multi-asset solutions team. Mr. Curtil joined NIMNA in 2006.

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

**Nationwide Fund**

Jonathan G. White, CFA, and Mary L. Pryshlak, CFA, are jointly responsible for the day-to-day management of the Fund.

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.

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

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

William A. Priebe, CFA; 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 A. Priebe, Portfolio Manager and Advisor, has been associated with Geneva since 1987.

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** 

The following portfolio managers are responsible for the day-to-day management of the Fund under normal circumstances. Investment decisions are typically made collaboratively, although, as Chief Investment Officer, Rajiv Jain has the right to act unilaterally on any investment decision-making.

Mr. Jain is Chairman and Chief Investment Officer of GQG. Prior to joining GQG in 2016, he served as a Co-Chief Executive Officer, Chief Investment Officer and Head of Equities at Vontobel Asset Management ("Vontobel"). He joined Vontobel in 1994 as an equity analyst and associate manager of its international equity portfolios.

Mr. Kersmanc is Senior Investment Analyst at GQG. Prior to joining GQG in 2016, Mr. Kersmanc spent six years at Jennison Associates, where he served most recently as an analyst on the Small/Midcap Equity Research team, focusing on a wide array of sectors.

Mr. Murthy is Senior Investment Analyst at GQG. Prior to joining GQG in 2016, Mr. Murthy was a generalist analyst in Asian equities at Matthews International Capital from 2011 to 2016.

**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 an Executive Vice President and Director of Loomis Sayles, joined Loomis Sayles in 2010, and has 29 years of investment industry experience.

**Nationwide Small Company Growth Fund** 

The Fund is team-managed. Keith A. Lee works with Kempton M. Ingersol, Andrew J. Fones, Daman C. Blakeney, Damien L. Davis, CFA, and Chaitanya Yaramada, CFA, in the management of the Fund.

Mr. Lee, Chief Executive Officer, Chief Investment Officer and Senior Portfolio Manager, joined Brown Capital as a

portfolio manager in 1991. He is also chairman of the Management Committee, which is the governing body of Brown Capital.

Mr. Ingersol, Managing Director and Senior Portfolio Manager, joined Brown Capital in 1999.

Mr. Fones, Managing Director and Senior Portfolio Manager, joined Brown Capital in 2014.

Mr. Blakeney, Managing Director and Senior Portfolio Manager, joined Brown Capital in 2008.

Mr. Davis, CFA, Managing Director and Senior Portfolio Manager, rejoined Brown Capital in 2010.

Ms. Yaramada, CFA, Director, Portfolio Manager and Senior Analyst, joined Brown Capital in 2019. Prior to joining Brown Capital, Ms. Yaramada was a technology analyst of Baird Equity Asset Management for ten years.

**Nationwide WCM Focused Small Cap Fund** 

Jonathon Detter, CFA, Anthony B. Glickhouse, CFA, and Patrick McGee, CFA, are responsible for the day-to-day management of the Fund.

Mr. Detter's primary responsibilities are portfolio management and equity research for WCM's Small Cap Quality Value strategy. Prior to joining WCM, he was principal at Opus Capital Management from 2003 to 2016, where he also served as a portfolio manager.

Mr. Glickhouse's primary responsibilities are portfolio management and equity research for WCM's Small Cap Quality Value strategy. Prior to joining WCM, he was at Opus Capital Management from 2012 to 2016, where he was a research analyst and a portfolio manager.

Mr. McGee's primary responsibilities are portfolio management and equity research for WCM's Small Cap Quality Value strategy. Prior to joining WCM, he was at Opus Capital Management from 2011 to 2016, where he was a research analyst and a portfolio manager.

**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

------

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

(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**

&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>|
| &nbsp;&nbsp; The ***Nationwide Small Company Growth Fund*** no longer <br> accepts purchase orders from new investors. Investors <br> who owned shares of the Fund as of the close of <br> business on September 29, 2017, may continue to <br> purchase shares. Notwithstanding the foregoing, <br> customers of U.S. Bancorp Investments, Inc. whose <br> accounts are maintained at Charles Schwab & Co., Inc. <br> may continue to establish new accounts to purchase <br> shares of the Fund.<br>|

---

**Share Classes** 

------

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

• which share classes are available to you;

• how long you expect to own your shares;

• 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.

------

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

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 offer several different share classes, each with different price and cost features. Class A and Class C 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 or Class C 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%. Class A shares may be most appropriate for investors who want lower fund expenses or those who qualify for reduced front-end sales charges or a waiver of sales charges.

**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% | 6.10% | 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 |  |  | None\* |

---

\*

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

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

**Waiver of Class A Sales Charges** 

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

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

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

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

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

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

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

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

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

• Trustees and retired Trustees of the Trust and

&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.

------

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

**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 or Class C shares in all Nationwide Funds (except the Nationwide Government Money Market Fund) that you currently own or are currently purchasing to the value of your Class A purchase.

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

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

The value of cumulative-quantity-discount-eligible-shares equals the current value of those shares. The current value of shares is determined by multiplying the number of shares by their current public offering price. In order to obtain a sales charge reduction, you may need to provide your financial intermediary or the Fund's transfer agent, at the time of purchase, with information regarding shares of the Fund held in other accounts which may be eligible for aggregation. Such information may include account statements or other records regarding shares of the Fund

held in (i) all accounts (e.g., retirement accounts) with the Fund and your financial intermediary; (ii) accounts with other financial intermediaries; and (iii) accounts in the name of immediate family household members (spouse and children under 21). You should retain any records necessary to substantiate historical costs because the Fund, its transfer agent, and financial intermediaries may not maintain this information. Otherwise, you may not receive the reduction or waivers. This information regarding breakpoints is also available free of charge at nationwide.com/mutual-funds-sales-charges.jsp.

------

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

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

The CDSC does not apply:

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

• if no finder's fee was paid or

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

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

---

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

---

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

------

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

**Class C Shares** 

Class C shares may be appropriate if you are uncertain how long you will hold your shares. If you redeem your Class C shares within the first year after purchase, you must pay a CDSC as shown in the Fund's applicable expense table. Purchases of Class C shares are limited to a maximum amount of $1 million (calculated based on one-year holding period), and larger investments may be rejected. No CDSC applies to Class C shares that you buy through reinvestment of Fund dividends or capital gains.

**Calculation of CDSC for Class C Shares** 

For Class C shares, the 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 that you pay. See "Waiver of Contingent Deferred Sales Charges—Class A and Class C Shares" below for a list of situations where a CDSC is not charged.

**Waiver of Contingent Deferred Sales Charges Class A and Class C Shares** 

The CDSC is waived on:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•mandatory withdrawals of Class A or Class C 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 and

&nbsp;&nbsp;&nbsp;&nbsp;•redemptions of Class C shares from retirement plans offered by broker-dealers or retirement plan administrators that maintain an agreement with the Funds or the Distributor.

If a CDSC is charged when you redeem your Class C shares, and you then reinvest the proceeds in Class C shares within 30 days, shares equal to the amount of the CDSC are re-deposited into your new account.

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.

**Conversion of Class C Shares** 

Class C shares automatically convert, at no charge, to Class A shares of the same Fund 8 years after purchase, provided that the Trust or the financial intermediary with whom the shares are held has records verifying that the Class C shares have been held for at least 8 years. These conversions will occur during the month immediately following the month in which the 8-year anniversary of the purchase occurs. Due to operational limitations at certain financial intermediaries, your ability to have your Class C shares automatically converted to Class A shares may be limited. Class C shares that are purchased via reinvestment of dividends and distributions will convert on a pro-rata basis at the same time as the Class C shares on which such dividends and distributions are paid. Because the share price of Class A shares is usually higher than that of Class C shares, you may receive fewer Class A shares than the number of Class C shares converted; however, the total dollar value will be the same. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a different conversion schedule, as described in Appendix A to this Prospectus.

**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

------

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

received Class K shares of the Fund in connection with the reorganization of the Predecessor Fund with and into the Nationwide BNY Mellon Disciplined Value 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 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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;

• clients of investment advisory fee-based wrap programs;

&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;

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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;•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.

**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 C, 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 C, 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 C shares | 1.00% (0.25% of which may be a <br> service fee)<br>|

---

---

| | |
|:---|:---|
| **Class** | **as a % of Daily Net Assets** |
| 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 C, 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 Board of Trustees. These fees, which are in addition to Rule 12b-1 fees for Class A, Class C, 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 C, 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 Cognitive Value Fund** Class A, Class C and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Bailard Technology & Science Fund** Class A, Class C and Institutional Service Class shares: 0.05%, 0.01% and 0.08%, respectively.

**Nationwide BNY Mellon Disciplined Value Fund** Class A, Institutional Service Class and Eagle Class shares: 0.25%, 0.25% and 0.10%, respectively.

**Nationwide BNY Mellon Dynamic U.S. Core Fund** Class A, Class C, Class R, Institutional Service Class and Eagle Class shares: 0.06%, 0.06%, 0.25%, 0.13% and 0.10%, respectively.

**Nationwide Fund** Class A, Class C, Class R and Institutional Service Class shares: 0.08%, 0.03%, 0.25% and 0.08%, respectively.

**Nationwide Geneva Mid Cap Growth Fund** Class A, Class C and Institutional Service Class shares: 0.08%, 0.09% and 0.12%, respectively.

**Nationwide Geneva Small Cap Growth Fund** Class A, Class C and Institutional Service Class shares: 0.13%, 0.05% and 0.11%, respectively.

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

------

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

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

**Nationwide Small Company Growth Fund** Class A and Institutional Service Class shares: 0.15% and 0.25%, respectively.

**Nationwide WCM Focused Small Cap Fund** Class A, Class C and Institutional Service Class shares: 0.11%, 0.12% and 0.08%, respectively.

Because these fees are paid out of a Fund's Class A, Class C, 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 Funds Group" or "NFG") 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 NFG'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 NFG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NFG.

In addition to the revenue sharing payments described above, NFG 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

***By Overnight Mail*** Nationwide Funds, 615 East Michigan

Street, Third Floor, Milwaukee, Wisconsin 53202.

------

**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>|

---

------

**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 equity 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 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, Class C and Class K Shares** | **Class A, Class C 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

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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

&nbsp;&nbsp;&nbsp;&nbsp;•you purchase the same class of shares. For example, you may exchange between Class A shares of any Nationwide Fund, but may not exchange between Class A shares and Class C 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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 or Class C 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

------

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

be delayed up to 10 business days from the purchase date to allow time for your payment to clear. If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take 10 business days from your date of purchase). A Fund may delay forwarding redemption proceeds for up to seven days if the account holder:

• is engaged in excessive trading or

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

Under normal circumstances, a Fund expects to satisfy redemption requests through the sale of investments held in cash or cash equivalents. However, a Fund may also use the proceeds from the sale of portfolio securities or a bank line of credit to meet redemption requests if consistent with management of the Fund, or in stressed market conditions. Under extraordinary circumstances, a Fund, in its sole discretion, may elect to honor redemption requests by transferring some of the securities held by the Fund directly to an account holder as a redemption in-kind. If an account holder receives securities in a redemption in-kind, the account holder may incur brokerage costs, taxes or other expenses in converting the securities to cash. Securities received from in-kind redemptions are subject to market 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 or Class C shares subject to a sales charge while redeeming shares using this program. An automatic

withdrawal plan for Class A and Class C 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 or

&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.

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

------

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

dilute the value of Fund shares if redeeming shareholders receive proceeds (and buying shareholders receive shares) based on NAVs that do not reflect appropriate fair value prices.

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

**Fair Valuation** 

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

**Monitoring of Trading Activity** 

The Funds, through the Adviser, their subadvisers and their agents, monitor selected trades and flows of money in and out of the Funds in an effort to detect excessive short-term trading activities. Further, in compliance with Rule 22c-2 under the Investment Company Act of 1940, as amended, Nationwide Funds 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 intends to elect and 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).

Except as noted below, information has been audited by PricewaterhouseCoopers, LLP, whose report, along with the Funds' financial statements, is included in the Trust's annual reports, which are available upon request. Information presented for the Nationwide BNY Mellon Disciplined Value Fund for the fiscal year ended October 31, 2020, was audited by BBD, LLP, whose report is incorporated by reference herein.

Information presented for the Nationwide BNY Mellon Disciplined Value Fund for the fiscal years ended October 31, 2019 and 2018 is that of the Predecessor Fund and was audited by the Predecessor Fund's independent auditor, KPMG LLP, whose report is incorporated by reference herein.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE BAILARD COGNITIVE VALUE 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net**<br> **Investment**<br> **Income**<br> **(Loss) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)(f)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(g)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.20 | 0.09 | (1.26) | (1.17) | (0.06) |  | (0.06) | 9.97 | (10.52)% | 225 | 1.44% | 0.89% | 1.51% | 412.91% |
| 10/31/2019 | 12.53 | 0.05 | 0.02 | 0.07 | (0.07) | (1.33) | (1.40) | 11.20 | 1.92% | 458 | 1.44% | 0.42% | 1.49% | 255.32% |
| 10/31/2018 | 15.21 | 0.08 | (1.22) | (1.14) | (0.06) | (1.48) | (1.54) | 12.53 | (8.35)% | 445 | 1.35% | 0.57% | 1.35% | 138.27% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 15.11 | (0.02) | (1.35) | (1.37) | (0.03) | (0.72) | (0.75) | 12.99 | (9.44)% | 169 | 2.02% | (0.13)% | 2.02% | 283.03% |
| 10/31/2021 | 9.00 | (0.04) | 6.21 | 6.17 | (0.06) |  | (0.06) | 15.11 | 68.77% | 186 | 2.05% | (0.33)% | 2.05% | 199.77% |
| 10/31/2020 | 10.17 | 0.02 | (1.15) | (1.13) | (0.04) |  | (0.04) | 9.00 | (11.14)% | 128 | 2.12% | 0.26% | 2.20% | 412.91% |
| 10/31/2019 | 11.57 | (0.03) | 0.01 | (0.02) | (0.05) | (1.33) | (1.38) | 10.17 | 1.18%<sup>(h)</sup> | 143 | 2.14% | (0.27)% | 2.19% | 255.32% |
| 10/31/2018 | 14.24 | (0.03) | (1.13) | (1.16) | (0.03) | (1.48) | (1.51) | 11.57 | (9.06)%<sup>(h)</sup> | 191 | 2.12% | (0.23)% | 2.12% | 138.27% |
| **Class M Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.23 | 0.13 | (1.27) | (1.14) | (0.09) |  | (0.09) | 10.00 | (10.23)% | 63365 | 1.07% | 1.32% | 1.15% | 412.91% |
| 10/31/2019 | 12.54 | 0.09 | 0.01 | 0.10 | (0.08) | (1.33) | (1.41) | 11.23 | 2.25% | 61225 | 1.07% | 0.79% | 1.12% | 255.32% |
| 10/31/2018 | 15.21 | 0.12 | (1.21) | (1.09) | (0.10) | (1.48) | (1.58) | 12.54 | (8.02)% | 84943 | 1.01% | 0.88% | 1.01% | 138.27% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 16.92 | 0.14 | (1.52) | (1.38) | (0.12) | (0.72) | (0.84) | 14.70 | (8.50)%<sup>(h)</sup> <br>| 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>(h)</sup> <br>| 11 | 1.00% | 0.73% | 1.00% | 199.77% |
| 10/31/2020 | 11.23 | 0.13 | (1.28) | (1.15) | (0.09) |  | (0.09) | 9.99 | (10.30)%<sup>(h)</sup> | 10 | 1.07% | 1.29% | 1.15% | 412.91% |
| 10/31/2019 | 12.54 | 0.09 | 0.01 | 0.10 | (0.08) | (1.33) | (1.41) | 11.23 | 2.26% | 11 | 1.07% | 0.78% | 1.12% | 255.32% |
| 10/31/2018 | 15.20 | 0.12 | (1.20) | (1.08) | (0.10) | (1.48) | (1.58) | 12.54 | (7.95)% | 11 | 1.01% | 0.89% | 1.01% | 138.27% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.25 | 0.11 | (1.27) | (1.16) | (0.07) |  | (0.07) | 10.02 | (10.38)% | 94 | 1.24% | 1.07% | 1.31% | 412.91% |
| 10/31/2019 | 12.57 | 0.07 | 0.01 | 0.08 | (0.07) | (1.33) | (1.40) | 11.25 | 2.07% | 220 | 1.24% | 0.62% | 1.29% | 255.32% |
| 10/31/2018 | 15.22 | 0.11 | (1.21) | (1.10) | (0.07) | (1.48) | (1.55) | 12.57 | (8.08)% | 173 | 1.16% | 0.79% | 1.16% | 138.27% |

---

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

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

(b) Excludes sales charge.

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

(d) Annualized for periods less than one year.

(e) Expense ratios include expenses reimbursed to the Advisor.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

------

**FINANCIAL HIGHLIGHTS: 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 20.98 | (0.10) | 7.69 | 7.59 |  | (1.66) | (1.66) | 26.91 | 38.34% | 4894 | 1.23% | (0.43)% | 1.23% | 25.47% |
| 10/31/2019 | 21.57 | (0.04) | 2.51 | 2.47 |  | (3.06) | (3.06) | 20.98 | 14.78% | 4835 | 1.27% | (0.20)% | 1.27% | 23.24% |
| 10/31/2018 | 22.22 | (0.09) | 1.61 | 1.52 |  | (2.17) | (2.17) | 21.57 | 7.25% | 3857 | 1.26% | (0.41)% | 1.26% | 22.56% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 28.32 | (0.25) | (8.28) | (8.53) |  | (5.43) | (5.43) | 14.36 | (37.02)% | 1115 | 1.93% | (1.37)% | 1.93% | 20.23% |
| 10/31/2021 | 23.15 | (0.37) | 9.09 | 8.72 |  | (3.55) | (3.55) | 28.32 | 40.49% | 1900 | 1.93% | (1.42)% | 1.93% | 20.98% |
| 10/31/2020 | 18.39 | (0.24) | 6.66 | 6.42 |  | (1.66) | (1.66) | 23.15 | 37.31% | 1353 | 1.98% | (1.20)% | 1.98% | 25.47% |
| 10/31/2019 | 19.44 | (0.17) | 2.18 | 2.01 |  | (3.06) | (3.06) | 18.39 | 13.91% | 1074 | 2.03% | (0.96)% | 2.03% | 23.24% |
| 10/31/2018 | 20.37 | (0.24) | 1.48 | 1.24 |  | (2.17) | (2.17) | 19.44 | 6.46% | 1242 | 2.03% | (1.19)% | 2.03% | 22.56% |
| **Class M Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 22.25 | (0.04) | 8.20 | 8.16 | (0.02) | (1.66) | (1.68) | 28.73 | 38.77% | 147656 | 0.93% | (0.15)% | 0.93% | 25.47% |
| 10/31/2019 | 22.63 | 0.02 | 2.67 | 2.69 | (0.01) | (3.06) | (3.07) | 22.25 | 15.12% | 121508 | 0.96% | 0.11% | 0.96% | 23.24% |
| 10/31/2018 | 23.15 | (0.02) | 1.69 | 1.67 | (0.02) | (2.17) | (2.19) | 22.63 | 7.66% | 123214 | 0.93% | (0.08)% | 0.93% | 22.56% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 22.19 | (0.04) | 8.17 | 8.13 | (0.02) | (1.66) | (1.68) | 28.64 | 38.74% | 3742 | 0.93% | (0.14)% | 0.93% | 25.47% |
| 10/31/2019 | 22.57 | 0.02 | 2.67 | 2.69 | (0.01) | (3.06) | (3.07) | 22.19 | 15.16%<sup>(f)</sup> | 2919 | 0.96% | 0.10% | 0.96% | 23.24% |
| 10/31/2018 | 23.10 | (0.02) | 1.68 | 1.66 | (0.02) | (2.17) | (2.19) | 22.57 | 7.63%<sup>(f)</sup> | 4292 | 0.93% | (0.08)% | 0.93% | 22.56% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 22.18 | (0.07) | 8.17 | 8.10 |  | (1.66) | (1.66) | 28.62 | 38.60% | 2823 | 1.05% | (0.28)% | 1.05% | 25.47% |
| 10/31/2019 | 22.58 |  | 2.66 | 2.66 |  | (3.06) | (3.06) | 22.18 | 14.99% | 2077 | 1.08% | (0.01)% | 1.08% | 23.24% |
| 10/31/2018 | 23.11 | (0.04) | 1.69 | 1.65 | (0.01) | (2.17) | (2.18) | 22.58 | 7.58% | 1854 | 1.01% | (0.16)% | 1.01% | 22.56% |

---

(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 BNY MELLON DISCIPLINED VALUE 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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> **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 Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 195 | 0.95% | 0.85% | 1.01% | 76.03% |
| 10/31/2020<sup>(h)</sup> | 33.48 | 0.33 | (5.02) | (4.69) | (0.25) |  | (0.25) | 28.54 | (13.88)% | 18 | 1.15% | 1.36% | 1.23% | 76.80%<sup>(i)</sup> |
| **Class K Shares**<sup>(j)</sup> <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 34.72 | 0.52 | (3.32) | (2.80) | (0.59) | (2.78) | (3.37) | 28.55 | (9.08)% | 439137 | 0.80% | 1.77% | 0.86% | 76.80%<sup>(i)</sup> |
| 10/31/2019 | 37.42 | 0.42 | 2.83 | 3.25 | (0.40) | (5.55) | (5.95) | 34.72 | 11.01% | 578893 | 1.00% | 1.26% | 1.01% | 52.79% |
| 10/31/2018 | 38.29 | 0.36 | 2.65 | 3.01 | (0.32) | (3.56) | (3.88) | 37.42 | 8.34% | 593773 | 1.00% | 0.95% | 1.01% | 72.06% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 42.47 | 0.50 | (0.53) | (0.03) | (0.49) | (7.46) | (7.95) | 34.49 | (0.14)%<sup>(g)</sup> | 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> | 20 | 0.66% | 1.17% | 0.73% | 76.03% |
| 10/31/2020<sup>(h)</sup> | 33.48 | 0.45 | (5.02) | (4.57) | (0.36) |  | (0.36) | 28.55 | (13.51)% | 4 | 0.66% | 1.80% | 0.74% | 76.80%<sup>(i)</sup> |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020<sup>(h)</sup> | 33.48 | 0.43 | (5.02) | (4.59) | (0.34) |  | (0.34) | 28.55 | (13.59)% | 128 | 0.76% | 1.75% | 0.85% | 76.80%<sup>(i)</sup> |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 52 | 0.71% | 1.23% | 0.77% | 76.03% |
| 10/31/2020<sup>(h)</sup> | 33.48 | 0.45 | (5.08) | (4.63) | (0.31) |  | (0.31) | 28.54 | (13.69)% | 54 | 0.91% | 1.87% | 0.99% | 76.80%<sup>(i)</sup> |

---

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 December 17, 2019 (commencement of operations) through October 31, 2020. Total return is calculated based on inception date of December 16, 2019 through October 31, 2020.

(i) Portfolio turnover excludes securities purchased or sold to rebalance the portfolio after the Fund's reorganization. Had these trades not been excluded, portfolio turnover would have been 90.20%.

(j) Effective December 14, 2019, Shares were renamed Class K 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 65274 | 0.81% | 0.48% | 0.85% | 3.66% |
| 10/31/2020 | 9.71 | 0.09 | 0.86 | 0.95 | (0.12) | (0.68) | (0.80) | 9.86 | 10.28%<sup>(g)</sup> | 51190 | 0.81% | 0.90% | 0.87% | 4.39% |
| 10/31/2019 | 12.36 | 0.13 | 1.17 | 1.30 | (0.12) | (3.83) | (3.95) | 9.71 | 18.99% | 43377 | 0.90% | 1.43% | 1.10% | 4.49% |
| 10/31/2018 | 12.46 | 0.04 | 1.11 | 1.15 | (0.03) | (1.22) | (1.25) | 12.36 | 9.68% | 29136 | 0.94% | 0.34% | 1.15% | 153.29% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 8.32 | (0.01) | (1.37) | (1.38) | (0.05) | (1.02) | (1.07) | 5.87 | (19.16)% | 8290 | 1.56% | (0.14)% | 1.59% | 2.29% |
| 10/31/2021 | 6.05 | (0.02) | 2.53 | 2.51 | (0.03) | (0.21) | (0.24) | 8.32 | 42.54% | 10987 | 1.56% | (0.28)% | 1.60% | 3.66% |
| 10/31/2020 | 6.27 | 0.01 | 0.54 | 0.55 | (0.09) | (0.68) | (0.77) | 6.05 | 9.35% | 7096 | 1.56% | 0.13% | 1.63% | 4.39% |
| 10/31/2019 | 9.46 | 0.04 | 0.67 | 0.71 | (0.07) | (3.83) | (3.90) | 6.27 | 18.12% | 5277 | 1.69% | 0.65% | 1.89% | 4.49% |
| 10/31/2018 | 9.86 | (0.05) | 0.87 | 0.82 |  | (1.22) | (1.22) | 9.46 | 8.84% | 4315 | 1.76% | (0.50)% | 1.96% | 153.29% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.34 | 0.03 | 0.85 | 0.88 | (0.11) | (0.68) | (0.79) | 9.43 | 9.82% | 639 | 1.13% | 0.35% | 1.21% | 4.39% |
| 10/31/2019 | 12.04 | 0.09 | 1.12 | 1.21 | (0.08) | (3.83) | (3.91) | 9.34 | 18.58% | 86 | 1.30% | 1.04% | 1.50% | 4.49% |
| 10/31/2018 | 12.20 | (0.01) | 1.08 | 1.07 | (0.01) | (1.22) | (1.23) | 12.04 | 9.20% | 70 | 1.35% | (0.07)% | 1.55% | 153.29% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.50 | 0.13 | 0.94 | 1.07 | (0.16) | (0.68) | (0.84) | 10.73 | 10.60% | 191989 | 0.50% | 1.22% | 0.56% | 4.39% |
| 10/31/2019 | 13.02 | 0.17 | 1.29 | 1.46 | (0.15) | (3.83) | (3.98) | 10.50 | 19.38% | 185333 | 0.61% | 1.70% | 0.82% | 4.49% |
| 10/31/2018 | 13.06 | 0.08 | 1.16 | 1.24 | (0.06) | (1.22) | (1.28) | 13.02 | 10.00% | 172430 | 0.65% | 0.63% | 0.85% | 153.29% |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 1011536 | 0.55% | 0.74% | 0.59% | 3.66% |
| 10/31/2020 | 10.60 | 0.11 | 0.95 | 1.06 | (0.15) | (0.68) | (0.83) | 10.83 | 10.40% | 753099 | 0.59% | 1.04% | 0.64% | 4.39% |
| 10/31/2019 | 13.09 | 0.16 | 1.32 | 1.48 | (0.14) | (3.83) | (3.97) | 10.60 | 19.43%<sup>(g)</sup> | 5 | 0.76% | 1.56% | 0.96% | 4.49% |
| 10/31/2018<sup>(h)</sup> | 14.39 | 0.01 | (1.31) | (1.30) |  |  |  | 13.09 | (9.03)% | 5 | 0.73% | 0.72% | 0.94% | 153.29% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 133429 | 0.62% | 0.67% | 0.66% | 3.66% |
| 10/31/2020 | 10.58 | 0.11 | 0.95 | 1.06 | (0.14) | (0.68) | (0.82) | 10.82 | 10.50%<sup>(g)</sup> | 105917 | 0.61% | 1.01% | 0.68% | 4.39% |
| 10/31/2019 | 13.09 | 0.19 | 1.27 | 1.46 | (0.14) | (3.83) | (3.97) | 10.58 | 19.19% | 33549 | 0.72% | 1.84% | 0.91% | 4.49% |
| 10/31/2018 | 13.12 | 0.06 | 1.17 | 1.23 | (0.04) | (1.22) | (1.26) | 13.09 | 9.88% | 5738 | 0.80% | 0.49% | 1.01% | 153.29% |

---

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 October 1, 2018 (commencement of operations) through October 31, 2018. Total return is calculated based on inception date of October 1, 2018 through October 31, 2018.

------

**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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 22.73 | 0.15 | 2.77 | 2.92 | (0.15) | (0.48) | (0.63) | 25.02 | 13.03% | 165332 | 0.88% | 0.66% | 0.92% | 68.55% |
| 10/31/2019 | 25.12 | 0.17 | 2.31 | 2.48 | (0.16) | (4.71) | (4.87) | 22.73 | 13.91% | 153344 | 0.90% | 0.78% | 0.95% | 53.33% |
| 10/31/2018 | 26.48 | 0.18 | 0.85 | 1.03 | (0.21) | (2.18) | (2.39) | 25.12 | 3.87% | 148187 | 0.95% | 0.69% | 1.00% | 140.41% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 30.28 | (0.07) | (4.53) | (4.60) |  | (4.18) | (4.18) | 21.50 | (17.70)% | 386 | 1.59% | (0.28)% | 1.64% | 53.21% |
| 10/31/2021 | 22.48 | (0.11) | 8.58 | 8.47 |  | (0.67) | (0.67) | 30.28 | 38.32% | 601 | 1.62% | (0.40)% | 1.66% | 60.51% |
| 10/31/2020 | 20.54 | (0.03) | 2.49 | 2.46 | (0.04) | (0.48) | (0.52) | 22.48 | 12.15% | 892 | 1.68% | (0.12)% | 1.72% | 68.55% |
| 10/31/2019 | 23.24 | 0.01 | 2.04 | 2.05 | (0.04) | (4.71) | (4.75) | 20.54 | 12.99% | 1475 | 1.65% | 0.07% | 1.70% | 53.33% |
| 10/31/2018 | 24.69 | (0.01) | 0.81 | 0.80 | (0.07) | (2.18) | (2.25) | 23.24 | 3.15% | 3042 | 1.66% | (0.02)% | 1.71% | 140.41% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 32.76 | 0.04 | (4.96) | (4.92) | (0.04) | (4.18) | (4.22) | 23.62 | (17.31)%<sup>(g)</sup> | 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> | 21 | 1.13% | 0.05% | 1.17% | 60.51% |
| 10/31/2020 | 22.05 | 0.04 | 2.68 | 2.72 | (0.07) | (0.48) | (0.55) | 24.22 | 12.50% | 13 | 1.33% | 0.16% | 1.38% | 68.55% |
| 10/31/2019 | 24.55 | 0.09 | 2.19 | 2.28 | (0.07) | (4.71) | (4.78) | 22.05 | 13.30% | 7 | 1.35% | 0.45% | 1.39% | 53.33% |
| 10/31/2018 | 25.92 | 0.09 | 0.85 | 0.94 | (0.13) | (2.18) | (2.31) | 24.55 | 3.60%<sup>(g)</sup> | 59 | 1.28% | 0.35% | 1.33% | 140.41% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 22.21 | 0.21 | 2.71 | 2.92 | (0.22) | (0.48) | (0.70) | 24.43 | 13.36% | 23675 | 0.59% | 0.89% | 0.63% | 68.55% |
| 10/31/2019 | 24.67 | 0.23 | 2.25 | 2.48 | (0.23) | (4.71) | (4.94) | 22.21 | 14.27% | 6 | 0.58% | 1.08% | 0.65% | 53.33% |
| 10/31/2018<sup>(h)</sup> | 24.56 | 0.13 | 0.12 | 0.25 | (0.14) |  | (0.14) | 24.67 | 1.00% | 5 | 0.58% | 0.91% | 0.65% | 140.41% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 22.21 | 0.20 | 2.70 | 2.90 | (0.20) | (0.48) | (0.68) | 24.43 | 13.27% | 895601 | 0.66% | 0.87% | 0.71% | 68.55% |
| 10/31/2019 | 24.68 | 0.22 | 2.24 | 2.46 | (0.22) | (4.71) | (4.93) | 22.21 | 14.13% | 865639 | 0.67% | 1.02% | 0.71% | 53.33% |
| 10/31/2018 | 26.07 | 0.25 | 0.85 | 1.10 | (0.31) | (2.18) | (2.49) | 24.68 | 4.22% | 855032 | 0.67% | 0.97% | 0.71% | 140.41% |

---

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 April 11, 2018 (commencement of operations) through October 31, 2018. Total return is calculated based on inception date of April 10, 2018 through October 31, 2018.

------

**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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 21.64 | (0.12) | 3.02 | 2.90 |  | (3.62) | (3.62) | 20.92 | 15.03% | 96665 | 1.19% | (0.60)% | 1.19% | 19.10% |
| 10/31/2019 | 26.00 | (0.09) | 2.50 | 2.41 |  | (6.77) | (6.77) | 21.64 | 15.19% | 104023 | 1.18% | (0.42)% | 1.18% | 14.70% |
| 10/31/2018 | 26.98 | (0.12) | 1.99 | 1.87 |  | (2.85) | (2.85) | 26.00 | 7.24% | 112506 | 1.14% | (0.45)% | 1.14% | 14.29% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 18.82 | (0.14) | (3.33) | (3.47) |  | (7.50) | (7.50) | 7.85 | (29.26)% | 5726 | 1.86% | (1.45)% | 1.86% | 10.71% |
| 10/31/2021 | 13.96 | (0.25) | 6.57 | 6.32 |  | (1.46) | (1.46) | 18.82 | 47.86% | 13079 | 1.86% | (1.49)% | 1.86% | 10.64% |
| 10/31/2020 | 15.68 | (0.18) | 2.08 | 1.90 |  | (3.62) | (3.62) | 13.96 | 14.20% | 17731 | 1.93% | (1.33)% | 1.93% | 19.10% |
| 10/31/2019 | 20.93 | (0.18) | 1.70 | 1.52 |  | (6.77) | (6.77) | 15.68 | 14.34% | 24792 | 1.92% | (1.16)% | 1.92% | 14.70% |
| 10/31/2018 | 22.41 | (0.26) | 1.63 | 1.37 |  | (2.85) | (2.85) | 20.93 | 6.40% | 43369 | 1.88% | (1.19)% | 1.88% | 14.29% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 32.09 | (0.08) | (7.07) | (7.15) |  | (7.50) | (7.50) | 17.44 | (28.46)%<sup>(f)</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>(f)</sup> | 115969 | 0.78% | (0.41)% | 0.78% | 10.64% |
| 10/31/2020 | 23.12 | (0.05) | 3.25 | 3.20 |  | (3.62) | (3.62) | 22.70 | 15.42% | 93819 | 0.84% | (0.24)% | 0.84% | 19.10% |
| 10/31/2019 | 27.21 | (0.01) | 2.69 | 2.68 |  | (6.77) | (6.77) | 23.12 | 15.60% | 130570 | 0.82% | (0.05)% | 0.82% | 14.70% |
| 10/31/2018 | 28.02 | (0.03) | 2.07 | 2.04 |  | (2.85) | (2.85) | 27.21 | 7.61% | 112698 | 0.78% | (0.09)% | 0.78% | 14.29% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 22.80 | (0.08) | 3.21 | 3.13 |  | (3.62) | (3.62) | 22.31 | 15.31% | 312874 | 0.97% | (0.38)% | 0.97% | 19.10% |
| 10/31/2019 | 26.95 | (0.03) | 2.65 | 2.62 |  | (6.77) | (6.77) | 22.80 | 15.49% | 316344 | 0.89% | (0.13)% | 0.89% | 14.70% |
| 10/31/2018 | 27.82 | (0.07) | 2.05 | 1.98 |  | (2.85) | (2.85) | 26.95 | 7.44% | 442821 | 0.93% | (0.24)% | 0.93% | 14.29% |

---

(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 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 Value, Beginning of Period** | **Net**<br> **Investment**<br> **Loss**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 60.71 | (0.56) | 9.90 | 9.34 |  | (1.38) | (1.38) | 68.67 | 15.60% | 93544 | 1.21% | (0.89)% | 1.21% | 17.45% |
| 10/31/2019 | 59.11 | (0.43) | 5.21 | 4.78 |  | (3.18) | (3.18) | 60.71 | 9.13% | 85092 | 1.23% | (0.74)% | 1.23% | 17.37% |
| 10/31/2018 | 56.05 | (0.47) | 6.12 | 5.65 |  | (2.59) | (2.59) | 59.11 | 10.45% | 81649 | 1.24% | (0.79)% | 1.24% | 19.60% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 83.78 | (1.04) | (16.30) | (17.34) |  | (7.53) | (7.53) | 58.91 | (22.54)% | 17004 | 1.88% | (1.59)% | 1.88% | 14.92% |
| 10/31/2021 | 62.63 | (1.22) | 22.76 | 21.54 |  | (0.39) | (0.39) | 83.78 | 34.46% | 33516 | 1.85% | (1.55)% | 1.85% | 13.13% |
| 10/31/2020 | 55.87 | (0.92) | 9.06 | 8.14 |  | (1.38) | (1.38) | 62.63 | 14.78% | 33981 | 1.93% | (1.60)% | 1.93% | 17.45% |
| 10/31/2019 | 55.05 | (0.79) | 4.79 | 4.00 |  | (3.18) | (3.18) | 55.87 | 8.34% | 37438 | 1.95% | (1.46)% | 1.95% | 17.37% |
| 10/31/2018 | 52.73 | (0.84) | 5.75 | 4.91 |  | (2.59) | (2.59) | 55.05 | 9.67% | 43731 | 1.95% | (1.50)% | 1.95% | 19.60% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 63.26 | (0.36) | 10.37 | 10.01 |  | (1.38) | (1.38) | 71.89 | 16.03% | 330982 | 0.84% | (0.54)% | 0.84% | 17.45% |
| 10/31/2019 | 61.23 | (0.23) | 5.44 | 5.21 |  | (3.18) | (3.18) | 63.26 | 9.54% | 195409 | 0.85% | (0.37)% | 0.85% | 17.37% |
| 10/31/2018 | 57.76 | (0.26) | 6.32 | 6.06 |  | (2.59) | (2.59) | 61.23 | 10.86% | 144599 | 0.86% | (0.42)% | 0.86% | 19.60% |
| **Institutional Service** <br> **Class Shares**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 62.79 | (0.42) | 10.27 | 9.85 |  | (1.38) | (1.38) | 71.26 | 15.90% | 903364 | 0.96% | (0.64)% | 0.96% | 17.45% |
| 10/31/2019 | 60.87 | (0.30) | 5.40 | 5.10 |  | (3.18) | (3.18) | 62.79 | 9.41% | 748351 | 0.98% | (0.49)% | 0.98% | 17.37% |
| 10/31/2018 | 57.50 | (0.32) | 6.28 | 5.96 |  | (2.59) | (2.59) | 60.87 | 10.74% | 706944 | 0.96% | (0.52)% | 0.96% | 19.60% |

---

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 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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 10.00 | 0.04 | 2.15 | 2.19 |  |  |  | 12.19 | 21.90%<sup>(g)</sup> | 9 | 0.97% | 0.46% | 1.37% | 97.43% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 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> | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 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> | 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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment Income (Loss) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 12.13 | (0.07) | 3.21 | 3.14 |  | (0.16) | (0.16) | 15.11 | 26.11% | 6420 | 1.35% | (0.54)% | 1.38% | 25.04% |
| 10/31/2019 | 11.45 | (0.03) | 1.54 | 1.51 | (0.01) | (0.82) | (0.83) | 12.13 | 14.48% | 5162 | 1.28% | (0.21)% | 1.32% | 13.51% |
| 10/31/2018 | 10.97 | (0.01) | 0.54 | 0.53 |  | (0.05) | (0.05) | 11.45 | 4.81% | 619 | 1.20% | (0.10)% | 1.41% | 21.94% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 12.20 | (0.01) | 3.24 | 3.23 | (0.01) | (0.16) | (0.17) | 15.26 | 26.76% | 188632 | 0.85% | (0.04)% | 0.89% | 25.04% |
| 10/31/2019 | 11.50 | 0.03 | 1.53 | 1.56 | (0.04) | (0.82) | (0.86) | 12.20 | 14.93% | 178449 | 0.82% | 0.27% | 0.87% | 13.51% |
| 10/31/2018 | 11.00 | 0.03 | 0.54 | 0.57 | (0.02) | (0.05) | (0.07) | 11.50 | 5.15% | 173296 | 0.85% | 0.28% | 1.03% | 21.94% |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 12.21 | (0.02) | 3.24 | 3.22 | (0.01) | (0.16) | (0.17) | 15.26 | 26.62% | 182862 | 0.95% | (0.16)% | 0.99% | 25.04% |
| 10/31/2019 | 11.48 | 0.01 | 1.56 | 1.57 | (0.02) | (0.82) | (0.84) | 12.21 | 15.00% | 135647 | 1.02% | 0.07% | 1.06% | 13.51% |
| 10/31/2018<sup>(g)</sup> | 11.76 | (0.01) | (0.27) | (0.28) |  |  |  | 11.48 | (2.38)% | 256 | 0.94% | (0.37)% | 1.36% | 21.94% |
| **Institutional Service** <br> **Class Shares**<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% |
| 10/31/2020 | 12.19 |  | 3.21 | 3.21 | (0.01) | (0.16) | (0.17) | 15.23 | 26.59%<sup>(h)</sup> | 3952 | 0.91% | —% | 0.94% | 25.04% |
| 10/31/2019 | 11.48 | 0.02 | 1.54 | 1.56 | (0.03) | (0.82) | (0.85) | 12.19 | 15.00%<sup>(h)</sup> | 14441 | 0.89% | 0.16% | 0.93% | 13.51% |
| 10/31/2018 | 10.98 | 0.01 | 0.54 | 0.55 |  | (0.05) | (0.05) | 11.48 | 5.00% | 7779 | 0.97% | 0.12% | 1.18% | 21.94% |

---

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

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

(b) Excludes sales charge.

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

(d) Annualized for periods less than one year.

(e) 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 June 28, 2018 (commencement of operations) through October 31, 2018. Total return is calculated based on inception date of June 27, 2018 through October 31, 2018.

(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 SMALL COMPANY GROWTH FUND**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $25.23 | $(0.21) | $(8.49) | $(8.70) | $— | $(2.92) | $(2.92) | $13.61 | (38.51)% | $2864 | 1.33% | (1.24)% | 1.35% | 17.88% |
| 10/31/2021 | 23.05 | (0.29) | 5.38 | 5.09 |  | (2.91) | (2.91) | 25.23 | 22.16% | 6711 | 1.35% | (1.19)% | 1.35% | 9.86% |
| 10/31/2020 | 20.02 | (0.23) | 5.21 | 4.98 |  | (1.95) | (1.95) | 23.05 | 26.87% | 7105 | 1.35% | (1.15)% | 1.36% | 13.06% |
| 10/31/2019 | 19.03 | (0.22) | 2.17 | 1.95 |  | (0.96) | (0.96) | 20.02 | 11.31% | 35574 | 1.32% | (1.09)% | 1.33% | 17.37% |
| 10/31/2018 | 17.52 | (0.21) | 2.28 | 2.07 |  | (0.56) | (0.56) | 19.03 | 12.16% | 29344 | 1.32% | (1.07)% | 1.32% | 16.23% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 25.72 | (0.19) | (8.68) | (8.87) |  | (2.92) | (2.92) | 13.93 | (38.43)% | 139422 | 1.18% | (1.08)% | 1.20% | 17.88% |
| 10/31/2021 | 23.41 | (0.26) | 5.48 | 5.22 |  | (2.91) | (2.91) | 25.72 | 22.39% | 258063 | 1.19% | (1.03)% | 1.19% | 9.86% |
| 10/31/2020 | 20.27 | (0.22) | 5.31 | 5.09 |  | (1.95) | (1.95) | 23.41 | 27.10% | 272095 | 1.19% | (1.06)% | 1.20% | 13.06% |
| 10/31/2019 | 19.24 | (0.19) | 2.18 | 1.99 |  | (0.96) | (0.96) | 20.27 | 11.40% | 264314 | 1.19% | (0.95)% | 1.19% | 17.37% |
| 10/31/2018 | 17.67 | (0.18) | 2.31 | 2.13 |  | (0.56) | (0.56) | 19.24 | 12.40% | 266605 | 1.19% | (0.93)% | 1.19% | 16.23% |

---

(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 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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 24.52 | (0.08) | (2.94) | (3.02) |  | (1.13) | (1.13) | 20.37 | (13.12)% | 11958 | 1.16% | (0.37)% | 1.47% | 32.23% |
| 10/31/2019 | 35.90 | (0.16) | 2.34 | 2.18 |  | (13.56) | (13.56) | 24.52 | 14.39% | 15309 | 1.54% | (0.66)% | 1.60% | 52.18% |
| 10/31/2018 | 40.13 | (0.23) | (0.82) | (1.05) | (0.04) | (3.14) | (3.18) | 35.90 | (2.89)% | 14848 | 1.38% | (0.60)% | 1.40% | 172.38% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 24.12 | (0.30) | (2.48) | (2.78) |  | (0.67) | (0.67) | 20.67 | (11.86)% | 2638 | 1.92% | (1.35)% | 2.00% | 34.24% |
| 10/31/2021 | 17.38 | (0.32) | 7.06 | 6.74 |  |  |  | 24.12 | 38.78% | 3711 | 1.92% | (1.40)% | 2.03% | 33.26% |
| 10/31/2020 | 21.23 | (0.21) | (2.51) | (2.72) |  | (1.13) | (1.13) | 17.38 | (13.77)% | 3463 | 1.93% | (1.13)% | 2.25% | 32.23% |
| 10/31/2019 | 33.18 | (0.30) | 1.91 | 1.61 |  | (13.56) | (13.56) | 21.23 | 13.54% | 5004 | 2.29% | (1.41)% | 2.35% | 52.18% |
| 10/31/2018 | 37.57 | (0.48) | (0.75) | (1.23) | (0.02) | (3.14) | (3.16) | 33.18 | (3.62)% | 8569 | 2.13% | (1.37)% | 2.16% | 172.38% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 25.84 | (0.06) | (3.06) | (3.12) |  | (1.13) | (1.13) | 21.59 | (12.83)% | 50134 | 0.80% | (0.29)% | 1.00% | 32.23% |
| 10/31/2019 | 36.97 | (0.08) | 2.51 | 2.43 |  | (13.56) | (13.56) | 25.84 | 14.78% | 2230 | 1.20% | (0.30)% | 1.25% | 52.18% |
| 10/31/2018 | 41.11 | (0.07) | (0.87) | (0.94) | (0.06) | (3.14) | (3.20) | 36.97 | (2.54)% | 2785 | 1.00% | (0.18)% | 1.02% | 172.38% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 25.67 | (0.03) | (3.08) | (3.11) |  | (1.13) | (1.13) | 21.43 | (12.88)% | 48419 | 0.91% | (0.13)% | 1.21% | 32.23% |
| 10/31/2019 | 36.86 | (0.11) | 2.48 | 2.37 |  | (13.56) | (13.56) | 25.67 | 14.62% | 45063 | 1.31% | (0.43)% | 1.37% | 52.18% |
| 10/31/2018 | 41.03 | (0.13) | (0.84) | (0.97) | (0.06) | (3.14) | (3.20) | 36.86 | (2.63)% | 44422 | 1.11% | (0.33)% | 1.13% | 172.38% |

---

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 77 of this Prospectus for more information on sales charges and waivers available for Class A and Class C 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 Lynch")** 

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

Shareholders who are customers of Merrill Lynch purchasing Fund shares through a Merrill Lynch 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:

&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;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased through a Merrill Lynch-affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;•shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by third-party investment advisers on behalf of their advisory clients through a Merrill Lynch platform;

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

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

&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 exchanged from Class C shares of the same Fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•employees and registered representatives of Merrill Lynch or its affiliates and their family members;

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

&nbsp;&nbsp;&nbsp;&nbsp;•eligible shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

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

• Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;•Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets and

&nbsp;&nbsp;&nbsp;&nbsp;•Letters of Intent ("Letter of Intent") which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time.

If you purchase Fund shares through a Merrill Lynch platform or account, ROA and Letters of Intent 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 Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA or Letter of Intent calculation only if the shareholder notifies his or her financial advisor about such assets prior to purchase.

**Waivers of Contingent Deferred Sales Charges** 

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

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•shares redeemed following 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;•redemptions that constitute 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 pursuant to the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;•shares sold to pay Merrill Lynch fees, but only if the redemption is initiated by Merrill Lynch;

• shares acquired through a Right of Reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;•the redemption of shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to the transfer to a fee-based account or platform and

&nbsp;&nbsp;&nbsp;&nbsp;•shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**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;

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Morgan Stanley Wealth Management's share class conversion program 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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the Class C shares are no longer subject to a CDSC and the conversion is in accordance with the policies and procedures of Raymond James.

**CDSC Waivers on either Class A or Class C 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

------

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

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

&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 will be eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which may differ from those stated in this Prospectus or the SAI. 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;•employees of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the employee. This waiver will continue for the remainder of the employee's life if the employee 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 in the same share class and the

same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account;

&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 and

&nbsp;&nbsp;&nbsp;&nbsp;•exchanges from Class C shares to Class A shares of the same Fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

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

• Breakpoints 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 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

------

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

Jones are not adjusted under the LOI 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 either Class A or Class C 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 will be 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 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 Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

• 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

• 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 change a share class to Class A shares of the same fund at NAV.

**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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**CDSC Waivers on either Class A or Class C 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

------

**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;•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 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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO;

&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 either Class A or Class C 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;

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus and

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

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

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

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

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

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

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

------

**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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird; 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 or Class C shares available at Baird** 

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

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus;

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

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

------

**For Additional Information Contact:** 

**By Regular Mail**

Nationwide Funds

P.O. Box 701

Milwaukee, WI 53201-0701

**By Overnight Mail**

Nationwide Funds

615 East Michigan Street, Third Floor

Milwaukee, WI 53202

**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. 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.©2023 Nationwide Funds Group PR-CEQ (2/23)

------

Fixed-Income Funds

Prospectus February 28, 2023

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

---

| |
|:---|
| **Nationwide BNY Mellon Core Plus Bond ESG Fund** |
| Class A (NWCPX) / Class R6 (NWCIX)<br> Institutional Service Class (NWCSX)<br>|
| **Nationwide Bond Fund** |
| Class A (NBDAX) / Class C (GBDCX)<br> Class R6 (NWIBX) / Institutional Service Class (MUIBX)<br>|
| **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 Loomis Core Bond Fund** |
| Class A (NWJGX) / Class C (NWJHX) / Class R6 (NWJIX)<br> Institutional Service Class (NWJJX)<br>|
| **Nationwide Loomis Short Term Bond Fund** |
| Class A (NWJSX) / Class C (NWJTX) / Class R6 (NWJUX)<br> Institutional Service Class (NWJVX)<br>|

---

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

**nationwide.com/mutualfunds**![](g459282img200400041.gif)

------

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------

**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_359cd0ec-411d-468b-b148-edfd199855f4_1)** |
|  | [Nationwide BNY Mellon Core Plus Bond ESG Fund](#xx_359cd0ec-411d-468b-b148-edfd199855f4_1) |
|  | [Nationwide Bond Fund](#xx_65adc818-3304-4c89-9f24-76431295a27b_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 Loomis Core Bond Fund](#xx_bc5e7500-214c-47d4-aaaf-4dc93cbe38fc_1) |
|  | [Nationwide Loomis Short Term Bond Fund](#xx_0eb88c89-3f23-4a9f-af34-e649b8d538ca_1) |
| **32** | **[How the Funds Invest](#xx_0bd5c076-b5ac-4561-aafd-69887ca8f4e7_1)** |
|  | [Nationwide BNY Mellon Core Plus Bond ESG Fund](#xx_0bd5c076-b5ac-4561-aafd-69887ca8f4e7_1) |
|  | [Nationwide Bond Fund](#xx_09a17c53-73d8-4d53-80cf-a0894f39e939_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 Loomis Core Bond Fund](#xx_e46114a5-d3c7-4e96-a69e-38a1e1ee359a_1) |
|  | [Nationwide Loomis Short Term Bond Fund](#xx_0d296360-669a-4de2-8f10-b0104703c69e_1) |
| **45** | **[Risks of Investing in the Funds](#xx_1cb38ddb-fdd5-41bc-bd50-07c6eabe2a06_1)** |
| **55** | **[Fund Management](#xx_29ad26b9-20d0-4953-82c6-5fead8dcc796_1)** |
| **58** | **[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_5) |
|  | [Revenue Sharing](#xx_74050494-a3ac-4bab-b081-838a9dd07215_6) |
|  | [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) |
|  | [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) |
| **70** | **[Distributions and Taxes](#xx_759a5016-ee97-490b-b667-bce9944817dd_1)** |
| **73** | **[Additional Information](#xx_476abd17-05a7-42d0-bfe8-0d716eddfaae_1)** |
| **74** | **[Financial Highlights](#xx_d4959cb7-1706-48ca-9cc6-6bdd4a6824a9_1)** |
| **81** | **[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 BNY Mellon Core Plus Bond ESG Fund

**Objective** 

The Nationwide BNY Mellon Core Plus Bond ESG 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 58 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 94 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.44% | 0.44% | 0.44% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.14% | 0.06% | 0.16% |
| **Total Annual Fund Operating Expenses** | 0.83% | 0.50% | 0.60% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.03)% | (0.03)% | (0.03)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.80% | 0.47% | 0.57% |

---

<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract waiving 0.0379% of the management fee to which the Adviser would otherwise be entitled until February 29, 2024. 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 | $503 | $676 | $863 | $1404 |
| Class R6 Shares | 48 | 157 | 277 | 625 |
| Institutional Service <br> Class Shares<br>| 58 | 189 | 332 | 747 |

---

**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 103.72% of the average value of its portfolio.

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**Fund Summary:** Nationwide BNY Mellon Core Plus Bond ESG Fund *(cont.)*

**Principal Investment Strategies**

The Fund is designed to provide a diversified portfolio of different types of fixed-income securities. In contrast to a typical core bond strategy, however, the Fund also invests a portion of its assets in fixed-income securities that carry higher risks, but which potentially offer higher investment rewards. The fixed-income securities in which the Fund invests include U.S. and foreign corporate bonds, U.S. government securities, bonds issued by foreign governments, corporate loans, 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 20% of its net assets in emerging market 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 normally invests primarily in fixed-income securities 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 25% of its net assets at the time of purchase, in high-yield bonds (i.e., "junk bonds"). Under normal circumstances, the Fund invests at least 80% of its net assets in fixed-income securities. Securities in which the Fund invests pay interest on either a fixed-rate or variable-rate basis.

The Fund seeks to achieve its objective by investing in securities offering the highest level of total return while simultaneously managing investment risk. The Fund's portfolio can be expected to have an average effective duration ranging between three and eight years, although the Fund's subadviser may lengthen or shorten the Fund's portfolio duration outside this range depending on its evaluation of market conditions. Duration is an indication of an investment's "interest rate risk," or how sensitive an investment may be to changes in interest rates. Bonds with longer durations have higher risk and volatility.

In constructing the Fund's portfolio, the subadviser relies primarily on proprietary, internally-generated credit research, focusing on both industry/sector analysis and detailed individual security selection. The subadviser seeks to identify investment opportunities based on the relative

value of securities. The subadviser analyzes individual issuer credit risk based on factors such as management and depth of experience, competitive advantage, market and product position and overall financial strength.

In addition to considering financial information, the subadviser also evaluates corporate and sovereign issuers based on environmental, social and governance ("ESG") factors. The subadviser views ESG factors as among the important drivers of investment value, and believes that integrating ESG factors in research and engaging with issuers to improve ESG standards helps in managing portfolio risk. An issuer's performance across certain ESG criteria is summarized in a proprietary ESG rating, which is calculated and assigned by the subadviser on the basis of proprietary research and/or data obtained from various ESG data providers. The subadviser's ESG rating for each issuer is derived from multiple factors, which include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;•Environmental considerations, such as carbon emissions, climate change, biodiversity and environmental benefits;

&nbsp;&nbsp;&nbsp;&nbsp;•Social considerations, such as human rights, diversity and inclusion, labor standards and consumer protection; and

&nbsp;&nbsp;&nbsp;&nbsp;•Governance considerations, such as board structure, succession planning, ownership structure, internal controls and transparency.

For any particular issuer, the subadviser evaluates the ESG factors that it considers to be the most relevant to the issuer's industry. The subadviser assigns different weights to key ESG factors according to their relevance to the industry group. For example, carbon emissions are a key environmental factor for automobile manufacturing, while labor management and standards are key social considerations for the retail sector. Consumer protection is a key social factor, and internal controls are a key governance factor, for software and service firms. The overall ESG rating is designed to indicate an issuer's performance relative to its peers. As a result, the subadviser is able to identify companies which are best-in-class within a sector, even if they are in an industry group potentially exposed to more negative ESG outcomes. ESG scores range from 1 (best) to 5 (worst). Under normal circumstances, the Fund invests at least 80% of its net assets in securities of issuers with an ESG rating of 1, 2, or 3 at the time of investment.

Additionally, the subadviser may purchase impact bonds of issuers with any ESG rating where, in the opinion of the subadviser, the proceeds of the impact bond will be used to achieve an environmental, social, or governance goal and improve the issuer's overall ESG rating. Typically, the subadviser seeks to invest at least 5% of the Fund's net assets in impact bonds. Impact bonds are debt securities issued by corporations, governments and agencies in which the proceeds from the securities issued are directed

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**Fund Summary:** Nationwide BNY Mellon Core Plus Bond ESG Fund *(cont.)*

towards projects that aim to achieve environmental, social or labor objectives. Examples include but are not limited to developing renewable energy infrastructure, improving energy efficiency of existing assets, and building social housing units.

The Fund's subadviser seeks value and may sell a security in anticipation of market declines or credit downgrades or to take advantage of more favorable opportunities. 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 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. 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 redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. Very low or negative interest rates will impact the yield of the Fund's investments in fixed-income 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 fixed-income 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

***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 fixed-income 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.

------

**Fund Summary:** Nationwide BNY Mellon Core Plus Bond ESG Fund *(cont.)*

mortgage payments. Collateralized mortgage obligation tranches often are specially structured in a manner that provides a variety of investment characteristics, such as yield, effective maturity and interest rate sensitivity. As market conditions change, however, particularly during periods of rapid or unanticipated changes in interest rates, the ability of a collateralized mortgage obligation tranche to provide the anticipated investment characteristics and performance may be significantly reduced. These changes may result in volatility in the market value, and in some instances reduced liquidity, of the collateralized mortgage obligation tranche.

***High-yield bonds risk*** – investing in high-yield 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.

***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.

***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.

***Environmental, Social and Governance investing risk*** – the risk that, because the Fund's ESG strategy will select or exclude securities of certain issuers for reasons other than investment performance, the Fund's performance will differ from or underperform compared to funds that do not utilize an ESG investing strategy. 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.

***Impact bond risk*** – the Fund invests in issuers financing projects that are intended or likely to have a positive environmental, social, or labor impact through investments in impact bonds. Issuers in some industry sectors are more likely to issue impact bonds, and events or factors impacting these sectors will have a greater effect on, and more adversely affect, the Fund than they would a fund that does not invest in impact bonds. Additionally, investments in impact bonds may provide a lower return than investments in non-impact bonds.

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**Fund Summary:** Nationwide BNY Mellon Core Plus Bond ESG Fund *(cont.)*

***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.

***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, 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 and high-yield bonds tend to have more exposure to liquidity risk than 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.

***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 Fund has adopted the historical performance of the TS&W Fixed Income Portfolio, a former series of The Advisors' Inner Circle Fund (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 22, 2013. The returns presented for the Fund prior to April 22, 2013 reflect the historical performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially similar investment goals and strategies.

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

Effective February 2, 2022, Insight North America LLC became the Fund's subadviser. The performance shown below therefore reflects different principal investment strategies and a different subadviser. If the Fund's current strategies and subadviser had been in place for the periods shown, the performance information would have been different.

**Annual Total Returns– Class R6 Shares**

**(Years Ended December 31,)**

![](g459282cpb_13.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **5.85%** | 2Q 2020 |
| **Lowest Quarter:** | **-6.15%** | 2Q 2022 |

---

After-tax returns are shown in the table for Class R6 shares only and will vary for other classes. After-tax returns are

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**Fund Summary:** Nationwide BNY Mellon Core Plus Bond ESG Fund *(cont.)*

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 A shares and Institutional Service Class shares is April 24, 2013. Pre-inception historical performance for each of these share classes is based on the previous performance of Class R6 shares (which is based on the previous performance of the Predecessor Fund). Compared to the performance of Class R6 shares, the performance for Class A and Institutional Service Class shares has been adjusted to reflect differences in sales charges, but not differing expenses.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -17.12% | -0.78% | 0.83% |
| Class R6 Shares– Before Taxes | -13.16% | 0.44% | 1.61% |
| Class R6 Shares– After Taxes on <br> Distributions<br>| -14.25% | -0.93% | 0.25% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -7.77% | -0.17% | 0.68% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -13.23% | 0.36% | 1.54% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| -13.01% | 0.02% | 1.06% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Insight North America LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service** <br> **with Fund**<br>|
| Gautam Khanna, CFA, <br> CPA<br>| Head of US Multi <br> Sector Fixed Income<br>| Since 2022 |
| James DiChiaro | Senior Portfolio <br> Manager<br>| Since 2022 |

---

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

---

**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 Bond Fund

**Objective** 

The Nationwide Bond Fund seeks as high a level of current income as is consistent with preserving capital.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 2.25% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

---

**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 C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.41% | 0.41% | 0.41% | 0.41% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.14% | 0.18% | 0.11% | 0.19% |
| **Total Annual Fund Operating Expenses** | 0.80% | 1.59% | 0.52% | 0.60% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.08)% | (0.08)% | (0.08)% | (0.08)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.72% | 1.51% | 0.44% | 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 0.44% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $297 | $467 | $651 | $1185 |
| Class C Shares | 254 | 494 | 858 | 1882 |
| Class R6 Shares | 45 | 159 | 283 | 645 |
| Institutional Service <br> Class Shares<br>| 53 | 184 | 327 | 742 |

---

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $154 | $494 | $858 | $1882 |

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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 145.73% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets in a wide variety of investment grade fixed-income securities, such as corporate bonds, U.S. government securities, mortgage-backed securities, asset-backed securities and commercial paper. The Fund also may invest in high-yield bonds (commonly known as "junk bonds"), as well as foreign government and corporate bonds that are denominated in U.S. dollars. Securities in which the Fund invests include those that pay interest on either a fixed-rate or variable-rate basis. The Fund seeks to achieve its objective by investing in securities offering the highest level of expected income while seeking safety of principal. 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. Aggregate Bond Index. For example, if the average portfolio duration of the Bloomberg U.S. Aggregate Bond Index is 7 years, the Fund's average portfolio duration typically will be within a range of 6-8 years. As of December 31, 2022, the average portfolio duration of the Bloomberg U.S. Aggregate Bond Index was 6.22 years, although this will change or fluctuate over time.

The subadviser seeks value and may sell a security to take advantage of more favorable opportunities. The subadviser also may sell a bond as it gets closer to its maturity in order to maintain the Fund's target duration and better serve the Fund's investment objective. 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 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. 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 redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. Very low or negative interest rates will impact the yield of the Fund's investments in fixed-income 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 fixed-income 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. 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

***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

------

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

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 fixed-income 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.

***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.

***High-yield bonds risk*** – investing in high-yield 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.

***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.

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

**Performance**

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

Please call 800-848-0920 for the Fund's current 30-day yield.

------

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

**Annual Total Returns– Institutional Service Class Shares**

**(Years Ended December 31,)**

![](g459282bd_14.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **4.07%** | 2Q 2020 |
| **Lowest Quarter:** | **-6.12%** | 1Q 2022 |

---

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.

Performance returns for Class A shares reflect a front-end sales charge of 4.25% that applied through October 28, 2013, after which it was reduced to 2.25%.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -17.07% | -0.95% | 0.33% |
| Class C Shares– Before Taxes | -16.61% | -1.27% | -0.01% |
| Class R6 Shares– Before Taxes | -14.86% | -0.22% | 1.05% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -14.94% | -0.30% | 0.98% |
| Institutional Service Class Shares– After <br> Taxes on Distributions<br>| -15.88% | -1.52% | -0.32% |
| Institutional Service Class Shares– After <br> Taxes on Distributions and Sales of <br> Shares<br>| -8.82% | -0.63% | 0.25% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| -13.01% | 0.02% | 1.06% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Nationwide Asset Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Gary S. Davis, CFA | Senior Investment <br> Professional<br>| Since 2004 |
| Corsan Maley | Senior Investment <br> Professional<br>| Since 2016 |

---

**Purchase and Sale of Fund Shares** 

---

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

---

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

---

**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 Bond 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 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 | 0.28% | 0.33% | 0.18% |
| **Total Annual Fund Operating Expenses** | 0.58% | 0.78% | 0.48% |
| Fee Waiver/Expense Reimbursement<sup>(1),(2)</sup> <br>| (0.02)% | (0.05)% | (0.02)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.56% | 0.73% | 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 0.75% for Service Class shares only until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited excludes any taxes, interest, 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 February 29, 2024. 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 | $57 | $184 | $322 | $724 |
| Service Class Shares | 75 | 244 | 428 | 961 |
| Class R6 Shares | 47 | 152 | 267 | 602 |

---

**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 and 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 or redemption gates on Fund redemptions. However, the Fund's Board of Trustees reserves the ability to subject the Fund to a liquidity fee and/or redemption gate 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 insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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

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

------

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

***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 a broad-based securities index. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available at no cost by visiting nationwide.com/mutualfunds or by calling 800-848-0920.

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

**Annual Total Returns– Investor Shares**

**(Years Ended December 31,)**

![](g459282mmkt_13.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **0.78%** | 4Q 2022 |
| **Lowest Quarter:** | **0.00%** | 1Q 2013 |

---

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 1.23% | 0.90% | 0.48% |
| Service Class Shares | 1.11% | 0.79% | 0.41% |
| Class R6 Shares | 1.30% | 0.95% | 0.52% |
| iMoneyNet Money Fund Average<sup>TM</sup> <br> Government All (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| 1.33% | 0.96% | 0.54% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Dreyfus, a division of BNY Mellon Investment Adviser, Inc.

------

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

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

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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% |  |  |

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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 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 | 0.28% | 0.11% | 0.26% |
| **Total Annual Fund Operating Expenses** | 0.78% | 0.36% | 0.51% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.06)% | (0.06)% | (0.06)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.72% | 0.30% | 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 0.30% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $297 | $457 | $637 | $1158 |
| Class R6 Shares | 31 | 110 | 196 | 450 |
| Institutional Service <br> Class Shares<br>| 46 | 158 | 279 | 635 |

---

------

**Fund Summary:** Nationwide Inflation-Protected Securities 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 44.89% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets in fixed-income securities (or "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 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 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, 2022, the average portfolio duration of the Bloomberg U.S. TIPS Index was 4.98 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 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. 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 redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. Very low or negative interest rates will impact the yield of the Fund's investments in fixed-income 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 fixed-income 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

------

**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 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.

***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 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.

------

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

**Annual Total Returns– Class R6 Shares**

**(Years Ended December 31,)**

![](g459282ips_12.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **4.41%** | 1Q 2016 |
| **Lowest Quarter:** | **-6.81%** | 2Q 2013 |

---

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.

Performance returns for Class A shares reflect a front-end sales charge of 4.25% that applied through October 28, 2013, after which it was reduced to 2.25%.

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, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -14.54% | 0.99% | 0.19% |
| Class R6 Shares– Before Taxes | -12.20% | 1.78% | 0.93% |
| Class R6 Shares– After Taxes on <br> Distributions<br>| -14.47% | 0.38% | 0.12% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -7.15% | 0.82% | 0.39% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -12.34% | 1.65% | 0.74% |
| Bloomberg U.S. Treasury Inflation-<br> Protected Securities Index<sup>SM</sup> (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| -11.85% | 2.11% | 1.12% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Nationwide Asset Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Gary R. Hunt, CFA | Senior Investment <br> Professional<br>| Since 2012 |
| Chad W. Finefrock, <br> CFA<br>| Senior Investment <br> Professional<br>| Since 2016 |

---

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 2.25% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

---

**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 C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.40% | 0.40% | 0.40% | 0.40% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% |  |  |
| Other Expenses | 0.14% | 0.14% | 0.08% | 0.33% |
| **Total Annual Fund Operating Expenses** | 0.79% | 1.29% | 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, 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 | $304 | $472 | $654 | $1181 |
| Class C Shares | 231 | 409 | 708 | 1556 |
| Class R6 Shares | 49 | 154 | 269 | 604 |
| Institutional Service <br> Class Shares<br>| 75 | 233 | 406 | 906 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $131 | $409 | $708 | $1556 |

---

**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 Loomis Core Bond Fund *(cont.)*

the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 342.05% 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 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.

In addition to these, the Fund may invest in other types of fixed-income securities. Under normal circumstances, the Fund invests at least 80% of its net assets in fixed-income securities. 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, 2022, the average duration of the Aggregate Bond Index was 6.22 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 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. 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 redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. Very low or negative interest rates will impact the yield of the Fund's investments in fixed-income 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 fixed-income 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

***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.

------

**Fund Summary:** Nationwide Loomis Core Bond 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*** – 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 fixed-income 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 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 Fund has adopted the historical performance of the HighMark Bond Fund, a former series of HighMark Funds (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on September 16, 2013. The returns presented for periods prior to September 16, 2013 reflect the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The following bar chart and table can help you evaluate the Fund's potential risks. The bar chart shows how the Fund's annual total returns have varied from year to year. The table compares the Fund's average annual total returns to the

------

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

returns of a broad-based securities index. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available at no cost by visiting nationwide.com/mutualfunds or by calling 800-848-0920.

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282imgb6f6488b2.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **4.84%** | 2Q 2020 |
| **Lowest Quarter:** | **-5.83%** | 1Q 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.

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

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -15.31% | -0.40% | 0.76% |
| Class A Shares– After Taxes on <br> Distributions<br>| -16.13% | -1.61% | -0.45% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -9.05% | -0.74% | 0.12% |
| Class C Shares– Before Taxes | -14.53% | -0.40% | 0.55% |
| Class R6 Shares– Before Taxes | -13.11% | 0.37% | 1.30% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -13.33% | 0.12% | 1.10% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| -13.01% | 0.02% | 1.06% |

---

**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 | Vice President | Since 2017<br>|
| Clifton V. Rowe, CFA | Vice President | Since 2017<br>|
| Daniel Conklin, CFA | Vice President | Since 2019 |
| Ian Anderson | Vice President, Co-<br> Agency MBS Portfolio <br> Manager<br>| Since 2020 |
| Barath W. Sankaran, <br> CFA<br>| Vice President, Co-<br> Agency MBS Portfolio <br> Manager<br>| Since 2020 |

---

**Purchase and Sale of Fund Shares** 

---

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

---

------

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

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 2.25% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

---

**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 C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.35% | 0.35% | 0.35% | 0.35% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% |  |  |
| Other Expenses | 0.25% | 0.25% | 0.15% | 0.19% |
| **Total Annual Fund Operating Expenses** | 0.85% | 1.35% | 0.50% | 0.54% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.05)% | (0.05)% | (0.05)% | (0.05)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.80% | 1.30% | 0.45% | 0.49% |

---

<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 February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $305 | $485 | $681 | $1246 |
| Class C Shares | 232 | 423 | 735 | 1620 |
| Class R6 Shares | 46 | 155 | 275 | 623 |
| Institutional Service <br> Class Shares<br>| 50 | 168 | 297 | 672 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $132 | $423 | $735 | $1620 |

---

**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 172.73% 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 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.

In addition to these, the Fund may invest in other types of fixed-income securities. Under normal circumstances, the Fund invests at least 80% of its net assets in fixed-income securities. 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, 2022, the average duration of the Index was 1.88 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:

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

• 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 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. 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 redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. Very low or negative interest rates will impact the yield of the Fund's investments in fixed-income 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 fixed-income 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

------

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

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

***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 fixed-income 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 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 Fund has adopted the historical performance of the HighMark Short Term Bond Fund, a former series of HighMark Funds (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets,

------

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

subject to the liabilities, of the Predecessor Fund on September 16, 2013. The returns presented for periods prior to September 16, 2013 reflect the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially similar investment goals and strategies.

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282stb_13.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **5.18%** | 2Q 2020 |
| **Lowest Quarter:** | **-2.74%** | 1Q 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.

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

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -6.04% | 0.87% | 0.76% |
| Class A Shares– After Taxes on <br> Distributions<br>| -6.81% | 0.13% | 0.15% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -3.57% | 0.35% | 0.31% |
| Class C Shares– Before Taxes | -5.22% | 0.81% | 0.47% |
| Class R6 Shares– Before Taxes | -3.49% | 1.68% | 1.31% |
| Institutional Service Class Shares– Before <br> Taxes<br>| -3.43% | 1.63% | 1.26% |
| Bloomberg U.S. Government/Credit Bond <br> 1-3 Year Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| -3.69% | 0.92% | 0.88% |

---

**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 | Vice President | Since 2017 |
| Clifton V. Rowe, CFA | Vice President | Since 2017 |
| Daniel Conklin, CFA | Vice President | Since 2019 |

---

**Purchase and Sale of Fund Shares** 

---

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

---

------

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

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

---

**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 BNY Mellon Core Plus Bond ESG Fund

**Objective** 

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

**Principal Investment Strategies** 

The Fund is designed to provide a diversified portfolio of different types of ***fixed-income securities***. In contrast to a typical core bond strategy, however, the Fund also invests a portion of its assets in fixed-income securities that carry higher risks, but which potentially offer higher investment rewards. The fixed-income securities in which the Fund invests include U.S. and foreign corporate bonds, ***U.S. government securities***, bonds issued by foreign governments, corporate loans, ***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 20% of its net assets in emerging market 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 normally invests primarily in fixed-income securities 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 25% 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 fixed-income securities. Securities in which the Fund invests pay interest on either a fixed-rate or variable-rate basis.

The Fund seeks to achieve its objective by investing in securities offering the highest level of total return while simultaneously managing investment risk. The Fund's portfolio can be expected to have an average effective ***duration*** ranging between three and eight years, although the Fund's subadviser may lengthen or shorten the Fund's portfolio duration outside this range depending on its evaluation of market conditions. The Fund does not have

any restrictions on its average effective portfolio maturity or on the ***maturity*** or duration of the individual fixed-income securities the Fund may purchase.

In constructing the Fund's portfolio, the subadviser relies primarily on proprietary, internally-generated credit research, focusing on both industry/sector analysis and detailed individual security selection, although the subadviser may supplement its internal research with external, third-party research and related credit tools. The subadviser seeks to identify investment opportunities based on the relative value of securities. The subadviser analyzes individual issuer credit risk based on factors such as management and depth of experience, competitive advantage, market and product position and overall financial strength.

In addition to considering financial information, the subadviser also evaluates corporate and sovereign issuers based on environmental, social and governance ("ESG") factors. The subadviser views ESG factors as among the important drivers of investment value and believes that integrating ESG factors in research and engaging with issuers to improve ESG standards helps in managing portfolio risk. An issuer's performance across certain ESG criteria is summarized in a proprietary ESG rating which is calculated and assigned by the subadviser on the basis of proprietary research and/or data obtained from various ESG data providers. The subadviser's ESG rating for each issuer is derived from multiple factors, including (but not limited to) the following:

&nbsp;&nbsp;&nbsp;&nbsp;•Environmental analysis, including an assessment of material environmental issues, such as carbon emissions, water management, energy usage, management of hazardous materials, natural resource usage, biodiversity, land management and the risks presented by extreme weather events.

&nbsp;&nbsp;&nbsp;&nbsp;•Social analysis, including an assessment of material social issues, such as human rights, human capital management, diversity and inclusion, supply chain management, labor standards, health and safety, business ethics, consumer protection, and avoidance of corruption in all forms, including extortion and bribery.

&nbsp;&nbsp;&nbsp;&nbsp;•Governance analysis, including an assessment of corporate governance structures and processes and taking into account a particular company's circumstances and regulatory restrictions, guidelines and established best practices with respect to board structure, succession planning, capital structure, remuneration, risk management, internal controls, shareholder rights, ownership structure and transparency.

For any particular issuer, the subadviser evaluates the ESG factors that it considers to be the most relevant to the issuer's industry. The ESG factors selected and their weights in the ESG ratings model are tailored to individual sectors. For example, carbon emissions are a key environmental

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**How the funds invest:** Nationwide BNY Mellon Core Plus Bond ESG Fund*(cont.)*

factor for automobile manufacturing, while labor management and standards are key social considerations for the retail sector. Consumer protection is a key social factor, and internal controls are a key governance factor, for software and service firms. The overall ESG rating is designed to indicate an issuer's performance relative to its peers. As a result, the subadviser is able to identify companies which are best-in-class within a sector, even if they are in an industry group potentially exposed to more negative ESG outcomes. ESG scores range from 1 (best) to 5 (worst). Under normal circumstances, the Fund invests at least 80% of its net assets in securities of issuers with an ESG rating of 1, 2, or 3 at the time of investment.

The subadviser's screening criteria are measured at the time of investment and are dependent upon information and data that may be incomplete, inaccurate or unavailable. Any subsequent downgrade of an issuer's rating will be monitored by the subadviser to consider what action, if any, it should take, including engaging with the issuer's management in an attempt to address the issue.

Additionally, the subadviser may purchase ***impact bonds*** of issuers with any ESG rating where, in the opinion of the subadviser, the proceeds of the impact bond will be used to achieve an environmental, social or governance goal and/or improve the issuer's overall ESG rating. Typically, the subadviser seeks to invest at least 5% of the Fund's net assets in impact bonds. When choosing the impact bonds in which it invests, the subadviser applies an internal methodology to determine the quality of the impact bond's framework and potential environmental and/or social contribution(s), and each security is judged on the information available to the subadviser's investment team with no special consideration to foreign and emerging market securities. The subadviser will determine if engagement with an issuer is required following a quarterly review of portfolio holdings ESG ratings.

The Fund's subadviser seeks value and may sell a security in anticipation of market declines or credit downgrades or to take advantage of more favorable opportunities. The Fund may engage in active and frequent trading of portfolio securities.

Although the Fund does not invest in ***derivative*** instruments as a principal investment strategy, the Fund may use ***options***, ***futures***, options on futures and ***swaps***, 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. To the extent the Fund invests in a single-security derivative, the subadviser applies its ESG scoring criteria to the issuer of the underlying security. To the extent the Fund uses a derivative referencing a securities index, the subadviser does not apply its ESG

scoring criteria to the issuer of the derivative or the underlying issuers comprising the index.

---

| |
|:---|
| **Key Terms:** |
| &nbsp;&nbsp; ***Asset-backed securities*** – fixed-income securities issued <br> by a trust or other legal entity established for the <br> purpose of issuing securities and holding certain assets, <br> such as credit card receivables or auto leases, that pay <br> down over time and generate sufficient cash to pay <br> holders of the securities.<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; ***Fixed-income securities*** – securities, including bonds <br> and other debt securities, that represent an obligation by <br> the issuer to pay a specified rate of interest or dividend <br> at specified times.<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>|

---

------

**How the funds invest:** Nationwide BNY Mellon Core Plus Bond ESG Fund*(cont.)*

---

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

---

**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 **CORPORATE LOANS RISK, CREDIT RISK, DELAYED-DELIVERY RISK, EMERGING MARKETS RISK, ENVIRONMENTAL, SOCIAL AND GOVERNANCE INVESTING RISK, FOREIGN SECURITIES RISK, HIGH-YIELD BONDS RISK, IMPACT BOND RISK, INTEREST RATE RISK, LIQUIDITY RISK, MARKET RISK, MORTGAGE-BACKED AND ASSET-BACKED SECURITIES RISKS, PORTFOLIO TURNOVER RISK, PREPAYMENT AND CALL 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 45.

***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 Bond Fund

**Objective** 

The Nationwide Bond Fund seeks as high a level of current income as is consistent with preserving capital. 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 ***fixed-income securities*** that are ***investment grade***, including corporate bonds, ***mortgage-backed securities***, ***asset-backed securities***, ***U.S. government securities*** and commercial paper. The Fund seeks to achieve its objective by investing in securities offering the highest level of expected income while simultaneously minimizing market price fluctuations. The Fund also may invest a portion of its assets in foreign government and corporate bonds that are denominated in U.S. dollars and in ***high-yield bonds***. Securities in which the Fund invests include those that pay interest on either a fixed-rate or variable-rate basis.

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. Aggregate Bond Index. For example, if the average portfolio duration of the Bloomberg U.S. Aggregate Bond Index is 7 years, the Fund's average portfolio duration typically will be within a range of 6-8 years. As of December 31, 2022, the average portfolio duration of the Bloomberg U.S. Aggregate Bond Index was 6.22 years, although this will change or fluctuate over time. The subadviser seeks value and may sell a security to take advantage of more favorable opportunities. The subadviser also may sell a bond as it gets closer to its ***maturity*** in order to maintain the Fund's target duration and better serve the Fund's investment objective. The Fund may engage in active and frequent trading of portfolio securities.

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.

---

| |
|:---|
| **Key Terms:** |
| &nbsp;&nbsp; ***Asset-backed securities*** – fixed-income securities issued <br> by a trust or other legal entity established for the <br> purpose of issuing securities and holding certain assets, <br> such as credit card receivables or auto leases, that pay <br> down over time and generate sufficient cash to pay <br> holders of the securities.<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; ***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; ***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>|
| &nbsp;&nbsp; ***Fixed-income securities*** – securities, including bonds <br> and other debt securities, that represent an obligation by <br> the issuer to pay a specified rate of interest or dividend <br> at specified times.<br>|
| &nbsp;&nbsp; ***High-yield bonds*** – commonly referred to as "junk <br> bonds," these fixed-income securities are rated below <br> investment grade by nationally recognized statistical <br> rating organizations, such as Moody's and Standard & <br> Poor's, or are unrated securities that the Fund's <br> subadviser believes to be of comparable quality. These <br> bonds generally offer investors higher interest rates as a <br> way to help compensate for the fact that the issuer is at <br> greater 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>|

---

------

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

---

| |
|:---|
| &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*** – fixed-income securities <br> that give the holder the right to receive a portion of <br> principal and/or interest payments made on a pool of <br> residential or commercial mortgage loans, which in some <br> cases are guaranteed by government agencies.<br>|
| &nbsp;&nbsp; ***Swaps*** – a swap is an agreement that obligates two <br> parties to exchange on specified dates series of cash <br> flows that are calculated by reference to changes in a <br> specified rate or the value of an underlying asset.<br>|
| &nbsp;&nbsp; ***U.S. government securities*** – debt securities issued <br> and/or guaranteed as to principal and interest by either <br> the U.S. government, or by U.S. government agencies, <br> U.S. government-sponsored enterprises and <br> U.S. government instrumentalities. Securities issued or <br> guaranteed directly by the U.S. government are <br> supported by the full faith and credit of the <br> United States. Securities issued or guaranteed by <br> agencies or instrumentalities of the U.S. government, <br> and enterprises sponsored by the U.S. government, are <br> not direct obligations of the United States. Therefore, <br> such securities may not be supported by the full faith <br> and credit of the United States.<br>|

---

**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 **ASSET-BACKED SECURITIES RISK, CREDIT RISK, FOREIGN SECURITIES RISK, HIGH-YIELD BONDS RISK, INTEREST RATE RISK, LIQUIDITY RISK, MARKET RISK, MORTGAGE-BACKED SECURITIES RISK, PORTFOLIO TURNOVER 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 45.

***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 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 Trust's 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 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 or redemption gates on Fund redemptions. However, the Board of Trustees reserves the ability to subject the Fund to a liquidity fee and/or redemption gate 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 and 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 insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. There is no guarantee that the Fund will provide financial support to the Fund at any time.

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 45.

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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 ***fixed-income securities*** 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 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 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, 2022, the average portfolio duration of the Bloomberg U.S. TIPS Index was 4.98 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 fixed-income securities <br> whose principal and/or interest payments are adjusted <br> for inflation, unlike traditional fixed-income securities <br> that make fixed principal and interest payments. <br> Inflation-protected securities include inflation-indexed <br> bonds, such as TIPS, whose principal value is periodically <br> adjusted to the rate of inflation. TIPS are inflation-<br> indexed bonds that are issued by the U.S. Treasury. The <br> inflation adjustment for TIPS, which typically is applied <br> monthly to the principal of the bond, follows a <br> designated inflation index, such as the Consumer Price <br> Index. A fixed interest rate is applied to the inflation-<br> adjusted principal so that as inflation rises, both the <br> principal value and the interest payments increase. <br> Similarly, as the inflation rate declines, both the principal <br> value and the interest payments decrease. Because of <br> this inflation adjustment feature, inflation-protected <br> securities typically have lower yields than conventional <br> fixed-rate bonds. In addition, because the rate of <br> inflation itself rises and falls frequently, the amount of <br> income these bonds pay is also likely to fluctuate. <br> 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; ***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>|
| &nbsp;&nbsp; ***Fixed-income securities*** – securities, including bonds <br> and other debt securities, that represent an obligation by <br> the issuer to pay a specified rate of interest or dividend <br> at specified times. <br>|

---

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

**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, 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 45.

***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 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 ***fixed-income securities*** 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 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***.

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 fixed-income securities. 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, 2022, the average duration of the Aggregate Bond Index was 6.22 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 fixed-

income securities 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 fixed-income securities 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*** – fixed-income securities issued <br> by a trust or other legal entity established for the <br> purpose of issuing securities and holding certain assets, <br> such as credit card receivables or auto leases, that pay <br> down over time and generate sufficient cash to pay <br> holders of the securities.<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; ***Fixed-income securities*** – securities, including bonds <br> and other debt securities, that represent an obligation by <br> the issuer to pay a specified rate of interest or dividend <br> at specified times.<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*** – fixed-income securities <br> that give the holder the right to receive a portion of <br> principal and/or interest payments made on a pool of <br> residential or commercial mortgage loans, which in some <br> cases are guaranteed by government agencies. <br>|

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

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

**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 **ASSET-BACKED SECURITIES RISK, CREDIT RISK, FOREIGN SECURITIES RISK, INTEREST RATE RISK, LIQUIDITY RISK, MARKET RISK, MORTGAGE-BACKED RISK SECURITIES, 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 45.

***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 (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***.

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 fixed-income securities. 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, 2022, the average duration of the Index was 1.88 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 fixed-income securities 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 fixed-income securities 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*** – fixed-income securities issued <br> by a trust or other legal entity established for the <br> purpose of issuing securities and holding certain assets, <br> such as credit card receivables or auto leases, that pay <br> down over time and generate sufficient cash to pay <br> holders of the securities.<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; ***Fixed-income securities*** – securities, including bonds <br> and other debt securities, that represent an obligation by <br> the issuer to pay a specified rate of interest or dividend <br> at specified times.<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*** – fixed-income securities <br> that give the holder the right to receive a portion of <br> principal and/or interest payments made on a pool of <br> residential or commercial mortgage loans, which in some <br> cases are guaranteed by government agencies. <br>|

---

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

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

**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 **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 45.

***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 fixed-income 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, the 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. 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, the Fund may not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become a member of the syndicate.

The corporate loans in which the 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 the 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 the Fund may not be able to rely on the antifraud protections of the federal securities laws.

*&nbsp;&nbsp;&nbsp;&nbsp; Loan participations and assignments–*the Fund may also acquire an interest in loans by purchasing participations ("Participations") in and/or assignments ("Assignments") of portions of loans from third parties. By purchasing a Participation, the Fund assumes 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, the 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 the Fund purchases an Assignment from a lender, the Fund will acquire direct rights against the borrower on the loan. However, since Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by the Fund as the purchaser of an Assignment may differ from, and be more limited than, those held by the lender from which the Fund is purchasing the Assignment.

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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, 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 may 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.

***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.

***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

------

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

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 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 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 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.

***Environmental, Social and Governance investing risk*** – a Fund's environmental, social and corporate governance ("ESG") investing strategy, which typically selects or excludes 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 investing 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.

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.

ESG investing in foreign and emerging market countries carries the risk that differences in regulatory regimes may cause significant disparities in the accuracy, timeliness, and usefulness of ESG data reporting from nation to nation. Emerging market countries, in particular, may lag behind other countries in pursuing positive ESG activities. Therefore, the government bonds in which the Fund invests may provide more exposure to countries that have made less progress than other funds that invest in ESG securities outside of the emerging markets universe. Additionally, although the Fund invests in government bonds issued for the purpose of financing the general growth and development of the countries that issue them, such countries may use proceeds from the bonds to pursue programs or activities that are not ESG-friendly unbeknownst to the subadviser.

***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

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

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 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.

***Impact bond risk*** – a Fund's investment in issuers financing projects that are intended or likely to have a positive environmental, social, or labor impact through investments in impact bonds may be subject to the risk that issuers in some industry sectors are more likely to issue impact bonds, and events or factors impacting these sectors have a greater effect on, and more adversely affect, the Fund than they would a fund that does not invest in impact bonds. In addition, impact bonds selected by a Fund's subadviser may not result in direct environmental, social, or labor benefits. The proceeds of the sale of an impact bond may not be applied to appropriate, new and/or additional projects determined to be eligible for investment. Additionally, investments in impact bonds may provide a lower return than investments in non-impact bonds.

***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

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

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 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 a 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 redemptions and will cause the value of a Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. 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.

*Zero coupon bonds* – these 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 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 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

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

fact that the income they produce is worth less. Rates of inflation have recently risen, which has adversely affected economies and markets. 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 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.

***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. The adoption of proposed amendments to Rule 2a-7 may impact the Fund (and money market funds in which the Fund invests) in ways that could have a negative impact on the Fund's operations, investment performance, ability to achieve its

investment objective, or otherwise adversely impact an investment 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. 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 and social unrest) adversely interrupt the global economy. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect a Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies world-wide and therefore can affect the value of a Fund's investments.

Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, as well as

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

NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.

The "COVID-19" strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

***Mortgage-backed securities risk*** – these fixed-income 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 fixed-income 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.

***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.

***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.

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

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. 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.

***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.

*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 BNY Mellon Core Plus Bond ESG Fund, Nationwide Bond Fund and the Nationwide Inflation-Protected Securities Fund do not expect to invest significantly in derivative instruments. However, to the extent that any of these Funds invest in derivative instruments, it may be subject to the following additional risk:

***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 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 a Fund harder to value, especially in declining markets and

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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;•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.

*Options* – if a put or call option purchased by a Fund expired without being sold or exercised, a 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 a Fund is not able to close out the options transaction, a 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 a 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 a 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 a Fund invests in over-the-counter options, a 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

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.

*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 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 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, although registered as a commodity pool operator under the Commodity Exchange Act ("CEA"), has claimed exclusion from the definition of the term "commodity pool operator" under the CEA, with respect to the Funds and, therefore, is not subject to

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

registration or regulation as a commodity pool operator under the CEA in its management of the Funds.

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

***Temporary investments*** – 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 investments 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. 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.

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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.

**DREYFUS ("DREYFUS"), A DIVISION OF BNY MELLON INVESTMENT ADVISER, INC. ("BNYMIA")**, located at 200 Park Avenue, New York, NY 10166, is the subadviser to the Nationwide Government Money Market Fund.

**INSIGHT NORTH AMERICA LLC ("INSIGHT")**, located at 200 Park Avenue, New York, NY 10166, is the subadviser to the Nationwide BNY Mellon Core Plus Bond ESG Fund. Insight was formed as a subsidiary of The Bank of New York Mellon Corporation in 2004 and has been registered as an investment adviser since 2009.

**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 $282.1 billion in assets under management as of December 31, 2022.

**NATIONWIDE ASSET MANAGEMENT, LLC ("NWAM")**, located at One Nationwide Plaza, Columbus, OH 43215, is the subadviser to the Nationwide Bond Fund and 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' semiannual report to shareholders, which will cover the period ending April 30, 2023.

**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, 2022, 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 BNY Mellon Core Plus Bond <br> ESG Fund<br>| 0.41% |
| Nationwide Bond Fund | 0.33% |
| Nationwide Government Money Market <br> Fund<br>| 0.12% |
| Nationwide Inflation-Protected Securities <br> Fund<br>| 0.19% |
| Nationwide Loomis Core Bond Fund | 0.40% |
| Nationwide Loomis Short-Term Bond <br> Fund<br>| 0.30% |

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**Portfolio Management**

**Nationwide BNY Mellon Core Plus Bond ESG Fund** 

Gautam Khanna, CFA, CPA and James DiChiaro are jointly responsible for the day-to-day management of the Fund, including the selection of the Fund's investments.

Mr. Khanna joined Insight's Fixed Income Group in 2003 (via predecessor company, Cutwater Asset Management), where he serves as the Head of US Multi Sector Fixed Income.

Mr. DiChiaro joined Insight's Fixed Income Group in 1999 (via predecessor company, Cutwater Asset Management), where he serves as a Senior Portfolio Manager.

**Nationwide Bond Fund** 

Gary S. Davis, CFA, and Corsan Maley 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. Davis joined Nationwide Mutual, the parent company of NWAM, in 1998 as a senior portfolio manager and is currently a Senior Investment Professional. He manages or co-manages other institutional fixed-income accounts for Nationwide Mutual.

Mr. Maley joined Nationwide Mutual, the parent company of NWAM, in 1998 to establish and manage Nationwide Mutual's derivative trading operations. He is currently a Senior Investment Professional and manages pension plan and separate account clients for Nationwide Mutual and its affiliates.

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

**Nationwide Inflation-Protected Securities Fund** 

Gary R. Hunt, CFA, and Chad W. Finefrock, 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. Hunt joined Nationwide Mutual, the parent company of NWAM, in 1992 as a securities analyst. He is currently a Senior Investment Professional and manages or co-manages multi-asset class portfolios for Nationwide Mutual and its affiliates.

Mr. Finefrock joined Nationwide Mutual, the parent company of NWAM, in 2001. He is a Senior Investment Professional and is responsible for trading U.S. Treasury securities, U.S. government agency debt securities, mortgage-backed securities and derivatives for Nationwide Mutual and its affiliates.

**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 Vice President of Loomis Sayles, joined Loomis Sayles in 2010, and has 42 years of investment industry experience.

Mr. Rowe, CFA, is a Vice President of Loomis Sayles, joined Loomis Sayles in 1992, and has 30 years of investment industry experience.

Mr. Conklin, CFA, is a Vice President of Loomis Sayles, joined Loomis Sayles in 2012, and has 12 years of investment industry experience.

Mr. Anderson is a Vice President, Lead Portfolio Manager for the dedicated Agency MBS Strategies and a co-agency MBS Portfolio Manager of Loomis Sayles Core Plus Bond Fund, joined Loomis Sayles in 2011, and has over 24 years of investment industry experience.

Mr. Sankaran, CFA, is a Vice President, co-Portfolio Manager for the dedicated Agency MBS Strategies and a co-agency MBS Portfolio Manager of Loomis Sayles Core Plus Bond Fund, joined Loomis Sayles in 2009, and has over 13 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 Vice President of Loomis Sayles, joined Loomis Sayles in 2010, and has 42 years of investment industry experience.

Mr. Rowe, CFA, is a Vice President of Loomis Sayles, joined Loomis Sayles in 1992, and has 30 years of investment industry experience.

Mr. Conklin, CFA, is a Vice President of Loomis Sayles, joined Loomis Sayles in 2012, and has 12 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.

------

**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**

**Share Classes** 

------

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

• which share classes are available to you;

• how long you expect to own your shares;

• 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 offer several different share classes, each with different price and cost features. Class A, Class C and Investor Shares are available to all investors. Class R, Service Class, 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, Class C 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 BNY Mellon Core Plus Bond ESG 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%. Class A shares may be most appropriate for investors who want

lower fund expenses or those who qualify for reduced front-end sales charges or a waiver of sales charges.

**Front-End Sales Charges for Class A Shares for Nationwide BNY Mellon Core Plus Bond ESG 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% | 4.44% | 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 |  |  | 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 Fund and 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% | 2.30% | 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 |  |  | 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% | 2.30% | 2.00% |
| $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 or Class C 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.)*

------

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

Purchases of $1 million or more of Class A shares of the Nationwide BNY Mellon Core Plus Bond ESG Fund; $500,000 or more of Class A shares of the Nationwide Bond Fund and 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 BNY Mellon Core Plus Bond ESG 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 Bond Fund and 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 and Class C 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.

**Class C Shares** 

Class C shares may be appropriate if you are uncertain how long you will hold your shares. If you redeem your Class C shares within the first year after purchase, you must pay a CDSC as shown in the Fund's applicable expense table. Purchases of Class C shares are limited to a maximum amount of $500,000 or $250,000 (as applicable) (calculated based on one-year holding period), and larger investments may be rejected. No CDSC applies to Class C shares that you buy through reinvestment of Fund dividends or capital gains.

**Calculation of CDSC for Class C Shares** 

For Class C shares, the 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 that you pay. See "Waiver of Contingent Deferred Sales Charges—Class A and Class C Shares" below for a list of situations where a CDSC is not charged.

**Waiver of Contingent Deferred Sales Charges Class A and Class C Shares** 

The CDSC is waived on:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•mandatory withdrawals of Class A or Class C 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 and

&nbsp;&nbsp;&nbsp;&nbsp;•redemptions of Class C shares from retirement plans offered by broker-dealers or retirement plan administrators that maintain an agreement with the Funds or the Distributor.

------

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

If a CDSC is charged when you redeem your Class C shares, and you then reinvest the proceeds in Class C shares within 30 days, shares equal to the amount of the CDSC are re-deposited into your new account.

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.

**Conversion of Class C Shares** 

Class C shares automatically convert, at no charge, to Class A shares of the same Fund 8 years after purchase, provided that the Trust or the financial intermediary with whom the shares are held has records verifying that the Class C shares have been held for at least 8 years. These conversions will occur during the month immediately following the month in which the 8-year anniversary of the purchase occurs. Due to operational limitations at certain financial intermediaries, your ability to have your Class C shares automatically converted to Class A shares may be limited. Class C shares that are purchased via reinvestment of dividends and distributions will convert on a pro-rata basis at the same time as the Class C shares on which such dividends and distributions are paid. Because the share price of Class A shares is usually higher than that of Class C shares, you may receive fewer Class A shares than the number of Class C shares converted; however, the total dollar value will be the same. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a different conversion schedule, as described in Appendix A to this Prospectus.

**Share Classes Available Only to Institutional Accounts**

Certain Funds offer 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 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;

• clients of investment advisory fee-based wrap programs;

&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;

------

**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 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 C 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, 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, Class C 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** | **as a % of Daily Net Assets** |
| Class C shares | 1.00%\* (0.25% of which may be a <br> service fee)<br>|
| 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, Class C, Institutional Service 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, Class C 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 C, Institutional Service Class, Service Class shares and Investor 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 BNY Mellon Core Plus Bond ESG Fund** Class A and Institutional Service Class shares: 0.08% and 0.10%, respectively.

**Nationwide Bond Fund** Class A, Class C and Institutional Service Class shares: 0.03%, 0.07% and 0.08%, respectively.

**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 0.15%, respectively.

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

**Nationwide Loomis Short-Term Bond Fund** Class A, Class C and Institutional Service Class shares: 0.10%, 0.10% and 0.04%, respectively.

Because these fees are paid out of a Fund's Class A, Class C, Institutional Service Class, Service Class and Investor Shares assets on an ongoing basis, these fees will increase the cost

------

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

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 Funds Group" or "NFG") 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 NFG'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 NFG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NFG.

In addition to the revenue sharing payments described above, NFG 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.

***By Regular Mail*** Nationwide Funds, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

***By Overnight Mail*** Nationwide Funds, 615 East Michigan

Street, Third Floor, Milwaukee, Wisconsin 53202.

------

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

**Fund Transactions** 

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

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| | |
|:---|:---|
| **How to Buy Shares** | **How to Exchange\* or Sell\*\* Shares** |
| **Be sure to specify the class of shares you wish to purchase. Each Fund may reject** <br> **any order to buy shares and may suspend the sale of shares at any time.** | **\* Exchange privileges may be amended or discontinued upon 60 days' written** <br> **notice to shareholders.**<br>|
| **Be sure to specify the class of shares you wish to purchase. Each Fund may reject** <br> **any order to buy shares and may suspend the sale of shares at any time.** | **\*\*A signature guarantee may be required. See "Signature Guarantee" below.** |
| **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 has adopted 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.

Each Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. 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 equity 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 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 fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a fair

------

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

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

**In-Kind Purchases** 

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

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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 C Shares and Investor Shares** | **Class A Shares, Class C 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 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 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. |

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**Customer Identification Information** 

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

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

• name;

• date of birth (for individuals);

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

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

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

**Accounts with Low Balances** 

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

&nbsp;&nbsp;&nbsp;&nbsp;•If the value of your account falls below $2,000 ($1,000 for IRA accounts), you generally are subject to a $5 quarterly fee, unless such account actively participates in an Automatic Asset Accumulation Plan. 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. A redemption of your remaining shares may be a taxable event for you. See "Distributions and Taxes—Selling or Exchanging Shares" below.

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

**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

&nbsp;&nbsp;&nbsp;&nbsp;•you purchase the same class of shares. For example, you may exchange between Class A shares of any Nationwide Fund, but may not exchange between Class A shares and Class C shares (for Nationwide Funds that offer Class C 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 or Class C shares (for Nationwide Funds that offer Class C 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 or Class C shares (for Nationwide Funds that offer Class C shares) subject to a sales charge while redeeming shares using this program. An automatic withdrawal plan for Class A and Class C shares (for Nationwide Funds that offer Class C shares) will be subject to any applicable CDSC.

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**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 or

&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.

No signature guarantee is required under normal circumstances where redemption proceeds are transferred directly to another account maintained by a Nationwide Financial Services, Inc. company.

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

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**Excessive or Short-Term Trading** 

The Nationwide Funds (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

------

**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 (except the Nationwide Government Money Market Fund):

**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 Funds 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 intends to elect and 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) expects to declare and distribute its net investment income, if any, to shareholders as dividends monthly. The Nationwide Inflation-Protected Securities Fund expects to declare daily 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, 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."

**Selling or Exchanging Shares** 

Selling or exchanging your shares may result in a realized capital gain or loss, which is subject to federal income tax. For tax purposes, an exchange from one Nationwide Fund

------

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

to another is the same as a sale. For individuals, the long-term capital gains tax rates generally are 0%, 15%, or 20% depending on your taxable income and the nature of the capital gain. If you redeem Fund shares for a loss, you may be able to use this capital loss to offset any other capital gains you have.

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

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE BNY MELLON CORE PLUS BOND ESG 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 10.41 | 0.24 | 0.41 | 0.65 | (0.26) |  | (0.26) | 10.80 | 6.38% | 18296 | 0.82% | 2.25% | 0.83% | 99.33% |
| 10/31/2019 | 9.74 | 0.28 | 0.68 | 0.96 | (0.29) |  | (0.29) | 10.41 | 10.03% | 21799 | 0.83% | 2.80% | 0.84% | 113.81% |
| 10/31/2018 | 10.24 | 0.29 | (0.49) | (0.20) | (0.30) |  | (0.30) | 9.74 | (2.01)% | 20176 | 0.86% | 2.86% | 0.86% | 77.41% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.42 | 0.27 | 0.42 | 0.69 | (0.30) |  | (0.30) | 10.81 | 6.74% | 1121592 | 0.48% | 2.58% | 0.49% | 99.33% |
| 10/31/2019 | 9.75 | 0.32 | 0.68 | 1.00 | (0.33) |  | (0.33) | 10.42 | 10.40% | 1146900 | 0.48% | 3.15% | 0.49% | 113.81% |
| 10/31/2018 | 10.25 | 0.32 | (0.49) | (0.17) | (0.33) |  | (0.33) | 9.75 | (1.65)% | 1149051 | 0.49% | 3.22% | 0.49% | 77.41% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.42 | 0.27 | 0.41 | 0.68 | (0.29) |  | (0.29) | 10.81 | 6.66% | 16321 | 0.55% | 2.53% | 0.56% | 99.33% |
| 10/31/2019 | 9.75 | 0.30 | 0.69 | 0.99 | (0.32) |  | (0.32) | 10.42 | 10.28% | 27501 | 0.58% | 3.01% | 0.59% | 113.81% |
| 10/31/2018 | 10.25 | 0.31 | (0.49) | (0.18) | (0.32) |  | (0.32) | 9.75 | (1.76)% | 17769 | 0.60% | 3.09% | 0.60% | 77.41% |

---

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 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $9.95 | $0.19 | $(1.93) | $(1.74) | $(0.20) | $(0.08) | $(0.28) | $7.93 | (17.77)% | $8090 | 0.72% | 2.07% | 0.80% | 145.73% |
| 10/31/2021 | 10.27 | 0.15 | (0.07) | 0.08 | (0.19) | (0.21) | (0.40) | 9.95 | 0.75% | 14585 | 0.72% | 1.52% | 0.80% | 119.56% |
| 10/31/2020 | 10.00 | 0.21 | 0.30 | 0.51 | (0.24) |  | (0.24) | 10.27 | 5.16% | 16646 | 0.72% | 2.11% | 0.79% | 56.59% |
| 10/31/2019 | 9.27 | 0.26 | 0.74 | 1.00 | (0.27) |  | (0.27) | 10.00 | 10.93% | 13439 | 0.72% | 2.69% | 0.79% | 38.73% |
| 10/31/2018 | 9.70 | 0.26 | (0.43) | (0.17) | (0.26) |  | (0.26) | 9.27 | (1.76)% | 10834 | 0.74% | 2.71% | 0.81% | 47.75% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 9.96 | 0.11 | (1.92) | (1.81) | (0.13) | (0.08) | (0.21) | 7.94 | (18.40)% | 554 | 1.51% | 1.26% | 1.59% | 145.73% |
| 10/31/2021 | 10.28 | 0.08 | (0.08) |  | (0.11) | (0.21) | (0.32) | 9.96 | (0.02)% | 1217 | 1.49% | 0.75% | 1.56% | 119.56% |
| 10/31/2020 | 10.01 | 0.14 | 0.29 | 0.43 | (0.16) |  | (0.16) | 10.28 | 4.35% | 1696 | 1.49% | 1.33% | 1.56% | 56.59% |
| 10/31/2019 | 9.28 | 0.19 | 0.74 | 0.93 | (0.20) |  | (0.20) | 10.01 | 10.07% | 1169 | 1.49% | 1.95% | 1.57% | 38.73% |
| 10/31/2018 | 9.71 | 0.18 | (0.42) | (0.24) | (0.19) |  | (0.19) | 9.28 | (2.50)% | 2134 | 1.49% | 1.95% | 1.56% | 47.75% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 9.97 | 0.21 | (1.93) | (1.72) | (0.23) | (0.08) | (0.31) | 7.94 | (17.61)% | 230576 | 0.44% | 2.39% | 0.52% | 145.73% |
| 10/31/2021 | 10.29 | 0.18 | (0.08) | 0.10 | (0.21) | (0.21) | (0.42) | 9.97 | 1.03% | 287637 | 0.44% | 1.80% | 0.52% | 119.56% |
| 10/31/2020 | 10.02 | 0.24 | 0.30 | 0.54 | (0.27) |  | (0.27) | 10.29 | 5.44% | 297589 | 0.44% | 2.39% | 0.51% | 56.59% |
| 10/31/2019 | 9.28 | 0.29 | 0.75 | 1.04 | (0.30) |  | (0.30) | 10.02 | 11.34% | 303435 | 0.44% | 2.98% | 0.51% | 38.73% |
| 10/31/2018 | 9.72 | 0.29 | (0.44) | (0.15) | (0.29) |  | (0.29) | 9.28 | (1.57)% | 325877 | 0.44% | 3.01% | 0.51% | 47.75% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 9.96 | 0.21 | (1.93) | (1.72) | (0.22) | (0.08) | (0.30) | 7.94 | (17.59)% | 28599 | 0.52% | 2.30% | 0.60% | 145.73% |
| 10/31/2021 | 10.28 | 0.17 | (0.07) | 0.10 | (0.21) | (0.21) | (0.42) | 9.96 | 0.95% | 38628 | 0.52% | 1.72% | 0.60% | 119.56% |
| 10/31/2020 | 10.01 | 0.24 | 0.29 | 0.53 | (0.26) |  | (0.26) | 10.28 | 5.36% | 42901 | 0.52% | 2.32% | 0.59% | 56.59% |
| 10/31/2019 | 9.28 | 0.28 | 0.74 | 1.02 | (0.29) |  | (0.29) | 10.01 | 11.16% | 51985 | 0.51% | 2.90% | 0.58% | 38.73% |
| 10/31/2018 | 9.71 | 0.28 | (0.43) | (0.15) | (0.28) |  | (0.28) | 9.28 | (1.53)% | 42859 | 0.50% | 2.95% | 0.57% | 47.75% |

---

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 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 of**<br> **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**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 1.00 |  |  |  |  |  |  | 1.00 | 0.46% | 258186 | 0.35% | 0.40% | 0.47% |
| 10/31/2019 | 1.00 | 0.02 |  | 0.02 | (0.02) |  | (0.02) | 1.00 | 1.90% | 209338 | 0.47% | 1.89% | 0.47% |
| 10/31/2018 | 1.00 | 0.01 |  | 0.01 | (0.01) |  | (0.01) | 1.00 | 1.21% | 239032 | 0.48% | 1.18% | 0.48% |
| **Investor Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 1.00 |  |  |  |  |  |  | 1.00 | 0.42% | 384298 | 0.38% | 0.38% | 0.57% |
| 10/31/2019 | 1.00 | 0.02 |  | 0.02 | (0.02) |  | (0.02) | 1.00 | 1.84% | 326772 | 0.53% | 1.82% | 0.53% |
| 10/31/2018 | 1.00 | 0.01 |  | 0.01 | (0.01) |  | (0.01) | 1.00 | 1.13% | 315540 | 0.57% | 1.11% | 0.57% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 1.00 |  |  |  |  |  |  | 1.00 | 0.34% | 1619 | 0.47% | 0.35% | 0.77% |
| 10/31/2019 | 1.00 | 0.02 |  | 0.02 | (0.02) |  | (0.02) | 1.00 | 1.62% | 1794 | 0.75% | 1.61% | 0.77% |
| 10/31/2018 | 1.00 | 0.01 |  | 0.01 | (0.01) |  | (0.01) | 1.00 | 0.94% | 1867 | 0.75% | 0.92% | 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.

------

**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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 Expenses**<br> **(Prior to 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 9.98 | 0.11 | 0.75 | 0.86 | (0.07) |  | (0.07) | 10.77 | 8.63% | 12387 | 0.65% | 1.07% | 0.73% | 19.71% |
| 10/31/2019 | 9.38 | 0.14 | 0.66 | 0.80 | (0.20) |  | (0.20) | 9.98 | 8.58% | 9491 | 0.57% | 1.46% | 0.74% | 14.70% |
| 10/31/2018 | 9.70 | 0.19 | (0.35) | (0.16) | (0.16) |  | (0.16) | 9.38 | (1.69)% | 11342 | 0.58% | 1.98% | 0.75% | 13.69% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.06 | 0.14 | 0.75 | 0.89 | (0.09) |  | (0.09) | 10.86 | 8.93% | 219947 | 0.30% | 1.35% | 0.37% | 19.71% |
| 10/31/2019 | 9.46 | 0.17 | 0.66 | 0.83 | (0.23) |  | (0.23) | 10.06 | 8.82% | 200303 | 0.30% | 1.74% | 0.38% | 14.70% |
| 10/31/2018 | 9.77 | 0.25 | (0.38) | (0.13) | (0.18) |  | (0.18) | 9.46 | (1.35)% | 205271 | 0.30% | 2.55% | 0.38% | 13.69% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.05 | 0.13 | 0.75 | 0.88 | (0.08) |  | (0.08) | 10.85 | 8.84% | 26704 | 0.43% | 1.22% | 0.50% | 19.71% |
| 10/31/2019 | 9.45 | 0.16 | 0.66 | 0.82 | (0.22) |  | (0.22) | 10.05 | 8.70% | 22797 | 0.42% | 1.62% | 0.50% | 14.70% |
| 10/31/2018 | 9.76 | 0.21 | (0.35) | (0.14) | (0.17) |  | (0.17) | 9.45 | (1.45)% | 23578 | 0.42% | 2.13% | 0.50% | 13.69% |

---

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 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 Reimburse-**<br> **ments) to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 11.09 | 0.20 | 0.51 | 0.71 | (0.21) | (0.07) | (0.28) | 11.52 | 6.54% | 13709 | 0.82% | 1.79% | 0.82% | 149.72% |
| 10/31/2019 | 10.20 | 0.28 | 0.91 | 1.19 | (0.29) | (0.01) | (0.30) | 11.09 | 11.73% | 12836 | 0.90% | 2.65% | 0.90% | 145.32% |
| 10/31/2018 | 10.71 | 0.23 | (0.50) | (0.27) | (0.24) |  | (0.24) | 10.20 | (2.58)% | 11648 | 0.91% | 2.16% | 0.91% | 289.06% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.91 | 0.12 | (1.88) | (1.76) | (0.14) | (0.11) | (0.25) | 8.90 | (16.42)%<sup>(f)</sup> | 896 | 1.28% | 1.20% | 1.28% | 342.05% |
| 10/31/2021 | 11.45 | 0.07 | (0.13) | (0.06) | (0.09) | (0.39) | (0.48) | 10.91 | (0.63)%<sup>(f)</sup> | 2038 | 1.29% | 0.64% | 1.29% | 222.10% |
| 10/31/2020 | 11.02 | 0.15 | 0.50 | 0.65 | (0.15) | (0.07) | (0.22) | 11.45 | 6.05% | 3001 | 1.34% | 1.31% | 1.34% | 149.72% |
| 10/31/2019 | 10.14 | 0.24 | 0.89 | 1.13 | (0.24) | (0.01) | (0.25) | 11.02 | 11.22% | 3492 | 1.34% | 2.23% | 1.34% | 145.32% |
| 10/31/2018 | 10.64 | 0.19 | (0.50) | (0.31) | (0.19) |  | (0.19) | 10.14 | (2.90)% | 3413 | 1.33% | 1.79% | 1.33% | 289.06% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.30 | 0.23 | 0.53 | 0.76 | (0.25) | (0.07) | (0.32) | 11.74 | 6.85% | 167866 | 0.48% | 1.96% | 0.48% | 149.72% |
| 10/31/2019 | 10.39 | 0.32 | 0.93 | 1.25 | (0.33) | (0.01) | (0.34) | 11.30 | 12.14% | 23343 | 0.50% | 3.00% | 0.50% | 145.32% |
| 10/31/2018 | 10.90 | 0.27 | (0.50) | (0.23) | (0.28) |  | (0.28) | 10.39 | (2.14)% | 30609 | 0.48% | 2.51% | 0.48% | 289.06% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 11.19 | 0.18 | (1.94) | (1.76) | (0.19) | (0.11) | (0.30) | 9.13 | (16.02)%<sup>(f)</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% |
| 10/31/2020 | 11.30 | 0.21 | 0.52 | 0.73 | (0.22) | (0.07) | (0.29) | 11.74 | 6.59% | 384185 | 0.73% | 1.84% | 0.73% | 149.72% |
| 10/31/2019 | 10.40 | 0.30 | 0.91 | 1.21 | (0.30) | (0.01) | (0.31) | 11.30 | 11.75% | 364079 | 0.75% | 2.74% | 0.75% | 145.32% |
| 10/31/2018 | 10.91 | 0.25 | (0.51) | (0.26) | (0.25) |  | (0.25) | 10.40 | (2.37)% | 349573 | 0.73% | 2.31% | 0.73% | 289.06% |

---

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 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 10.08 | 0.19 | 0.25 | 0.44 | (0.19) |  | (0.19) | 10.33 | 4.39% | 22765 | 0.78% | 1.83% | 0.83% | 149.16% |
| 10/31/2019 | 9.77 | 0.22 | 0.32 | 0.54 | (0.23) |  | (0.23) | 10.08 | 5.57% | 22554 | 0.78% | 2.27% | 0.81% | 126.63% |
| 10/31/2018 | 9.92 | 0.16 | (0.14) | 0.02 | (0.17) |  | (0.17) | 9.77 | 0.24% | 24049 | 0.78% | 1.66% | 0.80% | 134.55% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.39 | 0.11 | (0.75) | (0.64) | (0.12) |  | (0.12) | 9.63 | (6.22)% | 1604 | 1.30% | 1.05% | 1.35% | 172.73% |
| 10/31/2021 | 10.46 | 0.07 | (0.07) |  | (0.07) |  | (0.07) | 10.39 | 0.02% | 3047 | 1.30% | 0.66% | 1.34% | 156.80% |
| 10/31/2020 | 10.21 | 0.13 | 0.26 | 0.39 | (0.14) |  | (0.14) | 10.46 | 3.80% | 5195 | 1.28% | 1.31% | 1.32% | 149.16% |
| 10/31/2019 | 9.89 | 0.18 | 0.32 | 0.50 | (0.18) |  | (0.18) | 10.21 | 5.07% | 6440 | 1.27% | 1.74% | 1.30% | 126.63% |
| 10/31/2018 | 10.04 | 0.11 | (0.14) | (0.03) | (0.12) |  | (0.12) | 9.89 | (0.26)% | 9933 | 1.27% | 1.15% | 1.28% | 134.55% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.10 | 0.22 | 0.25 | 0.47 | (0.22) |  | (0.22) | 10.35 | 4.72% | 170326 | 0.45% | 2.15% | 0.49% | 149.16% |
| 10/31/2019 | 9.79 | 0.26 | 0.31 | 0.57 | (0.26) |  | (0.26) | 10.10 | 5.90% | 175635 | 0.45% | 2.59% | 0.48% | 126.63% |
| 10/31/2018 | 9.94 | 0.20 | (0.14) | 0.06 | (0.21) |  | (0.21) | 9.79 | 0.57% | 192944 | 0.45% | 2.02% | 0.47% | 134.55% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.10 | 0.22 | 0.25 | 0.47 | (0.22) |  | (0.22) | 10.35 | 4.67% | 19869 | 0.50% | 2.13% | 0.54% | 149.16% |
| 10/31/2019 | 9.78 | 0.25 | 0.33 | 0.58 | (0.26) |  | (0.26) | 10.10 | 5.95% | 36470 | 0.50% | 2.54% | 0.53% | 126.63% |
| 10/31/2018 | 9.94 | 0.19 | (0.15) | 0.04 | (0.20) |  | (0.20) | 9.78 | 0.40% | 34863 | 0.52% | 1.91% | 0.54% | 134.55% |

---

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 58 of this Prospectus for more information on sales charges and waivers available for Class A and Class C 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 Lynch")** 

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

Shareholders who are customers of Merrill Lynch purchasing Fund shares through a Merrill Lynch 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:

&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;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased through a Merrill Lynch-affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;•shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by third-party investment advisers on behalf of their advisory clients through a Merrill Lynch platform;

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

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

&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 exchanged from Class C shares of the same Fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•employees and registered representatives of Merrill Lynch or its affiliates and their family members;

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

&nbsp;&nbsp;&nbsp;&nbsp;•eligible shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

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

• Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;•Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets and

&nbsp;&nbsp;&nbsp;&nbsp;•Letters of Intent ("Letter of Intent") which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time.

If you purchase Fund shares through a Merrill Lynch platform or account, ROA and Letters of Intent 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 Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA or Letter of Intent calculation only if the shareholder notifies his or her financial advisor about such assets prior to purchase.

**Waivers of Contingent Deferred Sales Charges** 

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

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•shares redeemed following 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;•redemptions that constitute 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 pursuant to the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;•shares sold to pay Merrill Lynch fees, but only if the redemption is initiated by Merrill Lynch;

• shares acquired through a Right of Reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;•the redemption of shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to the transfer to a fee-based account or platform and

&nbsp;&nbsp;&nbsp;&nbsp;•shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**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;

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Morgan Stanley Wealth Management's share class conversion program 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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the Class C shares are no longer subject to a CDSC and the conversion is in accordance with the policies and procedures of Raymond James.

**CDSC Waivers on either Class A or Class C 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

------

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

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

&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 will be eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which may differ from those stated in this Prospectus or the SAI. 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;•employees of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the employee. This waiver will continue for the remainder of the employee's life if the employee 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 in the same share class and the

same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account;

&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 and

&nbsp;&nbsp;&nbsp;&nbsp;•exchanges from Class C shares to Class A shares of the same Fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

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

• Breakpoints 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 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

------

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

Jones are not adjusted under the LOI 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 either Class A or Class C 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 will be 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 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 Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

• 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

• 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 change a share class to Class A shares of the same fund at NAV.

**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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**CDSC Waivers on either Class A or Class C 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

------

**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;•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 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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO;

&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 either Class A or Class C 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;

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus and

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

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

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

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

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

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

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

------

**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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird; 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 or Class C shares available at Baird** 

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

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus;

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

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

------

**For Additional Information Contact:** 

**By Regular Mail**

Nationwide Funds

P.O. Box 701

Milwaukee, WI 53201-0701

**By Overnight Mail**

Nationwide Funds

615 East Michigan Street, Third Floor

Milwaukee, WI 53202

**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. 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.©2023 Nationwide Funds Group PR-CFX (2/23)

------

Global Funds

Prospectus February 28, 2023

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

---

| |
|:---|
| **Nationwide Amundi Global High Yield Fund** |
| Class A (NWXIX) / Class C (NWXJX) / Class R6 (NWXKX)<br> Institutional Service Class (NWXLX)<br>|
| **Nationwide Amundi Strategic Income Fund** |
| Class A (NWXEX) / Class C (NWXFX) / Class R6 (NWXGX)<br> Institutional Service Class (NWXHX)<br>|
| **Nationwide Bailard International Equities Fund** |
| Class A (NWHJX) / Class C (NWHKX) / Class M (NWHLX)<br> Class R6 (NWHMX) / Institutional Service Class (NWHNX)<br>|
| **Nationwide Global Sustainable Equity Fund** |
| Class A (GGEAX) / Class C (GGECX) / Class R6 (GGEIX)<br> Institutional Service Class (GGESX)<br>|
| **Nationwide International Small Cap Fund** |
| Class A (NWXSX) / Class R6 (NWXUX)<br> Institutional Service Class (NWXVX)<br>|
| **Nationwide Janus Henderson Overseas Fund *(formerly, Nationwide AllianzGI International Growth Fund)*** |
| Class A (NWAGX) / Class R6 (NWAHX)<br> Institutional Service Class (NWAKX)<br> Eagle Class (NWAJX)<br>|

---

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

**nationwide.com/mutualfunds**![](g459282img3533644b1.gif)

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**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_634261de-f934-4180-9c3f-fee6798de17b_1)** |
|  | [Nationwide Amundi Global High Yield Fund](#xx_634261de-f934-4180-9c3f-fee6798de17b_1) |
|  | [Nationwide Amundi Strategic Income Fund](#xx_57f61e6a-5da6-4c0f-b886-19258c16fcba_1) |
|  | [Nationwide Bailard International Equities Fund](#xx_25cbc37f-1238-4daa-be2e-727482137643_1) |
|  | [Nationwide Global Sustainable Equity Fund](#xx_517920e5-b163-402c-b152-ce6cd19cfa39_1) |
|  | [Nationwide International Small Cap Fund](#xx_33b36c20-5533-43b1-b9ea-d9de8cb9e61d_1) |
|  | [Nationwide Janus Henderson Overseas Fund](#xx_16c5b3a9-8b4f-403e-a025-70d6edad7d76_1) |
| **35** | **[How the Funds Invest](#xx_68eb76d0-b17a-4e2d-b11c-7e9cd0471e57_1)** |
|  | [Nationwide Amundi Global High Yield Fund](#xx_68eb76d0-b17a-4e2d-b11c-7e9cd0471e57_1) |
|  | [Nationwide Amundi Strategic Income Fund](#xx_3597fd24-b51e-43ef-b654-5dfdd069401c_1) |
|  | [Nationwide Bailard International Equities Fund](#xx_8cbab4d7-6de6-49e6-8e3f-9a01e04887b7_1) |
|  | [Nationwide Global Sustainable Equity Fund](#xx_c669fe43-a3ff-4716-a1c3-b8d08685a870_1) |
|  | [Nationwide International Small Cap Fund](#xx_96b347d5-ea73-489c-9cc5-dcf99c61949f_1) |
|  | [Nationwide Janus Henderson Overseas Fund](#xx_e1a2eda6-744e-4cf0-914b-df97afb24585_1) |
| **47** | **[Risks of Investing in the Funds](#xx_0f7bface-4a78-4aff-8108-b34ee87f4329_1)** |
| **59** | **[Fund Management](#xx_04645634-141c-40ed-9b19-bf67b95c5190_1)** |
| **62** | **[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_5) |
|  | [Revenue Sharing](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_6) |
|  | [Contacting Nationwide Funds](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_6) |
|  | [Fund Transactions](#xx_cea3d450-806a-441d-b8da-8135eb1d82c2_7) |
|  | [Buying Shares](#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) |
| **74** | **[Distributions and Taxes](#xx_f8ef6608-57ba-44ce-b97c-e734444113b9_1)** |
| **77** | **[Additional Information](#xx_59d3a328-1229-407b-bb88-dd4a0eca001d_1)** |
| **78** | **[Financial Highlights](#xx_02fa75b3-0a0c-4962-b21f-b23a6887b26c_1)** |
| **85** | **[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 Amundi Global High Yield Fund

**Objective** 

The Nationwide Amundi Global High Yield Fund seeks total return.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 2.25% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.64% | 0.64% | 0.64% | 0.64% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.50% | 0.50% | 0.25% | 0.50% |
| **Total Annual Fund Operating Expenses** | 1.39% | 2.14% | 0.89% | 1.14% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.19)% | (0.19)% | (0.19)% | (0.19)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.20% | 1.95% | 0.70% | 0.95% |

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<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.70% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $345 | $637 | $951 | $1840 |
| Class C Shares | 298 | 652 | 1132 | 2457 |
| Class R6 Shares | 72 | 265 | 474 | 1079 |
| Institutional Service <br> Class Shares<br>| 97 | 343 | 609 | 1369 |

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**Fund Summary:** Nationwide Amundi Global High Yield Fund *(cont.)*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $198 | $652 | $1132 | $2457 |

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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 48.45% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests in a portfolio of higher-yielding, lower-rated debt securities issued by U.S. and foreign companies. High-yield debt securities also may include mortgage-backed securities and asset-backed securities. The Fund also may invest in corporate loans.

The Fund invests, under normal circumstances, at least 80% of its net assets in high-yield bonds. Such debt securities, which are rated below investment grade, are commonly referred to as "junk bonds" and are considered speculative. The Fund may invest in high-yield securities of any rating. These securities pay interest on either a fixed-rate or a variable-rate basis. The maturities of the securities in which the Fund may invest may range from short-term to long-term, and at any given time, the Fund's portfolio is likely to include bonds with a variety of maturities.

Under normal circumstances, the Fund invests in issuers from at least five countries (of which one may be the United States, although the Fund does not invest more than 80% of its net assets, at the time of purchase, in securities of U.S. issuers). An issuer will be deemed to be located in a country other than the United States if the issuer is organized outside of the United States, has its principal place of business outside of the United States, or generates more than 50% of its revenues from business outside of the United States. The Fund may invest in issuers located in either developed countries or emerging market countries, although the Fund does not invest more than 65% of its net assets, at the time of purchase, in emerging market issuers. 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 high-yield securities are denominated in currencies that are well-established internationally, such as

the U.S. dollar, euro or yen, although other foreign high-yield securities are denominated in the local currencies of their issuers. The Fund may invest in securities that are denominated either in a well-established currency or in local currency. 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 obtain exposure to the investment characteristics of certain bonds or groups of bonds.

In determining how to allocate the Fund's assets across different countries, the subadviser examines macroeconomic factors to determine which economies it believes are likely to generate superior risk-adjusted returns. Within this macroeconomic framework, the subadviser next evaluates which sectors or industries, and ultimately, which individual companies or issuers, offer what it believes to be the best opportunities. In selecting individual securities, the subadviser emphasizes credit analysis, liquidity and risk management. 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

***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. 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 redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. The interest

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**Fund Summary:** Nationwide Amundi Global High Yield Fund *(cont.)*

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. Very low or negative interest rates will impact the yield of the Fund's investments in fixed-income 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 fixed-income 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. 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 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.

***Mortgage-backed and asset-backed securities risks*** – these securities generally are subject to the same types of risk that apply to other fixed-income 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. 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.

***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.

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**Fund Summary:** Nationwide Amundi Global High Yield Fund *(cont.)*

***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.

***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;*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.

***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.

***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

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**Fund Summary:** Nationwide Amundi Global High Yield Fund *(cont.)*

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.

***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 two broad-based securities indexes. 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– Class R6 Shares**

**(Years Ended December 31,)**

![](g459282ghy_12.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **12.18%** | 2Q 2020 |
| **Lowest Quarter:** | **-19.52%** | 1Q 2020 |

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After-tax returns are shown in the table for Class R6 shares only and will vary for other classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-advantaged arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.

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**Fund Summary:** Nationwide Amundi Global High Yield Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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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>| -14.95% | 0.54% | 3.12% | 11/2/2015 |
| Class C Shares– Before <br> Taxes<br>| -14.38% | 0.24% | 2.68% | 11/2/2015 |
| Class R6 Shares– Before <br> Taxes<br>| -12.67% | 1.30% | 3.75% | 11/2/2015 |
| Class R6 Shares– After <br> Taxes on Distributions<br>| -15.57% | -1.43% | 0.73% | 11/2/2015 |
| Class R6 Shares– After <br> Taxes on Distributions and <br> Sales of Shares<br>| -7.46% | -0.09% | 1.65% | 11/2/2015 |
| Institutional Service <br> Class Shares– Before <br> Taxes<br>| -12.83% | 1.18% | 3.66% | 11/2/2015 |
| ICE BofA Merrill Lynch <br> Global High Yield Index <br> (The Index does not pay <br> sales charges, fees, <br> expenses or taxes.)<br>| -13.23% | 0.88% | 3.34% |  |
| ICE BofA Merrill Lynch <br> Global High Yield Index <br> (USD Hedged) (The Index <br> does not pay sales charges, <br> fees, expenses or taxes.)<br>| -11.39% | 1.81% | 3.97% |  |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Amundi Asset Management US, Inc.

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Kenneth J. Monaghan | Managing Director, <br> Co-Director of Global <br> High Yield, Lead <br> Portfolio Manager<br>| Since 2015 |
| Jonathan M. Duensing, <br> CFA<br>| Head of Fixed Income, <br> US and Senior <br> Portfolio Manager<br>| Since 2015 |
| Andrew D. Feltus, CFA | Co-Director of Global <br> High Yield and <br> Portfolio Manager<br>| Since 2018 |

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**Purchase and Sale of Fund Shares** 

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

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

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

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**Tax Information** 

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

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

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

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**Fund Summary:** Nationwide Amundi Strategic Income Fund

**Objective** 

The Nationwide Amundi 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 62 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 94 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 2.25% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.55% | 0.55% | 0.55% | 0.55% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.43% | 0.43% | 0.18% | 0.30% |
| **Total Annual Fund Operating Expenses** | 1.23% | 1.98% | 0.73% | 0.85% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.24)% | (0.24)% | (0.24)% | (0.24)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.99% | 1.74% | 0.49% | 0.61% |

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<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.49% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $324 | $583 | $863 | $1659 |
| Class C Shares | 277 | 598 | 1045 | 2287 |
| Class R6 Shares | 50 | 209 | 382 | 884 |
| Institutional Service <br> Class Shares<br>| 62 | 247 | 448 | 1027 |

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**Fund Summary:** Nationwide Amundi Strategic Income Fund *(cont.)*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $177 | $598 | $1045 | $2287 |

---

**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 75.11% of the average value of its portfolio.

**Principal Investment Strategies**

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

***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. 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 redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. Very low or negative interest rates will impact the yield of the Fund's investments in fixed-income 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

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**Fund Summary:** Nationwide Amundi Strategic Income Fund *(cont.)*

investments in fixed-income 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. 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 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 fixed-income 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

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**Fund Summary:** Nationwide Amundi Strategic Income Fund *(cont.)*

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;*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

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**Fund Summary:** Nationwide Amundi Strategic Income Fund *(cont.)*

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.

***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.

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

**Performance**

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

**Annual Total Returns– Institutional Service Class Shares**

**(Years Ended December 31,)**

![](g459282si_12.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **16.16%** | 2Q 2020 |
| **Lowest Quarter:** | **-18.18%** | 1Q 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 Amundi Strategic Income Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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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>| -4.35% | 2.48% | 4.51% | 11/2/2015 |
| Class C Shares– Before <br> Taxes<br>| -3.82% | 2.15% | 4.04% | 11/2/2015 |
| Class R6 Shares– Before <br> Taxes<br>| -1.85% | 3.28% | 5.17% | 11/2/2015 |
| Institutional Service <br> Class Shares– Before <br> Taxes<br>| -2.08% | 3.18% | 5.09% | 11/2/2015 |
| Institutional Service <br> Class Shares– After Taxes <br> on Distributions<br>| -5.84% | 0.92% | 2.50% | 11/2/2015 |
| Institutional Service <br> Class Shares– After Taxes <br> on Distributions and Sales <br> of Shares<br>| -1.02% | 1.51% | 2.81% | 11/2/2015 |
| Bloomberg U.S. Aggregate <br> Bond Index (The Index <br> does not pay sales charges, <br> fees, expenses or taxes.)<br>| -13.01% | 0.02% | 0.78% |  |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Amundi Asset Management US, Inc.

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jonathan M. Duensing, <br> CFA<br>| Head of Fixed Income, <br> US and Senior <br> Portfolio Manager<br>| Since 2015 |
| Kenneth J. Monaghan | Managing Director, <br> Co-Director of Global <br> High Yield, Portfolio <br> Manager<br>| Since 2015 |
| Jeffrey C. Galloway, <br> CFA<br>| Senior Vice President, <br> Senior Credit Analyst, <br> and Portfolio Manager<br>| Since 2023 |

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**Purchase and Sale of Fund Shares** 

---

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

---

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

---

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

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

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

---

**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 C<br> Shares<br>| Class M<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |  |
| Other Expenses | 0.24% | 0.22% | 0.16% | 0.16% | 0.20% |
| **Total Annual Fund Operating Expenses** | 1.24% | 1.97% | 0.91% | 0.91% | 0.95% |

---

**Example**

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses, and any expense limitation or fee waivers that 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 | $694 | $946 | $1217 | $1989 |
| Class C Shares | 300 | 618 | 1062 | 2296 |
| Class M Shares | 93 | 290 | 504 | 1120 |
| Class R6 Shares | 93 | 290 | 504 | 1120 |
| Institutional Service <br> Class Shares<br>| 97 | 303 | 525 | 1166 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $200 | $618 | $1062 | $2296 |

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**Fund Summary:** Nationwide Bailard International Equities 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 44.83% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund, under normal market conditions, invests at least 80% of its net assets 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.

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, quantitative approach that focuses first on country selection and then on stock selection within individual countries. 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 Fund's subadviser systematically tracks these changes in overall conditions using various measures of monetary liquidity, sentiment and risk aversion. As conditions change, the model changes the relative weights of the selection factors that generate the rankings. The subadviser's stock selection models rank securities according to various measures of value, momentum, quality and analysts' expectations. Instead of looking at global conditions to set the relative weights of selection factors, the models use local conditions. Because investor behaviors vary around the world, the relative importance of these factors varies by country. The subadviser generally over-weights those countries and companies that appear to be the most attractive and underweights those countries and companies that appear to be the least attractive. 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

***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.

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

***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.

***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.

&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

------

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

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

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282imgb23c675c2.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **16.89%** | 4Q 2022 |
| **Lowest Quarter:** | **-23.17%** | 1Q 2020 |

---

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

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

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

------

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -21.07% | -1.95% | 2.77% |
| Class A Shares– After Taxes on <br> Distributions<br>| -21.44% | -2.51% | 2.16% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -12.01% | -1.40% | 2.15% |
| Class C Shares– Before Taxes | -17.64% | -1.48% | 2.60% |
| Class M Shares– Before Taxes | -15.92% | -0.41% | 3.72% |
| Class R6 Shares– Before Taxes | -16.01% | -0.44% | 3.72% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -15.96% | -0.45% | 3.64% |
| MSCI EAFE® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| -14.45% | 1.54% | 4.67% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Bailard, Inc.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service** <br> **with Fund (and** <br> **Predecessor Fund)**<br>|
| Eric P. Leve, CFA | Executive Vice <br> President/Chief <br> Investment Officer<br>| Since 2006 |
| Daniel McKellar, CFA | Senior Vice President, <br> International Equities<br>| Since 2015 |
| Anthony Craddock | Senior Vice President, <br> International Equity <br> Research<br>| Since 2019\* |

---

\*Mr. Craddock previously served as a portfolio manager to the Fund from 2006 to 2018.

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C, Class M: $100<br> Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 Global Sustainable Equity Fund

**Objective** 

The Nationwide Global Sustainable 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 62 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 94 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

---

**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 C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.49% | 0.64% | 0.39% | 0.49% |
| **Total Annual Fund Operating Expenses** | 1.49% | 2.39% | 1.14% | 1.24% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.24)% | (0.24)% | (0.24)% | (0.24)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.25% | 2.15% | 0.90% | 1.00% |

---

<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 0.90% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 Global Sustainable Equity 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 | $695 | $997 | $1320 | $2233 |
| Class C Shares | 318 | 723 | 1254 | 2708 |
| Class R6 Shares | 92 | 338 | 604 | 1365 |
| Institutional Service <br> Class Shares<br>| 102 | 370 | 658 | 1479 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $218 | $723 | $1254 | $2708 |

---

**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 28.25% 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. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock of U.S. and foreign issuers, although the Fund may invest in stocks that provide little to no dividend income, but which offer the potential for capital growth. The Fund may purchase stocks of U.S. and foreign companies of any size, including small-cap and mid-cap companies and which are located in either developed countries or emerging market countries. Emerging market countries include certain countries located in Latin America, Asia, Africa, the Middle East, and developing countries of Europe, primarily Eastern Europe. The Fund also may invest in currency futures and forward foreign currency exchange contracts, which are derivatives, in order to hedge against international currency exposure. The Fund's subadviser, on behalf of the Fund, intends to diversify broadly among countries, but reserves the right to invest a substantial portion of the Fund's assets in one or more countries if, in the subadviser's opinion, economic and business conditions warrant such investments. The Fund invests its assets in investments that are tied economically to a number of countries throughout

the world, including the United States. An investment will be deemed to be tied economically to a particular country, including the United States, if its issuer is organized in the particular country, has its principal place of business in such country, or generates more than 50% of its revenues from business in that country.

In the global investing universe, the subadviser uses a disciplined price-to-intrinsic value approach that seeks to take advantage of pricing anomalies in markets. In selecting securities, the subadviser focuses on, among other things, identifying discrepancies between what the subadviser believes is a security's fundamental value and its market price. The Fund generally will sell a security when the subadviser believes it has reached a target price, fails to perform as expected by the subadviser, or when the subadviser believes other opportunities appear more attractive.

The subadviser employs both a positive and negative screening process with regard to securities selection for the Fund. The negative screening process excludes securities with more than 5% of sales in alcohol, tobacco, defense, nuclear, genetically modified organisms (GMOs), water bottles, gambling and pornography from the Fund's portfolio. The positive screening process identifies securities of companies that appear to be fundamentally attractive with superior valuation characteristics. In addition, the positive screening process also includes material, fundamental sustainability factors that the subadviser believes confirm the fundamental investment case and can enhance the subadviser's ability to make good investment decisions. These sustainability factors are material extra-financial factors that evaluate the environmental, social and governance performance of companies that, along with more traditional financial analytics, seek to identify companies that the subadviser believes will provide sustained, long-term value.

**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

------

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

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

***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.

***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.

***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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Europe and United Kingdom focus* – the Fund's investments in Europe and the United Kingdom subject the Fund to additional risks. For example, the United Kingdom is a substantial trading partner of the United States and other European countries, and, as a result, the British economy may be impacted by adverse changes to the economic health of the United States and other European countries, and vice versa.

***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.

***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.

***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

------

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

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.

&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.

***Sustainability factor risk*** – the sustainability factors used in the subadviser's investment process may cause the Fund to underperform funds that rely solely or primarily on traditional financial analytics. The sustainability factors may cause the Fund's industry allocation to deviate from that of funds without these considerations.

***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.

***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 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– Class R6 Shares**

**(Years Ended December 31,)**

![](g459282geq_13.jpg)

---

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

------

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

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, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -22.71% | 5.72% | 7.60% |
| Class C Shares– Before Taxes | -19.26% | 6.21% | 7.44% |
| Class R6 Shares– Before Taxes | -17.71% | 7.36% | 8.64% |
| Class R6 Shares– After Taxes on <br> Distributions<br>| -19.46% | 5.23% | 7.37% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -9.22% | 5.57% | 6.90% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -17.73% | 7.28% | 8.54% |
| MSCI World Index® Free (The Index does <br> not pay sales charges, fees, expenses or <br> taxes.)<br>| -18.14% | 6.14% | 8.85% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

UBS Asset Management (Americas) Inc.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Joseph Elegante, CFA | Lead Portfolio <br> Manager<br>| Since 2015 |
| Adam Jokich, CFA | Deputy Portfolio <br> Manager<br>| Since 2021 |

---

**Purchase and Sale of Fund Shares** 

---

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

---

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

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 0.32% | 0.07% | 0.14% |
| Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% |
| **Total Annual Fund Operating Expenses** | 1.53% | 1.03% | 1.10% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.13)% | (0.13)% | (0.13)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.40% | 0.90% | 0.97% |

---

<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 February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $709 | $1019 | $1350 | $2283 |
| Class R6 Shares | 92 | 315 | 556 | 1248 |
| Institutional Service <br> Class Shares<br>| 99 | 337 | 594 | 1329 |

---

------

**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 85.43% 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.

**Principal Risks**

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

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

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

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

***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 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

------

**Fund Summary:** Nationwide International Small Cap Fund *(cont.)*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Europe and United Kingdom focus* – the Fund's investments in Europe and the United Kingdom subject the Fund to additional risks. For example, the United Kingdom is a substantial trading partner of the United States and other European countries, and, as a result, the British economy may be impacted by adverse changes to the economic health of the United States and other European countries, and vice versa.

***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

------

**Fund Summary:** Nationwide International Small Cap Fund *(cont.)*

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 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.

***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 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– Class R6 Shares**

**(Years Ended December 31,)**

![](g459282img1f94981e3.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **22.36%** | 2Q 2020 |
| **Lowest Quarter:** | **-27.05%** | 1Q 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, 2022)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before <br> Taxes<br>| -27.99% | -0.58% | 3.98% | 12/29/2016 |
| Class R6 Shares– Before <br> Taxes<br>| -23.16% | 0.97% | 5.38% | 12/29/2016 |
| Class R6 Shares– After <br> Taxes on Distributions<br>| -23.21% | -1.01% | 2.92% | 12/29/2016 |
| Class R6 Shares– After <br> Taxes on Distributions <br> and Sales of Shares<br>| -13.49% | 0.39% | 3.54% | 12/29/2016 |
| Institutional Service <br> Class Shares– Before <br> Taxes<br>| -23.26% | 0.87% | 5.29% | 12/29/2016 |
| MSCI EAFE® Small Cap <br> Index (The Index does not <br> pay sales charges, fees, <br> expenses or taxes.)<br>| -21.39% | -0.05% | 5.00% |  |

---

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

---

**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 Janus Henderson Overseas Fund

*(formerly, Nationwide AllianzGI International Growth Fund)*

**Objective** 

The Nationwide Janus Henderson Overseas 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 62 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 94 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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<sup>(1)</sup> | 0.70% | 0.70% | 0.70% | 0.70% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.25% | 0.13% | 0.36% | 0.23% |
| **Total Annual Fund Operating Expenses** | 1.20% | 0.83% | 1.06% | 0.93% |
| Fee Waiver/Expense Reimbursement<sup>(2)</sup> | (0.11)% | (0.11)% | (0.11)% | (0.11)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.09% | 0.72% | 0.95% | 0.82% |

---

<sup>(1)</sup>

"Management Fees" has been restated to reflect the reduction of contractual investment advisory fees as of July 18, 2022.

<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 0.72% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $680 | $924 | $1187 | $1937 |
| Class R6 Shares | 74 | 254 | 450 | 1015 |
| Institutional Service <br> Class Shares<br>| 97 | 326 | 574 | 1284 |
| Eagle Class Shares | 84 | 285 | 504 | 1133 |

---

------

**Fund Summary:** Nationwide Janus Henderson Overseas 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 104.12% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to provide investors with long-term capital appreciation by creating a diversified portfolio of non-U.S. equity securities. The Fund normally invests in securities of issuers from several different countries, excluding the United States. Although the Fund typically invests 80% or more of its assets in issuers that are economically tied to countries outside the United States, it also may invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers, and it may, under unusual circumstances, invest all or substantially all of its assets in a single country. As of the date of this Prospectus, the Fund invests considerably in issuers located in Europe and the United Kingdom. The subadviser considers an issuer to be economically tied to a country or countries outside of the United States if the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; a majority of the issuer's revenues are derived from outside of the United States; or a majority of the issuer's assets are located outside of the United States. The Fund may invest in issuers located in emerging market countries, and the Fund may invest in issuers of any size or market capitalization, including smaller capitalization companies. 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.

The Fund may achieve its exposure to non-U.S. securities either directly, including through investments in securities listed outside the United States or in U.S.-listed securities of non-U.S. issuers, or through depositary receipts, such as American Depositary Receipts (ADRs). The Fund also may invest in Chinese companies listed on U.S. exchanges structured as variable interest entities. Many foreign securities are denominated in currencies other than the U.S. dollar. The Fund may invest in securities of companies in the real estate industry or real estate-related industries, including securities of real estate investment trusts ("REITs").

The Fund's subadviser employs a bottom-up approach in choosing investments, meaning that it looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Fund's investment policies. In particular, the subadviser seeks to invest in companies in which it believes the market underestimates free cash-flow growth. The Fund's portfolio 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 portfolio's investment characteristics may vary over time and, at any given time, the Fund may emphasize either growth stocks or value stocks. The subadviser generally considers selling a security when, among other things, the security no longer reflects the subadviser's investment thesis, the security approaches or exceeds its targeted value, there has been a change in a security's risk/reward potential, or a better idea is identified. 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:

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

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

***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

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**Fund Summary:** Nationwide Janus Henderson Overseas Fund *(cont.)*

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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, 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. 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. In 2021, the Chinese government issued new guidelines that unexpectedly included a specific prohibition on the use of VIE structures by Chinese educational companies. 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.

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

***Smaller company risk*** – smaller companies are usually less stable in price and less liquid than larger, more established companies. Smaller companies are more vulnerable than larger companies to adverse business and economic developments and may have more limited resources. Therefore, they generally involve greater risk.

***Growth style risk*** – growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. If the subadviser's assessment of the prospects for a company's growth is wrong, or if the subadviser's judgment of how other investors will value the

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**Fund Summary:** Nationwide Janus Henderson Overseas Fund *(cont.)*

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.

***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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Europe and United Kingdom focus* – the Fund's investments in Europe and the United Kingdom subject the Fund to additional risks. For example, the United Kingdom is a substantial trading partner of the United States and other European countries, and, as a result, the British economy may be impacted by adverse changes to the economic health of the United States and other European countries, and vice versa.

***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 often are subject to greater volatility than a more diversified investment.

***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.

***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.

***REIT and real estate securities risk*** – involves the risks that are associated with investing in real estate, including (1) possible declines in the value of real estate; (2) adverse general and local economic conditions; (3) possible lack of availability of mortgage funds; (4) changes in interest rates; (5) unexpected vacancies of properties; (6) environmental problems; and (7) the relative lack of liquidity associated with investments in real estate. In addition, REITs are subject to other risks related specifically to their structure and focus: (a) dependency on management skills; (b) limited diversification; (c) the risks of locating and managing financing for projects; (d) heavy cash flow dependency; (e) possible default by borrowers; (f) the costs and potential losses of self-liquidation of one or more holdings; (g) the possibility of failing to maintain exemptions from securities registration; (h) the possibility of failing to qualify for special tax treatment; (i) duplicative fees; and (j) in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. REITs whose underlying properties are concentrated in a particular industry or geographic region also are subject to risks affecting such industries and regions.

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

**Performance**

The Fund has adopted the historical performance of the AllianzGI International Growth Fund, a former series of Allianz Funds Multi-Strategy Trust (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 June 3, 2019. The returns presented for periods prior to June 3, 2019 reflect the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The following bar chart and table can help you evaluate the Fund's potential risks. The bar chart shows how the Fund's annual total returns have varied from year to year. 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 index. As of July 18, 2022, the Fund changed its broad-based securities index from the MSCI ACWI ex USA Growth Index to the MSCI ACWI ex USA Index in order to more accurately reflect the Fund's current investment style.

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**Fund Summary:** Nationwide Janus Henderson Overseas Fund *(cont.)*

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 18, 2022 reflects returns pursuant to different 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 A Shares**

**(Years Ended December 31,)**

![](g459282agiigr1_11.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **38.71%** | 2Q 2020 |
| **Lowest Quarter:** | **-22.59%** | 2Q 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.

Historical performance for Class A and Class R6 shares is based on the previous performance of Class A and Institutional Class shares, respectively, of the Predecessor Fund. The inception date for Institutional Service Class and Eagle Class shares is June 3, 2019. Therefore, pre-inception historical performance for both Institutional Service Class and Eagle Class shares is based on the previous performance of Institutional Class shares of the Predecessor Fund. Performance for Institutional Service Class and Eagle Class shares has been adjusted to reflect the higher expenses of Institutional Service Class and Eagle Class shares than those of the Predecessor Fund's Institutional Class shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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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>| -36.83% | 1.05% | 4.98% | 2/2/2015 |
| Class A Shares– After <br> Taxes on Distributions<br>| -37.02% | 0.25% | 3.64% | 2/2/2015 |
| Class A Shares– After <br> Taxes on Distributions and <br> Sales of Shares<br>| -21.63% | 0.80% | 3.51% | 2/2/2015 |
| Class R6 Shares– Before <br> Taxes<br>| -32.69% | 2.54% | 6.05% | 2/2/2015 |
| Institutional Service <br> Class Shares– Before Taxes<br>| -32.87% | 2.29% | 5.79% | 2/2/2015 |
| Eagle Class Shares– Before <br> Taxes<br>| -32.73% | 2.47% | 5.97% | 2/2/2015 |
| MSCI ACWI ex USA Index <br> (The Index does not pay <br> sales charges, fees, <br> expenses or taxes.)<br>| -16.00% | 0.88% | 3.48% |  |
| MSCI ACWI ex USA Growth <br> Index (The Index does not <br> pay sales charges, fees, <br> expenses or taxes.)<br>| -23.05% | 1.49% | 4.28% |  |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Janus Henderson Investors US LLC ("Janus")

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| George P. Maris, CFA | Executive Vice <br> President and Co-<br> Portfolio Manager<br>| Since 2022 |
| Julian McManus | Executive Vice <br> President and Co-<br> Portfolio Manager<br>| Since 2022 |

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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 and Eagle Class: $50,000<br> Automatic Asset Accumulation Plan (Class A): $0\*<br> *\*Provided each monthly purchase is at least $50* <br>

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**Fund Summary:** Nationwide Janus Henderson Overseas Fund *(cont.)*

**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.

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

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**Tax Information** 

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

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

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

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**How the Funds Invest:** Nationwide Amundi Global High Yield Fund

**Objective** 

The Nationwide Amundi Global High Yield Fund seeks total return. 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 a portfolio of higher-yielding, lower-rated ***fixed-income securities*** issued by U.S. and foreign companies. Investments in fixed-income securities also may include ***mortgage-backed securities*** and ***asset-backed securities***. The Fund also may invest in corporate loans.

Under normal circumstances, the Fund invests at least 80% of its net assets in high-yield bonds. Such debt securities, which are commonly known as "junk bonds," are rated below ***investment grade*** (i.e., rated Ba or lower by Moody's or BB or lower by Standard & Poor's), with no minimum acceptable rating. Securities rated in these categories are considered to be of poorer quality and are considered speculative. High-yield bonds generally offer investors higher interest rates as a way to help compensate for the fact that the issuer is at greater risk of default. These securities pay interest on either a fixed-rate or a variable-rate basis, and may range in ***maturity*** from short-term to long-term. At any given time, the Fund's portfolio is likely to include bonds with a variety of maturities.

Under normal circumstances, the Fund invests in issuers from at least five countries (of which one may be the United States, although the Fund does not invest more than 80% of its net assets, at the time of purchase, in the securities of U.S. issuers). An issuer will be deemed to be located in a country other than the United States if the issuer is organized outside of the United States, has its principal place of business outside of the United States, or generates more than 50% of its revenues from business outside of the United States. The Fund may invest in issuers located in either developed countries or ***emerging market countries***, although the Fund does not invest more than 65% of its net assets, at the time of purchase, in emerging market issuers. Many high-yield bonds are denominated in currencies that are well-established internationally, such as the U.S. dollar, euro or yen, although other high-yield bonds are denominated in the local currencies of their issuers. The Fund may invest in securities that are denominated either in a well-established currency or in an emerging market's local currency. 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 obtain exposure to the investment characteristics of certain bonds or groups of bonds.

The Fund's subadviser uses both ***top-down*** and ***bottom-up*** investment approaches in selecting securities and constructing the Fund's portfolio. In determining how to allocate the Fund's assets across different countries, the subadviser uses macroeconomic analysis to determine which economies it believes are likely to generate superior risk-adjusted returns. Within this macroeconomic framework, the subadviser next evaluates which sectors or industries, and ultimately, which individual companies or issuers, offer what it believes to be the best opportunities. In selecting individual securities, the subadviser emphasizes credit analysis, liquidity and risk management. The Fund's subadviser may sell a security if it believes the issuer's credit quality has deteriorated, macroeconomic factors affecting the issuer's country have changed, or in order to take advantage of more favorable opportunities. The Fund may engage in active and frequent trading of portfolio securities.

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| |
|:---|
| **Key Terms:** |
| &nbsp;&nbsp; ***Asset-backed securities*** – fixed-income securities issued <br> by a trust or other legal entity established for the <br> purpose of issuing securities and holding certain assets, <br> such as credit card receivables or auto leases, that pay <br> down over time and generate sufficient cash to pay <br> holders of the securities.<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; ***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; ***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 Amundi Global High Yield Fund *(cont.)*

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| |
|:---|
| &nbsp;&nbsp; ***Fixed-income securities*** – securities, including bonds <br> and other debt securities, that represent an obligation by <br> the issuer to pay a specified rate of interest or dividend <br> at specified times.<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*** – fixed-income securities <br> that give the holder the right to receive a portion of <br> principal and/or interest payments made on a pool of <br> residential or commercial mortgage loans.<br>|
| &nbsp;&nbsp; ***Top-down approach*** – a method of investing that <br> involves selecting securities on the basis of the relative <br> strength of the economies of the countries in which they <br> were issued.<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 **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, PREPAYMENT AND CALL RISK, PORTFOLIO TURNOVER RISK,REDEMPTIONS RISK** and **SELECTION RISK** each of which is described in the section "Risks of Investing in the Funds" beginning on page 47.

***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 Amundi Strategic Income Fund

**Objective** 

The Nationwide Amundi 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 ***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.

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 fixed-income 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.

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| |
|:---|
| **Key Terms:** |
| &nbsp;&nbsp; ***Asset-backed securities*** – fixed-income securities issued <br> by a trust or other legal entity established for the <br> purpose of issuing securities and holding certain assets, <br> such as credit card receivables or auto leases, that pay <br> down over time and generate sufficient cash to pay <br> holders of 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 Amundi Strategic Income Fund *(cont.)*

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| |
|:---|
| &nbsp;&nbsp; ***Fixed-income securities*** – securities, including bonds <br> and other debt securities, that represent an obligation by <br> the issuer to pay a specified rate of interest or dividend <br> at specified times.<br>|
| &nbsp;&nbsp; ***High-yield bonds*** – commonly referred to as "junk <br> bonds," these fixed-income securities are rated below <br> investment grade by nationally recognized statistical <br> rating organizations, such as Moody's and Standard & <br> Poor's, or are unrated securities that the Fund's <br> subadviser believes to be of comparable quality. These <br> bonds generally offer investors higher interest rates as a <br> way to help compensate for the fact that the issuer is at <br> greater 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*** – fixed-income securities <br> that give the holder the right to receive a portion of <br> principal and/or interest payments made on a pool of <br> residential or commercial mortgage loans.<br>|
| &nbsp;&nbsp; ***U.S. government securities*** – debt securities issued <br> and/or guaranteed as to principal and interest by either <br> the U.S. government, or by U.S. government agencies, <br> U.S. government-sponsored enterprises and <br> U.S. government instrumentalities. Securities issued or <br> guaranteed directly by the U.S. government are <br> supported by the full faith and credit of the <br> United States. Securities issued or guaranteed by <br> agencies or instrumentalities of the U.S. government, <br> and enterprises sponsored by the U.S. government, are <br> not direct obligations of the United States. Therefore, <br> such securities may not be supported by the full faith <br> and credit of the United States.<br>|

---

**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** and **SOVEREIGN DEBT RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 47.

***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 International Equities Fund

**Objective** 

The Nationwide Bailard International Equities 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, under normal market conditions, invests at least 80% of its net assets 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.

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 disciplined, ***quantitative analysis*** that focuses first on country selection and then on stock selection within individual countries. 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 Fund's subadviser systematically tracks these changes in overall conditions using various measures of monetary liquidity, sentiment and risk aversion. As conditions change, the model changes the relative weights of the selection factors that generate the rankings. The subadviser's stock selection models rank securities according to various measures of value, momentum, quality and analysts' expectations. Instead of looking at global conditions to set the relative weights of selection factors, the models use local conditions. Because investor behaviors vary around the world, the relative importance of these factors varies by country. The subadviser generally over-weights those countries and companies that appear to be the most attractive and underweights those countries and companies that appear to be the least attractive. 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 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. For purposes of <br> the Fund, emerging market countries are those that are <br> included in the MSCI Emerging + Frontier Markets Index. <br> Emerging market countries may be found in regions such <br> as Asia, Latin America, Eastern Europe, the Middle East <br> 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>|
| &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.

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**How the Funds Invest:** Nationwide Bailard International Equities Fund*(cont.)*

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** and **SELECTION RISK** each of which is described in the section "Risks of Investing in the Funds" beginning on page 47.

***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 Global Sustainable Equity Fund

**Objective** 

The Nationwide Global Sustainable 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** 

Under normal circumstances, the Fund invests at least 80% of its net assets in ***equity securities***. Investments in equity securities may include, but are not limited to, dividend-paying securities, ***common stock*** and ***preferred stock*** of U.S. and foreign issuers, although the Fund may invest in stocks that provide little to no dividend income, but which offer the potential for capital growth. The Fund may invest in stocks of companies of any size, including ***small-cap and mid-cap companies***, and which are located in either developed countries or ***emerging market countries***. The Fund also may invest in currency futures and forward foreign currency exchange contracts, which are ***derivatives***, in order to hedge against international currency exposure. The Fund's subadviser, on behalf of the Fund, intends to diversify broadly among countries, but reserves the right to invest a substantial portion of the Fund's assets in one or more countries if the subadviser believes economic and business conditions warrant such investments. The Fund invests its assets in investments that are tied economically to a number of countries throughout the world, including the United States. An investment will be deemed to be tied economically to a particular country, including the United States, if its issuer is organized in the particular country, has its principal place of business in such country, or generates more than 50% of its revenues from business in that country.

In the global investing universe, the subadviser uses a disciplined price-to-intrinsic value approach that seeks to take advantage of pricing anomalies in markets. In selecting securities, the subadviser focuses on, among other things, identifying discrepancies between a security's fundamental value and its market price. In this context, the fundamental value of a given security is the subadviser's assessment of what a security is worth. The subadviser will select a security whose fundamental value the subadviser estimates to be greater than the security's market value at any given time. For each stock under analysis, the subadviser bases its estimates of value upon country, economic, industry and company analysis, as well as upon the subadviser's assessment of a company's management team, competitive advantage and core competencies. The subadviser then compares its assessment of a security's value against the prevailing market prices, with the aim of constructing a portfolio of stocks across industries and countries with attractive relative price/value characteristics. The Fund generally will sell a security when the subadviser believes it has reached a target price, fails to perform as expected by

the subadviser, or when the subadviser believes other opportunities appear more attractive.

The subadviser employs both a positive and negative screening process with regard to securities selection for the Fund. The negative screening process excludes securities with more than 5% of sales in alcohol, tobacco, defense, nuclear, genetically modified organisms (GMOs), water bottles, gambling and pornography from the Fund's portfolio, which the subadviser believes reduces the global universe by about 7% by market capitalization. The positive screening process identifies securities of companies that are fundamentally attractive with superior valuation characteristics. In addition, the positive screening process also includes material fundamental sustainability factors that the subadviser believes confirm the fundamental investment case and can enhance the subadviser's ability to make good investment decisions. The sustainability factors are material extra-financial factors that evaluate the environmental, social and governance performance of companies that, along with more traditional financial analytics seek to, identify companies that the subadviser believes will provide sustained, long-term value.

