# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-26-071633
**Filing Date:** 2026-2
**Character Count:** 24192
**Document Hash:** 718fcdb8b46a0a2c6265e837eb8a29c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-071633.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-071633

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**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:** 26678822

**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 Small Cap Value Fund (Series ID: S000041092)

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

![](g105737imga0259ec71.gif)

Nationwide Bailard Small Cap Value Fund

*(formerly, Nationwide Bailard Cognitive Value Fund)*

Summary Prospectus March 2, 2026

------

**Class**/Ticker **A** NWHDX **M** NWHFX **R6** NWHGX **Institutional Service Class** NWHHX

------

Before you invest, you may want to review the Fund's Prospectus, which contains information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, each dated March 2, 2026 (as may be supplemented or revised), are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus and other information about the Fund, go to nationwide.com/mutualfundprospectuses, email a request to web_help@nationwide.com or call 800-848-0920, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund.

------

**Objective**

The Nationwide Bailard Small Cap Value Fund seeks long-term capital appreciation.

**Fees and Expenses**

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

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class M<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees<sup>(1)</sup> <br>| 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.45% | 0.20% | 0.20% | 0.45% |
| **Total Annual Fund Operating Expenses** | 1.30% | 0.80% | 0.80% | 1.05% |
| Fee Waiver/Expense Reimbursement<sup>(2)</sup> <br>| (0.07)% | (0.07)% | (0.07)% | (0.07)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.23% | 0.73% | 0.73% | 0.98% |

---

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

<sup>(2)</sup> Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.73% until at least

March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to

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

**Example**

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

SP-B-SCV (3/26)

**Summary Prospectus March 2, 2026**

**1**

**Nationwide Bailard Small Cap Value Fund**

------

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses, and any expense limitation or fee waivers that may apply for the periods indicated above under "Fees and Expenses." Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $693 | &nbsp;&nbsp;&nbsp;&nbsp; $957 | &nbsp;&nbsp; $1241 | &nbsp;&nbsp; $2047 |
| Class M Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 404.58% of the average value of its portfolio.

**Principal Investment Strategies**

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

As part of the portfolio management of the Fund, the subadviser employs Behavioral Finance techniques in an attempt to capitalize on investors' behavioral biases and cognitive errors that can result in securities being mispriced. Behavioral Finance is the study of why people do not always behave in an economically rational manner. Economic irrationality typically arises from investors maximizing personal benefit (not wealth), emotional investing, heuristic biases (e.g., "trial and error" or "rule of thumb" biases) and cognitive errors. The subadviser attempts to exploit investors' biases and errors that it believes to be recurring and predictable, and to minimize its own susceptibility to these same biases and errors. In order to manage portfolio risk, in addition to evaluating traditional risk measures, the subadviser utilizes a proprietary scoring framework called Non-Financial Information Capture ("NFI Capture") to evaluate a company's performance based on less traditional or non-financial factors (such as, but not limited to, corporate governance, business ethics, labor standards and workplace practices). The NFI Capture process helps the subadviser to avoid or mitigate exposure to risks related to such factors that may result in a company's long-term financial underperformance. The subadviser's assessment is based on a proprietary scoring matrix to rate each company in the investable universe based on its potential exposure to non-financial risk factors. Companies that the subadviser perceives as bearing high levels of investment risk due to significant negative externalities associated with poor resource stewardship, deficient corporate governance or the products or services they offer may be excluded from investment consideration. At times the subadviser emphasizes certain industries or sectors. The Fund may invest up to 25% of its net assets in U.S. dollar-denominated stocks of foreign companies.

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

**Principal Risks**

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

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

**Summary Prospectus March 2, 2026**

**2**

**Nationwide Bailard Small Cap Value Fund**

------

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

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

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

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

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

***Micro-cap risk*** – investing in micro-cap companies involves greater risk than investing in small-, medium- or large- capitalization companies because the stocks of micro-cap companies tend to have greater price volatility and less liquidity than the stocks of larger companies. In addition, micro-cap companies tend to have smaller financial resources, less information available, more limited business lines and more geographic area concentration.

***Value style risk*** – value investing carries the risk that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued actually is appropriately priced. In addition, value stocks as a group sometimes are out of favor and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as "growth" stocks.

***Quantitative analysis strategy risk*** – the success of the Fund's investment strategy depends in part on the effectiveness of the subadviser's quantitative tools for screening securities. These strategies may incorporate factors that are not

predictive of a security's value. Additionally, a previously successful strategy may become outdated or inaccurate, possibly resulting in losses.

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

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

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

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

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

**Performance**

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

**Summary Prospectus March 2, 2026**

**3**

**Nationwide Bailard Small Cap Value Fund**

------

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

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

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

![](g105737bailard_cv.jpg)

---

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

---

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

**Average Annual Total Returns** <br>**(For the Periods Ended December 31, 2025)** 

---

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

---

**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

Bailard, Inc.

**Portfolio Manager** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service**<br> **with Fund**<br>|
| Thomas J. Mudge III, <br> CFA<br>| Senior Vice President <br> and Director, Equity <br> Research<br>| Since 2006 |
| Blaine Townsend, CIMC, <br> CIMA<br>| Executive Vice <br> President and Director, <br> Sustainable, <br> Responsible and Impact <br> Investing Group<br>| Since 2020 |
| Osman Akgun, PhD, <br> CFA<br>| Senior Vice President, <br> Domestic Equities<br>| Since 2021 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Class M: $5,000<br> Class R6: $1,000,000<br> Institutional Service Class: $50,000<br> Automatic Asset Accumulation Plan (Class A): $0\*<br> *\*Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class M: $100<br> Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A): $50<br>|

---

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

**Summary Prospectus March 2, 2026**

**4**

**Nationwide Bailard Small Cap Value Fund**

------

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

---

| | | |
|:---|:---|:---|
| **To Purchase and Sell (Redeem) Fund Shares** | **To Purchase and Sell (Redeem) Fund Shares** | **To Purchase and Sell (Redeem) Fund Shares** |
| **Mail:**<br> Nationwide Funds<br> c/o U.S. Bank Global <br> Fund Services<br> P.O. Box 219336<br> Kansas City, MO <br> 64121-9336<br>| **Overnight:**<br> Nationwide Funds<br> c/o U.S. Bank Global <br> Fund Services<br> 801 Pennsylvania Ave., <br> Suite 219336<br> Kansas City, MO <br> 64105-1307<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

---

**Tax Information**

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

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

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

**Summary Prospectus March 2, 2026**

**5**

**Nationwide Bailard Small Cap Value Fund**

------

THIS PAGE INTENTIONALLY LEFT BLANK

**Summary Prospectus March 2, 2026**

**6**

**Nationwide Bailard Small Cap Value Fund**

------