UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08495

NATIONWIDE MUTUAL FUNDS

(Exact name of registrant as specified in charter)

1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN, PENNSYLVANIA	19428
(Address of principal executive offices)	(Zip code)

Eric E. Miller, Esq.
1200 River Road
Suite 1000
Conshohocken, Pennsylvania 19428
(Name and address of agent for service)

Registrant’s telephone number, including area code: (484) 530-1300

Date of fiscal year end: October 31, 2007

Date of reporting period: April 30, 2007

     Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 C.F.R. § 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

     A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, D.C. 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

SemiannualReport

April 30, 2007 (Unaudited)

	Contents
2	Message to Shareholders
	Core Equity Series*
9	Nationwide Large Cap Value Fund
17	Nationwide Mid Cap Growth Fund
23	Nationwide Small Cap Fund
32	Nationwide Value Opportunities Fund
	Core Fixed Income Series*
53	Nationwide Bond Fund
61	Nationwide Enhanced Income Fund
70	Nationwide Government Bond Fund
76	Nationwide Short Duration Bond Fund
82	Nationwide Tax-Free Income Fund
114	Notes to Financial Statements

* Prior to May 1, 2007, each Fund was known as a Gartmore Fund.

Commentary provided by Nationwide Fund Advisors, investment adviser to Nationwide Funds. All opinions and estimates included in this report constitute the Adviser’s judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.nationwide.com or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Message to Shareholders

April 30, 2007

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress has been completed. As of May 1, 2007, Nationwide Financial Services, Inc. completed its acquisition of the Philadelphia-based retail operations of NWD Investment Management (formerly Gartmore Global Investments, Inc.) from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Also effective on that date, our name was changed to Nationwide Funds Group, and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide brand. Once again, I’d like to emphasize that, although our corporate ownership and fund names have changed, it is our intention to maintain as much continuity as possible with key personnel.

Market Overview

The six-month reporting period that ended April 30, 2007, saw healthy gains in most broad-based stock indexes, both in the United States and abroad. In the U.S., stable interest rates and modest inflation helped to boost share prices despite a marked slowing in the overall pace of economic growth. One drag on growth came from the subprime mortgage industry due to an unusually high number of delinquencies and defaults. More broadly, slumping sales and softening prices hampered the markets for both new and existing homes. Evidence was scant, however, that the weakness in housing was spreading to the rest of the economy.

The stock market suffered a significant setback only once during the reporting period— late in February, when a plunge in China’s stocks triggered a similar reaction in other global markets. After a brief period of market choppiness, however, a broad and vigorous rebound in share prices occurred that took the Dow Jones Industrial Average to new all-time highs, while both the Standard & Poor’s (S&P) 500^® Index and the technology-laden Nasdaq Composite Index posted fresh six-year highs. For the reporting period, the S&P 500 Index recorded a return of 8.60%. Meanwhile, a depreciating U.S. dollar helped boost the performance of foreign stocks, as evidenced by the 15.68% return of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging markets such as China and India, where economic growth was particularly robust, posted even better returns.

In the bond market, the yield curve stayed slightly inverted; yields of 3-month Treasury bills remained above those of 10-year Treasury bonds, partly due to bond investors’ expectations that the U.S. economy would achieve a so-called “soft landing”—a mild slowdown without a recession. Relatively stable yields, together with the contribution from coupon payments, enabled the Lehman Brothers Aggregate Bond Index to post a return of 2.63% for the reporting period.

Funds in the Spotlight

I’m proud to report that two of our mutual funds recently distinguished themselves by winning Lipper Fund Awards, which recognize funds that have, as the Lipper puts it, “...excelled in delivering consistently strong risk-adjusted performance relative to their peers.” Based on data covering the three years ended December 31, 2006, the Gartmore Small Cap Fund (Institutional Service Class: GSXIX, renamed the “Nationwide Small Cap Fund” on May 1, 2007), managed by the team of Chuck Purcell, Bill Gerlach, and Gary Haubold, won in the “Small-Cap Core Fund” category, topping a field of 533 small-cap core funds. Also distinguishing itself was the Gartmore Worldwide Leaders Fund (Institutional Service Class: GLLSX, renamed the “Nationwide Worldwide Leaders Fund” on May 1, 2007), which was recognized as the winner in the “Global Large-Cap Core Fund” category for the second year in a row. Managed by the team of Neil Rogan, Ben Walker, and Brian ONeill, the Fund was selected from among 51 global large-cap core funds.

We at Nationwide Funds Group are gratified to have won these awards and are pleased with the overall competitive performance of the funds in the Nationwide Funds^® family, yet we also are acutely aware that we cannot rest on our laurels. Our objective at Nationwide Funds Group is to maintain and even to improve on the high standards which we place on ourselves.

John H. Grady

President and Chief Executive Officer

Nationwide Funds Group

2 Semiannual Report 2007

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective as determined by Lipper.

Rankings based on Class A shares of the Fund. Other share classes may have different performance characteristics. Fund performance may now be higher or lower than the performance shown. Performance reflects certain fee waivers, without which returns would be lower.

The Lipper scores listed are based on monthly data. Lipper scores are subject to change every month. The Lipper Average is a straight average of the specific Lipper Universe.

This information is provided for educational purposes only and should not be considered investment advice. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

International investing involves additional risks, including currency fluctuations, differences in accounting standards, economic and political instability, illiquidity and higher trading costs, and differences in foreign regulations, all of which are magnified in emerging markets.

The Nationwide Small Cap Fund may purchase securities in initial public offerings, which can be very volatile and carry high transaction costs.

While the Nationwide Bond Fund, the Nationwide Government Bond Fund, the Nationwide Enhanced Income Fund and the Nationwide Short Duration Bond Fund invest primarily in securities of the U.S. government and its agencies, these Funds’ value is not guaranteed by these entities.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the money market.

For some investors, income from the Nationwide Tax-Free Income Fund may be subject to state and local taxes, and the Federal Alternative Minimum Tax.

Investing in mutual funds involves risk, including possible loss of principal.

There is no assurance that the investment objective of any fund will be achieved.

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

Lehman Brothers (LB) Government/ Credit Bond Index: An unmanaged index of U.S. government and investment-grade corporate bonds with at least one year to maturity; gives a broad look at how the prices of these securities have performed.

Lehman Brothers (LB) Municipal Bond Index: An unmanaged index that gives a broad look at how the prices of municipal bonds have performed; includes approximately 15,000 municipal bonds that are rated Baa or better by Moody’s and have a maturity of at least two years.

Merrill Lynch (ML) 1-3 Year Treasury Index: An unmanaged index that tracks short-term U.S. Treasury notes and bonds with maturities of one to three years.

Merrill Lynch (ML) 1-Year Treasury Bill (T-Bill) Index: Comprises a single issue purchased at the beginning of the month and held for a full month. At the end of that month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding T-Bill with the longest maturity.

Merrill Lynch (ML) 6-Month Treasury Bill (T-Bill) Index: Comprises a single issue purchased at the beginning of the month and held for a full month. At the end of that month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding T-Bill that matures closest to, but not beyond, six months from the rebalancing date.

Merrill Lynch (ML) Government Master Index: An unmanaged index that gives a broad look at how U.S. government bonds have performed.

Russell 1000^® Value Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 1000^® Index (the largest 1,000 U.S. companies, based on market capitalization) with lower price-to-book ratios and lower forecasted growth values.

Russell 2000^® Index: An unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 U.S. companies in the Russell 3000^® Index, which measures the performance of the largest 3,000 U.S. companies, based on market capitalization.

Russell Midcap^® Growth Index: An unmanaged index of mid-capitalization growth stocks of U.S. companies; measures the performance of the stocks of those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values, and gives a broad look at how the stock prices of medium-sized U.S. companies have performed.

Market indexes have been provided for comparison purposes only. Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and no fees or expenses have been reflected. Individuals cannot invest directly in an index.

2007 Semiannual Report 3

Message to Shareholders

Continued

Third-party information has been obtained from and is based on sources Nationwide Funds Group believes to be reliable.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

Performance shown is for Class A shares at NAV. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

Sales charge and fee information:

Nationwide Large Cap Value Fund

Nationwide Mid Cap Growth Fund

Nationwide Small Cap Fund

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

Sales charge and fee information:

Nationwide Bond Fund

Nationwide Government Bond Fund

Nationwide Tax-Free Income Fund

Class A shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee.

Sales charge and fee information:

Nationwide Enhanced Income Fund

Nationwide Short Duration Bond Fund

Class A shares have up to a 2.25% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

The Funds’ adviser, one of its affiliated advisers, or its employees, may have a position in the securities named in this report.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is subject to change at any time.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read it carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

Key Investment Terminology

In an effort to help you better understand the many investment-related concepts presented in periodic reports, we have defined the following terms:

Asset allocation—the investment strategy that spreads an investor’s assets across several different investment styles and asset classes. The objective is to reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities—fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets—such as credit card receivables or auto leases—that are paid down over time and generate sufficient cash to pay holders of the securities.

Bonds—debt obligations issued by companies, governments and other issuers.

Callable bonds—also known as “redeemable bonds.” Callable bonds are those that the issuer may redeem prior to the bonds’ scheduled maturity (the date when the principal amount of a bond is set to be repaid). When the bonds are called, the issuer typically pays a premium to the bonds’ owners. A significant decline in interest rates usually prompts issuers to save money by calling their current bonds and reissuing them at a lower interest rate.

Cash flow to price—See “Price-to-cash-flow ratio” below.

Commercial paper—short-term debt instruments, usually unsecured, that are issued by banks and corporations in order to finance their short-term credit needs, such as accounts receivable or inventory, and are acquired at a discount or are interest-bearing.

Common stock—securities representing shares of ownership of a company.

Consumer Price Index (CPI) — an index published monthly by the U.S. Bureau of Labor Statistics in the Department of Labor that is widely used as a cost-of-

4 Semiannual Report 2007

living benchmark. The index measures the weighted average of prices of a fixed basket of consumer goods and services. These items include food, transportation, shelter, utilities, clothing, medical care and entertainment. The CPI is often used to identify periods of inflation or deflation. A large rise in CPI during a short period of time denotes inflation; conversely, a large drop indicates a period of deflation.

Convertible securities—debt securities or preferred stocks that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Corporate bonds—debt securities issued by corporate issuers, as distinct from fixed-income securities issued by a government or its agencies or instrumentalities.

Correlation—a statistical method of measuring the relationship between two or more variables. This relationship is expressed with numerical values called “correlation coefficients” that range from -1.00 to +1.00. A correlation coefficient of -1.00 (called negative correlation) indicates that when one variable’s value increases, the other variable’s value decreases and vice versa (that is, the variables move in opposite directions). A correlation coefficient of +1.00 (called positive correlation) indicates that the variables move in the same direction, so that if one variable’s value increases, so does the value of the other variable. A correlation coefficient of zero indicates that no relationship exists between the variables.

Derivative—a contract whose value is based on the performance of an underlying financial asset, index or economic measure.

Dividend payout ratio—a ratio that provides the percentage of earnings paid to shareholders in dividends. It is calculated by dividing the yearly dividend per share by the earnings per share or, put another way, dividends divided by net income.

Dividend yield—another name for the return on investment for a stock, the dividend yield is a percentage measurement of the amount of cash flow an investor receives for each dollar invested in an equity security. This financial ratio is calculated by dividing a company’s annual dividends per share by the price per share.

Duration—related in part to the remaining time until maturity of a bond, duration is a measure of how much the price of a bond would change in relation to a change in market interest rates. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Emerging-market countries—developing and low- or middle-income countries as identified by the International Finance Corporation or the World Bank. Emerging-market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Equity securities—securities that represent an ownership interest in the issuer. These include common stock, preferred stock, securities that are convertible into common stock or securities (or other investments) with prices linked to the value of common stock, foreign investment funds or trusts, and depositary receipts. These also may include interests in real estate investment trusts.

Exchange-traded funds (ETFs)—introduced in 1993, these passively managed financial instruments are not mutual funds. ETFs represent baskets of stocks that reflect a wide variety of sector-specific, country-specific and broad-market indexes. ETFs do not have end-of-trading-day net asset values; rather, their prices fluctuate, based on supply and demand. ETFs may be bought or sold on a stock exchange throughout the trading day and incur a commission cost with each transaction.

Federal funds rate—the interest rate that a bank with excess reserves at a Federal Reserve district bank will charge another bank to provide overnight loans to meet the other bank’s reserve requirements. The Federal Open Market Committee is responsible for setting a target for this rate, but the rate itself is set daily by the market and serves as a highly sensitive indicator of the future direction of interest rates.

Fixed-income securities—securities, including bonds and other debt securities, that represent an obligation by the issuer to pay a specified rate of interest or dividend at specified times.

Gross domestic product (GDP)—a commonly used indicator of a country’s economic health. Gross domestic product is a number that represents the market value of all the goods and services produced within the geographic boundaries of a country (regardless of the producers’ nationality) during a specific time period, usually one year. GDP is calculated by adding the value of all private, public and government spending, investments, and exports minus imports that occur within the defined region.

Growth style—a style of investing in equity securities of companies that the Fund’s management believes have

2007 Semiannual Report 5

Message to Shareholders

Continued

above-average rates of earnings growth and may therefore experience above-average increases in stock price.

High-yield bonds—fixed-income securities that are rated below investment grade by nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch, or unrated securities that Fund management believes are of comparable quality. These bonds are often referred to as “junk bonds.” They generally offer investors higher interest rates as a way to help compensate for the fact that the issuer is at greater risk of default.

Inflation—the rate at which the general level of prices for goods and services rises. As prices rise, purchasing power falls. In other words, when inflation increases, every dollar buys a smaller percentage of a good or service.

Interest-rate swaps—an activity involving companies that desire an interest-rate structure that other companies can provide at a lesser cost. The companies will agree to enter into interest-rate swaps, which are customized contracts between two or more parties. The transactions involve the exchange of one set of cash flows or streams of future periodic interest payments for another (based on certain principal amounts and interest-rate specifications). Interest-rate swaps also benefit companies by limiting or managing exposure to fluctuations in interest rates.

Intermediate bonds—bonds that will reach maturity (the date when the principal amount of a bond is set to be repaid) within three to 10 years are known as intermediate bonds or intermediate-term bonds. By comparison, short-term bonds mature in less than three years, and long-term bonds mature in more than 10 years.

Investment grade—the four highest rating categories of nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch.

Large-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell 1000^® Index, ranging from $563 million to $371.7 billion as of December 31, 2006.

Leveraged buyout—the term leveraged buyout (LBO) refers to one company’s takeover of another company by using a significant amount of borrowed money to cover the cost of acquisition. Typically, the target company’s assets are used by the acquiring company as security for the loans it takes out, which are then repaid from the target company’s cash flow. Several individual investors also may engage in an LBO by using their own assets as collateral for funds that they borrow from banks in order to take over a firm. Most LBOs result in public shareholders receiving a premium above current market value for their shares in the target company.

Long position—a security owned by a Fund in anticipation that the security’s price will increase.

Market capitalization—a common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Market capitalization-weighted index—an index in which the weighting of each security is based on the issuing company’s market capitalization. Changes in the stock price of a company with a large capitalization affect the level of the index more than do changes in the stock price of a company with a smaller capitalization.

Maturity—the time at which the principal amount of a bond is scheduled to be returned to investors.

Mid-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell Midcap^® Index, ranging from $565 million to $18.4 billion as of December 31, 2006.

Mortgage-backed securities—fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans, which in some cases are guaranteed by government agencies.

Municipal obligations—fixed-income securities issued by, or on behalf of, states, cities and other local governmental entities, to pay for construction and other projects. They are loans that investors make to a governmental entity; the governmental entity gets the cash it needs to complete its project, and the lenders earn interest payments and get their principal back. Municipal obligations that qualify pay interest that is generally exempt from federal income taxes, although certain investors may nonetheless be subject to federal alternative minimum tax.

Noncallable bonds—bonds that cannot be called (redeemed) by the issuer prior to their scheduled maturity (the date when the principal amount of a bond is set to be repaid). Investors usually receive lower yields for noncallable bonds due to their reduced risk.

Operating margin—a ratio that measures a company’s pricing strategy and operating efficiency. It is calculated as operating income divided by net sales. The operating margin indicates the proportion of a company’s revenue that remains after variable costs of production such as wages and raw materials are paid. An increasing operating

6 Semiannual Report 2007

margin means that a company is earning more per dollar of sales; the higher the margin, the better.

Personal Consumption Expenditures (PCE) Price Index—also broadly referred to as “consumption.” The PCE is a nationwide indicator and measure of average price changes for all domestic personal consumption of goods and services that are targeted toward and consumed by individuals. The PCE is part of the personal income report produced by the Bureau of Economic Analysis of the Department of Commerce and includes actual and imputed household expenditures as well as data on durables, nondurables and services. The PCE serves as the basis for an inflation index.

Price-to-cash-flow ratio—a ratio similar to the price-to-earnings ratio that is calculated by dividing share price by cash flow per share. This ratio indicates relative value and the market’s expectations of a firm’s future financial health.

Price-to-earnings (P/ E) ratio—a valuation ratio calculated by taking a company’s current stock price per share and dividing it by its earnings per share. The P/ E ratio helps investors to know how much they are paying for a company’s earning power. Investors expect greater earnings growth from companies whose P/ E ratio is high.

Short sale—the activity of selling a security that a Fund does not own but must borrow to complete the sale, in anticipation of purchasing the same security at a later date at a lower price.

Small-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell 2000^® Index, ranging from $26 million to $4.4 billion as of December 31, 2006.

Spread sectors/spread product—the term “spread sectors” refers to non-Treasury fixed-income sectors that trade at a basis-point spread over Treasuries. The term “spread product” refers to taxable (as opposed to municipal) bonds that are not Treasury securities. Examples of spread product include agency, asset-backed and mortgage-backed securities as well as corporate and high-yield bonds. Spread product offer different yields than those of comparable Treasury securities; the difference between the yields is called a spread. For example, if a 10-year corporate bond is trading at a yield of 8% and the 10-year Treasury note is trading at a yield of 6%, the corporate bond is said to offer a 200-basis-point spread.

Total return—investment return that reflects both capital appreciation or depreciation (increase or decrease in the market value of a security) and income (i.e., interest or dividends).

Treasury Inflation-Protected Securities (TIPS)—these are Treasury notes or bonds, first issued in 1997, that are considered ultra-safe investments and that offer investors protection from inflation because the real rate of return (the growth of purchasing power) is guaranteed. The investments’ coupon payments and underlying principal are automatically increased to compensate for inflation as measured by the Consumer Price Index (CPI). Also known as “inflation-indexed securities,” TIPS pay interest every six months and pay the principal upon maturity. Because of the safety TIPS provide, however, they offer a low return.

U.S. government agency securities—debt securities issued and/or guaranteed as to principal and interest by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities that are not direct obligations of the United States. Such securities may not be supported by the full faith and credit of the United States.

U.S. government securities—debt securities issued and/or guaranteed as to principal and interest by the U.S. government that are supported by the full faith and credit of the United States.

Valuation—the process of determining the current worth of an asset or company.

Value style—a style of investing in equity securities that the Fund’s management believes are undervalued, which means that their prices are less than Fund management believes they are worth, based on such factors as price-to-book ratio, price-to-earnings ratio and cash flow. Companies issuing such securities may be currently out of favor or experiencing poor operating conditions that Fund management believes to be temporary.

Volatility—a statistical measure of the variation in returns that is possible with a given security or market index. Volatility refers to uncertainty or risk about the size of changes in the value of a security. Higher volatility indicates that a security’s value can rise or fall dramatically during a short period of time; conversely, lower volatility indicates that the value does not change dramatically but rather at a steady pace. Typically, securities with higher volatility are considered riskier.

Yield curve—a plotted graph line of the yields, or interest rates, at a set point in time, of various-maturity U.S. Treasury bonds of equal credit quality. The yield curve comparing the three-month, two-year, five-year and 30-

2007 Semiannual Report 7

Message to Shareholders

Continued

year U.S. Treasury debt is the most common one; it serves as a benchmark for other debt in the market, such as mortgage rates and bank lending rates, and to predict changes in economic activity, such as output and growth. The three main types of yield curve shapes are called normal, inverted and flat (or humped). When the yield curve is normal, longer-maturity bonds have a higher yield in comparison to shorter-maturity bonds; the opposite is true for an inverted yield curve.

8 Semiannual Report 2007

Nationwide Large Cap Value Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Large Cap Value Fund (Class A at NAV) returned 8.90% versus 9.79% for its benchmark, the Russell 1000^® Value Index. For broader comparison, the average return for the Fund’s Lipper peer category of Large Cap-Value Funds (consisting of 513 funds as of April 30, 2007) was 9.17%.

Can you describe the market environment during the reporting period?