---

| |
|:---|
| **Key Terms:** |
| &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 are <br> derivatives, because their values are based on changes in <br> the values of an underlying asset or measure.<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>|
| &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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**How the Funds Invest:** Nationwide Global Sustainable Equity Fund*(cont.)*

&nbsp;&nbsp; ***Small-cap and mid-cap companies*** – companies with <br> market capitalizations that are smaller than those of <br> companies included in the Russell 1000<sup>®</sup> Index. The <br> Russell 1000® Index measures the performance of stocks <br> issued by large U.S. companies. As of December 31, <br> 2022, the market capitalization of the smallest company <br> included in the Russell 1000® Index was $179.5 million.<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 RISK, DERIVATIVES RISK, DIVIDEND-PAYING STOCK RISK, EMERGING MARKETS RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, MARKET RISK, PORTFOLIO TURNOVER RISK, PREFERRED STOCK RISK, SELECTION RISK, SMALLER COMPANY RISK, SUSTAINABILITY FACTOR RISK** and **VALUE STYLE RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 47.

***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.

---

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

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| |
|:---|
| &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>|
| &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>|

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

&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 RISK**, **DERIVATIVES RISK, EMERGING MARKETS RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, GROWTH STYLE RISK, LIQUIDITY RISK, MARKET RISK, SELECTION RISK, REDEMPTIONS 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 47.

***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 Janus Henderson Overseas Fund

**Objective** 

The Nationwide Janus Henderson Overseas Fund seeks long-term capital appreciation. 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 provide investors with long-term capital appreciation by creating a diversified portfolio of non-U.S. ***equity securities***. The Fund normally invests in securities of issuers from several different countries, excluding the United States. Although the Fund typically invests 80% or more of its assets in issuers that are economically tied to countries outside the United States, it also may invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers, and it may, under unusual circumstances, invest all or substantially all of its assets in a single country. As of the date of this Prospectus, the Fund invests considerably in issuers located in Europe and the United Kingdom. The subadviser considers an issuer to be economically tied to a country or countries outside of the United States if the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; a majority of the issuer's revenues are derived from outside of the United States; or a majority of the issuer's assets are located outside of the United States. The Fund may invest in issuers located in ***emerging market countries***, and the Fund may invest in issuers of any size ***market capitalization***, including smaller capitalization companies.

The Fund may achieve its exposure to non-U.S. securities either directly or through depositary receipts, such as American Depositary Receipts (ADRs). The Fund also may invest in Chinese companies listed on U.S. exchanges structured as ***variable interest entities***. Many foreign securities are denominated in currencies other than the U.S. dollar. The Fund may invest in securities of companies in the real estate industry or real estate-related industries, including securities of real estate investment trusts ("***REITs***"). Real estate-related industries are comprised of companies that, in the opinion of the subadviser, at the time of investment, generally (i) derive at least 50% of their revenue from ownership, construction, extraction, financing, management, operation, sales or development of real estate, or from businesses which have a clear relationship to these activities; (ii) have at least 50% of their assets in real estate; or (iii) have more than 50% of their net asset value accounted for by real estate.

The Fund's subadviser employs a ***bottom-up approach*** in choosing investments, meaning that it looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Fund's investment policies. In particular, the subadviser

seeks to invest in companies in which it believes the market underestimates ***free cash-flow*** growth. The Fund's portfolio 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 portfolio's investment characteristics may vary over time and, at any given time, the Fund may emphasize either growth stocks or value stocks. The subadviser generally considers selling a security when, among other things, the security no longer reflects the subadviser's investment thesis, the security approaches or exceeds its targeted value, there has been a change in a security's risk/reward potential, or a better idea is identified. The Fund may engage in active and frequent trading of portfolio securities.

Although the Fund does not invest in ***derivative*** instruments as a principal strategy, the Fund may utilize foreign currency exchange contracts, options, futures and other derivative instruments to hedge, to earn income or enhance returns, as a substitute for securities in which the Fund invests, to increase or decrease the Fund's exposure to a particular market, or to otherwise increase returns.

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| |
|:---|
| **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; ***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 are <br> derivatives, because their values are based on changes in <br> the values of an 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; ***Free cash-flow*** – the amount of cash a company has <br> after expenses, debt service, capital expenditures and <br> dividends.<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>|

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**How the funds invest:** Nationwide Janus Henderson Overseas Fund*(cont.)*

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| |
|:---|
| &nbsp;&nbsp; ***REIT*** – a company that manages a portfolio of real estate <br> to earn profits for its interest-holders. REITs may make <br> investments in a diverse array of real estate, such as <br> shopping centers, medical facilities, nursing homes, <br> office buildings, apartment complexes, industrial <br> warehouses and hotels. Some REITs take ownership <br> positions in real estate; such REITs receive income from <br> the rents received on the properties owned and receive <br> capital gains (or losses) as properties are sold at a profit <br> (or loss). Other REITs specialize in lending money to <br> building developers. Still other REITs engage in a <br> combination of ownership and lending.<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>|
| &nbsp;&nbsp; ***Variable interest entities*** – a special structure used by <br> Chinese companies in order to raise capital from foreign <br> investors who would be prohibited or restricted from <br> investing directly in such companies.<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, FOREIGN SECURITIES RISK, GROWTH STYLE RISK, LIMITED PORTFOLIO HOLDINGS RISK, LIQUIDITY RISK, MARKET RISK, PORTFOLIO TURNOVER RISK, REIT AND REAL ESTATE SECURITIES 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 47.

***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 fixed-income 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. 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 risk*** – see *"Country or sector risk."*

***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,

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

and vice versa. In addition, on January 31, 2020, the United Kingdom officially withdrew from the European Union (known as "Brexit"), and on December 30, 2020, the United Kingdom and the European Union signed a trade agreement which was formally entered into force on May 1, 2021. Brexit may have a negative impact on the economy and currency of the United Kingdom, including increased volatility and illiquidity and potentially lower economic growth. Any further exits from the European Union, or the possibility of such exits, or the abandonment of the Euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties. Additionally, Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment, and the European Union itself has experienced difficulties in connection with the debt loads of some of its member states.

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

***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 may 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

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

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 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

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

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 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, although registered as a commodity pool operator under the Commodity Exchange Act ("CEA"), has claimed exclusion from the definition of the term "commodity pool operator" under the CEA , with respect to the Funds and, therefore, is not subject to

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

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 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.

***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.

*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

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

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, 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. 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. In 2021, the Chinese government issued new guidelines that unexpectedly included a specific prohibition on the use of VIE structures by Chinese educational companies. 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.

***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

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

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, 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

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

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 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 a 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 redemptions and will cause the value of a Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. 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 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. Rates of inflation have recently risen, which has adversely affected economies and markets. 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 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.

***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

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

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, 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 and social unrest) adversely interrupt the global economy. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect a Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies

world-wide and therefore can affect the value of a Fund's investments.

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

The "COVID-19" strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

***Mortgage-backed securities risk*** – these fixed-income 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

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

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 fixed-income 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.

***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.

***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.

***REIT and real estate securities risk*** – involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include:

• declines in the value of real estate;

• risks related to general and local economic conditions;

• possible lack of availability of mortgage funds;

• overbuilding;

• extended vacancies of properties;

• increased competition;

• increases in property taxes and operating expenses;

• changes in zoning laws;

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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;•losses due to costs resulting from the clean-up of environmental problems;

&nbsp;&nbsp;&nbsp;&nbsp;•liability to third parties for damages resulting from environmental problems;

• casualty or condemnation losses;

• limitations on rents;

&nbsp;&nbsp;&nbsp;&nbsp;•changes in neighborhood values and the appeal of properties to tenants and

• changes in interest rates.

In addition to the risks of securities linked to the real estate industry, equity REITs will be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs will be affected by the quality of any credit extended. Further, REITs are dependent upon management skills and are typically invested in a limited number of projects or in a particular market segment or geographic region, and therefore are more susceptible to adverse developments affecting a single project, market segment or geographic region than more broadly diversified investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. REITs may have limited financial resources and may experience sharper swings in market values and trade less frequently and in a more limited volume than securities of larger issuers. In addition, REITs could possibly fail to qualify for pass-through of income under the Internal Revenue Code of 1986, as amended, or to maintain their exemptions from registration under the Investment Company Act of 1940, as amended, resulting in a loss of value. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT.

In the event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. Foreign REIT-like entities will be subject to foreign securities risk. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. Many real estate companies, including REITs, utilize leverage (and some are highly leveraged), which increases investment risk and could adversely affect a real estate company's operations and market value. In addition, capital to pay or refinance a REIT's debt may not be available or reasonably priced. Financial covenants related to real estate company leveraging may affect the company's ability to operate effectively.

***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.

***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.

***Sustainability factor risk*** – the sustainability factors used in the subadviser's investment process may cause the Fund to underperform funds that rely solely or primarily on traditional financial analytics. The sustainability factors may cause the Fund's industry allocation to deviate from that of funds without these considerations.

***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 investments*** – 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

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

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 investments 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.

**AMUNDI ASSET MANAGEMENT US, INC. ("AMUNDI US")**, located at 60 State Street, Boston, Massachusetts, 02109, is the subadviser to the Nationwide Amundi Global High Yield Fund and Nationwide Amundi Strategic Income Fund. Amundi US provides investment management services to client discretionary accounts with assets totaling approximately $88.3 billion as of December 31, 2022.

**BAILARD, INC. ("BAILARD")**, located at 950 Tower Lane, Suite 1900, Foster City, CA 94404, with a satellite office at 180 Sutter Street, Suite 200, San Francisco, CA 94104, is the subadviser to the Nationwide Bailard 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, 2022, Bailard had approximately $5 billion in assets under management. Bailard has been providing investment management services since 1972.

**JANUS HENDERSON INVESTORS US LLC ("JANUS")**, located at 151 Detroit Street, Denver, CO 80206, is the subadviser to the Nationwide Janus Henderson Overseas Fund. Janus is a registered investment adviser and a wholly-owned subsidiary of Janus Henderson Group plc, which conducts business as Janus Henderson Investors. Janus, through its predecessors, has provided investment management services since 1969.

**UBS ASSET MANAGEMENT (AMERICAS) INC. ("UBS AM")**, located at 787 Seventh Avenue, New York, NY 10019, is the subadviser to the Nationwide Global Sustainable Equity Fund. UBS AM is an indirect asset management subsidiary of UBS Group AG ("UBS") and a member of the UBS Asset Management Division. UBS, with headquarters in Zurich,

Switzerland, is an internationally diversified organization, with operations in many areas of the financial industry.

**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' semiannual report to shareholders, which will cover the period ending April 30, 2023.

**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, 2022, 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 Amundi Global High Yield <br> Fund<br>| 0.45% |
| Nationwide Amundi Strategic Income <br> Fund<br>| 0.31% |
| Nationwide Bailard International Equities <br> Fund<br>| 0.75% |
| Nationwide Global Sustainable Equity <br> Fund<br>| 0.57% |
| Nationwide International Small Cap Fund | 0.88% |
| Nationwide Janus Henderson Overseas <br> Fund<br>| 0.59% |

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Beginning July 18, 2022, the Nationwide Janus Henderson Overseas 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 Janus Henderson Overseas Fund's average daily net assets, without taking into account any applicable fee waivers or reimbursements.

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Management Fee** |
| Nationwide Janus <br> Henderson Overseas <br> Fund | Up to $200 million | 0.70% |
| Nationwide Janus <br> Henderson Overseas <br> Fund | $200 million up to $500 million | 0.68% |
| Nationwide Janus <br> Henderson Overseas <br> Fund | $500 million and more | 0.65% |

---

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

**Portfolio Management**

**Nationwide Amundi Global High Yield Fund** 

The Fund is managed by Jonathan M. Duensing, CFA, Andrew D. Feltus, CFA, and Kenneth J. Monaghan, who are responsible for the day-to-day portfolio management of the Fund.

Mr. Duensing is Head of Fixed Income, US and Senior Portfolio Manager at Amundi US. He joined Amundi US in 1996.

Mr. Feltus is Managing Director, Co-Director of Global High Yield and Portfolio Manager at Amundi US. He joined Amundi US in 1999.

Mr. Monaghan is Managing Director, Co-Director of Global High Yield and Lead Portfolio Manager at Amundi US. He joined Amundi US in 2014.

**Nationwide Amundi Strategic Income Fund** 

Jonathan M. Duensing, CFA, is the lead portfolio manager with final decision-making authority for the portfolio management of the Fund. Mr. Duensing is primarily responsible for the interest rate, sovereign, investment grade credit and securitized asset positioning themes in the Fund. Ken Monaghan, as Co-Director of High Yield, is primarily responsible for the high yield bond portion of the Fund. Jeffrey Galloway, CFA is primarily responsible for monitoring and recommending portfolio exposures with particular emphasis on corporate credit.

Mr. Duensing is Head of Fixed Income, US and Senior Portfolio Manager at Amundi US. He joined Amundi US in 1996.

Mr. Monaghan is Managing Director, Co-Director of Global High Yield and Lead Portfolio Manager at Amundi US. He joined Amundi US in 2014.

Mr. Galloway is Senior Vice President, Portfolio Manager, and Senior Credit Analyst at Amundi US. He joined Amundi US in 2006.

**Nationwide Bailard International Equities Fund** 

Eric P. Leve, CFA, Daniel McKellar, CFA, and Anthony Craddock are jointly responsible for the day-to-day management of the Fund.

Mr. Leve is Executive Vice President/Chief Investment Officer of Bailard. He joined Bailard in 1987 and has over 35 years of investment experience.

Mr. McKellar is Senior Vice President, International Equities at Bailard. He joined Bailard in 2011.

Mr. Craddock is Senior Vice President, International Equity Research at Bailard. He was employed by Bailard from 1997 to November 2018. He rejoined Bailard in June of 2019.

During the period from November 2018 to June 2019, Mr. Craddock worked as an independent consultant for Bailard.

**Nationwide Global Sustainable Equity Fund** 

Joseph Elegante, CFA and Adam Jokich, CFA, are the Fund's portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

Mr. Elegante is Lead Portfolio Manager for the Fund and a Senior Portfolio Manager in the Global Equity team at UBS AM. He has over 29 years of investment industry experience.

Mr. Jokich is a Deputy Portfolio Manager for the Fund and a Senior Portfolio Manager in the Global Equity team at UBS AM. He has 10 years of investment industry 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.

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 Janus Henderson Overseas Fund** 

George P. Maris, CFA, and Julian McManus are jointly responsible for the day-to-day management of the Fund. Mr. Maris, as lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolio.

Mr. Maris is Co-Head of Equities– Americas of Janus Henderson Investors and Executive Vice President and Co-Portfolio Manager of the Fund. He joined Janus in 2011.

Mr. McManus is Executive Vice President and Co-Portfolio Manager of the Fund. He joined Janus in 2004.

**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

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

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 long you expect to own your shares;

• 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 offer several different share classes, each with different price and cost features. Class A and Class C shares are available to all investors. Institutional Service Class, Class R6, Class M and Eagle Class shares are available only to certain investors. For eligible investors, these share classes may be more suitable than Class A or Class C 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% (5.75% for Nationwide Bailard International Equities Fund, Nationwide Global Sustainable Equity Fund, Nationwide International Small Cap Fund and Nationwide Janus Henderson Overseas 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%. Class A shares may be most appropriate for investors who want lower fund expenses or those who qualify for reduced front-end sales charges or a waiver of sales charges.

**Front-End Sales Charges for Class A Shares for Nationwide Bailard International Equities Fund, Nationwide Global Sustainable Equity Fund, Nationwide International Small Cap Fund and Nationwide Janus Henderson Overseas 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% | 6.10% | 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 |  |  | 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 Amundi Global High Yield Fund and Nationwide Amundi Strategic Income 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% | 2.30% | 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 |  |  | 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;

------

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

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

&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 or Class C 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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.

------

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

------

**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 Global Sustainable Equity Fund, Nationwide International Small Cap Fund and Nationwide Janus Henderson Overseas Fund shares, and $500,000 or more of Class A shares of the Nationwide Amundi Global High Yield Fund and Nationwide Amundi 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 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 Global Sustainable Equity Fund, Nationwide International Small Cap Fund and Nationwide Janus Henderson Overseas 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 Amundi Global High Yield Fund and Nationwide Amundi 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 and Class C 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.

**Class C Shares** 

Class C shares may be appropriate if you are uncertain how long you will hold your shares. If you redeem your Class C shares within the first year after purchase, you must pay a CDSC as shown in the Fund's applicable expense table. Purchases of Class C shares are limited to a maximum amount of $1 million (calculated based on one-year holding period), and larger investments may be rejected. No CDSC applies to Class C shares that you buy through reinvestment of Fund dividends or capital gains.

**Calculation of CDSC for Class C Shares** 

For Class C shares, the 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 that you pay. See "Waiver of Contingent Deferred Sales Charges—Class A and Class C Shares" below for a list of situations where a CDSC is not charged.

**Waiver of Contingent Deferred Sales Charges Class A and Class C Shares** 

The CDSC is waived on:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•mandatory withdrawals of Class A or Class C 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 and

&nbsp;&nbsp;&nbsp;&nbsp;•redemptions of Class C shares from retirement plans offered by broker-dealers or retirement plan administrators that maintain an agreement with the Funds or the Distributor.

If a CDSC is charged when you redeem your Class C shares, and you then reinvest the proceeds in Class C shares within 30 days, shares equal to the amount of the CDSC are re-deposited into your new account.

------

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

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.

**Conversion of Class C Shares** 

Class C shares automatically convert, at no charge, to Class A shares of the same Fund 8 years after purchase, provided that the Trust or the financial intermediary with whom the shares are held has records verifying that the Class C shares have been held for at least 8 years. These conversions will occur during the month immediately following the month in which the 8-year anniversary of the purchase occurs. Due to operational limitations at certain financial intermediaries, your ability to have your Class C shares automatically converted to Class A shares may be limited. Class C shares that are purchased via reinvestment of dividends and distributions will convert on a pro-rata basis at the same time as the Class C shares on which such dividends and distributions are paid. Because the share price of Class A shares is usually higher than that of Class C shares, you may receive fewer Class A shares than the number of Class C shares converted; however, the total dollar value will be the same. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a different conversion schedule, as described in Appendix A to this Prospectus.

**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 may offer Institutional Service Class, Class R6 and Eagle 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 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;

• clients of investment advisory fee-based wrap programs;

&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;

------

**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 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;•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 and Class C 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 and Class C 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 C shares | 1.00% (0.25% of which may be a <br> service fee)<br>|

---

**Administrative Services Fees**

Class A, Class C, 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 Board of Trustees. These fees, which are in addition to Rule 12b-1 fees for Class A and Class C 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 C 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 Amundi Global High Yield Fund** Class A, Class C and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Amundi Strategic Income Fund** Class A, Class C and Institutional Service Class shares: 0.25%, 0.25% and 0.12%, respectively.

**Nationwide Bailard International Equities Fund** Class A, Class C and Institutional Service Class shares: 0.08%, 0.06% and 0.04%, respectively.

------

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

**Nationwide Global Sustainable Equity Fund** Class A, Class C and Institutional Service Class shares: 0.10%, 0.25% and 0.10%, respectively.

**Nationwide International Small Cap Fund** Class A and Institutional Service Class shares: 0.25% and 0.07%, respectively.

**Nationwide Janus Henderson Overseas Fund** Class A, Institutional Service Class and Eagle Class shares: 0.12%, 0.23% and 0.10%, respectively.

Because these fees are paid out of a Fund's Class A, Class C, 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 Funds Group" or "NFG") 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 NFG'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 NFG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NFG.

In addition to the revenue sharing payments described above, NFG 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

***By Overnight Mail*** Nationwide Funds, 615 East Michigan

Street, Third Floor, Milwaukee, Wisconsin 53202.

------

**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, 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.

---

| | |
|:---|:---|
| **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 equity 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 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 and Class C Shares** | **Class A Shares and Class C 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 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

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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

&nbsp;&nbsp;&nbsp;&nbsp;•you purchase the same class of shares. For example, you may exchange between Class A shares of any Nationwide Fund, but may not exchange between Class A shares and Class C 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 or Class C 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

------

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

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

&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 or Class C shares subject to a sales charge while redeeming shares using this program. An automatic withdrawal plan for Class A and Class C 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;&nbsp;&nbsp;&nbsp;&nbsp;

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

&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.

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:

------

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

**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 Funds 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 intends to elect and 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 of the Nationwide Amundi Global High Yield Fund and Nationwide Amundi Strategic Income Fund expects to declare and distribute its net investment income, if any, to shareholders as dividends monthly. Each of the Nationwide Bailard International Equities Fund, Nationwide Global Sustainable Equity Fund, Nationwide International Small Cap Fund and the Nationwide Janus Henderson Overseas 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."

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.

------

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

If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you pro rata as a foreign tax credit.

**Selling or Exchanging Shares** 

Selling or exchanging your shares may result in a realized capital gain or loss, which is subject to federal income tax. For tax purposes, an exchange from one Nationwide Fund 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.

------

**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.

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**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).

Except as noted below, information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Funds' financial statements, is included in the Trust's annual reports, which are available upon request.

With respect to the Nationwide Janus Henderson Overseas Fund, information for the fiscal year ended September 30, 2019 and for the fiscal period ended October 31, 2019 has been audited by PricewaterhouseCoopers LLP. Information presented for the Predecessor Fund to the Nationwide Janus Henderson Overseas Fund for prior years and periods has also been audited by PricewaterhouseCoopers LLP, whose reports therein were unqualified.

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**FINANCIAL HIGHLIGHTS: NATIONWIDE AMUNDI GLOBAL HIGH YIELD 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to Average Net 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 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $9.93 | $0.52 | $(1.86) | $(1.34) | $(0.57) | $— | $(0.57) | $8.02 | (14.16)% | $516 | 1.02% | 5.78% | 1.21% | 48.45% |
| 10/31/2021 | 9.18 | 0.49 | 0.74 | 1.23 | (0.48) |  | (0.48) | 9.93 | 13.75% | 1139 | 0.98% | 5.04% | 1.13% | 111.54% |
| 10/31/2020 | 9.81 | 0.53 | (0.79) | (0.26) | (0.37) |  | (0.37) | 9.18 | (2.77)% | 1287 | 0.97% | 5.76% | 1.13% | 86.06% |
| 10/31/2019 | 9.81 | 0.58 | 0.22 | 0.80 | (0.76) | (0.04) | (0.80) | 9.81 | 8.70% | 1596 | 0.97% | 5.97% | 1.12% | 74.60% |
| 10/31/2018 | 10.69 | 0.59 | (0.51) | 0.08 | (0.47) | (0.49) | (0.96) | 9.81 | 0.76% | 1251 | 0.97% | 5.90% | 1.11% | 103.59% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 9.90 | 0.46 | (1.86) | (1.40) | (0.53) |  | (0.53) | 7.97 | (14.80)% | 298 | 1.76% | 5.17% | 1.97% | 48.45% |
| 10/31/2021 | 9.17 | 0.41 | 0.75 | 1.16 | (0.43) |  | (0.43) | 9.90 | 12.90% | 381 | 1.76% | 4.26% | 1.91% | 111.54% |
| 10/31/2020 | 9.80 | 0.45 | (0.78) | (0.33) | (0.30) |  | (0.30) | 9.17 | (3.51)% | 458 | 1.76% | 4.97% | 1.92% | 86.06% |
| 10/31/2019 | 9.80 | 0.50 | 0.23 | 0.73 | (0.69) | (0.04) | (0.73) | 9.80 | 7.95% | 293 | 1.72% | 5.22% | 1.87% | 74.60% |
| 10/31/2018 | 10.69 | 0.52 | (0.52) |  | (0.40) | (0.49) | (0.89) | 9.80 | (0.08)% | 153 | 1.70% | 5.16% | 1.84% | 103.59% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 9.94 | 0.55 | (1.86) | (1.31) | (0.59) |  | (0.59) | 8.04 | (13.85)% | 43156 | 0.70% | 6.08% | 0.89% | 48.45% |
| 10/31/2021 | 9.20 | 0.52 | 0.73 | 1.25 | (0.51) |  | (0.51) | 9.94 | 13.93% | 114477 | 0.70% | 5.31% | 0.85% | 111.54% |
| 10/31/2020 | 9.82 | 0.55 | (0.78) | (0.23) | (0.39) |  | (0.39) | 9.20 | (2.40)% | 112634 | 0.70% | 6.01% | 0.86% | 86.06% |
| 10/31/2019 | 9.81 | 0.61 | 0.22 | 0.83 | (0.78) | (0.04) | (0.82) | 9.82 | 9.10% | 119518 | 0.70% | 6.27% | 0.85% | 74.60% |
| 10/31/2018 | 10.70 | 0.62 | (0.52) | 0.10 | (0.50) | (0.49) | (0.99) | 9.81 | 0.94% | 126173 | 0.70% | 6.15% | 0.84% | 103.59% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 9.94 | 0.54 | (1.87) | (1.33) | (0.58) |  | (0.58) | 8.03 | (14.06)% | 1000 | 0.87% | 6.01% | 1.07% | 48.45% |
| 10/31/2021 | 9.19 | 0.51 | 0.74 | 1.25 | (0.50) |  | (0.50) | 9.94 | 13.94% | 1495 | 0.80% | 5.22% | 0.95% | 111.54% |
| 10/31/2020 | 9.82 | 0.55 | (0.80) | (0.25) | (0.38) |  | (0.38) | 9.19 | (2.60)% | 1767 | 0.80% | 6.00% | 0.96% | 86.06% |
| 10/31/2019 | 9.81 | 0.59 | 0.23 | 0.82 | (0.77) | (0.04) | (0.81) | 9.82 | 8.99% | 4409 | 0.80% | 6.09% | 0.95% | 74.60% |
| 10/31/2018 | 10.70 | 0.61 | (0.52) | 0.09 | (0.49) | (0.49) | (0.98) | 9.81 | 0.83% | 1483 | 0.82% | 6.06% | 0.96% | 103.59% |

---

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 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 10.38 | 0.44 | (0.45) | (0.01) | (0.26) |  | (0.26) | 10.11 | (0.05)% | 2800 | 0.84% | 4.46% | 1.07% | 102.30% |
| 10/31/2019 | 10.21 | 0.50 | 0.08 | 0.58 | (0.41) |  | (0.41) | 10.38 | 5.86% | 4883 | 1.06% | 4.83% | 1.15% | 93.97% |
| 10/31/2018 | 10.68 | 0.47 | (0.17) | 0.30 | (0.37) | (0.40) | (0.77) | 10.21 | 2.91% | 2004 | 0.94% | 4.52% | 1.15% | 135.53% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.54 | 0.42 | (0.97) | (0.55) | (0.33) |  | (0.33) | 9.66 | (5.31)% | 1328 | 1.58% | 4.21% | 1.81% | 75.11% |
| 10/31/2021 | 10.09 | 0.31 | 0.64 | 0.95 | (0.50) |  | (0.50) | 10.54 | 9.59%<sup>(g)</sup> | 256 | 1.60% | 3.01% | 1.84% | 101.89% |
| 10/31/2020 | 10.37 | 0.37 | (0.47) | (0.10) | (0.18) |  | (0.18) | 10.09 | (0.85)% | 462 | 1.61% | 3.73% | 1.84% | 102.30% |
| 10/31/2019 | 10.21 | 0.42 | 0.09 | 0.51 | (0.35) |  | (0.35) | 10.37 | 5.08% | 729 | 1.77% | 4.11% | 1.86% | 93.97% |
| 10/31/2018 | 10.68 | 0.39 | (0.16) | 0.23 | (0.30) | (0.40) | (0.70) | 10.21 | 2.14% | 202 | 1.72% | 3.73% | 1.96% | 135.53% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.39 | 0.47 | (0.46) | 0.01 | (0.29) |  | (0.29) | 10.11 | 0.20% | 109284 | 0.50% | 4.78% | 0.73% | 102.30% |
| 10/31/2019 | 10.21 | 0.54 | 0.09 | 0.63 | (0.45) |  | (0.45) | 10.39 | 6.33% | 108035 | 0.67% | 5.29% | 0.76% | 93.97% |
| 10/31/2018 | 10.68 | 0.49 | (0.16) | 0.33 | (0.40) | (0.40) | (0.80) | 10.21 | 3.20% | 111778 | 0.67% | 4.75% | 0.79% | 135.53% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.38 | 0.47 | (0.47) |  | (0.28) |  | (0.28) | 10.10 | 0.18% | 36067 | 0.61% | 4.73% | 0.84% | 102.30% |
| 10/31/2019 | 10.21 | 0.52 | 0.09 | 0.61 | (0.44) |  | (0.44) | 10.38 | 6.18% | 53515 | 0.74% | 5.07% | 0.82% | 93.97% |
| 10/31/2018 | 10.68 | 0.48 | (0.14) | 0.34 | (0.41) | (0.40) | (0.81) | 10.21 | 3.22% | 3117 | 0.67% | 4.55% | 1.08% | 135.53% |

---

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.

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**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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 Reimburse-**<br> **ments) to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 7.78 | 0.10 | (0.44) | (0.34) | (0.11) |  | (0.11) | 7.33 | (4.47)% | 3633 | 1.28% | 1.28% | 1.28% | 53.09% |
| 10/31/2019 | 7.63 | 0.16 | 0.37 | 0.53 | (0.38) |  | (0.38) | 7.78 | 7.62% | 5543 | 1.26% | 2.16% | 1.26% | 71.60% |
| 10/31/2018 | 8.87 | 0.16 | (1.23) | (1.07) | (0.17) |  | (0.17) | 7.63 | (12.32)% | 8802 | 1.21% | 1.78% | 1.21% | 70.96% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 9.18 | 0.11 | (2.37) | (2.26) | (0.25) |  | (0.25) | 6.67 | (25.13)% | 831 | 1.97% | 1.38% | 1.97% | 44.83% |
| 10/31/2021 | 7.19 | 0.09 | 2.02 | 2.11 | (0.12) |  | (0.12) | 9.18 | 29.49% | 1559 | 1.99% | 1.05% | 1.99% | 39.84% |
| 10/31/2020 | 7.69 | 0.04 | (0.43) | (0.39) | (0.11) |  | (0.11) | 7.19 | (5.25)% | 1896 | 2.02% | 0.50% | 2.02% | 53.09% |
| 10/31/2019 | 7.54 | 0.10 | 0.37 | 0.47 | (0.32) |  | (0.32) | 7.69 | 6.86%<sup>(f)</sup> | 3584 | 2.01% | 1.39% | 2.01% | 71.60% |
| 10/31/2018 | 8.77 | 0.10 | (1.22) | (1.12) | (0.11) |  | (0.11) | 7.54 | (12.97)%<sup>(f)</sup> | 5425 | 1.96% | 1.14% | 1.96% | 70.96% |
| **Class M Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 7.78 | 0.12 | (0.44) | (0.32) | (0.12) |  | (0.12) | 7.34 | (4.23)% | 139648 | 0.94% | 1.68% | 0.94% | 53.09% |
| 10/31/2019 | 7.63 | 0.19 | 0.37 | 0.56 | (0.41) |  | (0.41) | 7.78 | 8.03%<sup>(f)</sup> | 188068 | 0.92% | 2.50% | 0.92% | 71.60% |
| 10/31/2018 | 8.87 | 0.19 | (1.23) | (1.04) | (0.20) |  | (0.20) | 7.63 | (11.95)%<sup>(f)</sup> | 166742 | 0.85% | 2.22% | 0.85% | 70.96% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 7.78 | 0.12 | (0.44) | (0.32) | (0.12) |  | (0.12) | 7.34 | (4.23)% | 5560 | 0.94% | 1.62% | 0.94% | 53.09% |
| 10/31/2019 | 7.63 | 0.14 | 0.42 | 0.56 | (0.41) |  | (0.41) | 7.78 | 8.03% | 9034 | 0.90% | 1.93% | 0.90% | 71.60% |
| 10/31/2018 | 8.88 | 0.19 | (1.24) | (1.05) | (0.20) |  | (0.20) | 7.63 | (12.05)% | 143744 | 0.85% | 2.20% | 0.85% | 70.96% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 7.77 | 0.11 | (0.43) | (0.32) | (0.12) |  | (0.12) | 7.33 | (4.30)% | 10036 | 0.98% | 1.48% | 0.98% | 53.09% |
| 10/31/2019 | 7.62 | 0.17 | 0.39 | 0.56 | (0.41) |  | (0.41) | 7.77 | 7.95% | 23872 | 0.98% | 2.24% | 0.98% | 71.60% |
| 10/31/2018 | 8.86 | 0.19 | (1.23) | (1.04) | (0.20) |  | (0.20) | 7.62 | (12.06)%<sup>(f)</sup> | 63572 | 0.95% | 2.18% | 0.95% | 70.96% |

---

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) 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 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 (Loss) to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 18.31 | 0.04 | 1.11 | 1.15 | (0.23) | (0.94) | (1.17) | 18.29 | 6.37% | 35464 | 1.30% | 0.24% | 1.61% | 38.94% |
| 10/31/2019 | 18.30 | 0.22 | 1.75 | 1.97 | (0.18) | (1.78) | (1.96) | 18.31 | 12.83% | 38591 | 1.30% | 1.29% | 1.59% | 47.52% |
| 10/31/2018 | 18.09 | 0.10 | 0.17 | 0.27 | (0.06) |  | (0.06) | 18.30 | 1.50% | 32209 | 1.33% | 0.53% | 1.59% | 34.22% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 24.02 | (0.03) | (4.30) | (4.33) |  | (3.04) | (3.04) | 16.65 | (20.51)% | 1222 | 1.96% | (0.16)% | 2.14% | 28.25% |
| 10/31/2021 | 17.07 | (0.17) | 7.32 | 7.15 |  | (0.20) | (0.20) | 24.02 | 42.13% | 2066 | 1.96% | (0.77)% | 2.22% | 39.73% |
| 10/31/2020 | 17.13 | (0.09) | 1.03 | 0.94 | (0.06) | (0.94) | (1.00) | 17.07 | 5.53%<sup>(g)</sup> | 1877 | 2.07% | (0.54)% | 2.38% | 38.94% |
| 10/31/2019 | 17.25 | 0.01 | 1.70 | 1.71 | (0.05) | (1.78) | (1.83) | 17.13 | 11.90%<sup>(g)</sup> | 2268 | 2.10% | 0.09% | 2.39% | 47.52% |
| 10/31/2018 | 17.12 | (0.05) | 0.18 | 0.13 |  |  |  | 17.25 | 0.76% | 10110 | 2.11% | (0.25)% | 2.37% | 34.22% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 18.92 | 0.11 | 1.15 | 1.26 | (0.25) | (0.94) | (1.19) | 18.99 | 6.78% | 6221 | 0.95% | 0.59% | 1.26% | 38.94% |
| 10/31/2019 | 18.85 | 0.27 | 1.83 | 2.10 | (0.25) | (1.78) | (2.03) | 18.92 | 13.20% | 6549 | 0.95% | 1.53% | 1.24% | 47.52% |
| 10/31/2018 | 18.62 | 0.17 | 0.19 | 0.36 | (0.13) |  | (0.13) | 18.85 | 1.90% | 7402 | 0.95% | 0.88% | 1.21% | 34.22% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 18.93 | 0.09 | 1.16 | 1.25 | (0.25) | (0.94) | (1.19) | 18.99 | 6.70% | 4184 | 1.05% | 0.49% | 1.36% | 38.94% |
| 10/31/2019 | 18.86 | 0.29 | 1.79 | 2.08 | (0.23) | (1.78) | (2.01) | 18.93 | 13.07% | 5657 | 1.02% | 1.59% | 1.31% | 47.52% |
| 10/31/2018 | 18.62 | 0.16 | 0.19 | 0.35 | (0.11) |  | (0.11) | 18.86 | 1.86% | 3288 | 1.03% | 0.83% | 1.29% | 34.22% |

---

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) 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 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 Expenses (Prior to Reimburse-ments) to Average Net** <br> **Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.78 | 0.07 | 0.06 | 0.13 | (0.25) |  | (0.25) | 9.66 | 1.23% | 115 | 1.30% | 0.79% | 1.34% | 91.59% |
| 10/31/2019 | 10.21 | 0.11 | 0.77 | 0.88 | (0.29) | (1.02) | (1.31) | 9.78 | 11.01%<sup>(g)</sup> | 108 | 1.25% | 1.17% | 1.29% | 71.10% |
| 10/31/2018 | 12.57 | 0.14 | (1.29) | (1.15) | (0.23) | (0.98) | (1.21) | 10.21 | (10.29)%<sup>(g)</sup> | 100 | 1.27% | 1.19% | 1.31% | 69.54% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.82 | 0.10 | 0.06 | 0.16 | (0.26) |  | (0.26) | 9.72 | 1.50% | 511412 | 0.99% | 1.11% | 1.03% | 91.59% |
| 10/31/2019 | 10.24 | 0.13 | 0.78 | 0.91 | (0.31) | (1.02) | (1.33) | 9.82 | 11.37% | 514643 | 0.99% | 1.42% | 1.03% | 71.10% |
| 10/31/2018 | 12.61 | 0.14 | (1.26) | (1.12) | (0.27) | (0.98) | (1.25) | 10.24 | (10.06)% | 400854 | 0.99% | 1.18% | 1.03% | 69.54% |
| **Institutional** <br> **Service** <br> **Class Shares**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.81 | 0.10 | 0.04 | 0.14 | (0.25) |  | (0.25) | 9.70 | 1.37% | 26867 | 1.11% | 1.01% | 1.15% | 91.59% |
| 10/31/2019 | 10.24 | 0.13 | 0.77 | 0.90 | (0.31) | (1.02) | (1.33) | 9.81 | 11.20% | 13879 | 1.11% | 1.33% | 1.15% | 71.10% |
| 10/31/2018 | 12.60 | 0.16 | (1.28) | (1.12) | (0.26) | (0.98) | (1.24) | 10.24 | (10.04)% | 15 | 0.99% | 1.35% | 1.03% | 69.54% |

---

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 JANUS HENDERSON OVERSEAS FUND (FORMERLY, NATIONWIDE ALLIANZGI INTERNATIONAL 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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 (Loss)**<br> **to Average**<br> **Net 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $30.62 | $0.05 | $(13.56) | $(13.51)<sup>(g)</sup> | $— | $(1.76) | $(1.76) | $15.35 | (46.40)%<sup>(g)</sup> | $1271 | 1.09% | 0.27% | 1.20% | 104.12% |
| 10/31/2021 | 24.88 | (0.14) | 6.65 | 6.51<sup>(h)</sup> <br>| (0.06) | (0.71) | (0.77) | 30.62 | 26.44%<sup>(h)</sup> <br>| 3634 | 1.05% | (0.45)% | 1.14% | 19.84% |
| 10/31/2020 | 18.04 | 0.21 | 6.74 | 6.95 | (0.11) |  | (0.11) | 24.88 | 38.57%<sup>(i)</sup> <br>| 1584 | 1.06% | 0.98% | 1.18% | 26.04% |
| 10/31/2019<sup>(j)(k)</sup> <br>| 17.22 | (0.01) | 0.83 | 0.82 |  |  |  | 18.04 | 4.76%<sup>(i)</sup> <br>| 622 | 1.05% | (0.67)% | 2.26% | 4.81%<sup>(l)</sup> <br>|
| 9/30/2019 | 17.91 |  | (0.23) | (0.23) | (0.06) | (0.40) | (0.46) | 17.22 | (0.88)% | 593 | 1.05% | 0.02% | 2.36% | 44.46% |
| 9/30/2018 | 19.73 | 0.02 | 0.82 | 0.84 | (0.31) | (2.35) | (2.66) | 17.91 | 4.32% | 1183 | 1.05% | 0.10% | 1.89% | 17.00% |
| **Class R6 Shares**<sup>(m)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 30.88 | 0.16 | (13.73) | (13.57)<sup>(g)</sup> <br>|  | (1.76) | (1.76) | 15.55 | (46.19)%<sup>(g)</sup> <br>| 12288 | 0.72% | 0.87% | 0.83% | 104.12% |
| 10/31/2021 | 25.00 | (0.04) | 6.70 | 6.66<sup>(h)</sup> <br>| (0.07) | (0.71) | (0.78) | 30.88 | 26.90%<sup>(h)</sup> <br>| 11343 | 0.72% | (0.13)% | 0.81% | 19.84% |
| 10/31/2020 | 18.50 | 0.20 | 6.89 | 7.09 | (0.59) |  | (0.59) | 25.00 | 39.04%<sup>(i)</sup> <br>| 1220 | 0.72% | 0.96% | 0.84% | 26.04% |
| 10/31/2019<sup>(j)(k)</sup> <br>| 17.65 | (0.01) | 0.86 | 0.85 |  |  |  | 18.50 | 4.82%<sup>(i)</sup> <br>| 437 | 0.72% | (0.42)% | 2.93% | 4.81%<sup>(l)</sup> <br>|
| 9/30/2019 | 18.32 | 0.06 | (0.24) | (0.18) | (0.09) | (0.40) | (0.49) | 17.65 | (0.60)% | 5619 | 0.79% | 0.37% | 1.62% | 44.46% |
| 9/30/2018 | 19.90 | 0.07 | 0.82 | 0.89 | (0.12) | (2.35) | (2.47) | 18.32 | 4.54% | 27427 | 0.80% | 0.37% | 1.61% | 17.00% |
| **Eagle Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 31.54 | 0.15 | (14.03) | (13.88)<sup>(g)</sup> |  | (1.76) | (1.76) | 15.90 | (46.22)%<sup>(g)(i)</sup> | 5 | 0.72% | 0.74% | 0.83% | 104.12% |
| 10/31/2021 | 25.58 | (0.04) | 6.78 | 6.74<sup>(h)</sup> | (0.07) | (0.71) | (0.78) | 31.54 | 26.59%<sup>(h)(i)</sup> | 9 | 0.73% | (0.13)% | 0.81% | 19.84% |
| 10/31/2020 | 18.53 | 0.21 | 6.98 | 7.19 | (0.14) |  | (0.14) | 25.58 | 38.87%<sup>(i)</sup> <br>| 7 | 0.83% | 0.98% | 0.94% | 26.04% |
| 10/31/2019<sup>(j)(k)</sup> | 17.68 | (0.01) | 0.86 | 0.85 |  |  |  | 18.53 | 4.81%<sup>(i)</sup> | 5 | 0.86% | (0.49)% | 2.06% | 4.81%<sup>(l)</sup> |
| 9/30/2019<sup>(n)</sup> | 17.02 | (0.01) | 0.67 | 0.66 |  |  |  | 17.68 | 3.88% | 5 | 0.86% | (0.18)% | 2.75% | 44.46% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 31.50 | 0.12 | (14.01) | (13.89)<sup>(g)</sup> |  | (1.76) | (1.76) | 15.85 | (46.31)%<sup>(g)</sup> | 190471 | 0.95% | 0.58% | 1.05% | 104.12% |
| 10/31/2021 | 25.56 | (0.11) | 6.82 | 6.71<sup>(h)</sup> | (0.06) | (0.71) | (0.77) | 31.50 | 26.52%<sup>(h)</sup> | 280400 | 0.97% | (0.36)% | 1.05% | 19.84% |
| 10/31/2020 | 18.52 | 0.17 | 7.00 | 7.17 | (0.13) |  | (0.13) | 25.56 | 38.73% | 255276 | 0.94% | 0.80% | 1.05% | 26.04% |
| 10/31/2019<sup>(j)(k)</sup> | 17.67 | (0.01) | 0.86 | 0.85 |  |  |  | 18.52 | 4.81% | 229197 | 0.95% | (0.47)% | 0.97% | 4.81%<sup>(l)</sup> |
| 9/30/2019<sup>(n)</sup> | 17.02 | (0.02) | 0.67 | 0.65 |  |  |  | 17.67 | 3.82% | 5 | 0.97% | (0.29)% | 2.86% | 44.46% |

---

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 settlement proceeds which impacted the Fund's per share operations activity and total return. The per share impact was $0.23, $0.12, $0.18 and $0.16 per share for Class A, Class R6, Eagle Class and Institutional Service Class respectively. Excluding the settlement proceeds, the Class A, Class R6, Eagle Class and Institutional Service Class total returns are -47.21%, -46.61%, -46.83% and -46.85%, respectively. (Note 12)

(h) 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 all classes. Excluding the payment from the affiliate, the Class A, Class R6, Eagle Class and Institutional Service Class total returns are 26.40%, 26.86%, 26.55% and 26.48%, respectively. (Note 3)

(i) 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.

(j) For the period October 1, 2019 through October 31, 2019.

(k) Fiscal year end changed from September 30th to October 31st.

(l) Portfolio turnover excludes securities received or delivered in-kind.

(m) Effective June 1, 2019, Institutional Class Shares were renamed Class R6 Shares.

(n) For the period from June 4, 2019 (commencement of operations) through September 30, 2019. Total return is calculated based on inception date of June 3, 2019 through September 30, 2019.

------

**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 62 of this Prospectus for more information on sales charges and waivers available for Class A and Class C 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 Lynch")** 

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

Shareholders who are customers of Merrill Lynch purchasing Fund shares through a Merrill Lynch 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:

&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;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased through a Merrill Lynch-affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;•shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by third-party investment advisers on behalf of their advisory clients through a Merrill Lynch platform;

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

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

&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 exchanged from Class C shares of the same Fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•employees and registered representatives of Merrill Lynch or its affiliates and their family members;

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

&nbsp;&nbsp;&nbsp;&nbsp;•eligible shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

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

• Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;•Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets and

&nbsp;&nbsp;&nbsp;&nbsp;•Letters of Intent ("Letter of Intent") which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time.

If you purchase Fund shares through a Merrill Lynch platform or account, ROA and Letters of Intent 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 Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA or Letter of Intent calculation only if the shareholder notifies his or her financial advisor about such assets prior to purchase.

**Waivers of Contingent Deferred Sales Charges** 

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

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•shares redeemed following 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;•redemptions that constitute 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 pursuant to the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;•shares sold to pay Merrill Lynch fees, but only if the redemption is initiated by Merrill Lynch;

• shares acquired through a Right of Reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;•the redemption of shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to the transfer to a fee-based account or platform and

&nbsp;&nbsp;&nbsp;&nbsp;•shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**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;

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Morgan Stanley Wealth Management's share class conversion program 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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the Class C shares are no longer subject to a CDSC and the conversion is in accordance with the policies and procedures of Raymond James.

**CDSC Waivers on either Class A or Class C 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

------

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

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

&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 will be eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which may differ from those stated in this Prospectus or the SAI. 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;•employees of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the employee. This waiver will continue for the remainder of the employee's life if the employee 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 in the same share class and the

same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account;

&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 and

&nbsp;&nbsp;&nbsp;&nbsp;•exchanges from Class C shares to Class A shares of the same Fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

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

• Breakpoints 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 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

------

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

Jones are not adjusted under the LOI 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 either Class A or Class C 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 will be 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 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 Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

• 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

• 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 change a share class to Class A shares of the same fund at NAV.

**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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**CDSC Waivers on either Class A or Class C 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

------

**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;•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 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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO;

&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 either Class A or Class C 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;

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus and

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

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

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

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

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

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

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

------

**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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird; 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 or Class C shares available at Baird** 

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

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus;

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

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

------

**For Additional Information Contact:** 

**By Regular Mail**

Nationwide Funds

P.O. Box 701

Milwaukee, WI 53201-0701

**By Overnight Mail**

Nationwide Funds

615 East Michigan Street, Third Floor

Milwaukee, WI 53202

**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. 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.©2023 Nationwide Funds Group PR-INT (2/23)

------

Index Funds

Prospectus February 28, 2023

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

---

| |
|:---|
| **Nationwide Bond Index Fund** |
| Class A (GBIAX) / Class C (GBICX) / Class R (n/a)<br> Class R6 (GBXIX) / Institutional Service Class (NWXOX)<br>|
| **Nationwide International Index Fund** |
| Class A (GIIAX) / Class C (GIICX) / Class R (GIIRX)<br> Class R6 (GIXIX) / Institutional Service Class (NWXPX)<br>|
| **Nationwide Mid Cap Market Index Fund** |
| Class A (GMXAX) / Class C (GMCCX) / Class R (GMXRX)<br> Class R6 (GMXIX) / Institutional Service Class (NWXQX)<br>|
| **Nationwide NYSE Arca Tech 100 Index Fund** |
| Class A (NWJCX) / Class C (NWJDX) / Class R6 (NWJEX)<br> Institutional Service Class (NWJFX)<br>|
| **Nationwide S&P 500 Index Fund** |
| Class A (GRMAX) / Class C (GRMCX) / 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 C (GMRCX) / Class R (GMSRX)<br> Class R6 (GMRIX) / Institutional Service Class (NWXRX)<br>|

---

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

**nationwide.com/mutualfunds**![](g459282imgada69a951.gif)

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**Table of Contents**

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| | |
|:---|:---|
| **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) |
| **26** | **[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) |
| **33** | **[Risks of Investing in the Funds](#xx_b6c802a4-8261-4974-b837-ae7b769cb56b_1)** |
| **38** | **[Fund Management](#xx_d53104e3-b5cd-406b-9f0c-2afecd4a208f_1)** |
| **40** | **[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_5) |
|  | [Revenue Sharing](#xx_2cd856cf-e07f-40fa-9d37-47ac38ffe7d6_6) |
|  | [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) |
|  | [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) |
| **52** | **[Distributions and Taxes](#xx_cc391541-0ebb-430f-b7fb-247e5a3750da_1)** |
| **55** | **[Additional Information](#xx_3373ab5a-2cba-4d89-a64b-01f38517fcd8_1)** |
| **56** | **[Financial Highlights](#xx_84e049ea-1da0-4ad1-80d5-c068aa28e14e_1)** |
| **63** | **[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 40 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 94 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

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

---

**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 C<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% | 0.19% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  |
| Other Expenses | 0.29% | 0.17% | 0.36% | 0.11% | 0.36% |
| **Total Annual Fund Operating Expenses** | 0.73% | 1.36% | 1.05% | 0.30% | 0.55% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.08)% | (0.08)% | (0.08)% | (0.08)% | (0.08)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.65% | 1.28% | 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 February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $290 | $445 | $614 | $1104 |
| Class C Shares | 230 | 423 | 737 | 1628 |
| Class R Shares | 99 | 326 | 572 | 1275 |
| Class R6 Shares | 23 | 88 | 161 | 373 |
| Institutional Service <br> Class Shares<br>| 48 | 168 | 299 | 682 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $130 | $423 | $737 | $1628 |

---

**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 66.27% 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, fixed-income securities in the United States, including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed securities. 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 and other fixed-income securities 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.

**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 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. 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 redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. Very low or negative interest rates will impact the yield of the Fund's investments in fixed-income 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 fixed-income 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 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

------

**Fund Summary:** Nationwide Bond Index Fund *(cont.)*

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

***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 fixed-income 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.

***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.

***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.

***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 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,)**

![](g459282bdx_13.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **2.92%** | 1Q 2016 |
| **Lowest Quarter:** | **-6.12%** | 1Q 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.

Performance returns for Class A shares reflect a front-end sales charge of 4.25% that applied through October 28, 2013, after which it was reduced to 2.25%.

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, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -15.58% | -1.15% | -0.08% |
| Class A Shares– After Taxes on <br> Distributions<br>| -16.27% | -2.02% | -1.04% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -9.21% | -1.17% | -0.41% |
| Class C Shares– Before Taxes | -15.01% | -1.36% | -0.30% |
| Class R Shares– Before Taxes | -13.62% | -0.71% | 0.36% |
| Class R6 Shares– Before Taxes | -13.26% | -0.29% | 0.77% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -13.49% | -0.54% | 0.53% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| -13.01% | 0.02% | 1.06% |

---

**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 |
| Karen Uyehara | Managing Director <br> and Portfolio Manager<br>| Since 2011 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

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

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

---

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

---

**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 C<br> Shares<br>| Class R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  |
| Other Expenses | 0.23% | 0.29% | 0.33% | 0.08% | 0.32% |
| **Total Annual Fund Operating Expenses** | 0.73% | 1.54% | 1.08% | 0.33% | 0.57% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.04)% | (0.04)% | (0.04)% | (0.04)% | (0.04)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.69% | 1.50% | 1.04% | 0.29% | 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 0.29% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $791 | $954 | $1426 |
| Class C Shares | 253 | 483 | 836 | 1831 |
| Class R Shares | 106 | 340 | 592 | 1314 |
| Class R6 Shares | 30 | 102 | 181 | 414 |
| Institutional Service <br> Class Shares<br>| 54 | 179 | 314 | 710 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $153 | $483 | $836 | $1831 |

---

**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 10.02% 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 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 equity 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.

**Principal Risks**

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

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

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

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

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

***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.

***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.

------

**Fund Summary:** Nationwide International 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.

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

**Performance**

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

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,)**

![](g459282intx_14.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **18.27%** | 4Q 2022 |
| **Lowest Quarter:** | **-22.75%** | 1Q 2020 |

---

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

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, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -19.37% | -0.02% | 3.50% |
| Class A Shares– After Taxes on <br> Distributions<br>| -19.64% | -0.85% | 2.57% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -11.12% | -0.06% | 2.61% |
| Class C Shares– Before Taxes | -15.98% | 0.44% | 3.38% |
| Class R Shares– Before Taxes | -14.82% | 0.85% | 3.83% |
| Class R6 Shares– Before Taxes | -14.12% | 1.59% | 4.53% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -14.42% | 1.39% | 4.31% |
| MSCI EAFE® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| -14.45% | 1.54% | 4.67% |

---

**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 |
| Paul Whitehead | Managing Director | Since 2022 |
| Peter Sietsema | Director, Senior <br> Portfolio Manager<br>| Since 2023 |

---

------

**Fund Summary:** Nationwide International Index Fund *(cont.)*

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

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

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

---

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

---

**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 C<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% | 0.20% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  |
| Other Expenses | 0.25% | 0.19% | 0.29% | 0.08% | 0.30% |
| **Total Annual Fund Operating Expenses** | 0.70% | 1.39% | 0.99% | 0.28% | 0.50% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.01)% | (0.01)% | (0.01)% | (0.01)% | (0.01)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.69% | 1.38% | 0.98% | 0.27% | 0.49% |

---

<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 February 29, 2024. 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 | $641 | $785 | $941 | $1395 |
| Class C Shares | 240 | 439 | 760 | 1668 |
| Class R Shares | 100 | 314 | 546 | 1212 |
| Class R6 Shares | 28 | 89 | 156 | 355 |
| Institutional Service <br> Class Shares<br>| 50 | 159 | 279 | 627 |

---

------

**Fund Summary:** Nationwide Mid Cap Market Index Fund *(cont.)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $140 | $439 | $760 | $1668 |

---

**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 15.40% 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 approximately 400 stocks of 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 equity 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.

**Principal Risks**

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

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

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

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

***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.

***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 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 Mid Cap Market Index Fund *(cont.)*

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282mcx_13.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **24.25%** | 4Q 2020 |
| **Lowest Quarter:** | **-29.93%** | 1Q 2020 |

---

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

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, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -18.55% | 4.75% | 9.40% |
| Class A Shares– After Taxes on <br> Distributions<br>| -20.24% | 2.34% | 6.93% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -9.76% | 3.39% | 7.15% |
| Class C Shares– Before Taxes | -14.95% | 5.27% | 9.31% |
| Class R Shares– Before Taxes | -13.86% | 5.69% | 9.76% |
| Class R6 Shares– Before Taxes | -13.25% | 6.43% | 10.50% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -13.45% | 6.21% | 10.26% |
| S&P MidCap 400® Index (The Index does <br> not pay sales charges, fees, expenses or <br> taxes.)<br>| -13.06% | 6.71% | 10.78% |

---

**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 |
| Paul Whitehead | Managing Director | Since 2022 |
| Peter Sietsema | Director, Senior <br> Portfolio Manager<br>| Since 2023 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 Mid Cap Market 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 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 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 40 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 94 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

---

**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 C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.22% | 0.22% | 0.22% | 0.22% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.18% | 0.17% | 0.09% | 0.21% |
| **Total Annual Fund Operating Expenses** | 0.65% | 1.39% | 0.31% | 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 | $638 | $771 | $916 | $1339 |
| Class C Shares | 242 | 440 | 761 | 1669 |
| Class R6 Shares | 32 | 100 | 174 | 393 |
| Institutional Service <br> Class Shares<br>| 44 | 138 | 241 | 542 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $142 | $440 | $761 | $1669 |

---

------

**Fund Summary:** Nationwide NYSE Arca Tech 100 Index 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 4.64% of the average value of its portfolio.

**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 substantially all (at least 90%) of its net assets in nearly all of the component equity securities included in the NYSE Arca Tech 100 Index 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.

**Principal Risks**

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

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

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

***Market risk*** – the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably.

This occurs due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, and the fluctuation of other stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

***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.

***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 companies 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.

***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 Fund has adopted the historical performance of the HighMark NYSE Arca Tech 100 Index Fund, a former series of HighMark Funds (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on September 16, 2013. The returns presented for periods

------

**Fund Summary:** Nationwide NYSE Arca Tech 100 Index Fund *(cont.)*

prior to September 16, 2013 reflect the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially similar investment goals and strategies.

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

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

**Annual Total Returns– Class A Shares**

**(Years Ended December 31,)**

![](g459282atx_17.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **23.42%** | 2Q 2020 |
| **Lowest Quarter:** | **-17.02%** | 1Q 2020 |

---

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

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

The inception date for Class R6 shares is September 18, 2013. Therefore, pre-inception historical performance of

Class R6 shares is based on the previous performance of the Predecessor Fund's Fiduciary Class Shares. Performance for Class R6 shares has not been adjusted to reflect that share class's lower expenses than those of the Predecessor Fund's Fiduciary Class Shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -26.26% | 9.07% | 13.17% |
| Class A Shares– After Taxes on <br> Distributions<br>| -28.89% | 7.36% | 12.10% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.61% | 7.21% | 11.03% |
| Class C Shares– Before Taxes | -22.99% | 9.56% | 12.99% |
| Class R6 Shares– Before Taxes | -21.50% | 10.74% | 14.20% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -21.59% | 10.62% | 14.07% |
| NYSE Arca Tech 100<sup>SM</sup> Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| -21.12% | 11.13% | 14.77% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

Mellon Investments Corporation

------

**Fund Summary:** Nationwide NYSE Arca Tech 100 Index Fund *(cont.)*

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund (and**<br> **Predecessor Fund)**<br>|
| Marlene Walker Smith | Director, Head of <br> Equity Index Portfolio <br> Management<br>| Since 2020 |
| David France, CFA | Vice President, Senior <br> Portfolio Manager of <br> Equity Index Portfolio <br> Management<br>| Since 2020 |
| Todd Frysinger, CFA | Vice President, Senior <br> Portfolio Manager of <br> Equity Index Portfolio <br> Management<br>| Since 2020 |
| Vlasta Sheremeta, <br> CFA<br>| Vice President, Senior <br> Portfolio Manager of <br> Equity Index Portfolio <br> Management<br>| Since 2020 |
| Michael Stoll | Vice President, Senior <br> Portfolio Manager of <br> Equity Index Portfolio <br> Management<br>| Since 2020 |

---

**Purchase and Sale of Fund Shares** 

---

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

---

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

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<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 <br> offering price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale <br> price, whichever is less)<br>|  | 1.00% |  |  |  |  |

---

**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 C<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 | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  | 0.15% |  |
| Other Expenses | 0.21% | 0.11% | 0.32% | 0.07% | 0.32% | 0.32% |
| **Total Annual Fund Operating Expenses** | 0.59% | 1.24% | 0.95% | 0.20% | 0.60% | 0.45% |

---

**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 | $632 | $753 | $885 | $1270 |
| Class C Shares | 226 | 393 | 681 | 1500 |
| Class R Shares | 97 | 303 | 525 | 1166 |
| Class R6 Shares | 20 | 64 | 113 | 255 |
| Service Class Shares | 61 | 192 | 335 | 750 |
| Institutional Service <br> Class Shares<br>| 46 | 144 | 252 | 567 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $126 | $393 | $681 | $1500 |

---

------

**Fund Summary:** Nationwide S&P 500 Index 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 4.17% 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 500 Index before the deduction of Fund expenses. The S&P 500 Index includes approximately 500 stocks of large 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 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.

**Principal Risks**

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

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

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

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

***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.

***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 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,)**

![](g459282spx_13.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.45%** | 2Q 2020 |
| **Lowest Quarter:** | **-19.73%** | 1Q 2020 |

---

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

------

**Fund Summary:** Nationwide S&P 500 Index Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -23.26% | 7.51% | 11.25% |
| Class A Shares– After Taxes on <br> Distributions<br>| -23.53% | 6.06% | 9.47% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.57% | 5.66% | 8.78% |
| Class C Shares– Before Taxes | -19.92% | 8.09% | 11.19% |
| Class R Shares– Before Taxes | -18.87% | 8.49% | 11.60% |
| Class R6 Shares– Before Taxes | -18.28% | 9.23% | 12.38% |
| Service Class Shares– Before Taxes | -18.58% | 8.80% | 11.93% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -18.50% | 8.96% | 12.09% |
| S&P 500® Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| -18.11% | 9.42% | 12.56% |

---

**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 |
| Paul Whitehead | Managing Director | Since 2022 |
| Peter Sietsema | Director, Senior <br> Portfolio Manager<br>| Since 2023 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class, Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

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

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

---

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

---

**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 C<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% | 0.19% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  |
| Other Expenses | 0.33% | 0.28% | 0.39% | 0.16% | 0.41% |
| **Total Annual Fund Operating Expenses** | 0.77% | 1.47% | 1.08% | 0.35% | 0.60% |
| Fee Waiver/Expense Reimbursement<sup>(1),(2)</sup> | (0.09)% | (0.09)% | (0.09)% | (0.09)% | (0.09)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.68% | 1.38% | 0.99% | 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 February 29, 2024. 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 February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

**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 | $798 | $970 | $1466 |
| Class C Shares | 240 | 456 | 794 | 1750 |
| Class R Shares | 101 | 335 | 587 | 1309 |
| Class R6 Shares | 27 | 103 | 187 | 434 |
| Institutional Service <br> Class Shares<br>| 52 | 183 | 326 | 741 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $140 | $456 | $794 | $1750 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17.43% 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 approximately 2,000 common stocks of 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 equity 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.

**Principal Risks**

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

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

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

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

***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.

***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.* 

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**Fund Summary:** Nationwide Small Cap 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 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,)**

![](g459282scx_13.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **31.28%** | 4Q 2020 |
| **Lowest Quarter:** | **-30.74%** | 1Q 2020 |

---

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

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, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -25.36% | 2.38% | 7.85% |
| Class A Shares– After Taxes on <br> Distributions<br>| -25.62% | -0.03% | 5.28% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -14.82% | 1.49% | 5.82% |
| Class C Shares– Before Taxes | -22.19% | 2.88% | 7.75% |
| Class R Shares– Before Taxes | -21.15% | 3.26% | 8.25% |
| Class R6 Shares– Before Taxes | -20.49% | 4.03% | 8.95% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -20.65% | 3.80% | 8.70% |
| Russell 2000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| -20.44% | 4.13% | 9.01% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

**Subadviser** 

BlackRock Investment Management, LLC

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service**<br> **with Fund**<br>|
| Jennifer Hsui, CFA | Managing Director, <br> Portfolio Manager<br>| Since 2019 |
| Paul Whitehead | Managing Director | Since 2022 |
| Peter Sietsema | Director, Senior <br> Portfolio Manager<br>| Since 2023 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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 Small Cap 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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 and other fixed-income securities 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 fixed-income 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.

---

| |
|:---|
| **Key Terms:** |
| &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>|
| &nbsp;&nbsp; ***Mortgage-backed securities*** – fixed-income securities <br> that give the holder the right to receive a portion of <br> principal and/or interest payments made on a pool of <br> residential or commercial mortgage loans, which in some <br> cases are guaranteed by government agencies.<br>|
| &nbsp;&nbsp; ***U.S. government securities*** – debt securities issued <br> and/or guaranteed as to principal and interest by either <br> the U.S. government, or by U.S. government agencies, <br> U.S. government-sponsored enterprises and <br> U.S. government instrumentalities. Securities issued or <br> guaranteed directly by the U.S. government are <br> supported by the full faith and credit of the <br> United States. Securities issued or guaranteed by <br> agencies or instrumentalities of the U.S. government, <br> and enterprises sponsored by the U.S. government, are <br> not direct obligations of the United States. Therefore, <br> such securities may not be supported by the full faith <br> and credit of the United States.<br>|

---

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

**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, PORTFOLIO TURNOVER 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 33.

***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 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 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 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 ***equity 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 of the companies within a country represented in the MSCI EAFE Index, or in the same weightings as in the MSCI EAFE 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 Index as a whole.

The MSCI EAFE Index is composed of equity securities of large- and mid-cap companies (i.e., those with market capitalizations that ranged from $1.4 billion to $318.5 billion as of December 31, 2022) from various industries whose primary trading markets are in developed markets outside the United States. Companies included in the MSCI EAFE Index are selected from among the larger capitalization companies in these markets. The countries currently included in the MSCI EAFE 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.

MSCI chooses the stocks in the MSCI EAFE Index based on factors including, among others, market capitalization, trading activity and the overall mix of industries represented in the Index. The MSCI EAFE Index generally is considered to broadly represent the performance of stocks traded in

developed international markets. Inclusion of a stock in the MSCI EAFE Index does not mean that MSCI believes the stock to be an attractive investment. MSCI may periodically update the MSCI EAFE 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 RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, INDEX FUND RISK, MARKET RISK, MID-CAP RISK, REDEMPTIONS RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 33.

***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 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 ***equity 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, 2022, the market capitalizations of companies in the S&P MidCap 400 Index ranged from $822.5 million to $15.0 billion.

The S&P MidCap 400 Index is composed of approximately 400 common stocks issued by 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, REDEMPTIONS RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 33.

***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 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 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, 2022, the market capitalizations for companies included in the NYSE Arca Tech 100 Index ranged from approximately $4.6 billion to $559.1 billion.

To pursue its principal investment strategy, the Fund, under normal market conditions, invests substantially all (at least 90%) of its net assets in nearly all of the component ***equity securities*** included in the NYSE Arca Tech 100 Index in approximately the same proportions as they are represented in the NYSE Arca Tech 100 Index. The Fund's investments in the securities included in the NYSE Arca Tech 100 Index may fall temporarily (i.e., up to five trading days) below 90% if the Fund receives cash inflows that it cannot immediately invest, or the subadviser determines it would be imprudent to immediately invest, in securities included 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.

---

| |
|:---|
| **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, SELECTION RISK** and **SMALLER COMPANIES RISK,** each of which is described in the section "Risks of Investing in the Funds" beginning on page 33.

***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 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 ***equity 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, 2022, the market capitalizations of companies in the S&P 500 Index ranged from $2.2 billion to $1.9 trillion.

The S&P 500 Index is composed of approximately 500 common stocks 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.

---

| |
|:---|
| **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** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 33.

***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 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 ***equity 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, 2022, the market capitalization of the largest company in the Russell 2000 Index was $7.5 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 stocks 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 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, REDEMPTIONS RISK, SELECTION RISK** and **SMALL-CAP RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 33.

***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 risk*** – see *"Country or sector risk."*

***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.

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

generally more exposed to credit risk than investment grade securities.

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

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

*U.S. government and U.S. government agency securities* – neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may 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

------

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

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.

*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

------

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

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 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 redemptions and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. 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 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. Rates of inflation have recently risen, which has adversely affected economies and markets. 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 fixed income 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

------

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

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 and social unrest) adversely interrupt the global economy. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect a Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies world-wide and therefore can affect the value of a Fund's investments.

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

The "COVID-19" strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses

are unpredictable and may result in significant and prolonged effects on the Fund's performance.

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

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

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

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

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

***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.

***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 investments*** – 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 investments 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 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 BNY Mellon Center, 201 Washington Street, Boston, MA 02108, 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' semiannual report to shareholders, which will cover the period ending April 30, 2023.

**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, 2022, 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 Bond Index Fund | 0.12% |
| Nationwide International Index Fund | 0.21% |
| Nationwide Mid Cap Market Index Fund | 0.19% |
| Nationwide NYSE Arca Tech 100 Index <br> Fund<br>| 0.22% |
| Nationwide S&P 500 Index Fund | 0.13% |
| Nationwide Small Cap Index Fund | 0.10% |

---

**Portfolio Management**

**Nationwide Bond Index Fund** 

The Fund is managed by BlackRock's Americas Index Fixed Income Team and is led by James Mauro, Managing Director and Head of San Francisco Portfolio Management, and Karen Uyehara, Managing Director and Deputy Head of San Francisco Portfolio Management, who are responsible for the investment management functions of BlackRock's North America-based fixed income index strategies.

Mr. Mauro is a Managing Director and the Head of San Francisco Portfolio Management of BlackRock, which he joined in 2010.

Ms. Uyehara is a Managing Director and the Deputy Head of San Francisco Portfolio Management of BlackRock, which she joined in 2010.

**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 and Paul Whitehead. 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 Head of the iShares Emerging Markets Funds. Her service with the firm dates back to 2006.

Mr. Sietsema is a Director and Senior Portfolio Manager within BlackRock's ETF and Index Investments ("EII") group. He is the Head of Sub-Advised, US Institutional, and Canada/LatAm ETF Portfolio management. His service with the firm dates back to 2007.

Mr. Whitehead is a Managing Director and Co-Head of Index Equity. His service with the firm dates back to 1996.

**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.

------

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

Ms. Smith is a Director and Head of Equity Index Portfolio Management. She has been employed by Mellon since 1995.

Mr. France is a Vice President, Senior Portfolio Manager of Equity Index Portfolio Management. He has been employed by Mellon since 2009.

Mr. Frysinger is a Vice President, Senior Portfolio Manager of Equity Index Portfolio Management. He has been employed by Mellon since 2007.

Ms. Sheremeta is a Vice President, Senior Portfolio Manager of Equity Index Portfolio Management. She has been employed by Mellon since 2011.

Mr. Stoll is a 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;•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;&nbsp;&nbsp;&nbsp;&nbsp;

&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** 

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

• which share classes are available to you;

• how long you expect to own your shares;

• 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 offer several different share classes, each with different price and cost features. Class A and Class C 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 or Class C 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%. Class A shares may be most appropriate for investors who want lower fund expenses or those who qualify for reduced front-end sales charges or a waiver of sales charges.

**Front-End Sales Charges for Class A Shares for all Funds (except Nationwide Bond Index 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% | 6.10% | 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 |  |  | 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% | 2.30% | 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 |  |  | 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;

------

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

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

&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 or Class C 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 ($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

------

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

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 (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 and Class C 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.

**Class C Shares** 

Class C shares may be appropriate if you are uncertain how long you will hold your shares. If you redeem your Class C shares within the first year after purchase, you must pay a CDSC as shown in the Fund's applicable expense table. Purchases of Class C shares are limited to a maximum amount of $1 million (calculated based on one-year holding period), and larger investments may be rejected. No CDSC

applies to Class C shares that you buy through reinvestment of Fund dividends or capital gains.

**Calculation of CDSC for Class C Shares** 

For Class C shares, the 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 that you pay. See "Waiver of Contingent Deferred Sales Charges—Class A and Class C Shares" below for a list of situations where a CDSC is not charged.

**Waiver of Contingent Deferred Sales Charges Class A and Class C Shares** 

The CDSC is waived on:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•mandatory withdrawals of Class A or Class C 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 and

&nbsp;&nbsp;&nbsp;&nbsp;•redemptions of Class C shares from retirement plans offered by broker-dealers or retirement plan administrators that maintain an agreement with the Funds or the Distributor.

If a CDSC is charged when you redeem your Class C shares, and you then reinvest the proceeds in Class C shares within 30 days, shares equal to the amount of the CDSC are re-deposited into your new account.

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.

**Conversion of Class C Shares** 

Class C shares automatically convert, at no charge, to Class A shares of the same Fund 8 years after purchase, provided that the Trust or the financial intermediary with whom the shares are held has records verifying that the Class C shares have been held for at least 8 years. These conversions will occur during the month immediately following the month in which the 8-year anniversary of the purchase occurs. Due to operational limitations at certain financial intermediaries, your ability to have your Class C

------

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

shares automatically converted to Class A shares may be limited. Class C shares that are purchased via reinvestment of dividends and distributions will convert on a pro-rata basis at the same time as the Class C shares on which such dividends and distributions are paid. Because the share price of Class A shares is usually higher than that of Class C shares, you may receive fewer Class A shares than the number of Class C shares converted; however, the total dollar value will be the same. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a different conversion schedule, as described in Appendix A to this Prospectus.

**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;

• 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;

• clients of investment advisory fee-based wrap programs;

&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

------

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

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 C, 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 C,

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 C shares | 1.00% (0.25% of which may be a <br> service fee)<br>|
| 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 C, 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 C, 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 C, 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 C, Class R and Institutional Service Class shares: 0.18%, 0.06%, 0.25% and 0.25%, respectively.

**Nationwide International Index Fund** Class A, Class C, Class R and Institutional Service Class shares: 0.15%, 0.21%, 0.25% and 0.24%, respectively.

**Nationwide Mid Cap Market Index Fund** Class A, Class C, Class R and Institutional Service Class shares: 0.17%, 0.11%, 0.21% and 0.22%, respectively.

**Nationwide NYSE Arca Tech 100 Index Fund** Class A, Class C and Institutional Service Class shares: 0.09%, 0.08% and 0.12%, respectively.

**Nationwide S&P 500 Index Fund** Class A, Class C, Class R, Institutional Service Class and Service Class shares: 0.14%, 0.04%, 0.25%, 0.25% and 0.25%, respectively.

**Nationwide Small Cap Index Fund** Class A, Class C, Class R and Institutional Service Class shares: 0.17%, 0.12%, 0.23% and 0.25%, respectively.

------

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

Because these fees are paid out of a Fund's Class A, Class C, 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 Funds Group" or "NFG") 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 NFG'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 NFG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NFG.

In addition to the revenue sharing payments described above, NFG 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.

***By Regular Mail*** Nationwide Funds, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

***By Overnight Mail*** Nationwide Funds, 615 East Michigan

Street, Third Floor, Milwaukee, Wisconsin 53202.

------

**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 lnstitutional 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 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 an independent 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 equity 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 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 and Class C Shares** | **Class A Shares and Class C 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. |

---

**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

&nbsp;&nbsp;&nbsp;&nbsp;•you purchase the same class of shares. For example, you may exchange between Class A shares of any Nationwide Fund, but may not exchange between Class A shares and Class C 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 or Class C 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

------

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

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

&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 or Class C shares subject to a sales charge while redeeming shares using this program. An automatic withdrawal plan for Class A and Class C 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;&nbsp;&nbsp;&nbsp;&nbsp;

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

&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.

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:

------

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

**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 Funds 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 intends to elect and 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 Trust's annual reports, which are available upon request.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE BOND INDEX 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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.37 | 0.20 | 0.39 | 0.59 | (0.22) |  | (0.22) | 11.74 | 5.23% | 252916 | 0.65% | 1.68% | 0.67% | 144.76% |
| 10/31/2019 | 10.51 | 0.25 | 0.87 | 1.12 | (0.26) |  | (0.26) | 11.37 | 10.75% | 226260 | 0.66% | 2.24% | 0.67% | 98.29% |
| 10/31/2018 | 11.04 | 0.22 | (0.51) | (0.29) | (0.24) |  | (0.24) | 10.51 | (2.68)% | 188895 | 0.67% | 2.08% | 0.67% | 163.27% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 11.43 | 0.11 | (1.98) | (1.87) | (0.13) | (0.17) | (0.30) | 9.26 | (16.71)% | 399 | 1.28% | 1.05% | 1.34% | 66.27% |
| 10/31/2021 | 11.74 | 0.07 | (0.27) | (0.20) | (0.11) |  | (0.11) | 11.43 | (1.74)% | 818 | 1.33% | 0.63% | 1.35% | 151.19% |
| 10/31/2020 | 11.37 | 0.12 | 0.39 | 0.51 | (0.14) |  | (0.14) | 11.74 | 4.52% | 1183 | 1.33% | 0.99% | 1.35% | 144.76% |
| 10/31/2019 | 10.50 | 0.17 | 0.88 | 1.05 | (0.18) |  | (0.18) | 11.37 | 10.11% | 1038 | 1.34% | 1.55% | 1.36% | 98.29% |
| 10/31/2018 | 11.04 | 0.15 | (0.53) | (0.38) | (0.16) |  | (0.16) | 10.50 | (3.43)% | 1149 | 1.35% | 1.38% | 1.35% | 163.27% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.35 | 0.25 | 0.39 | 0.64 | (0.27) |  | (0.27) | 11.72 | 5.69% | 733795 | 0.23% | 2.11% | 0.25% | 144.76% |
| 10/31/2019 | 10.48 | 0.29 | 0.88 | 1.17 | (0.30) |  | (0.30) | 11.35 | 11.34% | 629550 | 0.24% | 2.66% | 0.26% | 98.29% |
| 10/31/2018 | 11.02 | 0.27 | (0.53) | (0.26) | (0.28) |  | (0.28) | 10.48 | (2.38)% | 580462 | 0.26% | 2.48% | 0.26% | 163.27% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.35 | 0.22 | 0.38 | 0.60 | (0.24) |  | (0.24) | 11.71 | 5.33% | 9072 | 0.48% | 1.85% | 0.50% | 144.76% |
| 10/31/2019 | 10.48 | 0.26 | 0.89 | 1.15 | (0.28) |  | (0.28) | 11.35 | 11.06% | 7394 | 0.49% | 2.40% | 0.51% | 98.29% |
| 10/31/2018 | 11.02 | 0.25 | (0.53) | (0.28) | (0.26) |  | (0.26) | 10.48 | (2.59)% | 3157 | 0.50% | 2.31% | 0.50% | 163.27% |

---

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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(</sup>**f)** <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 7.85 | 0.13 | (0.65) | (0.52) | (0.13) | (0.11) | (0.24) | 7.09 | (6.93)% | 166664 | 0.75% | 1.75% | 0.75% | 6.80% |
| 10/31/2019 | 7.57 | 0.20 | 0.54 | 0.74 | (0.29) | (0.17) | (0.46) | 7.85 | 10.47% | 191579 | 0.74% | 2.65% | 0.74% | 3.75% |
| 10/31/2018 | 8.72 | 0.20 | (0.82) | (0.62) | (0.22) | (0.31) | (0.53) | 7.57 | (7.62)% | 198584 | 0.71% | 2.39% | 0.71% | 9.38% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 8.60 | 0.12 | (2.12) | (2.00) | (0.33) |  | (0.33) | 6.27 | (24.02)% | 1504 | 1.51% | 1.61% | 1.54% | 10.02% |
| 10/31/2021 | 6.58 | 0.11 | 2.00 | 2.11 | (0.09) |  | (0.09) | 8.60 | 32.20% | 3089 | 1.50% | 1.31% | 1.50% | 25.24% |
| 10/31/2020 | 7.32 | 0.07 | (0.61) | (0.54) | (0.09) | (0.11) | (0.20) | 6.58 | (7.67)% | 3059 | 1.43% | 1.09% | 1.43% | 6.80% |
| 10/31/2019 | 7.08 | 0.14 | 0.50 | 0.64 | (0.23) | (0.17) | (0.40) | 7.32 | 9.75% | 2889 | 1.42% | 1.97% | 1.42% | 3.75% |
| 10/31/2018 | 8.21 | 0.13 | (0.75) | (0.62) | (0.20) | (0.31) | (0.51) | 7.08 | (8.18)% | 3880 | 1.38% | 1.70% | 1.38% | 9.38% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 7.84 | 0.11 | (0.67) | (0.56) | (0.11) | (0.11) | (0.22) | 7.06 | (7.37)% | 21325 | 1.05% | 1.51% | 1.05% | 6.80% |
| 10/31/2019 | 7.55 | 0.18 | 0.54 | 0.72 | (0.26) | (0.17) | (0.43) | 7.84 | 10.29% | 10553 | 1.04% | 2.34% | 1.04% | 3.75% |
| 10/31/2018 | 8.71 | 0.18 | (0.82) | (0.64) | (0.21) | (0.31) | (0.52) | 7.55 | (7.88)% | 7414 | 1.02% | 2.11% | 1.02% | 9.38% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 7.90 | 0.16 | (0.65) | (0.49) | (0.16) | (0.11) | (0.27) | 7.14 | (6.51)% | 910956 | 0.33% | 2.18% | 0.33% | 6.80% |
| 10/31/2019 | 7.62 | 0.23 | 0.55 | 0.78 | (0.33) | (0.17) | (0.50) | 7.90 | 11.02% | 1128271 | 0.32% | 3.02% | 0.32% | 3.75% |
| 10/31/2018 | 8.76 | 0.23 | (0.81) | (0.58) | (0.25) | (0.31) | (0.56) | 7.62 | (7.22)% | 1234310 | 0.31% | 2.74% | 0.31% | 9.38% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 7.89 | 0.15 | (0.65) | (0.50) | (0.15) | (0.11) | (0.26) | 7.13 | (6.68)% | 6680 | 0.49% | 2.04% | 0.49% | 6.80% |
| 10/31/2019 | 7.61 | 0.22 | 0.54 | 0.76 | (0.31) | (0.17) | (0.48) | 7.89 | 10.78% | 7532 | 0.49% | 2.96% | 0.49% | 3.75% |
| 10/31/2018 | 8.76 | 0.22 | (0.82) | (0.60) | (0.24) | (0.31) | (0.55) | 7.61 | (7.40)% | 6111 | 0.47% | 2.61% | 0.47% | 9.38% |

---

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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income**<br> **(Loss) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 15.21 | 0.12 | (0.37) | (0.25) | (0.15) | (0.64) | (0.79) | 14.17 | (1.91)% | 212219 | 0.67% | 0.88% | 0.68% | 18.95% |
| 10/31/2019 | 17.09 | 0.15 | 0.81 | 0.96 | (0.21) | (2.63) | (2.84) | 15.21 | 8.25% | 273121 | 0.67% | 1.00% | 0.68% | 16.22%<sup>(g)</sup> |
| 10/31/2018 | 19.31 | 0.17 | (0.01) | 0.16 | (0.19) | (2.19) | (2.38) | 17.09 | 0.38% | 289155 | 0.67% | 0.95% | 0.68% | 21.84% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 18.12 | 0.02 | (2.06) | (2.04) | (0.08) | (2.18) | (2.26) | 13.82 | (12.70)% | 7686 | 1.37% | 0.15% | 1.38% | 15.40% |
| 10/31/2021 | 12.69 |  | 5.88 | 5.88 | (0.04) | (0.41) | (0.45) | 18.12 | 47.06% | 10717 | 1.34% | (0.02)% | 1.35% | 15.98% |
| 10/31/2020 | 13.73 | 0.03 | (0.35) | (0.32) | (0.08) | (0.64) | (0.72) | 12.69 | (2.65)% | 9267 | 1.36% | 0.21% | 1.37% | 18.95% |
| 10/31/2019 | 15.74 | 0.04 | 0.72 | 0.76 | (0.14) | (2.63) | (2.77) | 13.73 | 7.55% | 15301 | 1.36% | 0.33% | 1.37% | 16.22%<sup>(g)</sup> |
| 10/31/2018 | 17.99 | 0.04 | 0.01 | 0.05 | (0.11) | (2.19) | (2.30) | 15.74 | (0.28)% | 19195 | 1.35% | 0.26% | 1.36% | 21.84% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 14.95 | 0.08 | (0.37) | (0.29) | (0.11) | (0.64) | (0.75) | 13.91 | (2.23)% | 14720 | 0.99% | 0.58% | 1.00% | 18.95% |
| 10/31/2019 | 16.85 | 0.10 | 0.80 | 0.90 | (0.17) | (2.63) | (2.80) | 14.95 | 7.96% | 20786 | 0.99% | 0.69% | 1.00% | 16.22%<sup>(g)</sup> |
| 10/31/2018 | 19.09 | 0.12 | (0.02) | 0.10 | (0.15) | (2.19) | (2.34) | 16.85 | 0.03% | 24649 | 0.97% | 0.64% | 0.98% | 21.84% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 15.53 | 0.18 | (0.38) | (0.20) | (0.21) | (0.64) | (0.85) | 14.48 | (1.52)% | 455058 | 0.27% | 1.28% | 0.28% | 18.95% |
| 10/31/2019 | 17.38 | 0.22 | 0.83 | 1.05 | (0.27) | (2.63) | (2.90) | 15.53 | 8.74% | 511165 | 0.27% | 1.41% | 0.28% | 16.22%<sup>(g)</sup> |
| 10/31/2018 | 19.60 | 0.25 | (0.01) | 0.24 | (0.27) | (2.19) | (2.46) | 17.38 | 0.78% | 885017 | 0.26% | 1.36% | 0.27% | 21.84% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 15.52 | 0.16 | (0.38) | (0.22) | (0.19) | (0.64) | (0.83) | 14.47 | (1.68)% | 12763 | 0.42% | 1.14% | 0.43% | 18.95% |
| 10/31/2019 | 17.37 | 0.18 | 0.83 | 1.01 | (0.23) | (2.63) | (2.86) | 15.52 | 8.48% | 16190 | 0.48% | 1.19% | 0.49% | 16.22%<sup>(g)</sup> |
| 10/31/2018 | 19.59 | 0.20 |  | 0.20 | (0.23) | (2.19) | (2.42) | 17.37 | 0.58% | 22233 | 0.48% | 1.10% | 0.49% | 21.84% |

---

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) 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.

------

**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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income**<br> **(Loss) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 93.06 | 0.65 | 12.46 | 13.11 | (0.59) | (1.31) | (1.90) | 104.27 | 14.23% | 324798 | 0.70% | 0.66% | 0.70% | 4.82% |
| 10/31/2019 | 81.72 | 0.71 | 13.02 | 13.73 | (0.65) | (1.74) | (2.39) | 93.06 | 17.34% | 339453 | 0.71% | 0.82% | 0.71% | 19.57% |
| 10/31/2018 | 78.46 | 0.48 | 5.83 | 6.31 | (0.40) | (2.65) | (3.05) | 81.72 | 8.22% | 304905 | 0.74% | 0.57% | 0.74% | 17.24% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 121.01 | (0.17) | (22.37) | (22.54) | (0.05) | (11.28) | (11.33) | 87.14 | (20.67)% | 49656 | 1.39% | (0.17)% | 1.39% | 4.64% |
| 10/31/2021 | 91.70 | (0.43) | 35.05 | 34.62 | (0.10) | (5.21) | (5.31) | 121.01 | 38.93% | 74423 | 1.36% | (0.39)% | 1.36% | 5.39% |
| 10/31/2020 | 82.29 | (0.06) | 11.00 | 10.94 | (0.22) | (1.31) | (1.53) | 91.70 | 13.42% | 62331 | 1.42% | (0.07)% | 1.42% | 4.82% |
| 10/31/2019 | 72.68 | 0.05 | 11.52 | 11.57 | (0.22) | (1.74) | (1.96) | 82.29 | 16.46% | 64137 | 1.46% | 0.07% | 1.46% | 19.57% |
| 10/31/2018 | 70.31 | (0.12) | 5.21 | 5.09 | (0.07) | (2.65) | (2.72) | 72.68 | 7.44% | 59925 | 1.46% | (0.16)% | 1.46% | 17.24% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 94.03 | 0.99 | 12.59 | 13.58 | (0.94) | (1.31) | (2.25) | 105.36 | 14.63% | 23808 | 0.35% | 0.99% | 0.35% | 4.82% |
| 10/31/2019 | 82.54 | 1.01 | 13.16 | 14.17 | (0.94) | (1.74) | (2.68) | 94.03 | 17.74% | 19103 | 0.37% | 1.15% | 0.37% | 19.57% |
| 10/31/2018 | 79.18 | 0.77 | 5.88 | 6.65 | (0.64) | (2.65) | (3.29) | 82.54 | 8.59% | 15336 | 0.39% | 0.90% | 0.39% | 17.24% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 94.04 | 0.88 | 12.59 | 13.47 | (0.81) | (1.31) | (2.12) | 105.39 | 14.49% | 225683 | 0.48% | 0.88% | 0.48% | 4.82% |
| 10/31/2019 | 82.56 | 0.90 | 13.17 | 14.07 | (0.85) | (1.74) | (2.59) | 94.04 | 17.60% | 255111 | 0.49% | 1.02% | 0.49% | 19.57% |
| 10/31/2018 | 79.20 | 0.67 | 5.89 | 6.56 | (0.55) | (2.65) | (3.20) | 82.56 | 8.47% | 188241 | 0.50% | 0.79% | 0.50% | 17.24% |

---

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) 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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 145028 | 0.60% | 0.88% | 0.60% | 5.58% |
| 10/31/2020 | 15.78 | 0.20 | 1.19 | 1.39 | (0.25) | (0.70) | (0.95) | 16.22 | 9.08%<sup>(f)</sup> | 124885 | 0.64% | 1.27% | 0.64% | 2.79% |
| 10/31/2019 | 16.28 | 0.26 | 1.51 | 1.77 | (0.27) | (2.00) | (2.27) | 15.78 | 13.64% | 131343 | 0.64% | 1.75% | 0.64% | 4.25%<sup>(g)</sup> |
| 10/31/2018 | 16.29 | 0.22 | 0.85 | 1.07 | (0.25) | (0.83) | (1.08) | 16.28 | 6.67% | 132086 | 0.59% | 1.33% | 0.59% | 9.63% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 22.17 | 0.06 | (3.37) | (3.31) | (0.07) | (0.94) | (1.01) | 17.85 | (15.64)% | 42910 | 1.23% | 0.30% | 1.23% | 4.17% |
| 10/31/2021 | 15.76 | 0.04 | 6.44 | 6.48 | (0.07) |  | (0.07) | 22.17 | 41.23% | 57226 | 1.25% | 0.22% | 1.25% | 5.58% |
| 10/31/2020 | 15.36 | 0.10 | 1.16 | 1.26 | (0.16) | (0.70) | (0.86) | 15.76 | 8.36% | 46181 | 1.27% | 0.65% | 1.27% | 2.79% |
| 10/31/2019 | 15.92 | 0.17 | 1.45 | 1.62 | (0.18) | (2.00) | (2.18) | 15.36 | 12.85% | 51803 | 1.27% | 1.14% | 1.27% | 4.25%<sup>(g)</sup> |
| 10/31/2018 | 15.95 | 0.11 | 0.84 | 0.95 | (0.15) | (0.83) | (0.98) | 15.92 | 6.04% | 46120 | 1.24% | 0.68% | 1.24% | 9.63% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 15.71 | 0.15 | 1.19 | 1.34 | (0.21) | (0.70) | (0.91) | 16.14 | 8.72% | 116748 | 0.94% | 0.94% | 0.94% | 2.79% |
| 10/31/2019 | 16.23 | 0.24 | 1.49 | 1.73 | (0.25) | (2.00) | (2.25) | 15.71 | 13.40% | 92128 | 0.84% | 1.59% | 0.84% | 4.25%<sup>(g)</sup> |
| 10/31/2018 | 16.24 | 0.19 | 0.86 | 1.05 | (0.23) | (0.83) | (1.06) | 16.23 | 6.53% | 71548 | 0.76% | 1.16% | 0.76% | 9.63% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 15.94 | 0.27 | 1.20 | 1.47 | (0.32) | (0.70) | (1.02) | 16.39 | 9.53% | 203736 | 0.20% | 1.70% | 0.20% | 2.79% |
| 10/31/2019 | 16.43 | 0.34 | 1.51 | 1.85 | (0.34) | (2.00) | (2.34) | 15.94 | 14.09% | 168300 | 0.19% | 2.29% | 0.19% | 4.25%<sup>(g)</sup> |
| 10/31/2018 | 16.42 | 0.29 | 0.87 | 1.16 | (0.32) | (0.83) | (1.15) | 16.43 | 7.19% | 2047162 | 0.17% | 1.76% | 0.17% | 9.63% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 15.89 | 0.23 | 1.20 | 1.43 | (0.28) | (0.70) | (0.98) | 16.34 | 9.28% | 359249 | 0.45% | 1.46% | 0.45% | 2.79% |
| 10/31/2019 | 16.38 | 0.30 | 1.51 | 1.81 | (0.30) | (2.00) | (2.30) | 15.89 | 13.84% | 372474 | 0.45% | 1.96% | 0.45% | 4.25%<sup>(g)</sup> |
| 10/31/2018 | 16.38 | 0.25 | 0.86 | 1.11 | (0.28) | (0.83) | (1.11) | 16.38 | 6.88% | 329181 | 0.42% | 1.51% | 0.42% | 9.63% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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> | 280550 | 0.59% | 0.88% | 0.59% | 5.58% |
| 10/31/2020 | 15.80 | 0.21 | 1.18 | 1.39 | (0.26) | (0.70) | (0.96) | 16.23 | 9.04%<sup>(f)</sup> | 230025 | 0.60% | 1.31% | 0.60% | 2.79% |
| 10/31/2019 | 16.30 | 0.27 | 1.50 | 1.77 | (0.27) | (2.00) | (2.27) | 15.80 | 13.68% | 254151 | 0.60% | 1.79% | 0.60% | 4.25%<sup>(g)</sup> |
| 10/31/2018 | 16.30 | 0.23 | 0.86 | 1.09 | (0.26) | (0.83) | (1.09) | 16.30 | 6.75% | 271668 | 0.57% | 1.37% | 0.57% | 9.63% |

---

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.

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

------

**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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net Investment**<br> **Income**<br> **(Loss) to**<br> **Average Net Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.76 | 0.06 | (0.05) | 0.01 | (0.07) | (0.64) | (0.71) | 9.06 | (0.36)% | 127384 | 0.70% | 0.72% | 0.74% | 15.29% |
| 10/31/2019 | 13.58 | 0.08 | (0.03)<sup>(g)</sup> | 0.05 | (0.11) | (3.76) | (3.87) | 9.76 | 4.35% | 153310 | 0.70% | 0.82% | 0.75% | 17.17%<sup>(h)</sup> |
| 10/31/2018 | 15.79 | 0.11 | 0.14 | 0.25 | (0.12) | (2.34) | (2.46) | 13.58 | 1.30% | 217457 | 0.70% | 0.72% | 0.72% | 26.86% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 12.26 | 0.01 | (2.27) | (2.26) | (0.03) | (0.79) | (0.82) | 9.18 | (19.49)% | 3386 | 1.38% | 0.07% | 1.47% | 17.43% |
| 10/31/2021 | 8.27 | (0.04) | 4.06 | 4.02 | (0.03) |  | (0.03) | 12.26 | 48.61% | 4550 | 1.40% | (0.34)% | 1.44% | 19.96% |
| 10/31/2020 | 8.99 |  | (0.05) | (0.05) | (0.03) | (0.64) | (0.67) | 8.27 | (1.05)% | 3685 | 1.40% | 0.04% | 1.44% | 15.29% |
| 10/31/2019 | 12.86 | 0.01 | (0.06)<sup>(g)</sup> | (0.05) | (0.06) | (3.76) | (3.82) | 8.99 | 3.60% | 5532 | 1.37% | 0.15% | 1.42% | 17.17%<sup>(h)</sup> |
| 10/31/2018 | 15.10 | 0.01 | 0.15 | 0.16 | (0.06) | (2.34) | (2.40) | 12.86 | 0.68% | 7242 | 1.38% | 0.06% | 1.41% | 26.86% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.59 | 0.03 | (0.06) | (0.03) | (0.05) | (0.64) | (0.69) | 8.87 | (0.79)% | 15382 | 1.01% | 0.40% | 1.05% | 15.29% |
| 10/31/2019 | 13.42 | 0.05 | (0.03)<sup>(g)</sup> | 0.02 | (0.09) | (3.76) | (3.85) | 9.59 | 4.11% | 14664 | 1.01% | 0.50% | 1.05% | 17.17%<sup>(h)</sup> |
| 10/31/2018 | 15.64 | 0.06 | 0.15 | 0.21 | (0.09) | (2.34) | (2.43) | 13.42 | 0.99% | 11587 | 1.00% | 0.42% | 1.03% | 26.86% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.05 | 0.10 | (0.06) | 0.04 | (0.10) | (0.64) | (0.74) | 9.35 | 0.04% | 64779 | 0.28% | 1.14% | 0.32% | 15.29% |
| 10/31/2019 | 13.87 | 0.13 | (0.04)<sup>(g)</sup> | 0.09 | (0.15) | (3.76) | (3.91) | 10.05 | 4.76% | 69935 | 0.28% | 1.26% | 0.33% | 17.17%<sup>(h)</sup> |
| 10/31/2018 | 16.06 | 0.18 | 0.15 | 0.33 | (0.18) | (2.34) | (2.52) | 13.87 | 1.79% | 188961 | 0.28% | 1.19% | 0.30% | 26.86% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.04 | 0.08 | (0.06) | 0.02 | (0.08) | (0.64) | (0.72) | 9.34 | (0.22)% | 6288 | 0.53% | 0.88% | 0.57% | 15.29% |
| 10/31/2019 | 13.85 | 0.10 | (0.03)<sup>(g)</sup> | 0.07 | (0.12) | (3.76) | (3.88) | 10.04 | 4.53% | 5679 | 0.53% | 0.99% | 0.58% | 17.17%<sup>(h)</sup> |
| 10/31/2018 | 16.06 | 0.13 | 0.16 | 0.29 | (0.16) | (2.34) | (2.50) | 13.85 | 1.49% | 7034 | 0.50% | 0.86% | 0.53% | 26.86% |

---

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) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement on Operations due to share transactions for the period.

(h) Portfolio turnover excludes securities received or delivered in-kind.

------

**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 40 of this Prospectus for more information on sales charges and waivers available for Class A and Class C 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 Lynch")** 

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

Shareholders who are customers of Merrill Lynch purchasing Fund shares through a Merrill Lynch 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:

&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;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased through a Merrill Lynch-affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;•shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by third-party investment advisers on behalf of their advisory clients through a Merrill Lynch platform;

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

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

&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 exchanged from Class C shares of the same Fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•employees and registered representatives of Merrill Lynch or its affiliates and their family members;

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

&nbsp;&nbsp;&nbsp;&nbsp;•eligible shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

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

• Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;•Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets and

&nbsp;&nbsp;&nbsp;&nbsp;•Letters of Intent ("Letter of Intent") which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time.

If you purchase Fund shares through a Merrill Lynch platform or account, ROA and Letters of Intent 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 Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA or Letter of Intent calculation only if the shareholder notifies his or her financial advisor about such assets prior to purchase.

**Waivers of Contingent Deferred Sales Charges** 

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

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•shares redeemed following 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;•redemptions that constitute 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 pursuant to the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;•shares sold to pay Merrill Lynch fees, but only if the redemption is initiated by Merrill Lynch;

• shares acquired through a Right of Reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;•the redemption of shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to the transfer to a fee-based account or platform and

&nbsp;&nbsp;&nbsp;&nbsp;•shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**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;

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Morgan Stanley Wealth Management's share class conversion program 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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the Class C shares are no longer subject to a CDSC and the conversion is in accordance with the policies and procedures of Raymond James.

**CDSC Waivers on either Class A or Class C 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

------

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

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

&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 will be eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which may differ from those stated in this Prospectus or the SAI. 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;•employees of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the employee. This waiver will continue for the remainder of the employee's life if the employee 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 in the same share class and the

same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account;

&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 and

&nbsp;&nbsp;&nbsp;&nbsp;•exchanges from Class C shares to Class A shares of the same Fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

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

• Breakpoints 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 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

------

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

Jones are not adjusted under the LOI 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 either Class A or Class C 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 will be 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 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 Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

• 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

• 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 change a share class to Class A shares of the same fund at NAV.

**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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**CDSC Waivers on either Class A or Class C 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

------

**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;•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 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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO;

&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 either Class A or Class C 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;

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus and

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

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

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

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

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

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

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

------

**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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird; 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 or Class C shares available at Baird** 

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

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus;

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

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

------

**For Additional Information Contact:** 

**By Regular Mail**

Nationwide Funds

P.O. Box 701

Milwaukee, WI 53201-0701

**By Overnight Mail**

Nationwide Funds

615 East Michigan Street, Third Floor

Milwaukee, WI 53202

**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. 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.©2023 Nationwide Funds Group PR-IDX (2/23)

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Investor Destinations Funds

Prospectus February 28, 2023

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

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| |
|:---|
| **Nationwide Investor Destinations Aggressive Fund** |
| Class A (NDAAX) / Class C (NDACX) / 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 C (NDMCX) / 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 C (NCDMX) / 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 C (NCDCX) / 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 C (NDCCX) / Class R (GCFRX)<br> Class R6 (GIMCX) / Institutional Service Class (NWWLX)<br> Service Class (NDCSX)<br>|

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**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**![](g459282img6d04f1451.gif)

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**Table of Contents**

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| | |
|:---|:---|
| **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) |
| **34** | **[Risks of Investing in the Funds](#xx_40e3096e-cb64-4e5d-9009-555bcc7f5bbb_1)** |
| **42** | **[Fund Management](#xx_ad6bca29-fa77-4afb-aac6-55610b17047c_1)** |
| **44** | **[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_5) |
|  | [Revenue Sharing](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_5) |
|  | [Contacting Nationwide Funds](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_6) |
|  | [Fund Transactions](#xx_85748ae8-5cce-4af8-898e-2f4463a07a14_7) |
|  | [Buying Shares](#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) |
| **56** | **[Distributions and Taxes](#xx_9f5c6714-4aab-46aa-8f00-3c77df18f86c_1)** |
| **59** | **[Additional Information](#xx_72f4c42d-baa2-49c4-a032-af50e001f951_1)** |
| **60** | **[Financial Highlights](#xx_a7da023d-be91-4546-ad2f-7eea60da62fd_1)** |
| **66** | **[Appendix A](#xx_14e3cfc3-30bc-4995-a943-22963e6e914b_1)** |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_14e3cfc3-30bc-4995-a943-22963e6e914b_1) |
| **72** | **[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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class 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 <br> offering price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale <br> price, whichever is less)<br>|  | 1.00% |  |  |  |  |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class 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% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.15% | 0.11% | 0.21% | 0.06% | 0.19% | 0.21% |
| Acquired Fund Fees and Expenses | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
| **Total Annual Fund Operating Expenses** | 0.84% | 1.55% | 1.15% | 0.50% | 0.63% | 0.90% |

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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 | $656 | $828 | $1014 | $1553 |
| Class C Shares | 258 | 490 | 845 | 1845 |
| Class R Shares | 117 | 365 | 633 | 1398 |
| Class R6 Shares | 51 | 160 | 280 | 628 |
| Institutional Service <br> Class Shares<br>| 64 | 202 | 351 | 786 |
| Service Class Shares | 92 | 287 | 498 | 1108 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $158 | $490 | $845 | $1845 |

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**Fund Summary:** Nationwide Investor Destinations Aggressive 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 34.31% 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 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 affiliated or 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 "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. The Fund also invests in many Underlying Funds that are not index funds. 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, 2023, the Fund allocated approximately 67% of its net assets in U.S. stocks, and approximately 28% in international stocks. 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. 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

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**Fund Summary:** Nationwide Investor Destinations Aggressive Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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.

*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.

*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.

*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 the 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 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,)**

![](g459282img1fa691812.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.56%** | 2Q 2020 |
| **Lowest Quarter:** | **-24.64%** | 1Q 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.

The inception date for Institutional Service Class shares is March 3, 2014. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Service Class shares. Performance for Institutional Service Class shares has not been adjusted to reflect a lower level of expenses than those that apply to Service Class shares.

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**Fund Summary:** Nationwide Investor Destinations Aggressive Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -23.03% | 2.96% | 6.99% |
| Class A Shares– After Taxes on <br> Distributions<br>| -23.67% | 0.72% | 4.77% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.16% | 1.84% | 5.13% |
| Class C Shares– Before Taxes | -19.74% | 3.42% | 6.84% |
| Class R Shares– Before Taxes | -18.60% | 3.87% | 7.29% |
| Class R6 Shares– Before Taxes | -18.13% | 4.53% | 7.99% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -18.21% | 4.42% | 7.84% |
| Service Class Shares– Before Taxes | -18.42% | 4.14% | 7.57% |
| Morningstar® Aggressive Target Risk <br> Index (The Index does not pay sales <br> charges, fees, expenses or taxes.)<br>| -15.94% | 5.25% | 8.38% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

---

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

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

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

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

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**Tax Information** 

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

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

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

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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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class 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 <br> offering price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale <br> price, whichever is less)<br>|  | 1.00% |  |  |  |  |

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<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% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.14% | 0.09% | 0.21% | 0.05% | 0.10% | 0.20% |
| Acquired Fund Fees and Expenses | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| **Total Annual Fund Operating Expenses** | 0.84% | 1.54% | 1.16% | 0.50% | 0.55% | 0.90% |

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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 | $656 | $828 | $1014 | $1553 |
| Class C Shares | 257 | 486 | 839 | 1834 |
| Class R Shares | 118 | 368 | 638 | 1409 |
| Class R6 Shares | 51 | 160 | 280 | 628 |
| Institutional Service <br> Class Shares<br>| 56 | 176 | 307 | 689 |
| Service Class Shares | 92 | 287 | 498 | 1108 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $157 | $486 | $839 | $1834 |

---

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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive 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 37.04% 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 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 affiliated or 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 "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. The Fund also invests in many Underlying Funds that are not index funds. 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, 2023, the Fund allocated approximately 57% of its net assets in U.S. stocks,

approximately 23% 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. 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 Aggressive 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

***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 has begun to raise interest rates after a period of historic lows. 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

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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive Fund *(cont.)*

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 fixed-income 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.

*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.

*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.

*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 the 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 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,)**

![](g459282img9c8118aa3.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **18.46%** | 2Q 2020 |
| **Lowest Quarter:** | **-21.64%** | 1Q 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.

The inception date for Institutional Service Class shares is March 3, 2014. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Service Class shares. Performance for Institutional Service Class shares has not been adjusted to reflect a lower level of expenses than those that apply to Service Class shares.

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**Fund Summary:** Nationwide Investor Destinations Moderately Aggressive Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -22.49% | 2.60% | 6.14% |
| Class A Shares– After Taxes on <br> Distributions<br>| -23.23% | 0.36% | 3.98% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -12.87% | 1.53% | 4.41% |
| Class C Shares– Before Taxes | -19.14% | 3.09% | 6.02% |
| Class R Shares– Before Taxes | -18.07% | 3.48% | 6.44% |
| Class R6 Shares– Before Taxes | -17.60% | 4.15% | 7.14% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -17.60% | 4.08% | 7.01% |
| Service Class Shares– Before Taxes | -17.90% | 3.73% | 6.71% |
| Morningstar® Moderately Aggressive <br> Target Risk Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| -15.49% | 4.64% | 7.31% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

---

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

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

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

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

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**Tax Information** 

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

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

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

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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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class 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 <br> offering price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale <br> price, whichever is less)<br>|  | 1.00% |  |  |  |  |

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<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% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.15% | 0.10% | 0.21% | 0.06% | 0.12% | 0.21% |
| Acquired Fund Fees and Expenses | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
| **Total Annual Fund Operating Expenses** | 0.84% | 1.54% | 1.15% | 0.50% | 0.56% | 0.90% |

---

**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 C Shares | 257 | 486 | 839 | 1834 |
| Class R Shares | 117 | 365 | 633 | 1398 |
| Class R6 Shares | 51 | 160 | 280 | 628 |
| Institutional Service <br> Class Shares<br>| 57 | 179 | 313 | 701 |
| Service Class Shares | 92 | 287 | 498 | 1108 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $157 | $486 | $839 | $1834 |

---

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**Fund Summary:** Nationwide Investor Destinations Moderate 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 34.56% 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 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 affiliated or 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 "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. The Fund also invests in many Underlying Funds that are not index funds. 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, 2023, the Fund allocated approximately 45% of its net assets in U.S. stocks, approximately 15% in international stocks and approximately 40% 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. 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

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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.

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

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 fixed-income 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.

*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.

*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.

*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

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

movements of the underlying securities or reference measures, disproportionately increasing an Underlying Fund's losses and reducing the 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 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 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,)**

![](g459282imgad7f79c94.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **14.67%** | 2Q 2020 |
| **Lowest Quarter:** | **-16.97%** | 1Q 2020 |

---

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

The inception date for Institutional Service Class shares is March 3, 2014. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Service Class shares. Performance for Institutional Service Class shares has not been adjusted to reflect a lower level of expenses than those that apply to Service Class shares.

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**Fund Summary:** Nationwide Investor Destinations Moderate Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -21.01% | 1.82% | 4.74% |
| Class A Shares– After Taxes on <br> Distributions<br>| -21.76% | -0.09% | 2.79% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -12.07% | 0.97% | 3.28% |
| Class C Shares– Before Taxes | -17.55% | 2.32% | 4.61% |
| Class R Shares– Before Taxes | -16.43% | 2.72% | 5.04% |
| Class R6 Shares– Before Taxes | -15.80% | 3.42% | 5.73% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -15.87% | 3.33% | 5.60% |
| Service Class Shares– Before Taxes | -16.14% | 3.00% | 5.32% |
| Morningstar® Moderate Target Risk Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| -14.78% | 3.73% | 5.82% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<br>| Since 2017 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class, Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class 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 <br> offering price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale <br> price, whichever is less)<br>|  | 1.00% |  |  |  |  |

---

**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 C<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% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.12% | 0.14% | 0.24% | 0.08% | 0.16% | 0.24% |
| Acquired Fund Fees and Expenses | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| **Total Annual Fund Operating Expenses** | 0.80% | 1.57% | 1.17% | 0.51% | 0.59% | 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $652 | $816 | $994 | $1508 |
| Class C Shares | 260 | 496 | 855 | 1867 |
| Class R Shares | 119 | 372 | 644 | 1420 |
| Class R6 Shares | 52 | 164 | 285 | 640 |
| Institutional Service <br> Class Shares<br>| 60 | 189 | 329 | 738 |
| Service Class Shares | 94 | 293 | 509 | 1131 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $160 | $496 | $855 | $1867 |

---

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative 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 37.80% 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 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 affiliated or 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 "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. The Fund also invests in many Underlying Funds that are not index funds. 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, 2023,

the Fund allocated approximately 60% of its net assets in bonds, approximately 30% in U.S. stocks and approximately 10% 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. 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.

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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 fixed-income 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.

*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.

*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.

*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 the 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 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,)**

![](g459282img2fc4e0225.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **10.82%** | 2Q 2020 |
| **Lowest Quarter:** | **-11.14%** | 1Q 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.

The inception date for Institutional Service Class shares is March 3, 2014. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Service Class shares. Performance for Institutional Service Class shares has not been adjusted to reflect a lower level of expenses than those that apply to Service Class shares.

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**Fund Summary:** Nationwide Investor Destinations Moderately Conservative Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -19.15% | 1.03% | 3.32% |
| Class A Shares– After Taxes on <br> Distributions<br>| -19.86% | -0.45% | 1.74% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -11.12% | 0.39% | 2.17% |
| Class C Shares– Before Taxes | -15.76% | 1.44% | 3.16% |
| Class R Shares– Before Taxes | -14.55% | 1.86% | 3.59% |
| Class R6 Shares– Before Taxes | -14.02% | 2.54% | 4.27% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -14.06% | 2.43% | 4.14% |
| Service Class Shares– Before Taxes | -14.28% | 2.11% | 3.85% |
| Morningstar® Moderately Conservative <br> Target Risk Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| -13.86% | 2.79% | 4.31% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $2,000<br> Class R: no minimum<br> Class R6: $1,000,000<br> Institutional Service Class, Service Class: $50,000<br> Automatic Asset Accumulation Plan (Class A, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class, Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

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**Tax Information** 

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

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

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

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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 44 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.*

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class 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 <br> offering price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale <br> price, whichever is less)<br>|  | 1.00% |  |  |  |  |

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<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% | 0.13% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% |  |  | 0.25% |
| Other Expenses | 0.13% | 0.15% | 0.24% | 0.08% | 0.18% | 0.23% |
| Acquired Fund Fees and Expenses | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% |
| **Total Annual Fund Operating Expenses** | 0.80% | 1.57% | 1.16% | 0.50% | 0.60% | 0.90% |

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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 | $652 | $816 | $994 | $1508 |
| Class C Shares | 260 | 496 | 855 | 1867 |
| Class R Shares | 118 | 368 | 638 | 1409 |
| Class R6 Shares | 51 | 160 | 280 | 628 |
| Institutional Service <br> Class Shares<br>| 61 | 192 | 335 | 750 |
| Service Class Shares | 92 | 287 | 498 | 1108 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | $160 | $496 | $855 | $1867 |

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**Fund Summary:** Nationwide Investor Destinations Conservative 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 38.68% 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 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 affiliated or 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 "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. The Fund also invests in many Underlying Funds that are not index funds. 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, 2023, the Fund allocated approximately 80% of its net assets in bonds, and approximately 20% 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. 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 Conservative 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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

***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 has begun to raise interest rates after a period of historic lows. 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 fixed-income 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.

*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.

*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.

*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 the 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 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,)**

![](g459282img0ea5d6e26.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **7.09%** | 2Q 2020 |
| **Lowest Quarter:** | **-6.93%** | 2Q 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.

The inception date for Institutional Service Class shares is March 3, 2014. Pre-inception historical performance for Institutional Service Class shares is based on the previous performance of Service Class shares. Performance for Institutional Service Class shares has not been adjusted to reflect a lower level of expenses than those that apply to Service Class shares.

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -17.55% | -0.01% | 1.75% |
| Class A Shares– After Taxes on <br> Distributions<br>| -18.18% | -1.14% | 0.60% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -10.35% | -0.36% | 0.99% |
| Class C Shares– Before Taxes | -14.05% | 0.43% | 1.60% |
| Class R Shares– Before Taxes | -12.86% | 0.84% | 2.02% |
| Class R6 Shares– Before Taxes | -12.26% | 1.51% | 2.70% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -12.39% | 1.42% | 2.57% |
| Service Class Shares– Before Taxes | -12.56% | 1.10% | 2.29% |
| Morningstar® Conservative Target Risk <br> Index (The Index does not pay sales <br> charges, fees, expenses or taxes.)<br>| -13.15% | 1.38% | 2.38% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<br>| Since 2017 |

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**Fund Summary:** Nationwide Investor Destinations Conservative Fund *(cont.)*

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $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, Class C): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R, Class R6, Institutional Service Class, Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

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**Tax Information** 

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

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

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

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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 affiliated or 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 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. The Funds also invest in many Underlying Funds that are not index 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. Nationwide Fund Advisors (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.

**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, 2023. 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, 2023. 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> | 67% | 57% | 45% | 30% | 15% |
| **International Stocks** | 28% | 23% | 15% | 10% | 5% |
| **Bonds** | 5% | 20% | 40% | 60% | 80% |

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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, 2022, was $8.6 million to $2.7 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 and social unrest) adversely interrupt the global economy. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect a Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies world-wide and therefore can affect the value of a Fund's investments.

Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The

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

resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in a Fund, even beyond any direct investment exposure a Fund may have to Russian issuers or the adjoining geographic regions.

The "COVID-19" strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro level and on individual businesses are unpredictable and may result in significant and prolonged effects on a Fund's performance.

***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;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;•sales and market trends, including investor demand for a particular type of stock, such as growth or value stocks, small- or large-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 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 a Fund or an Underlying 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 redemptions and will cause the value of a Fund's or an Underlying Fund's investments to decline significantly. The Federal Reserve Board has begun to raise interest rates after a period of historic lows. 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. 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.

*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

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

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. Rates of inflation have recently risen, which has adversely affected economies and markets. 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. 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 may 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

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

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 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

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

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.

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

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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;•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.

*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,

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

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, although registered as a commodity pool operator under the Commodity Exchange Act ("CEA"), has claimed exclusion from the definition of the term "commodity pool operator" under the 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

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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 investments*** – 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 investments 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.

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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.

NFA has engaged Nationwide Asset Management, LLC ("NWAM") to provide asset allocation consulting services to NFA in connection with the development and periodic review of each Fund's allocation among asset classes. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA. NWAM also serves as the subadviser to certain Nationwide Funds. NFA and NWAM therefore could be subject to a conflict of interest, because one or more Underlying Funds selected for investment by the Funds may be subadvised by NWAM, which earns fees for subadvising such Underlying Funds. The Nationwide Inflation-Protected Securities Fund, one of the Underlying Funds in which the Funds invest, is subadvised by NWAM. NFA ultimately 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.

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory agreement for the Funds will be in the Funds' semiannual report to shareholders, which will cover the period ending April 30, 2023.

**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, 2022, 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.

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, serving primarily as a portfolio manager for a hedge fund and for Nationwide Mutual's proprietary general account. He joined NFA in 2016.

Mr. Robinette is a Senior Director of Asset Strategies of 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 Director of Asset Strategies of 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 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 long you expect to own your shares;

• 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 offer several different share classes, each with different price and cost features. Class A and Class C 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 or Class C 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%. Class A shares may

be most appropriate for investors who want lower fund expenses or those who qualify for reduced front-end sales charges or a waiver of sales charges.

**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% | 6.10% | 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 |  |  | 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;

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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;•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 or Class C 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,

------

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

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 and Class C 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.

**Class C Shares** 

Class C shares may be appropriate if you are uncertain how long you will hold your shares. If you redeem your Class C shares within the first year after purchase, you must pay a CDSC as shown in the Fund's applicable expense table. Purchases of Class C shares are limited to a maximum amount of $1 million (calculated based on one-year holding period), and larger investments may be rejected. No CDSC applies to Class C shares that you buy through reinvestment of Fund dividends or capital gains.

**Calculation of CDSC for Class C Shares** 

For Class C shares, the 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 that you pay. See "Waiver of Contingent Deferred Sales Charges—Class A and Class C Shares" below for a list of situations where a CDSC is not charged.

**Waiver of Contingent Deferred Sales Charges Class A and Class C Shares** 

The CDSC is waived on:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•mandatory withdrawals of Class A or Class C 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 and

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

&nbsp;&nbsp;&nbsp;&nbsp;•redemptions of Class C shares from retirement plans offered by broker-dealers or retirement plan administrators that maintain an agreement with the Funds or the Distributor.

If a CDSC is charged when you redeem your Class C shares, and you then reinvest the proceeds in Class C shares within 30 days, shares equal to the amount of the CDSC are re-deposited into your new account.

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.

**Conversion of Class C Shares** 

Class C shares automatically convert, at no charge, to Class A shares of the same Fund 8 years after purchase, provided that the Trust or the financial intermediary with whom the shares are held has records verifying that the Class C shares have been held for at least 8 years. These conversions will occur during the month immediately following the month in which the 8-year anniversary of the purchase occurs. Due to operational limitations at certain financial intermediaries, your ability to have your Class C shares automatically converted to Class A shares may be limited. Class C shares that are purchased via reinvestment of dividends and distributions will convert on a pro-rata basis at the same time as the Class C shares on which such dividends and distributions are paid. Because the share price of Class A shares is usually higher than that of Class C shares, you may receive fewer Class A shares than the number of Class C shares converted; however, the total dollar value will be the same. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a different conversion schedule, as described in Appendix A to this Prospectus.

**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:

------

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

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

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

&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;

• clients of investment advisory fee-based wrap programs;

&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

------

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

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 C, 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 C, 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 C shares | 1.00% (0.25% of which may be a <br> service fee)<br>|
| 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 C, 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 C, 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 C, 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 Investor Destinations Aggressive Fund** Class A, Class C, Class R, Institutional Service Class and Service Class shares: 0.09%, 0.05%, 0.15%, 0.13% and 0.15%, respectively.

**Nationwide Investor Destinations Moderately Aggressive Fund** Class A, Class C, Class R, Institutional Service Class and Service Class shares: 0.09%, 0.04%, 0.16%, 0.05% and 0.15%, respectively.

**Nationwide Investor Destinations Moderate Fund** Class A, Class C, Class R, Institutional Service Class and Service Class shares: 0.09%, 0.04%, 0.15%, 0.06% and 0.15%, respectively.

**Nationwide Investor Destinations Moderately Conservative Fund** Class A, Class C, Class R, Institutional Service Class and Service Class shares: 0.04%, 0.06%, 0.16%, 0.08% and 0.16%, respectively.

**Nationwide Investor Destinations Conservative Fund** Class A, Class C, Class R, Institutional Service Class and Service Class shares: 0.05%, 0.07%, 0.16%, 0.10% and 0.15%, respectively.

Because these fees are paid out of a Fund's Class A, Class C, 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 Funds Group" or "NFG") 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 NFG'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

------

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

administrative services payments that are paid to broker-dealers and other financial intermediaries. Because revenue sharing payments are paid by NFG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NFG.

In addition to the revenue sharing payments described above, NFG 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

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

• 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, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

***By Overnight Mail*** Nationwide Funds, 615 East Michigan

Street, Third Floor, Milwaukee, Wisconsin 53202.

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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 lnstitutional 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 equity 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 a 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 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.

---

| | |
|:---|:---|
| **Minimum Investments** | **Minimum Investments** |
| **Class A Shares and Class C Shares** | **Class A Shares and Class C 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. |

---

**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

&nbsp;&nbsp;&nbsp;&nbsp;•you purchase the same class of shares. For example, you may exchange between Class A shares of any Nationwide Fund, but may not exchange between Class A shares and Class C shares (for Nationwide Funds that offer Class C 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 or Class C shares (for Nationwide Funds that offer Class C 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:

------

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

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

• 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 or Class C shares (for Nationwide Funds that offer Class C shares) subject to a sales charge while redeeming shares using this program. An automatic withdrawal plan for Class A and Class C shares (for Nationwide Funds that offer Class C 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 or

&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.

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:

------

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

**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. Further, in compliance with Rule 22c-2 under the Investment Company Act of 1940, as amended, Nationwide Funds 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 intends to elect and 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 Trust's annual reports, which are available upon request.

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**FINANCIAL HIGHLIGHTS: NATIONWIDE INVESTOR DESTINATIONS AGGRESSIVE FUND**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 9.46 | 0.49 | (0.29) | 0.20 | (0.55) | (0.72) | (0.07) | (1.34) | 8.32 | 1.70% | 74817 | 0.53% | 5.82% | 0.53% | 16.63% |
| 10/31/2019 | 9.69 | 0.16 | 0.75 | 0.91 | (0.21) | (0.93) |  | (1.14) | 9.46 | 11.65% | 75166 | 0.53% | 1.74% | 0.53% | 57.66%<sup>(g)</sup> |
| 10/31/2018 | 11.30 | 0.17 | (0.27) | (0.10) | (0.26) | (1.25) |  | (1.51) | 9.69 | (1.43)% | 65700 | 0.54% | 1.59% | 0.54% | 24.35% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.48 | 0.28 | (2.26) | (1.98) | (0.38) | (0.30) |  | (0.68) | 7.82 | (20.19)% | 8487 | 1.24% | 3.22% | 1.24% | 34.31% |
| 10/31/2021 | 7.91 | 0.17 | 2.64 | 2.81 | (0.24) |  |  | (0.24) | 10.48 | 36.03% | 13283 | 1.24% | 1.80% | 1.24% | 14.17% |
| 10/31/2020 | 9.04 | 0.40 | (0.26) | 0.14 | (0.50) | (0.72) | (0.05) | (1.27) | 7.91 | 1.01% | 13364 | 1.28% | 4.93% | 1.28% | 16.63% |
| 10/31/2019 | 9.33 | 0.10 | 0.70 | 0.80 | (0.16) | (0.93) |  | (1.09) | 9.04 | 10.71% | 21288 | 1.28% | 1.12% | 1.28% | 57.66%<sup>(g)</sup> |
| 10/31/2018 | 10.94 | 0.09 | (0.25) | (0.16) | (0.20) | (1.25) |  | (1.45) | 9.33 | (2.10)% | 34450 | 1.28% | 0.89% | 1.28% | 24.35% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.20 | 0.45 | (0.27) | 0.18 | (0.54) | (0.72) | (0.06) | (1.32) | 8.06 | 1.42% | 44326 | 0.85% | 5.48% | 0.85% | 16.63% |
| 10/31/2019 | 9.46 | 0.13 | 0.73 | 0.86 | (0.19) | (0.93) |  | (1.12) | 9.20 | 11.27% | 53276 | 0.85% | 1.50% | 0.85% | 57.66%<sup>(g)</sup> |
| 10/31/2018 | 11.07 | 0.14 | (0.27) | (0.13) | (0.23) | (1.25) |  | (1.48) | 9.46 | (1.75)% | 61474 | 0.84% | 1.33% | 0.84% | 24.35% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.61 | 0.50 | (0.26) | 0.24 | (0.58) | (0.72) | (0.07) | (1.37) | 8.48 | 2.12% | 234120 | 0.19% | 5.86% | 0.19% | 16.63% |
| 10/31/2019 | 9.83 | 0.19 | 0.77 | 0.96 | (0.25) | (0.93) |  | (1.18) | 9.61 | 11.98% | 213224 | 0.19% | 2.06% | 0.19% | 57.66%<sup>(g)</sup> |
| 10/31/2018 | 11.44 | 0.20 | (0.26) | (0.06) | (0.30) | (1.25) |  | (1.55) | 9.83 | (1.06)% | 193020 | 0.19% | 1.90% | 0.19% | 24.35% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.47 | 0.51 | (0.29) | 0.22 | (0.57) | (0.72) | (0.07) | (1.36) | 8.33 | 1.90% | 4059 | 0.30% | 6.04% | 0.30% | 16.63% |
| 10/31/2019 | 9.70 | 0.18 | 0.76 | 0.94 | (0.24) | (0.93) |  | (1.17) | 9.47 | 11.93% | 6971 | 0.29% | 2.01% | 0.29% | 57.66%<sup>(g)</sup> |
| 10/31/2018 | 11.31 | 0.20 | (0.27) | (0.07) | (0.29) | (1.25) |  | (1.54) | 9.70 | (1.19)% | 6597 | 0.29% | 1.89% | 0.29% | 24.35% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 11.13 | 0.35 | (2.39) | (2.04)<sup>(h)</sup> | (0.42) | (0.30) |  | (0.72) | 8.37 | (19.58)%<sup>(h)</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% |
| 10/31/2020 | 9.48 | 0.50 | (0.30) | 0.20 | (0.55) | (0.72) | (0.07) | (1.34) | 8.34 | 1.63% | 526542 | 0.59% | 5.85% | 0.59% | 16.63% |
| 10/31/2019 | 9.71 | 0.15 | 0.76 | 0.91 | (0.21) | (0.93) |  | (1.14) | 9.48 | 11.55% | 611178 | 0.59% | 1.69% | 0.59% | 57.66%<sup>(g)</sup> |
| 10/31/2018 | 11.32 | 0.16 | (0.27) | (0.11) | (0.25) | (1.25) |  | (1.50) | 9.71 | (1.50)% | 611561 | 0.60% | 1.55% | 0.60% | 24.35% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

(h) 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)

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**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** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 9.79 | 0.51 | (0.21) | 0.30 | (0.55) | (0.69) | (0.07) | (1.31) | 8.78 | 2.84% | 152026 | 0.53% | 5.72% | 0.53% | 20.97% |
| 10/31/2019 | 10.08 | 0.19 | 0.74 | 0.93 | (0.23) | (0.99) |  | (1.22) | 9.79 | 11.40% | 147843 | 0.53% | 1.97% | 0.53% | 55.29%<sup>(g)</sup> |
| 10/31/2018 | 11.41 | 0.19 | (0.23) | (0.04) | (0.26) | (1.03) |  | (1.29) | 10.08 | (0.72)% | 137275 | 0.53% | 1.73% | 0.53% | 21.75% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.66 | 0.30 | (2.28) | (1.98) | (0.37) | (0.23) |  | (0.60) | 8.08 | (19.71)% | 13800 | 1.22% | 3.26% | 1.22% | 37.04% |
| 10/31/2021 | 8.39 | 0.19 | 2.33 | 2.52 | (0.25) |  |  | (0.25) | 10.66 | 30.47% | 23213 | 1.23% | 1.94% | 1.23% | 16.49% |
| 10/31/2020 | 9.43 | 0.43 | (0.19) | 0.24 | (0.52) | (0.69) | (0.07) | (1.28) | 8.39 | 2.17% | 24282 | 1.25% | 4.99% | 1.25% | 20.97% |
| 10/31/2019 | 9.76 | 0.12 | 0.71 | 0.83 | (0.17) | (0.99) |  | (1.16) | 9.43 | 10.62% | 35743 | 1.25% | 1.36% | 1.25% | 55.29%<sup>(g)</sup> |
| 10/31/2018 | 11.11 | 0.11 | (0.23) | (0.12) | (0.20) | (1.03) |  | (1.23) | 9.76 | (1.55)% | 54463 | 1.25% | 1.04% | 1.25% | 21.75% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.46 | 0.46 | (0.19) | 0.27 | (0.53) | (0.69) | (0.07) | (1.29) | 8.44 | 2.61% | 94195 | 0.85% | 5.36% | 0.85% | 20.97% |
| 10/31/2019 | 9.78 | 0.16 | 0.71 | 0.87 | (0.20) | (0.99) |  | (1.19) | 9.46 | 11.07% | 112622 | 0.84% | 1.72% | 0.84% | 55.29%<sup>(g)</sup> |
| 10/31/2018 | 11.12 | 0.15 | (0.23) | (0.08) | (0.23) | (1.03) |  | (1.26) | 9.78 | (1.14)% | 128988 | 0.84% | 1.46% | 0.84% | 21.75% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 11.21 | 0.39 | (2.37) | (1.98)<sup>(h)</sup> | (0.45) | (0.23) |  | (0.68) | 8.55 | (18.80)%<sup>(h)</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% |
| 10/31/2020 | 9.77 | 0.51 | (0.18) | 0.33 | (0.57) | (0.69) | (0.08) | (1.34) | 8.76 | 3.20% | 429532 | 0.19% | 5.83% | 0.19% | 20.97% |
| 10/31/2019 | 10.06 | 0.22 | 0.75 | 0.97 | (0.27) | (0.99) |  | (1.26) | 9.77 | 11.81% | 428123 | 0.18% | 2.30% | 0.18% | 55.29%<sup>(g)</sup> |
| 10/31/2018 | 11.40 | 0.22 | (0.23) | (0.01) | (0.30) | (1.03) |  | (1.33) | 10.06 | (0.46)% | 373903 | 0.18% | 2.04% | 0.18% | 21.75% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.75 | 0.54 | (0.21) | 0.33 | (0.58) | (0.69) | (0.07) | (1.34) | 8.74 | 3.12% | 18652 | 0.26% | 6.16% | 0.26% | 20.97% |
| 10/31/2019 | 10.04 | 0.21 | 0.75 | 0.96 | (0.26) | (0.99) |  | (1.25) | 9.75 | 11.73% | 20760 | 0.28% | 2.22% | 0.28% | 55.29%<sup>(g)</sup> |
| 10/31/2018 | 11.38 | 0.21 | (0.23) | (0.02) | (0.29) | (1.03) |  | (1.32) | 10.04 | (0.56)% | 20267 | 0.28% | 1.99% | 0.28% | 21.75% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 11.18 | 0.35 | (2.36) | (2.01)<sup>(h)</sup> | (0.41) | (0.23) |  | (0.64) | 8.53 | (19.10)%<sup>(h)</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% |
| 10/31/2020 | 9.76 | 0.50 | (0.20) | 0.30 | (0.55) | (0.69) | (0.07) | (1.31) | 8.75 | 2.78% | 670020 | 0.59% | 5.69% | 0.59% | 20.97% |
| 10/31/2019 | 10.05 | 0.18 | 0.75 | 0.93 | (0.23) | (0.99) |  | (1.22) | 9.76 | 11.37% | 798173 | 0.58% | 1.93% | 0.58% | 55.29%<sup>(g)</sup> |
| 10/31/2018 | 11.39 | 0.18 | (0.23) | (0.05) | (0.26) | (1.03) |  | (1.29) | 10.05 | (0.87)% | 811010 | 0.58% | 1.71% | 0.58% | 21.75% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

(h) 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)

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**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** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 9.64 | 0.46 | (0.12) | 0.34 | (0.50) | (0.37) | (0.05) | (0.92) | 9.06 | 3.46% | 142689 | 0.53% | 5.04% | 0.53% | 28.45% |
| 10/31/2019 | 9.79 | 0.19 | 0.68 | 0.87 | (0.22) | (0.80) |  | (1.02) | 9.64 | 10.37% | 137179 | 0.53% | 2.03% | 0.53% | 49.80%<sup>(g)</sup> |
| 10/31/2018 | 10.64 | 0.19 | (0.21) | (0.02) | (0.23) | (0.60) |  | (0.83) | 9.79 | (0.37)% | 132813 | 0.54% | 1.82% | 0.54% | 21.55% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.56 | 0.26 | (2.05) | (1.79) | (0.30) | (0.22) |  | (0.52) | 8.25 | (17.78)% | 22018 | 1.23% | 2.83% | 1.23% | 34.56% |
| 10/31/2021 | 8.81 | 0.17 | 1.80 | 1.97 | (0.22) |  |  | (0.22) | 10.56 | 22.64% | 35674 | 1.25% | 1.73% | 1.25% | 20.10% |
| 10/31/2020 | 9.41 | 0.38 | (0.12) | 0.26 | (0.44) | (0.37) | (0.05) | (0.86) | 8.81 | 2.68% | 39214 | 1.27% | 4.26% | 1.27% | 28.45% |
| 10/31/2019 | 9.59 | 0.13 | 0.64 | 0.77 | (0.15) | (0.80) |  | (0.95) | 9.41 | 9.46% | 50158 | 1.25% | 1.39% | 1.25% | 49.80%<sup>(g)</sup> |
| 10/31/2018 | 10.43 | 0.11 | (0.19) | (0.08) | (0.16) | (0.60) |  | (0.76) | 9.59 | (1.00)% | 74319 | 1.26% | 1.11% | 1.26% | 21.55% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.33 | 0.42 | (0.12) | 0.30 | (0.47) | (0.37) | (0.05) | (0.89) | 8.74 | 3.15% | 72805 | 0.84% | 4.75% | 0.84% | 28.45% |
| 10/31/2019 | 9.52 | 0.16 | 0.64 | 0.80 | (0.19) | (0.80) |  | (0.99) | 9.33 | 9.90% | 89053 | 0.84% | 1.77% | 0.84% | 49.80%<sup>(g)</sup> |
| 10/31/2018 | 10.36 | 0.15 | (0.19) | (0.04) | (0.20) | (0.60) |  | (0.80) | 9.52 | (0.58)% | 101171 | 0.83% | 1.54% | 0.83% | 21.55% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.58 | 0.47 | (0.10) | 0.37 | (0.52) | (0.37) | (0.06) | (0.95) | 9.00 | 3.85% | 381614 | 0.19% | 5.20% | 0.19% | 28.45% |
| 10/31/2019 | 9.74 | 0.22 | 0.67 | 0.89 | (0.25) | (0.80) |  | (1.05) | 9.58 | 10.71% | 369916 | 0.19% | 2.35% | 0.19% | 49.80%<sup>(g)</sup> |
| 10/31/2018 | 10.59 | 0.22 | (0.20) | 0.02 | (0.27) | (0.60) |  | (0.87) | 9.74 | (0.01)% | 317770 | 0.18% | 2.16% | 0.18% | 21.55% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.57 | 0.47 | (0.11) | 0.36 | (0.51) | (0.37) | (0.06) | (0.94) | 8.99 | 3.74% | 9980 | 0.29% | 5.25% | 0.29% | 28.45% |
| 10/31/2019 | 9.73 | 0.22 | 0.66 | 0.88 | (0.24) | (0.80) |  | (1.04) | 9.57 | 10.60% | 13521 | 0.29% | 2.39% | 0.29% | 49.80%<sup>(g)</sup> |
| 10/31/2018 | 10.58 | 0.21 | (0.20) | 0.01 | (0.26) | (0.60) |  | (0.86) | 9.73 | (0.11)% | 17863 | 0.28% | 2.04% | 0.28% | 21.55% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.58 | 0.45 | (0.12) | 0.33 | (0.49) | (0.37) | (0.05) | (0.91) | 9.00 | 3.40% | 498721 | 0.59% | 5.01% | 0.59% | 28.45% |
| 10/31/2019 | 9.74 | 0.18 | 0.67 | 0.85 | (0.21) | (0.80) |  | (1.01) | 9.58 | 10.26% | 595109 | 0.59% | 1.98% | 0.59% | 49.80%<sup>(g)</sup> |
| 10/31/2018 | 10.59 | 0.18 | (0.20) | (0.02) | (0.23) | (0.60) |  | (0.83) | 9.74 | (0.42)% | 605801 | 0.58% | 1.78% | 0.58% | 21.55% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 9.99 | 0.38 | 0.04 | 0.42 | (0.43) | (0.21) | (0.03) | (0.67) | 9.74 | 4.20% | 63725 | 0.53% | 3.96% | 0.53% | 29.33% |
| 10/31/2019 | 9.90 | 0.20 | 0.62 | 0.82 | (0.22) | (0.51) |  | (0.73) | 9.99 | 9.11% | 60256 | 0.55% | 2.10% | 0.55% | 42.30%<sup>(g)</sup> |
| 10/31/2018 | 10.51 | 0.20 | (0.21) | (0.01) | (0.22) | (0.38) |  | (0.60) | 9.90 | (0.22)% | 59304 | 0.55% | 1.93% | 0.55% | 22.97% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.92 | 0.22 | (1.93) | (1.71) | (0.24) | (0.04) |  | (0.28) | 8.93 | (16.03)% | 19080 | 1.27% | 2.24% | 1.27% | 37.80% |
| 10/31/2021 | 9.68 | 0.15 | 1.27 | 1.42 | (0.18) |  |  | (0.18) | 10.92 | 14.79% | 32483 | 1.27% | 1.38% | 1.27% | 25.70% |
| 10/31/2020 | 9.93 | 0.30 | 0.05 | 0.35 | (0.36) | (0.21) | (0.03) | (0.60) | 9.68 | 3.47% | 34375 | 1.28% | 3.16% | 1.28% | 29.33% |
| 10/31/2019 | 9.84 | 0.14 | 0.61 | 0.75 | (0.15) | (0.51) |  | (0.66) | 9.93 | 8.37% | 42817 | 1.28% | 1.40% | 1.28% | 42.30%<sup>(g)</sup> |
| 10/31/2018 | 10.46 | 0.12 | (0.21) | (0.09) | (0.15) | (0.38) |  | (0.53) | 9.84 | (1.05)% | 46816 | 1.28% | 1.18% | 1.28% | 22.97% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 11.05 | 0.25 | (1.94) | (1.69)<sup>(h)</sup> | (0.28) | (0.04) |  | (0.32) | 9.04 | (15.74)%<sup>(h)</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% |
| 10/31/2020 | 10.01 | 0.35 | 0.04 | 0.39 | (0.39) | (0.21) | (0.03) | (0.63) | 9.77 | 3.92% | 27757 | 0.88% | 3.63% | 0.88% | 29.33% |
| 10/31/2019 | 9.92 | 0.18 | 0.61 | 0.79 | (0.19) | (0.51) |  | (0.70) | 10.01 | 8.74% | 34742 | 0.87% | 1.82% | 0.87% | 42.30%<sup>(g)</sup> |
| 10/31/2018 | 10.54 | 0.17 | (0.22) | (0.05) | (0.19) | (0.38) |  | (0.57) | 9.92 | (0.63)% | 39808 | 0.86% | 1.62% | 0.86% | 22.97% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.12 | 0.42 | 0.03 | 0.45 | (0.45) | (0.21) | (0.04) | (0.70) | 9.87 | 4.48% | 136414 | 0.22% | 4.23% | 0.22% | 29.33% |
| 10/31/2019 | 10.02 | 0.24 | 0.62 | 0.86 | (0.25) | (0.51) |  | (0.76) | 10.12 | 9.47% | 137633 | 0.22% | 2.43% | 0.22% | 42.30%<sup>(g)</sup> |
| 10/31/2018 | 10.63 | 0.23 | (0.20) | 0.03 | (0.26) | (0.38) |  | (0.64) | 10.02 | 0.13% | 120763 | 0.21% | 2.24% | 0.21% | 22.97% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.07 | 0.41 | 0.02 | 0.43 | (0.43) | (0.21) | (0.04) | (0.68) | 9.82 | 4.34% | 5454 | 0.37% | 4.17% | 0.37% | 29.33% |
| 10/31/2019 | 9.97 | 0.23 | 0.62 | 0.85 | (0.24) | (0.51) |  | (0.75) | 10.07 | 9.38% | 8865 | 0.35% | 2.35% | 0.35% | 42.30%<sup>(g)</sup> |
| 10/31/2018 | 10.59 | 0.22 | (0.21) | 0.01 | (0.25) | (0.38) |  | (0.63) | 9.97 | (0.06)% | 12694 | 0.30% | 2.12% | 0.30% | 22.97% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 11.11 | 0.27 | (1.95) | (1.68)<sup>(h)</sup> | (0.30) | (0.04) |  | (0.34) | 9.09 | (15.54)%<sup>(h)</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% |
| 10/31/2020 | 10.06 | 0.38 | 0.04 | 0.42 | (0.42) | (0.21) | (0.03) | (0.66) | 9.82 | 4.17% | 135199 | 0.63% | 3.91% | 0.63% | 29.33% |
| 10/31/2019 | 9.97 | 0.20 | 0.61 | 0.81 | (0.21) | (0.51) |  | (0.72) | 10.06 | 8.96% | 151770 | 0.63% | 2.04% | 0.63% | 42.30%<sup>(g)</sup> |
| 10/31/2018 | 10.58 | 0.19 | (0.20) | (0.01) | (0.22) | (0.38) |  | (0.60) | 9.97 | (0.28)% | 157756 | 0.61% | 1.86% | 0.61% | 22.97% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

(h) 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** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $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% |
| 10/31/2020 | 10.26 | 0.29 | 0.19 | 0.48 | (0.32) | (0.03) | (0.01) | (0.36) | 10.38 | 4.80% | 88254 | 0.54% | 2.80% | 0.54% | 25.37% |
| 10/31/2019 | 10.01 | 0.22 | 0.54 | 0.76 | (0.23) | (0.28) |  | (0.51) | 10.26 | 7.95% | 84754 | 0.54% | 2.22% | 0.54% | 27.16%<sup>(g)</sup> |
| 10/31/2018 | 10.36 | 0.21 | (0.25) | (0.04) | (0.21) | (0.10) |  | (0.31) | 10.01 | (0.44)% | 91956 | 0.53% | 2.03% | 0.53% | 21.58% |
| **Class C Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.95 | 0.16 | (1.72) | (1.56) | (0.18) | (0.08) |  | (0.26) | 9.13 | (14.61)% | 64694 | 1.28% | 1.63% | 1.28% | 38.68% |
| 10/31/2021 | 10.32 | 0.11 | 0.65 | 0.76 | (0.13) |  |  | (0.13) | 10.95 | 7.40% | 105432 | 1.27% | 1.06% | 1.27% | 28.07% |
| 10/31/2020 | 10.20 | 0.21 | 0.19 | 0.40 | (0.24) | (0.03) | (0.01) | (0.28) | 10.32 | 4.03% | 112259 | 1.28% | 2.07% | 1.28% | 25.37% |
| 10/31/2019 | 9.96 | 0.15 | 0.52 | 0.67 | (0.15) | (0.28) |  | (0.43) | 10.20 | 7.08% | 124962 | 1.28% | 1.49% | 1.28% | 27.16%<sup>(g)</sup> |
| 10/31/2018 | 10.31 | 0.13 | (0.24) | (0.11) | (0.14) | (0.10) |  | (0.24) | 9.96 | (1.18)% | 141350 | 1.27% | 1.28% | 1.27% | 21.58% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.23 | 0.26 | 0.19 | 0.45 | (0.28) | (0.03) | (0.01) | (0.32) | 10.36 | 4.55% | 27980 | 0.87% | 2.50% | 0.87% | 25.37% |
| 10/31/2019 | 9.99 | 0.19 | 0.53 | 0.72 | (0.20) | (0.28) |  | (0.48) | 10.23 | 7.51% | 28864 | 0.87% | 1.90% | 0.87% | 27.16%<sup>(g)</sup> |
| 10/31/2018 | 10.34 | 0.17 | (0.24) | (0.07) | (0.18) | (0.10) |  | (0.28) | 9.99 | (0.76)% | 30480 | 0.85% | 1.70% | 0.85% | 21.58% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.31 | 0.32 | 0.20 | 0.52 | (0.35) | (0.03) | (0.01) | (0.39) | 10.44 | 5.22% | 102890 | 0.21% | 3.11% | 0.21% | 25.37% |
| 10/31/2019 | 10.07 | 0.25 | 0.53 | 0.78 | (0.26) | (0.28) |  | (0.54) | 10.31 | 8.16% | 92131 | 0.21% | 2.52% | 0.21% | 27.16%<sup>(g)</sup> |
| 10/31/2018 | 10.42 | 0.24 | (0.24) |  | (0.25) | (0.10) |  | (0.35) | 10.07 | (0.10)% | 84634 | 0.20% | 2.35% | 0.20% | 21.58% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.29 | 0.32 | 0.18 | 0.50 | (0.34) | (0.03) | (0.01) | (0.38) | 10.41 | 5.04% | 177189 | 0.29% | 3.13% | 0.29% | 25.37% |
| 10/31/2019 | 10.04 | 0.25 | 0.53 | 0.78 | (0.25) | (0.28) |  | (0.53) | 10.29 | 8.21% | 219476 | 0.28% | 2.49% | 0.28% | 27.16%<sup>(g)</sup> |
| 10/31/2018 | 10.39 | 0.23 | (0.24) | (0.01) | (0.24) | (0.10) |  | (0.34) | 10.04 | (0.19)% | 218169 | 0.28% | 2.26% | 0.28% | 21.58% |
| **Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.29 | 0.28 | 0.20 | 0.48 | (0.31) | (0.03) | (0.01) | (0.35) | 10.42 | 4.80% | 122605 | 0.61% | 2.75% | 0.61% | 25.37% |
| 10/31/2019 | 10.05 | 0.21 | 0.53 | 0.74 | (0.22) | (0.28) |  | (0.50) | 10.29 | 7.74% | 117677 | 0.61% | 2.14% | 0.61% | 27.16%<sup>(g)</sup> |
| 10/31/2018 | 10.40 | 0.20 | (0.24) | (0.04) | (0.21) | (0.10) |  | (0.31) | 10.05 | (0.50)% | 119347 | 0.60% | 1.95% | 0.60% | 21.58% |

---

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) 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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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 and Class C 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 Lynch")** 

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

Shareholders who are customers of Merrill Lynch purchasing Fund shares through a Merrill Lynch 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:

&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;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased through a Merrill Lynch-affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;•shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by third-party investment advisers on behalf of their advisory clients through a Merrill Lynch platform;

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

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

&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 exchanged from Class C shares of the same Fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•employees and registered representatives of Merrill Lynch or its affiliates and their family members;

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

&nbsp;&nbsp;&nbsp;&nbsp;•eligible shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

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

• Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;•Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets and

&nbsp;&nbsp;&nbsp;&nbsp;•Letters of Intent ("Letter of Intent") which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time.

If you purchase Fund shares through a Merrill Lynch platform or account, ROA and Letters of Intent 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 Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA or Letter of Intent calculation only if the shareholder notifies his or her financial advisor about such assets prior to purchase.

**Waivers of Contingent Deferred Sales Charges** 

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

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•shares redeemed following 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;•redemptions that constitute 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 pursuant to the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;•shares sold to pay Merrill Lynch fees, but only if the redemption is initiated by Merrill Lynch;

• shares acquired through a Right of Reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;•the redemption of shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to the transfer to a fee-based account or platform and

&nbsp;&nbsp;&nbsp;&nbsp;•shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**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;

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Morgan Stanley Wealth Management's share class conversion program 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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the Class C shares are no longer subject to a CDSC and the conversion is in accordance with the policies and procedures of Raymond James.

**CDSC Waivers on either Class A or Class C 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

------

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

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

&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 will be eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which may differ from those stated in this Prospectus or the SAI. 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;•employees of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the employee. This waiver will continue for the remainder of the employee's life if the employee 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 in the same share class and the

same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account;

&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 and

&nbsp;&nbsp;&nbsp;&nbsp;•exchanges from Class C shares to Class A shares of the same Fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

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

• Breakpoints 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 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

------

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

Jones are not adjusted under the LOI 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 either Class A or Class C 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 will be 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 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 Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

• 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

• 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 change a share class to Class A shares of the same fund at NAV.

**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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**CDSC Waivers on either Class A or Class C 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

------

**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;•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 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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO;

&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 either Class A or Class C 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;

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus and

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

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

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

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

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

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

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

------

**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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird; 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 or Class C shares available at Baird** 

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

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus;

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

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

------

**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, 2023. 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 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 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 MULTI-CAP PORTFOLIO seeks to incrementally exceed the performance of the U.S. stock

market, as represented by the Russell 3000® Index, over a full market cycle. The Russell 3000® Index is composed of the 3,000 largest U.S. companies by market capitalization, as determined by the Frank Russell Company, and includes U.S. companies in a wide range of businesses and capitalization sizes. The Russell 3000® 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. The Fund consists of four portions, or "sleeves," managed by different subadvisers acting independently with respect to the assets of the Fund they manage. In combination, the Fund's four sleeves are intended to provide a risk-controlled, low tracking error investment approach while achieving modest returns in excess of the Russell 3000® 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 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.

NATIONWIDE INTERNATIONAL SMALL CAP FUND invests at least 80% of its net assets in equity securities of companies with smaller market capitalizations at the time of purchase. Under normal circumstances, the Fund invests primarily in securities of non-U.S. companies. Some of these

------

**Appendix B:** Additional Information about Underlying Funds *(cont.)*

companies may be located in emerging market countries, and many securities in which the Fund invests are denominated in currencies other than the U.S. dollar. The Fund's 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.

**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) considers a wide range of factors as part of the fundamental investment process, which may include environmental, social and governance factors, (iv) employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views, and (v) 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, 2022, the duration of the Aggregate Bond Index has ranged between 5.59 and 6.86 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 4.98 years as of December 31, 2022. 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 fixed-income securities. 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 fixed-income securities. 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

------

**Appendix B:** Additional Information about Underlying Funds *(cont.)*

objective. As of December 31, 2022, the average duration of the Index was 1.88 years.

**Emerging Market Stocks, Emerging Market Bonds and High-Yield Bonds** 

NATIONWIDE AMUNDI GLOBAL HIGH YIELD FUND invests in a portfolio of higher-yielding, lower-rated debt securities issued by U.S. and foreign companies. High-yield debt securities also may include mortgage-backed securities and asset-backed securities. The Fund also may invest in corporate loans. The Fund invests, under normal circumstances, at least 80% of its net assets in high-yield bonds. These securities pay interest on either a fixed-rate or a variable-rate basis. The maturities of the securities in which the Fund invests may range from short-term to long-term, and at any given time, the Fund's portfolio is likely to include bonds with a variety of maturities. Under normal circumstances, the Fund invests in issuers located in at least five countries (of which one may be the United States, although the Fund does not invest more than 80% of its net assets, at the time of purchase, in securities of U.S. issuers). The Fund may invest in issuers located in either developed countries or emerging market countries.

NATIONWIDE AMUNDI 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 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

P.O. Box 701

Milwaukee, WI 53201-0701

**By Overnight Mail**

Nationwide Funds

615 East Michigan Street, Third Floor

Milwaukee, WI 53202

**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. 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.©2023 Nationwide Funds Group PR-ID (2/23)

------

Target Destination Funds

Prospectus February 28, 2023

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

---

| |
|:---|
| **Nationwide Destination 2025 Fund** |
| Class A (NWHAX) / Class R (NWHBX)<br> Class R6 (NWHIX) / Institutional Service Class (NWHSX)<br>|
| **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 Retirement Fund** |
| Class A (NWEAX) / Class R (NWEBX)<br> Class R6 (NWEIX) / Institutional Service Class (NWESX)<br>|

---

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

**nationwide.com/mutualfunds**![](g459282img240d7bf91.gif)

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------

**Table of Contents**

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_837f080b-1ace-492d-87e7-dee17776b6fb_1)** |
|  | [Nationwide Destination 2025 Fund](#xx_837f080b-1ace-492d-87e7-dee17776b6fb_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 Retirement Fund](#xx_65f67bbb-41b6-4eea-9e3c-caebb670a25b_1) |
| **62** | **[How the Funds Invest](#xx_be1eb5ca-3b8e-49ab-9956-bc543d0a8703_1)** |
|  | [Nationwide Target Destination Funds](#xx_be1eb5ca-3b8e-49ab-9956-bc543d0a8703_1) |
| **64** | **[Risks of Investing in the Funds](#xx_e0b0a644-ba1f-4202-a160-44a58cb6d76f_1)** |
| **72** | **[Fund Management](#xx_fd1c6376-79ab-494e-9513-fcae3dbefad2_1)** |
| **74** | **[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) |
|  | [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) |
| **86** | **[Distributions and Taxes](#xx_5c3f7d02-8e2e-4ac5-baff-5ecefa2246da_1)** |
| **89** | **[Additional Information](#xx_a7e75536-1ac1-4567-8e3f-4b49a209c3df_1)** |
| **90** | **[Financial Highlights](#xx_00bb7abf-9ca2-468d-b5d2-b1a8a478649e_1)** |
| **101** | **[Appendix A](#xx_07021ecd-23d6-443d-9745-4b000396f6ce_1)** |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_07021ecd-23d6-443d-9745-4b000396f6ce_1) |
| **107** | **[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 2025 Fund

**Objective** 

The Nationwide Destination 2025 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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.29% | 0.29% | 0.29% | 0.29% |
| **Total Annual Fund Operating Expenses** | 0.92% | 1.17% | 0.42% | 0.67% |

---

**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 | $663 | $851 | $1055 | $1641 |
| Class R Shares | 119 | 372 | 644 | 1420 |
| Class R6 Shares | 43 | 135 | 235 | 530 |
| Institutional Service <br> Class Shares<br>| 68 | 214 | 373 | 835 |

---

**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 35.82% of the average value of its portfolio.

------

**Fund Summary:** Nationwide Destination 2025 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 2025. 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, and in bonds (including mortgage-backed and asset-backed securities). As of January 31, 2023, the Fund allocated approximately 31% of its net assets in U.S. stocks (including smaller company stocks), approximately 12% in international stocks, and approximately 57% in fixed-income securities. As the year 2025 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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 some amount of market volatility in exchange for greater potential 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 2025 at the age of 65, and that such investors seek capital growth over the long term, but also some investment income.

Once 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. 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.

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**Fund Summary:** Nationwide Destination 2025 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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 fixed-income 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.

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**Fund Summary:** Nationwide Destination 2025 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.

*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.

*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.

*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 the 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

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**Fund Summary:** Nationwide Destination 2025 Fund *(cont.)*

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 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,)**

![](g459282img902334832.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **13.19%** | 2Q 2020 |
| **Lowest Quarter:** | **-13.62%** | 1Q 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, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -20.49% | 1.22% | 4.59% |
| Class A Shares– After Taxes on <br> Distributions<br>| -21.36% | -0.79% | 2.78% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -11.74% | 0.55% | 3.28% |
| Class R Shares– Before Taxes | -15.85% | 2.16% | 4.91% |
| Class R6 Shares– Before Taxes | -15.32% | 2.92% | 5.70% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -15.49% | 2.67% | 5.44% |
| S&P Target Date To 2025 Index (The <br> Index does not pay sales charges, fees, <br> expenses or taxes.)<br>| -12.47% | 3.40% | 5.47% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

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**Fund Summary:** Nationwide Destination 2025 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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

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**Tax Information** 

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

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

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may

create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.25% | 0.25% |  | 0.25% |
| Acquired Fund Fees and Expenses | 0.28% | 0.28% | 0.28% | 0.28% |
| **Total Annual Fund Operating Expenses** | 0.91% | 1.16% | 0.41% | 0.66% |

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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 | $663 | $848 | $1050 | $1630 |
| Class R Shares | 118 | 368 | 638 | 1409 |
| Class R6 Shares | 42 | 132 | 230 | 518 |
| Institutional Service <br> Class Shares<br>| 67 | 211 | 368 | 822 |

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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 36.18% of the average value of its portfolio.

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**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, 2023, the Fund allocated approximately 43% of its net assets in U.S. stocks (including smaller company stocks), approximately 16% in international stocks, and approximately 41% 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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.

Once 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. 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.

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**Fund Summary:** Nationwide Destination 2030 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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 fixed-income 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.

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**Fund Summary:** Nationwide Destination 2030 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.

*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.

*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.

*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 the 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

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**Fund Summary:** Nationwide Destination 2030 Fund *(cont.)*

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 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,)**

![](g459282imgec1fffa03.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **15.24%** | 2Q 2020 |
| **Lowest Quarter:** | **-16.85%** | 1Q 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, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -21.86% | 1.63% | 5.26% |
| Class A Shares– After Taxes on <br> Distributions<br>| -22.40% | -0.44% | 3.27% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -12.66% | 0.86% | 3.80% |
| Class R Shares– Before Taxes | -17.26% | 2.57% | 5.61% |
| Class R6 Shares– Before Taxes | -16.56% | 3.36% | 6.41% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -16.85% | 3.09% | 6.14% |
| S&P Target Date To 2030 Index (The <br> Index does not pay sales charges, fees, <br> expenses or taxes.)<br>| -13.55% | 3.89% | 6.14% |

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**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

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**Fund Summary:** Nationwide Destination 2030 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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

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**Tax Information** 

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

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

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may

create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.25% | 0.25% |  | 0.25% |
| Acquired Fund Fees and Expenses | 0.27% | 0.27% | 0.27% | 0.27% |
| **Total Annual Fund Operating Expenses** | 0.90% | 1.15% | 0.40% | 0.65% |

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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 | $662 | $845 | $1045 | $1619 |
| Class R Shares | 117 | 365 | 633 | 1398 |
| Class R6 Shares | 41 | 128 | 224 | 505 |
| Institutional Service <br> Class Shares<br>| 66 | 208 | 362 | 810 |

---

**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 31.93% of the average value of its portfolio.

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**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, 2023, the Fund allocated approximately 52% of its net assets in U.S. stocks (including smaller company stocks), approximately 19% in international stocks, and approximately 29% 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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.

Once 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. 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

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**Fund Summary:** Nationwide Destination 2035 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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 fixed-income 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

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**Fund Summary:** Nationwide Destination 2035 Fund *(cont.)*

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.

*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.

*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.

*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 the 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.

------

**Fund Summary:** Nationwide Destination 2035 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 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,)**

![](g459282img9e9554f24.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **17.47%** | 2Q 2020 |
| **Lowest Quarter:** | **-20.04%** | 1Q 2020 |

---

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -22.60% | 2.07% | 5.83% |
| Class A Shares– After Taxes on <br> Distributions<br>| -22.96% | -0.06% | 3.91% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.16% | 1.17% | 4.26% |
| Class R Shares– Before Taxes | -18.21% | 3.00% | 6.17% |
| Class R6 Shares– Before Taxes | -17.47% | 3.80% | 6.98% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -17.70% | 3.54% | 6.71% |
| S&P Target Date To 2035 Index (The <br> Index does not pay sales charges, fees, <br> expenses or taxes.)<br>| -14.56% | 4.35% | 6.71% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

------

**Fund Summary:** Nationwide Destination 2035 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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.26% | 0.26% | 0.26% | 0.26% |
| **Total Annual Fund Operating Expenses** | 0.89% | 1.14% | 0.39% | 0.64% |

---

**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 | $661 | $843 | $1040 | $1608 |
| Class R Shares | 116 | 362 | 628 | 1386 |
| Class R6 Shares | 40 | 125 | 219 | 493 |
| Institutional Service <br> Class Shares<br>| 65 | 205 | 357 | 798 |

---

**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 25.57% of the average value of its portfolio.

------

**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, 2023, the Fund allocated approximately 59% of its net assets in U.S. stocks (including smaller company stocks), approximately 22% in international stocks, and approximately 19% 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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 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.

Once 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. 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.

------

**Fund Summary:** Nationwide Destination 2040 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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 fixed-income 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.

------

**Fund Summary:** Nationwide Destination 2040 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.

*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.

*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.

*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 the 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

------

**Fund Summary:** Nationwide Destination 2040 Fund *(cont.)*

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 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,)**

![](g459282img7c2f5e5b5.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **18.45%** | 2Q 2020 |
| **Lowest Quarter:** | **-21.55%** | 1Q 2020 |

---

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -23.15% | 2.47% | 6.28% |
| Class A Shares– After Taxes on <br> Distributions<br>| -23.55% | 0.28% | 4.27% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.41% | 1.48% | 4.62% |
| Class R Shares– Before Taxes | -18.72% | 3.42% | 6.63% |
| Class R6 Shares– Before Taxes | -18.14% | 4.19% | 7.42% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -18.29% | 3.96% | 7.17% |
| S&P Target Date To 2040 Index (The <br> Index does not pay sales charges, fees, <br> expenses or taxes.)<br>| -15.19% | 4.61% | 7.18% |

---

**Portfolio Management**

**Investment Adviser** 

Nationwide Fund Advisors

------

**Fund Summary:** Nationwide Destination 2040 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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.25% | 0.25% |  | 0.25% |
| Acquired Fund Fees and Expenses | 0.26% | 0.26% | 0.26% | 0.26% |
| **Total Annual Fund Operating Expenses** | 0.89% | 1.14% | 0.39% | 0.64% |

---

**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 | $661 | $843 | $1040 | $1608 |
| Class R Shares | 116 | 362 | 628 | 1386 |
| Class R6 Shares | 40 | 125 | 219 | 493 |
| Institutional Service <br> Class Shares<br>| 65 | 205 | 357 | 798 |

---

**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 23.85% of the average value of its portfolio.

------

**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, 2023, the Fund allocated approximately 62% of its net assets in U.S. stocks (including smaller company stocks), approximately 24% 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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.

