# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-23-048211
**Filing Date:** 2023-2
**Character Count:** 23462
**Document Hash:** 78f4e6e83a3dd48db32cf325917e703e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-048211.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001193125-23-048211

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-40455
- **FILM NUMBER:** 23664624

**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           |

![](g475137imge238e35b1.gif)

Nationwide Bond Fund

Summary Prospectus February 28, 2023

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**Class**/Ticker **A** NBDAX **C** GBDCX **R6** NWIBX **Institutional Service Class** MUIBX

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

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**Objective**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 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 | 0.41% | 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> <br>| (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% |

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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 0.44% 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.

SP-BD (2/23)

**Summary Prospectus February 28, 2023**

**1**

**Nationwide Bond Fund**

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

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

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

**Summary Prospectus February 28, 2023**

**2**

**Nationwide Bond Fund**

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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 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

**Summary Prospectus February 28, 2023**

**3**

**Nationwide Bond Fund**

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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.

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

![](g475137bd.jpg)

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

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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.

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** <br>**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **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 Class Shares– Before <br> 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 Shares <br>| -8.82% | -0.63% | 0.25% |
| Bloomberg U.S. Aggregate Bond Index (The <br> Index does not pay sales charges, fees, <br> expenses or taxes.)<br>| -13.01% | 0.02% | 1.06% |

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**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

Nationwide Asset Management, LLC

**Portfolio Managers** 

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

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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

**Summary Prospectus February 28, 2023**

**4**

**Nationwide Bond Fund**

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

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

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**Tax Information**

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

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

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

**Summary Prospectus February 28, 2023**

**5**

**Nationwide Bond Fund**

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**Summary Prospectus February 28, 2023**

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**Nationwide Bond Fund**

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