The U.S. large-capitalization equity market was strong during the reporting period. Large-cap value stocks, as measured by the Russell 1000 Value Index, outperformed large-cap growth stocks, as measured by the Russell 1000^® Growth Index, returning 9.79% versus 8.42%, respectively. U.S. equity markets rose during virtually the entire reporting period, weathering a short-lived sell-off that began in late February and quickly resolved itself by mid-March. Despite gold and oil prices that climbed in excess of 10% throughout the reporting period, and despite concern about contagion in the sub-prime lending market, investors paid much more attention to robust earnings growth posted by domestic large-cap equities. The first wave of earnings reports for 2007 (for the quarter ended March 31, 2007) easily exceeded estimates, and this paved the way for a steep rally throughout the month of April. Earnings growth has been driven in part by a weak dollar, which has in turn fueled strong international sales, exports, and currency translation gains that make up a significant portion of a typical large-cap stock’s earnings. Another driver of market performance was the continuation of large-cap merger-and-acquisition activity.

The Fund is positioned to perform in a stock market that rewards investing in undervalued companies— those companies that are experiencing an improving outlook for their earnings. During the reporting period, however, the market rewarded exposure to our factors somewhat unevenly. Nevertheless, there was a slight preference for earnings and price momentum strategies. Within our macroeconomic sector framework, at least one earnings or price momentum factor led model performance in all four of our sectors. In interest-rate-sensitive stocks, earnings and price momentum were the most effective factors. In our high-growth area, high earnings quality and price momentum yielded the strongest results. In the steady growth area, value-oriented factors along with the absence of downward earnings revisions worked best. Finally, within cyclical stocks we found that earnings momentum and deep value factors were winning strategies. As a result, we have begun to selectively place more emphasis on momentum-driven factors within our investment process. This emphasis is most apparent within the interest-rate-sensitive sector.

What areas detracted from Fund performance?

The main detractor from Fund performance was exposure to companies that are underleveraged. We continue to believe that a sound value investment philosophy should be coupled with a focus on quality-based factors that include a lack of excessive leverage on the balance sheet; however, current market conditions and our disciplined process have us placing less emphasis on this factor at present. More specifically, Fund returns were challenged in the financials, consumer staples and consumer discretionary sectors. Within the financials sector, mortgage finance companies such as New Century Financial Corp. and IndyMac Bancorp, Inc. detracted most from the Fund’s portfolio performance. Mortgage origination slowed as banks refused to fund the riskiest portion of each company’s mortgage platform. In addition, defaults from sub-prime borrowers contributed to loan losses at both mortgage finance companies. We continue to be selective and note that the sell-off in the industry may present us with deep value opportunities in the future.

What areas of investment provided the most positive returns for the Fund?

Stock selection continued to drive Fund performance, with the strongest results coming from the materials, energy and health-care sectors. Within the materials sector, the Fund’s stock selection was strongest in the metals and mining industry. Among the Fund’s holdings within the materials sector, Reliance Steel & Aluminum Co., a processor of stainless and specialty steel, aluminum, brass, and copper, was the standout performer. Reliance continues to be affected favorably by supply-and-demand dynamics that include tight capacity relative to consumption within the steel industry; the company also issued a solid earnings outlook for 2007 and, as a result, the stock surged nearly 20% during the early weeks of April. In the energy sector, Valero Energy Corp. and Tesoro Corp. benefited from the sharp rise in oil and gasoline prices that began in mid-January. Both companies are predominantly marketers of refined petroleum and, as a result, their margins typically expand in an environment of rising oil prices.

2007 Semiannual Report 9

Nationwide Large Cap Value Fund

Nationwide Large Cap
Value Fund (Continued)

What is your outlook for the near term?

We continue to focus on delivering competitive, active large-cap value performance through the consistent use of quantitative stock selection and portfolio construction techniques. Given the high-profile nature of large-cap value stocks, achieving outperformance can be a challenge. We believe that the best route to success is adherence to our investment decision-making process.

Portfolio Manager:

Peter Cahill, CFA

10 Semiannual Report 2007

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		8.90%		17.06%		11.27%		8.07%		1.44%
	w/SC3		2.61%		10.30%		9.96%		7.32%
Class B	w/o SC2		8.59%		16.41%		10.60%		7.30%		2.06%
	w/SC4		3.89%		11.41%		10.33%		7.30%
Class C5	w/o SC2		8.51%		16.32%		10.61%		7.32%		2.06%
	w/SC6		7.57%		15.32%		10.61%		7.32%
Class R 7,8			8.62%		16.65%		10.98%		7.51%		1.76%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on November 2, 1998.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares will invest in the same portfolio of securities as Class B shares.
8	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Large Cap Value Fund, the Russell 1000 Value Index (Russell 1000 Value)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 1000 Value is an unmanaged index of large capitalization value securities of U.S. companies included in the Russell 1000 Value Index. The Russell 1000 Value Index offers investors access to the large-cap value segment of the U.S. equity universe. The Russell 1000 Value is constructed to provide a comprehensive and unbiased barometer of the large-cap value market.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 11

Nationwide Large Cap Value Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Large Cap Value Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,089.00	$	7.35		1.42%
	Hypothetical	1	$	1,000.00	$	1,017.96	$	7.13		1.42%
Class B	Actual		$	1,000.00	$	1,085.90	$	10.45		2.02%
	Hypothetical	1	$	1,000.00	$	1,014.98	$	10.14		2.02%
Class C	Actual		$	1,000.00	$	1,085.10	$	10.44		2.02%
	Hypothetical	1	$	1,000.00	$	1,014.98	$	10.14		2.02%
Class R	Actual		$	1,000.00	$	1,086.20	$	8.53		1.65%
	Hypothetical	1	$	1,000.00	$	1,016.82	$	8.28		1.65%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

12 Semiannual Report 2007

Nationwide Large Cap Value Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	98.7%
Repurchase Agreements	1.1%
Other Investments*	6.0%
Liabilities in excess of Other Assets**	-5.8%
	100.0%

Top Industries
Diversified Financial Services	14.7%
Oil, Gas & Consumable Fuels	13.8%
Insurance	7.6%
Commercial Banks	7.2%
Diversified Telecommunication Services	5.8%
Pharmaceuticals	5.3%
Electric Utilities	3.8%
Multi-Utilities	2.8%
Household Products	2.6%
Thrifts & Mortgage Finance	2.6%
Other	33.8%
	100.0%

Top Holdings***
Exxon Mobil Corp.	5.6%
ChevronTexaco Corp.	3.5%
Pfizer, Inc.	3.2%
AT&T, Inc.	3.1%
Bank of America Corp.	3.0%
Citigroup, Inc.	3.0%
ConocoPhillips,	2.6%
J.P. Morgan Chase & Co.	2.5%
Wells Fargo & Co.	2.3%
Morgan Stanley	2.2%
Other	69.0%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 13

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Large Cap Value Fund

Common Stocks (98.7%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (1.7%)
L-3 Communications Holdings, Inc.		4,100	$	368,713
Northrop Grumman Corp.		5,100		375,411
				744,124
Automobiles (0.5%)
General Motors Corp.		6,900		215,487
Beverages (1.1%)
Coca-Cola Co.		5,600		292,264
Constellation Brands, Inc.*		8,300		186,003
				478,267
Chemicals (1.6%)
Ashland, Inc.		4,900		293,755
Cytec Industries, Inc. (a)		7,300		400,770
				694,525
Commercial Banks (7.2%)
KeyCorp		10,400		371,072
PNC Bank Corp.		8,100		600,210
U.S. Bancorp		11,300		388,155
Wachovia Corp.		14,100		783,114
Wells Fargo & Co.		28,800		1,033,632
				3,176,183
Commercial Services & Supplies (0.9%)
Manpower, Inc.		4,800		385,200
Computers & Peripherals (1.3%)
Apple Computer, Inc.*		2,300		229,540
International Business Machines Corp.		3,600		367,956
				597,496
Consumer Finance (0.3%) (a)
The First Marblehead Corp.		3,700		134,125
Containers & Packaging (0.6%)
Sonoco Products Co.		6,200		264,368
Distributors (1.1%)
ProLogis Trust		7,300		473,040
Diversified Financial Services (14.7%)
Bank of America Corp.		26,118		1,329,406
CIT Group, Inc.		5,000		298,250
Citigroup, Inc.		24,560		1,316,907
Goldman Sachs Group, Inc.		2,900		633,969
J.P. Morgan Chase & Co.		21,428		1,116,399
Merrill Lynch & Co., Inc.		9,300		839,139
Morgan Stanley		11,500		966,115
				6,500,185
Diversified Telecommunication Services (5.8%)
AT&T, Inc.		35,052		1,357,213
Qwest Communications International, Inc.*		57,600		511,488
Verizon Communications, Inc.		18,700		713,966
				2,582,667
Electric Utilities (3.8%)
American Electric Power Co., Inc.		7,900		396,738
FirstEnergy Corp.		10,400		711,776
FPL Group, Inc.		8,900		572,893
				1,681,407
Electrical Equipment (0.5%)
Emerson Electric Co.		5,000		234,950
Entertainment (1.0%)
Walt Disney Co. (The)		12,700		444,246
Food & Staples Retailing (0.6%)
Wal-Mart Stores, Inc.		6,100		292,312
Food Products (1.9%)
Archer-Daniels Midland Co.		9,600		371,520
Campbell Soup Co.		7,700		301,070
Kraft Foods, Inc.		4,744		158,782
				831,372
Health Care Providers & Services (2.3%)
CIGNA Corp.		4,600		715,714
Ventas, Inc. (a)		6,900		290,904
				1,006,618
Hotels, Restaurants & Leisure (1.0%)
Darden Restaurants, Inc.		4,900		203,252
McDonald’s Corp.		5,000		241,400
				444,652
Household Durables (0.9%)
Whirlpool Corp.		3,600		381,708

14 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Household Products (2.6%)
Kimberly-Clark Corp.		4,300	$	306,031
Procter & Gamble Co. (The)		13,500		868,185
				1,174,216
Industrial Conglomerates (2.0%)
General Electric Co.		18,800		692,968
Teleflex, Inc.		2,900		208,307
				901,275
Insurance (7.6%)
Allstate Corp.		9,100		567,112
American International Group, Inc.		11,250		786,488
Chubb Corp. (The)		6,300		339,129
Hartford Financial Services Group, Inc. (The)		3,400		344,080
Loews Corp.		9,500		449,540
Philadelphia Consolidated Holding Corp.* (a)		4,300		186,620
Travelers Cos., Inc. (The)		12,600		681,660
				3,354,629
IT Services (0.8%) (a)
Alliance Data Systems Corp.*		5,300		337,398
Leisure Equipment & Products (1.6%)
Hasbro, Inc.		8,400		265,524
Time Warner, Inc.		21,400		441,482
				707,006
Machinery (1.2%)
Terex Corp.*		7,100		552,735
Media (1.9%)
Comcast Corp., Class A*		18,500		493,210
News Corp.		15,000		335,850
				829,060
Metals & Mining (1.3%)
Commercial Metals Co. (a)		8,100		271,593
Reliance Steel & Aluminum Co.		5,300		314,820
				586,413
Multi-Utilities (2.8%)
CenterPoint Energy, Inc.		14,400		271,152
MDU Resources Group, Inc. (a)		9,850		298,455
PG&E Corp.		5,400		273,240
Sempra Energy		6,000		380,880
				1,223,727
Multiline Retail (0.7%)
Dillard’s, Inc.		8,700		301,281
Oil, Gas & Consumable Fuels (13.8%)
ChevronTexaco Corp.		20,000		1,555,800
ConocoPhillips		16,300		1,130,405
Exxon Mobil Corp.		31,300		2,484,594
Marathon Oil Corp.		4,700		477,285
Valero Energy Corp.		6,600		463,518
				6,111,602
Paper & Forest Products (0.6%)
MeadWestvaco Corp.		8,300		276,888
Pharmaceuticals (5.3%)
Merck & Co., Inc.		10,700		550,408
Pfizer, Inc.		52,900		1,399,734
Wyeth		6,900		382,950
				2,333,092
Real Estate Investment Trusts (REITs) (0.5%)
SL Green Realty Corp.		1,600		225,440
Road & Rail (0.8%) (a)
YRC Worldwide, Inc.*		9,000		358,110
Semiconductors & Semiconductor Equipment (0.5%)
Applied Materials, Inc.		11,900		228,718
Software (0.6%) (a)
FactSet Research Systems, Inc.		4,300		264,493
Specialty Retail (0.4%)
Home Depot, Inc. (The)		5,200		196,924
Textiles, Apparel & Luxury Goods (0.7%)
V.F. Corp.		3,800		333,678
Thrifts & Mortgage Finance (2.6%)
Countrywide Credit Industries, Inc.		7,098		263,194
Fannie Mae		8,100		477,252
Freddie Mac		3,300		213,774
Washington Mutual, Inc.		4,700		197,306
				1,151,526
Tobacco (1.1%)
Altria Group, Inc.		7,100		489,332

2007 Semiannual Report 15

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Large Cap Value Fund (Continued)

Commons Stocks (continued)
	Shares or
	Principal Amount		Value
Wireless Telecommunication Services (0.5%)
Sprint Nextel Corp.		11,500	$	230,345
Total Common Stocks (Cost $38,218,971)				43,730,820
Repurchase Agreements (1.1%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $497,155, collateralized by U.S. Government Agency Mortgages with a market value of $507,027	$	497,086		497,086
Securities Held as Collateral for Securities on Loan (6.0%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $2,652,229, collateralized by U.S. Government Agency Mortgages with a market value of $2,704,874		2,651,837		2,651,837
Total Investments (Cost $41,367,893) (b) — 105.8%				46,879,743
Liabilities in excess of other assets — (5.8)%				(2,586,550	)
NET ASSETS — 100.0%			$	44,293,193

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

16 Semiannual Report 2007

Nationwide Mid Cap Growth Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Mid Cap Growth Fund (Class A at NAV) returned 7.80% versus 11.77% for its benchmark, the Russell Midcap^® Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mid-Cap Growth Funds (consisting of 652 funds as of April 30, 2007) was 11.45%.

Can you describe the market environment during the reporting period?

Equity markets experienced a broad-based rally, with only a brief pause in late February to early March. Investors focused on macroeconomic data and the ever-fluid geopolitical climate. On the macroeconomic front, data points continued to offer conflicting information: favorable inflation and employment measurements offset concerns about the housing market and slowing economic activity. Geopolitical factors also contributed to the volatility of the markets; concerns about China, the Middle East, and global commodity demand led to volatility in currency and commodity prices. Ultimately, the availability of credit supported the domestic financial markets as private equity funds continued to lead merger-and-acquisition activity.

What areas detracted from Fund performance?

The Fund’s detractors during the reporting period included holdings in The Corporate Executive Board Co. (consulting), Shuffle Master, Inc. (gaming), and NutriSystem, Inc. (weight management). We believe NutriSystem experienced increased competition, especially a lack of market penetration in comparison to that of its peers. Meanwhile, the softness in the shares of Shuffle Master and Corporate Executive Board is likely to be confined to the near term. We have liquidated the Fund’s position in NutriSystem, but continue to own shares in Shuffle Master and Corporate Executive Board because we believe the longer-term fundamentals are favorable for these latter two firms.

What areas of investment provided the most positive returns for the Fund?

The performance of the Fund relative to its benchmark was driven mostly by stock selection. During the reporting period, our largest contributors to performance included MEMC Electronic Materials, Inc. (semiconductors), Florida Rock Industries, Inc. (construction materials) and Express Scripts, Inc. (health care). These three companies continued to exceed our expectations for operational and financial performance through acquisitions or strong end-user demand.

What is your outlook for the near term?

Our 2007 outlook for the mid-capitalization market remains moderately favorable, although lower earnings concerns are justified, driven by low inflation and high liquidity. Investors should remain vigilant, however, as macroeconomic and geopolitical factors will likely lead to continued market volatility. We anticipate that this volatility may create opportunities to add new positions or build on existing positions, as determined by our bottom-up, fundamental approach to stock selection. Regardless as to which circumstances ultimately prevail, we remain focused on providing investors with the potential for strong returns.

Portfolio Manager:

Robert Glise, CFA

2007 Semiannual Report 17

Nationwide Mid Cap Growth Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

								Gross		Net
		Six						Expense		Expense
		Month*		1 Yr.		Inception1		Ratio**		Ratio**
Class A2	w/o SC3		7.80%		5.90%		16.89%		1.89%		1.43%
	w/SC4		1.61%		-0.19%		15.39%
Class B2	w/o SC3		7.34%		5.10%		16.24%		2.61%		2.15%
	w/SC5		2.34%		0.18%		15.99%
Class C2	w/o SC3		7.34%		5.10%		16.24%		2.61%		2.15%
	w/SC6		6.34%		4.11%		16.24%
Class R2,7			7.46%		5.37%		16.69%		2.31%		1.85%
Institutional Class7			7.89%		6.14%		17.17%		1.61%		1.15%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on October 1, 2002.
2	These returns included performance based on the Fund’s Institutional Class shares, which was achieved prior to the creation of Class A shares (3/5/03), Class B and Class C shares (8/21/03), and Class R shares (10/1/03). Excluding the effects of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class B, Class C and Class R shares would have produced because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class A, Class B, Class C and Class R would have been lower.
3	These returns do not reflect the effects of sales charges (SC).
4	A 5.75% front-end sales charge was deducted.
5	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in the Institutional Class shares the Nationwide Mid Cap Growth Fund, Russell Mid Cap Growth Index (Russell Mid Cap Growth)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell Mid Cap Growth— an unmanaged index of medium-size U.S. companies with a capitalization range of $1.3 billion to $25.6 billion as of April 30, 2007, gives a broad look at how the stock price of medium-size U.S. companies have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

18 Semiannual Report 2007

Nationwide Mid Cap Growth Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Mid Cap Growth Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,078.00	$	7.26		1.41%
	Hypothetical	1	$	1,000.00	$	1,018.01	$	7.08		1.41%
Class B	Actual		$	1,000.00	$	1,073.40	$	11.05		2.15%
	Hypothetical	1	$	1,000.00	$	1,014.34	$	10.79		2.15%
Class C	Actual		$	1,000.00	$	1,073.40	$	11.05		2.15%
	Hypothetical	1	$	1,000.00	$	1,014.34	$	10.79		2.15%
Class R	Actual		$	1,000.00	$	1,074.60	$	9.93		1.93%
	Hypothetical	1	$	1,000.00	$	1,015.43	$	9.69		1.93%
Institutional Class	Actual		$	1,000.00	$	1,078.90	$	5.93		1.15%
	Hypothetical	1	$	1,000.00	$	1,019.30	$	5.77		1.15%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 19

Nationwide Mid Cap Growth Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	91.5%
Repurchase Agreements	5.9%
Other Assets in excess of Liabilities	2.6%
	100.0%

Top Industries
Specialty Retail	7.3%
Health Care Equipment & Supplies	6.7%
Oil, Gas & Consumable Fuels	5.9%
Health Care Providers & Services	5.5%
Semiconductors & Semiconductor Equipment	5.4%
Machinery	4.2%
Software	4.2%
IT Services	3.9%
Commercial Services & Supplies	3.7%
Internet Software & Services	3.7%
Other	49.5%
	100.0%

Top Holdings*
Express Scripts, Inc., Class A	3.3%
XTO Energy, Inc.	2.2%
TETRA Technologies, Inc.	2.1%
Ball Corp.	2.0%
NII Holdings, Inc.	1.9%
Network Appliance, Inc.	1.8%
ResMed, Inc.	1.8%
Thermo Fisher Scientific, Inc.	1.8%
Alliance Data Systems Corp.	1.8%
Office Depot, Inc.	1.6%
Other	79.7%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

20 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Mid Cap Growth Fund

Common Stocks (91.5%)
	Shares or
	Principal Amount		Value
Air Freight & Logistics (0.4%)
Expeditors International of Washington, Inc.		810	$	33,858
Capital Markets (2.2%)
Affiliated Managers Group, Inc.*		720		84,694
TD Ameritrade Holding Corp.*		5,850		99,742
				184,436
Chemicals (1.0%)
Ecolab, Inc.		1,970		84,690
Commercial Services & Supplies (3.7%)
American Reprographics Co.*		3,000		99,600
Dun & Bradstreet Corp.		1,200		108,360
Stericycle, Inc.*		1,140		99,340
				307,300
Communications Equipment (3.0%)
Comverse Technology, Inc.*		4,450		100,926
F5 Networks, Inc.*		1,060		81,387
NeuStar, Inc.*		2,420		69,599
				251,912
Computers & Peripherals (2.8%)
Logitech International S.A. ADR — CH*		3,010		80,999
Network Appliance, Inc.*		4,060		151,073
				232,072
Construction Materials (1.1%)
Headwaters, Inc.*		4,190		90,797
Containers & Packaging (3.3%)
Ball Corp.		3,300		167,277
Jarden Corp.*		2,525		106,403
				273,680
Diversified Financial Services (3.1%)
Chicago Mercantile Exchange Holdings, Inc.		140		72,345
GFI Group, Inc.*		1,650		114,263
IntercontinentalExchange, Inc.*		560		71,120
				257,728
Energy Equipment & Services (2.1%)
TETRA Technologies, Inc.*		6,710		177,748
Health Care Equipment & Supplies (6.7%)
Immucor, Inc.*		2,700		88,101
Intuitive Surgical, Inc.*		800		103,728
ResMed, Inc.*		3,490		147,488
St. Jude Medical, Inc.*		2,260		96,705
Ventana Medical Systems, Inc.*		2,400		116,616
				552,638
Health Care Providers & Services (5.5%)
Express Scripts, Inc., Class A*		2,850		272,318
Patterson Cos., Inc.*		2,550		91,953
VCA Antech, Inc.*		2,380		93,843
				458,114
Hotels, Restaurants & Leisure (1.9%)
Panera Bread Co.*		1,310		72,954
Penn National Casinos & Gambling, Inc.*		1,690		81,695
				154,649
Household Durables (0.5%)
Harman International Industries, Inc.		340		41,443
Insurance (2.7%)
Brown & Brown, Inc.		3,870		99,652
W.R. Berkley Corp.		3,755		122,000
				221,652
Internet Software & Services (3.7%)
Akamai Technologies, Inc.*		2,140		94,331
Dealertrack Holdings, Inc.*		3,200		105,600
Digital River, Inc.*		1,794		105,003
				304,934
IT Services (3.9%)
Alliance Data Systems Corp.*		2,300		146,418
Cognizant Technology Solutions Corp.*		900		80,460
Heartland Payment Systems, Inc.		3,700		92,241
				319,119
Leisure Equipment & Products (1.4%)
Pool Corp.		2,940		117,982
Life Sciences Tools & Services (3.2%)
Thermo Fisher Scientific, Inc.*		2,820		146,809
Waters Corp.*		2,040		121,237
				268,046
Machinery (4.2%)
Actuant Corp.		1,890		100,170
Graco, Inc.		1,770		69,915