Once 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. 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

------

**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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.

------

**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

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 fixed-income 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.

*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.

*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.

*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

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**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

movements of the underlying securities or reference measures, disproportionately increasing an Underlying Fund's losses and reducing the 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 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,)**

![](g459282img0c0254506.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **19.23%** | 2Q 2020 |
| **Lowest Quarter:** | **-22.46%** | 1Q 2020 |

---

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

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**Fund Summary:** Nationwide Destination 2045 Fund *(cont.)*

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -23.47% | 2.67% | 6.59% |
| Class A Shares– After Taxes on <br> Distributions<br>| -23.86% | 0.43% | 4.66% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.57% | 1.64% | 4.91% |
| Class R Shares– Before Taxes | -19.05% | 3.62% | 6.94% |
| Class R6 Shares– Before Taxes | -18.50% | 4.39% | 7.74% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -18.69% | 4.13% | 7.47% |
| S&P Target Date To 2045 Index (The <br> Index does not pay sales charges, fees, <br> expenses or taxes.)<br>| -15.65% | 4.83% | 7.52% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.25% | 0.25% |  | 0.25% |
| Acquired Fund Fees and Expenses | 0.25% | 0.25% | 0.25% | 0.25% |
| **Total Annual Fund Operating Expenses** | 0.88% | 1.13% | 0.38% | 0.63% |

---

**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 | $660 | $840 | $1035 | $1597 |
| Class R Shares | 115 | 359 | 622 | 1375 |
| Class R6 Shares | 39 | 122 | 213 | 480 |
| Institutional Service <br> Class Shares<br>| 64 | 202 | 351 | 786 |

---

**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 19.99% of the average value of its portfolio.

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**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, 2023, the Fund allocated approximately 64% of its net assets in U.S. stocks (including smaller company stocks), approximately 25% in international stocks, and approximately 11% 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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.

Once 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. 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

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**Fund Summary:** Nationwide Destination 2050 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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.

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**Fund Summary:** Nationwide Destination 2050 Fund *(cont.)*

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.

*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.

*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.

*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 the 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

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**Fund Summary:** Nationwide Destination 2050 Fund *(cont.)*

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 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,)**

![](g459282imgc0d277fe7.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **19.54%** | 2Q 2020 |
| **Lowest Quarter:** | **-23.08%** | 1Q 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, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -23.76% | 2.69% | 6.66% |
| Class A Shares– After Taxes on <br> Distributions<br>| -24.16% | 0.54% | 4.55% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.75% | 1.66% | 4.90% |
| Class R Shares– Before Taxes | -19.28% | 3.68% | 7.02% |
| Class R6 Shares– Before Taxes | -18.71% | 4.45% | 7.82% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -18.85% | 4.21% | 7.56% |
| S&P Target Date To 2050 Index (The <br> Index does not pay sales charges, fees, <br> expenses or taxes.)<br>| -15.84% | 5.01% | 7.81% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

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**Tax Information** 

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

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

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may

create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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)

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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>|
| 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 | 0.25% | 0.25% | 0.25% | 0.25% |
| **Total Annual Fund Operating Expenses** | 0.88% | 1.13% | 0.38% | 0.63% |

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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 | $660 | $840 | $1035 | $1597 |
| Class R Shares | 115 | 359 | 622 | 1375 |
| Class R6 Shares | 39 | 122 | 213 | 480 |
| Institutional Service <br> Class Shares<br>| 64 | 202 | 351 | 786 |

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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 18.66% 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, 2023, the Fund allocated approximately 66% of its net assets in U.S. stocks (including smaller company stocks), approximately 25% in international stocks, and approximately 9% 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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.

Once 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. 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

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**Fund Summary:** Nationwide Destination 2055 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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.

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**Fund Summary:** Nationwide Destination 2055 Fund *(cont.)*

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.

*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.

*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.

*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 the 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

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**Fund Summary:** Nationwide Destination 2055 Fund *(cont.)*

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 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,)**

![](g459282img99dc9d3b8.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **19.92%** | 2Q 2020 |
| **Lowest Quarter:** | **-23.54%** | 1Q 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, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -23.67% | 2.78% | 6.72% |
| Class A Shares– After Taxes on <br> Distributions<br>| -24.05% | 0.69% | 5.03% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.71% | 1.71% | 5.04% |
| Class R Shares– Before Taxes | -19.25% | 3.75% | 7.08% |
| Class R6 Shares– Before Taxes | -18.61% | 4.54% | 7.88% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -18.89% | 4.26% | 7.61% |
| S&P Target Date To 2055 Index (The <br> Index does not pay sales charges, fees, <br> expenses or taxes.)<br>| -15.88% | 5.02% | 7.97% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

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**Tax Information** 

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

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

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may

create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.25% | 0.25% |  | 0.25% |
| Acquired Fund Fees and Expenses | 0.25% | 0.25% | 0.25% | 0.25% |
| **Total Annual Fund Operating Expenses** | 0.88% | 1.13% | 0.38% | 0.63% |

---

**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 | $660 | $840 | $1035 | $1597 |
| Class R Shares | 115 | 359 | 622 | 1375 |
| Class R6 Shares | 39 | 122 | 213 | 480 |
| Institutional Service <br> Class Shares<br>| 64 | 202 | 351 | 786 |

---

**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 22.52% 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, 2023, the Fund allocated approximately 67% of its net assets in U.S. stocks (including smaller company stocks), approximately 25% in international stocks, and approximately 8% 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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.

Once 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. 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

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**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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.

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**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

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.

*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.

*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.

*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 the 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

------

**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

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 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,)**

![](g459282imgd0f98ae89.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.10%** | 2Q 2020 |
| **Lowest Quarter:** | **-23.93%** | 1Q 2020 |

---

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before <br> Taxes<br>| -23.69% | 2.86% | 4.85% | 11/28/2014 |
| Class A Shares– After <br> Taxes on Distributions<br>| -24.02% | 0.95% | 3.22% | 11/28/2014 |
| Class A Shares– After <br> Taxes on Distributions <br> and Sales of Shares<br>| -13.77% | 1.76% | 3.42% | 11/28/2014 |
| Class R Shares– Before <br> Taxes<br>| -19.27% | 3.81% | 5.37% | 11/28/2014 |
| Class R6 Shares– Before <br> Taxes<br>| -18.64% | 4.60% | 6.11% | 11/28/2014 |
| Institutional Service <br> Class Shares– Before <br> Taxes<br>| -18.83% | 4.35% | 5.88% | 11/28/2014 |
| S&P Target Date To <br> 2060+ Index (The Index <br> does not pay sales <br> charges, fees, expenses or <br> taxes.)<br>| -15.97% | 5.20% | 6.41% |  |

---

------

**Fund Summary:** Nationwide Destination 2060 Fund *(cont.)*

**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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.25% | 0.25% | 0.25% | 0.25% |
| **Total Annual Fund Operating Expenses** | 0.88% | 1.13% | 0.38% | 0.63% |

---

**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 | $660 | $840 | $1035 | $1597 |
| Class R Shares | 115 | 359 | 622 | 1375 |
| Class R6 Shares | 39 | 122 | 213 | 480 |
| Institutional Service <br> Class Shares<br>| 64 | 202 | 351 | 786 |

---

**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 28.46% 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, 2023, the Fund allocated approximately 68% of its net assets in U.S. stocks (including smaller company stocks), approximately 25% in international stocks, and approximately 7% 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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.

Once 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. 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.

------

**Fund Summary:** Nationwide Destination 2065 Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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

------

**Fund Summary:** Nationwide Destination 2065 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.

***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.

*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.

*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.

*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 the 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

------

**Fund Summary:** Nationwide Destination 2065 Fund *(cont.)*

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 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,)**

![](g459282img876203e210.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.35%** | 2Q 2020 |
| **Lowest Quarter:** | **-15.43%** | 2Q 2022 |

---

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

**Average Annual Total Returns**

**(For the Periods Ended December 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before Taxes | -23.70% | 3.84% | 2/28/2020 |
| Class A Shares– After Taxes on <br> Distributions<br>| -23.93% | 2.20% | 2/28/2020 |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -13.84% | 2.45% | 2/28/2020 |
| Class R Shares– Before Taxes | -19.29% | 5.71% | 2/28/2020 |
| Class R6 Shares– Before Taxes | -18.60% | 6.52% | 2/28/2020 |
| Institutional Service <br> Class Shares– Before Taxes<br>| -18.85% | 6.25% | 2/28/2020 |
| S&P Target Date To 2060+ Index <br> (The Index does not pay sales <br> charges, fees, expenses or taxes.)<br>| -15.97% | 6.93% |  |

---

**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 |

---

------

**Fund Summary:** Nationwide Destination 2065 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> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**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 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 74 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 78 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 | 0.25% | 0.25% |  | 0.25% |
| Acquired Fund Fees and Expenses | 0.29% | 0.29% | 0.29% | 0.29% |
| **Total Annual Fund Operating Expenses** | 0.92% | 1.17% | 0.42% | 0.67% |

---

**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 | $663 | $851 | $1055 | $1641 |
| Class R Shares | 119 | 372 | 644 | 1420 |
| Class R6 Shares | 43 | 135 | 235 | 530 |
| Institutional Service <br> Class Shares<br>| 68 | 214 | 373 | 835 |

---

**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 40.04% of the average value of its portfolio.

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**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, 2023, the Fund allocated approximately 65% of its net assets in fixed-income securities, approximately 26% in U.S. stocks (including smaller company stocks), and approximately 9% in international stocks.

The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds, but also may invest in affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds"), that collectively represent several asset classes. Certain 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. The Fund also invests in many Underlying Funds that are not index funds. 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. 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.

***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.

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**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

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

***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 has begun to raise interest rates after a period of historic lows. 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 fixed-income 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 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.

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**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

*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.

*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.

*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 the 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 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

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**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

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 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,)**

![](g459282img0431318e11.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **9.82%** | 2Q 2020 |
| **Lowest Quarter:** | **-9.04%** | 2Q 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, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes | -19.28% | 0.67% | 3.33% |
| Class A Shares– After Taxes on <br> Distributions<br>| -20.28% | -1.22% | 1.51% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares<br>| -11.02% | 0.13% | 2.23% |
| Class R Shares– Before Taxes | -14.65% | 1.55% | 3.62% |
| Class R6 Shares– Before Taxes | -14.04% | 2.31% | 4.41% |
| Institutional Service <br> Class Shares– Before Taxes<br>| -14.13% | 2.06% | 4.16% |
| S&P Target Date Retirement Income <br> Index (The Index does not pay sales <br> charges, fees, expenses or taxes.)<br>| -11.17% | 2.33% | 3.59% |

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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> Asset Strategies<br>| Since 2017 |
| Andrew Urban, CFA | Senior Director of <br> Asset Strategies<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

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**Fund Summary:** Nationwide Destination Retirement Fund *(cont.)*

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

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

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**Tax Information** 

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

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

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

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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.

![](g459282nwglidepath_7.jpg)

Once 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 affiliated or unaffiliated exchange-traded funds (each, an "Underlying Fund" or collectively, "Underlying Funds") that collectively represent several asset classes. Certain 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. The Funds also invest in many Underlying Funds that are not index funds. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or

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**How the Funds Invest:** Nationwide Target Destination Funds *(cont.)*

groups of securities, to take 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, 2023. 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. The Appendix B to this Prospectus contains information about the affiliated Underlying Funds in which the Funds may invest as of January 31, 2023. 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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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Allocations** | **Allocations** | **Allocations** | **Allocations** | **Allocations** | **Allocations** | **Allocations** | **Allocations** | **Allocations** |
| **Asset Classes**<br>| <br>**2065**<br> **Fund**<br>| **2060**<br> **Fund**<br>| **2055**<br> **Fund**<br>| **2050**<br> **Fund**<br>| **2045**<br> **Fund**<br>| **2040**<br> **Fund**<br>| **2035**<br> **Fund**<br>| **2030**<br> **Fund**<br>| **2025**<br> **Fund**<br>| **Destination**<br> **Retirement**<br> **Fund**<br>|
| **U.S. Stocks**<sup>1</sup> | 68% | 67% | 66% | 64% | 62% | 59% | 52% | 43% | 31% | 26% |
| **International Stocks** | 25% | 25% | 25% | 25% | 24% | 22% | 19% | 16% | 12% | 9% |
| **Bonds** | 7% | 8% | 9% | 11% | 14% | 19% | 29% | 41% | 57% | 65% |

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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, 2022, was $8.6 million to $2.7 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

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**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 and social unrest) adversely interrupt the global economy. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect a Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies world-wide and therefore can affect the value of a Fund's investments.

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

The "COVID-19" strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro level and on individual businesses

are unpredictable and may result in significant and prolonged effects on a Fund's performance.

**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 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 a Fund or an Underlying Fund invests a substantial portion of its assets in fixed-income securities with longer-term maturities, rising interest rates are more likely to cause

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

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 has begun to raise interest rates after a period of historic lows. 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. 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 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. Rates of inflation have recently risen, which has adversely affected economies and markets. 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, 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 may 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

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

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 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

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

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 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

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

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;

&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.

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

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 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, although registered as a commodity pool operator under the Commodity Exchange Act ("CEA"), has claimed exclusion from the definition of the term "commodity pool operator" under the 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.

------

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

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 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 investments*** – 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 investments 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.

NFA has engaged Nationwide Asset Management, LLC ("NWAM") to provide asset allocation consulting services to NFA in connection with the development and periodic review of each Fund's allocation among asset classes. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA. NWAM also serves as the subadviser to certain Nationwide Funds. NFA and NWAM therefore could be subject to a conflict of interest, because one or more Underlying Funds selected for investment by the Funds may be subadvised by NWAM, which earns fees for subadvising such Underlying Funds. The Nationwide Inflation-Protected Securities Fund, one of the Underlying Funds in which the Funds invest, is subadvised by NWAM. NFA ultimately 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.

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory agreement for the Funds will be in the Funds' semiannual report to shareholders, which will cover the period ending April 30, 2023.

**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.

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, serving primarily as a portfolio manager for a hedge fund and for Nationwide Mutual's proprietary general account. He joined NFA in 2016.

Mr. Robinette is a Senior Director of Asset Strategies of 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 Director of Asset Strategies of 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

------

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

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 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 long you expect to own your shares;

• 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 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%. Class A shares may be most appropriate for investors who want lower fund

expenses or those who qualify for reduced front-end sales charges or a waiver of sales charges.

**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% | 6.10% | 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 |  |  | 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;

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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;•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 or Class C 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.

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**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,

------

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

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 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;&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;

• clients of investment advisory fee-based wrap programs;

&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 2025 Fund** Class A, Class R and Institutional Service Class shares: 0.25%, 0.25% and 0.25%, respectively.

**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 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 Funds Group" or "NFG") 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 NFG'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 NFG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NFG.

In addition to the revenue sharing payments described above, NFG 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, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

***By Overnight Mail*** Nationwide Funds, 615 East Michigan

Street, Third Floor, Milwaukee, Wisconsin 53202.

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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 lnstitutional 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 equity 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 a 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 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.

---

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

&nbsp;&nbsp;&nbsp;&nbsp;•you purchase the same class of shares. For example, you may exchange between Class A shares of any Nationwide Fund, but may not exchange between Class A shares and Class C shares (for Nationwide Funds that offer Class C 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 or Class C shares (for Nationwide Funds that offer Class C 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

------

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

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

&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 or Class C shares (for Nationwide Funds that offer Class C shares) subject to a sales charge while redeeming shares using this program. An automatic withdrawal plan for Class A and Class C shares (for Nationwide Funds that offer Class C 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;&nbsp;&nbsp;&nbsp;&nbsp;

&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 or

&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.

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:

------

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

**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. Further, in compliance with Rule 22c-2 under the Investment Company Act of 1940, as amended, Nationwide Funds 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 intends to elect and 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 Trust's annual reports, which are available upon request.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE DESTINATION 2025 FUND**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | $10.49 | $0.26 | $(1.90) | $(1.64) | $(0.30) | $(0.64) | $— | $(0.94) | $7.91 | (17.10)% | $31071 | 0.59% | 2.89% | 0.59% | 35.82% |
| 10/31/2021 | 9.02 | 0.22 | 1.48 | 1.70 | (0.23) |  |  | (0.23) | 10.49 | 19.06% | 40093 | 0.61% | 2.15% | 0.61% | 41.52% |
| 10/31/2020 | 9.52 | 0.40 |  | 0.40 | (0.47) | (0.40) | (0.03) | (0.90) | 9.02 | 4.23% | 34947 | 0.62% | 4.45% | 0.62% | 35.10% |
| 10/31/2019 | 9.46 | 0.17 | 0.68 | 0.85 | (0.18) | (0.61) |  | (0.79) | 9.52 | 10.20% | 35709 | 0.63% | 1.88% | 0.63% | 60.90%<sup>(g)</sup> |
| 10/31/2018 | 10.34 | 0.17 | (0.21) | (0.04) | (0.19) | (0.65) |  | (0.84) | 9.46 | (0.68)% | 34050 | 0.63% | 1.71% | 0.63% | 25.06% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.45 | 0.23 | (1.89) | (1.66) | (0.28) | (0.64) |  | (0.92) | 7.87 | (17.37)% | 36146 | 0.89% | 2.62% | 0.89% | 35.82% |
| 10/31/2021 | 8.99 | 0.19 | 1.48 | 1.67 | (0.21) |  |  | (0.21) | 10.45 | 18.73% | 53769 | 0.88% | 1.91% | 0.88% | 41.52% |
| 10/31/2020 | 9.49 | 0.38 | (0.01) | 0.37 | (0.44) | (0.40) | (0.03) | (0.87) | 8.99 | 3.94% | 50822 | 0.89% | 4.16% | 0.89% | 35.10% |
| 10/31/2019 | 9.43 | 0.15 | 0.68 | 0.83 | (0.16) | (0.61) |  | (0.77) | 9.49 | 9.94% | 61566 | 0.88% | 1.63% | 0.88% | 60.90%<sup>(g)</sup> |
| 10/31/2018 | 10.31 | 0.15 | (0.22) | (0.07) | (0.16) | (0.65) |  | (0.81) | 9.43 | (0.93)% | 63568 | 0.89% | 1.49% | 0.89% | 25.06% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.58 | 0.30 | (1.92) | (1.62) | (0.34) | (0.64) |  | (0.98) | 7.98 | (16.78)% | 53971 | 0.13% | 3.36% | 0.13% | 35.82% |
| 10/31/2021 | 9.10 | 0.27 | 1.49 | 1.76 | (0.28) |  |  | (0.28) | 10.58 | 19.56% | 71166 | 0.14% | 2.63% | 0.14% | 41.52% |
| 10/31/2020 | 9.60 | 0.46 | (0.02) | 0.44 | (0.51) | (0.40) | (0.03) | (0.94) | 9.10 | 4.72% | 61606 | 0.13% | 5.03% | 0.13% | 35.10% |
| 10/31/2019 | 9.53 | 0.22 | 0.69 | 0.91 | (0.23) | (0.61) |  | (0.84) | 9.60 | 10.79% | 69059 | 0.13% | 2.38% | 0.13% | 60.90%<sup>(g)</sup> |
| 10/31/2018 | 10.41 | 0.23 | (0.22) | 0.01 | (0.24) | (0.65) |  | (0.89) | 9.53 | (0.17)% | 71500 | 0.14% | 2.28% | 0.14% | 25.06% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2022 | 10.51 | 0.27 | (1.90) | (1.63) | (0.32) | (0.64) |  | (0.96) | 7.92 | (17.01)% | 40181 | 0.38% | 3.01% | 0.38% | 35.82% |
| 10/31/2021 | 9.04 | 0.30 | 1.42 | 1.72 | (0.25) |  |  | (0.25) | 10.51 | 19.28% | 50249 | 0.38% | 2.98% | 0.38% | 41.52% |
| 10/31/2020 | 9.54 | 0.43 | (0.02) | 0.41 | (0.48) | (0.40) | (0.03) | (0.91) | 9.04 | 4.48% | 133496 | 0.39% | 4.79% | 0.39% | 35.10% |
| 10/31/2019 | 9.47 | 0.19 | 0.69 | 0.88 | (0.20) | (0.61) |  | (0.81) | 9.54 | 10.57% | 132986 | 0.38% | 2.11% | 0.38% | 60.90%<sup>(g)</sup> |
| 10/31/2018 | 10.36 | 0.20 | (0.23) | (0.03) | (0.21) | (0.65) |  | (0.86) | 9.47 | (0.52)% | 115139 | 0.39% | 1.97% | 0.39% | 25.06% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.12 | 0.43 | (0.10) | 0.33 | (0.51) | (0.45) | (0.03) | (0.99) | 8.46 | 3.47% | 42902 | 0.62% | 5.09% | 0.62% | 30.90% |
| 10/31/2019 | 9.17 | 0.16 | 0.69 | 0.85 | (0.17) | (0.73) |  | (0.90) | 9.12 | 10.82% | 46687 | 0.62% | 1.83% | 0.62% | 58.52% <sup>(g)</sup> |
| 10/31/2018 | 10.06 | 0.16 | (0.21) | (0.05) | (0.18) | (0.66) |  | (0.84) | 9.17 | (0.74)% | 39938 | 0.63% | 1.65% | 0.63% | 22.92% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.06 | 0.41 | (0.10) | 0.31 | (0.49) | (0.45) | (0.03) | (0.97) | 8.40 | 3.27% | 54535 | 0.89% | 4.80% | 0.89% | 30.90% |
| 10/31/2019 | 9.11 | 0.14 | 0.69 | 0.83 | (0.15) | (0.73) |  | (0.88) | 9.06 | 10.57% | 65304 | 0.88% | 1.59% | 0.88% | 58.52%<sup>(g)</sup> |
| 10/31/2018 | 10.01 | 0.14 | (0.22) | (0.08) | (0.16) | (0.66) |  | (0.82) | 9.11 | (1.12)% | 68303 | 0.89% | 1.45% | 0.89% | 22.92% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.19 | 0.48 | (0.10) | 0.38 | (0.55) | (0.45) | (0.03) | (1.03) | 8.54 | 4.08% | 67722 | 0.13% | 5.57% | 0.13% | 30.90% |
| 10/31/2019 | 9.23 | 0.21 | 0.70 | 0.91 | (0.22) | (0.73) |  | (0.95) | 9.19 | 11.38% | 71007 | 0.13% | 2.33% | 0.13% | 58.52%<sup>(g)</sup> |
| 10/31/2018 | 10.13 | 0.22 | (0.23) | (0.01) | (0.23) | (0.66) |  | (0.89) | 9.23 | (0.36)% | 66023 | 0.14% | 2.25% | 0.14% | 22.92% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.13 | 0.46 | (0.10) | 0.36 | (0.53) | (0.45) | (0.03) | (1.01) | 8.48 | 3.84% | 136957 | 0.39% | 5.39% | 0.39% | 30.90% |
| 10/31/2019 | 9.18 | 0.18 | 0.69 | 0.87 | (0.19) | (0.73) |  | (0.92) | 9.13 | 11.06% | 136658 | 0.38% | 2.05% | 0.38% | 58.52%<sup>(g)</sup> |
| 10/31/2018 | 10.08 | 0.19 | (0.22) | (0.03) | (0.21) | (0.66) |  | (0.87) | 9.18 | (0.61)% | 115632 | 0.39% | 1.92% | 0.39% | 22.92% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.84 | 0.51 | (0.22) | 0.29 | (0.62) | (0.56) | (0.02) | (1.20) | 8.93 | 2.74% | 40556 | 0.64% | 5.68% | 0.64% | 29.44% |
| 10/31/2019 | 9.83 | 0.17 | 0.77 | 0.94 | (0.18) | (0.75) |  | (0.93) | 9.84 | 11.11% | 40363 | 0.63% | 1.76% | 0.63% | 62.73%<sup>(g)</sup> |
| 10/31/2018 | 10.78 | 0.17 | (0.23) | (0.06) | (0.19) | (0.70) |  | (0.89) | 9.83 | (0.83)% | 39492 | 0.63% | 1.60% | 0.63% | 25.24% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.77 | 0.49 | (0.22) | 0.27 | (0.60) | (0.56) | (0.02) | (1.18) | 8.86 | 2.56% | 44852 | 0.89% | 5.43% | 0.89% | 29.44% |
| 10/31/2019 | 9.77 | 0.14 | 0.77 | 0.91 | (0.16) | (0.75) |  | (0.91) | 9.77 | 10.77% | 57946 | 0.88% | 1.52% | 0.88% | 62.73%<sup>(g)</sup> |
| 10/31/2018 | 10.72 | 0.14 | (0.23) | (0.09) | (0.16) | (0.70) |  | (0.86) | 9.77 | (1.10)% | 62132 | 0.89% | 1.38% | 0.89% | 25.24% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.92 | 0.56 | (0.22) | 0.34 | (0.66) | (0.56) | (0.02) | (1.24) | 9.02 | 3.23% | 54648 | 0.13% | 6.16% | 0.13% | 29.44% |
| 10/31/2019 | 9.90 | 0.21 | 0.79 | 1.00 | (0.23) | (0.75) |  | (0.98) | 9.92 | 11.69% | 57568 | 0.13% | 2.22% | 0.13% | 62.73%<sup>(g)</sup> |
| 10/31/2018 | 10.86 | 0.23 | (0.25) | (0.02) | (0.24) | (0.70) |  | (0.94) | 9.90 | (0.43)% | 49512 | 0.14% | 2.18% | 0.14% | 25.24% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.85 | 0.54 | (0.22) | 0.32 | (0.64) | (0.56) | (0.02) | (1.22) | 8.95 | 3.04% | 109526 | 0.39% | 5.99% | 0.39% | 29.44% |
| 10/31/2019 | 9.84 | 0.18 | 0.78 | 0.96 | (0.20) | (0.75) |  | (0.95) | 9.85 | 11.37% | 110607 | 0.38% | 1.95% | 0.38% | 62.73%<sup>(g)</sup> |
| 10/31/2018 | 10.80 | 0.19 | (0.23) | (0.04) | (0.22) | (0.70) |  | (0.92) | 9.84 | (0.68)% | 95516 | 0.39% | 1.86% | 0.39% | 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) 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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.61 | 0.53 | (0.27) | 0.26 | (0.64) | (0.58) | (0.03) | (1.25) | 8.62 | 2.52% | 37083 | 0.64% | 6.05% | 0.64% | 25.82% |
| 10/31/2019 | 9.64 | 0.15 | 0.77 | 0.92 | (0.17) | (0.78) |  | (0.95) | 9.61 | 11.29% | 36369 | 0.63% | 1.64% | 0.63% | 69.69%<sup>(g)</sup> |
| 10/31/2018 | 10.48 | 0.16 | (0.20) | (0.04) | (0.18) | (0.62) |  | (0.80) | 9.64 | (0.58)% | 33134 | 0.63% | 1.54% | 0.63% | 21.19% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.55 | 0.50 | (0.26) | 0.24 | (0.63) | (0.58) | (0.03) | (1.24) | 8.55 | 2.29% | 38170 | 0.89% | 5.78% | 0.89% | 25.82% |
| 10/31/2019 | 9.59 | 0.13 | 0.75 | 0.88 | (0.14) | (0.78) |  | (0.92) | 9.55 | 10.94% | 45988 | 0.88% | 1.42% | 0.88% | 69.69%<sup>(g)</sup> |
| 10/31/2018 | 10.42 | 0.14 | (0.19) | (0.05) | (0.16) | (0.62) |  | (0.78) | 9.59 | (0.75)% | 50266 | 0.89% | 1.33% | 0.89% | 21.19% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.71 | 0.58 | (0.27) | 0.31 | (0.68) | (0.58) | (0.03) | (1.29) | 8.73 | 3.04% | 45122 | 0.13% | 6.53% | 0.13% | 25.82% |
| 10/31/2019 | 9.72 | 0.20 | 0.78 | 0.98 | (0.21) | (0.78) |  | (0.99) | 9.71 | 11.98% | 48038 | 0.13% | 2.12% | 0.13% | 69.69%<sup>(g)</sup> |
| 10/31/2018 | 10.56 | 0.22 | (0.20) | 0.02 | (0.24) | (0.62) |  | (0.86) | 9.72 | (0.10)% | 47721 | 0.14% | 2.14% | 0.14% | 21.19% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.67 | 0.57 | (0.28) | 0.29 | (0.66) | (0.58) | (0.03) | (1.27) | 8.69 | 2.79% | 92565 | 0.39% | 6.44% | 0.39% | 25.82% |
| 10/31/2019 | 9.69 | 0.17 | 0.78 | 0.95 | (0.19) | (0.78) |  | (0.97) | 9.67 | 11.63% | 90087 | 0.38% | 1.84% | 0.38% | 69.69%<sup>(g)</sup> |
| 10/31/2018 | 10.53 | 0.19 | (0.20) | (0.01) | (0.21) | (0.62) |  | (0.83) | 9.69 | (0.34)% | 72677 | 0.39% | 1.82% | 0.39% | 21.19% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.06 | 0.58 | (0.32) | 0.26 | (0.71) | (0.57) | (0.03) | (1.31) | 9.01 | 2.32% | 32437 | 0.64% | 6.34% | 0.64% | 21.81% |
| 10/31/2019 | 10.07 | 0.16 | 0.82 | 0.98 | (0.17) | (0.82) |  | (0.99) | 10.06 | 11.63% | 33168 | 0.63% | 1.62% | 0.63% | 69.22%<sup>(g)</sup> |
| 10/31/2018 | 10.90 | 0.16 | (0.20) | (0.04) | (0.19) | (0.60) |  | (0.79) | 10.07 | (0.57)% | 31046 | 0.63% | 1.51% | 0.63% | 21.94% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 9.96 | 0.55 | (0.31) | 0.24 | (0.70) | (0.57) | (0.03) | (1.30) | 8.90 | 2.09% | 32296 | 0.89% | 6.08% | 0.89% | 21.81% |
| 10/31/2019 | 9.99 | 0.13 | 0.81 | 0.94 | (0.15) | (0.82) |  | (0.97) | 9.96 | 11.22% | 36321 | 0.88% | 1.40% | 0.88% | 69.22%<sup>(g)</sup> |
| 10/31/2018 | 10.82 | 0.14 | (0.21) | (0.07) | (0.16) | (0.60) |  | (0.76) | 9.99 | (0.83)% | 39184 | 0.89% | 1.32% | 0.89% | 21.94% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.13 | 0.64 | (0.33) | 0.31 | (0.74) | (0.57) | (0.03) | (1.34) | 9.10 | 2.86% | 42418 | 0.13% | 6.89% | 0.13% | 21.81% |
| 10/31/2019 | 10.14 | 0.20 | 0.83 | 1.03 | (0.22) | (0.82) |  | (1.04) | 10.13 | 12.10% | 44918 | 0.13% | 2.09% | 0.13% | 69.22%<sup>(g)</sup> |
| 10/31/2018 | 10.97 | 0.23 | (0.22) | 0.01 | (0.24) | (0.60) |  | (0.84) | 10.14 | (0.07)% | 39306 | 0.14% | 2.12% | 0.14% | 21.94% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 10.04 | 0.61 | (0.33) | 0.28 | (0.72) | (0.57) | (0.03) | (1.32) | 9.00 | 2.56% | 66390 | 0.38% | 6.65% | 0.38% | 21.81% |
| 10/31/2019 | 10.06 | 0.17 | 0.83 | 1.00 | (0.20) | (0.82) |  | (1.02) | 10.04 | 11.82% | 62071 | 0.38% | 1.81% | 0.38% | 69.22%<sup>(g)</sup> |
| 10/31/2018 | 10.89 | 0.19 | (0.20) | (0.01) | (0.22) | (0.60) |  | (0.82) | 10.06 | (0.32)% | 48039 | 0.39% | 1.76% | 0.39% | 21.94% |

---

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

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

(b) Excludes sales charge.

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

(d) Annualized for periods less than one year.

(e) Expense ratios 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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 8.82 | 0.51 | (0.29) | 0.22 | (0.64) | (0.53) | (0.01) | (1.18) | 7.86 | 2.06% | 28152 | 0.64% | 6.40% | 0.64% | 19.73% |
| 10/31/2019 | 8.73 | 0.14 | 0.73 | 0.87 | (0.15) | (0.63) |  | (0.78) | 8.82 | 11.58% | 28021 | 0.63% | 1.61% | 0.63% | 72.55%<sup>(g)</sup> |
| 10/31/2018 | 9.29 | 0.13 | (0.16) | (0.03) | (0.16) | (0.37) |  | (0.53) | 8.73 | (0.46)% | 26073 | 0.63% | 1.46% | 0.63% | 19.14% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 8.69 | 0.48 | (0.29) | 0.19 | (0.62) | (0.53) |  | (1.15) | 7.73 | 1.83% | 31629 | 0.89% | 6.10% | 0.89% | 19.73% |
| 10/31/2019 | 8.61 | 0.11 | 0.73 | 0.84 | (0.13) | (0.63) |  | (0.76) | 8.69 | 11.34% | 33975 | 0.88% | 1.36% | 0.88% | 72.55%<sup>(g)</sup> |
| 10/31/2018 | 9.18 | 0.12 | (0.18) | (0.06) | (0.14) | (0.37) |  | (0.51) | 8.61 | (0.82)% | 36604 | 0.89% | 1.27% | 0.89% | 19.14% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 8.84 | 0.55 | (0.28) | 0.27 | (0.68) | (0.53) | (0.01) | (1.22) | 7.89 | 2.66% | 35350 | 0.13% | 6.88% | 0.13% | 19.73% |
| 10/31/2019 | 8.76 | 0.17 | 0.73 | 0.90 | (0.19) | (0.63) |  | (0.82) | 8.84 | 11.97% | 35860 | 0.13% | 2.07% | 0.13% | 72.55%<sup>(g)</sup> |
| 10/31/2018 | 9.32 | 0.19 | (0.17) | 0.02 | (0.21) | (0.37) |  | (0.58) | 8.76 | 0.04% | 32439 | 0.14% | 2.07% | 0.14% | 19.14% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 8.81 | 0.54 | (0.29) | 0.25 | (0.66) | (0.53) | (0.01) | (1.20) | 7.86 | 2.43% | 51492 | 0.38% | 6.76% | 0.38% | 19.73% |
| 10/31/2019 | 8.72 | 0.15 | 0.74 | 0.89 | (0.17) | (0.63) |  | (0.80) | 8.81 | 11.86% | 47013 | 0.38% | 1.76% | 0.38% | 72.55%<sup>(g)</sup> |
| 10/31/2018 | 9.29 | 0.16 | (0.18) | (0.02) | (0.18) | (0.37) |  | (0.55) | 8.72 | (0.33)% | 35576 | 0.39% | 1.74% | 0.39% | 19.14% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 13.53 | 0.79 | (0.49) | 0.30 | (0.97) | (0.77) | (0.03) | (1.77) | 12.06 | 1.92% | 17889 | 0.64% | 6.44% | 0.64% | 18.49% |
| 10/31/2019 | 13.32 | 0.20 | 1.11 | 1.31 | (0.22) | (0.88) |  | (1.10) | 13.53 | 11.45% | 17369 | 0.63% | 1.58% | 0.63% | 77.13%<sup>(g)</sup> |
| 10/31/2018 | 13.98 | 0.20 | (0.25) | (0.05) | (0.24) | (0.37) |  | (0.61) | 13.32 | (0.47)% | 17584 | 0.64% | 1.43% | 0.64% | 18.61% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 13.49 | 0.75 | (0.48) | 0.27 | (0.94) | (0.77) | (0.03) | (1.74) | 12.02 | 1.65% | 15729 | 0.89% | 6.10% | 0.89% | 18.49% |
| 10/31/2019 | 13.28 | 0.17 | 1.11 | 1.28 | (0.19) | (0.88) |  | (1.07) | 13.49 | 11.22% | 17224 | 0.88% | 1.32% | 0.88% | 77.13%<sup>(g)</sup> |
| 10/31/2018 | 13.95 | 0.17 | (0.26) | (0.09) | (0.21) | (0.37) |  | (0.58) | 13.28 | (0.77)% | 17971 | 0.89% | 1.24% | 0.89% | 18.61% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 13.61 | 0.86 | (0.49) | 0.37 | (1.03) | (0.77) | (0.03) | (1.83) | 12.15 | 2.47% | 22742 | 0.13% | 6.94% | 0.13% | 18.49% |
| 10/31/2019 | 13.39 | 0.26 | 1.13 | 1.39 | (0.29) | (0.88) |  | (1.17) | 13.61 | 12.03% | 21833 | 0.13% | 2.00% | 0.13% | 77.13%<sup>(g)</sup> |
| 10/31/2018 | 14.05 | 0.29 | (0.27) | 0.02 | (0.31) | (0.37) |  | (0.68) | 13.39 | 0.02% | 18355 | 0.14% | 2.03% | 0.14% | 18.61% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 13.60 | 0.83 | (0.50) | 0.33 | (1.00) | (0.77) | (0.03) | (1.80) | 12.13 | 2.15% | 27503 | 0.38% | 6.72% | 0.38% | 18.49% |
| 10/31/2019 | 13.38 | 0.22 | 1.14 | 1.36 | (0.26) | (0.88) |  | (1.14) | 13.60 | 11.76% | 23767 | 0.38% | 1.71% | 0.38% | 77.13%<sup>(g)</sup> |
| 10/31/2018 | 14.04 | 0.24 | (0.25) | (0.01) | (0.28) | (0.37) |  | (0.65) | 13.38 | (0.23)% | 17338 | 0.39% | 1.69% | 0.39% | 18.61% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.11 | 0.65 | (0.41) | 0.24 | (0.81) | (0.34) | (0.02) | (1.17) | 10.18 | 1.92% | 8944 | 0.63% | 6.27% | 0.63% | 17.95% |
| 10/31/2019 | 10.74 | 0.16 | 0.94 | 1.10 | (0.18) | (0.55) |  | (0.73) | 11.11 | 11.45% | 7567 | 0.63% | 1.51% | 0.63% | 77.38%<sup>(g)</sup> |
| 10/31/2018 | 11.31 | 0.15 | (0.18) | (0.03) | (0.19) | (0.35) |  | (0.54) | 10.74 | (0.43)% | 5481 | 0.63% | 1.35% | 0.63% | 16.95% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.10 | 0.64 | (0.44) | 0.20 | (0.79) | (0.34) | (0.02) | (1.15) | 10.15 | 1.53% | 3101 | 0.88% | 6.19% | 0.88% | 17.95% |
| 10/31/2019 | 10.73 | 0.13 | 0.95 | 1.08 | (0.16) | (0.55) |  | (0.71) | 11.10 | 11.22% | 2318 | 0.88% | 1.24% | 0.88% | 77.38%<sup>(g)</sup> |
| 10/31/2018 | 11.30 | 0.13 | (0.18) | (0.05) | (0.17) | (0.35) |  | (0.52) | 10.73 | (0.65)% | 1603 | 0.90% | 1.12% | 0.90% | 16.95% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.15 | 0.73 | (0.45) | 0.28 | (0.86) | (0.34) | (0.02) | (1.22) | 10.21 | 2.29% | 7417 | 0.13% | 7.07% | 0.13% | 17.95% |
| 10/31/2019 | 10.77 | 0.21 | 0.95 | 1.16 | (0.23) | (0.55) |  | (0.78) | 11.15 | 12.06% | 5821 | 0.13% | 1.96% | 0.13% | 77.38%<sup>(g)</sup> |
| 10/31/2018 | 11.34 | 0.23 | (0.20) | 0.03 | (0.25) | (0.35) |  | (0.60) | 10.77 | 0.04% | 3925 | 0.14% | 2.00% | 0.14% | 16.95% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 11.14 | 0.70 | (0.44) | 0.26 | (0.84) | (0.34) | (0.02) | (1.20) | 10.20 | 2.08% | 12771 | 0.38% | 6.75% | 0.38% | 17.95% |
| 10/31/2019 | 10.76 | 0.18 | 0.96 | 1.14 | (0.21) | (0.55) |  | (0.76) | 11.14 | 11.80% | 8444 | 0.38% | 1.73% | 0.38% | 77.38%<sup>(g)</sup> |
| 10/31/2018 | 11.33 | 0.18 | (0.18) |  | (0.22) | (0.35) |  | (0.57) | 10.76 | (0.20)% | 5672 | 0.38% | 1.59% | 0.38% | 16.95% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Return of**<br> **Capital**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020<sup>(g)</sup> | 10.00 | 0.61 | (0.07) | 0.54 | (0.33) |  | (0.10) | (0.43) | 10.11 | 5.37% | 81 | 0.63% | 8.75% | 0.63% | 3.65% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020<sup>(g)</sup> | 10.00 | 0.45 | 0.08 | 0.53 | (0.32) |  | (0.10) | (0.42) | 10.11 | 5.27% | 33 | 0.87% | 6.48% | 0.87% | 3.65% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020<sup>(g)</sup> | 10.00 | 0.35 | 0.23 | 0.58 | (0.35) |  | (0.11) | (0.46) | 10.12 | 5.70% | 1075 | 0.14% | 5.28% | 0.14% | 3.65% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020<sup>(g)</sup> | 10.00 | 0.33 | 0.22 | 0.55 | (0.34) |  | (0.10) | (0.44) | 10.11 | 5.45%<sup>(h)</sup> | 6 | 0.39% | 4.99% | 0.39% | 3.65% |

---

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) 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 2, 2020 (commencement of operations) through October 31, 2020. Total return is calculated based on inception date of February 28, 2020 through October 31, 2020.

(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 of**<br> **Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of**<br> **Period (In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net Investment**<br> **Income to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to Reimburse-**<br> **ments) to**<br> **Average Net Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 8.44 | 0.31 | 0.11 | 0.42 | (0.37) | (0.29) | (0.66) | 8.20 | 5.18% | 32709 | 0.60% | 3.74% | 0.60% | 31.60% |
| 10/31/2019 | 8.30 | 0.17 | 0.52 | 0.69 | (0.17) | (0.38) | (0.55) | 8.44 | 9.13% | 5844 | 0.61% | 2.02% | 0.61% | 64.58%<sup>(g)</sup> |
| 10/31/2018 | 8.84 | 0.16 | (0.21) | (0.05) | (0.17) | (0.32) | (0.49) | 8.30 | (0.66)% | 5542 | 0.62% | 1.85% | 0.62% | 28.01% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 8.40 | 0.29 | 0.10 | 0.39 | (0.34) | (0.29) | (0.63) | 8.16 | 4.88% | 52827 | 0.88% | 3.51% | 0.88% | 31.60% |
| 10/31/2019 | 8.26 | 0.14 | 0.53 | 0.67 | (0.15) | (0.38) | (0.53) | 8.40 | 8.83% | 18483 | 0.89% | 1.76% | 0.89% | 64.58%<sup>(g)</sup> |
| 10/31/2018 | 8.80 | 0.14 | (0.21) | (0.07) | (0.15) | (0.32) | (0.47) | 8.26 | (0.92)% | 21516 | 0.89% | 1.60% | 0.89% | 28.01% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 8.47 | 0.37 | 0.09 | 0.46 | (0.41) | (0.29) | (0.70) | 8.23 | 5.66% | 58625 | 0.13% | 4.46% | 0.13% | 31.60% |
| 10/31/2019 | 8.33 | 0.21 | 0.52 | 0.73 | (0.21) | (0.38) | (0.59) | 8.47 | 9.60% | 13854 | 0.13% | 2.50% | 0.13% | 64.58%<sup>(g)</sup> |
| 10/31/2018 | 8.87 | 0.21 | (0.22) | (0.01) | (0.21) | (0.32) | (0.53) | 8.33 | (0.15)% | 16520 | 0.14% | 2.41% | 0.14% | 28.01% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% |
| 10/31/2020 | 8.45 | 0.36 | 0.08 | 0.44 | (0.39) | (0.29) | (0.68) | 8.21 | 5.40% | 101569 | 0.38% | 4.40% | 0.38% | 31.60% |
| 10/31/2019 | 8.31 | 0.18 | 0.53 | 0.71 | (0.19) | (0.38) | (0.57) | 8.45 | 9.35% | 25844 | 0.38% | 2.21% | 0.38% | 64.58%<sup>(g)</sup> |
| 10/31/2018 | 8.85 | 0.18 | (0.21) | (0.03) | (0.19) | (0.32) | (0.51) | 8.31 | (0.40)% | 25675 | 0.39% | 2.10% | 0.39% | 28.01% |

---

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) Portfolio turnover excludes securities received or delivered in-kind.

------

**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 74 of this Prospectus for more information on sales charges and waivers available for Class A and Class C 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 Lynch")** 

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

Shareholders who are customers of Merrill Lynch purchasing Fund shares through a Merrill Lynch 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:

&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;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased through a Merrill Lynch-affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;•shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•shares purchased by third-party investment advisers on behalf of their advisory clients through a Merrill Lynch platform;

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

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

&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 exchanged from Class C shares of the same Fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers;

&nbsp;&nbsp;&nbsp;&nbsp;•employees and registered representatives of Merrill Lynch or its affiliates and their family members;

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

&nbsp;&nbsp;&nbsp;&nbsp;•eligible shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

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

• Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;•Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets and

&nbsp;&nbsp;&nbsp;&nbsp;•Letters of Intent ("Letter of Intent") which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time.

If you purchase Fund shares through a Merrill Lynch platform or account, ROA and Letters of Intent 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 Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA or Letter of Intent calculation only if the shareholder notifies his or her financial advisor about such assets prior to purchase.

**Waivers of Contingent Deferred Sales Charges** 

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

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•shares redeemed following 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;•redemptions that constitute 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 pursuant to the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;•shares sold to pay Merrill Lynch fees, but only if the redemption is initiated by Merrill Lynch;

• shares acquired through a Right of Reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;•the redemption of shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to the transfer to a fee-based account or platform and

&nbsp;&nbsp;&nbsp;&nbsp;•shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**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;

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Morgan Stanley Wealth Management's share class conversion program 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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the Class C shares are no longer subject to a CDSC and the conversion is in accordance with the policies and procedures of Raymond James.

**CDSC Waivers on either Class A or Class C 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

------

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

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

&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 will be eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which may differ from those stated in this Prospectus or the SAI. 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;•employees of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the employee. This waiver will continue for the remainder of the employee's life if the employee 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 in the same share class and the

same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account;

&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 and

&nbsp;&nbsp;&nbsp;&nbsp;•exchanges from Class C shares to Class A shares of the same Fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

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

• Breakpoints 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 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

------

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

Jones are not adjusted under the LOI 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 either Class A or Class C 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 will be 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 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 Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

• 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

• 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 change a share class to Class A shares of the same fund at NAV.

**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;

&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) and

&nbsp;&nbsp;&nbsp;&nbsp;•Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**CDSC Waivers on either Class A or Class C 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

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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;•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 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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO;

&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 either Class A or Class C 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;

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus and

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

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

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

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

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

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

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

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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;•a shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird; 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 or Class C shares available at Baird** 

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

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

• a return of excess contributions from an IRA account;

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

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

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

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

• Breakpoints as described in this Prospectus;

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

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

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**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, 2023. 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 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 MULTI-CAP PORTFOLIO seeks to incrementally exceed the performance of the U.S. stock market, as represented by the Russell 3000® Index, over a full market cycle. The Russell 3000® Index is composed of the 3,000 largest U.S. companies by market capitalization, as determined by the Frank Russell Company, and includes U.S. companies in a wide range of businesses and capitalization sizes. The Russell 3000® 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. The Fund consists of four portions, or "sleeves," managed by different subadvisers acting independently with respect to the assets of the Fund they manage. In combination, the Fund's four sleeves are intended to provide a risk-controlled, low tracking error investment approach while achieving modest returns in excess of the Russell 3000® 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 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 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) considers a wide range of factors as part of the fundamental investment process, which may include environmental, social and governance factors, (iv) employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views, and (v) 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,

------

**Appendix B:** Additional Information about Underlying Funds *(cont.)*

and over the last five years ended December 31, 2022, the duration of the Aggregate Bond Index has ranged between 5.59 and 6.86 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 4.98 years as of December 31, 2022. 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 fixed-income securities. 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, 2022, the average duration of the Index was 1.88 years.

**High-Yield Bonds** 

NATIONWIDE AMUNDI 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 collaterized 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

P.O. Box 701

Milwaukee, WI 53201-0701

**By Overnight Mail**

Nationwide Funds

615 East Michigan Street, Third Floor

Milwaukee, WI 53202

**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. 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.©2023 Nationwide Funds Group PR-TD (2/23)

------

**STATEMENT OF ADDITIONAL INFORMATION** 

**February 28, 2023** 

**NATIONWIDE MUTUAL FUNDS** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Nationwide Amundi** <br> **Global High Yield** <br> **Fund**<br> Class A (NWXIX)<br> Class C (NWXJX)<br> Class R6 (NWXKX)<br> Institutional Service <br> Class (NWXLX)<br>| **Nationwide Amundi** <br> **Strategic Income Fund**<br> Class A (NWXEX)<br> Class C (NWXFX)<br> Class R6 (NWXGX)<br> Institutional Service <br> Class (NWXHX)<br>| **Nationwide Bailard** <br> **Cognitive Value Fund**<br> Class A (NWHDX)<br> Class C (NWHEX)<br> Class M (NWHFX)<br> Class R6 (NWHGX)<br> Institutional Service <br> Class (NWHHX)<br>| **Nationwide Bailard** <br> **International Equities** <br> **Fund**<br> Class A (NWHJX)<br> Class C (NWHKX)<br> Class M (NWHLX)<br> Class R6 (NWHMX)<br> Institutional Service <br> Class (NWHNX)<br>| **Nationwide Bailard** <br> **Technology & Science** <br> **Fund**<br> Class A (NWHOX)<br> Class C (NWHPX)<br> Class M (NWHQX)<br> Class R6 (NWHTX)<br> Institutional Service <br> Class (NWHUX)<br>|
| **Nationwide BNY** <br> **Mellon Core Plus** <br> **Bond ESG Fund**<br> Class A (NWCPX)<br> Class R6 (NWCIX)<br> Institutional Service <br> Class (NWCSX)<br>| **Nationwide BNY** <br> **Mellon Disciplined** <br> **Value 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 BNY** <br> **Mellon Dynamic** <br> **U.S. Core Fund** Class A <br> (NMFAX)<br> Class C (GCGRX)<br> Class R (GGFRX)<br> Class R6 (MUIGX)<br> Institutional Service <br> Class (NGISX)<br> Eagle Class (NWAEX)<br>| **Nationwide Bond** <br> **Fund**<br> Class A (NBDAX)<br> Class C (GBDCX)<br> Class R6 (NWIBX)<br> Institutional Service <br> Class (MUIBX)<br>| **Nationwide Bond** <br> **Index Fund**<br> Class A (GBIAX)<br> Class C (GBICX)<br> Class R (n/a)<br> Class R6 (GBXIX)<br> Institutional Service <br> Class (NWXOX)<br>|
| **Nationwide Fund**<br> Class A (NWFAX)<br> Class C (GTRCX)<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 C (NWHWX)<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 C (NWKBX)<br> Class R6 (NWKCX)<br> Institutional Service <br> Class (NWKDX)<br>| **Nationwide Global** <br> **Sustainable Equity** <br> **Fund**<br> Class A (GGEAX)<br> Class C (GGECX)<br> Class R6 (GGEIX)<br> Institutional Service <br> Class (GGESX)<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 C (GIICX)<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 Janus** <br> **Henderson Overseas** <br> **Fund** *(formerly,* <br> *Nationwide AllianzGI* <br> *International Growth* <br> *Fund)*<br> Class A (NWAGX)<br> Class R6 (NWAHX)<br> Institutional Service <br> Class (NWAKX)<br> Eagle Class (NWAJX)<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 C (NWJHX)<br> Class R6 (NWJIX)<br> Institutional Service <br> Class (NWJJX)<br>| **Nationwide Loomis** <br> **Short Term Bond** <br> **Fund**<br> Class A (NWJSX)<br> Class C (NWJTX)<br> Class R6 (NWJUX)<br> Institutional Service <br> Class (NWJVX)<br>| **Nationwide Mid Cap** <br> **Market Index Fund**<br> Class A (GMXAX)<br> Class C (GMCCX)<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 C (NWJDX)<br> Class R6 (NWJEX)<br> Institutional Service <br> Class (NWJFX) <br>|

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| | | | |
|:---|:---|:---|:---|
| **Nationwide S&P 500** <br> **Index Fund**<br> Class A (GRMAX)<br> Class C (GRMCX)<br> Class R (GRMRX)<br> Class R6 (GRMIX)<br> Service <br> Class (GRMSX)<br> Institutional Service <br> Class (GRISX)<br>| **Nationwide Small Cap** <br> **Index Fund**<br> Class A (GMRAX)<br> Class C (GMRCX)<br> Class R (GMSRX)<br> Class R6 (GMRIX)<br> Institutional Service <br> Class (NWXRX)<br>| **Nationwide Small** <br> **Company Growth** <br> **Fund**<br> Class A (NWSAX)<br> Institutional Service <br> Class (NWSIX)<br>| **Nationwide WCM** <br> **Focused Small Cap** <br> **Fund**<br> Class A (NWGPX)<br> Class C (NWGQX)<br> Class R6 (NWKEX)<br> Institutional Service <br> Class (NWGSX)<br>|

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Nationwide Mutual Funds (the "Trust"), a Delaware statutory trust, is a registered open-end investment company currently consisting of 47 series as of the date hereof. This Statement of Additional Information ("SAI") relates to the 29 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 Cognitive Value Fund, Nationwide Bailard Technology & Science Fund, Nationwide BNY Mellon Disciplined Value Fund, Nationwide BNY Mellon Dynamic U.S. Core 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, Nationwide Small Company Growth Fund and Nationwide WCM Focused Small Cap Fund dated February 28, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;•Nationwide BNY Mellon Core Plus Bond ESG Fund, Nationwide Bond Fund, Nationwide Government Money Market Fund, Nationwide Inflation-Protected Securities Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund dated February 28, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;•Nationwide Amundi Global High Yield Fund, Nationwide Amundi Strategic Income Fund, Nationwide Bailard International Equities Fund, Nationwide Global Sustainable Equity Fund, Nationwide International Small Cap Fund and Nationwide Janus Henderson Overseas Fund *(formerly, Nationwide AllianzGI International Growth Fund)*, dated February 28, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;•Nationwide Bond Index Fund, Nationwide International Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide NYSE Arca Tech 100 Index Fund, Nationwide Small Cap Index Fund and Nationwide S&P 500 Index Fund and dated February 28, 2023.

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, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling toll free 800-848-0920.

The Report of [Independent Registered Public Accounting Firm and Financial Statements](https://www.sec.gov/Archives/edgar/data/1048702/000183967323000004/primary-document.htm) of the Trust for the fiscal year ended October 31, 2022 included in the Trust's Annual Report 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

iii

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

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| [General Information and History](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_1) | 1 |
| [Additional Information on Portfolio Instruments, Strategies](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_2)<br> [and Investment Policies](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_2)<br>| 2 |
| [Portfolio Turnover](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_53) | 53 |
| [Investment Restrictions](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_54) | 54 |
| [Disclosure of Portfolio Holdings](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_57) | 57 |
| [Trustees and Officers of the Trust](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_58) | 58 |
| [Investment Advisory and Other Services](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_66) | 66 |
| [Brokerage Allocation](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_83) | 83 |
| [Additional Information on Purchases and Sales](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_94) | 94 |
| [Valuation of Shares](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_99) | 99 |
| [Systematic Investment Strategies](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_101) | 101 |
| [Investor Privileges](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_102) | 102 |
| [Investor Services](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_104) | 104 |
| [Additional Information](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_104) | 104 |
| [Additional General Tax Information for All Funds](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_106) | 106 |
| [Major Shareholders](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_121) | 121 |
| [Appendix A – Debt Ratings](#xx_b82a6e76-0836-49ad-98f1-c20bb2d59bd2_1) | A-1 |
| [Appendix B – Proxy Voting Guidelines Summaries](#xx_47776304-4cc4-4ab4-b2e4-2a6183406fea_1) | B-1 |
| [Appendix C – Portfolio Managers](#xx_92547cc2-add9-40ab-bad4-4da22c45155f_1) | C-1 |
| [Appendix D – 5% Shareholders](#xx_6691d551-e849-40ef-8763-10cf4746f156_1) | D-1 |

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iv

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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 47 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 Global Sustainable Equity Fund commenced operations on November 19, 2012 as a result of a reorganization in which the Nationwide Global Sustainable Equity Fund acquired all of the assets, subject to stated liabilities, of the UBS Global Equity Fund, a former series of The UBS Funds. The Nationwide Global Sustainable Equity Fund has adopted the historical performance of the UBS Global Equity Fund and had substantially similar investment goals and strategies as the UBS Global Equity Fund at the time of the reorganization.

The Nationwide BNY Mellon Core Plus Bond ESG Fund commenced operations on April 22, 2013, as a result of a reorganization in which the Nationwide BNY Mellon Core Plus Bond ESG Fund acquired all of the assets, subject to stated liabilities, of the TS&W Fixed Income Portfolio, a former series of The Advisors' Inner Circle Fund (the "AIC Predecessor Fund"). The Nationwide BNY Mellon Core Plus Bond ESG Fund has adopted the historical performance of the AIC Predecessor Fund and had substantially similar investment goals and strategies as the AIC Predecessor Fund at the time of the reorganization.

Each of the Nationwide Bailard Cognitive Value Fund, Nationwide Bailard Technology & Science Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund, Nationwide Bailard International Equities Fund, Nationwide NYSE Arca Tech 100 Index Fund, Nationwide WCM Focused Small Cap Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund, commenced operations on September 16, 2013, as a result of a reorganization in which the Nationwide Bailard Cognitive Value Fund, Nationwide Bailard Technology & Science Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund, Nationwide Bailard International Equities Fund, Nationwide NYSE Arca Tech 100 Index Fund, Nationwide WCM Focused Small Cap Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund, acquired all of the assets, subject to stated liabilities, of the HighMark Cognitive Value Fund, HighMark Enhanced Growth Fund, HighMark Geneva Mid Cap Growth Fund, HighMark Geneva Small Cap Growth Fund, HighMark International Opportunities Fund, HighMark NYSE Arca Tech 100 Index Fund, HighMark Small Cap Core Fund, HighMark Bond Fund and HighMark Short Term Bond Fund, respectively, each a former series of HighMark Funds (each a "Predecessor Fund," and collectively the "Predecessor Funds"). Each of these Funds have adopted the historical performance of its corresponding Predecessor Fund. Each such Fund and its corresponding Predecessor Fund had substantially similar investment goals and strategies at the time of the reorganization.

The Nationwide Janus Henderson Overseas Fund *(formerly, Nationwide AllianzGI International Growth Fund)* commenced operations on June 3, 2019, as a result of a reorganization in which the Nationwide Janus Henderson Overseas Fund acquired all of the assets, subject to stated liabilities, of the AllianzGI International Growth Fund, a former series of Allianz Funds Multi-Strategy Trust (the "Predecessor Fund"). The Nationwide Janus Henderson Overseas Fund has adopted the historical performance of the Predecessor Fund. At the time of the reorganization, the Nationwide Janus Henderson Overseas Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Nationwide BNY Mellon Disciplined Value Fund commenced operations on December 16, 2019, as a result of a reorganization in which the Nationwide BNY Mellon Disciplined Value 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 Disciplined Value Fund has adopted the historical performance of the Predecessor Fund. At the time of the reorganization, the Nationwide BNY Mellon Disciplined Value Fund and the Predecessor Fund had similar investment goals, although the Nationwide BNY Mellon Disciplined Value Fund and the Predecessor Fund had different investment objectives. Further, while the Nationwide BNY Mellon Disciplined Value Fund and the Predecessor Fund shared some investment strategies and policies, certain of the Nationwide BNY Mellon Disciplined Value Fund's investment strategies and policies were different from those of the Predecessor Fund.

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**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 Cognitive Value Fund

Nationwide Bailard International Equities Fund

Nationwide Bailard Technology & Science Fund

Nationwide BNY Mellon Disciplined Value Fund

Nationwide BNY Mellon Dynamic U.S. Core Fund

Nationwide Fund

Nationwide Geneva Mid Cap Growth Fund

Nationwide Geneva Small Cap Growth Fund

Nationwide Global Sustainable Equity Fund

Nationwide GQG US Quality Equity Fund

Nationwide International Index Fund

Nationwide International Small Cap Fund

Nationwide Janus Henderson Overseas Fund

Nationwide Loomis All Cap Growth Fund

Nationwide Mid Cap Market Index Fund

Nationwide NYSE Arca Tech 100 Index Fund

Nationwide S&P 500 Index Fund

Nationwide Small Cap Index Fund

Nationwide Small Company Growth Fund

Nationwide WCM Focused Small Cap Fund

For purposes of this SAI, each of the following Funds (either singly or collectively) is referred to as the "**Fixed-Income Funds**":

Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income Fund

Nationwide BNY Mellon Core Plus Bond ESG Fund

Nationwide Bond Fund

Nationwide Bond Index Fund

Nationwide Government Money Market Fund

Nationwide Inflation-Protected Securities Fund

Nationwide Loomis Core Bond Fund

Nationwide Loomis Short Term Bond 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

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

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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.

*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

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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 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.

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**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.

*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

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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.

Recent market data indicates that primary dealer inventories of corporate bonds appear to be at an all-time low, relative to the market size. A significant reduction in dealer market-making capacity has the potential to decrease liquidity and increase volatility in the fixed-income markets.

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.

*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

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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 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. In December 2021, the SEC proposed amendments to Rule 2a-7 that, if adopted, would impact the manner in which all types of money market funds operate. The amendments would, among other items, prohibit certain mechanisms for maintaining a stable NAV per share in negative interest rate environments, such as by reducing the number of fund shares outstanding (including through reverse distribution mechanisms).

*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

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evaluate potential investments. This is particularly important for lower-quality securities. Among the factors that will be considered is the long-term ability of the issuer to pay principal and interest and general economic trends, as well as an issuer's capital structure, existing debt and earnings history. Appendix A to this SAI contains further information about the rating categories of NRSROs and their significance. If a security has not received a credit rating, the Fund must rely entirely on the credit assessment of the portfolio management.

Subsequent to the purchase of securities by a Fund, the issuer of the securities may cease to be rated or its rating may be reduced below the minimum required for purchase by such Fund. In addition, it is possible that an NRSRO might not change its rating of a particular issuer to reflect subsequent events. None of these events generally will require sale of such securities, but a Fund's portfolio management will consider such events in its determination of whether the Fund should continue to hold the securities.

In addition, to the extent that the ratings change as a result of changes in an NRSRO or its rating systems, or due to a corporate reorganization, a Fund will attempt to use comparable ratings as standards for its investments in accordance with its investment objective and policies.

*Eligible Securities (Nationwide Government Money Market Fund)*. All investments made by the Fund must be Eligible Securities at the time of acquisition as defined in Rule 2a-7 under the 1940 Act. Eligible Securities include: U.S. government securities; securities with a remaining maturity of 397 calendar days or less that the Fund's subadviser, subject to oversight by the Fund's Board of Trustees, determines present minimal credit risks to the Fund; and securities issued by other money market funds. As a government money market fund, the Fund invests at least 99.5% of its total assets in (1) U.S. government securities, (2) repurchase agreements that are collateralized fully by U.S. government securities or cash, (3) cash, and/or (4) other money market funds that operate as government money market funds.

Under Rule 2a-7, the determination of whether a security presents minimal credit risks to the Fund must include an analysis of the capacity of the security's issuer or guarantor (including for the provider of a conditional demand feature, when applicable) to meet its financial obligations, and such analysis must include, to the extent appropriate, consideration of the following factors with respect to the security's issuer or guarantor: (i) financial condition; (ii) sources of liquidity; (iii) ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt in a highly adverse situation; and (iv) strength of the issuer or guarantor's industry within the economy and relative to economic trends, and issuer or guarantor's competitive position within its industry.

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

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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.

In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act ("Rule 18f-4"), which imposes new requirements and restrictions on the Funds' use of derivatives and eliminates the asset segregation framework previously used by funds, including the Funds, to comply with Section 18 of the 1940 Act. Rule 18f-4 imposes limits on the amount of leverage risk to which a Fund may be exposed through certain derivative instruments that may oblige the Fund to make payments or incur additional obligations in the future. Under Rule 18f-4, the Funds' investment in such derivatives is limited through a value-at-risk or "VaR" test. Funds whose use of such derivatives is more than a limited specified exposure amount are required to establish and maintain a derivatives risk management program, subject to oversight by the Board of Trustees of the Trust ("Board of Trustees"), and appoint a derivatives risk manager to implement such program. To the extent a Fund's compliance with Rule 18f-4 changes how the Fund uses derivatives, Rule 18f-4 may adversely affect the Fund's performance and/or increase costs related to the Fund's use of derivatives.

*Special Risks of Derivative Instruments*. The use of derivatives involves special considerations and risks as described below. Risks pertaining to particular instruments are described in the sections that follow.

(1) Successful use of most derivatives depends upon a Fund's portfolio management's ability to predict movements of the overall securities and currency markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular strategy adopted will succeed.

(2) There might be imperfect correlation, or even no correlation, between price movements of a derivative and price movements of the investments being hedged. For example, if the value of a derivative used in a short hedge (such as writing a call option, buying a put option, or selling a futures contract) increased by less than the decline in value of the hedged investment, the hedge would not be fully successful. Such a lack of correlation might occur due to factors 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.

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*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 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.

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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 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.

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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.

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.

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*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.)

*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 "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.

*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."

*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

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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.

*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.

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*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.

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

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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 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.

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*Total Rate of Return Swaps*. The Funds (except the Nationwide Government Money Market Fund) may enter into total rate of return swaps. Total rate of 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. A total rate of return swap may allow the Funds to quickly and cost effectively invest cash flows into a diversified basket of assets.

*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.

*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.

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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.

*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

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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.

*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

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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 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 Nationwide Global Sustainable Equity Fund may invest up to 10% of its total assets 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.

The Nationwide Global Sustainable Equity Fund invests in EPNs only to gain exposure to equities in foreign markets where direct investments in equity securities are not easily accessible or otherwise obtainable. The Fund only may invest in EPNs that are unleveraged and that do not have a "cap" or a "floor" on the maximum principal amount to be repaid to the Fund at maturity. In addition, the Fund only may invest in EPNs that are based on the performance of a single underlying equity security; that have no premium or discount in relation to the underlying asset; and that provide for the retention of dividend rights. Investments in EPNs will only be made if the counterparty is a financial institution rated at least A1 by S&P or P1 by Moody's. EPNs are not considered equity securities for purposes of the Fund's policy to invest 80% of its net assets in equity securities.

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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 the 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.

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, except the Nationwide Government Money Market Fund, may invest in the securities of issuers located outside the United States. 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

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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 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

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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.

*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

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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.

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.

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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.

*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.

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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*. The Fixed-Income Funds may invest in sovereign debt obligations issued by foreign governments. To the extent that a Fund invests in obligations issued by governments of developing or emerging market countries, these investments involve additional risks. Sovereign obligors in developing and emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. These obligors have in the past experienced substantial difficulties in servicing their external debt obligations, which led to defaults on certain obligations and the restructuring of certain indebtedness. Restructuring arrangements have included, among other things, reducing and rescheduling interest and principal payments by negotiating new or amended credit agreements or converting outstanding principal and unpaid interest to Brady Bonds, and obtaining new credit for finance interest payments. Holders of certain foreign sovereign debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance that the foreign sovereign debt securities in which a Fund may invest will not be subject to similar restructuring arrangements or to requests for new credit which may adversely affect the Fund's holdings. Furthermore, certain participants in the secondary market for such debt may be directly involved in negotiating the terms of these arrangements and may therefore have access to information not available to other market participants.

*China Investment Risk*. Investing in China involves a high degree of risk and special considerations not typically associated with investing in other economies or more established securities markets. Such risks include: (a) the risk of nationalization or expropriation of assets or confiscatory taxation; (b) greater social, economic and political uncertainty (including the risk of war); (c) dependency on exports and the corresponding importance of international trade; (d) the increasing competition from Asia's other low-cost emerging economies; (e) greater price volatility and significantly smaller market capitalization of securities markets; (f) substantially less liquidity, particularly of certain share classes of Chinese securities; (g) currency exchange rate fluctuations and the lack of available currency hedging instruments; (h) higher rates of inflation; (i) controls on foreign investment and limitations on repatriation of invested capital and on the Fund's ability to exchange local currencies for U.S. dollars; (j) greater governmental involvement in and control over the economy; (k) the risk that the Chinese government may decide not to continue to support the economic reform programs implemented since 1978 and could return to the prior, completely centrally planned, economy; (l) the fact that Chinese companies may be smaller, less seasoned and newly-organized companies; (m) the difference in, or lack of, auditing and financial reporting standards which may result in unavailability of material information about issuers; (n) the fact that statistical information regarding the economy of China may be inaccurate or not comparable to statistical information regarding the U.S. or other economies; (o) the less extensive, and still developing, regulation of the securities markets, business entities and commercial transactions; (p) the fact that the settlement period of securities transactions in foreign markets may be longer; (q) the willingness and ability of the Chinese government to support the Chinese economy and market is uncertain; (r) the risk that it may be more difficult, or impossible, to obtain and/or enforce a judgment than in other countries; and (s) the rapidity and erratic nature of growth resulting in inefficiencies and dislocations.

Investment in China is subject to certain political risks. Following the establishment of the People's Republic of China

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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 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.

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. While VIEs are a longstanding industry practice that is well known to Chinese officials and regulators, 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. In 2021, the Chinese government issued new guidelines that unexpectedly included a specific prohibition on the use of VIE structures by Chinese educational companies.

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

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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.

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.

**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

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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 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 the 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.

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**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.

In 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. On March 5, 2021, the administrator of LIBOR, ICE Benchmark Administration Limited, announced its intention to cease publishing two USD LIBOR settings immediately after publication on December 31, 2021, with the majority of the USD LIBOR settings to end immediately after publication on June 30, 2023. 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.

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*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.

**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,

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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.

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

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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 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

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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 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

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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. 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.

**Operational and Technology Risk/Cyber Security Risk** 

A Fund, its service providers, and other market participants depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect a Fund and its shareholders, despite the efforts of a Fund and its service providers to adopt technologies, processes, and practices intended to mitigate these risks.

For example, a Fund and its service providers may be susceptible to operational and information security risks resulting from cyber incidents. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures or breaches by a Fund's adviser, and other service providers (including, but not limited to, Fund accountants, custodians, subadvisers, transfer agents and administrators), and the issuers of securities in which the Funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a Fund's ability to calculate its net asset value, impediments to trading, the inability of a Fund's shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While a Fund and its service providers have established business continuity plans in the event of, and systems designed to reduce the risks associated with, such cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified.

In addition, power or communications outages, acts of God, information technology equipment malfunctions, operational errors, and inaccuracies within software or data processing systems may also disrupt business operations or impact critical data. Market events also may trigger a volume of transactions that overloads current information technology and communication systems and processes, impacting the ability to conduct a Fund's operations.

The Funds cannot control the cyber security plans and systems put in place by service providers to the Funds and issuers in which the Funds invest. The Funds and their shareholders could be negatively impacted as a result.

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**Preferred Stocks, Convertible Securities and Other Equity Securities** 

Each of the Funds, except for the Nationwide Government Money Market Fund, may invest in preferred stocks and other forms of convertible securities. In some instances, a Fixed-Income Fund (except the Nationwide Government Money Market Fund) may receive common stock, warrants or other types of equity securities resulting from a corporate action by or bankruptcy of an issuer of debt securities held by the Fund. In such instances, unless such equity securities are preferred stocks or convertible securities, the Fund will sell such equity securities as soon as reasonably practicable. Preferred stocks, like many debt obligations, are generally fixed-income securities. Shareholders of preferred stocks normally have the right to receive dividends at a fixed rate when and as declared by the issuer's board of directors, but do not participate in other amounts available for distribution by the issuing corporation. In some countries, dividends on preferred stocks may be variable, rather than fixed. Dividends on the preferred stock may be cumulative, and all cumulative dividends usually must be paid prior to common shareholders of common stock receiving any dividends. Because preferred stock dividends must be paid before common stock dividends, preferred stocks generally entail less risk than common stocks. Upon liquidation, preferred stocks are entitled to a specified liquidation preference, which is generally the same as the par or stated value, and are senior in right of payment to common stock. Preferred stocks are, however, equity securities in the sense that they do not represent a liability of the issuer and, therefore, do not offer as great a degree of protection of capital or assurance of continued income as investments in corporate debt securities. Preferred stocks are generally subordinated in right of payment to all debt obligations and creditors of the issuer, and convertible preferred stocks may be subordinated to other preferred stock of the same issuer.

Convertible securities are bonds, debentures, notes, preferred stocks, or other securities that may be converted into or exchanged for a specified amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. Convertible securities have general characteristics similar to both debt obligations and equity securities. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, the credit standing of the issuer and other factors. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. The conversion value of a convertible security is determined by the market price of the underlying common stock. The market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock and therefore will react to variations in the general market for equity securities. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. While no securities investments are without risk, investments in convertible securities generally entail less risk than investments in common stock of the same issuer.

A convertible security entitles the holder to receive interest normally paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted, or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying stock since they have fixed-income characteristics, and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. Most convertible securities currently are issued by U.S. companies, although a substantial Eurodollar convertible securities market has developed, and the markets for convertible securities denominated in local currencies are increasing.

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Fund is called for redemption, a Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock, or sell it to a third party.

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Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, generally enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. Because of the subordination feature, however, some convertible securities typically are rated below investment grade or are not rated, depending on the general creditworthiness of the issuer.

Certain Funds may invest in convertible preferred stocks that offer enhanced yield features, such as Preferred Equity Redemption Cumulative Stocks ("PERCS"), which provide an investor, such as a Fund, with the opportunity to earn higher dividend income than is available on a company's common stock. PERCS are preferred stocks that generally feature a mandatory conversion date, as well as a capital appreciation limit, which is usually expressed in terms of a stated price. Most PERCS expire three years from the date of issue, at which time they are convertible into common stock of the issuer. PERCS are generally not convertible into cash at maturity. Under a typical arrangement, after three years PERCS convert into one share of the issuer's common stock if the issuer's common stock is trading at a price below that set by the capital appreciation limit, and into less than one full share if the issuer's common stock is trading at a price above that set by the capital appreciation limit. The amount of that fractional share of common stock is determined by dividing the price set by the capital appreciation limit by the market price of the issuer's common stock. PERCS can be called at any time prior to maturity, and hence do not provide call protection. If called early, however, the issuer must pay a call premium over the market price to the investor. This call premium declines at a preset rate daily, up to the maturity date.

A Fund may also invest in other classes of enhanced convertible securities. These include but are not limited to Automatically Convertible Equity Securities ("ACES"), Participating Equity Preferred Stock ("PEPS"), Preferred Redeemable Increased Dividend Equity Securities ("PRIDES"), Stock Appreciation Income Linked Securities ("SAILS"), Term Convertible Notes ("TECONS"), Quarterly Income Cumulative Securities ("QICS"), and Dividend Enhanced Convertible Securities ("DECS"). ACES, PEPS, PRIDES, SAILS, TECONS, QICS, and DECS all have the following features: they are issued by the company, the common stock of which will be received in the event the convertible preferred stock is converted; unlike PERCS they do not have a capital appreciation limit; they seek to provide the investor with high current income with some prospect of future capital appreciation; they are typically issued with three- or four-year maturities; they typically have some built-in call protection for the first two to three years; and, upon maturity, they will convert into either cash or a specified number of shares of common stock.

Similarly, there may be enhanced convertible debt obligations issued by the operating company, whose common stock is to be acquired in the event the security is converted, or by a different issuer, such as an investment bank. These securities may be identified by names such as Equity Linked Securities ("ELKS") or similar names. Typically they share most of the salient characteristics of an enhanced convertible preferred stock but will be ranked as senior or subordinated debt in the issuer's corporate structure according to the terms of the debt indenture. There may be additional types of convertible securities not specifically referred to herein, which may be similar to those described above in which a Fund may invest, consistent with its goals and policies.

An investment in an enhanced convertible security or any other security may involve additional risks to the Fund. A Fund may have difficulty disposing of such securities because there may be a thin trading market for a particular security at any given time. Reduced liquidity may have an adverse impact on market price and a Fund's ability to dispose of particular securities, when necessary, to meet the Fund's liquidity needs or in response to a specific economic event, such as the deterioration in the creditworthiness of an issuer. Reduced liquidity in the secondary market for certain securities may also make it more difficult for a Fund to obtain market quotations based on actual trades for purposes of valuing the Fund's portfolio. Each Fund, however, intends to acquire liquid securities, though there can be no assurances that it will always be able to do so.

Certain Funds may also invest in zero coupon convertible securities. Zero coupon convertible securities are debt securities which are issued at a discount to their face amount and do not entitle the holder to any periodic payments of interest prior to maturity. Rather, interest earned on zero coupon convertible securities accretes at a stated yield until the security reaches its face amount at maturity. Zero coupon convertible securities are convertible into a specific number of shares of the issuer's common stock. In addition, zero coupon convertible securities usually have put features that provide the holder with the opportunity to sell the securities back to the issuer at a stated price before maturity. Generally, the prices of zero coupon convertible securities may be more sensitive to market interest rate fluctuations than conventional convertible securities. For more information about zero coupon securities generally, see "Zero Coupon Securities, Step-Coupon Securities, Pay-In-Kind Bonds ("PIK Bonds") and Deferred Payment Securities" below.

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Current federal income tax law requires the holder of zero coupon securities to accrue income with respect to these securities prior to the receipt of cash payments. Accordingly, to avoid liability for federal income and excise taxes, a Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

*Contingent Convertible Securities*. A contingent convertible security ("CoCo") is a hybrid debt security typically issued by a non-U.S. bank that, upon the occurrence of a specified trigger event, may be (i) convertible into equity securities of the issuer at a predetermined share price; or (ii) written down in liquidation value. Trigger events are identified in the document's requirements. CoCos are designed to behave like bonds in times of economic health yet absorb losses when the trigger event occurs.

With respect to CoCos that provide for conversion of the CoCo into common shares of the issuer in the event of a trigger event, the conversion would deepen the subordination of the investor, subjecting the Fund to a greater risk of loss in the event of bankruptcy. In addition, because the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all). With respect to CoCos that provide for the write-down in liquidation value of the CoCo in the event of a trigger event, it is possible that the liquidation value of the CoCo may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, if losses have eroded the issuer's capital levels below a specified threshold, the liquidation value of the CoCo may be reduced in whole or in part. The write-down of the CoCo's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the CoCo is based on par value. Coupon payments on CoCos may be discretionary and may be canceled by the issuer for any reason or may be subject to approval by the issuer's regulator and may be suspended in the event there are insufficient distributable reserves.

CoCos are subject to the credit, interest rate, high-yield securities, foreign securities and market risks associated with bonds and equity securities, and to the risks specified to convertible securities in general. They are also subject to other specific risks. CoCos typically are structurally subordinated to traditional convertible bonds in the issuer's capital structure, which increases the risk that the Fund may experience a loss. In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. CoCos are generally speculative and the prices of CoCos may be volatile. There is no guarantee that the Fund will receive return of principal on CoCos.

**Publicly Traded Limited Partnerships and Limited Liability Companies** 

Entities such as limited partnerships, limited liability companies, business trusts and companies organized outside the United States may issue securities comparable to common or preferred stock. Each of the Equity Funds may invest in interests in limited liability companies, as well as publicly traded limited partnerships (limited partnership interests or units), which represent equity interests in the assets and earnings of the company's or partnership's trade or business. Unlike common stock in a corporation, limited partnership interests have limited or no voting rights. However, many of the risks of investing in common stocks are still applicable to investments in limited partnership interests. In addition, limited partnership interests are subject to risks not present in common stock. For example, income derived from a limited partnership deemed not to be a "qualified publicly traded partnership" will be treated as "qualifying income" under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code") only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the Funds. See "Additional General Tax Information for All Funds" below. Also, since publicly traded limited partnerships and limited liability companies are a less common form of organizational structure than corporations, their units may be less liquid than publicly traded common stock. Also, because of the difference in organizational structure, the fair value of limited liability company or limited partnership units in a Fund's portfolio may be based either upon the current market price of such units, or if there is no current market price, upon the pro rata value of the underlying assets of the company or partnership. Limited partnership units also have the risk that the limited partnership might, under certain circumstances, be treated as a general partnership giving rise to broader liability exposure to the limited partners for activities of the partnership. Further, the general partners of a limited partnership may be able to significantly change the business or asset structure of a limited partnership without the limited partners having any ability to disapprove any such changes. In certain limited partnerships, limited partners may also be required to return distributions previously made in the event that excess distributions have been made by the partnership, or in the event that the general partners, or their affiliates, are entitled to indemnification.

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**Put Bonds** 

Each of the Fixed-Income Funds, except the Nationwide Government Money Market Fund, may invest in "put" bonds. "Put" bonds are securities (including securities with variable interest rates) that may be sold back to the issuer of the security at face value at the option of the holder prior to their stated maturity. A Fund's portfolio management intends to purchase only those put bonds for which the put option is an integral part of the security as originally issued. The option to "put" the bond back to the issuer prior to the stated final maturity can cushion the price decline of the bond in a rising interest rate environment. However, the premium paid, if any, for an option to put will have the effect of reducing the yield otherwise payable on the underlying security. For the purpose of determining the "maturity" of securities purchased subject to an option to put, and for the purpose of determining the dollar weighted average maturity of a Fund holding such securities, the Fund will consider "maturity" to be the first date on which it has the right to demand payment from the issuer.

**Real Estate Investment Trusts** 

Although no Fund invests in real estate directly, the Equity Funds may invest in securities of real estate investment trusts ("REITs") and other real estate industry companies or companies with substantial real estate investments and, as a result, such Funds may be subject to certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include, among others: possible declines in the value of real estate; possible lack of availability of mortgage funds; extended vacancies of properties; risks related to general and local economic conditions; overbuilding; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates.

REITs are pooled investment vehicles which invest primarily in income-producing real estate or real estate-related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Hybrid REITs combine the investment strategies of equity REITs and mortgage REITs. REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Internal Revenue Code. The Funds pay the fees and expenses of the REITs, which, ultimately, are paid by a Fund's shareholders.

**Repurchase Agreements** 

Each Fund may enter into repurchase agreements. In connection with the purchase by a Fund of a repurchase agreement from member banks of the Federal Reserve System or certain non-bank dealers, the Fund's custodian, or a sub-custodian, will have custody of, and will earmark or segregate securities acquired by the Fund under such repurchase agreement. Repurchase agreements are contracts under which the buyer of a security simultaneously commits to resell the security to the seller at an agreed-upon price and date. Any portion of a repurchase agreement that is not collateralized fully is considered by the staff of the SEC to be a loan by the Fund. To the extent that a repurchase agreement is not collateralized fully, a Fund will include any collateral that the Fund receives in calculating the Fund's total assets in determining whether a Fund has loaned more than one-third of its assets. Repurchase agreements may be entered into with respect to securities of the type in which the Fund may invest or government securities regardless of their remaining maturities, and will require that additional securities be deposited as collateral if the value of the securities purchased should decrease below resale price. Repurchase agreements involve certain risks in the event of default or insolvency by the other party, including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities, the risk of a possible decline in the value of the underlying securities during the period in which a Fund seeks to assert its rights to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or part of the income from the repurchase agreement. A Fund's portfolio management reviews the creditworthiness of those banks and other recognized financial institutions with which a Fund enters into repurchase agreements to evaluate these risks.

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**Restricted, Non-Publicly Traded and Illiquid Securities** 

Each Fund may not invest more than 15% (5% with respect to the Nationwide Government Money Market Fund) of its net assets, in the aggregate, in illiquid securities, including repurchase agreements which have a maturity of longer than seven days, time deposits maturing in more than seven days and securities that are illiquid because of the absence of a readily available market or legal or contractual restrictions on resale or other factors limiting the marketability of the security. Repurchase agreements subject to demand are deemed to have a maturity equal to the notice period.

Historically, illiquid securities have included securities subject to contractual or legal restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), securities which are otherwise not readily marketable and repurchase agreements having a maturity of longer than seven days. In addition, a security is illiquid if it cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Securities which have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Unless subsequently registered for sale, these securities can only be sold in privately negotiated transactions or pursuant to an exemption from registration. The Funds typically do not hold a significant amount of these restricted or other illiquid securities because of the potential for delays on resale and uncertainty in valuation. Limitations on resale may have an adverse effect on the marketability of portfolio securities, and a Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. A Fund might also have to register such restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments.

The SEC has adopted Rule 144A, which allows for a broader institutional trading market for securities otherwise subject to restriction on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resales of certain securities to qualified institutional buyers.

Any such restricted securities will be considered to be illiquid for purposes of a Fund's limitations on investments in illiquid securities unless, pursuant to procedures adopted by the Board of Trustees of the Trust, a Fund's portfolio management has determined such securities to be liquid because such securities are eligible for resale pursuant to Rule 144A and are readily saleable, or if such securities may be readily saleable in foreign markets. To the extent that qualified institutional buyers may become uninterested in purchasing Rule 144A securities, a Fund's level of illiquidity may increase.

A Fund's portfolio management will monitor the liquidity of restricted securities in the portion of a Fund it manages. In reaching liquidity decisions, the following factors are considered: (1) the unregistered nature of the security; (2) the frequency of trades and quotes for the security; (3) the number of dealers wishing to purchase or sell the security and the number of other potential purchasers; (4) dealer undertakings to make a market in the security; and (5) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer).

Pursuant to Rule 22e-4 under the 1940 Act, a Fund (other than the Nationwide Government Money Market Fund) assesses, manages, and periodically reviews its liquidity risk. The Nationwide Government Money Market Fund manages its liquidity pursuant to the requirements of Rule 2a-7.

*Private Placement Commercial Paper*. Commercial paper eligible for resale under Section 4(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

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highest categories by that NRSRO; and (3) the Fund's portfolio management believes that, based on the trading markets for such security, such security can be disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

**Reverse Repurchase Agreements and Mortgage Dollar Rolls** 

The Funds may engage in reverse repurchase agreements to facilitate portfolio liquidity, a practice common in the mutual fund industry, or for arbitrage transactions discussed below. In a reverse repurchase agreement, a Fund would sell a security and enter into an agreement to repurchase the security at a specified future date and price. A Fund generally retains the right to interest and principal payments on the security. Since a Fund receives cash upon entering into a reverse repurchase agreement, it may be considered a borrowing under the 1940 Act (see "Borrowing"). When required by guidelines of the SEC, a Fund will segregate or earmark permissible liquid assets to secure its obligations to repurchase the security. At the time a Fund enters into a reverse repurchase agreement, it will establish and maintain segregated or earmarked liquid assets with an approved custodian having a value not less than the repurchase price (including accrued interest). The segregated or earmarked liquid assets will be marked-to-market daily and additional assets will be segregated or earmarked on any day in which the assets fall below the repurchase price (plus accrued interest). A Fund's liquidity and ability to manage its assets might be affected when it sets aside cash or portfolio securities to cover such commitments. Reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale may decline below the price of the securities the Fund has sold but is obligated to repurchase. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such determination.

The Fixed-Income Funds also may invest in mortgage dollar rolls, which are arrangements in which a Fund would sell mortgage-backed securities for delivery in the current month and simultaneously contract to purchase substantially similar securities on a specified future date. While a Fund would forego principal and interest paid on the mortgage-backed securities during the roll period, the Fund would be compensated by the difference between the current sales price and the lower price for the future purchase as well as by any interest earned on the proceeds of the initial sale. A Fund also could be compensated through the receipt of fee income equivalent to a lower forward price. Mortgage dollar roll transactions may be considered a borrowing by the Funds (See "Borrowing").

Mortgage dollar rolls and reverse repurchase agreements may be used as arbitrage transactions in which a Fund will maintain an offsetting position in investment grade debt obligations or repurchase agreements that mature on or before the settlement date on the related mortgage dollar roll or reverse repurchase agreements. Since a Fund will receive interest on the securities or repurchase agreements in which it invests the transaction proceeds, such transactions may involve leverage. However, since such securities or repurchase agreements will be high quality and will mature on or before the settlement date of the mortgage dollar roll or reverse repurchase agreement, the Fund's portfolio management believes that such arbitrage transactions do not present the risks to the Fund that are associated with other types of leverage.

**Securities of Investment Companies** 

As permitted by the 1940 Act, a Fund may generally invest up to 10% of its total assets, calculated at the time of investment, in the securities of other open-end or closed-end investment companies. No more than 5% of a Fund's total assets may be invested in the securities of any one investment company nor may it acquire more than 3% of the voting securities of any other investment company. Notwithstanding these restrictions, each Fund may invest any amount, pursuant to Rule 12d1-1 under the 1940 Act, in affiliated or unaffiliated investment companies that hold themselves out as "money market funds" and which operate in accordance with Rule 2a-7 of the 1940 Act. In addition, a Fund may invest in other investment companies in excess of these limits pursuant to Rule 12d1-4 under the 1940 Act. A Fund will indirectly bear its proportionate share of any management fees paid by an investment company in which it invests in addition to the advisory fee paid by the Fund. Some of the countries in which a Fund may invest may not permit direct investment by outside investors. Investments in such countries may only be permitted through foreign government-approved or government-authorized investment vehicles, which may include other investment companies.

*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

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that are components of a particular index. Such ETFs typically are intended to provide investment results that, before expenses, generally correspond to the price and yield performance of the corresponding market index, and the value of their shares should, under normal circumstances, closely track the value of the index's underlying component securities. Because an ETF has operating expenses and transaction costs, while a market index does not, ETFs that track particular indices typically will be unable to match the performance of the index exactly. ETF shares may be purchased and sold in the secondary trading market on a securities exchange, in lots of any size, at any time during the trading day. More recently, actively managed ETFs have been created that are managed similarly to other investment companies.

The shares of an ETF may be assembled in a block known as a creation unit and redeemed in-kind for a portfolio of the underlying securities (based on the ETF's net asset value) together with a cash payment generally equal to accumulated dividends as of the date of redemption. Conversely, a creation unit may be purchased from the ETF by depositing a specified portfolio of the ETF's underlying securities, as well as a cash payment generally equal to accumulated dividends of the securities (net of expenses) up to the time of deposit. ETF shares, as opposed to creation units, are generally purchased and sold by smaller investors in a secondary market on a securities exchange. ETF shares can be traded in lots of any size, at any time during the trading day. Although a Fund, like most other investors in ETFs, intends to purchase and sell ETF shares primarily in the secondary trading market, a Fund may redeem creation units for the underlying securities (and any applicable cash), and may assemble a portfolio of the underlying securities and use it (and any required cash) to purchase creation units, if the investment manager believes it is in the Fund's best interest to do so.

An investment in an ETF is subject to all of the risks of investing in the securities held by the ETF and has the same risks as investing in a closed-end fund. In addition, because of the ability of large market participants to arbitrage price differences by purchasing or redeeming creation units, the difference between the market value and the net asset value of ETF shares should in most cases be small. An ETF may be terminated and need to liquidate its portfolio securities at a time when the prices for those securities are falling.

**Short Selling of Securities** 

The Index Funds may engage in short selling of securities consistent with their respective strategies. In a short sale of securities, a Fund sells stock which it does not own, making delivery with securities "borrowed" from a broker. The Fund is then obligated to replace the borrowed security by purchasing it at the market price at the time of replacement. This price may or may not be less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender any dividends or interest which accrue during the period of the loan. In order to borrow the security, the Fund also may have to pay a premium and/or interest which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. In addition, the broker may require the deposit of collateral (generally, up to 50% of the value of the securities sold short).

A Fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will realize a gain if the security declines in price between those two dates. The amount of any gain will be decreased and the amount of any loss will be increased by any premium or interest the Fund may be required to pay in connection with the short sale. When a cash dividend is declared on a security for which a Fund has a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the shorted security. However, any such dividend on a security sold short generally reduces the market value of the shorted security, thus increasing the Fund's unrealized gain or reducing the Fund's unrealized loss on its short-sale transaction. Whether a Fund will be successful in utilizing a short sale will depend, in part, on its portfolio management's ability to correctly predict whether the price of a security it borrows to sell short will decrease.

In a short sale, the seller does not immediately deliver the securities sold and is said to have a short position in those securities until delivery occurs.

A Fund also may engage in short sales if at the time of the short sale the Fund owns or has the right to obtain without additional cost an equal amount of the security being sold short. This investment technique is known as a short sale "against the box." The Funds do not intend to engage in short sales against the box for investment purposes. A Fund may, however, 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

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the short position and, conversely, any gain in the long position should be reduced by a loss in the short position. The extent to which such gains or losses are reduced will depend upon the amount of the security sold short relative to the amount the Fund owns. There will be certain additional transaction costs associated with short sales against the box. For tax purposes a Fund that enters into a short sale "against the box" may be treated as having made a constructive sale of an "appreciated financial position" causing the Fund to realize a gain (but not a loss).

**Short-Term Instruments** 

Each Fund may invest in short-term instruments, including money market instruments. Short-term instruments may include the following types of instruments:

• shares of money market mutual funds, including those that may be advised by a Fund's portfolio management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•obligations issued or guaranteed as to interest and principal by the U.S. government, its agencies, or instrumentalities, or any federally chartered corporation;

• obligations of sovereign foreign governments, their agencies, instrumentalities and political subdivisions;

• obligations of municipalities and states, their agencies and political subdivisions;

• high-quality asset-backed commercial paper;

• repurchase agreements;

• bank or savings and loan obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•high-quality commercial paper (including asset-backed commercial paper), which are short-term unsecured promissory notes issued by corporations in order to finance their current operations. It also may be issued by foreign issuers, such as foreign governments, states and municipalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•high-quality bank loan participation agreements representing obligations of corporations having a high-quality short-term rating, at the date of investment, and under which a Fund will look to the creditworthiness of the lender bank, which is obligated to make payments of principal and interest on the loan, as well as to creditworthiness of the borrower;

• high-quality short-term corporate obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain variable-rate and floating-rate securities with maturities longer than 397 days, but which are subject to interest rate resetting provisions and demand features within 397 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•extendable commercial notes, which differ from traditional commercial paper because the issuer can extend the maturity of the note up to 397 days with the option to call the note any time during the extension period. Because extension will occur when the issuer does not have other viable options for lending, these notes may be considered illiquid, particularly during the extension period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unrated short-term debt obligations that are determined by a Fund's portfolio management to be of comparable quality to the securities described above.

*Bank Obligations*. Bank obligations include certificates of deposit, bankers' acceptances and fixed time deposits. A certificate of deposit is a short-term negotiable certificate issued by a commercial bank against funds deposited in the bank and is either interest-bearing or purchased on a discount basis. A bankers' acceptance is a short-term draft drawn on a commercial bank by a borrower, usually in connection with an international commercial transaction. The borrower is liable for payment as is the bank, which unconditionally guarantees to pay the draft at its face amount on the maturity date. Fixed time deposits are obligations of branches of U.S. banks or foreign banks which are payable at a stated maturity date and bear a fixed rate of interest. Although fixed time deposits do not have a market, there are no contractual restrictions on the right to transfer a beneficial interest in the deposit to a third party.

Bank obligations may be general obligations of the parent bank or may be limited to the issuing branch by the terms of the specific obligations or by government regulation. Bank obligations may be issued by domestic banks (including their branches located outside the United States), domestic and foreign branches of foreign banks and savings and loan associations.

*Eurodollar and Yankee Obligations*. Eurodollar bank obligations are dollar-denominated certificates of deposit and time deposits issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee bank obligations are dollar-denominated obligations issued in the U.S. capital markets by foreign banks.

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

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country might prevent capital, in the form of dollars, from flowing across their borders. Other risks include: adverse political and economic developments; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding taxes, and the expropriation or nationalization of foreign issues. However, Eurodollar and Yankee bank obligations held in a Fund will undergo the same credit analysis as domestic issuers in which the Fund invests, and will have at least the same financial strength as the domestic issuers approved for the Fund.

**Small- and Medium-Cap Companies and Emerging Growth Stocks** 

The Equity Funds may invest in small- and medium-cap companies and emerging growth stocks. Investing in securities of small-sized companies, including micro-capitalization companies and emerging growth companies, may involve greater risks than investing in the stocks of larger, more established companies, including possible risk of loss. Also, because these securities may have limited marketability, their prices may be more volatile than securities of larger, more established companies or the market averages in general. Because small-sized, medium-cap and emerging growth companies normally have fewer shares outstanding than larger companies, it may be more difficult for a Fund to buy or sell significant numbers of such shares without an unfavorable impact on prevailing prices. Small-sized and emerging growth companies may have limited product lines, markets or financial resources and may lack management depth. In addition, small-sized, medium-cap and emerging growth companies are typically subject to wider variations in earnings and business prospects than are larger, more established companies. There is typically less publicly available information concerning small-sized, medium-cap and emerging growth companies than for larger, more established ones.

**Special Situation Companies** 

The Equity Funds may invest in "special situation companies," which include those involved in an actual or prospective acquisition or consolidation; reorganization; recapitalization; merger, liquidation or distribution of cash, securities or other assets; a tender or exchange offer; a breakup or workout of a holding company; or litigation which, if resolved favorably, would improve the value of the company's stock. If the actual or prospective situation does not materialize as anticipated, the market price of the securities of a "special situation company" may decline significantly. Therefore, an investment in a fund that invests a significant portion of its assets in these securities may involve a greater degree of risk than an investment in other mutual funds that seek long-term growth of capital by investing in better-known, larger companies. The portfolio management of such Fund believes, however, that if it analyzes "special situation companies" carefully and invests in the securities of these companies at the appropriate time, the Fund may achieve capital growth. There can be no assurance, however, that a special situation that exists at the time a Fund makes its investment will be consummated under the terms and within the time period contemplated, if it is consummated at all.

**Standby Commitment Agreements** 

Except for the Nationwide Government Money Market Fund, each Fixed-Income Fund may enter into standby commitment agreements. Standby commitment agreements commit a Fund, for a stated period of time, to purchase a stated amount of fixed-income securities that may be issued and sold to the Fund at the option of the issuer. The price and coupon of the security is fixed at the time of the commitment. At the time of entering into the agreement the Fund is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund may enter into such agreements for the purpose of investing in the security underlying the commitment at a yield and price that is considered advantageous to the Fund.

There can be no assurance that the securities subject to a standby commitment will be issued and the value of the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the security underlying the commitment is at the option of the issuer, a Fund may bear the risk of a decline in the value of such security and may not benefit from appreciation in the value of the security during the commitment period if the security is not ultimately issued.

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.

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**Strip Bonds** 

The Fixed-Income Funds, except the Nationwide Government Money Market Fund, may invest in strip bonds. Strip bonds are debt securities that are stripped of their interest (usually by a financial intermediary) after the securities are issued. The market value of these securities generally fluctuates more in response to changes in interest rates than interest paying securities of comparable maturity.

**Supranational Entities** 

The Fixed-Income Funds may invest in debt securities of supranational entities. Examples of such entities include the International Bank for Reconstruction and Development (World Bank), the European Steel and Coal Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or "stockholders," usually make initial capital contributions to the supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and a Fund may lose money on such investments.

**Temporary Investments** 

Generally, each of the Funds will be fully invested in accordance with its investment objective and strategies. However, pending investment of cash balances, in anticipation of redemptions or for other cash management purposes, or if a Fund's subadviser believes that business, economic, political or financial conditions warrant, a Fund may invest without limit in high-quality fixed-income securities, cash or money market cash equivalents, as described herein and, subject to the limits of the 1940 Act, shares of other investment companies that invest in securities in which the Fund may invest. Should this occur, a Fund will not be pursuing its investment objective and may miss potential market upswings. Each Index Fund uses an indexing strategy and does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor securities performance, although each Index Fund may use temporary investments pending investment of cash balances or to manage anticipated redemption activity. See also "Short-Term Instruments."

**U.S. Government Securities and U.S. Government Agency Securities** 

Each of the Fixed-Income Funds may invest in a variety of securities which are issued or guaranteed as to the payment of principal and interest by the U.S. government (including U.S. Treasury securities), and by various agencies or instrumentalities which have been established or sponsored by the U.S. government. Each of the Equity Funds may invest in U.S. Treasury securities.

U.S. Treasury securities are backed by the "full faith and credit" of the United States. Securities issued or guaranteed by federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of securities not backed by the full faith and credit of the United States, investors in such securities look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitment. Agencies which are backed by the full faith and credit of the United States include the Export-Import Bank, Farmers Home Administration, Federal Financing Bank, and others. Certain agencies and instrumentalities, such as the GNMA, are, in effect, backed by the full faith and credit of the United States through provisions in their charters that they may make "indefinite and unlimited" drawings on the U.S. Treasury if needed to service its debt. Debt from certain other agencies and instrumentalities, including the Federal Home Loan Banks and FNMA, are not guaranteed by the United States, but those institutions are protected by the discretionary authority for the U.S. Treasury to purchase certain amounts of their 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.

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An instrumentality of a U.S. government agency is a government agency organized under Federal charter with government supervision. Instrumentalities issuing or guaranteeing securities include, among others, Federal Home Loan Banks, the Federal Land Banks, Central Bank for Cooperatives, Federal Intermediate Credit Banks and the FNMA.

The maturities of such securities usually range from three months to 30 years. While such securities may be guaranteed as to principal and interest by the U.S. government or its instrumentalities, their market values may fluctuate and are not guaranteed, which may, along with the other securities in a Fund's portfolio, cause the Fund's daily net asset value to fluctuate.

The Federal Reserve creates STRIPS (Separate Trading of Registered Interest and Principal of Securities) by separating the coupon payments and the principal payment from an outstanding Treasury security and selling them as individual securities. To the extent a Fund purchases the principal portion of STRIPS, the Fund will not receive regular interest payments. Instead STRIPS are sold at a deep discount from their face value. Because the principal portion of the STRIPS does not pay current income, its price can be volatile when interest rates change. In calculating its dividend, a Fund takes into account as income a portion of the difference between the principal portion of the STRIPS' purchase price and its face value.

In September 2008, the U.S. Treasury Department and the Federal Housing Finance Administration ("FHFA") placed FNMA and FHLMC into a conservatorship under FHFA. As conservator, the FHFA assumed all the powers of the shareholders, directors and officers with the goal of preserving and conserving the assets and property of FNMA and FHLMC. However, FNMA and FHLMC continue to operate legally as business corporations and FHFA has delegated to the Chief Executive Officer and Board of Directors the responsibility for much of the day-to-day operations of the companies. FNMA and FHLMC must follow the laws and regulations governing financial disclosure, including SEC requirements. The long-term effect that this conservatorship will have on these companies' debt and equity securities is unclear.

The total public debt of the United States and other countries around the globe as a percent of gross domestic product has grown rapidly since the beginning of the 2008 financial downturn and has accelerated in connection with the U.S. government's response to the COVID-19 pandemic. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may drive debt cost higher and cause a country to sell additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that a government will not be able to make principal or interest payments when they are due.

Unsustainable debt levels can cause devaluations of currency, prevent a government from implementing effective counter-cyclical fiscal policy in economic downturns, and contribute to market volatility. In addition, the high and rising national debt may adversely impact the U.S. economy and securities in which a Fund may invest. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt.

*Inflation-Protected Bonds*. Treasury Inflation-Protected Securities ("TIPS") are fixed-income securities issued by the U.S. Treasury whose principal value is periodically adjusted according to the rate of inflation. The U.S. Treasury uses a structure that accrues inflation into the principal value of the bond. Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. TIPS bonds typically pay interest on a semiannual basis, equal to a fixed percentage of the inflation-adjusted amount.

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.

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The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

Investors in an inflation-indexed mutual fund who do not reinvest the portion of the income distribution that is attributable to inflation adjustments will not maintain the purchasing power of the investment over the long term. This is because interest earned depends on the amount of principal invested, and that principal will not grow with inflation if the investor fails to reinvest the principal adjustment paid out as part of a Fund's income distributions.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

**Warrants and Rights** 

Each of the Equity Funds may invest in or hold warrants and rights. Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time of issuance), on a specified date, during a specified period, or perpetually. Rights are similar to warrants, but normally have a shorter duration. Warrants and rights may be acquired separately or in connection with the acquisition of securities. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities, and a warrant or right ceases to have value if it is not exercised prior to its expiration date.

**When-Issued Securities and Delayed-Delivery Transactions** 

Each of the Fixed-Income Funds may invest in when-issued securities and engage in delayed-delivery transactions. When securities are purchased on a "when-issued" basis or purchased for delayed delivery, payment and delivery occur beyond the normal settlement date at a stated price and yield. When-issued transactions normally settle within 45 days. The payment obligation and the interest rate that will be received on when-issued securities are fixed at the time the buyer enters into the commitment. Due to fluctuations in the value of securities purchased or sold on a when-issued or delayed-delivery basis, the yields obtained on such securities may be higher or lower than the yields available in the market on the dates when the investments are actually delivered to the buyers. The greater a Fund's outstanding commitments for these securities, the 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.

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**Zero Coupon Securities, Step-Coupon Securities, Pay-In-Kind Bonds ("PIK Bonds") and Deferred Payment Securities** 

Each of the Fixed-Income Funds may invest in zero coupon securities and step-coupon securities. In addition, each of the Fixed-Income Funds, except the Nationwide Government Money Market Fund, may invest in PIK Bonds and deferred payment securities. Zero coupon securities are debt securities that pay no cash income but are sold at substantial discounts from their value at maturity. Step-coupon securities are debt securities that do not make regular cash interest payments and are sold at a deep discount to their face value. When a zero coupon security is held to maturity, its entire return, which consists of the amortization of discount, comes from the difference between its purchase price and its maturity value. This difference is known at the time of purchase, so that investors holding zero coupon securities until maturity know at the time of their investment what the expected return on their investment will be. Zero coupon securities may have conversion features. PIK bonds pay all or a portion of their interest in the form of debt or equity securities. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals. Deferred payment securities are often sold at substantial discounts from their maturity value.

Zero coupon securities, PIK bonds and deferred payment securities tend to be subject to greater price fluctuations in response to changes in interest rates than are ordinary interest-paying debt securities with similar maturities. The value of zero coupon securities appreciates more during periods of declining interest rates and depreciates more during periods of rising interest rates than ordinary interest-paying debt securities with similar maturities. Zero coupon securities, PIK bonds and deferred payment securities may be issued by a wide variety of corporate and governmental issuers. Although these instruments are generally not traded on a national securities exchange, they are widely traded by brokers and dealers and, to such extent, will not be considered illiquid for the purposes of a Fund's limitation on investments in illiquid securities.

Current federal income tax law requires the holder of zero coupon securities, certain PIK bonds and deferred payment securities acquired at a discount (such as Brady Bonds) to accrue income with respect to these securities prior to the receipt of cash payments. Accordingly, to avoid liability for federal income and excise taxes, a Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

**THE INDEX FUNDS** 

*Nationwide Bond Index Fund*. The investment objective of the Nationwide Bond Index Fund is to match the performance of the Bloomberg U.S. Aggregate Bond Index (the "Aggregate Index") as closely as possible before the deduction of Fund expenses. The Aggregate Index is composed primarily of U.S. dollar denominated investment grade bonds of different types, including U.S. government securities; U.S. government agency securities; corporate bonds issued by U.S. and foreign companies; mortgage-backed securities; securities of foreign governments and their agencies; and securities of supranational entities, such as the World Bank. There can be no assurance that the investment objective of the Fund will be achieved.

*Nationwide International Index Fund*. The investment objective of the Nationwide International Index Fund is to match the performance of the MSCI EAFE® Index (the "EAFE Index") as closely as possible before the deduction of Fund expenses. The EAFE Index is a market-weighted index composed of common stocks of companies from various industrial sectors whose primary trading markets are located outside the United States. There can be no assurance that the investment objective of the Fund will be achieved.

*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.

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*Nationwide Small Cap Index Fund*. The investment objective of the Nationwide Small Cap Index Fund is to match the performance of the Russell 2000® Index (the "Russell 2000") as closely as possible before the deduction of Fund expenses. The Russell 2000 is a market-weighted index composed of approximately 2000 common stocks of smaller U.S. companies in a wide range of businesses chosen by Russell Investments based on a number of factors, including industry representation, market value, economic sector and operating/financial condition. There can be no assurance that the investment objective of the Fund will be achieved.

*Nationwide NYSE Arca Tech 100 Index Fund*. The investment objective of the Nationwide NYSE Arca Tech 100 Index Fund is to track the total return of the NYSE Arca Tech 100 Index before deducting for Fund expenses. The NYSE Arca Tech 100 Index, which consists of at least 100 individual technology-related securities, is a price-weighted index of stocks of companies from different industries that produce or deploy innovative technologies to conduct their business. There can be no assurance that the investment objective of the Fund will be achieved.

*About Indexing*. The Index Funds are not managed according to traditional methods of "active" investment management, which involve the buying and selling of securities based upon economic, financial, and market analyses and investment judgment. Instead, each Index Fund, utilizing essentially a "passive" or "indexing" investment approach, seeks to replicate, before each Fund's expenses (which can be expected to reduce the total return of the Fund), the total return of its respective index.

*Indexing and Managing the Funds*. Each Index Fund will be substantially invested in securities in the applicable index, and invests at least 80% of its net assets in securities or other financial instruments which are contained in or correlated with securities in the applicable index (with the exception of the Nationwide NYSE Arca Tech 100 Index Fund, which invests at least 90% of its net assets in securities or other financial instruments which are contained in or correlated with the securities in the NYSE Arca Tech 100 Index).

Because each Index Fund seeks to replicate the total return of its respective index, its subadviser generally will not attempt to judge the merits of any particular security as an investment but will seek only to replicate the total return of the securities in the relevant index. However, the subadviser may omit or remove a security which is included in an index from the portfolio of an Index Fund if, following objective criteria, the subadviser judges the security to be insufficiently liquid, believes the merit of the investment has been substantially impaired by extraordinary events or financial conditions, or determines that the security is no longer useful in attempting to replicate the total return of the index.

An Index Fund subadviser may acquire certain financial instruments based upon individual securities or based upon or consisting of one or more baskets of securities (which basket may be based upon a target index). Certain of these instruments may represent an indirect ownership interest in such securities or baskets. Others may provide for the payment to an Index Fund or by an Index Fund of amounts based upon the performance (positive, negative or both) of a particular security or basket. The subadviser will select such instruments when it believes that the use of the instrument will correlate substantially with the expected total return of a target security or index. In connection with the use of such instruments, the subadviser may enter into short sales in an effort to adjust the weightings of particular securities represented in the basket to more accurately reflect such securities weightings in the target index.

The ability of each Index Fund to satisfy its investment objective depends to some extent on the subadviser's ability to manage cash flow (primarily from purchases and redemptions and distributions from the Fund's investments). An Index Fund subadviser will make investment changes to an Index Fund's portfolio to accommodate cash flow while continuing to seek to 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.

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**Additional Information Concerning the Indices** 

*Aggregate Index*. The Nationwide Bond Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Bloomberg. Bloomberg does not have responsibility for and does not participate in the Nationwide Bond Index Fund's management.

*Russell 2000 Index*. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell 2000 Index. Russell® is a trademark of Russell Investment Group ("Russell Investments").The Nationwide Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investments. Russell Investments is not responsible for and has not reviewed the Nationwide Small Cap Index Fund nor any associated literature or publications and Russell Investments makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Russell Investments reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell 2000 Index. Russell Investments has no obligation to take the needs of any particular fund or its shareholders or any other product or person into consideration in determining, composing or calculating the Russell 2000 Index. Russell Investments' publication of the Russell 2000 Index in no way suggests or implies an opinion by Russell Investments as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell 2000 Index is based. RUSSELL INVESTMENTS MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL 2000 INDEX OR ANY DATA INCLUDED IN THE RUSSELL 2000 INDEX. RUSSELL INVESTMENTS MAKES NO REPRESENTATION OR WARRANTY REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL 2000 INDEX OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL 2000 INDEX. RUSSELL INVESTMENTS MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY OF ANY KIND, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL 2000 INDEX OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

*EAFE Index*. The Nationwide International Index Fund is not sponsored, endorsed, sold or promoted by MSCI Inc. ("MSCI"), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the "MSCI Parties"), including the EAFE Index. The EAFE Index is the exclusive property of MSCI. MSCI and the EAFE Index are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Nationwide Fund Advisors, as the investment adviser to the Nationwide International Index Fund. None of the MSCI Parties makes any representation or warranty, express or implied, to the issuer or shareholders of the Nationwide International Index Fund or any other person or entity regarding the advisability of investing in funds generally or in the Nationwide International Index Fund particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indices which are determined, composed and calculated by MSCI without regard to the Nationwide International Index Fund or its shareholders or any other person or entity. None of the MSCI Parties has any obligation to take the needs of the Nationwide International Index Fund or its shareholders or any other person or entity into consideration in determining, composing or calculating the MSCI indices. None of the MSCI Parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of the Nationwide International Index Fund to be issued or in the determination or calculation of the equation by or the consideration into which the Nationwide International Index Fund is 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

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warranties of merchantability and fitness for a particular purpose, with respect to each MSCI index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

No purchaser, seller or holder of shares of the Nationwide International Index Fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

*S&P 500 Index and S&P 400 Index*. Standard & Poor's 500®, S&P 500®, Standard & Poor's MidCap 400<sup>®</sup>, S&P MidCap 400<sup>®</sup>, and S&P 400<sup>®</sup> are trademarks of The McGraw-Hill Companies, Inc. Pursuant to an agreement with McGraw-Hill Companies, Inc., on behalf of the Nationwide S&P 500 Index Fund and Nationwide Mid Cap Market Index Fund, the Funds are authorized to use the trademarks of the McGraw-Hill Companies, Inc. The Nationwide S&P 500 Index Fund and the Nationwide Mid Cap Market Index Fund are not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). S&P makes no representation or warranty, expressed or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the S&P 500<sup>®</sup> Index or the S&P 400® Index to track general stock market performance. S&P's only relationship to the Funds, the adviser or subadvisers is the licensing of certain trademarks and trade names of S&P and of the S&P 500<sup>®</sup> and S&P 400<sup>®</sup> indices which are determined, composed and calculated by S&P without regard to the Funds. S&P has no obligation to take the needs of the Funds or their shareholders into consideration in determining, composing or calculating the S&P 500<sup>®</sup> and S&P 400<sup>®</sup> Indices. S&P is not responsible for or has not participated in the determination of the prices and amount of the Funds' shares or the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are redeemed. S&P has no obligation or liability in connection with the administration, marketing or trading of the Funds. S&P does not guarantee the accuracy makes no warranty, expressed or implied as to the results to be obtained by the Funds, shareholders of the Funds, or any other person or entity from the use of the S&P 500<sup>®</sup> or S&P 400<sup>®</sup> Indices or any data included therein. Without limiting any of the foregoing, in no event shall S&P 500<sup>®</sup> and S&P 400<sup>®</sup> Indices have any liability for any special, punitive, indirect, or consequential damages, including lost profits even if notified of the possibility of such damages.

*NYSE Arca Tech 100 Index*. "Archipelago®", "ARCA®", "ARCAEX®", "NYSE®", "NYSE ARCA<sup>SM</sup>" and "NYSE Arca Tech 100<sup>SM</sup>" are trademarks of the NYSE Group, Inc. and Archipelago Holdings, Inc. and have been licensed for use by Nationwide Fund Advisors, on behalf of the Nationwide NYSE Arca Tech 100 Index Fund. The Nationwide NYSE Arca Tech 100 Index Fund is not sponsored, endorsed, sold or promoted by Archipelago Holdings, Inc. or by NYSE Group, Inc. Neither Archipelago Holdings, Inc. nor NYSE Group, Inc. makes any representation or warranty regarding the advisability of investing in securities generally, in the Nationwide NYSE Arca Tech 100 Index Fund particularly, or the ability of the NYSE Arca Tech 100 Index to track general stock market performance.

NYSE GROUP, INC. MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE NYSE ARCA TECH 100 INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL NYSE GROUP, INC. HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

**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

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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, 2022 and 2021, 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, 2022**<br>| **For the Fiscal**<br> **Year Ended**<br> **October 31, 2021**<br>|
| Nationwide Amundi Global High Yield Fund<sup>1</sup> | 48.45% | 111.54% |
| Nationwide Amundi Strategic Income Fund<sup>1</sup> | 75.11% | 101.89% |
| Nationwide Bailard Cognitive Value Fund<sup>2</sup> | 283.03% | 199.77% |
| Nationwide Bond Fund<sup>2</sup> | 145.73% | 119.56% |
| Nationwide Bond Index Fund<sup>1</sup> | 66.27% | 151.19% |
| Nationwide Global Sustainable Equity Fund<sup>1</sup> | 28.25% | 39.73% |
| Nationwide GQG US Quality Equity Fund<sup>2</sup> | 221.61% | 97.43% |
| Nationwide Inflation-Protected Securities Fund<sup>2</sup> <br>| 44.89% | 17.65% |
| Nationwide International Index Fund<sup>1</sup> | 10.02% | 25.24% |
| Nationwide International Small Cap Fund<sup>2</sup> | 85.43% | 73.74% |
| Nationwide Janus Henderson Overseas Fund<sup>2</sup> <br>| 104.12% | 19.84% |
| Nationwide Loomis All Cap Growth Fund<sup>2</sup> | 47.91% | 13.72% |
| Nationwide Loomis Core Bond Fund<sup>2</sup> | 342.05% | 222.10% |
| Nationwide Loomis Short-Term Bond Fund<sup>2</sup> <br>| 172.73% | 156.80% |

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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, 2022, the portfolio managers made fewer changes than they deemed necessary during the fiscal year ended October 31, 2021.

<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, 2022, the portfolio managers made more changes than they deemed necessary during the fiscal year ended October 31, 2021.

**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 Disciplined Value Fund, Nationwide GQG US Quality Equity Fund and Nationwide Janus Henderson Overseas 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 & Science 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).

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 Disciplined Value Fund, Nationwide GQG US Quality Equity Fund and Nationwide Janus Henderson Overseas Fund:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•May not borrow money or issue senior securities, except that each Fund may sell securities short, enter into reverse repurchase agreements and may otherwise borrow money and issue senior securities as and to the extent permitted by the 1940 Act or any rule, order or interpretation thereunder.

**The following are the non-fundamental operating policies of the Funds, which may be changed by the Board of Trustees without shareholder approval:** 

**Each Fund may not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Except the Nationwide GQG US Quality Equity Fund and Nationwide Janus Henderson Overseas 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

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margin. In addition, the **Nationwide BNY Mellon Disciplined Value Fund, Nationwide GQG US Quality Equity Fund and Nationwide Janus Henderson Overseas 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 Disciplined Value Fund, Nationwide GQG US Quality Equity Fund and Nationwide Janus Henderson Overseas 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% the Fund's net assets in the type of investment suggested by the Fund's name ("80 Percent Policy"). The scope of the 80 Percent Policy includes Fund names suggesting that each Fund focuses its investments in: (i) a particular type of investment or investments; (ii) a particular industry or group of industries; or (iii) certain countries or geographic regions. For purposes of the 80 Percent Policy, 80% of the Fund's net assets shall mean 80% of the Fund's net assets plus the amount of any borrowings for investment purposes. Each Fund that has adopted the 80 Percent Policy also has adopted a policy to provide its shareholders with at least 60 days' prior written notice of any change in such investment policy.

**Internal Revenue Code Restrictions** 

In addition to the investment restrictions above, each Fund must be diversified according to Internal Revenue Code requirements. Specifically, at each tax quarter end, each Fund's holdings must be diversified so that (a) at least 50% of the market value of its total assets is represented by cash and cash items (including receivables), U.S. government securities, securities of other U.S. regulated investment companies, and securities of other issuers, limited so that no one issuer has a value greater than 5% of the value of the Fund's total assets and that the Fund holds no more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's assets is invested in the securities (other than those of the U.S. government or other U.S. regulated investment companies) of any one issuer or of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or, in the securities of one or more qualified publicly traded partnerships.

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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.

Except for the 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 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. Shareholders receive either complete portfolio holdings information or summaries of Fund portfolio holdings with their annual and semiannual reports.

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.; 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; ICE Data Pricing &

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Reference Data LLC; GTA Babelfish, LLC; KPMG LLC; Qontigo (Aximoa Risk System); and, on occasion, to transition managers such as BlackRock Institutional Trust Company; Fidelity Capital Markets (a division of National Financial Services, LLC); Capital Institutional Services; State Street Bank and Trust Company; Electra Information Systems; Virtu Americas LLC; Russell Investments Implementation Services, LLC; or Macquarie Capital (USA) Inc.; where such transition manager provides portfolio transition management assistance (e.g., upon change of subadviser, etc.). These organizations are required to keep such information confidential, and are prohibited from trading based on the information or otherwise using the information except as necessary in providing services to the Funds. No compensation or other consideration is received by the Funds, NFA or any other party in connection with each such ongoing arrangement.

NFA conducts periodic reviews of compliance with the policy and the Funds' Chief Compliance Officer provides annually a report to the Board of Trustees regarding the operation of the policy and any material changes recommended as a result of such review. NFA's compliance staff also will submit annually to the Board of Trustees a list of exceptions granted to the policy, including an explanation of the legitimate business purpose of the Fund that was served as a result of the exception.

**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." 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 47 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 Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

**Independent Trustees** 

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| | | |
|:---|:---|:---|
| **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 | 132 |
| **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 present, Advisory Board Member of Dress for Success <br> from April 2013 to present, Trustee/Executive Board Member of Houston Ballet from September 2011 to present and <br> President since July 2022, and Board Member of Hermann Park Conservancy from August 2011 to present, serving as <br> Board Chair since 2020. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Southern Smoke Foundation from August 2020 to present, Advisory Board Member of Dress for Success <br> from April 2013 to present, Trustee/Executive Board Member of Houston Ballet from September 2011 to present and <br> President since July 2022, and Board Member of Hermann Park Conservancy from August 2011 to present, serving as <br> Board Chair since 2020. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Southern Smoke Foundation from August 2020 to present, Advisory Board Member of Dress for Success <br> from April 2013 to present, Trustee/Executive Board Member of Houston Ballet from September 2011 to present and <br> President since July 2022, and Board Member of Hermann Park Conservancy from August 2011 to present, serving as <br> Board Chair since 2020. |
| **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 | 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Davis has been a Managing Partner of College Hill Capital Partners, LLC (private equity) since June 2016. From <br> September 1998 until May 2016, Mr. Davis originated and managed debt and equity investments for John Hancock Life <br> Insurance Company (U.S.A.)/Hancock Capital Management, LLC, serving as a Managing Director from September 2003 <br> through May 2016.  | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Davis has been a Managing Partner of College Hill Capital Partners, LLC (private equity) since June 2016. From <br> September 1998 until May 2016, Mr. Davis originated and managed debt and equity investments for John Hancock Life <br> Insurance Company (U.S.A.)/Hancock Capital Management, LLC, serving as a Managing Director from September 2003 <br> through May 2016.  | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Davis has been a Managing Partner of College Hill Capital Partners, LLC (private equity) since June 2016. From <br> September 1998 until May 2016, Mr. Davis originated and managed debt and equity investments for John Hancock Life <br> Insurance Company (U.S.A.)/Hancock Capital Management, LLC, serving as a Managing Director from September 2003 <br> through May 2016.  |

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| | | |
|:---|:---|:---|
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Outlook Group Holdings, LLC from July 2006 to May 2016, serving as Chair to the Audit committee <br> and member of the Compensation committee, Board Member of MA Holdings, LLC from November 2006 to October <br> 2015, Board Member of IntegraColor, Ltd. from February 2007 to September 2015, Board Member of The Pine Street Inn <br> from 2009 to present, currently serving as Chair of the Board, Member of the Advisory Board (non-fiduciary) of <br> Mearthane Products Corporation from September 2019 to present, and Board Member of The College of Holy Cross since <br> July 2022. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Outlook Group Holdings, LLC from July 2006 to May 2016, serving as Chair to the Audit committee <br> and member of the Compensation committee, Board Member of MA Holdings, LLC from November 2006 to October <br> 2015, Board Member of IntegraColor, Ltd. from February 2007 to September 2015, Board Member of The Pine Street Inn <br> from 2009 to present, currently serving as Chair of the Board, Member of the Advisory Board (non-fiduciary) of <br> Mearthane Products Corporation from September 2019 to present, and Board Member of The College of Holy Cross since <br> July 2022. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Outlook Group Holdings, LLC from July 2006 to May 2016, serving as Chair to the Audit committee <br> and member of the Compensation committee, Board Member of MA Holdings, LLC from November 2006 to October <br> 2015, Board Member of IntegraColor, Ltd. from February 2007 to September 2015, Board Member of The Pine Street Inn <br> from 2009 to present, currently serving as Chair of the Board, Member of the Advisory Board (non-fiduciary) of <br> Mearthane Products Corporation from September 2019 to present, and Board Member of The College of Holy Cross since <br> July 2022. |
| **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. |
| **Barbara I. Jacobs** | **Barbara I. Jacobs** | **Barbara I. Jacobs** |
| **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>|
| 1950 | Trustee since December 2004 | 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. From 1988 through 2003, Ms. Jacobs was a Managing Director and European Portfolio Manager of CREF <br> Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund). Ms. Jacobs also served as <br> Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January <br> 2001 through January 2006. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. From 1988 through 2003, Ms. Jacobs was a Managing Director and European Portfolio Manager of CREF <br> Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund). Ms. Jacobs also served as <br> Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January <br> 2001 through January 2006. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. From 1988 through 2003, Ms. Jacobs was a Managing Director and European Portfolio Manager of CREF <br> Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund). Ms. Jacobs also served as <br> Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January <br> 2001 through January 2006. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Trustee and Board Chair of Project Lede from 2013 to present. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Trustee and Board Chair of Project Lede from 2013 to present. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Trustee and Board Chair of Project Lede from 2013 to present. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Jacobs has significant board experience and significant executive and portfolio management experience in the <br> investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Jacobs has significant board experience and significant executive and portfolio management experience in the <br> investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Jacobs has significant board experience and significant executive and portfolio management experience in the <br> investment management industry. |
| **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>| 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Senior Director of Wealth Management with Curi Capital which acquired Park Ridge Asset <br> Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, <br> LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was <br> the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable <br> Insurance Funds from February 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Senior Director of Wealth Management with Curi Capital which acquired Park Ridge Asset <br> Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, <br> LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was <br> the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable <br> Insurance Funds from February 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Senior Director of Wealth Management with Curi Capital which acquired Park Ridge Asset <br> Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, <br> LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was <br> the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable <br> 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 | 132 |
| **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  |

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| | | |
|:---|:---|:---|
| **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. |
| **Douglas F. Kridler** | **Douglas F. Kridler** | **Douglas F. Kridler** |
| **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>|
| 1955 | Trustee since September 1997 | 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a <br> $2.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a <br> $2.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a <br> $2.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S. |
| **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. Kridler has significant board experience; significant executive experience, including service as president and chief <br> executive officer of one of America's largest community foundations and significant service to his community and the <br> philanthropic field in numerous leadership roles. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Kridler has significant board experience; significant executive experience, including service as president and chief <br> executive officer of one of America's largest community foundations and significant service to his community and the <br> philanthropic field in numerous leadership roles. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Kridler has significant board experience; significant executive experience, including service as president and chief <br> executive officer of one of America's largest community foundations and significant service to his community and the <br> philanthropic field in numerous leadership roles. |
| **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 | 132 |
| **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 | 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Wezdenko is a Co-Founder of Blue Leaf Ventures (venture capital firm, founded May 2018). From November 2008 <br> 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 of Blue Leaf Ventures (venture capital firm, founded May 2018). From November 2008 <br> 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 of Blue Leaf Ventures (venture capital firm, founded May 2018). From November 2008 <br> 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. Board Director of J.P. Morgan Private <br> Placements LLC from January 2010 to December 2017. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Independent Trustee for National Philanthropic Trust from October 2021 to present. Board Director of J.P. Morgan Private <br> Placements LLC from January 2010 to December 2017. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Independent Trustee for National Philanthropic Trust from October 2021 to present. Board Director of J.P. Morgan Private <br> Placements LLC from January 2010 to December 2017. |
| **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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**Interested Trustee** 

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|:---|:---|:---|
| **M. Diane Koken**<sup>3</sup>  | **M. Diane Koken**<sup>3</sup>  | **M. Diane Koken**<sup>3</sup>  |
| **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>|
| 1952 | Trustee since April 2019 | 132  |

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| |
|:---|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, <br> for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) <br> from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple <br> legal roles, including vice president, general counsel and corporate secretary of a national life insurance company. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company <br> 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of <br> NORCAL Mutual Insurance Company 2009-2021, Director of Medicus Insurance Company 2009-present, Director of <br> Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and <br> Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Koken has significant board experience and significant executive, legal and regulatory experience, including past <br> service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company. |

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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.

<sup>3</sup>

Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust's investment adviser and distributor.

**Officers of the Trust** 

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| | |
|:---|:---|
| **Lee T. Cummings** | **Lee T. Cummings** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1963 | President, Chief Executive Officer and Principal Executive Officer since <br> September 2022<br>|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President <br> of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the Trust's Treasurer and Principal Financial Officer. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President <br> of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the Trust's Treasurer and Principal Financial Officer. |
| **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 previously served as the Trust's Assistant Secretary and Assistant Treasurer. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Majewski previously served as the Trust's Assistant Secretary and Assistant Treasurer. |
| **Kevin Grether** | **Kevin Grether** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1970 | Senior Vice President and Chief Compliance Officer since December 2021 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Grether is Senior Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the VP, Chief Compliance Officer for the <br> Nationwide Office of Investments and its registered investment adviser, Nationwide Asset Management. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Grether is Senior Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the VP, Chief Compliance Officer for the <br> Nationwide Office of Investments and its registered investment adviser, Nationwide Asset Management. |
| **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 Funds Group, and Vice President of <br> Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Assistant General Counsel for Invesco 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 Funds Group, and Vice President of <br> Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Assistant General Counsel for Invesco from 2000-2019. |
| **Steven D. Pierce** | **Steven D. Pierce** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1965 | Senior Vice President, Head of Business and Product Development since March <br> 2020 <br>|

---

------

---

| | |
|:---|:---|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Pierce is Senior Vice President, Head of Business and Product Development for Nationwide Funds Group, and is a Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Pierce is Senior Vice President, Head of Business and Product Development for Nationwide Funds Group, and is a Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> |
| **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 the Nationwide Funds <br> 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 the Nationwide Funds <br> Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> |

---

<sup>1</sup>

These positions are held with an affiliated person or principal underwriter of the Funds.

**Responsibilities of the Board of Trustees** 

The Board of Trustees (the "Board") has oversight responsibility for the conduct of the affairs of the Trust. The Board approves policies and procedures regarding the operation of the Trust, regularly receives and reviews reports from NFA regarding the implementation of such policies and procedures, and elects the Officers of the Trust to perform the daily functions of the Trust. The Chairman of the Board is an Independent Trustee.

**Board Leadership Structure** 

The Board approves financial arrangements and other agreements between the Funds, on the one hand, and NFA, any subadvisers or other affiliated parties, on the other hand. The Independent Trustees meet regularly as a group in executive session and with independent legal counsel. The Board has determined that the efficient conduct of the Board's affairs makes it desirable to delegate responsibility for certain specific matters to Committees of the Board ("Committees"), as described below. The Committees meet as often as necessary, either in conjunction with regular meetings of the Board or otherwise. The membership and chair of each Committee are appointed by the Board upon recommendation of the Nominating and Fund Governance Committee.

This structure is reviewed by the Board periodically, and the Board believes it to be appropriate and effective. The Board also completes an annual self-assessment during which it reviews its leadership and Committee structure, and considers whether its structure remains appropriate in light of the Funds' current operations.

Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement, or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of shareholders called for the purpose of electing Trustees or consent of shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor. The Board may fill any vacancy on the Board provided that, after such appointment, at least two-thirds of the Trustees have been elected by shareholders. Any Trustee may be removed by the Board, with or without cause, by action of a majority of the Trustees then in office, or by a vote of shareholders at any meeting called for that purpose. In addition to conducting an annual self-assessment, the Board completes biennial peer evaluations, which focus on the performance and effectiveness of the individual members of the Board.

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.

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**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 Funds and to discuss with NFA or the Funds' subadvisers how they monitor and control such risks. In addition, the Officers of the Funds, all of whom are employees of NFA, including the President and Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer and Chief Operating Officer, report to the Board and to the Chairs of its Committees on a variety of risk-related matters, including the risks inherent in each Officer's area of responsibility, at regular meetings of the Board and on an ad hoc basis.

The Funds have retained NFA as the Funds' investment adviser and NFM as the Funds' administrator. NFA and NFM are responsible for the day-to-day operations of the Funds. NFA has delegated the day-to-day management of the investment activities of each Fund, with the exception of the Fund-of-Funds, to one or more subadvisers. NFA and NFM are primarily responsible for the Funds' operations and for supervising the services provided to the Funds by each service provider, including risk management services provided by the Funds' subadvisers, if any. The Board also meets periodically with the Trust's Chief Compliance Officer to receive reports regarding the compliance of each Fund with the federal securities laws and the Fund's internal compliance policies and procedures. The Board also reviews the Chief Compliance Officer's annual report, including the Chief Compliance Officer's compliance risk assessments for the Funds. The Board meets periodically with the portfolio managers of the Funds to receive reports regarding the management of the Funds, including each Fund's investment risks.

**Committees of the Board** 

The Board has three standing committees: Audit and Operations Committee, Nominating and Fund Governance Committee, and Investment Committee. The function of each Committee is oversight. In addition, each Committee may from time to time delegate certain of its functions to an *ad hoc* committee comprised of members of the Board that will report to the Committee or the Board with its recommendations, as determined at the time of such delegation.

The purposes of the Audit and Operations Committee are to: (a) oversee the Trust's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain of its service providers; it is the intention of the Board that it is management's responsibility to maintain appropriate systems for accounting and internal control, and the independent auditors' responsibility to plan and carry out a proper audit–the independent auditors are ultimately accountable to the Board and the Committee, as representatives of the Trust's shareholders; (b) oversee the quality and integrity of the Trust's financial statements and the independent audit thereof, including periodic review of the performance of the independent auditors; (c) ascertain the independence of the Trust's independent auditors; (d) act as a liaison between the Trust's independent auditors and the Board; (e) approve the engagement of the Trust's independent auditors; (f) meet and consider the reports of the Trust's independent auditors; (g) oversee the Trust's written policies and procedures adopted under Rule 38a-1 of the 1940 Act and oversee the appointment and performance of the Trust's designated Chief Compliance Officer; (h) review information provided to the Committee regarding SEC examinations of the Trust and its service providers; (i) to review and oversee the actions of the principal underwriter and investment advisers with respect to distribution of the 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

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Committee by the Board. The Audit and Operations Committee met five times during the past fiscal year, and currently consists of the following Trustees: Ms. Bradshaw, Mr. Karlawish, Ms. Kosel (Chair) and Mr. Wezdenko, 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 currently 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 5-02-210, 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: Mr. Davis, Ms. Jacobs, Mr. Kridler (Chair) and Ms. Petersen, each of whom is not an interested person of the Trust, as defined in the 1940 Act, and Ms. Koken, who is an interested person of the Trust, as defined in the 1940 Act.

**Ownership of Shares of Nationwide Mutual Funds as of December 31, 2022** 

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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** |
| Kristina Bradshaw<sup>1</sup> |  |  |
| Lorn C. Davis | Over $100,000 | Over $100,000 |
| Barbara I. Jacobs | Over $100,000 | Over $100,000 |
| Keith F. Karlawish | Over $100,000 | Over $100,000 |
| Carol A. Kosel | Over $100,000 | Over $100,000 |
| Douglas F. Kridler | Over $100,000 | Over $100,000 |
| Charlotte Petersen<sup>1</sup> <br>|  |  |
| David E. Wezdenko | Over $100,000 | Over $100,000 |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| M. Diane Koken | Over $100,000 | Over $100,000 |

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<sup>1</sup>

Mses. Bradshaw's and Petersen's terms as Independent Trustees commenced effective January 1, 2023.

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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, 2022** 

**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** |
| Kristina Bradshaw<sup>4</sup> | N/A | N/A | N/A |  | N/A |
| Lorn C. Davis | N/A | N/A | N/A |  | N/A |
| Barbara I. Jacobs | N/A | N/A | N/A |  | N/A |
| Keith F. Karlawish | N/A | N/A | N/A |  | N/A |
| Carol A. Kosel | N/A | N/A | N/A |  | N/A |
| Douglas F. Kridler | N/A | N/A | N/A |  | N/A |
| Charlotte Petersen<sup>4</sup> | N/A | N/A | N/A |  | N/A |
| David E. Wezdenko | N/A | N/A | N/A |  | N/A |

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<sup>1</sup>

Nationwide Fund Advisors.

<sup>2</sup>

As of December 31, 2022, subadvisers to the Trust included: American Century Investment Management Inc.; Amundi Asset Management US, Inc.; Bailard, Inc.; BlackRock Investment Management, LLC; Brown Capital Management, LLC; Diamond Hill Capital Management, Inc.; Dreyfus, a division of BNY Mellon Investment Adviser, Inc.; Geneva Capital Management LLC; Goldman Sachs Asset Management, L.P.; GQG Partners LLC; Insight North America LLC; Jacobs Levy Equity Management, Inc.; Janus Henderson Investors US LLC; Loomis, Sayles & Company, L.P.; Mellon Investments Corporation; Nationwide Asset Management, LLC; Newton Investment Management North America, LLC; UBS Asset Management (Americas) Inc.; WCM Investment Management; Wellington Management Company LLP; and Western Asset Management Company, LLC.

<sup>3</sup>

Nationwide Fund Distributors LLC or any company, other than an investment company, that controls a Fund's adviser or distributor.

<sup>4</sup>

Mses. Bradshaw's and Petersen's terms as Independent Trustees commenced effective January 1, 2023.

**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, 2022. 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, 2022. 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. Accordingly, Ms. Koken was not compensated by the funds in the Fund Complex and, therefore, is not included in the Compensation Table below.

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**<sup>3</sup> <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>|
| Paula H.J. Cholmondeley<sup>2</sup> | $98472 | N/A | N/A | $372500 |
| Lorn C. Davis | 94501 | N/A | N/A | 357500 |
| Phyllis Kay Dryden<sup>2</sup> | 94501 | N/A | N/A | 357500 |
| Barbara I. Jacobs | 98472 | N/A | N/A | 372500 |
| Keith F. Karlawish | 127293 | N/A | N/A | 467500 |
| Carol A. Kosel | 113765 | N/A | N/A | 402500 |
| Douglas F. Kridler | 108879 | N/A | N/A | 397500 |
| David E. Wezdenko | 99501 | N/A | N/A | 362500 |

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<sup>1</sup>

As of October 31, 2022, the Fund Complex included two trusts comprised of 134 investment company funds or series.

<sup>2</sup>

Mses. Cholmondeley and Dryden retired as Independent Trustees effective December 31, 2022.

<sup>3</sup>

In addition, the Trust compensated Mses. Bradshaw and Petersen, nominees as Independent Trustees, for their attendance at two meetings of the Board during the fiscal year ended October 31, 2022. Mses. Bradshaw and Petersen were nominated to the Board on June 15, 2022 and joined the Board effective January 1, 2023.

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Each of the Trustees and officers and their families are eligible to purchase Class A shares at net asset value without any sales charge. Each Trustee is also eligible to purchase Class R6 shares at net asset value. Class R6 shares are sold without a sales charge and are not subject to Rule 12b-1 fees or administrative services fees.

**Code of Ethics** 

Federal law requires the Trust, each of its investment advisers and subadvisers, and its principal underwriter to adopt codes of ethics which govern the personal securities transactions of their respective personnel. Accordingly, each such entity has adopted a code of ethics pursuant to which their respective personnel may invest in securities for their personal accounts (including securities that may be purchased or held by the Trust). Copies of these Codes of Ethics are on file with the SEC and are available to the public.

**Proxy Voting Guidelines** 

Federal law requires the Trust and each of its investment advisers and subadvisers to adopt procedures for voting proxies (the "Proxy Voting Guidelines") and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by a Fund. The Funds' proxy voting policies and procedures and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds' website at https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/, or (iii) on the SEC's website at www.sec.gov. The summary of such Proxy Voting Guidelines is attached as Appendix B to this SAI.

**Investment Advisory and Other Services** 

**Trust Expenses** 

The Trust pays, on behalf of the Funds, the compensation of the Trustees who are not interested persons (as described in the 1940 Act) of the Trust, and all expenses (other than those assumed by the Adviser), including governmental fees; interest charges; taxes; membership dues in the Investment Company Institute allocable to the Trust; investment advisory fees and any Rule 12b-1 fees; fees under the Trust's Fund Administration and Transfer Agency Agreement, which include the expenses of calculating the Funds' net asset values; fees and expenses of independent certified public accountants and legal counsel of the Trust and to the Independent Trustees; expenses of preparing, printing, and mailing shareholder reports, notices, proxy statements, and reports to governmental offices and commissions; expenses connected with the execution, recording, and settlement of portfolio security transactions; short sale dividend expenses; insurance premiums; administrative services fees under an Administrative Services Plan; fees and expenses of the custodian for all services to the Trust; expenses of shareholder meetings; and expenses relating to the issuance, registration, and qualification of shares of the Trust. NFA may, from time to time, agree to voluntarily or contractually waive advisory fees, and if necessary reimburse expenses, in order to limit total operating expenses for certain Funds and/or classes, as described below. These expense limitations apply to the classes described; if a particular class is not referenced, there is no expense limitation for that class.

**Investment Adviser** 

NFA, located at One Nationwide Plaza, Mail Code 5-02-210, 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

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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. NFA also furnishes, at its own expense, all necessary administrative services, office space, equipment, and clerical personnel for servicing the investments of the Trust and maintaining its investment advisory facilities, and executive and supervisory personnel for managing the investments and effecting the portfolio transactions of the Trust. In addition, NFA pays, out of its legitimate profits, broker-dealers, trust companies, transfer agents and other financial institutions in exchange for their selling of shares of the Trust's series or for recordkeeping or other shareholder related services.

The Agreement also specifically provides that NFA, including its directors, officers, and employees, shall not be liable for any error of judgment, or mistake of law, or for any loss arising out of any investment, or for any act or omission in the execution and management of the Trust, except for willful misfeasance, bad faith, or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties under the Agreement. The Agreement continues in effect for an initial period of no more than two years and thereafter shall continue automatically for successive annual periods provided such continuance is specifically approved at least annually by the Trustees, or by vote of a majority of the outstanding voting securities of the Trust, and, in either case, by a majority of the Trustees who are not parties to the Agreement or interested persons of any such party. The Agreement terminates automatically in the event of its "assignment," as defined under the 1940 Act. It may be terminated at any time as to a Fund, without penalty, by vote of a majority of the outstanding voting securities of that Fund, by the Board of Trustees or NFA on not more than 60 days' written notice. The Agreement further provides that NFA may render similar services to others.

For services provided under the Agreement, NFA receives an annual fee paid monthly based on average daily net assets of the applicable Fund according to the following schedule:

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Investment Advisory Fee** |
| Nationwide Amundi Global High Yield Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.64%<br> 0.62%<br>|
| Nationwide Amundi Strategic Income Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.55%<br> 0.50%<br>|
| Nationwide Bailard Cognitive Value Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.75%<br> 0.70%<br>|
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $0 up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.75%<br> 0.70%<br>|
| Nationwide Bailard Technology & Science Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.75%<br> 0.70%<br> 0.65%<br>|
| Nationwide BNY Mellon Core Plus Bond ESG 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 BNY Mellon Disciplined Value Fund | &nbsp;&nbsp; $0 up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.60%<br> 0.575%<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>|

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Investment Advisory Fee** |
| Nationwide 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 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 Global Sustainable 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; 0.75%<br> 0.70%<br> 0.68%<br> 0.65%<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; 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; Up to $500 million<br> $500 million up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.95%<br> 0.925%<br> 0.90%<br>|
| Nationwide Janus Henderson Overseas Fund | &nbsp;&nbsp; $0 up to $200 million<br> $200 million up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.70%<br> 0.68%<br> 0.65%<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>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Investment Advisory Fee** |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; $0 up to $1.5 billion<br> $1.5 billion up to $3 billion<br> $3 billion and more<br>| &nbsp;&nbsp; 0.195%<br> 0.175%<br> 0.165%<br>|
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; $0 up to $50 million<br> $50 million up to $250 million<br> $250 million up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.448%<br> 0.248%<br> 0.198%<br> 0.148%<br>|
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; $0 up to $1.5 billion<br> $1.5 billion up to $3 billion<br> $3 billion and more<br>| &nbsp;&nbsp; 0.125%<br> 0.105%<br> 0.095%<br>|
| Nationwide 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 Small Company Growth Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.84%<br> 0.79%<br>|
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.75%<br> 0.70%<br>|

---

**Limitation of Fund Expenses** 

In the interest of limiting the expenses of the Funds, NFA may from time to time waive some, or all, of its investment advisory fee or reimburse other fees for any of the Funds. In this regard, NFA has entered into an expense limitation agreement with the Trust on behalf of certain of the Funds (the "Expense Limitation Agreement"). Pursuant to the Expense Limitation Agreement, NFA has agreed to waive or limit its fees and to assume other expenses to the extent necessary to limit the total annual operating expenses of each class of each such Fund to the limits described below. The waiver of such fees will cause the total return and yield of a Fund to be higher than they would otherwise be in the absence of such a waiver.

NFA may request and receive reimbursement from the Funds for the advisory fees waived or limited and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a later date when a Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits that were in the Expense Limitation Agreement at the time that NFA waived the fees or reimbursed the expenses. No reimbursement will be made to a Fund unless: (i) such Fund's assets exceed $100 million; (ii) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is made no more than three years from the date in which the corresponding waiver or reimbursement to the Fund was made. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

Until at least February 29, 2024, 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, 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 Amundi Global High Yield Fund to 0.70%

• Nationwide Amundi Strategic Income Fund to 0.49%

• Nationwide Bailard Cognitive Value Fund to 1.07%

• Nationwide Bailard International Equities Fund to 1.10%

• Nationwide Bailard Technology & Science Fund to 1.05%

• Nationwide BNY Mellon Core Plus Bond ESG Fund to 0.70%

• Nationwide BNY Mellon Disciplined Value Fund to 0.66%

------

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

• Nationwide BNY Mellon Dynamic U.S. Core Fund to 0.50%

• Nationwide Bond Fund to 0.44%

• 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 Global Sustainable Equity Fund to 0.90% until September 30, 2023

• 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% until May 31, 2023

• Nationwide Janus Henderson Overseas Fund to 0.72%

• Nationwide Loomis All Cap Growth Fund to 0.82% until May 31, 2023

• Nationwide Loomis Core Bond Fund to 0.65%

• Nationwide Loomis Short Term Bond Fund to 0.45%

• Nationwide Mid Cap Market Index Fund to 0.30%

• Nationwide NYSE Arca Tech 100 Index Fund to 0.68%

• Nationwide S&P 500 Index Fund to 0.21%

• Nationwide Small Cap Index Fund to 0.28%

• Nationwide Small Company Growth Fund to 0.94%

• Nationwide WCM Focused Small Cap Fund to 0.80%

<sup>1</sup>In addition, with respect to the Service Class of the Nationwide Government Money Market Fund, effective until at least February 29, 2024, the Fund Operating Expenses including the Rule 12b-1 fees and fees paid pursuant to an Administrative Services Plan shall be limited to 0.75%.

In addition to the foregoing, until at least February 29, 2024, 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 BNY Mellon Core Plus Bond ESG Fund | 0.0379% per annum |
| Nationwide Fund | 0.045% per annum |
| Nationwide Government Money Market Fund | 0.027% 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, 2022, 2021, and 2020, 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,** |
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund** | **Gross Fees** | **Net Fees** | **Gross Fees** | **Net Fees** | **Gross Fees** | **Net Fees** |
| Nationwide Amundi Global High Yield Fund | $582568 | $409185 | $777158 | $597990 | $754738 | $567372 |
| Nationwide Amundi Strategic Income Fund | 780527 | 446395 | 848424 | 477612 | 862692 | 491022 |
| Nationwide Bailard Cognitive Value Fund | 746610 | 746610 | 723612 | 723612 | 428655 | 385214 |
| Nationwide Bailard International Equities Fund | 1320806 | 1320806 | 1536900 | 1536900 | 1426372 | 1426372 |
| Nationwide Bailard Technology & Science Fund | 1092841 | 1092841 | 1400479 | 1400479 | 1091447 | 1091447 |
| Nationwide BNY Mellon Core Plus Bond ESG Fund | 3202990 | 2995605 | 4864335 | 4742008 | 4962115 | 4837128 |
| Nationwide BNY Mellon Disciplined Value Fund | 3562934 | 3248955 | 3428972 | 3061617 | 3057927 | 2761689 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | 5865291 | 5440989 | 6024648 | 5478027 | 4470066 | 3929650 |
| Nationwide Bond Fund | 1240758 | 997030 | 1408169 | 1149658 | 1484661 | 1219939 |
| Nationwide Bond Index Fund | 610119 | 407289 | 1392340 | 1241829 | 1755716 | 1565924 |
| Nationwide Fund | 6256792 | 5726175 | 6602066 | 6041235 | 5596732 | 5123242 |
| Nationwide Geneva Mid Cap Growth Fund | 2086122 | 2086122 | 3214671 | 3214671 | 3921413 | 3921413 |
| Nationwide Geneva Small Cap Growth Fund | 10797251 | 10797251 | 12755203 | 12755203 | 8931302 | 8931302 |
| Nationwide Global Sustainable Equity Fund | 406935 | 307312 | 448328 | 298014 | 366874 | 215622 |
| Nationwide Government Money Market Fund | 1646946 | 675784 | 1788897 | 0 | 1780756 | 1029142 |
| Nationwide GQG US Quality Equity Fund<sup>1</sup> | 323225 | 129637 | 204019 | 11593 | N/A | N/A |
| Nationwide Inflation-Protected Securities Fund | 583368 | 447986 | 660807 | 504054 | 610475 | 433205 |
| Nationwide International Index Fund | 2756286 | 2416071 | 3335995 | 3335995 | 2989830 | 2989830 |
| Nationwide International Small Cap Fund | 5881513 | 5473783 | 6473985 | 6332896 | 4807093 | 4610663 |
| Nationwide Janus Henderson Overseas Fund | 1636236 | 1383740 | 2073039 | 1823429 | 1692066 | 1408549 |
| Nationwide Loomis All Cap Growth Fund | 2668768 | 2512234 | 3153432 | 3019120 | 2959174 | 2822884 |
| Nationwide Loomis Core Bond Fund | 2179994 | 2179994 | 2393476 | 2393476 | 1934457 | 1934457 |
| Nationwide Loomis Short-Term Bond Fund | 622741 | 536926 | 723997 | 627811 | 774177 | 679304 |
| Nationwide Mid Cap Market Index Fund | 1446520 | 1372322 | 1662012 | 1576775 | 1471612 | 1396149 |
| Nationwide NYSE Arca Tech 100 Index Fund | 1435744 | 1435744 | 1588954 | 1588954 | 1642826 | 1642826 |
| Nationwide S&P 500 Index Fund | 1513532 | 1513532 | 1547800 | 1547800 | 1363839 | 1363839 |
| Nationwide Small Cap Index Fund | 468664 | 244462 | 542059 | 430217 | 426674 | 343119 |
| Nationwide Small Company Growth Fund | 1520997 | 1496411 | 2471895 | 2469583 | 2321790 | 2289157 |
| Nationwide WCM Focused Small Cap Fund | 1480476 | 1330780 | 1386702 | 1192454 | 490559 | 300573 |

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<sup>1</sup> Fund commenced operations on January 26, 2021.

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**Subadvisers** 

The subadvisers for the Funds are as follows:

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| | |
|:---|:---|
| **Fund** | **Subadviser** |
| Nationwide Amundi Global High Yield Fund | Amundi Asset Management US, Inc. |
| Nationwide Amundi Strategic Income Fund | Amundi Asset Management US, Inc. |
| Nationwide Bailard Cognitive Value Fund | Bailard, Inc. |
| Nationwide Bailard International Equities Fund | Bailard, Inc. |
| Nationwide Bailard Technology & Science Fund | Bailard, Inc. |
| Nationwide BNY Mellon Core Plus Bond ESG Fund | Insight North America LLC |
| Nationwide BNY Mellon Disciplined Value Fund | Newton Investment Management North America, LLC |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | Newton Investment Management North America, LLC |
| Nationwide Bond Fund | Nationwide Asset Management, LLC |
| Nationwide Bond Index Fund | BlackRock Investment Management, LLC |
| Nationwide Fund | Wellington Management Company LLP |
| Nationwide Geneva Mid Cap Growth Fund | Geneva Capital Management LLC |
| Nationwide Geneva Small Cap Growth Fund | Geneva Capital Management LLC |
| Nationwide Global Sustainable Equity Fund | UBS Asset Management (Americas) Inc. |
| Nationwide Government Money Market Fund | &nbsp;&nbsp; Dreyfus, a division of BNY Mellon Investment Adviser, <br> Inc.<br>|
| 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 Janus Henderson Overseas Fund | Janus Henderson Investors US LLC |
| Nationwide Loomis All Cap Growth Fund | Loomis, Sayles & Company, L.P. |
| Nationwide Loomis Core Bond Fund | Loomis, Sayles & Company, L.P. |
| Nationwide Loomis Short Term Bond Fund | Loomis, Sayles & Company, L.P. |
| Nationwide Mid Cap Market Index Fund | BlackRock Investment Management, LLC |
| Nationwide NYSE Arca Tech 100 Index Fund | Mellon Investments Corporation |
| Nationwide S&P 500 Index Fund | BlackRock Investment Management, LLC |
| Nationwide Small Cap Index Fund | BlackRock Investment Management, LLC |
| Nationwide Small Company Growth Fund | Brown Capital Management, LLC |
| Nationwide WCM Focused Small Cap Fund | WCM Investment Management, LLC |

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Amundi Asset Management US, Inc. ("Amundi US") is located at 60 State Street, Boston, Massachusetts, 02109. Amundi US is a Delaware corporation and is registered with the SEC as an investment adviser. Amundi US is a wholly owned subsidiary of Amundi US, Inc. and an indirect wholly owned subsidiary of Amundi. Amundi, one of the world's largest asset managers, is based in Paris, France.

Bailard, Inc. ("Bailard"), located at 950 Tower Lane, Suite 1900, Foster City, CA 94404, is organized as a California corporation. As of December 31, 2022, Bailard had approximately $5 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.

Brown Capital Management, LLC ("Brown Capital"), located at 1201 North Calvert Street, Baltimore, Maryland 21202, has been an investment adviser since 1983.

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Dreyfus ("Dreyfus"), a division of BNY Mellon Investment Adviser, Inc. ("BNYMIA"), a U.S.-registered investment adviser organized under the laws of the State of New York, is located at 200 Park Avenue, New York, NY 10166. BNYMIA 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, 2022, Geneva had approximately $5.0 billion in assets under management. Geneva has been providing investment management services since 1987.

GQG Partners LLC ("GQG"), located at 450 East Las Olas Boulevard, Suite 750, 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 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.

Insight North America LLC ("Insight") is located at 200 Park Avenue, New York, NY 10166. Insight is a New York limited liability company formed as a subsidiary of The Bank of New York Mellon Corporation in 2004 and has been registered as an investment adviser since 2009.

Janus Henderson Investors US LLC ("Janus") is located at 151 Detroit Street, Denver, CO 80206. Janus is a registered investment adviser and a wholly-owned subsidiary of Janus Henderson Group plc, which conducts business as Janus Henderson Investors. Janus, through its predecessors, has provided investment management services since 1969.

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 $282.1 billion in assets under management as of December 31, 2022. Loomis Sayles is a Delaware limited partnership. Loomis Sayles' general partner, Loomis, Sayles & Company, Inc., is directly owned by Natixis Investment Managers, LLC. ("Natixis LLC"). Natixis LLC is an indirect 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 BPCE, France's second largest banking group. 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 BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

Mellon Investments Corporation ("Mellon"), is located at BNY Mellon Center, 201 Washington Street, Boston, MA 02108. Mellon was founded in 1933 and is an indirect subsidiary of BNY 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.

UBS Asset Management (Americas) Inc. ("UBS AM") is located at 787 Seventh Avenue, New York, NY 10019. UBS AM is an indirect asset management subsidiary of UBS Group AG ("UBS") and a member of the UBS Asset Management Division. UBS, with headquarters in Zurich, Switzerland, is an internationally diversified organization, with operations in many areas of the financial services industry.

WCM Investment Management, LLC ("WCM") is a Delaware limited liability company located at 281 Brooks Street, Laguna Beach, California 92651. WCM is independently managed by active employees.

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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, 2022, Wellington Management and its investment advisory affiliates had investment management authority with respect to approximately $1.1 trillion in assets.

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, 2022, 2021, and 2020, 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** | **2022** | **2021** | **2020** |
| Nationwide Amundi Global High Yield Fund | $309488 | $412864 | $400955 |
| Nationwide Amundi Strategic Income Fund | 345541 | 369374 | 378435 |
| Nationwide Bailard Cognitive Value Fund | 373304 | 361805 | 214328 |
| Nationwide Bailard International Equities Fund | 660401 | 768448 | 713186 |
| Nationwide Bailard Technology & Science Fund | 546419 | 700238 | 545723 |
| Nationwide BNY Mellon Core Plus Bond ESG Fund | 1195040 | 1940012 | 1973288 |
| Nationwide BNY Mellon Disciplined Value Fund | 1781462 | 1714482 | 1221735 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | 2311470 | 2395313 | 1808071 |
| Nationwide Bond Fund | 445050 | 499386 | 524260 |
| Nationwide Bond Index Fund | 62108 | 122213 | 145893 |
| Nationwide Fund | 1918992 | 2019457 | 1726623 |
| Nationwide Geneva Mid Cap Growth Fund | 960909 | 1577338 | 2097511 |
| Nationwide Geneva Small Cap Growth Fund | 6525459 | 7715951 | 5390634 |
| Nationwide Global Sustainable Equity Fund | 213223 | 239109 | 195666 |
| Nationwide Government Money Market Fund | 213207 | 232463 | 288932 |
| Nationwide GQG US Quality Equity Fund<sup>1</sup> | 201118 | 126946 | N/A  |

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** |
| **Fund** | **2022** | **2021** | **2020** |
| Nationwide Inflation-Protected Securities Fund | 175011 | 198243 | 183143 |
| Nationwide International Index Fund | 329872 | 390212 | 354445 |
| Nationwide International Small Cap Fund | 3281075 | 3728451 | 2780323 |
| Nationwide Janus Henderson Overseas Fund | 784590 | 1114501 | 846037 |
| Nationwide Loomis All Cap Growth Fund | 1468157 | 1773806 | 1664537 |
| Nationwide Loomis Core Bond Fund | 749995 | 819289 | 670298 |
| Nationwide Loomis Short-Term Bond Fund | 177927 | 206857 | 221194 |
| Nationwide Mid Cap Market Index Fund | 125795 | 140502 | 127330 |
| Nationwide NYSE Arca Tech 100 Index Fund | 194689 | 225846 | 583987 |
| Nationwide S&P 500 Index Fund | 99796 | 96560 | 86924 |
| Nationwide Small Cap Index Fund | 71692 | 80517 | 66001 |
| Nationwide Small Company Growth Fund | 995895 | 1618532 | 1520220 |
| Nationwide WCM Focused Small Cap Fund | 888283 | 832016 | 293618 |

---

<sup>1</sup> Fund commenced operations on January 26, 2021.

