# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-25-315471
**Filing Date:** 2025-12
**Character Count:** 9075
**Document Hash:** 7ad2179deb26572aeebd6886892b6569
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-315471.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001193125-25-315471

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**EFFECTIVENESS DATE**: 20251211

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-40455
- **FILM NUMBER:** 251564069

**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 Bailard Cognitive Value Fund (Series ID: S000041092)

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

**NATIONWIDE MUTUAL FUNDS** 

Nationwide Bailard Cognitive Value Fund

**Supplement dated December 11, 2025** 

**to the Summary Prospectus dated February 28, 2025** 

*Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the Summary Prospectus.* 

1. Effective January 1, 2026, the Summary Prospectus is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The table under the heading "Fees and Expenses" on page 1 of the Summary Prospectus is hereby
deleted and replaced with the following:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br>Shares | Class M<br> Shares | Class R6<br> Shares | Institutional<br>Service<br> Class<br> Shares |
| &nbsp;&nbsp;&nbsp;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 | Class M<br> Shares | Class R6<br> Shares | Institutional<br> Service Class<br> Shares |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>(1)</sup> | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.43% | 0.18% | 0.18% | 0.43% |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 1.28% | 0.78% | 0.78% | 1.03% |
| &nbsp;&nbsp;&nbsp;Fee Waiver/Expense Reimbursement<sup>(2)</sup> | (0.05%) | (0.05%) | (0.05%) | (0.05%) |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.23% | 0.73% | 0.73% | 0.98% |

---

<sup>(1)</sup> "Management Fees" has been restated to reflect the reduction of contractual investment advisory fees as of January 1, 2026.

<sup>(2)</sup> Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.73% until at least February 28, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund's assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The table under the heading "Example" beginning on page 1 of the Summary Prospectus is hereby
deleted and replaced with the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $693 | $953 | $1232 | $2027 |
| &nbsp;&nbsp;&nbsp; Class M Shares | 75 | 244 | 428 | 961 |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | 75 | 244 | 428 | 961 |
| &nbsp;&nbsp;&nbsp;Institutional Service Class Shares | 100 | 323 | 564 | 1255 |

---

2. Effective February 28, 2026, the Summary Prospectus is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Nationwide Bailard Cognitive Value Fund is renamed the "Nationwide Bailard Small Cap Value
Fund." All references to the Fund's former name in the Summary Prospectus are replaced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The information in the first paragraph under the heading "Principal Investment Strategies" on page
2 of the Summary Prospectus is deleted in its entirety and replaced with the following:

The Fund invests its assets primarily in common stocks of small-cap companies, using a value style of investing. It is expected that under normal market conditions, the Fund will invest at least 80% of its net assets in securities of small-capitalization companies. For these purposes, small-capitalization companies are those with market capitalizations that are no higher than the largest company (by market capitalization) included in the Russell 2000<sup>®</sup> Value Index. Under normal market conditions, the Fund may invest up to 25% of the Fund's net assets in common stocks of micro-cap companies whose market capitalization, measured at the time of purchase, is $300 million or less. There is no minimum market capitalization limit for the companies in which the Fund may invest. The Fund's subadviser seeks to add value to the Fund's portfolio through stock selection while maintaining a risk profile that is appropriate relative to the Russell 2000<sup>®</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "*Environmental, Social and Governance investing risk*" under the heading "Principal
Risks" beginning on page 2 of the Summary Prospectus is deleted in its entirety and replaced with the following:

*ESG integration risk* - the Fund's subadviser may employ an investment process that may integrate ESG factors with traditional financial factors. The relevance and weightings of specific ESG factors to or within the investment process varies across asset classes, sectors and strategies and no one factor or consideration is determinative. When integrating ESG factors into the investment process, the subadviser may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, which may adversely impact the investment process. Moreover, ESG information, whether from an external and/or internal source, is, by nature and in many instances, based on a qualitative and subjective assessment. An element of subjectivity and discretion is therefore inherent to the interpretation and use of ESG data.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**