2007 Semiannual Report 21

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Mid Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Machinery (continued)
Harsco Corp.		1,800	$	91,800
Oshkosh Truck Corp.		1,600		89,504
				351,389
Marine (1.3%)
American Commercial Lines, Inc.*		3,658		107,801
Oil, Gas & Consumable Fuels (5.9%)
EOG Resources, Inc.		1,460		107,222
Patterson-UTI Energy, Inc.		3,840		93,658
World Fuel Services Corp.		2,350		108,593
XTO Energy, Inc.		3,300		179,091
				488,564
Personal Products (1.3%)
Bare Escentuals, Inc.*		2,740		110,778
Pharmaceuticals (1.4%)
Barr Pharmaceuticals, Inc.*		2,350		113,646
Road & Rail (1.0%)
J.B. Hunt Transport Services, Inc.		3,200		86,592
Semiconductors & Semiconductor Equipment (5.4%)
Diodes, Inc.*		2,021		74,615
Marvell Technology Group Ltd. — BM*		4,730		76,295
MEMC Electronic Materials, Inc.*		1,580		86,710
Microchip Technology, Inc.		2,710		109,322
Tessera Technologies, Inc.*		2,320		99,273
				446,215
Software (4.2%)
Amdocs Ltd. — GG*		2,150		79,012
FactSet Research Systems, Inc.		1,660		102,107
Intuit, Inc.*		2,370		67,427
MICROS Systems, Inc.*		1,740		95,352
				343,898
Specialty Retail (7.3%)
Abercrombie & Fitch Co.		1,360		111,058
Coach, Inc.*		2,610		127,446
Gamestop Corp.*		2,550		84,584
J Crew Group, Inc.*		1,880		76,121
Office Depot, Inc.*		3,900		131,118
Williams Sonoma, Inc.		2,200		77,484
				607,811
Textiles, Apparel & Luxury Goods (2.4%)
Gildan Activewear, Inc. — CA*		1,540		98,098
Iconix Brand Group, Inc.*		4,800		96,624
				194,722
Trading Companies & Distributors (1.9%)
Beacon Roofing Supply, Inc.*		3,870		60,875
Fastenal Co.		2,350		96,632
				157,507
Wireless Telecommunication Services (3.0%)
Millicom International Cellular S.A. — LU*		1,110		90,188
NII Holdings, Inc.*		2,110		161,942
				252,130
Total Common Stocks (Cost $6,435,749)				7,593,851
Repurchase Agreements (5.9%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $487,450, collateralized by U.S. Government Agency Mortgages with a market value of $497,129	$	487,381		487,381
Total Investments (Cost $6,923,130) (a) — 97.4%				8,081,232
Other assets in excess of liabilities — 2.6%				214,887
NET ASSETS — 100.0%			$	8,296,119

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
CA	Canada
CH	Switzerland
GG	Guernsey
LU	Luxembourg

See accompanying notes to financial statements.

22 Semiannual Report 2007

Nationwide Small Cap Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Small Cap Fund (Class A at NAV) returned 11.64%, versus 6.86% for the Fund’s benchmark, the Russell 2000 Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds (consisting of 748 funds as of April 30, 2007) was 8.48%.

Can you describe the market environment during the reporting period?

Small-cap stocks enjoyed relatively strong performance, with the benchmark advancing in five out of six months during the period. February recorded the lone decline. Near the end of that month, a sudden plunge in the Chinese stock market spread to other global markets, producing one-day losses exceeding 3% in most widely followed U.S. indexes. The markets, however, regained their footing with little delay and resumed their upward march, enabling the benchmark to end the period near its all-time highs. Small-cap stocks trailed their large-cap and especially their mid-cap counterparts, while growth modestly outdistanced value in the small-cap space. By far, the strongest absolute performance in the benchmark came from the materials sector, where metals and mining stocks were standouts. Consumer staples were strong as well. Financials was the only benchmark sector to record a loss during the period.

What areas of investment provided the most positive returns for the Fund?

The Fund benefited most from strong results in the financials sector, where favorable stock selection helped the Fund post a high single-digit gain. Individual contributors to Fund performance included a position in Cowen Group Inc., a brokerage and investment bank. The stock was aided by the strength in U.S. capital markets early in the period, and we sold it for a gain. Fund holding small-cap broker Thomas Weisel Partners Group also turned in a solid performance, for similar reasons. Fund holding Genesis Lease Ltd., a provider of aircraft leases, was helped by robust demand for commercial aircraft and tight supplies of aircraft for sale, prompting higher leasing activity. Elsewhere, our stock picking helped in information technology, where NetLogic Microsystems Inc., a semiconductor maker, increased its market share, riding strong demand from Cisco Systems, a major customer.

What areas detracted from Fund performance?

The sector that held back the Fund’s results most was telecommunication services, where, satellite-maker Globalstar Inc. declined sharply after reporting that the degradation of the amplifiers in its satellites was occurring at a faster rate than expected. Another detractor to Fund performance was Shuffle Master Inc., a supplier of automatic card shufflers and other products for the casino industry. A profit warning near the end of February, and a subsequent delisting notice from the Nasdaq Stock Market for missing the deadline to file its first-quarter fiscal report, were factors hampering the stock. Fund holding Intermodal rail car maker Greenbriar struggled as well, with tepid demand and various operational missteps undermining its share price.

What is your outlook for the near term?

Over the short term, small-cap returns—and indeed the returns for the entire U.S. stock market—could be limited due to seasonal sluggishness and a slowing economy. Barring a recession, however, we think the market is capable of further upward progress once the recent gains have been consolidated. Valuations remain acceptable, if not outstanding, and we are still finding compelling opportunities at the individual company level. The extremely strong merger and acquisition climate is a powerful tailwind for small-cap stocks, especially strong free cash flow generators.

Portfolio Managers:

Charles Purcell, CFA, William Gerlach, CFA, and Gary Haubold, CFA

2007 Semiannual Report 23

Nationwide Small Cap Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		11.64%		16.71%		18.90%		15.32%		1.42%
	w/SC3		5.22%		10.02%		17.49%		14.52%
Class B	w/o SC2		11.25%		15.93%		18.15%		14.60%		2.11%
	w/SC4		6.25%		10.93%		17.94%		14.60%
Class C5	w/o SC2		11.23%		15.89%		18.14%		14.62%		2.11%
	w/SC6		10.23%		14.89%		18.14%		14.62%
Class R 7,9			11.39%		16.32%		18.53%		14.82%		1.81%
Institutional Service Class9			11.67%		16.84%		19.17%		15.56%		1.28%
Institutional Class8,9			11.75%		17.09%		19.20%		15.58%		1.11%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

¹ Fund commenced operations on November 2, 1998.

2 These returns do not reflect the effects of sales charges (SC).

3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.

5 These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.

6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares will invest in the same portfolio of securities as Class B shares.
8	These returns until the creation of Institutional Class shares (06/29/04) include the performance of the Fund’s Institutional Service Class shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares will invest in the same portfolio of securities as Institutional Service shares.
9	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Small Cap Fund, the Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

24 Semiannual Report 2007

Nationwide Small Cap Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Small Cap Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,116.40	$	6.56		1.25%
	Hypothetical	1	$	1,000.00	$	1,018.80	$	6.28		1.25%
Class B	Actual		$	1,000.00	$	1,112.50	$	10.27		1.96%
	Hypothetical	1	$	1,000.00	$	1,015.28	$	9.84		1.96%
Class C	Actual		$	1,000.00	$	1,112.30	$	10.27		1.96%
	Hypothetical	1	$	1,000.00	$	1,015.28	$	9.84		1.96%
Class R	Actual		$	1,000.00	$	1,113.90	$	8.39		1.60%
	Hypothetical	1	$	1,000.00	$	1,017.07	$	8.03		1.60%
Institutional Service Class	Actual		$	1,000.00	$	1,116.70	$	6.04		1.15%
	Hypothetical	1	$	1,000.00	$	1,019.30	$	5.77		1.15%
Institutional Class	Actual		$	1,000.00	$	1,117.50	$	5.04		0.96%
	Hypothetical	1	$	1,000.00	$	1,020.24	$	4.82		0.96%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 25

Nationwide Small Cap Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	98.5%
Repurchase Agreements	1.5%
Other Investments*	28.3%
Liabilities in excess of Other Assets**	-28.3%
	100.0%

Top Industries
Real Estate Investment Trusts	6.3%
Communications Equipment	4.8%
Hotels, Restaurants & Leisure	4.7%
Oil, Gas & Consumable Fuels	4.2%
Commercial Banks	4.2%
Semiconductors & Semiconductor Equipment	3.7%
Specialty Retail	3.6%
IT Services	3.5%
Electronic Equipment & Instruments	3.5%
Insurance	3.4%
Other	58.1%
	100.0%

Top Holdings***
Genesis Lease Ltd. ADR—IE	1.9%
Cytec Industries, Inc.	1.3%
Group 1 Automotive, Inc.	1.2%
Hythiam, Inc.	1.2%
Euronet Worldwide, Inc.,	1.2%
Circuit City Stores, Inc.	1.2%
Technitrol, Inc.	1.1%
Triad Guaranty, Inc.	1.1%
EDO Corp.	1.1%
AirTran Holdings, Inc.	1.0%
Other	87.7%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

26 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Small Cap Fund

Common Stocks (98.5%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (2.0%)
AerCap Holdings NV ADR — NL* (a)		136,780	$	3,989,873
EDO Corp. (a)		512,450		14,092,375
MTC Technologies, Inc.* (a)		79,400		1,640,404
Spirit Aerosystems Holdings, Inc., Class A*		142,550		4,508,856
Taser International, Inc.*		331,090		2,857,307
				27,088,815
Airlines (1.3%)
AirTran Holdings, Inc.* (a)		1,270,410		13,987,214
JetBlue Airways Corp.*		372,230		3,688,799
				17,676,013
Beverages (0.4%)
Constellation Brands, Inc.*		258,930		5,802,621
Biotechnology (1.3%)
Acadia Pharmaceuticals, Inc.* (a)		235,000		3,210,100
Alnylam Pharmaceuticals, Inc.* (a)		40,335		757,088
ARIAD, Inc.* (a)		138,300		637,563
Array BioPharma, Inc.* (a)		160,000		2,232,000
Bio-Reference Laboratories, Inc.*		25,000		674,250
CV Therapeutics, Inc.*		75,500		636,465
Exelixis, Inc.* (a)		150,000		1,611,000
Human Genome Sciences, Inc.* (a)		34,520		371,780
Momenta Pharmaceuticals, Inc.* (a)		260,894		4,101,254
Sangamo BioSciences, Inc.*		355,400		2,640,622
				16,872,122
Building Products (0.4%) (a)
NCI Building Systems, Inc.*		115,780		5,785,527
Capital Markets (1.5%)
Highland Distressed Opportunities, Inc.*		502,900		7,458,007
Sanders Morris Harris Group, Inc.		570,430		6,656,918
Thomas Weisel Partners Group, Inc.* (a)		298,182		5,892,076
				20,007,001
Chemicals (1.7%)
Cytec Industries, Inc.		308,740		16,949,826
Huntsman Corp.		251,180		4,923,128
				21,872,954
Commercial Banks (4.2%)
Boston Private Financial Holdings, Inc. (a)		27,500		764,775
Cadence Financial Corp. (a)		238,063		4,523,197
Cullen/ Frost Bankers, Inc. (a)		226,730		11,601,774
Greater Bay Bancorp (a)		411,290		10,607,169
Old National Bancorp		156,630		2,800,544
Provident Bankshares Corp. (a)		67,690		2,168,788
SVB Financial Group*		77,886		3,989,321
UCBH Holdings, Inc. (a)		359,030		6,448,179
Wilmington Trust Corp. (a)		119,990		4,854,795
Wintrust Financial Corp. (a)		195,018		8,381,874
				56,140,416
Commercial Services & Supplies (2.2%) (a)
Brink’s Co. (The)		87,580		5,561,330
LECG Corp.*		671,238		9,833,637
Navigant Consulting, Inc.*		425,950		8,169,721
Standard Register Co. (The)		471,750		5,878,005
				29,442,693
Communications Equipment (4.8%)
Bel Fuse, Inc., Class B (a)		193,920		6,864,768
Black Box Corp. (a)		195,380		7,119,647
C&D Technologies, Inc.* (a)		2,332,119		11,730,559
Foundry Networks, Inc.*		514,441		7,778,348
Ntelos Holding Corp.*		219,414		4,418,998
Optical Communication Products, Inc.* (a)		1,687,610		2,531,415
Powerwave Technologies, Inc.*		1,754,971		10,933,469
Switch And Data, Inc.*		279,290		5,119,386
Tellabs, Inc.*		623,120		6,617,534
				63,114,124
Computers & Peripherals (2.5%)
Celestica, Inc.* (a)		735,154		4,991,696
Intermec, Inc.* (a)		420,380		9,387,085
Neoware Systems, Inc.* (a)		892,053		10,561,908
Rackable Systems, Inc.* (a)		153,790		1,808,570
Western Digital Corp.*		359,600		6,357,728
				33,106,987
Construction & Engineering (1.3%) (a)
Sterling Construction Co., Inc.*		533,245		11,016,842
The Shaw Group, Inc.*		170,402		5,526,137
				16,542,979
Consumer Goods (0.2%) (a)
Central Garden & Pet Co.*		218,540		3,129,493

2007 Semiannual Report 27

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Containers & Packaging (1.5%)
Owens-Illinois, Inc.*		267,253	$	8,041,643
Packaging Corp. of America		237,610		5,883,223
Smurfit-Stone Container Corp.*		444,674		5,358,322
				19,283,188
Diversified Consumer Services (0.6%) (a)
Global Payments, Inc.		192,540		7,312,669
Diversified Financial Services (1.1%)
International Securities Exchange Holdings, Inc.		24,000		1,600,560
Investment Technology Group, Inc.*		181,292		6,860,089
Nasdaq Stock Market, Inc.* (a)		190,244		6,194,345
				14,654,994
Diversified Telecommunication Services (1.1%) (a)
Alaska Communications Systems Holdings, Inc.		364,690		5,798,571
Globalstar, Inc.*		942,210		9,111,171
				14,909,742
Electric Utilities (0.4%) (a)
Cleco Corp.		100,000		2,806,000
ITC Holdings Corp.		48,420		2,037,514
				4,843,514
Electrical Equipment (1.8%)
Encore Wire Corp.		398,350		11,034,295
Energy Conversion Devices, Inc.*		22,264		788,368
Hubbell, Inc. (a)		85,269		4,407,555
Regal-Beloit Corp. (a)		150,270		6,930,452
				23,160,670
Electronic Equipment & Instruments (3.5%)
Bell Microproducts, Inc.* (a)		1,029,172		6,998,370
Daktronics, Inc.		180,654		4,115,298
Insight Enterprises, Inc.* (a)		93,600		1,855,152
Molex, Inc.		198,910		5,943,431
Plexus Corp.* (a)		274,960		5,763,162
Spansion, Inc., Class A* (a)		692,120		6,796,618
Technitrol, Inc. (a)		556,305		14,925,663
				46,397,694
Energy Equipment & Services (1.9%)
Atwood Oceanics, Inc.* (a)		33,200		2,088,280
Hercules Offshore, Inc.* (a)		344,600		10,830,778
Superior Well Services, Inc.* (a)		329,641		8,339,917
Todco*		80,500		3,659,530
				24,918,505
Entertainment (0.3%)
National Cinemedia, Inc.*		160,030		4,207,189
Food & Staples Retailing (0.5%)
Andersons, Inc. (The)		35,215		1,635,737
Performance Food Group Co.* (a)		176,056		5,501,750
				7,137,487
Food Products (0.7%) (a)
Smithfield Foods, Inc.*		319,960		9,781,177
Health Care Equipment & Supplies (1.9%)
Cutera, Inc.* (a)		19,752		578,339
I-Flow Corp.*		140,000		2,167,200
IDEXX Laboratories, Inc.*		25,201		2,272,374
Immucor, Inc.* (a)		51,342		1,675,289
Inverness Medical Innovations, Inc.* (a)		113,330		4,538,867
Iridex Corp.*		606,304		4,292,632
Neurometrix, Inc.		444,591		4,499,261
Northstar Neuroscience, Inc.* (a)		28,800		392,256
Spectranetics Corp.*		182,302		1,890,472
Xtent, Inc.* (a)		217,000		2,933,840
				25,240,530
Health Care Providers & Services (3.0%)
Capital Senior Living Corp.* (a)		94,400		1,095,984
Community Health Systems, Inc.*		19,100		702,880
Five Star Quality Care, Inc.*		594,088		6,540,909
Hythiam, Inc.* (a)		2,262,813		15,726,550
LHC Group, Inc.* (a)		246,522		6,310,963
Mds, Inc.		188,300		3,575,817
Nighthawk Radiology Holdings, Inc.* (a)		182,500		3,542,325
Sun Healthcare Group, Inc.* (a)		191,370		2,399,780
				39,895,208
Hotels, Restaurants & Leisure (4.7%)
Domino’s Pizza, Inc. (a)		131,640		4,245,390
Great Wolf Resorts, Inc.* (a)		1,077,478		13,673,196
Isle of Capri Casinos, Inc.*		194,274		4,748,056
Panera Bread Co.* (a)		115,570		6,436,093
PF Chang’s China Bistro, Inc.*		113,230		4,331,047

28 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Hotels, Restaurants & Leisure (continued)
RARE Hospitality International, Inc.* (a)		314,640	$	9,162,317
Red Robin Gourmet Burgers*		115,220		4,562,712
Ruth’s Chris Steak House, Inc.* (a)		149,459		2,966,761
Scientific Games Corp.* (a)		173,730		5,783,472
Shuffle Master, Inc.* (a)		414,821		7,064,402
				62,973,446
Household Durables (1.5%)
Hovnanian Enterprises, Inc.* (a)		163,790		3,929,322
Meritage Corp.*		251,810		8,765,506
Standard Pacific Corp.		363,910		7,587,524
				20,282,352
Insurance (3.4%)
Aspen Insurance Holdings Ltd.		358,390		9,500,919
Brown & Brown, Inc.		261,524		6,734,243
Conseco, Inc.*		426,275		7,540,805
EMC Insurance Group, Inc. (a)		17,640		442,764
Employers Holdings, Inc.*		254,350		5,043,760
Endurance Specialty Holdings Ltd.		194,159		7,265,430
Phoenix Co., Inc. (a)		240,900		3,589,410
Safety Insurance Group, Inc. (a)		137,570		5,511,054
				45,628,385
Internet & Catalog Retail (0.3%) (a)
dELiA*s, Inc.*		525,900		4,527,999
Internet Software & Services (2.5%)
SonicWALL, Inc.*		1,342,880		10,957,901
Webmethods, Inc.* (a)		1,187,546		10,794,793
Websense, Inc.* (a)		218,370		5,395,922
WebSideStory, Inc.*		475,630		5,308,031
				32,456,647
IT Services (3.5%) (a)
CACI International, Inc., Class A*		178,770		8,175,152
CheckFree Corp.*		395,000		13,295,700
Euronet Worldwide, Inc.*		556,370		15,494,905
Gevity HR, Inc.		259,700		4,843,405
Global Cash Access, Inc.*		327,275		5,128,399
				46,937,561
Life Sciences Tools & Services (0.7%)
Covance, Inc.*		104,172		6,302,406
Kendle International, Inc.* (a)		48,000		1,635,840
Pharmaceutical Product Development, Inc. (a)		40,000		1,442,800
				9,381,046
Machinery (2.2%)
Actuant Corp. (a)		131,500		6,969,500
Dynamic Materials Corp.* (a)		255,400		8,438,416
Greenbrier Cos., Inc.		274,039		6,286,455
Timken Co. (The)		210,220		6,933,055
				28,627,426
Media (2.3%)
Cinemark Holdings, Inc.*		227,010		4,290,489
DreamWorks Animation SKG, Inc., Class A* (a)		329,191		9,638,712
Mcclatchy Co. (a)		221,350		6,397,015
Regal Entertainment Group, Class A (a)		449,900		9,785,325
Salem Communications Corp., Class A (a)		49,140		566,093
				30,677,634
Metals & Mining (2.9%)
A. M. Castle & Co. (a)		123,150		4,174,785
Arch Coal, Inc. (a)		61,222		2,208,278
Claymont Steel Holdings, Inc.*		70,146		1,621,775
Coeur d’Alene Mines Corp.*		598,820		2,449,174
Grupo Simec, SA de C.V. ADR — MX*		636,200		8,054,292
Olympic Steel, Inc. (a)		309,630		10,304,486
Royal Gold, Inc.		330,440		9,691,805
				38,504,595
Multi-Utilities (0.3%)
CMS Energy Corp.		185,691		3,438,997
Multiline Retail (0.9%) (a)
Fred’s, Inc.		816,220		11,786,217
Oil, Gas & Consumable Fuels (4.2%)
Aurora Oil & Gas Corp.* (a)		1,936,438		5,092,832
Cabot Oil & Gas Corp. (a)		255,486		9,304,800
Carrizo Oil & Gas, Inc.*		5,000		184,250
Cheniere Energy Partners LP		245,500		5,187,415
Denbury Resources, Inc.* (a)		36,638		1,212,351
Evergreen Energy, Inc.* (a)		971,607		5,858,790
EXCO Resources, Inc.* (a)		60,220		1,011,094