**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 5-02-210, 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

Kevin Grether

M. Diane Koken

Lee T. Cummings

Steven D. Pierce

Stephen R. Rimes

David Majewski

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, 2022, 2021 and 2020:

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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,** |
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund** | **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained**<br> **by**<br> **Distributor**<br>| **Aggregate**<br> **Amount of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>| **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>|
| &nbsp;&nbsp; Nationwide Amundi Global High <br> Yield Fund<br>| - | - | $743 | $83 | $1483 | $183 |
| &nbsp;&nbsp; Nationwide Amundi Strategic Income <br> Fund<br>| $3222 | $345 | 2371 | 347 | 211 | 25 |
| &nbsp;&nbsp; Nationwide Bailard Cognitive Value <br> Fund<br>| 14964 | 2145 | 1536 | 203 | 121 | 16 |
| &nbsp;&nbsp; Nationwide Bailard International <br> Equities Fund<br>| 1330 | 230 | 2879 | 411 | 1024 | 143 |
| &nbsp;&nbsp; Nationwide Bailard Technology & <br> Science Fund<br>| 4996 | 718 | 16127 | 2326 | 12179 | 1699 |
| &nbsp;&nbsp; Nationwide BNY Mellon Core Plus <br> Bond ESG Fund<br>| 5092 | 719 | 4791 | 622 | 12914 | 1363 |
| &nbsp;&nbsp; Nationwide BNY Mellon Disciplined <br> Value Fund<br>| 3682 | 554 | 1588 | 235 | 718 | 93 |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic <br> U.S. Core Fund<br>| 77852 | 11945 | 162898 | 23198 | 222257 | 31433  |

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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,** |
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund** | **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained**<br> **by**<br> **Distributor**<br>| **Aggregate**<br> **Amount of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>| **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>|
| Nationwide Bond Fund | 644 | 90 | 2019 | 394 | 16457 | 363 |
| Nationwide Bond Index Fund | 404 | 66 | 951 | 117 | 3987 | 461 |
| Nationwide Fund | 30944 | 4245 | 42763 | 5882 | 36713 | 5172 |
| &nbsp;&nbsp; Nationwide Geneva Mid Cap Growth <br> Fund<br>| 19748 | 2849 | 23413 | 3418 | 27488 | 4005 |
| &nbsp;&nbsp; Nationwide Geneva Small Cap <br> Growth Fund<br>| 11318 | 1668 | 29982 | 5596 | 54900 | 5800 |
| &nbsp;&nbsp; Nationwide Global Sustainable Equity <br> Fund<br>| 392 | 146 | 3894 | 576 | 1562 | 230 |
| &nbsp;&nbsp; Nationwide Government Money <br> Market Fund<br>| - | - | - | - | - | - |
| &nbsp;&nbsp; Nationwide GQG US Quality Equity <br> Fund<sup>1</sup><br>| 3026 | 446 | NA | NA | NA | NA |
| &nbsp;&nbsp; Nationwide Inflation-Protected <br> Securities Fund<br>| 4368 | 740 | 4192 | 291 | 959 | 69 |
| Nationwide International Index Fund | 536 | 76 | 1213 | 172 | 2653 | 288 |
| &nbsp;&nbsp; Nationwide International Small Cap <br> Fund<br>| 231 | 30 | 1760 | 255 | 342 | 62 |
| &nbsp;&nbsp; Nationwide Janus Henderson <br> Overseas Fund<br>| 1506 | 212 | 20272 | 2790 | 4879 | 779 |
| &nbsp;&nbsp; Nationwide Loomis All Cap Growth <br> Fund<br>| 2443 | 366 | 7180 | 1067 | 11175 | 1623 |
| Nationwide Loomis Core Bond Fund | 1398 | 197 | 6302 | 413 | 1608 | 520 |
| &nbsp;&nbsp; Nationwide Loomis Short Term Bond <br> Fund<br>| 637 | 112 | 2646 | 330 | 6375 | 404 |
| &nbsp;&nbsp; Nationwide Mid Cap Market Index <br> Fund<br>| 10145 | 1477 | 4912 | 703 | 8416 | 1177 |
| &nbsp;&nbsp; Nationwide NYSE Arca Tech 100 <br> Index Fund<br>| 112324 | 15898 | 118576 | 16799 | 209601 | 29548 |
| Nationwide S&P 500 Index Fund | 45201 | 6588 | 67598 | 9476 | 97522 | 11717 |
| Nationwide Small Cap Index Fund | 6885 | 1075 | 5370 | 707 | 3712 | 549 |
| &nbsp;&nbsp; Nationwide Small Company Growth <br> Fund<br>| 1033 | 144 | 4356 | 612 | 3950 | 515 |
| &nbsp;&nbsp; Nationwide WCM Focused Small Cap <br> Fund<br>| 2742 | 393 | 9155 | 1306 | 21600 | 3105 |

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<sup>1</sup> Fund commenced operations on January 26, 2021.

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:

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&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 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;•1.00% of the average daily net assets of Class C shares for each Fund (except the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund) (0.75% of which may be a distribution fee and 0.25% a service fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•0.75% of the average daily net assets of Class C shares for each of the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund (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 Disciplined Value 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, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R** | **Service Class** | **Class K** |
| Nationwide Amundi Global High Yield Fund | $1944 | $3358 | N/A | N/A | N/A |
| Nationwide Amundi Strategic Income Fund | 4025 | 3868 | N/A | N/A | N/A |
| Nationwide Bailard Cognitive Value Fund | 1798 | 1738 | N/A | N/A | N/A |
| Nationwide Bailard International Equities Fund | 9131 | 11931 | N/A | N/A | N/A |
| Nationwide Bailard Technology & Science Fund | 12807 | 14509 | N/A | N/A | N/A |
| Nationwide BNY Mellon Core Plus Bond ESG Fund | 32855 | N/A | N/A | N/A | N/A |
| Nationwide BNY Mellon Disciplined Value Fund | 1405 | N/A | N/A | N/A | $592763 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | 146289 | 99792 | $6498 | N/A | N/A |
| Nationwide Bond Fund | 26339 | 9205 | N/A | N/A | N/A |
| Nationwide Bond Index Fund | 618667 | 6089 | N/A | N/A | N/A |
| Nationwide Fund | 461109 | 4863 | 108 | N/A | N/A |
| Nationwide Geneva Mid Cap Growth Fund | 253745 | 80218 | N/A | N/A | N/A |
| Nationwide Geneva Small Cap Growth Fund | 255394 | 221380 | N/A | N/A | N/A |
| Nationwide Global Sustainable Equity Fund | 100889 | 14495 | N/A | N/A | N/A |
| Nationwide Government Money Market Fund | N/A | N/A | N/A | $1388 | N/A |
| Nationwide GQG US Quality Equity Fund | 1330 | N/A | N/A | N/A | N/A |
| Nationwide Inflation-Protected Securities Fund | 28959 | N/A | N/A | N/A | N/A |
| Nationwide International Index Fund | 720788 | 23627 | 129217 | N/A | N/A |
| Nationwide International Small Cap Fund | 2696 | N/A | N/A | N/A | N/A |
| Nationwide Janus Henderson Overseas Fund | 5408 | N/A | N/A | N/A | N/A |
| Nationwide Loomis All Cap Growth Fund | 14478 | N/A | N/A | N/A | N/A |
| Nationwide Loomis Core Bond Fund | 30666 | 9301 | N/A | N/A | N/A |
| Nationwide Loomis Short-Term Bond Fund | 48006 | 18413 | N/A | N/A | N/A |
| Nationwide Mid Cap Market Index Fund | 626403 | 87295 | 91656 | N/A | N/A |
| Nationwide NYSE Arca Tech 100 Index Fund | 833210 | 603937 | N/A | N/A | N/A |
| Nationwide S&P 500 Index Fund | 306252 | 491967 | 654421 | 376558 | N/A |
| Nationwide Small Cap Index Fund | 372212 | 37734 | 117775 | N/A | N/A |
| Nationwide Small Company Growth Fund | 9998 | N/A | N/A | N/A | N/A |
| Nationwide WCM Focused Small Cap Fund | 33536 | 31392 | N/A | N/A | N/A |

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The following expenditures were made during the fiscal year ended October 31, 2022, 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>| **Financing**<br> **Charges with**<br> **Respect to Class C Shares**<br>| **Broker-Dealer**<br> **Compensation**<br> **& Costs**<br>|
| Nationwide Amundi Global High Yield Fund | 0 | 172 | 0 | 5132 |
| Nationwide Amundi Strategic Income Fund | 0 | 2040 | 0 | 5854  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Prospectus**<br> **Printing &**<br> **Mailing**<sup>1</sup><br>| **Distributor**<br> **Compensation**<br> **& Costs**<sup>1</sup><br>| **Financing**<br> **Charges with**<br> **Respect to Class C Shares**<br>| **Broker-Dealer**<br> **Compensation**<br> **& Costs**<br>|
| Nationwide Bailard Cognitive Value Fund | 0 | 227 | 1 | 3306 |
| Nationwide Bailard International Equities Fund | 0 | (5675) | 1 | 26736 |
| Nationwide Bailard Technology & Science Fund | 0 | 1492 | 322 | 25502 |
| Nationwide BNY Mellon Core Plus Bond ESG Fund | 0 | 1503 | 0 | 31351 |
| Nationwide BNY Mellon Disciplined Value Fund | 0 | 389913 | 0 | 204247 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | 0 | 33107 | 3473 | 215999 |
| Nationwide Bond Fund | 0 | 1359 | 35 | 34151 |
| Nationwide Bond Index Fund | 0 | (9287) | 1 | 634041 |
| Nationwide Fund | 0 | 54889 | 56 | 411135 |
| Nationwide Geneva Mid Cap Growth Fund | 0 | 8000 | 387 | 325576 |
| Nationwide Geneva Small Cap Growth Fund | 0 | (4935) | 167 | 481543 |
| Nationwide Global Sustainable Equity Fund | 0 | 2854 | 120 | 112408 |
| Nationwide Government Money Market Fund | 0 | 0 | 0 | 0 |
| Nationwide GQG US Quality Equity Fund | 0 | 278 | 0 | 1051 |
| Nationwide Inflation-Protected Securities Fund | 0 | 1450 | 0 | 27510 |
| Nationwide International Index Fund | 0 | 2429 | 68 | 871135 |
| Nationwide International Small Cap Fund | 0 | 134 | 0 | 2562 |
| Nationwide Janus Henderson Overseas Fund | 0 | 274 | 0 | 5133 |
| Nationwide Loomis All Cap Growth Fund | 0 | 270 | 0 | 14209 |
| Nationwide Loomis Core Bond Fund | 0 | 3787 | 303 | 35878 |
| Nationwide Loomis Short Term Bond Fund | 0 | 774 | 258 | 65387 |
| Nationwide Mid Cap Market Index Fund | 0 | 10627 | 652 | 794074 |
| Nationwide NYSE Arca Tech 100 Index Fund | 0 | 45846 | 5513 | 1385787 |
| Nationwide S&P 500 Index Fund | 0 | 39779 | 4824 | 1804597 |
| Nationwide Small Cap Index Fund | 0 | 5767 | 34 | 521921 |
| Nationwide Small Company Growth Fund | 0 | 415 | 0 | 9583 |
| Nationwide WCM Focused Small Cap Fund | 0 | 5141 | 60 | 59728 |

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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 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.

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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 Funds. To the extent that certain 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 C Shares of the Funds; c) 0.25% of the average daily net assets of the Class R Shares of the Funds; d) 0.25% of the average daily net assets of the Service Class Shares of the Funds; e) 0.25% of the average daily net assets of the Institutional Service Class Shares of the Funds; d) 0.25% of the average daily net assets of the Investor Shares of the Nationwide Government Money Market Fund; and e) 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, 2022, 2021 and 2020, NFS and its affiliates received $6,149,125, $7,083,708, and $6,072,155, 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 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 5-02-210, 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

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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, 2022, 2021 and 2020, 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** | **2022** | **2021** | **2020** |
| Nationwide Amundi Global High Yield Fund | 84822 | 118671 | 113445 |
| Nationwide Amundi Strategic Income Fund | 100474 | 125617 | 122664 |
| Nationwide Bailard Cognitive Value Fund | 85318 | 113690 | 99684 |
| Nationwide Bailard International Equities Fund | 104048 | 137396 | 129705 |
| Nationwide Bailard Technology & Science Fund | 96531 | 133925 | 119899 |
| Nationwide BNY Mellon Core Plus Bond ESG Fund | 239678 | 370054 | 374308 |
| Nationwide BNY Mellon Disciplined Value Fund | 210767 | 220178 | 146607 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | 401928 | 426839 | 336756 |
| Nationwide Bond Fund | 138155 | 170229 | 171443 |
| Nationwide Bond Index Fund | 128079 | 282997 | 320095 |
| Nationwide Fund | 364747 | 402290 | 349142 |
| Nationwide Geneva Mid Cap Growth Fund | 139454 | 199445 | 208887 |
| Nationwide Geneva Small Cap Growth Fund | 430822 | 512035 | 374302 |
| Nationwide Global Sustainable Equity Fund | 78853 | 103391 | 95868 |
| Nationwide Government Money Market Fund | 191076 | 221644 | 215240 |
| Nationwide GQG US Quality Equity Fund<sup>1</sup> | 83324 | 51176 | N/A |
| Nationwide Inflation-Protected Securities Fund | 117295 | 147293 | 138629 |
| Nationwide International Index Fund | 354359 | 429869 | 396535 |
| Nationwide International Small Cap Fund | 224910 | 244490 | 198607 |
| Nationwide Janus Henderson Overseas Fund | 117853 | 156519 | 152102 |
| Nationwide Loomis All Cap Growth Fund | 142001 | 178534 | 169229 |
| Nationwide Loomis Core Bond Fund | 198370 | 228051 | 195919 |
| Nationwide Loomis Short Term Bond Fund | 104139 | 136403 | 135299 |
| Nationwide Mid Cap Market Index Fund | 251796 | 293659 | 268171 |
| Nationwide NYSE Arca Tech 100 Index Fund | 226751 | 266031 | 240844 |
| Nationwide S&P 500 Index Fund | 373167 | 402183 | 354533 |
| Nationwide Small Cap Index Fund | 121913 | 155617 | 107077 |
| Nationwide Small Company Growth Fund | 108483 | 152208 | 143767 |
| Nationwide WCM Focused Small Cap Fund | 108973 | 131664 | 99494 |

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<sup>1</sup> Fund commenced operations on January 26, 2021.

**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, 2022.

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For the fiscal year ended October 31, 2022, 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 Amundi Global High Yield Fund | 47004 | (1305) | (523) | (33405) | (35233) | 11771 |
| Nationwide Amundi Strategic Income Fund | 22974 | (496) | (167) | (17831) | (18494) | 4480 |
| Nationwide Bailard Cognitive Value Fund | 35011 | (2093) | (618) | (13314) | (16025) | 18986 |
| Nationwide Bailard International Equities Fund | 56519 | (4439) | (951) | (11159) | (16549) | 39970 |
| Nationwide Bailard Technology & Science Fund | 17950 | (1631) | (697) | (929) | (3257) | 14693 |
| &nbsp;&nbsp; Nationwide BNY Mellon Core Plus Bond ESG <br> Fund<br>| 76661 | (4499) | (2670) | (28991) | (36160) | 40501 |
| Nationwide BNY Mellon Disciplined Value Fund | 32301 | (1917) | (855) | (12265) | (15037) | 17264 |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Core <br> Fund<br>| 57862 | (4235) | (411) | (14991) | (19637) | 38225 |
| Nationwide Bond Fund | 24016 | (396) | (14) | (20028) | (20438) | 3578 |
| Nationwide Bond Index Fund | 30576 | (1176) | - | (18756) | (19932) | 10644 |
| Nationwide Fund | 96567 | (6830) | (3775) | (24454) | (35059) | 61508 |
| Nationwide Geneva Mid Cap Growth Fund | 9295 | (577) | (25) | (3488) | (4090) | 5205 |
| Nationwide Geneva Small Cap Growth Fund | 151344 | (13895) | (941) | (11383) | (26219) | 125125 |
| Nationwide Global Sustainable Equity Fund | 80770 | (7723) | (328) | (3191) | (11242) | 69528 |
| Nationwide GQG US Quality Equity Fund | 5821 | (487) | (150) | (791) | (1428) | 4393 |
| Nationwide Inflation-Protected Securities Fund | 869 | (65) | - | (221) | (286) | 583 |
| Nationwide International Index Fund | 197942 | (14684) | (3498) | (47479) | (65661) | 132281 |
| Nationwide International Small Cap Fund | 222402 | (12514) | (9249) | (87841) | (109604) | 112798 |
| Nationwide Janus Henderson Overseas Fund | 54311 | (4542) | (276) | (8601) | (13419) | 40892 |
| Nationwide Loomis All Cap Growth Fund | 65533 | (2881) | (1153) | (35543) | (39577) | 25956 |
| Nationwide Loomis Core Bond Fund | 62420 | (2738) | - | (35011) | (37749) | 24671 |
| Nationwide Loomis Short Term Bond Fund | 29512 | (1515) | - | (14354) | (15869) | 13643 |
| Nationwide Mid Cap Market Index Fund | 339286 | (27644) | (3271) | (59410) | (90325) | 248961 |
| Nationwide NYSE Arca Tech 100 Index Fund | 114737 | (4697) | (3594) | (64139) | (72430) | 42307 |
| Nationwide S&P 500 Index Fund | 45622 | (3422) | (586) | (10734) | (14742) | 30880 |
| Nationwide Small Cap Index Fund | 397314 | (32035) | (5508) | (69512) | (107055) | 290259 |
| Nationwide Small Company Growth Fund | 61027 | (3042) | (370) | (30209) | (33621) | 27406 |
| Nationwide WCM Focused Small Cap Fund | 47213 | (1019) | (83) | (36924) | (38026) | 9187 |

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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, 2022, 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., 270 Park Avenue, New York, NY 10008, 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

------

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, Jefferson National Insurance Company or Jefferson National Life Insurance Company of New York. However, neither such assistance nor sale of other investment company shares is a qualifying or disqualifying factor in a broker-dealer's selection, nor is the selection of any broker-dealer based on the volume of shares sold.

Under the 1940 Act, "affiliated persons" of a Fund are prohibited from dealing with it as a principal in the purchase and sale of securities unless an exemptive order allowing such transactions is obtained from the SEC. However, the Fund may purchase securities from underwriting syndicates of which a subadviser or any of its affiliates, as defined in the 1940 Act, is a member under certain conditions, in accordance with Rule 10f-3 under the 1940 Act.

Each of the Funds contemplates that, consistent with the policy of seeking to obtain best execution, brokerage transactions may be conducted through "affiliated brokers or dealers," as defined in the 1940 Act. Under the 1940 Act, commissions paid by a fund to an "affiliated broker or dealer" in connection with a purchase or sale of securities offered on a securities exchange may not exceed the usual and customary broker's commission. Accordingly, it is the Funds' policy that the commissions to be paid to an affiliated broker-dealer must, in the judgment of NFA or the appropriate subadviser, be (1) at least as favorable as those that would be charged by other brokers having comparable execution capability and (2) at least as favorable as commissions contemporaneously charged by such broker or dealer on comparable transactions for the broker's or dealer's most favored unaffiliated customers. NFA and the subadvisers do not necessarily deem it practicable or in the Funds' best interests to solicit competitive bids for commissions on each transaction. However, NFA and the subadvisers regularly give consideration to information concerning the prevailing level of commissions charged on comparable transactions by other brokers during comparable periods of time.

For the fiscal year ended October 31, 2022, 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 Cognitive Value Fund | 501901939 | 501771 |
| Nationwide Bailard International Equities Fund | 165768831 | 217853 |
| Nationwide Bailard Technology & Science Fund | 78055978 | 22348 |
| Nationwide BNY Mellon Disciplined Value Fund | 646140438 | 172510 |
| Nationwide Fund | 1074420900 | 41051 |
| Nationwide Geneva Mid Cap Growth Fund | 170833385 | 47789 |
| Nationwide Geneva Small Cap Growth Fund | 298863321 | 227813 |
| Nationwide Global Sustainable Equity Fund | 8754 | 2583 |
| Nationwide International Small Cap Fund | 690142548 | 55257 |
| Nationwide Janus Henderson Overseas Fund | 27250210 | 50227 |
| Nationwide Loomis All Cap Growth Fund | 237058071 | 38735 |
| Nationwide Small Company Growth Fund | 20706322 | 16460 |
| Nationwide WCM Focused Small Cap Fund | 102381827 | 98260 |

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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, 2022, 2021 and 2020, 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** | **2022** | **2021** | **2020** |
| Nationwide Amundi Global High Yield Fund | 125 | 515 | N/A |
| Nationwide Amundi Strategic Income Fund | 11306 | 10520 | 16803 |
| Nationwide Bailard Cognitive Value Fund | 601052 | 347879 | 424665 |
| Nationwide Bailard International Equities Fund | 220799 | 205125 | 298294 |
| Nationwide Bailard Technology & Science Fund | 23314 | 35255 | 36178 |
| Nationwide BNY Mellon Core Plus Bond ESG Fund | 32357 | 1750 | 80 |
| Nationwide BNY Mellon Disciplined Value Fund | 368652 | 338073 | 359042 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | 55898 | 68927 | 90156 |
| Nationwide Bond Fund | 20847 | 44712 | 38210 |
| Nationwide Bond Index Fund | N/A | N/A | N/A |
| Nationwide Fund | 219678 | 269383 | 362031 |
| Nationwide Geneva Mid Cap Growth Fund | 48646 | 83299 | 126505 |
| Nationwide Geneva Small Cap Growth Fund | 259983 | 260683 | 288316 |
| Nationwide Global Sustainable Equity Fund | 9676 | 12590 | 21553 |
| Nationwide Government Money Market Fund | N/A | N/A | N/A |
| Nationwide GQG US Quality Equity Fund<sup>1</sup> | 34498 | 19832 | N/A |
| Nationwide Inflation-Protected Securities Fund | 3221 | 5294 | 9257 |
| Nationwide International Index Fund | 68272 | 174451 | 174806 |
| Nationwide International Small Cap Fund | 484403 | 471931 | 447294 |
| Nationwide Janus Henderson Overseas Fund | 161907 | 37808 | 43423 |
| Nationwide Loomis All Cap Growth Fund | 73874 | 35211 | 76224 |
| Nationwide Loomis Core Bond Fund | 5262 | 1385 | 4431 |
| Nationwide Loomis Short Term Bond Fund | 1900 | 1944 | 3098 |
| Nationwide Mid Cap Market Index Fund | 47504 | 54220 | 65698 |
| Nationwide NYSE Arca Tech 100 Index Fund | 4632 | 4340 | 15607 |
| Nationwide S&P 500 Index Fund | 10982 | 23296 | 16557 |
| Nationwide Small Cap Index Fund | 55689 | 35830 | 32254 |
| Nationwide Small Company Growth Fund | 74525 | 61974 | 77095 |
| Nationwide WCM Focused Small Cap Fund | 108412 | 93852 | 72446 |

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<sup>1</sup> Fund commenced operations on January 26, 2021.

As of the fiscal year ended October 31, 2022, the Funds listed below held investments in securities of their regular broker-dealers as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Approximate Aggregate**<br> **Value of Issuer's**<br> **Securities Owned by the**<br> **Fund as of fiscal year**<br> **end October 31, 2022**<br>| **Name of Broker or Dealer** |
| Nationwide Amundi Strategic Income Fund | $1566184 | Barclays Capital, INC. |
|  | 919014 | JP Morgan Chase & Co. |
|  | 634077 | Morgan Stanley & Co., INC. |
|  | 1876504 | Nomura Group |
| Nationwide Bailard Cognitive Value Fund | 264957 | Jefferies & Co., INC. |
| Nationwide Bailard International Equities Fund | 970460 | Barclays Capital, INC. |
|  | 908283 | Canadian Imperial Bank Of Commerce |
|  | 948120 | Mitsubishi UFJ Securities Holding Co |
|  | 791652 | UBS AG  |

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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, 2022**<br>| **Name of Broker or Dealer** |
| Nationwide BNY Mellon Core Plus Bond ESG Fund | 4750922 | Citigroup, INC. |
|  | 400422 | Credit Suisse Group |
|  | 6002393 | Goldman Sachs & Co. |
|  | 5892870 | JP Morgan Chase & Co. |
|  | 6014382 | Morgan Stanley & Co., INC. |
| Nationwide BNY Mellon Disciplined Value Fund | 9136897 | Bank Of America Corp. |
|  | 10509278 | Goldman Sachs & Co. |
|  | 14390853 | JP Morgan Chase & Co. |
|  | 11382188 | Morgan Stanley & Co., INC. |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | 7419519 | Bank Of America Corp. |
|  | 2592007 | Citigroup, INC. |
|  | 3453024 | Goldman Sachs & Co. |
|  | 10871249 | JP Morgan Chase & Co. |
|  | 3240456 | Morgan Stanley & Co., INC. |
| Nationwide Bond Fund | 875542 | Bank Of America Corp. |
|  | 372744 | Citigroup, INC. |
|  | 845925 | Credit Suisse Group |
|  | 797207 | JP Morgan Chase & Co. |
|  | 532093 | Morgan Stanley & Co., INC. |
|  | 1832777 | UBS AG |
| Nationwide Bond Index Fund | 1416586 | Bank Of America Corp. |
|  | 221426 | Barclays Capital, INC. |
|  | 24764 | Canadian Imperial Bank Of Commerce |
|  | 1224708 | Citigroup, INC. |
|  | 224006 | Credit Suisse Group |
|  | 800511 | Goldman Sachs & Co. |
|  | 42390 | Jefferies & Co., INC. |
|  | 2336421 | JP Morgan Chase & Co. |
|  | 149608 | Mitsubishi UFJ Securities Holding Co |
|  | 736635 | Morgan Stanley & Co., INC. |
|  | 322203 | RBC Capital Markets |
|  | 460780 | Santander Group |
| Nationwide Fund | 11997905 | Goldman Sachs & Co. |
|  | 3582671 | JP Morgan Chase & Co. |
|  | 15064308 | Morgan Stanley & Co., INC. |
| Nationwide GQG US Quality Equity Fund | 2819517 | Bank Of America Corp. |
|  | 31006 | Goldman Sachs & Co. |
| Nationwide International Index Fund | 1940347 | Barclays Capital, INC. |
|  | 750086 | Credit Suisse Group |
|  | 4052329 | Mitsubishi UFJ Securities Holding Co |
|  | 624265 | Nomura Group |
|  | 3007704 | Santander Group |
|  | 3747694 | UBS AG |
| Nationwide Loomis Core Bond Fund | 1338700 | Bank Of America Corp. |
|  | 3510845 | Barclays Capital, INC. |
|  | 1430132 | Canadian Imperial Bank Of Commerce |
|  | 864023 | Citigroup, INC.  |

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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, 2022**<br>| **Name of Broker or Dealer** |
|  | 3401178 | Credit Suisse Group |
|  | 1599279 | Goldman Sachs & Co. |
|  | 1581843 | JP Morgan Chase & Co. |
|  | 1932565 | Mitsubishi UFJ Securities Holding Co |
|  | 2477734 | Morgan Stanley & Co., INC. |
|  | 1838418 | Nomura Group |
|  | 2348528 | RBC Capital Markets |
|  | 4597098 | Santander Group |
|  | 2130788 | UBS AG |
| Nationwide Loomis Short Term Bond Fund | 436839 | Bank Of America Corp. |
|  | 1124456 | Barclays Capital, INC. |
|  | 484709 | Canadian Imperial Bank Of Commerce |
|  | 87700 | Citigroup, INC. |
|  | 1103721 | Credit Suisse Group |
|  | 1467270 | Goldman Sachs & Co. |
|  | 634379 | JP Morgan Chase & Co. |
|  | 554422 | Mitsubishi UFJ Securities Holding Co |
|  | 2881323 | Morgan Stanley & Co., INC. |
|  | 588635 | Nomura Group |
|  | 749316 | RBC Capital Markets |
|  | 1666689 | Santander Group |
|  | 972928 | UBS AG |
| Nationwide Mid Cap Market Index Fund | 2029743 | Jefferies & Co., INC. |
| Nationwide S&P 500 Index Fund | 8480681 | Bank Of America Corp. |
|  | 2996905 | Citigroup, INC. |
|  | 3990115 | Goldman Sachs & Co. |
|  | 12525438 | JP Morgan Chase & Co. |
|  | 3737502 | Morgan Stanley & Co., INC. |

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During the fiscal years ended October 31, 2022, 2021 and 2020, the remaining 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.

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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):

*Advisor Group, Inc.; SagePoint Financial Advisors, Inc.; FSC Securities Corporation; Woodbury Financial, Inc.Triad Advisors LLC; Securities America, Inc.; and Royal Alliance Associates, Inc. (collectively, "Advisor Group")* 

NFA, pursuant to a written agreement, pays each respective member of the Advisor Group 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 Advisor Group 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 Advisor Group 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 Advisor Group 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.

*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.

*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")* 

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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) 0.275% (27.5 basis points) of the daily net assets of the Class M shares of the Nationwide Bailard International Equities Fund; and (ii) 0.305% (30.5 basis points) of the daily net assets of the Class M shares of the Nationwide Bailard Cognitive Value Fund and the Nationwide Bailard Technology & Science 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 Cognitive Value Fund and the Nationwide Bailard Technology & Science 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 the amount 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 Cognitive Value Fund, Nationwide Bailard International Equities Fund, Nationwide Bailard Technology & Science Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund and Nationwide WCM Focused Small Cap Fund, and (ii) 0.05% (5 basis points) on the average daily net asset value of Fund shares held by customers of B.C. Ziegler in the following Funds: Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund.

*Cambridge Investment Research, Inc. ("Cambridge")* 

NFA, pursuant to a written agreement with Cambridge, reimburses Cambridge a ten dollar ($10.00) ticket charge for each Fund share purchase that is (1) equal to or greater than $5,000, (2) on a single ticket that includes only Nationwide Funds, and (3) entered and executed through one of Cambridge's clearing firms, National Financial, LLC and/or Pershing, LLC. Excluded from this arrangement are (i) redemptions or exchanges, (ii) purchases subject to no-transaction fees, (iii) purchases by check and application direct to the Funds' transfer agent, or (iv) any Fund that is not available for purchase by new investors or is otherwise only available for purchase by existing shareholders pursuant to the terms of the Fund's then-current prospectus.

*Charles Schwab & Co., Inc. ("Schwab")* 

Pursuant to a written agreement, Schwab receives 0.40% (40 basis points) of the average daily value of shares held in accounts at Schwab (excluding the value of shares held in such accounts prior to the effectiveness of the written agreement) or $1,000 per month for each Fund, whichever is greater. Each Fund's Rule 12b-1 and administrative servicing fees pay for distribution and service components, respectively. NFA pays for any overage.

*Fidelity Brokerage Services LLC ("Fidelity Brokerage") and National Financial Services LLC ("National Financial")* 

Pursuant to a written agreement, Fidelity Brokerage and National Financial receive monthly 0.40% (40 basis points) of the daily market value of the number of Fund shares held in accounts at Fidelity Brokerage and National Financial. Each Fund's Rule 12b-1 and administrative servicing fees pay for distribution and service components, respectively. NFA pays for any overage.

*First Allied Securities, Inc. ("First Allied")* 

NFA, pursuant to a written agreement of the parties, pays First Allied quarterly a service fee at the annual rate as

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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 Fund and 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 $1,000 for each class of fund that is an investment option on the retirement platform.

*LPL Financial LLC ("LPL")* 

NFA, pursuant to a written agreement with LPL, pays LPL a ticket charge of $10.00 for each Fund purchase order entered and executed electronically by LPL on its brokerage platform. Ticket charges do not apply to redemptions, exchanges, purchases by check and application direct to the Funds' transfer agent or to purchase orders with respect to the Nationwide Government Money Market Fund. A $4.50 ticket charge will be paid on eligible fee based account purchases in Institutional Service Class shares. The Nationwide Government Money Market Fund, Nationwide Inflation-Protected Securities Fund and the Nationwide Index Funds are excluded from this arrangement. In addition, NFA pays LPL a service fee at the annual rate of 0.10% (10 basis points) of the average daily net assets of the Institutional Service Class shares held in the Strategic Wealth Management advisory platform and 0.09% (9 basis points) of the average daily net asset value of brokerage (load/commissionable non-ERISA) and advisory assets (excluding assets held in Institutional Service Class shares in the Strategic Wealth Management advisory platform) above a base rate established January 1, 2014, of the Funds, with the exception of the Nationwide Government Money Market Fund, in any asset class owned beneficially or of record from time to time by customers or owned of record by LPL. NFA will pay a fee of 0.05% (5 basis points) on the advisory asset base established on January 1, 2014. For purposes of this service fee, Fund shareholder accounts may be held at LPL in street name or at the Fund's transfer agent. In addition, NFM pays LPL $4 for certain networked account positions. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

*MSCS Financial Services, Inc. ("MSCS")* 

NFA, pursuant to a written agreement of the parties, pays MSCS monthly a service fee at the annual rate of 0.25% (25 basis points) on shares held at Merrill Lynch that are subject to a service fee.

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

NFD, pursuant to a written agreement of the parties, pays Merrill Lynch the following fees: (i) a monthly fee of 0.25% (25 basis points) of total new gross sales of shares of any class of each Fund (excluding sales from reinvestment of distributions and exchanges of shares of one or more Funds for any other Fund or Funds), payable in arrears; and (ii) an annual fee, payable quarterly, of 0.10% (10 basis points) of the value of Fund shares (including sales from exchanges of shares of one or more Funds for any other Fund or Funds) held by Merrill Lynch's customers for more than one year, for Merrill Lynch's continuing due diligence, training and marketing. In addition, NFA pays for administrative services that exceed the amount available under the Trust's Administrative Services Plan for shares held on Merrill Lynch's retirement plan platform.

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

NFA, pursuant to a written agreement of the parties, pays Morgan Stanley quarterly a mutual fund support fee on all brokerage and advisory assets, excluding money market, ERISA, SEP-IRA and SIMPLE-IRA assets at the following rates based on the Fund's management fee stated in the then-current prospectus:

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

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| | |
|:---|:---|
| **Support Fee** | **Fee Paid** |
| Up to 0.25% | 1 bps |
| 0.25%-0.29% | 2 bps |
| 0.30%-0.34% | 4 bps |
| 0.35%-0.39% | 5 bps |
| 0.40% and above | 10 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.

*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.

*The Prudential Insurance Company of America ("Prudential")* 

NFA, pursuant to a written agreement of the parties, pays Prudential monthly a service fee at the annual rate as follows: (i) 0.40% (40 basis points) of the average daily net assets of Class A and Institutional Service Class shares for the Nationwide Bailard Cognitive Value Fund, Nationwide Bailard International Equities Fund, Nationwide Bailard Technology & Science Fund, Nationwide Geneva Small Cap Growth Fund and Nationwide WCM Focused Small Cap Fund; (ii) 0.30% (30 basis points) of the average daily net assets of Class A and Institutional Service Class shares for the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund; and (iii) 0.20% (20 basis points) of the average daily net assets of Class A and Institutional Service Class shares for the Nationwide Geneva Mid Cap Growth Fund and the Nationwide NYSE Arca Tech 100 Index Fund. 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.

*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")* 

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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.

*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 Cognitive Value Fund, Nationwide Bailard International Equities Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund, and Nationwide WCM Focused Small Cap Fund; and (ii) 0.30% (30 basis points) of the average daily net assets of the Institutional Service Class for the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund. Each Fund's administrative servicing fees pays for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

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

NFD, pursuant to a written agreement of the parties, pays Wells Fargo the following fees in exchange for Wells Fargo's continuing due diligence, training, operations and systems support, and marketing provided to unaffiliated broker-dealers based on the following schedule or $250,000, whichever is greater: (i) the annual rate of 0.07% (7 basis points) of the net

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asset value of shares of Index Funds sold by Wells Fargo to its customers; (ii) the annual rate of 0.09% (9 basis points) of the net asset value of shares of the Nationwide Target Destination Funds and Nationwide Investor Destinations Funds sold by Wells Fargo to its customers; (iii) the annual rate of 0.12% (12 basis points) of the net asset value of shares of Nationwide Fixed-Income and Nationwide Equity Funds; and (iv) the annual rate of 0.13% (13 basis points) of the net asset value of shares of the other Nationwide Funds sold by Wells Fargo to its customers. Excluded from this agreement are the Nationwide Government Money Market Fund and Nationwide Inflation-Protected Securities Fund. In addition, in exchange for omnibus account services provided, NFM pays Wells Fargo $19 for each client account position in a Fund share class subject to a CDSC fee, and $16 for each client account position in a Fund share class not subject to a CDSC fee. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

**Additional Information on Purchases and Sales** 

**Class A Sales Charges** 

The following tables show the Class A sales charges, which decrease as the amount of your investment increases.

Shareholders purchasing Class A shares of a Fund through certain financial intermediaries may be eligible for a sales charge waiver or discount. For more information, see Appendix A: Intermediary Sales Charge Discounts and Waivers of the applicable Fund's Prospectus.

**Class A Shares of the Equity Funds** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price** |
| less than $50,000 | 5.75% | 6.10% | 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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**Class A Shares of the Nationwide BNY Mellon Core Plus Bond ESG Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price** |
| less than $100,000 | 4.25% | 4.44% | 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 |  |  |  |

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**Class A Shares of the Nationwide Amundi Global High Yield Fund, Nationwide Amundi Strategic Income Fund, Nationwide Bond Fund, Nationwide Bond Index Fund and Nationwide Inflation-Protected Securities Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price** |
| less than $100,000 | 2.25% | 2.30% | 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 |  |  |  |

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**Class A Shares of the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price**  |

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| | | | |
|:---|:---|:---|:---|
| **less than $100,000** | **2.25%** | **2.30%** | **2.00%** |
| $100,000 to $249,999 | 1.75 | 1.78 | 1.50 |
| $250,000 or more |  |  |  |

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**Waiver of Class A Sales Charges** 

You may qualify for a waiver of the Class A sales charge if you own or are purchasing shares of a Fund. More information about purchasing shares through certain financial intermediaries appears in Appendix A to the applicable Fund's Prospectus. To receive the sales charge waiver, you must inform the Trust, your financial advisor or your financial intermediary at the time of your purchase that you qualify for such a waiver. If you do not inform the Trust, your financial advisor or your financial intermediary that you are eligible for a sales charge waiver, you may not receive the waiver to which you are entitled. You may have to produce evidence that you qualify for a sales charge waiver before you will receive it.

Due to the reduced marketing effort required by NFD, the sales charge applicable to Class A shares may be waived for sales of shares to:

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

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

(c) owners of an account held directly with the Trust in which the previous broker-dealer of record had transferred such account to NFD;

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

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

(f) Trustees and retired Trustees of the Trust (including its predecessor Trusts);

(g) directors, officers, full-time employees, sales representatives and their employees, and retired directors, officers, employees, and sale representatives, their spouses (including domestic partners), children or immediate relatives (immediate relatives include mother, father, brothers, sisters, grandparents, grandchildren ("Immediate Relatives")), and Immediate Relatives of deceased employees of any member of the Nationwide Insurance and Nationwide Financial companies;

(h) directors, officers, and full-time employees, their spouses (including domestic partners), children or Immediate Relatives of any current subadviser to the Trust;

(i) any directors, officers, full-time employees, sales representatives and their employees, their spouses (including domestic partners), children or Immediate Relatives of a broker-dealer having a dealer/selling agreement with the Distributor;

(j) any qualified pension or profit sharing plan established by a Nationwide sales representative for himself/herself and 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.

• *Rights of accumulation*. You and members of your family who live at the same address can add the current value of your

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Class A and Class C investments in the Nationwide Funds (except shares of the Nationwide Government Money Market Fund), that you currently own or are currently purchasing to the value of your Class A purchase, possibly reducing the sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*No sales charge on a repurchase*. If you sell Fund shares from your account, we allow you a privilege to reinvest some or all of the proceeds in shares of the same class. Generally, you will not pay a sales charge on Class A shares that you buy within 30 days of selling Class A shares of an equal or greater amount if you have already paid a sales charge. Remember, if you realize a gain or a loss on your sale of shares, the transaction is taxable and reinvestment may affect the amount of capital gains tax that is due (see, "Sales, Exchanges and Redemptions of Fund Shares - Deferral of basis" under "ADDITIONAL GENERAL TAX INFORMATION FOR ALL FUNDS" below). If you realize a loss on your sale and you reinvest, some or all of the loss may not be allowed as a tax deduction depending on the amount you reinvest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Letter of Intent discount*. State in writing that during a 13-month period you or a group of family members who live at the same address will purchase and hold at least $50,000 (or $100,000 in certain Nationwide Funds as identified in their respective prospectuses) in Class A shares (excluding the Nationwide Government Money Market Fund) and your sales charge will be based on the total amount you intend to invest. Your accumulated holdings (as described and calculated under "Rights of accumulation" above) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the Letter of Intent. Your Letter of Intent is not a binding obligation to buy shares of the Fund; it is merely a statement of intent. Call 800-848-0920 for more information.

**Class A Shares - Contingent Deferred Sales Charge ("CDSC")** 

An investor may purchase $1 million, $500,000 or $250,000, or more, depending on the Fund, as indicated below, of Class A shares in one or more of the Nationwide Funds and avoid the front-end sales charge. However, unless an investor is otherwise eligible to purchase Class A shares without a sales charge, the investor will pay a CDSC (as shown below) if he or she redeems such Class A shares within 18 months of the date of purchase. With respect to such purchases, the Distributor may pay dealers a finder's fee on investments made in Class A shares with no initial sales charge. The CDSC applies only if the Distributor paid a finder's fee to the selling dealer. The CDSC does not apply to shares acquired through reinvestment of dividends or capital gains distributions.

The applicable CDSC will be determined on a pro rata basis according to the amount of the redemption from each particular Fund. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less.

**Amount of Finder's Fee/Contingent Deferred Sales Charge** 

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

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

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**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares of the Nationwide BNY Mellon Core Plus Bond ESG 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 Amundi Global High Yield Fund, Nationwide Amundi Strategic Income Fund, Nationwide Bond 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** 

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**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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**CDSC for Class C Shares** 

You will pay a CDSC of 1.00% if you sell your Class C shares within the first year after you purchased the shares. The Distributor compensates broker-dealers and financial intermediaries for sales of Class C shares from its own resources at the rate of 1.00% of sales of Class C shares of the Funds having Class C shares.

**Waiver of CDSC for Class A and Class C Shares** 

Shareholders purchasing Class A and Class C 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 or Class C shares purchased through reinvested dividends or distributions;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mandatory withdrawals of Class A or Class C 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•redemptions of Class C shares from retirement plans offered by broker-dealers or retirement plan administrators that maintain an agreement with the Funds or the Distributor.

If a CDSC is charged when you redeem your Class C shares, and you then reinvest the proceeds in Class C shares within 30 days, shares equal to the amount of the CDSC are re-deposited into your new account.

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.

**Conversion of Class C Shares** 

Class C shares automatically convert, at no charge, to Class A shares of the same Fund 8 years after purchase, provided that the Trust or the financial intermediary with whom the shares are held has records verifying that the Class C shares have been held for at least 8 years. These conversions will occur during the month immediately following the month in which the 8-year anniversary of the purchase occurs. Due to operational limitations at certain financial intermediaries, your ability to have your Class C shares automatically converted to Class A shares may be limited. Class C shares that are purchased via reinvestment of dividends and distributions will convert on a pro-rata basis at the same time as the Class C shares on which such dividends and distributions are paid. Because the share price of Class A shares is usually higher than that of Class C shares, you may receive fewer Class A shares than the number of Class C shares converted; however, the total dollar value will be the same. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a different conversion schedule, as described in Appendix A to the Prospectus for each Fund.

**Class A and Class C Broker Exchanges** 

Class A and Class C 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 or Class C 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.

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Holders of Class A and Class C 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 Class C shares is generally one year after the purchase of such Class C shares, and for certain Class A shares that were purchased without the imposition of a front-end sales load, 18 months after the purchase of such Class A shares.

Exchanges of Class A or Class C shares for Institutional Service Class shares of the same Fund, or the exchange of Institutional Service Class shares for Class A or C shares of the same Fund, under these particular circumstances, will be tax-free for federal income tax purposes. You should also consult with your tax advisor regarding the state and local tax consequences of such an exchange of Fund shares.

This exchange privilege is subject to termination and may be amended from time to time.

**Class R Shares** 

Class R shares generally are available only to 401(k) plans, 457 plans, 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and other retirement accounts (collectively, "retirement plans") whereby the retirement plan or the retirement plan's financial service firm has an agreement with NFD to utilize such shares in certain investment products or programs. Class R shares generally are available to small- and mid-sized retirement plans having at least $1 million in assets. In addition, Class R shares also generally are available only to retirement plans where Class R shares are held on the books of the Funds through omnibus accounts (either at the plan level or at the level of the financial services firm) and where the plans are introduced by an intermediary, such as a broker, third party administrator, registered investment adviser or other retirement plan service provider. Class R shares are not available to retail or institutional non-retirement accounts, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SAR-SEPs, one person Keogh plans, SIMPLE IRAs, or individual 403(b) plans, or through 529 Plan accounts.

A retirement plan's intermediaries can help determine which class is appropriate for that retirement plan. If a retirement plan qualifies to purchase other shares of a Fund, one of these other classes may be more appropriate than Class R shares. Specifically, if a retirement plan eligible to purchase Class R shares is otherwise qualified to purchase Class A shares at net asset value or at a reduced sales charge or to purchase Institutional Service Class or Service Class shares, one of these classes may be selected where the retirement plan does not require the distribution and administrative support services typically required by Class R share investors and/or the retirement plan's intermediaries have elected to forgo the level of compensation that Class R shares provide. Plan fiduciaries of retirement plans subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") should consider their obligations under ERISA in determining which class is an appropriate investment for a retirement plan. A retirement plan's intermediaries may receive different compensation depending upon which class is chosen.

**Redemptions** 

Generally, a Fund will typically issue payment for the shares that you redeem within two days after your redemption request is received by check or electronic transfer, except as noted below. If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take up to 10 business days from your date of purchase). A Fund may delay forwarding redemption proceeds for up to seven days if the Fund believes that the investor redeeming shares is engaged in excessive trading, or if the amount of the redemption request otherwise would be disruptive to efficient portfolio management, or would adversely affect the Fund. The Trust may suspend the right of redemption for such periods as are permitted under the 1940 Act and under the following unusual circumstances: (a) when the Exchange is closed (other than weekends and holidays) or trading is restricted; (b) when an emergency exists, making disposal of portfolio securities or the valuation of net assets not reasonably practicable; or (c) during any period when the SEC has by order permitted a suspension of redemption for the protection of shareholders.

Under normal circumstances, a Fund expects to satisfy redemption requests through the sale of investments held in cash or cash equivalents. However, a Fund may also use the proceeds from the sale of portfolio securities or a bank line of credit to meet redemption requests if consistent with management of the Fund or in stressed market conditions. Under extraordinary circumstances, a Fund, in its sole discretion, may elect to honor redemption requests by transferring some of the securities held by a Fund directly to an account holder as a redemption in-kind.

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**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 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.

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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' 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 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.

The value of portfolio securities in the Fund is determined on the basis of the amortized cost method of valuation in accordance with Rule 2a-7 of the 1940 Act. This method involves valuing a security at its cost and thereafter assuming a

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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.

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. The adoption of proposed amendments to Rule 2a-7 may impact the Fund in ways that could have a negative impact on the Fund's investment performance, ability to achieve its investment objective, or otherwise adversely impact an investment in the Fund.

**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 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.

**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

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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 or Class C 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 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.

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

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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 C, Class R, Class M and Institutional Service Class shares of other Nationwide Funds. If you exchange Class C shares (or 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 Class C (or 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 Class C (or certain Class A) shares, the time you held Class C (or certain Class A) shares prior to the initial exchange into the Nationwide Government Money Market Fund will be counted for purposes of calculating the CDSC. If you wish to purchase shares of a Fund or class for which the exchange privilege does not apply, you will pay any applicable CDSC at the time you redeem your shares and pay any applicable front-end load on the new Fund you are purchasing unless a sales charge waiver otherwise applies.

**Free Checking Writing Privilege** (Investor Shares of the Nationwide Government Money Market Fund Only) – You may request a supply of free checks for your personal use and there is no monthly service fee. You may use them to make withdrawals of $500 or more from your account at any time. Your account will continue to earn daily income dividends until your check clears your account. There is no limit on the number of checks you may write. Cancelled checks will not be returned to you. However, your monthly statement will provide the check number, date and amount of each check written. You also will be able to obtain copies of cancelled checks, the first five free and $2.00 per copy thereafter, by contacting one of our service representatives at 800-848-0920.

**Exchanges May Be Made Four Convenient Ways:** 

**By Telephone** 

**Automated Voice Response System** – You can automatically process exchanges for a Fund by calling 800-848-0920, 24 hours a day, seven days a week. However, if you declined the option on the application, you will not have this automatic exchange privilege. This system also gives you quick, easy access to mutual fund information. Select from a menu of choices to conduct transactions and hear fund price information, mailing and wiring instructions as well as other mutual fund information. You must call our toll-free number by the Valuation Time to receive that day's closing share price. The Valuation Time is the close of regular trading of the New York Stock Exchange, which is usually 4:00 p.m. Eastern time.

**Customer Service Line** – By calling 800-848-0920, you may exchange shares by telephone. Requests may be made only by the account owner(s). You must call our toll-free number by the Valuation Time to receive that day's closing share price.

The Funds may record all instructions to exchange shares. The Funds reserve the right at any time without prior notice to suspend, limit or terminate the telephone exchange privilege or its use in any manner by any person or class.

All of the classes of the Funds will employ the same procedure described under "Buying, Selling and Exchanging Fund Shares" in the applicable Fund's Prospectus to confirm that the instructions are genuine.

No Fund will be liable for any loss, injury, damage, or expense as a result of acting upon instructions communicated by telephone reasonably believed to be genuine, and each Fund will be held harmless from any loss, claims or liability arising from its compliance with such instructions. These options are subject to the terms and conditions set forth in the Prospectus and all telephone transaction calls may be recorded. The Funds reserve the right to revoke this privilege at any time without notice to shareholders and request the redemption in writing, signed by all shareholders.

**By Mail** – Write to Nationwide Funds, P.O. Box 701, Milwaukee, WI 53201-0701. 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

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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 and Coverdell Accounts** – Shares of the Funds may be purchased for Self-Employed Retirement Plans, Individual Retirement Accounts (IRAs), Roth IRAs, Coverdell Education Savings Accounts 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** – The assets in your mutual fund account may be transferred to the state in which you reside if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws.

**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

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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 Amundi Global High Yield Fund | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Amundi Strategic Income Fund | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Bailard Cognitive Value Fund | &nbsp;&nbsp; Class A, Class C, Class M, Institutional Service Class, <br> Class R6<br>|
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; Class A, Class C, Class M, Institutional Service Class, <br> Class R6<br>|
| Nationwide Bailard Technology & Science Fund | &nbsp;&nbsp; Class A, Class C, Class M, Institutional Service Class, <br> Class R6<br>|
| Nationwide BNY Mellon Core Plus Bond ESG Fund | Class A, Institutional Service Class, Class R6 |
| Nationwide BNY Mellon Disciplined Value Fund | &nbsp;&nbsp; Class A, Class K, Class R6, Institutional Service Class, <br> Eagle Class<br>|
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6, Eagle Class<br>|
| Nationwide Bond Fund | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Bond Index Fund | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide Bond Portfolio\* | Class R6 |
| Nationwide Destination 2025 Fund\* | Class A, Class R, Institutional Service Class, 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 Retirement Fund\* | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Fund | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide Geneva Mid Cap Growth Fund | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Geneva Small Cap Growth Fund | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Global Sustainable Equity Fund | Class A, Class C, 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 Index Fund | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide International Small Cap Fund | Class A, Institutional Service Class, Class R6 |
| Nationwide Investor Destinations Aggressive Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Investor Destinations Conservative Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Investor Destinations Moderate Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Investor Destinations Moderately Aggressive <br> Fund\*<br>| &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class <br>|

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| | |
|:---|:---|
| **Series** | **Share Classes** |
| Nationwide Investor Destinations Moderately Conservative <br> Fund\*<br>| &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Janus Henderson Overseas Fund<sup>1</sup> <br>| Class A, Class R6, Institutional Service Class, Eagle Class |
| Nationwide Loomis All Cap Growth Fund | Class A, Institutional Service Class, Class R6, Eagle Class |
| Nationwide Loomis Core Bond Fund | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Loomis Short Term Bond Fund | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide Multi-Cap Portfolio\* | Class R6 |
| Nationwide NYSE Arca Tech 100 Index Fund | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; Class A, Class C, Class R, Service Class, Institutional <br> Service Class, Class R6<br>|
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide Small Company Growth Fund | Class A, Institutional Service Class |
| Nationwide U.S. 130/30 Equity Portfolio\* | Class R6 |
| Nationwide WCM Focused Small Cap Fund | Class A, Class C, Institutional Service Class, 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 July 18, 2022. Formerly, Nationwide AllianzGI International Growth 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** 

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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 BNY Mellon Core Plus Bond ESG Fund, Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide International Index Fund, Nationwide Government Money Market Fund and Nationwide Inflation-Protected Securities Fund.*** 

**Taxation of the Fund** 

The Fund has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC" or "fund") under Subchapter M of the Internal Revenue Code. If the Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment as a regulated investment company, the Fund must satisfy the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Distribution Requirement– the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Income Requirement– the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ("QPTPs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Asset Diversification Test– the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities or securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by the Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See, "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of 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

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income and performance.

The Fund may use "equalization accounting" (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 accounting, it will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Fund shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. If the IRS determines that the Fund's allocation is improper and that the Fund has under distributed its income and gain for any taxable year, the Fund may be liable for federal income and/or excise tax. If, as a result of such adjustment, the Fund fails to satisfy the Distribution Requirement, the Fund will not qualify that year as a regulated investment company the effect of which is described in the following paragraph.

If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on the Fund's income and performance. Subject to savings provisions for certain inadvertent failures to satisfy the Income Requirement or Asset Diversification Test which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Fund will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Fund may be subject to a monetary sanction of $50,000 or more. Moreover, the Board of Trustees reserves the right not to maintain the qualification of the Fund as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

*Portfolio turnover*. For investors that hold their Fund shares in a taxable account, a high portfolio turnover rate (except in a money market fund that maintains a stable net asset value) may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce the Fund's after-tax performance. See, "Taxation of Fund Distributions– Distributions of capital gains" below. For non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital gains being recognized by the Fund may cause such investors to be subject to increased U.S. withholding taxes. See, "Non-U.S. Investors– In general" below.

*Capital loss carryovers*. The capital losses of the Fund, if any, do not flow through to shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of the Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund. An ownership change generally results when shareholders owning 5% or more of the Fund increase their aggregate holdings by more than 50 percentage points over a three-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to the Fund's shareholders could result from an ownership change. The Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another fund. Moreover, because of circumstances beyond the Fund's control, there can be no assurance that the Fund will not experience, or has not already experienced, an ownership change. In addition, if the Fund engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by the Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

*Deferral of late year losses*. The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been

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incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see, "Taxation of Fund Distributions– Distributions of capital gains" below). A "qualified late year loss" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year ("post-October capital losses"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Since the Fund has a fiscal year ending in October, the amount of qualified late-year losses (if any) is computed without regard to any items of income, gain, or loss that are (a) post-October losses, (b) specified losses, and (c) specified gains.

*Undistributed capital gains*. The Fund may retain or distribute to shareholders its net capital gain for each taxable year. The Fund currently intends to distribute net capital gains. If the Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If the Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

*Federal excise tax*. To avoid a 4% non-deductible excise tax, the Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior year undistributed ordinary income and capital gain net income. The Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year which is after the beginning of the Fund's taxable year. Also, the Fund will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, the Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Fund having to pay an excise tax.

*Foreign income tax*. Investment income received by the Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The United States has entered into tax treaties with many foreign countries, which entitle the Fund to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore, the Fund may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause the Fund not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the Fund on sale or disposition of securities of that country to taxation. These and other factors may make it difficult for the Fund to determine in advance the effective rate of foreign tax on its investments in certain countries. Under certain circumstances, the Fund may elect to pass-through certain eligible foreign income taxes paid by the Fund to shareholders, although it reserves the right not to do so. If the Fund makes such an election and obtains a refund of foreign taxes paid by the Fund in a prior year, the Fund may be eligible to reduce the amount of foreign taxes reported by the Fund to its shareholders, generally by the amount of the foreign taxes refunded, for the year in which the refund is received. See, "Taxation of Fund Distributions– Pass-through of foreign tax credits."

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**Taxation of Fund Distributions** 

The Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by the Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund (or of another fund). The Fund will send you information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

*Distributions of net investment income*. The Fund receives ordinary income generally in the form of dividends and/or interest on its investments. The Fund also may recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Fund's earnings and profits. In the case of a Fund whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to you may be qualified dividends eligible to be taxed to noncorporate taxpayers at reduced rates or for the dividends-received deduction available to corporations. See the discussion below under the headings, "—Qualified dividend income for individuals" and "—Dividends-received deduction for corporations."

*Distributions of capital gains*. The Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund. Any net short-term or long-term capital gain realized by the Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

*Returns of capital*. Distributions by the Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Fund shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Fund shares. Return of capital distributions can occur for a number of reasons including, among others, the Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity REITs (see, "Tax Treatment of Portfolio Transactions–Investments in U.S. REITs" below).

*Qualified dividend income for individuals*. Ordinary income dividends reported by the Fund to shareholders as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to the Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both the Fund and the investor must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, the Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, 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

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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% (or possibly 50% for tax years beginning in 2019 and 2020) 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 generally is not eligible for this treatment.

Impact of realized but undistributed income and gains, and net unrealized appreciation of portfolio securities. At the time of your purchase of shares (except in a money market fund that maintains a stable net asset value), the Fund's net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. The Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*Pass-through of foreign tax credits*. If more than 50% of the value of the Fund's total assets at the end of a fiscal year is invested in foreign securities, the Fund may elect to pass-through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, the Fund may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). The Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by the Fund due to certain limitations that may apply. The Fund reserves the right not to pass-through to its shareholders the amount of foreign income taxes paid by the Fund. In addition, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See, "Tax Treatment of Portfolio Transactions– Securities lending" below.

*Tax credit bonds*. If the Fund holds, directly or indirectly, one or more "tax credit bonds" (including build America bonds, clean renewable energy bonds and qualified tax credit bonds) on one or more applicable dates during a taxable year, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, shareholders must include in gross income (as interest) their proportionate share of the income attributable to their proportionate share of those offsetting tax credits. A shareholder's ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Internal Revenue Code. Under the TCJA, the build America

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bonds, clean renewable energy bonds and certain other qualified bonds may no longer be issued after December 31, 2017. Even if the Fund is eligible to pass-through tax credits to shareholders, the Fund may choose not to do so.

*U.S. government securities*. Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by the Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations, securities lending agreements, commercial paper and federal agency-backed obligations (e.g., GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends declared in December and paid in January*. Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

*Medicare tax*. A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case).This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

**Sales, Exchanges and Redemptions of Fund Shares** 

Sales, exchanges and redemptions (including redemptions in-kind) of Fund shares are taxable transactions for federal and state income tax purposes. If you redeem your Fund shares, the IRS requires you to report any gain or loss on your redemption. If you held your shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your shares. Any redemption fees you incur on shares redeemed will decrease the amount of any capital gain (or increase any capital loss) you realize on the sale. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

*Tax basis information*. The Fund is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after January 1, 2012 where the cost basis of the shares is known by the Fund (referred to as "covered shares") and which are disposed of after that date. However, cost basis reporting is not required for certain shareholders, including shareholders investing in the Fund through a tax-advantaged retirement account, such as a 401(k) plan or an individual retirement account, or shareholders investing in a money market fund that maintains a stable net asset value. When required to report cost basis, the Fund will calculate it using the Fund's default method of average cost, unless you instruct the Fund in writing to use a different calculation method. In general, average cost is the total cost basis of all your shares in an account divided by the total number of shares in the account. To determine whether short-term or long-term capital gains taxes apply, the IRS presumes you redeem your oldest shares first.

The IRS permits the use of several methods to determine the cost basis of mutual fund shares. The method used will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing share prices, and the entire position is not sold at one time. The Fund does not recommend any particular method of determining cost basis, and the use of other methods may result in more favorable tax consequences for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify the Fund in writing if you intend to utilize a method other than average cost for covered shares.

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:

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

• FIFO (First In, First Out) - the shares purchased first are sold first.

• LIFO (Last In, First Out) - the shares purchased last are sold first.

• High Cost - the shares with the highest cost per share are sold first.

• Low Cost - the shares with the lowest cost per share are sold first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Loss/Gain Utilization - groups of shares (lots) are selected and sold based on generating losses first (short-term then long-term) and gains last (long-term then short-term).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Specific Lot Identification - you must specify the share lots to be sold at the time of redemption. This method requires you to elect a secondary method in the event the lots you designate for redemption are unavailable. The secondary method options include first in, first out; last in, first out; low cost; high cost; and loss/gain utilization. If a secondary method is not elected, first in, first out will be used.

You may elect any of the available methods detailed above for your covered shares. If you do not notify the Fund in writing of your elected cost basis method upon the initial purchase into your account, the default method of average cost will be applied to your covered shares. The cost basis for covered shares will be calculated separately from any shares purchased prior to January 1, 2012 or shares acquired on or after January 1, 2012 for which cost basis information is not known by the Fund ("noncovered shares") you may own. You may change from average cost to another cost basis method for covered shares at any time by notifying the Fund in writing, but only for shares acquired after the date of the change (the change is prospective). The basis of the shares that were averaged before the change will remain averaged after the date of the change.

With the exception of the specific lot identification method, Nationwide Mutual Funds first depletes noncovered shares with unknown cost basis in first in, first out order and then noncovered shares with known basis in first in, first out order before applying your elected method to your remaining covered shares. If you want to deplete your shares in a different order, then you must elect specific lot identification and choose the lots you wish to deplete first.

The Fund will compute and report the cost basis of your Fund shares sold or exchanged by taking into account all of the applicable adjustments to cost basis and holding periods as required by the Internal Revenue Code and Treasury regulations for purposes of reporting these amounts to you and the IRS. However, the Fund is not required to, and in many cases the Fund does not possess the information to, take all possible basis, holding period or other adjustments into account in reporting cost basis information to you. Therefore, shareholders should carefully review the cost basis information provided by the Fund and make any additional basis, holding period or other adjustments that are required by the Internal Revenue Code and Treasury regulations when reporting these amounts on their federal income tax returns. Shareholders remain solely responsible for complying with all federal income tax laws when filing their federal income tax returns.

If you hold your Fund shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

*Wash sales*. All or a portion of any loss that you realize on a redemption of your Fund shares will be disallowed to the extent that you buy other shares in the Fund (through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares.

*Redemptions at a loss within six months of purchase*. Any capital loss incurred on a redemption or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.

*Deferral of basis*. If a shareholder (a) incurs a sales load in acquiring shares of the Fund, (b) disposes of such shares less than 91 days after they are acquired, and (c) subsequently acquires shares of the Fund or another fund by January 31 of the calendar year following the calendar year in which the disposition of the original shares occurred at a reduced sales load pursuant to a right to reinvest at such reduced sales load acquired in connection with the acquisition of the shares disposed of, then the sales load on the shares disposed of (to the extent of the reduction in the sales load on the shares subsequently acquired) shall not be taken into account in determining gain or loss on the shares disposed of, but shall be treated as incurred on the acquisition of the shares subsequently acquired. The wash sale rules also may limit the amount of loss that may be taken into account on disposition after such adjustment.

*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 or Class C shares for Institutional Service Class shares of the same Fund in certain Programs sponsored by and/or controlled by

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financial intermediaries, or the exchange of Institutional Service Class shares for Class A or Class C shares of the same Fund by certain holders who cease participation in such Programs, will be tax-free for federal income tax purposes. This is true whether the conversion occurs automatically pursuant to the terms of the class or is initiated by the shareholder. Shareholders also should consult their tax advisors regarding the state and local tax consequences of a conversion or exchange of shares.

*Reportable transactions*. Under Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Tax Treatment of Portfolio Transactions** 

Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the fund to its shareholders. This section should be read in conjunction with the discussion above under "ADDITIONAL INFORMATION ON PORTFOLIO INSTRUMENTS, STRATEGIES AND INVESTMENT POLICIES" for a detailed description of the various types of securities and investment techniques that apply to the Fund.

*In general*. In general, gain or loss recognized by a fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character of certain gains or losses.

*Certain fixed-income investments*. Gain recognized on the disposition of a debt obligation purchased by a fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount which accrued during the period of time the fund held the debt obligation unless the fund made a current inclusion election to accrue market discount into income as it accrues. If a fund purchases a debt obligation (such as a zero coupon security or pay-in-kind security) that was originally issued at a discount, the fund generally is required to include in gross income each year the portion of the original issue discount which accrues during such year. Therefore, a fund's investment in such securities may cause the fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of fund shares.

*Investments in debt obligations that are at risk of or in default present tax issues for a fund*. Tax rules are not entirely clear about issues such as whether and to what extent a fund should recognize market discount on a debt obligation, when a fund may cease to accrue interest, original issue discount or market discount, when and to what extent a fund may take deductions for bad debts or worthless securities and how a fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

*Options, futures, forward contracts, swap agreements and hedging transactions*. In general, option premiums received by a fund are not immediately included in the income of the fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a fund is exercised and the fund sells or delivers the underlying stock, the fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the fund minus (b) the fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a fund pursuant to the exercise of a put option written 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

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received by the fund is greater or less than the amount paid by the fund (if any) in terminating the transaction. Thus, for example, if an option written by a fund expires unexercised, the fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by a fund as well as listed non-equity options written or purchased by the fund on U.S. exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Internal Revenue Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by a fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Internal Revenue Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, a fund's transactions in other derivative instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the fund, defer losses to the fund, and cause adjustments in the holding periods of the fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivative instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a fund-level tax.

Certain of a fund's investments in derivatives and foreign currency-denominated instruments, and the fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If a fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the fund's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

*Foreign currency transactions*. A fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a fund's ordinary income distributions to you, and may cause some or all of the fund's previously distributed income to be classified as a return of capital. In certain cases, a fund may make an election to treat such gain or loss as capital.

*PFIC investments*. A fund may invest in securities of foreign companies that may be classified under the Internal Revenue Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, a fund intends to mark-to-market these securities under certain provisions of the Internal Revenue Code and recognize any unrealized gains as ordinary income at the end of the fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a fund is required to distribute, even though it has not sold or received dividends from these securities. You also should be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by a fund. Foreign companies are not required to 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

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may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature of interest may be imposed on a fund in respect of deferred taxes arising from such distributions or gains.

*Investments in U.S. REITs.* A U.S. REIT is not subject to federal income tax on the income and gains it distributes to shareholders. Dividends paid by a U.S. REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the U.S. REIT's current and accumulated earnings and profits. Capital gain dividends paid by a U.S. REIT to a fund will be treated as long-term capital gains by the fund and, in turn, may be distributed by the fund to its shareholders as a capital gain distribution. Because of certain noncash expenses, such as property depreciation, an equity U.S. REIT's cash flow may exceed its taxable income. The equity U.S. REIT, and in turn a fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a U.S. REIT is operated in a manner that fails to qualify as a U.S. REIT, an investment in the U.S. REIT would become subject to double taxation, meaning the taxable income of the U.S. REIT would be subject to federal income tax at the corporate income tax rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the U.S. REIT's current and accumulated earnings and profits. Also, see, "Tax Treatment of Portfolio Transactions– Investment in taxable mortgage pools (excess inclusion income)" and "Non-U.S. Investors– Investment in U.S. real property" below with respect to certain other tax aspects of investing in U.S. REITs.

*Investment in non-U.S. REITs*. While non-U.S. REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by a fund in a non-U.S. REIT may subject the fund, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real estate acquired by the non-U.S. REIT is located. A fund's pro rata share of any such taxes will reduce the fund's return on its investment. A fund's investment in a non-U.S. REIT may be considered an investment in a PFIC, as discussed above in "PFIC investments." In addition, foreign withholding taxes on distributions from the non-U.S. REIT may be reduced or eliminated under certain tax treaties, as discussed above in "Taxation of the Fund– Foreign income tax." Also, a fund in certain limited circumstances may be required to file an income tax return in the source country and pay tax on any gain realized from its investment in the non-U.S. REIT under rules similar to those in the United States, which tax foreign persons on gain realized from dispositions of interests in U.S. real estate.

*Investment in taxable mortgage pools (excess inclusion income)*. Under a Notice issued by the IRS, the Internal Revenue Code and Treasury regulations to be issued, a portion of a fund's income from a U.S. REIT that is attributable to the REIT's residual interest in a real estate mortgage investment conduit ("REMIC") or equity interests in a "taxable mortgage pool" (referred to in the Internal Revenue Code as an excess inclusion) will be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a fund, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax rate. The Notice imposes certain reporting requirements upon regulated investment companies that have excess inclusion income. There can be no assurance that a fund will not allocate to shareholders excess inclusion income.

These rules are potentially applicable to a fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely, through an investment in a U.S. REIT. It is unlikely that these rules will apply to a fund that has a non-REIT strategy.

*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

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clear with respect to a fund investing in a partnership outside a master-feeder structure, for purposes of testing whether a fund satisfies the Asset Diversification Test, the fund generally is treated as owning a pro rata share of the underlying assets of a partnership. See, "Taxation of the Fund." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b) that is treated as a partnership for federal income tax purposes, and (c) that derives less than 90% of its income from sources that satisfy the Income Requirement (e.g., because it invests in commodities). All of the net income derived by a fund from an interest in a QPTP will be treated as qualifying income but the fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a fund to fail to qualify as a regulated investment company. Although, in general, the passive loss rules of the Internal Revenue Code do not apply to RICs, such rules do apply to a fund with respect to items attributable to an interest in a QPTP. Fund investments in partnerships, including in QPTPs, may result in the fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

*Securities lending*. While securities are loaned out by a fund, the fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

*Investments in convertible securities*. Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium unrelated to the conversion feature of the security over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange-traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received may be qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles. A change in the conversion ratio or conversion price of a convertible security on account of a dividend paid to the issuer's other shareholders may result in a deemed distribution of stock to the holders of the convertible security equal to the value of their increased interest in the equity of the issuer. Thus, an increase in the conversion ratio of a convertible security can be treated as a taxable distribution of stock to a holder of the convertible security (without a corresponding receipt of cash by the holder) before the holder has converted the security.

*Investments in securities of uncertain tax character*. A fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a fund, it could affect the timing or character of income recognized by the fund, requiring the fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Internal Revenue Code.

**Backup Withholding** 

By law, the Fund may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

• provide your correct social security or taxpayer identification number,

• certify that this number is correct,

• certify that you are not subject to backup withholding, and

• 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

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any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

**Non-U.S. Investors** 

Non-U.S. investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations, or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

*In general*. The United States imposes a flat 30% withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income dividends paid to you by the Fund. Exemptions from this U.S. withholding tax are provided for capital gain dividends paid by the Fund from its net long-term capital gains, interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources, and short-term capital gain dividends.

However, the Fund may choose not to utilize the exemptions for interest-related dividends paid and short- term capital gains dividends paid. Moreover, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Fund shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Net investment income from dividends on stock and foreign source interest income continue to be subject to withholding tax; foreign tax credits. Ordinary dividends paid by the Fund to non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to U.S. withholding tax. Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% on the income resulting from an election to pass-through foreign tax credits to shareholders, but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

*Income effectively connected with a U.S. trade or business*. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax return.

*Investment in U.S. real property*. The Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") makes non-U.S. persons subject to U.S. tax on disposition of a U.S. real property interest ("USRPI") as if he or she were a U.S. person. Such gain is sometimes referred to as FIRPTA gain. The Fund may invest in equity securities of corporations that invest in USRPI, including U.S. REITs, which may trigger FIRPTA gain to the Fund's non-U.S. shareholders.

The Internal Revenue Code provides a look-through rule for distributions of FIRPTA gain when a RIC is classified as a qualified investment entity. A RIC will be classified as a qualified investment entity if, in general, 50% or more of the RIC's assets consist of interests in U.S. REITs, USRPIs and other U.S. real property holding corporations ("USRPHC"). If a RIC is a qualified investment entity and the non-U.S. shareholder owns more than 5% of a class of Fund shares at any time during the one-year period ending on the date of the FIRPTA distribution, the FIRPTA distribution to the non-U.S. shareholder is treated as gain from the disposition of a USRPI, causing the distribution to be subject to U.S. withholding tax at the corporate income tax rate (unless reduced by future regulations), and requiring the non-U.S. shareholder to file a nonresident U.S. income tax return. In addition, even if the non-U.S. shareholder does not own more than 5% of a class of Fund shares, but the Fund is a qualified investment entity, the FIRPTA distribution will be taxable as ordinary dividends (rather than as a capital gain or short-term capital gain dividend) subject to withholding at 30% or lower treaty rate.

Because the Fund expects to invest less than 50% of its assets at all times, directly or indirectly, in U.S. real property interests, the Fund expects that neither gain on the sale or redemption of Fund shares nor Fund dividends and distributions 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

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not be subject to U.S. federal gift tax. An individual who, at the time of death, is a non-U.S. shareholder will nevertheless be subject to U.S. federal estate tax with respect to Fund shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. estate tax return to claim the exemption in order to obtain a U.S. federal transfer certificate. The transfer certificate will identify the property (i.e., Fund shares) as to which the U.S. federal estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to U.S. situs assets with a value of $60,000). For estates with U.S. situs assets of not more than $60,000, the Fund may accept, in lieu of a transfer certificate, an affidavit from an appropriate individual evidencing that decedent's U.S. situs assets are below this threshold amount.

*U.S. tax certification rules*. Special U.S. tax certification requirements may apply to non-U.S. shareholders both to avoid U.S. backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the U.S. and the shareholder's country of residence. In general, if you are a non-U.S. shareholder, you must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the United States has an income tax treaty. A Form W-8 BEN provided without a U.S. taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign tax.

*Foreign Account Tax Compliance Act ("FATCA")*. Under FATCA, the Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions ("FFI") or nonfinancial foreign entities ("NFFE"). After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it meets certification requirements described below. The U.S. Treasury has negotiated intergovernmental agreements ("IGA") with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S. Treasury regulations.

An FFI can avoid FATCA withholding if it is deemed compliant or by becoming a "participating FFI," which requires the FFI to enter into a U.S. tax compliance agreement with the IRS under section 1471(b) of the Internal Revenue Code ("FFI agreement") under which it agrees to verify, report and disclose certain of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information about the U.S. accounts to the IRS, or, to the government of the FFI's country of residence (pursuant to the terms and conditions of applicable law and an applicable IGA entered into between the U.S. and the FFI's country of residence), which will, in turn, report the specified information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.

An NFFE that is the beneficial owner of a payment from the Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S. owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information to the Fund or other applicable withholding agent, which will, in turn, report the information to the IRS.

Such foreign shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA 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

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application of these requirements to their own situation.

**Effect of Future Legislation; Local Tax Considerations** 

The foregoing general discussion of U.S. federal income tax consequences is based on the Internal Revenue Code and the regulations issued thereunder as in effect on the date of this Statement of Additional Information. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions also may be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. shareholders may be subject to U.S. tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in the Fund.

**Additional Tax Information with Respect to the Nationwide Government Money Market Fund** 

The tax information described in "Additional General Tax Information for All Funds" above applies to the Nationwide Government Money Market Fund (the "Money Market Fund"), except as noted in this section.

**Distributions of net investment income** 

The Money Market Fund typically declares dividends from its daily net income each day that its NAV is calculated and pays such dividends monthly. The Money Market Fund's daily net income includes accrued interest and any original issue or acquisition discount, plus or minus any gain or loss on the sale of portfolio securities and changes in unrealized appreciation or depreciation in portfolio securities (to the extent required to maintain a stable $1 share price), less the estimated expenses of the Money Market Fund. Any distributions by the Money Market Fund from such income will be taxable to you as ordinary income, whether you receive them in cash or in additional shares.

**Distributions of capital gain** 

The Money Market Fund may derive capital gain or loss in connection with sales or other dispositions of its portfolio securities. If you are a taxable investor, distributions from net short-term capital gain will be taxable to you as ordinary income. Because the Money Market Fund is a money market fund, it is not expected to realize any long-term capital gain.

**Maintaining a $1 share price** 

Gain and loss on the sale of portfolio securities and unrealized appreciation or depreciation in the value of these securities may require the Money Market Fund to adjust distributions, including withholding dividends, to maintain its $1 share price. These procedures may result in under- or over-distributions by the Money Market Fund of its net investment income. This in turn may result in return of capital distributions, the effect of which is described above in "Taxation of Fund Distributions– Returns of capital."

**Redemption of Fund shares** 

Redemptions (including redemptions in kind) and exchanges of Money Market Fund shares are taxable transactions for federal and state income tax purposes. Because the Money Market Fund tries to maintain a stable $1 share price, however, you should not expect to realize any capital gain or loss on the sale or exchange of your shares. For tax purposes, an exchange of your Money Market Fund shares for shares of a different Nationwide Fund is the same as a sale. Shareholders may elect to adopt a simplified "NAV method" for computing gains and losses from taxable sales, exchanges or redemptions of Money Market Fund shares. Under the NAV method, rather than computing gain or loss separately for each taxable disposition of shares as described above, a shareholder would determine gain or loss based on the change in the aggregate value of the shareholder's shares during a computation period (which could be the shareholder's taxable year or certain shorter periods), 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.

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**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 BNY MELLON CORE PLUS BOND ESG FUND, NATIONWIDE BOND FUND, NATIONWIDE BOND INDEX FUND, NATIONWIDE INTERNATIONAL INDEX FUND, NATIONWIDE INFLATION-PROTECTED SECURITIES 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 BNY Mellon Core Plus Bond ESG Fund, Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide International Index Fund, Nationwide Inflation-Protected Securities 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 Fund, Nationwide Bond Index Fund, Nationwide BNY Mellon Core Plus Bond ESG Fund and Nationwide Inflation-Protected Securities Fund is derived primarily from interest rather than dividends, generally none or only a small portion of its distributions are expected to be qualified dividends eligible for taxation by individuals at long-term capital gain rates.

**Dividends-received deduction for corporations** 

Because each Fund's income is derived primarily from interest or foreign securities, generally none or only a small portion of its distributions are expected to qualify for the corporate dividends-received deduction.

**Major Shareholders** 

To the extent NFA and its affiliates directly or indirectly own, control and hold power to vote 25% or more of the outstanding shares of the Funds, it is deemed to have "control" over matters which are subject to a vote of the Funds' shares.

NFA, is wholly owned by NFS. NFS, a holding company, is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation is also a holding company in the Nationwide Insurance Enterprise, which includes NFG. 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 February 1, 2023, 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** |
| Nationwide Loomis Short Term Bond Fund | Class A | 1.2% |
| Nationwide Mid Cap Market Index Fund | Class R6 | 3.0% |

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As of February 1, 2023, the record shareholders identified in Appendix D to this SAI held five percent or greater of the

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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.

**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>AMUNDI ASSET MANAGEMENT US, INC.</u>** 

**POLICY** 

Each of the Pioneer Funds and certain other clients of Amundi Asset Management US, Inc. ("Amundi US") have delegated responsibility to vote proxies related to portfolio holdings to Amundi US. Amundi US is a fiduciary that owes each of its clients the duties of care and loyalty with respect to all services undertaken on the client's behalf, including voting proxies for securities held by the client. When Amundi US has been delegated proxy-voting authority for a client, the duty of care requires Amundi US to monitor corporate events and to vote the proxies. To satisfy its duty of loyalty, Amundi US must place the client's interests ahead of its own and must cast proxy votes in a manner consistent with the best interest of the client. It is Amundi US' policy to vote proxies presented to Amundi US in a timely manner in accordance with these principles.

Amundi US' sole concern in voting proxies is the economic effect of the proposal on the value of portfolio holdings, considering both the short- and long-term impact. In many instances, Amundi US believes that supporting the company's strategy and voting "for" management's proposals builds portfolio value. In other cases, however, proposals set forth by management may have a negative effect on that value, while some shareholder proposals may hold the best prospects for enhancing it. Amundi US monitors developments in the proxy voting arena and will revise this policy as needed.

Amundi US believes that environmental, social and governance (ESG) factors can affect companies' long-term prospects for success and the sustainability of their business models. Since ESG factors that may affect corporate performance and economic value are considered by our investment professionals as part of the investment management process, Amundi US also considers these factors when reviewing proxy proposals. This approach is consistent with the stated investment objectives and policies of funds and investment strategies.

It should be noted that the proxy voting guidelines below are guidelines, not rules, and Amundi US reserves the right in all cases to vote contrary to guidelines where doing so is determined to represent the best economic interests of our clients. Further, the Pioneer Funds or other clients of Amundi US may direct Amundi US to vote contrary to guidelines.

Amundi US' clients may request copies of their proxy voting records and of Amundi US' proxy voting policies and procedures by either sending a written request to Amundi US' Proxy Coordinator, or clients may review Amundi US' proxy voting policies and procedures on-line at amundi.com/usinvestors. Amundi US may describe to clients its proxy voting policies and procedures by delivering a copy of Amundi US' Form ADV (Part II), by separate notice to the client or by other means.

**APPLICABILITY** 

This Proxy Voting policy and the procedures set forth below are designed to complement Amundi US' investment policies and procedures regarding its general responsibility to monitor the performance and/or corporate events of companies that are issuers of securities held in accounts managed by Amundi US. This policy sets forth Amundi US' position on a number of issues for which proxies may be solicited but it does not include all potential voting scenarios or proxy events. Furthermore, because of the special issues associated with proxy solicitations by closed-end Funds, Amundi US will vote shares of closed-end Funds on a case-by-case basis.

**PURPOSE** 

The purpose of this policy is to ensure that proxies for United States ("US") and non-US companies that are received in a timely manner will be voted in accordance with the principles stated above. Unless the Proxy Voting Oversight Group (as described below) specifically determines otherwise, all shares in a company held by Amundi US-managed accounts for which Amundi US has proxy-voting authority will be voted alike, unless a client has given specific voting instructions on an issue.

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Amundi US does not delegate the authority to vote proxies relating to securities held by its clients to any of its affiliates. Any questions about this policy should be directed to Amundi US' Chief of Staff US Investment Management (the "Proxy Coordinator").

**PROCEDURES** 

*Proxy Voting Service* 

Amundi US has engaged an independent proxy voting service to assist in the voting of proxies. The proxy voting service works with custodians to ensure that all proxy materials are received by the custodians and are processed in a timely fashion. The proxy voting service votes all proxies in accordance with the proxy voting guidelines established by Amundi US and set forth herein, to the extent applicable. The proxy voting service will refer proxy questions to the Proxy Coordinator (described below) for instructions under circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the guidelines call for specific instructions on a case-by-case basis. The proxy voting service is also requested to call to the Proxy Coordinator's attention specific proxy questions that, while governed by a guideline, appear to involve unusual or controversial issues. Amundi US reserves the right to attend a meeting in person and may do so when it determines that the company or the matters to be voted on at the meeting are strategically important to its clients.

To supplement its own research and analysis in determining how to vote on a particular proxy proposal, Amundi US may utilize research, analysis or recommendations provided by the proxy voting service on a case-by-case basis. Amundi US does not, as a policy, follow the assessments or recommendations provided by the proxy voting service without its own analysis and determination.

*Proxy Coordinator* 

The Proxy Coordinator coordinates the voting, procedures and reporting of proxies on behalf of Amundi US' clients. The Proxy Coordinator will deal directly with the proxy voting service and, in the case of proxy questions referred by the proxy voting service, will solicit voting recommendations and instructions from the Portfolio Management Group, or, to the extent applicable, investment sub-advisers. The Proxy Coordinator is responsible for ensuring that these questions and referrals are responded to in a timely fashion and for transmitting appropriate voting instructions to the proxy voting service. The Proxy Coordinator is responsible for verifying with the General Counsel or his or her designee whether Amundi US' voting power is subject to any limitations or guidelines issued by the client (or in the case of an employee benefit plan, the plan's trustee or other fiduciaries).

*Referral Items* 

The proxy voting service will refer proxy questions to the Proxy Coordinator or his or her designee that are described by Amundi US' proxy voting guidelines as to be voted on a case-by-case basis, that are not covered by Amundi US' guidelines or where Amundi US' guidelines may be unclear with respect to the matter to be voted on. Under such circumstances, the Proxy Coordinator will seek a written voting recommendation from the Chief Investment Officer, U.S or his or her designated equity portfolio-management representative. Any such recommendation will include: (i) the manner in which the proxies should be voted; (ii) the rationale underlying any such decision; and (iii) the disclosure of any contacts or communications made between Amundi US and any outside parties concerning the proxy proposal prior to the time that the voting instructions are provided.

*Proxy Voting Oversight Group* 

The members of the Proxy Voting Oversight Group include Amundi US' Chief Investment Officer, U.S. or his or her designated equity portfolio management representative, the Chief of Staff, U.S., and the Chief Compliance Officer of the Adviser and Funds. Other members of Amundi US will be invited to attend meetings and otherwise participate as necessary. The Chief of Staff, U.S. will chair the Proxy Voting Oversight Group.

The Proxy Voting Oversight Group is responsible for developing, evaluating, and changing (when necessary) Amundi US' proxy voting policies and procedures. The Group meets at least annually to evaluate and review this policy and the services of

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its third-party proxy voting service. In addition, the Proxy Voting Oversight Group will meet as necessary to vote on referral items and address other business as necessary.

*Amendments* 

Amundi US may not amend this policy without the prior approval of the Proxy Voting Oversight Group.

*Form N-PX* 

The Proxy Coordinator and the Director of Regulatory Reporting are responsible for ensuring that Form NP-X documents receive the proper review by a member of the Proxy Voting Oversight Group prior to a Fund officer signing the forms.

The Investment Operations department will provide the Compliance department with a copy of each Form N-PX filing prepared by the proxy voting service.

*Compliance files N-PX.* 

The Compliance department will ensure that a corresponding Form N-PX exists for each Amundi US registered investment company.

Following this review, each Form N-PX is formatted for public dissemination via the EDGAR system.

Prior to submission, each Form N-PX is to be presented to the Fund officer for a final review and signature.

Copies of the Form N-PX filings and their submission receipts are maintained according to Amundi US record keeping policies.

**PROXY VOTING GUIDELINES** 

These can be found in the complete proxy policy.

**SUPERVISION** 

ESCALATION

It is each associate's responsibility to contact his or her business unit head, the Proxy Coordinator, a member of the Proxy Voting Oversight Group or Amundi US' Chief Compliance Officer if he or she becomes aware of any possible noncompliance with this policy.

TRAINING

Amundi US will conduct periodic training regarding proxy voting and this policy. It is the responsibility of the business line policy owner and the applicable Compliance Department to coordinate and conduct such training.

RELATED POLICIES AND PROCEDURES

Amundi US' Investment Management, Inc. Books and Records Policy and the Books and Records of the Pioneer Funds' Policy.

RECORD KEEPING

The Proxy Coordinator shall ensure that Amundi US' proxy voting service:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Retains a copy of each proxy statement received (unless the proxy statement is available from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system);

• Retains a record of the vote cast;

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

• Prepares Form N-PX for filing on behalf of each client that is a registered investment company; and

• Is able to promptly provide Amundi US with a copy of the voting record upon its request.

The Proxy Coordinator shall ensure that for those votes that may require additional documentation (i.e., conflicts of interest, exception votes and case-by-case votes) the following records are maintained:

• A record memorializing the basis for each referral vote cast;

• A copy of any recommendation or analysis furnished by the proxy voting service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A copy of any conflict notice, conflict consent or any other written communication (including emails or other electronic communications) to or from the client (or in the case of an employee benefit plan, the plan's trustee or other fiduciaries) regarding the subject proxy vote cast by, or the vote recommendation of, Amundi US.

Amundi US shall maintain the above records in the client's file in accordance with applicable regulations.

**<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. Bailard currently votes domestic and international stock proxies for accounts whose investment advisory agreement includes proxy voting service. The accounts for which Bailard votes proxies include, but are not limited to, mutual funds, our pooled vehicles, certain separately managed institutional accounts, ERISA accounts and (unless otherwise directed) omnibus ballots.

In seeking to avoid material conflicts of interest, we have engaged Institutional Shareholder Services Inc. ("ISS"), a third party service provider, to vote in accordance ISS' SRI Proxy Voting 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 in voting proxies for specific Bailard accounts.

ISS' SRI Proxy Voting Guidelines generally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Board of Directors - seeks to support Boards of Directors that serve the interests of shareholders by voting for Board Accountability, Board Responsiveness, Director Independence, and Director Diversity and Competence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Risk Oversight Failure - votes against or withhold from directors individually, on a committee, or potentially the entire board due to material failures of governance, stewardship, risk oversight, or fiduciary responsibilities at the company, including failure to adequately manage or mitigate ESG risks, or a lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Auditor-Related Shareholder Proposals– seeks to vote for shareholder proposals to allow shareholders to vote on auditor ratification; for proposals that ask a company to adopt a policy on auditor independence; and for proposals that seek to limit the non-audit services provided by the company's auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Climate Accountability - for companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain, 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 the SRI Guidelines 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Executive and Director Compensation - seeks to incentivize employees and executives to engage in conduct that will improve the performance of their companies by voting for appropriate pay-for-performance alignment with emphasis on long-term shareholder value; avoiding arrangements that risk "pay for failure; independent and effective compensation committees; clear and comprehensive compensation disclosures; avoiding inappropriate pay to non-executive directors.

In certain circumstances, Bailard may override ISS' recommendation. Bailard conducts periodic due diligence of ISS as well as periodic monitoring/testing of the services ISS provides.

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For accounts where Bailard does not have the authority to vote proxies, clients receive their proxies directly from the custodian, transfer agent or the issuer's proxy solicitor. If clients have any questions about a particular solicitation, they can email compliance@bailard.com.

Ballard's Proxy Voting Policy sets forth our proxy voting process in more detail. A copy of this policy is available to clients upon request. Moreover, if we are voting proxies on a client's behalf (including proxies voted by ISS), that client may ask us for information about how her/his 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>** 

With respect to each series of the Trust (each, a "Fund") for which BlackRock serves as subadviser, Nationwide Fund Advisors ("NFA") has directed BlackRock to vote proxies on the portfolio securities held by each Fund in accordance with Institutional Shareholder Services' ("ISS") Sustainability U.S. Proxy Voting Guidelines and Sustainability International Proxy Voting Guidelines, as applicable (together, the "Sustainability Policy"). NFA acknowledges that BlackRock has authority to and may exercise discretion when voting recommendations based upon the Sustainability Policy, and thus may deviate from the Sustainability Policy consistent with BlackRock's fiduciary duty and its proxy voting policies and procedures.

ISS has developed proxy voting guidelines that are consistent with the objectives of sustainability-minded investors and fiduciaries. On matters of environmental, social and corporate governance ("ESG") import, ISS' Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices advocating for stewardship of environment, fair labor practices, non-discrimination, and the protection of human rights. Generally, ISS' Sustainability Policy will take as its frame of reference internationally recognized sustainability-related initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), United Nations Principles for Responsible Investment (UNPRI), United Nations Global Compact, Global Reporting Initiative (GRI), Carbon Principles, International Labour Organization Conventions (ILO), Ceres Roadmap 2030, Global Sullivan Principles, MacBride Principles, and environmental and social European Union Directives. Each of these efforts promote a fair, unified and productive reporting and compliance environment which advances positive corporate ESG actions that promote practices that present new opportunities or that mitigate related financial and reputational risks.

On matters of corporate governance, executive compensation, and corporate structure, the Sustainability Policy guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance.

ISS notes there may be cases in which the final vote recommendation at a particular company varies from the voting guidelines due to the fact that ISS closely examines the merits of each proposal and consider relevant information and company-specific circumstances in arriving at its decisions. To that end, ISS engages with both interested shareholders as well as issuers to gain further insight into contentious issues facing the company. Where ISS acts as voting agent for clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. ISS updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social and corporate governance topics, as well as the evolution of market standards, regulatory changes and client feedback.

Please read the ISS Sustainability U.S. Proxy Voting Guidelines available at https://www.issgovernance.com/file/policy/active/specialty/Sustainability-US-Voting-Guidelines.pdf and the ISS Sustainability International Proxy Voting Guidelines available at https://www.issgovernance.com/file/policy/active/specialty/Sustainability-International-Voting-Guidelines.pdf.

**<u>BROWN CAPITAL MANAGEMENT, INC.</u>** 

**<u>PROXY VOTING</u>** 

**<u>Policy</u>** 

Where contractually obligated, Brown Capital Management, LLC, (BCM) as a matter of policy and as a fiduciary to our clients, has responsibility for voting proxies for portfolio securities consistent with the best economic interests of the clients. Proxies are voted on a best efforts basis. Our firm maintains written policies and procedures for the handling, research,

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voting and reporting of proxy voting and makes appropriate disclosures about our firm's proxy policies and practices. Our policy and practice includes the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

In order to facilitate this proxy voting process, BCM utilizes Glass Lewis & Co. a recognized leader in proxy voting and corporate governance areas to assist in the due diligence process related to making appropriate proxy voting decisions related to client accounts. The BCM operations team monitors corporate actions and investment staff through information received from Advent's corporate actions module or custodian banks. Clients with separately managed accounts may request a copy of this policy or how proxies relating to their securities were voted by contacting BCM directly. Investors in the Brown Capital Management Family of Funds (individually "Fund" or collectively "Funds") may request a copy of this policy or the Fund's proxy voting record upon request, without charge, by calling Alps Fund Services at 1-800-773-3863, by reviewing the Fund's website, if applicable, or by reviewing filings available on the SEC's website at www.sec.gov.

**Glass Lewis & Co.** 

Glass Lewis & Co. is a leading research and professional services firm assisting institutions globally that have investment, financial or reputational exposure to public companies. The firm provides research and analysis that specializes in providing a variety of fiduciary level proxy related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. BCM subscribes to the Glass Lewis Standard Voting Policy. The services provided to BCM, include in-depth research, analysis, and voting recommendations. Members of BCM's investment staff individually determine how each proxy ballot is voted. Glass Lewis's research, analysis, and voting recommendations are utilized as a guideline only. When specifically directed by a client with a separately managed account, BCM will vote as requested.

**<u>Background</u>** 

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) to disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

**<u>Responsibility</u>** 

The Chief Compliance Officer (CCO), in consultation with MRSA and the Proxy Committee have the responsibility for creating and amending our proxy voting policy. The CCO is responsible for implementing, monitoring, and keeping record of the proxy procedures.

**<u>Procedure</u>** 

BCM has adopted procedures to implement the firm's policy and reviews to monitor and ensure the firm's policy is observed, implemented properly and amended or updated, as appropriate, which are as follows:

**Voting Procedures** 

The BCM administrative staff coordinates the physical voting process and recordkeeping of votes at both the broader company and individual account levels through the Glass Lewis & Co.'s View Point system.

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The Manager Reporting & Systems Administrator (MRSA) or designee follows the following process in voting proxies on a daily basis:

a. Sends holdings to Glass Lewis for all accounts in the proxy group,

b. Obtains and prints pending proxy ballots from Glass Lewis website,

c. Performs a reconciliation of Glass Lewis ballots against BCM accounting records to ensure a ballot exists for each eligible client,

d. Contacts Glass Lewis to research missing ballots and/or the custodian bank,

e. Ungroups any terminated clients from ballot to insure accurate voting,

f. Distributes pending ballots to designated Portfolio Managers (PMs) for voting,

g. Votes ballots on-line according to designated PMs instructions,

h. Generates voted ballot report along with all backup materials, reviews and scans to the System,

i. Maintains a current list of active accounts for proxy voting based on email notification from portfolio administrators of new and terminated clients.

j. Notifies Glass Lewis and the custodian bank of all client changes and new clients to ensure accuracy of client lists.

k. Completes the Missing Ballot Form for proxies that are not voted for clients, submits for approval to CCO or designee, and maintains in a missing ballot folder. Submits copy to the CCO or designee.

**Portfolio Managers** 

a. PMs vote the proxy, sign the ballot and make any notes that would reflect votes against management/Glass Lewis and returns to CCO or designee Proxy review form for specific clients should be checked and signed by Portfolio Manager.

**Reporting** 

a. Glass Lewis provides quarterly detailed voted ballots. These reports are sent to clients as requested or upon contractual agreement.

b. Manager Reporting & Systems Administrator (MRSA) or designee shall distribute appropriate proxy voting reports to portfolio administrators upon request.

**<u>Monitoring</u>** 

a. The Manager Reporting & Systems Administrator (MRSA) or designee reviews all ballots to ensure proper voting.

b. The CCO or designee reviews a representative sample of ballots on a periodic basis to confirm proper voting and documentation of any votes against management recommendations.

**<u>Policies Prohibiting Voting of Proxies</u>** 

BCM attempts to vote all proxies for clients where voting authority has been granted BCM by the client. However, in some circumstances BCM may not vote some proxies:

a. Shares in a stock loan program,

b. Proxies for securities held in an unsupervised portion of a client's account,

c. Proxies that are subject to blocking restrictions,

d. Proxies that require BCM to travel overseas in order to vote,

e. Proxies that are written in a language other than English.

**Disclosure** 

a. BCM provides information in its disclosure document summarizing this proxy voting policy and procedures, including a statement that clients may request information regarding how BCM voted clients' proxies, and that clients may request a copy of these policies and procedures.

b. When BCM is contractually obligated to vote proxies for a new client, the MRSA ensures that each new client receives the current proxy policy.

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**Client Requests for Information** 

a. All client requests for information regarding proxy votes, or policies and procedures, received by any employee should be forwarded to the CCO or designee.

b. The CCO or designee retains client proxy reports on BCM's computer system. Requested documents are sent via e-mail to the appropriate portfolio administrator, who forwards to the client.

**Voting Guidelines** 

While BCM's policy is to review each proxy proposal on its individual merits, BCM has adopted guidelines for certain types of matters to assist the investment staff in the review and voting of proxies. These guidelines are:

**Corporate Governance** 

**a.** **Election of Directors and Similar Matters** 

In an uncontested election, BCM will generally vote in favor of management's proposed directors. In a contested election, BCM will evaluate proposed directors on a case-by-case basis. With respect to proposals regarding the structure of a company's board of directors, BCM will review any contested proposal on its merits.

**b.** **Audit Committee Approvals** 

BCM generally supports proposals that help ensure that a company's auditors are independent and capable of delivering a fair and accurate opinion of a company's finances. BCM will generally vote to ratify management's recommendation and selection of auditors.

**c.** **Shareholder Rights** 

BCM may consider all proposals that will have a material effect on shareholder rights on a case-by-case basis.

**d.** **Anti-Takeover Measures, Corporate Restructuring's and Similar Matters** 

BCM may review any proposal to adopt an anti-takeover measure, to undergo a corporate restructuring (e.g., change of entity form or state of incorporation, mergers or acquisitions) or to take similar action by reviewing the potential short and long-term effects of the proposal on the company. These effects may include, without limitation, the economic and financial impact the proposal may have on the company, and the market impact that the proposal may have on the company stock.

**e.** **Capital Structure Proposals** 

BCM will seek to evaluate capital structure proposals on their own merits on a case-by-case basis.

**Compensation** 

**a.** **General** 

BCM generally supports proposals that encourage the disclosure of a company's compensation policies. In addition, BCM generally supports proposals that fairly compensate executives, particularly those proposals that link executive compensation to performance. BCM may consider any contested proposal related to a company's compensation policies on a case-by-case basis.

**b.** **Stock Option Plans** 

BCM evaluates proposed stock option plans and issuances on a case-by-case basis. In reviewing proposals regarding stock option plans and issuances, BCM may consider, without limitation, the potential dilutive effect on shareholders' shares, the potential short- and long-term economic effects on the company and shareholders and the actual terms of the proposed options.

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**Corporate Responsibility and Social Issues** 

The investment staff's review is intended to determine if a material conflict of interest exists that should be considered in the vote decision. The investment staff examines business, personal and familial relationships with the subject company and/or interested parties. If a conflict of interest is believed to exist, the investment staff will direct that the proxy issue BCM may vote against corporate responsibility and social issue proposals that BCM believes will have substantial adverse economic or other effects on a company, and BCM may vote for corporate responsibility and social issue proposals that BCM believes will have substantial positive economic or other effects on a company. BCM reserves the right to amend and revise this policy without notice at any time.

**Conflicts of Interest** 

The investment staff's review is intended to determine if a material conflict of interest exists that should be considered in the vote decision. The investment staff examines business, personal and familial relationships with the subject company and/or interested parties. If a conflict of interest is believed to exist, the investment staff will direct that the proxy issue must be voted in accordance with Glass Lewis recommendations. In the event Glass Lewis is unable to make a recommendation on a proxy vote regarding an investment held by a Fund, the investment staff will defer the decision to the fund's proxy voting committee, which is made up of independent trustees. Decisions made by the fund's proxy voting committee will be used to vote proxies for the fund. For securities not held by a fund, or Glass Lewis is unable to make a recommendation then BCM will either disclose the conflict to the client and obtain its consent before voting or suggest that the client engage another party to determine how the proxies should be voted.

Another conflict of interest could occur should BCM consider either Ontario Teachers' Pension Plan or Alberta Investment Management Corp. as a client as both entities have an ownership interest in Glass Lewis. If you become aware of this situation, contact the CCO immediately.

**Recordkeeping** 

The CCO or designee retains the following proxy records in accordance with the SEC's five-year retention requirement.

a. Proxy voting policies and procedures,

b. Proxy statements received for client securities,

c. Records of votes cast on behalf of clients,

d. Records of client requests for proxy voting information and written responses by BCM are maintained in the client's correspondence folder,

e. Documents prepared by BCM that were material to making a proxy voting decision or memorialize the basis for the decisions.

All such records are maintained as required by applicable laws and regulations.

**<u>DREYFUS</u>** 

As part of the contractual relationship between Dreyfus and our clients, typically through an investment advisory agreement, a client may delegate to us its right to exercise voting authority in connection with the securities we manage for that client. Voting rights are most commonly exercised by casting votes by proxy at shareholder meetings on matters that have been submitted to shareholders for approval. Consistent with applicable rules under the Advisers Act, Dreyfus has adopted and implemented written proxy voting policies and procedures (the "Proxy Policies") that are reasonably designed: (1) to vote proxies, consistent with our fiduciary obligations, in the best interests of clients; and (2) to prevent conflicts of interest from influencing proxy voting decisions made on behalf of clients. Dreyfus provides these proxy voting services as part of our investment management service to client accounts and do not separately charge a fee for this service.

Dreyfus offers 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, Dreyfus will seek to make voting decisions that are in the best interest of the client and have adopted detailed, pre-determined, written proxy voting guidelines for specific types of proposals and matters commonly submitted to

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shareholders by U.S. and non-U.S. companies (collectively, the "Voting Guidelines"), which are included in the Proxy Policies. These Voting Guidelines are designed to assist with voting decisions which over time seek to maximize the economic value of the securities of companies held in client accounts (viewed collectively and not individually) as determined in our discretion. Dreyfus believes that this approach is consistent with its fiduciary obligations and with the published positions of applicable regulators with an interest in such matters (e.g., the U.S. Securities and Exchange Commission and the U.S. Department of Labor).

Clients that have granted Dreyfus with voting authority are not permitted to direct Dreyfus on how to vote in a particular solicitation. Clients that have not granted us voting authority over securities held in their accounts and choose either to retain proxy voting authority or to delegate proxy voting authority to another firm (whether such retention or delegation applies to all or only a portion of the securities within the client's account), either the client's or such other entity's chosen proxy voting guidelines will apply to those securities. Dreyfus generally does not provide proxy voting recommendations to clients who have not granted Dreyfus voting authority over their securities.

If Dreyfus receives a proxy from a non-U.S. company, Dreyfus will seek to effect a vote decision through the application of the Voting Guidelines. However, corporate governance practices, disclosure requirements and voting operations vary significantly among the various non-U.S. markets in which our clients may invest. In these markets, Dreyfus may face regulatory, compliance, legal or logistical limits with respect to voting securities held in client accounts which can affect our ability to vote such proxies, as well as the desirability of voting such proxies. Non-U.S. regulatory restrictions or company-specific ownership limits, as well as legal matters related to consolidated groups, may restrict the total percentage of an issuer's voting securities that Dreyfus can hold for clients and the nature of our voting in such securities. Our ability to vote proxies may also be affected by, among other things: (1) late receipt of meeting notices; (2) requirements to vote proxies in person: (3) restrictions on a foreigner's ability to exercise votes; (4) potential difficulties in translating the proxy; (5) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions; and (6) requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting. Absent an issue that is likely to impact clients' economic interest in a company, we generally will not subject clients to the costs (which may include a loss of liquidity) that could be imposed by these requirements. In these markets, we will weigh the associative costs against the benefit of voting and may refrain from voting certain non-U.S. securities in instances where the items presented are not likely to have a material impact on shareholder value.

**Process** 

Where proxy voting authority has been delegated to Dreyfus by a client, voting proxies becomes part of the firm's fiduciary function and is subject to the fiduciary duties owed to that client. These duties generally require the fiduciary to cast proxy votes in a manner consistent with the best interests of the client, to address actual or potential conflicts of interest, and not to elevate the fiduciary's own interests over those of the client with respect to proxy voting decisions.

No BNY Mellon Investment Adviser, Inc. ("BNYMIA") employee shall try to influence the proxy voting decisions made by Dreyfus except in conformance with our normal operations (e.g., as an employee or member of a team or committee responsible for determining and/or implementing our proxy voting decisions) or as otherwise approved by Compliance or Legal.

In an effort to minimize the appearance that certain relationships or situations may inappropriately influence the proxy voting decisions made by Dreyfus, Dreyfus is required take the actions set out in the Proxy Policy when addressing actual or potential conflicts of interest.

Dreyfus has retained the services of two independent proxy advisors ("Proxy Advisors") to provide comprehensive research, analysis, and voting recommendations. These services are used most frequently in connection with proposals or matters that may be controversial or require a case-by-case analysis in accordance with the Voting Guidelines. Dreyfus has engaged one of the Proxy Advisors as our proxy voting agent (the "Proxy Agent") to administer the mechanical, non-discretionary elements of proxy voting and reporting for clients. Dreyfus has directed the Proxy Agent, in that administrative role, to follow the specified Voting Guideline and apply it to each applicable proxy proposal or matter where a shareholder vote is sought. Accordingly, proxy items that can be appropriately categorized and matched either will be voted in accordance with the applicable Voting Guideline or will be referred to Dreyfus if the Voting Guideline so requires. The Voting Guidelines require referral to Dreyfus of all proxy proposals or shareholder voting matters for which Dreyfus has not yet established a specific

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Voting Guideline, and generally for those proxy proposals or shareholder voting matters that are contested or similarly controversial (as determined by us in our discretion).

For items referred to Dreyfus, Dreyfus may determine to accept or reject any recommendation based on the Voting Guidelines, research and analysis provided by the Proxy Advisors, or on any independent research and analysis obtained or generated by our portfolio managers, analysts and involved proxy administrative support personnel.

Clients may receive a copy of the Voting Guidelines, as well as the Proxy Voting Policy, upon request. Clients may also receive information on the proxy voting history for their managed accounts upon request. Please contact Dreyfus for more information.

**Managing Conflicts** 

Dreyfus has determined that it may not be appropriate for the BNYMIA (the "Adviser") to make proxy voting decisions for clients under certain circumstances due to an actual or potential material conflict of interest. These situations typically arise due to relationships between proxy issuers (or companies) and the Adviser, the Adviser's employees, an Adviser executive, or a member of the Adviser's Board of Directors.

<u>Adviser Conflicts:</u> 

The following proxy solicitations are considered "Adviser Conflicts" for purposes of the Adviser Policy:

1. Proxies issued by a company for which an Adviser employee or member of its Board of Directors serves as a Board member;

2. Proxies issued by a company that is a current client of the Adviser and contributed materially to the Adviser's total revenue as of the end of the last fiscal quarter;

3. Proxies issued by a pooled vehicle that relate to services provided by (or fees paid to) the Adviser or subsidiary of the Adviser (e.g., Investment Management Agreement, Distribution Agreement, Transfer Agency Agreement, etc.); and

4. Other proxies deemed to present an actual, potential or perceived material conflict because of a relationship between a proxy issuer and the Adviser, its executive officers or Board of Directors.

Except as described under "Exceptions" below, the Adviser shall not vote any shareholder proposal involving an Adviser Conflict. Instead, the Adviser shall submit (or arrange to submit) proxy votes involving Adviser Conflicts in accordance with the recommendation of an independent fiduciary selected and engaged by the Adviser for this purpose. Shareholder proposals issued by a pooled vehicle involving an Adviser Conflict above will be voted in the same proportion as all other voting shareholders of the fund ("mirror voting") and will not be delegated to an independent fiduciary. However, if "mirror voting" is not operationally feasible or if the Adviser determines that "mirror voting" in a particular situation may not be in the fund's best interest, the conflicted proxy proposal will be presented to the BNYM PCC (as defined below) to determine how the proposal should be addressed.

<u>Exceptions</u> 

The following proxy solicitations do not require Adviser to submit its vote to an independent fiduciary, mirror vote the proposal, or present the conflict to the BNYM PCC (defined below) notwithstanding the existence of an Adviser Conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholder proposals that fall within the parameters of Adviser's written and pre-determined proxy voting guidelines. These proposals will be voted consistent with Adviser's written guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholder proposals that are directed (or consented) to be voted by a client for its own account. These proposals will be voted consistent with those directions (or consent).

<u>BNY Mellon Proxy Voting Conflicts Policy</u> 

The Bank of New York Mellon Corporation ("BNY Mellon" or "Parent Company") has established a Proxy Voting Conflicts Policy ("BNYM Policy") that sets forth the required actions and reporting that is required of each subsidiary and business unit of BNY Mellon that has discretionary authority to vote proxies on behalf of clients (each, a "Voting Firm") when actual or potential conflicts of interest involving the Parent Company arise.

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The BNYM Policy identifies several specific types of proxy solicitations that are considered "Primary Conflicts" under the BNYM Policy for all Voting Firms (including the Adviser) and directs the manner in which such Primary Conflicts are to be addressed (e.g., application of written guidelines, delegation to independent fiduciary, abstention, mirror voting, client consent, etc.).

The BNYM Policy also identifies those situations that, while not identified as a Primary Conflict, may present an actual, potential or perceived material conflict because of a relationship between a proxy issuer and BNY Mellon or its executive officers or Board of Directors (a "Secondary Conflict"). Voting Firms, including the Adviser, must present to the BNYM PCC (defined below) for consideration any Secondary Conflict that they become aware of promptly after identification.

<u>Proxy Voting Conflicts Committee:</u> 

As set forth in the BNYM Policy, BNY Mellon has established the BNY Mellon Proxy Voting Conflicts Committee (the "BNYM PCC") as a sub-committee of the BNY Mellon Investment Management Risk Committee (the "IMRC"). The IMRC has empowered the BNYM PCC to (among other responsibilities): (1) maintain and approve changes to the BNYM Policy; (2) confirm whether a "Primary Conflict" or "Secondary Conflict" (as such terms are defined in the BNYM Policy) exists if unclear; (3) provide interpretive guidance and/or determine how certain actual or potential conflicts should be addressed; and (4) periodically review proxy conflict decisions reported by Voting Firms, including the Adviser.

The BNYM Policy requires each Voting Firm to establish its own Proxy Conflicts Committee ("PCC") to, among other things, maintain, interpret, and effect the Voting Firm's Proxy Voting Policy. As permitted under the BNYM Policy, the Adviser has chosen to appoint the BNYM PCC as the Adviser's PCC. Accordingly, the Adviser shall present to the BNYM PCC for consideration and direction any need for guidance (1) to determine whether a certain situation should be treated as an Adviser Conflict, Primary Conflict or Secondary Conflict, and (2) the manner in which such actual or potential conflicts should be addressed.

The BNYM PCC shall have the sole discretion to determine how an Adviser Conflict, Primary Conflict or Secondary Conflict shall be addressed -- to the extent a situation is not addressed sufficiently under the applicable policy or if the Adviser deems the applicable policy to be unclear and BNYM PCC guidance is needed. Depending on the circumstances, the BNYM PCC may determine that the situation: (1) does not rise to the level of a material conflict of interest and will not prohibit the Adviser from voting the proxy; or (2) does present a material conflict of interest requiring some form of mitigation for the Adviser. The BNYM PCC may determine to utilize any conflict mitigation approach it deems necessary and appropriate (e.g., application of written guidelines, delegation to independent fiduciary, abstention, mirror voting, client consent, etc.).

It is the policy of the Adviser to abide by the BNYM PCC's policies, procedures and decisions.

The Adviser shall amend any regulatory or client disclosure documents concerning proxy voting (e.g., Form ADV, fund offering materials, RFP responses, client reporting, etc.) in order for such disclosures to be consistent with the Adviser's policy.

It is Dreyfus' policy to make proxy voting decisions that are solely in the best long-term economic interests of clients. Dreyfus is aware that, from time to time, voting on a particular proposal or with regard to a particular issuer may present a potential for conflict of interest for Dreyfus. For example, potential conflicts of interest may arise when: (1) a public company or a proponent of a proxy proposal has a business relationship with a BNY Mellon affiliated company; and/or (2) an employee, officer or director of BNY Mellon or one of its affiliated companies has a personal interest in the outcome of a particular proxy proposal.

Aware of the potential for conflicts to influence the voting process, Dreyfus has consciously developed the Voting Guidelines and their application with several layers of controls that are designed to ensure that our voting decisions are not influenced by interests other than those of our clients. For example, we developed the Voting Guidelines with the assistance of internal and external research and recommendations provided by third party vendors but without consideration of any BNY Mellon client relationship factors. We have directed the Proxy Agent to apply the Voting Guidelines to individual proxy items in an objective and consistent manner across client accounts. When proxies are voted in accordance with these pre-determined Voting Guidelines, it is our view that these votes do not present the potential for a material conflict of interest and no additional safeguards are needed.

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For those proposals that are referred to Dreyfus in accordance with the Voting Guidelines or our direction, Dreyfus seeks to make voting decisions based upon the principle of maximizing the economic value of the securities held in client accounts. In this context Dreyfus seeks to address the potential for conflicts presented by such "referred" items through deliberately structuring the personnel who are responsible for making voting decisions. The representatives of our firm who are responsible for making proxy voting decisions do not include individuals whose primary duties relate to sales, marketing or client services. Rather the responsible personnel consist of senior officers and investment professionals who are supported by members of BNY Mellon's Compliance, Legal, Proxy Administration and Risk Management Departments, as necessary.

With respect to the potential for personal conflicts of interest, BNY Mellon's Code of Conduct requires that all employees make business decisions free from conflicting outside influences. Under this Code, BNY Mellon employees' business decisions are to be based on their duty to BNY Mellon and to their clients, and not driven by any personal interest or gain. All employees are to be alert to any potential for conflict and to identify and mitigate or eliminate any such conflict. Accordingly, employees with a personal conflict of interest regarding a particular public company or proposal that is being voted upon must recuse themselves from participation in the discussion and decision-making process with respect to that matter.

When an independent fiduciary is engaged, the fiduciary either will vote the involved proxy, or provide Dreyfus with instructions as to how to vote such proxy. In the latter case, Dreyfus will vote the proxy in accordance with the independent fiduciary's determination.

**<u>GENEVA CAPITAL MANAGEMENT LLC ("GENEVA")</u>** 

**Summary of Proxy Voting Guidelines** 

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 help 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 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

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.

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**<u>GQG PARTNERS LLC ("GQG")</u>** 

**A.** **Background** 

Rule 206(4)-6 under the Advisers Act requires every investment adviser who exercises voting authority with respect to Client securities to adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interest of its Clients. The procedures must address material conflicts that may arise in connection with proxy voting. The Rule further requires the adviser to provide a concise summary of the adviser's proxy voting process and offer to provide copies of the complete proxy voting policy and procedures to Clients upon request. Lastly, the Rule requires that the adviser disclose to Clients how they may obtain information on how the adviser voted their proxies.

GQG votes proxies for the majority of its Clients, and therefore has adopted and implemented these Proxy Voting Policies and Procedures.

**B.** **Policy** 

It is the policy of GQG to vote proxies in the interest of maximizing value for GQG's Clients. Proxies are an asset of a Client, which should be treated by GQG with the same care, diligence, and loyalty as any asset belonging to a Client. 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.

Any general or specific proxy voting guidelines provided by an advisory Client or its designated agent in writing will supersede this policy. Clients may wish to have their proxies voted by an independent third party or other named fiduciary or agent, at the Client's cost.

**C.** **Procedures** 

GQG's portfolio managers are responsible to ensure proxies of securities held in each account for which they are responsible are timely voted or not voted, in accordance with this Policy. Upon written request, Clients can take responsibility for voting their own proxies, or can give GQG instructions about how to vote their respective shares. For Clients retaining responsibility to vote their own proxies, the Clients must arrange with their custodian to ensure they receive applicable proxies.

GQG has retained Institutional Shareholder Services ("voting agent") to assist in the coordination and voting of Client proxies. The GQG operations team is responsible for managing the relationship with the voting agent and for ensuring that all proxies are being properly voted and that the voting agent is retaining all of the appropriate proxy voting records.

Key elements of the proxy voting process include obtaining proxy materials for vote, determining the vote on each issue, voting and maintaining the records required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Obtaining proxy materials</u>. GQG instructs Client custodians to deliver proxy materials for accounts of Clients who have given us voting authority. Delivery is made to GQG's voting agent. Periodic reconciliation of holdings and ballots is designed to reveal any failure to deliver ballots for Client holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Determining the vote</u>. GQG's voting policy is to determine its vote based on what is most likely to further the economic value of each investment for the expected holding period. Ultimately each vote is cast on a case-by-case basis, considering the relevant circumstances at the time of each vote. The guidelines GQG has established with its voting agent are intended as a reflection of proxy voting decisions most likely to maximize the ultimate value of assets under management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Voting</u>. Using the Internet, GQG's voting agent posts the pending proxy notices and ballots as well as its analysis and recommendations. Portfolio managers are responsible to ensure that proxies are voted in accordance with this policy. The issues and the voting agent's own analysis are reviewed and then each issue is voted in accordance with our policy. GQG analysts most familiar with the security may be consulted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Maintaining records</u>. With the assistance of GQG's voting agent, GQG maintains records of GQG's policies and procedures, proxy statements received, each vote cast, any documents GQG creates material to its decision making and any Client's written request for proxy voting records as well as GQG's written response to any Client request for such records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Conflicts of interest</u>. 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) disclose the conflict and obtain the Client's consent before voting its shares, (b) vote in accordance with a pre-determined policy based on the independent analysis and recommendation of GQG's voting agent or (c) make other voting arrangements consistent with GQG's fiduciary obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Shares not voted</u>. 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 one or more Clients. These circumstances include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Share blocking countries restrict share transactions for various periods surrounding the meeting date. GGQ has taken the position that share liquidity generally has a higher value than the vote and usually does not vote shares subject to transaction restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Still other countries require re-registration of shares to enter a proxy vote, effectively preventing exercise of investment discretion to sell shares for a substantial period of time. The same logic suggests that GQG not attempt to vote those shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Some international markets require special powers of attorney to vote certain ordinary shares. These markets are few and GQG's ordinary share holdings relatively modest when weighed against the onerous documentation requirements and generally GQG has determined not to attempt to qualify GQG's proxy votes for these shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lack of adequate information or untimely receipt of proxy materials from the issuer or other resolution sponsor may prevent analysis or entry of a vote by voting deadlines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Certain security lending programs may prevent GQG from voting proxies when the underlying securities have been lent out and are therefore unavailable to be voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Obtaining additional information</u>. Clients may obtain a report showing how GQG voted their shares upon request. In addition, Clients also may request a copy of GQG's general Proxy Voting Policy statement and the GQG-specific Proxy Voting Guidelines used by GQG's voting agent.

**D.** **General Voting Policy for ERISA Accounts** 

According to the U.S. Department of Labor, the fiduciary act of managing plan assets that are shares of corporate stock includes the voting of proxies (unless the voting right is properly reserved by the named fiduciary). The investment manager's decision may not be directed, nor may the manager be relieved of liability by delegating the responsibility. Managers should have documented guidelines and are required to maintain accurate voting records.

Voting rights have economic value, and the manager has a duty to evaluate issues that can have an impact on the economic value of the stock and to vote on those issues. Voting decisions must be based on the ultimate economic interest of the plan, viewing the plan as a separate legal entity designed to provide retirement income and security. This means analyzing the vote for its impact on the ultimate economic value of the investment (the stock) during the period in which the plan intends to hold the investment. With respect to takeovers, plans are not required to accept the deal if they judge that their plans will achieve a higher economic value by holding the shares.

Given the above obligations and objectives, the guidelines GQG has established with its voting agent are intended as a reflection of proxy voting decisions most likely to maximize the ultimate value of assets under management. Specific situations and resolution language will vary and therefore continuing judgment must be exercised in applying the guidelines. A certain DOL regulation provides for various specific requirements relating to the voting of proxies. Although (as of May 2021) the DOL has adopted a non-enforcement policy regarding the regulation, this policy does not impede claims by plan participants and beneficiaries and plan fiduciaries.

**E.** **Applicability of Guidelines for All Accounts** 

In the absence of unique Client constraints or instructions acceptable in non-fiduciary situations, the guidelines also should serve for voting on all accounts under management.

**<u>INSIGHT NORTH AMERICA LLC ("INSIGHT")</u>** 

**I.** **Introduction** 

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Insight seeks to actively exercise its rights and responsibilities in regard to proxy voting on behalf of Clients and is an essential part of maximizing shareholder value, ensuring good governance and delivering investment performance aligned with our Clients' long-term economic interests.

The Insight Proxy Voting Policy ("Policy") sets out the arrangements employed by Insight Investment Management (Global) Limited, Insight Investment Management (Europe) Limited, Insight North America LLC and Insight Investment International Limited (collectively "Insight"), where Insight has been granted by its Clients the authority to vote the proxies of the securities held in Client portfolios.

**II.** **Policy Statement**

Insight is committed to integrating governance and voting all our proxies where it is deemed appropriate and responsible to do so for the relevant asset class. In such cases, Insight's objective is to vote proxies in the best interests of its Clients.

**III.Scope** 

This Policy applies to all financial instruments with voting rights where Insight has discretionary voting authority.

**IV.** **Proxy Voting Process** 

Insight's proxy voting activity adheres to best-practice standards and is a component of Insight's Stewardship and Engagement Policy. In implementing its Voting Policy, Insight will take into account a number of factors used to provide a framework for voting each proxy. These include:

**Leadership:** Every company should be led by an effective board whose approach is consistent with creating sustainable long-term growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Strategy: Company leadership should define a clear purpose and set long term objectives for delivering value to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Culture: The board should promote a diverse and inclusive culture which strongly aligns to the values of the company. It should seek to monitor culture and ensure that it is regularly engaging with its workforce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engagement with Shareholders: The board and senior management should be transparent and engaged with existing shareholders. The board should have a clear understanding of the views of shareholders. The board should seek to minimize unnecessary dilution of equity and preserve the rights of existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sustainability: The board should take account of environmental, social and governance risks and opportunities when setting strategy and in their company monitoring role.

**Structure:** The board should have clear division of responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Chair: The chair of the board should demonstrate objective judgment and promote transparency and facilitate constructive debate to promote overall effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board: There should be an appropriate balance of executive and non-executive directors. Non-executive directors should be evaluated for independence. No one individual should have unfettered decision-making. There should be a clear division, between the board and the executive leadership of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Resources: The board should ensure it has sufficient governance policies, influence and resources to function effectively. Non-executive directors should have sufficient time to fulfil their obligations to the company as directors.

**Effectiveness**: The board should seek to build strong institutional knowledge to ensure long term efficient and sustainable operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Appointment: There should be a formal appointment process, which ensures that the most qualified individuals are selected for the board. This process should be irrespective of bias to ensure appropriate diversity of the board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Knowledge: The board should be comprised of those with the knowledge, skills and experience to effectively discharge their duties. The board should have sufficient independence to serve as an effective check on company management and ensure the best outcomes for shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluation: The board should be evaluated for effectiveness on a regular basis. Board member's contributions should be considered individually.

**Independence:** The board should present a fair and balanced view of the company's position and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Integrity: The board should ensure that all reports produced accurately reflect the financial position, prospects and risks relevant to the company. The board should ensure the independence and effectiveness of internal and external audit functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Audit: The board should ensure that clear, uncontentious accounts are produced. These should conform to the relevant best accountancy practices and accurately represent the financial position of the company. Deviations from standard accounting practices should be clearly documented with a corresponding rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Risk: The board should ensure the company has sound risk management and internal control systems. There should be a regular assessment and communication of the company's emerging and principal risks.

**Remuneration:** Levels of remuneration should be sufficient to attract, retain and motivate talent of the quality required to run the company successfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Goal Based: The board should base remuneration on goal-based, qualitative, discretionary cash incentives. Remuneration should consider underlying industry and macroeconomic conditions and not be structured in a tax oriented manner.

• Transparent: Remuneration arrangements should be transparent and should avoid complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sustainable: Remuneration should not be excessively share based and should be accurately represented and controlled as an operational cost. The remuneration of executives should promote long term focus and respect the interests of existing shareholders.

The relevant factors are used by Insight to develop Voting Guidelines enabling a consistent approach to proxy voting, which are reviewed annually by the Proxy Voting Group ("PVG") - (see section 6). Voting Guidelines are available at the following link: www.insightinvestment.com/ri.

Day to day voting activity is performed by the Chair of the PVG, a senior portfolio manager with no investment discretion. This creates an independent governance structure for voting, helping to mitigate actual and potential conflicts of interest (see section 5).

The Chair of the PVG can seek support from portfolio managers, who have active discretion over the securities, to provide additional input into the voting decision such as company background, however the vote will be cast by the Chair of the PVG. Insight seeks to vote on all holdings with associated voting rights in one of three ways: in support of, against, or in abstention. If the chair is unable to cast a vote, the decision will be cast by the deputy chair. Insight uses a Voting Agent to assist in the analysis and administration of the vote (see section 4.1). For contentious issues the rationale for voting for, against, or abstaining is retained on a case-by-case basis as appropriate and reviewed by the PVG on a regular basis.

**Voting Agent** 

To assist Insight professionals with implementing its proxy voting strategy, Insight retains the services of an independent proxy voting service, namely Minerva ("Voting Agent"). Insight provides detailed Voting Guidelines to the Voting Agent on the operational and reporting capacity of the service. The Voting Agent's responsibilities include, but are not limited to, monitoring company meeting agendas and items to be voted on, reviewing each vote against Insight's specific Voting Guidelines and providing a voting analysis based upon the Voting Guidelines. The Voting Agent also identifies contentious issues that represent a significant monetary or strategic decision. This enables Insight to review situations where the Voting Guidelines require additional consideration or assist in the identification of potential conflicts of interest impacting the proxy vote decision. The Chair of the PVG will decide if the issue is contentious or not and if conflicts are deemed to exist, these will be escalated to the PVG.

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Voting decisions are communicated by Insight to the Voting Agent and submitted to shareholder meetings through a specific proxy.

On a monthly basis, the Voting Agent provides reports on voting activity to Insight. Voting data is available to Clients upon request and is posted annually on Insights website. Insight conducts an annual due diligence with the Voting Agent to review the Voting Guidelines and related services.

**V.Conflicts of Interest** 

Effective stewardship requires protecting our Clients against any potential conflicts of interest and managing them with appropriate governance. To comply with applicable legal and regulatory requirements, Insight believes managing perceived conflicts is as important as managing actual conflicts.

In the course of normal business, Insight and its personnel may encounter situations where it faces a conflict of interest or a conflict of interest could be perceived. A conflict of interest occurs whenever the interests of Insight or its personnel could diverge from those of a Client or when Insight or its personnel could have obligations to more than one party whose interests are different to each other or those of Insight's Clients.

In identifying a potential conflict situation, as a minimum, consideration will be made as to whether Insight, or a member of staff, is likely to:

• make a financial gain or avoid a financial loss at the expense of the Client;

• material differences in the thoughts of two PM's who own the same security

• benefit if it puts the interest of one Client over the interests of another Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•gain an interest from a service provided to, or transaction carried out on behalf of a Client which may not be in, or which may be different from, the Client's interest;

• obtain a higher than usual benefit from a third party in relation to a service provided to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•receive an inducement in relation to a service provided to the Client, in the form of monies, goods or services other than standard commission or fee for that service; or

• have a personal interest that could be seen to conflict with their duties at Insight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•creates a conflict where Insight invests in firms which are Clients or potential Clients of Insight. Insight might give preferential treatment in its research (including external communication of the same) and/or investment management to issuers of publicly traded debt or equities which are also clients or closely related to clients (e.g. sponsors of pension schemes). This includes financial and ESG considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•creates a conflict between investment teams with fixed income holdings in publicly listed firms or material differences in the thoughts of two PM's who own the same security.

In situations where there is a conflict of interest or perceived conflict of interest that creates a contentious voting issue, as determined by the chair of the PVG, the issue will be escalated to the PVG. A contentious voting issue is a voting decision which would have a detrimental impact to Clients or Insight's reputation. All conflicts are handled in line with the Insight Conflicts of Interest Policy.

**Escalation of Contentious Voting Issue** 

When a contentious voting issue has been identified, the PVG will review, evaluate and determine whether an actual material conflict of interest exist, and if so, will recommend how to vote the proxy. Depending upon the nature of the material conflict of interest, Insight may elect to take one or more of the following measures:

• removing certain Insight personnel from the proxy voting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• walling off personnel with knowledge of the material conflict to ensure that such personnel do not influence the relevant proxy vote;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•voting in accordance with the applicable Voting Guidelines, if any, if the application of the Voting Guidelines would objectively result in the casting of a proxy vote in a predetermined manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•deferring the vote to the Independent Voting Service, if any, which will vote in accordance with its own recommendation, this may include an affiliated entity.

The resolution of all contentious voting issues, will be documented in order to demonstrate that Insight acted in the best interests of its Clients. Any voting decision not resolved by the PVG will be escalated to the Insight Chief Investment Officer ("CIO") or delegate.

**VI.** **Proxy Voting Group** 

The PVG is responsible for overseeing the implementation of voting decisions where Insight has voting authority on behalf of Clients. The PVG meets at least quarterly, or more frequently as required. In ensuring that votes casted are in the best interest of Clients, the PVG will oversee the following proxy voting activities:

• Casting votes on behalf of Client;

• Voting Policy: Oversee and set the Proxy Voting Policy;

• Voting Guidelines: Oversee and set the Voting Guidelines which are reviewed and approved on an annual basis;

• Stewardship Code & Engagement Policy: Review for consistency with Proxy Voting Policy and Voting Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conflicts of interest: Manage conflicts when making voting instructions in line with Insight's Conflict of Interest Policy;

• Monitoring: Review upcoming votes that cannot be made using Voting Guidelines and make voting decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Voting Agent: Appoint and monitor third-party proxy agencies, including the services they perform for Insight in implementing its voting strategy; and

• Reporting: Ensure voting activity aligns with local regulations and standards.

The PVG is chaired by a Senior Portfolio Manager (who has no direct investment discretion) and attended by portfolio management personal, the Head of Responsible Investment Research & Stewardship, Corporate Risk, Compliance, Client Services and Operations personal. The PVG is accountable to and provides biannual updates to the Investment Management Group ("IMG") and Insight Risk Committee ("IROC").

**VII.** **Disclosure and Recording Keeping** 

In certain foreign jurisdictions, the voting of proxies can result in additional restrictions that have an economic impact to the security, such as "share-blocking." If Insight votes on the proxy, share-blocking may prevent Insight from selling the shares of the security for a period of time. In determining whether to vote proxies subject to such restrictions, Insight, in consultation with the PVG, considers whether the vote, either in itself or together with the votes of other shareholders is expected to affect the value of the security that outweighs the cost of voting. If Insight votes on a proxy and during the "share-blocking period," Insight would like to sell the affected security, Insight in consultation with the PVG, will attempt to recall the shares (as allowable within the market time-frame and practices).

Insight publishes its voting activity in full on its website and annual report. This can be found at www.insightinvestment.com/ri.

**VIII. Proxy Voting Policy Review** 

Insight will review its Proxy Voting arrangements regularly through the PVG. Insight reviews this Policy at least annually or whenever a material change occurs and will notify Clients of any material change that affects our ability to vote in line with the best interests of its Clients.

A material change shall be a significant event that could impact Insight's ability to vote proxies such as a change in voting agent. Notification of changes to the policy will be published at the following link: www.insightinvestment.com/ri.

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**<u>JANUS HENDERSON INVESTORS US LLC ("Janus Henderson")</u>** 

The Adviser seeks to vote proxies in the best interest of its shareholders and without regard to any other relationship that the Adviser or an affiliate may have with the issuer or personnel of the issuer. Janus Henderson's Proxy Voting Policy and Procedures (the "Proxy Voting Procedures") apply to the Adviser proxy voting on behalf of the Funds and set forth how proxy voting policy is developed, how proxy votes are cast, how conflicts of interest are addressed, and how the proxy voting process is overseen. The Proxy Voting Procedures include proxy voting guidelines (the "Guidelines") that outline how the Adviser generally votes proxies on securities held by the funds the Adviser manages.

Janus Henderson's Proxy Voting Committee (the "Proxy Voting Committee") develops Janus Henderson's positions on all major corporate issues, maintains and updates the Guidelines, manages conflicts of interest related to proxy voting, and oversees the voting process generally, including by reviewing results of diligence on Institutional Shareholder Services Inc.("ISS") (the "Proxy Voting Service"), the Adviser's proxy advisory firm. The Proxy Voting Committee is comprised of representatives from the Office of the Treasurer, Operations Control, Compliance, as well as the Governance and Stewardship team (the "GS Team") and equity portfolio management who provide input on behalf of the investment team.

Operations Control is generally responsible for the day-to-day administration of the proxy voting process for client accounts whose Portfolio Management is located inside the United States. The GS Team is responsible for the day-to-day administration of the proxy voting process for client accounts whose Portfolio Management is located outside the

United States.

Where the Guidelines address the proxy matter being voted on, votes will be cast in accordance with the Guidelines unless directed otherwise. The Adviser's portfolio managers, assistant portfolio managers, and analysts (together, "Portfolio Management") and the GS Team may vote contrary to the Guidelines at their discretion and with sufficient rationale documented in writing. Where (i) the Guidelines call for Portfolio Management or GS Team input and/or (ii) the proxy matter being voted on relates to a company and/or an issue for which ISS does not have research, analysis, and/or a recommendation available, ISS will refer proxy voting questions to Operations Control or the GS Team for further instruction. In the event Portfolio Management or the GS Team is unable to provide input on a referred proxy item, the Adviser will abstain from voting the proxy item.

The Adviser relies on pre-populated and/or automated voting to cast votes for the Funds. That means ISS will automatically populate the proxy voting system in accordance with the Guidelines. For those proxy proposals with a default policy position, the votes will be cast as populated in the system by ISS unless directed otherwise by the Adviser. For those proxy proposals without a default policy position (i.e., refer items), the votes will be cast as populated in the system by the Adviser.

From time to time, issuers and/or ballot issue sponsors may publicly report additional information that may be relevant to the application of the Guidelines or the exercise of discretion by Portfolio Management ("supplemental materials"). To the extent ISS identifies such supplemental materials, it will review that information and determine whether it has a material effect on the application of the Guidelines. ISS is then responsible for ensuring that any votes pre-populated in the proxy voting system are appropriately updated and the Adviser is provided appropriate notice of such changes, including through availability of an updated research report. In all events, ISS will notify the Adviser of any supplemental materials identified so that they can be considered as part of the voting process, including with respect to items requiring Portfolio Management input.

The Adviser recognizes that in certain circumstances the cost to Funds associated with casting a proxy vote may exceed the benefits received by clients from doing so. In those situations, the Adviser may decide to abstain from voting. For instance, in many countries, shareholders who vote proxies for shares of an issuer are not able to trade in that company's stock within a given period of time on or around the shareholder meeting date ("share blocking"). In countries where share blocking is practiced, the Adviser will only vote proxies if the Adviser determines that the benefit of voting the proxies outweighs the risk of not being able to sell the securities. Similarly, certain Funds may participate in a securities lending program. Generally, if shares of an issuer are on loan, the voting rights are transferred and the lending party cannot vote the shares. In deciding whether to recall securities on loan, the Adviser will evaluate whether the benefit of voting the proxies outweighs the cost of recalling them. Furthermore, in circumstances where a Fund holds a security as of a record date, but the holdings were sold prior to the shareholder meeting, the Adviser may abstain from voting that proxy.

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Because the Guidelines preestablish voting positions, the default application of the Guidelines should, in most cases, adequately address any possible conflicts of interest. For situations where Portfolio Management or the GS Team seek to exercise discretion when voting proxies, the Adviser has implemented additional policies and controls to mitigate any conflicts of interest.

Portfolio Management and the GS Team are required to disclose any actual or potential conflicts of interest that may affect the exercise of voting discretion. Actual or potential conflicts of interest include but are not limited to the existence of any communications from the issuer, proxy solicitors, or others designed to improperly influence Portfolio Management or the GS Team in exercising their discretion or the existence of significant relationships with the issuer.

The Adviser also proactively monitors and tests proxy votes for any actual or potential conflicts of interest. The Adviser maintains a list of significant relationships for purposes of assessing potential conflicts with respect to proxy voting, which may include significant intermediaries, vendors or service providers, clients, and other relationships. In the event Portfolio Management or the GS Team intend to vote contrary to the Guidelines with respect to an issuer on the significant relationships list, Operations Control or the GS Team will notify the Proxy Voting Committee, which will review the rationale provided by Portfolio Management or the GS Team in advance of the vote. In the event Portfolio Management or the GS Team intend to exercise discretion to vote contrary to ISS' recommendations and with management as to an issuer on the significant relationships list, Operations Control or the GS Team will notify the Proxy Voting Committee, which will review the rationale provided by Portfolio Management or the GS Team in advance of the vote. If the Proxy Voting Committee determines the rationale is inadequate, the proxy vote will be cast in accordance with the Guidelines or as instructed by the Proxy Voting Committee. In addition, on a quarterly basis, the Proxy Voting Committee reviews all votes that deviate from the Guidelines and assesses the adequacy of the portfolio managers' stated rationale.

Pursuant to the Guidelines, any personal conflict of interest related to a specific proxy vote should be reported to the Proxy Voting Committee prior to casting a vote. In the event a personal conflict of interest is disclosed or identified, the Proxy Voting Committee will determine whether that person should recuse himself or herself from the voting determination process.

In such circumstances, the proxy vote will be cast in accordance with the Guidelines or as instructed by the Chief Investment Officer or his or her delegate. Compliance also reviews all refer votes contrary to the ISS recommendations and with management to identify any undisclosed personal conflicts of interest. If a proxy vote is referred to the Chief Investment Officer or his or her delegate or to the Proxy Voting Committee, the decision made and basis for the decision will be documented by the Proxy Voting Committee.

**Proxy Voting Guidelines**

As discussed above, the Proxy Voting Committee has developed the Guidelines for use in voting proxies. Below is a summary of some of the Guidelines.

*Board of Directors Issues*

The Adviser: (i) will generally vote in favor of director candidates that result in the board having a majority of independent directors; (ii) will generally vote in favor of proposals to increase the minimum number of independent directors; and (iii) will generally oppose non-independent directors who serve on the audit, compensation, and/or nominating committees of the board.

*Auditor Issues*

The Adviser will generally oppose proposals asking for approval of auditors that have a financial interest in or association with the company and are therefore not independent.

*Compensation Issues*

The Adviser will generally vote in favor of equity-based compensation plans unless they create an inconsistent relationship between long-term share performance and compensation, do not demonstrate good stewardship of investors' interests, or contain problematic features. Proposals regarding the re-pricing of underwater options (stock options in which the price the

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employee is contracted to buy shares is higher than the current market price) and the issuance of reload options (stock options that are automatically granted if outstanding stock options are exercised during a window period) will generally be opposed. The Adviser will generally vote with management with regard to advisory votes on executive compensation (say-on-pay), unless problematic pay practices are maintained.

*Capitalization, Issuances, Transactions, Shareholder Rights, and other Corporate Matters* 

The Adviser: (i) will generally oppose proposals regarding supermajority voting rights (for example, to approve acquisitions or mergers); (ii) will generally oppose proposals for different classes of stock with different voting rights; and (iii) will generally oppose shareholder rights plans or other proposals designed to prevent or obstruct corporate takeovers (includes poison pills), unless such measures are proposed in a transparent and independent fashion and designed primarily as a short-term means to protect a tax benefit, or are structured in such a way that they give shareholders the ultimate decision on any proposal or offer. The Adviser will evaluate proposals regarding mergers, acquisitions, tender offers or changes in control on a case-by-case basis, including any related proposals such as share issuances or advisory votes on golden parachutes.

*Environmental and Social Issues* 

The Adviser believes that good management of stakeholder relationships contributes to business success and long-term shareholder value. These stakeholders include not only shareholders but also employees, consumers, debtholders, business partners, neighbors and the wider global community. The Adviser also recognizes the importance of environmental issues such as climate change and social issues such as diversity and inclusion to all these stakeholder groups.

As a fiduciary for its clients, the Adviser is primarily concerned with the impact of proposals on a company's performance and economic value. The Adviser recognizes that environmental and social issues are associated with risks, costs and benefits which can have a significant impact on company performance over the short and long term. When evaluating the merits of proposals on environmental and social issues, the Adviser will weigh the risks, costs, and benefits of supporting the proposals against those presented by alternatives, including potentially seeking similar outcomes through direct engagement activities with management. The Adviser will generally support management proposals addressing environmental and social issues unless the Adviser identifies significant weaknesses relative to market practice or peers or feels that management has failed to adequately respond to shareholder concerns. The Adviser will generally support shareholder proposals addressing environmental and social issues unless the Adviser identifies significant areas of weakness or deficiency relative to peers and/or industry best practices.

*Proposals Outside of the Guidelines*

The Adviser will generally rely on the recommendation from ISS for proposals outside the scope of the Guidelines.

**<u>LOOMIS, SAYLES & COMPANY, L.P.</u> <u>("LOOMIS SAYLES")</u>** 

Loomis, Sayles & Company L.P. ("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 non-routine 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

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proposals require special consideration, and consultation with the portfolio managers and analysts for the fund holding the security when necessary or appropriate and, periodically sampling or engaging an outside party to sample proxy votes to ensure they comply with the Procedures and are cast in accordance with the clients' best interests and, (3) engagement and oversight of third-party vendors, including Proxy Voting Services including determining whether a Proxy Voting Service has the capacity and competency to adequately analyze proxy issues, providing ongoing oversight of the Proxy Voting Services to ensure that proxies continue to be voted in the best interests of clients, receiving and reviewing updates from the Proxy Voting Services regarding relevant business changes or changes to the Proxy Voting Services' conflict policies and procedures, and in the event that the Proxy Committee becomes aware that a Proxy Voting Service's recommendation was based on a material factual error: investigating the error, considering the nature of the error and the related recommendation, and determining whether the Proxy Voting Service has taken reasonable steps to reduce the likelihood of similar errors in the future.

Loomis Sayles has established several policies to ensure that proxies are voted in its clients' best interest and are not affected by any possible conflicts of interest. First, except in certain limited instances, Loomis Sayles votes in accordance with its pre-determined policies set forth in the Procedures. Second, where these Procedures allow for discretion, Loomis Sayles will generally consider the recommendations of the Proxy Voting Services in making its voting decisions. However, if the Proxy Committee determines that the Proxy Voting Services' recommendation is not in the best interest of its clients, then the Proxy Committee may use its discretion to vote against the Proxy Voting Services' recommendation, but only after taking the following steps: (1) conducting a review for any material conflict of interest Loomis Sayles may have; and, (2) if any material conflict is found to exist, excluding anyone at Loomis Sayles who is subject to that conflict of interest from participating in the voting decision in any way. However, if deemed necessary or appropriate by the Proxy Committee after full prior disclosure of any conflict, that person may provide information, opinions or recommendations on any proposal to the Proxy Committee. In such event, prior to directing the vote, the Proxy Committee will make reasonable efforts to obtain and consider information, opinions and recommendations from or about the opposing position.

**<u>MELLON INVESTMENTS CORPORATION</u>** 

Mellon Investments Corporation ("Mellon") has a fiduciary responsibility to our clients. We seek to make proxy-voting decisions that are in the best long-term economic interest of our clients as shareholders. We understand that we owe each of our clients a duty of care and loyalty with respect to voting proxies. Our approach to proxy voting is with the same analysis and engagement that we apply to all of our investment activities. Our belief is that a company's environmental, social and governance (ESG) practices have a long-term effect on a company's economic value, and therefore we consider these factors when voting proxies. We have created Proxy Voting Guidelines ("voting guidelines") and established a Proxy Voting and Governance Committee (the "Committee") that is comprised primarily of senior investment professionals.

Mellon will carefully review proposals that would limit shareholder control or could affect the value of a client's investment. It will generally oppose proposals designed to insulate an issuer's management unnecessarily from the wishes of a majority of shareholders. It will generally support proposals designed to provide management with short-term insulation from outside influences so as to enable management to negotiate effectively and otherwise achieve long-term goals. On questions of social responsibility where economic performance does not appear to be an issue, Mellon will attempt to ensure that management reasonably responds to the social issues. Responsiveness will be measured by management's efforts to address the proposal including, where appropriate, assessment of the implications of the proposal to the ongoing operations of the company. Mellon will pay particular attention to repeat issues where management has failed in its commitment in the intervening period to take action on issues.

Mellon seeks to avoid material conflicts of interest by applying detailed, predetermined proxy voting guidelines in an objective and consistent manner across client accounts, based on internal and external research and recommendations provided by a third-party vendor, and without consideration of any client relationship factors. Further, Mellon engages a third party as an independent fiduciary to vote all proxies for BNY Mellon securities and affiliated mutual fund securities.

Proxy voting proposals are reviewed, categorized, analyzed and voted in accordance with Mellon's voting guidelines. These guidelines are reviewed periodically and updated as necessary to reflect new topics or proposals and any changes in policies on specific issues. Items that can be categorized under these voting guidelines will be voted in accordance with such guidelines or referred to the Committee, if the applicable guidelines so require. Proposals that cannot be categorized under these voting guidelines will be referred to the Committee for discussion and vote. Additionally, the Committee may review any proposal where it has identified a particular company, industry or issue for special scrutiny. With regard to voting proxies

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of foreign companies, Mellon may weigh the cost of voting, and potential inability to sell the securities (which may occur during the voting process), against the benefit of voting the proxies to determine whether or not to vote.

In evaluating proposals regarding incentive plans and restricted stock plans, the Committee typically employs a shareholder value transfer model. This model seeks to assess the amount of shareholder equity flowing out of the company to executives as options are exercised. After determining the cost of the plan, the Committee evaluates whether the cost is reasonable based on a number of factors, including industry classification and historical performance information. The Committee generally votes against proposals that permit the repricing or replacement of stock options without shareholder approval.

**<u>NATIONWIDE ASSET MANAGEMENT, LLC ("NWAM")</u>** 

These guidelines describe how NWAM discharges its fiduciary duty to vote on behalf of client's proxies that are received in connection with underlying portfolio securities held by NWAM's clients (said proxies hereinafter referred to as "proxies"). NWAM understands its responsibility to process proxies and to maintain proxy records. In addition, NWAM understands its duty to vote proxies.

These Proxy Voting Guidelines reflect the general belief that proxies should be voted in a manner that serves the best economic interests of clients (to the extent, if any, that the economic interests of a client are affected by the proxy), unless otherwise directed by the client.

**How Proxies Are Voted** 

NWAM will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Vote proxies received in the best interest of the client. The Enterprise Portfolio Manager (EPM) for the account holding the security will be the person that decides how to vote a proxy based on their understanding of the portfolio and applying information/research received from the other professionals within the Nationwide Investments office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The EPM will maintain appropriate records of proxy voting that are easily accessible by appropriate authorized persons of NWAM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Nationwide Investment's Operations team will ensure the proxies are signed or instructed via email and filed with, or electronically submitted to, the appropriate parties with desired voting action.

In accordance with these Proxy Voting Guidelines, NWAM, and as otherwise set forth in these guidelines, shall attempt to process every vote for all domestic and foreign proxies that it receives.

**Foreign Proxies** 

There are situations; however, in which NWAM cannot process a proxy in connection with a foreign security (hereinafter, "foreign proxies"). For example, NWAM will not process a foreign proxy:

• if the cost of voting a foreign proxy outweighs the benefit of voting the foreign proxy;

• when NWAM has not been given enough time to process the vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•when a sell order for the foreign security is outstanding and, in the particular foreign country, proxy voting would impede the sale of the foreign security.

**Proxy Voting for Securities Involved in Securities Lending** 

NWAM Clients may participate in securities lending programs. Under most securities lending arrangements, proxies received in connection with the securities on loan may not be voted by the lender (unless the loan is recalled) (i.e., proxy voting rights during the lending period generally are transferred to the borrower). NWAM believes that each Client has the right to determine whether participating in a securities lending program enhances returns. If a Client has determined to participate in a securities lending program, NWAM, therefore, shall cooperate with the Client's determination that securities lending is beneficial to the Client's account and shall not attempt to seek recalls for the purpose of voting proxies unless the client has provisions in place to allow for this. Consequently, it is NWAM's policy that, in the event that NWAM manages an account for a Client that employs a securities lending program, NWAM generally will not seek to vote proxies relating to the securities on loan unless the client has provisions in place to allow for this.

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**Recordkeeping & Reporting** 

NWAM shall keep and maintain the following records and other items:

• its Proxy Voting Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•proxy statements received regarding underlying portfolio securities held by Clients (received through Bank of New York, other custodian arrangements in place and any securities lending or sub-custody contractors);

• records of votes cast on behalf of Clients (where possible or applicable);

• Client written requests for information as to how NWAM voted proxies for said Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any NWAM written responses to an oral or written request from a Client for information as to how NWAM voted proxies for the Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any documents prepared by NWAM that were material to making a decision as to how to vote proxies or that memorialized the basis for the voting decision.

These records and other items shall be maintained for at least five (5) years from the end of the fiscal year during which the last entry was made on this record, the first two (2) years in an appropriate office of NWAM.

**<u>NATIONWIDE FUND ADVISORS</u>** 

**<u>GENERAL</u>** 

The Board of Trustees of Nationwide Mutual Funds and Nationwide Variable Insurance Trust (the "Funds") has approved the continued delegation of the authority to vote proxies relating to the securities held in the portfolios of the Funds to each Fund's investment adviser, who in turn may, and typically does, delegate such authority to each Fund's subadviser(s), as applicable, (unless the investment adviser has entered into specific voting arrangements with the subadviser(s)), some of which advisers and subadvisers use an independent service provider, as described below.

Nationwide Fund Advisors ("NFA" or the "Adviser"), is an investment adviser that is registered with the U.S. Securities and Exchange Commission (the "SEC") pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). NFA currently provides investment advisory services to registered investment companies (hereinafter referred to collectively as "Clients").

Voting proxies that are received in connection with underlying portfolio securities held by Clients is an important element of the portfolio management services that NFA performs for Clients. NFA's goal in performing this service is to make proxy voting decisions: (i) to vote or not to vote proxies in a manner that serves the best economic interests of Clients; and (ii) that avoid the influence of conflicts of interest. To implement this goal, NFA has adopted proxy voting guidelines (the "Proxy Voting Guidelines") to assist it in making proxy voting decisions and in developing procedures for effecting those decisions. The Proxy Voting Guidelines are designed to ensure that, where NFA has the authority to vote proxies, all legal, fiduciary, and contractual obligations will be met.

The Proxy Voting Guidelines address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures and the election of directors, executive and director compensation, reorganizations, mergers, and various shareholder proposals.

**The proxy voting records of the Funds are available to shareholders on the Trust's website, https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/, and the SEC's EDGAR database on its website, sec.gov.** 

**<u>HOW PROXIES ARE VOTED</u>** 

NFA has delegated to Institutional Shareholder Services Inc. ("ISS"), an independent service provider, the administration of proxy voting for Client portfolio securities directly managed by NFA, subject to oversight by NFA's "Proxy Voting Committee." ISS, a Delaware corporation, provides proxy-voting services to many asset managers on a global basis. The NFA Proxy Voting Committee has reviewed, and will continue to review annually, the relationship with ISS and the quality and effectiveness of the various services provided by ISS.

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Specifically, ISS assists NFA in the proxy voting and corporate governance oversight process by developing and updating the "ISS Proxy Voting Guidelines," which are incorporated into the Proxy Voting Guidelines, and by providing research and analysis, recommendations regarding votes, operational implementation, and recordkeeping and reporting services. ISS also provides NFA with any additional solicitation materials filed by an issuer in response to any ISS recommendation. NFA's Proxy Voting Committee evaluates any such additional information provided by ISS and uses its best judgement in voting proxies on behalf of Client Accounts. NFA's decision to retain ISS is based principally on the view that the services that ISS provides, subject to oversight by NFA, generally will result in proxy voting decisions which serve the best economic interests of Clients. NFA has reviewed, analyzed, and determined that the ISS Proxy Voting Guidelines are consistent with the views of NFA on the various types of proxy proposals. When the ISS Proxy Voting Guidelines do not cover a specific proxy issue and ISS does not provide a recommendation: (i) ISS will notify NFA; and (ii) NFA's Proxy Voting Committee will use its best judgment in voting proxies on behalf of the Clients. A summary of the ISS Proxy Voting Guidelines is set forth below.

**<u>CONFLICTS OF INTEREST</u>** 

NFA does not engage in investment banking, administration or management of corporate retirement plans, or any other activity that is likely to create a potential conflict of interest. In addition, because Client proxies are voted by ISS pursuant to the pre-determined ISS Proxy Voting Guidelines, NFA generally does not make an actual determination of how to vote a particular proxy, and, therefore, proxies voted on behalf of Clients do not reflect any conflict of interest. Nevertheless, the Proxy Voting Guidelines address the possibility of such a conflict of interest arising.

The Proxy Voting Guidelines provide that, if a proxy proposal were to create a conflict of interest between the interests of a Client and those of NFA (or between a Client and those of any of NFA's affiliates, including Nationwide Fund Distributors LLC and Nationwide), then the proxy should be voted strictly in conformity with the recommendation of ISS. To monitor compliance with this policy, any proposed or actual deviation from a recommendation of ISS must be reported by the NFA Proxy Voting Committee to the chief counsel for NFA. The chief counsel for NFA then will provide guidance concerning the proposed deviation and whether a deviation presents any potential conflict of interest. If NFA then casts a proxy vote that deviates from an ISS recommendation, the affected Client (or other appropriate Client authority) will be given a report of this deviation.

**<u>CIRCUMSTANCES UNDER WHICH PROXIES WILL NOT BE VOTED</u>** 

NFA shall attempt to process every vote for all domestic and foreign proxies that they receive; however, there may be cases in which NFA will not process a proxy because it is impractical or too expensive to do so. For example, NFA will not process a proxy in connection with a foreign security if the cost of voting a foreign proxy outweighs the benefit of voting the foreign proxy, when NFA has not been given enough time to process the vote, or when a sell order for the foreign security is outstanding and proxy voting would impede the sale of the foreign security. Also, NFA generally will not seek to recall the securities on loan for the purpose of voting the securities -- *except*, in regard to a sub-advised Fund, for those proxy votes that a subadviser (retained to manage the sub-advised Fund and overseen by NFA) has determined could materially affect the security on loan. The Firm will seek to have the appropriate Subadviser(s) vote those proxies relating to securities on loan that are held by a Sub-advised Nationwide Fund that the Subadviser(s) has determined could materially affect the security on loan.

**<u>DELEGATION OF PROXY VOTING TO SUBADVISERS TO FUNDS</u>** 

For any Fund, or portion of a Fund that is directly managed by a subadviser, the Trustees of the Fund and NFA have delegated proxy voting authority to that subadviser. Each subadviser has provided its proxy voting policies to NFA for review and these proxy voting policies are described elsewhere in this Appendix B. Each subadviser is required to represent quarterly to NFA that (1) all proxies of the Fund(s) managed by the subadviser were voted in accordance with the subadviser's proxy voting policies as provided to NFA, unless NFA has entered into specific voting arrangements with the subadviser; (2) there have been no material changes to the subadviser's proxy voting policies; and (3) all proxies voted by the subadviser were cast as intended.

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**ISS' 2022 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:** 

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) at companies where there are no women on the company's board. An exception will be made if there was a 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.

This policy will also apply for companies not in the Russell 3000 and S&P 1500 indices, effective for meetings on or after **Feb. 1, 2023**.

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**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:

• Disclosed outreach efforts by the board to shareholders in the wake of the vote;

• Rationale provided in the proxy statement for the level of implementation;

• The subject matter of the proposal;

• The level of support for and opposition to the resolution in past meetings;

• 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

• 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:

• 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);

• Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

• Disclosure of specific and meaningful actions taken to address shareholders' concerns;

• Other recent compensation actions taken by the company;

• Whether the issues raised are recurring or isolated;

• The company's ownership structure; and

• 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/Governance Structure** 

**Poison Pills**: Vote against or withhold from all nominees (except new nominees<sup>1</sup>, who should be considered case-by-case) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The company has a poison pill that was not approved by shareholders<sup>6</sup>. However, vote case-by-case on nominees if the board adopts an initial pill with a term of one year or less, depending on the disclosed rationale for the adoption, and other factors as relevant (such as a commitment to put any renewal to a shareholder vote);

&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

• The pill, whether short-term<sup>7</sup> or long-term, has a deadhand or slowhand feature.

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**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.

**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.

**Unilateral Bylaw/Charter Amendments and Problematic Capital Structures**: 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; or

• Eliminated shareholders' ability to amend bylaws.

**Unequal Voting Rights** 

**Problematic Capital Structure - Newly Public Companies**: For **2022**, for newly public companies<sup>8</sup>, generally vote against or withhold from 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 implemented a multi-class capital structure in which the classes have unequal voting rights without subjecting the multi-class capital structure to a reasonable time-based sunset. In assessing the reasonableness of a time-based sunset provision, consideration will be given to the company's lifespan, its post-IPO ownership structure and the board's disclosed rationale for the sunset period selected. No sunset period of more than seven years from the date of the IPO will be considered to be reasonable.

Continue to vote against or withhold from incumbent directors in subsequent years, unless the problematic capital structure is reversed, removed, or subject to a newly added reasonable sunset.

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**Common Stock Capital Structure with Unequal Voting Rights:** Starting **Feb 1, 2023**, 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>9</sup>.

Exceptions to this policy will generally be limited to:

• Newly-public companies<sup>8</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;

• Situations where the unequal voting rights are considered 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.

**Problematic Governance Structure - Newly Public Companies:** For newly public companies<sup>8</sup>, 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 reasonable sunset provision will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**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.

**Restrictions on Shareholders' Rights** 

**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.

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**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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For **2022**, minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in compliance:

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;

• Corporate strategy;

• Risk management analyses; and

• Metrics and targets.

• Appropriate GHG emissions reduction targets.

For **2022**, "appropriate GHG emissions reductions targets" will be any well-defined GHG reduction targets. Targets for Scope 3 emissions will not be required for 2022 but the targets should cover at least a significant portion of the company's direct emissions. Expectations about what constitutes "minimum steps to mitigate risks related to climate change" will increase over time.

**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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

**Specific Authorization Requests** 

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**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.

**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.

**COMPENSATION** 

**Executive Pay Evaluation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

**Advisory Votes on Executive Compensation—Management Proposals (Say-on-Pay)** 

**General Recommendation**: Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

• There is an unmitigated misalignment between CEO pay and company performance (pay for performance);

• The company maintains significant problematic pay practices;

• The board exhibits a significant level of poor communication and responsiveness to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for- performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

• The situation is egregious.

**Primary Evaluation Factors for Executive Pay** 

**Pay-for-Performance Evaluation** 

ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices<sup>14</sup>, this analysis considers the following:

1. Peer Group<sup>15</sup> Alignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period.

&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;

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&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** 

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.

**Problematic Pay Practices related to Non-Performance-Based Compensation Elements** 

Pay elements that are not directly based on performance are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. Please refer to ISS' U.S. Compensation Policies FAQ document for detail on specific pay practices that have been identified as potentially problematic and may lead to negative recommendations if they are deemed to be inappropriate or unjustified relative to executive pay best practices. The list below highlights the 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;

• CIC excise tax gross-up entitlements (including "modified" gross-ups);

• Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

• 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;

• Any other provision or practice deemed to be egregious and present a significant risk to investors.

**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

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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;•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);

• Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

• Disclosure of specific and meaningful actions taken to address shareholders' concerns;

• Other recent compensation actions taken by the company;

• Whether the issues raised are recurring or isolated;

• The company's ownership structure; and

• 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.

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**SOCIAL AND ENVIRONMENTAL ISSUES** 

**Global Approach** 

Issues covered under the policy include 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 more 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 environmental or social practices;

&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.

**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.

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**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; and

• 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;

&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;

&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; and

• Whether the company's actions are aligned with market norms on civil rights, and racial or ethnic diversity.

**<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>

Public shareholders only, approval prior to a company's becoming public is insufficient.

<sup>7</sup>

If the 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.

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<sup>8</sup>

Newly-public companies generally include companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

<sup>9</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>10</sup>

For 2022, 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.

**<u>NEWTON INVESTMENT MANAGEMENT NORTH AMERICA, LLC ("NIMNA"</u><u>)</u>** 

**Background**

NIMNA has implemented a global approach to its proxy voting process and oversight. NIMNA is a wholly owned subsidiary of The Bank of New York Mellon ("BNY Mellon") and as such, NIMNA may rely on services provided by BNY Mellon related to the proxy voting process.

**Policy Statement** 

As a fiduciary and to meet its obligations as an SEC registered investment adviser, NIMNA 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. NIMNA provides discretionary and non-discretionary investment advisory services to institutional investors in the form of, for example, separate accounts, model portfolios, and pooled investment vehicles that are offered or maintained by The Bank of New York Mellon and its affiliates, and to other investment advisers through sub-advisory agreements. In addition, we may also provide voting advice to accounts where NIMNA acts in an advisory capacity.

This Proxy Voting Policy (the "Policy") describes NIMNA's approach to exercising voting rights, where discretion over the voting decisions has been delegated to NIMNA by its clients and where NIMNA provides guidance on exercising voting rights in securities that NIMNA has recommended to clients on a non-discretionary basis, e.g. model accounts.

Where applicable, NIMNA will use its best efforts to exercise voting rights as part of its authority to manage, acquire and dispose of account assets. With respect of funds, i.e. registered investment companies, UCITS or AIFs, which NIMNA manages and/or sub-advises, NIMNA will exercise voting rights under this Policy pursuant to an authority granted under the applicable client agreements.

NIMNA will exercise voting rights in a prudent and diligent manner and in the best interests of clients.

Policy Summary

NIMNA has adopted and implemented this Policy, which it believes is reasonably designed to:

• Ensure that voting rights are exercised;

• Ensure voting decisions are taken in the best interests of clients;

• Address potential material conflicts of interest that may arise; and

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

• Meet disclosure requirements and expectations in connection with voting responsibilities and activities undertaken.

**Voting Guidelines** 

NIMNA has established overarching stewardship principles which guide 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. All voting decisions are taken on a case-by-case basis, reflecting our investment rationale, 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. It is only in the event that we recognise a material conflict of interest that we apply the vote recommendations of our third-party voting administrator. These are described in NIMNA's publicly available Responsible Investment Policies and Principles.

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 by promoting sound economic, environmental, social and governance policies, procedures and practices through the support of proposals that are consistent with following four key objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To support the alignment of the interests of a company's management and board of directors with those of the company's investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To 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 investors;

• To uphold the rights of a company's investors to effect change by voting on those matters submitted for approval; and

• To promote adequate disclosure about a company's business operations and financial performance in a timely manner.

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 NIMNA'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. This may be hindered by various practical considerations. For instance, in certain markets, shares are "blocked" before the exercise of voting rights. Blocking consists of placing the stock on a register for a number of days spanning the meeting. During the share-blocked period, the shares cannot be traded freely. In markets where share blocking is practiced, NIMNA will vote only when the resolution is not in shareholders' best interests and where restricting the ability to trade is not expected to risk adversely affecting the value of clients' holdings.

For further detail regarding; i) NIMNA's overarching views when voting of proxies as a fiduciary for clients; ii) voting procedures; and iii) voting practices please see NIMNA's Responsible Investment Policies and Principles.

**Voting Procedures** 

All voting opportunities are communicated to NIMNA by way of an electronic voting platform.

The Responsible Investment team reviews all resolutions for matters of concern. Any such contentious issues identified may be referred to the appropriate global fundamental equity analyst or portfolio manager for comment. Where an issue remains contentious, NIMNA may also decide to confer or engage with the company or other relevant stakeholders.

An electronic voting service is employed to submit voting decisions. Each voting decision is submitted via the electronic voting service by a member of the Responsible Investment team but can only be executed by way of an alternate member of the team approving the vote within the same system.

Members of certain BNY Mellon operations teams are responsible for administrative elements surrounding the exercise of voting rights by ensuring the right to exercise clients' votes is available and that these votes are exercised.

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**Acting Collectively** 

Subject to applicable law and reporting regulations, NIMNA will work collectively with other investors as well as trade associations, government bodies and non-governmental organisations to develop best practice, raise awareness of a concern or enhance the effectiveness of engagement activities. When considering action and also when acting collectively on a specific issue of concern with a company, we exercise caution in order to avoid situations of being unintentionally in receipt of material non-public information, breaching relevant anti-trust or anti-competitive rules and regulations, or being considered acting in concert with one or more other investors.

**Voting Service Providers** 

NIMNA utilises an independent voting service provider for the purposes of managing upcoming meetings and instructing voting decisions via its electronic platform, and for providing research. Its voting recommendations are not routinely followed; it is only in the event that we recognise a potential material conflict of interest (as described below) that the recommendation of our external voting service provider will be applied.

NIMNA's external voting provider is subject to the requirements set by NIMNA's Vendor Management Oversight Group. As such, regular due diligence meetings are held and minutes maintained with this provider, which includes reviewing its operational performance, service quality, 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 NIMNA'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 NIMNA (including BNY Mellon funds or affiliate funds), 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 establishment of these proxy voting guidelines;

• the Responsible Investment team;

• internal oversight groups; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 or BNY Mellon client relationship factors.

Where a potential material conflict of interest exists between NIMNA, BNY Mellon, the underlying company and/or a client, the voting recommendations of an independent third-party proxy service provider will be applied.

A potential material conflict of interest could exist in the following situations, among others:

• Where a shareholder meeting is convened by NIMNA's parent company, BNY Mellon;

• Where a shareholder meeting is convened by a company for which the CEO of BNY Mellon serves as a Board member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Where a shareholder meeting is convened by a company that is a current client of BNY Mellon and contributed more than 5% of BNY Mellon's revenue as of the end of the last fiscal quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Where a shareholder meeting involves an issue that is being publicly challenged or promoted (e.g., a proxy contest) by (i) a BNY Mellon Board member or (ii) a company for which a BNY Mellon Board member serves as Chairman of the Board of Directors, CEO, President, CFO or COO (or functional equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Where a shareholder meeting is convened by a pooled vehicle with agenda items relating to services provided by (or fees paid to) a BNY Mellon affiliate (e.g., Investment Management Agreement, Custody Agreement, etc);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Where an employee, officer or director of BNY Mellon or one of its affiliated companies has a personal interest

in the outcome of a particular proxy proposal); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Where the proxy relates to a security where NIMNA has invested in two or more companies that are subject to the same merger or acquisition. All instances where a potential material conflict of interest has been recognised and NIMNA engages its proxy voting service provider are reported separately in NIMNA's publicly available Responsible Investment Quarterly Reports.

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NIMNA employees are required to identify any potential or actual conflicts of interest and take appropriate action to avoid or manage these and report them to NIMNA's Conflicts of Interest Committee for review, further information can be found in NIMNA's Conflicts of Interest Policy.

**Disclosures and Reporting** 

NIMNA publishes publicly on its website its Responsible Investment Policies and Principles, which describes NIMNA's approach to Responsible Investment including the exercise of voting rights. The Responsible Investment quarterly reports are also published publicly, which include the details of ESG engagement undertaken during the period in addition to a list all voting decisions taken and the voting rationale for decisions not aligned with the recommendations of the underlying company's management and for decisions on all shareholder-proposed resolutions.

NIMNA's Proxy Voting Policy and procedures is also summarised in its Form ADV, which is filed with the SEC and furnished to clients. Upon request, NIMNA will provide clients with a copy of the policies noted above as well as information on how their proxies were voted by NIMNA.

**Securities Lending**

NIMNA does not engage in securities lending on behalf of its clients; this activity is at the discretion of individual clients. For certain funds that are managed by BNY Mellon, and where NIMNA is appointed as investment manager or sub-advisor, the fund boards have entered into securities-lending programs.

**Controls, Record Keeping and Auditing** 

NIMNA has established a Sustainability Committee that oversees all aspects relating to sustainability at NIMNA, including NIMNA's investments, direct impacts and engagement with communities and engagement with financial markets (advocacy) regarding sustainability issues. All internal procedure documents related to voting matters, including this policy document, are overseen by the Sustainability Committee at least annually.

Records are kept of all voting decisions, including evidence of the submission and approval process, which are subject to external audit. In addition, the Corporate Actions team reports monthly on critical risk indicators in relation to voting matters. Further, Compliance Monitoring carry out reviews of NIMNA's proxy voting policies and procedures on a risk-based approach to confirm NIMNA's compliance with this policy.

**Roles and Responsibilities** 

Members of certain BNY Mellon Operations teams are responsible for administrative processes and actions that

ensures NIMNA has the ability to and does exercise its individual clients' voting rights.

**Responsible Investment Team** members are also responsible for ensuring voting rights are exercised and that voting decisions are in line with NIMNA's voting guidelines.

**Fundamental Equity Analysts and Portfolio Managers** provide specific company-level investment insight for consideration when arriving at voting decisions.

The **Sustainability Committee** oversees NIMNA's Responsible Investment Policies and Principles, which includes this Policy.

**<u>UBS ASSET MANAGEMENT (AMERICAS), INC. ("UBS AM")</u>** 

**Corporate Governance Policy & Proxy Voting** 

Acting in clients' best interests through active ownership

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Voting rights hold economic value and should be treated accordingly. Where clients of UBS Asset Management have delegated to us the discretion to exercise the voting rights for shares they beneficially own, we have a fiduciary duty to vote such shares in the clients' best interest and in a manner which achieves the best economic outcome for their investments. This includes where such investment maybe via UBS investment funds managed by UBS-AM.

Voting enables us to voice our opinion to a company on a broad range of topics and is a way of encouraging boards to listen to and address investor concerns. We consider voting to be an important part of our oversight role and integral to both the investment process and our overall stewardship approach.

Wherever possible we seek to vote all shares held consistently across our range of investments, in order to maximize the outcome of the vote.

As long-term shareholders we will generally seek to support current management initiatives. Where we have concerns with a company arising from our stewardship and engagement activities, or in relation to a particular resolution that we believe is not in the interests of our clients, we may choose not to support a particular proposal. This includes resolutions put forward by both company management and outside parties.

In some circumstances we may determine that the voting of a particular proxy would not deliver sufficient benefit to clients, in which case we may abstain or choose not to vote. This can include when there is documentation we are unable to provide, a requirement for a representative to physically attend a meeting in order to vote, or if the process of voting restricts our ability to manage a portfolio during the voting period.

Key Voting Principles

Underlying UBS- AM's voting principles are two fundamental objectives:

• To maximize the value of our clients' investments and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As an investment advisor, we have a strong commercial interest that companies in which we invest on behalf of our clients are successful.

Our core principles are:

Board of Directors

• Ideally the Board Chair and CEO roles should be separate and held by two separate individuals.

• A majority of the board should be regarded as independent, according to UBS-AM criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board should be comprised of high calibre individuals capable of providing good judgment and diligent oversight with appropriate and diverse backgrounds.

Shareholders' Rights

• Voting rights should ideally be granted in line with the "one share-one vote" principle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information on the matters to be discussed and voted upon should be disclosed to shareholders clearly and in sufficient time before the shareholder meeting.

• Proposals to enhance shareholder rights will normally be supported.

Capital Considerations

• The board should allocate capital appropriately and determine a reasonable dividend policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any new share issuance should require shareholder approval and UBS-AM will only support reasonable share issuance authorities

• Mergers and Acquisitions will be supported if they are deemed to increase shareholder value in the long term.

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Audit and Risk Oversight

• The board should appoint a dedicated Audit/Risk Committee, as well as an independent external auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Companies are required to have a robust interna audit system with clear processes to identify and manage potential risks.

Remuneration Considerations

• Compensation should be aligned with the performance and the strategy of the company.

• We expect a company to provide a clear explanation of how the structure is in shareholders' economic interests.

• Transparent reporting is expected around senior management and board compensation.

Sustainability and ESG Matters

• Boards must implement a robust approach that manages environmental risks impacting the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Proposals that seek to promote corporate citizenship and environmental stewardship will be closely reviewed and will be supported if in shareholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Boards should implement policies and strategies which seek to promote diversity and fairness across the workforce.

**Use of Proxy Voting Advisory Services** 

In order for us to meet our stewardship responsibilities it is essential that we have access to accurate information regarding the corporate governance structure, ESG practices and shareholder meetings of operating companies in which we invest on behalf of our clients and funds.

Taking into account the number of operating companies invested across our range of capabilities, we use the services of a specialist provider for a number of services, to supplement our own assessments.

We have selected Institutional Shareholder Services (ISS) to provide proxy advisory services. ISS are a leading proxy advisory firm, with the appropriate competency, capacity and systems to provide this service on a global basis.

The proxy voting related research and recommendations provided to us by ISS are based upon the proxy guidelines contained in this policy document. We do not delegate our voting responsibilities to ISS and retain full discretion when determining how to vote shares held for our clients and funds.

We regularly monitor the services provided to us by ISS and other external vendors, including performing an annual due diligence on the compliance policies, controls, procedures and quality of service provided. We further require information regarding how the vendor manages any conflicts of interest that may arise through certain affiliations or business practices.

**<u>WCM INVESTMENT MANAGEMENT, LLC ("WCM")</u>** 

**Proxy Voting Procedures** 

WCM accepts responsibility for voting proxies whenever requested by a Client or as required by law. Each Client's investment management agreement should specify whether WCM is to vote proxies relating to securities held for the Client's account. If the agreement is silent as to the proxy voting and no instructions from the client are on file, WCM will assume responsibility of proxy voting.

In cases in which WCM has proxy voting authority for securities held by its advisory clients, WCM will ensure securities are voted for the exclusive benefit, and in the best economic interest, of those clients and their beneficiaries, subject to any restrictions or directions from a client. Such voting responsibilities will be exercised in a manner that is consistent with the general antifraud provisions of the Advisers Act, the Proxy Voting Rule, Rule 206(4)-6, and for ERISA accounts, the DOL's Proxy Voting Rule, as well as with WCM's fiduciary duties under federal and state law to act in the best interests of its clients. Even when WCM has proxy voting authority, a Client may request that WCM vote in a certain manner. Any such instructions

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shall be provided to WCM, in writing or electronic communication, saved in the Client files and communicated to the Portfolio Associate and Proxy Admin.

*Special Rules for ERISA* 

Unless proxy voting responsibility has been expressly reserved by the plan, trust document, or investment management agreement, and is being exercised by another "named fiduciary" for an ERISA Plan Client, WCM, as the investment manager for the account, has the exclusive authority to vote proxies or exercise other shareholder relating to securities held for the Plan's account. The interests or desires of plan sponsors should not be considered. In addition, if a "named fiduciary" for the plan has provided WCM with written proxy voting guidelines, those guidelines must be followed, unless the guidelines, or the results of following the guidelines, would be contrary to the economic interests of the plan's participants or beneficiaries, imprudent or otherwise contrary to ERISA.

Investors in WCM Private Funds which are deemed to hold "plan assets" under ERISA accept WCM's investment policy statement and a proxy voting policy before they are allowed to invest.

**Role of the Independent Proxy Adviser** 

WCM utilizes the proxy voting recommendations of Glass Lewis (our "Proxy Adviser"). The purpose of the Proxy Advisers proxy research and advice is to facilitate shareholder voting in favor of governance structures that will drive performance, create shareholder value and maintain a proper tone at the top. Because the Proxy Adviser is not in the business of providing consulting services to public companies, it can focus solely on the best interests of investors. The Proxy Adviser's approach to corporate governance is to look at each company individually and determine what is in the best interests of the shareholders of each particular company. Research on proxies covers more than just corporate governance– the Proxy Adviser analyzes accounting, executive compensation, compliance with regulation and law, risks and risk disclosure, litigation and other matters that reflect on the quality of board oversight and company transparency.

The voting recommendations of the Proxy Adviser are strongly considered; however, the final determination for voting in the best economic interest of the clients is the responsibility of the relevant strategy Investment Strategy Group ("ISG"). When a decision is reached to vote contrary to the recommendation of the Proxy Adviser, the ISG will address any potential conflicts of interest (as described in this policy) and proceed accordingly. They will maintain documentation to support the decision, which will be reviewed by the Compliance Team.

WCM will take reasonable steps under the circumstances to make sure that all proxies are received and for those that WCM has determined should be voted, are voted in a timely manner.

**Role of the Portfolio Associate** 

The Portfolio Associate is responsible for the onboarding and maintenance of Client accounts. For each Client, the Portfolio Associate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Determines whether WCM is vested with proxy voting responsibility or whether voting is reserved to the Client or delegated to another designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Instructs registered owners of record (e.g. the Client, Trustee or Custodian) that receive proxy materials from the issuer or its information agent to send proxies electronically directly to Broadridge/ProxyEdge, a third party service provider, to: (1) provide notification of impending votes; (2) vote proxies based on the Proxy Adviser and/or WCM recommendations; and (3) maintain records of such votes electronically.

• Assigns the appropriate proxy voting guidelines based on a Client's Investment Policy Guidelines;

• Reports proxy voting record to Client, as requested.

**Role of the Proxy Admin.** 

The Proxy Admin circulates proxy ballot information and administers the proxy vote execution process. The Proxy Admin:

• Monitors the integrity of the data feed between the Client's registered owner of record and Broadridge/ProxyEdge;

• Executes votes based on the recommendation of the Proxy Adviser or ISG;

• Ensures all votes are cast in a timely manner.

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**Role of the ISG and Analysts** 

With the support of the Analysts, and in consideration of the voting recommendation of the Proxy Adviser, the Investment Strategy Group (ISG) is responsible for review of the Proxy Adviser policy and final vote determination. The ISG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annually, reviews the policy of the Proxy Adviser to ensure voting recommendations are based on a Client's best interest;

• Reviews the ballot voting recommendations of the Proxy Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investigates ballot voting issues during the normal course of research, company visits, or discussions with company representatives.

If the ISG:

• Agrees with the voting recommendation of the Proxy Adviser, no further action is required;

• Disagrees with the voting recommendation of the Proxy Adviser, they will:

• Deal with conflicts of interest, as described below;

• Provide updated voting instructions to the Proxy Admin;

• Document the rationale for the decision, which is provided to Compliance.

**Certain Proxy Votes May Not Be Cast** 

In some cases, WCM may determine that it is in the best interests of our clients to abstain from voting certain proxies. WCM will abstain from voting in the event any of the following conditions are met with regard to a proxy proposal:

• Neither the Proxy Adviser's recommendation nor specific client instructions cover an issue;

• In circumstances where, in WCM's judgment, the costs of voting the proxy exceed the expected benefits to the Client.

In addition, WCM will only seek to vote proxies for securities on loan when such a vote is deemed to have a material impact on the account. In such cases, materiality is determined and documented by the ISG.

Further, in accordance with local law or business practices, many foreign companies prevent the sales of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). WCM believes that the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, WCM generally will not vote those proxies subject to "share blocking."

**Identifying and Dealing with Material Conflicts of Interest between WCM and Proxy Issuer** 

WCM believes the use of the Proxy Adviser's independent guidelines helps to mitigate proxy voting related conflicts between the firm and its clients. Notwithstanding WCM may choose to vote a proxy against the recommendation of the Proxy Adviser, if WCM believes such vote is in the best economic interest of its clients. Such a decision will be made and documented by the ISG. Because WCM retains this authority, it creates a potential conflict of interest between WCM and the proxy issuer. As a result, WCM may not overrule the Proxy Adviser's recommendation with respect to a proxy unless the following steps are taken by the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The CCO must determine whether WCM has a conflict of interest with respect to the issuer that is the subject of the proxy. The CCO will use the following standards to identify issuers with which WCM may have a conflict of interest.

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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;•*Significant Business Relationships* – The CCO will determine whether WCM may have a significant business relationship with the issuer, such as, for example, where WCM manages a pension plan. For this purpose, a "significant business relationship" is one that: (i) represents 1% or $1,000,000 of WCM's revenues for the fiscal year, whichever is less, or is reasonably expected to represent this amount for the current fiscal year; or (ii) may not directly involve revenue to WCM but is otherwise determined by the CCO to be significant to WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Significant Personal/Family Relationships* – the CCO will determine whether any supervised persons who are involved in the proxy voting process may have a significant personal/family relationship with the issuer. For this purpose, a "significant personal/family relationship" is one that would be reasonably likely to influence how WCM votes proxies. To identify any such relationships, the CCO shall obtain information about any significant personal/family relationship between any employee of WCM who is involved in the proxy voting process (e.g., ISG members) and senior supervised persons of issuers for which WCM may vote proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the CCO determines that WCM has a conflict of interest with respect to the issuer, the CCO shall determine whether the conflict is "material" to any specific proposal included within the proxy. The CCO shall determine whether a proposal is material as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Routine Proxy Proposals* – Proxy proposals that are "routine" shall be presumed not to involve a material conflict of interest for WCM, unless the ISG has actual knowledge that a routine proposal should be treated as material. For this purpose, "routine" proposals would typically include matters such as the selection of an accountant, uncontested election of directors, meeting formalities, and approval of an annual report/financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Non-Routine Proxy Proposals* – Proxy proposals that are "non-routine" shall be presumed to involve a material conflict of interest for WCM, unless the CCO determines that WCM's conflict is unrelated to the proposal in question (see 3. below). For this purpose, "non-routine" proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial assets, a change in the articles of incorporation that materially affects the rights of shareholders, and compensation matters for management (e.g., stock option plans, retirement plans, profit sharing or other special remuneration plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Determining that a Non-Routine Proposal is Not Material* – As discussed above, although non-routine proposals are presumed to involve a material conflict of interest, the CCO may determine on a case-by-case basis that particular non-routine proposals do not involve a material conflict of interest. To make this determination, the CCO must conclude that a proposal is not directly related to WCM's conflict with the issuer or that it otherwise would not be considered important by a reasonable investor. The CCO shall record in writing the basis for any such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For any proposal where the CCO determines that WCM has a material conflict of interest, WCM may vote a proxy regarding that proposal in any of the following manners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Obtain Client Consent or Direction* – If the CCO approves the proposal to overrule the recommendation of the Proxy Adviser, WCM shall fully disclose to each client holding the security at issue the nature of the conflict, and obtain the client's consent to how WCM will vote on the proposal (or otherwise obtain instructions from the client as to how the proxy on the proposal should be voted).

• *Use the Proxy Adviser's Recommendation* – Vote in accordance with the Proxy Adviser's recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For any proposal where the CCO determines that WCM does not have a material conflict of interest, the ISG may overrule the Proxy Adviser's recommendation if the ISG reasonably determines that doing so is in the best interests of WCM's clients. If the ISG decides to overrule the Proxy Adviser's recommendation, the ISG will maintain documentation to support their decision.

**Dealing with Material Conflicts of Interest between a Client and the Proxy Adviser or Proxy Issuer** 

If WCM is notified by a client regarding a conflict of interest between them and the Proxy Adviser or the proxy issuer, The CCO will evaluate the circumstances and either

• elevate the decision to the ISG who will make a determination as to what would be in the Client's best interest;

• if practical, seek a waiver from the Client of the conflict; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if agreed upon in writing with the Clients, forward the proxies to affected Clients allowing them to vote their own proxies.

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**Maintenance of Proxy Voting Records** 

As required by Rule 204-2 under the Advisers Act, and for ERISA accounts, the DOL's Proxy Voting Rule, WCM will maintain or procure the maintenance of the following records relating to proxy voting for a period of at least five years:

• a copy of these Proxy Policies, as they may be amended from time to time;

• copies of proxy statements received regarding Client securities;

• a record of each proxy vote cast on behalf of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each written Client request for information on how WCM voted proxies on behalf of the Client and each written response by WCM to oral or written Client requests for this information.

As permitted by Rule 204-2(c), electronic proxy statements and the record of each vote cast on behalf of each Client account will be maintained by ProxyEdge. WCM shall obtain and maintain an undertaking from ProxyEdge to provide it with copies of proxy voting records and other documents relating to its Clients' votes promptly upon request. WCM and ProxyEdge may rely on the SEC's EDGAR system to keep records of certain proxy statements if the proxy statements are maintained by issuers on that system (e.g., large U.S.-based issuers).

**Disclosure** 

WCM will provide all Clients a summary of these Proxy Policies, either directly or by delivery to the Client of a copy of its Form ADV, Part 2A containing such a summary, and information on how to obtain a copy of the full text of these Proxy Policies and a record of how WCM has voted the Client's proxies. Upon receipt of a Client's request for more information, WCM will provide to the Client a copy of these Proxy Policies and/or in accordance with the Client's stated requirements, how the Client's proxies were voted during the period requested. Such periodic reports will not be made available to third parties absent the express written request of the Client. However, to the extent that WCM serves as a sub-adviser to another adviser to a Client, WCM will be deemed to be authorized to provide proxy voting records on such Client accounts to such other adviser.

**Oversight of the Proxy Adviser** 

Prior to adopting the proxy guidelines and recommendations of a Proxy adviser, WCM will exercise prudence and diligence to determine that the guidelines for proxy recommendations are consistent with WCM's fiduciary obligations. Each year, Compliance, in conjunction with input from the Proxy Admin, the ISG and others as determined by the CCO, will review WCM's relationship with, and services provided by the Proxy Adviser. To facilitate this review, WCM will request information from the Proxy Adviser in consideration of the Proxy Adviser processes, policies and procedures to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Analyze and formulate voting recommendations on the matters for which WCM is responsible for voting and to disclose its information sources and methods used to develop such voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ensure that it has complete and accurate information about issuers when making recommendations and to provide its clients and issuers timely opportunities to provide input on certain matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Resolve any identified material deficiencies in the completeness or accuracy of information about issuers for whom voting recommendations are made; and

• Identify, resolve and disclose actual and potential conflicts of interest associated with its recommendations;

Additionally, WCM will review the Proxy Adviser's proposed changes to its proxy voting guidelines to ensure alignment with the ISG's expectations. The Proxy Adviser typically distributes proposed changes to its guidelines annually; therefore, WCM's review of these proposed changes will typically coincide with the Proxy Adviser' schedule.

**<u>WELLINGTON MANAGEMENT COMPANY LLP ("WELLINGTON MANAGEMENT")</u>** 

**Introduction**

Wellington Management has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for whom it exercises proxy-voting discretion.

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Wellington Management's Proxy Voting Guidelines (the "Guidelines") set forth broad guidelines and positions on common proxy issues that Wellington Management uses in voting on proxies In addition, Wellington Management also considers each proposal in the context of the issuer, industry and country or countries in which the issuer's business is conducted. The Guidelines are not rigid rules and the merits of a particular proposal may cause Wellington Management to enter a vote that differs from the Guidelines. Wellington Management seeks to vote all proxies with the goal of increasing long-term client value and, while client investment strategies may differ, applying this common set of guidelines is consistent with the investment objective of achieving positive long-term investment performance for each client.

**Statement of Policy** 

Wellington Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Votes client proxies for which clients have affirmatively delegated proxy-voting authority, in writing, unless it has arranged in advance with the client to limit the circumstances in which it would exercise voting authority or determines that it is in the best interest of one or more clients to refrain from voting a given proxy.

• Votes all proxies in the best interests of the client for whom it is voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identifies and resolves all material proxy-related conflicts of interest between the firm and its clients in the best interests of the client.

**Responsibility and Oversight** 

The Investment Research Group ("Investment Research") 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. Investment Research also acts as a resource for portfolio managers and research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of Investment Research. The Investment Stewardship Committee is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, identification and resolution of conflicts of interest, and for providing advice and guidance on specific proxy votes for individual issuers. The Investment Stewardship Committee reviews 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, voting recommendations, and to manage the administrative aspects of proxy voting. The voting agent processes proxies for client accounts, casts votes based on the Guidelines and maintains records of proxies voted. Wellington Management complements the research received by its primary voting agent with research from another voting agent.

*Receipt of Proxy* 

If a client requests that Wellington Management votes proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting material to Wellington Management or its voting agent.

*Reconciliation* 

Each public security proxy received by electronic means is matched to the securities eligible to be voted and a reminder is sent to any custodian or trustee that has not forwarded the proxies as due. This reconciliation is performed at the ballot level. Although proxies received for private securities, as well as those received in non- electronic format, are voted as received, Wellington Management is not able to reconcile these ballots, nor does it notify custodians of non-receipt.

*Research* 

In addition to proprietary investment research undertaken by Wellington Management investment professionals, Investment Research conducts proxy research internally, and uses the resources of a number of external sources including third-party voting agents to keep abreast of developments in corporate governance and of current practices of specific companies.

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*Proxy Voting* 

Following the reconciliation process, each proxy is compared against the Guidelines, and handled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generally, issues for which explicit proxy voting guidance is provided in the Guidelines (i.e., "For", "Against", "Abstain") are voted in accordance with the Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Issues identified as "case-by-case" in the Guidelines are further reviewed by Investment Research. In certain circumstances, further input is needed, so the issues are forwarded to the relevant research analyst and/or portfolio manager(s) for their input.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Absent a material conflict of interest, the portfolio manager has the authority to decide the final vote. Different portfolio managers holding the same securities may arrive at different voting conclusions for their clients' proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Wellington Management reviews a subset of the voting record to ensure that proxies are voted in accordance with these Global Proxy Policy and Procedures and the Guidelines; and ensures that documentation and reports, for clients and for internal purposes, relating to the voting of proxies are promptly and properly prepared and disseminated.

*Material Conflict of Interest Identification and Resolution Processes* 

Wellington Management's broadly diversified client base and functional lines of responsibility serve to minimize the number of, but not prevent, material conflicts of interest it faces in voting proxies. Annually, the Investment

Stewardship Committee sets standards for identifying material conflicts based on client, vendor, and lender relationships, and publishes those standards to individuals involved in the proxy voting process. In addition, the Investment Stewardship Committee encourages all personnel to contact Investment Research about apparent conflicts of interest, even if the apparent conflict does not meet the published materiality criteria. Apparent conflicts are reviewed by designated members of the Investment Stewardship Committee to determine if there is a conflict and if so whether the conflict is material.

If a proxy is identified as presenting a material conflict of interest, the matter must be reviewed by designated members of the Investment Stewardship Committee, who will resolve the conflict and direct the vote. In certain circumstances, the designated members may determine that the full Investment Stewardship Committee should convene.

**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* 

In general, Wellington Management does not know when securities have been lent out pursuant to a client's securities lending program and are therefore unavailable to be voted. Efforts to recall loaned securities are not always effective, but, in rare circumstances, Wellington Management may determine voting would 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.

*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, when the proxy materials are not delivered in a timely fashion or when, in Wellington Management's judgment, the costs exceed the expected benefits to clients (such as when powers of attorney or consularization 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 annually how it has exercised its voting rights for significant votes, as require by the EU Shareholder Rights Directive II ("SRD II").

Wellington Management provides clients with a copy of its Global Proxy Policy and Procedures, including the 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, 2022**<br>|
| *Amundi Asset Management US, Inc.* | *Amundi Asset Management US, Inc.* | *Amundi Asset Management US, Inc.* |
| Kenneth J. Monaghan | Nationwide Amundi Global High Yield Fund |  |
| Kenneth J. Monaghan | Nationwide Amundi Strategic Income Fund |  |
| Jonathan M. Duensing, CFA | Nationwide Amundi Global High Yield Fund |  |
| Jonathan M. Duensing, CFA | Nationwide Amundi Strategic Income Fund |  |
| Andrew D. Feltus, CFA | Nationwide Amundi Global High Yield Fund |  |
| Jeffrey C. Galloway, CFA | Nationwide Amundi Strategic Income Fund |  |
| *Bailard, Inc.* | *Bailard, Inc.* | *Bailard, Inc.* |
| Eric P. Leve, CFA | Nationwide Bailard International Equities Fund | $100001-$500000 |
| Daniel McKellar, CFA | Nationwide Bailard International Equities Fund | $100001-$500000 |
| Anthony Craddock | Nationwide Bailard International Equities Fund | $100001-$500000 |
| Thomas J. Mudge III, CFA | Nationwide Bailard Cognitive Value Fund | Over $1,000,000 |
| Blaine Townsend, CIMC, CIMA | Nationwide Bailard Cognitive Value Fund | $50001-$100000 |
| Osman Akgun, PhD, CFA | Nationwide Bailard Cognitive Value Fund | $100001-$500000 |
| Sonya Thadhani Mughal, CFA | Nationwide Bailard Technology & Science Fund | $100001-$500000 |
| David H. Smith, CFA | Nationwide Bailard Technology & Science Fund | $100001-$500000 |
| Christopher Moshy | Nationwide Bailard Technology & Science Fund | $10001-$50000 |
| *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 |  |
| Paul Whitehead | Nationwide International Index Fund |  |
| Paul Whitehead | Nationwide Mid Cap Market Index Fund |  |
| Paul Whitehead | Nationwide S&P 500 Index Fund |  |
| Paul Whitehead | Nationwide Small Cap Index Fund |  |
| Karen Uyehara | Nationwide Bond Index Fund |  |
| James Mauro | Nationwide Bond Index Fund |  |
| *Brown Capital Management, LLC* | *Brown Capital Management, LLC* | *Brown Capital Management, LLC* |
| Keith A. Lee | Nationwide Small Company Growth Fund |  |
| Chaitanya Yaramada, CFA | Nationwide Small Company Growth Fund |  |
| Kempton M. Ingersol | Nationwide Small Company Growth Fund |  |
| Damien L. Davis, CFA | Nationwide Small Company Growth Fund |  |
| Andrew J. Fones | Nationwide Small Company Growth Fund |  |
| Daman C. Blakeney | Nationwide Small Company Growth Fund |  |
| *Geneva Capital Management LLC* | *Geneva Capital Management LLC* | *Geneva Capital Management LLC* |
| William A. Priebe, CFA | Nationwide Geneva Mid Cap Growth Fund | Over $1,000,000 |
| William A. Priebe, CFA | Nationwide Geneva Small Cap Growth Fund | Over $1,000,000 |
| 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  |

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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, 2022**<br>|
| José Muñoz, CFA | Nationwide Geneva Mid Cap Growth Fund | $10001-$50000 |
| José Muñoz, CFA | Nationwide Geneva Small Cap Growth Fund | $10001-$50000 |
| *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 |  |
| *Insight North America LLC* | *Insight North America LLC* | *Insight North America LLC* |
| Gautam Khanna, CFA, CPA | Nationwide BNY Mellon Core Plus Bond ESG Fund |  |
| James DiChiaro | Nationwide BNY Mellon Core Plus Bond ESG Fund |  |
| *Janus Henderson Investors US LLC* | *Janus Henderson Investors US LLC* | *Janus Henderson Investors US LLC* |
| George P. Maris, CFA | Nationwide Janus Henderson Overseas Fund |  |
| Julian McManus | Nationwide Janus Henderson Overseas 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 |  |
| 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* |
| Gary S. Davis, CFA | Nationwide Bond Fund | $1-$10000 |
| Corsan Maley | Nationwide Bond Fund |  |
| Gary R. Hunt, CFA | Nationwide Inflation-Protected Securities Fund |  |
| Chad W. Finefrock, CFA | Nationwide Inflation-Protected Securities Fund |  |
| *Newton Investment Management North America, LLC* | *Newton Investment Management North America, LLC* | *Newton Investment Management North America, LLC* |
| John C. Bailer, CFA | Nationwide BNY Mellon Disciplined Value Fund |  |
| Brian C. Ferguson | Nationwide BNY Mellon Disciplined Value Fund |  |
| Keith Howell, Jr., CFA | Nationwide BNY Mellon Disciplined Value Fund |  |
| James H. Stavena | Nationwide BNY Mellon Dynamic U.S. Core Fund |  |
| Dimitri Curtil | Nationwide BNY Mellon Dynamic U.S. Core Fund |  |
| Torrey K. Zaches, CFA | Nationwide BNY Mellon Dynamic U.S. Core Fund |  |
| *UBS Asset Management (Americas) Inc.* | *UBS Asset Management (Americas) Inc.* | *UBS Asset Management (Americas) Inc.* |
| Joseph Elegante, CFA | Nationwide Global Sustainable Equity Fund |  |
| Adam Jokich, CFA | Nationwide Global Sustainable Equity Fund |  |
| *WCM Investment Management, LLC* | *WCM Investment Management, LLC* | *WCM Investment Management, LLC* |
| Jonathan Detter, CFA | Nationwide WCM Focused Small Cap Fund |  |
| Anthony B. Glickhouse, CFA | Nationwide WCM Focused Small Cap Fund |  |
| Patrick McGee, CFA | Nationwide WCM Focused Small Cap Fund |  |

---

------

---

| | | |
|:---|:---|:---|
| **Name of Portfolio**<br> **Manager**<br>| **Fund** | &nbsp;&nbsp; **Dollar Range of**<br> **Investments in**<br> **Each Fund as of**<br> **October 31, 2022**<br>|
| *Wellington Management Company LLP* | *Wellington Management Company LLP* | *Wellington Management Company LLP* |
| Jonathan G. White, CFA | Nationwide Fund |  |
| Jonathan G. White, CFA | Nationwide International Small Cap Fund |  |
| Mary L. Pryshlak, CFA | Nationwide Fund |  |
| Mary L. Pryshlak, CFA | Nationwide International Small Cap Fund |  |

---

**DESCRIPTION OF COMPENSATION STRUCTURE**

**<u>Amundi Asset Management US, Inc. ("Amundi US")</u>** 

Amundi US's compensation philosophy emphasizes medium and long-term incentive compensation programs and awards and is a key driver of employee attraction and motivation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We reward short- and medium-term investment performance through bonus and performance based incentives; and long term strategic performance with long-term incentive awards.

• We drive competitiveness with external market compensation rates and structures.

We have developed a system of compensation for portfolio managers and analysts that seeks to align the financial interests of the investment professional with both those of clients (through incentive payments based in part on relative investment performance) and also the firm (through incentive payments based in part on Amundi US's financial performance).

The compensation program is based on four primary elements including (1) base salary (based on the experience and level of responsibility of the investment professional), (2) an annual bonus program, (3) the ability to participate in Long Term Incentive Programs (for some senior investment professionals), and (4) a suite of benefits that are generally offered to all full-time employees.

**Base Salary** 

Base salary is fixed and normally reviewed on an annual basis. Each year, we participate in compensation surveys specifically targeted at investment management companies, to monitor and maintain our competitiveness in the marketplace. Amundi US seeks to set base compensation at competitive market rates, taking into account the experience and responsibilities of the individual.

**Bonus Plan** 

The bonuses for portfolio managers and analysts are decided by a combination of the following factors:

**Portfolio Managers** 

The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the individual achieving competitive investment performance. 40% of the bonus may be deferred over a three year period, vesting 1/3 each year. The deferral is to underpin long-term retention of key investment employees. This portion is also eligible for further investment and managed by the participant over the course of the three-year term.

**Quantitative Investment Performance (70% overall weighting):** The quantitative investment performance calculation is based on pre-tax performance of all of the accounts managed by the portfolio manager, which includes the fund and any other accounts managed by the portfolio manager. Performance is measured over one, three and five calendar year periods.

Fund performance is ranked against its peer group universe (60%) and a broad-based securities market index (40%), while institutional or separate accounts are measured specifically against the assigned broad-based market index (100%).

**Qualitative Performance (30% overall weighting):** The qualitative performance component includes specific objectives that are mutually established and evaluated by each portfolio manager and management.

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**Company Results:** Company results affect a portfolio manager's actual bonus by a leverage factor of plus or minus a predetermined percentage.

For purposes of calculation, Amundi US's Portfolio Management Team applies a 70% weighting to Quantitative factors, and a 30% weighting to Qualitative factors.

**Fixed Income Analysts** 

Amundi US's fixed income research analysts are compensated through base salary, incentive compensation and other longer-term awards, utilizing a similar structure to the fixed income portfolio management team. 70% of incentive compensation for analysts is tied to the performance of the portfolios to which they contribute. For the final 30%, custom composites are created for each strategy to which an analyst contributes to create a basis for relative performance measurement. 40% of the bonus may be deferred over a three year period, vesting 1/3 each year. This portion is also eligible for further investment and managed by the participant over the course of the three-year term.

**Long Term Incentive Plan** 

The Amundi Group Long-Term Incentive Plan is designed to align the interests of our key leaders with those of shareholders and clients and supporting the achievement of the Company's business plan. Participants receive a "target-number" of performance shares for a nominal value. The awarded shares will cliff vest after 3-years. The effective number of shares that will vest on the vesting date will depend on the value of three performance targets ("KPIs"). These KPIs will be the same for all beneficiaries of the LTI Plan worldwide and will be based on the global consolidated figures of the listed entity Amundi.

Three KPIs will be used to determine the actual number of vested shares at each vesting date.

• Net Income Ratio

• Cost to Income Ratio

• Net Inflows

**<u>Bailard, Inc. ("Bailard")</u>** 

Dr. Akgun, Mr. Craddock, Mr. McKellar, Mr. Mudge, Mr. Smith and Mr. Moshy are each paid a base salary, an "investment performance" bonus relating to the Fund and strategy each manages and, potentially, an additional discretionary bonus. The investment performance bonus is designed to be significant but not so significant that it would encourage extreme risk taking. For the Nationwide Bailard Cognitive Value Fund, the Nationwide Bailard International Equities Fund and the Nationwide Bailard Technology and Science 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 Cognitive Value Fund), Morningstar Foreign Large Blend Category (for the Nationwide Bailard International Equities Fund) and Morningstar Technology Category (for the Nationwide Bailard Technology & Science Fund). Additionally, a portion of Mr. McKellar's and Mr. Craddock's investment performance bonus is based on the performance of Bailard's EAFE Composite (0% Emerging Markets) on a rolling 12-month basis. In addition to the investment performance bonus related to the Fund, Dr. Akgun also receives an investment performance bonus for Bailard's Tactical Asset Allocation strategy. The discretionary bonus, if any, reflects the pre-tax profitability of Bailard and the portfolio manager's contribution to meeting Bailard's general corporate goals. On occasion, the portfolio managers named above may receive stock grants based on individual performance.

Mr. Leve, Ms. Mughal and Mr. Townsend are members of Bailard's Senior Management Team and as such, their compensation consists primarily of a base salary and a significant discretionary cash bonus. The cash bonus reflects Bailard's profitability and Mr. Leve, Ms. Mughal and Mr. Townsend's contribution to Bailard's corporate goals. On occasion, portfolio managers on the Senior Management Team may receive stock grants based on individual performance. None of Mr. Leve's compensation is based directly on the performance of the Nationwide Bailard International Equities Fund. None of Ms. Mughal's compensation is based directly on the performance of the Nationwide Bailard Technology & Science Fund. None of Mr. Townsend's compensation is based directly on the performance of the Nationwide Bailard Cognitive Value Fund.

**<u>BlackRock Investment Management, LLC ("BlackRock")</u>** 

The discussion below describes the portfolio managers' compensation as of October 31, 2022.

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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 and Whitehead** 

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 and Whitehead is not measured against a specific benchmark.

**Discretionary Incentive Compensation– Ms. Uyehara and Mr. Mauro** 

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>|
| Karen Uyehara | &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>|

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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.

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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 ($305,000 for 2022). 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 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>Brown Capital Management, LLC ("Brown Capital Management")</u>** 

Brown Capital's compensation structure seeks to retain superior talent by rewarding exceptional performance over time. Investment team members are paid a competitive base salary. Bonuses are paid once every three years based on metrics focused on performance relative to the benchmarks and peer groups of the strategies they manage, annual team evaluations, and contributions to the firm's overall performance. Together with the ESOP incentives, the firm believes this total compensation rewards our investment professionals in a manner that reflects the value of their skills, experience, and ability to deliver results.

**<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, retirement benefits, investment management services from GQG and, in the case of Messrs. Kersmanc and Murthy, 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 and Murthy, 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.

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**<u>Insight North America LLC ("Insight")</u>** 

The strategic goal of Insight is to provide a high-quality investment service to our clients over the long term. The route to achieving this strategy is through the performance and commitment of our people. Our reward philosophy has a key role to play in the motivation and retention of our people and is therefore an important contributing factor in the achievement of our business strategy. Our approach to compensation and how this incentivizes behaviors within Insight is captured within five key parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Shared ownership for all employees**: Our people are highly engaged with our business and our culture of collective ownership reinforces collaboration across teams and strengthens the alignment with our clients. All of our people are awarded an annual grant of our long-term incentive plan (LTIP). LTIP awards typically vest after three years and their value is based on an independent external assessment of Insight's market value. Share-based LTIP is awarded as non-voting, non-dividend paying equity in Insight. The LTIP is a powerful tool for staff retention and ensures employees share directly in the success of the business. For our senior management, investment desk heads and material risk-takers, we operate a deferral policy where at least 40% of variable pay is deferred through LTIP. In the UK, our employees also have an opportunity to acquire Insight shares from their pre-taxed salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Designed to support a culture of high performance**: Our approach to compensation is designed to support the culture of the business and to ensure that top performance is recognized with top quartile industry pay. This has successfully enabled us to attract and retain, what we believe to be, the best available talent in the industry. The structure of our compensation plans actively promote team working and collaboration across teams. The main components of compensation are base salary and variable pay. Variable pay is made up of two elements; discretionary annual cash amount and a deferral into our LTIP, awarded under a consistent set of principles, globally. We also offer competitive benefits and well-being programs, where the health and welfare of our people is paramount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Simple and transparent**: We recognize the importance of applying a clear and consistent compensation process as aligned with our philosophy of payment for performance. For our senior staff, total compensation is heavily weighted towards variable pay and the overall value of variable pay is directly linked to the profitability and performance of the business. Therefore, if Insight performs and our people deliver strong performance their total compensation will be competitive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Aligned with performance management**: Insight believes firmly in setting performance-related objectives that are structured to promote sound and effective risk management within the company's risk management appetite. Performance is assessed and evaluated in light of an individual's contribution to the overall client mandate, team and business performance, and culture. We aim to reward most highly those individuals who help the team to perform strongly. A team culture is an essential part of the way we conduct our business and our compensation policy is designed to encourage this.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Regulatory compliant with robust governance**: The general principles of our compensation arrangements are agreed with our parent company, BNY Mellon, and are reviewed at least twice a year by the Insight Remuneration Committee. We ensure our compensation processes and policy are compliant with all relevant regulation, including the requirements of the FCA Remuneration Code and corresponding local Directives.

Both analysts and portfolio managers will receive short-term incentives (STIP) and LTIP compensation. The level of variable compensation is determined across the organization taking into account performance of the company, department and individual. The individual's performance is assessed against objectives set at the beginning of the year and will be different across business areas, seniority and specialization. Therefore, although we do not offer different compensation packages between analysts and portfolio managers, the objectives that they are assessed against will be different and individual performance will be a variable that could impact on the level and mix of STIP and LTIP that they receive.

For US employees, there are no employment contracts in place and employment is at will; however, it is important to note that for all employees, retention and compensation strategies are structured with the aim of aligning individual interests with the success and profitability of the firm. Our LTIP provides all employees with a share in the business and has proved a successful retention tool, alongside broader talent management and succession planning frameworks.

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**<u>Janus Henderson Investors US LLC ("Janus Henderson")</u>** 

The portfolio managers and co-portfolio managers (if applicable) ("portfolio manager" or "portfolio managers") are compensated for managing a Fund and any other funds, portfolios, or accounts for which they have exclusive or shared responsibilities through two components: fixed compensation and variable compensation. Compensation (both fixed and variable) is determined on a pre-tax basis.

**Fixed Compensation**: Fixed compensation is paid in cash and is comprised of an annual base salary. The base salary is based on factors such as performance, scope of responsibility, skills, knowledge, experience, ability, and market competitiveness.

**Variable Compensation**: A portfolio manager's variable compensation is discretionary and is determined by investment team management. The overall investment team variable compensation pool is funded by an amount equal to a percentage of Janus Henderson's pre-incentive operating income. In determining individual awards, both quantitative and qualitative factors are considered. Such factors include, among other things, consistent short-term and long-term fund performance (i.e., one-, three-, and five-year performance), client support and investment team support through the sharing of ideas, leadership, development, mentoring, and teamwork.

**Performance fees:** The firm receives performance fees in relation to certain funds depending on outperformance of the fund against pre-determined benchmarks. Performance fees are shared directly with the investment professional in two instances; on a discretionary basis, if the fees were generated by one of five specific investment trusts, and on a formulaic basis, if there is a contractual agreement in place.

The discretionary performance fee sharing incentives are funded from within the profit pools and subject to the same risk adjustment, review, and standard deferral arrangements that apply to the discretionary funding frameworks.

**Deferrals/Firm Ownership**: All employees are subject to Janus Henderson's standard deferral arrangements which apply to variable incentive awards. Deferral rates apply to awards that exceed a minimum threshold, rates of deferral increase for larger incentive awards. Deferred awards vest in three equal installments over a 3-year period and are delivered into JHG restricted stock and/or funds.

Certain portfolio managers may be eligible to defer payment of a designated percentage of their fixed compensation and/or up to all of their variable compensation in accordance with JHG's Executive Income Deferral Program.

**<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 Chief Investment Officer ("CIO") and senior management. The 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. 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. This alignment is achieved through an emphasis on deferred awards, which incentivizes our investment personnel to focus on long-term alpha generation.

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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 investment performance, as well as individual performance.

Awards are paid in cash on an annual basis; however, some portfolio managers may receive a portion of their annual incentive award in deferred vehicles. Annual incentive as a percentage of fixed pay varies with the profitability of the firm and the product team.

The following factors encompass our investment professional rewards program.

• Base salary

• Annual cash incentive

• Long-Term Incentive Plan

• Deferred cash for investment in our own products

• BNY Mellon 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 and 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>** 

The NIMNA rewards program is designed to be market-competitive and align our compensation with the goals of our clients. This alignment is achieved through an emphasis on deferred awards, which incentivizes our investment personnel to focus on long-term alpha generation.

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 investment performance, as well as individual performance.

Awards are paid in cash on an annual basis; however, some portfolio managers may receive a portion of their annual incentive award in deferred vehicles. Annual incentive as a percentage of fixed pay varies with the profitability of the firm and the product team.

The following factors encompass our investment professional rewards program:

• Base salary

• Annual cash incentive

• Long-Term Incentive Plan

• Deferred cash for investment in our own products

• Deferred notional shares in Newton

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Awards for selected senior portfolio managers are based on a two-stage model: an opportunity range based on the current level of business and an assessment of long-term business value. A significant portion of the opportunity awarded is structured and based upon the performance of the portfolio manager's accounts relative to the performance of appropriate peers, with longer-term performance more heavily weighted.

**<u>UBS Asset Management (Americas) Inc. ("UBS AM")</u>** 

UBS AM's compensation philosophy is to align the interests of our employees with those of our clients and investors. The Total Reward Principles establish the framework for determining our performance award pool and guide the allocation and delivery mechanisms of compensation to employees, including deferred compensation programs. These Principles underpin our compensation framework that balances performance and prudent risk-taking with a focus on conduct and sound risk management practices. Our compensation structure is aligned with our strategic priorities. It encourages employees to develop a strong client franchise, create sustainable value and achieve the highest standards of performance. Moreover, we reward behavior that helps build and protect the firm's reputation—specifically accountability with integrity, collaboration and challenge. We strive for excellence and sustainable performance in everything we do. Compensation for each employee is based on individual, team, business division and Group performance, within the context of the markets in which we operate.

In general, the total compensation received by the portfolio managers and analysts at UBS AM consists of two elements: a fixed component (base salary and benefits) and an annual discretionary performance award that is correlated with investment performance.

Fixed component (base salary and benefits):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Set with the aim of being competitive in the industry and monitored and adjusted periodically with reference to the relevant local labor market in order to remain so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fixed component is used to recognize the experience, skills and knowledge that each portfolio manager or analyst brings to their role.

Performance award:

• Determined annually on a discretionary basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Based on the individual's financial and non-financial contribution—as assessed through a rigorous performance assessment process—as well as on the performance of their respective function, of UBS AM and of UBS as a whole.

• Delivered in cash and, when total compensation is over a defined threshold, partly in deferral vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For awards subject to deferral, the deferred amount is calculated using graduated marginal deferral rates, which increase as the value of the performance award increases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deferred amounts are then typically delivered via two deferral vehicles—75% in the UBS Asset Management Equity Ownership Plan (AM EOP) and 25% in the Deferred Contingent Capital Plan (DCCP):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AM EOP awards generally vest over five years with 40% of the award vesting in year two, 40% in year three and 20% in year five, provided the vesting conditions, including continued service, are met and the awards have not been forfeited on or before the vesting dates. Deferred awards under the AM EOP are granted in the form of Notional Funds. The Notional Funds are aligned to selected UBS AM funds. They provide for a high level of transparency and correlation between an employee's compensation and the investment performance of UBS AM. This enhances the alignment of investment professionals' and other employees' interests with those of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The DCCP is a mandatory deferral plan. Awards under the DCCP vest 100% in year five, subject to vesting conditions, including continued employment, and subject to forfeiture. The terms of the DCCP are similar to those of a loss-absorbing bond instrument offered to external investors with regard to notional interest entitlement and the impact of trigger and viability events.

The DCCP aligns the interests of our key employees with the interests of external investors and, alongside the AM EOP, attempts to ensure an appropriate balance between client and other stakeholder alignment.

For UBS Asset Management's Equities, Fixed Income, Investment Solutions and Passive investment areas:

From January 1, 2015, UBS AM introduced a new Key Performance Indicator (KPI)-led model for each business area, aligning our business steering logic with our strategic priorities. For our investment areas, sustainable investment performance is a major component of the KPI model.

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Portfolio managers' performance awards are subject to detailed KPIs, mainly focused on investment performance of relevant client portfolios and funds, and also including some other factors such as risk management and client focus. Equities, Fixed Income, Solutions and Passive are assessed annually based on the investment performance during each of prior three years versus benchmark, performance target and peers. This helps to ensure that the interests of portfolio managers are aligned with those of our clients. In addition, we evaluate our passive strategies in terms of how closely the performance of the strategies tracks their respective benchmarks over time.

For analysts, performance awards are, in general, based on the performance of some combination of model and/or client portfolios, generally evaluated over one and three years. This is coupled with a qualitative assessment of their contribution considering factors such as the quality of their research, stock recommendations and their communication within and between teams and with portfolio managers.

For awards subject to deferral (e.g. above a certain compensation level), UBS AM employees receive at least 75% of their deferred performance awards in notional funds under the AM EOP and up to 25% under the DCCP. This aligns UBS AM employee compensation more closely with industry standards. The average deferral period for deferred performance awards for employees below Group Executive Board (GEB) level is 3.5 years.

**<u>WCM Investment Management, LLC ("WCM")</u>** 

Compensation for WCM portfolio management personnel is determined by research team leaders in conjunction with WCM's Leadership Team, and consists of 1) a salary with 2) a possible bonus, 3) a possible revenue-share, and 4) a possible equity component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Base Salary**. Salary levels are based on the individual's degree of industry tenure, experience, and responsibilities at the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Discretionary bonus**. The bonus component is discretionary, and is based on qualitative employee performance measures, such as our "return on time" evaluation, contribution to the portfolio team, management of their portfolios, and other responsibilities (e.g., personnel management) at the firm. Furthermore, the overall performance of WCM (e.g., total assets under management, company profitability) will also impact this compensation component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Revenue share**. Portfolio managers may share in the revenue generated by the investment strategy for which they are responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Equity ownership**. Finally, portfolio managers may also receive compensation in the form of offers of equity ownership and the consequent distributions therefrom.

Portfolio managers are also eligible to participate in the company's "401(k)" Employee Savings Plan, which includes an annual company contribution based on the profitability of the firm.

Upon termination or retirement, an equity shareholder's stake in the firm is repurchased by WCM at book value, unless otherwise negotiated.

**<u>Wellington Management Company LLP ("Wellington Management")</u>** 

Wellington Management receives a fee based on the assets under management of the Nationwide Fund and the Nationwide International Small Cap Fund (the "Funds") as set forth in the Subadvisory Agreements between Wellington Management, Nationwide Mutual Funds and Nationwide Fund Advisors on behalf of each Fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Funds. The following information is as of October 31, 2022.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of each Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Funds ("Portfolio Managers") includes a base salary. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for the other Portfolio Manager is determined by the Portfolio Manager's experience and performance in his role as a Portfolio Manager. Base

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salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of a Portfolio Manager's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm.

The Investment Professionals may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Ms. Pryshlak is a Partner.

**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, 2022**<br>|
| **Amundi Asset Management US, Inc.** | **Amundi Asset Management US, Inc.** |
| Kenneth J. Monaghan | &nbsp;&nbsp; Mutual Funds: 8 accounts, $1.43 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Kenneth J. Monaghan | &nbsp;&nbsp; Other Pooled Investment Vehicles: 30 accounts, $4.61 billion total assets (7 <br> accounts, $1.27 billion total assets for which the advisory fee is based on <br> performance)<br>|
| Kenneth J. Monaghan | &nbsp;&nbsp; Other Accounts: 4 accounts, $438.81 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Jonathan M. Duensing, CFA | &nbsp;&nbsp; Mutual Funds: 3 accounts, $394.52 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Jonathan M. Duensing, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 14 accounts, $2.02 billion total assets (7 <br> accounts, $723.58 million total assets for which the advisory fee is based on <br> performance)<br>|
| Jonathan M. Duensing, CFA | &nbsp;&nbsp; Other Accounts: 10 accounts, $3.95 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Andrew D. Feltus, CFA | &nbsp;&nbsp; Mutual Funds: 9 accounts, $4.86 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Andrew D. Feltus, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 26 accounts, $7.13 billion total assets (4 <br> accounts, $3.06 billion total assets for which the advisory fee is based on <br> performance)<br>|
| Andrew D. Feltus, CFA | &nbsp;&nbsp; Other Accounts: 7 accounts, $1.31 billion total assets (1 account, $574.14 million <br> total assets for which the advisory fee is based on performance)<br>|
| Jeffrey C. Galloway, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $123.83 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Jeffrey C. Galloway, 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>|
| Jeffrey C. Galloway, 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>|
| **Bailard, Inc.** | **Bailard, Inc.** |
| Eric P. Leve, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $144.1 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: 1 account, $296.9 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Eric P. Leve, CFA | &nbsp;&nbsp; Other Accounts: 11 accounts, $513.4 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, 2022**<br>|
| Christopher Moshy | &nbsp;&nbsp; Mutual Funds: 1 account, $112.4 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, $14.2 million total assets (1 accounts, <br> $14.2 million total assets for which the advisory fee is based on performance)<br>|
| Christopher Moshy | &nbsp;&nbsp; Other Accounts: 0 account, $0 total assets (0 accounts, $0 total assets for which the <br> advisory fee is based on performance)<br>|
| Daniel McKellar, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $144.1 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 account, $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: 11 accounts, $513.4 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Anthony Craddock | &nbsp;&nbsp; Mutual Funds: 1 account, $144.1 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Anthony Craddock | &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>|
| Anthony Craddock | &nbsp;&nbsp; Other Accounts: 11 accounts, $513.4 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, $95.5 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, $52.5 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, $95.5 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: 0 accounts, $0 total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Blaine Townsend, CIMC, CIMA | &nbsp;&nbsp; Other Accounts: 48 accounts, $293.0 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, $112.4 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: 1 account, $14.2 million total assets (1 accounts, <br> $14.2 million total assets for which the advisory fee is based on performance)<br>|
| David H. Smith, CFA | &nbsp;&nbsp; Other Accounts: 4 accounts, $43.9 million total assets (4 accounts, $43.9 million <br> total assets for which the advisory fee is based on performance)<br>|
| Sonya Thadhani Mughal, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $112.4 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, $296.9 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>|
| Osman Akgun, PhD, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $95.5 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: 1 account, $296.9 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: 11 accounts, $90.1 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, 2022**<br>|
| **BlackRock Investment Management, LLC** | **BlackRock Investment Management, LLC** |
| Jennifer Hsui, CFA | &nbsp;&nbsp; Mutual Funds: 322 accounts, $1.74 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: 1 account, $184.5 million 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: 1 account, $156.1 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Peter Sietsema | &nbsp;&nbsp; Mutual Funds: 73 accounts, $166.5 billion 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: 277 accounts, $733.6 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:114 accounts, $538.6 billion total assets (1 account, $1.85 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Paul Whitehead | &nbsp;&nbsp; Mutual Funds: 299 accounts, $1.63 trillion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Paul Whitehead | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $1.53 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Paul Whitehead | &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>|
| Karen Uyehara | &nbsp;&nbsp; Mutual Funds: 88 accounts, $334.4 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Karen Uyehara | &nbsp;&nbsp; Other Pooled Investment Vehicles: 14 accounts, $3.20 billion total assets (4 <br> accounts, $1.35 billion total assets for which the advisory fee is based on <br> performance)<br>|
| Karen Uyehara | &nbsp;&nbsp; Other Accounts: 11 accounts, $6.29 billion total assets (4 accounts, $2.45 billion <br> total assets for which the advisory fee is based on performance)<br>|
| James Mauro | &nbsp;&nbsp; Mutual Funds: 116 accounts, $526.8 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: 19 accounts, $31.44 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: 6 accounts, $7.41 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| **Brown Capital Management, LLC** | **Brown Capital Management, LLC** |
| Keith A. Lee | &nbsp;&nbsp; Mutual Funds: 1 account, $3.78 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Keith A. Lee | &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>|
| Keith A. Lee | &nbsp;&nbsp; Other Accounts: 34 accounts, $3.22 billion total assets (2 accounts, $103.73 million <br> total assets for which the advisory fee is based on performance)<br>|
| Chaitanya Yaramada, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $3.78 total assets (0 accounts, $0 total assets for which the <br> advisory fee is based on performance)<br>|
| Chaitanya Yaramada, 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>|
| Chaitanya Yaramada, CFA | &nbsp;&nbsp; Other Accounts: 34 accounts, $3.22 billion total assets (2 accounts, $103.73 million <br> total assets for which the advisory fee is based on performance)<br>|
| Kempton M. Ingersol | &nbsp;&nbsp; Mutual Funds: 1 account, $3.78 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Kempton M. Ingersol | &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>|
| Kempton M. Ingersol | &nbsp;&nbsp; Other Accounts: 34 accounts, $3.22 billion total assets (2 accounts, $103.73 million <br> total assets for which the advisory fee is based on performance) <br>|

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Number of Accounts Managed by Each Portfolio Manager and Total Assets by Category as of** <br> **October 31, 2022**<br>|
| Damien L. Davis, CFA | &nbsp;&nbsp; Mutual Funds: 1 account, $3.78 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Damien L. Davis, 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>|
| Damien L. Davis, CFA | &nbsp;&nbsp; Other Accounts: 34 accounts, $3.22 billion total assets (2 accounts, $103.73 million <br> total assets for which the advisory fee is based on performance)<br>|
| Andrew J. Fones | &nbsp;&nbsp; Mutual Funds: 1 account, $3.78 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Andrew J. Fones | &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>|
| Andrew J. Fones | &nbsp;&nbsp; Other Accounts: 34 accounts, $3.22 billion total assets (2 accounts, $103.73 million <br> total assets for which the advisory fee is based on performance)<br>|
| Daman C. Blakeney | &nbsp;&nbsp; Mutual Funds: 1 account, $3.78 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Daman C. Blakeney | &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>|
| Daman C. Blakeney | &nbsp;&nbsp; Other Accounts: 34 accounts, $3.22 billion total assets (2 accounts, $103.73 million <br> total assets for which the advisory fee is based on performance)<br>|
| **Geneva Capital Management LLC** | **Geneva Capital Management LLC** |
| William A. Priebe, CFA | &nbsp;&nbsp; Mutual Funds: 4 accounts, $1,905.0 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| William A. Priebe, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $61.5 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| William A. Priebe, CFA | &nbsp;&nbsp; Other Accounts: 219 accounts, $3,147.3 million total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| William S. Priebe | &nbsp;&nbsp; Mutual Funds: 5 accounts, $1,906.8 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| William S. Priebe | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $61.5 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: 275 accounts, $3,316.7 million total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| José Muñoz, CFA | &nbsp;&nbsp; Mutual Funds: 5 accounts, $1,906.8 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| José Muñoz, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $61.5 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: 237 accounts, $3,207.8 million total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| **GQG Partners LLC** | **GQG Partners LLC** |
| Rajiv Jain | &nbsp;&nbsp; Mutual Funds: 11 accounts, $35.4 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Rajiv Jain | &nbsp;&nbsp; Other Pooled Investment Vehicles: 42 accounts, $28.5 billion total assets (3 <br> accounts, $305.4 million total assets for which the advisory fee is based on <br> performance)<br>|
| Rajiv Jain | &nbsp;&nbsp; Other Accounts: 43 accounts, $19.5 billion total assets (7 accounts, $5.1 billion total <br> assets for which the advisory fee is based on performance)<br>|
| Brian Kersmanc | &nbsp;&nbsp; Mutual Funds: 11 accounts, $35.4 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Brian Kersmanc | &nbsp;&nbsp; Other Pooled Investment Vehicles: 42 accounts, $28.5 billion total assets (3 <br> accounts, $305.4 million total assets for which the advisory fee is based on <br> performance)<br>|
| Brian Kersmanc | &nbsp;&nbsp; Other Accounts: 43 accounts, $19.5 billion total assets (7 accounts, $5.1 billion total <br> assets for which the advisory fee is based on performance) <br>|

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Number of Accounts Managed by Each Portfolio Manager and Total Assets by Category as of** <br> **October 31, 2022**<br>|
| Sudarshan Murthy, CFA | &nbsp;&nbsp; Mutual Funds: 11 accounts, $35.4 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Sudarshan Murthy, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 42 accounts, $28.5 billion total assets (3 <br> accounts, $305.4 million total assets for which the advisory fee is based on <br> performance)<br>|
| Sudarshan Murthy, CFA | &nbsp;&nbsp; Other Accounts: 43 accounts, $19.5 billion total assets (7 accounts, $5.1 billion total <br> assets for which the advisory fee is based on performance)<br>|
| **Insight North America LLC** | **Insight North America LLC** |
| Gautam Khanna, CFA, CPA | &nbsp;&nbsp; Mutual Funds: 5 accounts, $3.612 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Gautam Khanna, CFA, CPA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 0 account, $ total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Gautam Khanna, CFA, CPA | &nbsp;&nbsp; Other Accounts: 19 accounts, $2.031 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| James DiChiaro | &nbsp;&nbsp; Mutual Funds: 5 accounts, $3.612 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| James DiChiaro | &nbsp;&nbsp; Other Pooled Investment Vehicles: 0 account, $ total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| James DiChiaro | &nbsp;&nbsp; Other Accounts: 19 accounts, $2.031 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **Janus Henderson Investors US LLC** | **Janus Henderson Investors US LLC** |
| George P. Maris, CFA | &nbsp;&nbsp; Mutual Funds: 3 accounts, $4.38 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| George P. Maris, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $6.38 million total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| George P. Maris, CFA | &nbsp;&nbsp; Other Accounts: 1 account, $3.60 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Julian McManus | &nbsp;&nbsp; Mutual Funds: 3 accounts, $4.38 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Julian McManus | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $6.38 million total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Julian McManus | &nbsp;&nbsp; Other Accounts: 1 account, $3.60 million total assets (0 accounts, $0 total assets for <br> 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: 30 accounts, $20.12 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Aziz V. Hamzaogullari, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 21 accounts, $10.01 billion total assets (3 <br> accounts, $293.50 million total assets for which the advisory fee is based on <br> performance)<br>|
| Aziz V. Hamzaogullari, CFA | &nbsp;&nbsp; Other Accounts: 122 accounts, $22.9 billion total assets (1 account, $276.19 million <br> total assets for which the advisory fee is based on performance)<br>|
| Christopher T. Harms | &nbsp;&nbsp; Mutual Funds: 19 accounts, $4.08 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: 11 accounts, $8.61 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Christopher T. Harms | &nbsp;&nbsp; Other Accounts: 230 accounts, $19.79 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, 2022**<br>|
| Clifton V. Rowe, CFA | &nbsp;&nbsp; Mutual Funds: 8 accounts, $4.07 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: 11 accounts, $8.61 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Clifton V. Rowe, CFA | &nbsp;&nbsp; Other Accounts: 192 accounts, $19.27 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: 8 accounts, $4.07 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: 11 accounts, $8.61 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Daniel Conklin, CFA | &nbsp;&nbsp; Other Accounts: 189 accounts, $19.26 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: 3 account, $3.24 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, $2.76 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: 45 accounts, $5.10 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Barath W. Sankaran, CFA | &nbsp;&nbsp; Mutual Funds: 3 account, $3.24 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, $2.76 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: 42 accounts, $5.05 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **Mellon Investments Corporation** | **Mellon Investments Corporation** |
| Marlene Walker Smith | &nbsp;&nbsp; Mutual Funds: 123 accounts, $114.40 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: 114 accounts, $105.20 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: 66 accounts, $135.40 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: 123 accounts, $114.40 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: 114 accounts, $105.20 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: 66 accounts, $135.40 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: 123 accounts, $114.40 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: 114 accounts, $105.20 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: 66 accounts, $135.40 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: 123 accounts, $114.40 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: 114 accounts, $105.20 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: 66 accounts, $135.40 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, 2022**<br>|
| Michael Stoll | &nbsp;&nbsp; Mutual Funds: 123 accounts, $114.40 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: 114 accounts, $105.20 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: 66 accounts, $135.40 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** |
| Gary S. Davis, CFA | &nbsp;&nbsp; Mutual Funds: 3 accounts, $2.73 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Gary S. Davis, 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>|
| Gary S. Davis, 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>|
| Gary R. Hunt, CFA | &nbsp;&nbsp; Mutual Funds: 2 accounts, $535 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Gary R. Hunt, 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>|
| Gary R. Hunt, CFA | &nbsp;&nbsp; Other Accounts: 4 accounts, $361 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; Mutual Funds: 9 accounts, $7.24 billion 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, $3.08 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>|
| Corsan Maley | &nbsp;&nbsp; Mutual Funds: 10 accounts, $9.44 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Corsan Maley | &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>|
| Corsan Maley | &nbsp;&nbsp; Other Accounts: 6 accounts, $6.14 billion total assets (0 accounts, $0 total assets for <br> which the 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: 14 accounts, $4.17 billion total assets (1 account, $27.45 million <br> total assets for which the advisory fee is based on performance)<br>|
| James H. Stavena | &nbsp;&nbsp; Other Pooled Investment Vehicles: 23 accounts, $7.10 billion total assets (3 <br> accounts, $372.23 million total assets for which the advisory fee is based on <br> performance)<br>|
| James H. Stavena | &nbsp;&nbsp; Other Accounts: 28 accounts, $4.58 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Dimitri Curtil | &nbsp;&nbsp; Mutual Funds: 13 accounts, $4.17 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Dimitri Curtil | &nbsp;&nbsp; Other Pooled Investment Vehicles: 19 accounts, $7.01 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Dimitri Curtil | &nbsp;&nbsp; Other Accounts: 25 accounts, $3.74 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Torrey K. Zaches, CFA | &nbsp;&nbsp; Mutual Funds: 14 accounts, $4.17 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Torrey K. Zaches, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 19 accounts, $7.01 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: 27 accounts, $4.56 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, 2022**<br>|
| John C. Bailer, CFA | &nbsp;&nbsp; Mutual Funds: 7 accounts, $5.52 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| John C. Bailer, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $372.43 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| John C. Bailer, CFA | &nbsp;&nbsp; Other Accounts: 38 accounts, $4.92 billion total assets (2 accounts, $32.60 million <br> total assets for which the advisory fee is based on performance)<br>|
| Brian C. Ferguson | &nbsp;&nbsp; Mutual Funds: 7 accounts, $5.52 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, $372.43 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: 36 accounts, $4.26 billion total assets (2 accounts, $70.91million <br> total assets for which the advisory fee is based on performance)<br>|
| Keith Howell Jr., CFA | &nbsp;&nbsp; Mutual Funds: 7 accounts, $5.52 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Keith Howell Jr., CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 2 accounts, $372.43 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Keith Howell Jr., CFA | &nbsp;&nbsp; Other Accounts: 37 accounts, $4.34 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **UBS Asset Management (Americas) Inc.** | **UBS Asset Management (Americas) Inc.** |
| Joseph Elegante, CFA | &nbsp;&nbsp; Mutual Funds: 4 accounts, $406.04 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Joseph Elegante, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 17 accounts, $8.36 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Joseph Elegante, CFA | &nbsp;&nbsp; Other Accounts: 6,657 accounts, $10.85 billion total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Adam Jokich, CFA | &nbsp;&nbsp; Mutual Funds: 4 accounts, $406.04 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Adam Jokich, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 15 accounts, $7.49 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Adam Jokich, CFA | &nbsp;&nbsp; Other Accounts: 6,656 accounts, $9.94 billion total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| **WCM Investment Management, LLC** | **WCM Investment Management, LLC** |
| Jonathan Detter, CFA | &nbsp;&nbsp; Mutual Funds: 4 accounts, $687.66 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Jonathan Detter, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 0 account, $0 total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Jonathan Detter, CFA | &nbsp;&nbsp; Other Accounts: 16 accounts, $365.30 million total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Anthony B. Glickhouse, CFA | &nbsp;&nbsp; Mutual Funds: 4 accounts, $687.66 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Anthony B. Glickhouse, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 0 account, $0 total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Anthony B. Glickhouse, CFA | &nbsp;&nbsp; Other Accounts: 16 accounts, $365.30 million total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Patrick McGee, CFA | &nbsp;&nbsp; Mutual Funds: 4 accounts, $687.66 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Patrick McGee, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 0 account, $0 total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Patrick McGee, CFA | &nbsp;&nbsp; Other Accounts: 16 accounts, $365.30 total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| **Wellington Management Company LLP**  | **Wellington Management Company LLP**  |

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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, 2022**<br>|
| Jonathan G. White, CFA | &nbsp;&nbsp; Mutual Funds: 11 accounts, $5.63 billion total assets (2 accounts, $735.31 million <br> total assets for which the advisory fee is based on performance)<br>|
| Jonathan G. White, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 55 accounts, $15.20 billion total assets (8 <br> accounts, $4.19 billion total assets for which the advisory fee is based on <br> performance)<br>|
| Jonathan G. White, CFA | &nbsp;&nbsp; Other Accounts: 96 accounts, $29.15 billion total assets (13 accounts, $5.20 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Mary L. Pryshlak, CFA | &nbsp;&nbsp; Mutual Funds: 11 accounts, $5.63 billion total assets (2 accounts, $735.31 million <br> total assets for which the advisory fee is based on performance)<br>|
| Mary L. Pryshlak, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 53 accounts, $15.09 billion total assets (8 <br> accounts, $4.19 billion total assets for which the advisory fee is based on <br> performance)<br>|
| Mary L. Pryshlak, CFA | &nbsp;&nbsp; Other Accounts: 94 accounts, $29.01 billion total assets (13 accounts, $5.20 billion <br> total assets for which the advisory fee is based on performance)<br>|

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**POTENTIAL CONFLICTS OF INTEREST**

**<u>Amundi Asset Management US, Inc. ("Amundi US")</u>** 

Amundi US has established an Investment and Trade Allocation Policy to ensure that there is fair and equitable allocation and aggregation of trades among the funds and clients for which Amundi US acts as an Investment Manager.

Trades for accounts will be aggregated only if the following conditions are met:

• Account trades are treated equally with other account trades;

• Each participant in the trade will receive average execution and average commissions;

• Securities purchased or sold are allocated pro rata; and or other equitable method; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The practice of aggregating client trades is fully disclosed in the Form ADV of Amundi US and each client's investment advisory contract.

Once a portfolio manager has decided to buy or sell an equity security for an account, he or she places the order with Amundi US' trading desk using Amundi US' trade order management system. Orders are time-stamped and then routed to the trading desk for execution. Once a portfolio manager places an order into the system, he or she cannot modify the order. Corrections to orders placed with Amundi US' trading desk must be cancelled and re-submitted.

Contemporaneous orders for the same security can be aggregated into a single trade. This function is performed automatically by the MCE/ALTO trade order management system if the orders are from the same portfolio manager and manually by the trading desk where the orders are from different portfolio managers.

Subsequent orders for a security are aggregated with existing orders for the same security, if the terms of the subsequent order are the same and the existing orders have not been executed. If the existing orders were executed before the subsequent orders are placed, subsequent orders for a security are not aggregated with existing orders. If an order for a security is partially filled when the trading desk receives a subsequent order for the same security with the same terms, the existing execution will be booked and the residual will be aggregated with the subsequent order. Price does not affect trade aggregation at Amundi US.

**<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"), 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

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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. 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.

When more than one account purchases or sells the same securities, Bailard can, to the extent permitted by applicable laws and regulations, aggregate or "block" the securities to be purchased or sold in an effort to obtain best execution. The aggregation of trades creates the potential for unfairness if one account is favored over another in allocating the securities purchased or sold (for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account.) Bailard has adopted a Trade Priority and Aggregation Policy to help ensure that accounts that participate in the blocking of trades are treated equitably.

The same Bailard employee can serve as the portfolio manager of accounts with different investment strategies (including competing investment strategies) as long as all such accounts are treated fairly and equitably. Bailard seeks to limit, to the extent that is practicable, the number of instances in which the same individual manages accounts with competing investment strategies.

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 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, the performance of these clients' investment management account(s) are included in the quarterly reviews of the asset allocation and performance of Bailard Wealth Management accounts. <sup>1</sup> We are

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in the process of launching a new pooled vehicle. When certain conditions are met, Bailard would be eligible to receive an incentive allocation from that pooled vehicle.

**<u>BlackRock Investment Management, LLC ("BlackRock")</u>** 

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Mr. Mauro and Ms. Uyehara may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Mr. Mauro and Ms. Uyehara may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

**<u>Brown Capital Management, LLC ("Brown Capital")</u>** 

Brown Capital does not maintain a separate policy titled conflicts of interests. However, it discloses conflicts of interests in its ADV part 2A and manages those conflicts with policies and procedures found in the Compliance Manual.

Brown Capital manages portfolios for multiple institutional, individual, and mutual fund clients. Each portfolio has its own set of investment objectives and investment policies that may differ from those of the Fund. The portfolio managers make investment decisions for each portfolio based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. Accordingly, a particular portfolio may contain different securities than the Fund, and investment decisions may be made in other accounts that are different than the decisions made for the Fund. As an example, the portfolio manager may decide to buy a security in one or more portfolios, while selling the same security in other portfolios based on the different objectives, restrictions, and cash flows in the portfolios.

Brown Capital's objective is to meet its fiduciary obligation to treat all clients fairly. To help accomplish this objective and to address potential conflicts of interest, Brown Capital has adopted and implemented policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time. Brown Capital's compliance procedures include actively monitoring compliance with investment policies, trade allocation, and Code of Ethics requirements. In addition, Brown Capital's senior management team reviews the performance of portfolio managers and analysts.

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**<u>Geneva Capital Management LLC ("Geneva")</u>** 

Geneva's portfolio managers manage multiple accounts for a diverse client base, including mutual funds, collective investment trusts (CITs), separate accounts (assets managed on behalf of institutions such as pension funds, public entities and foundations) and wrap fee programs ("Other Accounts"). Certain of these Other Accounts may pay higher advisory fees than a Fund creating an incentive to favor the higher paying account. Therefore, conflicts of interest may arise in connection with the portfolio managers' management of a Fund's investments on the one hand and the investments of such Other Accounts on the other hand. However, Geneva has adopted policies and procedures designed to address such conflicts, including, among others, policies and procedures relating to allocation of investment opportunities, soft dollars and aggregation of trades. We have 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 the 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

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factors can determine whether a particular account may participate in a particular aggregated transaction. Because of such differences, there may be differences in invested positions and securities held in accounts managed according to similar strategies. When aggregating orders, GQG employs procedures designed to ensure accounts will be treated in a fair and equitable manner and no account will be favored over any other. GQG has implemented specific policies and procedures to address any potential conflicts.

GQG may invest in securities of companies issued by broker-dealers (or their affiliates) used by GQG to effect transactions for client accounts, including the fund. In addition, from time to time, GQG directs trades to broker-dealers that are clients of GQG (or are affiliated with clients of GQG) that provide investment banking or other financial services to GQG (or are affiliated with companies that provide such services) and/or that sponsor pooled vehicles to which GQG provides investment advisory services (or are affiliated with such sponsors). These various business relationships with other companies give rise to rise to conflicts of interest and incentives to favor the interests of these companies when GQG provides services to the fund and its other clients. GQG has adopted policies and procedures that are designed to address such conflicts of interest to help ensure that it acts in a manner that is consistent with its fiduciary obligations to all clients.

GQG does not enter into formal "soft dollar" arrangements to purchase research and does not receive soft dollar credits in connection with trading on behalf of client accounts. GQG does accept proprietary research and corporate access that is provided to it directly by certain broker-dealers to which GQG directs trades on behalf of its clients, including the fund. GQG follows policies and procedures that are intended to ensure that the receipt of such research is consistent with its best execution obligations and other applicable law.

**<u>Insight North America LLC ("Insight")</u>** 

Insight ensures it manages conflicts of interest fairly and in accordance with the Securities and Exchange Commission and does not place its own interests unfairly above those of its customers. Where potential conflicts arise, Insight will not enter into a transaction until it has ensured the fair treatment for all customers. In order to preserve its reputation and comply with applicable legal and regulatory requirements, Insight believes managing perceived conflicts is as important as managing actual conflicts.

**<u>Janus Henderson Investors US LLC ("Janus Henderson")</u>** 

Portfolio managers generally manage other accounts, including accounts that may hold the same securities as or pursue investment strategies similar to the Funds. Those other accounts may include separately managed accounts, model or emulation accounts, Janus Henderson mutual funds and ETFs, private-label funds for which the Adviser or an affiliate serves as subadviser, or other Janus Henderson pooled investment vehicles, such as hedge funds, which may have different fee structures or rates than a Fund or may have a performance-based management fee. The Adviser or an affiliate may also proprietarily invest in or provide seed capital to some but not all of these accounts. In addition, portfolio managers may personally invest in or provide seed capital to some but not all of these accounts, and certain of these accounts may have a greater impact on their compensation than others. Further, portfolio managers (or their family members) may beneficially own or transact in the same securities as those held in a Fund's portfolio. Moreover, certain managers also have other roles at Janus Henderson (e.g., research analyst) and receive compensation attributable to the other roles. Certain portfolio managers also have roles with an affiliate of the Adviser, and provide advice on behalf of the Adviser through participating affiliate agreements, and receive compensation attributable to other roles. These factors could create conflicts of interest between the portfolio managers and the Funds because portfolio managers may have incentives to favor one or more accounts over others or one role over another in the allocation of time, resources, or investment opportunities and the sequencing of trades, resulting in the potential for the Fund to be disadvantaged relative to one or more other accounts.

A conflict of interest between the Funds and other clients, including one or more Funds, may arise if a portfolio manager identifies a limited investment opportunity that may be appropriate for a Fund, but the Fund is not able to take full advantage of that opportunity due to the need to allocate that opportunity among other accounts also managed by the portfolio manager. A conflict may also arise if a portfolio manager executes transactions in one or more accounts that adversely impact the value of securities held by a Fund.

The Adviser believes that these and other conflicts are mitigated by policies, procedures, and practices in place, including those governing personal trading, proprietary trading and seed capital deployment, aggregation and allocation of trades, allocation of limited offerings, cross trades, and best execution. In addition, the Adviser generally requires portfolio

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managers to manage accounts with similar investment strategies in a similar fashion, subject to a variety of exceptions, including, but not limited to, investment restrictions or policies applicable only to certain accounts, certain portfolio holdings that may be transferred in-kind when an account is opened, differences in cash flows and account sizes, and similar factors.

The Adviser monitors accounts with similar strategies for any holdings, risk, or performance dispersion or unfair treatment. The Adviser and its affiliates generate trades throughout the day, depending on the volume of orders received from investment personnel, for all of its clients using trade system software. Trades are pre-allocated to individual clients and submitted to selected brokers via electronic files, in alignment with the Adviser's best execution policy. If an order is not completely filled, executed shares are allocated to client accounts in proportion to the order. In addition, the Adviser has adopted trade allocation procedures that govern allocation of securities among various Janus Henderson accounts.

The Adviser manages the Funds and the Janus Henderson "funds of funds," which are funds that invest primarily in other Janus Henderson funds. Because the Adviser manages the Janus Henderson "funds of funds" and the Funds, it is subject to certain potential conflicts of interest when allocating the assets of a Janus Henderson "fund of funds" among such Funds. For example, the Adviser has a conflict of interest in selecting investments for a Fund because the underlying funds, unlike unaffiliated investment companies, pay fees to the Adviser, and the fees paid to it by some underlying funds are higher that the fees paid by other underlying funds. Further, the Janus Henderson "funds of funds" investments have been and may continue to be a significant portion of the investments in other Janus Henderson funds, allowing the Adviser the opportunity to recoup expenses it previously waived or reimbursed for a Fund, or to reduce the amount of seed capital investment needed by Janus for the Janus Henderson funds.

**<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 Allocation and Aggregation 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 Funds, 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 ("BNYM"), potential conflicts may also arise between the Firm and other BNYM 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

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by side management, execution of portfolio transactions, brokerage conflicts, compensation conflicts, related party arrangements, personal interests, and other investment and operational conflicts of interest. Our compliance policies are designed to ensure that all client accounts are treated equitably over time. Additionally, the Firm has structured compensation of investment personnel to reasonably safeguard client accounts from being adversely impacted by any potential or related conflicts.

All material conflicts of interest are presented in greater detail within Part 2A of our Form ADV.

**<u>Nationwide Asset Management, LLC ("Nationwide Asset Management")</u>** 

Nationwide Asset Management is a separate, wholly owned subsidiary of Nationwide Mutual Insurance Company. Certain employees of the firm may also provide advisory services to affiliated portfolios outside of the Registered Investment Adviser, including Nationwide Life Insurance and Nationwide Mutual Insurance, side by side to its clients.

Nationwide Fund Distributors, LLC is an affiliated broker dealer that distributes funds for which Nationwide Asset Management performs sub-advisory services on behalf of Nationwide Funds Advisors to Nationwide Mutual Funds and the Nationwide Variable Insurance Trust.

Investment adviser representatives of Nationwide Asset Management may also be representatives of our affiliated broker-dealers Nationwide Investment Services Corporation and Nationwide Securities. Nationwide Asset Management does not place trades through affiliated broker-dealers.

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.

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Aggregated trades may be used to facilitate best execution by negotiating more favorable prices, obtaining more timely execution or reducing overall transaction costs.

When a decision is made to aggregate transactions on behalf of more than one account, such transactions will be allocated to all participating client accounts in a fair and equitable manner. Affiliated accounts may be included in aggregated trade orders.

Nationwide Asset Management does not engage in cross trades between client portfolios.

The firm does not have soft dollar arrangements with broker-dealers however it does receive research materials.

**<u>Newton Investment Management North America, LLC ("NIMNA")</u>** 

**<u>Conflicts of Interest</u>** 

It is the policy of NIMNA 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 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 ("BNYM"), potential conflicts may also arise between the Firm and other BNYM 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 policies and procedures to address such conflicts. Our compliance policies are designed to ensure that all client accounts are treated equitably over time. Additionally, the Firm has structured compensation of investment personnel to reasonably safeguard client accounts from being adversely impacted by any potential or related conflicts.

All material conflicts of interest are presented in greater detail within Part 2A of our Form ADV.

**<u>UBS Asset Management (Americas) Inc. ("UBS AM")</u>** 

The portfolio management team's management of the Fund and other accounts could result in potential conflicts of interest if the Fund and other accounts have different objectives, benchmarks and fees because the portfolio management team must allocate its time and investment expertise across multiple accounts, including the Fund. A portfolio manager and his or her team manage the Fund and other accounts utilizing a model portfolio approach that groups similar accounts within a model portfolio. UBS AM manages accounts according to the appropriate model portfolio, including where possible, those accounts that have specific investment restrictions. Accordingly, portfolio holdings, position sizes and industry and sector exposures tend to be similar across accounts, which may minimize the potential for conflicts of interest.

If a portfolio manager identifies a limited investment opportunity that may be suitable for more than one account or model portfolio, 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 model portfolios and accounts. To deal with these situations, UBS AM has adopted procedures for allocating portfolio trades across multiple accounts to provide fair treatment to all accounts.

The management of personal accounts by a portfolio manager may also give rise to potential conflicts of interest. UBS AM has adopted a Code of Ethics that governs such personal trading but there is no assurance that the Code will adequately address all such conflicts.

UBS Group AG ("UBS") is a worldwide full-service investment banking, broker-dealer, asset management and financial services organization. As a result, UBS AM and UBS (including, for these purposes, their directors, partners, officers and employees) worldwide, including the entities and personnel who may be involved in the investment activities and business operations of the Fund are engaged in businesses and have interests other than that of managing the Fund. These activities and interests include potential multiple advisory, transactional, financial, consultative, and other interests in transactions, companies, securities and other instruments that may be engaged in, purchased or sold by the Fund.

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UBS AM may purchase or sell, or recommend for purchase or sale, for the Fund or its other accounts securities of companies: (i) with respect to which its affiliates act as an investment banker or financial adviser; (ii) with which its affiliates have other confidential relationships; (iii) in which its affiliates maintain a position or (iv) for which its affiliates make a market; or in which it or its officers, directors or employees or those of its affiliates own securities or otherwise have an interest. Except to the extent prohibited by law or regulation or by client instruction, UBS AM may recommend to the Fund or its other clients, or purchase for the Fund or its other clients, securities of issuers in which UBS has an interest as described in this paragraph.

UBS AM manages accounts of certain clients by means of separate accounts ("Separate Accounts"). With respect to the Fund, UBS AM may follow a strategy that is expected to be similar over time to that delivered by the Separate Accounts. The Fund and the Separate Account Clients are subject to independent management and, given the independence in the implementation of advice to these accounts, there can be no assurance that such investment advice will be implemented simultaneously. While each will use reasonable endeavors to procure timely execution, it is possible that prior execution for or on behalf of the Separate Accounts could adversely affect the prices and availability of the securities, currencies and instruments in which the Fund invests.

From time to time and subject to client approval, UBS AM may rely on certain affiliates to execute trades for the Fund or its other accounts. For each security transaction effected by UBS, UBS AM may compensate and UBS may retain such compensation for effecting the transaction, and UBS AM may receive affiliated group credit for generating such business.

Transactions undertaken by UBS or client accounts managed by UBS ("Client Accounts") may adversely impact the Fund. UBS and one or more Client Accounts may buy or sell positions while the Fund is undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the Fund.

UBS AM manages both accounts that are charged a performance-based fee and accounts that are charged a flat fee or an asset-based fee. Conflicts of interests may arise when managing these accounts side-by-side, as there may be an incentive to favor accounts for which UBS AM receives a performance-based fee. UBS AM seeks to mitigate these potential conflicts by implementing a number of compliance policies and business processes. Specifically, prior to implementing performance-based fee arrangements, these arrangements are reviewed by UBS AM to assess whether the proposed fee arrangement would unfairly disadvantage any of UBS AM's clients. In addition, many of UBS AM's strategies are managed on a model basis, meaning the portfolio managers manage a model for the strategy and translation of the models into individual client portfolios is handled by multiple other functions within UBS AM. This division of labor imparts checks and balances into the portfolio management process that minimizes the potential for one account to be favored over another. UBS AM's performance measurement team and compliance personnel monitor for dispersion of investment performance among similarly managed accounts to confirm that no accounts are being favored. UBS AM has established a trade allocation policy designed to ensure fair and equitable allocation of investments among client accounts. Additionally, portfolio holdings, position sizes and industry and sector exposures tend to be similar across accounts, which may minimize the potential for conflicts of interests.

UBS AM and its advisory affiliates utilize a common portfolio and trading platform for its clients. Certain investment professionals and other employees of UBS AM are officers of advisory affiliates and related persons and may provide investment advisory services to clients of such affiliated entities. UBS AM's personnel also provide research and trading support to personnel of certain advisory affiliates.

While it selects brokers primarily on the basis of the execution capabilities, UBS AM, in its discretion, may cause a client to pay a commission to brokers or dealers for effecting a transaction for that client in excess of the amount another broker or dealer would have charged for effecting that transaction. This may be done when UBS AM has determined in good faith that the commission is reasonable in relation to the value of the execution, brokerage and/or research services provided by the broker. UBS AM's arrangements for the receipt of research services from brokers may create conflicts of interest, in that it has an incentive to choose a broker or dealer that provides research services, instead of one that charges a lower commission rate but does not provide any research. Brokers may provide third party research services through client commission arrangements (CCAs) or commission sharing arrangements (CSAs). Research-related costs may be shared by advisory affiliates and related persons and may benefit the clients of such advisory affiliates. Since research services are shared between UBS AM and its advisory affiliates, UBS AM and its advisory affiliates maintain an aggregated CCA/CSA research budget. Therefore, research services that benefit UBS AM's clients may be paid for with commissions generated by clients of its advisory affiliates. Similarly, research services paid for by commissions generated by UBS AM's clients may benefit advisory affiliates and their clients. UBS AM does not allocate the relative costs or benefits of research received from

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brokers or dealers among its clients because UBS AM believes that the research received is, in the aggregate, of assistance in fulfilling UBS AM's overall responsibilities to its clients. The research may be used in connection with the management of accounts other than those for which trades are executed by the brokers or dealers providing the research.

**<u>WCM Investment Management, LLC ("WCM")</u>** 

The management of multiple funds and accounts may give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. The firm seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. The separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The firm seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While WCM has adopted a code of ethics which we believe contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

In addition, WCM has adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

**<u>Wellington Management Company LLP ("Wellington Management")</u>** 

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. The Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Funds ("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 Funds. The Portfolio Managers make investment decisions for each account, including the Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Managers may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Fund.

The Portfolio Managers or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Fund, or make investment decisions that are similar to those made for the relevant Fund, both of which have the potential to adversely impact the Fund depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, the Portfolio Managers may purchase the same security for the Fund and one or more other accounts at or about the same time. In those instances the other accounts will have access to their respective holdings prior to the public disclosure of the Fund's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Fund. The Portfolio 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

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higher or lower than those associated with other accounts managed by the 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 of 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** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 34298.208 | 65.18% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS A<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 4332.903 | 8.23% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS A<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 3912.755 | 7.44% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2876.676 | 5.47% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS C<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 25031.889 | 93.43% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 2259997.989 | 39.90% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS R6<br>| INVESTOR DESTINATIONS MODERATE | COLUMBUS | OH | 43215 | 1732981.727 | 30.59% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 617258.488 | 10.90% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 532642.561 | 9.40% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 506921.645 | 8.95% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND INSTITUTIONAL SERVICE <br> CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 56563.805 | 56.31% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND INSTITUTIONAL SERVICE <br> CLASS<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 15024.943 | 14.96% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 14780.639 | 14.71% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 6486.459 | 6.46% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI GLOBAL HIGH <br> YIELD FUND INSTITUTIONAL SERVICE <br> CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 5110.516 | 5.09% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 86844.029 | 41.01%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 33214.859 | 15.68% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS A<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 25320.166 | 11.96% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS A<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 17427.641 | 8.23% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS A<br>| MELVIN DEUTSCH | AUSTIN | TX | 78715 | 12428.291 | 5.87% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 148918.975 | 75.15% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 34752.562 | 17.54% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 13225.868 | 6.67% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 948728.912 | 15.99% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2025<br>| COLUMBUS | OH | 43215 | 915111.324 | 15.43% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2030<br>| COLUMBUS | OH | 43215 | 732050.713 | 12.34% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS R6<br>| INVESTOR DESTINATIONS MODERATE | COLUMBUS | OH | 43215 | 727491.782 | 12.26% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT<br>| COLUMBUS | OH | 43215 | 703179.936 | 11.85% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 670453.749 | 11.30% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2035<br>| COLUMBUS | OH | 43215 | 470456.661 | 7.93% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 2203682.719 | 27.08% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND INSTITUTIONAL <br> SERVICE CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 2031499.500 | 24.97% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND INSTITUTIONAL <br> SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 1644499.289 | 20.21%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND INSTITUTIONAL <br> SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 997266.443 | 12.26% |
| &nbsp;&nbsp; NATIONWIDE AMUNDI STRATEGIC <br> INCOME FUND INSTITUTIONAL <br> SERVICE CLASS<br>| E\*TRADE SAVINGS BANK | ENGLEWOOD | CO | 80155 | 799021.589 | 9.82% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND CLASS A<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 24346.102 | 46.32% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND CLASS C<br>| STIFEL NICOLAUS CUSTODIAN FOR | PROSPECT | CT | 06712 | 10706.713 | 85.17% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND CLASS C<br>| STIFEL NICOLAUS & CO INC | ST LOUIS | MO | 63102 | 743.993 | 5.92% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND CLASS M<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 4868922.630 | 75.41% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND CLASS M<br>| TD AMERITRADE INC FBO | OMAHA | NE | 68103 | 1019870.088 | 15.80% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND CLASS M<br>| MATRIX TRUST COMPANY | PHOENIX | AZ | 85072 | 387839.258 | 6.01% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND CLASS R6<br>| NATIONWIDE LIFE INSURANCE | COLUMBUS | OH | 43215 | 446.412 | 62.45% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND CLASS R6<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 246.247 | 34.45% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| D A DAVIDSON & CO | GREAT FALLS | MT | 59401 | 5634.301 | 54.13% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 2382.457 | 22.89% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 1015.293 | 9.75% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 849.516 | 8.16% |
| &nbsp;&nbsp; NATIONWIDE BAILARD COGNITIVE <br> VALUE FUND INSTITUTIONAL SERVICE <br> CLASS<br>| ARTHUR HEINZ | CHESTER | VA | 23831 | 527.137 | 5.06%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS A<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 52670.788 | 12.83% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 44895.266 | 10.93% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 43940.707 | 10.70% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 36426.242 | 8.87% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 31857.192 | 7.76% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS A<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 25092.899 | 6.11% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS C<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 73082.814 | 60.17% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 15428.478 | 12.70% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 8818.355 | 7.26% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS C<br>| OPPENHEIMER & CO INC. FBO | TARZANA | CA | 91356 | 7307.581 | 6.02% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS C<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY <br> LLC<br>| NEW YORK | NY | 10004 | 6147.360 | 5.06% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS M<br>| CHARLES SCHWAB COMPANY INC | SAN FRANCISCO | CA | 94105 | &nbsp;&nbsp; 14512647.736<br>| 73.93% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS M<br>| TD AMERITRADE INC FBO | OMAHA | NE | 68103 | 3781072.988 | 19.26%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 144512.697 | 74.39% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS R6<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 21569.076 | 11.10% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS R6<br>| GREAT-WEST TRUST COMPANY LLC F | &nbsp;&nbsp; GREENWOOD <br> VILLAGE<br>| CO | 80111 | 16611.279 | 8.55% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> CLASS R6<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 11561.271 | 5.95% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> INSTITITIONAL SERVICE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 139679.262 | 28.24% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> INSTITITIONAL SERVICE CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 97821.480 | 19.78% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> INSTITITIONAL SERVICE CLASS<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 46989.142 | 9.50% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> INSTITITIONAL SERVICE CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 42873.428 | 8.67% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> INSTITITIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 41987.565 | 8.49% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> INSTITITIONAL SERVICE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 36171.497 | 7.31% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> INTERNATIONAL EQUITIES FUND <br> INSTITITIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY <br> LLC<br>| NEW YORK | NY | 10004 | 30218.344 | 6.11% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 35181.787 | 15.39% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 13444.518 | 5.88%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 13270.194 | 5.80% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 37217.247 | 59.74% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> C<br>| RBC CAPITAL MARKETS LLC | BRYAN | TX | 77802 | 5648.891 | 9.07% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> M<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 3917326.730 | 72.11% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> M<br>| TD AMERITRADE INC FBO | OMAHA | NE | 68103 | 1020951.345 | 18.79% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 79311.344 | 72.62% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> R6<br>| &nbsp;&nbsp; VOYA RETIREMENT INSURANCE & <br> ANNUITY COMPANY<br>| WINDSOR | CT | 06095 | 15793.749 | 14.46% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND CLASS <br> R6<br>| ASCENSUS TRUST COMPANY | FARGO | ND | 58106 | 8274.856 | 7.58% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 32388.826 | 31.72% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 28180.148 | 27.60% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| CARTER PLOTT | WARREN | OH | 44483 | 9942.401 | 9.74% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| SEI PRIVATE TRUST COMPANY | OAKS | PA | 19456 | 7978.773 | 7.81% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 5702.494 | 5.58%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| STATE STREET BANK | BOSTON | MA | 02111 | 5327.822 | 5.22% |
| &nbsp;&nbsp; NATIONWIDE BAILARD <br> TECHNOLOGY & SCIENCE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| EDWARD D JONES & CO | SAINT LOUIS | MO | 63131 | 5277.144 | 5.17% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS A<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 570561.062 | 41.89% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS A<br>| &nbsp;&nbsp; IRREVOCABLE TRUST CHRISTINE A <br> MCDONALD 2020<br>| SARATOGA SPGS | NY | 12866 | 125989.734 | 9.25% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 73576.759 | 5.40% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS A<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 71290.821 | 5.23% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS <br> MODERATE FUND<br>| COLUMBUS | OH | 43215 | &nbsp;&nbsp; 14543243.165<br>| 23.18% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS <br> BALANCED FUND<br>| COLUMBUS | OH | 43215 | &nbsp;&nbsp; 11028230.259<br>| 17.58% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS <br> MANAGED GROWTH FUND<br>| COLUMBUS | OH | 43215 | 7303447.036 | 11.64% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS R6<br>| NVIT INVESTOR DESTINATIONS | COLUMBUS | OH | 43215 | 6759369.610 | 10.78% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INV DEST CAP APPRECIATION <br> FUND<br>| COLUMBUS | OH | 43215 | 6129443.985 | 9.77% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND<br>| COLUMBUS | OH | 43215 | 5898941.978 | 9.40% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE FUND<br>| COLUMBUS | OH | 43215 | 5058064.081 | 8.06% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS <br> MANAGED GROWTH & INCOME FUND<br>| COLUMBUS | OH | 43215 | 3420581.516 | 5.45% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND INSTITUTIONAL <br> SERVICE CLASS<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 333416.127 | 44.85% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND INSTITUTIONAL <br> SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 123094.556 | 16.56% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND INSTITUTIONAL <br> SERVICE CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 120029.349 | 16.15%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON CORE <br> PLUS BOND ESG FUND INSTITUTIONAL <br> SERVICE CLASS<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 72464.995 | 9.75% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 14255.455 | 28.98% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND CLASS A<br>| RUBEN ECHEVERRIA LURASCHI | CHEVY CHASE | MD | 20815 | 10559.006 | 21.46% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND CLASS A<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 3501.784 | 7.12% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND CLASS A<br>| SUSAN K KOLODIN TRUST | BETHESDA | MD | 20814 | 3105.012 | 6.31% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND CLASS A<br>| JUAN BORGA | MADRID | SPAIN | 0 | 2911.487 | 5.92% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND CLASS K<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 2837531.839 | 16.06% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2872.814 | 93.06% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND CLASS R6<br>| NATIONWIDE LIFE INSURANCE | COLUMBUS | OH | 43215 | 214.396 | 6.94% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND EAGLE <br> CLASS<br>| ROBERT ENICHEN | POUGHKEEPSIE | NY | 12603 | 3391.769 | 94.06% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND EAGLE <br> CLASS<br>| NATIONWIDE LIFE INSURANCE | COLUMBUS | OH | 43215 | 214.151 | 5.94% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 13172.243 | 44.54% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| ROBERT W BAIRD & CO INC | MILWAUKEE | WI | 53202 | 7585.197 | 25.65% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 1750.549 | 5.92% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON <br> DISCIPLINED VALUE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| AMERICAN ENTERPRISE INV SVCS | MINNEAPOLIS | MN | 55402 | 1589.493 | 5.37% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 1718758.504 | 35.74%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 306942.390 | 6.38% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS A<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 261320.795 | 5.43% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 613705.149 | 44.09% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 277723.061 | 19.95% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 155853.595 | 11.20% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 102128.831 | 7.34% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS R<br>| MATRIX TRUST COMPANY | DENVER | CO | 80202 | 49466.358 | 42.85% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS R<br>| FIIOC | COVINGTON | KY | 41015 | 37165.645 | 32.20% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS R<br>| ASCENSUS TRUST COMPANY | FARGO | ND | 58106 | 13842.374 | 11.99% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS R<br>| MID ATLANTIC TRUST COMPANY | PITTSBURGH | PA | 15222 | 12343.763 | 10.69% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND CLASS R6<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | &nbsp;&nbsp; 11301902.849<br>| 68.14% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND EAGLE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | &nbsp;&nbsp; 10075150.118<br>| 15.33% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 1710414.290 | 21.33% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 1327156.857 | 16.55% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| CAPINCO | MILWAUKEE | WI | 53212 | 1125605.744 | 14.04% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 1118771.379 | 13.95% |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 1029217.899 | 12.83%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BNY MELLON DYNAMIC <br> U.S. CORE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 673692.629 | 8.40% |
| NATIONWIDE BOND FUND CLASS A | PERSHING LLC | JERSEY CITY | NJ | 07399 | 381705.397 | 38.14% |
| NATIONWIDE BOND FUND CLASS A | UBS WM USA | WEEHAWKEN | NJ | 07086 | 185243.168 | 18.51% |
| NATIONWIDE BOND FUND CLASS A | NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 74849.020 | 7.48% |
| NATIONWIDE BOND FUND CLASS A | EDWARD D JONES & CO | SAINT LOUIS | MO | 63131 | 58139.056 | 5.81% |
| NATIONWIDE BOND FUND CLASS A | &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 52563.481 | 5.25% |
| NATIONWIDE BOND FUND CLASS C | UBS WM USA | WEEHAWKEN | NJ | 07086 | 30150.473 | 49.08% |
| NATIONWIDE BOND FUND CLASS C | RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 9904.923 | 16.12% |
| NATIONWIDE BOND FUND CLASS C | FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 5806.662 | 9.45% |
| NATIONWIDE BOND FUND CLASS C | LPL FINANCIAL | SAN DIEGO | CA | 92121 | 5361.304 | 8.73% |
| NATIONWIDE BOND FUND CLASS R6 | NVIT CARDINAL BALANCED FUND | COLUMBUS | OH | 43215 | 6912093.762 | 23.83% |
| NATIONWIDE BOND FUND CLASS R6 | NVIT CARDINAL MODERATE FUND | COLUMBUS | OH | 43215 | 5484356.370 | 18.91% |
| NATIONWIDE BOND FUND CLASS R6 | &nbsp;&nbsp; NVIT CARDINAL CAPITAL <br> APPRECIATION FUND<br>| COLUMBUS | OH | 43215 | 4517460.898 | 15.58% |
| NATIONWIDE BOND FUND CLASS R6 | NVIT CARDINAL CONSERVATIVE FUND | COLUMBUS | OH | 43215 | 3789973.746 | 13.07% |
| NATIONWIDE BOND FUND CLASS R6 | &nbsp;&nbsp; NVIT CARDINAL MANAGED GROWTH <br> FUND<br>| COLUMBUS | OH | 43215 | 2808382.939 | 9.68% |
| NATIONWIDE BOND FUND CLASS R6 | &nbsp;&nbsp; NVIT CARDINAL MODERATELY <br> CONSERVATIVE FUND<br>| COLUMBUS | OH | 43215 | 2680457.721 | 9.24% |
| NATIONWIDE BOND FUND CLASS R6 | &nbsp;&nbsp; NVIT CARDINAL MANAGED GROWTH & <br> INCOME FUND<br>| COLUMBUS | OH | 43215 | 1758979.059 | 6.07% |
| &nbsp;&nbsp; NATIONWIDE BOND FUND <br> INSTITUTIONAL SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 1289848.745 | 36.81% |
| &nbsp;&nbsp; NATIONWIDE BOND FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 946198.685 | 27.00% |
| &nbsp;&nbsp; NATIONWIDE BOND FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 297353.914 | 8.49% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 8069381.087 | 34.75% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 7935311.792 | 34.17% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 3626484.184 | 15.62% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1189029.174 | 5.12%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 12885.060 | 38.78% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS C<br>| CHARLES THOMPSON | BLUFFTON | IN | 46714 | 12204.338 | 36.73% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 3888.818 | 11.70% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 680762.007 | 36.45% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 541156.560 | 28.98% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 459058.433 | 24.58% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 110344.298 | 5.91% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 461181.427 | 51.43% |
| &nbsp;&nbsp; NATIONWIDE BOND INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 410067.071 | 45.73% |
| NATIONWIDE FUND CLASS A | PERSHING LLC | JERSEY CITY | NJ | 07399 | 2113908.172 | 32.25% |
| NATIONWIDE FUND CLASS A | NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 1105429.650 | 16.87% |
| NATIONWIDE FUND CLASS A | &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 624409.891 | 9.53% |
| NATIONWIDE FUND CLASS C | &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 7721.836 | 41.97% |
| NATIONWIDE FUND CLASS C | TD AMERITRADE INC FBO | OMAHA | NE | 68103 | 3173.290 | 17.25% |
| NATIONWIDE FUND CLASS C | PERSHING LLC | JERSEY CITY | NJ | 07399 | 1780.783 | 9.68% |
| NATIONWIDE FUND CLASS C | &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 1441.959 | 7.84% |
| NATIONWIDE FUND CLASS C | FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 961.608 | 5.23% |
| NATIONWIDE FUND CLASS R | MID ATLANTIC TRUST COMPANY | PITTSBURGH | PA | 15222 | 890.316 | 74.70% |
| NATIONWIDE FUND CLASS R | &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43215 | 301.511 | 25.30% |
| NATIONWIDE FUND CLASS R6 | NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1590785.439 | 99.92% |
| &nbsp;&nbsp; NATIONWIDE FUND INSTITITIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 6788431.357 | 18.97% |
| &nbsp;&nbsp; NATIONWIDE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | &nbsp;&nbsp; 12829837.388<br>| 35.84% |
| &nbsp;&nbsp; NATIONWIDE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 5501331.424 | 15.37%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS A<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 1570893.519 | 23.52% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS A<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94104 | 709971.961 | 10.63% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 620965.622 | 9.30% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 484294.893 | 7.25% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS A<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 406143.676 | 6.08% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS C<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 338653.353 | 25.57% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 294132.037 | 22.21% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 203684.432 | 15.38% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 168941.394 | 12.75% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS C<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY <br> LLC<br>| NEW YORK | NY | 10004 | 88417.820 | 6.68% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS R6<br>| EDWARD D JONES & CO | SAINT LOUIS | MO | 63131 | 491462.487 | 30.07% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS R6<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 366653.026 | 22.43% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS R6<br>| &nbsp;&nbsp; LINCOLN RETIREMENT SERVICES <br> COMPANY<br>| FORT WAYNE | IN | 46802 | 293074.705 | 17.93% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND CLASS R6<br>| MID ATLANTIC TRUST COMPANY | PITTSBURGH | PA | 15222 | 85020.091 | 5.20% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY <br> LLC<br>| NEW YORK | NY | 10004 | 1985828.329 | 23.89% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 1168607.816 | 14.06% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 1131213.777 | 13.61%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 1062056.579 | 12.78% |
| &nbsp;&nbsp; NATIONWIDE GENEVA MID CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 441799.106 | 5.32% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SM CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY <br> LLC<br>| NEW YORK | NY | 10004 | 3841649.276 | 30.84% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SM CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2146479.887 | 17.23% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SM CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 1022981.775 | 8.21% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SM CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| ZIONS FIRST NATIONAL BANK 0 | SALT LAKE CTY | UT | 84130 | 879249.449 | 7.06% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SM CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 809442.508 | 6.50% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS A<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 295744.061 | 23.96% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS A<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY <br> LLC<br>| NEW YORK | NY | 10004 | 206168.563 | 16.70% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS A<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 127595.908 | 10.34% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 127031.829 | 10.29% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 78852.226 | 6.39% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 69671.583 | 5.64% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS C<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY <br> LLC<br>| NEW YORK | NY | 10004 | 75642.278 | 26.91% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS C<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 49385.380 | 17.57% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS C<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 43138.989 | 15.35%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 26485.669 | 9.42% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 17713.360 | 6.30% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 15362.791 | 5.47% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS R6<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 1579207.561 | 30.37% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS R6<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 772962.356 | 14.86% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS R6<br>| DCGT AS TTEE AND/OR CUST | DES MOINES | IA | 50392 | 394183.933 | 7.58% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS R6<br>| T ROWE PRICE SERVICES | OWINGS MILLS | MD | 21117 | 331174.889 | 6.37% |
| &nbsp;&nbsp; NATIONWIDE GENEVA SMALL CAP <br> GROWTH FUND CLASS R6<br>| MATRIX TRUST COMPANY | PHOENIX | AZ | 85072 | 330133.760 | 6.35% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS A<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 1097373.811 | 53.57% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS A<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 161333.852 | 7.88% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 140330.403 | 6.85% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS C<br>| &nbsp;&nbsp; MERRILL LYNCH FINANCIAL DATA <br> SCVS<br>| JACKSONVILLE | FL | 32246 | 16371.055 | 23.02% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS C<br>| TD AMERITRADE INC FBO | OMAHA | NE | 68103 | 15059.407 | 21.18% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS C<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 9895.716 | 13.92% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS C<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 8335.802 | 11.72% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS C<br>| AMERICAN ENTERPRISE INV SVCS | MINNEAPOLIS | MN | 55402 | 4152.215 | 5.84% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS R6<br>| PAUL M ZELISKO TRUST 2 | CHICAGO | IL | 60652 | 51708.077 | 17.67% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS R6<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 48771.830 | 16.67% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS R6<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 43637.869 | 14.91%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS R6<br>| GERLACH & CO LLC CH100025 1 | TAMPA | FL | 33610 | 40481.591 | 13.83% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS R6<br>| J P MORGAN SECURITIES LLC | BROOKLYN | NY | 11245 | 36301.203 | 12.41% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS R6<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 32435.807 | 11.08% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND CLASS R6<br>| WILLIAM LUBY | FAIR HAVEN | NJ | 07704 | 18945.250 | 6.47% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 91143.695 | 32.52% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND INSTITUTIONAL <br> SERVICE CLASS<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 72478.443 | 25.86% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND INSTITUTIONAL <br> SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 32964.541 | 11.76% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 29931.593 | 10.68% |
| &nbsp;&nbsp; NATIONWIDE GLOBAL SUSTAINABLE <br> EQUITY FUND INSTITUTIONAL <br> SERVICE CLASS<br>| CORELLA GREEN | DENVER | CO | 80209 | 18812.431 | 6.71% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 137552280.540<br>| 66.06% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 29539802.890<br>| 14.19% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 13861909.550<br>| 6.66% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 64568654.540<br>| 28.69% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 62305921.786<br>| 27.68% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 39876449.640<br>| 17.72% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 200926.100 | 11.59% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| DAN CARL | ANOKA | MN | 55303 | 162168.610 | 9.35%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| DINA SIPOS | HELLERTOWN | PA | 18055 | 159305.270 | 9.19% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| THOMAS TESCHER | RENO | NV | 89519 | 157001.840 | 9.06% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 18677456.727<br>| 8.30% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 133026.876 | 7.67% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | &nbsp;&nbsp; 15539820.320<br>| 6.90% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 7798683.058 | 6.75% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| CHARLES THOMPSON | BLUFFTON | IN | 46714 | 110219.970 | 6.36% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| LINDA WADENSTEN | CHARLESTOWN | RI | 02813 | 100479.950 | 5.80% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET FUND INVESTOR SHARES<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | &nbsp;&nbsp; 12970145.927<br>| 5.76% |
| &nbsp;&nbsp; NATIONWIDE GOVERNMENT MONEY <br> MARKET SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1840766.960 | 99.90% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 771068.155 | 42.14% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 222424.650 | 12.16% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND CLASS A<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 221751.832 | 12.12% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 1653855.776 | 32.11% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 1483851.473 | 28.81% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43215 | 1030218.384 | 20.00% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND CLASS R6<br>| INVESTOR DESTINATIONS MODERATE | COLUMBUS | OH | 43215 | 803185.641 | 15.59% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND EAGLE CLASS<br>| PIMS/PRUDENTIAL RETIREMENT | BOWLING GREEN | KY | 42101 | 84572.703 | 37.82% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND EAGLE CLASS<br>| PIMS/PRUDENTIAL RETIREMENT | ONTARIO | CA | 91761 | 48533.584 | 21.70%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND EAGLE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 26356.522 | 11.78% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY FUND EAGLE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 13519.850 | 6.05% |
| &nbsp;&nbsp; NATIONWIDE GQG US QUALITY <br> EQUITY INSTITUTIONAL SERVICE <br> CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 79402.434 | 95.76% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 447529.422 | 40.31% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 211650.785 | 19.06% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS A<br>| STATE STREET BANK | BOSTON | MA | 02111 | 107754.150 | 9.71% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 100627.202 | 9.06% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS A<br>| MG TRUST COMPANY | DENVER | CO | 80202 | 57560.511 | 5.18% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| NVIT INVESTOR DESTINATIONS | COLUMBUS | OH | 43215 | 3030511.849 | 16.10% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| NVIT CARDINAL CONSERVATIVE | COLUMBUS | OH | 43215 | 2505490.720 | 13.31% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 2250074.027 | 11.95% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| &nbsp;&nbsp; NVIT INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE FUND<br>| COLUMBUS | OH | 43215 | 1919706.271 | 10.20% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 1284709.352 | 6.83% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| &nbsp;&nbsp; NVIT CARDINAL MODERATELY <br> CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 1232938.471 | 6.55% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 1052652.339 | 5.59% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| INVESTOR DESTINATIONS MODERATE | COLUMBUS | OH | 43215 | 985123.859 | 5.23% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2025<br>| COLUMBUS | OH | 43215 | 957908.001 | 5.09% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND INSTITUTIONAL <br> SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 605207.032 | 26.98%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 552932.051 | 24.65% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 271309.566 | 12.09% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND INSTITUTIONAL <br> SERVICE CLASS<br>| DCGT AS TTEE AND/OR CUST | DES MOINES | IA | 50392 | 196808.311 | 8.77% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 147670.000 | 6.58% |
| &nbsp;&nbsp; NATIONWIDE INFLATION-PROTECTED <br> SECURITIES FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 128168.404 | 5.71% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 16864071.323<br>| 45.31% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 11129484.167<br>| 29.90% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3260493.061 | 8.76% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2100252.523 | 5.64% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 27655.419 | 11.70% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 15503.129 | 6.56% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS R<br>| STATE STREET BANK | BOSTON | MA | 02111 | 1593231.553 | 48.82% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE<br>| COLUMBUS | OH | 43215 | &nbsp;&nbsp; 20532507.693<br>| 25.36% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> AGGRESSIVE<br>| COLUMBUS | OH | 43215 | &nbsp;&nbsp; 17678894.203<br>| 21.84% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 921696.394 | 51.37% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 663999.753 | 37.01% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND INSTITUTIONAL SERVICE CLASS<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 156262.569 | 8.71%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL INDEX <br> FUND R6<br>| INVESTOR DESTINATIONS MODERATE | COLUMBUS | OH | 43215 | &nbsp;&nbsp; 11506208.028<br>| 14.21% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 9131.408 | 29.22% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS A<br>| KEITH SCOTT | PASADENA | MD | 21122 | 7932.340 | 25.39% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS A<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 4555.006 | 14.58% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS A<br>| MATRIX TRUST COMPANY | PHOENIX | AZ | 85072 | 3416.344 | 10.93% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND Class A<br>| CHERYL MARINO | GALT | CA | 95632 | 1627.240 | 5.21% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS R6<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | &nbsp;&nbsp; 10934365.073<br>| 17.87% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS R6<br>| &nbsp;&nbsp; NVIT CARDINAL CAPITAL <br> APPRECIATION<br>| COLUMBUS | OH | 43215 | 9638761.175 | 15.75% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS R6<br>| NVIT CARDINAL MODERATE FUND | COLUMBUS | OH | 43215 | 6612859.554 | 10.81% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 4852490.350 | 7.93% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS R6<br>| NVIT CARDINAL BALANCED FUND | COLUMBUS | OH | 43215 | 4610764.469 | 7.53% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 4017049.597 | 6.56% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND CLASS R6<br>| &nbsp;&nbsp; NVIT CARDINAL MANAGED GROWTH <br> FUND<br>| COLUMBUS | OH | 43215 | 3367658.656 | 5.50% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 2420648.684 | 40.56% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 2034343.978 | 34.09% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| CAPINCO | MILWAUKEE | WI | 53212 | 452335.265 | 7.58% |
| &nbsp;&nbsp; NATIONWIDE INTERNATIONAL SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 403440.306 | 6.76%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 17599.038 | 24.42% |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07303 | 12011.598 | 16.67% |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 6860.850 | 9.52% |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> CLASS A<br>| TD AMERITRADE INC FBO | OMAHA | NE | 68103 | 4227.480 | 5.87% |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> CLASS A<br>| KEITH SCOTT | PASADENA | MD | 21122 | 4178.691 | 5.80% |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 671970.610 | 81.31% |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> EAGLE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43215 | 323.085 | 100.00% |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 6135643.853 | 52.21%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 4631690.450 | 39.41% |
| &nbsp;&nbsp; NATIONWIDE JANUS HENDERSON <br> OVERSEAS FUND (FORMERLY, <br> NATIONWIDE ALLIANZGI <br> INTERNATIONAL GROWTH FUND) <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 627926.051 | 5.34% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 338431.603 | 76.91% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 50879.805 | 11.56% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 7375286.292 | 84.53% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 677690.710 | 7.77% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 461289.000 | 5.29% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND EAGLE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 7732593.176 | 56.13% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND EAGLE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 5379028.831 | 39.05% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 130489.974 | 56.79% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 59682.732 | 25.98% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS ALL CAP <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 16340.133 | 7.11% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 329768.463 | 29.61% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 127445.879 | 11.44% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 70613.386 | 6.34%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS C<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 40203.251 | 41.04% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 26174.656 | 26.72% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 7672.605 | 7.83% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS C<br>| KAREN FRALEIGH | ST CLAIRSVLE | OH | 43950 | 6899.684 | 7.04% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS R6<br>| INVESTOR DESTINATIONS MODERATE | COLUMBUS | OH | 43215 | 4779516.816 | 29.64% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3447108.213 | 21.38% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 2499178.021 | 15.50% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 1361901.968 | 8.45% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1138878.321 | 7.06% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS R6<br>| PIMS/PRUDENTIAL RETIREMENT | MORGAN HILL | CA | 95037 | 1014873.828 | 6.29% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 869159.482 | 5.39% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 838877.074 | 5.20% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 15935028.995<br>| 46.98% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS CORE BOND <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 14659031.483<br>| 43.22% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 333865.937 | 18.14% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 216528.876 | 11.77% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 166556.034 | 9.05% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS A<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 158999.968 | 8.64% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 118935.624 | 6.46%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS A<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 98079.956 | 5.33% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS C<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 45028.839 | 29.61% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 42844.240 | 28.17% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 21676.878 | 14.25% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 14035.680 | 9.23% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 9466.406 | 6.22% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 5495254.679 | 45.50% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS R6<br>| INVESTOR DESTINATIONS MODERATE | COLUMBUS | OH | 43215 | 3690191.586 | 30.55% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY CONSERVATIVE<br>| COLUMBUS | OH | 43215 | 2465787.614 | 20.42% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND INSTITUTIONAL SERVICE <br> CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 596091.737 | 44.01% |
| &nbsp;&nbsp; NATIONWIDE LOOMIS SHORT TERM <br> BOND FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 567562.135 | 41.90% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 5021805.765 | 32.60% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 4071653.102 | 26.44% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1673379.384 | 10.86% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 939968.214 | 6.10% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 239617.829 | 40.24% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 79442.995 | 13.34% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS C<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 62186.119 | 10.44%  |

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------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 58365.028 | 9.80% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 52271.765 | 8.78% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 44318.338 | 7.44% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS R<br>| STATE STREET BANK | BOSTON | MA | 02111 | 519103.499 | 41.91% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS R<br>| MATRIX TRUST COMPANY | DENVER | CO | 80202 | 74187.672 | 5.99% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 6601984.461 | 24.97% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS R6<br>| &nbsp;&nbsp; INVESTOR DESTINATIONS <br> MODERATELY AGGRESSIVE<br>| COLUMBUS | OH | 43215 | 6499763.791 | 24.59% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3150422.442 | 11.92% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND CLASS R6<br>| INVESTOR DESTINATIONS MODERATE | COLUMBUS | OH | 43215 | 2988983.202 | 11.31% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 440459.271 | 44.49% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 370593.306 | 37.43% |
| &nbsp;&nbsp; NATIONWIDE MID CAP MARKET INDEX <br> FUND INSTITUTIONAL SERVICE CLASS<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 120837.162 | 12.20% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS A<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 562366.243 | 18.10% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS A<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94104 | 398305.924 | 12.82% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 298910.955 | 9.62% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 231323.905 | 7.45% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 169366.227 | 5.45% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS A<br>| &nbsp;&nbsp; GREAT-WEST TRUST COMPANY LLC <br> TTEE/C<br>| &nbsp;&nbsp; GREENWOOD <br> VILLAGE<br>| CO | 80111 | 159984.719 | 5.15% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 176060.146 | 29.07%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS C<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 138167.003 | 22.81% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 79125.929 | 13.06% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS C<br>| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY <br> LLC<br>| NEW YORK | NY | 10004 | 36297.153 | 5.99% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS C<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 33236.375 | 5.49% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 32492.768 | 5.36% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 110582.850 | 42.22% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS R6<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 66475.390 | 25.38% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND CLASS R6<br>| STATE STREET BANK | BOSTON | MA | 02111 | 29900.058 | 11.42% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND INSTITUTIONAL SERVICE <br> CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 374348.649 | 20.42% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND INSTITUTIONAL SERVICE <br> CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 189293.301 | 10.32% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND INSTITUTIONAL SERVICE <br> CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 154518.078 | 8.43% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 148651.763 | 8.11% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 138517.822 | 7.55% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND INSTITUTIONAL SERVICE <br> CLASS<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 133049.815 | 7.26% |
| &nbsp;&nbsp; NATIONWIDE NYSE ARCA TECH 100 <br> INDEX FUND INSTITUTIONAL SERVICE <br> CLASS<br>| PIMS/PRUDENTIAL RETIREMENT | RENSSELAER | NY | 12144 | 108452.226 | 5.91% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS A<br>| STATE STREET BANK | BOSTON | MA | 02111 | 1119161.439 | 18.47%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 659488.403 | 10.89% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS A<br>| RELIANCE TRUST COMPANY | &nbsp;&nbsp; GREENWOOD <br> VILLAGE<br>| GA | 80111 | 617544.604 | 10.19% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 544622.422 | 8.99% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS A<br>| EMJAYCO | &nbsp;&nbsp; GREENWOOD <br> VILLAGE<br>| CO | 80111 | 543394.593 | 8.97% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS C<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 692567.290 | 28.97% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 415347.663 | 17.38% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 354044.354 | 14.81% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 291681.619 | 12.20% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 252212.900 | 10.55% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS R<br>| STATE STREET BANK | BOSTON | MA | 02111 | 5247824.574 | 72.35% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 6155713.355 | 52.47% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2504106.537 | 21.35% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1218460.915 | 10.39% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 604261.235 | 5.15% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 12002368.750<br>| 58.09% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 5721580.554 | 27.69% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1443787.442 | 6.99% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 8807267.039 | 72.89% |
| &nbsp;&nbsp; NATIONWIDE S&P 500 INDEX FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 2571770.200 | 21.28%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CL R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1993970.870 | 38.26% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CL R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2035<br>| COLUMBUS | OH | 43215 | 447734.731 | 8.59% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CL R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2040<br>| COLUMBUS | OH | 43215 | 429574.688 | 8.24% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CL R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2045<br>| COLUMBUS | OH | 43215 | 382733.619 | 7.34% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CL R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2050<br>| COLUMBUS | OH | 43215 | 371956.023 | 7.14% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CL R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 371572.781 | 7.13% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CL R6<br>| &nbsp;&nbsp; NATIONWIDE TARGET DESTINATION <br> 2030<br>| COLUMBUS | OH | 43215 | 327287.009 | 6.28% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 4277199.502 | 31.85% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 3463788.825 | 25.80% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS A<br>| STATE STREET BANK | BOSTON | MA | 02111 | 1402657.516 | 10.45% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1243542.739 | 9.26% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 225238.105 | 61.28% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 42977.286 | 11.69% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 29311.164 | 7.97% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 22320.138 | 6.07% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> CLASS R<br>| STATE STREET BANK | BOSTON | MA | 02111 | 1788559.789 | 78.28% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 203784.933 | 33.77% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 185792.639 | 30.79% |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 153266.526 | 25.40%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE SMALL CAP INDEX FUND <br> INSTITUTIONAL SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 48712.863 | 8.07% |
| &nbsp;&nbsp; NATIONWIDE SMALL COMPANY <br> GROWTH FUND CLASS A<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 44557.772 | 21.04% |
| &nbsp;&nbsp; NATIONWIDE SMALL COMPANY <br> GROWTH FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 33965.953 | 16.04% |
| &nbsp;&nbsp; NATIONWIDE SMALL COMPANY <br> GROWTH FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 28194.267 | 13.31% |
| &nbsp;&nbsp; NATIONWIDE SMALL COMPANY <br> GROWTH FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 22648.415 | 10.69% |
| &nbsp;&nbsp; NATIONWIDE SMALL COMPANY <br> GROWTH FUND CLASS A<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 14633.370 | 6.91% |
| &nbsp;&nbsp; NATIONWIDE SMALL COMPANY <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 4788017.165 | 44.04% |
| &nbsp;&nbsp; NATIONWIDE SMALL COMPANY <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 3859819.561 | 35.50% |
| &nbsp;&nbsp; NATIONWIDE SMALL COMPANY <br> GROWTH FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY | COLUMBUS | OH | 43218 | 1746398.371 | 16.06% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 219203.528 | 45.44% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS A<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 41319.933 | 8.56% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS A<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 38286.783 | 7.94% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 36704.244 | 7.61% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 36838.863 | 31.00% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS C<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 36156.731 | 30.42% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 14253.507 | 11.99% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 10497.194 | 8.83% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS R6<br>| TRUST COMPANY TENNESSEE | KNOXVILLE | TN | 37919 | 2417601.778 | 60.96%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND CLASS R6<br>| TRUST COMPANY KNOXILLE 1 | KNOXVILLE | TN | 37919 | 205170.905 | 5.17% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 495315.266 | 22.55% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| RELIANCE TRUST CO | ATLANTA | GA | 30357 | 476818.802 | 21.71% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 279014.838 | 12.70% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 235827.686 | 10.74% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 193379.456 | 8.80% |
| &nbsp;&nbsp; NATIONWIDE WCM FOCUSED SMALL <br> CAP FUND INSTITUTIONAL SERVICE <br> CLASS<br>| SEI PRIVATE TRUST COMPANY | OAKS | PA | 19456 | 130164.104 | 5.93% |

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**STATEMENT OF ADDITIONAL INFORMATION** 

**February 28, 2023** 

**NATIONWIDE MUTUAL FUNDS** 

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| | | |
|:---|:---|:---|
| **Nationwide Destination 2025 Fund**<br> Class A (NWHAX)<br> Class R (NWHBX)<br> Class R6 (NWHIX)<br> Institutional Service Class (NWHSX)<br>| **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 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 C (NDACX)<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 C (NDCCX)<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 C (NCDMX)<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 C (NDMCX)<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 C (NCDCX)<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 47 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 2025 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 and Nationwide Destination Retirement Fund dated February 28, 2023; 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 February 28, 2023.

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, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling toll free 800-848-0920.

The Report of Independent Registered Public Accounting Firm and [Financial Statements](https://www.sec.gov/Archives/edgar/data/1048702/000183967323000004/primary-document.htm) of the Trust for the fiscal year ended October 31, 2022 included in the Trust's Annual Report 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_48) | 48 |
| [Investment Restrictions](#xx_757effaf-d077-437a-919c-f3b2e272ee09_49) | 49 |
| [Disclosure of Portfolio Holdings](#xx_757effaf-d077-437a-919c-f3b2e272ee09_51) | 51 |
| [Trustees and Officers of the Trust](#xx_757effaf-d077-437a-919c-f3b2e272ee09_52) | 52 |
| [Investment Advisory and Other Services](#xx_757effaf-d077-437a-919c-f3b2e272ee09_60) | 60 |
| [Brokerage Allocation](#xx_757effaf-d077-437a-919c-f3b2e272ee09_70) | 70 |
| [Additional Information on Purchases and Sales](#xx_757effaf-d077-437a-919c-f3b2e272ee09_78) | 78 |
| [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_86) | 86 |
| [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 A – Debt Ratings](#xx_1faf3acc-bd27-40eb-8697-dbee85e194e4_1) | A-1 |
| [Appendix B – Proxy Voting Guidelines Summaries](#xx_e28a6966-c4bf-47c3-9243-bf660f861365_1) | B-1 |
| [Appendix C – Portfolio Managers](#xx_6b1f456a-ff73-45e2-8576-77bd4d6f9cae_1) | C-1 |
| [Appendix 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 47 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 engaged Nationwide Asset Management, LLC ("NWAM"), a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore an affiliate of NFA, to provide asset allocation consulting services to NFA in connection with the development and periodic review of a Fund's allocation among asset classes. NWAM also serves as the subadviser to certain Funds of the Trust and other funds that may be selected as Underlying Funds. NFA and NWAM therefore could be subject to a conflict of interest, because one or more Underlying Funds may be subadvised by NWAM, which earns fees for subadvising such Underlying Funds. NFA ultimately 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.

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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.

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 2025 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 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") and exchange-traded funds that are affiliated with 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.

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Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income Fund

Nationwide Bond Portfolio

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 Loomis Core Bond Fund

Nationwide Loomis Short Term Bond Fund

Nationwide Mid Cap Market Index Fund

Nationwide Multi-Cap Portfolio

Nationwide Small Cap Index Fund

Nationwide U.S. 130/30 Equity Portfolio

**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.

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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** 

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

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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** 

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").* 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 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.

Recent market data indicates that primary dealer inventories of corporate bonds appear to be at an all-time low, relative to the market size. A significant reduction in dealer market-making capacity has the potential to decrease liquidity and increase volatility in the fixed-income markets.

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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.

*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 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

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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 issuer's capital structure, existing debt and earnings history. Appendix A to this SAI contains further information about the rating categories of NRSROs and their significance. If a security has not received a credit rating, the Fund must rely entirely on the credit assessment of the portfolio management.

Subsequent to the purchase of securities by a Fund, the issuer of the securities may cease to be rated or its rating may be reduced below the minimum required for purchase by such Fund. In addition, it is possible that an NRSRO might not change its rating of a particular issuer to reflect subsequent events. None of these events generally will require sale of such securities, but a Fund's portfolio management will consider such events in its determination of whether the Fund should continue to hold the securities.

In addition, to the extent that the ratings change as a result of changes in an NRSRO or its rating systems, or due to a corporate reorganization, a Fund will attempt to use comparable ratings as standards for its investments in accordance with its investment objective and policies.

**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.

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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.

In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act ("Rule 18f-4"), which imposes new requirements and restrictions on the Funds' use of derivatives and eliminates the asset segregation framework previously used by funds, including the Funds, to comply with Section 18 of the 1940 Act. Rule 18f-4 imposes limits on the amount of leverage risk to which a Fund may be exposed through certain derivative instruments that may oblige the Fund to make payments or incur additional obligations in the future. Under Rule 18f-4, the Funds' investment in such derivatives is limited through a value-at-risk or "VaR" test. Funds whose use of such derivatives is more than a limited specified exposure amount are required to establish and maintain a derivatives risk management program, subject to oversight by the Board of Trustees of the Trust ("Board of Trustees"), and appoint a derivatives risk manager to implement such program. To the extent a Fund's compliance with Rule 18f-4 changes how the Fund uses derivatives, Rule 18f-4 may adversely affect the Fund's performance and/or increase costs related to the Fund's use of derivatives.

*Special Risks of Derivative Instruments*. The use of derivatives involves special considerations and risks as described below. Risks pertaining to particular instruments are described in the sections that follow.

(1) Successful use of most derivatives depends upon a Fund's portfolio management's ability to predict movements of the overall securities and currency markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular strategy adopted will succeed.

(2) There might be imperfect correlation, or even no correlation, between price movements of a derivative and price movements of the investments being hedged. For example, if the value of a derivative used in a short hedge (such as writing a call option, buying a put option, or selling a futures contract) increased by less than the decline in value of the hedged investment, the hedge would not be fully successful. Such a lack of correlation might occur due to factors 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

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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 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.

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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 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

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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.

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

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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.)

*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.

*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."

*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

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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.

*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.

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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.

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.

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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 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 Rate of Return Swaps*. A Fund may enter into total rate of return swaps. Total rate of 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. A total rate of return swap may allow the Funds to quickly and cost effectively invest cash flows into a diversified basket of assets.

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*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 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.

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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.

*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.

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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.

*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.

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*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 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.

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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** 

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*. 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.

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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*. 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 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

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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.

**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.

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*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 the 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.

In 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. On March 5, 2021, the administrator of LIBOR, ICE Benchmark Administration Limited, announced its intention to cease publishing two USD LIBOR settings immediately after publication on December 31, 2021, with the majority of the USD LIBOR settings to end immediately after publication on June 30, 2023. 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.

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**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.

*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

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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** 

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.

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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 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.

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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, 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

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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 the right to receive a very small portion of the principal. Risks connected with Levered IOs and IOettes are similar in nature to those associated with IOs. Such Funds may also invest in other similar instruments developed in the future that are deemed consistent with its investment objective, policies and restrictions. See "Additional General Tax Information for All Funds" in this SAI.

A Fund may also purchase stripped mortgage-backed securities for hedging purposes to protect that Fund against interest rate fluctuations. For example, since an IO will tend to increase in value as interest rates rise, it may be utilized to hedge against a decrease in value of other fixed-income securities in a rising interest rate environment. Stripped mortgage-backed securities may exhibit greater price volatility than ordinary debt securities because of the manner in which their principal and interest are returned to investors. The market value of the class consisting entirely of principal payments can be extremely volatile in response to changes in interest rates. The yields on stripped mortgage-backed securities that receive all or most of the interest are generally higher than prevailing market yields on other mortgage-backed obligations because their cash flow patterns are also volatile and there is a greater risk that the initial investment will not be fully recouped. The market for CMOs and other stripped mortgage-backed securities may be less liquid if these securities lose their value as a result of changes in interest rates; in that case, a Fund may have difficulty in selling such securities.

*TBA Commitments*. The Funds may enter into "to be announced" or "TBA" commitments. TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. See "When-Issued Securities and Delayed-Delivery Transactions" below.

*Asset-Backed Securities*. Asset-backed securities have structural characteristics similar to mortgage-backed securities. However, the underlying assets are not first-lien mortgage loans or interests therein; rather the underlying assets are often consumer or commercial debt contracts such as motor vehicle installment sales contracts, other installment loan contracts, home equity loans, leases of various types of property and receivables from credit card and other revolving credit arrangements. However, almost any type of fixed-income assets may be used to create an asset-backed security, including

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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** 

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

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capital markets or other factors beyond the state's or entity's control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer's maintenance of its tax base.

*Revenue Bonds*. Revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic viability of such facility or such revenue source.

Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing involve special risks in addition to those associated with municipal bonds generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non-recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds.

*Private activity bonds*. Private activity bonds ("PABs") are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors including the size of the entity, its capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity's dependence on revenues for the operation of the particular facility being financed.

**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

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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.

**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.

**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

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"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.

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.

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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.

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,

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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.

**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

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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 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.

**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

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restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. A Fund might also have to register such restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments.

The SEC has adopted Rule 144A, which allows for a broader institutional trading market for securities otherwise subject to restriction on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resales of certain securities to qualified institutional buyers.

Any such restricted securities will be considered to be illiquid for purposes of a Fund's limitations on investments in illiquid securities unless, pursuant to procedures adopted by the Board of Trustees of the Trust, a Fund's portfolio management has determined such securities to be liquid because such securities are eligible for resale pursuant to Rule 144A and are readily saleable, or if such securities may be readily saleable in foreign markets. To the extent that qualified institutional buyers may become uninterested in purchasing Rule 144A securities, a Fund's level of illiquidity may increase.

A Fund's portfolio management will monitor the liquidity of restricted securities in the portion of a Fund it manages. In reaching liquidity decisions, the following factors are considered: (1) the unregistered nature of the security; (2) the frequency of trades and quotes for the security; (3) the number of dealers wishing to purchase or sell the security and the number of other potential purchasers; (4) dealer undertakings to make a market in the security; and (5) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer).

Pursuant to Rule 22e-4 under the 1940 Act, a Fund assesses, manages, and periodically reviews its liquidity risk.

*Private Placement Commercial Paper*. Commercial paper eligible for resale under Section 4(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

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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").

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

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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.

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;

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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;•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 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

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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.

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."

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**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 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 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.

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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.

*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

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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** 

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 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

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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, 2022 and 2021, 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, 2022**<br>| **For the Fiscal**<br> **Year Ended**<br> **October 31, 2021**<br>|
| Nationwide Destination 2060 Fund<sup>1</sup> | 22.52% | 36.19% |
| Nationwide Destination 2065 Fund<sup>1</sup> | 28.46% | 71.42% |
| Nationwide Investor Destinations Aggressive Fund<sup>2</sup> <br>| 34.31% | 14.17% |
| Nationwide Investor Destinations Conservative Fund<sup>2</sup> <br>| 38.68% | 28.07% |
| Nationwide Investor Destinations Moderate Fund<sup>2</sup> <br>| 34.56% | 20.10% |
| Nationwide Investor Destinations Moderately Aggressive Fund<sup>2</sup> <br>| 37.04% | 16.49% |
| Nationwide Investor Destinations Moderately Conservative Fund<sup>2</sup> <br>| 37.80% | 25.70% |

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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, 2022, the portfolio managers made fewer changes than they deemed necessary during the fiscal year ended October 31, 2021.

<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, 2022, the portfolio managers made more changes than they deemed necessary during the fiscal year ended October 31, 2021.

**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.

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&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.

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:

**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.

**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. Shareholders receive either complete portfolio holdings information or summaries of Fund portfolio holdings with their annual and semiannual reports.

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.; 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; ICE Data Pricing & Reference Data LLC; GTA Babelfish, LLC; KPMG LLC; Qontigo (Aximoa Risk System); and, on occasion, to transition managers such as BlackRock Institutional Trust Company; Fidelity Capital Markets (a division of National Financial Services, LLC); Capital Institutional Services; State Street Bank and Trust Company; Electra Information Systems; Virtu Americas LLC; Russell Investments Implementation Services, LLC; or Macquarie Capital (USA) Inc.; where such transition manager provides portfolio transition management assistance (e.g., upon change of subadviser, etc.). These organizations are

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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." 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 47 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 Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

**Independent Trustees** 

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| | | |
|:---|:---|:---|
| **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 | 132 |
| **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 present, Advisory Board Member of Dress for Success <br> from April 2013 to present, Trustee/Executive Board Member of Houston Ballet from September 2011 to present and <br> President since July 2022, and Board Member of Hermann Park Conservancy from August 2011 to present, serving as <br> Board Chair since 2020. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Southern Smoke Foundation from August 2020 to present, Advisory Board Member of Dress for Success <br> from April 2013 to present, Trustee/Executive Board Member of Houston Ballet from September 2011 to present and <br> President since July 2022, and Board Member of Hermann Park Conservancy from August 2011 to present, serving as <br> Board Chair since 2020. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Southern Smoke Foundation from August 2020 to present, Advisory Board Member of Dress for Success <br> from April 2013 to present, Trustee/Executive Board Member of Houston Ballet from September 2011 to present and <br> President since July 2022, and Board Member of Hermann Park Conservancy from August 2011 to present, serving as <br> Board Chair since 2020. |
| **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 | 132 |
| **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 Outlook Group Holdings, LLC from July 2006 to May 2016, serving as Chair to the Audit committee <br> and member of the Compensation committee, Board Member of MA Holdings, LLC from November 2006 to October <br> 2015, Board Member of IntegraColor, Ltd. from February 2007 to September 2015, Board Member of The Pine Street Inn <br> from 2009 to present, currently serving as Chair of the Board, Member of the Advisory Board (non-fiduciary) of <br> Mearthane Products Corporation from September 2019 to present, and Board Member of The College of Holy Cross since <br> July 2022.  | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Outlook Group Holdings, LLC from July 2006 to May 2016, serving as Chair to the Audit committee <br> and member of the Compensation committee, Board Member of MA Holdings, LLC from November 2006 to October <br> 2015, Board Member of IntegraColor, Ltd. from February 2007 to September 2015, Board Member of The Pine Street Inn <br> from 2009 to present, currently serving as Chair of the Board, Member of the Advisory Board (non-fiduciary) of <br> Mearthane Products Corporation from September 2019 to present, and Board Member of The College of Holy Cross since <br> July 2022.  | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Outlook Group Holdings, LLC from July 2006 to May 2016, serving as Chair to the Audit committee <br> and member of the Compensation committee, Board Member of MA Holdings, LLC from November 2006 to October <br> 2015, Board Member of IntegraColor, Ltd. from February 2007 to September 2015, Board Member of The Pine Street Inn <br> from 2009 to present, currently serving as Chair of the Board, Member of the Advisory Board (non-fiduciary) of <br> Mearthane Products Corporation from September 2019 to present, and Board Member of The College of Holy Cross since <br> July 2022.  |

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| | | |
|:---|:---|:---|
| **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. |
| **Barbara I. Jacobs** | **Barbara I. Jacobs** | **Barbara I. Jacobs** |
| **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>|
| 1950 | Trustee since December 2004 | 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. From 1988 through 2003, Ms. Jacobs was a Managing Director and European Portfolio Manager of CREF <br> Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund). Ms. Jacobs also served as <br> Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January <br> 2001 through January 2006. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. From 1988 through 2003, Ms. Jacobs was a Managing Director and European Portfolio Manager of CREF <br> Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund). Ms. Jacobs also served as <br> Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January <br> 2001 through January 2006. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. From 1988 through 2003, Ms. Jacobs was a Managing Director and European Portfolio Manager of CREF <br> Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund). Ms. Jacobs also served as <br> Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January <br> 2001 through January 2006. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Trustee and Board Chair of Project Lede from 2013 to present. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Trustee and Board Chair of Project Lede from 2013 to present. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Trustee and Board Chair of Project Lede from 2013 to present. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Jacobs has significant board experience and significant executive and portfolio management experience in the <br> investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Jacobs has significant board experience and significant executive and portfolio management experience in the <br> investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Jacobs has significant board experience and significant executive and portfolio management experience in the <br> investment management industry. |
| **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>| 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Senior Director of Wealth Management with Curi Capital which acquired Park Ridge Asset <br> Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, <br> LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was <br> the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable <br> Insurance Funds from February 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Senior Director of Wealth Management with Curi Capital which acquired Park Ridge Asset <br> Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, <br> LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was <br> the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable <br> Insurance Funds from February 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Senior Director of Wealth Management with Curi Capital which acquired Park Ridge Asset <br> Management, LLC in August 2022. Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, <br> LLC since December 2008 and also served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was <br> the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable <br> 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 | 132 |
| **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. |
| **Douglas F. Kridler** | **Douglas F. Kridler** | **Douglas F. Kridler** |
| **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>|
| 1955 | Trustee since September 1997 | 132  |

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| | | |
|:---|:---|:---|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a <br> $2.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a <br> $2.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a <br> $2.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S. |
| **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. Kridler has significant board experience; significant executive experience, including service as president and chief <br> executive officer of one of America's largest community foundations and significant service to his community and the <br> philanthropic field in numerous leadership roles. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Kridler has significant board experience; significant executive experience, including service as president and chief <br> executive officer of one of America's largest community foundations and significant service to his community and the <br> philanthropic field in numerous leadership roles. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Kridler has significant board experience; significant executive experience, including service as president and chief <br> executive officer of one of America's largest community foundations and significant service to his community and the <br> philanthropic field in numerous leadership roles. |
| **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 | 132 |
| **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 | 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Wezdenko is a Co-Founder of Blue Leaf Ventures (venture capital firm, founded May 2018). From November 2008 <br> 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 of Blue Leaf Ventures (venture capital firm, founded May 2018). From November 2008 <br> 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 of Blue Leaf Ventures (venture capital firm, founded May 2018). From November 2008 <br> 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. Board Director of J.P. Morgan Private <br> Placements LLC from January 2010 to December 2017. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Independent Trustee for National Philanthropic Trust from October 2021 to present. Board Director of J.P. Morgan Private <br> Placements LLC from January 2010 to December 2017. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Independent Trustee for National Philanthropic Trust from October 2021 to present. Board Director of J.P. Morgan Private <br> Placements LLC from January 2010 to December 2017. |
| **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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**Interested Trustee** 

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| | | |
|:---|:---|:---|
| **M. Diane Koken**<sup>3</sup>  | **M. Diane Koken**<sup>3</sup>  | **M. Diane Koken**<sup>3</sup>  |
| **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>|
| 1952 | Trustee since April 2019 | 132 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, <br> for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) <br> from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple <br> legal roles, including vice president, general counsel and corporate secretary of a national life insurance company. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, <br> for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) <br> from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple <br> legal roles, including vice president, general counsel and corporate secretary of a national life insurance company. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, <br> for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) <br> from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple <br> legal roles, including vice president, general counsel and corporate secretary of a national life insurance company. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company <br> 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of <br> NORCAL Mutual Insurance Company 2009-2021, Director of Medicus Insurance Company 2009-present, Director of <br> Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and <br> Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.  | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company <br> 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of <br> NORCAL Mutual Insurance Company 2009-2021, Director of Medicus Insurance Company 2009-present, Director of <br> Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and <br> Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.  | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company <br> 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of <br> NORCAL Mutual Insurance Company 2009-2021, Director of Medicus Insurance Company 2009-present, Director of <br> Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and <br> Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.  |

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**Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Koken has significant board experience and significant executive, legal and regulatory experience, including past <br> service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.<br>

<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.

<sup>3</sup>

Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust's investment adviser and distributor.

**Officers of the Trust** 

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| | |
|:---|:---|
| **Lee T. Cummings** | **Lee T. Cummings** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1963 | President, Chief Executive Officer and Principal Executive Officer since <br> September 2022<br>|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President <br> of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the Trust's Treasurer and Principal Financial Officer. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President <br> of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the Trust's Treasurer and Principal Financial Officer. |
| **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 previously served as the Trust's Assistant Secretary and Assistant Treasurer. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Majewski previously served as the Trust's Assistant Secretary and Assistant Treasurer. |
| **Kevin Grether** | **Kevin Grether** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1970 | Senior Vice President and Chief Compliance Officer since December 2021 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Grether is Senior Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the VP, Chief Compliance Officer for the <br> Nationwide Office of Investments and its registered investment adviser, Nationwide Asset Management. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Grether is Senior Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the VP, Chief Compliance Officer for the <br> Nationwide Office of Investments and its registered investment adviser, Nationwide Asset Management. |
| **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 Funds Group, and Vice President of <br> Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Assistant General Counsel for Invesco 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 Funds Group, and Vice President of <br> Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Assistant General Counsel for Invesco from 2000-2019. |
| **Steven D. Pierce** | **Steven D. Pierce** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1965 | Senior Vice President, Head of Business and Product Development since March <br> 2020<br>|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Pierce is Senior Vice President, Head of Business and Product Development for Nationwide Funds Group, and is a Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Pierce is Senior Vice President, Head of Business and Product Development for Nationwide Funds Group, and is a Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> |
| **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 the Nationwide Funds <br> 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 the Nationwide Funds <br> Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> |

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<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 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 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: Ms. Bradshaw, Mr. Karlawish, Ms. Kosel (Chair) and Mr. Wezdenko, 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 currently 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 5-02-210, 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: Mr. Davis, Ms. Jacobs, Mr. Kridler (Chair) and Ms. Petersen, each of whom is not an interested person of the Trust, as defined in the 1940 Act, and Ms. Koken, who is an interested person of the Trust, as defined in the 1940 Act.

**Ownership of Shares of Nationwide Mutual Funds as of December 31, 2022** 

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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** |
| Kristina Bradshaw<sup>1</sup> |  |  |
| Lorn C. Davis | Over $100,000 | Over $100,000 |
| Barbara I. Jacobs | Over $100,000 | Over $100,000 |
| Keith F. Karlawish | Over $100,000 | Over $100,000 |
| Carol A. Kosel | Over $100,000 | Over $100,000 |
| Douglas F. Kridler | Over $100,000 | Over $100,000 |
| Charlotte Petersen<sup>1</sup> <br>|  |  |
| David E. Wezdenko | Over $100,000 | Over $100,000 |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| M. Diane Koken | Over $100,000 | Over $100,000 |

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<sup>1</sup>

Mses. Bradshaw's and Petersen's terms as Independent Trustees commenced effective January 1, 2023.

**Ownership in the Funds' Investment Adviser**<sup>1</sup>**, Subadvisers**<sup>2</sup> **or Distributor**<sup>3</sup> **as of December 31, 2022** 

**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** |
| Kristina Bradshaw<sup>4</sup> | N/A | N/A | N/A |  | N/A |
| Lorn C. Davis | N/A | N/A | N/A |  | N/A |
| Barbara I. Jacobs | N/A | N/A | N/A |  | N/A |
| Keith F. Karlawish | N/A | N/A | N/A |  | N/A |
| Carol A. Kosel | N/A | N/A | N/A |  | N/A |
| Douglas F. Kridler | N/A | N/A | N/A |  | N/A |
| Charlotte Petersen<sup>4</sup> | N/A | N/A | N/A |  | N/A |
| David E. Wezdenko | N/A | N/A | N/A |  | N/A |

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<sup>1</sup>

Nationwide Fund Advisors.

<sup>2</sup>

As of December 31, 2022, subadvisers to the Trust included: American Century Investment Management Inc.; Amundi Asset Management US, Inc.; Bailard, Inc.; BlackRock Investment Management, LLC; Brown Capital Management, LLC; Diamond Hill Capital Management, Inc.; Dreyfus, a division of BNY Mellon Investment Adviser, Inc.; Geneva Capital Management LLC; Goldman Sachs Asset Management, L.P.; GQG Partners LLC; Insight North

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America LLC; Jacobs Levy Equity Management, Inc.; Janus Henderson Investors US LLC; Loomis, Sayles & Company, L.P.; Mellon Investments Corporation; Nationwide Asset Management, LLC; Newton Investment Management North America, LLC; UBS Asset Management (Americas) Inc.; WCM Investment Management; Wellington Management Company LLP; and Western Asset Management Company, LLC.

<sup>3</sup>

Nationwide Fund Distributors LLC or any company, other than an investment company, that controls a Fund's adviser or distributor.

<sup>4</sup>

Mses. Bradshaw's and Petersen's terms as Independent Trustees commenced effective January 1, 2023.

**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, 2022. 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, 2022. 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. Accordingly, Ms. Koken was not compensated by the funds in the Fund Complex and, therefore, is not included in the Compensation Table below.

The Trust does not maintain any pension or retirement plans for the Officers or Trustees of the Trust.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate**<br> **Compensation**<br> **from the Trust**<sup>3</sup> <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>|
| Paula H.J. Cholmondeley<sup>2</sup> | $98472 | N/A | N/A | $372500 |
| Lorn C. Davis | 94501 | N/A | N/A | 357500 |
| Phyllis Kay Dryden<sup>2</sup> | 94501 | N/A | N/A | 357500 |
| Barbara I. Jacobs | 98472 | N/A | N/A | 372500 |
| Keith F. Karlawish | 127293 | N/A | N/A | 467500 |
| Carol A. Kosel | 113765 | N/A | N/A | 402500 |
| Douglas F. Kridler | 108879 | N/A | N/A | 397500 |
| David E. Wezdenko | 99501 | N/A | N/A | 362500 |

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<sup>1</sup>

As of October 31, 2022, the Fund Complex included two trusts comprised of 134 investment company funds or series.

<sup>2</sup>

Mses. Cholmondeley and Dryden retired as Independent Trustees effective December 31, 2022.

<sup>3</sup>

In addition, the Trust compensated Mses. Bradshaw and Petersen, nominees as Independent Trustees, for their attendance at two meetings of the Board during the fiscal year ended October 31, 2022. Mses. Bradshaw and Petersen were nominated to the Board on June 15, 2022 and joined the Board effective January 1, 2023.

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

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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.

**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

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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 Funds Group ("NFG"), 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 5-02-210, 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

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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 February 29, 2024. 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; 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, 2022, 2021 and 2020, 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,** |
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund** | **Fees Paid** | **Fees Waived and/or Reimbursed** | **Fees Paid** | **Fees Waived and/or Reimbursed** | **Fees Paid** | **Fees Waived and/or Reimbursed** |
| Nationwide Destination 2025 Fund | $240830 | $0 | $358779 | $0 | $370151 | $0 |
| Nationwide Destination 2030 Fund | 270584 | 0 | 389075 | 0 | 394705 | 0 |
| Nationwide Destination 2035 Fund | 243216 | 0 | 334435 | 0 | 323931 | 0 |
| Nationwide Destination 2040 Fund | 213867 | 0 | 290650 | 0 | 273276 | 0 |
| Nationwide Destination 2045 Fund | 186538 | 0 | 247777 | 0 | 221425 | 0 |
| Nationwide Destination 2050 Fund | 171141 | 0 | 212688 | 0 | 183492 | 0 |
| Nationwide Destination 2055 Fund | 105633 | 0 | 126843 | 0 | 103886 | 0 |
| Nationwide Destination 2060 Fund | 44911 | 0 | 51312 | 0 | 35571 | 0 |
| Nationwide Destination 2065 Fund<sup>1</sup> | 3561 | 0 | 2874 | 0 | 894 | 0 |
| Nationwide Destination Retirement Fund | 171391 | 0 | 279565 | 0 | 175558 | 0 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Aggressive Fund<br>| 1225733 | 0 | 1395516 | 0 | 1200424 | 0 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Conservative Fund<br>| 680325 | 0 | 827063 | 0 | 821945 | 0 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderate <br> Fund<br>| 1382669 | 0 | 1619915 | 0 | 1537387 | 0 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderately Aggressive Fund<br>| 1801286 | 0 | 2075086 | 0 | 1871642 | 0 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderately Conservative Fund<br>| 488052 | 0 | 561686 | 0 | 539950 | 0 |

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<sup>1</sup> Fund commenced operations on March 2, 2020.

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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 5-02-210, 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

Kevin Grether

M. Diane Koken

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Lee T. Cummings

Steven D. Pierce

Stephen R. Rimes

David Majewski

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, 2022, 2021 and 2020:

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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,** |
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund** | **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained**<br> **by**<br> **Distributor**<br>| **Aggregate**<br> **Amount of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>| **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>|
| Nationwide Destination 2025 Fund | $3279 | $481 | $7273 | $1065 | $9007 | $1281 |
| Nationwide Destination 2030 Fund | 4689 | 621 | 3891 | 529 | 7197 | 1024 |
| Nationwide Destination 2035 Fund | 4442 | 593 | 5101 | 690 | 6615 | 890 |
| Nationwide Destination 2040 Fund | 1895 | 263 | 4951 | 727 | 3822 | 565 |
| Nationwide Destination 2045 Fund | 5058 | 665 | 7154 | 931 | 7300 | 979 |
| Nationwide Destination 2050 Fund | 2753 | 361 | 4444 | 579 | 4581 | 636 |
| Nationwide Destination 2055 Fund | 1443 | 205 | 1256 | 172 | 1687 | 226 |
| Nationwide Destination 2060 Fund | 1457 | 191 | 3155 | 452 | 1838 | 240 |
| Nationwide Destination 2065 Fund<sup>1</sup> | 57 | 7 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Nationwide Destination Retirement <br> Fund<br>| 5583 | 801 | 3238 | 451 | 705 | 108 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Aggressive Fund<br>| 58270 | 8655 | 48137 | 7030 | 52889 | 7704 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Conservative Fund<br>| 56754 | 8896 | 109279 | 14502 | 116389 | 13861 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderate Fund<br>| 60742 | 10495 | 81767 | 12748 | 91944 | 13630 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderately Aggressive Fund<br>| 53401 | 7863 | 68952 | 9011 | 90628 | 13033 |
| &nbsp;&nbsp; Nationwide Investor Destinations <br> Moderately Conservative Fund<br>| 28571 | 2016 | 46967 | 4604 | 50451 | 4268 |

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<sup>1</sup> Fund commenced operations on March 2, 2020.

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)

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

• 1.00% of the average daily net assets of the Funds' Class C shares (0.25% of which may be a 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)

&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, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R** | **Service Class** |
| Nationwide Destination 2025 Fund | $87650 | N/A | $216340 | N/A |
| Nationwide Destination 2030 Fund | 103302 | N/A | 250358 | N/A |
| Nationwide Destination 2035 Fund | 104723 | N/A | 205957 | N/A |
| Nationwide Destination 2040 Fund | 93006 | N/A | 191738 | N/A |
| Nationwide Destination 2045 Fund | 85855 | N/A | 163565 | N/A |
| Nationwide Destination 2050 Fund | 78705 | N/A | 163431 | N/A |
| Nationwide Destination 2055 Fund | 53678 | N/A | 85684 | N/A |
| Nationwide Destination 2060 Fund | 28194 | N/A | 17523 | N/A |
| Nationwide Destination 2065 Fund | 1661 | N/A | 638 | N/A |
| Nationwide Destination Retirement Fund | 56909 | N/A | 199607 | N/A |
| Nationwide Investor Destinations Aggressive Fund | 214344 | $98905 | 221023 | $1331082 |
| Nationwide Investor Destinations Conservative Fund | 212275 | 861529 | 105283 | 259954 |
| Nationwide Investor Destinations Moderate Fund | 375448 | 279348 | 317935 | 1163141 |
| Nationwide Investor Destinations Moderately Aggressive Fund | 416521 | 172526 | 453686 | 1624850 |
| Nationwide Investor Destinations Moderately Conservative Fund | 170442 | 253279 | 104680 | 316040 |

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The following expenditures were made during the fiscal year ended October 31, 2022, 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>| **Financing**<br> **Charges**<br> **with respect**<br> **to C Shares**<br>| **Broker-Dealer**<br> **Compensation**<br> **& Costs**<br>|
| Nationwide Destination 2025 Fund | $0 | $783 | $0 | $303205 |
| Nationwide Destination 2030 Fund | 0 | 974 | 0 | 352685 |
| Nationwide Destination 2035 Fund | 0 | 2061 | 0 | 308619 |
| Nationwide Destination 2040 Fund | 0 | 1605 | 0 | 283140 |
| Nationwide Destination 2045 Fund | 0 | 1321 | 0 | 248099 |
| Nationwide Destination 2050 Fund | 0 | 1685 | 0 | 240451 |
| Nationwide Destination 2055 Fund | 0 | 505 | 0 | 138857 |
| Nationwide Destination 2060 Fund | 0 | 209 | 0 | 45508 |
| Nationwide Destination 2065 Fund | 0 | 248 | 0 | 2050 |
| Nationwide Destination Retirement Fund | 0 | 1247 | 0 | 255269 |
| Nationwide Investor Destinations Aggressive Fund | 0 | 10417 | 1964 | 1852971 |
| Nationwide Investor Destinations Conservative Fund | 0 | 35059 | 14010 | 1389971 |
| Nationwide Investor Destinations Moderate Fund | 0 | 14053 | 11509 | 2110311 |
| Nationwide Investor Destinations Moderately Aggressive Fund | 0 | 14368 | 4471 | 2648746 |
| Nationwide Investor Destinations Moderately Conservative Fund | 0 | 12119 | 4592 | 827729 |

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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

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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 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 Funds. To the extent that certain 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 C, 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, 2022, 2021 and 2020, NFS and its affiliates received $5,432,302, $7,081,144, and $6,835,203, 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 5-02-210, 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, 2022, 2021 and 2020, the Target Destination Funds did not pay any fund administration and transfer agency fees. During the fiscal years ended October 31, 2022, 2021 and 2020, 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, 2022**<br>| **Year Ended**<br> **October 31, 2021**<br>| **Year Ended**<br> **October 31, 2020**<br>|
| Nationwide Investor Destinations Aggressive Fund | $250472 | $296708 | $261162 |
| Nationwide Investor Destinations Conservative Fund | 159682 | 198343 | 194993 |
| Nationwide Investor Destinations Moderate Fund | 276414 | 335320 | 320664 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately Aggressive <br> Fund<br>| 346105 | 414049 | 379246 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>| 127790 | 152499 | 145241 |

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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, 2022.