2007 Semiannual Report 29

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Gastar Exploration Ltd.* (a)		261,600	$	562,440
Geomet, Inc.* (a)		119,052		1,102,421
Harvest Natural Resources, Inc.* (a)		171,970		1,728,298
Kodiak Oil & Gas Corp. ADR — CA* (a)		168,684		1,045,841
Newfield Exploration Co.*		22,200		971,250
Parallel Petroleum Corp.* (a)		284,457		6,573,801
RAM Energy Resources, Inc.*		1,614,100		7,747,680
Range Resources Corp. (a)		39,509		1,444,054
Superior Energy Services, Inc.*		7,460		271,022
Superior Offshore International, Inc.*		106,800		1,951,236
Swift Energy Co.* (a)		48,492		1,971,200
Transglobe Energy Corp.*		203,407		888,889
W&T Offshore, Inc. (a)		73,659		2,235,551
				56,345,215
Personal Products (0.9%)
Inter Parfums, Inc. (a)		87,414		2,012,270
Physicians Formula Holdings, Inc.*		489,900		10,297,698
				12,309,968
Pharmaceuticals (0.4%)
Adolor Corp.* (a)		98,276		351,828
Molecular Insight Pharmaceuticals, Inc.* (a)		367,200		4,340,304
Poniard Pharmaceuticals, Inc.*		86,290		599,716
				5,291,848
Real Estate Investment Trusts (REITs) (6.3%)
American Financial Realty Trust (a)		645,795		6,845,427
Ashford Hospitality Trust (a)		1,019,720		12,236,640
CBRE Realty Finance, Inc. (a)		672,330		8,706,673
Deerfield Triarc Capital Corp. (a)		858,051		13,891,846
First Industrial Realty Trust		177,370		7,767,032
HFF, Inc., Class A* (a)		265,550		4,243,489
Highwood Properties, Inc.		68,910		2,810,150
Lexington Corporate Properties Trust		281,912		5,889,142
Mack-Cali Realty Corp.		142,310		6,968,921
Quadra Realty Trust, Inc.*		1,000,880		13,982,293
				83,341,613
Road & Rail (2.1%)
Arkansas Best Corp. (a)		95,680		3,769,792
Con-way, Inc.		139,653		7,629,244
Old Dominion Freight Line, Inc.*		314,600		9,299,576
YRC Worldwide, Inc.*		164,570		6,548,240
				27,246,852
Semiconductors & Semiconductor Equipment (3.7%)
Advanced Analogic Technologies, Inc.* (a)		266,220		2,159,044
Applied Micro Circuits Corp.* (a)		1,880,740		5,284,879
DSP Group, Inc.* (a)		414,031		7,647,153
Microsemi*		82,830		1,914,201
Photronics, Inc.*		261,279		3,932,249
PMC-Sierra, Inc.* (a)		560,990		4,336,453
Qimonda AG ADR — DE*		258,480		3,799,656
RF Micro Devices, Inc.* (a)		1,066,560		6,666,000
Silicon Laboratories, Inc.*		413,966		13,582,225
				49,321,860
Software (3.2%)
Agile Software* (a)		1,361,480		9,789,041
BEA Systems, Inc.*		835,910		9,855,379
Business Objects SA Sponsored ADR — FR* (a)		143,850		5,395,814
Corel Corp. ADR — CA* (a)		500,865		6,661,504
Quest Software, Inc.*		229,180		3,898,352
Tibco Software, Inc.*		725,560		6,617,107
				42,217,197
Specialty Retail (3.6%)
Bebe Stores, Inc. (a)		271,720		4,755,100
Build-A-Bear-Workshop, Inc.*		244,600		6,738,730
Circuit City Stores, Inc.		875,290		15,273,811
Group 1 Automotive, Inc.		401,810		16,474,210
Hot Topic, Inc.* (a)		401,160		4,529,096
				47,770,947
Thrifts & Mortgage Finance (2.0%)
PMI Group, Inc. (a)		200,018		9,694,872
Triad Guaranty, Inc.*		323,780		14,314,314
Westfield Financial, Inc. (a)		227,150		2,294,215
				26,303,401

30 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Trading Companies & Distributors (2.5%) (a)
H&E Equipment Services, Inc.*		396,590	$	9,383,320
Interline Brands, Inc.*		259,340		5,669,172
MSC Industrial Direct Co., Class A		138,760		6,763,162
Rush Enterprises, Inc., Class A*		176,590		3,673,072
Williams Scotsman International, Inc.*		317,433		6,993,049
				32,481,775
Transportation (1.9%)
Genesis Lease Ltd. ADR — IE*		943,050		25,462,350
Uti Worldwide, Inc. (a)		10,850		254,650
				25,717,000
Transportation Infrastructure (0.4%)
Aegean Marine Petroleum Network, Inc.		372,350		5,790,043
Total Common Stocks (Cost $1,296,930,640)				1,307,684,336
Repurchase Agreements (1.5%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $20,089,657, collateralized by U.S. Government Agency Mortgages with a market value of $20,488,548	$	20,086,812		20,086,812
Securities Held as Collateral for Securities on Loan (28.3%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $351,015,479, collateralized by U.S. Government Agency Mortgages with a market value of $357,982,886		350,963,614		350,963,614
Gx Clarke Repurchase Agreement, 5.25%, dated 04/30/07, due 05/01/07, repurchase price $25,003,646, collateralized by U.S. Government Agency Mortgages with a market value of $25,500,000	$	25,000,000		25,000,000
Total Securities Held As Collateral For Securities On Loan (Cost $375,963,614)				375,963,614
Total Investments (Cost $1,692,981,066) (b) — 128.3%				1,703,734,762
Liabilities in excess of other assets — (28.3)%				(375,539,195	)
NET ASSETS — 100.0%			$	1,328,195,567

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CA	Canada
DE	Germany
FR	France
IE	Ireland
LP	Limited Partnership
MX	Mexico
NL	Netherlands

See accompanying notes to financial statements.

2007 Semiannual Report 31

Nationwide Value Opportunities Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Value Opportunities Fund (Class A at NAV) returned 8.08% versus 6.86% for its benchmark, the Russell 2000^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds (consisting of 748 fund as of April 30, 2007) was 8.48%.

Can you describe the market environment during the reporting period?

Small-capitalization stocks continued to rally from the Summer 2006 lows through the end of the calendar year 2006. As 2007 began, the advance continued with small-capitalization stocks outperforming large-capitalization stocks through the end of February 2007 when the global stocks markets retreated briefly on fears of slowing economic growth. The equity markets have since advanced from the February 2007 lows; however, small-capitalization stocks have slightly underperformed large-capitalization stocks. Generally, equity market performance during the reporting period was led by the materials sector as demand for commodities showed no signs of abatement. The consumer staple sector also turned in a strong performance led by food product companies. Within both the materials and consumer staples sectors, companies were acquired at attractive prices for shareholders which served to inject a “take-out” premium to the valuation of many of the stocks across the sectors.

What areas of investment provided the most positive returns for the Fund?

During the reporting period, stock selection in nearly all sectors was positive and represented the main contributor to the Fund’s outperformance relative to the benchmark. The highest return came for the health care sector and was led by Chemed Corp., a hospice provider that was able to navigate a difficult Medicare reimbursement environment and resolved admission issues at several recently acquired locations. Performance was also aided by positive earnings surprises from inVentiv Health, Inc., a provider of outsource services to the pharmaceutical industry.

What areas detracted from Fund performance?

Weaker than expected earnings at Jupiter Media Corp. caused the information technology sector to be the biggest detractor from Fund performance. The materials sectors was also a negative contributor to performance as a weak housing market reduced the demand for gypsum board and caused the earnings of Caraustar Industries, Inc. to decline more than expected.

What is your outlook for the near term?

Throughout the reporting period, the stock market has been rewarding those companies exhibiting strong or improving fundamentals. As 2007 continues, we believe that: 1) investors will continue to pay attention to the fundamentals that we think are important for long-term investing success; and 2) our investment discipline and style is well positioned to yield favorable results.

Portfolio Managers:

Jeffery Petherick, CFA and Mary C. Champagne, CFA

32 Semiannual Report 2007

Nationwide Value Opportunities Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		8.08%		7.05%		10.33%		12.62%		1.60%		1.36%
	w/SC3		1.84%		0.92%		9.03%		11.72%
Class B	w/o SC2		7.72%		6.37%		9.59%		11.90%		2.34%		2.10%
	w/SC4		3.06%		1.77%		9.31%		11.90%
Class C5	w/o SC2		7.66%		6.24%		9.57%		11.89%		2.34%		2.10%
	w/SC6		6.73%		5.32%		9.57%		11.89%
Class R 7,9			7.73%		6.55%		9.93%		12.14%		2.04%		1.80%
Institutional Class8,9			8.21%		7.32%		10.59%		12.93%		1.34%		1.10%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 29, 1999.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
8	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.
9	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Value Opportunities Fund, Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 33

Nationwide Value Opportunities Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Value Opportunities Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,080.80	$	7.22		1.40%
	Hypothetical	1	$	1,000.00	$	1,018.06	$	7.03		1.40%
Class B	Actual		$	1,000.00	$	1,077.20	$	10.82		2.10%
	Hypothetical	1	$	1,000.00	$	1,014.59	$	10.54		2.10%
Class C	Actual		$	1,000.00	$	1,076.60	$	10.76		2.09%
	Hypothetical	1	$	1,000.00	$	1,014.59	$	10.49		2.09%
Class R	Actual		$	1,000.00	$	1,077.30	$	11.07		2.15%
	Hypothetical	1	$	1,000.00	$	1,012.50	$	10.79		2.15%
Institutional Class	Actual		$	1,000.00	$	1,082.10	$	4.49		0.87%
	Hypothetical	1	$	1,000.00	$	1,020.69	$	4.37		0.87%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

34 Semiannual Report 2007

Nationwide Value Opportunities Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	97.9%
Repurchase Agreements	1.4%
Other Investments*	13.0%
Liabilities in excess of Other Assets**	-12.3%
	100.0%

Top Industries
Real Estate Investment Trusts	9.8%
Commercial Banks	7.3%
Energy Equipment & Services	4.9%
Chemicals	4.8%
Semiconductors & Semiconductor Equipment	4.3%
Specialty Retail	4.1%
Pharmaceuticals	3.0%
Insurance	2.7%
Metals & Mining	2.6%
Biotechnology	2.5%
Other	54.0%
	100.0%

Top Holdings***
InVentiv Health, Inc.	1.5%
WGL Holdings, Inc.	1.4%
Baldor Electric Co.	1.3%
RAIT Financial Trust	1.3%
Allete, Inc.	1.3%
LKQ Corp.	1.3%
Unit Corp.	1.2%
Hercules Technology Growth Capital, Inc.	1.2%
Invitrogen Corp.	1.2%
Amerisafe, Inc.	1.2%
Other	87.1%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 35

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Value Opportunities Fund

Common Stocks (97.9%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (2.2%)
Esterline Technologies Corp.*		3,700	$	154,401
Taser International, Inc.*		6,500		56,095
Teledyne Technologies, Inc.*		3,400		149,974
				360,470
Airlines (1.0%)
Republic Airways Holdings, Inc.*		7,900		167,954
Auto Components (2.1%)
Cooper Tire & Rubber Co.		6,800		131,444
LKQ Corp.*		8,900		200,962
				332,406
Biotechnology (2.5%)
Bio-Reference Laboratories, Inc.* (a)		6,100		164,517
ImClone Systems, Inc.*		3,500		146,615
Omrix Biopharmaceuticals, Inc.*		2,700		95,850
				406,982
Capital Markets (2.0%)
Hercules Technology Growth Capital, Inc.		14,400		198,288
Thomas Weisel Partners Group, Inc.*		6,400		126,464
				324,752
Chemicals (4.8%)
Airgas, Inc.		2,200		98,010
Chemtura Corp.		11,600		127,948
Hercules, Inc.*		5,700		107,388
Koppers Holdings, Inc.		5,500		159,170
Landec Corp.*		8,600		109,306
RPM International, Inc.		5,900		125,493
Sensient Technologies Corp.		1,990		52,098
				779,413
Commercial Banks (7.3%)
Banner Corp.		4,300		160,476
Cobiz, Inc.		8,500		155,890
First Community Bancorp (a)		2,900		159,094
First Midwest Bancorp, Inc.		4,200		150,948
Greene County Bancshares, Inc. (a)		5,296		178,052
Independent Bank Corp.		3,100		92,070
Security Bank Corp.		7,316		144,637
SVB Financial Group* (a)		2,700		138,294
				1,179,461
Communications Equipment (2.1%)
ADC Telecommunications, Inc.*		9,700		178,480
Ntelos Holding Corp.*		8,180		164,745
				343,225
Computers & Peripherals (1.2%)
Brocade Communications Systems, Inc.*		16,900		165,113
Cray, Inc.*		1,860		23,157
				188,270
Consumer Finance (1.0%)
Advanta Corp., Class B		3,442		157,712
Consumer Goods (1.9%)
Armstrong World Industries, Inc.*		3,100		158,100
CEC Entertainment, Inc.*		3,500		145,845
				303,945
Containers & Packaging (0.9%)
Silgan Holdings, Inc.		2,510		144,024
Diversified Telecommunication Services (0.7%)
CT Communications, Inc.		4,500		109,845
Electric Utilities (2.3%)
Allete, Inc.		4,300		208,163
Cleco Corp.		5,500		154,330
				362,493
Electrical Equipment (1.3%)
Baldor Electric Co.		5,400		212,706
Electronic Equipment & Instruments (1.4%)
CalAmp Corp.*		13,000		108,290
Kemet Corp.*		14,300		121,264
				229,554
Energy Equipment & Services (4.9%)
Atwood Oceanics, Inc.*		2,100		132,090
Dawson Geophysical Co.*		2,700		138,780
Oceaneering International, Inc.*		2,800		133,112
Superior Well Services, Inc.*		7,480		189,244
Unit Corp.*		3,500		200,025
				793,251
Food & Staples Retailing (2.3%)
Andersons, Inc. (The) (a)		3,900		181,155
BJ’s Wholesale Club, Inc.*		3,400		117,402
Casey’s General Stores, Inc.		3,100		77,965
				376,522

36 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Food Products (1.4%)
Lancaster Colony Corp.		1,900	$	80,237
Pilgrim’s Pride Corp.		3,800		138,738
				218,975
Gas Utilities (2.2%)
South Jersey Industries, Inc.		3,500		137,445
WGL Holdings, Inc.		6,500		219,960
				357,405
Health Care Equipment & Supplies (0.6%)
DJ Orthopedics, Inc.*		2,600		101,556
Health Care Providers & Services (2.3%)
Animal Health International, Inc.*		9,080		121,309
InVentiv Health, Inc.*		6,500		246,675
				367,984
Hotels, Restaurants & Leisure (1.3%)
Denny’s Corp.*		19,000		89,110
Vail Resorts, Inc.* (a)		2,000		114,040
				203,150
Household Durables (0.9%)
Tupperware Corp.		5,200		146,224
Industrial Conglomerates (1.2%)
Carlisle Cos., Inc.		4,600		189,428
Insurance (2.7%)
Amerisafe, Inc.*		9,650		194,254
Meadowbrook Insurance Group, Inc.*		10,800		119,988
Tower Group, Inc.		3,940		120,919
				435,161
Internet & Catalog Retail (0.8%) (a)
Priceline.com, Inc.*		2,400		133,536
Internet Software & Services (1.4%)
Digital River, Inc.*		2,300		134,619
Website Pros, Inc.*		10,200		92,718
				227,337
IT Services (0.6%)
BISYS Group, Inc. (The)*		8,200		94,874
Leisure Equipment & Products (1.5%)
K2, Inc.*		6,500		98,085
Marvel Entertainment, Inc.* (a)		4,600		135,838
				233,923
Life Sciences Tools & Services (2.0%)
Invitrogen Corp.*		3,000		196,410
Kendle International, Inc.*		3,900		132,912
				329,322
Machinery (1.7%)
ESCO Technologies, Inc.* (a)		3,600		164,016
Robbins & Myers, Inc.		2,900		111,447
				275,463
Marine (0.9%)
American Commercial Lines, Inc.*		4,900		144,403
Media (0.7%)
Cinemark Holdings, Inc.*		690		13,041
DreamWorks Animation SKG, Inc., Class A*		3,200		93,696
				106,737
Metals & Mining (2.6%)
Haynes International, Inc.*		2,400		187,104
Metal Management, Inc.		2,600		124,982
Royal Gold, Inc. (a)		3,750		109,988
				422,074
Oil, Gas & Consumable Fuels (1.6%)
CNX Gas Corp.*		4,700		131,882
Kodiak Oil & Gas Corp. ADR – CA*		21,020		130,324
				262,206
Pharmaceuticals (3.0%)
K-V Pharmaceutical Co.*		6,700		174,267
Medicis Pharmaceutical Corp. (a)		5,400		164,160
Perrigo Co.		7,500		142,500
				480,927
Real Estate Investment Trusts (REITs) (9.8%)
Annaly Mortgage Management, Inc.		10,670		169,760
Biomed Realty Trust, Inc.		6,000		172,260
BRT Realty Trust		5,900		182,487
Cogdell Spencer, Inc.		8,200		169,658
Diamondrock Hospitality Co.		8,820		161,318
First Industrial Realty Trust		4,200		183,918
Friedman, Billings, Ramsey Group, Inc.		11,700		64,935
Nationwide Health Properties, Inc.		4,000		128,240
Newcastle Investment Corp.		4,500		131,445
RAIT Financial Trust		7,460		209,999
				1,574,020

2007 Semiannual Report 37

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Value Opportunities Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Real Estate Management & Development (1.1%)
Meruelo Maddux Properties, Inc.*		22,700	$	184,097
Semiconductors & Semiconductor Equipment (4.3%)
Applied Micro Circuits Corp.*		55,100		154,831
GSI Technology, Inc.*		10,230		55,242
Mattson Technology, Inc.*		18,200		184,002
Microsemi* (a)		6,700		154,837
Trident Microsystems, Inc.*		7,100		150,733
				699,645
Software (1.8%)
Aspen Technology, Inc.*		1,200		16,296
Parametric Technology Corp.*		5,820		103,421
THQ, Inc.*		4,900		163,513
				283,230
Specialty Retail (4.1%)
Aeropostale, Inc.*		2,300		94,645
Children’s Place Retail Store, Inc. (The)*		2,200		116,314
Dress Barn, Inc.* (a)		4,300		85,613
New York & Co., Inc.* (a)		6,100		85,217
Sonic Automotive, Inc. (a)		3,800		108,642
Tween Brands, Inc.*		4,500		176,220
				666,651
Textiles, Apparel & Luxury Goods (2.0%)
Quiksilver, Inc.* (a)		12,200		162,260
Warnaco Group, Inc. (The)*		5,600		158,368
				320,628
Thrifts & Mortgage Finance (1.8%) (a)
BankUnited Financial Corp., Class A		5,700		123,405
Triad Guaranty, Inc.*		3,900		172,419
				295,824
Trading Companies & Distributors (1.2%) (a)
Watsco, Inc.		3,500		186,095
Wireless Telecommunication Services (0.5%)
Dobson Communications Corp., Class A*		9,100		82,901
Total Common Stocks (Cost $14,744,513)				15,796,761
Repurchase Agreements (1.4%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $228,211, collateralized by U.S. Government Agency Mortgages with a market value of $232,742	$	228,178		228,178
Securities Held as Collateral for Securities on Loan (13.0%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $2,098,069, collateralized by U.S. Government Agency Mortgages with a market value of $2,139,714		2,097,759		2,097,759
Total Investments (Cost $17,070,450) (b) — 112.3%				18,122,698
Liabilities in excess of other assets — (12.3)%				(1,980,918	)
NET ASSETS — 100.0%			$	16,141,780

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CA	Canada

See accompanying notes to financial statements.