For the fiscal year ended October 31, 2022, 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 2025 Fund | $11782 | $(314) | $(1214) | $(7428) | $(8956) | $2826 |
| Nationwide Destination 2030 Fund | 9124 | (230) | (925) | (5893) | (7048) | 2076 |
| Nationwide Destination 2035 Fund | 7609 | (200) | (706) | (4897) | (5803) | 1806  |

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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 2040 Fund | 5203 | (164) | (632) | (2930) | (3726) | 1477 |
| Nationwide Destination 2045 Fund | 3981 | (149) | (559) | (1927) | (2635) | 1346 |
| Nationwide Destination 2050 Fund | 4307 | (130) | (579) | (2419) | (3128) | 1179 |
| Nationwide Destination 2055 Fund | 2432 | (56) | (249) | (1614) | (1919) | 513 |
| Nationwide Destination 2060 Fund | 462 | (14) | (76) | (241) | (331) | 131 |
| Nationwide Destination 2065 Fund | 26 | (1) | (2) | (15) | (18) | 8 |
| Nationwide Destination Retirement Fund | 5425 | (181) | (822) | (2791) | (3794) | 1631 |
| &nbsp;&nbsp; Nationwide Investor Destinations Aggressive <br> Fund<br>| 18701 | (117) | (1) | (17532) | (17650) | 1051 |
| &nbsp;&nbsp; Nationwide Investor Destinations Conservative <br> Fund<br>| 100889 | (2828) | (12617) | (59975) | (75420) | 25469 |
| Nationwide Investor Destinations Moderate Fund | 85739 | (2389) | (11072) | (50756) | (64217) | 21522 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Aggressive Fund<br>| 8306 | (168) | (1099) | (5525) | (6792) | 1514 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>| 43239 | (1288) | (5759) | (24595) | (31642) | 11597 |

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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, 2022, 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.

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**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., 270 Park Avenue, New York, NY 10008, 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.

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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 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.

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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.

During the fiscal years ended October 31, 2022, 2021 and 2020, the Target Destination Funds and the Investor Destinations Funds paid the following brokerage commissions:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Year Ended**<br> **October 31, 2022**<br>| **Year Ended**<br> **October 31, 2021**<br>| **Year Ended**<br> **October 31, 2020**<br>|
| Nationwide Destination 2025 Fund | $78 | $1027 | $453 |
| Nationwide Destination 2030 Fund | 155 | 1068 | 479 |
| Nationwide Destination 2035 Fund | 159 | 1136 | 399 |
| Nationwide Destination 2040 Fund | 184 | 1037 | 410 |
| Nationwide Destination 2045 Fund | 176 | 841 | 305 |
| Nationwide Destination 2050 Fund | 182 | 672 | 270 |
| Nationwide Destination 2055 Fund | 126 | 369 | 108 |
| Nationwide Destination 2060 Fund | 79 | 180 | 33 |
| Nationwide Destination 2065 Fund<sup>1</sup> | 16 | 11 | 19 |
| Nationwide Destination Retirement Fund | 46 | 479 | 2367 |
| Nationwide Investor Destinations Aggressive Fund | 2600 | 10931 | 3501 |
| Nationwide Investor Destinations Conservative Fund | 6280 | 2151 | 2204 |
| Nationwide Investor Destinations Moderate Fund | 7376 | 12254 | 4508 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately Aggressive <br> Fund<br>| 3105 | 14979 | 6245 |
| &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>| 3539 | 2876 | 1228 |

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<sup>1</sup>Fund commenced operations on March 2, 2020.

During the fiscal years ended October 31, 2022, 2021 and 2020, 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.

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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):

*Advisor Group, Inc.; SagePoint Financial Advisors, Inc.; FSC Securities Corporation; Woodbury Financial, Inc.Triad Advisors LLC; Securities America, Inc.; and Royal Alliance Associates, Inc. (collectively, "Advisor Group")* 

NFA, pursuant to a written agreement, pays each respective member of the Advisor Group 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 Advisor Group 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 Advisor Group 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 Advisor Group 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.

*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

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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.

*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) 0.275% (27.5 basis points) of the daily net assets of the Class M shares of the Nationwide Bailard International Equities Fund; and (ii) 0.305% (30.5 basis points) of the daily net assets of the Class M shares of the Nationwide Bailard Cognitive Value Fund and the Nationwide Bailard Technology & Science 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 Cognitive Value Fund and the Nationwide Bailard Technology & Science 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 the amount 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 Cognitive Value Fund, Nationwide Bailard International Equities Fund, Nationwide Bailard Technology & Science Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund and Nationwide WCM Focused Small Cap Fund, and (ii) 0.05% (5 basis points) on the average daily net asset value of Fund shares held by customers of B.C. Ziegler in the following Funds: Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund.

*Cambridge Investment Research, Inc. ("Cambridge")* 

NFA, pursuant to a written agreement with Cambridge, reimburses Cambridge a ten dollar ($10.00) ticket charge for each Fund share purchase that is (1) equal to or greater than $5,000, (2) on a single ticket that includes only Nationwide Funds, and (3) entered and executed through one of Cambridge's clearing firms, National Financial, LLC and/or Pershing, LLC. Excluded from this arrangement are (i) redemptions or exchanges, (ii) purchases subject to no-transaction fees, (iii) purchases by check and application direct to the Funds' transfer agent, or (iv) any Fund that is not available for purchase by new investors or is otherwise only available for purchase by existing shareholders pursuant to the terms of the Fund's then-current prospectus.

*Charles Schwab & Co., Inc. ("Schwab")* 

Pursuant to a written agreement, Schwab receives 0.40% (40 basis points) of the average daily value of shares held in accounts at Schwab (excluding the value of shares held in such accounts prior to the effectiveness of the written agreement) or $1,000 per month for each Fund, whichever is greater. Each Fund's Rule 12b-1 and administrative servicing fees pay for distribution and service components, respectively. NFA pays for any overage.

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*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 Fund and 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 $1,000 for each class of fund that is an investment option on the retirement platform.

*LPL Financial LLC ("LPL")* 

NFA, pursuant to a written agreement with LPL, pays LPL a ticket charge of $10.00 for each Fund purchase order entered and executed electronically by LPL on its brokerage platform. Ticket charges do not apply to redemptions, exchanges, purchases by check and application direct to the Funds' transfer agent or to purchase orders with respect to the Nationwide Government Money Market Fund. A $4.50 ticket charge will be paid on eligible fee based account purchases in Institutional Service Class shares. The Nationwide Government Money Market Fund, Nationwide Inflation-Protected Securities Fund and the Nationwide Index Funds are excluded from this arrangement. In addition, NFA pays LPL a service fee at the annual rate of 0.10% (10 basis points) of the average daily net assets of the Institutional Service Class shares held in the Strategic Wealth Management advisory platform and 0.09% (9 basis points) of the average daily net asset value of brokerage (load/commissionable non-ERISA) and advisory assets (excluding assets held in Institutional Service Class shares in the Strategic Wealth Management advisory platform) above a base rate established January 1, 2014, of the Funds, with the exception of the Nationwide Government Money Market Fund, in any asset class owned beneficially or of record from time to time by customers or owned of record by LPL. NFA will pay a fee of 0.05% (5 basis points) on the advisory asset base established on January 1, 2014. For purposes of this service fee, Fund shareholder accounts may be held at LPL in street name or at the Fund's transfer agent. In addition, NFM pays LPL $4 for certain networked account positions. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

*MSCS Financial Services, Inc. ("MSCS")* 

NFA, pursuant to a written agreement of the parties, pays MSCS monthly a service fee at the annual rate of 0.25% (25 basis points) on shares held at Merrill Lynch that are subject to a service fee.

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

NFD, pursuant to a written agreement of the parties, pays Merrill Lynch the following fees: (i) a monthly fee of 0.25% (25 basis points) of total new gross sales of shares of any class of each Fund (excluding sales from reinvestment of distributions and exchanges of shares of one or more Funds for any other Fund or Funds), payable in arrears; and (ii) an annual fee, payable quarterly, of 0.10% (10 basis points) of the value of Fund shares (including sales from exchanges of

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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** |
| Up to 0.25% | 1 bps |
| 0.25%-0.29% | 2 bps |
| 0.30%-0.34% | 4 bps |
| 0.35%-0.39% | 5 bps |
| 0.40% and above | 10 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.

*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.

*The Prudential Insurance Company of America ("Prudential")* 

NFA, pursuant to a written agreement of the parties, pays Prudential monthly a service fee at the annual rate as follows: (i) 0.40% (40 basis points) of the average daily net assets of Class A and Institutional Service Class shares for the Nationwide Bailard Cognitive Value Fund, Nationwide Bailard International Equities Fund, Nationwide Bailard Technology & Science Fund, Nationwide Geneva Small Cap Growth Fund and Nationwide WCM Focused Small Cap Fund; (ii) 0.30% (30 basis points) of the average daily net assets of Class A and Institutional Service Class shares for the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund; and (iii) 0.20% (20 basis points) of the average daily net assets of Class A and Institutional Service Class shares for the Nationwide Geneva Mid Cap Growth Fund and the Nationwide NYSE Arca Tech 100 Index Fund. 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.

*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.

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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.

*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.

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*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 Cognitive Value Fund, Nationwide Bailard International Equities Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund, and Nationwide WCM Focused Small Cap Fund; and (ii) 0.30% (30 basis points) of the average daily net assets of the Institutional Service Class for the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund. Each Fund's administrative servicing fees pays for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

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

NFD, pursuant to a written agreement of the parties, pays Wells Fargo the following fees in exchange for Wells Fargo's continuing due diligence, training, operations and systems support, and marketing provided to unaffiliated broker-dealers based on the following schedule or $250,000, whichever is greater: (i) the annual rate of 0.07% (7 basis points) of the net asset value of shares of Index Funds sold by Wells Fargo to its customers; (ii) the annual rate of 0.09% (9 basis points) of the net asset value of shares of the Nationwide Target Destination Funds and Nationwide Investor Destinations Funds sold by Wells Fargo to its customers; (iii) the annual rate of 0.12% (12 basis points) of the net asset value of shares of Nationwide Fixed-Income and Nationwide Equity Funds; and (iv) the annual rate of 0.13% (13 basis points) of the net asset value of shares of the other Nationwide Funds sold by Wells Fargo to its customers. Excluded from this agreement are the Nationwide Government Money Market Fund and Nationwide Inflation-Protected Securities Fund. In addition, in exchange for omnibus account services provided, NFM pays Wells Fargo $19 for each client account position in a Fund share class subject to a CDSC fee, and $16 for each client account position in a Fund share class not subject to a CDSC fee. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

**Additional Information on Purchases and Sales** 

**Class A Sales Charges** 

The following 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 | 5.75% | 6.10% | 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:

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

(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 and Class C 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

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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 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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**CDSC for Class C Shares** 

You will pay a CDSC of 1.00% if you sell your Class C shares within the first year after you purchased the shares. The Distributor compensates broker-dealers and financial intermediaries for sales of Class C shares from its own resources at the rate of 1.00% of sales of Class C shares of the Funds having Class C shares.

**Waiver of CDSC for Class A and Class C Shares** 

Shareholders purchasing Class A and Class C 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 or Class C shares purchased through reinvested dividends or distributions;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mandatory withdrawals of Class A or Class C 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•redemptions of Class C shares from retirement plans offered by broker-dealers or retirement plan administrators that maintain an agreement with the Funds or the Distributor.

If a CDSC is charged when you redeem your Class C shares, and you then reinvest the proceeds in Class C shares within 30 days, shares equal to the amount of the CDSC are re-deposited into your new account.

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.

**Conversion of Class C Shares - Nationwide Investor Destinations Funds** 

Class C shares of the Nationwide Investor Destinations Funds automatically convert, at no charge, to Class A shares of the same Fund 8 years after purchase, provided that the Trust or the financial intermediary with whom the shares are held has records verifying that the Class C shares have been held for at least 8 years. These conversions will occur during the month immediately following the month in which the 8-year anniversary of the purchase occurs. Due to operational limitations at certain financial intermediaries, your ability to have your Class C shares automatically converted to Class A shares may be

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limited. Class C shares that are purchased via reinvestment of dividends and distributions will convert on a pro-rata basis at the same time as the Class C shares on which such dividends and distributions are paid. Because the share price of Class A shares is usually higher than that of Class C shares, you may receive fewer Class A shares than the number of Class C shares converted; however, the total dollar value will be the same. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a different conversion schedule, as described in Appendix A to the Prospectus for Nationwide Investor Destinations Funds.

**Class A and Class C Broker Exchanges** 

Class A and Class C 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 or Class C 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 and Class C 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 Class C shares is generally one year after the purchase of such Class C shares, and for certain Class A shares that were purchased without the imposition of a front-end sales load, 18 months after the purchase of such Class A shares.

Exchanges of Class A or Class C shares for Institutional Service Class shares of the same Fund, or the exchange of Institutional Service Class shares for Class A or C 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.

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**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 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.

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**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.

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.

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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 equity 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 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.

**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

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eventually deplete your account. Generally, it is not advisable to continue to purchase Class A or Class C 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 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 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 C, Class R, Class M and Institutional Service Class shares of other Nationwide Funds. If you exchange Class C shares (or 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 Class C (or 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 Class C (or certain Class A) shares, the time you held Class C (or 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.

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**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, P.O. Box 701, Milwaukee, WI 53201-0701. 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 and Coverdell Accounts** – Shares of the Funds may be purchased for Self-Employed Retirement Plans, Individual Retirement Accounts (IRAs), Roth IRAs, Coverdell Education Savings Accounts and Simplified Employee Pension Plans. For a free information kit, call 800-848-0920.

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**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** – The assets in your mutual fund account may be transferred to the state in which you reside if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws.

**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 Amundi Global High Yield Fund\* | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Amundi Strategic Income Fund\* | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Bailard Cognitive Value Fund\* | &nbsp;&nbsp; Class A, Class C, Class M, Institutional Service Class, <br> Class R6<br>|
| Nationwide Bailard International Equities Fund\* | &nbsp;&nbsp; Class A, Class C, Class M, Institutional Service Class, <br> Class R6<br>|
| Nationwide Bailard Technology & Science Fund\* | &nbsp;&nbsp; Class A, Class C, Class M, Institutional Service Class, <br> Class R6<br>|
| Nationwide BNY Mellon Core Plus Bond ESG Fund\* | Class A, Institutional Service Class, Class R6 |
| Nationwide BNY Mellon Disciplined Value Fund\* | &nbsp;&nbsp; Class A, Class K, Class R6, Institutional Service Class, <br> Eagle Class <br>|

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| | |
|:---|:---|
| **Series** | **Share Classes** |
| Nationwide BNY Mellon Dynamic U.S. Core Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6, Eagle Class<br>|
| Nationwide Bond Fund\* | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Bond Index Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide Bond Portfolio\* | Class R6 |
| Nationwide Destination 2025 Fund | Class A, Class R, Institutional Service Class, 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 Retirement Fund | Class A, Class R, Institutional Service Class, Class R6 |
| Nationwide Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide Geneva Mid Cap Growth Fund\* | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Geneva Small Cap Growth Fund\* | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Global Sustainable Equity Fund\* | Class A, Class C, 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 Index Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide International Small Cap Fund\* | Class A, Institutional Service Class, Class R6 |
| Nationwide Investor Destinations Aggressive Fund | &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Investor Destinations Conservative Fund | &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Investor Destinations Moderate Fund | &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Investor Destinations Moderately Aggressive <br> Fund<br>| &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Investor Destinations Moderately Conservative <br> Fund<br>| &nbsp;&nbsp; Class A, Class C, Class R, Class R6, Institutional Service <br> Class, Service Class<br>|
| Nationwide Janus Henderson Overseas Fund\*<sup>1</sup> <br>| Class A, Class R6, Institutional Service Class, Eagle Class |
| Nationwide Loomis All Cap Growth Fund\* | Class A, Institutional Service Class, Class R6, Eagle Class |
| Nationwide Loomis Core Bond Fund\* | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Loomis Short Term Bond Fund\* | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide Mid Cap Market Index Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide Multi-Cap Portfolio\* | Class R6 |
| Nationwide NYSE Arca Tech 100 Index Fund\* | Class A, Class C, Institutional Service Class, Class R6 |
| Nationwide S&P 500 Index Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Service Class, Institutional <br> Service Class, Class R6<br>|
| Nationwide Small Cap Index Fund\* | &nbsp;&nbsp; Class A, Class C, Class R, Institutional Service Class, <br> Class R6<br>|
| Nationwide Small Company Growth Fund\* | Class A, Institutional Service Class |
| Nationwide U.S. 130/30 Equity Portfolio\* | Class R6  |

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| | |
|:---|:---|
| **Series** | **Share Classes** |
| Nationwide WCM Focused Small Cap Fund\* | Class A, Class C, Institutional Service Class, 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 July 18, 2022. Formerly, Nationwide AllianzGI International Growth 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.

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.

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***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.

The Fund may use "equalization accounting" (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 accounting, 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

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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:

&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

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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.

*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

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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 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, U.S. REITs, 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

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"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% (or possibly 50% for tax years beginning in 2019 and 2020) 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 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 (subject to limitations for certain shareholders). The Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by the Fund due to certain limitations that may apply. The Fund reserves the right not to pass-through to its shareholders the amount of foreign income taxes paid by the Fund. In addition, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See, "Tax Treatment of Portfolio Transactions– Securities lending" below.

*Tax credit bonds*. If the Fund holds, directly or indirectly, one or more "tax credit bonds" (including build America bonds, clean renewable energy bonds and qualified tax credit bonds) on one or more applicable dates during a taxable year, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's

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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. (Under the TCJA, the build America bonds, clean renewable energy bonds and certain other qualified bonds may no longer be issued after December 31, 2017.) Even if the Fund is eligible to pass-through tax credits to shareholders, the Fund may choose not to do so.

*U.S. government securities*. Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by the Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations, securities lending agreements, commercial paper and federal agency-backed obligations (e.g., GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations. 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 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

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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 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

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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 or Class C 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 or Class C shares of the same Fund by certain holders who cease participation in such Programs, will be tax-free for federal income tax purposes. This is true whether the conversion occurs automatically pursuant to the terms of the class or is initiated by the shareholder. Shareholders also should consult their tax advisors regarding the state and local tax consequences of a conversion or exchange of shares.

*Reportable transactions*. Under Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Tax Treatment of Portfolio Transactions** 

Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the fund to its shareholders. This section should be read in conjunction with the discussion above under "ADDITIONAL INFORMATION ON PORTFOLIO INSTRUMENTS, STRATEGIES AND INVESTMENT POLICIES" for a detailed description of the various types of securities and investment techniques that apply to the Fund.

*In general*. In general, gain or loss recognized by a fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character of certain gains or losses.

*Certain fixed-income investments*. Gain recognized on the disposition of a debt obligation purchased by a fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount which accrued during the period of time the fund held the debt obligation unless the fund made a current inclusion election to accrue market discount into income as it accrues. If a fund purchases a debt obligation (such as a zero coupon security or pay-in-kind security) that was originally issued at a discount, the fund generally is required to include in gross income each year the portion of the original issue discount which accrues during such year. Therefore, a fund's investment in such securities may cause the fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of fund shares.

*Investments in debt obligations that are at risk of or in default present tax issues for a fund*. Tax rules are not entirely clear about issues such as whether and to what extent a fund should recognize market discount on a debt obligation, when a fund may cease to accrue interest, original issue discount or market discount, when and to what extent a fund may take deductions for bad debts or worthless securities and how a fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

*Options, futures, forward contracts, swap agreements and hedging transactions*. In general, option premiums received by a fund are not immediately included in the income of the fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the fund transfers or otherwise terminates the option (e.g., through a

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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 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

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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 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.

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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 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.

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**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 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

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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 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.

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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 NFG. 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 25, 2023, 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 | 5.3% |

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As of January 25, 2023, 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.

**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' 2022 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:** 

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) at companies where there are no women on the company's board. An exception will be made if there was a 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.

This policy will also apply for companies not in the Russell 3000 and S&P 1500 indices, effective for meetings on or after **Feb. 1, 2023**.

**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:

• Disclosed outreach efforts by the board to shareholders in the wake of the vote;

• Rationale provided in the proxy statement for the level of implementation;

• The subject matter of the proposal;

• The level of support for and opposition to the resolution in past meetings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

• 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:

• 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);

• Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

• Disclosure of specific and meaningful actions taken to address shareholders' concerns;

• Other recent compensation actions taken by the company;

• Whether the issues raised are recurring or isolated;

• The company's ownership structure; and

• 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/Governance Structure** 

**Poison Pills**: Vote against or withhold from all nominees (except new nominees<sup>1</sup>, who should be considered case-by-case) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The company has a poison pill that was not approved by shareholders<sup>6</sup>. However, vote case-by-case on nominees if the board adopts an initial pill with a term of one year or less, depending on the disclosed rationale for the adoption, and other factors as relevant (such as a commitment to put any renewal to a shareholder vote);

&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

• The pill, whether short-term<sup>7</sup> or long-term, has a deadhand or slowhand feature.

**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.

**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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• A non-shareholder-approved poison pill.

**Unilateral Bylaw/Charter Amendments and Problematic Capital Structures**: 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; or

• Eliminated shareholders' ability to amend bylaws.

**Unequal Voting Rights** 

**Problematic Capital Structure - Newly Public Companies**: For **2022**, for newly public companies<sup>8</sup>, generally vote against or withhold from 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 implemented a multi-class capital structure in which the classes have unequal voting rights without subjecting the multi-class capital structure to a reasonable time-based sunset. In assessing the reasonableness of a time-based sunset provision, consideration will be given to the company's lifespan, its post-IPO ownership structure and the board's disclosed rationale for the sunset period selected. No sunset period of more than seven years from the date of the IPO will be considered to be reasonable.

Continue to vote against or withhold from incumbent directors in subsequent years, unless the problematic capital structure is reversed, removed, or subject to a newly added reasonable sunset.

**Common Stock Capital Structure with Unequal Voting Rights:** Starting **Feb 1, 2023**, 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>9</sup>.

Exceptions to this policy will generally be limited to:

• Newly-public companies<sup>8</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;

• Situations where the unequal voting rights are considered 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.

**Problematic Governance Structure - Newly Public Companies:** For newly public companies<sup>8</sup>, 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.

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A reasonable sunset provision will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**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.

**Restrictions on Shareholders' Rights** 

**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.

**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.

For **2022**, minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in compliance:

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;

• Corporate strategy;

• Risk management analyses; and

• Metrics and targets.

• Appropriate GHG emissions reduction targets.

For **2022**, "appropriate GHG emissions reductions targets" will be any well-defined GHG reduction targets. Targets for Scope 3 emissions will not be required for 2022 but the targets should cover at least a significant portion of the company's direct emissions. Expectations about what constitutes "minimum steps to mitigate risks related to climate change" will increase over time.

**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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

**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

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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.

**COMPENSATION** 

**Executive Pay Evaluation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; and equity-based plan costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite contracts, excessive severance packages, and guaranteed compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (e.g., including access to independent expertise and advice when needed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

**Advisory Votes on Executive Compensation—Management Proposals (Say-on-Pay)** 

**General Recommendation**: Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

• There is an unmitigated misalignment between CEO pay and company performance (pay for performance);

• The company maintains significant problematic pay practices;

• The board exhibits a significant level of poor communication and responsiveness to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for- performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

• The situation is egregious.

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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** 

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.

**Problematic Pay Practices related to Non-Performance-Based Compensation Elements** 

Pay elements that are not directly based on performance are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. Please refer to ISS' U.S. Compensation Policies FAQ document for detail on specific pay practices that have been identified as potentially problematic and may lead to negative recommendations if they are deemed to be inappropriate or unjustified relative to executive pay best practices. The list below highlights the 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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;

• CIC excise tax gross-up entitlements (including "modified" gross-ups);

• Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

• 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;

• Any other provision or practice deemed to be egregious and present a significant risk to investors.

**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);

• Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

• Disclosure of specific and meaningful actions taken to address shareholders' concerns;

• Other recent compensation actions taken by the company;

• Whether the issues raised are recurring or isolated;

• The company's ownership structure; and

• 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** 

Issues covered under the policy include 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 more 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 environmental or social practices;

&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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**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; and

• 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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;

&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;

&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; and

• Whether the company's actions are aligned with market norms on civil rights, and racial or ethnic diversity.

**<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>

Public shareholders only, approval prior to a company's becoming public is insufficient.

<sup>7</sup>

If the 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>8</sup>

Newly-public companies generally include companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

<sup>9</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>10</sup>

For 2022, 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, 2022)**<br>|
| *Nationwide Fund Advisors* | *Nationwide Fund Advisors* | *Nationwide Fund Advisors* |
| Christopher C. Graham | Nationwide Destination 2025 Fund |  |
| 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 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 2025 Fund |  |
| 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 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>|  |

---

------

---

| | | |
|:---|:---|:---|
| **Name of Portfolio**<br> **Manager**<br>| **Fund Name** | &nbsp;&nbsp; **Dollar Range of**<br> **Investments in**<br> **Each Fund (as of**<br> **October 31, 2022)**<br>|
| Andrew Urban, CFA | Nationwide Destination 2025 Fund |  |
| 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 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>| $50001-$100000 |
| Andrew Urban, CFA | &nbsp;&nbsp; Nationwide Investor Destinations Moderately <br> Conservative Fund<br>|  |

---

**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, 2022**<br>|
| **Nationwide Fund Advisors** | **Nationwide Fund Advisors** |
| Christopher C. Graham | &nbsp;&nbsp; Mutual Funds: 36 accounts, $25 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: 22 accounts, $574 million total assets (0 <br> accounts, $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, $25 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: 22 accounts, $574 million total assets (0 <br> accounts, $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, $25 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: 22 accounts, $574 million total assets (0 <br> accounts, $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** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3288467.676 | 84.48% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4619354.346 | 100.00% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4597315.169 | 67.69% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 731511.116 | 10.77% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 664868.865 | 9.79% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 661280.320 | 9.74% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1798776.117 | 34.01% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1367026.681 | 25.85% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1278150.824 | 24.17% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2025 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 837945.847 | 15.84% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4346243.944 | 89.62% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 5826879.370 | 99.62% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 5055742.618 | 69.45% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 705511.654 | 9.69% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 639216.911 | 8.78% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 610265.102 | 8.38% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 2284467.764 | 35.31% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1676579.016 | 25.91%  |

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------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1413260.745 | 21.84% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2030 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1047768.345 | 16.19% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3842555.526 | 86.84% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4268274.040 | 99.51% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4472687.631 | 68.50% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 895775.714 | 13.72% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 565065.591 | 8.65% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 505649.349 | 7.74% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1816923.394 | 35.73% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1357773.227 | 26.70% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1311056.512 | 25.78% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2035 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 598523.802 | 11.77% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3712846.304 | 86.83% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4298437.398 | 99.52% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3577065.460 | 69.35% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 546466.831 | 10.59% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 471442.592 | 9.14% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 437228.898 | 8.48% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1763746.279 | 36.33%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1200260.248 | 24.72% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1051784.529 | 21.66% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2040 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 839067.729 | 17.28% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3190726.231 | 84.39% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 216359.272 | 5.72% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3443360.130 | 99.24% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3635623.184 | 74.71% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 450046.811 | 9.25% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 418215.807 | 8.59% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 254025.834 | 5.22% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1285371.197 | 37.56% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 894222.140 | 26.13% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 781900.016 | 22.85% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2045 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 460446.220 | 13.46% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3283058.701 | 85.56% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 361271.597 | 9.41% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3949205.617 | 99.43% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3775215.945 | 78.06% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 321196.883 | 6.64%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 316439.981 | 6.54% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 312706.749 | 6.47% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1659344.451 | 41.76% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1124440.490 | 28.30% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 701208.159 | 17.65% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2050 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 488307.183 | 12.29% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1627017.181 | 94.45% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1344011.019 | 99.34% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1565338.000 | 69.22% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 454661.904 | 20.11% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 872991.764 | 64.43% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 374218.689 | 27.62% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2055 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 95910.631 | 7.08% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1113940.643 | 95.03% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 354730.435 | 99.77% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 944175.024 | 83.08% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 91977.529 | 8.09% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 57019.295 | 5.02% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 524098.476 | 62.72%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 227322.239 | 27.20% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2060 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 78387.719 | 9.38% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 87535.488 | 91.55% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> CLASS A<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 5582.111 | 5.84% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 26493.717 | 100.00% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> CLASS R6<br>| NATIONWIDE LIFE INSURANCE | COLUMBUS | OH | 43215 | 83096.185 | 61.54% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 50697.423 | 37.55% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 82985.531 | 72.74% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 23622.075 | 20.71% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION 2065 FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 7476.032 | 6.55% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2051674.082 | 75.16% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND CLASS A<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 140080.064 | 5.13% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4795240.533 | 99.48% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3095750.474 | 58.67% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 710222.832 | 13.46% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 671287.854 | 12.72% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND CLASS R6<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 557554.188 | 10.57% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 1004628.366 | 31.38%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 871035.943 | 27.21% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 729493.109 | 22.79% |
| &nbsp;&nbsp; NATIONWIDE DESTINATION <br> RETIREMENT FUND INSTITUTIONAL <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 594787.763 | 18.58% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2127903.585 | 22.59% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 1411149.139 | 14.98% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 1313747.496 | 13.95% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 1100411.286 | 11.68% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS A<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 526859.897 | 5.59% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS C<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 196567.097 | 18.71% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 162775.157 | 15.49% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 126079.847 | 12.00% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS C<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 99876.929 | 9.51% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 73374.576 | 6.98%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS C<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 71018.333 | 6.76% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4825801.318 | 98.80% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | &nbsp;&nbsp; 17117870.501<br>| 61.76% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 8473595.495 | 30.57% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> INSTITUTIONAL SERVICE CLASS IS CL<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 129290.794 | 30.04% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> INSTITUTIONAL SERVICE CLASS IS CL<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 79446.657 | 18.46% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> INSTITUTIONAL SERVICE CLASS IS CL<br>| ASCENSUS TRUST COMPANY | FARGO | ND | 58106 | 64242.260 | 14.92% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> INSTITUTIONAL SERVICE CLASS IS CL<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 24810.149 | 5.76% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 21125208.524<br>| 37.39% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 15150822.107<br>| 26.82% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 5943517.796 | 10.52% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 5621540.352 | 9.95% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3941309.832 | 6.98%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS AGGRESSIVE FUND <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3237252.874 | 5.73% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 1149873.035 | 14.17% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 1031140.418 | 12.71% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 807428.711 | 9.95% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 569817.202 | 7.02% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS A<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 551968.232 | 6.80% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS A<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 518073.066 | 6.39% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS A<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 456692.693 | 5.63% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 1814802.365 | 28.93% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 882359.064 | 14.07% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 581018.313 | 9.26% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 541534.651 | 8.63% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 483379.672 | 7.71%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 441291.698 | 7.03% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1804256.614 | 96.53% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 6742991.692 | 79.14% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 958230.404 | 11.25% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 1299366.154 | 14.97% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 1233098.405 | 14.20% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES <br> LLC<br>| SAINT LOUIS | MO | 63103 | 963739.137 | 11.10% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 946394.765 | 10.90% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 937698.919 | 10.80% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 776380.043 | 8.94% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 774246.624 | 8.92% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 740360.331 | 8.53% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 2843387.500 | 29.11%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 2618843.694 | 26.81% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1739929.315 | 17.81% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 646417.070 | 6.62% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 633602.650 | 6.49% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS CONSERVATIVE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 619827.620 | 6.34% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3808125.213 | 24.79% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 2060259.545 | 13.41% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 2032094.484 | 13.23% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 1916530.644 | 12.48% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 418017.547 | 16.09% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 290279.666 | 11.17% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 211391.764 | 8.14% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 210213.232 | 8.09%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 206922.553 | 7.96% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS C<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 156130.778 | 6.01% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 6690018.034 | 99.12% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | &nbsp;&nbsp; 25962287.236<br>| 73.71% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 6607980.411 | 18.76% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 357853.361 | 41.70% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 86671.573 | 10.10% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 67817.549 | 7.90% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> INSTITUTIONAL SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 67257.949 | 7.84% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 16072642.842<br>| 33.93% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 14512880.794<br>| 30.64% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 6506107.581 | 13.73% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 3818316.031 | 8.06%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATE FUND <br> SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 2844487.695 | 6.00% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4880004.710 | 28.19% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 2399091.349 | 13.86% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 2246507.851 | 12.98% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 1378368.018 | 7.96% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS C<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 227418.776 | 14.12% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 190400.952 | 11.82% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 163707.346 | 10.16% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS C<br>| UBS WM USA | WEEHAWKEN | NJ | 07086 | 139951.329 | 8.69% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 115856.165 | 7.19% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 99980.568 | 6.21% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 9519703.928 | 98.93% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | &nbsp;&nbsp; 34109213.053<br>| 73.95%  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 8873275.809 | 19.24% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 670912.467 | 27.35% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 585742.105 | 23.88% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 22468091.170<br>| 33.38% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | &nbsp;&nbsp; 21322697.751<br>| 31.68% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 8911080.036 | 13.24% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 4423184.307 | 6.57% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> AGGRESSIVE FUND SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 4179156.920 | 6.21% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS A<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 895389.015 | 13.20% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS A<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 854293.943 | 12.59% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS A<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 740886.109 | 10.92% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS A<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 706696.934 | 10.41%  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS A<br>| PMC AMMUNITION | LOS ANGELES | CA | 90017 | 478396.174 | 7.05% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS C<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 426053.825 | 22.38% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS C<br>| FIRST CLEARING LLC | SAINT LOUIS | MO | 63103 | 321164.381 | 16.87% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS C<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 254266.464 | 13.36% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS C<br>| NATIONAL FINANCIAL SERVICES LLC | JERSEY CITY | NJ | 07310 | 193180.903 | 10.15% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS C<br>| &nbsp;&nbsp; CUSTODY A/C FBO CUSTOMERS <br> CHARLES SCHWAB & CO INC SPECIAL<br>| SAN FRANCISCO | CA | 94105 | 119665.928 | 6.29% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS C<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 117209.886 | 6.16% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS R<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2002206.851 | 98.79% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 9650232.991 | 82.12% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND CLASS R6<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 1291137.003 | 10.99% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & <br> SMITH<br>| JACKSONVILLE | FL | 32246 | 167076.062 | 37.70% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| PERSHING LLC | JERSEY CITY | NJ | 07399 | 70533.826 | 15.92%  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| RAYMOND JAMES & ASSOC INC | ST PETERSBURG | FL | 33716 | 49680.809 | 11.21% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| LPL FINANCIAL | SAN DIEGO | CA | 92121 | 46848.049 | 10.57% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| SMITH BARNEY | NEW YORK | NY | 10004 | 41234.947 | 9.30% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND INSTITUTIONAL <br> SERVICE CLASS<br>| CHARLES SCHWAB & CO INC | SAN FRANCISCO | CA | 94105 | 24055.004 | 5.43% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 3336126.557 | 27.66% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 798548.686 | 6.62% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE FUND SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 796885.947 | 6.61% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 3149120.195 | 26.11% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE SERVICE CLASS<br>| NATIONWIDE TRUST COMPANY FSB | COLUMBUS | OH | 43218 | 2644210.873 | 21.92% |
| &nbsp;&nbsp; NATIONWIDE INVESTOR <br> DESTINATIONS MODERATELY <br> CONSERVATIVE SERVICE CLASS<br>| &nbsp;&nbsp; NATIONWIDE LIFE INSURANCE <br> COMPANY<br>| COLUMBUS | OH | 43218 | 792390.759 | 6.57% |

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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 March 11, 2021, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d1a.htm) [EX-28.d.1.a with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d1a.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 15, 2020, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312520007868/d843811dex9928d2a.htm) [EX-28.d.2.a. with the Trust's registration statement on January 15, 2020, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312520007868/d843811dex9928d2a.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, amended July 18, 2022, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d3a.htm) [EX-28.d.3.a with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d3a.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 Brown Capital Management, LLC,](http://www.sec.gov/Archives/edgar/data/1048702/000119312511250239/d225407dex9928d3j.htm) [dated August 26, 2011, previously filed as Exhibit EX-28.d.3.j with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000119312511250239/d225407dex9928d3j.htm) [September 16, 2011, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312511250239/d225407dex9928d3j.htm)

&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 UBS Global Asset Management](http://www.sec.gov/Archives/edgar/data/1048702/000119312511180107/dex9928d3k.htm) [(Americas) Inc. (formerly, UBS Global Asset Management (Americas) Inc.), dated July 19, 2011, previously](http://www.sec.gov/Archives/edgar/data/1048702/000119312511180107/dex9928d3k.htm) [filed as Exhibit EX-28.d.3.k with the Trust's registration statement on July 1, 2011, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000119312511180107/dex9928d3k.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312511180107/dex9928d3k.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;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended October 1, 2022, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28d4d1.htm) [EX-28.d.4.d.1 with the Trust's registration statement on October 11, 2022, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28d4d1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28d4d1.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 Bailard, Inc., dated June 4, 2013,](http://www.sec.gov/Archives/edgar/data/1048702/000119312513402025/d567830dex9928d3k.htm) [previously filed as Exhibit EX-28.d.3.k with the Trust's registration statement on October 17, 2013, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000119312513402025/d567830dex9928d3k.htm) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312513402025/d567830dex9928d3k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended March 31, 2014, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex9928d3j1.htm) [EX-28.d.3.j.1 with the Trust's registration statement on April 3, 2014, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex9928d3j1.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex9928d3j1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [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;(g) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Amundi Pioneer Institutional Asset](http://www.sec.gov/Archives/edgar/data/1048702/000119312515343476/d16556dex9928d4s.htm) [Management, Inc. (formerly, Amundi Smith Breeden LLC, now known as Amundi Asset Management US,](http://www.sec.gov/Archives/edgar/data/1048702/000119312515343476/d16556dex9928d4s.htm) [Inc.), dated September 25, 2015, previously filed as Exhibit EX-28.d.4.s with the Trust's registration](http://www.sec.gov/Archives/edgar/data/1048702/000119312515343476/d16556dex9928d4s.htm) [statement on October 14, 2015, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312515343476/d16556dex9928d4s.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 14, 2019, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312519044091/d706711dex9928d4l1.htm) [EX-28.d.4.l.1 with the Trust's registration statement on February 19, 2019, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000119312519044091/d706711dex9928d4l1.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312519044091/d706711dex9928d4l1.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 Wellington Management Company](http://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](http://www.sec.gov/Archives/edgar/data/1048702/000119312516792615/d231232dex9928d4t.htm) [on December 14, 2016, is hereby incorporated by reference.](http://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;(i) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Wellington Management Company](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4o.htm) [LLP, dated November 13, 2017, previously filed as Exhibit EX-28.d.4.o with the Trust's registration statement](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4o.htm) [on November 22, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4o.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 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;(k) [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;(l) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and WCM Investment Management,](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4t.htm) [dated November 13, 2017, previously filed as Exhibit EX-28.d.4.t with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4t.htm) [November 22, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4t.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) [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;&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;(n) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Western Asset Management Co.,](http://www.sec.gov/Archives/edgar/data/1048702/000119312520247776/d34464dex9928d4t.htm) [effective July 31, 2020, previously filed as Exhibit EX-28.d.4.t with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000119312520247776/d34464dex9928d4t.htm) [September 17, 2020, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312520247776/d34464dex9928d4t.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 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;(p) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Dreyfus Cash Investment](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/nmfdreyfussubadvagrmnt.htm) [Strategies, a division of BNY Mellon Investment Adviser, Inc., dated March 12, 2020, previously filed as](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/nmfdreyfussubadvagrmnt.htm) [Exhibit EX-16.6.d.xxiv 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/nmfdreyfussubadvagrmnt.htm) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/nmfdreyfussubadvagrmnt.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 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;(r) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Janus Henderson Investors US LLC](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex9928d4v.htm) [(formerly, Janus Capital Management LLC), effective January 13, 2021, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex9928d4v.htm) [EX-28.d.4.v with the Trust's registration statement on February 18, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex9928d4v.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, effective July 18, 2022, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4u1.htm) [EX-28.d.4.u.1 with the Trust's registration statement on August 8, 2022, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4u1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4u1.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 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;(t) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Goldman Sachs Asset Management,](http://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](http://www.sec.gov/Archives/edgar/data/1048702/000119312521353450/d437041dex9928d4.htm) [statement on December 10, 2021, is hereby incorporated by reference.](http://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, effective September 23, 2021, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28d4v1.htm) [EX-28.d.4.v.1 with the Trust's registration statement on October 11, 2022, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28d4v1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28d4v1.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 Insight North America LLC,](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928d4x.htm) [effective February 2, 2022, previously filed as Exhibit EX-28.d.4.x with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928d4x.htm) [February 18, 2022, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928d4x.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [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 refence.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4y.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 18, 2022, previously filed as Exhibit EX-28.e.1.a](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928e1a.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/d379661dex9928e1a.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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Custodian Agreement

&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 April 4, 2003, previously filed as Exhibit EX-28.g.1.f with](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928g1f.htm) [the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928g1f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Amendment to Global Custody Agreement, effective August 31, 2022, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000878/ex28g1e.htm) [EX-28.g.1.e with the Trust's registration statement on September 15, 2022, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000878/ex28g1e.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000878/ex28g1e.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 28, 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, amended January 1, 2021, previously filed as Exhibit EX-28.h.2 with the Trust's](http://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928h2.htm) [registration statement on January 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928h2.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, amended January 9, 2008,](http://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-h4.txt) [previously filed as Exhibit EX-23.h.4 with the Trust's registration statement on February 27, 2008, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-h4.txt) [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;

&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;(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) [Exhibit A to the Expense Limitation Agreement, amended October 1, 2022, is filed herewith as Exhibit](d459282dex9928h4c.htm) [EX-28.h.4.c.](d459282dex9928h4c.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](d459282dex9928h6.htm) [behalf of the Nationwide Government Money Market Fund, dated March 1, 2023, is filed herewith as Exhibit](d459282dex9928h6.htm) [EX-28.h.6.](d459282dex9928h6.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](d459282dex9928h7.htm) [Government Money Market Fund, dated March 1, 2023, is filed herewith as Exhibit EX-28.h.7.](d459282dex9928h7.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 Advisers, on behalf of the](d459282dex9928h8.htm) [Nationwide BNY Mellon Core Plus Bond ESG Fund, Nationwide Fund, Nationwide Government Money Market](d459282dex9928h8.htm) [Fund, Nationwide Loomis Short Term Bond Fund, Nationwide Mid Cap Market Index Fund, and Nationwide Small](d459282dex9928h8.htm) [Cap Index Fund, effective March 1, 2023, is filed herewith as Exhibit EX-28.h.8.](d459282dex9928h8.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 Advisers, dated March 1,](d459282dex9928h9.htm) [2023, relating to the Nationwide Government Money Market Fund, is filed herewith as Exhibit EX-28.h.9.](d459282dex9928h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Fee Waiver Agreement between the Trust and Nationwide Fund Advisors, on behalf of the Nationwide Multi-Cap](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000878/ex28h10.htm) [Portfolio, effective June 1, 2022, previously filed as Exhibit EX-28.h.10 with the Trust's registration statement on](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000878/ex28h10.htm) [September 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000878/ex28h10.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/1048702/000113743923000006/ex28h11.htm) [behalf of the Nationwide GQG US Quality Equity Fund, dated January 23, 2023, is filed herewith as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000113743923000006/ex28h11.htm) [EX-28.h.11.](https://www.sec.gov/Archives/edgar/data/1048702/000113743923000006/ex28h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Legal Opinion of Stradley Ronon Stevens and Young, LLP is filed herewith as Exhibit EX-28.i.](d459282dex9928i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(j) [Consent of Independent Registered Public Accounting Firm is filed herewith as Exhibit EX-28.j.](d459282dex9928j.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 1, 2021, previously filed as Exhibit EX-28.m with the Trust's](http://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928m.htm) [registration statement on January 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928m.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(n) [Rule 18f-3 Plan, effective March 2, 2009, amended July 18, 2022, previously filed as Exhibit EX-28.n with the Trust's](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928n.htm) [registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928n.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](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex992891.htm) [2020, previously filed as Exhibit EX-28.p.1 with the Trust's registration statement on February 18, 2021, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex992891.htm) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex992891.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Business Conduct and Ethics for BlackRock Investment Management, LLC, dated December 7, 2021, is](d459282dex9928p02.htm) [filed herewith as Exhibit EX-28.p.2.](d459282dex9928p02.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics for Nationwide Fund Distributors, LLC, dated April 1, 2022, is filed herewith as Exhibit EX-28.p.3.](d459282dex9928p03.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Code of Ethics for Brown Capital Management, LLC, dated September 30, 2018, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312520041614/d880706dex9928p6.htm) [EX-28.p.6 with the Trust's registration statement on February 19, 2020, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312520041614/d880706dex9928p6.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) [Code of Ethics for UBS Asset Management (Americas) Inc., dated September 2021, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928p5.htm) [EX-28.p.5 with the Trust's registration statement on February 18, 2022, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928p5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Code of Ethics and Business Conduct for Bailard, Inc., dated November 2022, is filed herewith as Exhibit](d459282dex9928p06.htm) [EX-28.p.6.](d459282dex9928p06.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Code of Ethics for Geneva Capital Management LLC, dated May 21, 2021, is filed herewith as Exhibit EX-28.p.7.](d459282dex9928p07.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Code of Ethics for Amundi Asset Management US, Inc., revised November 2022, is filed herewith as Exhibit](d459282dex9928p08.htm) [EX-28.p.8.](d459282dex9928p08.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Code of Ethics for Wellington Management Company LLP, dated August 2, 2021, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928p10.htm) [EX-28.p.10 with the Trust's registration statement on February 18, 2022, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Code of Ethics for Loomis, Sayles & Company, L.P., amended May 25, 2022, is file herewith as Exhibit](d459282dex9928p10.htm) [EX-28.p.10.](d459282dex9928p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Code of Ethics for WCM Investment Management, dated May 31, 2022, is filed herewith as Exhibit EX-28.p.11.](d459282dex9928p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Code of Ethics for Nationwide Asset Management, LLC, dated February 24, 2022, is filed herewith as Exhibit](d459282dex9928p12.htm) [EX-28.p.12.](d459282dex9928p12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Code of Conduct for Mellon Investments Corporation, dated October 2022, is filed herewith as Exhibit EX-28.p.13.](d459282dex9928p13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Code of Ethics for Western Asset Management Company, LLC, revised June 30, 2021, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000113743921000921/exhibitp17.htm) [EX-28.p.17 with the Trust's registration statement on Form N-1A on September 22, 2021, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000113743921000921/exhibitp17.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113743921000921/exhibitp17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Code of Ethics for GQG Partners LLC, dated April 1, 2022, is filed herewith as Exhibit EX-28.p.15.](d459282dex9928p15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Personal Code of Ethics for Janus Henderson Investors, effective January 1, 2022, is filed herewith as exhibit](d459282dex9928p16.htm) [EX-28.p.16.](d459282dex9928p16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Personal Securities Trading Policy for Newton Investment Management North America, LLC, dated October 2022,](d459282dex9928p17.htm) [is filed herewith as Exhibit EX-28.p.17.](d459282dex9928p17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Code of Conduct for Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc., dated](d459282dex9928p18.htm) [October 2022, is filed herewith as Exhibit EX-28.p.18.](d459282dex9928p18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Code of Conduct for Insight North America LLC, dated October 2022, is filed herewith as Exhibit EX-28.p.19.](d459282dex9928p19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Code of Ethics for Goldman Sachs Asset Management, L.P., effective August 29, 2019, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928p23.htm) [EX-28.p.23 with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928p23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [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;(q) (1) [Power of Attorney with respect to the Trust for Charles E. Allen, dated June 14, 2017, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q1.htm) [EX-28.q.1 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Power of Attorney with respect to the Trust for Douglas F. Kridler, dated June 14, 2017, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q5.htm) [EX-28.q.5 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Power of Attorney with respect to the Trust for Keith F. Karlawish, dated June 14, 2017, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q7.htm) [EX-28.q.7 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Power of Attorney with respect to the Trust for Carol A. Kosel, dated June 14, 2017, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q9.htm) [EX-28.q.9 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Power of Attorney with respect to the Trust for M. Diane Koken, dated March 6, 2019, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312519173437/d754732dex9928q11.htm) [EX-28.q.11 with the Trust's registration statement on June 14, 2019, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312519173437/d754732dex9928q11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Power of Attorney with respect to the Trust for Lee Cummings, dated July 24, 2020, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000113743920000821/ex99q11.htm) [EX-28.q.11 with the Trust's registration statement on September 16, 2020, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113743920000821/ex99q11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Power of Attorney with respect to the Trust for Lee Cummings, dated September 28, 2022, previously filed as](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28q9.htm) [Exhibit EX-28.q.9 with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28q9.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;(8) [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;(9) [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;(10) [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;(11) [Power of Attorney with respect to the Trust for Charlotte Petersen, dated January 1, 2023, is filed herewith as](d459282dex9928q11.htm) [Exhibit EX-28.q.11.](d459282dex9928q11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Power of Attorney with respect to the Trust for Kristina Bradshaw, dated January 1, 2023, is filed herewith as](d459282dex9928q12.htm) [Exhibit EX-28.q.12.](d459282dex9928q12.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** |
| John L. Carter | President and Chief Operating <br> Officer of Nationwide <br> Financial Services, Inc.<br>| President and Director | N/A |

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Principal Occupation** | **Position with NFA** | **Position with Funds** |
| Lee T. Cummings | President, Chief Executive <br> Officer and Principal <br> Executive Officer of the Trust; <br> Senior Vice President and <br> Head of Fund Operations of <br> Nationwide Funds Group; <br> Vice President of Nationwide <br> Mutual Insurance Company<br>| Senior Vice President | President, Chief Executive <br> Officer and Principal <br> Executive Officer, Senior Vice <br> President and Head of Fund <br> Operations<br>|
| Kevin D. Grether | Senior Vice President of NFA <br> and Chief Compliance Officer <br> of 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>|
| Pamela A. Biesecker | Senior Vice President and <br> Head of Taxation of <br> Nationwide Mutual Insurance <br> Company<br>| Senior Vice President and <br> Head of Taxation<br>| N/A |
| Denise L. Skingle | Senior Vice President and <br> Chief Counsel of Nationwide <br> Mutual Insurance 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> Funds Group; Vice President <br> of Nationwide Mutual <br> Insurance Company<br>| Vice President, Associate <br> General Counsel and Assistant <br> Secretary<br>| Secretary, Vice President and <br> Associate General Counsel<br>|
| Gayle L. Donato | 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 |
| 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 |
| Timothy J. Dwyer | 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 | Associate Vice President and <br> Assistant Secretary of <br> Nationwide Mutual Insurance <br> Company<br>| Assistant Secretary | N/A |
| David Dokko | Assistant Secretary of <br> Nationwide Mutual Insurance <br> Company<br>| Assistant Secretary | N/A |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Principal Occupation** | **Position with NFA** | **Position with Funds** |
| Tina S. Ambrozy | Senior Vice President, <br> NF Strategic Customer <br> Solutions<br>| Director | N/A |
| Steve Hall  | Senior Investment Associate  | Vice President-Derivatives <br> Risk Manager <br>| N/A |
| Tonya G. Walker | Associate Vice President and <br> Assistant Treasurer of <br>| Nationwide Mutual Insurance <br> Company<br>| N/A |

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(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, Nationwide International Index Fund, Nationwide Multi-Cap Portfolio and Nationwide Bond Portfolio. 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 Bond Fund and 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 Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc. ("BNYMIA"), acts as subadviser to the Nationwide Government Money Market Fund. BNYMIA also acts as an investment adviser or subadviser to other investment companies. To the knowledge of the Registrant, the directors and officers of BNYMIA 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 with the exception that Bushra Mannon, a Vice President of BNYMIA, served as an Executive Director of J.P. Morgan Asset Management from September 2013 until November 2021.

(e) Mellon Investments Corporation ("Mellon") acts as subadviser to the Nationwide NYSE Arca Tech 100 Index Fund. To the knowledge of the Registrant, the directors and officers of Mellon 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) Brown Capital Management, LLC ("Brown Capital") acts as subadviser to the Nationwide Small Company Growth Fund. To the knowledge of the Registrant, the directors and officers of Brown 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, officer, employee, partner, or trustee of affiliated entities.

(g) UBS Asset Management (Americas) Inc. ("UBS AM") acts as subadviser to the Nationwide Global Sustainable Equity Fund. To the knowledge of the Registrant, the directors and officers of UBS AM 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) Bailard, Inc. ("Bailard") acts as subadviser to the Nationwide Bailard Cognitive Value Fund, Nationwide Bailard Technology & Science Fund and Nationwide Bailard International Equities Fund. To the knowledge of the Registrant, the directors and officers of Bailard have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities. Bailard provides real estate services (such as identifying and recommending potential property acquisitions and dispositions, supervising day-to-day property management and providing real estate research) to a client that is an affiliated private real estate investment trust.

(i) 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.

(j) Amundi Asset Management US, Inc. ("Amundi US") acts as subadviser to the Nationwide Amundi Global High Yield Fund and Nationwide Amundi Strategic Income Fund. Except as noted below, the directors and officers of Amundi US

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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.

---

| | | |
|:---|:---|:---|
| **Name and Position with Amundi US** | **Other Company** | **Position with Other Company** |
| Lisa Jones<br> CEO<br>| The Investment Company Institute | Member- Board of Governors |
|  | MIT Sloan Finance Group Advisory <br> Board<br>| Member |
|  | Clearwater Analytics Holdings, Inc | Independent Director (Member of the <br> Board of Directors)<br>|
| Ken Taubes<br> CIO<br>| Kerem Shalom | Member of Finance Committee |
|  | Suffolk University MSF Advisory Board | Board Member |

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(k) Wellington Management Company LLP ("Wellington Management") acts as subadviser to the Nationwide International Small Cap Fund and Nationwide 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.

(l) Loomis, Sayles & Company, L.P. ("Loomis Sayles") acts as subadviser to the Nationwide Loomis All Cap Growth Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund. The address of Loomis Sayles is One Financial Center, Boston, MA 02111. Loomis Sayles is an investment adviser registered under the Investment Advisers Act of 1940. Except as noted below, the directors and officers of Loomis Sayles have not been engaged in any other business or profession of a substantial nature during the past fiscal years, other than in their capacities as a director or officer of affiliated entities.

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| | | |
|:---|:---|:---|
| **Name and Position with Loomis Sayles** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, <br> President and Director<br>| Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis ETF Trust II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Gateway Trust<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director |
|  | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's <br> Street, London, England SW1A 1 HA <br>| Executive Vice President |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and President |

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| | | |
|:---|:---|:---|
| **Name and Position with Loomis Sayles** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
|  | Loomis Sayles Investments Asia Pte. Ltd.<br> 10 Collyer Quay #14-06, Ocean Financial <br> Centre, Singapore 049315<br>| Director |
|  | Loomis Sayles Operating Services, LLC<br> One Financial Center, Boston, MA 02111 <br> (dissolved 12/20/22)<br>| Chairman and President (2020 -2022) |
|  | NIM-os, LLC One Financial Center, <br> Boston, MA 02111<br>| Director, Chairman and President |
| Matthew J. Eagan<br> Executive Vice President and Director<br>|  |  |
| Daniel J. Fuss<br> Vice Chairman, Executive Vice President <br> and Director<br>| Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199<br>| Executive Vice President (2003 to 2021) |
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199<br>| Executive Vice President (2003 to 2021) |
| John R. Gidman<br> Executive Vice President, Chief <br> Operating Officer and Director <br>| Loomis Sayles Operating Services, LLC, <br> One Financial Center, Boston, MA 02111 <br> (dissolved 12/20/22)<br>| Director and Chief Executive Officer <br> (2020 - 2022)<br>|
|  | NIM-os, LLC One Financial Center, <br> Boston, MA 02111<br>| Director and Chief Executive Officer |
| David L. Giunta<br> Director<br>| Natixis Investment Managers<br> 888 Boylston Street, Boston, MA 02199<br>| President and Chief Executive Officer, <br> US<br>|
|  | Natixis Advisors, LLC<br> 888 Boylston Street, Boston, MA 02199<br>| President and Chief Executive Officer  |
|  | Compliance, Risk and Internal Control <br> Committee (formerly Natixis <br> Distribution Corporation)<br> 888 Boylston Street, Boston, MA 02199<br>| Chairman, President and Chief Executive <br> Officer <br>|
|  | Natixis Distribution, LLC<br> 888 Boylston Street, Boston, MA 02199<br>| President and Chief Executive Officer  |
|  | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee and Executive Vice President |
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer <br>|
|  | Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis ETF Trust II<br> 888 Boylston Street,<br> Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Gateway Trust<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|

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| | | |
|:---|:---|:---|
| **Name and Position with Loomis Sayles** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
| Aziz V. Hamzaogullari<br> Executive Vice President, Chief <br> Investment Officer of the Growth Equity <br> Strategies and Director<br>|  |  |
| Kinji KatoDirector 6/17/22 to present) | Natixis Investment Managers JapanArk <br> Hills South Tower 8F4-5, Roppongi <br> 1-chome, Minato-kuTokyo 106-<br> 0032Japan<br>| Honorary Chairman |
| Maurice Leger<br> Director of Global Institutional Services,<br> Executive Vice President and Director<br>| Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager |
| Rebecca O'Brien Radford<br> Executive Vice President, General <br> Counsel, Secretary and Director <br> (1/1/2023 to present)<br>| Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director |
|  | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's <br> Street, London, England SW1A 1 HA<br>| General Counsel and Secretary |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and Secretary |
|  | Loomis Sayles Operating Services, LLC, <br> One Financial Center, Boston, MA 02111 <br> (dissolved 12/20/22)<br>| Director and Secretary (2020 - 2022) |
|  | NIM-os, LLC One Financial Center, <br> Boston, MA 02111<br>| Director, General Counsel and Secretary |
| Richard G. Raczkowski<br> Executive Vice President and Director<br>|  |  |
| John F. Russell<br> Executive Vice President and Director<br>|  |  |
| Susan L. SiekerExecutive Vice President, <br> Chief Financial Officer and Director <br> (2021-present)<br>| Loomis Sayles Investments LimitedThe <br> Economist Plaza, 25 St. James's Street, <br> London, England SW1A 1 HA<br>| Chief Financial Officer |
|  | Loomis Sayles Trust Company, LLCOne <br> Financial Center, Boston, MA 02111<br>| Manager and Chief Financial Officer |
|  | NIM-os, LLCOne Financial Center, <br> Boston, MA 02111<br>| Director |
| Elaine M. Stokes<br> Executive Vice President and Director<br>|  |  |
| David L. Waldman<br> Executive Vice President, Deputy Chief <br> Investment Officer (2013-2021), Chief <br> Investment Officer (2021-present) and <br> Director<br>|  |  |

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(m) WCM Investment Management ("WCMIM") acts as subadviser to the Nationwide WCM Focused Small Cap Fund. WCMIM is an investment adviser registered under the Investment Advisers Act of 1940. To the knowledge of the Registrant, the directors and officers of WCMIM have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(n) Western Asset Management Company, LLC ("Western Asset") acts as subadviser to the Nationwide Multi-Cap Portfolio. Western Asset is a direct wholly-owned subsidiary of Legg Mason, Inc. ("Legg Mason") and an indirect wholly-owned subsidiary of Franklin Resources, Inc. ("Resources") and is registered as an investment adviser under the Advisers

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Act. During the past two fiscal years, the directors and officers of Western Asset have not been engaged in any business, profession, vocation or employment of a substantial nature other than as directors or officers of Legg Mason and/or Resources, other Legg Mason and/or Resources subsidiaries, and/or other Legg Mason and/or Resources sponsored investment companies. The names and titles of the officers and directors of Western Asset are listed in Schedules A and D of Form ADV filed by Western Asset pursuant to the Advisers Act, the text of which Schedules are incorporated herein by reference (SEC File No. 801-8162). Western Asset is located at 385 E. Colorado Blvd, Pasadena, CA 91101.

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| | | |
|:---|:---|:---|
| **Name** | **Position(s) at Western Asset** | **Other Position(s) held** |
| James W. Hirschmann III | President and Chief Executive Officer, <br> Western Asset (Chairman)<br>| Director, Western Asset Mortgage Capital <br> Corporation<br>|
| Jennifer Johnson | Non-Employee Director | None |
| Matthew Nicholls | Non-Employee Director | None |
| Andrew J. Bowden | Chief Operating Officer, Western Asset <br> (Executive Director)<br>| None |
| Jed A. Plafker | Non-Employee Director | None |
| Marzo Bernardi | Director of Client Services and <br> Marketing<br>| None |
| Dennis McNamara | Director of Global Portfolio Operations | None |
| Courtney Hoffman | Secretary and General Counsel  | Director, Western Asset Holdings <br> (Australia) Pty Ltd<br>|
|  |  | Director, Western Asset Management <br> Company Pty Ltd<br>|
|  |  | Director, Western Asset Management <br> Company Ltd<br>|
|  |  | Director, Western Asset Management <br> Company Pte. Ltd<br>|
|  |  | Director, Western Asset Management <br> Company Limited<br>|
| Daniel E. Giddings | Assistant Secretary | None |
| David I. Hugh | Global Head of Finance | None |
| Arthur T. Spalding | Treasurer and Controller | None |

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(o) GQG Partners LLC ("GQG") acts as subadvisor to the Nationwide GQG US Quality Equity Fund. Except as noted below, during past two fiscal years the directors and officers of GQG have not been engaged in any other business or profession of a substantial nature for his or her own account or in the capacity of director, officer, employee partner or trustee.

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| | | |
|:---|:---|:---|
| **Name and Position with**<br> **Investment Adviser**<br>| **Name and Principal Business**<br> **Address of Other Company**<br>| **Connection with Other Company** |
| Rajiv Jain, Chairman, Chief Investment <br> Officer and Manager | GQG Partners Community <br> Empowerment Foundation\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Sole Member; Director (August 2018 - <br> April 2021)<br>|
| Rajiv Jain, Chairman, Chief Investment <br> Officer and Manager | GQG Partners Inc.\*450 East Las Olas <br> Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Executive Chairman, Chief Investment <br> Officer <br>|
| Tim Carver, Chief Executive Officer and <br> Manager | GQG Partners Community <br> Empowerment Foundation\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Director (August 2018 -- April 2021) |
| Tim Carver, Chief Executive Officer and <br> Manager | GQG Partners Inc.\*450 East Las Olas <br> Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Chief Executive Officer, Executive <br> Director <br>|

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| | | |
|:---|:---|:---|
| **Name and Position with**<br> **Investment Adviser**<br>| **Name and Principal Business**<br> **Address of Other Company**<br>| **Connection with Other Company** |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Global UCITS ICAV<br> 2nd Floor, 5 Earlsfort Terrace<br> Dublin D2<br> Ireland<br>| Director |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Partners Inc.\*450 East Las Olas <br> Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Chief Financial Officer |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Partners (Australia) Pty Ltd\*Level <br> 10, 68 Pitt StreetSydney NSW 2000<br>| Director |
| Charles FalckChief Operating Officer | Vontobel Asset Management <br> AGGenferstrasse 27, <br> 8002ZurichSwitzerland<br>| Global Chief Operating Officer <br> (employment prior to joining GQG in <br> August 2021)<br>|
| Charles FalckChief Operating Officer | GQG Partners Inc.\*450 East Las Olas <br> Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Chief Operating Officer |
| Sal DiGangi, Global Chief Compliance <br> Officer<br>| GQG Partners Inc.\*450 East Las Olas <br> Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Global Chief Compliance Officer  |
| Frederick H. Sherley, General Counsel <br> and Secretary<br>| GQG Partners Inc.\*450 East Las Olas <br> Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| General Counsel and Corporate Secretary |

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\* Affiliated entity

(p) Newton Investment Management North America, LLC ("Newton US") acts as a subadvisor to the Nationwide BNY Mellon Disciplined Value 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.

(q) Janus Henderson Investors US LLC ("Janus") acts as a subadviser to the Nationwide Multi-Cap Portfolio and Nationwide Janus Henderson Overseas Fund. Janus is an investment adviser registered under the Investment Advisers Act of 1940. To the knowledge of the Registrant, the officers of Janus 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 or other employee of affiliated entities, including sponsor funds.

(r) Goldman Sachs Asset Management, L.P. ("GSAM") is an indirect wholly owned subsidiary of The Goldman Sachs Group, Inc. and serves as a subadviser the the Nationwide Multi-Cap 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.

(s) Insight North America LLC ("Insight") acts as a subadvisor to the Nationwide BNY Mellon Core Plus Bond ESG Fund. The directors and officers of Insight have not been engaged in any other business or profession of a substantial nature during the past two fiscal years.

(t) 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.

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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Herewith is the information required by the following table with respect to each director, officer or partner of NFD. The address for the persons listed below, except where otherwise noted, is One Nationwide Plaza, Columbus, OH 43215.

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| | | |
|:---|:---|:---|
| **Name:** | **Position with NFD:** | **Position with Registrant:** |
| Holly A. Butson | Chief Compliance Officer | N/A |
| Lee T. Cummings | Chairman, Director and President | President, Chief Executive Officer and <br> Principal Executive Officer, Senior Vice <br> President and Head of Fund Operations<br>|
| Ewan T. Roswell | Associate Vice President and Assistant <br> Treasurer<br>| N/A |
| Denise L. Skingle | Senior Vice President and Secretary | N/A |
| Jennifer L. Monnin | Chief Marketing Officer | N/A |

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(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.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant 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. 280/296 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 21<sup>st</sup> day of February, 2023.

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| | |
|:---|:---|
|  | NATIONWIDE MUTUAL FUNDS |
| BY: | /s/Allan J. Oster  |
|  | Allan J. Oster, Attorney-In-Fact for Registrant |

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PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS REGISTRATION HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS IN THE CAPACITIES INDICATED.

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| |
|:---|
| **Signature & Title** |
| /s/Lee Cummings\* |
| Lee Cummings, President, Chief Executive Officer <br> and Principal Executive Officer<br>|
| /s/David Majewski\* |
| David Majewski, Treasurer and<br> Principal Financial Officer<br>|
| /s/Lorn C. Davis\* |
| Lorn C. Davis, Trustee |
| /s/Phyllis Kay Dryden\* |
| Barbara I. Jacobs, Trustee |
| /s/Keith F. Karlawish\* |
| Keith F. Karlawish, Trustee and Chairman |
| /s/Carol A. Kosel\* |
| Carol A. Kosel, Trustee |
| /s/Douglas F. Kridler\* |
| Douglas F. Kridler, Trustee |
| /s/M. Diane Koken\* |
| M. Diane Koken, Trustee |
| /s/David E. Wezdenko\* |
| David E. Wezdenko, Trustee |
| /s/Charlotte Petersen\* |
| Charlotte Petersen, Trustee |
| /s/Kristina Bradshaw\* |
| Kristina Bradshaw, Trustee |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \*BY: | /s/Allan J. Oster  |
|  | Allan J. Oster, Attorney-In-Fact |

---

------

## Exhibit 99.28

EX-28.h.4.c

**EXHIBIT A** 

**TO THE EXPENSE LIMITATION AGREEMENT BETWEEN** 

**NATIONWIDE MUTUAL FUNDS AND** 

**NATIONWIDE FUND ADVISORS** 

Effective May 1, 2007

*Amended October 1, 2022†\** 

---

| | |
|:---|:---|
| **Name of Fund/Class** | **Expense Limitation for Fund/Class** |
|  Nationwide Government Money Market Fund |  |
|  Investor | 0.59% |
|  Service Class‡ | 0.59% |
|  Class R6 | 0.59% |
|  Nationwide American Century Small Cap Income Fund |  |
|  Class A | 0.99% |
|  Class C | 0.99% |
|  Class R6 | 0.99% |
|  Institutional Service Class | 0.99% |

---

Each of the Asset Allocation Funds (Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Investor Destinations Conservative Fund)

---

| | |
|:---|:---|
|  Class A | 0.25% |
|  Class C | 0.25% |
|  Class R | 0.25% |
|  Service Class | 0.25% |
|  Class R6 | 0.25% |
|  Institutional Service Class | 0.25% |
|  Nationwide S&P 500 Index Fund |  |
|  Class A | 0.21% |
|  Class C | 0.21% |
|  Class R | 0.21% |
|  Class R6 | 0.21% |
|  Service Class | 0.21% |
|  Institutional Service Class | 0.21% |
|  Nationwide Small Cap Index Fund |  |
|  Class A | 0.28% |
|  Class C | 0.28% |
|  Class R | 0.28% |
|  Class R6 | 0.28% |
|  Institutional Service Class | 0.28% |

---

------

---

| | |
|:---|:---|
|  Nationwide Mid Cap Market Index Fund |  |
|  Class A | 0.30% |
|  Class C | 0.30% |
|  Class R | 0.30% |
|  Class R6 | 0.30% |
|  Institutional Service Class | 0.30% |
|  Nationwide International Index Fund |  |
|  Class A | 0.29% |
|  Class C | 0.29% |
|  Class R | 0.29% |
|  Class R6 | 0.29% |
|  Institutional Service Class | 0.29% |
|  Nationwide Bond Index Fund |  |
|  Class A | 0.22% |
|  Class C | 0.22% |
|  Class R | 0.22% |
|  Class R6 | 0.22% |
|  Institutional Service Class | 0.22% |
|  Nationwide Bond Fund |  |
|  Class A | 0.44% |
|  Class C | 0.44% |
|  Class R | 0.44% |
|  Class R6 | 0.44% |
|  Institutional Service Class | 0.44% |
|  Nationwide BNY Mellon Dynamic U.S. Core Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(formerly, Nationwide Mellon Dynamic U.S. Core Fund)* |  |
|  Class A | 0.50% |
|  Class C | 0.50% |
|  Class R | 0.50% |
|  Class R6 | 0.50% |
|  Eagle Class | 0.50% |
|  Institutional Service Class | 0.50% |
|  Nationwide Small Company Growth Fund |  |
|  Class A | 0.94% |
|  Institutional Service Class | 0.94% |

---

------

---

| | |
|:---|:---|
|  Nationwide Global Sustainable Equity Fund††† |  |
|  Class A | 0.90% |
|  Class C | 0.90% |
|  Class R6 | 0.90% |
|  Institutional Service Class | 0.90% |
|  Nationwide Inflation-Protected Securities Fund |  |
|  Class A | 0.30% |
|  Class R6 | 0.30% |
|  Institutional Service Class | 0.30% |
|  Nationwide BNY Mellon Core Plus Bond ESG Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(formerly, Nationwide Core Plus Bond Fund)* |  |
|  Class A | 0.70% |
|  Class R6 | 0.70% |
|  Institutional Service Class | 0.70% |
|  Nationwide Bailard Cognitive Value Fund |  |
|  Class A | 1.07% |
|  Class C | 1.07% |
|  Class M | 1.07% |
|  Class R6 | 1.07% |
|  Institutional Service Class | 1.07% |
|  Nationwide Bailard International Equities Fund |  |
|  Class A | 1.10% |
|  Class C | 1.10% |
|  Class M | 1.10% |
|  Class R6 | 1.10% |
|  Institutional Service Class | 1.10% |
|  Nationwide Bailard Technology & Science Fund |  |
|  Class A | 1.05% |
|  Class C | 1.05% |
|  Class M | 1.05% |
|  Class R6 | 1.05% |
|  Institutional Service Class | 1.05% |

---

------

---

| | |
|:---|:---|
|  Nationwide Geneva Mid Cap Growth Fund |  |
|  Class A | 0.98% |
|  Class C | 0.98% |
|  Class R6 | 0.98% |
|  Institutional Service Class | 0.98% |
|  Nationwide Geneva Small Cap Growth Fund |  |
|  Class A | 1.22% |
|  Class C | 1.22% |
|  Class R6 | 1.22% |
|  Institutional Service Class | 1.22% |
|  Nationwide Loomis Core Bond Fund |  |
|  Class A | 0.65% |
|  Class C | 0.65% |
|  Class R6 | 0.65% |
|  Institutional Service Class | 0.65% |
|  Nationwide Diamond Hill Large Cap Concentrated Fund |  |
|  Class A | 0.60% |
|  Class C | 0.60% |
|  Class R6 | 0.60% |
|  Institutional Service Class | 0.60% |
|  Nationwide Loomis Short Term Bond Fund |  |
|  Class A | 0.45% |
|  Class C | 0.45% |
|  Class R6 | 0.45% |
|  Institutional Service Class | 0.45% |
|  Nationwide WCM Focused Small Cap Fund |  |
|  Class A | 0.80% |
|  Class C | 0.80% |
|  Class R6 | 0.80% |
|  Institutional Service Class | 0.80% |
|  Nationwide NYSE Arca Tech 100 Index Fund |  |
|  Class A | 0.68% |
|  Class C | 0.68% |
|  Class R6 | 0.68% |
|  Institutional Service Class | 0.68% |

---

------

---

| | |
|:---|:---|
|  Nationwide Amundi Global High Yield Fund |  |
|  Class A | 0.70% |
|  Class C | 0.70% |
|  Class R6 | 0.70% |
|  Institutional Service Class | 0.70% |
|  Nationwide Amundi Strategic Income Fund |  |
|  Class A | 0.49% |
|  Class C | 0.49% |
|  Class R6 | 0.49% |
|  Institutional Service Class | 0.49% |
|  Nationwide International Small Cap Fund†† |  |
|  Class A | 0.89% |
|  Class R6 | 0.89% |
|  Institutional Service Class | 0.89% |
|  Nationwide Loomis All Cap Growth Fund†† |  |
|  Class A | 0.82% |
|  Class R6 | 0.82% |
|  Eagle Class | 0.82% |
|  Institutional Service Class | 0.82% |
|  Nationwide Janus Henderson Overseas Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(formerly, Nationwide AllianzGI International Growth Fund)* |  |
|  Class A | 0.72% |
|  Class R6 | 0.72% |
|  Institutional Service Class | 0.72% |
|  Eagle Class | 0.72% |
|  Nationwide BNY Mellon Disciplined Value Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(formerly, Nationwide Mellon Disciplined Value Fund)* |  |
|  Class A | 0.66% |
|  Class K | 0.66% |
|  Class R6 | 0.66% |
|  Institutional Service Class | 0.66% |
|  Eagle Class | 0.66% |

---

------

---

| | |
|:---|:---|
|  Nationwide GQG US Quality Equity Fund |  |
|  Class A | 0.49% |
|  Class R6 | 0.49% |
|  Institutional Service Class | 0.49% |
|  Eagle Class | 0.49% |
|  Nationwide U.S. 130/30 Equity Portfolio |  |
|  Class R6 | 0.49% |

---

*\** *As approved by the Board of Trustees at its meeting held on September 13-14, 2022.* 

† Effective through February 28, 2023.

†† Effective through May 31, 2023.

††† Effective through September 30, 2023.

‡ With respect to the Service Class of the Nationwide Government Money Market Fund, effective until at least
February 28, 2023, 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/ Lee T. Cummings |
| Name: Lee T. Cummings | Name: Lee T. Cummings |
| Title: SVP | Title: SVP |
| NATIONWIDE FUND ADVISORS | NATIONWIDE FUND ADVISORS |
| By: | /s/ Lee T. Cummings |
| Name: Lee T. Cummings | Name: Lee T. Cummings |
| Title: SVP | Title: SVP |

---

## Exhibit 99.28

EX-28.h.6

Nationwide Financial Services, Inc.

One Nationwide Plaza

Columbus, Ohio 43215

March 1, 2023

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 29, 2024. 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/ Steven D. Pierce |
| Name: Steven D. Pierce | Name: Steven D. Pierce |
| Title: VP, Product & Business Development - IMG | Title: VP, Product & Business Development - IMG |

---

---

| | |
|:---|:---|
| Your signature below acknowledges acceptance of this Agreement: | 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, 2023 | Date: March 1, 2023 |

---

## Exhibit 99.28

EX-28.h.7

Nationwide Fund Distributors LLC

One Nationwide Plaza

Mail Code 5-02-210

Columbus, Ohio 43215

March 1, 2023

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 29, 2024. 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 | Nationwide Fund Distributors LLC |
| By: | /s/ Lee T. 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: | 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, 2023 | Date: March 1, 2023 |

---

## Exhibit 99.28

EX-28.h.8

**AMENDED AND RESTATED FEE WAIVER AGREEMENT** 

THIS AMENDED AND RESTATED FEE WAIVER AGREEMENT, effective as of March 1, 2023, by and between NATIONWIDE FUND ADVISORS ("NFA") and NATIONWIDE MUTUAL FUNDS, a Delaware statutory trust (the "Trust"), on behalf of the following series (each, a "Fund," and collectively, the "Funds"):

**Nationwide BNY Mellon Core Plus Bond ESG Fund** 

**Nationwide Fund** 

**Nationwide Government Money Market Fund** 

**Nationwide Loomis Short Term Bond Fund** 

**Nationwide Mid Cap Market Index Fund** 

**Nationwide Small Cap Index Fund** 

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and each Fund is a separate series of the Trust; and

WHEREAS, NFA serves as investment adviser to the Trust, including the Funds, pursuant to an investment advisory agreement, dated May 1, 2007, between NFA and the Trust, under which the Trust pays fees to NFA as specified therein ("Advisory Fees");

NOW, THEREFORE, the parties hereto agree as follows:

1. <u>Fee Waiver Amount</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 NFA agrees to waive Advisory Fees in respect of the Funds, equal to the amount shown in the table below, calculated monthly based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Name of Fund** | **Amount of Advisory Fee Waiver** |
|  Nationwide BNY Mellon Core Plus Bond ESG Fund | 0.0379% per annum |
|  Nationwide Fund | 0.045% per annum |
|  Nationwide Government Money Market Fund | 0.027% per annum |
|  Nationwide Loomis Short Term Bond Fund *(effective March 20, 2023)* | 0.02% per annum |
|  Nationwide Mid Cap Market Index Fund | 0.01% per annum |
|  Nationwide Small Cap Index Fund | 0.02% per annum |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 NFA acknowledges that it shall not be entitled to collect on, or make a claim for, Advisory Fees waived hereunder at any time in the future.

2. <u>Term and Termination of Agreement</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 This Agreement supercedes and replaces a previous Fee Waiver Agreement among the parties hereto, dated January 1, 2022. This Agreement shall continue in effect until February 29, 2024.

------

3. <u>Miscellaneous</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or a Fund to take any action contrary to the Trust's Agreement and Declaration of Trust or By-Laws, or any applicable statutory or regulatory requirement to which the Trust or a Fund is subject or by which the Trust or a Fund is bound, or to relieve or deprive the Trust's Board of Trustees of the Board's responsibility for and control of the conduct of the affairs of the Trust or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings between them relating to the subject matter hereof.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
| NATIONWIDE MUTUAL FUNDS | NATIONWIDE MUTUAL FUNDS |
| By: | /s/ Lee. T. Cummings |
| Name: Lee T. Cummings | Name: Lee T. Cummings |
| Title: President | Title: President |
| NATIONWIDE FUND ADVISORS | NATIONWIDE FUND ADVISORS |
| By: | /s/ Lee T. Cummings |
| Name: Lee T. Cummings | Name: Lee T. Cummings |
| Title: Senior Vice President | Title: Senior Vice President |

---

## Exhibit 99.28

EX-28.h.9

Nationwide Fund Advisors

One Nationwide Plaza

Mail Code 5-02-210

Columbus, Ohio 43215

March 1, 2023

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 29, 2024. 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 T. 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: | 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, 2023 | Date: March 1, 2023 |

---

## Exhibit 99.28

EX-28.i

---

| | |
|:---|:---|
| ![LOGO](g459282g0215222443302.jpg) | **Stradley Ronon Stevens & Young, LLP**<br>2000 K Street, NW, Suite 700<br>Washington, DC 20006<br>Telephone 202.822.9611<br>Fax 202.822.0140<br><u>www.stradley.com</u> |

---

February 21, 2023

Nationwide Mutual Funds

One Nationwide Plaza

Mail Code 05-02-210

Columbus, OH 43215

---

| | |
|:---|:---|
| **Subject:** | **Nationwide Mutual Funds, a Delaware statutory trust (the "Trust") - Post-Effective Amendment No. 280, Amendment No. 296 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 21, 2023, 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 ![LOGO](g459282g0215222443490.jpg) 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.

**A Pennsylvania Limited Liability Partnership**

![LOGO](g459282g0208141500393.jpg)

------

Nationwide Mutual Funds

February 21, 2023

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](g459282g0208141500393.jpg)

------

Nationwide Mutual Funds

February 21, 2023

**<u>Exhibit A</u>**

Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income Fund

Nationwide Bailard Cognitive Value Fund

Nationwide Bailard International Equities Fund

Nationwide Bailard Technology & Science Fund

Nationwide BNY Mellon Core Plus Bond ESG Fund

Nationwide BNY Mellon Disciplined Value Fund

Nationwide BNY Mellon Dynamic U.S. Core Fund

Nationwide Bond Fund

Nationwide Bond Index Fund

Nationwide Destination 2025 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 Retirement Fund

Nationwide Fund

Nationwide Geneva Mid Cap Growth Fund

Nationwide Geneva Small Cap Growth Fund

Nationwide Global Sustainable Equity Fund

Nationwide Government Money Market Fund

Nationwide GQG US Quality Equity Fund

Nationwide Inflation-Protected Securities Fund

Nationwide International Index Fund

Nationwide International Small Cap Fund

Nationwide Investor Destinations Aggressive Fund

Nationwide Investor Destinations Conservative Fund

Nationwide Investor Destinations Moderate Fund

Nationwide Investor Destinations Moderately Aggressive Fund

Nationwide Investor Destinations Moderately Conservative Fund

Nationwide Janus Henderson Overseas Fund (formerly, Nationwide AllianzGI International Growth 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 S&P 500 Index Fund

Nationwide Small Cap Index Fund

Nationwide Small Company Growth Fund

Nationwide WCM Focused Small Cap Fund

**A Pennsylvania Limited Liability Partnership**

![LOGO](g459282g0208141500393.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 Nationwide Mutual Funds of our reports dated December 22, 2022 relating to the financial statements and financial highlights, which appear in Nationwide American Century Small Cap Income, Nationwide Amundi Global High Yield Fund, Nationwide Amundi Strategic Income Fund, Nationwide Bailard Cognitive Value Fund, Nationwide Bailard International Equities Fund, Nationwide Bailard Technology & Science Fund, Nationwide BNY Mellon Core Plus Bond ESG Fund, Nationwide BNY Mellon Disciplined Value Fund, Nationwide BNY Mellon Dynamic U.S. Core Fund, Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide Destination 2025 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 Retirement Fund, Nationwide Diamond Hill Large Cap Concentrated Fund, Nationwide Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund, Nationwide Global Sustainable Equity Fund, Nationwide Government Money Market Fund, Nationwide GQG US Quality Equity Fund, Nationwide Inflation-Protected Securities Fund, Nationwide International Index Fund, Nationwide International Small Cap Fund, Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Investor Destinations Conservative Fund, Nationwide Janus Henderson Overseas 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 S&P 500 Index Fund, Nationwide Small Cap Index Fund, Nationwide Small Company Growth Fund, Nationwide WCM Focused Small Cap Funds' Annual Reports on Form N-CSR for the year ended October 31, 2022. We also consent to the references to us under the headings Independent Registered Public Accounting Firm and Financial Highlights in such Registration Statement.

Very truly yours,

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

February 21, 2023

## Exhibit 99.28

EX-28.p.2

Code of Business Conduct and Ethics

December 7, 2021

![LOGO](g459282g0203151033318.jpg)

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| |
|:---|
| **Code of Business Conduct and Ethics** |
| Effective Date: December 7, 2021 |

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**1.** **Introduction** 

This global Code of Business Conduct and Ethics ("Code") governs the general commitment by BlackRock, Inc. and its subsidiaries (collectively, "BlackRock") to conduct its business activities in the highest ethical and professional manner and to put client interests first. BlackRock's reputation for integrity is one of its most important assets and is instrumental to its business success. While this Code covers a wide range of business activities, practices, and procedures, it does not cover every issue that may arise in the course of BlackRock's many business activities. Rather, it sets out basic principles designed to guide BlackRock's employees and directors. Consultants and contingent, contract, or temporary workers are expected to comply with the principles of this Code and policies applicable to their location, function, and status.

Every BlackRock employee and director — whatever his or her position — is responsible for upholding high ethical and professional standards and must seek to avoid even the appearance of improper behavior. Any violation of this Code may result in disciplinary action to the extent permitted by applicable law. Any employee who becomes aware of an actual or potential violation of this Code or other BlackRock policy is required to follow the reporting process described in the Global Policy for Reporting Illegal or Unethical Conduct and in Section 10 below.

**2.** **Compliance with Laws and Regulations** 

BlackRock's global business activities are subject to extensive governmental regulation and oversight and it is critical that BlackRock and its employees comply with applicable laws, rules, and regulations, including those relating to insider trading. Employees are expected to refer to the guidance contained in the Compliance Manual and the various policies and procedures contained in the Policy Library in compliance with these laws and regulations and to seek advice from supervisors and Legal & Compliance ("L&C") as necessary.

**3.** **Conflicts of Interest** 

Conflicts of interest may arise when a person's private interest interferes, or appears to interfere, with the interests of BlackRock, or where the interests of an employee or the firm are inconsistent with those of a client or potential client, resulting in the risk of damage to the interests of BlackRock or one or more of its clients. A conflict may arise, for example, if an employee takes an action or has an interest that could appear to make it difficult for the employee to conduct the employee's responsibilities to BlackRock and/or the client objectively and effectively, or if such employee or any person associated with the employee, including but not limited to members of the employee's family or household, receives an improper personal benefit, such as money or a loan, as a result of the individual's position at BlackRock. BlackRock has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Global Conflicts of Interest Policy and the Global Outside Activity Policy. Employees are required to comply with these and other compliance related policies, procedures, and controls and to help mitigate potential conflicts of interest by adhering to the following standard of conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act solely in the best interests of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uphold BlackRock's high ethical and professional standards;

Limited

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Code of Business Conduct and Ethics

December 7, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify, report, and manage actual, apparent, or potential conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make full and fair disclosure of any conflicts of interests, as may be required.

Conflicts of interest may not always be clear-cut and it is not possible to describe every situation in which a conflict of interest may arise – any question with respect to whether a conflict of interest exists, together with any actual or potential conflict of interest, should be directed to managers and L&C.

**4.** **Insider Trading and Personal Trading** 

Employees and directors who have access to confidential information about BlackRock, its clients, or issuers in which it invests client assets, are prohibited from using or sharing that information for security trading purposes or for any other purpose except in the proper conduct of our business. All non-public information about BlackRock or any of our clients or issuers should be considered "confidential information." Use of material, non-public information in connection with any investment decision or recommendation or to "tip" others who might make an investment decision on the basis of this information is unethical and illegal and could result in civil and/or criminal penalties. Under the Global Personal Trading Policy, BlackRock employees are required to pre-clear all transactions in securities (except for certain exempt securities). Please consult the Global Insider Trading Policy for additional information.

**5.** **Gifts and Entertainment** 

Employees must act in the best interests of our clients and consider the reputation of BlackRock when receiving or providing any gift or entertainment. Employees are prohibited from offering, promising, giving or receiving, or authorizing others to offer, promise, give or receive anything of value, either directly or indirectly, to any party in order to improperly obtain or retain business, or to otherwise gain an improper business advantage.

In addition, strict laws (including criminal laws) govern the provision of gifts and entertainment, including meals, transportation, and lodging, to public officials. Employees are prohibited from providing gifts or anything of value to public officials or their employees or family members in connection with BlackRock's business for the purpose of obtaining or retaining business or a business advantage. Please consult the Global Gifts and Entertainment Policy for additional information. Regional specific regulatory restrictions also apply.

**6.** **Political Contributions** 

Employees are required to pre-clear political contributions in accordance with the U.S. Political Contributions Policy—Global.

**7.** **Corporate Opportunities** 

Employees and directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from taking personal opportunities for themselves that are discovered through the use of corporate
property, information, or position without the consent of L&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from using corporate property, information, or position for improper personal gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not compete with BlackRock either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• owe a duty to BlackRock to advance its legitimate interests when the opportunity to do so arises.

Limited

![LOGO](g459282g0203151033501.jpg)

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Code of Business Conduct and Ethics

December 7, 2021

**8.** **Competition and Fair Dealing** 

BlackRock seeks to outperform its competition fairly and honestly by seeking competitive advantage through superior performance; BlackRock does not engage in illegal or unethical business practices. BlackRock and its employees and directors should endeavor to respect the rights of, and deal fairly with, BlackRock's clients, vendors, and competitors. Specifically, the following conduct is prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misappropriating proprietary information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possessing trade secret information obtained without the owner's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing disclosure of proprietary information or trade secret information by past or present employees of other
companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking unfair advantage of anyone through manipulation, concealment, abuse of privileged information,
misrepresentation of material facts, or any other intentional unfair-dealing practice.

**9.** **Confidentiality** 

BlackRock's employees and directors have an obligation of confidentiality to BlackRock and its clients. Confidential information includes non-public information that might be of use to competitors or that might harm BlackRock or its clients, if disclosed, and non-public information that clients and other parties have entrusted to BlackRock. The obligation to preserve confidential information continues even after employment ends. This obligation does not limit employees from reporting possible violations of law or regulation to a regulator or from making disclosures under whistleblower provisions, as discussed in greater detail in the Global Policy for Reporting Illegal or Unethical Conduct and relevant confidentiality policies and agreements.

**10.** **Reporting Any Illegal or Unethical Behavior** 

Every employee is required to report any illegal or unethical conduct about which they become aware, including those concerning accounting or auditing matters. Employees may report concerns to L&C by contacting a Managing Director in L&C directly or by contacting the Business Integrity Hotline, contact details for which are available via the intranet homepage. BlackRock will not retaliate or discriminate against any employee because of a good faith report. Employees have the right to report directly to a regulator and may do so anonymously; employees may provide protected disclosures under whistleblower laws and cooperate voluntarily with regulators, in each case without fear of retaliation by BlackRock. Please consult the Global Policy for Reporting Illegal or Unethical Conduct and local compliance manuals for additional detail.

**11.** **Protection and Proper Use of BlackRock Assets** 

Employees and directors should make every effort to protect BlackRock's assets and use them efficiently. This obligation extends to BlackRock's proprietary information, including intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans, engineering and manufacturing ideas, systems, software programs, designs, databases, records, salary information, and any unpublished financial data and reports. Unauthorized use or distribution of proprietary information constitutes a violation of BlackRock policy and could result in civil and/or criminal penalties. Employees should refer to the Intellectual Property Policy and the Corporate Information Security and Acceptable Use of Technology Policy for additional information on the obligation to protect BlackRock's property.

Limited

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Code of Business Conduct and Ethics

December 7, 2021

**12.** **Bribery and Corruption** 

BlackRock employees and directors are prohibited from making payments or offering or giving anything of value, directly or indirectly, to public officials of any country, or to persons in the private sector, if the intent is to influence such persons to perform (or reward them for performing) a relevant function or activity improperly or to obtain or retain business or an advantage in the course of business conduct.

Employees should refer to the Global Anti-Bribery and Corruption Policy for additional information.

**13.** **Equal Employment Opportunity and Harassment** 

The diversity of BlackRock's employees is a tremendous asset. BlackRock is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. In particular, it is BlackRock's policy to afford equal opportunity to all qualified applicants and existing employees without regard to race, ethnicity, religion, color, national origin, sex, pregnancy status, pregnancy-related medical conditions, gender, gender identity or expression, sexual orientation, age, ancestry, physical or mental disability, familial or marital status, political affiliation, citizenship status, genetic information, or protected veteran or military status or any other basis that would be in violation of any applicable ordinance or law. In addition, BlackRock will not tolerate harassment, bias, or other inappropriate conduct on the basis of any of the above protected categories. BlackRock's Global Diversity, Equity and Inclusion Guidelines, which outline the firm's Equal Employment Opportunity policies, and other employment policies are available in the Policy Library.

**14.** **Recordkeeping** 

BlackRock requires honest and accurate recording and reporting of information in order to conduct its business and to make responsible business decisions. BlackRock, as a financial services provider and a public company, is subject to extensive regulations regarding maintenance and retention of books and records. BlackRock's books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect BlackRock's transactions, and must conform both to applicable legal requirements and to BlackRock's system of internal controls. Please consult the Global Records Management Policy and other record retention policies, available in the Policy Library, for additional information.

**15.** **Waivers of the Code** 

Any waiver of this Code for an executive officer or director must be made only by BlackRock's Board of Directors or a Board committee and must be promptly disclosed as required by law or stock exchange regulation.

Limited

![LOGO](g459282g0203151033501.jpg)

## Exhibit 99.28

EX-28.p.3

**Nationwide Fund** 

**Distributors, LLC**![LOGO](g459282g0203112344727.jpg)

CODE OF ETHICS

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|:---|:---|
| **INTERNAL USE ONLY** | **April 1, 2022** |

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**Nationwide Fund Distributors, LLC** 

**CODE OF ETHICS** 

Nationwide Fund Distributors (the "NFD" or the "Firm") is registered as a broker-dealer with the Financial Industry Regulatory Authority ("FINRA") and serves in the limited purpose of acting as ***Principal Underwrite***r to the various series (each, a "Fund" and collectively, the "Funds") of the Nationwide Mutual Funds and the Nationwide Variable Insurance Trust (individually, a Trust and collectively, the "Trusts"). NFD has adopted this Code of Ethics (the "Code" or "Code of Ethics") in accordance with Rule 17j-1 (the "Rule") under the Investment Company Act of 1940, as amended, (the "Act").

The Rule generally prohibits deceitful, fraudulent or manipulative trading practices with respect to purchases and sales of ***securities held or to be acquired*** by the Trusts. While the Firm's Code is designed to prevent violations of the Rule, it is possible to comply with the provisions of this Code and nevertheless violate the general prohibitions set forth in the Rule. The Firm's ***Access Persons*** are subject to the Code and should: therefore, bear these general standards of conduct in mind at all times as well as adherence to applicable federal securities laws. This Code is designed to prevent conduct that could create an actual or potential conflict of interest with any Trust.

**A. STATEMENT OF GENERAL PRINCIPLES AND STANDARD OF CONDUCT** 

It is the duty of all ***Covered Persons*** to place the interests of the Funds first at all times. Consistent with that duty, all ***Covered Persons*** must (1) conduct all personal ***Covered Securities*** transactions in a manner that is consistent with this Code of Ethics; (2) avoid any actual or potential conflict of personal interest with the interests of the Funds; (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 the Funds' transactions including disclosure of portfolio holdings; and (5) comply with all federal securities laws.

This Code of Ethics applies to transactions in ***Covered Securities*** for the accounts of all ***Covered Persons*** and any other accounts in which they have ***Beneficial Ownership***. It imposes certain investment restrictions and prohibitions and requires the reports set forth below. If ***Covered Persons*** become aware of ***Material Non-Public Information*** some personnel may find themselves "frozen" in a position. The Firm will not bear any losses in personal accounts resulting from the implementation of any portion of the Code of Ethics.

**B. GENERAL PROHIBITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No ***Covered Person*** shall employ any device, scheme or artifice to defraud the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No ***Covered Person*** shall make to the Funds any untrue statement of a material fact or omit to state to a Fund 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;3. No ***Covered Person*** shall engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No ***Covered Person*** shall engage in a manipulative practice with respect to the Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All ***Covered Persons*** shall keep all information pertaining to the Funds' 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, which would disclose this information to anyone who would not have access to such information in the normal course of events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No ***Covered Person*** shall utilize information concerning prospective or actual portfolio transactions in any manner that might prove detrimental to the interests of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No ***Covered Person*** shall personally affect a purchase, sale, or exchange of shares of any series of a ***Mutual Fund***, for which the Adviser serves as investment adviser, while in possession of ***Material Non-Public Information*** concerning the portfolio holdings of any series of a ***Mutual Fund***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. No ***Covered Person*** shall use his or her position for his or her personal benefit or attempt to cause a Fund to purchase, sell or hold a particular ***Covered Security*** when that action may reasonably be expected to create a personal benefit for the ***Covered Person***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. No ***Covered Person*** shall selectively disclose "non-public" information concerning the portfolio holdings of any Fund to anyone who does not have a legitimate business need for such information that is consistent with the interests of the Funds and in adherence to the Trusts' Portfolio Holdings Disclosure Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. No ***Covered Person*** shall engage in any act, practice or course of conduct, which would violate applicable provisions of the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. No ***Covered Person*** shall engage in, or help others engage in, ***Market Timing*** in any series of ***Mutual Funds*** for which the Firm serves as investment adviser 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 the ***Mutual Funds***, nor does it apply to contributions to a 401(k) program or an automatic reinvestment program. However, this program 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 a ***Covered Person*** as a result of such impermissible ***Market Timing*** may be subject to disgorgement at the discretion of the Firm's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. No ***Covered Person*** shall engage in, or help others engage in, ***Late Trading*** in any ***Mutual Funds*** for which the Firm serves as investment adviser for any purpose.

**C. PERSONAL TRADING RESTRICTIONS** 

For purposes of this section, ***Disinterested Trustees*** shall be excluded from the restrictions described below in Items 1-8 including the requirement to pre-clear any transactions in a ***Covered Security***.

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In addition, an ***Access Person*** of the Trust that is subject to another code of ethics adopted pursuant to the Rule shall be excluded from the trading restrictions and pre-clearance requirements described below, so long as certain conditions stated in Section E are met.

The ***Access Persons*** of the Firm are not deemed to have advance knowledge of portfolio selections or trading activities of subadvisers. None of the day-to-day activities of the sub-advisers are under the same management or ***control*** as the Firm. Due to the physical and business separation of the entities, ***Access Persons*** of the Firm are not under any trading restrictions within their personal accounts or any account in which they have beneficial interest with the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Short Selling and Margin Accounts

***Access Persons*** are not permitted to enter into short sales or trade on margin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Initial Public Offerings ("IPOs")

***Access Persons*** are prohibited from acquiring any ***Covered Securities*** in an IPO during the subscription period. Once the IPO is free to trade in the marketplace, ***Access Persons*** are then able to trade the security without preapproval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Private Placements

***Access Persons*** investing in ***Private Placements*** of any kind must obtain **written prior approval** from the Firm's CCO or his/her designee. In determining whether to grant such approval, the CCO shall determine (among other factors) whether the investment opportunity should be reserved for the Fund(s), and whether the opportunity is being offered to the individual by virtue of his or her position with the Firm. ***Access Persons***, who have been authorized to acquire ***Covered Securities*** in a private placement must disclose such investment when they are involved in, or have knowledge of, any subsequent consideration of an investment by the Fund(s) in that issuer. In such circumstances, the CCO or his designee with no personal interest in the particular issuer shall, in conjunction with input from appropriate Firm personnel, review the Funds' decision to purchase that issuer's ***Covered Securities***.

All ***Access Persons*** requesting ***Private Placements*** approval shall submit a request via the Firm's online Compliance tool with provision of supporting documentation to the CCO or his designee. Approval to invest in a private 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 via the Firm's online Compliance tool. New ***Access Persons*** may be required to liquidate their investment in a private placement if deemed by the CCO to be a conflict of interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pre-Clearance

For purposes of this Code, ***Access Persons*** are required to pre-clear transactions in the following ***Covered Securities***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) ***Reportable Funds*** (excluding shares purchased as part of an automatic contribution or reinvestment program (such as a 401(k) contribution) provided that the initial position is disclosed on the Initial Holdings Report or the initial acquisition of such security is pre-cleared);; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Private Placements.

Requests for pre-clearance should be submitted online via the Firm's online Compliance tool. Pre-clearance requests must include the type of transaction (e.g., buy or sell), the security name, security symbol / CUSIP, the number of shares (or investment amount), the brokerage account name and account number.

**To the extent that pre-clearance is required; transactions should not be placed for execution until such pre-clearance approval has been received**.

If for any reason the trade is not executed 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 30 Day Holding Period

***All Access Persons*** must maintain any position in a ***Reportable Fund***, with the exception of money market funds, for at least 30 calendar days before they can be sold or exchanged. Exceptions to this policy may be considered in hardship situations, but must be approved in writing, in advance by the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Exempted Transactions

The prohibitions of Section C.4 Pre-Clearance and C.5 30 Day Holding Period, of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Purchases or sales effected in any account over which the ***Access Person*** has no direct or indirect influence, control or investment discretion or authority;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) purchases or sales which are non-volitional<sup>1</sup> on the part of the ***Access Person***;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) subsequent purchases which are made through an automatic dividend reinvestment or automatic direct purchase plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) purchases or sales effected by the Adviser on behalf of Fund accounts managed by such Adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) purchases or sales of covered securities effected in any Access Person's account except ***Reportable Funds***.

For Private Placements, the 30 Day Holding Period also does not apply, however, pre-clearance is still required

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Gifts

***Covered Persons*** may not give or receive gifts or other items beyond those courtesies deemed to be customary, reasonable and proper under the particular business circumstances from any person or entity that does business with the Firm. Gifts given or received by ***Access Persons*** must be in accordance with the provisions of the Firm's Code of Ethics and the Adviser's Gift and Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Board of Directors

***Access Persons*** are prohibited from serving on the boards of directors of publicly traded companies, absent receiving prior authorization from the CCO. Such authorization should be based upon a determination that the board service would be consistent with the interests of the Funds advised by the Firm. Where service on a board of directors is authorized, ***Access Persons*** serving as directors should be isolated from those making investment decisions regarding the company through "Chinese Wall" procedures.

**D. MARKET TIMING** 

All ***Covered Persons*** are expected to read and understand the definition of ***Market Timing*** and adhere to the Code's specific requirements in this regard. ***Market Timing*** is prohibited in any ***Mutual Fund***; if it is determined that personal trading activities violate these restrictions, the Firm reserves the right to impose sanctions as deemed appropriate.

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<sup>1</sup> Non-volitional purchases or sales include those transactions, which do not involve a willing act or conscious decision on the part of the director, officer or employee. For example, shares received or disposed of by Access Persons in a merger, recapitalization or similar transaction are considered non-volitional. 

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To ensure that the Code's requirements are met and to comply with the Securities and Exchange Commission's ("SEC") objective for enhanced disclosure, all ***Access Persons*** except for ***Disinterested Trustees*** must report on a quarterly basis to the CCO certain transactions in ***Reportable Funds*** (excluding money market funds) in **all** accounts for which an ***Access Person*** has ***Beneficial Ownership***. On-going purchases made through an automatic contribution or reinvestment program (such as a 401k contribution) are not required to be reported provided that the initial position has been pre-cleared and disclosed or reported on the Initial Holdings Report, Quarterly Transaction Report and/or the Annual Holdings Report as required in Section E of the Code.

All sales, all exchanges and all new purchases in ***Reportable Funds*** must be disclosed on a quarterly basis by all ***Access Persons*** except for ***Disinterested Trustees***.

All ***Access Persons* **except for ***Disinterested Trustees* **shall submit a n a c k n o w l e d g m e n t via the Firm's online Compliance tool which acknowledges enrollment in the Nationwide Savings Plan and permits the ***CCO*** or his designee to monitor activity in any Nationwide benefit plan, including 401(k) activities and other Nationwide non-qualified deferred compensation benefit plans.

**E. CERTIFICATION, DISCLOSURE INFORMATION AND REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certification of Compliance with the Code of Ethics

All ***Covered Persons*** shall be provided with a copy of this Code of Ethics and any amendments, hereto, and all ***Covered Persons*** except for ***Disinterested Trustees*** shall certify annually that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) they have received, read and understand the Code of Ethics and recognize that they are subject to its provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) they have complied with the requirements of the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) to the extent applicable, they have reported all personal ***Covered Securities*** transactions required to be reported pursuant to the requirements of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal Brokerage Accounts

No ***Access Person*** except for ***Disinterested Trustees*** shall open a personal brokerage account directly or indirectly without obtaining prior authorization from the CCO or his designee. Approval for new accounts shall be submitted via the Firm's online Compliance tool and should be submitted for approval **in advance** of opening a new account.

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All ***Access Persons*** except for ***Disinterested Trustees*** shall provide Compliance personnel with a listing of all brokerage accounts in which the ***Access Person*** has a direct or indirect interest upon commencing employment and on an annual basis thereafter. These reports shall be submitted via the Firm's online Compliance tool.

No ***Access Persons*** shall request or receive financial benefit or special dealing benefits for any personal brokerage account, which are not made available to the general public on the same terms and conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Review of Reports and Notification

The Firm will appoint Compliance personnel to review all brokerage account statements and, Initial Holdings, Quarterly and Annual Holdings Reports to detect conflicts of interest and abusive practices. In addition, the CCO or his designee shall notify each ***Covered Person*** as to the extent to which he or she is subject to the reporting requirements provided under this Code of Ethics and shall deliver a copy of this Code of Ethics to each ***Covered Person*** upon request. With respect to ***Disinterested Trustees***, the CCO or his designee shall notify such persons of the limited requirements under this Code that apply to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Responsibility to Report

The responsibility for reporting is imposed on each ***Reporting Person*** required to make a report to ensure that Compliance is in receipt of timely and complete reports. Efforts on behalf of the ***Reporting Person*** by other services (*e.g*., brokerage firms) do not change or alter the ***Reporting Person's*** responsibility. Late reporting is regarded as a direct violation of this Code and will be treated accordingly. Individuals who neglect their responsibility for appropriate reporting as defined in Sections E.1, 2, 5, 6, 7 and 8 of this Code will be subject to sanctions which may include, but is not limited to, training, suspension of pre-clearance privileges, fines, and, in appropriate cases, termination, and will be given written notice of the violation, which may be possibly submitted to the Firm's Conduct Committee or the Trusts' Boards for review and possible further disciplinary action.

***5***. Requirements for ***Exempt Access Persons***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) In addition to the Certification of Compliance with the Code of Ethics, described above in Section E.1, ***Exempt-Access Covered Persons*** must, prior to being designated as such and not less frequently than once per calendar year thereafter, provide to the CCO, a certification, in the form attached as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Once designated by the CCO as an ***Exempt-Access Person***, the individual is exempt from the Initial and Annual Holdings reports. ***Exempt-Access Persons*** must submit to the CCO a quarterly transaction report via the Firm's online Compliance tool not later than 15-calendar days after the end of each calendar quarter 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-calendar day period immediately before or after the date of the ***Covered Securities*** transaction, a Fund account purchased or sold the ***Covered Security***, or the Adviser considered purchasing or selling the ***Covered Security*** for a Fund account. Any such report must be accompanied by an explanation of the circumstances which necessitated its filing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Any ***Exempt-Access Person*** who obtains or seeks to obtain information which, under the relevant Rules, 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 Code requirements applicable to ***Access Persons* until such time as the CCO** determines that reversion to ***Exempt-Access Person*** status is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Initial Holdings Reports

All ***Access Persons*** except for ***Disinterested Trustees*** shall disclose all personal ***Covered Securities*** holdings to the CCO or his designee. The Initial Holdings Report shall be submitted via the Firm's online Compliance tool and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the name of the security, security symbol or CUSIP, type of security, number of shares and principal amount of each ***Covered Security*** and type of interest (direct or indirect) in which the ***Access Person*** had ***Beneficial Ownership*** when the person became an ***Access Person***;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) 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***; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the date that the report is submitted by the ***Access Person*** and the date as of which the information is current; and 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*** except for ***Disinterested Trustees*** are required to submit an Initial Holdings Reports no later than 10-calendar 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 45-calendar days before the Initial Holdings Report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Quarterly Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a) Disinterested Trustees*** shall submit a Quarterly Report in a form provided by the CCO or his designee not later than 15-calendar days after the end of each calendar quarter 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-calendar day period immediately before or after the date of the ***Covered Securities*** transaction, a Fund purchased or sold the ***Covered Security***, or the Adviser considered purchasing or selling the ***Covered Security*** for a Fund. The Quarterly Report shall include the information required by the form provided by the CCO or his designee. The ***Disinterested Trustees*** shall submit the report required pursuant to this section in hard copy or other format permitted by the CCO or his designee. The requirements below in E.7.b. – E.7.f. do not apply to ***Disinterested Trustees.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All ***Access Persons*** shall report to the CCO or his designee, the information described in Sub-paragraph 7.c of this Section with respect to 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***. As discussed above in Section E.5, ***Exempt***-***Access Persons*** may be required to make Quarterly Reports under certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Reports required to be made under this Paragraph (c) shall be made not later than 15- calendar days after the end of the calendar quarter in which the transaction to which the report relates was executed. All ***Access Persons*** shall be required to submit a report for all periods, including those periods in which no ***Covered Securities*** transactions were executed. Quarterly reports shall be submitted via the Firm's online Compliance tool and shall contain the following 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;i) the date of the transaction, the name of the ***Covered Security***, security symbol or CUSIP, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each ***Covered Security*** involved;

ii) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

iii) the price at which the transaction was executed;

iv) the name of the broker, dealer, bank, plan administrator or other institution with or through whom the transaction was executed and the account number where security is held; 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;v) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) 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 CCO or his designee on a timely basis. 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 Department reserves the right to modify this exception or request such information on an ad-hoc basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) With respect to any new account established (see Section E.2) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) the name of the broker, dealer, bank, plan administrator or other institution with whom the ***Access Person*** established the account;

ii) the date the account was established; and

iii) the date the report is submitted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Transactions effected pursuant to an ***Automatic Investment Plan*** need not be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Transactions effected within a "discretionary account", that is, an account over which a third-party makes investment decisions and the Access Person has no direct or indirect influence or control, need not be reported as long as the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Completes a Quarterly Discretionary Account certification along with his or her Quarterly Transactions Report
where the Access Person attests that he or she

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Did not suggest that the trustee or third-party discretionary manager make any particular purchases or sales of
securities for the account during the quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Did not direct the trustee or third-party discretionary manager to make any particular purchases or sales of
securities for the account during the quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Did not consult with the trustee or third-party discretionary manager as to the particular allocation of
investments to be made in the account during the quarter.

ii) Supplies duplicate account statements for the accounts consistent with the provisions set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Annual Holdings Reports

All ***Access Persons*** except for ***Disinterested Trustees*** shall disclose all personal ***Covered Securities*** holdings on an annual basis via the Firm's online Compliance tool within 30- calendar days after the end of the calendar year. All Annual Holdings Reports shall provide information on personal ***Covered Securities*** holdings that is current as of a date no more than 30-calendar days before the Annual Holdings Report is submitted. Such Annual Holdings Reports shall be submitted via the Firm's online Compliance tool and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the name of the security, security symbol or CUSIP, number of shares and principal amount of each ***Covered Security*** and type of interest (direct or indirect) in which the ***Access Person*** has ***Beneficial Ownership***;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) 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.

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**F. REPORTING OF VIOLATIONS TO THE BOARD** 

All ***Covered Persons*** shall promptly report any possible violations of this Code to the CCO. The CCO shall timely report all material violations of this Code of Ethics and the reporting requirements thereunder to Firm management and the Trusts' Boards, as appropriate.

**G. BOARD APPROVAL** 

The CCO submitted an initial copy of the Code of Ethics to the Boards on or about September 1, 2000. The CCO shall submit any material amendments to the Code of Ethics no later than six (6) months after adoption of such amendments.

The Adviser is further required to obtain approval from each ***Mutual Fund***, for which the Adviser serves as investment adviser, for any material changes to this Code of Ethics within six (6) months of any such change.

**H. ANNUAL REPORTING TO *MUTUAL FUND* CLIENTS** 

The Adviser shall prepare a written annual report relating to its Code of Ethics to the Board of each ***Mutual Fund*** for which it acts as investment adviser or subadviser. Such annual report shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. summarize existing procedures concerning personal investing and any material changes in the procedures made during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. identify any material violations requiring significant remedial action during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. identify any recommended changes in the existing restrictions or procedures based upon experience under its Code of Ethics, evolving industry practices or developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. certify that the Adviser has adopted procedures reasonably necessary to prevent ***Access Persons*** from violating its Code of Ethics.

**I. SANCTIONS** 

***Covered Persons*** are expected to observe the highest standards of professional conduct when conducting their business. Upon determining the severity of a violation of the Code, the situation may be referred to the Firm's Conduct Committee to impose such sanctions or disciplinary or remedial actions as deemed appropriate under the circumstances. The Conduct Committee meets at a minimum on a quarterly basis and reviews the results of the quarterly Code of Ethics Compliance reviews to identify any evolving trends, egregious behavior, or areas warranting additional training. The Boards, in their sole discretion, may also impose such sanctions or disciplinary or remedial actions as they deem appropriate under the circumstances. Under the appropriate circumstances, the President, ***Chief Compliance Officer*** and/or the Board also may report the violation(s) to the appropriate regulatory or governmental agencies or authorities. ***Covered Persons*** may be held personally liable for any improper, inappropriate or illegal acts committed during your employment or service to the Firm.

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In addition, the Adviser considers adherence to overall compliance standards as an integral component of each employee's performance evaluation. Any Code violations, including but not limited to unauthorized or improper trading or other potential conflicts of interest issues, shall be considered by each ***Covered Person's*** manager when assessing the ***Covered Person's*** overall performance review with the Adviser.

Any situation that may create, or even appear to create, a conflict between personal interests and the interest of the Firm must be avoided. It is essential to disclose any questionable situations to the Compliance Department as soon as such situation arises.

**The Firm's commitment to integrity and ethical behavior remains constant. Every employee of the Adviser, every day, must reflect the highest standards of professional conduct and personal integrity. Good judgment and the desire to do what is right are the foundations of the Firm's reputation.** 

**J. GROUNDS FOR DISQUALIFICATION FROM EMPLOYMENT** 

In addition to actions that may result in termination of employment as described above in Section I, pursuant to the terms of Section 9 of the 1940 Act, no person may become or continue to be an officer, director, ***Access Person*** or employee of the Adviser without an exemptive order issued by the SEC, if such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. within the past ten years has been convicted of any felony or misdemeanor involving the purchase or sale of any security; or arising out of his or her conduct as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the Commodity Exchange Act; or as an affiliate person, salesman, or employee of any investment company, bank, insurance company, or entity or person required to be registered under the Commodities Exchange Act, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. is or becomes permanently or temporarily enjoined by any courts from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) acting as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, bank, transfer agent, or entity or a person required to be registered under the Commodity Exchange Act, or as an affiliated person, salesman or employees of any investment company, bank, insurance company or entity or a person required to be registered under the Commodity Exchange Act; or

ii) engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security.

It is the obligation of all ***Covered Persons*** to immediately report any conviction or injunction falling within the foregoing provisions to the CCO.

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**K. RETENTION OF RECORDS** 

The Adviser must, 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 or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code of Ethics, or any Code of Ethics 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;2. A record of any violation of this Code of Ethics, 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;3. A copy of each report, certification or acknowledgement made by an ***Access Person*** pursuant to this Code of Ethics 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 (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to this Code of Ethics shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A record of any decision, and the reasons supporting the decision, to approve the acquisition by ***Access Persons*** of Covered Securities in a private placement, as described in Section C.3 of this Code of Ethics, 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;6. A copy of each annual report required under Section E 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 (2) years in an easily accessible place as deemed appropriate by the Adviser.

**Initially Adopted August 8, 2000 and Amended Effective July 1, 2001; November 29, 2001; December 31, 2001; February 1, 2005; November 27, 2006; May 18, 2007, March 31, 2011, December 11, 2013, January 1, 2014, January 1, 2015, April 16, 2016, April 30, 2017, and April 30, 2018, March 20, 2019** 

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**GLOSSARY** 

***"Access Person"*** means any director, officer, ***Advisory Person*** or employee of the Adviser and/or the Trusts as well as any other person that the ***Chief Compliance Officer*** ("CCO") determines to be an ***Access Person***. An ***Access Person*** shall not include any person who the CCO determines to be an ***Exempt-Access Person***. The CCO maintains records of the status of all relevant persons under the Code, and will inform each such person about that person's status as necessary.

***"Advisory Person"*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) 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, participates in, has access to or obtains information regarding the purchase or sale of a ***Covered Security*** by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any natural person in a control relationship to the Adviser who obtains information concerning recommendations made to a Fund with regard to the purchase or sale of ***Covered Securities*** by the Fund.

***"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.

***"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 opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in ***Covered Securities***.

A person is normally regarded as the beneficial owner of ***Covered Securities*** with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) ***Covered securities*** that are held by the individual or by members of the individual's immediate family sharing the same household (including, but not limited to a husband, wife, domestic partner, whether recognized by law or not, minor child or relative);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The person's interest in ***Covered Securities*** held in a discretionary or trust account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All other ***Covered Securities*** held in any other account for which the person has investment discretion or authority.

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***"Chief Compliance Officer"*** or "CCO" means the Chief Compliance Officer for the Adviser and/or or the CCO's designee, as applicable.

***"Control"*** shall have the same meaning as set forth in Section 2(a)(9) of the Act.

***"Covered Person"*** means any ***Access Person*** or ***Exempt-Access Person***.

***"Covered Security"*** means a security as defined in Section 2(a)(36) of the Act, except that it shall not include 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, (other than ***Reportable Funds*** as defined below) and shares of unit investment trusts that are exclusively invested in one or more open-end Funds that are not ***Reportable Funds***.

***"Disinterested Trustee"*** means a trustee of a Trust who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the Act.

***"Exchange-Traded Fund"*** or *"ETF"* means an investment fund that trades on stock exchanges.

***"Exempt-Access Persons"*** means those ***Access Persons***, such as certain officers, directors of the Adviser, or other persons, such as temporary employees, that often do not have actual access to investment or portfolio information or participate in the recommendation process that the CCO has determined to be an ***Exempt-Access Person*** as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Where the CCO has determined that the relevant director, officer, employee or temporary employee: (1) does not meet the definition of "***Advisory Person***;" (2) does not otherwise have access to non-public information with respect to Fund holdings, transactions or securities recommendations; and (3) is not involved in the recommendation process, the CCO may determine to treat such person as an "***Exempt-Access Person***" for purposes of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ***Exempt-Access Persons*** must, prior to being so designated and at least annually thereafter, certify to the CCO, in the form attached as Exhibit A, as to the relevant facts and circumstances that formed the basis of the CCO's above-described determination.

***"Fund-of-Funds Exemptive Relief"*** refers to an exemptive order granted to the Trusts by the SEC, allowing exemption from Sections 17(a), 12(d)(1)(A) and 12(d)(1)(B) of the Act.

***"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 Fund's prospectus as the timing of calculation of the Fund's net asset value.

***"Market Timing"*** shall mean the purchasing and selling of ***Mutual Fund*** shares on a short-term basis and in a manner that is contrary to the policy of the Fund as disclosed in its then- current prospectus.

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***"Material Non-Public Information"***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Material" information means anything (including but not limited to any price sensitive corporate or market information) that a reasonable investor would consider important in determining whether to purchase, sell or hold a security or if publicly disclosed, would be reasonable likely to affect the market value of a security. Examples include, but are not limited to, information relating to: financial forecasts or projections, contemplated mergers or acquisitions, changes in management, major litigation, significant products or discoveries, pending rating changes, financial liquidity or the gain or loss of a significant customer or supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Information is Non-Public until it has been broadly disseminated or made available to the general public, such as by press release carried by a major news service, a major news publication or a public filing made with a regulatory agency. Rumors, even if widespread or accurate, do not make inside information "public" and therefore does not relieve persons from the prohibitions of federal insider trading regulation.

***"Mutual Fund(s)"*** means an investment company registered under the Act.

***"Principal Underwriter"*** shall have the meaning set forth in Section 2(a)(2) of the Act.

***"Purchase or Sale of a Covered Security"*** includes, among other things, the writing of an option to purchase or sell a Covered Security.

***"Reportable Fund"*** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) any series of Nationwide Mutual Funds or Nationwide Variable Insurance Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fund for which the Firm serves as an investment adviser including the **Nationwide *Exchange-Traded Funds***, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) any fund for which the investment adviser (including subadvisers) or ***Principal Underwriter*** controls, is controlled by, or is under common control with the Adviser.

***"Reporting Person"*** means any ***Access Person*** and any ***Exempt-Access Person***.

***"Security Held or to Be Acquired"*** by a ***Fund*** means any ***Covered Security*** which, within the most recent 15 calendar days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) is or has been held by a ***Fund***; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) is being or has been considered for purchase by a ***Fund***; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) any option to purchase or sell any ***Covered Security*** that is convertible into or exchangeable for a ***Covered Security*** described in subparts (a) and (b) of this definition.

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**<u>EXHIBIT A</u>** 

**CERTIFICATION OF REBUTTAL OF ACCESS PRESUMPTION** 

I,<u> </u>, do hereby certify and affirm that:

1) I serve as<u> </u> and am also<u> </u>. <br> (*insert position with Adviser*) (*insert position with Affiliate*)

2) During the immediate prior calendar year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) I have not, with respect to any Client<sup>2</sup> account, obtained
or sought to obtain information regarding the Client's purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) I have not, with respect to any Reportable Fund, made, participated in, obtained or sought to obtain
information about, the purchase or sale of a Covered Security or related recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) My regular functions and duties have not, with respect to Reportable Funds, related to such recommendations,
purchase or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) I have not been involved in making securities recommendations to Firm Clients nor have I obtained, or sought to
obtain information about any such recommendations which are non-public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) I am aware of and have complied with all provisions of the Firm's Code of Ethics (the "Code")
that are relevant to me and with any policies and procedures of the Firm and its affiliates relevant to the control of sensitive information about Client accounts or Adviser recommendations to which I may be subject. I further agree to continue to
comply with all such policies and procedures, as they may be amended from time to time.

3) If any of the representations set forth in 2(a) through (e) above ceases to be true, I will inform the Firm's CCO promptly, and unless otherwise notified by the CCO, will comply with the relevant Code requirements applicable to Access Persons.

4) I recognize that I am providing this certification in order to allow the CCO to consider my designation as an Exempt-Access person. I have read, understand and agree to abide by the Firm's Code of Ethics, and in particular, those provisions of the Code relevant to Exempt-Access Persons.

---

| | |
|:---|:---|
| **Signature** | **Date** |
| **Printed Name** |  |

---

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<sup>2</sup> Capitalized terms have the meaning assigned to them by the Firm's Code of Ethics.

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17 \| Page

Code of Ethics

March 31, 2022

## Exhibit 99.28

EX-28.p.6

**November 2022 — CODE OF ETHICS** 

**BAILARD, INC. CODE OF ETHICS AND BUSINESS CONDUCT** 

**A.** **INTRODUCTION** 

This Code of Ethics and Business Conduct ("Code") 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.

**B.** **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.

**C.** **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;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 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;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;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 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;d. Confidentiality and Disclosure of Information

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;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;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.

**D.** **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, which imposes</u>* certain pre-clearance and reporting requirements.

------

**E.** **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>*

**F.** **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>*.<u> </u>

**G.** **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.

**H.** **OUTSIDE ACTIVITIES** 

You must request written preapproval from the CCO prior to serving as an employee, officer, consultant, director, adviser, or trustee of any other entity, trust, or organization. Approval of such activities might be withheld if 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 Compliance Associate will review the CCO's certifications.

**I.** **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 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.

**J.** **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.

Page **144** of **145**

## Exhibit 99.28

EX-28.p.7

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics***

------

**1 Overview** 

**1.1 Policy Statement** 

As a registered investment adviser, Geneva is entrusted with the assets of our clients for investment purposes. As a result, Geneva employees have a fiduciary obligation to place the interests of our clients before our own. However, because of the potential conflicts of interest inherent in our business, our industry and Geneva have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. The Code of Ethics Policy (the "Policy") is in place to help manage and mitigate the conflicts of interest that can arise from personal trading activities and safeguard our clients' interests. Please be aware that your ability to liquidate positions may be severely restricted under the Policy, including times of market volatility. Therefore, as a general matter, Geneva discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual and exchange traded funds.

**1.2 Key principles** 

You have an obligation to conduct your personal investment activities and related securities transactions lawfully and in a manner that avoids actual or potential conflicts between your own interests and the interests of Geneva and its clients. You must carefully consider the nature of your Geneva responsibilities – and the type of information that you might be deemed to possess in light of any particular securities transaction – before engaging in any investment-related activity or transaction. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You must take responsibility for ensuring you are aware of the requirements of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At all times the interests of clients take priority over your personal investment interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You may not personally benefit by causing a Client to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You may not engage in fraudulent or manipulative conduct in connection with the trading of securities in a
Client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. You may not profit, or cause others to profit, based on your knowledge of completed or contemplated Client
transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. You must preclear all of your personal trades and subsequently execute your trades in accordance with stated
timeframes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No trading is permitted that is in conflict with the interests of our clients, the parameters set by the
Policy, the restrictions imposed by Geneva restricted list.

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. You are discouraged from trading on the basis of unpublished tips or rumors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Trading on the basis of material non-public information is illegal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. You should ensure that personal transactions are in keeping with your financial circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. You must adhere to the Policy to mitigate the risk of conflicts of interest and comply with applicable Federal
securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. You must not mislead the Client by presenting untrue statements of material fact to the Client or by failing to
provide a material fact necessary to the Client.

**1.3 Scope** 

**1.3.1 Persons covered by the policy** 

You are covered by the Policy if you are an employee or Access Person of Geneva.

**1.3.2 Investments covered by the policy** 

Your investments are subject to the Policy if they meet both of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investments held in brokerage accounts under your Beneficial Ownership:** You are the beneficial owner of
any account in which you have a direct or indirect financial interest. This generally includes accounts held in your name or the names of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse or equivalent domestic partner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your minor children

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative sharing your home to whom you provide financial support

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trusts for which you are a beneficiary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investments defined as Covered Securities:** Covered Securities include stocks, bonds, exchange traded funds
(ETFs) and private placements/limited offerings. See Appendix I for a detailed list of Covered and non-Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reportable Funds:** Any fund or product in which Geneva acts as an investment adviser, sub-adviser or principal underwriter. Attached as Appendix II is a current list of Reportable Funds.

**1.4 Roles and Responsibilities** 

All disclosures, requests and attestations related to the Policy are made in MyComplianceOffice (MCO).

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

------

The Compliance department, under the direction of the CCO and the Compliance Oversight Committee administers this Policy. Compliance trains employees on the Policy, approves employee personal trades in Covered Securities and monitors employee brokerage accounts for potential Policy violations.

The Compliance Oversight Committee provides oversight of the Policy by potential violations and approving/issuing reprimands and sanctions for Policy violations.

**1.5 References** 

The Policy is designed to ensure compliance with regulatory requirements and rules of regulators, who have jurisdiction over Geneva's business, including, but not limited to the Securities and Exchange Commission. Registered investment advisers are required by Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Adviser's Act), to adopt a code of ethics which, among other things, sets forth the standards of business conduct required of their Access Persons as defined in this Policy. Similarly, each registered investment company and its adviser and principal underwriter must adopt a code of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

**1.6 Escalation Requirements** 

Any Employee or Access Person who becomes aware of a violation of this Policy, whether on the part of the Employee or Access Person or any other person subject to this Policy, shall promptly report such violation to the CCO. Failure to disclose or report to the CCO any violation of this Policy is in and of itself a violation of the Policy. The Company will not retaliate against anyone for making a good faith report, failure to report violations may lead to appropriate disciplinary action.

**2 Definitions** 

**Access Person:** An Access Person is any employee or contractor who has access to non-public information regarding any Clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any Client account. **All persons covered by the Policy are deemed Access Persons.**

**Beneficial Ownership:** You are the beneficial owner of any account or securities in which you have a direct or indirect financial interest. This includes accounts held in the name of your spouse or equivalent domestic partner, your minor children, and relatives living with you to whom you provide financial support and can include trusts for which you are a trustee or a beneficiary. See Appendix III for more detailed information on Beneficial Ownership.

**CCO:** Chief Compliance Officer or his or her designee.

**Client:** Any investment management client of Geneva including a fund.

**Covered Securities:** Covered Securities are generally all securities, including but not limited to individual stocks and bonds, exchange traded products (ETFs and ETNs), closed-end funds, private placements and limited offerings. See Appendix I for a detailed list of covered and non-covered securities.

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

------

**Compliance Oversight Committee:** Governance committee comprised of senior leaders throughout Geneva. The Committee generally meets quarterly or more often as needed, to review potential violations of the Code of Ethics, our Code of Business Conduct and other related policies.

**Investment Person:** An Access Person who also makes or participates in making, decisions regarding the trading of securities in any Client account, has access to such decisions or assists in the trade process. Investment Persons generally can include PMs, research analysts, traders, trade operations and compliance. As a matter of policy, Geneva treats all employees as Investment Persons.

**MyComplianceOffice (MCO):** The monitoring system utilized for all personal compliance disclosures including personal trading.

**Personal Trading:** The personal transactions in Covered Securities held in accounts under the Beneficial Ownership of persons covered by the Policy.

**Reportable Funds:** Any fund or product in which Geneva acts as an investment adviser, sub-adviser or principal underwriter.

**SEC:** The Securities and Exchange Commission.

**3 Policy Requirements** 

**3.1 Disclosure** 

**3.1.1 Initial Brokerage Account Disclosures** 

Within ten calendar days of your start date, you must disclose all brokerage accounts in which you have Beneficial Ownership. Additionally, you must disclose any account which holds or can hold Geneva managed products (e.g. mutual funds or sub-advised products).

You must allow your brokers or financial institutions to provide duplicate confirmations and statements directly to Compliance. If your broker is unwilling or unable to provide duplicate confirmations and statements, you are required to provide them to Compliance.

**3.1.2 Initial Holdings Disclosures** 

Within ten calendar days of your start date, you must disclose all holdings in Covered Securities that are beneficially owned by you. Additionally, you must disclose any holdings in Geneva managed products, including mutual funds, commingled pools or sub-advised products. Holdings information must be current as of 45 days prior to your start date.

See Appendix I for a detailed list of Covered and non-Covered Securities.

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

------

**3.1.3 Ongoing Disclosure Requirements** 

**Accounts:** During your tenure with Geneva, you must promptly disclose any newly opened accounts that are under your Beneficial Ownership.

**Transactions/Holdings:** You must deal through your own brokers and must ensure that compliance receives duplicate statements and trade confirmations/contract notes in one of the three ways listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Electronic Feeds** – You are encouraged to deal through brokers that provide Geneva with trade
confirmations and holdings via electronic feed. This provides Compliance with the most timely and accurate personal trading information. A list of electronic feed brokers can be obtained from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Broker delivery of duplicate confirmations and statements** – You should allow for your brokers to
provide delivery of duplicate confirmations and statements directly to Compliance. Compliance staff will enter trade details for you if you are utilizing this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Employee upload of confirmations and statements** – If neither of the above options are possible, you
are required to enter your trade details into MCO and upload the trade confirmation/contract notes within 7 days of executing a precleared trade. Additionally, you will be required to attest to your trades quarterly and upload year-end statements annually.

**3.1.4 Attestation Requirements** 

Compliance will promptly notify you of any material changes to this Policy and you will be required to attest to the changes. Additionally, you are required to submit the following periodic attestations. You may also be required to complete additional attestations to meet jurisdictional and regulatory requirements.

**Annually:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics Attestation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account Attestation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings Attestation

**Quarterly:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly Trades Attestation (for accounts without direct feed or statement delivery to Compliance)

------

GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

------

**3.1.5 Management Information** 

It is your responsibility to ensure that the Compliance Department is appropriately notified of all accounts, transactions and holdings you must ensure that transaction, holdings and account data is accurate in MCO, as Personal Account information is subject to internal and regulatory review. You must allow your brokers to provide duplicate confirmations and statements (electronically or via paper) to Geneva or provide it yourself if a broker is unable or unwilling to provide this information.

The Compliance Department will review the documents for personal accounts to ensure that Geneva's policies and procedures are being complied with, and perform additional inquiries as necessary. Access to duplicate confirmations and account statements will be restricted to those persons, who are assigned to perform review functions, and all such materials will be kept confidential except as otherwise required by law.

**3.2 Preclearance Requirements for Trading in Covered Securities** 

The requirements in the Policy are designed to mitigate or eliminate any potential conflict, or appearance of conflict, that may occur between your personal trading and Client security trading. The following requirements apply to your personal trading in Covered Securities in accounts you beneficially own.

**3.2.1 Requesting Preclearance** 

You and your related parties (your spouse, minor children and other adult family members living in your household) must preclear any trades in Covered Securities via MCO, unless the transaction meets one of the provisions noted in the Excluded Transactions section. Preclearance requests are evaluated for potential conflicts of interest that may deem the trade to not be, or appear to not be, in the best interest of Clients. Requests will be approved or denied by the CCO (or his or her designees, including the MCO automated preclearance system). Generally, most requests are approved or denied immediately but some may take up to 48 hours to evaluate.

Compliance retains the right to refuse you permission to conduct a personal trade without providing a reason for the refusal. No reason for refusal will be given if in the opinion of Compliance the explanation would result in the release of confidential information.

**3.2.2 Approval Window** 

Approvals and denials are communicated from MCO via email. If approved, and you choose to transact, you must place and execute your transaction **by the close of business on the day after you receive an approval email from MCO**.

If the day after the date of preclearance approval is a market holiday or a weekend then you must place and execute the transaction by the close of business on the day you receive approval.

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

------

If the transaction is not instructed and executed within the approved timeframe then you must submit a new request to trade in MCO. Limit orders are only allowed if they are set to expire within the preclearance approval window.

**3.2.3 Delayed Execution** 

If your trade has a delayed execution date, *e.g.* an illiquid or unlisted security, you should request an exception from Compliance.

**3.2.4 Preclearance Attestation (Portfolio Managers only)** 

If you are requesting to personally trade a Covered Security that is an eligible investment for Client Accounts you manage, you must provide your rationale for the trade via an attestation form in MCO.

**3.3 Restrictions on Dealing in Covered Securities** 

**3.3.1 Blackout Periods** 

Generally, you will not be granted preclearance to deal in a Covered Security when there is a pending buy or sell order for a Client in that same security. Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons will generally not be granted preclearance to trade in a Covered Security within one
(1) business day after a Client trade occurs in the same security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons<sup>1</sup> will generally not be granted
preclearance to trade in a Covered Security within seven (7) calendar days after a Client trade occurs in the same security.

**3.3.2 Minimum Holding Periods** 

Minimum holding periods are applicable for any purchase and subsequent sale, or any sale then subsequent purchase (for short sales), of the same Covered Security (or its equivalent). In respect of derivatives any transaction to close out a derivative position cannot be executed until the end of the holding period. The holding period starts the day after execution of your trade. Calculations are made using the "first-in, first-out" (FIFO) method.

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| | | |
|:---|:---|:---|
| **Profile** | **ETFs/ETNs** | **All other Covered Securities** |
| Access Person | One week (7 calendar days) | Three months (90 calendar days) |
| Investment Person | One week (7 calendar days) | Six months (180 calendar days) |

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Where this restriction would cause undue financial hardship due to your personal circumstances or in periods of extreme market turmoil, you may request an exception to this restriction. This should be seen as an exceptional measure and requires the approval of the CCO or her/his designee and will be ratified by the Compliance Oversight Committee.

------

<sup>1</sup> All Geneva employees are presently treated as Investment Persons.

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

------

Holding periods are designed to discourage derivatives trading and securities trading with a high frequency.

**3.3.3 Best Price Rule** 

In order to eliminate even the appearance of impropriety, if you (1) buy or sell a security within seven days before a Client trade is executed in the same security, and (2) receive a price advantage over the Client's trade, you may be required to surrender the price advantage.

**3.3.4 Private Placements and Initial Public Offerings (IPOs)** 

You must request pre-approval prior to investing in a private placement or limited offering. Requests are submitted in MCO via the Private Placement/Limited Offering form. No employee, or other Access person, shall acquire any security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) unless the CCO (or designee) gives express prior written approval and document the basis for granting approval after due inquiry. The CCO, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her position with Geneva. As a matter of policy, Geneva does not cause Clients to invest in private placements or other illiquid securities. Contact Compliance for assistance with these requests.

You are not allowed to participate in IPOs. Exceptions to this rule will be considered only under limited circumstances and only with prior approval from the CCO. Please contact Compliance for advice and direction.

**3.3.5 Restricted stocks** 

You may not trade securities of any issuer that are on the Restricted List. Certain securities may have restrictions placed upon them which restrict both personal and Client trading, typically when Geneva is in receipt of material, non-public information. These restrictions will be maintained using the Restricted List.

**3.4 Exceptions** 

**3.4.1 Excluded Transactions** 

The following transactions are excluded from the Covered Securities trading restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions involving futures or options in foreign currencies or broad-based indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales that are not voluntary, which include but are not limited to: tender offers and
broker-initiated transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales which are part of an automatic investment plan that has been disclosed to Compliance.

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GENEVA CAPITAL MANAGEMENT

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition<sup>2</sup> of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities as a result of a corporate action

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities as a result of a gift or inheritance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an employer's securities through an employer retirement plan such as 401(k) plan or stock purchase plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfers in-kind of Covered Securities.

**3.4.2 Discretionary Management by Third Parties** 

The trading restrictions outlined above do not apply to trades in an investment account or another arrangement over which you have no direct or indirect influence or control ("Discretionary Management"). In order to rely upon this provision you must receive approval from Compliance. To receive approval, you must submit documentation to Compliance demonstrating that all trading in the account is under the sole discretion of your advisor or other designee.

Discretionary accounts still require disclosure in MCO and are subject to the restriction on the purchase of IPOs.

You are required to inform Compliance immediately if you terminate any approved advisory relationship or make management changes. Additionally, you are required to acknowledge and attest annually that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have had no direct or indirect influence or control over the trading decisions in your discretionary
account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You did not suggest trades to the manager or in any way direct the manager to make any particular trades in
securities for the discretionary account(s).

**3.4.3 Share / Investment clubs** 

If you wish to participate in collective arrangements (e.g. a share or investment club), seek advice and direction from Compliance.

**3.4.4 Spread Betting** 

Spread betting is a speculative transaction that involves taking a bet on the price movement of a security, index or other financial product via a spread betting company. Spread betting on financial products is not permitted and you may not use spread betting accounts to circumvent this Policy. Spread betting on non-financial products, such as sporting events, is not covered by this Policy.

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<sup>2</sup> Note: The subsequent sale of any securities acquired is subject to all of the trading restrictions of the Policy.

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

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**3.5 Policy Breaches** 

Failure to adhere to any of the requirements outlined above may result in a breach of the Policy. Breaches are taken very seriously by Geneva. Any potential violation of the provisions of the Policy will be investigated by Compliance or, if necessary, the Compliance Oversight Committee. If a determination is made that a violation has occurred, a sanction may be imposed. Sanctions may include, but are not limited to, one or more of the following: a warning letter, profit surrender, personal trading ban, and termination of employment or referral to civil or criminal authorities.

**Policy Date: 2020-03-18** 

**Revised: 2021-05-21** 

**2021-08-25** 

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

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**Appendix I** 

**Covered Securities** 

The following securities (and derivatives thereof) are considered Covered Securities and are therefore subject to this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equities—listed and unlisted shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed Income Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Guaranteed or of federally sponsored enterprises (FHLMC, FNMA, GNMA, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closely Held

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADRs, EDRs and GDRs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs/ETNs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-End Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements and limited offerings (including Security Token Offerings, or Initial Coin Offerings, related
to crypto currencies)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Trusts

**Any investment that you are unsure about should be precleared** 

**Non-Covered Securities** 

The following securities (and derivatives thereof) are considered Non-Covered Securities and are not subject to this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank and term deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds and other direct debt instruments issued by the government of the US or other foreign governments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct investment or derivatives trading (such as futures and options) in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• physical commodities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broad-based indices

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GENEVA CAPITAL MANAGEMENT

***Code of Ethics*** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• crypto currencies (although Security Token Offerings, or Initial Coin offerings, require pre-approval – see private placements and limited offerings, above)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulated open-ended funds except for Reportable Funds

While the instruments above are exempt from the specific preapproval requirements and investment restrictions set out in this Policy, be aware that any type of trading that could result in a conflict of interest arising is actively discouraged. This includes high levels of trading in Non-Covered securities.

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GENEVA CAPITAL MANAGEMENT

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**Appendix II** 

**Reportable Funds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon Select Managers Small Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon Mid Cap Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geneva SMID Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nationwide Geneva Mid Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nationwide Geneva Small Cap Growth Fund

*(March 21, 2020)* 

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GENEVA CAPITAL MANAGEMENT

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**Appendix III** 

**Beneficial Ownership Guidelines** 

**Definition of Beneficial Ownership** 

The Policy applies to all accounts and securities beneficially owned by you as well as accounts under your direct or indirect influence or control. Essentially this means that if you have the ability to profit, directly or indirectly, or share in any profit from a transaction, you have Beneficial Ownership. If you are unsure if an account or investment falls under your beneficial ownership, contact Compliance for further guidance.

**Practical Application** 

**You live with your parents:** If you live in your parents' house, but do not financially support your parents, your parents' accounts and securities are not beneficially owned by you and do not require disclosure.

**Your parent lives with you:** If you provide financial support to your parent, your parent's accounts and securities are beneficially owned by you and require disclosure.

**You have an adult child living in your home:** If you provide financial support to your adult child, your child's accounts and securities are beneficially owned by you and require disclosure.

**You have a college age child:** If your child is in college and you still claim the child as a dependent for tax purposes, you are the beneficial owner of their accounts and securities.

**Your child has an UGMA/UTMA account:** If you (or your spouse) are the custodian for the minor child, the child's accounts are beneficially owned by you. If someone other than you (or your spouse) is the custodian for your minor child's account, the account is not beneficially owned by you.

**You have a domestic partner or similar co**-**habitation arrangement:** If you contribute to the maintenance of a household and the financial support of a partner, your partner's accounts and securities are beneficially owned by you and require disclosure.

**You have a roommate:** Generally, roommates are presumed to be temporary and therefore you have no beneficial ownership in one another's accounts and securities.

**You have power of attorney:** If you have been granted power of attorney over an account, you are not the beneficial owner of the account until the time that the power of attorney has been activated.

**You are the trustee and/or the beneficiary of a trust:** Due to the complexity and variety of trust agreements, these situations require case-by-case review by Compliance.

## Exhibit 99.28

EX-28.p.8

CODE OF ETHICS

OF THE

PIONEER FUNDS,

AMUNDI DISTRIBUTOR US, INC.,

AMUNDI ASSET MANAGEMENT US, INC.,

AND LYXOR ASSET MANAGEMENT INC.

<u>POLICY</u>

The Pioneer Funds, Amundi Distributor US, Inc. ("AD"), Amundi Asset Management US, Inc., and Lyxor Asset Management Inc. (collectively, "Amundi US"), have adopted this Code of Ethics ("Code") in compliance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act of 1940"), Rule 204A-1 under the Investment Advisers Act of 1940, as amended ("Advisers Act"), or FINRA Rule 3210, as applicable.

This Code establishes standards of conduct expected of all Employees and addresses conflicts that may arise from Employees' personal trading and other activities. Every Employee is expected to fully understand and adhere to the policies and procedures set forth in this Code. Amundi US operates in a highly regulated industry and is governed by a complex body of federal, state and international laws, rules and regulations, which, if not observed, can subject Amundi US and/or its Employees to civil and/or criminal penalties.

Although this Code is intended to provide each Employee with guidance as to whether certain actions or practices are permissible, it does not cover every issue an Employee may face. Amundi US maintains other policies and procedures that are applicable to an Employee's responsibilities and duties.

Because no set of guidelines, policies and procedures can anticipate every possible situation, it is essential that each Employee follow this Code both in letter and in spirit. Technical compliance with the procedures, prohibitions and limitations of this Code will not insulate an Employee from scrutiny of or, if called for, sanctions for his or her securities transactions. Any activity that compromises Amundi US' integrity, even if it does not expressly violate guidelines, may result in scrutiny or action by the Conflicts of Interest and Code of Ethics Oversight Committee or the Compliance Department. You are encouraged to contact the Compliance Department with any questions you may have about this Code or about your legal and ethical responsibilities. Employees should contact the Compliance Department at <u>US.Code.of.Ethics@amundi.com</u> or at +1 617-422-4600.

Please note that standard defined terms can be found on pages 3 through 8 in the "Definitions" section.

Only certain parts of this Code apply to the Independent Trustees of the Pioneer Funds, specifically Part I and Part VI.

All persons covered by this Code are expected to read this Code carefully and observe and adhere to it at all times.

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All Employees have an obligation to notify his or her Chief Compliance Officer on a timely basis if there is a change to their duties, responsibilities or title, which affects their reporting status under this Code.

Amundi US retains the discretion to determine the applicability and interpretation of the Code to specific situations.

<u>STATEMENT OF GENERAL PRINCIPLES</u> 

Each Employee must observe the following fiduciary principles with respect to his or her personal investment activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all times, each Employee must place the interests of Advisory Clients first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal securities transactions of Employees must be conducted in a manner designed to avoid actual or potential
conflicts of interest with the interests of any Advisory Client or any abuse of the Employee's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Employee must avoid actions or activities that would allow him or her to inappropriately profit or benefit
from his or her position at Amundi US, or that otherwise brings into question the Employee's independence or judgment.

<u>STANDARDS OF CONDUCT</u>

All Employees are prohibited from using information concerning the investment intentions of Advisory Clients or confidential information regarding Advisory clients for personal gain or in a manner detrimental to the interests of any Advisory Client. Each Employee also should refer to the separate Code of Business Conduct that governs certain activities of Employees. In addition to this Code and the separate Code of Business Conduct, all Employees must comply with all federal, state and local laws, rules and regulations applicable to the business or operations of Amundi US, including, but not limited to, the federal securities laws.<sup>1</sup>

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<sup>1</sup> For purposes of this Code, "federal securities laws" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act (privacy), any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury (anti-money laundering and Office of Foreign Assets Control ("OFAC"). 

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| | |
|:---|:---|
| **DEFINITIONS**<br>As used herein:<br>**Term** | **Definition** |
| **Advisory Client** | Means each Pioneer Fund and each other investment company or other client for which Amundi US acts as an adviser or sub-adviser. |
| **Access Person** | Means any person included in the definition of "access person" under Rule 17j-1(a) under the Investment Company Act of 1940 or Rule 204A-1 under the Investment Advisers Act of 1940.<br>The definition of Access Persons includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each officer, director, trustee, general partner of a Pioneer Fund, or Amundi US entity, except that an Independent Trustee shall not be an Access Person under this Code solely by reason of being a trustee of a Pioneer Fund;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any natural person in a control (as defined in the Investment Company Act of 1940) relationship to Amundi US who obtains information concerning recommendations made to Advisory Clients with regard to the purchase or sale of securities by an Advisory Client; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an Employee if:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in connection with his or her regular functions or duties, the Employee makes, participates in or obtains information regarding the purchase or sale of a Reportable Security by an Advisory Client, or whose functions relate to the making of any recommendations with respect to such purchases or sales.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Employee has access to timely (i.e., nonpublic) information relating to investment management activities, research and/or client portfolio holdings and those who in the course of their employment regularly receive access to trading activity of Advisory Clients; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Employee has been notified in writing by the Compliance Department that the Employee has been designated as an Access Person by the Compliance Department by virtue of the nature of the Employee's duties and functions.<br>Examples of "access to information" include access to trading systems (such as Alto), research databases or settlement information. All Employees are generally deemed to be Access Persons. |

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| | |
|:---|:---|
| **DEFINITIONS**<br>As used herein:<br>**Term** | **Definition** |
|  | The Compliance Department following a review of each Employee's role, responsibilities and other relevant information, may make a determination that such Employee is not an Access Person. |
| **Amundi US**<br> **Employee**<br> **Account** | Means any account held directly through Amundi US' employee savings, retirement, or deferred compensation accounts, including but not limited to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US, Inc. Savings and Investment Plan<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US, Inc. Retirement Benefit Plan,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US, Inc. Mandatory Bonus Deferral Plan,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US' Health Savings Account,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US, Inc. Intermediate Deferred Compensation Award Plan,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US, Inc. Mandatory Bonus Plan for Certain Employees,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US, Inc. Voluntary Deferred Compensation Plan for Certain Employees,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Pioneer Group Inc. Executive Supplemental Retirement Benefit Plan A,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Amundi SA Employee Share Ownership Plan,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Credit Agricole Employee Share Ownership Plan, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Amundi SA Long Term Incentive Plan.<br>This definition does not include Investor Services Group accounts at Amundi US. |
| **AD Employees** | Means registered persons of AD and employees of AD who are not registered persons, including AD officers and directors. |
| **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. |
| **Beneficial Interest** | Means any economic interest, such as the right to share in gains or losses, in a Reportable Security; or where a direct or indirect monetary benefit from the purchase, sale or ownership of a Reportable Security exists. This includes any economic interest in a Reportable Security of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person subject to this Code or their spouse; |

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| | |
|:---|:---|
| **DEFINITIONS**<br>As used herein:<br>**Term** | **Definition** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A child of the person subject to this Code or their spouse, provided the child is financially dependent upon the person subject to this Code;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Family Member living in the same household as the person subject to the Code;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person, if the person subject to the Code has control over the person's account.<br>The ultimate determination of whether you have a Beneficial Interest depends on the facts of each particular case. If you have any questions, contact the Compliance Department for assistance with determining if you have a Beneficial Interest in a Reportable Security. |
| **CCO** | Means with respect to an Employee of Amundi US, the Chief Compliance Officer of Amundi US, respectively.<br>CCO means the CCO of the Pioneer Funds when the context so requires. |
| **Conflicts of Interest and Code of Ethics Oversight Committee** | Means the Conflicts of Interest and Code of Ethics Oversight Committee, which is comprised of senior management representatives from Amundi US' Sales, Legal, Compliance, Investment Management, Finance and Human Resources. The Conflicts of Interest and Code of Ethics Oversight Committee has oversight responsibility for administrating this Code. |
| **Employee** | Means any person included in the definition of "supervised person" as defined in Section 202(a)(25) of the Advisers Act.<br>The definition of Employee includes each officer, director, trustee, partner (or other person occupying a similar status or performing similar functions) or employee (including temporary employees and independent contractors) of a Pioneer Fund or Amundi US, and any other person who provides investment advice on behalf of Amundi US and is subject to the supervision and control of Amundi US, except that the definition of Employee does not include an Independent Trustee of a Pioneer Fund. |
| **Family Member** | Means any related individual, including but not limited to grandparent, parent, mother-in-law or father-in-law; husband, wife or domestic partner (whether registered or unregistered under applicable law); brother, sister, brother-in-law, sister-in-law, son-in-law or daughter-in-law; children (including step and adoptive relationships); and grandchildren. |

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| | |
|:---|:---|
| **DEFINITIONS**<br>As used herein:<br>**Term** | **Definition** |
| **Independent Trustee** | Means any trustee or director of a Pioneer Fund who is not an "interested person" (as that term is defined by Section 2(a)(19) of the Investment Company Act of 1940) of the Fund. |
| **Initial Public Offering** | 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 Act of 1934. |
| **Investment Person** | Means an Access Person who is (1) a Portfolio Manager, (2) a securities analyst or trader who provides information and advice to a Portfolio Manager or who helps execute a Portfolio Manager's decisions, (3) any Employee who works directly with a Portfolio Manager or in the same department as a Portfolio Manager, (4) an associate in the Investment Risk Group, (5) any other person who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding an Advisory Client's purchase or sale of securities, or (6) any natural person in a control relationship to a Pioneer Fund or Amundi US who obtains information concerning recommendations made to the Pioneer Fund with regard to the purchase or sale of securities by the Pioneer Fund.<br>In addition to the above definitions, an Employee is an "Investment Person" if the Employee has been notified in writing by the Compliance Department that the Employee has been designated as an "Investment Person" by the Compliance Department by virtue of the nature of the Employee's duties and functions. |
| **Managed Accounts** | Means Personal Accounts, pursuant to rule 204A-1(b)(3)(i), whereby a person subject to this Code has no direct or indirect influence or control towards directing purchases, sales, or retention of investments; or towards consulting the third-party manager or trustee as to the particular allocation of investments within the account. This definition includes an account managed on a discretionary basis by someone else, such as a trustee or third-party manager.<br>All such accounts must be approved by the Compliance Department. For the purpose of this section, the person claiming to have no direct or indirect influence or control over such a Personal Account must first provide a written explanation to the Compliance Department describing the circumstances of the Personal Account and reasons why such person believes he or she does not have direct or indirect influence or control (i.e., no investment discretion) over that Personal Account and that he or she does not provide any investment advice or |

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| | |
|:---|:---|
| **DEFINITIONS**<br>As used herein:<br>**Term** | **Definition** |
|  | suggestions with respect to the Personal Account. In addition, the Access Person may be required to arrange for his or her broker or adviser to provide to the Compliance Department documentation to evidence such Personal Account arrangement. Compliance may collect information about a trustee or third-party manager's relationship to the Access Person. Periodic certifications may be issued to Access Persons and their trustees or discretionary third-party managers regarding the Access Person's influence or control over their Managed Accounts. Compliance may request reports on holdings and/or transactions made in Managed Accounts. |
| **Personal Account** | Means any account in which a Beneficial Interest is held by a person subject to this Code, or any account in which a person subject to this Code has any direct or indirect Beneficial Interest. |
| **Pioneer Fund** | Means any investment company registered under the Investment Company Act of 1940 for which Amundi US serves as the investment adviser (but not as a sub-adviser) or for which AD serves as the principal underwriter. |
| **Portfolio Manager** | Means an individual who has direct responsibility and authority to make investment decisions affecting an Advisory Client. |
| **Private Placement** | Means an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 under the Securities Act of 1933 and other similar non-U.S. securities. Private placements include, but are not limited to, private equity partnerships, hedge funds, limited partnerships and venture capital funds. |
| **Reportable Fund** | Means each Pioneer Fund plus each investment company registered under the Investment Company Act of 1940 sub-advised by Amundi US or for which AD serves as the principal underwriter.<br>A list of Reportable Funds is available on the PTA system under the Documents section. |
| **Reportable Security** | Means a security as defined by Section 2(a)(36) of the Investment Company Act of 1940, except for the securities and instruments excepted below. The term "Reportable Security" is very broad and includes stocks, bonds, including convertible and preferred securities, ADRs and GDRs, warrants and rights, such as:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnership interests;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited liability company ("LLC") interests; excluding personal LLCs formed for the purposes of holding real estate and other private wholly-owned LLCs which are not issuing securities |

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| | |
|:---|:---|
| **DEFINITIONS**<br>As used herein:<br>**Term** | **Definition** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in private investment funds, hedge funds and investment clubs;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures on securities;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares in closed-end funds;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of Reportable Funds;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of exchange-traded funds;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by agencies or instrumentalities of the U.S. government (e.g., GNMA obligations), municipal obligations; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by foreign governments.<br>Reportable Securities do not include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the government of the United States;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank certificates of deposit;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market funds, including money market funds where AMUNDI US serves as the investment adviser or sub-adviser that comply with Rule 2a-7 under the Investment Company Act of 1940;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term debt instruments, including repurchase agreements; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end investment companies registered under the Investment Company Act of 1940, other than Reportable Funds. |
| **Secondary Public Offering** | Means a registered offering of a Reportable Security, which previously had been issued to the public. |

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 <br> Last Revised November 2022 PAGE 8

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**APPLICABILITY** 

The procedures and restrictions outlined in the Code apply differently based on your position, role and responsibilities within Amundi US. The Compliance Department will confirm which category applies to you. To assist you in determining which provisions of this Code apply to you, this Code is divided into the following parts:

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| | | | |
|:---|:---|:---|:---|
| **PARTS** | **DESCRIPTION** | **APPLIES TO** | **KEY PROVISIONS** |
| **PART I** | Transactions in Open-End and Closed-End Pioneer Funds, and Amundi SA or Crédit Agricole Securities | All Employees<br>Independent Trustees | Transactions In Closed-End Pioneer Funds<br>Transactions In Open-End Pioneer Funds |
| **PART II** | Personal Account Provisions Applicable to AD Employees and Access Persons | Access Persons<br>AD Employees | Permitted Brokerage Firms |
| **PART III** | Personal Trading Provisions Applicable to Access Persons | Access Persons including<br> Investment Persons | Pre-clearance Of Transactions<br>Pre-clearance Procedures |
|  |  |  | Trading Restrictions |
|  |  |  | Access Persons-Prohibited Transactions |
|  |  |  | Investment Persons-Special Provisions |
| **PART IV** | Personal Trading Provisions Applicable to AD Employees and Management Committee Members | AD Employees and<br> members of Amundi US, Inc. Management Committee | Initial Public Offerings<br> and Secondary Offerings<br>Private Placements<br>Holdings Reports |
| **PART V** | Reporting and Certifications Requirements | Reporting and Certifications Requirements | Reporting and Certifications Requirements |
| **PART VI** | Independent Trustees | Independent Trustees | Independent Trustees |
| **PART VII** | Administration and Enforcement of the Code | Administration and Enforcement of the Code | Administration and Enforcement of the Code |

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Engagement by Amundi US, or any other US affiliate, of any person as a consultant, temporary employee, intern or independent contractor shall be communicated to the respective Compliance Department. The Compliance Department will review the person's role, responsibilities and other relevant information, and make a determination as to whether this Code applies to that person. Employees scheduled for termination and who no longer have access to the Amundi US network are not deemed subject to this Code.

It is your responsibility to familiarize yourself with this Code initially and periodically thereafter, including each time you change positions within Amundi US.

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**I.** **TRANSACTIONS IN CLOSED -END AND OPEN -END PIONEER FUNDS , AND AMUNDI SA OR CRÉDIT AGRICOLE SECURITIES** 

**<u>TRANSACTIONS IN CLOSED-END PIONEER FUNDS</u>**

Each Employee and Independent Trustee must obtain pre-clearance of all purchases and sales of shares of closed-end Pioneer Funds. Shares of a closed-end Pioneer Fund may be sold or purchased only in the 10 calendar-day period following the announcement of the Pioneer Fund's dividend (generally during the first week of each month). Dividend announcements are available on the Pioneer Funds' website. Transactions in a closed-end Pioneer Fund cannot be executed without receiving approval in advance.

**<u>TRANSACTIONS IN OPEN-END PIONEER FUNDS</u>**

Amundi US' policy is to endeavor to prevent disruptive short-term trading in open-end Pioneer Funds. Accordingly, when purchasing, exchanging or redeeming shares of open-end Pioneer Funds, all Employees and Independent Trustees must comply in all respects with the policies and standards set forth in the Funds' prospectuses, including specifically the restrictions on market timing activities, exchanges and redemption policies, as monitored by each Fund's transfer agent.

**<u>TRANSACTIONS IN AMUNDI SA OR CRÉDIT AGRICOLE SHARES</u>**

Amundi US' parent holding companies, Amundi and Crédit Agricole, are public issuers. Accordingly, Amundi's global Compliance Department maintains policies and procedures relating to the trading of Amundi or Crédit Agricole securities by personnel of the Amundi group. As such, any Employee wishing to trade in Amundi or Crédit Agricole securities must contact Amundi US' Compliance Department for additional guidance prior to engaging in such trades. In addition, from time to time, Amundi may designate certain employees of Amundi US as "permanent insiders" or "temporary insiders" of Amundi. Any such designated employee will be subject to additional global compliance procedures. Please contact the Amundi US Compliance Department if you are designated as a permanent insider or temporary insider of the Amundi group.