38 Semiannual Report 2007

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

											Nationwide
			Nationwide			Nationwide			Nationwide		Value
			Large Cap			Mid Cap			Small Cap		Opportunities
			Value Fund			Growth Fund			Fund		Fund
Assets:
Investments, at value (cost $38,218,970; $6,435,749; $1,296,930,640 and $14,744,513)*			$	43,730,820		$	7,593,851		$	1,307,684,336	$	15,796,761
Repurchase agreements, at cost and value				3,148,923			487,381			396,050,426		2,325,937
Total Investments				46,879,743			8,081,232			1,703,734,762		18,122,698
Cash				–			–			1,750,684		–
Interest and dividends receivable				37,969			3,374			951,968		6,194
Receivable for capital shares issued				96,458			–			1,533,954		1,820
Receivable for investments sold				–			421,612			37,025,977		538,122
Prepaid expenses and other assets				13,650			18,752			248,948		5,611
		Total Assets		47,027,820			8,524,970			1,745,246,293		18,674,445
Liabilities:
Payable to custodian				–			–			–		13,121
Payable for investments purchased				–			190,682			36,829,556		393,222
Payable for capital shares redeemed				23,888			33,320			2,803,188		975
Payable for return of collateral received for securities on loan				2,651,837			–			375,963,614		2,097,759
Accrued expenses and other payables:
	Investment advisory fees			26,379			2,250			879,840		6,628
	Fund administration and transfer agent fees			2,296			546			34,118		5,022
	Distribution fees			15,050			1,227			434,136		5,396
	Administrative servicing fees			12,671			479			100,700		8,510
	Compliance program fees			438			29			5,537		100
	Custodian fees			–			–			–		795
	Other			2,068			318			37		1,137
		Total Liabilities		2,734,627			228,851			417,050,726		2,532,665
Net Assets			$	44,293,193		$	8,296,119		$	1,328,195,567	$	16,141,780
Represented by:
Capital			$	36,921,245		$	6,844,624		$	1,217,082,189	$	13,756,254
Accumulated net investment income (loss)				(13,636	)		(31,575	)		968,592		(1,033	)
Accumulated net realized gains (losses) on investment transactions				1,873,735			324,968			99,391,091		1,334,311
Net unrealized appreciation on investments				5,511,849			1,158,102			10,753,695		1,052,248
Net Assets			$	44,293,193		$	8,296,119		$	1,328,195,567	$	16,141,780
Net Assets:
Class A Shares				34,300,468			2,682,942			929,575,262		12,848,948
Class B Shares				1,886,143			228,140			22,501,269		2,468,142
Class C Shares				7,948,285			584,887			273,519,676		821,756
Class R Shares				158,297			2,249			7,948,400		1,479
Institutional Service Class Shares				–			–			45,327,497		–
Institutional Class Shares				–			4,797,901			49,323,463		1,455
Total			$	44,293,193		$	8,296,119		$	1,328,195,567	$	16,141,780

See accompanying notes to financial statements.

2007 Semiannual Report 39

Statements of Assets and Liabilities (Continued)

										Nationwide
	Nationwide			Nationwide			Nationwide			Value
	Large Cap			Mid Cap			Small Cap			Opportunities
	Value Fund			Growth Fund			Fund			Fund
Shares outstanding (unlimited number of shares authorized):
Class A Shares		2,422,126			158,705			40,739,116			881,416
Class B Shares		135,522			13,877			1,050,183			176,355
Class C Shares		573,882			35,573			12,741,617			58,929
Class R Shares		11,398			134			364,375			104
Institutional Service Class Shares		–			–			1,946,261			–
Institutional Class Shares		–			280,206			2,116,426			97
Total		3,142,928			488,495			58,957,978			1,116,901
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	14.16		$	16.91		$	22.82		$	14.58
Class B Shares (b)	$	13.92		$	16.44		$	21.43		$	14.00
Class C Shares (c)	$	13.85		$	16.44		$	21.47		$	13.94
Class R Shares	$	13.89		$	16.77	(a)	$	21.81		$	14.26
Institutional Service Class Shares	$	–		$	–		$	23.29		$	–
Institutional Class Shares	$	–		$	17.12		$	23.31		$	14.89
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	15.02		$	17.94		$	24.21		$	15.47
Maximum Sales Charge — Class A		5.75	%		5.75	%		5.75	%		5.75	%

(a)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
(b)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(c)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
*	Includes value of securities on loan of $2,542,468, $0, $361,052,027 and $2,032,716.

See accompanying notes to financial statements.

40 Semiannual Report 2007

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

											Nationwide
		Nationwide			Nationwide			Nationwide			Value
		Large Cap			Mid Cap			Small Cap			Opportunities
		Value Fund			Growth Fund			Fund			Fund
INVESTMENT INCOME:
Interest income		$	18,790		$	7,563		$	850,484		$	13,601
Dividend income			420,194			12,043			6,753,105			107,942
Income from securities lending			1,948			–			689,333			2,431
	Total Income		440,932			19,606			8,292,922			123,974
Expenses:
Investment advisory fees			137,666			28,682			3,909,065			56,695
Fund administration and transfer agent fees			21,181			5,230			535,803			12,976
Distribution fees Class A			35,140			3,185			836,028			16,050
Distribution fees Class B			8,604			1,059			85,524			12,968
Distribution fees Class C			34,930			2,827			981,926			3,813
Distribution fees Class R			298			4			10,396			4
Administrative servicing fees Class A			21,449			124			143,120			3,120
Administrative servicing fees Class R			138			3			4,374			3
Administrative servicing fees Institutional Service Class			–			–			25,495			–
Registration and filing fees			22,752			25,077			45,605			27,313
Trustee fees			501			104			10,664			231
Compliance program fees (Note 3)			301			5			5,752			107
Custodian fees			1,709			476			764			170
Other			4,933			1,990			85,417			7,264
	Total expenses before reimbursed/waived expenses		289,602			68,766			6,679,933			140,714
Earnings credit (Note 5)			(356	)		(72	)		(382	)		(85	)
Expenses reimbursed			–			(17,439	)		–			(15,468	)
Expenses voluntarily waived by administrator			(373	)		(74	)		(10,508	)		(154	)
Net expenses			288,873			51,181			6,669,043			125,007
Net Investment Income (Loss)			152,059			(31,575	)		1,623,879			(1,033	)
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			1,985,957			327,454			101,990,109			1,370,150
Change in unrealized appreciation/(depreciation) on investments			1,053,918			277,486			(8,256,851	)		(124,622	)
Net realized/unrealized gains (losses) from investments			3,039,875			604,940			93,733,258			1,245,528
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	3,191,934		$	573,365		$	95,357,137		$	1,244,495

See accompanying notes to financial statements.

2007 Semiannual Report 41

Statements of Changes in Net Assets

		Nationwide Large Cap						Nationwide Mid Cap
		Value Fund						Growth Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	152,059		$	359,957		$	(31,575	)	$	(33,124	)
Net realized gains on investment transactions			1,985,957			6,757,557			327,454			506,535
Net change in unrealized appreciation/(depreciation) investments			1,053,918			(447,307	)		277,486			223,145
Change in net assets from operations			3,191,934			6,670,207			573,365			696,556
Distributions to Shareholders:
From net investment income:
	Class A		(186,238	)		(300,461	)		–			–
	Class B		(7,330	)		(6,905	)		–			–
	Class C		(30,530	)		(23,378	)		–			–
	Class R		(1,006	)		(15	)		–			–
Net realized gains:
	Class A		(3,197,730	)		(1,268,930	)		(160,443	)		(97,283	)
	Class B		(228,171	)		(63,086	)		(13,023	)		(9,402	)
	Class C		(885,577	)		(238,237	)		(35,287	)		(18,732	)
	Class R		(18,516	)		(61	)		(112	)		(69	)
	Institutional Class		–			–			(265,522	)		(142,046	)
Change in net assets from shareholder distributions			(4,555,098	)		(1,901,073	)		(474,387	)		(267,532	)
Change in net assets from capital transactions			14,348,098			(7,924,957	)		975,793			2,179,134
Change in net assets			12,984,934			(3,155,823	)		1,074,771			2,608,158
Net Assets:
Beginning of period			31,308,259			34,464,082			7,221,348			4,613,190
End of period		$	44,293,193		$	31,308,259		$	8,296,119		$	7,221,348
Accumulated net investment income (loss) at end of period		$	(13,636	)	$	59,409		$	(31,575	)	$	–

See accompanying notes to financial statements.

42 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Large Cap						Nationwide Mid Cap
		Value Fund						Growth Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	13,761,551		$	15,043,875		$	608,272		$	1,007,173
	Dividends reinvested		3,099,257			1,473,290			108,265			77,703
	Cost of shares redeemed (a)		(5,392,879	)		(24,940,854	)		(460,031	)		(503,584	)
Total Class A			11,467,929			(8,423,689	)		256,506			581,292
Class B Shares
	Proceeds from shares issued		326,557			301,562			25,009			38,440
	Dividends reinvested		168,719			55,996			12,595			8,122
	Cost of shares redeemed (a)		(104,587	)		(307,160	)		(32,936	)		(12,309	)
Total Class B			390,689			50,398			4,668			34,253
Class C Shares
	Proceeds from shares issued		2,662,646			2,818,583			93,123			319,285
	Dividends reinvested		253,958			106,585			7,315			3,716
	Cost of shares redeemed (a)		(591,978	)		(2,476,910	)		(61,419	)		(32,076	)
Total Class C			2,324,626			448,258			39,019			290,925
Class R Shares
	Proceeds from shares issued		163,473			150			619			218
	Dividends reinvested		19,523			76			94			69
	Cost of shares redeemed (a)		(18,142	)		(150	)		–			(151	)
Total Class R			164,854			76			713			136
Institutional Class Shares
	Proceeds from shares issued		–			–			575,580			1,523,055
	Dividends reinvested		–			–			265,522			142,046
	Cost of shares redeemed (a)		–			–			(166,215	)		(392,573	)
Total Institutional Class			–			–			674,887			1,272,528
Change in net assets from capital transactions		$	14,348,098		$	(7,924,957	)	$	975,793		$	2,179,134

See accompanying notes to financial statements.

2007 Semiannual Report 43

Statements of Changes in Net Assets (Continued)

		Nationwide Large Cap						Nationwide Mid Cap
		Value Fund						Growth Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		994,470			1,078,112			36,585			61,896
	Reinvested		226,858			112,275			6,741			4,965
	Redeemed		(380,236	)		(1,757,119	)		(28,207	)		(31,149	)
Total Class A Shares			841,092			(566,732	)		15,119			35,712
Class B Shares
	Issued		23,321			22,237			1,560			2,418
	Reinvested		12,553			4,344			804			527
	Redeemed		(7,608	)		(22,887	)		(1,943	)		(779	)
Total Class B Shares			28,266			3,694			421			2,166
Class C Shares
	Issued		194,218			203,719			5,867			19,761
	Reinvested		18,994			8,315			467			241
	Redeemed		(43,928	)		(186,047	)		(3,786	)		(2 ,005	)
Total Class C Shares			169,284			25,987			2,548			17,997
Class R Shares
	Issued		11,170			11			37			14
	Reinvested		1,457			6			6			4
	Redeemed		(1,338	)		(11	)		–			(9	)
Total Class R Shares			11,289			6			43			9
Institutional Class Shares
	Issued		–			–			34,259			92,998
	Reinvested		–			–			16,330			9,002
	Redeemed		–			–			(9,738	)		(24,140	)
Total Institutional Class Shares			–			–			40,851			77,860
Change in shares			1,049,931			(537,045	)		58,982			133,744

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

44 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide						Nationwide Value
		Small Cap Fund						Opportunities Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	1,623,879		$	(248,881	)	$	(1,033	)	$	(8,194	)
Net realized gains on investment transactions			101,990,109			28,122,136			1,370,150			2,185,142
Net change in unrealized appreciation/(depreciation) investments			(8,256,851	)		18,557,364			(124,622	)		278,825
Change in net assets from operations			95,357,137			46,430,619			1,244,495			2,455,773
Distributions to Shareholders:
From net investment income:
	Class A		(560,682	)		(101,788	)		–			–
	Class R		(1,783	)		(343	)		–			–
	Institutional Service Class		(21,202	)		(823	)		–			–
	Institutional Class		(71,620	)		(39,925	)		–			–
Net realized gains:
	Class A		(20,541,304	)		(5,779,273	)		(1,712,372	)		(1,550,143	)
	Class B		(616,111	)		(354,694	)		(361,708	)		(361,154	)
	Class C		(6,441,259	)		(1,081,774	)		(105,226	)		(92,659	)
	Class R		(123,237	)		(26,624	)		(190	)		(164	)
	Institutional Service Class		(638,685	)		(62,291	)		–			–
	Institutional Class		(1,719,654	)		(161,036	)		(180	)		(156	)
Change in net assets from shareholder distributions			(30,735,537	)		(7,608,571	)		(2,179,676	)		(2,004,276	)
Change in net assets from capital transactions			705,244,685			469,927,156			1,028,947			1,070,787
Change in net assets			769,866,285			508,749,204			93,766			1,522,284
Net Assets:
Beginning of period			558,329,282			49,580,078			16,048,014			14,525,730
End of period		$	1,328,195,567		$	558,329,282		$	16,141,780		$	16,048,014
Accumulated net investment income (loss) at end of period		$	968,592		$	–		$	(1,033	)	$	–

See accompanying notes to financial statements.

2007 Semiannual Report 45

Statements of Changes in Net Assets (Continued)

		Nationwide						Nationwide Value
		Small Cap Fund						Opportunities Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	576,125,159		$	377,873,174		$	1,236,722		$	3,443,039
	Dividends reinvested		15,855,063			5,077,474			1,660,602			1,518,993
	Cost of shares redeemed (a)		(84,570,543	)		(69,387,944	)		(2,110,410	)		(3,835,243	)
Total Class A			507,409,679			313,562,704			786,914			1,126,789
Class B Shares
	Proceeds from shares issued		9,671,936			8,720,081			36,914			87,480
	Dividends reinvested		453,378			297,392			351,171			352,738
	Cost of shares redeemed (a)		(427,246	)		(638,812	)		(351,265	)		(480,647	)
Total Class B			9,698,068			8,378,661			36,820			(40,429	)
Class C Shares
	Proceeds from shares issued		150,838,942			105,485,946			187,971			81,521
	Dividends reinvested		2,840,421			381,358			52,885			42,776
	Cost of shares redeemed (a)		(7,797,161	)		(5,597,834	)		(36,013	)		(140,187	)
Total Class C			145,882,202			100,269,470			204,843			(15,890	)
Class R Shares
	Proceeds from shares issued		10,467,210			1,314,310			–			200
	Dividends reinvested		2,631			185			190			164
	Cost of shares redeemed (a)		(4,237,349	)		(150,590	)		–			(203	)
Total Class R			6,232,492			1,163,905			190			161
Institutional Service Class Shares
	Proceeds from shares issued		33,902,520			13,782,957			–			–
	Dividends reinvested		378,221			62,414			–			–
	Cost of shares redeemed (a)		(2,975,470	)		(2,153,377	)		–			–
Total Institutional Service Class			31,305,271			11,691,994			–			–
Institutional Class Shares
	Proceeds from shares issued		10,367,648			44,438,924			–			–
	Dividends reinvested		581,694			167,082			180			156
	Cost of shares redeemed (a)		(6,232,369	)		(9,745,584	)		–			–
Total Institutional Class			4,716,973			34,860,422			180			156
Change in net assets from capital transactions		$	705,244,685		$	469,927,156		$	1,028,947		$	1,070,787

See accompanying notes to financial statements.

46 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide						Nationwide Value
		Small Cap Fund						Opportunities Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		26,143,223			18,760,867			85,410			229,105
	Reinvested		728,299			289,542			117,026			110,152
	Redeemed		(3,815,205	)		(3,585,786	)		(145,315	)		(257,542	)
Total Class A Shares			23,056,317			15,464,623			57,121			81,715
Class B Shares
	Issued		466,327			467,464			2,565			5,987
	Reinvested		22,127			17,904			25,727			26,265
	Redeemed		(20,358	)		(35,202	)		(25,211	)		(33,672	)
Total Class B Shares			468,096			450,166			3,081			(1,420	)
Class C Shares
	Issued		7,258,891			5,688,712			13,078			5,826
	Reinvested		138,355			22,918			3,886			3,195
	Redeemed		(373,040	)		(307,047	)		(2,691	)		(9,584	)
Total Class C Shares			7,024,206			5,404,583			14,273			(563	)
Class R Shares
	Issued		493,909			69,402			–			14
	Reinvested		126			11			14			12
	Redeemed		(199,735	)		(7,957	)		–			(14	)
Total Class R Shares			294,300			61,456			14			12
Institutional Service Class Shares
	Issued		1,510,059			661,271			–			–
	Reinvested		17,029			3,506			–			–
	Redeemed		(130,814	)		(114,791	)		–			–
Total Institutional Service Class Shares			1,396,274			549,986			–			–
Institutional Class Shares
	Issued		461,023			2,329,963			–			–
	Reinvested		26,179			9,349			12			11
	Redeemed		(276,171	)		(494,263	)		–			–
Total Institutional Class Shares			211,031			1,845,049			12			11
Change in shares			32,450,224			23,775,863			74,501			79,755

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

2007 Semiannual Report 47

Financial Highlights

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

Nationwide Large Cap Value Fund

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	9.98		0.08		(0.82	)		(0.74	)
Year Ended October 31, 2003	$	8.75		0.10		1.69			1.79
Year Ended October 31, 2004	$	10.44		0.10		1.35			1.45
Year Ended October 31, 2005	$	11.79		0.15		1.34			1.49
Year Ended October 31, 2006	$	13.14		0.17		2.46			2.63
Six Months Ended April 30, 2007 (Unaudited)	$	15.02		0.07		1.18			1.25
Class B Shares
Year Ended October 31, 2002	$	9.86		0.01		(0.80	)		(0.79	)
Year Ended October 31, 2003	$	8.64		0.03		1.67			1.70
Year Ended October 31, 2004	$	10.30		0.03		1.33			1.36
Year Ended October 31, 2005	$	11.63		0.06		1.33			1.39
Year Ended October 31, 2006	$	12.96		0.07		2.43			2.50
Six Months Ended April 30, 2007 (Unaudited)	$	14.80		0.02		1.17			1.19
Class C Shares
Year Ended October 31, 2002	$	9.85		0.01		(0.79	)		(0.78	)
Year Ended October 31, 2003	$	8.63		0.04		1.66			1.70
Year Ended October 31, 2004	$	10.28		0.03		1.33			1.36
Year Ended October 31, 2005	$	11.60		0.06		1.33			1.39
Year Ended October 31, 2006	$	12.91		0.07		2.43			2.50
Six Months Ended April 30, 2007 (Unaudited)	$	14.75		0.02		1.15			1.17
Class R Shares
Period Ended October 31, 2003 (f)	$	9.92		–		0.39			0.39
Year Ended October 31, 2004	$	10.31		0.08		1.33			1.41
Year Ended October 31, 2005	$	11.64		0.15		1.33			1.48
Year Ended October 31, 2006	$	12.97		0.14		2.44			2.58
Six Months Ended April 30, 2007 (Unaudited)	$	14.81		0.01		1.18			1.19

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
										Net Asset
	Net			Net						Value,
	Investment			Realized			Total			End		Total
	Income			Gains			Distributions			of Period		Return (a)(b)
Class A Shares
Year Ended October 31, 2002		(0.08	)		(0.41	)		(0.49	)	$	8.75		(7.98%	)
Year Ended October 31, 2003		(0.10	)		–			(0.10	)	$	10.44		20.57%
Year Ended October 31, 2004		(0.10	)		–			(0.10	)	$	11.79		13.92%
Year Ended October 31, 2005		(0.14	)		–			(0.14	)	$	13.14		12.63%
Year Ended October 31, 2006		(0.15	)		(0.60	)		(0.75	)	$	15.02		20.81%
Six Months Ended April 30, 2007 (Unaudited)		(0.10	)		(2.01	)		(2.11	)	$	14.16		8.90%
Class B Shares
Year Ended October 31, 2002		(0.02	)		(0.41	)		(0.43	)	$	8.64		(8.53%	)
Year Ended October 31, 2003		(0.04	)		–			(0.04	)	$	10.30		19.80%
Year Ended October 31, 2004		(0.03	)		–			(0.03	)	$	11.63		13.25%
Year Ended October 31, 2005		(0.06	)		–			(0.06	)	$	12.96		11.97%
Year Ended October 31, 2006		(0.06	)		(0.60	)		(0.66	)	$	14.80		20.06%
Six Months Ended April 30, 2007 (Unaudited)		(0.06	)		(2.01	)		(2.07	)	$	13.92		8.59%
Class C Shares
Year Ended October 31, 2002		(0.03	)		(0.41	)		(0.44	)	$	8.63		(8.50%	)
Year Ended October 31, 2003		(0.05	)		–			(0.05	)	$	10.28		19.77%
Year Ended October 31, 2004		(0.04	)		–			(0.04	)	$	11.60		13.25%
Year Ended October 31, 2005		(0.08	)		–			(0.08	)	$	12.91		11.98%
Year Ended October 31, 2006		(0.06	)		(0.60	)		(0.66	)	$	14.75		20.11%
Six Months Ended April 30, 2007 (Unaudited)		(0.06	)		(2.01	)		(2.07	)	$	13.85		8.51%
Class R Shares
Period Ended October 31, 2003 (f)		–			–			–		$	10.31		3.93%
Year Ended October 31, 2004		(0.08	)		–			(0.08	)	$	11.64		13.71%
Year Ended October 31, 2005		(0.15	)		–			(0.15	)	$	12.97		12.73%
Year Ended October 31, 2006		(0.14	)		(0.60	)		(0.74	)	$	14.81		20.69%
Six Months Ended April 30, 2007 (Unaudited)		(0.10	)		(2.01	)		(2.11	)	$	13.89		8.62%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of		Ratio of		Ratio of
					Net		Expenses		Investment
			Ratio of		Investment		(Prior to		Income
	Net Assets		Expenses		Income		Reimbursements)		(Prior to
	at End		to Average		to Average		to		Reimbursements)
	of Period		Net		Net		Average		to Average			Portfolio
	(000’s)		Assets (c)		Assets (c)		Net Assets (c)(d)		Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002	$	23,581		1.36%		0.81%		1.48%		0.69%			91.03%
Year Ended October 31, 2003	$	24,800		1.39%		1.06%		1.47%		0.98%			77.28%
Year Ended October 31, 2004	$	24,846		1.39%		0.91%		1.45%		0.84%			58.61%
Year Ended October 31, 2005	$	28,232		1.44%		1.09%		1.47%		1.06%			67.00%
Year Ended October 31, 2006	$	23,753		1.44%		1.14%		1.44%		1.14%			95.14%
Six Months Ended April 30, 2007 (Unaudited)	$	34,300		1.42%		0.96%		1.43%		0.96%			42.75%
Class B Shares
Year Ended October 31, 2002	$	576		2.02%		0.14%		2.17%		(0.01%	)		91.03%
Year Ended October 31, 2003	$	751		2.00%		0.43%		2.08%		0.35%			77.28%
Year Ended October 31, 2004	$	982		2.00%		0.29%		2.06%		0.22%			58.61%
Year Ended October 31, 2005	$	1,342		2.06%		0.46%		2.08%		0.44%			67.00%
Year Ended October 31, 2006	$	1,588		2.05%		0.52%		2.06%		0.51%			95.14%
Six Months Ended April 30, 2007 (Unaudited)	$	1,886		2.02%		0.40%		2.03%		0.40%			42.75%
Class C Shares
Year Ended October 31, 2002	$	80		2.03%		0.13%		2.15%		0.01%			91.03%
Year Ended October 31, 2003	$	248		2.00%		0.38%		2.08%		0.30%			77.28%
Year Ended October 31, 2004	$	743		2.00%		0.21%		2.06%		0.14%			58.61%
Year Ended October 31, 2005	$	4,888		2.06%		0.34%		2.07%		0.34%			67.00%
Year Ended October 31, 2006	$	5,966		2.06%		0.52%		2.06%		0.51%			95.14%
Six Months Ended April 30, 2007 (Unaudited)	$	7,948		2.02%		0.39%		2.02%		0.39%			42.75%
Class R Shares
Period Ended October 31, 2003 (f)	$	1		1.60%		0.48%		2.06%		0.02%			77.28%
Year Ended October 31, 2004	$	1		1.54%		0.75%		1.86%		0.42%			58.61%
Year Ended October 31, 2005	$	1		1.33%		1.18%		1.38%		1.12%			67.00%
Year Ended October 31, 2006	$	2		1.57%		1.00%		1.59%		0.98%			95.14%
Six Months Ended April 30, 2007 (Unaudited)	$	158		1.65%		0.54%		1.65%		0.54%			42.75%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.

See Accompanying Notes to Financial Statements.

48 Semiannual Report 2007

Financial Highlights

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

Nationwide Mid Cap Growth Fund

										Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized		Total
	Value,		Investment			Gains		from		Net
	Beginning		Income			(Losses) on		Investment		Realized
	of Period		(Loss)			Investments		Activities		Gains
Class A Shares
Period Ended October 31, 2003 (g)(h)	$	9.88		(0.08	)		4.04		3.96		–
Year Ended October 31, 2004	$	13.84		(0.13	)		0.87		0.74		(0.37	)
Year Ended October 31, 2005	$	14.21		(0.13	)		2.16		2.03		(0.69	)
Year Ended October 31, 2006	$	15.55		(0.09	)		2.12		2.03		(0.84	)
Six Months Ended April 30, 2007 (Unaudited)	$	16.75		(0.07	)		1.31		1.24		(1.09	)
Class B Shares
Period Ended October 31, 2003 (h)(i)	$	13.17		(0.05	)		0.72		0.67		–
Year Ended October 31, 2004	$	13.84		(0.20	)		0.84		0.64		(0.37	)
Year Ended October 31, 2005	$	14.11		(0.24	)		2.15		1.91		(0.69	)
Year Ended October 31, 2006	$	15.33		(0.19	)		2.07		1.88		(0.84	)
Six Months Ended April 30, 2007 (Unaudited)	$	16.38		(0.12	)		1.26		1.14		(1.09	)
Class C Shares
Period Ended October 31, 2003 (i)	$	13.17		(0.05	)		0.72		0.67		–
Year Ended October 31, 2004	$	13.84		(0.23	)		0.87		0.64		(0.37	)
Year Ended October 31, 2005	$	14.11		(0.27	)		2.18		1.91		(0.69	)
Year Ended October 31, 2006	$	15.33		(0.18	)		2.06		1.88		(0.84	)
Six Months Ended April 30, 2007 (Unaudited)	$	16.38		(0.13	)		1.27		1.14		(1.09	)
Class R Shares
Period Ended October 31, 2003 (j)	$	13.08		(0.01	)		0.79		0.78		–
Year Ended October 31, 2004	$	13.86		(0.17	)		0.86		0.69		(0.37	)
Year Ended October 31, 2005	$	14.18		(0.15	)		2.17		2.02		(0.69	)
Year Ended October 31, 2006	$	15.51		(0.12	)		2.11		1.99		(0.84	)
Six Months Ended April 30, 2007 (Unaudited)	$	16.67		(0.10	)		1.28		1.18		(1.09	)
Institutional Class Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.01	)		0.27		0.26		–
Year Ended October 31, 2003	$	10.26		(0.09	)		3.69		3.60		–
Year Ended October 31, 2004	$	13.86		(0.10	)		0.88		0.78		(0.37	)
Year Ended October 31, 2005	$	14.27		(0.07	)		2.16		2.09		(0.69	)
Year Ended October 31, 2006	$	15.67		(0.05	)		2.14		2.09		(0.84	)
Six Months Ended April 30, 2007 (Unaudited)	$	16.93		(0.05	)		1.32		1.27		(1.09	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
						Net Asset
	Total			Redemption		Value, End		Total
	Distributions			fees		of Period		Return (a)(b)
Class A Shares
Period Ended October 31, 2003 (g)(h)		–		$	–	$	13.84		40.08%
Year Ended October 31, 2004		(0.37	)	$	–	$	14.21		5.44%
Year Ended October 31, 2005		(0.69	)	$	–	$	15.55		14.42%
Year Ended October 31, 2006		(0.84	)	$	0.01	$	16.75		13.51%
Six Months Ended April 30, 2007 (Unaudited)		(1.09	)	$	0.01	$	16.91		7.80%
Class B Shares
Period Ended October 31, 2003 (h)(i)		–		$	–	$	13.84		5.09%
Year Ended October 31, 2004		(0.37	)	$	–	$	14.11		4.70%
Year Ended October 31, 2005		(0.69	)	$	–	$	15.33		13.65%
Year Ended October 31, 2006		(0.84	)	$	0.01	$	16.38		12.68%
Six Months Ended April 30, 2007 (Unaudited)		(1.09	)	$	0.01	$	16.44		7.34%
Class C Shares
Period Ended October 31, 2003 (i)		–		$	–	$	13.84		5.09%
Year Ended October 31, 2004		(0.37	)	$	–	$	14.11		4.70%
Year Ended October 31, 2005		(0.69	)	$	–	$	15.33		13.65%
Year Ended October 31, 2006		(0.84	)	$	0.01	$	16.38		12.68%
Six Months Ended April 30, 2007 (Unaudited)		(1.09	)	$	0.01	$	16.44		7.34%
Class R Shares
Period Ended October 31, 2003 (j)		–		$	–	$	13.86		5.96%
Year Ended October 31, 2004		(0.37	)	$	–	$	14.18		5.06%
Year Ended October 31, 2005		(0.69	)	$	–	$	15.51		14.38%
Year Ended October 31, 2006		(0.84	)	$	0.01	$	16.67		13.27%
Six Months Ended April 30, 2007 (Unaudited)		(1.09	)	$	0.01	$	16.77		7.46%
Institutional Class Shares
Period Ended October 31, 2002 (f)		–		$	–	$	10.26		2.60%
Year Ended October 31, 2003		–		$	–	$	13.86		35.09%
Year Ended October 31, 2004		(0.37	)	$	–	$	14.27		5.73%
Year Ended October 31, 2005		(0.69	)	$	–	$	15.67		14.79%
Year Ended October 31, 2006		(0.84	)	$	0.01	$	16.93		13.80%
Six Months Ended April 30, 2007 (Unaudited)		(1.09	)	$	0.01	$	17.12		7.89%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
										Ratio of
					Ratio of Net			Ratio of		Investment
			Ratio of		Investment			Expenses		Income
	Net Assets		Expenses		Income			(Prior to		(Prior to
	at End of		to Average		(Loss) to			Reimbursements)		Reimbursements)
	Period		Net		Average			to Average		to Average			Portfolio
	(000’s)		Assets (c)		Net Assets (c)			Net Assets (c)(d)		Net Assets (c)(d)			Turnover (e)
Class A Shares
Period Ended October 31, 2003 (g)(h)	$	522		1.40%		(1.02%	)		7.09%		(6.71%	)		74.46%
Year Ended October 31, 2004	$	1,463		1.40%		(0.98%	)		2.51%		(2.08%	)		94.56%
Year Ended October 31, 2005	$	1,678		1.42%		(0.87%	)		2.38%		(1.84%	)		68.86%
Year Ended October 31, 2006	$	2,405		1.43%		(0.60%	)		1.89%		(1.06%	)		68.88%
Six Months Ended April 30, 2007 (Unaudited)	$	2,683		1.41%		(0.90%	)		1.87%		(1.35%	)		33.67%
Class B Shares
Period Ended October 31, 2003 (h)(i)	$	18		2.15%		(1.82%	)		7.76%		(7.43%	)		74.46%
Year Ended October 31, 2004	$	153		2.15%		(1.74%	)		3.27%		(2.86%	)		94.56%
Year Ended October 31, 2005	$	173		2.15%		(1.61%	)		3.11%		(2.56%	)		68.86%
Year Ended October 31, 2006	$	220		2.15%		(1.31%	)		2.62%		(1.77%	)		68.88%
Six Months Ended April 30, 2007 (Unaudited)	$	228		2.15%		(1.63%	)		2.61%		(2.09%	)		33.67%
Class C Shares
Period Ended October 31, 2003 (i)	$	1		2.15%		(1.87%	)		7.55%		(7.27%	)		74.46%
Year Ended October 31, 2004	$	224		2.15%		(1.72%	)		3.17%		(2.74%	)		94.56%
Year Ended October 31, 2005	$	230		2.15%		(1.60%	)		3.18%		(2.64%	)		68.86%
Year Ended October 31, 2006	$	541		2.15%		(1.34%	)		2.60%		(1.79%	)		68.88%
Six Months Ended April 30, 2007 (Unaudited)	$	585		2.15%		(1.64%	)		2.61%		(2.10%	)		33.67%
Class R Shares
Period Ended October 31, 2003 (j)	$	1		1.75%		(1.54%	)		7.41%		(7.20%	)		74.46%
Year Ended October 31, 2004	$	1		1.66%		(1.27%	)		2.63%		(2.24%	)		94.56%
Year Ended October 31, 2005	$	1		1.49%		(0.97%	)		2.53%		(2.00%	)		68.86%
Year Ended October 31, 2006	$	2		1.64%		(0.79%	)		2.18%		(1.33%	)		68.88%
Six Months Ended April 30, 2007 (Unaudited)	$	2		1.93%		(1.41%	)		2.42%		(1.90%	)		33.67%
Institutional Class Shares
Period Ended October 31, 2002 (f)	$	1,026		1.15%		(0.69%	)		20.62%		(20.16%	)		3.74%
Year Ended October 31, 2003	$	1,384		1.15%		(0.76%	)		5.96%		(5.56%	)		74.46%
Year Ended October 31, 2004	$	1,553		1.15%		(0.72%	)		2.26%		(1.83%	)		94.56%
Year Ended October 31, 2005	$	2,531		1.15%		(0.61%	)		1.98%		(1.43%	)		68.86%
Year Ended October 31, 2006	$	4,053		1.15%		(0.34%	)		1.61%		(0.79%	)		68.88%
Six Months Ended April 30, 2007 (Unaudited)	$	4,798		1.15%		(0.64%	)		1.61%		(1.10%	)		33.67%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/ reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2002 (commencement of operations) through October 31, 2002.
(g)	For the period from March 5, 2003 (commencement of operations) through October 31, 2003.
(h)	Net investment income (loss) is based on average shares outstanding during the period.
(i)	For the period from August 21, 2003 (commencement of operations) through October 31, 2003.
(j)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.

See Accompanying Notes to Financial Statements.

2007 Semiannual Report 49

Financial Highlights

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

Nationwide Small Cap Fund

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	10.79		(0.02	)		(1.16	)		(1.18	)		–
Year Ended October 31, 2003	$	9.61		(0.05	)		4.12			4.07			–
Year Ended October 31, 2004	$	13.68		(0.09	)		2.12			2.03			–
Year Ended October 31, 2005	$	15.59		(0.03	)		4.65			4.62			–
Year Ended October 31, 2006	$	18.28		–			5.18			5.18			(0.01	)
Six Months Ended April 30, 2007 (Unaudited)	$	21.30		0.05			2.38			2.43			(0.02	)
Class B Shares
Year Ended October 31, 2002	$	10.61		(0.09	)		(1.13	)		(1.22	)		–
Year Ended October 31, 2003	$	9.39		(0.10	)		4.00			3.90			–
Year Ended October 31, 2004	$	13.29		(0.17	)		2.04			1.87			–
Year Ended October 31, 2005	$	15.04		(0.12	)		4.46			4.34			–
Year Ended October 31, 2006	$	17.45		(0.07	)		4.87			4.80			–
Six Months Ended April 30, 2007 (Unaudited)	$	20.10		(0.02	)		2.24			2.22			–
Class C Shares
Year Ended October 31, 2002	$	10.63		(0.09	)		(1.13	)		(1.22	)		–
Year Ended October 31, 2003	$	9.41		(0.09	)		3.99			3.90			–
Year Ended October 31, 2004	$	13.31		(0.13	)		2.01			1.88			–
Year Ended October 31, 2005 (f)	$	15.07		(0.17	)		4.51			4.34			–
Year Ended October 31, 2006	$	17.48		(0.06	)		4.87			4.81			–
Six Months Ended April 30, 2007 (Unaudited)	$	20.14		(0.02	)		2.24			2.22			–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net								Net Asset
	Realized			Total			Redemption		Value, End		Total
	Gains			Distributions			Fees		of Period		Return (a) (b)
Class A Shares
Year Ended October 31, 2002		–			–		$	–	$	9.61		(10.94%	)
Year Ended October 31, 2003		–			–		$	–	$	13.68		42.35%
Year Ended October 31, 2004		(0.17	)		(0.17	)	$	0.05	$	15.59		15.33%
Year Ended October 31, 2005		(1.93	)		(1.93	)	$	–	$	18.28		31.51%
Year Ended October 31, 2006		(2.16	)		(2.17	)	$	0.01	$	21.30		30.98%
Six Months Ended April 30, 2007 (Unaudited)		(0.89	)		(0.91	)	$	–	$	22.82		11.64%
Class B Shares
Year Ended October 31, 2002		–			–		$	–	$	9.39		(11.50%	)
Year Ended October 31, 2003		–			–		$	–	$	13.29		41.53%
Year Ended October 31, 2004		(0.17	)		(0.17	)	$	0.05	$	15.04		14.57%
Year Ended October 31, 2005		(1.93	)		(1.93	)	$	–	$	17.45		30.72%
Year Ended October 31, 2006		(2.16	)		(2.16	)	$	0.01	$	20.10		30.16%
Six Months Ended April 30, 2007 (Unaudited)		(0.89	)		(0.89	)	$	–	$	21.43		11.25%
Class C Shares
Year Ended October 31, 2002		–			–		$	–	$	9.41		(11.48%	)
Year Ended October 31, 2003		–			–		$	–	$	13.31		41.45%
Year Ended October 31, 2004		(0.17	)		(0.17	)	$	0.05	$	15.07		14.62%
Year Ended October 31, 2005 (f)		(1.93	)		(1.93	)	$	–	$	17.48		30.67%
Year Ended October 31, 2006		(2.16	)		(2.16	)	$	0.01	$	20.14		30.17%
Six Months Ended April 30, 2007 (Unaudited)		(0.89	)		(0.89	)	$	–	$	21.47		11.23%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
								Ratio of			Ratio of
					Ratio of Net			Investment			Investment
					Investment			Income			Income
	Net Assets		Ratio of		Income			(Prior to			(Prior to
	at End		Expenses to		(Loss) to			Reimbursements)			Reimbursements)
	of Period		Average		Average Net			to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Assets (c)			Net Assets  (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002	$	20,290		1.51%		(0.24%	)		1.72%			(0.45%	)		111.00%
Year Ended October 31, 2003	$	21,198		1.59%		(0.37%	)		1.70%			(0.48%	)		100.05%
Year Ended October 31, 2004	$	23,023		1.59%		(0.55%	)			(i)			(i)		341.57%
Year Ended October 31, 2005	$	40,539		1.67%		(0.27%	)		1.69%			(0.28%	)		292.46%
Year Ended October 31, 2006	$	376,718		1.39%		0.00%			1.39%			0.00%			219.51%
Six Months Ended April 30, 2007 (Unaudited)	$	929,575		1.25%		0.48%			1.25%			0.48%			94.21%
Class B Shares
Year Ended October 31, 2002	$	950		2.17%		(0.89%	)		2.41%			(1.13%	)		111.00%
Year Ended October 31, 2003	$	1,368		2.20%		(1.00%	)		2.30%			(1.10%	)		100.05%
Year Ended October 31, 2004	$	1,496		2.20%		(1.16%	)			(i)			(i)		341.57%
Year Ended October 31, 2005	$	2,302		2.29%		(0.88%	)		2.32%			(0.90%	)		292.46%
Year Ended October 31, 2006	$	11,701		2.08%		(0.63%	)		2.08%			(0.63%	)		219.51%
Six Months Ended April 30, 2007 (Unaudited)	$	22,501		1.96%		(0.21%	)		1.96%			(0.21%	)		94.21%
Class C Shares
Year Ended October 31, 2002	$	28		2.17%		(0.90%	)		2.47%			(1.20%	)		111.00%
Year Ended October 31, 2003	$	89		2.20%		(1.04%	)		2.31%			(1.15%	)		100.05%
Year Ended October 31, 2004	$	180		2.20%		(1.16%	)			(i)			(i)		341.57%
Year Ended October 31, 2005 (f)	$	5,468		2.33%		(1.00%	)		2.33%			(1.00%	)		292.46%
Year Ended October 31, 2006	$	115,138		2.06%		(0.72%	)		2.07%			(0.72%	)		219.51%
Six Months Ended April 30, 2007 (Unaudited)	$	273,520		1.96%		(0.23%	)		1.96%			(0.23%	)		94.21%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period form December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	There were no fee reductions during the period.
(j)	The amount is less than $11,000.

See accompanying notes to financial statements.