**II.** **PERSONAL ACCOUNT PROVISIONS APPLICABLE TO AD EMPLOYEES AND ACCESS PERSONS** 

**<u>PREFERRED BROKERS</u>**

All AD Employees and Access Persons who began their employment or otherwise became an AD Employee or an Access Person with Amundi US after March 1, 2005, may only open Personal Accounts with one of the preferred brokerage firms listed in Appendix A of this policy.

New AD Employees and Access Persons must transfer all Personal Accounts to one of the preferred firms listed in Appendix A within 90 days of becoming an AD Employee or Access Person.

The preferred broker restriction on employee related brokerage accounts described above does not apply to Managed Accounts or accounts that are not capable of holding Reportable Securities or accounts reported by temporary employees of Amundi US such as consultants, temps or interns.

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Additional exemptions from the foregoing requirements may be granted only by the Conflicts of Interest and Code of Ethics Oversight Committee and the Compliance Department, acting together. Requests for exemptions may be denied. Exemptions that are granted may be revoked if transactions in the accounts are not reported in accordance with the above requirements.

**<u>PERSONAL ACCOUNT REPORTING</u>**

Each new Access Person and AD Employee (whether or not an Access Person) must submit all Personal Account and Reportable Securities holdings information to the Compliance Department (such information to be current as of a date no more than 45 calendar days before the report is submitted) within 10 calendar days of hire or the date on which an individual becomes an Access Person or AD Employee. If an AD Employee or an Access Person or Family Member, living in the same household, of such persons opens a new Personal Account or becomes associated with a pre-existing account, details of the account and Reportable Securities must be sent to the Compliance Department immediately. The account should be reported on PTA. The AD Employee or Access Person must agree to allow the brokerage firm to provide the Compliance Department with reports of transactions executed in the new account.

**<u>ACCOUNTS AT OTHER BROKER-DEALERS AND FINANCIAL INSTITUTIONS - FINRA RULE 3210</u>**

All AD Employees and Access Persons must receive prior written consent from Amundi US' Compliance Department before opening any Personal Accounts including Managed Accounts, but excluding 529 plans, employer sponsored plans, or accounts that are not capable of holding Reportable Securities. Personal Accounts opened or otherwise established by persons prior to being defined as an AD Employee or Access Person must, within 30 calendar days of being so defined, receive written consent by Amundi US to maintain such accounts.

Pursuant to FINRA Rule 3210, this Code serves as prior written consent from Amundi US to all AD Employees and Access Persons to open Personal Accounts at a Preferred Broker.

**III.** **PERSONAL TRADING PROVISIONS APPLICABLE TO ACCESS PERSONS** 

**<u>PRE-CLEARANCE OF TRANSACTIONS</u>**

One of key objectives of this Code is to prevent personal trades being made on the basis of information about securities transactions made for Advisory Clients. Each Access Person must obtain pre-clearance of all Reportable Securities transactions in his or her Personal Accounts, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of Reportable Funds (including any such transactions in an Amundi US Employee Account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of securities in a Managed Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary purchases or sales of Reportable Securities made in a Personal Account, such as Reportable Securities
received pursuant to an Automatic Investment Plan (including systematic investment plans and dividend reinvestment plans), a stock split or other similar corporate action, an in-the-money option that is exercised automatically by a broker or the issuer of the shares; a security that is called away as a result of an exercise of an option; a
security that is sold by a broker without prior consultation to meet a margin call, or through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of Reportable Securities made in a Personal Account that result from the exercise of rights acquired
from an issuer as part of a pro rata distribution to all holders of a class of securities of such issuer, and the sale of such rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary tender offers of Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of non-U.S. funds similar in structure to U.S. open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in futures in broad based indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales in securities that are not Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of sovereign debt of foreign governments; or

Other exceptions that may be approved by the Compliance Department based on a review of the facts and circumstances. Such exceptions will be documented.

**<u>PRE-CLEARANCE PROCEDURES</u>**

Requests for pre-clearance of securities transactions other than Private Placements and Initial Public Offerings and Secondary Public Offerings must be made using the Personal Trading Assistant ("PTA") personal trading monitoring application. If the PTA system is not available, pre-clearance requests may be made by electronic mail. All pre-clearance requests must include the name of the security, a definitive security identifier (e.g., CUSIP, ticker, or SEDOL or ISIN), the number of shares or amount of bonds involved, the nature of the transaction, (whether the transaction is a purchase or sale), the Personal Account details, security price, estimated total value and trade currency. Responses to all requests will be made through the PTA system or by written confirmation by the Compliance Department. The Compliance Department maintains a record of all approvals and denials.

Requests normally will be processed on the same day they are made, but in some cases additional time may be required to pre-clear a particular transaction.

By seeking pre-clearance, you will be deemed to be certifying to Amundi US that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Except in connection with transactions involving securities of entities that are not publically traded, you do
not possess any material nonpublic information relating to the Reportable Security or issuer of the Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not using knowledge of any proposed trade, recommendation or investment program relating to an Advisory
Client for personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You believe the proposed trade is available to any relevant market participant on the same terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will provide any other relevant information requested by the Compliance Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Personal Accounts opened and all transactions executed during the calendar quarter have been reported and are
properly reflected in the PTA system.

Generally, in reviewing a pre-clearance request, the Compliance Department will consider, among other factors, whether the proposed trade might present a conflict or the appearance of a conflict with an Advisory Client's transaction(s), whether the transaction might influence the market in a material respect and whether the transaction has the potential to take advantage or hinder trading for an Advisory Client. Factors to be considered in determining whether a proposed transaction is in conflict with an Advisory Client transaction(s) shall be determined, reviewed and monitored by the Compliance Department and the Conflicts of Interest and Code of Ethics Oversight Committee.

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Pre-clearance requests must be submitted within the designated pre-clearance timeframe established by Amundi US' Compliance Department. A pre-cleared transaction must be submitted and executed between the hours of 8:30 a.m and 4:00 p.m. Eastern Time on the day the approval is granted unless approval is granted for a longer period by the Compliance Department. If some or all of a pre-cleared transaction is not executed during the period, pre- clearance must be requested again in order to complete or execute the trade.

**<u>EXCESSIVE TRADING</u>**

Access Persons are discouraged from trading excessively. Amundi US strongly discourages high levels of personal trading activity and monitors such activity. Excessive or inappropriate trading that interferes with job performance will not be permitted. If it is determined that an Access Person has engaged in an unusually high level of personal trading or a pattern of excessive trading, Amundi US may place restrictions on such person's personal trading or take other disciplinary action.

**<u>INITIAL PUBLIC OFFERINGS, SECONDARY PUBLIC OFFERINGS, PRIVATE PLACEMENTS AND OTHER PRIVATE OFFERINGS</u>**

Access Persons may not purchase any security in an Initial Public Offering, Secondary Public Offering, or Private Placement except with the prior written approval of the Compliance Department and the Head of Portfolio Management US (or his or her designee). Sales of such securities by Access Persons also must be approved in advance.

Registered Persons of AD, AD Employees, and members of the Management Committee of Amundi US, Inc. are not permitted to purchase any security in an Initial Public Offering of an equity security except as permitted by FINRA Rule 5130.

If an Access Person seeks pre-approval for the acquisition of a Reportable Security in a Private Placement or an Initial Public Offering or a Secondary Public Offering, the Access Person shall set forth in detail the rationale for the transaction using the form provided by the Compliance Department. Any approval will be granted only after consideration is given to whether the investment opportunity should be reserved for an Advisory Client and whether the opportunity is being offered to the Access Person by virtue of his or her position with or relationship to an Advisory Client.

Access Persons may not purchase or sell any interest in a collective investment vehicle that is exempt from registration under the 1933 Act, including, but not limited to, hedge funds, private funds or similar investment limited partnerships, without pre-approval from the Compliance Department.

**<u>BLACK-OUT PERIOD</u>**

Access Persons may not buy or sell a Reportable Security on the same day an Advisory Client trades in that security except in a pre-cleared transaction or a transaction exempt from the pre- clearance requirements.

**<u>DE MINIMIS EXCEPTION</u>**

Pre-clearance requests by Access Persons in Reportable Securities with a principal value of US$50,000 or less (or equivalent non-US currency) of an issuer with a market capitalization of US$3 billion or greater will not be subject to the Blackout Period ("De Minimis Exception") provided the Access Person has no prior knowledge of activity in such security by any client.

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Multiple transactions in a single day of a single security will be aggregated for purposes of this exemption.

**<u>ACCESS PERSONS—PROHIBITED TRANSACTIONS</u>**

Access Persons may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in a Reportable Securities transaction in a Personal Account unless the transaction has been pre-cleared or is excluded from the pre-clearance requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participate in investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in intraday trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sell a security short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use derivatives, such as futures, options on futures, or options or warrants on a Reportable Security, to evade
the restrictions set forth in this Code. A convertible bond is not a derivative for the purposes of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase or sell in a Personal Account options (including naked options), other than options on broad-based
indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in any single stock exchange traded funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in speculative strategies such as spreads and straddles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase and sell, or conversely sell and purchase, in Personal Accounts any Reportable Security within any
period of sixty (60) calendar days, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Reportable Securities purchased or sold in transactions excluded from the pre-clearance requirements of this Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Exchange traded index funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A Reportable Security sold at a loss, if the trade has been approved by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place any "good until canceled" or "limit" or equivalent order with any broker other than a
limit order that is good for that day only.

**<u>INVESTMENT PERSONS—SPECIAL PROVISIONS</u>**

*(Note: Every Investment Person also is an Access Person and remains subject to the provisions in the previous sections.)* 

Investment Persons are subject to the following additional provisions:

<u>BLACK-OUT PERIOD</u>: No Investment Person may purchase or sell any Reportable Security for a Personal Account within seven (7) calendar days before or seven (7) calendar days after the same Reportable Security is purchased or sold by an Advisory Client. An Investment Person will not be deemed to have violated this restriction if his or her trade occurs in the seven (7) calendar day period prior to the trade by an Advisory Client if the Investment Person did not know and had no reason to know that a trade for an Advisory Client was being considered, the trade was pre-cleared or it is a transaction exempt from the pre-clearance requirements.

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<u>INITIAL PUBLIC OFFERINGS, SECONDARY PUBLIC OFFERINGS, PRIVATE PLACEMENTS AND OTHER PRIVATE OFFERINGS</u>: No Investment Person may purchase any security in an Initial Public Offering, Secondary Public Offering, Private Placement or other private offering, except with the prior written approval of the Compliance Department and the Head of Portfolio Management US (or his or her designee). Sales of such securities also must be approved in advance. If an Investment Person seeks pre-approval for the purchase of a Private Placement, an Initial Public Offering, a Secondary Public Offering or any other private offering, the Investment Person shall set forth in detail the rationale for the transaction using the form provided by the Compliance Department.

<u>DUTY TO MAKE UNBIASED RECOMMENDATIONS</u>: Investment Persons have an affirmative duty to make unbiased and timely recommendations to Advisory Clients. Investment Persons may not recommend any Reportable Security to an Advisory Client in which the Investment Person has an interest without first reporting that interest to the Compliance Department.

<u>CLIENT OPPORTUNITIES</u>: Investment Persons may not use his or her knowledge of Advisory Client transactions to purchase or sell a Reportable Security, when he or she knew or should have known that the security was being considered as an appropriate investment for any Advisory Client unless the transaction is approved in accordance with Amundi US' standard procedures. Investment Persons may not delay making a timely recommendation of securities in order to trade personally.

<u>ACCOUNTS OF OTHERS</u>: An Investment Person may not manage accounts of persons other than those of Advisory Clients or of his or her Family Members unless a waiver has been granted by the Compliance Department to permit an Investment Person to manage such accounts.

**IV.** **PERSONAL TRADING PROVISIONS APPLICABLE TO AD EMPLOYEES AND MANAGEMENT COMMITTEE MEMBERS** 

<u>PUBLIC OFFERINGS</u>: Registered Persons of AD, AD Employees, and members of the Management Committee of Amundi US, Inc. may not purchase equity securities in an Initial Public Offering except as permitted by FINRA Rule 5130.

<u>PRIVATE PLACEMENTS AND OTHER PRIVATE OFFERINGS</u>: No AD Employee may purchase any security in a Private Placement or any other private offering, except with the prior written approval of the Compliance Department and the Head of Portfolio Management US (or his or her designee). If an AD Employee seeks pre-approval for the purchase of a Private Placement, the Employee shall set forth in detail the rationale for the transaction using the form provided by the Compliance Department. Any approval will be granted only after consideration is given to whether the investment opportunity should be reserved for an Advisory Client and whether the opportunity is being offered to the Employee by virtue of his or her position with or relationship to an Advisory Client.

<u>PRECLEARANCE REQUIREMENTS</u>: AD Employees who are Access Persons are subject to the pre-clearance requirements described in Part III above. AD Employees who are not Access Persons are not subject to any of the above pre-clearance requirements.

<u>REPORTING</u>: AD Employees must complete initial and annual holdings Personal Account reports and transaction reports and must attempt to arrange for duplicate copies of confirmations of all transactions and/or periodic account statements of all Personal Accounts to be sent to the Compliance Department in accordance with Part V below.

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**V.** **REPORTING AND CERTIFICATION REQUIREMENTS** 

**<u>REPORTING REQUIREMENTS</u>** (refer to Section II for additional details)

<u>INITIAL AND ANNUAL HOLDINGS REPORTS</u>: Each Access Person and each AD Employee (whether or not an Access Person) initially and on an annual basis thereafter shall report to the Compliance Department all holdings in Reportable Securities (including holdings in any Reportable Fund) occurring in his or her Personal Accounts (such information to be current as of a date no more than 45 calendar days before the report is submitted). Initial reports must be filed within 10 calendar days of the date on which an individual becomes an Access Person or AD Employee. The Compliance Department will determine the form or system on which the required information is to be reported.

<u>DUPLICATE STATEMENTS</u>: Each Access Person and AD Employee must attempt to arrange for duplicate copies of confirmations of all transactions and/or periodic account statements of all Personal Accounts, other than those transactions and holdings held in the Amundi US Employee Accounts, to be sent to Amundi US' Compliance Department.

Such instructions must be made promptly upon becoming an Access Person or AD Employee and as new accounts are established but no later than 30 days after the end of a calendar quarter. Contact the Compliance Department at <u>US.Code.of.Ethics@amundi.com</u> for instructions on how to arrange delivery of duplicate statements.

If duplicate copies of confirmations and periodic account statements cannot be arranged to be sent to Amundi US in a timely manner, the Compliance Department must be notified immediately.

Access Persons and AD Employees are responsible for following up with the broker to ensure that such instructions are being followed.

<u>QUARTERLY REPORTS:</u>

PREFERRED BROKER ACCOUNTS – ELECTRONIC REPORTING

A quarterly transaction report is not required for Access Persons and AD Employees who hold Personal Accounts with preferred brokers that provide transaction information via electronic form to the Compliance Department for the time period that would be covered by the quarterly report.

PREFERRED BROKER ACCOUNTS – NON-ELECTRONIC REPORTING

Each Access Person and each AD Employee must report, within 30 calendar days after the end of each calendar quarter, all transactions in Reportable Securities occurring in the quarter in a Personal Account held with a preferred broker that does not provide electronic reporting on the Personal Account to the Compliance Department. Quarterly transaction reports must be submitted even if there was no transaction during the quarter.

NON-PREFERRED BROKER ACCOUNTS

Each Access Person and each AD Employee must report, within 30 calendar days after the end of each calendar quarter, all transactions in Reportable Securities occurring in the quarter in a Personal Account held with a non-preferred broker. Quarterly transaction reports must be submitted even if there was no transaction during the quarter.

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<u>AMUNDI US EMPLOYEE ACCOUNTS</u>: Transactions and holdings of securities held in Amundi US Employee Accounts, as defined, are not required to be included in quarterly or annual reports except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US' Health Savings Accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Self-Directed Brokerage sleeves of Amundi US Employee Accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi SA Employee Share Ownership Plan accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit Agricole Employee Share Ownership Plan accounts, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi SA Long Term Incentive Plan accounts.

<u>ANNUAL AND QUARTERLY REPORTING EXCEPTIONS</u>: The following types of Reportable Securities transactions do not have to be included in the quarterly reports to the Compliance Department. (Please note, however, that holdings of such Reportable Securities are required to be included in the annual holdings report):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of Reportable Securities made pursuant to an Automatic Investment Plan;

The following transactions and holdings are not required to be reported on a quarterly or annual basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions and holdings in securities or instruments that are not Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions and holdings in non-U.S. funds similar in structure to U.S. open-end mutual funds, such as UCITs, that are not advised by Amundi US or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions and holdings in securities in Managed Accounts; and

**<u>CERTIFICATIONS</u>**

*(Note: The Compliance Department will determine the form or system on which the required information is to be reported).* 

<u>INITIAL CERTIFICATION AND UPDATES</u>: Upon request all Employees shall acknowledge that they have received, read and understand this Code, and any material amendment, and recognize that they are subject to its requirements.

<u>ANNUAL CERTIFICATIONS</u>: All Employees shall certify at least annually that they have read and understand this Code, recognize that they are subject to its requirements and have complied with the requirements of this Code. All Employees shall also certify annually that they have reported all holdings of Reportable Securities in Personal Accounts required to be reported pursuant to this Code.

**VI.** **INDEPENDENT TRUSTEES** 

<u>QUARTERLY REPORTING</u>: An Independent Trustee is required to make a quarterly report with respect to any transaction during the applicable quarter in a Reportable Security in which the Independent Trustee had any direct or indirect Beneficial Interest (excluding, for purposes of this subparagraph, transactions in open-end Pioneer Funds) if such Independent Trustee knew or, in the ordinary course of fulfilling his or her duties as an Independent Trustee should have known, that during the 15-day period immediately before or after the transaction in such Reportable Security, an Advisory Client purchased or sold such Reportable Security, or an Advisory Client or AMUNDI US considered purchasing or selling such Reportable Security. Each such report shall be made within 30 calendar days after the end of the applicable calendar quarter in the form provided by the Compliance Department. The quarterly reporting exceptions set forth in Part V above shall apply to any quarterly reports required to be made by an Independent Trustee under this Part VI.

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No report will be required for any quarter in which an Independent Trustee only has exempt transactions to report. Sanctions for any violation of this Code of Ethics by an Independent Trustee of a Pioneer Fund will be determined by a majority vote of other Independent Trustees of such Fund.

**VII.** **ADMINISTRATION AND ENFORCEMENT** 

Acknowledgement of, and compliance with, this Code is a condition of employment with Amundi US. This Code does not create any obligations to any person or entity other than Amundi US. This Code is not a promise or a contract, and it may be modified at any time.

**<u>REPORTING VIOLATIONS OF THE CODE</u>**

<u>DUTY OF EACH EMPLOYEE TO REPORT</u>: Amundi US relies on each Employee to report promptly any conduct you believe to be a violation of this Code. You must report violations or suspected violations of this Code to the Compliance Department or an Amundi US lawyer. All such reports will be investigated.

<u>RETALIATION PROHIBITED</u>: Amundi US will not tolerate any form of retaliation against any person who lodges a good faith report of a violation or suspected violation or cooperates in an investigation. Where retaliation is found to have occurred, the offending party will be subject to disciplinary action, up to and including termination of employment. Amundi US also reserves the right to take corrective action against a person if, upon investigation, it determines that the person was dishonest or malicious in making a report or providing information to investigators.

<u>CONFIDENTIALITY</u>: In conducting an investigation, Amundi US will attempt to keep the identities of the person reporting the suspected violation and of witnesses confidential. Where this is not possible, information will be disclosed only as necessary to conduct the investigation and to permit members of management to ensure the efficiency and security of Amundi US' business activities. Where a report involves a violation of a law or regulation, Amundi US may also be obligated to make certain information available to clients or former clients, the Securities and Exchange Commission, FINRA or other authorities.

**<u>PENALTIES AND SANCTIONS</u>**

<u>SANCTIONS</u>: Compliance with this Code is expected and violations of its provisions are taken seriously. Any violation of this Code (other than by an Independent Trustee) shall be subject to the imposition of such sanctions by the Compliance Department as the Compliance Department deems appropriate under the circumstances to achieve the purposes of this Code. Please refer to the Code of Ethics Violation and Sanctions Guidelines for further details.

These sanctions may include, but are not limited to: terminating or suspending employment; suspending personal trading privileges; issuing a letter of censure or warning; requiring mandatory Code retraining; requiring the compensation of an affected Advisory Client for an amount equal to the advantage gained by reason of such violation; or requiring the reversal of the trade(s) at issue and forfeit of any profit or absorption of any loss from the trade.

In deciding whether to impose sanctions, Amundi US may take into account any factors that it determines to be appropriate in imposing sanctions, which may include, but are not limited to, an Employee's history of compliance, the nature of the violation, whether the violation was intentional or inadvertent and any harm suffered by a client. Violations of this Code also may result in criminal prosecution or civil action. Violations will generally be removed from an Employee's personnel record for cumulating sanction purposes after a period of 24 months from the date of the violation's issuance.

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Amundi US reserves the right to take any legal action it deems appropriate against any Employee who violates any provision of this Code and to hold Employees liable for any and all damages (including, but not limited to, all costs and attorney fees) that Amundi US may incur as a direct or indirect result of any such Employee's violation of this Code or related law or regulation.

Sanctions for any violation of this Code of Ethics by an Independent Trustee of a Pioneer Fund will be determined by a majority vote of other Independent Trustees of such Fund.

<u>HARDSHIP AND OTHER EXEMPTIONS</u>: The CCO or his or her designee may from time to time grant hardship or other exemptions from the trading restrictions, pre-clearance requirements or other provisions of this Code. The decision will be based on a review of the relevant facts and circumstance and a determination will be made depending on the facts whether a hardship or other valid reason exists that would permit an exemption to be granted. The transaction for which an exemption is requested should not result in a conflict with Amundi US' Advisory Clients' interests or violate any other policy embodied in this Code. Other factors that may be considered include: the size and holding period of a position in the security, the market capitalization of the issuer, the liquidity of the security, the amount and timing of client trading in the same or a related security, and other relevant factors. The CCO or his or her designee may seek additional approval from the Head of US Portfolio Management or his or her designee.

Exemption requests should be submitted in writing to the Compliance Department setting forth the reason for the request along with any pertinent facts and reasons why the exemption should be granted. Exemptions are intended to be exceptions, and repetitive requests for exemptions are not likely to be granted.

Records of the approval of exemptions and the reasons for granting exemptions will be maintained by the Compliance Department.

<u>REVIEW PROCESS</u>: An Employee may request review by the Compliance Department of a decision or determination made by the Compliance Department pursuant to this Code. The request must be submitted within 30 days of the Compliance Department's decision or determination. The Compliance Department, in its sole discretion, may elect to consider or reject the request for review. If appropriate in reaching a decision, the Compliance Department will arrange for a review of the matter by senior management of Amundi US and/or the Conflicts of Interest and Code of Ethics Oversight Committee.

**<u>DUTIES OF THE COMPLIANCE DEPARTMENT</u>**

The Compliance Department is responsible for the oversight, interpretation and administration of this Code, and the preparation for review and approval of any amendments to the Code.

The Compliance Department will inform you if you are subject to this Code.

A copy of this Code is available on Amundi US' intranet site and the PTA Home Page. Likewise, amendments to the Code will be posted on Amundi US' intranet site and PTA promptly after they become effective. Employees will be given notice of all changes to, or restatements of, the Code.

**<u>DUTIES OF THE CCO</u>**

The CCO (or his or her designee) shall have the following responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Furnishing all Employees with copies of this Code and initially and periodically informing them of their duties
and obligations hereunder;

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 <br> Last Revised November 2022 PAGE 19

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Designating, as desired, appropriate personnel to review transaction and holdings reports submitted pursuant to
the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing and approving pre-clearance requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining or supervising the maintenance of all records required by this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuing any interpretation of this Code that, in the CCO's judgment, is consistent with the objectives of
this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducting such investigations as shall reasonably be required to detect and report any apparent violations of
this Code to the Compliance Department and to the Trustees of the affected Pioneer Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submitting a quarterly report to the Boards of Trustees of the Pioneer Funds of any violations of this Code and
the sanctions imposed as a result; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submitting a written report at least annually to the Board of Trustees of each Pioneer Fund, Board of Directors
of AD and the Management Committee of AMUNDI US and its affiliates that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under this Code since the last report, including, but not limited to, information
about material violations of this Code or procedures and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Summarizes existing procedures concerning personal investing and any changes in the procedures made during the
previous year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identifies any recommended changes in existing restrictions or procedures based upon experience under this Code,
evolving industry practices or developments in applicable laws or regulations.

**<u>RECORDKEEPING</u>**

The Compliance Department shall maintain or cause to be maintained in an easily accessible place, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any Code adopted pursuant to Rule 17j-1 under the Investment
Company Act of 1940 or Rule 204A-1 under the Advisers Act, which has been in effect during the most recent five (5) year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of any such Code, and of any action taken as a result of such violation, within three
(3) years from the end of the calendar year in which such violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of all written acknowledgements by Access Persons during the most recent five (5) year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made by an Access Person or an Independent Trustee, as well as trade confirmations and/or
account statements that contain information not duplicated in such reports, within five (5) years from the end of the fiscal year of Amundi US in which such report is made or information is provided, the first two (2) years in an easily
accessible place.

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 <br> Last Revised November 2022 PAGE 20

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made by the CCO (or his or her designee) within five (5) years from the end of the
fiscal year of Amundi US in which such report is made or issued, the first two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list, in an easily accessible place, of all persons who are, or within the most recent five (5) year
period have been, Access Persons or were required to make reports pursuant to Rules 17j-1 and 204A-1 and this Code or who are or were responsible for reviewing these
reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision, and the reasons supporting the decision, to permit an Access Person or Investment
Person to acquire a Private Placement or Initial Public Offering security, for at least five (5) years after the end of the fiscal year in which permission was granted.

**<u>AMENDMENTS</u>**

Amundi US may amend this Code as necessary or appropriate to achieve the purposes of Rules 17j-1 and 204A-1. Any material changes to this Code must be approved by the Board of Trustees of each Pioneer Fund, including a majority of the Independent Trustees, within six months after the change has been adopted by Amundi US.

**<u>INTERPRETATION</u>**

Amundi US may, from time to time, adopt such interpretations of this Code, as Amundi US deems appropriate.

**<u>EDUCATIONAL MATERIALS</u>**

The Compliance Department may from time to time circulate educational materials or bulletins designed to assist you in understanding and carrying out your duties under this Code.

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 <br> Last Revised November 2022 PAGE 21

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**<u>APPENDIX A:</u>**

**<u>PREFERRED BROKER LIST:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acorns (Robo-Advisor Accounts Only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ameriprise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amundi US Employee Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank of America Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Betterment (Robo-Advisor Accounts Only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit Suisse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• E\*Trade Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Brokerage Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interactive Brokers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investor Services Group accounts at Amundi US

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JP Morgan Chase / JP Morgan Securities / JP Morgan Private Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley Wealth Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TD Ameritrade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UBS Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• USAA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wells Fargo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wealthfront (Robo-Advisor Accounts Only)

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 <br> Last Revised November 2022 PAGE 22

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## Exhibit 99.28

EX-28.p.10

**LOOMIS, SAYLES & CO., L.P.** 

**LOOMIS SAYLES INVESTMENTS LIMITED** 

**LOOMIS SAYLES INVESTMENTS ASIA PTE. LTD.** 

**<u>Code of Ethics</u>**

&nbsp;&nbsp;&nbsp; **Policy on Personal Trading and**<br> **Related Activities**<br> **by Loomis Sayles Personnel**<br>

EFFECTIVE:

January 14, 2000

AS AMENDED:

May 25, 2022

------

---

| | | |
|:---|:---|:---|
| **Table of Contents** | **Table of Contents** |  |
| 1. | INTRODUCTION | 3 |
| 2. | STATEMENT OF GENERAL PRINCIPLES | 3 |
| 3. | A FEW KEY TERMS | 4 |
| 3.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Security | 4 |
| 3.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficial Ownership | 6 |
| 3.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Control | 7 |
| 3.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintaining Personal Accounts | 7 |
| 4. | SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING | 8 |
| 4.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance | 8 |
| 4.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good Until Canceled and Limit Orders | 10 |
| 4.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Term Trading Profits | 10 |
| 4.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restrictions on Round Trip Transactions in Loomis Advised Funds | 11 |
| 4.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives | 11 |
| 4.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Sales | 12 |
| 4.7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Competing with Client Trades | 12 |
| 4.8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large Cap/De Minimis Exemption | 13 |
| 4.9. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Person Seven-Day Blackout Rule | 13 |
| 4.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research Recommendations | 14 |
| 4.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings | 15 |
| 4.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Placement Transactions | 15 |
| 4.13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insider Trading | 16 |
| 4.14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted and Concentration List | 17 |
| 4.15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Sayles Hedge Funds | 18 |
| 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 |
| 5. | PROHIBITED OR RESTRICTED ACTIVITIES | 18 |
| 5.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Company Board Service and Other Affiliations | 18 |
| 5.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participation in Investment Clubs and Private Pooled Vehicles | 19 |
| 6. | REPORTING REQUIREMENTS | 19 |
| 6.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code | 19 |
| 6.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage Confirmations and Brokerage Account Statements | 21 |
| 6.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Transaction Reporting and Account Disclosure | 21 |
| 6.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Reporting | 22 |
| 6.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Review of Reports by Chief Compliance Officer | 23 |
| 6.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Reporting of Violations to the Chief Compliance Officer | 23 |
| 7. | SANCTIONS | 25 |
| 8. | RECORDKEEPING REQUIREMENTS | 25 |
| 9. | MISCELLANEOUS | 26 |
| 9.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality | 26 |
| 9.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Client Trading Knowledge | 26 |
| 9.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice to Access Persons, Investment Persons and Research Analysts as to Code Status | 27 |
| 9.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice to Personal Trading Compliance of Engagement of Independent Contractors | 27 |
| 9.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Questions and Educational Materials | 27 |

---

------

**<u>Code of Ethics</u>**

&nbsp;&nbsp;&nbsp; **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") and Loomis Sayles Investments Asia Pte. Ltd. ("Loomis Asia") (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 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 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;**3.1.** **Covered Security** 

This Code generally relates to transactions in and ownership of an investment that is a **Covered Security**. 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, 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.

---

| | |
|:---|:---|
| *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).* |

---

Shares of exchange traded funds ("ETFs") and closed-end funds are deemed to be **Covered 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.

*Explanatory Note: Broad based open-ended ETFs are determined by* ***Personal Trading Compliance*** *using Bloomberg data.* 

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 instrument, including exemptions from pre-clearance.

------

&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 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.).* |

---

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;**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;• **Investment Control** (sole or shared) over your personal brokerage account(s);

&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;• **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;• Involvement in an Investment Club;

&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;• 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;**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, E\*TRADE, Fidelity Investments, Interactive Brokers, JP Morgan Chase & Co., Morgan Stanley Smith Barney, TD Ameritrade, UBS, Vanguard, or Wells Fargo (collectively, the "**Select Brokers**"). In addition, shares of **Reportable Funds** must be held through either: a **Select Broker**; directly through the **Reportable Fund's** 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.

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

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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 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;**4.1.** **Pre-clearance** 

Each **Access Person** must pre-clear through the PTA Pre-Clearance System ("PTA") 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 PTA 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 <u>Exhibit Two</u> 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.

For **Access Persons** with a U.S. residence, pre-clearance requests can only be submitted through PTA 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 PTA 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** 

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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;**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;**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 PTA System and to **Personal Trading Compliance** for approval because the PTA 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 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;**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;**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 PTA 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.* |
| *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;**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, PTC 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;**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;• 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.

&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 PTA System has the information necessary to deny pre-clearance if any of these situations apply. Therefore, if you receive an approval in PTA, 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.

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&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;• 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;• 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;**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 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* |

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| | |
|:---|:---|
|  | *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;**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".

**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**:

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&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;• **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;**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 **Chief Compliance Officer**.

&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, 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

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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*** ***<u> </u>****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;**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

&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

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>:

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&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**. The only exception to this policy is with the approval of the **Chief Compliance Officer** or General Counsel of the firm, and then only in compliance with the firm's Firewall 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.

For Loomis UK, 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 PTC 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.

&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.** 

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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 PTA 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 PTA System has the information necessary to deny pre-clearance if these situations apply.

&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;**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 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.

**5.** **PROHIBITED OR RESTRICTED ACTIVITIES** 

&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.

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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 PTA 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;**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** <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;**6.1.** **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**.

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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 investment can be properly reviewed.* |

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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.

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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;**6.2.** **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 PTA 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 PTA, and to promptly notify* ***Personal Trading Compliance*** *if there are any discrepancies.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification** 

Utilizing PTA, 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,**

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required to be reported, were effected during a quarterly period by an **Access Person**, such **Access Person** shall nevertheless submit a report through PTA 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.

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;**6.4.** **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** 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.**

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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;**6.5.** **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;**6.6.** **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**. 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;**6.7.** **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

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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 (PTA). 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 PTA in a timely fashion upon the acquisition date of a 5% 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.

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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, 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.*

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;

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&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, in 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;**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;**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 issuer of any **Covered Security** owned by any client of Loomis Sayles, 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.

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&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 the 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 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.** **Questions and Educational Materials** 

Employees 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:

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;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;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;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**.

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).

3. "**Beneficial Ownership** "**  is defined in Section 3.2 of the Code.

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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 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**.

5. "**Covered Security**" is defined in Section 3.1 of the Code.

6. **"Exempt ETF"** is defined in Section 3.1 of the Code and a list of such funds is found in
Exhibit Two.

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.

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.

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.

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.

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**.

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>.

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13. "**Non-volitional**" transactions are any
transaction in which the employee has not 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.

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**.

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.

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**.

17. "**Related Person**" means a spouse/partner and/or immediately family member of an Access Person.

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>.

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**.

20. "**Select Broker**" is defined in Section 3.4 of the Code.

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.

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 requirements under the Code.

## Exhibit 99.28

EX-28.p.11

**WCM Investment Management, LLC** 

**CODE OF ETHICS** 

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*A copy of this Code of Ethics is maintained in WCM Document Library and Schwab Compliance Technologies ("<u>Schwab CT</u>") and is accessible to each Supervised Person of WCM Investment Management, LLC ("WCM") for reference. This Code is the property of WCM and its contents are confidential.* 

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**WCM Investment Management, LLC** 

**281 Brooks Street** 

**Laguna Beach, CA 92651** 

**949.380.0200** 

**Reviewed and adopted: May 31, 2022** 

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| | | | | |
|:---|:---|:---|:---|:---|
| I. | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT ("WCM") | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT ("WCM") | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT ("WCM") | 1 |
| II. | ANTI-FRAUD AND FIDUCIARY OBLIGATION | ANTI-FRAUD AND FIDUCIARY OBLIGATION | ANTI-FRAUD AND FIDUCIARY OBLIGATION | 1 |
| III. | ANTI-CORRUPTION AND BRIBERY | ANTI-CORRUPTION AND BRIBERY | ANTI-CORRUPTION AND BRIBERY | 2 |
|  | A. | Foreign Corrupt Practices Act ("FCPA") | Foreign Corrupt Practices Act ("FCPA") | 2 |
|  | B. | WCM's Policy | WCM's Policy | 2 |
|  |  | 1. | Supervised Persons | 3 |
|  |  | 2. | Third Parties | 3 |
|  |  | 3. | Government officials | 3 |
|  |  | 4. | Facilitation payments | 4 |
|  |  | 5. | Violations | 4 |
| IV. | INITIAL/ANNUAL ACKNOWLEDGEMENTS | INITIAL/ANNUAL ACKNOWLEDGEMENTS | INITIAL/ANNUAL ACKNOWLEDGEMENTS | 4 |
| V. | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | 5 |
|  | A. | Use of WCM Funds or Property | Use of WCM Funds or Property | 5 |
|  |  | 1. | Personal Use of WCM Funds or Property | 5 |
|  |  | 2. | Payments to Others | 5 |
|  |  | 3. | Improper Expenditures | 5 |
|  | B. | Conflicts of Interest and WCM Opportunities | Conflicts of Interest and WCM Opportunities | 5 |
|  |  | 1. | Outside Business Activities and Interest in Competitors, Clients or Suppliers | 6 |
|  |  | 2. | Charitable Contributions | 7 |
|  |  | 3. | Political Contributions | 7 |
|  |  | 4. | Interest in Transactions | 10 |
|  |  | 5. | Acting as a Registered Representative of a Broker-Dealer | 10 |
|  |  | 6. | Diversion of WCM Business or Investment Opportunity | 10 |
| VI. | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | 10 |
|  | A. | Fair and Equitable Treatment of Clients | Fair and Equitable Treatment of Clients | 10 |
|  | B. | No Guarantees Against Loss | No Guarantees Against Loss | 10 |
|  | C. | No Guarantees or Representations as to Performance | No Guarantees or Representations as to Performance | 10 |
|  | D. | No Legal or Tax Advice | No Legal or Tax Advice | 10 |
|  | E. | No Sharing in Profits or Losses | No Sharing in Profits or Losses | 11 |
|  | F. | No Borrowing From or Lending To a Client | No Borrowing From or Lending To a Client | 11 |

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i

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| | | | | |
|:---|:---|:---|:---|:---|
|  | G. | Supervised persons May Not Act as a Custodian of a Client | Supervised persons May Not Act as a Custodian of a Client | 11 |
|  | H. | Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents | Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents | 11 |
|  | I. | Executing Transactions or Exercising Discretion Without Proper Authorization | Executing Transactions or Exercising Discretion Without Proper Authorization | 11 |
| VII. | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | 11 |
|  | A. | Need for Policy | Need for Policy | 11 |
|  | B. | General Policies and Procedures Concerning Insider Trading and Tipping | General Policies and Procedures Concerning Insider Trading and Tipping | 12 |
|  |  | 1. | "Material" | 12 |
|  |  | 2. | "Nonpublic" | 13 |
|  |  | 3. | "Advisory Information" | 13 |
|  | C. | Prohibitions | Prohibitions | 13 |
|  | D. | Protection of Material, Nonpublic Information | Protection of Material, Nonpublic Information | 13 |
|  | E. | Procedures to Safeguard Material, Nonpublic Information | Procedures to Safeguard Material, Nonpublic Information | 14 |
|  | F. | Protection of Other Confidential Information | Protection of Other Confidential Information | 15 |
|  | G. | Procedures to Safeguard Other Confidential Information | Procedures to Safeguard Other Confidential Information | 15 |
| VIII. | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | 15 |
|  | A. | Designation of Advisory Persons | Designation of Advisory Persons | 16 |
|  | B. | Obligations of Advisory Persons | Obligations of Advisory Persons | 16 |
|  | C. | General Policy Concerning Non-Advisory Persons | General Policy Concerning Non-Advisory Persons | 16 |
|  | D. | Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures | Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures | 16 |
| IX. | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | 17 |
|  | A. | Who is Covered by These Requirements | Who is Covered by These Requirements | 17 |
|  | B. | What Accounts and Transactions Are Covered | What Accounts and Transactions Are Covered | 17 |
|  | C. | What Securities are Covered by These Requirements ("Reportable Securities") | What Securities are Covered by These Requirements ("Reportable Securities") | 18 |
|  | D. | What Transactions are Prohibited by these Requirements | What Transactions are Prohibited by these Requirements | 18 |
|  |  | 1. | Front-Running or Scalping | 18 |
|  |  | 2. | Short Sales of a Security Held by a Client | 18 |
|  |  | 3. | Use of Confidential or Material, Nonpublic Information | 18 |
|  | E. | Personal Securities Transactions Which Must Be Pre-Cleared | Personal Securities Transactions Which Must Be Pre-Cleared | 18 |

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ii

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| | | | |
|:---|:---|:---|:---|
|  | F. | Obtaining Pre-Clearance | 20 |
|  | G. | Identification of Securities Accounts and Reports of Securities Holdings | 20 |
|  | H. | Reporting of Securities Transactions | 21 |
|  | I. | Confidentiality of Personal Securities Information | 22 |
|  | J. | Addressing Personal Trading Conflicts with Advisory Persons | 22 |
|  | K. | Waivers | 23 |
| X. | REPORTING TO THE MUTUAL FUND BOARD | REPORTING TO THE MUTUAL FUND BOARD | 24 |

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iii

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**CODE OF ETHICS** 

**I.** **STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT ("WCM")** 

WCM is committed to maintaining the highest legal and ethical standards in the conduct of our business. We have built our reputation on client trust and confidence in our professional abilities and our integrity. As fiduciaries, we place our clients' interests above our own. Meeting this commitment is the responsibility of WCM and each and every one of our Supervised Persons.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

The Compliance Team is responsible for investigating any potential violations, discussing such violations with any supervised person believed to have committed such a violation, and recommending an appropriate sanction to the Leadership Team. In consultation with legal counsel, the Leadership Team will determine the appropriate sanction and have responsibility to affect the violative conduct.

Any capitalized terms used but not defined in this Code of Ethics will have the meanings assigned to them by the applicable law or regulation.

**II.** **ANTI-FRAUD AND FIDUCIARY OBLIGATION** 

WCM is <u>registered as an investment adviser with the U.S. Securities and Exchange Commission</u> (the "SEC") and has made a notice filing in its home state of California. It is WCM's policy to notice file in all 50 states. In conducting WCM's investment advisory business, WCM and its Supervised Persons must comply at all times with applicable federal securities laws, including the provisions of the <u>Investment Advisers Act of 1940</u>, as amended (the "Advisers Act"), the rules under the Advisers Act and applicable provisions and rules under the laws of the various states where WCM does business or has clients. In addition, when managing accounts of employee benefit plans subject to the <u>Employee Retirement Income Security Act of 1974</u>, as amended ("ERISA") and Individual Retirement Accounts, WCM must comply with all applicable provisions of ERISA, the <u>Internal Revenue Code of 1986</u>, as amended, and the rules under those laws.

As a registered investment adviser, WCM and its Supervised Persons also have fiduciary and other obligations to clients. WCM's fiduciary duties to its clients require, among other things, that WCM: (i) render disinterested and impartial advice; (ii) make suitable recommendations to clients in light of their needs, financial circumstances and investment objectives; (iii) exercise a high degree of care to ensure that adequate and accurate representations and other information about securities are presented to clients; (iv) have an adequate basis in fact for any and all recommendations, representations and forecasts; (v) refrain from actions or transactions that conflict with interests of any client, unless the conflict has first been disclosed to the client and the client has (or may be considered to have) waived the conflict; and (vi) treat all clients fairly and equitably.

1 WCM Code of Ethics

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A breach of any of the above duties or obligations may, depending on the circumstances, expose WCM and its Supervised Persons involved, to SEC and state disciplinary actions and to potential criminal and civil liability, as well as subject the Supervised Person to WCM sanctions up to and including termination of employment. All Supervised Persons are required to promptly report violations of this Code of Ethics to the Chief Compliance Officer.

**III.** **ANTI-CORRUPTION AND BRIBERY** 

As a global investment adviser, WCM is presented with the unique challenge of trying to observe local business customs while still complying with applicable U.S. and other laws prohibiting corruption. The <u>U.S. Foreign Corrupt Practices Act</u> ("FCPA") and other anti-corruption laws prohibit any payment or offer of payment to a "foreign official" for the purpose of influencing that official to assist in obtaining or retaining business for a company. WCM has established this policy to ensure that all Supervised Persons of the Firm are aware of the FCPA and engage in ethical and legal practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Foreign Corrupt Practices Act ("FCPA")** 

The FCPA prohibits any officer, agent, or Supervised Person of the Firm from directly or indirectly paying or giving, offering or promising to pay, giving or authorizing or approving such offer or payment, of any funds, gifts, services or anything else of any value to any foreign official or other person (each, a "Covered Person") for the purpose of obtaining business, favorable treatment, or other commercial benefits, whether by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• influencing any act or decision of the Covered Person in his official capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing the Covered Person to act or not act in violation of his lawful duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing the Covered Person to use his influence to that end with a foreign government or instrumentality

The same prohibition applies to a Covered Person's agent, intermediary (including, for example, a Covered Person's friend, relative, business or law firm), or other person while knowing that all or a portion thereof will directly or indirectly be forwarded to a Covered Person for such purpose.

For purposes of this Anti-Corruption and Bribery policy, a "Covered Person" is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency, or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise or any person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality, or enterprise). It also includes any foreign political party, party official or candidate for political office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **WCM's Policy** 

Bribery and corruption are not only against WCM's values, they are illegal and can expose both the employee and the firm to fines and penalties, including imprisonment and reputational damage.

2 WCM Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Supervised Persons** 

WCM strictly prohibits bribery and other corrupt practices. The firm, nor its Supervised Persons, will seek to influence others, either directly or indirectly, by offering, promising, giving, or authorizing the giving or receiving of bribes or kickbacks, no matter how small. Supervised persons and representatives of WCM are expected to decline any opportunity which would place our ethical principles and reputation at risk. While certain laws apply only to bribes of government officials (domestic and foreign; see Political Contributions Policy), this policy applies to all dealings including non-government business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Third Parties** 

WCM and its Supervised Persons cannot avoid liability by using a third party to give or receive a bribe. Third parties representing and/or acting on behalf of WCM are expected to comply with our Anti-Bribery and Foreign Corruption Policy. In some jurisdictions, WCM can be convicted of a criminal offense if it fails to prevent a bribery carried out on its behalf by a third party, even if no one in the Firm had actual knowledge of the bribe. Therefore, whenever WCM seeks to engage a third party in which the third party may interact with a Government Official for or on behalf of WCM, the following guidelines apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due diligence should be performed to ensure that the third party is a bona fide and legitimate entity, is
qualified to perform services for which it will be retained, and maintains standards consistent with the legal, regulatory, ethical, and reputational standards of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreements with third parties must be in writing and should contain provisions related to the following, based on
corruption risk present in the third-party relationship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A representation that the third party will remain in compliance with all relevant anti-corruption laws, including
the FCPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A provision that requires the third party to respond to reasonable requests for information from the Firm
regarding the work performed under the agreement and related expenditures by the third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Government officials** 

Sales to Government Officials or government entities may present increased anti-corruption risk. Where WCM sells investment products or services to Government Officials or entities, such as public pensions, other state-owned financial institutions, or government affiliated institutions, the sales/marketing efforts related to these government clients should be clearly documented. As noted above, any expenditures made in connection with such business (entertainment, travel, etc.) must not be for any improper purpose and must comply with local law. Laws and regulations are strict when dealing with Government Officials. (For example, reasonable corporate hospitality that is acceptable with other business associates might not be allowable when government officials are involved.)

***Before such expenses are incurred, Supervised Person must obtain prior approval from the Compliance Team.***

A Government Official is any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual elected or appointed to a governmental entity;

3 WCM Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• official or employee of a government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• official or employee of a company wholly or partially controlled by a government (such as state-owned companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• candidate for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political party or official of a political party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• person acting in an official capacity for any of the above regardless of rank or position.

The definition of what could constitute a bribe to a Government Official is broad and can occur even when the benefit being offered is small, such as gifts, entertainment and even business meals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Facilitation payments** 

"Facilitation or grease payments" are payments that facilitate a normal governmental function, such as to expedite processing paperwork. While these types of payments may be accepted as "a cost of doing business" in some cultures, they are illegal and counter to our values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Violations** 

Supervised persons and representatives of WCM should seek clarification on any questions or concerns regarding activities under consideration or the interpretation of any law. If you are offered a bribe from a person or entity doing business with or seeking to do business with WCM, report it immediately to the Compliance Team.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

Actual or potential violation of the anti-bribery or foreign corruption laws of this policy by the Firm, or another Supervised Person, must promptly be report to the Compliance Team.

**IV.** **INITIAL/ANNUAL ACKNOWLEDGEMENTS** 

Supervised persons should keep this Code of Ethics ("COE") available for easy reference. A copy of the COE is given to each Supervised Person and is maintained in the WCM Document Library and within Schwab Compliance Technologies ("<u>Schwab CT</u>"). Each Supervised Person will, before starting to work at WCM and each year thereafter, read this COE and acknowledge that they have reviewed and understand it, and will adhere to the COE by completing the Annual Acknowledgement via Schwab CT. From time to time, the COE will be revised or supplemented. The Chief Compliance Officer is responsible for providing each Supervised Person with a revised copy of this COE when material changes have occurred.

Each year, Supervised Persons must also complete the Disciplinary History questionnaire via Schwab CT, which requests information about whether the Supervised Person has been subject to any disciplinary event, that is, a criminal, civil and/or regulatory action by a U.S. or foreign court, military court or regulatory or self-regulatory body. The employment of any person who is subject to such a reportable disciplinary event might, absent appropriate

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disclosures or specific relief from the SEC, tarnish WCM's reputation, jeopardize business relationships and opportunities for both WCM and its personnel or expose WCM itself to potential disciplinary sanctions or disqualifications. Accordingly, a Supervised Person must notify the Compliance Team immediately if he or she becomes aware of anything that could result in a change in any of this information. Failure to accurately complete the questionnaire or to notify the Compliance Team of changes to information relating to disciplinary actions may subject a Supervised Person to disciplinary action or be grounds for dismissal.

**V.** **GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Use of WCM Funds or Property** 

WCM's policy is to require each Supervised Person to respect the funds and property belonging to WCM, to limit the personal use of such funds or property, and to prohibit questionable or unethical disposition of WCM funds or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Personal Use of WCM Funds or Property** 

No Supervised Person may take or permit any other Supervised Person to take, for his personal use, any funds or property belonging to WCM. Misappropriation of funds or property is theft and, in addition to subjecting a Supervised Person to possible criminal and civil penalties, will result in a WCM disciplinary action up to, and including, dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Payments to Others** 

No WCM funds or property may be used for any unlawful or unethical purpose, nor may any Supervised Person attempt to purchase privileges or special benefits through payment of bribes, kickbacks or any other form of "payoff." Customary and normal courtesies in conformance with the standards of the industry are allowable except where prohibited by applicable laws or rules. *(See following section on* "<u>Anti-Corruption and Bribery</u>," "<u>Gifts and Entertainment</u>," and "<u>Political Contributions</u>" *for additional information.)* Particular care and good judgment are required when dealing with federal, state or local government officials to avoid inadvertent violations of government ethics rules. (Also, see following section on "<u>Political Contributions</u>" regarding important rules.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Improper Expenditures** 

No payment by or on behalf of WCM will be approved or made if any part of the payment is to be used for any purpose other than that described in the documents supporting the payment. Records will be maintained in reasonable detail that accurately and fairly reflect the transactions they describe and the disposition of any funds or property of WCM.

Any questions concerning the propriety of any use of WCM funds or property should be directed to the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest and WCM Opportunities** 

It is not possible to provide a precise or comprehensive definition of a conflict of interest. However, one factor that is common to all conflict-of-interest situations is the possibility that a Supervised Person's actions or decisions will be affected because of actual or potential differences between or among the interests of WCM, its affiliates or clients, and/or the Supervised Person's own personal interests. A particular activity or situation may be found to involve a conflict of interest even though it does not result in any financial loss to WCM, its affiliates or its clients or any gain to WCM or the Supervised Person, and irrespective of the motivations of the Supervised Person involved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Outside Business Activities and Interest in Competitors, Clients or Suppliers** 

Supervised persons should avoid other employment or business activities, including personal investments that interfere with their duties to WCM, divide their loyalty, or create or appear to create a conflict of interest. In no event should any Supervised Person have any outside business activity that might cause embarrassment to or jeopardize the interests of WCM, interfere with its operations, or adversely affect his or her productivity or that of other Supervised Persons.

Each Supervised Person must pre-clear all outside business activities, for profit or non-profit. In addition, no Supervised Person or member of his or her "Immediate Family" (including any relative by blood or marriage living in the Supervised Person's household), shall serve as an officer, director, general partner, advisor, or trustee of, or have a substantial interest in or business relationship with a company (private or public), competitor, client, or supplier of WCM without the prior approval of the Chief Compliance Officer.

Any conflict that the Chief Compliance Officer determines is harmful to the interests of clients or the interests or reputation of WCM will be prohibited. The Chief Compliance Officer's determination as to whether a conflict exists or is harmful shall be conclusive.

Approval will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. Outside activities will be approved only if any conflict-of-interest issues can be satisfactorily resolved and all of the necessary disclosures are made on Part 2 of Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts and Entertainment** 

Giving, receiving or soliciting gifts and/or entertainment ("G&E") in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Additionally, WCM is subject to G&E-related laws and restrictions as a result of being a fiduciary and acting as an investment adviser to government entities, ERISA and Taft-Hartley plans, and mutual funds.

Therefore, WCM has adopted the following policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment over $250 per person may be restricted; therefore, it must be reported via Schwab CT and approved
by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment is an <u>event</u> which includes participation by both parties for the mutual building of a
business relationship. Events, such as meals, golfing, sporting events, and the like, are considered commonly accepted business practices and they are usually permissible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts over $250 per person may be restricted; therefore, it must be reported via Schwab CT and approved by the
Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts are <u>things</u> given or received by a Supervised Person. Entertainment is considered a gift when the
event is not attended by both parties. Charitable donations are considered gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from state or city pension plan representatives or non-U.S. government entities must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from ERISA or Taft-Hartley plans is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from broker-dealers executing purchases or sales for mutual funds advised or sub-advised by WCM is prohibited. This is required by Section 17(e)(1) of the 1940 Act, which prohibits WCM or its Supervised Persons from accepting any sort of compensation for the purchase or sale of property
to or from any mutual fund WCM advises.

WCM expects that it will bear the costs of travel and lodging associated with conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than WCM, pre-approval must be sought as such travel expenses will be treated as a gift to the Supervised Person for purposes of this policy.

The Compliance Team will coordinate with WCM's Finance Team for the review and reimbursement of employee expense reports to ensure compliance with this policy. If a Supervised Person has any questions regarding what constitutes G&E or how to handle it, it is their responsibility to ask the Compliance Team.

***Note:*** *Registered Representatives of Foreside have additional requirements. Please see your Supervising Principal and Foreside Compliance Manual for more details.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Charitable Contributions** 

Charitable contributions, sponsorships and grants, including those that are solicited by business partners and Government Officials may present increased corruption risk. Proposed charitable contributions, sponsorships or grants must not be used to conceal a bribe or otherwise benefit the business partner or Government Official. Charitable contributions, sponsorships and grants should not be provided for any improper purpose. As noted above, Charitable Contributions are considered Gifts and must be reported in Schwab CT and approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Political Contributions** 

No Supervised Person shall make or solicit any political contribution for the purpose of obtaining or retaining advisory contracts with government entities. Contributions by a Covered Associate made to any elected official who, within two years of the contribution, is in a position to influence the retention or has legal authority to retain WCM, will result in the firm's prohibition in receiving any adviser fees from that government entity for a period of two years. Covered Associates are therefore not permitted to coordinate, or to solicit any person or political action committee to make, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contribution to an official of a government entity to which the investment adviser is providing or seeking to
provide investment advisory services; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment to a political party of a State or locality where the investment adviser is providing or seeking to
provide investment advisory services to a government entity.

For purposes of this Political Contribution policy, a Covered Associate is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any general partner, managing member or executive officer of WCM, or other individual with a similar status or
function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any employee who solicits a government entity for WCM and person who supervises, directly or indirectly, such
employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any political action committee ("PAC") controlled by WCM or by any such persons described above.

<u>Exceptions for De Minimis Contributions</u>. Covered associates are permitted to make aggregate contributions, without triggering the two-year "time out," of up to $350 per election to an elected official or candidate for whom the Covered Associate is entitled to vote, and up to $150 per election to an elected official or candidate for whom the Covered Associate is not entitled to vote. These de minimis exceptions are available only for contributions by Covered Associates, not WCM.

<u>Exceptions for Return Contributions</u>. This exception, created to enable Advisers to cure an inadvertent political contribution made by a Covered Associate to an official for whom the Covered Associate is not entitled to vote, is available for contributions that in the aggregate, do not exceed $350 to any one official, per election. WCM must have discovered the contribution that resulted in the violation within four months of the date such contribution was made, and within 60 days after learning of such contribution, the contributor must obtain the return of the contribution.

As such, all political contributions by a Covered Associate to any official, PAC or through a third party must be pre-cleared by the Compliance Team via the Political Contribution disclosure form in Schwab CT prior to making the contribution. If and only if a contribution does not present a conflict of interest or harm WCM's ability to obtain clients will the Covered Associate be allowed to make such a contribution. Generally, contributions made by a Covered Associate to an official for whom the Covered Associate was entitled to vote at the time of the Contributions and which in the aggregate do not exceed $350 to any one official, per election, or to officials for whom the Covered Associate was not entitled to vote at the time of the Contributions and which in the aggregate do not exceed $150 to any one official, per election, will be approved.

Indirect actions by a Covered Associate that would result in a violation of the Political Contribution Rule, <u>Rule 206(4)-5</u>, if done directly, are prohibited.

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<u>Look-Back Provisions</u>. Advisers are required to maintain a list of government entities to which the Adviser provides, or has provided, advisory services in the past 5 years, but not prior to the Rules' effective date. Furthermore, the Rule's look-back requirements continue to apply to an Adviser that does not currently have any government entity clients. Consequently, an Adviser that did not previously provide advisory services to a government entity and therefore had not maintained records required under this Rule, would be required to determine whether any contributions made by the firm or its Covered Associates, and any former Covered Associates, would subject the Adviser to the two-year "time out" period prior to the Adviser accepting compensation from a new government entity client.

The two-year time out restriction will generally apply to WCM in the event that a newly hired Covered Associate has made a prohibited contribution prior to the commencement of his or her employment if the Covered Associate solicits clients for the Adviser. The ban will apply for a "look-back" period of up to two years, beginning from the date of the contribution. However, if the new Covered Associate does not solicit clients on behalf of the Adviser, the two-year ban period is reduced to a maximum of six months.

As such, all newly hired Covered Associates must report to the Compliance Team, upon employment, all political contributions made two years prior to the commencement of his or her employment.

Furthermore, the two-year or six-month ban will continue to apply to the Adviser for the duration of the ban period in the event that the Covered Associate who made the relevant contribution is no longer employed by WCM. The SEC has indicated that this 'look-forward' provision is intended to prevent a firm from channeling contributions through departing employees.

Periodically, the Compliance Team will review the list of Covered Associates, and the list of government entity clients for accuracy and compliance with the Pay-to-Play rule.

The following will be maintained by the Compliance Team for a period of five years from fiscal year end of last use, with at least two years on-site:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Names, titles and address (business & home) of Covered Associates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients that are government entities (past 5 years, not prior to September 13, 2010)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All direct and indirect contributions made by adviser and Covered Associate (in chronological order) indicating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name and title of each contributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name and title of each recipient

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amount and date of each contribution or payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether subject to exception from returned contributions

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Interest in Transactions** 

No Supervised Person, or member of his or her Immediate Family, shall engage in any transaction involving WCM if the Supervised Person or a member of his Immediate Family has a substantial interest in the transaction or can benefit directly or indirectly from the transaction (other than through the Supervised Person's normal compensation), except as specifically authorized in writing by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Acting as a Registered Representative of a Broker-Dealer** 

A Supervised Person of WCM may only act as a Registered Representative of a Broker-Dealer upon prior written approval from the Chief Compliance Officer. The Chief Compliance Officer may approve such activity, only after applicable licensing requirements have been met and appropriate disclosures have been made in Parts 1, 2A and 2B of Form ADV and the individual's Form U-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Diversion of WCM Business or Investment Opportunity** 

No Supervised Person shall acquire, or derive personal gain or profit from, any business or investment opportunity that comes to his or her attention as a result of his or her association with WCM, and in which he or she knows WCM or its clients might reasonably be expected to participate or have an interest, without first disclosing in writing all relevant facts to WCM, offering the opportunity to WCM or its clients, and receiving specific written authorization from the Chief Compliance Officer.

**VI.** **GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS** 

Supervised persons of WCM must adhere to the following standards at all times:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Fair and Equitable Treatment of Clients** 

All clients must be treated fairly and equitably. No client may be favored over another.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **No Guarantees Against Loss** 

No Supervised Person may guarantee a client against losses with respect to any securities investments or investment strategies.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **No Guarantees or Representations as to Performance** 

No guarantee may be made that a specific level of performance will be achieved or exceeded. Any mention of an investment's past performance or value must include a statement that it does not necessarily indicate or imply a guarantee of future performance or value.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **No Legal or Tax Advice** 

No Supervised Person may give or offer any legal or tax advice to any client regardless of whether the Supervised Person offering such advice is qualified to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;**E.** **No Sharing in Profits or Losses** 

No Supervised Person may directly share in the profits or losses of a client's account.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **No Borrowing From or Lending To a Client** 

No Supervised Person may borrow funds or securities from, or lend funds or securities to, any client of WCM.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Supervised persons May Not Act as a Custodian of a Client** 

No Supervised Person may act as custodian of securities, money, or other funds or property of a client.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents** 

No Supervised Person shall place an order to purchase or sell a security for a client through a broker-dealer or agent or any bank unless such broker-dealer or agent or bank is properly registered or is exempt from registration in the state in which the client resides.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Executing Transactions or Exercising Discretion Without Proper Authorization** 

No Supervised Person shall execute any transaction on behalf of a client or exercise any discretionary power in effecting any transaction for a client account unless WCM has (i) obtained written authority from the client and (ii) authorized the Supervised Person's execution of client transactions or exercise of discretionary authority with respect to that client.

**VII.** **PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Need for Policy** 

WCM and its personnel have access to confidential information about clients of WCM, investment advice provided to clients, securities transactions being effected for clients' accounts and other sensitive information. In addition, from time to time, WCM or its personnel may come into possession of information that is "material" and "nonpublic" (each as defined below) concerning a company or the trading market for its securities.

It is unlawful for WCM or any of its Supervised Persons to use such information for manipulative, deceptive or fraudulent purposes. The kinds of activities prohibited include "front-running," "scalping" and trading on inside information. "Front-Running" refers to a practice whereby a person takes a position in a security in order to profit based on his or her advance knowledge of upcoming trading by clients in that security which is expected to affect the market price. "Scalping" refers to a similar abuse of client accounts, and means the practice of taking a position in a security before recommending it to clients or effecting transactions on behalf of clients, and then selling out the Supervised Person's personal position after the price of the security has risen on the basis of the recommendation or client transactions.

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Depending upon the circumstances, WCM and any Supervised Person could be at risk of violating federal securities laws for insider trading or tipping if they advise clients concerning, or execute transactions in, securities with respect to which WCM possesses material, nonpublic information ("MNPI"). In addition, WCM as a whole may be deemed to possess MNPI known by any of its Supervised Persons, unless WCM has implemented procedures to prevent the flow of that information to others within WCM.

<u>Section 204A</u> of the Advisers Act requires that WCM establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of MNPI by WCM and its Supervised Persons. Violations of the laws against insider trading and tipping by WCM Supervised Persons can expose WCM and any Supervised Person involved to severe criminal and civil liability. In addition, WCM and its personnel have ethical and legal responsibilities to maintain the confidence of WCM's clients, and to protect as valuable assets, confidential and proprietary information developed by or entrusted to WCM.

Although WCM respects the right of its Supervised Persons to engage in personal investment activities, it is important that such practices avoid any appearance of impropriety and remain in full compliance with the law and the highest standards of ethics. Accordingly, Supervised Persons must exercise good judgment when engaging in securities transactions and when relating to others information obtained as a result of employment with WCM. If a Supervised Person has any doubt whether a particular situation requires refraining from making an investment or sharing information with others, such doubt should be resolved against taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Policies and Procedures Concerning Insider Trading and Tipping** 

WCM has adopted the following policies and procedures to: (i) ensure the propriety of Supervised Person trading activity; (ii) protect and segment the flow of material, nonpublic and other confidential information relating to client advice and securities transactions, as well as other confidential information; (iii) avoid possible conflicts of interest; and (iv) identify trades that may violate the prohibitions against insider trading, tipping, front-running, scalping and other manipulative and deceptive devices prohibited by federal and state securities laws and rules.

No Supervised Person of WCM shall engage in transactions in any securities while in possession of MNPI regarding such securities (so called "insider trading"). Nor shall any Supervised Person communicate such MNPI to any person who might use such information to purchase or sell securities (so called "tipping"). The term "securities" includes options or derivative instruments with respect to such securities and other securities that are convertible into or exchangeable for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Material"** 

The question of whether information is "material" is not always easily resolved. Generally speaking, information is "material" where there is a substantial likelihood that a reasonable investor could consider the information important in deciding whether to buy or sell the securities in question, or where the information, if disclosed, could be viewed by a reasonable investor as having significantly altered the "total mix" of information available. Where the nonpublic information relates to a possible or contingent event, materiality depends upon a balancing of both the probability that the event will occur and the anticipated magnitude of the

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event in light of the totality of the activities of the issuer involved. Common, but by no means exclusive, examples of "material" information include information concerning a company's sales, earnings, dividends, significant acquisitions or mergers and major litigation. So called "market information," such as information concerning an impending securities transaction, may also, depending upon the circumstances, be "material." **Because materiality determinations are often challenged with the benefit of hindsight, if a Supervised Person has any doubt whether certain information is "material," such doubt should be resolved against trading or communicating such information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Nonpublic"** 

Information is "nonpublic" until it has been made available to investors generally. In this respect, one must be able to point to some fact to show that the information is generally public, such as inclusion in reports filed with the SEC or press releases issued by the issuer of the securities, or reference to such information in publications of general circulation such as The Wall Street Journal or other publisher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"Advisory Information"** 

Information concerning: (i) specific recommendations made to clients by WCM; or (ii) prospective securities transactions by clients of WCM ("Advisory Information") is strictly confidential. Under some circumstances, Advisory Information may be material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Prohibitions** 

In the handling of information obtained as a result of employment with WCM and when engaging in securities transactions, WCM Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall not disclose material, nonpublic or other confidential information (including Advisory Information) to
anyone, inside or outside WCM (including Immediate Family members), except to the Chief Compliance Officer or on a strict need-to-know basis and under circumstances that
make it reasonable to believe that the information will not be misused or improperly disclosed by the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall refrain from recommending or suggesting that any person engage in transactions in any security while in
possession of MNPI about that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall abstain from transactions for their own personal accounts or for the account of any client, in any security
while in possession of MNPI regarding that security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall abstain from personal transactions in any security while in possession of Advisory Information regarding
that security, except in compliance with the section for <u>Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Protection of Material, Nonpublic Information** 

No Supervised Person of WCM shall intentionally seek, receive or accept information that he or she believes may be material and nonpublic.

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In the event that a Supervised Person of WCM should come into possession of information concerning any company or the market for its securities that the Supervised Person believes may be material and nonpublic, **<u>it is critical</u>** that such Supervised Person refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. The Supervised Person should notify the Compliance Team immediately and file a report in Schwab CT using the "Material Nonpublic Information" form.

On occasion, a company may, as a means to seek investors in restricted or private-placement securities issued by it, want to share material, nonpublic or other confidential information with the Firm. Such requests to "come over the wall" must be approved by the Compliance Team. The Compliance Team will put restrictions in place to prevent any inappropriate trading by the Firm or any Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Procedures to Safeguard Material, Nonpublic Information** 

While MNPI may be encountered in many ways, there are certain areas that present a greater risk of exposure based on WCM's business practices. One such area is WCM's use of "Expert Networks". To mitigate this risk, the Compliance Team will review and confirm the adequacy of the Expert Networks' controls for the protection and handling of MNPI prior to engaging their service. Also, the Compliance Team will track all interactions (e.g., emails, calls, meetings) between WCM and the Expert Networks. Supervised Persons are prohibited from sharing their authorized access to Expert Networks.

Another area of risk occurs when Supervised Persons meet directly with personnel of publicly and privately traded companies. The typical (and preferred) method for interaction with a company is with C-suite or Investor Relations ("IR") personnel, who are knowledgeable and have been trained regarding proper handling of MNPI. In the rare instance of interaction with anyone else at the company without the presence of C-suite or IR personnel, WCM's Supervised Person will ensure that we communicate that WCM invests in public equity markets and we are not interested in, nor looking to receive material nonpublic information about any publicly traded company.

This communication is particularly important when interacting with private company personnel as they may assume based on the private engagement that WCM does not trade in public equities. Before engaging any personnel of a privately traded company, WCM's Supervised Persons will disclose that WCM invests in public equity markets and confirm with the privately traded company that they do not have any known connections with publicly traded companies for which WCM may hold a security. If any connection is discovered, the WCM Supervised Person is prohibited from engaging any personnel in that privately traded company without the prior approval of the CCO.

If, during a phone call or meeting, a Supervised Person becomes aware of any information that he or she believes, or has reason to believe, may be MNPI – regardless of the source (e.g. clients, fund investors, consultants, etc.) – they should promptly end the call or meeting and immediately consult with the CCO as noted earlier. Again, the Supervised Person should not share such information with anyone else.

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In the event that a Supervised Person is contacted by an Expert, personnel of a publicly traded company, or industry analyst, via non-business channels (such as personal email or phone, LinkedIn, or other social media) to discuss WCM's investment-related activities, the Supervised Person must redirect the conversation to the proper business channels (WCM email or phone, Expert Network, etc.) Further communication with such parties on non-business channels is strictly prohibited.

All firm trading and personal trading by Supervised Persons is monitored for potential use of MNPI in Schwab CT. Unusual trade activity sends an alert to the CCO, who will investigate the rationale behind the trade decision, review Expert Network activity, conduct a targeted email review, and examine trading patterns.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Protection of Other Confidential Information** 

Information relating to past, present, or future activities of WCM or clients that has not been publicly disclosed, shall not be disclosed to persons, within or outside of WCM, except within the guidelines of this policy. Supervised persons are expected to use their own good judgment in relating to others information in these areas.

In addition, information relating to another Supervised Person's medical, financial, employment, legal, or personal affairs is confidential and may not be disclosed to any person, within or outside of WCM, without the Supervised Person's consent or for a proper purpose authorized by the Chief Compliance Officer or an officer of WCM.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Procedures to Safeguard Other Confidential Information** 

In the handling of other confidential information, including Advisory Information, Supervised persons of WCM shall take appropriate steps to safeguard the confidentiality of such information. Although WCM's offices are not generally open to the public or unannounced visitors, Supervised Persons must still take precautions to avoid storing nonpublic personal information in plain view in potentially public areas of WCM's offices. Furthermore, Supervised Persons must remove nonpublic personal information from conference rooms, reception areas and other areas when not in use and always prior to a visit by any third party. Particular care should be exercised when nonpublic personal information must be discussed or reviewed in public places such as restaurants, elevators, taxicabs, trains or airplanes, where that information may be overheard or observed by third parties. *For more information and guidance see the Privacy Policy Compliance Procedures section of the Compliance Manual and the Information Security Program.*

**VIII.** **PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES** 

WCM has adopted the following policies and procedures to limit access to Advisory Information to those Supervised Persons of WCM who have a legitimate need to know that information:

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&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Designation of Advisory Persons** 

The Chief Compliance Officer shall designate as "Advisory Persons" those of WCM's Supervised Persons who make or participate in decisions as to what advice or recommendations should be given to clients or what securities transactions should be affected for client accounts, whose duties or functions relate to the making of such recommendations or who otherwise have a legitimate need to know information concerning such matters.

All Advisory Persons are Access Persons, but not all Access Persons are necessarily Advisory Persons.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Obligations of Advisory Persons** 

In the handling of Advisory Information, Advisory Persons shall take appropriate measures to protect the confidentiality of such information. Specifically, Advisory Persons shall refrain from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing Advisory Information to anyone other than another Advisory Person, inside or outside of WCM (including
any Supervised Person of an affiliate); except on a strict need-to-know basis and under circumstances that make it reasonable to believe that the information will not be
misused or improperly disclosed by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in transactions — or recommending or suggesting that any person (other than a WCM client) engage in
transactions — in any security to which the Advisory Information relates.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **General Policy Concerning Non-Advisory Persons** 

As a general matter, Non-Advisory Persons of WCM should not seek or obtain access to Advisory Information. If a Non-Advisory Person of WCM should come into possession of Advisory Information, he or she should refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. In the event that a Non-Advisory Person of WCM obtains Advisory Information, he or she should promptly notify the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures** 

The Chief Compliance Officer or his designee shall use Schwab CT to review initial and annual holdings reports and quarterly transaction reports for Supervised Person accounts. This review is designed to: (i) ensure the propriety of the Supervised Person's trading activity (including whether pre-approval was obtained as required by the <u>Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons</u>); (ii) avoid possible conflict situations; and (iii) identify transactions that may violate the prohibitions regarding insider trading and manipulative and deceptive devices contained in the federal and state securities laws and SEC rules. Schwab CT maintains records of review.

The Compliance Team shall report to the Leadership Team any findings of possible irregularity or impropriety.

16 WCM Code of Ethics

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**IX.** **RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS** 

The personal investing activities of all WCM personnel must be conducted in a manner to avoid actual or potential conflicts of interest with WCM's clients and WCM itself. No Supervised Person of WCM may use his or her position with WCM or any investment opportunities they learn of because of his or her position with WCM to the detriment of WCM's clients or WCM.

The following policies and procedures were adopted to meet WCM's responsibilities to clients and to comply with SEC rules. Violations may result in law enforcement action against WCM and its Supervised Persons by the SEC or state regulators and/or disciplinary action by WCM against any Supervised Person involved in the violation, including termination of employment.

All Supervised Persons should read these requirements carefully and be sure that they are understood. It is particularly important to understand and accept that these pre-clearance requirements may mean that a Supervised Person will be prohibited from purchasing or selling a particular security because of client interest in that security. This restriction on a Supervised Person's ability to sell a security can have a harsh impact on individual Supervised Persons and their Immediate Family members.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Who is Covered by These Requirements** 

All Access Persons of WCM ***and members of their Immediate Family who reside in their household*** are subject to WCM's policies and procedures governing personal securities transactions, with the limited exceptions noted below. An Access Person is defined as a Supervised Person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What Accounts and Transactions Are Covered** 

These personal securities policies and procedures cover all personal securities accounts and transactions for which an Access Person has, or acquires, any direct or indirect beneficial ownership. For purposes of these requirements, "beneficial ownership" has the same meaning as in <u>Securities Exchange Act Rule 16a-1(a)(2)</u>. Generally, a person has beneficial ownership of a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect financial interest in the security. ***A transaction and holding by or for the account of an Immediate Family member (living in the same home with an Access Person) is considered the same as a transaction and holding by the Access Person.***

According to SEC guidelines, the following exemption is permissible. The firm can trade securities for any of the WCM Access Person accounts as long as the securities are blocked with client trades. The securities in the trade block allocated to the Access Person are dollar-cost-averaged or settled at the worst price of the day. All Access Person trades must bear the fiduciary responsibility of putting the clients' interests first.

17 WCM Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What Securities are Covered by These Requirements ("Reportable Securities")** 

All securities (and derivative forms thereof including options and futures contracts) are covered by these requirements except: (1) direct obligations of the U.S. government (e.g., treasury securities); (2) bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements; (3) shares issued by money market funds; (4) shares of <u>unaffiliated</u> open-end mutual funds; (5) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds; and (6) shares of Section 529 College Savings and Prepaid Tuition plans.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **What Transactions are Prohibited by these Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Front-Running or Scalping** 

Access persons of WCM are not permitted to "front-run" any securities transaction of a client or WCM, or to "scalp" by making securities recommendations for clients with the intent of personally profiting from personal holdings of or transactions in the same or related securities, as noted in the section, <u>Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Short Sales of a Security Held by a Client** 

No Access Person may sell short any security held in a client's account managed by WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Use of Confidential or Material, Nonpublic Information** 

Access person may not buy or sell any security if he or she has material, nonpublic information about the security or the market for the security obtained in the course of his or her employment with WCM or otherwise, as noted in the section, <u>Protection Of</u> <u>Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Personal Securities Transactions Which Must Be Pre-Cleared** 

Before placing any order to purchase or sell any security, or otherwise acquiring or disposing of a security, including participation in Initial Public Offerings ("IPO") and limited or private investments, an Access Person of WCM must pre-clear the transaction with WCM's Compliance Team.

Access Persons who have purchased or sold any private investments are required to pre-clear any subsequent investment in that issuer. However, investments in private equity or private credit funds do not require pre-clearance for each capital call once the initial investment and commitment amount have been approved.

18 WCM Code of Ethics

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Pre-clearance is **<u>not</u>** required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government agency securities;

&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;• shares of any open-end mutual funds and securities of any other
registered investment company, e.g., closed-end funds, exchange traded funds or unit investment trusts, <u>not affiliated with or sub-advised by</u> WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high quality short-term debt instruments, such as bankers' acceptances, commercial paper, repurchase
agreements and bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases through automatic reinvestment of dividends pursuant to a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involuntary acquisitions or dispositions of securities, such as by inheritance or court-order upon divorce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions effected for any account or entity over which the Access Person does not have or share investment
control, such as a "blind trust";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in securities through an employer sponsored or other tax qualified employee benefit plan, such as a
401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales resulting from the exercise or assignment of options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sells in an Access Person's account which is managed and directed by WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Index Futures, Commodity Futures, Interest Rate Futures, Index Options, Commodity Options and Interest Rate
Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales in an intern's Immediate Family Member's account who shares the same household as
the Access Person, except trades that are in IPOs, private placements & limited offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other securities or transactions as may be added to this list of exceptions in writing by the Chief
Compliance Officer.

19 WCM Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Obtaining Pre-Clearance** 

To obtain pre-clearance, an Access Person must log into Schwab CT and submit a pre-clearance form. Most requests are automatically approved or denied based on conflicts with firm trades. The CCO or member of the Compliance Team will manually pre-clear Access Persons' trades that are not able to be automatically approved. A member of the Leadership Team will pre-clear personal trades of the CCO that cannot be automatically approved by Schwab CT (i.e., require manual approval). The status of a pre-clearance request is viewable in Schwab CT under the employee section "My Pre-clearances".

A pre-clearance approval is valid until the subsequent close of the applicable market.

*Several examples:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval for a trade executed in the U.S. market expires at the subsequent close of the U.S. market (typically 4PM Eastern Time).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Tuesday evening after the close of market on Tuesday is valid until the close of market on Wednesday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Friday evening after the close of market on Friday is valid until the close of market on Monday (assuming the market is open on Monday.)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Thursday during market hours is valid until the close of market on Thursday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approvals for a trade executed in a non-U.S. market expires at the subsequent close of that market.* 

For trades in instruments or securities that do not adhere to market hours (such as Limited Partnerships, etc.) pre-clearance approval is valid for 30 days.

Failure to follow the pre-clearance requirements places the firm at risk therefore is a consequential matter. In the event an Access Person violates the pre-clearance requirements, the Compliance Team will email them regarding the violation and copy the Leadership Team. A pattern of frequent offenses indicates a disregard for the Code and will result in disciplinary action, such as the revocation of personal trading privileges, fines, and even termination.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Identification of Securities Accounts and Reports of Securities Holdings** 

Access persons must report all securities accounts (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has any direct or indirect "beneficial interest," by filing a Personal Brokerage Account Disclosure in Schwab CT. These reports must be completed, as required by the Code of Ethics Rule, <u>Rule 204A-1</u>, (1) no later than 30 days after the end of each calendar quarter and (2) in the case of new Access Persons, within 10 days of the individual becoming an Access Person. The as-of date for initial reports (i.e., when an individual first becomes an Access Person) must not be older than 45 days.

20 WCM Code of Ethics

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<u>Accounts</u> **<u>with</u>** <u>"reportable securities"</u>. Reports for securities accounts holding "<u>reportable securities</u>" must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 reportable security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the Access Person submits the report.

<u>Accounts</u> **<u>without</u>** <u>"reportable securities"</u>. Reports for securities accounts holding securities excluded from the list of "<u>reportable securities</u>" requires only the name of any broker, dealer or bank with which the Access Person maintains an account and the date the Access Person submits the report.

Securities accounts linked to Schwab CT satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to Schwab CT or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within Schwab CT, or, with approval, e-mailed to the Chief Compliance Officer.

These reports are reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer are reviewed by the COO and/or his designee.

If an Access Person has no securities accounts or holdings to report, they must affirm so through a quarterly affirmation via Schwab CT.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Reporting of Securities Transactions** 

SEC rules impose strict requirements on WCM and its Access Persons with respect to the reporting of personal securities transactions. Access persons must submit quarterly reports of all personal securities transactions (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has a "beneficial interest," by filing a transaction report in Schwab CT. This report must be filed no later than 30 days after the end of each calendar quarter as required by the Code of Ethics Rule, <u>Rule 204A-1</u>.

<u>Transactions of "reportable securities"</u>. Reports for transactions of "<u>reportable securities</u>" must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 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 the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

21 WCM Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the price of the security at which the transaction was effected; the name of the broker, dealer or bank with or
through which the transaction was effected; and the date the Access Person submits the report.

<u>Transactions of non-"reportable securities".</u> These transactions do not need to be reported.

Securities accounts linked to Schwab CT satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to Schwab CT or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within Schwab CT, or, with approval, e-mailed to the Chief Compliance Officer.

These personal securities transaction reports will be reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer will be reviewed by the Chairman and/or his designee.

If an Access Person has no reportable securities transactions to report, they must affirm so through a quarterly affirmation via Schwab CT.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Confidentiality of Personal Securities Information** 

Access to reports of personal securities transactions, securities holdings, securities accounts, duplicate confirmations and account statements will be restricted to the Chief Compliance Officer and such other persons as WCM may designate to assist the Chief Compliance Officer with review of the reports and pre-clearance. All such materials will be kept confidential, subject to the right of inspection by the SEC or other government agencies, outside counsel for compliance purposes, and WCM's Leadership Team.

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Addressing Personal Trading Conflicts with Advisory Persons** 

WCM's compliance program seeks to provide the greatest amount of flexibility while still achieving the objective of protecting clients and following rules. Although Advisory Persons can trade in the same securities as clients, those trades are subject to the pre-clearance requirements, as mentioned above, as well as additional controls to prevent and remediate potential conflicts that might occur because of the advisory-related information Advisory Persons may have access to.

One potential conflict exists when Advisory Persons profit, or perceive to have profited, from the firm trading of our clients. WCM addresses this potential conflict by restricting Advisor Persons' trading within two weeks of a firm trade program in the same security, both after and before the firm trading occurs.

22 WCM Code of Ethics

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As Advisory Person may not be aware of the exact timing of a firm trade program, an Advisory Person may receive approval to trade a certain security after submitting a preclear, only later to find out that the trade created a conflict once a firm trade program started. Rather than require an Advisory Person to reverse the trade, this policy allows the Advisory Person to maintain a position and compare their trade against the least-favored client execution (worst for front side; best for back side) in the trade program. An Advisory Person can still choose to reverse their trade instead.

**<u>Front side</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 weeks (14 calendar days) before the beginning of client trading

**<u>Back side</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opposite side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 weeks (14 calendar days) after the last client trade

An Advisory Person can choose one of the following options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reverse their trade and donate profits; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain their position and compare their execution price against worst client execution price, donating any
profitable difference.

The procedure above aims to mitigate special conflicts that may exist with Advisory Persons trading the same securities of our clients within a window of time where the client trading may have a reasonably foreseeable impact on marketing pricing.

The Chief Compliance Officer will ensure that the appropriate corrective action is taken by the Advisory Person to neutralize the resulting conflict.

&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Waivers** 

The Chief Compliance Officer may, in his discretion, after consultation with the Leadership Team, waive compliance by any person with any of the restrictions and pre-clearance requirements set forth herein, if the Leadership Team finds that such a waiver: (i) is necessary to alleviate hardship in view of unforeseen circumstances or is otherwise appropriate under all of the relevant facts and circumstances; (ii) will not be inconsistent with the purposes of WCM's policies and procedures governing personal securities transactions; (iii) will not adversely affect the interests of clients or WCM; and (iv) is not likely to permit a transaction or conduct that would violate provisions of applicable laws or rules.

Any waiver shall be documented by the Chief Compliance Officer and shall state the basis for the waiver. The Chief Compliance Officer shall promptly send a copy of the waiver to the Leadership Team and shall maintain a copy in the Compliance program folders or Schwab CT.

23 WCM Code of Ethics

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**X.** **REPORTING TO THE MUTUAL FUND BOARD** 

No less frequently than quarterly, the Chief Compliance Officer or his/her designee will furnish to the Board of Directors of all mutual funds managed by WCM, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code of Ethics since the last report to the Board of Directors, including,
but not limited to, information about material violations of the Code of Ethics, or procedures and sanctions imposed in response to any material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that WCM has adopted procedures reasonably necessary to prevent Access Persons from violating the
Code of Ethics.

The Firm will furnish to the Board of Directors of all mutual funds managed by WCM, a copy of the Code of Ethics and any material changes to the Code of Ethics.

24 WCM Code of Ethics

## Exhibit 99.28

EX-28.p.12

![LOGO](g459282g0203103554218.jpg)

**The Nationwide<sup>®</sup> Way** 

our Code of Conduct

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![LOGO](g459282g0203103554515.jpg)

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

***The Nationwide<sup>®</sup> Way***

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---

| | |
|:---|:---|
| **What is *The Nationwide Way*?** |  |
| At the core of Nationwide beats the heart of a mutual that has always put people first. This is *The Nationwide Way*. We are a company of great people doing great things. We care deeply about doing what's right, and we work hard to make an impact for everyone: our associates, our members, our partners and our communities.<br>**The Nationwide Mission**<br>To protect people, businesses and futures with extraordinary care. | ![LOGO](g459282g0203103554640.jpg) |

---

**We value people** 

At Nationwide, we value people, ethical behavior, and diversity and inclusion. We incorporate these values in each transaction we conduct, each interaction we have, and in each relationship we build, everywhere we do business.

**Our values** 

We value people

We are customer focused

We act with honesty, integrity, trust and respect

We work together to deliver exceptional results

***The Nationwide Way***<sub>2</sub>

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**A message from our CEO** 

------

![LOGO](g459282g0203103554781.jpg)

Nationwide is in the business of protecting people, businesses and futures. We advise our members and partners, offering comprehensive solutions like home, auto, life, pet and business insurance, as well as retirement savings products, financial services and identity theft protection.

What makes us unique is that we are a protection company with a caring culture unlike any other organization. We extend that care, often in extraordinary ways, to our members, partners, each other and our communities. During moments of truth — a hurricane, the loss of a loved one or the distress felt during a market drop — we are there to hold a hand and personally connect with members, helping them through their most difficult days.

Our caring culture is driven by people and values, with honesty and integrity as the cornerstones. These core values should never be compromised to meet a business plan or objective. I hope you'll join me in delivering on this promise of honesty and integrity to our members, our partners, our communities and each other. Doing so is how we do business at Nationwide.

Thank you for all that you do to make Nationwide a company of which we can all be proud.

![LOGO](g459282g0203103554890.jpg)

**Kirt Walker** 

**Chief Executive Officer** 

**Nationwide** 

***The Nationwide Way***<sub>3</sub>

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![LOGO](g459282g0203103554984.jpg)

**Being the most trusted protection company**![LOGO](g459282g0203103555077.jpg)

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**A message from our Chief Compliance & Ethics Officers** 

------

Chances are you will find yourself faced with ethical dilemmas during your career, standing at the crossroads between right and wrong. It can be difficult sometimes to determine the best course of action. We all predict that we will handle ethical dilemmas successfully. However, when faced with a difficult situation, we often respond differently than we had hoped. Blind spots, emotions, conflicts of interest, outside influences and other factors can cloud our judgment.

We are more likely to make better decisions if we slow down and seek advice. This Code of Conduct is a resource to guide you through those moments of uncertainty and equip you to handle ethical dilemmas successfully. Please take a moment to review it. And refer back to it whenever you're confronted with an ethical decision and are just not sure what to do. While the Code may not have all the answers, it can at least point you in the direction of other resources available to you here at Nationwide. If you have questions, contact the Office of Compliance & Ethics for additional guidance. We expect the best from ourselves and from each other, and our members, partners and the communities in which we serve count on us to do what's right. Acting with honesty and integrity, and complying with applicable laws, rules, regulations and company policies (both the letter and the spirit) are basic requirements to build trust. Thank you for your continued commitment to doing things *The Nationwide Way*.

![LOGO](g459282g0203103555218.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rae Ann Dankovic Parag Shah** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Chief Ethics Officer

***The Nationwide Way***<sub>5</sub>

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Table of contents** 

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---

| | |
|:---|:---|
| **Getting started** | **We value people** |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Who is covered by this Code</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Strength through diversity</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Expectations for associates & leaders</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>No harassment, discrimination or retaliation</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Asking questions, reporting concerns</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>We protect human rights</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Guide to making good decisions</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Workplace safety and health</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Contacting the Office of Ethics</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Learning & professional development</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>No-retaliation</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Serving our communities</u> |
| **Conducting business lawfully** | **Building honest relationships with our partners** |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Illegal, fraudulent and dishonest acts</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Securities violations</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Fair dealing</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Insider trading</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Suppliers</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Disclosure policy</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Conflicts</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Fair competition and antitrust</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Outside business activities</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Trade secrets</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Ownership</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Competitive intelligence</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Opportunities</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Business records and financial reporting</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Solicitations</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Time reporting</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Conducting personal business</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Sales and advertising</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Gifts, favors and entertainment</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Audits</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Records retention, legal holds</u> | **We protect company information and assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Responding to legal requests, governmental agencies</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Privacy, cybersecurity</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Political activities</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Company assets</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Political contributions & gifts</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Protecting Nationwide brand</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Business abroad</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Using social media</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;• <u>Money laundering, anti-bribery</u> | &nbsp;&nbsp;&nbsp;&nbsp;• <u>Contacting media</u> |
|  | **Closing thoughts** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>A message from our Chief Ethics Officer</u> |

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***The Nationwide Way***<sub>6</sub>

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Getting started** 

------

**Who is covered by this Code** 

The Code of Conduct applies to all of us, at all levels of our organization, whether you are at company headquarters or one of our many other offices located across the country.

That includes all:

<u>•</u> associates

<u>•</u> people leaders

<u>•</u> executives

<u>•</u> board members

Some associates in certain departments and roles may be subject to other or stricter requirements by law or policy. If you have questions about additional requirements, ask your manager or your Office of Compliance representative.

As an associate, you are expected to read and acknowledge this Code annually. Failure to comply with the Code may result in appropriate disciplinary action, up to and including termination of employment.

Only in exceptional circumstances and only with approval of the Chief Ethics Officer will a waiver of any part of this Code be granted. A waiver requested by an executive officer or board member requires approval by the Board of Directors or a designated committee of the board. Waivers will be promptly disclosed as required.

![LOGO](g459282dsp140.jpg)

***The Nationwide Way* \| Getting Started**<sub>7</sub>

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

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| | |
|:---|:---|
| ![LOGO](g459282g0203103557562.jpg) | It starts with you |
| ![LOGO](g459282g0203103557562.jpg) | <br> You are expected to comply with the law, this Code, and all internal policies. Failure to do so may result in appropriate disciplinary action, up to and including termination of employment. Know that certain violations may have additional consequences, such as fines, criminal prosecution, and jail time. We expect everyone to do their part to protect Nationwide's reputation. |

---

---

| | |
|:---|:---|
| **Know the Code** | **Just ask** |
|  | If the answer isn't clear, |
| Access it. Learn it. Apply it. | ask for guidance. |
| **Act with integrity** | **Speak up** |
| Honesty and integrity is | If you witness something |
| *The Nationwide Way*. | that doesn't seem right, |
|  | say something. |

---

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| | |
|:---|:---|
| ![LOGO](g459282g0203103557656.jpg) | **Leader expectations** |
| ![LOGO](g459282g0203103557656.jpg) | <br> While every associate is the keeper of Nationwide's reputation, leaders have a heightened responsibility to serve as both a role model and resource for associates and to safeguard and promote a culture of integrity and honesty. An ethical workplace requires open and honest two-way communication — so be accessible and available to your associates. And remain alert to indications that illegal or unethical conduct may have occurred. |

---

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| | |
|:---|:---|
| **Be the example** | **Use the Code** |
| Live the Nationwide values | The Code of Conduct is |
| and set a good example. Your | your guide. Use it to answer |
| associates are watching. | questions, and remind your |
|  | associates that it's a resource. |
| **Be available** | **Take action** |
| Let associates know | Report misconduct that you |
| they can come to you | witness or that is reported to |
| with questions or concerns. | you by your associates. |

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***The Nationwide Way* \| Getting Started**<sub>8</sub>

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Asking questions, reporting concerns** 

This Code of Conduct is a resource to help guide you to do things *The Nationwide Way*. But it doesn't have all the answers. If you still have questions after reviewing this Code, or aren't sure what is "*The Nationwide Way*" in a particular situation, just ask.

However, even companies with the highest ethical standards occasionally have issues. When we do, we want them reported so they can be addressed. It takes courage to report a situation that is, or has the appearance of being, contrary

to *The Nationwide Way*. All of us have a duty to report such concerns. We will listen to your concerns and take the appropriate action.

It's important to ask questions, and to report issues if you experience situations that are (or appear to be) in violation of this Code and contrary to *The Nationwide Way*. Talk to your manager or anyone in leadership. Or if you prefer, contact the <u>Office of Associate Relations (OAR)</u> or the <u>Office of Ethics</u> for help and guidance.

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| | |
|:---|:---|
| ![LOGO](g459282g0203103557765.jpg) | **Leader expectations** |
| ![LOGO](g459282g0203103557765.jpg) | **A few reminders if an associate comes to you with questions or concerns:** |
|  | • The Office of Ethics and OAR are also resources for you, not just for your associates. |
|  | • Don't investigate allegations on your own — allow us to provide that independent support. |
|  | • Don't wait to contact us, whether you observe something directly or it is brought to your attention. |

---

![LOGO](g459282g0203103557906.jpg)

***The Nationwide Way* \| Getting Started**<sub>9</sub>

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![LOGO](g459282dsp144.jpg)

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Contacting the Office of Ethics** 

When you call the Ethics Helpline, you can report a concern or ask a question. When you contact us, you can choose to remain anonymous. Questions will be answered and concerns will be investigated in as confidential a manner as possible. Depending on the nature of a concern, the Office of Ethics may investigate the concern alone or may partner with other

areas such as the Office of Associate Relations. If you report a concern, you will be told what to expect in terms of the investigation. However, due to the confidential nature of investigations, the outcome will not be shared with you.

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| | |
|:---|:---|
| ![LOGO](g459282dsp145.jpg) | <u>What to Expect</u> |

---

---

| | |
|:---|:---|
| ***Come on, is it really anonymous?*** | ***Come on, is it really anonymous?*** |
| Yes, our Office of Ethics takes your desire to remain anonymous very seriously. If you choose to use one of the anonymous ways to contact us, we will not be able to identify you. | Yes, our Office of Ethics takes your desire to remain anonymous very seriously. If you choose to use one of the anonymous ways to contact us, we will not be able to identify you. |
| ![LOGO](g459282dsp145.jpg) | <u>Is it Really Anonymous?</u> |
| Please keep in mind that to the extent you feel comfortable doing so, we encourage you to share with us your identity (you can still request to remain anonymous as we investigate your concerns and involve others outside of our office) — doing so will allow us to follow up with you should we need additional information or details. | Please keep in mind that to the extent you feel comfortable doing so, we encourage you to share with us your identity (you can still request to remain anonymous as we investigate your concerns and involve others outside of our office) — doing so will allow us to follow up with you should we need additional information or details. |

---

**No retaliation** 

Retaliation against anyone who makes a good faith report of misconduct or who is otherwise asked to participate in an investigation is strictly forbidden. Violations of our <u>no-retaliation policy</u> will result in disciplinary action, up to and including termination of employment. Filing intentionally false or intentionally misleading reports violates this Code.

Nothing in this Code or any other policy of the company prohibits you from reporting possible violations of state or federal law or regulation to any governmental agency or entity, including but not limited to the EEOC (Equal Employment Opportunity Commission), SEC (Securities and Exchange Commission), FINRA (Financial Industry Regulatory Authority) or the NLRB

(National Labor Relations Board), or making disclosures protected under state or federal whistleblower laws or regulations. You are not required to obtain prior authorization of the Company to make such reports or disclosures and are not required to notify the Company if you have made such reports or disclosures.

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| | |
|:---|:---|
|  | **Good faith** |
| ![LOGO](g459282dsp145a.jpg) | Making a report in "good faith" means you must provide all information that you believe is true and that you report honestly. |

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***The Nationwide Way* \| Getting Started**<sub>11</sub>

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![LOGO](g459282dsp146.jpg)

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![LOGO](g459282dsp147.jpg)

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Conducting business lawfully** 

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**Illegal, fraudulent and dishonest acts** 

Nationwide operates in a highly regulated environment. You are required to ensure compliance with all applicable laws, rules and regulations, and internal policies. Failure to do so may result in appropriate disciplinary action, up to and including termination. Know that certain violations may have additional consequences, such as fines, criminal prosecution, and jail time.

Any associate or leader who commits a <u>dishonest or fraudulent act</u> resulting in actual or attempted financial loss will be subject to disciplinary action, up to and including termination. If you suspect that an applicant, associate or partner is engaged in possible fraud, embezzlement, or any form of dishonesty, report all available facts to the Office of Ethics for investigation.

Remember that it's never permissible to use a contractor, consultant, agent, broker or other third party to do anything prohibited by law or by our policies.

You are required to notify Nationwide by contacting OAR or the Office of Ethics within 30 days of any felony conviction, or any conviction involving fraudulent or dishonest actions. If you are a registered representative with our broker/ dealers, you must immediately notify the NF Compliance Department.

Nationwide does not tolerate fraud in any form, because when Nationwide is affected by fraud, so are our customers.

**You have help** 

The <u>Office of the Chief Legal Officer</u> (OCLO) provides legal and regulatory solutions, advocates on behalf of Nationwide and its members, manages risks, and enhances Nationwide's reputation in the community. It includes the Office of General Counsel (OGC), Office of Compliance & Ethics (OCE), Government Relations and Corporate Citizenship.

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| | |
|:---|:---|
| ![LOGO](g459282g0203103558031.jpg) | **It starts with you** |
| ![LOGO](g459282g0203103558031.jpg) | Suspect fraud? Associates can contact the <u>Office of Ethics</u> (you can do so anonymously) or our Fraud Hotline (<u>email</u> or call 1-800-4RIPOFF). |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Q. When should I contact my compliance partner versus my legal partner?**<br>**A.**In general, contact your legal partners in OGC to help you determine the applicable boundaries of a law, rule, regulation or internal policy. Your compliance partners in the OCE can help your business stay within those identified boundaries. If you're unsure who best to contact, do not hesitate to contact either — they will help guide you to the right person within OCLO.<br>If you ever think that someone is trying to ignore the identified boundaries, you should contact the Office of Ethics for further guidance. | ![LOGO](g459282dsp163.jpg) |

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***The Nationwide Way* \| Conducting Business Lawfully**<sub>14</sub>

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Suspected violations of securities laws, rules or regulations** 

Any suspected violation of securities laws, rules or regulations must be reported immediately to your Chief Compliance Officer, the Office of Ethics or your contact within the Office of the Chief Legal Officer (OCLO). Failure to report may lead to disciplinary action, up to and including termination of employment.

**Disclosure policy** 

United States securities laws prohibit associates who are in regular communications with brokers and analysts from making selective disclosure of nonpublic material information.

**Insider trading** 

You may not buy or sell stock, or any other kind of property, based on material nonpublic information. This is known as insider trading. It is against Nationwide policy and the laws of the United States and many countries.

**Did you know?** 

Passing along inside information to friends, family or anyone outside the company is called "tipping" and is also considered a form of insider trading.

However, using public information is perfectly appropriate. Presentations at conferences, published articles and reports of financial analysts are all considered public information.

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| | |
|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **15** |

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**Nonpublic information is news or information that has not been published outside the company.** 

Any such nonpublic information, positive or negative, is material if it might be of significance to an investor in determining whether to buy, sell or hold securities or other property.

Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a potential business acquisition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• internal information about revenues, earnings or performance that differs from market expectations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition or loss of a major customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rating agency actions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• important transactions and/or business

If any doubt exists as to whether the information is material or has been released to the public, contact your OCLO representative for guidance.

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![LOGO](g459282dsp152.jpg)

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Fair competition and antitrust** 

We seek competitive advantage through superior performance, never through illegal or unethical business practices. We comply with all applicable fair competition and antitrust laws everywhere we operate. These laws are complex. They are intended to provide customers with a variety of products at competitive prices unrestricted by artificial constraints such as price fixing, illegal cartels, boycotts and tie-ins.

The term "antitrust" typically refers to the U.S. laws that promote fair competition. As a U.S.-based company, these laws apply to all Nationwide associates, even those based in business operations outside the United States. Many other countries have laws designed to promote fair competition. Nationwide is required to comply with those laws as well.

---

| | |
|:---|:---|
| ![LOGO](g459282g0203103558031.jpg) | **It starts with you** |
| ![LOGO](g459282g0203103558031.jpg) | **Do's and Don'ts when dealing with our competitors:** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**DO** | **DON'T** |
| &nbsp;&nbsp;&nbsp; Do obtain pricing, marketing and similar competitive information from sources such as insurance departments, published articles, advertisements, brochures, surveys or customers. If you contact a competitor directly for such information, clearly disclose that you work for Nationwide, and only inquire about information that is available in the public domain. Inquiries related to future pricing, marketing, underwriting practices or other anti-competitive information should not be pursued directly with competitors. | &nbsp;&nbsp; Don't discuss or disclose, either directly or indirectly, any of the following subjects with competitors: prices, bids, discounts, promotions, profits, costs, terms or conditions of sale, boycotts or refusals to deal, and choices of customers or markets. Don't enter into any agreement, written or unwritten, in which you agree not to recruit or hire current employees of other companies, or agree to share Nationwide's salary structure or hiring practices.<br>If, at any meeting where competitors are present, formal or informal discussion of prices, discounts, terms and conditions of sale, terms and conditions of employment, or market segmentation occurs, don't participate in the discussion. Leave the meeting and notify the Office of General Counsel immediately. |

---

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| | |
|:---|:---|
| **Q. Several of us who have been in the industry for a long time get together every month or so to shoot the breeze and exchange gossip. There's no problem with this, is there?**<br>| ![LOGO](g459282dsp163.jpg)  |
| **A.**Not if you keep your conversations away from areas where you could appear to be colluding, fixing prices, dividing customers, and so on. One way to stay clear of inappropriate topics is to imagine what an investigative reporter listening to the conversation would think — and maybe report! | ![LOGO](g459282dsp163.jpg)  |

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| | |
|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **18** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

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| | |
|:---|:---|
| **Trade secrets** | **Competitive intelligence** |
| No information should be sought, obtained, retained or used that would violate fair competition and antitrust laws or laws protecting proprietary data. Possessing trade secret information that was obtained without the owner's consent, or inducing such disclosures by past or present associates of other companies, is prohibited. | Information about competitors, customers and suppliers is a valuable asset in a highly competitive market. However, no illegal or unethical means of obtaining or retaining this information will be tolerated at Nationwide. Please contact the Office of General Counsel for assistance in determining whether the competitive intelligence you have is appropriate to use. |

---

---

| | |
|:---|:---|
| **Q. My team recently hired a new associate who used to work for one of our competitors. Can I ask that associate for the "inside scoop" on their former employer?**<br>**A.**You should not ask your associate to share insider information about their former employer. They can share publicly available information.  | ![LOGO](g459282dsp163.jpg) |

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![LOGO](g459282dsp156.jpg)

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| | |
|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **19** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Business records and financial reporting** 

You must comply with all laws, rules and regulations regarding business records and financial reporting. Information must be recorded and reported accurately and honestly. This includes reporting of hours worked, legitimate business expenses incurred, sales made, claims adjusted, and all other activities related to Nationwide business.

Financial reports and records must accurately reflect real transactions and conform to Nationwide policy. No entry may be made on the company's books that hides or disguises the true nature of any transaction. Undisclosed or unrecorded accounts, funds or assets are not allowed. All reports and documents that Nationwide may be required to file with regulators must be accurate, timely, and easy to understand.

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| | |
|:---|:---|
| **Q. Although close, our department did not meet the year-end objectives. My leader just left my office after telling me, "I don't care how you do it but make the numbers happen! Our bonuses are riding on this." What should I do?** | ![LOGO](g459282dsp163.jpg)  |
| <br> **A.**Approach your leader candidly and sincerely. Seek to clarify the direction you understood, and discuss your concerns. If your leader's direction hasn't changed after your discussion, contact the Office of Ethics for assistance. | ![LOGO](g459282dsp163.jpg)  |

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**Time reporting by associates eligible for overtime** 

It is important that our non-exempt associates are paid accurately for all time worked.

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| | |
|:---|:---|
| ![LOGO](g459282g0203103558031.jpg) | **It starts with you** |
| ![LOGO](g459282g0203103558031.jpg) | <br> Understand your responsibilities when it comes to time reporting, including: |
| ![LOGO](g459282g0203103558031.jpg) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Familiarize yourself with the <u>Work Time Reporting policy</u>, which includes examples of what is considered "work."<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> You must report all the hours worked on behalf of Nationwide through Workday, without exception.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Speak up if, at any time, someone tells you to under- or over-report your work hours. Questions, please talk to your manager or contact the Office of Associate Relations (OAR). |

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| | |
|:---|:---|
|  ![LOGO](g459282dsp157.jpg)  | **Leader expectations** |
|  ![LOGO](g459282dsp157.jpg)  | <br> As a leader, you are responsible for mitigating the risk related to inaccurate time reporting. Work with OAR if you believe your associate is, for example, working overtime that is not necessary. |

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| | |
|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **20** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

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| | |
|:---|:---|
|  **Sales and advertising** | **Audits** |
| Nationwide strives to provide truthful, accurate and clear advertising, promotional literature, projections, quotes and communications with customers. Full disclosure of risks and limitations is as important as accurate portrayal of benefits and advantages. | You are expected to cooperate fully and promptly with all audits and compliance programs. Supply accurate, complete and truthful information, files and documents at all times and in a timely way. |
| No goal, objective or contest is worth jeopardizing your reputation – or your job. Sales must only be recorded when they reflect real transactions. If you are engaged in sales, you must be properly licensed. |  |

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| | |
|:---|:---|
| **Q. I'm meeting with a client and want to make a really good impression. Our year is riding on this sale! How can I win them over when the material has so many disclosures?** | ![LOGO](g459282dsp163.jpg)  |
| <br> **A.**It's important for our customers to understand our products and services. And that means having information on all aspects of what they're buying so they can make the best decision for them and their family or business. Being transparent about the features, benefits and risks will help you gain credibility and land that sale. | ![LOGO](g459282dsp163.jpg)  |

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![LOGO](g459282dsp160.jpg)

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|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **21** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Records retention, legal holds** 

You generate numerous records daily (e.g., emails, data, electronic or paper files, recorded calls, etc.). Some of this information must be kept for a specific period, while there are other records that have a very short life span and should be discarded almost immediately. Contact our <u>Records Management Compliance team</u> for additional guidance.

From time to time, the Office of General Counsel may ask you to preserve certain documents (this is called a "legal hold"). If you receive a legal hold, you must take appropriate steps to save any related documents, emails and other relevant information. Contact the <u>Discovery Management unit</u> for additional guidance.

**Responding to legal requests, governmental agencies** 

Nationwide cooperates with reasonable and required requests for information from governmental agencies. All information provided should be truthful and accurate. Requests for information other than routine inquiries must be forwarded to the Office of the Chief Legal Officer.

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| | |
|:---|:---|
|  ![LOGO](g459282g0203103558031.jpg)  | **It starts with you** |
|  ![LOGO](g459282g0203103558031.jpg)  | <br> **I just received a subpoena on behalf of the company. Now what?** |
|  ![LOGO](g459282g0203103558031.jpg)  | <br> Legal or regulatory documents (e.g., subpoenas, lawsuits, court documents, or related correspondence) often have very short response times. Failing to respond quickly could create risk for the company. So don't wait — forward it to our <u>Service of Process team</u>. |
|  ![LOGO](g459282g0203103558031.jpg)  | <br> If you're not sure whether the document you received should go to the Service of Process team, contact them (or your legal partner) for additional guidance. |

---

**Do I keep it?** 

Ask yourself these questions for physical and digital records (including data):

**1.** **Do I need this record for my current job?** 

• **Yes,** keep it

• **No,** see next question

**2.** **Have I received a legal hold notice (pending legal/regulatory action) for this record?** 

• **Yes,** keep it until legal hold is lifted

• **No,** see next question

**3.** **Could the record have historical value to Nationwide?** 

• **Yes,** or for further questions, contact the History & Archives Center team

• **No,** see next question

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4.** **Is this record listed in the Records Retention Schedule?** 

**<u>•</u>** **No,** discard it

**<u>•</u>** **Yes,** see next question

**5.** **Has this record met its retention period shown in the Records Retention Schedule?** 

**<u>•</u>** **Yes**, securely discard it by deleting, shredding or placing in a secured paper shred receptacle (located
throughout Nationwide's offices)

**<u>•</u>** **No,** keep for duration of retention period

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| | |
|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **22** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Political activities** 

At Nationwide, we support your right to participate in the political process through our Civic Action Program (CAP) and our Political Action Committees (PAC). These <u>programs and committees</u> may provide opportunities to voluntarily support local, state, and federal candidates who will best represent Nationwide's interests and concerns. Remember, your participation is entirely voluntary. You are free to decline without fear of reprisal.

If you choose to be politically active as an individual citizen, you may do so on your own time and at your own expense.

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| |
|:---|
| **Civic Action Program** |
| Nationwide CAP seeks to successfully influence legislative and regulatory proposals through communications, programs and activities that benefit Nationwide, associates, agents and our customers. |
| <br> **Political Action Committee** |
| Nationwide PAC raises funds to help elect candidates, regardless of political affiliation, who agree with our business philosophies. |

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| | |
|:---|:---|
|  ![LOGO](g459282g0203103558031.jpg)  | **It starts with you** |
|  ![LOGO](g459282g0203103558031.jpg)  | <br> *The Nationwide Way* means that each of us creates a working environment where our colleagues don't feel pressured to agree with our personal political views. This means: |
|  ![LOGO](g459282g0203103558031.jpg)  | <br> &nbsp;&nbsp;&nbsp;&nbsp;• Making sure that your personal political work is done on your own time and without the use of Nationwide assets or funds.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Not pressuring others at work to contribute to, or support or oppose, any personal cause, political candidate or party.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Not soliciting contributions or distributing political literature during work hours.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Respecting that others may have differing opinions and keeping political conversations civil. |

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| | |
|:---|:---|
| **Q. If I, or a household member (e.g., spouse), run for political office, how will it impact my career, Nationwide, and its customers?** | ![LOGO](g459282dsp163.jpg)  |
| <br> **A.**All forms of governmental involvement are subject to Nationwide's conflicts of interest policies, including (but not limited to) the requirement that no Nationwide resources or work time can be used in connection with personal governmental activities. Your involvement in these activities must not interfere with your job performance, attendance expectations, or overall company responsibilities. Contact the Office of Ethics for further guidance. Keep in mind, your contributions to your own campaign or a family member's campaign may also be subject to the Pay to Play section. | ![LOGO](g459282dsp163.jpg)  |

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|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **23** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Political contributions & gifts** 

Political contributions and gifts of all types are highly regulated. The rules can be complex and can negatively impact Nationwide if they are not followed. Familiarize yourself with the contribution and gifting rules on this page. If you still have questions, contact the <u>Pay to Play Compliance team</u> or call 866-285-1492.

**Pay to play** 

All associates and business units are prohibited from making (or directing or soliciting anyone else to make) any contribution to or for the benefit of any political candidate, incumbent or political party for the purpose of obtaining or retaining business (a practice sometimes referred to as "pay to play").

**Gifts to public officials** 

Gifts to — or expenditures made on behalf of — public officials are subject to strict limitations and in most cases are prohibited by law. Bribes and kickbacks are unacceptable and illegal. Contact the Office of Government Relations at 614-249-7791 with questions or further guidance.

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| | |
|:---|:---|
| ![LOGO](g459282g0203103558031.jpg) | **It starts with you** |
| ![LOGO](g459282g0203103558031.jpg) | <br> **Do I need to pre-clear my political contributions?** |
| ![LOGO](g459282g0203103558031.jpg) | <br> Possibly, based on your job title, job function and/or reporting structure. For a comprehensive list of impacted associates, please see the <u>Nationwide Pay to Play policy</u>. |
| ![LOGO](g459282g0203103558031.jpg) | <br> Contact the Pay to Play Compliance team with questions or for further guidance. |

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|:---|:---|
| **Q. How do I know whether certain types of political contributions would be OK?** | ![LOGO](g459282dsp163.jpg)  |
| <br> **A.**Compliance with political contribution laws can be complex. Certain associates and officers must pre-clear contributions under the company's policy for compliance with federal, state and local pay to play regulations. If you are not one of those, and you still have a question, the best course is to contact the Pay to Play Compliance team for guidance in your specific situation. | ![LOGO](g459282dsp163.jpg)  |

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|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **24** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Business abroad** 

Nationwide complies with all applicable laws, rules and regulations wherever we do business. As a U.S.-based company, many U.S. laws apply to our business activities both inside and outside of the United States. Seek guidance from your legal or compliance representative in the Office of the Chief Legal Officer:

<u>•</u> If you engage in business involving a foreign country or business partner from outside the U.S.

<u>•</u> If you become aware of a conflict between the U.S. laws, rules and regulations and the laws, customs or
practices of the foreign country in which you are doing business.

Be sure to work with the Procurement department if you plan to buy goods or services from a third party based outside of the U.S. See the Supplier Selection section in this Code for additional guidance.

**Do your part** 

It is illegal for any U.S. person, and certain foreign issuers of securities, to make a corrupt payment, either directly or indirectly, to a foreign official for the purpose of obtaining or retaining business for or with, or directing business to, any person.

If you are concerned about a possible violation, or have any questions regarding anti-bribery and corruption laws, please contact the Office of Compliance & Ethics.

**Did you know** 

The Office of Foreign Assets Control (OFAC) is a bureau of the U.S. Department of the Treasury designed to implement U.S. foreign policy goals through economic sanctions. OFAC publishes a list of individuals, entities, countries and regimes that U.S. persons (including Nationwide) are not allowed to do business with.

**Money laundering** 

Money laundering, in its simplest form, is taking dirty money — money from criminal enterprise — and making it clean, or legitimate.

Our company has a anti-money laundering (AML) program designed to prevent Nationwide from being used to launder money. But we still need your help.

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|:---|:---|
| ![LOGO](g459282g0203103558031.jpg) | **It starts with you** |
| ![LOGO](g459282g0203103558031.jpg) | <br> &nbsp;&nbsp;&nbsp;&nbsp;• Be familiar with some <u>common red flags</u> that could indicate money laundering is taking place. |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;• Report any suspicious activity to the <u>Office of Ethics</u>. |

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|:---|:---|
| ***The Nationwide Way* \| Conducting Business Lawfully** | **25** |

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![LOGO](g459282dsp167.jpg)

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

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**We value people** 

**Strength through diversity**![LOGO](g459282dsp168a.jpg)

Nationwide has a long-standing commitment to diversity and inclusion — it is part of our rich heritage, a way of life for us and a key differentiator. We leverage the unique perspectives of our associates to deliver innovative solutions for our members and partners.

![LOGO](g459282dsp168b.jpg)

–

*Angela Bretz* 

*Chief Diversity & Inclusion Officer* 

At Nationwide, we know our associates' unique perspectives and talents set us apart from other companies. That's why, together, we foster a culture where everyone is appreciated, respected and committed to making a difference.

To share our Diversity and Inclusion (D&I) story, we've created the <u>D&I at Nationwide report</u> which illustrates our long-standing commitment, current focus, and vision for the future.

![LOGO](g459282dsp169.jpg)

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|:---|:---|
| ***The Nationwide Way* \| We Value People** | **27** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**No harassment, discrimination or retaliation** 

We value the contributions of each individual and are committed to <u>equal opportunity employment</u> and providing an environment that supports and encourages each associate to do his or her best work. As such, we do not tolerate <u>harassment, discrimination, or retaliation</u> against associates, applicants, contractors, contingent workers, suppliers, or visitors to Nationwide. If you experience or witness behavior that violates our policies, talk with your manager or anyone in leadership, or contact the Office of Associate Relations (OAR) or the Office of Ethics.

Nationwide does not tolerate any form of harassment, discrimination, or retaliation based on race, color, religion, gender, disability, age, veteran status, sexual orientation, gender identity, ancestry, national origin, genetic information, or any other characteristic or classification protected by applicable federal or local law.

Legitimate job-related feedback provided by managers and/or supervisors generally does not constitute discrimination, harassment or create a hostile work environment. But if you believe the feedback is unwarranted, please contact OAR or the Office of Ethics.

For a better sense of unacceptable behavior, see Nationwide's <u>No Harassment, Discrimination or Retaliation Policy</u>.

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| | |
|:---|:---|
|  ![LOGO](g459282dsp17a.jpg)  | **It starts with you** |
|  ![LOGO](g459282dsp17a.jpg)  | <br> ***Wait, is that harassment?*** |
|  ![LOGO](g459282dsp17a.jpg)  | <br> Remember, harassment can be verbal, physical or visual. It can include, for example, inappropriate jokes, unwelcome touching, rude gestures, or offensive emails or social media posts that interfere with and unreasonably affect your work performance or create an intimidating, hostile or offensive work environment. |

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|:---|:---|
| **We protect human rights**<br>*The Nationwide Way* means a commitment to respecting the human rights and dignity of everyone. <br>We comply with, and value our business partners who share a similar commitment to, laws that promote safe working conditions and individual security; laws prohibiting forced labor; prohibitions on the employment of underage children; prohibitions on human trafficking; and laws that ensure freedom of association and the right to engage in collective bargaining.<br>Please do your part. Report any suspicion or evidence of human rights abuses in our company or our business partners to your manager, OAR or the Office of Ethics. | ![LOGO](g459282dsp171.jpg) |

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|:---|:---|
| ***The Nationwide Way* \| We Value People** | **28** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

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|:---|:---|
| **Q. I've been passed over for several promotional opportunities for which I believe I am qualified. It feels like discrimination. What should I do?**<br>**A.**The first thing to do is talk with your manager about the qualifications and performance necessary for a promotion, and what you need to do to be considered. If this conversation doesn't provide you with the information you need, or you still believe you may have been discriminated against, contact OAR to discuss your concern. <br>**Q. At a recent off-site meeting, several associates ended the evening making disparaging and insensitive comments about others. This made me uncomfortable. What should I do?**<br>**A.**If you feel comfortable doing so, please express your concerns to your manager or anyone in leadership. Respect for people — associates, partners, members, and the public — has been a long-standing Nationwide value. If you don't feel comfortable speaking to your manager or another leader, or the situation is not resolved, please contact OAR or, if you wish to remain anonymous, the Office of Ethics. <br>**Q. A more senior co-worker has asked me to go to dinner socially on several occasions. I am not comfortable with this and I have declined each time, but I'm running out of excuses. What should I do?**<br>**A.**Inform your co-worker that you prefer to keep your working relationship strictly business and ask that the invitations to dinner stop. If the situation continues, or if you feel that you are being retaliated against for asking that the invitations stop, please contact OAR or the Office of Ethics.  | <br>![LOGO](g459282dsp173.jpg)  |

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![LOGO](g459282dsp168a.jpg)

Nationwide is such an upstanding company with very strong ethical practices and values. They truly value their associates, and I am thankful to work for a company that treats their workers with such respect and value.

![LOGO](g459282dsp168b.jpg)

–

*Kerra P.* 

*Nationwide Associate* 

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Workplace safety and health** 

Your safety is our priority. Nationwide strives to offer a healthy work environment that is safe and secure for all our associates and those that work with us, and is free from acts or threats of violence. You're expected to follow our <u>health and safety guidelines</u> and make your manager or anyone in leadership aware of potential safety hazards or threats of violence.

Nationwide does not tolerate <u>threats</u> or acts of violence in the workplace or while "in the course of work," regardless of work location.

**If you have safety-related questions or concerns, contact:** 

• Your local Nationwide-campus security office

• Corporate Security (available 24 hours/7 days): 614-249-6060

• Office of Associate Relations (OAR): <u>email</u> or call 866-293-4442

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| | |
|:---|:---|
|  ![LOGO](g459282dsp17a.jpg)  | **It starts with you** |
|  ![LOGO](g459282dsp17a.jpg)  | <br> Each of us shares a responsibility to contribute to a safe and healthy work environment. Remember,<br>|
|  ![LOGO](g459282dsp17a.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;• **Review** the Emergency Action Plan for your work location. <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Commit** to a substance-free workplace, including illegal drugs, controlled substances, and the unauthorized use of alcohol on our premises or at any Nationwide-sponsored event or activity. <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Don't bring** any weapon onto Nationwide premises or to any off-site events or activities while representing Nationwide. <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Don't text, email or check the internet** when driving on behalf of Nationwide. <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Show and swipe** your company badge where required. Do not allow others to enter without proper authorization. <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Help** contingent workers and others you work with to understand and follow our safety and security procedures. <br>For additional guidance, see our <u>Workplace & Fleet Safety and Substance-Free Policy</u>. |

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If you're a victim of domestic or other forms of violence, remember that you're not alone. You can receive assistance from OAR, Associate Wellbeing and Safety and Corporate Security.

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|:---|:---|
| ***The Nationwide Way* \| We Value People** | **30** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

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|:---|:---|
| Q. I'm concerned about a co-worker's use of alcohol. If I report this concern, will my friend be fired? What should I do?<br>A. The health and safety of all associates is of critical importance to Nationwide. Accordingly, our primary goal is to assist the associate with his or her challenge where possible. If you are concerned that a co-worker is working under the influence of alcohol or drugs, speak with your manager, Associate Wellbeing and Safety or OAR.<br>Q. I overheard a co-worker making threatening comments which involved the use of a weapon. What should I do?<br>A. You should immediately notify your local Nationwide-campus security office or Corporate Security and then notify OAR. We are committed to maintaining a safe work environment for all associates. | <br>![LOGO](g459282dsp173.jpg)  |

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![LOGO](g459282dsp177.jpg)

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|:---|:---|
| ***The Nationwide Way* \| We Value People** | **31** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Learning & professional development** 

We are committed to ensuring that Nationwide has the talent and culture to deliver on its strategy. This includes attracting, developing and retaining talent who will innovate and deliver on the products and services customers need today and tomorrow.

The pace of change and shifts in skill sets all around us are unprecedented. Nationwide is committed to empowering your personal development through great resources and leader support.

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|:---|:---|
| ![LOGO](g459282dsp178.jpg) | Find out about the many <u>learning opportunities</u> available to drive your personal development. |

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|:---|:---|
| ![LOGO](g459282dsp17a.jpg) | **It starts with you** |
| ![LOGO](g459282dsp17a.jpg) | <br> Training courses are an essential part of our learning and development. They also help to ensure that we are performing our jobs in accordance with all applicable laws, rules and regulations, and internal policies. You are expected to complete all required training courses (iDrive courses or otherwise) in a timely manner. |
| ![LOGO](g459282dsp178b.jpg) | <br> **Leader expectations** |
| ![LOGO](g459282dsp178b.jpg) | <br> Lead by example and complete all of your required training courses in a timely manner. Provide sufficient oversight and support to ensure that your associates do the same. |

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![LOGO](g459282dsp179.jpg)

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|:---|:---|
| ***The Nationwide Way* \| We Value People** | **32** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Serving our communities** 

We strongly believe in being good corporate citizens in the communities where we work and live. Our <u>Corporate Citizenship</u> programs help us transform lives in three focused ways:

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|:---|:---|:---|
| ![LOGO](g459282dsp180c.jpg) | ![LOGO](g459282dsp180d.jpg) | ![LOGO](g459282dsp180e.jpg) |
| **Philanthropy** | **Volunteerism** | **Workplace giving** |
| The <u>Nationwide Foundation</u> awards grants to nonprofit organizations meeting urgent needs in communities where Nationwide members, agents, associates and their families live and work. | Nationwide empowers our associates across the U.S. to donate their time and energy to important causes and charities when they are most in need of support.<br>Looking for volunteer opportunities? Not sure how to log the hours you've already volunteered or to apply for related rewards? <u>Community Connect</u> can help. | Nationwide encourages our associates to invest in strategic efforts that improve the quality of life in their communities.<br>We have several <u>workplace giving programs</u> that make it easy for you to make a meaningful contribution. |

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Using our time, energy, knowledge, and personal donations, we make a difference that is widespread, deliberate and, above all, delivered at the most critical moments.

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|:---|:---|
| ![LOGO](g459282dsp17a.jpg) | **It starts with you** |
| ![LOGO](g459282dsp17a.jpg) | <br> Are you looking to lead a team campaign or volunteer event? If so, our <u>volunteerism guidelines</u> are a good place to start. |

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**Go green** 

We are committed to resource conservation, minimizing damage to the environment as well as any potential harm to the health and safety of associates, customers and the public. We recognize the need to conduct business in a way that protects and improves the state of the environment for future generations.

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|:---|:---|
|  ![LOGO](g459282dsp17a.jpg)  | **It starts with you** |
|  ![LOGO](g459282dsp17a.jpg)  | <br> As a Nationwide associate, we encourage you to act responsibly toward the environment. Minimize, reuse and recycle waste at Nationwide facilities wherever possible, and dispose of remaining waste responsibly. Strive to improve energy efficiency in all facilities. |

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|:---|:---|
| ***The Nationwide Way* \| We Value People** | **33** |

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![LOGO](g459282dsp182.jpg)

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Building honest relationships with our partners** 

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**Fair dealing** 

We value the trusted relationships we have with our business partners who share our commitment to ethics and compliance, diversity and inclusion, human rights, environmental sustainability and fair dealing. And they must be confident that we will treat them lawfully and ethically.

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|:---|:---|
| ![LOGO](g459282dsp183.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; **It starts with you**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct each business relationship with honesty, fairness, mutual respect and non-discrimination.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never take advantage of our business partners through manipulation, concealment, misuse of confidential information, misrepresentation of facts or any other unfair dealing or practice.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you have the ability to select any of our business partners, always select them based on objective criteria and the value they bring to Nationwide, not personal relationships or friendships. And be certain they understand our standards for high performance in ethics and compliance, in addition to their contractual obligations.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be alert to any signs that a business partner is violating applicable laws or regulations.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly disclose any situation that may appear to involve a conflict of interest.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect the confidential and proprietary information of our business partners. |

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**Supplier selection** 

Nationwide's Procurement department is responsible for acquiring goods and services through high-quality, innovative and cost-effective strategies that optimize supplier performance and exceed business expectations across all functional business units at Nationwide. And when we partner with a supplier, we expect for them to abide by our <u>Nationwide Supplier Code of Conduct</u>. Want to learn more? Visit the <u>Procurement site</u> on InSide.

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|:---|:---|
| ![LOGO](g459282dsp183.jpg) | **It starts with you**<br>Commit to being thoughtful about what you say and how you say it, in any format. The Procurement department is available to help when engaging with our suppliers. |

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|:---|:---|
| ***The Nationwide Way* \| Building Honest Relationships With Our Partners** | **35** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Conflicts** 

Because we are expected to act in the best interest of Nationwide at all times, we need to watch for potential conflicts of interest. A conflict of interest arises when personal, social, or financial activities or business relationships could interfere with an associate's objectivity and loyalty to Nationwide.

Your position at Nationwide cannot be used for personal gain for you or a member of your family or household. Any situation that may create, or even appear to create, a conflict between personal interests and the interests of Nationwide must be avoided. Carefully consider your own situation for any actual or apparent conflicts of interest.

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|:---|:---|
|  | **Did you know?**<br>|
| ![LOGO](g459282dsp00185.jpg) | Nationwide provides a diverse portfolio of solutions for our customers, and that could create a conflict of interest beyond the area in which you work. |

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|:---|:---|
|  | **Think you may have a conflict or potential conflict?**<br>|
| ![LOGO](g459282dsp185.jpg) | Don't wait, review it with your manager and the Office of Ethics (you can either contact <sup>the</sup> Office of Ethics directly or disclose it through your online <u>Conflict of Interest Certificate</u>. Let's work together to find a solution that protects both you and our great company. |

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|:---|:---|
| **Q. I've been asked to purchase gift cards that will be given to our external partners on behalf of our team. If I purchase the gift cards at a local grocery store, can I use my loyalty card to accumulate fuel points?** |  |
| **A.**No, you cannot make the purchase of gift cards on behalf of others that will benefit you personally. Additionally, all gift card purchases must be done in accordance with the Travel & Expense Reimbursement Policy. | ![LOGO](g459282dsp193.jpg) |
| **Q. I'm traveling for work. Can I redeem personal air and/or hotel miles for my work-related travel?** |  |
| **A.**Yes, you can redeem air and hotel miles for your work-related travel. However, if you make travel arrangements for others on your team, you cannot redeem the miles related to their travel. |  |

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|:---|:---|
| ***The Nationwide Way* \| Building Honest Relationships With Our Partners** | **36** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Outside business activities** 

You have an actual or potential conflict of interest if you or members of your immediate family or household are affiliated with an outside business or organization and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It interferes with your job;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You use Nationwide equipment, personnel, facilities or supplies in performance of your duties with the outside
business or organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The business is a supplier or business partner of Nationwide, whether directly or through a third party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The business competes with Nationwide.

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|:---|:---|
| ![LOGO](g459282dsp00186.jpg) | **Here are a few scenarios that create an actual or potential conflict:**<br>• My spouse is a certified trainer for a course on negotiating effective claims settlements. My team needs this training, and we would like to contract with my spouse to deliver this training.<br>• My friend is an independent agent and needs help with a special marketing effort in the agency. He asked me to work for him part-time.<br>• I am a Marketing Analyst with Nationwide. I have an opportunity to work part-time for a competitor in their collections department. The position is not related to my role with Nationwide.<br>• I've been approached by a consulting company with an opportunity to meet with their customers to provide expert advice to them.<br>Identifying a conflict of interest can be difficult. If the answer isn't clear, just ask. The Office of Ethics is here to help. Contact our office for review and guidance. |

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|:---|:---|
| ***The Nationwide Way* \| Building Honest Relationships With Our Partners** | **37** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Ownership** 

You have an actual or potential conflict of interest when you or members of your immediate family or household own a significant financial interest in another organization:

• which does business, directly or indirectly,

with Nationwide or our competitors

• which competes with Nationwide

• in which Nationwide has invested

A "significant financial interest" in another organization means that you may be able to (directly or indirectly) influence decisions in that organization.

Indirect investments (e.g., mutual funds or blind trusts) where you do not control specific investment choices are acceptable and not viewed as conflicts or potential conflicts.

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|:---|:---|
| **Q. A member of my household owns a business that sells products to some of Nationwide's *On Your Side<sup>®</sup>* auto repair centers. I work in Nationwide Financial and have no dealings with the claims process. Is this a conflict of interest?** <br>**A.**In the situation you described, your household member's business is receiving revenue indirectly from Nationwide. Thus, this is potentially a conflict of interest and should be discussed with the Office of Ethics.<br>**Q. I own several rental properties. Is this a conflict of interest?** <br>**A.**It is possible that your rental properties could compete with Nationwide-owned properties if they are large multi-family units or commercial properties. If so, this should be discussed with the Office of Ethics. | ![LOGO](g459282dsp193.jpg) |

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**Opportunities** 

You have a duty to advance the legitimate interests of Nationwide when opportunities arise. If you become aware of a business opportunity through your employment at Nationwide, you must first offer the opportunity to Nationwide before pursuing it.

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|:---|:---|
|  **Q. I have an idea for an application for mobile phones that would be helpful to insurance customers during the claims process. If I develop this app on my own time, is there any concern with my marketing the product to Nationwide and other insurance carriers?** <br>**A**. Seek guidance from the Office of Ethics before you initiate work to develop such a product or service. We will need to confirm whether the app will belong to you or Nationwide. If you proceed to market the product while you are a Nationwide associate, it could be a conflict of interest to conduct business with Nationwide or a competitor of Nationwide. | ![LOGO](g459282dsp193.jpg) |

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|:---|:---|
| ***The Nationwide Way* \| Building Honest Relationships With Our Partners** | **38** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Solicitations** 

Within the course of normal business activities, you may, on occasion, be solicited for participation in, or donation to, a variety of causes, functions or activities. In an effort to minimize unnecessary interruptions or distractions in work production and schedules, Nationwide prohibits solicitation and distribution of literature or other materials, including those related to fundraisers and political activity. Exceptions to these practices are made for limited company-sponsored activities, such as United Way and Hunger Relief, with the prior approval from Corporate Citizenship. For additional details, please see the company's <u>No Solicitation/No Distribution Policy</u>.

**Did you know?** 

Our business partners may be asked to make a charitable contribution on Nationwide's behalf only with prior approval of the applicable area's Office of the Chief Executive Officer (OCEO) member.

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|:---|:---|
| **Q. My daughter is selling items for a school project. Can I set up a display at my desk or circulate an order sheet at work?**<br>| ![LOGO](g459282dsp193.jpg) |
| **A.**No. This is considered solicitation, which is not permitted in our work areas. For a better understanding of what is considered "work area," please see the above No Solicitation/No Distribution Policy.<br>| ![LOGO](g459282dsp193.jpg) |
| **Q. Can my team set up a crowdfunding site for a co-worker who is in need and send the link to everyone in my department?**<br>| ![LOGO](g459282dsp193.jpg) |
| **A.**No. This is considered solicitation, which is not permitted during company time or while using company equipment. | ![LOGO](g459282dsp193.jpg) |

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|:---|:---|
| ![LOGO](g459282dsp189.jpg) | **Conducting personal business with a Nationwide business partner**<br>|
| ![LOGO](g459282dsp189.jpg) | Added caution should be exercised if you are considering conducting personal business with a Nationwide supplier or other business partners. It is often difficult to manage the relationship and perception of favoritism appropriately. You must pay fair market value for any products or services purchased individually from a Nationwide supplier or other business partner, and your personal purchases cannot interfere with your business relationships. Seek guidance from the Office of Ethics in questionable situations. |

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|:---|:---|
| ***The Nationwide Way* \| Building Honest Relationships With Our Partners** | **39** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Gifts, favors and entertainment** 

Gifts, favors and entertainment, whether you are giving or receiving them, can create goodwill in our business relationships. They can also make it hard to be objective about the person providing them. Our choice of suppliers and other external partners must be based on objective factors like cost, quality, value, service and ability to deliver. We must avoid even the appearance of making business decisions based on the generosity of the supplier. Determining what is reasonable and appropriate can be challenging. This Code addresses what you can accept from our current or potential suppliers, external partners and customers. The <u>Travel & Expense Reimbursement Policy</u> addresses what you can give.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Gifts include tangible objects, food, sporting or entertainment tickets, loans, contributions to charity, prizes from drawings and recreational activities when not accompanied by the provider.

• Favors include discounted or free products or services, or access to products/services that otherwise would not be available to you.

• Entertainment includes meals, sporting events, golf outings and other recreational activities when accompanied by the provider.

**Acceptable\*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Gifts or favors that total $100 or less in fair market value, from any one source annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Infrequent individual meals which are modest in value if you are accompanied by the provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Participation in prize drawings that are fair, nondiscriminatory, and drawn in a public forum if the prize is
worth $100 or less.

\* Officers may impose stricter requirements for their area of responsibility with the concurrence of the Chief Ethics Officer.

**Prior approval required from your manager and the Office of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Entertainment (exception: infrequent individual meals may be accepted without prior approval).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Group meals or other food/beverages provided to a group of Nationwide associates.

When reviewing these types of requests, your manager and the Office of Ethics will consider, among other things, the fair market value, venue, number of attendees, and frequency of the opportunities being presented by the external partner.

---

| | |
|:---|:---|
| ***The Nationwide Way* \| Building Honest Relationships With Our Partners** | **40** |

---

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Unacceptable** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Gifts of cash or cash equivalents (gift cards, vouchers, gift certificates, securities or negotiable
instruments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Offers of travel or lodging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Anything that is illegal, offensive, or would damage Nationwide's reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Gifts, favors or entertainment that you solicit from a supplier or other business partner or which creates or
has the appearance of creating undue influence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Offers to attend major sporting events such as the Super Bowl, the World Series, college championships, or the
Olympics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Anything offered as part of an agreement to do anything in return (quid pro quo).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> Any entertainment or gift from a supplier during contract negotiations if you can influence supplier selection
or contract terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> An offer of discounted products or services whose fair market value is more than $100.

**Here are some other things to consider if/when you receive a prohibited gift.** 

• If the gift is perishable and/or impractical to return, it should be shared with the department or donated to a charitable organization with a letter of explanation to the provider.

• If turning down a gift or favor would cause undue embarrassment to Nationwide, you may accept it on behalf of the company and turn it over to management for appropriate disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Gifts to a charitable organization on behalf of you or Nationwide should not be made by a supplier, customer or other business contact. The Office of Corporate Citizenship is a helpful resource for such situations.

---

| | |
|:---|:---|
| ![LOGO](g459282dsp00192.jpg) | If you receive an unacceptable gift, notify your manager, and whenever possible return the gift to the provider with an explanation of Nationwide's policy. |

---

---

| | |
|:---|:---|
| ![LOGO](g459282dsp183.jpg) | **It starts with you** |
| ![LOGO](g459282dsp183.jpg) | <br> As a reminder, some associates in certain departments and roles may be subject to other or stricter requirements by law or policy. If you have questions about additional requirements, ask your leader or your Office of Compliance representative. |

---

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| | |
|:---|:---|
| ***The Nationwide Way* \| Building Honest Relationships With Our Partners** | **41** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

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| | |
|:---|:---|
| Q. One of our largest suppliers has two reps assigned to the Nationwide account. I received gifts from both reps this year. One gift was worth $60, the other was worth $45. Is this acceptable?<br>| ![LOGO](g459282dsp193.jpg) |
| A. The source of the gifts is the supplier, rather than the individual reps, so the total value of the gifts ($105) exceeds the gift limit of $100 from any one source annually.<br>| ![LOGO](g459282dsp193.jpg) |
| Q. A supplier has offered to provide food and beverages for our team during a training session. This will save us the cost of providing this food ourselves. Is there any problem with accepting this offer from the supplier?<br>| ![LOGO](g459282dsp193.jpg) |
| A. Possibly. Because this will involve a group of associates, please discuss this with your manager and the Office of Ethics before accepting this offer.<br>| ![LOGO](g459282dsp193.jpg) |
| Q. I have been invited to play golf with one of our business partners. May I accept the offer?<br>| ![LOGO](g459282dsp193.jpg) |
| A. There are a few factors to consider before accepting this offer. Please discuss this with your manager and the Office of Ethics first. | ![LOGO](g459282dsp193.jpg) |

---

---

| | |
|:---|:---|
| ![LOGO](g459282dsp183.jpg) | **It starts with you**<br>|
| ![LOGO](g459282dsp183.jpg) | You are required to obtain approval by your manager and the Office of Ethics before accepting entertainment offers. This requirement is designed to protect you, as well as Nationwide, from concerns of wrongdoing in this area. |

---

---

| | |
|:---|:---|
| Q. I entered a drawing at a professional conference and won an iPad. Can I keep it?<br>| ![LOGO](g459282dsp193.jpg) |
| A. Because the value of the prize exceeds $100, it is not appropriate for you to keep it. Consult with your manager and the Office of Ethics for guidance in this matter. It is best if you do not enter drawings of this type in the future.<br>| ![LOGO](g459282dsp193.jpg) |
| Q. I have been asked to speak at a conference, and the conference provider has offered to pay for my travel expenses. What are the guidelines for this situation?<br>A. Travel costs (hotel, airline, etc.) should be charged to Nationwide as a business expense. As a presenter, it is permissible to accept waived conference fees as well as a nominal gift (so long as the gift's value is $100 or less). | ![LOGO](g459282dsp193.jpg) |
| Q. I have been asked to speak at a conference, and the conference provider has offered to pay for my travel expenses. What are the guidelines for this situation?<br>A. Travel costs (hotel, airline, etc.) should be charged to Nationwide as a business expense. As a presenter, it is permissible to accept waived conference fees as well as a nominal gift (so long as the gift's value is $100 or less). | ![LOGO](g459282dsp193.jpg) |

---

---

| | |
|:---|:---|
| ***The Nationwide Way* \| Building Honest Relationships With Our Partners** | **42** |

---

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![LOGO](g459282dsp194.jpg)

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**We protect company information and assets** 

------

**Keep privacy protected** 

Maintaining the privacy and confidentiality of personal information is vital to our success. Our responsibility to customers, associates, and others we do business with is to ensure that their personal information is used, shared, and disposed of properly. If you become aware of any unauthorized access to or disclosure of personal information, immediately report it to the Office of Privacy, Technology, Information,

& Contract Services (OPTICS) via <u>email</u> or call 1-866-289-2323.

Cyberattacks are a real threat to companies that collect personal information. We don't want to compromise the trust others place in us by not following the established data handling guidelines designed to protect our networks, computers and data from attack, damage or unauthorized access.

Your obligation to protect Nationwide's confidential information remains even in the event you are no longer employed with us.

**Data security and privacy is everyone's responsibility. For more information, check out these resources:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Privacy and Confidential Information Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Information Security Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Enterprise Data Office Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Data Classification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Protect Our Data</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Secure Sensitive Data Guide</u> 

---

| | |
|:---|:---|
| **Q. A longtime friend and member recently had an insurance loss with us. He wants me to review the claims notes and tell him if he's being treated fairly. I know we're supposed to be customer-oriented, but this still seems inappropriate.**<br>| ![LOGO](g459282dsp196.jpg) |
| **A.**It is. While your friend's interests are important, sharing confidential information with him is a violation of the trust Nationwide has placed in you. Violations of the law, regulations or company policy in order to please a customer are not acceptable. In addition, you should not access claim files or other business records without a business need to know. | ![LOGO](g459282dsp196.jpg) |

---

---

| | |
|:---|:---|
| ***The Nationwide Way* \| We Protect Company Information and Assets** | **44** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Tips to ensure we keep data safe:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Manage Access**: Associates should only have access to the information they need in order to do their job.
Nothing more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Avoid Snooping:** Just because you have access to certain systems and information doesn't mean you
should look up information outside of the scope of your job responsibilities or legitimate business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recognize a Phish**: Bad guys use links and attachments in emails to gain access to networks and
confidential information. Be alert to a phishing attempt and don't take the bait.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Secure Sensitive Information:** Ensure sensitive information is locked down and stored in a secure
location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Protect yourself inside and outside Nationwide:** Always use strong passwords. When conducting financial
business, use secure networks and don't get on public Wi-Fi.

![LOGO](g459282dsp197.jpg)

---

| | |
|:---|:---|
| ***The Nationwide Way* \| We Protect Company Information and Assets** | **45** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Company assets** 

Each of us is entrusted with company assets in order to do our jobs. You have a responsibility to protect those assets (e.g., Nationwide-owned computer, corporate credit card, etc.) from misuse, loss, damage or theft.

Checks, drafts, cash and financial records are especially important. No one, without the prior approval of management, may use Nationwide equipment, supplies, facilities, corporate credit cards, information or personnel for activities not related to Nationwide business. Do not use company equipment to access, store or distribute content that is illegal, harassing or offensive.

---

| | |
|:---|:---|
| **Q. I've started my own business and transact much of my business online. I've been using my computer at work for email and internet access, but only on my lunch break or after work. Is this OK?**<br>| ![LOGO](g459282dsp196.jpg) |
| **A.**No. Using company equipment, supplies and/or internet service for outside business interests is not permitted. | ![LOGO](g459282dsp196.jpg) |

---

**Protecting the Nationwide brand** 

The Nationwide brand has great value in the marketplace. To protect this brand value, only use the Nationwide name and logo on approved products and services. Do not use the Nationwide identity or publicly endorse the products and services of other companies, unless approved in advance by Corporate Communications and the Marketing and Intellectual Property Legal team.

---

| | |
|:---|:---|
| ![LOGO](g459282dsp199.jpg) | **It starts with you**<br>|
| ![LOGO](g459282dsp199.jpg) | Looking to endorse an external product or service? If so, it will require an exception to Nationwide's <u>Corporate Endorsement Policy</u>. To request an exception, submit a <u>Corporate Communications Endorsement Exception form</u>.<br>|
| ![LOGO](g459282dsp199a.jpg) | **Leader expectations** |
| ![LOGO](g459282dsp199a.jpg) | If you are asked to provide a recommendation for a current or former associate, it should only be done on a very limited basis and in accordance with the <u>Nationwide Policy Guide</u>. |

---

---

| | |
|:---|:---|
| ***The Nationwide Way* \| We Protect Company Information and Assets** | **46** |

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>NEXT</u> \| <u>CONTACT US</u>** 

**Using social media** 

Nationwide recognizes that social media can be a powerful communication tool for sharing ideas and exchanging information. However, if not done properly, use of social media may expose us to additional risk. Never create new content about any product or service unless approved by your manager and an authorized member of the Corporate Communications team. If you see anything posted on a social media site that may include misinformation or a customer complaint, please notify Corporate Communications. For additional guidance, please review our <u>Electronic Communication Policy</u> and <u>Social Media Policy</u>.

---

| | |
|:---|:---|
| ![LOGO](g459282dsp201.jpg) | **It starts with you**<br>|
| ![LOGO](g459282dsp201.jpg) | Thinking about posting something on social media? If so, take a moment to ask yourself:<br>|
| ![LOGO](g459282dsp201.jpg) | • Could my post be interpreted as representing the views of Nationwide?<br>• If so, is what I'm about to post consistent with Nationwide's values?<br>Still unsure? Just ask. Contact your manager, another leader, the Office of Associate Relations or the Office of Ethics for additional guidance. |

---

---

| | |
|:---|:---|
| **Q. While visiting a social networking site, I noticed a post related to a Nationwide claim. The thread included comments about the user's claims experience. It also included a post from a Nationwide associate who added information about Nationwide's stance on this claim. Is that acceptable?**<br>| ![LOGO](g459282dsp196.jpg) |
| **A.**No. Sharing information regarding a specific claim on a social media site would be a violation of our privacy policies. Please discuss this matter with your manager, OPTICS, or the Office of Ethics. | ![LOGO](g459282dsp196.jpg) |

---

**Contacting media** 

Only spokespersons designated by the Office of Corporate Communications are authorized to communicate to the media on behalf of Nationwide, or to explain Nationwide business practices, procedures and policy positions. Associates receiving requests from the media should immediately contact Nationwide Corporate Communications at 614-249-6349.

---

| | |
|:---|:---|
| **Q. The local newspaper just called me because a recent storm damaged quite a few homes in the area. They want to write a story about how to file a claim. They are also asking about plans of insurers to limit their exposure in the area. How should I handle the situation?**<br>| ![LOGO](g459282dsp196.jpg) |
| **A.**It is important to refer these questions to Corporate Communications. Only designated personnel are authorized to talk to the media. | ![LOGO](g459282dsp196.jpg) |

---

---

| | |
|:---|:---|
| ***The Nationwide Way* \| We Protect Company Information and Assets** | **47** |

---

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**<u>CONTENTS</u> \| <u>BACK</u> \| <u>CONTACT US</u>** 

**Closing thoughts** 

------

Thank you for taking time to read our Code of Conduct, and for bringing *The Nationwide Way* to life. It takes time and effort to build an environment of trust with each other and with the members, partners and local communities we serve. But it can take just a moment to lose it. Mistakes happen, and that's OK — we will work through those together as a team. But it's when we stop acting with honesty and integrity that we fall short of earning and keeping that trust. Remember, just because we can do something on behalf of Nationwide, the more important question to ask is whether it should be done.

Continue to view this Code as a resource to guide you through those moments of uncertainty and equip you to handle ethical dilemmas successfully. Refer to it whenever you're confronted with an ethical decision and are just not sure what to do. While the Code may not have all the answers, it can at least point you in the direction of other resources available to you at Nationwide. If you still have questions, please don't hesitate to contact the Office of Ethics for additional guidance or direction.

It's worth repeating: We are a great company of great people doing great things, and our members, partners and the communities in which we serve count on us to do what's right. Thank you for your continued commitment to doing things *The Nationwide Way.*

![LOGO](g459282dsp203a.jpg)

## Exhibit 99.28

EX-28.p.13

![LOGO](g459282dsp204.jpg)

------

**CEO's MESSAGE** 

---

| | |
|:---|:---|
| Dear Colleagues:<br>The BNY Mellon Code of Conduct guides our actions and decisions as individuals and as a company. The Code supports our vision of defining what it means to be *the* trusted financial institution for the next generation of clients and employees and aligns with our core values: Passion for Excellence, Integrity, Strength in Diversity and Courage to Lead. Our principles for ethical behavior in our day-to-day work are guided by our Integrity, which means we do what is right, always, regardless of the impact on a specific transaction or short-term working relationship.<br>The Code provides guidance on six key principles 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 observing our privacy principles, to responsibly growing our company with our own environmental, social and governance (ESG) practices and conduct, which are further explained in our <u>2020 Enterprise ESG Report and our Modern Slavery Act Transparency Statements.</u> | ![LOGO](g459282dsp205.jpg) |

---

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 principles of 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, Human Resources and our Ethics Office 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 Mellon 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](g459282dsp205a.jpg)

**Todd Gibbons** 

**Chief Executive Officer** 

------

**TABLE OF CONTENTS** 

**DOING WHAT'S RIGHT // 3**

**HOW TO REPORT A CONCERN // 4** 

**KEY PRINCIPLES OF OUR CODE // 5** 

**WHAT YOU SHOULD KNOW ABOUT OUR** 

**CODE OF CONDUCT // 6-11** 

Our values // 6

Purpose of our Code // 7

Who must follow this Code? // 7

Waivers of the Code for executive officers // 7

What is expected of employees? // 8

Cooperating with Regulatory Agencies // 9

What is expected of managers // 9

Managing risk as a manager // 9

Responsibility to ask questions and report concerns // 9

What happens when a concern is reported? // 10

Zero tolerance for retaliation // 10

Cooperating with an investigation // 10

Direct Communication with Government and

Regulatory Authorities // 11

Communication of Trade Secrets to Government and

Regulatory Authorities // 11

**RESPECTING OTHERS // 12-16** 

Mutual respect and professional treatment // 13-14

Harassment-free environment // 15

Safety and security // 16

Managers' responsibilities // 16

**AVOIDING CONFLICTS // 18-26** 

Overview // 19

Gifts and entertainment // 20-22

Outside employment and business dealings // 23-24

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 // 25

Ownership of an outside business // 26

Fiduciary appointments // 26

Personal investment decisions // 26

Dealing with family and close personal friends // 27

Corporate opportunities // 29

**CONDUCTING BUSINESS // 30-34** 

Fair competition and anti-trust // 31-32

Anti-corruption and improper payments // 33

Combating financial crime and money laundering // 34

**WORKING WITH GOVERNMENTS // 36-38** 

Your obligations // 37

Basic principles // 38

**PROTECTING COMPANY ASSETS // 40-47** 

Financial integrity // 41

Additional standards for senior financial

professionals // 42

Use of company assets // 42

Protecting client and employee records and observing

our privacy principles // 43

Records management // 44

Use of computers, systems and corporate

information // 44-45

Inside or proprietary information // 46-47

**SUPPORTING OUR COMMUNITIES // 49-53** 

Political activities // 50-51

Investor and media relations // 51

Charitable contributions and corporate sponsorship // 52

Participating in trade associations, conferences

and speaking engagements // 52

Addressing Climate Change and Environmental

Sustainability // 52

**ADDITIONAL HELP // 53-54** 

------

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. The most current version of the Code can be found on MySource. 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, which can be found in their entirety on MySource.

------

**DOING WHAT'S RIGHT** 

**AT BNY MELLON,** "**DOING** WHAT'S RIGHT" **MEANS** 

• Contributing to an ethical culture is expected and valued,

• Conducting business in full compliance with all applicable laws and regulations, and in accordance with the highest ethical standards,

• Fostering honest, fair and open communication,

• Demonstrating respect for our clients, communities and one another,

• Being accountable for your own and team actions, and

• Being willing to take a stand to correct or prevent any improper activity or business mistake.

**HOW TO DO WHAT'S RIGHT** 

• Put company values, policies and procedures into action,

• Know the laws and regulations affecting your job duties and follow them,

• Take responsibility for talking to someone if you see a problem, and

• Ask questions if you are unsure of the right thing to do.

**WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS** 

• Could the action affect the company's reputation?

• Would it look bad if reported in the media?

• Am I uncomfortable taking part in this action or knowing about it?

• Is there any question of illegality?

• 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 Department, Legal or Human Resources, 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** 

Usually, the best place to start is by talking to your manager. If this makes you uncomfortable, then consider the options below.

**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

• All other locations: call collect to 412-236-7519 **Please note that your phone call can be anonymous.** 

E-mail: <u>ethics@bnymellon.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

• Japan: Softbank Telecom 00 663-5111; KDDI 00 539-111

• Australia: Telstra 1-800-881-011; Optus 1-800-551-155

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Hong Kong: Hong Kong Telephone 800-96-1111; New World Telephone ###-##-####

• Singapore: Sing Tel 800-011-1111; StarHub 800-001-0001

Web Report: <u>http://www.ethicspoint.com</u> (hosted on EthicsPoint's secure servers and is not part of the company's web site 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** 

If your concern involves 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 e-mail to non-management <u>director@bnymellon.com</u> or by postal mail addressed to:

BNY Mellon 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 PRINCIPLES OF OUR CODE** 

**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 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 Mellon 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. Our long-term success is linked to the strength of the global economy and the strength of our industry. We are honest, fair and transparent in every way that we interact with our communities and the public at large. We are committed to addressing climate related risks and opportunities through an environmental sustainability approach that considers all aspects of our business.

------

At the foundation of our Code of Conduct are our Values—**Passion for Excellence, Integrity, Strength in Diversity and Courage to Lead**

Our values underscore our commitment to be a client-focused, trusted financial institution driven by an empowered global team dedicated to outperforming in every market we serve.

**WHAT YOU SHOULD KNOW ABOUT OUR CODE OF CONDUCT** 

**OUR VALUES** 

Our values provide the framework for our decision-making and guide our business conduct. Incorporating these values into our actions helps us to do what is right and protect the reputation of the company.

• Passion for Excellence: We get it done. We strive to be extraordinary.

• Integrity: We do what is right, always. We challenge each other – even when it is uncomfortable.

• Strength in Diversity: We seek out who is missing and help everyone feel included. We invest in each other's success.

• Courage to Lead: We take risks necessary to lead. We grow and move on from failures.

**WHAT OUR VALUES DO:** 

• Explain what we stand for and our shared culture

• Span geographies and lines of business

• Represent the promises made to our clients, communities, shareholders and each other

• Are critical to our success

------

**PURPOSE OF OUR CODE** 

Today's global marketplace is filled with a host of new challenges and changes, but one constant guide us — the mandate to meet the highest standards of legal and ethical integrity.

The Code of Conduct 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. Failing to meet these standards could expose our company to serious damage.

**WHO MUST FOLLOW THIS CODE?** 

All employees worldwide who work for BNY Mellon or an entity that is more than 50 percent owned by the company must adhere to the standards 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 principles in this Code.

**WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS** 

Waivers of the Code are not permitted for any executive officer of BNY Mellon, 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 Mellon will be notified as appropriate.

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Compliance with the letter and the spirit of our Code of Conduct, laws and regulations, policies and procedures is not optional.

It's how we do business: it's the embodiment of **Doing What's Right**.

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**Q & A** 

**Q: I work outside of the U.S. Do U.S. laws apply to me?** 

A: BNY Mellon does business all over the world, which means that you may be subject to laws of countries other than the one in which you live. You must follow those laws that apply to your business duties, wherever you work. BNY Mellon 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.

The reverse may also be true 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.

**WHAT IS EXPECTED OF EMPLOYEES?** 

You're responsible for contributing to our culture of Doing What's Right by knowing the rules that apply to your job. This includes company policies, procedures, laws and regulations governing the country and businesses in which you work. Some lines of business may have more restrictive policies and procedures, and certain countries may have laws that are unique to a location.

In these situations, you're expected to follow the more restrictive rules. You're expected to ask your manager if you have questions about performing your job. If you do not get an adequate response, it's your duty to keep asking until you get a satisfactory answer. You must question any request that does not comply with company policies, laws or regulations, or is inconsistent with our Code of Conduct.

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.

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 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.

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. 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.

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**COOPERATING WITH REGULATORY AGENCIES** 

All employees are required to cooperate with regulators. Your communications with regulatory personnel are expected to be responsive, complete and transparent. Any 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.

**WHAT IS EXPECTED OF MANAGERS?** 

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:

• Creating a culture of risk management, compliance and ethics,

• Considering risk in all your decision making,

• Reinforcing with your staff the importance of early identification and escalation of potential risks to the appropriate managers,

• Ensuring employees have the relevant resources to understand their job duties,

• Monitoring compliance with the Code of Conduct, company policies and procedures of the employees you supervise,

• Fostering an environment in which employees are comfortable raising questions and concerns without fear of retaliation,

• Reporting instances of non-compliance to the proper management level,

• Taking appropriate disciplinary action for compliance and ethics violations, and

• 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.

**RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS** 

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.

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**Q & A** 

**Q: What is my role in managing risk?** 

A: Each employee plays an important role in managing risk when you:

• Perform your job with integrity and in compliance with policies, procedures and the law

• Adhere to the controls established for your business

• Ask questions if instructions are not clear or if you are unsure of the right thing to do

• Escalate issues immediately to your manager (e.g., an error, a missed control, wrongdoing or incorrect instructions)

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.

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**Q & A** 

**Q: Where do I go for help if I'm uncomfortable talking to my management?** 

**A:** You can contact the Ethics Help Line or the Ethics Hot Line. The contact information is located in the Code of Conduct, on MySource and on the company's public Internet site.

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**Q & A** 

**Q: Can I report a concern anonymously?** 

**A:** Yes, you can report your concern to the Ethics Help Line or Ethics Hot Line anonymously if you wish.

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:

• Your manager's manager

• Your line of business Compliance officer

• Someone in the Human Resources or the Legal department

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.

You can also visit the Doing What's Right section of the Compliance and Ethics page on MySource for more information on reporting an issue or incident.

**WHAT HAPPENS WHEN A CONCERN IS REPORTED?** 

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.

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.

**ZERO TOLERANCE FOR RETALIATION** 

Anyone who reports a concern or reports misconduct in good faith, and with 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.

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At the same time, this requirement for confidentiality does not prohibit you from reporting legal violations to any governmental or regulatory body or official(s) 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 Mellon 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 Mellon is meant to prohibit you from:

• 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;

• testifying, participating or otherwise assisting in an action or proceeding by a Governmental Authority relating to a possible violation of law; or

• participating in any benefits for information provided to Government 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:

• 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

• the material is revealed in a complaint or other document filed under seal in a lawsuit or other proceeding. 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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**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** 

**HARASSMENT-FREE ENVIRONMENT** 

**SAFETY AND SECURITY** 

**MANAGERS' RESPONSIBILITIES** 

**KEY PRINCIPLE: RESPECTING OTHERS**![LOGO](g459282dsp216.jpg)

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**KEY PRINCIPLE:** 

**RESPECTING OTHERS** 

**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 Mellon 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 Human Resources to address the conflicts that such a relationship creates.

Situations that involve borrowing money, or 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, Entertainment and Loans from One Employee to Another)* 

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**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 Human Resources.

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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, Entertainment and Loans from One Employee to Another)* 

Managers must also be aware of situations where family members or close personal friends may also work at BNY Mellon. 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 Human Resources for guidance.

*(Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household)*![LOGO](g459282dsp218.jpg)

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**HARASSMENT-FREE ENVIRONMENT** 

BNY Mellon 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 and offensive remarks, whether delivered verbally, graphically or in electronic media, including e-mail.

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. Certain local laws or regulations may provide additional protection for employees, so check with Human Resources or the Legal department in your local area if you have questions.

Some countries have specific laws concerning sexual harassment that include:

• Intentional or unintentional, unwelcome sexual advances with or without touching

• Coerced sexual acts

• Requests or demands for sexual favors

• 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.

<u>Human Rights Statement</u>

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**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 Human Resources or call the Ethics Help Line or Ethics Hot Line.

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**Q & A** 

**Q: I have reason to believe that a colleague is coming to the office intoxicated. What should I do?** 

A: You should notify your manager immediately. If you're uncomfortable discussing this with your manager, contact Human Resources.

**SAFETY AND SECURITY** 

BNY Mellon 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:

• You must contribute to maintaining a workplace free from aggression. Threats, intimidating behavior or any acts of violence will not be tolerated.

• 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.

• 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.

• You should be alert to individuals who are on company premises without proper authorization.

• Make sure you observe all physical access rules in your location and report incidents of unauthorized entry to your manager or to security personnel.

*(Reference: Company Identification Card Issuance; Display and Use of Company Identification)* 

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 an environment 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.

![LOGO](g459282dsp218.jpg)

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![LOGO](g459282dsp221.jpg)

OBLIGATION TO <br>DO WHAT'S RIGHT.

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**AVOIDING CONFLICTS** 

**We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY Mellon 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.** 

**GIFTS AND ENTERTAINMENT** 

**OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS** 

**OUTSIDE SERVICE AS A DIRECTOR, OFFICER OR GENERAL PARTNER** 

**OWNERSHIP OF AN OUTSIDE BUSINESS** 

**FIDUCIARY APPOINTMENTS** 

**PERSONAL INVESTMENT DECISIONS** 

**DEALING WITH FAMILY AND CLOSE PERSONAL FRIENDS** 

**CORPORATE OPPORTUNITIES**![LOGO](g459282dsp222.jpg)

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**KEY PRINCIPLE:** 

**AVOIDING CONFLICTS** 

**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 Mellon's reputation. You're expected always to act in a way that reflects our commitment to 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 and 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 Mellon 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 or other romantic partner, or a close friend at the expense of the company's or a client's best interests. 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.