50 Semiannual Report 2007

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class R Shares
Year Ended October 31, 2004 (g)	$	14.03		(0.09	)		1.11			1.02			–
Year Ended October 31, 2005	$	15.10		(0.03	)		4.49			4.46			–
Year Ended October 31, 2006	$	17.63		–			4.97			4.97			(0.02	)
Six Months Ended April 30, 2007 (Unaudited)	$	20.43		0.01			2.27			2.28			(0.01	)
Institutional Service Class Shares
Year Ended October 31, 2002	$	10.84		(0.01	)		(1.16	)		(1.17	)		–
Year Ended October 31, 2003	$	9.67		(0.02	)		4.14			4.12			–
Year Ended October 31, 2004 (f)	$	13.79		(0.06	)		2.11			2.05			–
Year Ended October 31, 2005	$	15.72		0.11			4.62			4.73			–
Year Ended October 31, 2006	$	18.52		0.02			5.35			5.37			(0.02	)
Six Months Ended April 30, 2007 (Unaudited)	$	21.72		0.06			2.43			2.49			(0.03	)
Institutional Class Shares
Year Ended October 31, 2004 (h)	$	15.64		(0.01	)		0.07			0.06			–
Year Ended October 31, 2005	$	15.75		0.01			4.72			4.73			–
Year Ended October 31, 2006	$	18.55		0.06			5.30			5.36			(0.03	)
Six Months Ended April 30, 2007 (Unaudited)	$	21.73		0.09			2.42			2.51			(0.04	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net								Net Asset
	Realized			Total			Redemption		Value, End		Total
	Gains			Distributions			Fees		of Period		Return (a) (b)
Class R Shares
Year Ended October 31, 2004 (g)		–			–		$	0.05	$	15.10		7.63%
Year Ended October 31, 2005		(1.93	)		(1.93	)	$	–	$	17.63		31.47%
Year Ended October 31, 2006		(2.16	)		(2.18	)	$	0.01	$	20.43		30.87%
Six Months Ended April 30, 2007 (Unaudited)		(0.89	)		(0.90	)	$	–	$	21.81		11.39%
Institutional Service Class Shares
Year Ended October 31, 2002		–			–		$	–	$	9.67		(10.79%	)
Year Ended October 31, 2003		–			–		$	–	$	13.79		42.61%
Year Ended October 31, 2004 (f)		(0.17	)		(0.17	)	$	0.05	$	15.72		15.43%
Year Ended October 31, 2005		(1.93	)		(1.93	)	$	–	$	18.52		31.91%
Year Ended October 31, 2006		(2.16	)		(2.18	)	$	0.01	$	21.72		31.64%
Six Months Ended April 30, 2007 (Unaudited)		(0.89	)		(0.92	)	$	–	$	23.29		11.67%
Institutional Class Shares
Year Ended October 31, 2004 (h)		–			–		$	0.05	$	15.75		0.70%
Year Ended October 31, 2005		(1.93	)		(1.93	)	$	–	$	18.55		31.93%
Year Ended October 31, 2006		(2.16	)		(2.19	)	$	0.01	$	21.73		31.52%
Six Months Ended April 30, 2007 (Unaudited)		(0.89	)		(0.93	)	$	–	$	23.31		11.75%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
									Ratio of			Ratio of
						Ratio of Net			Investment			Investment
						Investment			Income			Income
	Net Assets			Ratio of		Income			(Prior to			(Prior to
	at End			Expenses to		(Loss) to			Reimbursements)			Reimbursements)
	of Period			Average		Average Net			to Average			to Average			Portfolio
	(000’s)			Net Assets (c)		Assets (c)			Net Assets  (c) (d)			Net Assets (c) (d)			Turnover (e)
Class R Shares
Year Ended October 31, 2004 (g)	$	1			1.73%		(0.63%	)			(i)			(i)		341.57%
Year Ended October 31, 2005	$	152			1.74%		(0.25%	)		1.74%			(0.25%	)		292.46%
Year Ended October 31, 2006	$	1,431			1.68%		(0.30%	)		1.68%			(0.30%	)		219.51%
Six Months Ended April 30, 2007 (Unaudited)	$	7,948			1.60%		0.14%			1.60%			0.14%			94.21%
Institutional Service Class Shares
Year Ended October 31, 2002	$	5,856			1.38%		(0.11%	)		1.57%			(0.30%	)		111.00%
Year Ended October 31, 2003	$	18,584			1.45%		(0.35%	)		1.54%			(0.44%	)		100.05%
Year Ended October 31, 2004 (f)	$	7			1.45%		(0.39%	)			(i)			(i)		341.57%
Year Ended October 31, 2005	$	–(	j)		1.49%		0.76%			1.58%			0.68%			292.46%
Year Ended October 31, 2006	$	11,945			1.25%		(0.04%	)		1.26%			(0.05%	)		219.51%
Six Months Ended April 30, 2007 (Unaudited)	$	45,327			1.15%		0.59%			1.16%			0.59%			94.21%
Institutional Class Shares
Year Ended October 31, 2004 (h)	$	120			1.20%		(0.22%	)			(i)			(i)		341.57%
Year Ended October 31, 2005	$	1,120			1.32%		0.12%			1.32%			0.12%			292.46%
Year Ended October 31, 2006	$	41,396			1.06%		0.41%			1.07%			0.41%			219.51%
Six Months Ended April 30, 2007 (Unaudited)	$	49,323			0.96%		0.81%			0.96%			0.81%			94.21%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period form December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	There were no fee reductions during the period.
(j)	The amount is less than $11,000.

See accompanying notes to financial statements.

2007 Semiannual Report 51

Financial Highlights

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

Nationwide Value Opportunities Fund

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	12.17		0.05			(0.98	)		(0.93	)		(0.05	)
Year Ended October 31, 2003	$	11.05		0.03			3.42			3.45			(0.03	)
Year Ended October 31, 2004	$	14.47		–			1.55			1.55			(0.01	)
Year Ended October 31, 2005	$	16.01		–			2.07			2.07			(0.02	)
Year Ended October 31, 2006	$	15.17		0.01			2.43			2.44			–
Six Months Ended April 30, 2007 (Unaudited)	$	15.50		0.01			1.18			1.19			–
Class B Shares
Year Ended October 31, 2002	$	12.16		(0.03	)		(0.98	)		(1.01	)		(0.01	)
Year Ended October 31, 2003	$	11.00		(0.06	)		3.40			3.34			–
Year Ended October 31, 2004	$	14.34		(0.11	)		1.55			1.44			–
Year Ended October 31, 2005	$	15.78		(0.10	)		2.05			1.95			–
Year Ended October 31, 2006	$	14.84		(0.09	)		2.37			2.28			–
Six Months Ended April 30, 2007 (Unaudited)	$	15.01		(0.04	)		1.14			1.10			–
Class C Shares
Year Ended October 31, 2002	$	12.13		(0.03	)		(0.97	)		(1.00	)		(0.01	)
Year Ended October 31, 2003	$	10.98		(0.04	)		3.37			3.33			–
Year Ended October 31, 2004	$	14.31		(0.09	)		1.53			1.44			–
Year Ended October 31, 2005	$	15.75		(0.10	)		2.04			1.94			–
Year Ended October 31, 2006	$	14.80		(0.09	)		2.36			2.27			–
Six Months Ended April 30, 2007 (Unaudited)	$	14.96		(0.04	)		1.13			1.09			–
Class R Shares
Period Ended October 31, 2004 (f)	$	15.45		(0.05	)		0.43			0.38			–
Year Ended October 31, 2005	$	15.83		0.01			2.06			2.07			(0.03	)
Year Ended October 31, 2006	$	14.98		(0.01	)		2.39			2.38			–
Six Months Ended April 30, 2007 (Unaudited)	$	15.25		(0.01	)		1.13			1.12			–
Institutional Class Shares
Period Ended October 31, 2004 (g)	$	16.18		–			(0.04	)		(0.04	)		–
Year Ended October 31, 2005	$	16.14		0.06			2.09			2.15			(0.05	)
Year Ended October 31, 2006	$	15.35		0.05			2.48			2.53			–
Six Months Ended April 30, 2007 (Unaudited)	$	15.77		0.04			1.19			1.23			–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net								Net Asset
	Realized			Total			Redemption		Value, End		Total
	Gains			Distributions			Fees		of Period		Return (a) (b)
Class A Shares
Year Ended October 31, 2002		(0.15	)		(0.20	)	$	0.01	$	11.05		(7.75%	)
Year Ended October 31, 2003		–			(0.03	)	$	–	$	14.47		31.32%
Year Ended October 31, 2004		–			(0.01	)	$	–	$	16.01		10.72%
Year Ended October 31, 2005		(2.89	)		(2.91	)	$	–	$	15.17		13.59%
Year Ended October 31, 2006		(2.11	)		(2.11	)	$	–	$	15.50		17.79%
Six Months Ended April 30, 2007 (Unaudited)		(2.11	)		(2.11	)	$	–	$	14.58		8.08%
Class B Shares
Year Ended October 31, 2002		(0.15	)		(0.16	)	$	0.01	$	11.00		(8.39%	)
Year Ended October 31, 2003		–			–		$	–	$	14.34		30.39%
Year Ended October 31, 2004		–			–		$	–	$	15.78		10.04%
Year Ended October 31, 2005		(2.89	)		(2.89	)	$	–	$	14.84		12.90%
Year Ended October 31, 2006		(2.11	)		(2.11	)	$	–	$	15.01		17.02%
Six Months Ended April 30, 2007 (Unaudited)		(2.11	)		(2.11	)	$	–	$	14.00		7.72%
Class C Shares
Year Ended October 31, 2002		(0.15	)		(0.16	)	$	0.01	$	10.98		(8.31%	)
Year Ended October 31, 2003		–			–		$	–	$	14.31		30.35%
Year Ended October 31, 2004		–			–		$	–	$	15.75		10.06%
Year Ended October 31, 2005		(2.89	)		(2.89	)	$	–	$	14.80		12.86%
Year Ended October 31, 2006		(2.11	)		(2.11	)	$	–	$	14.96		16.99%
Six Months Ended April 30, 2007 (Unaudited)		(2.11	)		(2.11	)	$	–	$	13.94		7.66%
Class R Shares
Period Ended October 31, 2004 (f)		–			–		$	–	$	15.83		2.46%
Year Ended October 31, 2005		(2.89	)		(2.92	)	$	–	$	14.98		13.71%
Year Ended October 31, 2006		(2.11	)		(2.11	)	$	–	$	15.25		17.59%
Six Months Ended April 30, 2007 (Unaudited)		(2.11	)		(2.11	)	$	–	$	14.26		7.73%
Institutional Class Shares
Period Ended October 31, 2004 (g)		–			–		$	–	$	16.14		(0.19%	)
Year Ended October 31, 2005		(2.89	)		(2.94	)	$	–	$	15.35		13.96%
Year Ended October 31, 2006		(2.11	)		(2.11	)	$	–	$	15.77		18.21%
Six Months Ended April 30, 2007 (Unaudited)		(2.11	)		(2.11	)	$	–	$	14.89		8.21%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
					Ratio of Net			Ratio of		Investment
					Investment			Expenses		Income
	Net Assets		Ratio of		Income			(Prior to		(Prior to
	at End		Expenses to		(Loss) to			Reimbursements)		Reimbursements)
	of Period		Average		Average Net			to Average		to Average			Portfolio
	(000’s)		Net Assets (c)		Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002	$	9,766		1.31%		0.39%			1.48%		0.22%			108.62%
Year Ended October 31, 2003	$	12,156		1.30%		0.20%			1.41%		0.09%			90.02%
Year Ended October 31, 2004	$	12,244		1.36%		(0.01%	)		1.39%		(0.04%	)		146.98%
Year Ended October 31, 2005	$	11,263		1.49%		0.02%			1.85%		(0.34%	)		187.36%
Year Ended October 31, 2006	$	12,777		1.36%		0.09%			1.66%		(0.21%	)		151.61%
Six Months Ended April 30, 2007 (Unaudited)	$	12,849		1.40%		0.13%			1.59%		(0.06%	)		86.74%
Class B Shares
Year Ended October 31, 2002	$	2,362		1.98%		(0.28%	)		2.22%		(0.52%	)		108.62%
Year Ended October 31, 2003	$	2,641		2.00%		(0.49%	)		2.12%		(0.60%	)		90.02%
Year Ended October 31, 2004	$	2,631		2.01%		(0.66%	)		2.04%		(0.69%	)		146.98%
Year Ended October 31, 2005	$	2,592		2.14%		(0.64%	)		2.50%		(0.99%	)		187.36%
Year Ended October 31, 2006	$	2,600		2.04%		(0.59%	)		2.34%		(0.90%	)		151.61%
Six Months Ended April 30, 2007 (Unaudited)	$	2,468		2.10%		(0.57%	)		2.29%		(0.76%	)		86.74%
Class C Shares
Year Ended October 31, 2002	$	133		1.99%		(0.30%	)		2.23%		(0.54%	)		108.62%
Year Ended October 31, 2003	$	342		2.00%		(0.56%	)		2.09%		(0.65%	)		90.02%
Year Ended October 31, 2004	$	652		2.01%		(0.67%	)		2.05%		(0.71%	)		146.98%
Year Ended October 31, 2005	$	669		2.14%		(0.62%	)		2.51%		(0.99%	)		187.36%
Year Ended October 31, 2006	$	668		2.04%		(0.59%	)		2.34%		(0.89%	)		151.61%
Six Months Ended April 30, 2007 (Unaudited)	$	822		2.09%		(0.55%	)		2.29%		(0.76%	)		86.74%
Class R Shares
Period Ended October 31, 2004 (f)	$	1		1.60%		(0.35%	)		1.64%		(0.39%	)		146.98%
Year Ended October 31, 2005	$	1		1.61%		0.06%			1.99%		(0.32%	)		187.36%
Year Ended October 31, 2006	$	1		1.50%		(0.07%	)		1.84%		(0.41%	)		151.61%
Six Months Ended April 30, 2007 (Unaudited)	$	1		2.15%		(0.13%	)		2.55%		(0.54%	)		86.74%
Institutional Class Shares
Period Ended October 31, 2004 (g)	$	1		1.09%		0.09%			1.17%		0.01%			146.98%
Year Ended October 31, 2005	$	1		1.08%		0.39%			1.30%		0.17%			187.36%
Year Ended October 31, 2006	$	1		1.07%		0.36%			1.36%		0.08%			151.61%
Six Months Ended April 30, 2007 (Unaudited)	$	1		0.87%		0.51%			1.13%		0.25%			86.74%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(g)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See Accompanying Notes to Financial Statements

52 Semiannual Report 2007

Nationwide Bond Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Bond Fund (Class A at NAV) returned 2.37% versus 2.48% for its benchmark, the Lehman Brothers Government/ Credit Bond Index. For broader comparison, the average return for the Fund’s Lipper peer category of Corporate Debt Funds A Rated (consisting of 174 funds as of April 30, 2007) was 2.49%.

Can you describe the market environment during the reporting period?

During the reporting period, the Federal Reserve Board did not adjust the federal funds rate, instead keeping this rate at 5.25% and citing inflation concerns. The Treasury yield curve (a plotted graph line of the yields [or interest rates] on long-term and short-term maturity bonds) also did not move much during the reporting period. The 10-year Treasury yield rose by 2 basis points, while the 30-year Treasury yield rose by 10 basis points. We continued to incrementally increase the Fund’s holdings in the intermediate part of the yield curve in preparation for the expected beginning of the Federal Reserve’s interest-rate-easing cycle. As the Treasury curve steepens, intermediate bonds should outperform longer maturity issues.

What areas detracted from Fund performance?

The Fund’s overweight to SLM Corp. relative to the Index detracted from the Fund’s performance. SLM bonds declined in value due to the company’s receiving a leveraged buyout (LBO) offer from two private equity firms and two investment banks. The market perception was that a financial services company such as SLM could not be purchased in an LBO. An innovative structure that included a line of credit from JP Morgan Chase and Bank of America allowed the LBO bid for SLM. Fortunately, the Fund’s holdings in SLM bonds were of a short maturity, so the price decline was not dramatic.

What areas of investment provided the most positive returns for the Fund?

The Fund’s overweight to lower-quality bonds relative to the Index added to Fund performance. Bonds such as United Airlines and Ford Motor Credit Co. increased in value. The duration of the Fund was modestly shorter than that of the benchmark, which also aided the Fund’s performance.

What is your outlook for the near term?

During the coming months we will likely begin to move more aggressively into intermediate bonds. We want to prepare the Fund for a potential steepening of the Treasury yield curve, which typically happens when the Fed begins an easing cycle. The Fund will remain diversified to help mitigate exposure to credit-specific risk. We expect Treasuries to be somewhat more volatile due to uncertainty about whether inflation will slow enough to allow the Fed to begin cutting the federal funds rate. We will maintain the Fund’s duration close to that of the benchmark Index.

Portfolio Managers:

Gary Davis, CFA and Mabel Brown, CFA

2007 Semiannual Report 53

Nationwide Bond Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		10 Yr.		Ratio**
Class A1	w/o SC2		2.37%		7.30%		5.48%		5.89%		1.08%
	w/SC3		-2.03%		2.69%		4.57%		5.44%
Class B4	w/o SC2		2.03%		6.48%		4.79%		5.30%		1.76%
	w/SC5		-2.96%		1.48%		4.45%		5.30%
Class C6	w/o SC2		2.03%		6.47%		4.77%		5.50%		1.76%
	w/SC7		1.03%		5.47%		4.77%		5.50%
Class D8	w/o SC2		2.50%		7.58%		5.75%		6.13%		0.80%
	w/SC9		-2.09%		2.75%		4.79%		5.64%
Class R 1,10			2.23%		6.94%		5.37%		5.94%		1.46%
Class X1	w/o SC2		2.11%		6.75%		4.92%		5.37%		1.61%
	w/SC5		-2.89%		1.75%		4.59%		5.37%
Class Y1	w/o SC2		2.11%		6.74%		4.92%		5.58%		1.61%
	w/SC7		1.11%		5.74%		4.92%		5.58%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

1	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, and, for periods from May 11, 1998 to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class A and Class X shares (5/11/98), Class Y shares (3/1/01), and Class R shares (10/1/03). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class R, Class X, and Class Y shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for each of these classes of shares would have been lower.
2	These returns do not reflect the effects of sales charges (SC).
3	A 4.25% front-end sales charge was deducted.
4	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, and for the period from May 11, 1998 to the creation of the Fund’s Class B shares on September 4, 2003, include the performance of the Fund’s Class X shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for the Class B shares would have been lower.
5	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
6	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, for the period from May 11, 1998 to March 1, 2001 include the performance of the Fund’s Class D shares and for the period from March 1, 2001 to the creation of the Fund’s Class C shares on September 4, 2003, include the performance of the Fund’s Class Y shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C shares would have been lower.
7	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C or Class Y shares within the first year after purchase.
8	These returns through May 11, 1998 include the performance of the fund’s predecessor fund.
9	A 4.50% front-end sales charge was deducted.
10	Not subject to any sales charges.

54 Semiannual Report 2007

Nationwide Bond Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class D shares of the Nationwide Bond Fund, the Lehman Brothers Government/ Credit Bond Index (LBG/ CBI)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/07. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The LBG/ CBI is an unmanaged index of government and corporate bonds-gives a broad look at how the prices of U.S. government and corporate bonds have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 55

Nationwide Bond Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses
			Account Value		Account Value,		Paid		Annualized
Nationwide Bond Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,023.70	$	5.27		1.05%
	Hypothetical	1	$	1,000.00	$	1,019.79	$	5.27		1.05%
Class B	Actual		$	1,000.00	$	1,020.30	$	8.62		1.72%
	Hypothetical	1	$	1,000.00	$	1,016.47	$	8.64		1.72%
Class C	Actual		$	1,000.00	$	1,020.30	$	8.62		1.72%
	Hypothetical	1	$	1,000.00	$	1,016.47	$	8.64		1.72%
Class D	Actual		$	1,000.00	$	1,025.00	$	3.97		0.79%
	Hypothetical	1	$	1,000.00	$	1,021.08	$	3.97		0.79%
Class R	Actual		$	1,000.00	$	1,022.30	$	7.27		1.45%
	Hypothetical	1	$	1,000.00	$	1,017.81	$	7.28		1.45%
Class X	Actual		$	1,000.00	$	1,021.10	$	7.87		1.57%
	Hypothetical	1	$	1,000.00	$	1,017.21	$	7.88		1.57%
Class Y	Actual		$	1,000.00	$	1,021.10	$	7.87		1.57%
	Hypothetical	1	$	1,000.00	$	1,017.21	$	7.88		1.57%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

56 Semiannual Report 2007

Nationwide Bond Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Corporate Bonds	42.9%
U.S. Government Sponsored & Agency Obligations	21.1%
Commercial Paper	12.4%
Asset-Backed Securities	10.1%
Commercial Mortgage Backed Securities	9.3%
Municipal Bonds	1.6%
Principal Only Bonds	1.4%
Yankee Dollars	0.4%
Other investments*	2.1%
Liabilities in excess of other assets**	-1.3%
	100.0%

Top Industries
Diversified Financial Services	12.4%
Other Financial	11.8%
Manufacturing	9.6%
Consumer Goods	5.1%
Transportation	4.7%
Banks	3.2%
Service Companies	2.3%
Telephones	2.1%
Electric Power	1.9%
Gas Distribution	1.1%
Other	45.8%
	100.0%

Top Holdings
JP Morgan Chase & Co., 5.30%, 05/01/07	4.2%
Societe Generale North Americana, 5.31%, 05/01/07	4.2%
U.S. Treasury Bonds, 5.50%, 08/15/28	4.0%
Federal National Mortgage Association, 7.30%, 05/25/10	3.4%
Federal Home Loan Mortgage Corp., 3.50%, 07/01/18	3.2%
Federal National Mortgage Association, 6.62%, 06/01/16	2.1%
JP Morgan Chase Commercial Mortgage Securities, 6.26%, 03/15/33	2.1%
Federal National Mortgage Association, 5.50%, 05/25/23	2.1%
K2 (U.S.) Funding, 5.30%, 05/01/07	2.1%
Heller Financial Commercial Mortgage Asset, 6.85%, 05/15/31	2.0%
Other	70.6%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.