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.

*(Reference: Business Conflicts of Interest)*

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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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**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.

**GIFTS AND ENTERTAINMENT** 

Our clients, suppliers and vendors are vital to BNY Mellon'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 Mellon'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 principle 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 on the next page that 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 standards that may apply to your job or your location.

![LOGO](g459282dsp226.jpg)

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The following are **NOT** allowed, regardless of the value:

• Accepting or giving anything as a "quid pro quo", that is for doing something in return for the gift or entertainment,

• Accepting or giving cash or cash equivalents (e.g., checks, cash convertible gift certificates or cards, securities and loans),

• Accepting or giving a gift or entertainment that violates any law or regulation or brings harm to BNY Mellon's reputation,

• Accepting or giving anything that could be viewed as a bribe, payoff or improper influence,

• 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,

• 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,

• Providing entertainment that is lavish or too frequent for an existing or prospective client, vendor or supplier,

• Participating in any entertainment that is inappropriate, sexually oriented or inconsistent with ethical business practices,

• 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,

• Participating in any action that would cause the other person to violate their own company's standards for gifts and entertainment, and

• Providing gifts or entertainment to an existing or prospective client, supplier or vendor not recorded properly in the company books and records

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**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 Mellon. 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.

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**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 an unsatisfactory answer, contact the Ethics Help Line or the Ethics Hot Line to report your concern doing business with the company.

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 Mellon'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 Mellon 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 pre-approval, where required. You can always contact your Manager or the Ethics Office if you have questions.

![LOGO](g459282dsp226.jpg)

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**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 Mellon, 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 Mellon, including:

• Employment or association with companies or organizations that prepare, audit or certify statements or documents pertinent to the company's business,

• Employment with clients, competitors, vendors or suppliers that you deal with in the normal course of your job duties, and

• Any business relationship with a client, prospect, supplier, vendor or agent of the company (other than normal consumer transactions conducted through ordinary retail sources).

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**Q & A** 

**Q: A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY Mellon. 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 decision making 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.

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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:

• 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),

• Employment involving providing tax advice or tax return preparation,

• Any type of employment in the financial services industry,

• Employment that could compete with the company or divert business opportunities in any way,

• Any position that is similar in nature to your present job duties and involves a "knowledge transfer" to the other organization,

• 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,

• Employment of any kind that would negatively impact the company's financial or professional reputation, and

• Serving as an expert witness, industry arbitrator or other similar litigation support that is unrelated to BNY Mellon, 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 re-approval via CODE RAP is required since facts and circumstances may change.

*(Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation)*![LOGO](g459282dsp226.jpg)

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**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:

• There is an existing or proposed client, business or financial relationship between the NFP organization and BNY Mellon, including receiving charitable contributions, grants or foundation money from BNY Mellon.

• The NFP organization is a trade or industry organization (e.g., Financial Industry Regulatory Authority or the Chartered Financial Analyst Institute).

• You receive any type of direct or indirect compensation (e.g., cash, securities, goods, services, tax benefit, etc.).

• You have been asked by BNY Mellon to serve the NFP organization.

• The organization/entity is any type of government agency or your position/ role is considered to be a public official (whether elected or appointed).

Additionally, 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.

**You may not serve until you have full approval from BNY Mellon 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 Mellon. Annual re- approval 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 Mellon of any anticipated negative publicity, and you must follow these guidelines while you serve:

• Never attempt to influence or take part in votes or decisions that may lead to the use of BNY Mellon 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.

• 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.

• You cannot divulge any confidential or proprietary information.

• If you learn of any Material Non-Public Information (MNPI) you must contact the Control Room or your local Compliance Officer to report each instance.

*(Reference: Accepting Compensation When Serving as a Board Member or Senior Officer of an Outside Entity)* 

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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 Mellon. It does not matter which line of business has the client relationship, or whether or not you have any business dealings with the group. You must submit a CODE RAP form and receive approval before you agree to serve.

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**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 Mellon (including employees), any compensation/ payment received, time required and potential conflicts of interest (actual or in appearance). Annual re-approval 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 Mellon 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:

• 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,

• 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

• Do not permit your appointment to interfere with the time and attention you devote to your BNY Mellon 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 Mellon securities and a strict prohibition against insider trading.

Certain employees will have additional restrictions placed on their personal investments that may include reporting and pre-clearing 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.*

![LOGO](g459282dsp226.jpg)

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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 principle 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 Mellon, or a competitor to BNY Mellon.

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)* 

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**Q & A** 

**Q:A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY Mellon. 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 decision making 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.

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**Q & A** 

**Q: My son works for a consulting company that BNY Mellon routinely hires for software development. My job does not require that I interact with him 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 son working for the consulting company and your job at BNY Mellon. 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.

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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

**CORPORATE OPPORTUNITIES** 

You owe a duty to BNY Mellon to advance its legitimate business interests when the opportunity arises. You and your family members are prohibited from personally benefiting from opportunities discovered through the use of company property or information that you directly or indirectly obtained through your position at BNY Mellon.

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 Mellon or could appear to belong to it.

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, stock broker, or real estate agent.

If you make such a recommendation, you must follow these requirements:

• Provide several candidates and ensure you show no favoritism toward any of them

• Disclose in writing that the recommendations are in no way sponsored or endorsed by the company

• 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

![LOGO](g459282dsp226.jpg)

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**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.

**FAIR COMPETITION AND ANTI-TRUST** 

**ANTI-CORRUPTION AND IMPROPER PAYMENTS** 

**COMBATING FINANCIAL CRIME AND MONEY LAUNDERING**![LOGO](g459282dsp234.jpg)

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**KEY PRINCIPLE:** 

**CONDUCTING BUSINESS** 

**FAIR COMPETITION AND ANTI-TRUST** 

BNY Mellon 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 in the spirit of honesty and integrity.

All BNY Mellon entities must comply with the various "fair competition" and "fair dealing" laws that exist in many countries and "anti-trust" laws in the U.S. The general purpose of these laws is 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:

• Fixing prices or terms, or any information that impacts prices or terms,

• Allocating markets, sales territories or clients, including sharing marketing plans or strategic documents,

• 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

• Making the use of a product or service from a supplier or vendor conditional upon their use of our services or products.

The principles of fair dealing require us to deal fairly with our clients, suppliers, competitors and employees. Unfair advantage may not be taken through:

• Manipulation,

• Concealment,

• Abuse of privileged information,

• Misrepresentation of material facts, or

• Any other unfair-dealing practices.

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**Q & A** 

**Q: A close friend works for a competitor of BNY Mellon. 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.

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The competition and anti-trust laws are many and complex, so if you have any question as to whether a particular activity is legal or in compliance with the spirit of these laws, you should contact a member of the Legal department. The following points reinforce the significance and complexity of these laws:

• 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 antitrust laws. Likewise, within the EU, individual countries may have laws that apply in addition to EU laws,

• The laws of certain countries may apply to conduct that takes place outside of that country (e.g., the U.S. and EU),

• 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,

• 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
anti-competitive 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

• 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 concern 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 Mellon. **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

![LOGO](g459282dsp236.jpg)

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**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 Mellon 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:

• 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 in particular that "things of value" may include jobs or internships or offers thereof. Company Policies require that any and all candidates for employment (whether permanent, limited duration or as an intern) 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 Mellon, whether or not a third-party employment staffing agency is involved. You must adhere to all internal controls applicable to such arrangements.

• 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,

• 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,

• 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,

• Never make any payment that you do not record on company books and records, or make misleading accounting entries,

• 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

• Report any observations of others engaging in any behavior that you believe is improper.

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**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 located in a European country. 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.

**COMBATING FINANCIAL CRIME AND** 

**MONEY LAUNDERING** 

Money laundering is the process by which individuals or entities attempt to conceal unlawful funds or other-wise 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-your-customer" 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 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/Know-Your-Customer Policy; Tax Evasion Prevention Policy; Anti-Money Laundering Training Policy; Policy on Identifying, Investigating, and Reporting Fraud, Money Laundering etc.)*

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![LOGO](g459282dsp239.jpg)

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**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.** 

**YOUR OBLIGATIONS** 

**BASIC PRINCIPLES**![LOGO](g459282dsp240.jpg)

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**KEY PRINCIPLE:** 

**WORKING WITH GOVERNMENTS** 

**YOUR OBLIGATIONS** 

BNY Mellon 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 principles in this section of the Code. These principles 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 Human Resources representative or the Legal department in such circumstances to be sure you're following requirements of the law.

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**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.

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**Q & A** 

**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.

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**BASIC PRINCIPLES** 

• 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, and

• Don't "tip" government officials or offer "inducement" payments.

• Do not accept or present anything if it obligates you, or appears to obligate you.

• Observe a "higher standard of care."

• 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.

• Cooperate with government investigations and audits.

• 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 principles 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.

*(References: Doing Business with the Government; Government Contracts; Gifts, Entertainment and Payments to Governments)*![LOGO](g459282dsp242.jpg)

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![LOGO](g459282dsp243.jpg)

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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** 

**ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS** 

**USE OF COMPANY ASSETS** 

**PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING** 

**OUR PRIVACY PRINCIPLES** 

**RECORDS MANAGEMENT** 

**USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION** 

**INSIDE OR PROPRIETARY INFORMATION**![LOGO](g459282dsp244.jpg)

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**KEY PRINCIPLE:** 

**PROTECTING COMPANY ASSETS** 

**FINANCIAL INTEGRITY** 

BNY Mellon 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 Mellon is required to file reports with government agencies and make certain public statements. Many people and entities use these statements, including:

• Accountants — to calculate taxes and other government fees,

• Investors — to make decisions about buying or selling our securities, and

• 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, back-dating, or misrepresentation of any company books, records or reports will not be tolerated.

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**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 Human Resources. 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.

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**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 fol-lows 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:

• 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,

• Provide stakeholders with information that is accurate, complete, objective, fair, relevant, timely and understandable, including information in filings and submissions to the US Securities and Exchange Commission and
other regulatory bodies,

• Act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be compromised,

• 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

• 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 is a vital asset. To ensure that we maintain the integrity and value of the 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, the following is another important principle 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 the Company's Name in Advertising or Endorsements of Customers and Others)* 

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 OBSERVING OUR PRIVACY PRINCIPLES** 

The company is responsible for ensuring the 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.**

Nearly every employee in the company has access to private information, so you're expected to adhere to the following key principles concerning privacy:

• 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.

• 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.

• 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.

• 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.

• 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 follow company policies at all times. The loss of any protected data can be extremely harmful to the company financially and damage our reputation.

(*Reference: Information Privacy Policy, Corporate Information Protection Policy)*

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**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 that 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 or contact the Ethics Help Line or the Ethics Hot Line to report your concern.

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**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.

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:

• Papers, e-mails, instant messages, other electronically maintained documents,

• Microfilms, photographs and reproductions,

• Voice, text and audio tapes,

• Magnetic tapes, floppy and hard disks, optical disks and drawings, and

• Any other media, regardless of physical form or characteristics that have been made or received in the transaction of business activities.

*(Reference: Records Management Program)* 

**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:

• Personal computers (including e-mail and instant messages) and computer networks,

• Telephones, cell phones, voice mail, pagers and fax machines, and

• Other communications devices, such as PDAs (e.g. Blackberry, iPad, etc.) 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). In rare cases, where there is a necessary and legitimate business reason, you may disclose your password to another employee who has the right to access the information associated with your password; however, you must file a CODE RAP report immediately and observe all necessary steps to restore

![LOGO](g459282dsp246.jpg)

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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:

• Messages you create should be professional and appropriate for business communication, including those created via e-mail or instant messaging.

• 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).

• Do not distribute copyrighted or licensed materials improperly.

• Do not transmit chain letters, advertisements or solicitations (unless they're specifically authorized by the company).

• 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 Mail Policy; Corporate Information Protection Policy*)

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**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 Mellon 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.

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**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 non- public 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.

**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 non-public information that may be of use to competitors, or harmful to the company or its clients, if disclosed.

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 non-public information relating to any company, including BNY Mellon, 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 non-public information about BNY Mellon 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 Mellon securities or the securities of other companies. You must know the restrictions relative to your job and follow company policies and applicable securities laws.

![LOGO](g459282dsp246.jpg)

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**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, non-public 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)*

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**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.** 

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![LOGO](g459282dsp252.jpg)

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![LOGO](g459282dsp253.jpg)

**SUPPORTING OUR COMMUNITIES** 

We take an active part in our communities around the world, both as individuals and as a company. Our longterm success is linked to the strength of the global economy and the strength of our industry. We are honest, fair and transparent in every way we interact with our communities and the public at large.

**POLITICAL ACTIVITIES** 

**INVESTOR AND MEDIA RELATIONS** 

**CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP** 

**PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS** 

**ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY** 

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**Q & A** 

**Q: An outside attorney with whom I work from time to time on company business cannot attend an exclusive fundraiser for a high-level political candidate. He offered me his ticket. The event is to be held at a very wealthy person's home in my community and this will be a great way to solicit business. The company is not paying for the ticket and the fundraiser will be on my own time. May I attend?** 

A: Only if you have the written approval of the Chief Executive Officer, the General Counsel and the Chief Compliance and Ethics Officer. Your attendance at this event is indirectly related to your job and may give the appearance that you're acting as a representative of the company or that the company sponsors the political candidate. It does not matter that BNY Mellon did not purchase the event ticket or that you're going on your own time. To the public, your attendance is connected to the company. So you may not go without obtaining proper authorization prior to the event.

**KEY PRINCIPLE:** 

**SUPPORTING OUR COMMUNITIES** 

**POLITICAL ACTIVITIES** 

**Personal Political Activity** 

BNY Mellon encourages you to keep informed of political issues and candidates and to take an active interest in political affairs. However, if you do participate in any political activity, you must follow these rules:

• 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.

• Your activities should be on your own time, with your own resources. You may not use company time, equipment, facilities, supplies, clerical support, advertising or any other company resources.

• 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.

• Your political activities may not affect your objectivity or ability to perform your job duties.

• You may not solicit the participation of employees, clients, suppliers, vendors or any other party with whom the company does business.

• You may be required to pre-clear personal political contributions made by you, and in some cases, your family members.

*(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:

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• Government contract sales or marketing

• Efforts to influence legislation or administrative actions, such as accompanying trade associations in meetings with government officials concerning legislation

• 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 Mellon 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 Mellon as your employer, and you may not make comments about BNY Mellon.

*(Reference: Inquiries from the Media, Financial Analysts, and Securities Holders; Use of the Company's Name in Advertising or Endorsements of Customers and Others)* 

**Q & A** 

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**Q: I have been asked to provide a statement about BNY Mellon'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 Mellon 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.

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**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:

• Your activities may not interfere or in any way conflict with your job duties or with company business.

• You may not make any gifts or contributions to charities or other entities in the name of, or on behalf of, the company.

• 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.

• You may not use your position for the purpose of soliciting business or contributions for any other entity.

• 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 or not the event in question is considered to be company sponsored.

*(Reference: Use of the Company's Name in Advertising or Endorsements of Customers and Others)* 

**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 anti-trust 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 pre-approval has been obtained via CODE RAP.

If you perform public speaking or writing services on behalf of BNY Mellon, 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)* 

**ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY** 

We are committed to addressing climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business, in particular the management of our global operations and real estate footprint.

Please see our <u>Environmental Sustainability Policy Statement</u> for more information on how we approach sustainability.

![LOGO](g459282dsp412.jpg)

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**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 per-cleared.

***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 this 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 Mellon. 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.

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***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 her e-mail to see if she received an item she was expecting. She gave me her logon identification and password, requesting that I call her 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. In rare instances when there is a business need that requires you to share your password, you're required to file a CODE RAP form 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.

**REMEMBER** 

All BNY Mellon employees are expected to follow the Code of Conduct, even if they disagree with its contents.

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 Human Resources 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!

------©2022 The Bank of New York Mellon Corporation. All rights reserved. 3010_CC_MSFT_CoC_1120

## Exhibit 99.28

EX-28.p.15

**GQG Partners LLC** 

**Code of Ethics**![LOGO](g459282dsp260.jpg)

**APRIL 1, 2022** 

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**Appendix B – Code of Ethics** 

**<u>I.</u>**  **<u>PROFESSIONAL STANDARDS</u>** 

Employees, officers, and directors (excluding independent directors) are deemed to be GQG "Supervised Persons"<sup>1</sup>, 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. GQG has 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.

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 the Firm'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. 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 bring into question the person's independence or judgment.

D. GQG has adopted Insider Trader 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 the Firm's business affairs. The FCPA policy is an additional document that employees 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 their designee.

H. Supervised Persons will not accept any gift or entertainment from any party that provides or that seeks to
provide securities or commodities brokerage or counterparty services to GQG.

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<sup>1</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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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.

A. 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 the Firm has a legitimate business purpose for
doing so, and the recipients are subject to a duty of confidentiality. Further, the Firm will only make such disclosures if, in GQG's opinion, it is in the best interest of the Firm's Clients.

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 their designee.

B. 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>** 

**<u>A.</u>**  **<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.

**<u>B.</u>**  **<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:

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

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 in an effort 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.

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&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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| | |
|:---|:---|
| 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;  |

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b refrain from trading the securities of or derivatives related to any company aboutwhich the reporting individual may possess MNPI,

c refrain from discussing any potentially MNPI with anyone, including colleagues,except as directed by the CCO or General Counsel; and

d refrain from conducting research, trading, or other investment activities regarding asecurity 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:

a any information that a reasonable investor would likely consider important in makingan investment decision; or

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| | |
|:---|:---|
| b | any information that is reasonably certain to have a substantial effect on the price ofa 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.  |

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&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 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>** <u>.</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.

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**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 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

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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 employee 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 the Firm 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 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).

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**III.**  **<u>GENERAL PERSONAL 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 is 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;&nbsp;&nbsp;1. the interests of Clients must be placed before personal interests at all times;

&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;**2.** **COVERED ACCOUNTS** A "covered account" under the Personal Trading Policies is any account 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; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. has direct or indirect control over purchase or sale of securities.

&nbsp;&nbsp;&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 <u>Securities Act</u> of 1933 the <u>issuer</u> of which, immediately before the registration, was not subject to the reporting
requirements of sections 13 or 15(d) of the Securities <u>Exchange Act</u> 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, but obligated to work less than
a full (i.e., forty-hour) work week.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Covered Security" includes stock, shares of closed-end funds, exchange traded funds ("ETFs"), and GQG advised or sub-advised funds, notes, bonds, debentures 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, CHESS depository receipts ("CDIs"), notes and bonds and any derivative of the foregoing.

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**C.**  **<u>RESTRICTIONS ON TRADING</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 Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&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 in accordance with the procedures set forth in Section D., below. Limited exceptions to the pre-clearance requirements are set forth in sections C.2. – C.5., below.

&nbsp;&nbsp;&nbsp;&nbsp;&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, etc.). Shares of GQG advised and sub-advised funds are considered Covered Securities under Section D below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any transaction in any GQG issued security. For additional information please consult the GQG Partners Inc.
Securities Dealing Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Shares of such ETFs are considered Covered Securities under Section D, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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).

&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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any transaction in shares of a closed end fund. Shares of closed end funds are considered Covered Securities
under Section D below. (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;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any transaction in shares, units, or other interests in a privately offered, privately traded, or privately
held investment, including private funds (collectively "Limited Offerings"). Such interests are considered Covered Securities under section D below.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

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&nbsp;&nbsp;&nbsp;&nbsp;&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. Such interests are considered Covered Securities under section D below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transactions Not Required to be Pre-cleared</u> 

All transactions involving the securities below are not subject to any of the Restrictions on Trading and do not require pre-clearance or reporting for either purchases or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable annuities issued by an insurance company separate account if such separate account is not linked to a
fund that is advised or sub-advised by GQG. .

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) UCITS funds that are not advised or sub-advised by GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any transaction in cryptocurrency (e.g., digital or virtual currency such as Bitcoin).

&nbsp;&nbsp;&nbsp;&nbsp;&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:

a the Supervised Person provides to the CCO or designee with evidence that investment discretion for the account has been delegated in writing to a fiduciary;

b the Supervised Person certifies in writing that she/he has not and will not direct, suggest, recommend, or consult on potential specific investment decisions with the independent fiduciary; and

c the Supervised Person complies with the Reporting Requirements outlined in Section F.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Restrictions on Trading 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 create no 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 Restrictions on Trading will be documented and approved by the CCO. Documentation will include the reason the exemption was granted, including a discussion on conflicts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Electronic Broker Covered Accounts</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Supervised Persons hired after June 1, 2022, will be required to maintain all covered accounts at an
"Electronic Broker", approved by the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. An "Electronic Broker" is a broker that transmits security transactions and holding information
through an electronic data feed to the Reporting System.

&nbsp;&nbsp;&nbsp;&nbsp;&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,
will be required to maintain the covered account at an Electronic Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Limited Offering investments are not required to be maintained at an Electronic Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Supervised Person's GQG Accounts</u> 

To foster an alignment of Supervised Persons' financial interest with that of Clients, this Code's Restrictions on Trading do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a covered account managed by GQG, to the extent that such account is managed identically to a corresponding
unconstrained strategy that GQG offers or manages for other Clients (a "Supervised Person GQG Account") or

&nbsp;&nbsp;&nbsp;&nbsp;&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), as presenting no potential conflicts of
interest). 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.

**D.**  **<u>PRE-CLEARANCE PROCEDURES.</u>** 

The following pre-clearance procedures apply to proposed transactions in Covered Securities by Supervised Persons:

a The Supervised Person completes and submits a pre-clearance request via BasisCode or, in the event BasisCode is not available, then via a written request to the CCO or designee.

b The CCO or designee reviews and approves or rejects the request and communicates the decision to the Supervised Person.

c The date the approval or denial is made is recorded in BasisCode or in the written form.

d The Supervised Person must complete any approved trade within two (2) business days of the approval date reflected on the Pre-Clearance Request Form.

------

**<u>E.</u>**  **<u>BLACKOUT PERIODS.</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 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 or (iii) purchases or sales associated with a Delegated Discretionary Account.

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.

**<u>F.</u>**  **<u>REPORTING REQUIREMENTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Initial Account and Annual Holdings Reports</u> 

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| | |
|:---|:---|
| a | Within ten (10) business days of being identified and notified as a Supervised Person, each Supervised Person must provide a list of covered accounts and 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 interest or derive a direct or indirect benefit.  |

---

---

| | |
|:---|:---|
| 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) days before the report is submitted. The Supervised Person will disclose the accounts via BasisCode or if BasisCode is unavailable then via the form set forth in Appendix I to this Code.  |

---

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. 

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;&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 of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the institution with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Supervised Person submits the report.

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

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 BasisCode, 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 BasisCode. On an exception basis, statements may be delivered to the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 part ii. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&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. . (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.)

**G.**  **<u>REPORTING VIOLATIONS</u> <u>& PENALTIES FOR VIOLATIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.</u> <u>Reporting Violations</u> 

All Supervised Persons shall promptly report to their supervisor, the CCO or a Member of Senior Management 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. Senior Management shall consider reports made to it hereunder and shall determine whether or not the Code has been violated and what sanctions, if any, should be imposed.

Supervisors and other Members of Senior Management shall immediately report any violations of the Code to the CCO. The CCO shall promptly 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 Management, 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;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.</u> <u>Penalties for Violations</u> 

Supervised Persons who violate the Personal Trading Policies may be subject to sanctions.Determinations regarding appropriate disciplinary responses will be made and administered on a case-by-case basis by the CCO in consultation with Senior Management. Such determinations will take into consideration the severity of the violation and are expected to be in line with the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial occurrence will include education and notification of supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Second occurrence will include notification of supervisor and CEO and may impact the employee's year end
cash incentive award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Third occurrence will impact the employee's year-end cash
incentive award and may result in a termination of the employee.

If a violation results in a financial gain to an employee, he/or she may be required to donate the resulting gain to charity.

------

**<u>IV.</u>**  **<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 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 by submitting Request for Approval of Outside Activity Request (attached as Code of Ethics Appendix IV) to the CCO or designee . The information will state the compensation or benefits to be received, direct or indirect.

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, employees, 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.

**<u>V.</u>**  **<u>GIFTS AND ENTERTAINMENT</u>** 

The purpose of this policy 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.

It is expected that all Supervised Persons must exercise good judgment in considering the value, frequency, and 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.

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Normal business entertainment is not generally considered a gift under this policy. This entertainment would include 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. Gifts or entertainment will not be so frequent or extensive as to raise any questions in regards to GQG's ethical conduct or performance of fiduciary obligations, whether or not it is within the limits of the following policies or applicable law. 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 Gifts & Entertainment – Securities Brokers, Commodities Brokers and Counterparties:** No Supervised Person shall knowingly accept any gift or entertainment from any party that provides or that seeks to provide securities or commodities brokerage or counterparty services to GQG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Receiving Gifts & Entertainment – General:** No Supervised Person shall
knowingly directly or indirectly accept in any one year any gifts in excess of US$100 from anyone having a direct business and/or professional relationship with any GQG client or its affiliated entities absent disclosure to and approval by the CCO. <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.

No Supervised Person should accept any entertainment other than normal business entertainment. 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;• **Giving Gifts:** No Supervised Person shall knowingly directly or indirectly give in any one year any gifts
with a total value in excess of US$100 to any person, principal, proprietor, employee, agent or representative of another person where the payment is in relation to the business of the recipient's employer absent disclosure to and approval by
the CCO.

No Supervised Person shall knowingly provide business entertainment other than normal business entertainment as described above.

&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 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.

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&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 should be promptly returned unless the gift is perishable in nature, than the contents maybe shared with the office location for which it was
delivered. The valuation of a gift may exclude tax and shipping costs.

**<u>Reporting Requirements</u>**

&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 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.

## Exhibit 99.28

![LOGO](g459282dsp276a.jpg)

EX-28.p.16

![LOGO](g459282dsp276b.jpg)

PERSONAL CODE OF ETHICS

• Personal Account Dealing

• Outside Business Activities

• Gifts, Entertainment and Meals Received

• Political Activities

Initial Adoption: *August 1, 2017*

Effective: *January 1, 2022*

Last Revised: *November 4, 2021*

Version: *3.2*

------

**Personal Code of Ethics** 

------

**Contents** 

---

| | | |
|:---|:---|:---|
| 1 | Overview | 1 |
| 1.1 | Policy Statement | 1 |
| 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scope | 1 |
| 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roles and Responsibilities | 1 |
| 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; References | 2 |
| 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escalation Requirements | 2 |
| 2 | Definitions | 2 |
| 3 | Policy Requirements | 3 |
| 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Account Dealing ("PAD") | 3 |
| 3.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Principles | 3 |
| 3.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approved Brokers | 3 |
| 3.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure | 3 |
| 3.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preclearance Requirements for Dealing in Covered Securities | 4 |
| 3.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restrictions on Dealing in Covered Securities | 5 |
| 3.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exceptions | 6 |
| 3.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading in Janus Henderson Products | 8 |
| 3.1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading in Janus Henderson Group plc Securities | 8 |
| 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outside Business Activities (OBA) | 9 |
| 3.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Principles | 9 |
| 3.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Approval Requirements | 9 |
| 3.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval Process | 10 |
| 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts, Entertainment and Meals Received | 10 |
| 3.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Principles | 10 |
| 3.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Approval Requirements | 11 |
| 3.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval and Exceptions Process | 11 |
| 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Political Activities | 12 |
| 3.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Principles | 12 |
| 3.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Approval Requirements | 12 |
| 3.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval and Exceptions Process | 13 |
| 3.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conditions and Prohibitions | 13 |
| 3.4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting U.S. Government Entities on Behalf of SEC-Registered Advisers | 14 |
|  Appendix 1 – Definitions | Appendix 1 – Definitions | 15 |
|  Appendix 2 – PAD Guidelines | Appendix 2 – PAD Guidelines | 17 |
|  Appendix 3 – Gifts, Entertainment and Meals Received Limits, Thresholds and Guidelines | Appendix 3 – Gifts, Entertainment and Meals Received Limits, Thresholds and Guidelines | 19 |
|  Appendix 4 – Policies for Independent Fund Trustees | Appendix 4 – Policies for Independent Fund Trustees | 22 |

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**Personal Code of Ethics** 

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| | |
|:---|:---|
| **1** | **Overview**  |

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**1.1** **Policy Statement** 

Janus Henderson is entrusted with the assets of our clients for investment purposes. As a result, we have an obligation to place our clients' interests before our own and manage conflicts of interest fairly. The Personal Code of Ethics (the "Code") provides a set of rules and principles to ensure that we meet that obligation when we engage in personal account dealing, conduct outside business activities, receive gifts, entertainment and meals, and participate in political activities.

While the Code sets out a number of requirements, prohibitions and conditions, it does not cover every possible scenario and cannot be a replacement for your good judgment. Where the application of the Code is unclear, you should evaluate your proposed course of conduct against the following values and/or consult with Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We place the interests of our clients first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are honest and forthright in words and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We avoid, mitigate and/or disclose relevant conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We comply with applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We hold each other accountable by reporting any violations of the Code.

The Code has been drafted to comply with laws, rules and regulations of the various jurisdictions where Janus Henderson operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Scope** 

Except as otherwise noted, the Code applies to all Employees of Janus Henderson. The Code also applies to directors, trustees, officers and employees of funds sponsored by Janus Henderson to the extent those funds have adopted the Code as their own. The independent trustees of the Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trust are subject only to the general principles in sections 1.1 and 3.1.1 and the specific obligations and restrictions in Appendix 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Roles and Responsibilities** 

Employees will attest to their receipt of the Code at hire, on an annual basis and anytime material amendments to the Code are made. In attesting to the Code, Employees agree to their understanding of the Code and agree to comply with the requirements of the Code.

Compliance administers and monitors adherence to the Code, including by reviewing disclosures, providing training and identifying violations. Compliance also maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory requirements.

The Ethics & Conflicts Committee provides oversight of the Code, including by reviewing exceptions and addressing violations. The Ethics & Conflicts Committee reviews the Code on a periodic basis in line with business changes and changes to regulation.

The Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trusts's Boards of Trustees must approve any material amendments to the Code.

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**Personal Code of Ethics** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **References** 

The Code is designed to ensure compliance with laws, rules and regulations applicable to Janus Henderson's business across the globe, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 206 of the US Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 17(j) of the US Investment Company Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC Rule 17j-1, Personal Investment Activities of Investment Company
Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC Rule 204-2, Books and Records To Be Maintained by Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC Rule 204A-1, Investment Adviser Codes of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC Rule 206(4)-5, Political Contributions by Certain Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA Rule 3320, Influencing or Rewarding the Employees of Others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA Rule 3270, Outside Business Activities of Registered Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA Rule 3280, Private Securities Transactions of an Associate Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FCA COBS 2.3 and 2.3A, Inducements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FCA COBS 11.7 and 11.7A, Personal Account Dealing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong SFC Code of Conduct for Persons Licensed by or Registered with the SFC Section 12.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IMAS Code of Ethics & Standards of Professional Conduct 2.12, Personal Conduct and Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IMAS Code of Ethics & Standards of Professional Conduct 2.14, Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ASX Listing Rules 12.9 et seq., Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NYSE Listing Rules 303A.10, Code of Business Conduct and Ethics Requirements

The Code complements and should be read in conjunction with other policies that address ethics and conflicts, such as the Code of Business Conduct, the Conflicts of Interest Policy, the Market Conduct Policy, the Share Trading Policy and the Anti-Bribery and Corruption Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Escalation Requirements** 

Failure to adhere to any of the requirements of the Code or report violations may result in a breach of the Code. The Company takes breaches very seriously. Any potential violation of the provisions of the Code will be investigated by Compliance and may be reported to the Ethics & Conflicts Committee. If a determination is made that a violation has occurred, Janus Henderson may impose appropriate sanctions, including but not limited to one or more of the following: a written warning, profit surrender, personal trading ban, and termination of employment or referral to civil or criminal authorities.

Material violations of our personal account dealing rules will be reported promptly to the respective boards of trustees/managers of the Janus Henderson Products or relevant committees of the boards.

To report suspected violations of the Code, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our independent hotline provider on an anonymous or identified basis via web at <u>https://janushenderson.ethicspoint.com</u> or telephone at 844.765.6701 (U.S.), 0808.234.9715 (UK) or AT&T Direct Access Code + 844.765.6701 (Other). The Company will not tolerate any discrimination, harassment or retaliation against anyone who makes a good faith report or assists in an investigation.

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| | |
|:---|:---|
| **2** | **Definitions**  |

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See Appendix 1.

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**Personal Code of Ethics** 

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| | |
|:---|:---|
| **3** | **Policy Requirements**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Personal Account Dealing ("PAD")** 

**3.1.1** **Key Principles** 

Your Personal Account Dealing may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose brokerage accounts and holdings, disclose and receive approval for any Personal Account Dealing and conduct approved securities transactions in accordance with the requirements of this Code.

You must carefully consider the nature of your Janus Henderson responsibilities— and the type of information that you might be deemed to possess in light of any particular securities transaction—before engaging in any investment-related activity or transaction. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not improperly benefit by causing a client to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not profit, or cause others to profit, based on your knowledge of completed or contemplated client
transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must preclear all of your personal trades and subsequently execute your trades in accordance with stated
timeframes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where applicable, you must execute all of your personal trades with Approved Brokers as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No dealing is permitted that is in conflict with the interests of our clients, the parameters set by the Code, or
the restrictions imposed by Janus Henderson restricted/embargo lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not deal on the basis of material non-public (inside)
information.

**3.1.2** **Approved Brokers** 

All Employees located in the U.S. and the U.K. are required to maintain Reportable Accounts at, and execute all transactions in Covered Securities through, one or more Approved Brokers. All Reportable Accounts held with a non-Approved Broker must be moved to an Approved Broker within 90 days of your start date unless the account qualifies for an exception.

See <u>Approved</u><u> </u><u>Broker Guidelines</u> for the current list of Approved Brokers and exceptions.

**3.1.3** **Disclosure** 

**3.1.3.1** **Initial Brokerage Account Disclosures** 

Within 10 calendar days of your start date, you must disclose all Reportable Accounts. Reportable Accounts are all brokerage accounts and any other accounts in which you have Beneficial Ownership and that hold or **can** hold Covered Securities or Janus Henderson Products.

See Appendix 2 for more detailed information on Beneficial Ownership and Covered Securities.

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**Personal Code of Ethics** 

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**3.1.3.2** **Initial Holdings Disclosures** 

Within 10 calendar days of your start date, you must disclose all Covered Securities and all Janus Henderson Products in which you have Beneficial Ownership Holdings information must be current as of 45 days prior to your start date.

**3.1.3.3** **Ongoing Disclosure Requirements** 

Accounts: You must promptly disclose any newly opened Reportable Accounts.

Transactions/Holdings: You must deal through your own brokers and must ensure that Compliance receives transactions and holdings data as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Electronic feeds – If you hold relevant accounts with an Approved Broker, you must allow your broker to
provide Compliance with transactions and holdings data via electronic feed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employee upload of confirmations and statements – If you hold relevant accounts with a non-Approved Broker, you must enter the trade details and upload the trade confirmation/contract notes into MyComplianceOffice (MCO) within 7 days of executing a precleared trade. Additionally, you must attest to
your trades quarterly and upload year-end statements annually as discussed in section 3.1.2.5.

**3.1.3.4** **Attestation Requirements** 

You are required to submit the following periodic attestations. You may also be required to complete additional attestations to meet jurisdictional and regulatory requirements.

Annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account Attestation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings Attestation

Quarterly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly Trades Attestation (for accounts held with a non-Approved Broker)

**3.1.4** **Preclearance Requirements for Dealing in Covered Securities** 

The requirements in the Code are designed to mitigate or eliminate any potential conflict or appearance of conflict that may occur between your personal account dealing and client security dealing. The following requirements apply to your personal dealing in Covered Securities in accounts you beneficially own.

**3.1.4.1** **Requesting Preclearance** 

You and your related parties (your spouse, minor children and other adult family members living in your household) must preclear any trades in Covered Securities via MCO unless the transaction meets one of the provisions noted in the Excluded Transactions section. Preclearance requests are evaluated for potential conflicts of interest that may deem the trade to not be or appear to not be in the best interest of clients.

Generally, most requests are approved or denied immediately, but some may take up to 48 hours to evaluate.

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**Personal Code of Ethics** 

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Compliance retains the right to refuse you permission to conduct a personal trade without providing a reason for the refusal. No reason for refusal will be given if in the opinion of Compliance the explanation would result in the release of confidential information.

**3.1.4.2** **Approval Window** 

Approvals and denials are communicated from MCO via email. If your requested transaction is approved and you choose to transact, you must place and execute your transaction by the close of business on the day after you receive an approval email from MCO.

If the day after the date of preclearance approval is a market holiday or a weekend, then you must place and execute the transaction by the close of business on the day you receive approval.

If the transaction is not placed and executed within the approved timeframe, then you must submit a new request to trade in MCO. Limit orders are allowed only if they are set to expire within the preclearance approval window.

If your trade has a delayed execution date (e.g., an illiquid or unlisted security), you should request an exception from Compliance.

**3.1.4.3** **Preclearance Attestation (Portfolio Managers and Research Analysts only)** 

If you are requesting to personally trade a Covered Security that is an eligible investment for client accounts you manage or provide analysis to, you must provide your rationale for the trade via an attestation form in MCO.

**3.1.5** **Restrictions on Dealing in Covered Securities** 

**3.1.5.1** **Blackout Periods** 

Generally, you will not be granted preclearance to deal in a Covered Security when there is a pending buy or sell order for a client in that same security. Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons will generally not be granted preclearance to trade in a Covered Security within one
(1) business day after a client trade occurs in the same security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons will generally not be granted preclearance to trade in a Covered Security within seven
(7) calendar days after a client trade occurs in the same security.

**3.1.5.2** **Minimum Holding Periods** 

Minimum holding periods are applicable for any purchase and subsequent sale, or any sale then subsequent purchase (for short sales), of the same Covered Security (or its equivalent) where a profit will occur. With respect to derivatives, any transaction to close out a derivative position cannot be executed until the end of the holding period. The holding period starts the day after execution of your trade. Profit calculations are made using the "first-in, first-out" (FIFO) method.

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**Personal Code of Ethics** 

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Minimum holding periods for Covered Securities are as follows:

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| | | |
|:---|:---|:---|
| **Profile** | **ETFs/ETNs**<br> **(Including Janus Henderson ETFs/ETNs)** | **All Other Covered Securities** |
| Access Person | One week (7 calendar days) | Three months (90 calendar days) |
| Investment Person | One week (7 calendar days) | Six months (180 calendar days) |

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Where this restriction would cause undue financial hardship due to your personal circumstances or in periods of extreme market turmoil, you may request an exception to this restriction. This should be seen as an exceptional measure and requires the approval of the Compliance and will be ratified by the Ethics & Conflicts Committee.

Holding periods are designed to discourage derivatives trading and securities trading with a high frequency.

**3.1.5.3** **Best Price Rule** 

In order to eliminate even the appearance of impropriety, if you (1) buy or sell a security within seven days before a client trade is executed in the same security and (2) receive a price advantage over the client's trade, you may be required to surrender the price advantage at the discretion of the Ethics & Conflicts Committee.

**3.1.5.4** **Private Placements and Initial Public Offerings (IPOs)** 

You must request pre-approval prior to investing in a private placement or limited offering. Requests should be submitted in MCO via the Private Placement/Limited Offering form at least two weeks in advance of the proposed investment date. No Employee, or other Access Person, shall acquire any security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) unless Compliance gives express prior written approval and documents the basis for granting approval after due inquiry. In determining whether approval should be given, Compliance will take into account, among other factors, whether the investment opportunity should be reserved for a client and whether the opportunity is being offered to the individual by virtue of his or her position with Janus Henderson. Contact Compliance for assistance with these requests.

You are not allowed to participate in IPOs. Exceptions to this rule will be considered only under limited circumstances and only with prior approval from Compliance, in consultation with the Ethics & Conflicts Committee. Please contact Compliance for advice and direction.

**3.1.5.5** **Restricted Securities** 

You may not trade securities of any issuer that is on the Janus Henderson restricted/embargoed list. Certain securities may have restrictions placed upon them that restrict both personal and client dealing, typically when Janus Henderson or a part of Janus Henderson is in receipt of material non-public (inside) information. These restrictions will be maintained collectively using the restricted/embargoed list.

**3.1.6** **Exceptions** 

**3.1.6.1** **Excluded Transactions** 

The following transactions are excluded from the Covered Securities trading restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions involving futures or options in foreign currencies or broad-based indices.

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**Personal Code of Ethics** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales that are not voluntary, which include but are not limited to: tender offers and
broker-initiated transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales that are part of an automatic investment plan that has been disclosed to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities as a result of a corporate action

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities as a result of a gift or inheritance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an employer's securities through an employer retirement plan such as a 401(k) plan or stock purchase plan

(Note: The subsequent sale of any securities acquired is subject to all trading restrictions of the Code.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfers in-kind of Covered Securities.

Please refer to <u>Section 3.1.7.1</u> for details on Janus Henderson Group plc security transfers.

**3.1.6.2** **Discretionary Management by Third Parties** 

The trading restrictions outlined above do not apply to trades in an investment account or another arrangement over which you have no direct or indirect influence or control ("Discretionary Management"). In order to rely upon this provision you must receive approval from Compliance. To receive approval, you must submit documentation to Compliance demonstrating that all trading in the account is under the sole discretion of your advisor or other designee.

Discretionary accounts still require disclosure in MCO and are subject to the restriction on the purchase of IPOs. Additionally, transactions in Janus Henderson Group plc stock and limited offerings still require preclearance approval.

You are required to inform Compliance immediately if you terminate any approved advisory relationship or make management changes. Additionally, you are required to acknowledge and attest annually that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have had no direct or indirect influence or control over the trading decisions in your discretionary
account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You did not suggest trades to the manager or in any way direct the manager to make any particular trades in
securities for the discretionary account(s).

**3.1.6.3** **Share/Investment Clubs** 

If you wish to participate in collective arrangements (e.g., a share or investment club), seek advice and direction from Compliance.

**3.1.6.4** **Spread Betting** 

Spread betting is a speculative transaction that involves taking a bet on the price movement of a security, index or other financial product via a spread betting company. Spread betting on financial products is not permitted and you may not use spread betting accounts to circumvent this Code. Spread betting on non-financial products, such as sporting events, is not covered by this Code.

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**Personal Code of Ethics** 

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**3.1.7** **Trading in Janus Henderson Products** 

Janus Henderson serves as the adviser or subadviser to a variety of investment products including open-end mutual funds, exchange traded products and investment trusts.

**3.1.7.1** **Janus Henderson Mutual Funds** 

Preclearance is not required to deal in Janus Henderson Funds; however, a minimum holding period of 90 days is required for all funds with the exception of money market funds.

Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The holding period starts the day after execution of the trade and lasts until the 90th day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prohibition applies on a "first in, first out" (FIFO) basis.

The restriction does not apply to acquisitions or sales of a fund where it is executed without instruction from the Employee (e.g., automatic dividend reinvestments, share plan investing etc.).

**3.1.7.2** **Janus Henderson Exchange Traded Products** 

Janus Henderson ETFs/ETNs are treated the same as all other ETFs/ETNs under the Code. See Sections 3.1.4 and 3.1.5.

**3.1.7.3** **Janus Henderson Investment Trusts** 

The Code also extends to trading in securities of other Janus Henderson Group plc related entities that are listed on a securities exchange while in the possession of material non-public (inside) information concerning that entity. A person who is a director of an investment trust managed by Janus Henderson must also comply with the FCA's Listing and Disclosure Guidance and Transparency Rules, which prohibits dealings during "Closed Periods".

Fund managers of investment trusts managed by Janus Henderson should be aware of the specific regulatory risks associated with personal investing in their trusts and should consult Compliance if they consider that there might be any potential conflict or market conduct risk associated with a proposed personal account trade. All preclearance requests for Janus Henderson-managed investment trusts will be blocked pending checks for risks such as closed periods or involvement or information on buy-back programmes.

A list of these Investment Trusts can be found at <u>here</u>, and "Closed Period" restrictions may be applied in MCO for all persons.

**3.1.8** **Trading in Janus Henderson Group plc Securities** 

Janus Henderson Group plc (JHG) is a publicly traded company and, as an Employee of Janus Henderson, all of your trades in securities issued by JHG are monitored. You may not engage in transactions in JHG securities if they are speculative or short-term in nature (less than 90 days). For example, speculative trading includes short sales, transactions in "put" or "call" options or similar derivative transactions. In addition, you may not engage in any hedging or monetization transactions with respect to JHG securities. The Janus Henderson Group Share Trading Policy provides additional guidance on the trading of JHG securities.

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**Personal Code of Ethics** 

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**3.1.8.1** **Preclearance of Janus Henderson Group plc Securities** 

You must obtain preclearance in MCO for all personal deals in JHG securities. This includes in-kind transfers where ownership of the shares changes, as in a charitable gift of shares. Preclearance requests must be submitted via MCO.

You may request to trade in JHG shares only during the window period. The window period generally opens the day after Janus Henderson publicly announces its quarterly earnings and closes at each quarter end.

Automatic investment plans, default activities, stock awards and grants are exempt from preclearance.

**3.1.8.2** **Material Non-Public Information** 

You may not trade or take up rights, or cause someone else to trade, in JHG securities while in the possession of material non-public (inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Outside Business Activities (OBA)** 

**3.2.1** **Key Principles** 

Your business activities outside of work may present a conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose and receive approval for OBA and conduct approved activities in accordance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any OBA that involves a significant amount of time or provides a significant amount of income may present a
conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any OBA that is investment-related, including activities on behalf of a non-profit, may present a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any OBA that involves service on the board of directors of a publicly traded company may present a conflict and
will generally not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all times, the interests of the Company and its clients take priority over the outside business activities of
Employees.

**3.2.2** **Disclosure and Approval Requirements** 

You are required to disclose and seek pre-approval for any of the following OBAs:<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as an employee, independent contractor, sole proprietor, officer, director or partner of a for-profit business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as a director, officer or executive management of a non-profit entity or performing investment-related functions on its behalf; and

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<sup>1</sup> FINRA obligation: If you are a FINRA-licensed person, please consult with Distribution Compliance on the disclosure obligations in relation to outside directorships and other business interests.

<sup>2</sup> Hong Kong SFC obligation: If you are a Hong Kong SFC-licensed person, please consult with local compliance on the disclosure obligations in relation to outside directorships and other business interests.

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**Personal Code of Ethics** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any other outside employment or activity (paid or unpaid) that may give rise to a conflict with the
Company, its shareholders or clients, or other risk (e.g., operating a blog that provides financial advice).

You are not required to disclose service as a non-director, non-officer, non-executive management employee or volunteer for a non-profit entity, including civic organizations (e.g., your local homeowners or resident association), unless you will be performing investment-related functions on its behalf.

Upon joining the Company, you must submit a request for approval in MCO before continuing any existing OBA. Additionally, prior to commencing any new OBA, you must submit a request for approval in MCO.

You must abide by the Company's decision as to whether to permit an OBA and, if so, any conditions it places on your participation in the OBA.

You are required to keep your OBA disclosures current and accurate by promptly notifying Compliance of any relevant changes to your status (e.g., you are now serving on the investment committee) or the entity's status (e.g., the company has become or is becoming publicly-traded). You must attest to the accuracy and completeness of your OBA disclosures in MCO annually.

**3.2.3** **Approval Process** 

Compliance reviews and approves your OBA request if it does not present any actual or potential conflict or other risk. Compliance escalates your request to the Ethics & Conflicts Committee and your direct manager, as appropriate, if the activity presents perceived, actual or potential conflict. The Ethics & Conflicts Committee reviews and approves or denies any requests escalated by Compliance.

In deciding whether to approve the activity, Compliance, your direct manager and/or the Ethics & Conflicts Committee will consider whether the OBA presents any conflict or other risk and, if so, whether that conflict or risk can be effectively mitigated. Your request will not be denied without good cause. Compliance, your direct manager and/or the Ethics & Conflicts Committee may impose any conditions on your participation in the OBA reasonably necessary to manage any conflicts or risks, including but not limited to requiring periodic certifications.

As a general rule, you will not be allowed to serve on the board of directors of any company with publicly traded equity or debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Gifts, Entertainment and Meals Received** 

**3.3.1** **Key Principles** 

Your receipt of Gifts and Entertainment from Business Relationships may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose and receive approval for Gifts and Entertainment received or intended to be accepted from a Business Relationship in accordance with the requirements of this Code.

You must follow the restrictions that apply to your jurisdiction and business as set forth in the relevant regional rules in Appendix 3. Employees located or doing business in the UK and Europe are generally limited to receiving certain minor non-monetary benefits, including hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training event.

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**Personal Code of Ethics** 

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Regardless of your business unit and location, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive cash, cash equivalents, loans or personal services on behalf of Janus Henderson, even if these fall
within the limits outlined in the Appendices. This includes gift cards or certificates if they can be redeemed for cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive special discounts unless they are available to all other Employees (e.g., a discount coupon from a retail
store).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive a Gift or Entertainment if it could be perceived by others as a bribe or consideration for a business
favour.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive a Gift or Entertainment that would be embarrassing to you or Janus Henderson if made public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request a Gift or Entertainment from a Business Relationship.

**3.3.2** **Disclosure and Approval Requirements** 

You are required to disclose any Gifts or Entertainment that you receive or wish to accept to the extent they exceed the relevant Disclosure Threshold described in the Appendices. You are also required to seek pre-approval for any Gifts or Entertainment that you receive or wish to accept to the extent they exceed the relevant Individual or Annual Limit described in the Appendices or are otherwise restricted.

The Appendices outline for each jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure Thresholds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual Limits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Limits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other rules or guidelines.

The described thresholds and limits apply to the total, fair market value of the Gift or Entertainment, including meals, drinks, tickets to sporting events, etc. For the avoidance of doubt, fair market value is the greater of the value at which it could be purchased in the open market and the nominal cost to the Business Relationship. Any Annual Limits per provider apply to the combined total of all Entertainment received from the Business Relationship, including Business Meals. All Individual and Annual Limits related to Business Meals are exclusive of tax and gratuity.

You are required to attest at least annually that you have disclosed all Gifts and Entertainment required to be disclosed and that you have not received any Gifts or Entertainment outside of the Code requirements.

**3.3.3** **Approval and Exceptions Process** 

Any Gift or Entertainment whose value exceeds the relevant Individual or Annual Limit, or that is otherwise impermissible due to restrictions described in the Appendices constitutes an exception to the Code. Compliance and your direct manager will generally review and approve or deny any exceptions to the Code. The receipt of Gifts and Entertainment in excess of the Individual or Annual Limits by the CEO is subject to review and approval by the Chairman of the Janus Henderson Board. The receipt of Gifts and Entertainment in excess of the Individual or Annual Limits by other members of the Executive Committee is subject to review and approval by the CEO. In connection with the approval of an exception, the Company may impose additional conditions or restrictions on the receipt of the Gifts or Entertainment, including but not limited to requiring the Employee to reimburse the Business Relationship or donate to an appropriate charitable organization the amount by which the fair market value of the Entertainment exceeds the relevant Individual Limit. The Ethics & Conflicts Committee will review all exceptions granted.

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**Personal Code of Ethics** 

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You may be invited to speak at industry conferences and events. In some situations, the speech or appearance involves travel, lodging, or other customary speaker amenities (travel accommodations). You must promptly disclose such accommodations in MCO and seek Compliance approval to receive such accommodations.

If, after you have received Gifts or Entertainment, you or Compliance determine the value is over the relevant Individual or Annual Limit or is otherwise inappropriate, your direct manager and Compliance will work with you to resolve the issue and ensure that you remain compliant with the Code and local regulations. In the event an Employee receives a Gift over the applicable limit, the Employee will be required to return the Gift or, at the direction of Compliance and the Ethics & Conflicts Committee, (1) pay the fair market value of the Gift and keep it, (2) donate the Gift to charity or (3) dispose of the Gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Political Activities** 

**3.4.1** **Key Principles** 

Your participation in Political Activities and your making of Political Contributions may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you<sup>3</sup> must disclose and receive pre-approval for Political Activities and Political Contributions and conduct approved activities in accordance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only Covered Associates are allowed to solicit investment advisory services business from U.S. Government
Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are prohibited from directly or indirectly using a third party to solicit investment advisory services
business from U.S. Government Entities without pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are prohibited from performing any act which would result in a violation of the Code whether directly or
through or by any other person or means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Employee may undertake any Political Activity (1) using the Company's name, (2) during working
hours, (3) on the Company's premises and/or (4) with the use of Company's equipment, property, funds or personnel without obtaining pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all times, the interests of the Company and its clients take priority over the personal political interests of
Employees.

**3.4.2** **Disclosure and Approval Requirements** 

You are required to disclose and seek pre-approval for any Political Activities or Political Contributions of yourself or the Company. All executive officers of SEC-registered investment advisers are also required to disclose and seek pre-approval for any Political Activities or Political Contributions of their family members (i.e., a spouse, domestic partner or minor children). You should submit all requests for pre-approval to Compliance via MCO.

Any Political Contributions made by others (e.g., spouses, domestic partners, family members, friends, placement agents, consultants, attorneys, businesses, etc.) at the direction or suggestion of an Employee are considered to be made by that Employee for purposes of the Code.

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<sup>3</sup> For purposes of these Political Activities disclosure and pre-clearance rules alone, the terms "you" and "Employee" do not cover contractors.

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**Personal Code of Ethics** 

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**3.4.3** **Approval and Exceptions Process** 

You must obtain written approval from Compliance prior to making any Political Contribution or engaging in any Political Activity on behalf of yourself or the Company. All officers must also obtain written approval from Compliance before a family member (i.e., a spouse, domestic partner or minor children) makes a Political Contribution or engages in any Political Activity.

Compliance, and Legal as necessary, will review all requests to determine whether they are permissible based on the requirements of the Code as well as applicable federal, state and local restrictions.

In general, you may make Political Contributions of $150 (U.S. or local equivalent) to a candidate per election, subject to Compliance approval. Primary and general elections are considered separate elections. You may request exceptions to the $150 limit, which may be reviewed by representatives of the Legal and Compliance departments. In certain cases, exception requests may be escalated to the CEO for approval. The Company's Political Activities and Political Contributions must be approved by the Executive Committee.

In general, contributions to and activities for charitable organizations, such as 501(c)(3)s, are not typically considered Political Activities or Contributions; however, you must keep in mind the anti-circumvention provisions of the Code (see Section 3.4.4). If you are unsure if a particular contribution or activity would comply with the Code and legal or regulatory requirements or require pre-approval, please consult with Compliance.

**3.4.4** **Conditions and Prohibitions** 

You are expected to exercise good judgment when engaging in Political Activities, making Political Contributions or otherwise using political influence. You must consider any actual, potential or apparent conflicts of interests when engaging in Political Activities or making Political Contributions. Regardless of amount, all Political Contributions must be entirely voluntary and unlikely to influence the candidate's judgment regarding any continued or future investment advisory services business.

You are prohibited from making Political Contributions when the solicitation or request for such contribution implies that continued or future business depends on making such contributions. Similarly, no Political Activities should be performed nor Political Contributions made that create the appearance that the Company stands to receive preferential treatment in the selection of investment advisory services.

The Company and its Covered Associates are flatly prohibited from "bundling", pooling or otherwise facilitating contributions or soliciting, directly or indirectly, contributions on behalf of candidates for state and local office and payments to state or local political parties. This includes activities such as serving on a candidate's campaign finance committee, hosting fundraisers or otherwise engaging in political fundraising for Officials and state and local political parties, including political action committees (PACs) and inaugural and transitional expenses. For example, merely having one's name appear in letterhead or any other portion of a fundraising letters or sponsoring a meeting or conference that features a government official as an attendee or guest speaker and involves fundraising may be considered soliciting contributions for a candidate or party.

In addition, any payments and/or contributions to state and local parties made to a PAC controlled by an SEC-registered investment adviser or any of its Covered Associates, either directly or indirectly, are strictly prohibited. As a result, Covered Associates and, for executive officers of SEC-registered investment advisers, members of their households are strictly prohibited from establishing, controlling or being involved with a PAC or any other entity that makes Political Contributions.

You are prohibited from performing any act that would result in a violation of the Code directly or through or by any other person or means. This means that you may not use other persons or entities, including affiliated entities or unaffiliated PACs, as "conduits" to circumvent applicable laws, rules, regulations and/or the Code.

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**Personal Code of Ethics** 

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**3.4.5** **Soliciting U.S. Government Entities on Behalf of SEC-Registered Advisers** 

Only Covered Associates are allowed to "solicit" investment advisory services business from U.S. Government Entities. Soliciting in this context means any direct or indirect communication with a U.S. Government Entity for the purpose of obtaining or retaining investment advisory services business. The following are examples of when such solicitation could result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leading, participating in or merely being present at a sales/solicitation meeting with a U.S. Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise holding oneself out as part of the investment advisory services sales/solicitation effort with a U.S.
Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• signing a submission to a Request for Proposal in connection with investment advisory business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving a sales commission, servicing trailer, finder's fee or other compensation for helping an
investment adviser obtain or retain investment advisory business with a U.S. Government Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making introductions between officials of a U.S. Government Entity and an investment adviser.

Compliance will notify individual Employees of his or her status as a Covered Associate and will maintain and update these lists as necessary. Compliance will work with Human Resources to screen potential hires and internal transfers who may be entering or exiting Covered Associate status to ascertain if their Political Contributions have or have not exceeded the applicable de minimis limits prescribed by any legal, regulatory or contractual limitations.

No Employee may directly or indirectly use a third party or an affiliate (i.e., anyone who is not an Employee of the SEC-registered investment adviser) to solicit investment advisory services business from U.S. Government Entities without pre-approval from Compliance. Among other things, Compliance will vet any potential third party to determine if it is a permissible placement agent under SEC Rules 206(4)-3 and 206(4)-5.

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**Personal Code of Ethics** 

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**Appendix 1 – Definitions** 

**Access Person**: Any Employee who has access to non-public information regarding any client's purchase or sale of securities or non-public information regarding the portfolio holdings of any client account. All persons covered by the Personal Account Dealing rules are deemed Access Persons.

**Annual Limit**: The maximum fair market value of Gifts or Entertainment that can be received from a single provider over the course of a year, absent an exception. The Annual Limit is combined for Business Meals and Entertainment.

**Approved Brokers:** Those brokers that provide Compliance with transactions and holdings data via electronic feed into MCO. A current list of Approved Brokers can be found in the <u>Approved Broker Guidelines</u>.

**Beneficial Ownership**: You are the beneficial owner of any account or securities in which you have a direct or indirect financial interest. This includes accounts held in the name of your spouse or equivalent domestic partner, your minor children, and relatives living with you to whom you provide financial support and can include trusts for which you are a trustee or a beneficiary. See Appendix 2 for more detailed information on Beneficial Ownership.

**Business Meals**: A meal which the Business Relationship pays for and whose primary purpose is to discuss business. If the meal accompanies a form of Entertainment, it should be disclosed in conjunction with the Entertainment.

**Business Relationship**: Any person or entity that does or seeks to do business with or on behalf of Janus Henderson or any client.

**CCO**: Chief Compliance Officer or his/her designee.

**Closed Period**: The time period between the completion of a listed company's financial results and the announcing of these results to the public.

**Covered Associate**: Employees who are identified by Compliance based upon requirements of Rule 206(4)-5, including but not limited to members of sales teams, Compliance, Legal, Investments, Marketing, the Executive Committee and certain department heads.

**Covered Securities**: In general, any securities (and derivatives thereof), including but not limited to individual stocks and bonds, exchange-traded products (ETFs and ETNs), closed-end funds, private placements and limited offerings. See Appendix 2 for a detailed list of Covered and Non-Covered securities.

**Disclosure Threshold**: The fair market value above which Gifts or Entertainment are required to be disclosed.

**Employees or You**: All employees of Janus Henderson, as well as certain contactors as identified by Compliance.

**Entertainment**: A sporting event, concert, theatre performance, outdoor activity, reception, cocktail party, Business Meal or any other event that the Business Relationship pays for. In order to qualify as Entertainment, the Business Relationship must attend the event with you.

**Ethics & Conflicts Committee**: Governance committee composed of senior leaders throughout Janus Henderson Group. The Committee meets quarterly, or more often as needed, to review potential violations of the Personal Code of Ethics, our Code of Business Conduct and other related policies.

**FCA**: Financial Conduct Authority – a UK regulator.

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**Personal Code of Ethics** 

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**Gift**: Any item of value that is received from a current or prospective Business Relationship. Entertainment that the Business Relationship pays for, but does not attend, qualifies as a Gift.

**Individual Limit**: The maximum fair market value of Gifts or Entertainment that can be received from a single provider in connection with a single event, absent an exception.

**Investment Person**: An Access Person who also makes or participates in making, decisions regarding the trading of securities in any client account, has access to such decisions or assists in the trade process. Investment Persons generally can include PMs, research analysts, traders, trade operations, compliance, investments, product development and ExCo members.

**Janus Henderson or the Company**: Janus Henderson Group plc, its affiliates and its subsidiaries.

**Janus Henderson Products:** Any fund or product for which JHG acts as an investment adviser, sub-adviser or principal underwriter (e.g., mutual funds, exchange-traded products, UCITS funds, investment trusts, commingled pools, hedge funds or subadvised products)

**MyComplianceOffice (MCO)**: The monitoring system utilized for all personal compliance disclosures including Personal Account Dealing.

**Outside Business Activity (OBA)**: Any personal activities outside of work subject to the disclosure and pre-approval requirements described in Section 3.2.2.

**Personal Account Dealing (PAD)**: The personal transactions in Covered Securities held in accounts under the Beneficial Ownership of persons covered by the Code.

**Political Activity**: Any activity that directly or indirectly supports a candidate's campaign for governmental office, including but not limited to: (1) hosting fundraisers for candidates, committees and parties; (2) using your name or the Company's name on fundraising literature; (3) "bundling" or coordinating contributions on behalf of others; (4) volunteering to make phone calls or canvas neighbourhoods; (5) participating in a PAC; (6) giving endorsements; or (7) serving on a candidate's election committee.

**Political Contribution**: Any gift, subscription, loan, advance, or deposit of money or anything of value for: (1) the purpose of influencing any election for governmental office; (2) the payment of debt incurred in connection with any such election; or (3) transition or inaugural expenses incurred by the successful candidate for governmental office. Political Contributions include both monetary contributions and in-kind contributions. For example, if an Employee pays for services, provides facilities or a personal residence (e.g., to host a reception), or uses other resources to benefit any candidate, political party, political organization, inaugural committee or transition team, these activities could be considered Political Contributions.

**Reportable Accounts:** All brokerage accounts and any other accounts in which the Employee has Beneficial Ownership and that hold or **can** hold Covered Securities or Janus Henderson Products.

**SEC:** U.S Securities and Exchange Commission – a U.S. regulator.

**U.S. Government Entity**: Any U.S. state or local government; any agency, authority or instrumentality of a state or local government; any pool of assets sponsored by a state or local government (such as a defined benefit pension plan, separate account or general fund); and any participant-directed government plan (such as 529, 403(b), or 457 plans).

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**Personal Code of Ethics** 

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**Appendix 2 – PAD Guidelines** 

**Covered Securities** 

The following securities (and derivatives thereof) are considered Covered Securities and are therefore subject to the Code requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equities – listed and unlisted shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fixed income instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. guaranteed or of federally sponsored enterprises (FHLMC, FNMA, GNMA, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• municipal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• closely held

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADRs, EDRs and GDRs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all ETFs/ETNs (including Janus Henderson ETFs/ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hedge funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• special purpose acquisition companies (SPACs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• private placements and limited offerings (including security token offerings or initial coin offerings related to
crypto-currencies)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment trusts (including Janus Henderson-managed investment trusts and REITs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments listed above held in a wrapped product, such as an ISA, SIPP, EIS, SEIS, etc.

Any investment that you are unsure about should be precleared.

**Non-Covered Securities** 

The following securities, commodities, currencies and instruments (and derivatives thereof) are considered Non- Covered Securities and are not subject to the Code requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bank and term deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bonds and other direct debt instruments issued by the government of the UK, the US or other foreign governments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• premium bonds (UK specific)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct investment or derivatives trading (such as futures and options) in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• physical commodities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broad-based indices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• crypto currencies (other than those in security token offerings or initial coin offerings)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated open-end funds (UCITS, NURS, US mutual funds, Australian
managed investment schemes, etc.) unless Janus Henderson Products.

While the above securities, commodities, currencies and instruments are exempt from the specific preclearance requirements and investment restrictions set out in the Code, be aware that any type of trading that could result in a conflict of interest arising is actively discouraged. This includes high levels of trading in Non-Covered Securities.

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**Personal Code of Ethics** 

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**Beneficial Ownership** 

**Definition of Beneficial Ownership** 

The Code applies to all accounts and securities beneficially owned by you as well as accounts under your direct or indirect influence or control. Essentially, this means that if you have the ability to profit, directly or indirectly, or share in any profit from a transaction, you have Beneficial Ownership. If you are unsure if an account or investment falls under your beneficial ownership, contact Compliance for further guidance.

**Practical Application** 

You live with your parents: If you live in your parents' house but do not financially support your parents, your parents' accounts and securities are not beneficially owned by you and do not require disclosure.

Your parent lives with you: If you provide financial support to your parent, your parent's accounts and securities are beneficially owned by you and require disclosure.

You have an adult child living in your home: If you provide financial support to your child, your child's accounts and securities are beneficially owned by you and require disclosure.

You have a college-age child: If your child is in college and you still claim the child as a dependent for tax purposes, you are the beneficial owner of their accounts and securities.

Your child has an UGMA/UTMA account: If you (or your spouse) are the custodian for the minor child, the child's accounts are beneficially owned by you. If someone other than you (or your spouse) is the custodian for your minor child's account, the account is not beneficially owned by you.

You have a domestic partner or similar cohabitation arrangement: If you contribute to the maintenance of a household and the financial support of a partner, your partner's accounts and securities are beneficially owned by you and require disclosure.

You have a roommate: Generally, roommates are presumed to be temporary and therefore you have no beneficial ownership in one another's accounts and securities.

You have power of attorney: If you have been granted power of attorney over an account, you are not the beneficial owner of the account until the time that the power of attorney has been activated.

You are the trustee and/or the beneficiary of a trust: Due to the complexity and variety of trust agreements, these situations require case-by-case review by Compliance.

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**Personal Code of Ethics** 

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**Appendix 3 – Gifts, Entertainment and Meals Received Limits, Thresholds and Guidelines** 

**U.S. and North America Requirements** 

**Limits and Thresholds** 

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Disclosure<br>Threshold** | **Individual Limit<br>(per event)** | **Annual Limit<br>(per provider)** |
|  Gifts | $50 | $100 | $100 |
|  Business Meals | $50 | $300\* | $1500 |
|  Entertainment | $50 | $300\* | (combined) |

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**Prohibitions** 

You may not receive any Entertainment that constitutes an "extraordinary" event, such as the Super Bowl, World Series, College Football Playoff Semi-Final and Championship games, NBA Finals, NHL Finals, etc.

**Additional Restrictions for Traders and Trade Operations** 

Employees in Trading and Trade Operations may only accept Entertainment in the form of reasonable Business Meals. Participation in other Entertainment is allowed with permission from the applicable Head of Trading. The Employee's portion of the event must be paid for by the Employee or treated as a company expense and must be documented in MCO with proof supporting the expense or the reimbursement to the provider.

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**UK and Europe Requirements** 

**Limits and Thresholds** 

The FCA has prohibited the receipt of anything other than "acceptable minor non-monetary benefits" in connection with the provision of an investment service or an ancillary service. Therefore, Employees in the UK and Europe may receive Gifts or Entertainment that do not qualify as acceptable minor non-monetary benefits *only if* the Gift or Entertainment is unrelated to the provision of an investment service or an ancillary service. In making this determination, Compliance will evaluate all relevant factors, including the Employee's position, the nature of the Gifts or Entertainment and the nature of the Business Relationship. By way of example, a Gift or Entertainment, such as invitations to a sporting or social event, provided by a software vendor to a member of the Finance team would likely not be related to the provision of an investment service or an ancillary service. For any Gift or Entertainment that is determined to be unrelated to the provision of an investment service or an ancillary service, the limits and thresholds described below apply. For other Gifts or Entertainment, the stricter limits and thresholds outlined in the "Additional Restrictions" section apply. Regardless of how a Gift or Entertainment is categorized, the approver must consider the appropriateness of the receipt of the Gift or Entertainment by the Employee when reviewing for approval.

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Disclosure**<br>**Threshold** | **Individual Limit<br>(per event)** | **Annual Limit<br>(per provider)** |
|  Gifts | £10 | £75 | £75 |
|  Business Meals | £30 | £225 | £1,125 |
|  Entertainment | £30 | £225 | (combined) |

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**Additional Restrictions for Front Office and Distribution Employees** 

The FCA has prohibited the receipt of anything other than "acceptable minor non-monetary benefits" in connection with the provision of an investment service or an ancillary service. Therefore, Employees in the Front Office and Distribution functions may only receive acceptable minor non-monetary benefits. Acceptable minor non-monetary benefits are those which are (1) capable of enhancing the quality of service provided to the client; (2) of a scale and nature that they could not be judged to impair Janus Henderson's duty to act honestly, fairly and professionally in the best interests of the client; and (3) reasonable, proportionate and of a scale that is unlikely to influence Janus Henderson's behaviour in any way that is detrimental to the interests of the relevant client.

For purposes of the Code, this is limited to participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service and hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training event. The following limits and thresholds apply.

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Disclosure<br>Threshold** | **Individual Limit<br>(per event)** | **Annual Limit<br>(per provider)** |
|  Gifts | Not permitted | Not permitted | Not permitted |
|  Business Meals | £30 | £125 | £750 |
|  Entertainment\* | Not permitted | Not permitted | Not permitted |

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**\*** Includes golf days, cricket and football matches and attendance of concert or theatre events. 

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**Asia Pacific Requirements** 

**Limits and Thresholds** 

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Disclosure<br>Threshold** | **Individual Limit<br>(per event)** | **Annual Limit<br>(per provider)** |
|  **Australia** | **Australia** | **Australia** | **Australia** |
|  Gifts | AUD 50 | AUD 200 | AUD 200 |
|  Business Meals | AUD 100 | AUD 250 | AUD 1,250 |
|  Entertainment | AUD 50 | AUD 250 | (combined) |
|  **Hong Kong & PRC<sup>4</sup>** | **Hong Kong & PRC<sup>4</sup>** | **Hong Kong & PRC<sup>4</sup>** | **Hong Kong & PRC<sup>4</sup>** |
|  Gifts | HKD 300 | HKD 1,000 | HKD 1,000 |
|  Business Meals | HKD 600 | HKD 1,500 | HKD 7,500 |
|  Entertainment | HKD 300 | HKD 1,500 | (combined) |
|  **Taiwan<sup>5</sup>** | **Taiwan<sup>5</sup>** | **Taiwan<sup>5</sup>** | **Taiwan<sup>5</sup>** |
|  Gifts | TWD 1,200 | TWD 3,000 | TWD 3,000 |
|  Business Meals | TWD 2,400 | TWD 6,000 | TWD 30,000 |
|  Entertainment | TWD 1,200 | TWD 6,000 | (combined) |
|  **Japan** | **Japan** | **Japan** | **Japan** |
|  Gifts | JPY 4,000 | JPY 15,000 | JPY 15,000 |
|  Business Meals | JPY 8,000 | JPY 20,000 | JPY 100,000 |
|  Entertainment | JPY 4,000 | JPY 20,000 | (combined) |
|  **Singapore** | **Singapore** | **Singapore** | **Singapore** |
|  Gifts | SGD 50 | SGD 200 | SGD 200 |
|  Business Meals | SGD 100 | SGD 250 | SGD 1,250 |
|  Entertainment | SGD 50 | SGD 250 | (combined) |

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**Prohibitions** 

Gifts of travel or accommodation cannot be accepted.

**Additional Restrictions for Traders and Trade Operations** 

Employees in Trading and Trade Operations may only accept Entertainment in the form of reasonable Business Meals. Participation in other Entertainment is allowed with permission from the applicable Head of Trading. The Employee's portion of the event must be paid for by the Employee or treated as a company expense and must be documented in MCO with proof supporting the expense or the reimbursement to the provider.

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<sup>4</sup> For PRC, the amount is RMB equivalent. 

<sup>5</sup> For Taiwan, this limit applies to any Gifts received for festivals/custom convention purposes (SITCA rule). Limit applies on a case-by-case basis for each client.

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**Appendix 4 – Policies for Independent Fund Trustees** 

The following provisions apply to the Independent Trustees of the Janus Investment Fund (JIF), the Janus Aspen Series (JAS), and the Janus Detroit and Clayton Street Trusts.

**Personal Account Dealing Requirements** 

**Disclosure Requirements** 

As an Independent Trustee, you must disclose to Compliance any new and existing accounts in which you have beneficial ownership through which shares of Janus Henderson Products are held. You must complete the disclosures and certify annually thereafter. In addition, you must allow your brokers or financial institutions to provide duplicate account statements to Compliance.

**Trades in Covered Securities** 

You must refrain from trading in a Covered Security when you have knowledge of Janus Henderson trading recommendations for that security. Additionally, you must certify annually that you adhered to this requirement.

**Janus Henderson Mutual Funds – Ninety Day Rule for Trustees of JIF/JAS** 

Trading in and out of Janus Henderson Funds within 90 days is discouraged. If you do, then you must surrender any profits resulting from the purchase and subsequent sale, or sale and subsequent purchase. The Ninety Day Rule does not apply to systematic transactions such as payroll deduction, automatic monthly investments, or 401(k) contributions. However, it does apply to all other non-systematic transactions including periodic rebalancing. Profit calculations are determined by the First-in, First-out (FIFO) method.

**JHG Securities** 

Independent Trustees are prohibited from owning Janus Henderson Group (JHG) securities.

**Communications with the Investment Team** 

Janus Henderson provides regular information about investment activities in board meetings, meetings of the Trustees' Investment Oversight Committee where portfolio managers meet and present to the Trustees, on the Trustee website, and ongoing communications between Janus Henderson and the Trustees. In addition, Janus Henderson personnel respond to inquiries from Trustees, particularly as they relate to general strategy considerations or economic or market conditions affecting the Funds. The mutual funds holdings disclosure policy specifically provides that, for legitimate business purposes, the Trustees may receive non-public portfolio holdings. With regard to specific holdings, however, Janus Henderson typically does not communicate specific trading or holdings information to Trustees except as set forth above and in accordance with the policy. Any pattern of repeated requests for specific trading information not in accordance with the mutual funds holdings disclosure policy will be reported to the Chief Compliance Officer.

**Gifts and Entertainment Policy for Trustees** 

**Gifts** 

As an Independent Trustee, you are prohibited from soliciting gifts or entertainment from Janus Henderson. You may not receive more than $100 in gifts in a calendar year from Janus Henderson. Gifts are things of value received where there was no direct meeting with Janus Henderson.

**Entertainment** 

You may attend Janus Henderson hosted events, (such as occasional meals, sporting events, theatre/Broadway shows, golf outings, an invitation to a reception or cocktail party or comparable entertainment where Janus Henderson personnel are in attendance). The maximum per outing is a $300 value and, if applicable, a $600 value for you and your guest. The limits apply to the total market value cost (not face value) of the outing, including meals, travel (airfare/ hotels/ cars), sporting events, limo rides, etc. The aggregate value of all such benefits may not exceed $1,500 per calendar year. These limitations do not apply to meals served in conjunction with board meetings.

## Exhibit 99.28

EX-28.p.17

![LOGO](g459282dsp300.jpg)

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| | |
|:---|:---|
| **CEO's MESSAGE**<br>Dear Colleagues:<br>The BNY Mellon Code of Conduct guides our actions and decisions as individuals and as a company. The Code supports our vision of defining what it means to be *the* trusted financial institution for the next generation of clients and employees and aligns with our core values: Passion for Excellence, Integrity, Strength in Diversity and Courage to Lead. Our principles for ethical behavior in our day-to-day work are guided by our Integrity, which means we do what is right, always, regardless of the impact on a specific transaction or short-term working relationship. | ![LOGO](g459282dsp301a.jpg) |

---

The Code provides guidance on six key principles 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 observing our privacy principles, to responsibly growing our company with our own environmental, social and governance (ESG) practices and conduct, which are further explained in our <u>Enterprise ESG 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 principles of 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, Human Resources and our Ethics Office 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 Mellon 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](g459282dsp301b.jpg)

Robin Vince

Chief Executive Officer

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**Table of Contents** 

---

| | |
|:---|:---|
|  DOING WHAT'S RIGHT | 5 |
|  HOW TO REPORT A CONCERN | 6 |
|  KEY PRINCIPLES OF OUR CODE | 7 |
|  WHAT YOU SHOULD KNOW ABOUT OUR CODE OF CONDUCT | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUR VALUES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PURPOSE OF OUR CODE | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHO MUST FOLLOW THIS CODE? | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT IS EXPECTED OF EMPLOYEES? | 10 |
|  COOPERATING WITH REGULATORY AGENCIES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT IS EXPECTED OF MANAGERS? | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MANAGING RISK AS A MANAGER | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT HAPPENS WHEN A CONCERN IS REPORTED? | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZERO TOLERANCE FOR RETALIATION | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COOPERATING WITH AN INVESTIGATION | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES | 13 |
|  RESPECTING OTHER | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MUTUAL RESPECT AND PROFESSIONAL TREATMENT | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HARASSMENT-FREE ENVIRONMENT | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAFETY AND SECURITY | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MANAGERS' RESPONSIBILITIES | 18 |
|  AVOIDING CONFLICT | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OVERVIEW | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIFTS AND ENTERTAINMENT | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS | 25 |
|  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 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OWNERSHIP OF AN OUTSIDE BUSINESS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIDUCIARY APPOINTMENTS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERSONAL INVESTMENT DECISIONS | 28 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORPORATE OPPORTUNITIES | 30 |
|  CONDUCTING BUSINESS | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAIR COMPETITION AND ANTI-TRUST | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANTI-CORRUPTION AND IMPROPER PAYMENTS | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMBATING FINANCIAL CRIME AND MONEY LAUNDERING | 36 |
|  WORKING WITH GOVERNMENTS | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YOUR OBLIGATIONS | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BASIC PRINCIPLES | 40 |
|  PROTECTING COMPANY ASSETS | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL INTEGRITY | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USE OF COMPANY ASSETS | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING OUR PRIVACY PRINCIPLES | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLOBAL RECORDS MANAGEMENT PROGRAM | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INSIDE OR PROPRIETARY INFORMATION | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proprietary Information | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUPPORTING OUR COMMUNITIES | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POLITICAL ACTIVITIES | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTOR AND MEDIA RELATIONS | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY | 54 |
|  ADDITIONAL HELP | 55 |

---

------

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. The most current version of the Code can be found on MySource. 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, which can be found in their entirety on MySource.

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DOING WHAT'S RIGHT

AT BNY MELLON, "DOING WHAT'S RIGHT" MEANS

• Contributing to an ethical culture is expected and valued,

• Conducting business in full compliance with all applicable laws and regulations, and in accordance with the highest ethical standards,

• Fostering honest, fair and open communication,

• Demonstrating respect for our clients, communities and one another,

• Being accountable for your own and team actions, and

• Being willing to take a stand to correct or prevent any improper activity or business mistake.

HOW TO DO WHAT'S RIGHT

• Put company values, policies and procedures into action,

• Know the laws and regulations affecting your job duties and follow them,

• Take responsibility for talking to someone if you see a problem, and

• Ask questions if you are unsure of the right thing to do.

WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS

• Could the action affect the company's reputation?

• Would it look bad if reported in the media?

• Am I uncomfortable taking part in this action or knowing about it?

• Is there any question of illegality?

• 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 Department, Legal or Human Resources, 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.***

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**HOW TO REPORT A CONCERN** 

Usually, the best place to start is by talking to your manager. If this makes you uncomfortable, then consider the options below.

**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

• Outside of the United States, find your country's Direct Access code and dial 412-236-7519

**Please note that your phone call can be anonymous.** 

<u>E-mail: ethics@bnymellon.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

• Japan: Softbank Telecom 00 663-5111; KDDI 00 539-111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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>http://www.ethicspoint.com</u> (hosted on EthicsPoint's secure servers and is not part of the company's web site 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** 

If your concern involves 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 e-mail to non-management <u>director@bnymellon.com</u> or by postal mail addressed to:

BNY Mellon 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.** 

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**KEY PRINCIPLES OF OUR CODE** 

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 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 Mellon 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. Our long-term success is linked to the strength of the global economy and the strength of our industry. We are honest, fair and transparent in every way that we interact with our communities and the public at large. We are committed to addressing climate related risks and opportunities through an environmental sustainability approach that considers all aspects of our business.

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**WHAT YOU SHOULD KNOW ABOUT OUR CODE OF CONDUCT** 

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At the foundation of our Code of Conduct are our Values—**Passion for Excellence, Integrity, Strength in Diversity and Courage to Lead.**

Our values underscore our commitment to be a client- focused, trusted financial institution driven by an empowered global team dedicated to outperforming in every market we serve.

*OUR VALUES* 

Our values provide the framework for our decision-making and guide our business conduct. Incorporating these values into our actions helps us to do what is right and protect the reputation of the company.

• **Passion for Excellence**: *We get it done. We strive to be extraordinary.* 

• **Integrity**: *We do what is right, always. We challenge each other – even when it is uncomfortable.* 

• **Strength in Diversity**: *We seek out who is missing and help everyone feel included. We invest in each other's success.* 

• **Courage to Lead**: *We take risks necessary to lead. We grow and move on from failures.* 

**WHAT OUR VALUES DO:** 

• Explain what we stand for and our shared culture

• Span geographies and lines of business

• Represent the promises made to our clients, communities, shareholders and each other

• Are critical to our success

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*PURPOSE OF OUR CODE* 

Today's global marketplace is filled with a host of new challenges and changes, but one constant guide us — the mandate to meet the highest standards of legal and ethical integrity.

The Code of Conduct 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. Failing to meet these standards could expose our company to serious damage.

*WHO MUST FOLLOW THIS CODE?* 

All employees worldwide who work for BNY Mellon or an entity that is more than 50 percent owned by the company must adhere to the standards 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 principles in this Code.

*WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS* 

Waivers of the Code are not permitted for any executive officer of BNY Mellon, 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 Mellon will be notified as appropriate.

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Compliance with the letter and the spirit of our Code of Conduct, laws and regulations, policies and procedures are not optional.

It's how we do business: it's the embodiment of **Doing What's Right.**

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Q & A

Q: I work outside of the U.S. Do U.S. laws apply to me?

A: BNY Mellon does business all over the world, which means that you may be subject to laws of countries other than the one in which you live. You must follow those laws that apply to your business duties, wherever you work. BNY Mellon 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.

The reverse may also be true 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.

*WHAT IS EXPECTED OF EMPLOYEES?* 

You're responsible for contributing to our culture of Doing What's Right by knowing the rules that apply to your job. This includes company policies, procedures, laws and regulations governing the country and businesses in which you work. Some lines of business may have more restrictive policies and procedures, and certain countries may have laws that are unique to a location.

In these situations, you're expected to follow the more restrictive rules. You're expected to ask your manager if you have questions about performing your job. If you do not get an adequate response, it's your duty to keep asking until you get a satisfactory answer. You must question any request that does not comply with company policies, laws or regulations, or is inconsistent with our Code of Conduct.

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.

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 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.

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.

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.

------

*COOPERATING WITH REGULATORY AGENCIES* 

All employees are required to cooperate with regulators. Your communications with regulatory personnel are expected to be responsive, complete and transparent. Any 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.

*WHAT IS EXPECTED OF MANAGERS?* 

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:

• Creating a culture of risk management, compliance and ethics,

• Considering risk in all your decision making,

• Reinforcing with your staff the importance of early identification and escalation of potential risks to the appropriate managers,

• Ensuring employees have the relevant resources to understand their job duties,

• Monitoring compliance with the Code of Conduct, company policies and procedures of the employees you supervise,

• Fostering an environment in which employees are comfortable raising questions and concerns without fear of retaliation,

• Reporting instances of non-compliance to the proper management level,

• Taking appropriate disciplinary action for compliance and ethics violations, and

• 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.

*RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS* 

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.

------

**Q & A** 

**Q: What is my role in managing risk?** 

A: Each employee plays an important role in managing risk when you:

• Perform your job with integrity and in compliance with policies, procedures and the law

• Adhere to the controls established for your business

• Ask questions if instructions are not clear or if you are unsure of

• the right thing to do

• Escalate issues immediately to your manager (e.g., an error,

• a missed control, wrongdoing or incorrect instructions)

**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.** 

------

**Q & A** 

**Q: Where do I go for help if I'm uncomfortable talking to my management?** 

**A:** You can contact the Ethics Help Line or the Ethics Hot Line. The contact information is located in the Code of Conduct, on MySource and on the company's public Internet site.

------

**Q & A** 

**Q: Can I report a concern anonymously?** 

**A:** Yes, you can report your concern to the Ethics Help Line or Ethics Hot Line anonymously if you wish.

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:

• Your manager's manager

• Your line of business Compliance officer

• Someone in the Human Resources or the Legal department

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.

You can also visit the Doing What's Right section of the Compliance and Ethics page on MySource for more information on reporting an issue or incident.

*WHAT HAPPENS WHEN A CONCERN IS REPORTED?* 

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.

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.

*ZERO TOLERANCE FOR RETALIATION* 

Anyone who reports a concern or reports misconduct in good faith, and with 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(s) 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 Mellon 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 Mellon is meant to prohibit you from:

• 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;

• testifying, participating or otherwise assisting in an action or proceeding by a Governmental Authority relating to a possible violation of law; or

• participating in any benefits for information provided to Government 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:

• 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

• the material is revealed in a complaint or other document filed under seal in a lawsuit or other proceeding.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.

------

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

HARASSMENT-FREE ENVIRONMENT

SAFETY AND SECURITY

MANAGERS' RESPONSIBILITIES

KEY PRINCIPLE: RESPECTING OTHERS

![LOGO](g459282dsp314.jpg)

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**KEY PRINCIPLE: RESPECTING OTHERS** 

*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 Mellon 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 Human Resources to address the conflicts that such a relationship creates.

Situations that involve borrowing money, or 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, Entertainment and Loans from One Employee to Another Policy)***

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**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 Human Resources.

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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, Entertainment and Loans from One Employee to Another Policy)***

Managers must also be aware of situations where family members or close personal friends may also work at BNY Mellon. 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 Human Resources for guidance.

***(Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy)***

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*HARASSMENT-FREE ENVIRONMENT* 

BNY Mellon 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 and offensive remarks, whether delivered verbally, graphically or in electronic media, including e-mail.

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. Certain local laws or regulations may provide additional protection for employees, so check with Human Resources or the Legal department in your local area if you have questions.

Some countries have specific laws concerning sexual harassment that include:

• Intentional or unintentional, unwelcome sexual advances with or without touching

• Coerced sexual acts

• Requests or demands for sexual favors

• 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. <u>Human Rights Statement</u>

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**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 Human Resources or call the Ethics Help Line or Ethics Hot Line.

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**Q & A** 

**Q: I have reason to believe that a colleague is coming to the office intoxicated. What should I do?** 

A: You should notify your manager immediately. If you're uncomfortable discussing this with your manager, contact Human Resources.

*SAFETY AND SECURITY* 

BNY Mellon 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:

• You must contribute to maintaining a workplace free from aggression. Threats, intimidating behavior or any acts of violence will not be tolerated.

• 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.

• 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.

• You should be alert to individuals who are on company premises without proper authorization.

• Make sure you observe all physical access rules in your location and report incidents of unauthorized entry to your manager or to security personnel.

***(Reference: Company Identification Card Issuance; Display and Use of Company Identification)***

*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 an environment 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.

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AVOIDING CONFLICTS

We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY Mellon 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.

GIFTS AND ENTERTAINMENT

OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS

OUTSIDE SERVICE AS A DIRECTOR, OFFICER OR GENERAL PARTNER

OWNERSHIP OF AN OUTSIDE BUSINESS

FIDUCIARY APPOINTMENTS

PERSONAL INVESTMENT DECISIONS

DEALING WITH FAMILY AND CLOSE PERSONAL FRIENDS

CORPORATE OPPORTUNITIES

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KEY PRINCIPLE: AVOIDING CONFLICTS

*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 Mellon's reputation. You're expected always to act in a way that reflects our commitment to 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 and 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 Mellon 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 or other romantic partner, or a close friend at the expense of the company's or a client's best interests. 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.

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.

***(Reference: Business Conflicts of Interest Policy)***

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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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**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.

*GIFTS AND ENTERTAINMENT* 

Our clients, suppliers and vendors are vital to BNY Mellon'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 Mellon'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 principle 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 on the next page that 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 standards that may apply to your job or your location.

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The following are NOT allowed, regardless of the value:

• Accepting or giving anything as a "quid pro quo", that is for doing something in return for the gift or entertainment,

• Accepting or giving cash or cash equivalents (e.g., checks, cash convertible gift certificates or cards, securities and loans),

• Accepting or giving a gift or entertainment that violates any law or regulation or brings harm to BNY Mellon's reputation,

• Accepting or giving anything that could be viewed as a bribe, payoff or improper influence,

• 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,

• 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,

• Providing entertainment that is lavish or too frequent for an existing or prospective client, vendor or supplier,

• Participating in any entertainment that is inappropriate, sexually oriented or inconsistent with ethical business practices,

• 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,

• Participating in any action that would cause the other person to violate their own company's standards for gifts and entertainment, and

• Providing gifts or entertainment to an existing or prospective client, supplier or vendor not recorded properly in the company books and records.

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**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 Mellon. 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.

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**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 an unsatisfactory answer, contact the Ethics Help Line or the Ethics Hot Line to report your concern doing business with the company.

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 Mellon'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 Mellon 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 pre-approval, where required. You can always contact your Manager or the Ethics Office if you have questions.

***(Reference: Gifts & Entertainment Policy)***

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*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 Mellon, 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 Mellon, including:

• Employment or association with companies or organizations that prepare, audit or certify statements or documents pertinent to the company's business,

• Employment with clients, competitors, vendors or suppliers that you deal with in the normal course of your job duties, and

• Any business relationship with a client, prospect, supplier, vendor or agent of the company (other than normal consumer transactions conducted through ordinary retail sources).

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**Q & A** 

**Q: A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY Mellon. 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 decision-making 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.

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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:

• 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),

• Employment involving providing tax advice or tax return preparation,

• Any type of employment in the financial services industry,

• Employment that could compete with the company or divert business opportunities in any way,

• Any position that is similar in nature to your present job duties and involves a "knowledge transfer" to the other organization,

• 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,

• Employment of any kind that would negatively impact the company's financial or professional reputation, and

• Serving as an expert witness, industry arbitrator or other similar litigation support that is unrelated to BNY Mellon, 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 re-approval via CODE RAP is required since facts and circumstances may change.

***(Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation Policy)***

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**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:

• There is an existing or proposed client, business or financial relationship between the NFP organization and BNY Mellon, including receiving charitable contributions, grants or foundation money from BNY Mellon.

• The NFP organization is a trade or industry organization (e.g., Financial

• Industry Regulatory Authority or the Chartered Financial Analyst Institute).

• You receive any type of direct or indirect compensation (e.g., cash, securities, goods, services, tax benefit, etc.).

PolicyYou have been asked by BNY Mellon to serve the NFP organization.

• The organization/entity is any type of government agency or your position/

• role is considered to be a public official (whether elected or appointed).

Additionally, 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.

**You may not serve until you have full approval from BNY Mellon 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 Mellon. Annual re-approval 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 Mellon of any anticipated negative publicity, and you must follow these guidelines while you serve:

• Never attempt to influence or take part in votes or decisions that may lead to the use of BNY Mellon 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.

• 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.

• You cannot divulge any confidential or proprietary information.

• If you learn of any Material Non-Public 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 Mellon. It does not matter which line of business has the client relationship, or whether or not you have any business dealings with the group. You must submit a CODE RAP form and receive approval before you agree to serve.

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*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 Mellon (including employees), any compensation/ payment received, time required and potential conflicts of interest (actual or in appearance). Annual re-approval 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 Mellon 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:

• 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,

• 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

• Do not permit your appointment to interfere with the time and attention you devote to your BNY Mellon 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 Mellon securities and a strict prohibition against insider trading.

Certain employees will have additional restrictions placed on their personal investments that may include reporting and pre-clearing 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 principle 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 Mellon, or a competitor to BNY Mellon.

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)***

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**Q & A** 

**Q:A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY Mellon. 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 decision-making 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.

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**Q & A** 

**Q: My son works for a consulting company that BNY Mellon routinely hires for software development. My job does not require that I interact with him 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 son working for the consulting company and your job at BNY Mellon. 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.

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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

*CORPORATE OPPORTUNITIES*

You owe a duty to BNY Mellon to advance its legitimate business interests when the opportunity arises. You and your family members are prohibited from personally benefiting from opportunities discovered through the use of company property or information that you directly or indirectly obtained through your position at BNY Mellon.

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 Mellon or could appear to belong to it.

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.

If you make such a recommendation, you must follow these requirements:

• Provide several candidates and ensure you show no favoritism toward any of them

• Disclose in writing that the recommendations are in no way sponsored or endorsed by the company

• 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

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.

FAIR COMPETITION AND ANTI-TRUST

ANTI-CORRUPTION AND IMPROPER PAYMENTS

COMBATING FINANCIAL CRIME AND MONEY LAUNDERING

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**KEY PRINCIPLE: CONDUCTING BUSINESS** 

*FAIR COMPETITION AND ANTI-TRUST* 

BNY Mellon 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 in the spirit of honesty and integrity.

All BNY Mellon entities must comply with the various "fair competition" and "fair dealing" laws that exist in many countries and "anti-trust" laws in the U.S. The general purpose of these laws is 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:

• Fixing prices or terms, or any information that impacts prices or terms,

• Allocating markets, sales territories or clients, including sharing marketing plans or strategic documents,

• 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

• Making the use of a product or service from a supplier or vendor conditional upon their use of our services or products.

The principles of fair dealing require us to deal fairly with our clients, suppliers, competitors and employees. Unfair advantage may not be taken through:

• Manipulation,

• Concealment,

• Abuse of privileged information,

• Misrepresentation of material facts, or

• Any other unfair-dealing practices.

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**Q & A** 

**Q: A close friend works for a competitor of BNY Mellon. 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.

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The competition and anti-trust laws are many and complex, so if you have any question as to whether a particular activity is legal or in compliance with the spirit of these laws, you should contact a member of the Legal department. The following points reinforce the significance and complexity of these laws:

• 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,

• The laws of certain countries may apply to conduct that takes place outside of that country (e.g., the U.S. and EU),

• 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,

• 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
anti-competitive 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

• 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 concern 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 Mellon. **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.

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*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 Mellon 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:

• 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 in particular that "things of value" may include jobs or internships or offers thereof. Company Policies require that any and all candidates for employment (whether permanent, limited duration or as an intern) 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 Mellon, whether or not a third-party employment staffing agency is involved. You must adhere to all internal controls applicable to such arrangements.

• 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,

• 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,

• 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,

• Never make any payment that you do not record on company books and records, or make misleading accounting entries,

• 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

• Report any observations of others engaging in any behavior that you believe is improper.

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**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 located in a European country. 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.

*COMBATING FINANCIAL CRIME AND MONEY LAUNDERING* 

Money laundering is the process by which individuals or entities attempt to conceal unlawful funds or other-wise 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-your-customer" 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 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-US Based Employees and Contractors; Global Economic Sanctions Policy.***

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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.

YOUR OBLIGATIONS

BASIC PRINCIPLES

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**KEY PRINCIPLE:** 

**WORKING WITH GOVERNMENTS** 

*YOUR OBLIGATIONS* 

BNY Mellon 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 principles in this section of the Code. These principles 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 Human Resources representative or the Legal department in such circumstances to be sure you're following requirements of the law.

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**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.

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**Q & A** 

**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.

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*BASIC PRINCIPLES* 

• 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, and

• Don't "tip" government officials or offer "inducement" payments.

• Do not accept or present anything if it obligates you or appears to obligate you.

• Observe a "higher standard of care."

• 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.

• Cooperate with government investigations and audits.

• 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 principles 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 & 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

ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS

USE OF COMPANY ASSETS

PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING

OUR PRIVACY PRINCIPLES

RECORDS MANAGEMENT

USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION

INSIDE OR PROPRIETARY INFORMATION

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**KEY PRINCIPLE:** 

**PROTECTING COMPANY ASSETS** 

*FINANCIAL INTEGRITY* 

BNY Mellon 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 Mellon is required to file reports with government agencies and make certain public statements. Many people and entities use these statements, including:

• Accountants — to calculate taxes and other government fees,

• Investors — to make decisions about buying or selling our securities, and

• 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, back- dating, or misrepresentation of any company books, records or reports will not be tolerated.

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**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 Human Resources. 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.

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*ADDITIONAL STANDARDS FOR SENIOR FINANCIAL* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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:

• 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,

• Provide stakeholders with information that is accurate, complete, objective, fair, relevant, timely and understandable, including information in filings and submissions to the US Securities and Exchange Commission and
other regulatory bodies,

• Act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be compromised,

• 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

• 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 is a vital asset. To ensure that we maintain the integrity and value of the 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, the following is another important principle 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 Mellon Brand and Logos by Third Party Policy).***

**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.**![LOGO](g459282dsp402.jpg)

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*PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING OUR PRIVACY PRINCIPLES* 

The company is responsible for ensuring the 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.**

Nearly every employee in the company has access to private information, so you're expected to adhere to the following key principles concerning privacy:

• 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.

• 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.

• 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.

• 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.

• 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 follow company policies at all times. The loss of any protected data can be extremely harmful to the company financially and damage our reputation.

**(*Reference: Information Privacy Policy, Data Protection and Rights Policy).*** 

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**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 that 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 or contact the Ethics Help Line or the Ethics Hot Line to report your concern.

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*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.

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:

• Papers, e-mails, instant messages, other electronically maintained documents,

• Microfilms, photographs and reproductions,

• Voice, text and audio tapes,

• Magnetic tapes, floppy and hard disks, optical disks and drawings, and

• Any other media, regardless of physical form or characteristics that have been made or received in the transaction of business activities.

*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:

• Personal computers (including e-mail and instant messages) and computer networks,

• Telephones, cell phones, voice mail, and

• Other communications devices, such as tablets, wearable technology, smart watches, etc.)

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). In rare cases, where there is a necessary and legitimate business reason, you may disclose your password to another employee who has the right to access the information associated with your password; however, 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

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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:

• Messages you create should be professional and appropriate for business communication, including those created via e-mail or instant messaging.

• 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).

• Do not distribute copyrighted or licensed materials improperly.

• Do not transmit chain letters, advertisements or solicitations (unless they're specifically authorized by the company).

• 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; Data Protection and Rights Policy)***

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**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 Mellon 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.

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**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 non- public 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.

*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 non-public information that may be of use to competitors, or harmful to the company or its clients, if disclosed.

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 non-public information relating to any company, including BNY Mellon, 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 non-public information about BNY Mellon 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 Mellon securities or the securities of other companies. You must know the restrictions relative to your job and follow company policies and applicable securities laws.

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***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, non-public 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)***

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**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.**![LOGO](g459282dsp402.jpg)

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SUPPORTING OUR COMMUNITIES

We take an active part in our communities around the world, both as individuals and as a company. Our longterm success is linked to the strength of the global economy and the strength of our industry. We are honest, fair and transparent in every way we interact with our communities and the public at large.

POLITICAL ACTIVITIES

INVESTOR AND MEDIA RELATIONS

CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP

PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS

ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY

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**Q & A** 

**Q: An outside attorney with whom I work from time to time on company business cannot attend an exclusive fundraiser for a high-level political candidate. He offered me his ticket. The event is to be held at a very wealthy person's home in my community and this will be a great way to solicit business. The company is not paying for the ticket and the fundraiser will be on my own time. May I attend?** 

A: Only if you have the written approval of the Chief Executive Officer, the General Counsel and the Chief Compliance and Ethics Officer. Your attendance at this event is indirectly related to your job and may give the appearance that you're acting as a representative of the company or that the company sponsors the political candidate. It does not matter that BNY Mellon did not purchase the event ticket or that you're going on your own time. To the public, your attendance is connected to the company. So you may not go without obtaining proper authorization prior to the event.

**KEY PRINCIPLE:** 

**SUPPORTING OUR COMMUNITIES** 

*POLITICAL ACTIVITIES*

**Personal Political Activity** 

BNY Mellon encourages you to keep informed of political issues and candidates and to take an active interest in political affairs. However, if you do participate in any political activity, you must follow these rules:

• 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.

• Your activities should be on your own time, with your own resources. You may not use company time, equipment, facilities, supplies, clerical support, advertising or any other company resources.

• 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.

• Your political activities may not affect your objectivity or ability to perform your job duties.

• You may not solicit the participation of employees, clients, suppliers, vendors or any other party with whom the company does business.

• You may be required to pre-clear personal political contributions made by you, and in some cases, your family members.

***(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:

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• Government contract sales or marketing

• Efforts to influence legislation or administrative actions, such as accompanying trade associations in meetings with government officials concerning legislation

• 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 Mellon 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 Mellon as your employer, and you may not make comments about BNY Mellon.

***(Reference: Inquiries from the Media, Financial Analysts, and Securities Holders; Use of BNY Mellon Brand and Logos by Third Party Policy)***

**Q & A** 

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**Q: I have been asked to provide a statement about BNY Mellon'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 Mellon 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.

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*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:

• Your activities may not interfere or in any way conflict with your job duties or with company business.

• You may not make any gifts or contributions to charities or other entities in the name of, or on behalf of, the company.

• 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.

• You may not use your position for the purpose of soliciting business or contributions for any other entity.

• 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 or not the event in question is considered to be company sponsored.

***(Reference; Use ofBNY Mellon 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 anti-trust 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 pre-approval has been obtained via CODE RAP.

If you perform public speaking or writing services on behalf of BNY Mellon, 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)*

*ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY* 

We are committed to addressing climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business, in particular the management of our global operations and real estate footprint.

Please see our <u>Environmental Sustainability Policy Statement</u> for more information on how we approach sustainability.

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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 per-cleared.

*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 this 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 Mellon. 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 her e-mail to see if she received an item she was expecting. She gave me her logon identification and password, requesting that I call her 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. In rare instances when there is a business need that requires you to share your password, you're required to file a CODE RAP form 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.

REMEMBER

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 Human Resources 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!

------©2022 The Bank of New York Mellon Corporation. All rights reserved. 3010_CC_MSFT_CoC_1120

## Exhibit 99.28

EX-28.p.18

![LOGO](g459282dsp416.jpg)

Code of Conduct DOING WHAT'S RIGHT

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---

| | |
|:---|:---|
| CEO's MESSAGE<br>Dear Colleagues:<br>The BNY Mellon Code of Conduct guides our actions and decisions as individuals and as a company. The Code supports our vision of defining what it means to be *the* trusted financial institution for the next generation of clients and employees and aligns with our core values: Passion for Excellence, Integrity, Strength in Diversity and Courage to Lead. Our principles for ethical behavior in our day-to-day work are guided by our Integrity, which means we do what is right, always, regardless of the impact on a specific transaction or short-term working relationship. | ![LOGO](g459282dsp417.jpg)  |

---

The Code provides guidance on six key principles 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 observing our privacy principles, to responsibly growing our company with our own environmental, social and governance (ESG) practices and conduct, which are further explained in our <u>Enterprise ESG 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 principles of 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, Human Resources and our Ethics Office 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 Mellon 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](g459282dsp417a.jpg)

Robin Vince

Chief Executive Officer

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**Table of Contents**

---

| | |
|:---|:---|
|  DOING WHAT'S RIGHT | 5 |
|  HOW TO REPORT A CONCERN | 6 |
|  KEY PRINCIPLES OF OUR CODE | 7 |
|  WHAT YOU SHOULD KNOW ABOUT OUR CODE OF CONDUCT | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUR VALUES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PURPOSE OF OUR CODE | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHO MUST FOLLOW THIS CODE? | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT IS EXPECTED OF EMPLOYEES? | 10 |
|  COOPERATING WITH REGULATORY AGENCIES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT IS EXPECTED OF MANAGERS? | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MANAGING RISK AS A MANAGER | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT HAPPENS WHEN A CONCERN IS REPORTED? | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZERO TOLERANCE FOR RETALIATION | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COOPERATING WITH AN INVESTIGATION | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES | 13 |
|  RESPECTING OTHER | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MUTUAL RESPECT AND PROFESSIONAL TREATMENT | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HARASSMENT-FREE ENVIRONMENT | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAFETY AND SECURITY | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MANAGERS' RESPONSIBILITIES | 18 |
|  AVOIDING CONFLICT | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OVERVIEW | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIFTS AND ENTERTAINMENT | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS | 25 |
|  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 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OWNERSHIP OF AN OUTSIDE BUSINESS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIDUCIARY APPOINTMENTS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERSONAL INVESTMENT DECISIONS | 28 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORPORATE OPPORTUNITIES | 30 |
|  CONDUCTING BUSINESS | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAIR COMPETITION AND ANTI-TRUST | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANTI-CORRUPTION AND IMPROPER PAYMENTS | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMBATING FINANCIAL CRIME AND MONEY LAUNDERING | 36 |
|  WORKING WITH GOVERNMENTS | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YOUR OBLIGATIONS | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BASIC PRINCIPLES | 40 |
|  PROTECTING COMPANY ASSETS | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL INTEGRITY | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USE OF COMPANY ASSETS | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING OUR PRIVACY PRINCIPLES | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLOBAL RECORDS MANAGEMENT PROGRAM | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INSIDE OR PROPRIETARY INFORMATION | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proprietary Information | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUPPORTING OUR COMMUNITIES | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POLITICAL ACTIVITIES | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTOR AND MEDIA RELATIONS | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY | 54 |
|  ADDITIONAL HELP | 55 |

---

------

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. The most current version of the Code can be found on MySource. 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, which can be found in their entirety on MySource.

------

DOING WHAT'S RIGHT

AT BNY MELLON, "DOING WHAT'S RIGHT" MEANS

• Contributing to an ethical culture is expected and valued,

• Conducting business in full compliance with all applicable laws and regulations, and in accordance with the highest ethical standards,

• Fostering honest, fair and open communication,

• Demonstrating respect for our clients, communities and one another,

• Being accountable for your own and team actions, and

• Being willing to take a stand to correct or prevent any improper activity or business mistake.

HOW TO DO WHAT'S RIGHT

• Put company values, policies and procedures into action,

• Know the laws and regulations affecting your job duties and follow them,

• Take responsibility for talking to someone if you see a problem, and

• Ask questions if you are unsure of the right thing to do.

WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS

• Could the action affect the company's reputation?

• Would it look bad if reported in the media?

• Am I uncomfortable taking part in this action or knowing about it?

• Is there any question of illegality?

• 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 Department, Legal or Human Resources, 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.***

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**HOW TO REPORT A CONCERN** 

Usually, the best place to start is by talking to your manager. If this makes you uncomfortable, then consider the options below.

**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

• Outside of the United States, find your country's Direct Access code and dial 412-236-7519

**Please note that your phone call can be anonymous.** 

<u>E-mail: ethics@bnymellon.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

• Japan: Softbank Telecom 00 663-5111; KDDI 00 539-111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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>http://www.ethicspoint.com</u> (hosted on EthicsPoint's secure servers and is not part of the company's web site 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** 

If your concern involves 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 e-mail to non-management <u>director@bnymellon.com</u> or by postal mail addressed to:

BNY Mellon 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 PRINCIPLES OF OUR CODE** 

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 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 Mellon 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. Our long-term success is linked to the strength of the global economy and the strength of our industry. We are honest, fair and transparent in every way that we interact with our communities and the public at large. We are committed to addressing climate related risks and opportunities through an environmental sustainability approach that considers all aspects of our business.

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WHAT YOU SHOULD KNOW ABOUT OUR CODE OF CONDUCT

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At the foundation of our Code of Conduct are our Values—**Passion for Excellence, Integrity, Strength in Diversity and Courage to Lead.**

Our values underscore our commitment to be a client- focused, trusted financial institution driven by an empowered global team dedicated to outperforming in every market we serve.

*OUR VALUES* 

Our values provide the framework for our decision-making and guide our business conduct. Incorporating these values into our actions helps us to do what is right and protect the reputation of the company.

• **Passion for Excellence**: *We get it done. We strive to be extraordinary.* 

• **Integrity**: *We do what is right, always. We challenge each other – even when it is uncomfortable.* 

• **Strength in Diversity**: *We seek out who is missing and help everyone feel included. We invest in each other's success.* 

• **Courage to Lead**: *We take risks necessary to lead. We grow and move on from failures.* 

**WHAT OUR VALUES DO:** 

• Explain what we stand for and our shared culture

• Span geographies and lines of business

• Represent the promises made to our clients, communities, shareholders and each other

• Are critical to our success

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*PURPOSE OF OUR CODE* 

Today's global marketplace is filled with a host of new challenges and changes, but one constant guide us — the mandate to meet the highest standards of legal and ethical integrity.

The Code of Conduct 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. Failing to meet these standards could expose our company to serious damage.

*WHO MUST FOLLOW THIS CODE?* 

All employees worldwide who work for BNY Mellon or an entity that is more than 50 percent owned by the company must adhere to the standards 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 principles in this Code.

*WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS* 

Waivers of the Code are not permitted for any executive officer of BNY Mellon, 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 Mellon will be notified as appropriate.

------

Compliance with the letter and the spirit of our Code of Conduct, laws and regulations, policies and procedures are not optional.

It's how we do business: it's the embodiment of **Doing What's Right.**

------

Q & A

Q: I work outside of the U.S. Do U.S. laws apply to me?

A: BNY Mellon does business all over the world, which means that you may be subject to laws of countries other than the one in which you live. You must follow those laws that apply to your business duties, wherever you work. BNY Mellon 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.

The reverse may also be true 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.

*WHAT IS EXPECTED OF EMPLOYEES?* 

You're responsible for contributing to our culture of Doing What's Right by knowing the rules that apply to your job. This includes company policies, procedures, laws and regulations governing the country and businesses in which you work. Some lines of business may have more restrictive policies and procedures, and certain countries may have laws that are unique to a location.

In these situations, you're expected to follow the more restrictive rules. You're expected to ask your manager if you have questions about performing your job. If you do not get an adequate response, it's your duty to keep asking until you get a satisfactory answer. You must question any request that does not comply with company policies, laws or regulations, or is inconsistent with our Code of Conduct.

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.

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 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.

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.

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.

------

*COOPERATING WITH REGULATORY AGENCIES* 

All employees are required to cooperate with regulators. Your communications with regulatory personnel are expected to be responsive, complete and transparent. Any 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.

*WHAT IS EXPECTED OF MANAGERS?* 

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:

• Creating a culture of risk management, compliance and ethics,

• Considering risk in all your decision making,

• Reinforcing with your staff the importance of early identification and escalation of potential risks to the appropriate managers,

• Ensuring employees have the relevant resources to understand their job duties,

• Monitoring compliance with the Code of Conduct, company policies and procedures of the employees you supervise,

• Fostering an environment in which employees are comfortable raising questions and concerns without fear of retaliation,

• Reporting instances of non-compliance to the proper management level,

• Taking appropriate disciplinary action for compliance and ethics violations, and

• 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.

*RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS* 

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.

------

**Q & A** 

**Q: What is my role in managing risk?** 

A: Each employee plays an important role in managing risk when you:

• Perform your job with integrity and in compliance with policies, procedures and the law

• Adhere to the controls established for your business

• Ask questions if instructions are not clear or if you are unsure of

• the right thing to do

• Escalate issues immediately to your manager (e.g., an error,

• a missed control, wrongdoing or incorrect instructions)

**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.** 

------

**Q & A** 

**Q: Where do I go for help if I'm uncomfortable talking to my management?** 

**A:** You can contact the Ethics Help Line or the Ethics Hot Line. The contact information is located in the Code of Conduct, on MySource and on the company's public Internet site.

------

**Q & A** 

**Q: Can I report a concern anonymously?** 

**A:** Yes, you can report your concern to the Ethics Help Line or Ethics Hot Line anonymously if you wish.

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:

• Your manager's manager

• Your line of business Compliance officer

• Someone in the Human Resources or the Legal department

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. You can also visit the Doing What's Right section of the Compliance and Ethics page on MySource for more information on reporting an issue or incident.

*WHAT HAPPENS WHEN A CONCERN IS REPORTED?* 

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.

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.

*ZERO TOLERANCE FOR RETALIATION* 

Anyone who reports a concern or reports misconduct in good faith, and with 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(s) 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 Mellon 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 Mellon is meant to prohibit you from:

• 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;

• testifying, participating or otherwise assisting in an action or proceeding by a Governmental Authority relating to a possible violation of law; or

• participating in any benefits for information provided to Government 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:

• 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

• the material is revealed in a complaint or other document filed under seal in a lawsuit or other proceeding.

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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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

HARASSMENT-FREE ENVIRONMENT

SAFETY AND SECURITY

MANAGERS' RESPONSIBILITIES

KEY PRINCIPLE: RESPECTING OTHERS

![LOGO](g459282dsp430.jpg)

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**KEY PRINCIPLE: RESPECTING OTHERS** 

*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 Mellon 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 Human Resources to address the conflicts that such a relationship creates.

Situations that involve borrowing money, or 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, Entertainment and Loans from One Employee to Another Policy)***

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**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 Human Resources.

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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, Entertainment and Loans from One Employee to Another Policy)***

Managers must also be aware of situations where family members or close personal friends may also work at BNY Mellon. 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 Human Resources for guidance.

***(Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy)***

![LOGO](g459282dsp432.jpg)

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*HARASSMENT-FREE ENVIRONMENT* 

BNY Mellon 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 and offensive remarks, whether delivered verbally, graphically or in electronic media, including e-mail.

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. Certain local laws or regulations may provide additional protection for employees, so check with Human Resources or the Legal department in your local area if you have questions.

Some countries have specific laws concerning sexual harassment that include:

• Intentional or unintentional, unwelcome sexual advances with or without touching

• Coerced sexual acts

• Requests or demands for sexual favors

• 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. <u>Human Rights Statement</u>

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**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 Human Resources or call the Ethics Help Line or Ethics Hot Line.

![LOGO](g459282dsp432.jpg)

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**Q & A** 

**Q: I have reason to believe that a colleague is coming to the office intoxicated. What should I do?** 

A: You should notify your manager immediately. If you're uncomfortable discussing this with your manager, contact Human Resources.

*SAFETY AND SECURITY* 

BNY Mellon 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:

• You must contribute to maintaining a workplace free from aggression. Threats, intimidating behavior or any acts of violence will not be tolerated.

• 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.

• 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.

• You should be alert to individuals who are on company premises without proper authorization.

• Make sure you observe all physical access rules in your location and report incidents of unauthorized entry to your manager or to security personnel.

***(Reference: Company Identification Card Issuance; Display and Use of Company Identification)***

*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 an environment 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.

![LOGO](g459282dsp432.jpg)

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![LOGO](g459282dsp435.jpg)

IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT,

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AVOIDING CONFLICTS

We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY Mellon 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.

GIFTS AND ENTERTAINMENT

OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS

OUTSIDE SERVICE AS A DIRECTOR, OFFICER OR GENERAL PARTNER

OWNERSHIP OF AN OUTSIDE BUSINESS

FIDUCIARY APPOINTMENTS

PERSONAL INVESTMENT DECISIONS

DEALING WITH FAMILY AND CLOSE PERSONAL FRIENDS

CORPORATE OPPORTUNITIES

![LOGO](g459282dsp436.jpg)

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**KEY PRINCIPLE: AVOIDING CONFLICTS** 

*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 Mellon's reputation. You're expected always to act in a way that reflects our commitment to 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 and 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 Mellon 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 or other romantic partner, or a close friend at the expense of the company's or a client's best interests. 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.

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.

***(Reference: Business Conflicts of Interest Policy)***

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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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**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.

*GIFTS AND ENTERTAINMENT* 

Our clients, suppliers and vendors are vital to BNY Mellon'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 Mellon'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 principle 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 on the next page that 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 standards that may apply to your job or your location.

![LOGO](g459282dsp381.jpg)

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The following are NOT allowed, regardless of the value:

• Accepting or giving anything as a "quid pro quo", that is for doing something in return for the gift or entertainment,

• Accepting or giving cash or cash equivalents (e.g., checks, cash convertible gift certificates or cards, securities and loans),

• Accepting or giving a gift or entertainment that violates any law or regulation or brings harm to BNY Mellon's reputation,

• Accepting or giving anything that could be viewed as a bribe, payoff or improper influence,

• 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,

• 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,

• Providing entertainment that is lavish or too frequent for an existing or prospective client, vendor or supplier,

• Participating in any entertainment that is inappropriate, sexually oriented or inconsistent with ethical business practices,

• 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,

• Participating in any action that would cause the other person to violate their own company's standards for gifts and entertainment, and

• Providing gifts or entertainment to an existing or prospective client, supplier or vendor not recorded properly in the company books and records.

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**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 Mellon. 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.

![LOGO](g459282dsp381.jpg)

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**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 an unsatisfactory answer, contact the Ethics Help Line or the Ethics Hot Line to report your concern doing business with the company.

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 Mellon'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 Mellon 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 pre-approval, where required. You can always contact your Manager or the Ethics Office if you have questions.

***(Reference: Gifts & Entertainment Policy)***

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*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 Mellon, 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 Mellon, including:

• Employment or association with companies or organizations that prepare, audit or certify statements or documents pertinent to the company's business,

• Employment with clients, competitors, vendors or suppliers that you deal with in the normal course of your job duties, and

• Any business relationship with a client, prospect, supplier, vendor or agent of the company (other than normal consumer transactions conducted through ordinary retail sources).

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**Q & A** 

**Q: A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY Mellon. 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 decision-making 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.

![LOGO](g459282dsp382.jpg)

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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:

• 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),

• Employment involving providing tax advice or tax return preparation,

• Any type of employment in the financial services industry,

• Employment that could compete with the company or divert business opportunities in any way,

• Any position that is similar in nature to your present job duties and involves a "knowledge transfer" to the other organization,

• 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,

• Employment of any kind that would negatively impact the company's financial or professional reputation, and

• Serving as an expert witness, industry arbitrator or other similar litigation support that is unrelated to BNY Mellon, 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 re-approval via CODE RAP is required since facts and circumstances may change.

***(Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation Policy)***

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**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:

• There is an existing or proposed client, business or financial relationship between the NFP organization and BNY Mellon, including receiving charitable contributions, grants or foundation money from BNY Mellon.

• The NFP organization is a trade or industry organization (e.g., Financial Industry Regulatory Authority or the Chartered Financial Analyst Institute).

• You receive any type of direct or indirect compensation (e.g., cash, securities, goods, services, tax benefit, etc.).

PolicyYou have been asked by BNY Mellon to serve the NFP organization.

• The organization/entity is any type of government agency or your position/role is considered to be a public official (whether elected or appointed).

Additionally, 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.

**You may not serve until you have full approval from BNY Mellon 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 Mellon. Annual re-approval 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 Mellon of any anticipated negative publicity, and you must follow these guidelines while you serve:

• Never attempt to influence or take part in votes or decisions that may lead to the use of BNY Mellon 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.

• 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.

• You cannot divulge any confidential or proprietary information.

• If you learn of any Material Non-Public 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 Mellon. It does not matter which line of business has the client relationship, or whether or not you have any business dealings with the group. You must submit a CODE RAP form and receive approval before you agree to serve.

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*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 Mellon (including employees), any compensation/ payment received, time required and potential conflicts of interest (actual or in appearance). Annual re-approval 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 Mellon 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:

• 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,

• 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

• Do not permit your appointment to interfere with the time and attention you devote to your BNY Mellon 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 Mellon securities and a strict prohibition against insider trading.

Certain employees will have additional restrictions placed on their personal investments that may include reporting and pre-clearing 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 principle 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 Mellon, or a competitor to BNY Mellon.

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)***

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**Q & A** 

**Q:A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY Mellon. 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 decision-making 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.

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**Q & A** 

**Q: My son works for a consulting company that BNY Mellon routinely hires for software development. My job does not require that I interact with him 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 son working for the consulting company and your job at BNY Mellon. 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.

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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

*CORPORATE OPPORTUNITIES* 

You owe a duty to BNY Mellon to advance its legitimate business interests when the opportunity arises. You and your family members are prohibited from personally benefiting from opportunities discovered through the use of company property or information that you directly or indirectly obtained through your position at BNY Mellon.

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 Mellon or could appear to belong to it.

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- p a r t y professional who provides these services, such as an attorney, accountant, insurance broker, stockbroker, or real estate agent.

If you make such a recommendation, you must follow these requirements:

• Provide several candidates and ensure you show no favoritism toward any of them

• Disclose in writing that the recommendations are in no way sponsored or endorsed by the company

• 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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![LOGO](g459282dsp447.jpg)

IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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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.

FAIR COMPETITION AND ANTI-TRUST

ANTI-CORRUPTION AND IMPROPER PAYMENTS

COMBATING FINANCIAL CRIME AND MONEY LAUNDERING

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**KEY PRINCIPLE: CONDUCTING BUSINESS** 

*FAIR COMPETITION AND ANTI-TRUST* 

BNY Mellon 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 in the spirit of honesty and integrity.

All BNY Mellon entities must comply with the various "fair competition" and "fair dealing" laws that exist in many countries and "anti-trust" laws in the U.S. The general purpose of these laws is 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:

• Fixing prices or terms, or any information that impacts prices or terms,

• Allocating markets, sales territories or clients, including sharing marketing plans or strategic documents,

• 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

• Making the use of a product or service from a supplier or vendor conditional upon their use of our services or products.

The principles of fair dealing require us to deal fairly with our clients, suppliers, competitors and employees. Unfair advantage may not be taken through:

• Manipulation,

• Concealment,

• Abuse of privileged information,

• Misrepresentation of material facts, or

• Any other unfair-dealing practices.

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**Q & A** 

**Q: A close friend works for a competitor of BNY Mellon. 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.

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The competition and anti-trust laws are many and complex, so if you have any question as to whether a particular activity is legal or in compliance with the spirit of these laws, you should contact a member of the Legal department. The following points reinforce the significance and complexity of these laws:

• 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,

• The laws of certain countries may apply to conduct that takes place outside of that country (e.g., the U.S. and EU),

• 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,

• 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
anti-competitive 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

• 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 concern 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 Mellon. **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.

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*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 Mellon 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:

• 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 in particular that "things of value" may include jobs or internships or offers thereof. Company Policies require that any and all candidates for employment (whether permanent, limited duration or as an intern) 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 Mellon, whether or not a third-party employment staffing agency is involved. You must adhere to all internal controls applicable to such arrangements.

• 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,

• 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,

• 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,

• Never make any payment that you do not record on company books and records, or make misleading accounting entries,

• 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

• Report any observations of others engaging in any behavior that you believe is improper.

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**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 located in a European country. 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.

*COMBATING FINANCIAL CRIME AND MONEY LAUNDERING* 

Money laundering is the process by which individuals or entities attempt to conceal unlawful funds or other- wise 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-your-customer" 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 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-US Based Employees and Contractors; Global Economic Sanctions Policy.***

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IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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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.

YOUR OBLIGATIONS

BASIC PRINCIPLES

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**KEY PRINCIPLE:** 

**WORKING WITH GOVERNMENTS** 

*YOUR OBLIGATIONS* 

BNY Mellon 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 principles in this section of the Code. These principles 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 Human Resources representative or the Legal department in such circumstances to be sure you're following requirements of the law.

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**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.

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**Q & A** 

**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.

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*BASIC PRINCIPLES* 

• 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, and

• Don't "tip" government officials or offer "inducement" payments.

• Do not accept or present anything if it obligates you or appears to obligate you.

• Observe a "higher standard of care."

• 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.

• Cooperate with government investigations and audits.

• 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 principles 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 & Entertainment Policy, Anti-Corruption Policy)***

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IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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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

ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS

USE OF COMPANY ASSETS

PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING OUR PRIVACY PRINCIPLES

RECORDS MANAGEMENT

USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION

INSIDE OR PROPRIETARY INFORMATION

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**KEY PRINCIPLE:** 

**PROTECTING COMPANY ASSETS** 

*FINANCIAL INTEGRITY* 

BNY Mellon 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 Mellon is required to file reports with government agencies and make certain public statements. Many people and entities use these statements, including:

• Accountants — to calculate taxes and other government fees,

• Investors — to make decisions about buying or selling our securities, and

• 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, back- dating, or misrepresentation of any company books, records or reports will not be tolerated.

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**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 Human Resources. 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.

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*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:

• 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,

• Provide stakeholders with information that is accurate, complete, objective, fair, relevant, timely and understandable, including information in filings and submissions to the US Securities and Exchange Commission and
other regulatory bodies,

• Act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be compromised,

• 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

• 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 is a vital asset. To ensure that we maintain the integrity and value of the 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, the following is another important principle 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 Mellon Brand and Logos by Third Party Policy).***

**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.**![LOGO](g459282dsp460.jpg)

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*PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING OUR PRIVACY PRINCIPLES* 

The company is responsible for ensuring the 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.**

Nearly every employee in the company has access to private information, so you're expected to adhere to the following key principles concerning privacy:

• 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.

• 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.

• 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.

• 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.

• 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 follow company policies at all times. The loss of any protected data can be extremely harmful to the company financially and damage our reputation.

**(*Reference: Information Privacy Policy, Data Protection and Rights Policy).*** 

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**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 that 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 or contact the Ethics Help Line or the Ethics Hot Line to report your concern.

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*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.

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:

• Papers, e-mails, instant messages, other electronically maintained documents,

• Microfilms, photographs and reproductions,

• Voice, text and audio tapes,

• Magnetic tapes, floppy and hard disks, optical disks and drawings, and

• Any other media, regardless of physical form or characteristics that have been made or received in the transaction of business activities.

*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:

• Personal computers (including e-mail and instant messages) and computer networks,

• Telephones, cell phones, voice mail, and

• Other communications devices, such as tablets, wearable technology, smart watches, etc.)

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). In rare cases, where there is a necessary and legitimate business reason, you may disclose your password to another employee who has the right to access the information associated with your password; however, 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

![LOGO](g459282dsp460.jpg)

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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:

• Messages you create should be professional and appropriate for business communication, including those created via e-mail or instant messaging.

• 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).

• Do not distribute copyrighted or licensed materials improperly.

• Do not transmit chain letters, advertisements or solicitations (unless they're specifically authorized by the company).

• 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; Data Protection and Rights Policy)***

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**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 Mellon 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.

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**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 non- public 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.

*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 non-public information that may be of use to competitors, or harmful to the company or its clients, if disclosed.

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 non-public information relating to any company, including BNY Mellon, 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 non-public information about BNY Mellon 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 Mellon securities or the securities of other companies. You must know the restrictions relative to your job and follow company policies and applicable securities laws.

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***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, non-public 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)***

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**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.**![LOGO](g459282dsp460.jpg)

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IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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SUPPORTING OUR COMMUNITIES

We take an active part in our communities around the world, both as individuals and as a company. Our longterm success is linked to the strength of the global economy and the strength of our industry. We are honest, fair and transparent in every way we interact with our communities and the public at large.

POLITICAL ACTIVITIES

INVESTOR AND MEDIA RELATIONS

CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP

PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS

ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY

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**Q & A** 

**Q: An outside attorney with whom I work from time to time on company business cannot attend an exclusive fundraiser for a high-level political candidate. He offered me his ticket. The event is to be held at a very wealthy person's home in my community and this will be a great way to solicit business. The company is not paying for the ticket and the fundraiser will be on my own time. May I attend?** 

A: Only if you have the written approval of the Chief Executive Officer, the General Counsel and the Chief Compliance and Ethics Officer. Your attendance at this event is indirectly related to your job and may give the appearance that you're acting as a representative of the company or that the company sponsors the political candidate. It does not matter that BNY Mellon did not purchase the event ticket or that you're going on your own time. To the public, your attendance is connected to the company. So you may not go without obtaining proper authorization prior to the event.

**KEY PRINCIPLE:** 

**SUPPORTING OUR COMMUNITIES** 

*POLITICAL ACTIVITIES* 

**Personal Political Activity** 

BNY Mellon encourages you to keep informed of political issues and candidates and to take an active interest in political affairs. However, if you do participate in any political activity, you must follow these rules:

• 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.

• Your activities should be on your own time, with your own resources. You may not use company time, equipment, facilities, supplies, clerical support, advertising or any other company resources.

• 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.

• Your political activities may not affect your objectivity or ability to perform your job duties.

• You may not solicit the participation of employees, clients, suppliers, vendors or any other party with whom the company does business.

• You may be required to pre-clear personal political contributions made by you, and in some cases, your family members.

***(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:

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• Government contract sales or marketing

• Efforts to influence legislation or administrative actions, such as accompanying trade associations in meetings with government officials concerning legislation

• 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 Mellon 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 Mellon as your employer, and you may not make comments about BNY Mellon.

***(Reference: Inquiries from the Media, Financial Analysts, and Securities Holders; Use of BNY Mellon Brand and Logos by Third Party Policy)***

**Q & A** 

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**Q: I have been asked to provide a statement about BNY Mellon'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 Mellon 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.

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*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:

• Your activities may not interfere or in any way conflict with your job duties or with company business.

• You may not make any gifts or contributions to charities or other entities in the name of, or on behalf of, the company.

• 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.

• You may not use your position for the purpose of soliciting business or contributions for any other entity.

• 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 or not the event in question is considered to be company sponsored.

***(Reference; Use ofBNY Mellon 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 anti-trust 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 pre-approval has been obtained via CODE RAP.

If you perform public speaking or writing services on behalf of BNY Mellon, 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)* 

*ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY* 

We are committed to addressing climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business, in particular the management of our global operations and real estate footprint.

Please see our <u>Environmental Sustainability Policy Statement</u> for more information on how we approach sustainability.

![LOGO](g459282dsp470.jpg)

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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 per-cleared.

*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 this 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 Mellon. 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 her e-mail to see if she received an item she was expecting. She gave me her logon identification and password, requesting that I call her 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. In rare instances when there is a business need that requires you to share your password, you're required to file a CODE RAP form 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.

REMEMBER

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 Human Resources 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!

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<sup>©</sup>2022 The Bank of New York Mellon Corporation. All rights reserved. 3010_CC_MSFT_CoC_1120

## Exhibit 99.28

EX-28.p.19

![LOGO](g459282dsp416.jpg)

Code of Conduct DOING WHAT'S RIGHT <br>BNY MELLON

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---

| | |
|:---|:---|
| CEO's MESSAGE<br>Dear Colleagues:<br>The BNY Mellon Code of Conduct guides our actions and decisions as individuals and as a company. The Code supports our vision of defining what it means to be *the* trusted financial institution for the next generation of clients and employees and aligns with our core values: Passion for Excellence, Integrity, Strength in Diversity and Courage to Lead. Our principles for ethical behavior in our day-to-day work are guided by our Integrity, which means we do what is right, always, regardless of the impact on a specific transaction or short-term working relationship. | ![LOGO](g459282dsp417.jpg) |

---

The Code provides guidance on six key principles 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 observing our privacy principles, to responsibly growing our company with our own environmental, social and governance (ESG) practices and conduct, which are further explained in our <u>Enterprise ESG 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 principles of 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, Human Resources and our Ethics Office 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 Mellon 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](g459282dsp417a.jpg)

Robin Vince

Chief Executive Officer

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**Table of Contents**

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| | |
|:---|:---|
|  DOING WHAT'S RIGHT | 5 |
|  HOW TO REPORT A CONCERN | 6 |
|  KEY PRINCIPLES OF OUR CODE | 7 |
|  WHAT YOU SHOULD KNOW ABOUT OUR CODE OF CONDUCT | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUR VALUES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PURPOSE OF OUR CODE | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHO MUST FOLLOW THIS CODE? | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT IS EXPECTED OF EMPLOYEES? | 10 |
|  COOPERATING WITH REGULATORY AGENCIES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT IS EXPECTED OF MANAGERS? | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MANAGING RISK AS A MANAGER | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT HAPPENS WHEN A CONCERN IS REPORTED? | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZERO TOLERANCE FOR RETALIATION | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COOPERATING WITH AN INVESTIGATION | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES | 13 |
|  RESPECTING OTHER | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MUTUAL RESPECT AND PROFESSIONAL TREATMENT | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HARASSMENT-FREE ENVIRONMENT | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAFETY AND SECURITY | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MANAGERS' RESPONSIBILITIES | 18 |
|  AVOIDING CONFLICT | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OVERVIEW | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIFTS AND ENTERTAINMENT | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS | 25 |
|  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 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OWNERSHIP OF AN OUTSIDE BUSINESS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIDUCIARY APPOINTMENTS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERSONAL INVESTMENT DECISIONS | 28 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORPORATE OPPORTUNITIES | 30 |
|  CONDUCTING BUSINESS | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAIR COMPETITION AND ANTI-TRUST | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANTI-CORRUPTION AND IMPROPER PAYMENTS | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMBATING FINANCIAL CRIME AND MONEY LAUNDERING | 36 |
|  WORKING WITH GOVERNMENTS | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YOUR OBLIGATIONS | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BASIC PRINCIPLES | 40 |
|  PROTECTING COMPANY ASSETS | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL INTEGRITY | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USE OF COMPANY ASSETS | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING OUR PRIVACY PRINCIPLES | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLOBAL RECORDS MANAGEMENT PROGRAM | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INSIDE OR PROPRIETARY INFORMATION | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proprietary Information | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUPPORTING OUR COMMUNITIES | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POLITICAL ACTIVITIES | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTOR AND MEDIA RELATIONS | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY | 54 |
|  ADDITIONAL HELP | 55 |

---

------

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. The most current version of the Code can be found on MySource. 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, which can be found in their entirety on MySource.

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DOING WHAT'S RIGHT

AT BNY MELLON, "DOING WHAT'S RIGHT" MEANS

• Contributing to an ethical culture is expected and valued,

• Conducting business in full compliance with all applicable laws and regulations, and in accordance with the
highest ethical standards,

• Fostering honest, fair and open communication,

• Demonstrating respect for our clients, communities and one another,

• Being accountable for your own and team actions, and

• Being willing to take a stand to correct or prevent any improper activity or business mistake.

HOW TO DO WHAT'S RIGHT

• Put company values, policies and procedures into action,

• Know the laws and regulations affecting your job duties and follow them,

• Take responsibility for talking to someone if you see a problem, and

• Ask questions if you are unsure of the right thing to do.

WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS

• Could the action affect the company's reputation?

• Would it look bad if reported in the media?

• Am I uncomfortable taking part in this action or knowing about it?

• Is there any question of illegality?

• 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 Department, Legal or Human Resources, 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.***

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**HOW TO REPORT A CONCERN** 

Usually, the best place to start is by talking to your manager. If this makes you uncomfortable, then consider the options below.

**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

• Outside of the United States, find your country's Direct Access code and dial 412-236-7519

**Please note that your phone call can be anonymous.** 

<u>E-mail: ethics@bnymellon.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

• Japan: Softbank Telecom 00 663-5111; KDDI 00 539-111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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>http://www.ethicspoint.com</u> (hosted on EthicsPoint's secure servers and is not part of the company's web site 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** 

If your concern involves 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 e-mail to non-management <u>director@bnymellon.com</u> or by postal mail addressed to:

BNY Mellon 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.** 

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**KEY PRINCIPLES OF OUR CODE** 

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 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 Mellon 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. Our long-term success is linked to the strength of the global economy and the strength of our industry. We are honest, fair and transparent in every way that we interact with our communities and the public at large. We are committed to addressing climate related risks and opportunities through an environmental sustainability approach that considers all aspects of our business.

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WHAT YOU SHOULD KNOW ABOUT OUR CODE OF CONDUCT

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At the foundation of our Code of Conduct are our Values—**Passion for Excellence, Integrity, Strength in Diversity and Courage to Lead.**

Our values underscore our commitment to be a client- focused, trusted financial institution driven by an empowered global team dedicated to outperforming in every market we serve.

*OUR VALUES*

Our values provide the framework for our decision-making and guide our business conduct. Incorporating these values into our actions helps us to do what is right and protect the reputation of the company.

• **Passion for Excellence**: *We get it done. We strive to be extraordinary.* 

• **Integrity**: *We do what is right, always. We challenge each other – even when it is uncomfortable.* 

• **Strength in Diversity**: *We seek out who is missing and help everyone feel included. We invest in each other's success.* 

• **Courage to Lead**: *We take risks necessary to lead. We grow and move on from failures.* 

**WHAT OUR VALUES DO:** 

• Explain what we stand for and our shared culture

• Span geographies and lines of business

• Represent the promises made to our clients, communities, shareholders and each other

• Are critical to our success

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*PURPOSE OF OUR CODE* 

Today's global marketplace is filled with a host of new challenges and changes, but one constant guide us — the mandate to meet the highest standards of legal and ethical integrity.

The Code of Conduct 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. Failing to meet these standards could expose our company to serious damage.

*WHO MUST FOLLOW THIS CODE?* 

All employees worldwide who work for BNY Mellon or an entity that is more than 50 percent owned by the company must adhere to the standards 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 principles in this Code.

*WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS* 

Waivers of the Code are not permitted for any executive officer of BNY Mellon, 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 Mellon will be notified as appropriate.

------

Compliance with the letter and the spirit of our Code of Conduct, laws and regulations, policies and procedures are not optional.

It's how we do business: it's the embodiment of **Doing What's Right.**

------

Q & A

Q: I work outside of the U.S. Do U.S. laws apply to me?

A: BNY Mellon does business all over the world, which means that you may be subject to laws of countries other than the one in which you live. You must follow those laws that apply to your business duties, wherever you work. BNY Mellon 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.

The reverse may also be true 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.

*WHAT IS EXPECTED OF EMPLOYEES?*

You're responsible for contributing to our culture of Doing What's Right by knowing the rules that apply to your job. This includes company policies, procedures, laws and regulations governing the country and businesses in which you work. Some lines of business may have more restrictive policies and procedures, and certain countries may have laws that are unique to a location.

In these situations, you're expected to follow the more restrictive rules. You're expected to ask your manager if you have questions about performing your job. If you do not get an adequate response, it's your duty to keep asking until you get a satisfactory answer. You must question any request that does not comply with company policies, laws or regulations, or is inconsistent with our Code of Conduct.

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.

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 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.

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.

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.

------

*COOPERATING WITH REGULATORY AGENCIES* 

All employees are required to cooperate with regulators. Your communications with regulatory personnel are expected to be responsive, complete and transparent. Any 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.

*WHAT IS EXPECTED OF MANAGERS?* 

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:

• Creating a culture of risk management, compliance and ethics,

• Considering risk in all your decision making,

• Reinforcing with your staff the importance of early identification and escalation of potential risks to the appropriate managers,

• Ensuring employees have the relevant resources to understand their job duties,

• Monitoring compliance with the Code of Conduct, company policies and procedures of the employees you supervise,

• Fostering an environment in which employees are comfortable raising questions and concerns without fear of retaliation,

• Reporting instances of non-compliance to the proper management level,

• Taking appropriate disciplinary action for compliance and ethics violations, and

• 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.

*RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS* 

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.

------

**Q & A** 

**Q: What is my role in managing risk?** 

A: Each employee plays an important role in managing risk when you:

• Perform your job with integrity and in compliance with policies, procedures and the law

• Adhere to the controls established for your business

• Ask questions if instructions are not clear or if you are unsure of

• the right thing to do

• Escalate issues immediately to your manager (e.g., an error,

• a missed control, wrongdoing or incorrect instructions)

**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.** 

------

**Q & A** 

**Q: Where do I go for help if I'm uncomfortable talking to my management?** 

**A:** You can contact the Ethics Help Line or the Ethics Hot Line. The contact information is located in the Code of Conduct, on MySource and on the company's public Internet site.

------

**Q & A** 

**Q: Can I report a concern anonymously?** 

**A:** Yes, you can report your concern to the Ethics Help Line or Ethics Hot Line anonymously if you wish.

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:

• Your manager's manager

• Your line of business Compliance officer

• Someone in the Human Resources or the Legal department

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.

You can also visit the Doing What's Right section of the Compliance and Ethics page on MySource for more information on reporting an issue or incident.

*WHAT HAPPENS WHEN A CONCERN IS REPORTED?* 

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.

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.

*ZERO TOLERANCE FOR RETALIATION* 

Anyone who reports a concern or reports misconduct in good faith, and with 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.

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At the same time, this requirement for confidentiality does not prohibit you from reporting legal violations to any governmental or regulatory body or official(s) 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 Mellon 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 Mellon is meant to prohibit you from:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• participating in any benefits for information provided to Government 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• the material is revealed in a complaint or other document filed under seal in a lawsuit or other proceeding.

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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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

HARASSMENT-FREE ENVIRONMENT

SAFETY AND SECURITY

MANAGERS' RESPONSIBILITIES

KEY PRINCIPLE: RESPECTING OTHERS

![LOGO](g459282dsp430.jpg)

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**KEY PRINCIPLE: RESPECTING OTHERS** 

*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 Mellon 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 Human Resources to address the conflicts that such a relationship creates.

Situations that involve borrowing money, or 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, Entertainment and Loans from One Employee to Another Policy)***

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**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 Human Resources.

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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, Entertainment and Loans from One Employee to Another Policy)***

Managers must also be aware of situations where family members or close personal friends may also work at BNY Mellon. 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 Human Resources for guidance.

***(Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy)***

![LOGO](g459282dsp432.jpg)

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*HARASSMENT-FREE ENVIRONMENT* 

BNY Mellon 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 and offensive remarks, whether delivered verbally, graphically or in electronic media, including e-mail.

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. Certain local laws or regulations may provide additional protection for employees, so check with Human Resources or the Legal department in your local area if you have questions.

Some countries have specific laws concerning sexual harassment that include:

• Intentional or unintentional, unwelcome sexual advances with or without touching

• Coerced sexual acts

• Requests or demands for sexual favors

• 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. <u>Human Rights Statement</u> 

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**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 Human Resources or call the Ethics Help Line or Ethics Hot Line.

![LOGO](g459282dsp432.jpg)

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**Q & A** 

**Q: I have reason to believe that a colleague is coming to the office intoxicated. What should I do?** 

A: You should notify your manager immediately. If you're uncomfortable discussing this with your manager, contact Human Resources.

*SAFETY AND SECURITY* 

BNY Mellon 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:

• You must contribute to maintaining a workplace free from aggression. Threats, intimidating behavior or any acts of violence will not be tolerated.

• 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.

• 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.

• You should be alert to individuals who are on company premises without proper authorization.

• Make sure you observe all physical access rules in your location and report incidents of unauthorized entry to your manager or to security personnel.

***(Reference: Company Identification Card Issuance; Display and Use of Company Identification)***

*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 an environment 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.

![LOGO](g459282dsp432.jpg)

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![LOGO](g459282dsp435.jpg)

IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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AVOIDING CONFLICTS

We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY Mellon 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.

GIFTS AND ENTERTAINMENT

OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS

OUTSIDE SERVICE AS A DIRECTOR, OFFICER OR GENERAL PARTNER

OWNERSHIP OF AN OUTSIDE BUSINESS

FIDUCIARY APPOINTMENTS

PERSONAL INVESTMENT DECISIONS

DEALING WITH FAMILY AND CLOSE PERSONAL FRIENDS

CORPORATE OPPORTUNITIES

![LOGO](g459282dsp436.jpg)

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**KEY PRINCIPLE: AVOIDING CONFLICTS** 

*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 Mellon's reputation. You're expected always to act in a way that reflects our commitment to 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 and 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 Mellon 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 or other romantic partner, or a close friend at the expense of the company's or a client's best interests. 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.

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.

***(Reference: Business Conflicts of Interest Policy)***

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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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**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.

*GIFTS AND ENTERTAINMENT* 

Our clients, suppliers and vendors are vital to BNY Mellon'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 Mellon'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 principle 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 on the next page that 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 standards that may apply to your job or your location.

![LOGO](g459282dsp381.jpg)

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The following are NOT allowed, regardless of the value:

• Accepting or giving anything as a "quid pro quo", that is for doing something in return for the gift or entertainment,

• Accepting or giving cash or cash equivalents (e.g., checks, cash convertible gift certificates or cards, securities and loans),

• Accepting or giving a gift or entertainment that violates any law or regulation or brings harm to BNY Mellon's reputation,

• Accepting or giving anything that could be viewed as a bribe, payoff or improper influence,

• 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,

• 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,

• Providing entertainment that is lavish or too frequent for an existing or prospective client, vendor or supplier,

• Participating in any entertainment that is inappropriate, sexually oriented or inconsistent with ethical business practices,

• 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,

• Participating in any action that would cause the other person to violate their own company's standards for gifts and entertainment, and

• Providing gifts or entertainment to an existing or prospective client, supplier or vendor not recorded properly in the company books and records.

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**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 Mellon. 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.

![LOGO](g459282dsp381.jpg)

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**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 an unsatisfactory answer, contact the Ethics Help Line or the Ethics Hot Line to report your concern doing business with the company.

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 Mellon'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 Mellon 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 pre-approval, where required. You can always contact your Manager or the Ethics Office if you have questions.

***(Reference: Gifts & Entertainment Policy)***

![LOGO](g459282dsp382.jpg)

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*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 Mellon, 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 Mellon, including:

• Employment or association with companies or organizations that prepare, audit or certify statements or documents pertinent to the company's business,

• Employment with clients, competitors, vendors or suppliers that you deal with in the normal course of your job duties, and

• Any business relationship with a client, prospect, supplier, vendor or agent of the company (other than normal consumer transactions conducted through ordinary retail sources).

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**Q & A** 

**Q: A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY Mellon. 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 decision-making 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.

![LOGO](g459282dsp382.jpg)

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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:

• 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),

• Employment involving providing tax advice or tax return preparation,

• Any type of employment in the financial services industry,

• Employment that could compete with the company or divert business opportunities in any way,

• Any position that is similar in nature to your present job duties and involves a "knowledge transfer" to the other organization,

• 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,

• Employment of any kind that would negatively impact the company's financial or professional reputation, and

• Serving as an expert witness, industry arbitrator or other similar litigation support that is unrelated to BNY Mellon, 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 re-approval via CODE RAP is required since facts and circumstances may change.

***(Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation Policy)***

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**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:

• There is an existing or proposed client, business or financial relationship between the NFP organization and BNY Mellon, including receiving charitable contributions, grants or foundation money from BNY Mellon.

• The NFP organization is a trade or industry organization (e.g., Financial

• Industry Regulatory Authority or the Chartered Financial Analyst Institute).

• You receive any type of direct or indirect compensation (e.g., cash, securities, goods, services, tax benefit, etc.).

PolicyYou have been asked by BNY Mellon to serve the NFP organization.

• The organization/entity is any type of government agency or your position/

• role is considered to be a public official (whether elected or appointed).

Additionally, 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.

**You may not serve until you have full approval from BNY Mellon 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 Mellon. Annual re-approval 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 Mellon of any anticipated negative publicity, and you must follow these guidelines while you serve:

• Never attempt to influence or take part in votes or decisions that may lead to the use of BNY Mellon 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.

• 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.

• You cannot divulge any confidential or proprietary information.

• If you learn of any Material Non-Public 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 Mellon. It does not matter which line of business has the client relationship, or whether or not you have any business dealings with the group. You must submit a CODE RAP form and receive approval before you agree to serve.

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*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 Mellon (including employees), any compensation/ payment received, time required and potential conflicts of interest (actual or in appearance). Annual re-approval 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 Mellon 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:

• 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,

• 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

• Do not permit your appointment to interfere with the time and attention you devote to your BNY Mellon 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 Mellon securities and a strict prohibition against insider trading.

Certain employees will have additional restrictions placed on their personal investments that may include reporting and pre-clearing 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 principle 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 Mellon, or a competitor to BNY Mellon.

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)***

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**Q & A** 

**Q:A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY Mellon. 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 decision-making 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.

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**Q & A** 

**Q: My son works for a consulting company that BNY Mellon routinely hires for software development. My job does not require that I interact with him 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 son working for the consulting company and your job at BNY Mellon. 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.

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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

*CORPORATE OPPORTUNITIES* 

You owe a duty to BNY Mellon to advance its legitimate business interests when the opportunity arises. You and your family members are prohibited from personally benefiting from opportunities discovered through the use of company property or information that you directly or indirectly obtained through your position at BNY Mellon.

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 Mellon or could appear to belong to it.

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- p a r t y professional who provides these services, such as an attorney, accountant, insurance broker, stockbroker, or real estate agent.

If you make such a recommendation, you must follow these requirements:

• Provide several candidates and ensure you show no favoritism toward any of them

• Disclose in writing that the recommendations are in no way sponsored or endorsed by the company

• 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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IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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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.

FAIR COMPETITION AND ANTI-TRUST

ANTI-CORRUPTION AND IMPROPER PAYMENTS

COMBATING FINANCIAL CRIME AND MONEY LAUNDERING

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**KEY PRINCIPLE: CONDUCTING BUSINESS** 

*FAIR COMPETITION AND ANTI-TRUST* 

BNY Mellon 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 in the spirit of honesty and integrity.

All BNY Mellon entities must comply with the various "fair competition" and "fair dealing" laws that exist in many countries and "anti-trust" laws in the U.S. The general purpose of these laws is 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:

• Fixing prices or terms, or any information that impacts prices or terms,

• Allocating markets, sales territories or clients, including sharing marketing plans or strategic documents,

• 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

• Making the use of a product or service from a supplier or vendor conditional upon their use of our services or products.

The principles of fair dealing require us to deal fairly with our clients, suppliers, competitors and employees. Unfair advantage may not be taken through:

• Manipulation,

• Concealment,

• Abuse of privileged information,

• Misrepresentation of material facts, or

• Any other unfair-dealing practices.

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**Q & A** 

**Q: A close friend works for a competitor of BNY Mellon. 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.

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The competition and anti-trust laws are many and complex, so if you have any question as to whether a particular activity is legal or in compliance with the spirit of these laws, you should contact a member of the Legal department. The following points reinforce the significance and complexity of these laws:

• 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,

• The laws of certain countries may apply to conduct that takes place outside of that country (e.g., the U.S. and EU),

• 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,

• 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
anti-competitive 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

• 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 concern 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 Mellon. **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.

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*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 Mellon 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:

• 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 in particular that "things of value" may include jobs or internships or offers thereof. Company Policies require that any and all candidates for employment (whether permanent, limited duration or as an intern) 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 Mellon, whether or not a third-party employment staffing agency is involved. You must adhere to all internal controls applicable to such arrangements.

• 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,

• 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,

• 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,

• Never make any payment that you do not record on company books and records, or make misleading accounting entries,

• 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

• Report any observations of others engaging in any behavior that you believe is improper.

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**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 located in a European country. 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.

*COMBATING FINANCIAL CRIME AND MONEY LAUNDERING* 

Money laundering is the process by which individuals or entities attempt to conceal unlawful funds or other- wise 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-your-customer" 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 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-US Based Employees and Contractors; Global Economic Sanctions Policy.***

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IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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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.

YOUR OBLIGATIONS

BASIC PRINCIPLES

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**KEY PRINCIPLE:** 

**WORKING WITH GOVERNMENTS** 

*YOUR OBLIGATIONS* 

BNY Mellon 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 principles in this section of the Code. These principles 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 Human Resources representative or the Legal department in such circumstances to be sure you're following requirements of the law.

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**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.

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**Q & A** 

**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.

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*BASIC PRINCIPLES* 

• 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, and

• Don't "tip" government officials or offer "inducement" payments.

• Do not accept or present anything if it obligates you or appears to obligate you.

• Observe a "higher standard of care."

• 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.

• Cooperate with government investigations and audits.

• 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 principles 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 & Entertainment Policy, Anti-Corruption Policy)***

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IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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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

ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS

USE OF COMPANY ASSETS

PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING

OUR PRIVACY PRINCIPLES

RECORDS MANAGEMENT

USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION

INSIDE OR PROPRIETARY INFORMATION

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**KEY PRINCIPLE:** 

**PROTECTING COMPANY ASSETS** 

*FINANCIAL INTEGRITY* 

BNY Mellon 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 Mellon is required to file reports with government agencies and make certain public statements. Many people and entities use these statements, including:

• Accountants — to calculate taxes and other government fees,

• Investors — to make decisions about buying or selling our securities, and

• 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, back- dating, or misrepresentation of any company books, records or reports will not be tolerated.

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**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 Human Resources. 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.

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*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:

• 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,

• Provide stakeholders with information that is accurate, complete, objective, fair, relevant, timely and understandable, including information in filings and submissions to the US Securities and Exchange Commission and
other regulatory bodies,

• Act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be compromised,

• 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

• 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 is a vital asset. To ensure that we maintain the integrity and value of the 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, the following is another important principle 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 Mellon Brand and Logos by Third Party Policy).***

**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.**![LOGO](g459282dsp460.jpg)

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*PROTECTING CLIENT AND EMPLOYEE RECORDS AND OBSERVING OUR PRIVACY PRINCIPLES* 

The company is responsible for ensuring the 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.**

Nearly every employee in the company has access to private information, so you're expected to adhere to the following key principles concerning privacy:

• 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.

• 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.

• 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.

• 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.

• 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 follow company policies at all times. The loss of any protected data can be extremely harmful to the company financially and damage our reputation.

**(*Reference: Information Privacy Policy, Data Protection and Rights Policy).*** 

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**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 that 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 or contact the Ethics Help Line or the Ethics Hot Line to report your concern.

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*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.

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:

• Papers, e-mails, instant messages, other electronically maintained documents,

• Microfilms, photographs and reproductions,

• Voice, text and audio tapes,

• Magnetic tapes, floppy and hard disks, optical disks and drawings, and

• Any other media, regardless of physical form or characteristics that have been made or received in the transaction of business activities.

*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:

• Personal computers (including e-mail and instant messages) and computer networks,

• Telephones, cell phones, voice mail, and

• Other communications devices, such as tablets, wearable technology, smart watches, etc.)

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). In rare cases, where there is a necessary and legitimate business reason, you may disclose your password to another employee who has the right to access the information associated with your password; however, 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

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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:

• Messages you create should be professional and appropriate for business communication, including those created via e-mail or instant messaging.

• 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).

• Do not distribute copyrighted or licensed materials improperly.

• Do not transmit chain letters, advertisements or solicitations (unless they're specifically authorized by the company).

• 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; Data Protection and Rights Policy)***

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**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 Mellon 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.

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**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 non- public 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.

*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 non-public information that may be of use to competitors, or harmful to the company or its clients, if disclosed.

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 non-public information relating to any company, including BNY Mellon, 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 non-public information about BNY Mellon 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 Mellon securities or the securities of other companies. You must know the restrictions relative to your job and follow company policies and applicable securities laws.

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***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, non-public 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)***

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**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.**![LOGO](g459282dsp460.jpg)

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IT'S YOUR OBLIGATION TO DO WHAT'S RIGHT.

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SUPPORTING OUR COMMUNITIES

We take an active part in our communities around the world, both as individuals and as a company. Our longterm success is linked to the strength of the global economy and the strength of our industry. We are honest, fair and transparent in every way we interact with our communities and the public at large.

POLITICAL ACTIVITIES

INVESTOR AND MEDIA RELATIONS

CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP

PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS

ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY

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**Q & A** 

**Q: An outside attorney with whom I work from time to time on company business cannot attend an exclusive fundraiser for a high-level political candidate. He offered me his ticket. The event is to be held at a very wealthy person's home in my community and this will be a great way to solicit business. The company is not paying for the ticket and the fundraiser will be on my own time. May I attend?** 

A: Only if you have the written approval of the Chief Executive Officer, the General Counsel and the Chief Compliance and Ethics Officer. Your attendance at this event is indirectly related to your job and may give the appearance that you're acting as a representative of the company or that the company sponsors the political candidate. It does not matter that BNY Mellon did not purchase the event ticket or that you're going on your own time. To the public, your attendance is connected to the company. So you may not go without obtaining proper authorization prior to the event.

**KEY PRINCIPLE:** 

**SUPPORTING OUR COMMUNITIES** 

*POLITICAL ACTIVITIES* 

**Personal Political Activity** 

BNY Mellon encourages you to keep informed of political issues and candidates and to take an active interest in political affairs. However, if you do participate in any political activity, you must follow these rules:

• 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.

• Your activities should be on your own time, with your own resources. You may not use company time, equipment, facilities, supplies, clerical support, advertising or any other company resources.

• 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.

• Your political activities may not affect your objectivity or ability to perform your job duties.

• You may not solicit the participation of employees, clients, suppliers, vendors or any other party with whom the company does business.

• You may be required to pre-clear personal political contributions made by you, and in some cases, your family members.

***(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:

• Government contract sales or marketing

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• Efforts to influence legislation or administrative actions, such as accompanying trade associations in meetings with government officials concerning legislation

• 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 Mellon 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 Mellon as your employer, and you may not make comments about BNY Mellon.

***(Reference: Inquiries from the Media, Financial Analysts, and Securities Holders; Use of BNY Mellon Brand and Logos by Third Party Policy)***

**Q & A** 

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**Q: I have been asked to provide a statement about BNY Mellon'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 Mellon 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.

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*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:

• Your activities may not interfere or in any way conflict with your job duties or with company business.

• You may not make any gifts or contributions to charities or other entities in the name of, or on behalf of, the company.

• 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.

• You may not use your position for the purpose of soliciting business or contributions for any other entity.

• 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 or not the event in question is considered to be company sponsored.

***(Reference; Use ofBNY Mellon 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 anti-trust 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 pre-approval has been obtained via CODE RAP.

If you perform public speaking or writing services on behalf of BNY Mellon, 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)* 

*ADDRESSING CLIMATE CHANGE AND ENVIRONMENTAL SUSTAINABILITY* 

We are committed to addressing climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business, in particular the management of our global operations and real estate footprint.

Please see our <u>Environmental Sustainability Policy Statement</u> for more information on how we approach sustainability.

![LOGO](g459282dsp470.jpg)

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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 per-cleared.

*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 this 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 Mellon. 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.

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*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 her e-mail to see if she received an item she was expecting. She gave me her logon identification and password, requesting that I call her 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. In rare instances when there is a business need that requires you to share your password, you're required to file a CODE RAP form 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.

REMEMBER

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 Human Resources 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!

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<sup>©</sup>2022 The Bank of New York Mellon Corporation. All rights reserved. 3010_CC_MSFT_CoC_1120

## Exhibit 99.28

EX-28.q.11

**POWER OF ATTORNEY** 

KNOW ALL MEN BY THESE PRESENTS:

WHEREAS, NATIONWIDE MUTUAL FUNDS, a Delaware statutory trust (the "Trust"), has filed or will file with the U.S. Securities and Exchange Commission (the "SEC") under the provisions of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended (the "Investment Company Act"), various registration statements and amendments thereto with respect to the issuance and sale of shares of the Trust; and

WHEREAS, the undersigned has been elected as a Trustee of the Trust effective January 1, 2023;

NOW, THEREFORE, the undersigned hereby constitutes and appoints STEPHEN R. RIMES, ALLAN J. OSTER and KATHERINE D. GIBSON, and each of them with power to act without the others, her attorney, with full power of substitution and re-substitution, for and in her name, place and stead, in any and all capacities, to approve and sign such registration statements and any and all amendments thereto, with power to affix the corporate seal of said Trust thereto and to attest said seal and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, hereby granting unto said attorneys, and each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as she might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has herewith set her name and seal as of this 1<sup>st</sup> day of January, 2023.

---

| |
|:---|
| /s/ Charlotte Petersen |
| Charlotte Petersen, Trustee |

---

## Exhibit 99.28

EX-28.q.12

**POWER OF ATTORNEY** 

KNOW ALL MEN BY THESE PRESENTS:

WHEREAS, NATIONWIDE MUTUAL FUNDS, a Delaware statutory trust (the "Trust"), has filed or will file with the U.S. Securities and Exchange Commission (the "SEC") under the provisions of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended (the "Investment Company Act"), various registration statements and amendments thereto with respect to the issuance and sale of shares of the Trust; and

WHEREAS, the undersigned has been elected as a Trustee of the Trust effective January 1, 2023;

NOW, THEREFORE, the undersigned hereby constitutes and appoints STEPHEN R. RIMES, ALLAN J. OSTER and KATHERINE D. GIBSON, and each of them with power to act without the others, her attorney, with full power of substitution and re-substitution, for and in her name, place and stead, in any and all capacities, to approve and sign such registration statements and any and all amendments thereto, with power to affix the corporate seal of said Trust thereto and to attest said seal and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, hereby granting unto said attorneys, and each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as she might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has herewith set her name and seal as of this 1<sup>st</sup> day of January, 2023.

---

| |
|:---|
| /s/ Kristina Bradshaw |
| Kristina Bradshaw, Trustee |

---