2007 Semiannual Report 57

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Bond Fund

Asset-Backed Securities (10.1%)
	Shares or
	Principal Amount		Value
American Home Mortgage Investment Trust, 4.82%, 10/25/34 (a)	$	1,000,000	$	970,367
Ameriquest Mortgage Securities, Inc., 7.64%, 02/25/33		199,548		83,754
Chase Funding Mortgage Loan, 6.24%, 01/25/13		1,090,401		1,104,890
Countrywide Home Loans, Class A7, 5.50%, 08/25/35		1,000,000		992,739
Embarcadero Aircraft Securitization Trust, 5.80%, 08/15/25 (a) (b)		253,005		242,885
Enterprise Mortgage Acceptance Co., 6.63%, 01/15/25 (b)		580,523		570,344
Master Alternative Loans Trust, 5.50%, 12/25/35		1,000,000		986,879
Opteum Mortgage Acceptance Corp., 5.68%, 12/25/35		1,000,000		998,519
Residential Asset Mortgage Products, Inc., Series 2002-RSI-AI5, 5.91%, 01/25/32		762,513		759,760
Residential Funding Securities Corp., Series 2003-RM2-AI3, 4.50%, 05/25/33		1,000,000		968,537
Salomon Smith Barney Recreational Vehicle Trust, 6.30%, 04/15/16		901,363		900,843
Structured Asset Securities Corp., Series 2004-6XS, Class A6, 4.63%, 03/25/34		1,000,000		971,907
Total Asset-Backed Securities (Cost $9,488,319)				9,551,424
Commercial Mortgage Backed Securities (9.3%)
ABN Amro Mortgage Corp., Class A23, 5.50%, 06/25/33		1,000,000		994,863
Commercial Mortgage, Series 2001-J1A, Class B, 6.61%, 02/16/34 (b)		1,000,000		1,046,381
Heller Financial Commercial Mortgage Asset, 6.85%, 05/15/31		1,837,324		1,870,015
JP Morgan Chase Commercial Mortgage Securities, 6.26%, 03/15/33		1,966,478		2,026,086
Merrill Lynch Mortgage Investors, Inc., 7.56%, 11/15/31		1,753,244		1,819,829
Nomura Asset Securities Corp., Series 1998-D6, 6.69%, 03/15/30		1,000,000		1,046,598
Total Commercial Mortgage Backed Securities (Cost $8,645,551)				8,803,772
Corporate Bonds (42.9%)
Banks (3.2%)
Household Finance Corp., 6.38%, 10/15/11		1,000,000		1,042,808
Rabobank Cap III, 5.25%, 12/29/49 (b)		1,000,000		965,561
Regions Financial Corp., 7.00%, 03/01/11		1,000,000		1,064,142
				3,072,511
Consumer Goods (5.1%)
Allergan, Inc.,    5.75%, 04/01/16		1,000,000		1,022,316
Bard (C.R.), Inc., 6.70%, 12/01/26		1,000,000		1,065,378
Herman Miller, Inc., 7.13%, 03/15/11		1,000,000		1,042,320
Whitman Corp., 7.29%, 09/15/26		1,500,000		1,728,377
				4,858,391
Electric Power (1.9%)
Pacific Gas & Electric, 6.05%, 03/01/34		750,000		766,620
Southwestern Electric Power Co., 7.00%, 09/01/07		1,000,000		1,004,619
				1,771,239
Energy Company (1.1%)
Energy Transfer Partners, 5.65%, 08/01/12		1,000,000		1,013,013
Gas Distribution (1.1%)
Kinder Morgan, Inc., 6.50%, 09/01/12		1,000,000		1,029,283

58 Semiannual Report 2007

Corporate Bonds (continued)
	Shares or
	Principal Amount		Value
Manufacturing (9.6%)
Caterpillar, Inc., 9.38%, 08/15/11	$	500,000	$	577,714
Chemtura Corp., 6.88%, 06/01/16		1,000,000		985,000
Cisco Systems, Inc., 5.50%, 02/22/16		1,000,000		1,005,454
Clark Equipment Co., 8.00%, 05/01/23		1,000,000		1,195,772
DaimlerChrysler AG, 7.30%, 01/15/12		1,000,000		1,078,261
Digital Equipment Corp., 7.75%, 04/01/23		825,000		901,883
Eaton Corp., 8.88%, 06/15/19		1,000,000		1,271,944
Stora Enso Oyj, 7.25%, 04/15/36 (b)		1,000,000		1,026,502
Vale Overseas Ltd., 6.25%, 01/23/17		1,000,000		1,025,504
				9,068,034
Other Financial (11.8%)
AMBAC, Inc., 9.38%, 08/01/11		1,000,000		1,153,834
Baxter Finco BV, 4.75%, 10/15/10		1,000,000		988,966
Ford Motor Credit Co., 7.38%, 02/01/11		500,000		494,532
General Motors Acceptance Corp., 6.75%, 12/01/14 (c)		500,000		493,076
Highwoods Realty Ltd., 5.85%, 03/15/17 (b)		1,000,000		994,488
John Deere Capital Corp., 4.50%, 08/25/08		1,000,000		990,153
Nissan Motor Acceptance, 4.63%, 03/08/10 (b)		1,000,000		979,584
Ohio Casualty Corp., 7.30%, 06/15/14		1,000,000		1,064,193
Oil Insurance Ltd., 7.56%, 12/29/49 (b)		1,000,000		1,049,730
OMX Timber Financial Investments LLC, Class A1, 5.42%, 01/29/20 (b)		1,000,000		972,700
Pemex Project Funding Master, 5.75%, 12/15/15		1,000,000		1,015,500
SLM Corp., 5.58%, 12/15/08 (a)		1,000,000		991,050
				11,187,806
Service Companies (2.3%)
MGM Mirage, Inc., 6.75%, 08/01/07		1,000,000		1,001,250
Tele-Communications, Inc., 9.80%, 02/01/12		1,000,000		1,185,717
				2,186,967
Telephones (2.1%)
U.S. West Communications, Inc., 6.88%, 09/15/33		1,000,000		975,000
Vodafone Group PLC, 6.15%, 02/27/37		1,000,000		985,912
				1,960,912
Transportation (4.7%)
America West Airlines, Series A, 6.85%, 07/02/09		173,690		174,776
Continental Airlines, Inc., Class A-2, Series 98-3, 6.32%, 11/01/08		1,000,000		1,005,000
Federal Express Corp., 7.63%, 01/01/15		1,000,000		1,090,100
Northwest Airlines, Inc., 6.84%, 04/01/11		1,000,000		1,000,000
United Airlines, 6.93%, 09/01/11		1,000,000		1,155,000
				4,424,876
Total Corporate Bonds (Cost $39,364,925)				40,573,032
Principal Only Bond (1.4%) (d)
U.S. Treasury Strips 4.99%, 08/15/20		2,500,000		1,308,777
Municipal Bonds (1.6%)
Iowa (1.1%)
Tobacco Settlement Authority, 6.50%, 06/01/23		985,000		985,286
Louisiana (0.5%)
Tobacco Settlement Financing Corp., 6.36%, 05/15/25		501,864		502,085
Total Municipal Bonds (Cost $1,486,037)				1,487,371

2007 Semiannual Report 59

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Fund (Continued)

U.S. Government Sponsored & Agency Obligations (21.1%)
		Shares or
		Principal Amount		Value
U.S. Government Sponsored & Agency Obligations (21.1%)
Federal Home Loan Mortgage Corp.,
	3.50%, 07/01/18	$	3,300,657	$	3,068,123
Federal National Mortgage Association
	7.31%, 09/01/07		3,220		3,266
	7.30%, 05/25/10		3,000,000		3,184,849
	6.62%, 06/01/16		1,858,536		2,027,539
	5.00%, 04/01/19		958,314		945,588
	5.50%, 05/25/23		2,000,000		2,005,408
U.S. Treasury Bonds,
	5.50%, 08/15/28 (c)		3,500,000		3,780,819
U.S. Treasury N/ B,
	4.63%, 02/29/12 (c)		750,000		753,398
U.S. Treasury Notes
	4.13%, 08/15/08		1,000,000		991,523
	4.88%, 05/31/11		1,000,000		1,013,477
	4.88%, 07/31/11 (c)		1,000,000		1,013,750
	4.50%, 11/30/11 (c)		550,000		549,785
	4.63%, 02/15/17 (c)		650,000		649,695
Total U.S. Government Sponsored & Agency    Obligations (Cost $19,372,985)					19,987,220
Yankee Dollar (0.4%)(d)
Foreign Governments (0.4%)
AID-Israel,
	5.32%, 05/15/24		1,000,000		413,539
Commercial Paper (12.4%)
Diversified Financial Services (12.4%)
Countrywide Home Loans,
	5.34%, 05/01/07		1,732,000		1,731,743
JP Morgan Chase & Co.,
	5.30%, 05/01/07 (d)		4,000,000		4,000,000
K2 (U.S.) Funding,
	5.30%, 05/01/07 (d)		1,951,000		1,950,713
Societe Generale North Americana,
	5.31%, 05/01/07 (d)		4,000,000		4,000,000
Total Commercial Paper (Cost $11,683,000)					11,682,456
Securities Held as Collateral for Securities on Loan (2.1%)
Banc of America Securities LLC Repurchase Agreement,
	5.32%, dated 04/30/07, due 05/01/07, repurchase price $1,977,006, collateralized by U.S. Government Agency Mortgages with a market value of $2,016,248		1,976,714		1,976,714
Total Investments
	(Cost $93,502,602) (e) — 101.3%		95,784,305
Liabilities in excess of other assets — (1.3)%					(1,224,451	)
NET ASSETS — 100.0%				$	94,559,855

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2007. The maturity date represents the actual maturity date.
(b)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(c)	All or a part of the security was on loan as of April 30, 2007.
(d)	The rate reflected in the Statement of Investments is the effective yield as of April 30, 2007.
(e)	See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

60 Semiannual Report 2007

Nationwide Enhanced Income Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Enhanced Income Fund (Class A at NAV) returned 2.28% versus 2.46% for its benchmark, which is composed of 50% Merrill Lynch (ML) 6-Month Treasury Bill (T-Bill) Index and 50% ML 1-Year T-Bill Index. For broader comparison, the average return for the Fund’s Lipper peer category of Ultra-Short Obligations Funds (consisting of 79 funds as of April 30, 2007) was 2.40%.

Can you describe the market environment* during the reporting period?

U.S. consumer confidence declined during the reporting period as concerns about the weakening housing market started to weigh on consumers. The jobs market began to exhibit signs of weakness as non-farm payroll growth slowed from an average monthly pace of 177,000 new jobs created in the fourth quarter of 2006 to an average monthly rate of 129,000 new jobs for the first quarter in 2007. The unemployment rate hovered between 4.40% and 4.60% during the reporting period, and the growth of average hourly earnings (known as wage inflation) slowed to a 3.7% pace in April after rising as high as 4.3% in December 2006. Wholesale prices rose by 2.6% during the reporting period, but the rate was just 1.1% with the exclusion of food and energy.

On the retail level, prices rose by 1.2% overall and 0.9% excluding food and energy, indicating that businesses have not yet passed on rising costs to consumers. Nevertheless, the Federal Reserve Board’s preferred inflation gauge, the core Personal Consumption Expenditures (PCE) Index, remained above the Federal Reserve’s stated target level of 1% to 2%. Economic growth as measured by gross domestic product (GDP) slowed sharply during the first quarter of 2007 to a 1.3% annualized pace, down from 2.5% in the fourth quarter of 2006. The decline in GDP was attributed to slowing residential investment, a moderation in capital expenditures and a decline in inventory buildup. The Fed kept interest rates on hold during the period, weighing the offsetting risks of inflation remaining above the Fed’s target range and economic growth weakening amid fears of sub-prime mortgage contagion spreading throughout the economy. The federal funds rate remained unchanged

*  Sources for market environment data: Bloomberg; Lehman Brothers.

at 5.25% during all three Federal Open Market Committee meetings that took place during the reporting period. The yield to maturity on the Fund remained range-bound in the area of 5.30% to 5.40%, mirroring short-term rates, which were pegged by the federal funds rate.

What areas detracted from Fund performance?

The U.S. Treasury yield curve (a plotted graph line of the yields [or interest rates] on long-term and short-term maturity bonds) steepened during the reporting period from the 2-year note to the 10-year note, with the spread between the two issues shifting from -9.5 basis points (bps) on October 31, 2006, to 3 bps on April 30, 2007. The yield curve remained inverted at the shortest end, however, with money market rates out-yielding the 2-year note by more than 65 bps. This inversion detracted from the Fund’s performance relative to that of its blended benchmark, because issues maturing in less than one year continued to yield more than those maturing beyond one year. The Fund holds more securities maturing beyond one year than does its blended benchmark. We modestly shortened the duration of the Fund versus the blended benchmark during the reporting period because the yield curve remained inverted, which provided greater yield opportunities on shorter-maturity securities than longer ones. The Fund’s duration was 0.72 years at the beginning of the reporting period and 0.65 years at the end.

What areas of investment provided the most positive returns for the Fund?

Excess returns in the spread sectors for the Lehman Brothers Aggregate Index were positive in the less-than-2-year duration segment during the reporting period. Mortgage-backed securities (MBS) posted the best excess returns relative to comparable-duration Treasuries at 70 bps. Credit, at 26 bps, and commercial MBS, at 21 bps, posted the two next-best returns, while the asset-backed securities (ABS) sector posted excess returns of 12 bps. The U.S. Government Agency sector was the weakest performer at 5 bps during the reporting period but still outperformed Treasuries. The Fund’s overweight to spread product enhanced portfolio performance and allowed the Fund to closely match the return of the blended benchmark after fees, even with the yield curve inverted at the short end.

2007 Semiannual Report 61

Nationwide Large Cap Value Fund

Nationwide Enhanced
Income Fund (Continued)

What is your outlook for the near term?

We will look to bring the Fund’s duration to neutral versus that of the blended benchmark, because the Fed is expected to make interest-rate cuts, and the yield curve should steepen at the short end. We expect to continue to overweight high-quality spread sectors and underweight Treasuries and Agencies in order to garner a potential yield advantage over the blended benchmark, and we anticipate that we will add credit exposure because risk premiums have cheapened in this sector from historically tight valuations. Finally, we will seek to maintain a cash level of approximately 5% to handle liquidity needs and maximize yield.

Portfolio Managers:

Perpetua M. Phillips and Shane Johnston

62 Semiannual Report 2007

Nationwide Enhanced Income Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		2.28%		4.61%		2.11%		2.56%		0.76%		0.72%
	w/SC3		-0.36%		1.91%		1.65%		2.25%
Class R 4,5			2.09%		4.50%		2.04%		2.52%		1.19%		1.15%
Institutional Service Class 4			2.28%		4.73%		2.18%		2.68%		0.74%		0.70%
Institutional Class4			2.41%		4.88%		2.43%		2.93%		0.49%		0.45%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*  Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 29, 1999.
2	These returns do not reflect the effects of sales charges (SC).
3	A 2.25% front-end sales charge was deducted.
4	Not subject to any sales charges.
5	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class A shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because Class R shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect the fact that Class R shares do not have any applicable sales charges, but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to Class R shares; if these fees were reflected, the performance for Class R shares would have been lower.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Enhanced Income Fund, Composite Index(a), the Merrill Lynch 6-Month Treasury Bill Index (b), the Merrill Lynch 1-Year Treasury Bill Index(c), and the Consumer Price Index (CPI)(d) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Composite Index is composed of 50% Merrill Lynch (ML) 6-Month Treasury Bill (T-Bill) Index and 50% Merrill Lynch 1-Year Treasury Bill Index
(b)	The Merrill Lynch 6-Month Treasury Bill Index comprises a single issue purchased at the beginning of a month and held for a full month. At the end of that month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end re-balancing is the outstanding T-Bill that matures closest to, but not beyond, six months from the re-balancing date.
(c)	The Merrill Lynch 1-Year Treasury Bill Index comprises a single issue purchased at the beginning of a month and held for a full month. At the end of that month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end re-balancing is the outstanding T-Bill with the longest maturity.
(d)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 63

Nationwide Enhanced Income Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
Nationwide Enhanced Income Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,019.28	$	3.56		0.71%
	Hypothetical	1	$	1,000.00	$	1,021.48	$	3.56		0.71%
Class R	Actual		$	1,000.00	$	1,015.89	$	5.06		1.01%
	Hypothetical	1	$	1,000.00	$	1,019.99	$	5.07		1.01%
Institutional Service Class	Actual		$	1,000.00	$	1,019.33	$	3.51		0.70%
	Hypothetical	1	$	1,000.00	$	1,021.53	$	3.51		0.70%
Institutional Class	Actual		$	1,000.00	$	1,021.87	$	2.26		0.45%
	Hypothetical	1	$	1,000.00	$	1,022.77	$	2.26		0.45%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

64 Semiannual Report 2007

Nationwide Enhanced Income Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Asset-Backed Securities	43.7%
Commercial Mortgage Backed Securities	18.4%
Corporate Bonds	12.3%
U.S. Government Sponsored & Agency Obligations	12.0%
Repurchase Agreements	10.0%
U.S. Treasury Notes	2.7%
Other assets in excess of liabilities	0.9%
	100.0%

Top Industries
Auto Loans	18.5%
Credit Card Loans	12.1%
Diversified Financial Services	11.2%
Electric Utilities	5.3%
Mortgage-Backed	5.1%
Equipment Loans	2.7%
Electric Power	1.1%
Other	44.0%
	100.0%

Top Holdings*
MBNA Corp., 5.63%, 11/30/07	2.2%
AIG SunAmerica Global Finance XII, 5.30%, 05/30/07	2.2%
Citibank Credit Card Issuance Trust, Series 04-A4, Class A4 3.20%, 08/24/09	2.2%
Goldman Sachs Group, Inc., 4.13%, 01/15/08	2.2%
Capital Auto Receivables Asset Trust, Series 2003-3, Class A4A 3.40%, 08/15/08	2.0%
Citibank Credit Card Issuance Trust, Series 2000-A3, Class A3 6.88%, 11/16/09	1.9%
Peco Energy Transition Trust, Series 1999-A, Class A7 6.13%, 03/01/09	1.9%
Household Automotive Trust, Series 2005-3, Class A3, 4.80%, 10/18/10	1.9%
Nomura Asset Securities Corp., Series 1998-D6, Class A1B, 6.59%, 03/15/30	1.9%
Chase Issuance Trust, Series 2004-A9, Class A9, 3.22%, 06/15/10	1.9%
Other	79.7%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 65

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Enhanced Income Fund

Asset-Backed Securities (43.7%)
		Principal
		Amount		Value
Auto Loans (18.5%)
Americredit Automobile Receivables Trust Series: 2003-
	BX, Class A4A
	2.72%, 01/06/10	$	731,267	$	727,166
	Series 2005-CF, Class A3
	4.47%, 05/06/10		2,366,986		2,359,272
BMW Vehicle Owner Trust, Series 2005-A, Class A3,
	4.04%, 02/25/09		981,008		977,625
Capital Auto Receivables Asset Trust, Series 2003-3,
	Class A4A,
	3.40%, 08/15/08		3,317,000		3,309,495
Capital One Auto Finance Trust, Series 2005-D, Class A3,
	4.81%, 03/15/10		2,600,000		2,593,597
Daimler Chrysler Auto Trust, Series 2005-B, Class A3,
	4.04%, 09/08/09		2,330,199		2,317,911
DaimlerChrysler Auto Trust,
	Series 2004-A, Class A4,
	2.58%, 04/08/09		2,213,220		2,197,833
Ford Credit Auto Owner Trust, Series 2005-A, Class A3,
	3.48%, 11/15/08		633,148		630,430
Honda Auto Receivables Owner Trust, Series 2004-3,
	Class A3,
	2.91%, 10/20/08		674,017		669,639
Household Automotive Trust, Series 2005-3, Class A3,
	4.80%, 10/18/10		3,138,000		3,127,876
Nissan Auto Receivables Owner Trust Series 2004-B,
	Class A3
	3.35%, 05/15/08		452,423		451,120
	Series 2006-B, Class A2
	5.18%, 08/15/08		1,259,274		1,258,998
Onyx Acceptance Auto Trust, Series 2004-A, Class A4,
	2.94%, 12/15/10		1,336,075		1,319,732
USAA Auto Owner Trust
	Series 2005-3, Class A2
	4.52%, 06/16/08		60,071		60,050
	Series 2004-3, Class A3
	3.16%, 02/17/09		765,152		762,234
	Series 2006-2, Class A2
	5.31%, 03/16/09		2,095,187		2,095,256
WFS Financial Owner Trust Series 2003-2, Class A4
	2.41%, 12/20/10		867,267		865,924
	Series 2005-2, Class A4
	4.39%, 11/19/12		2,225,000		2,207,183
World Omni Auto Receivables Trust, Series 2004-A,
	Class A3,
	3.29%, 11/12/08		272,725		272,382
Capital One Auto Finance Trust, Series 2006-C, Class A3A,
	5.07%, 07/15/11		2,241,000		2,239,058
					30,442,781
Credit Card Loans (12.1%)
Capital One Multi-Asset Execution Trust, Series 03-A4,
	Class A4,
	Series 03-C4, Class C4,
	3.65%, 07/15/11		2,300,000		2,256,053
MBNA Credit Card Master Note Trust, Series 2005-A1
	Class A1,
	4.20%, 09/15/10		2,952,000		2,925,020
Chase Issuance Trust, Series 2004-A9, Class A9,
	3.22%, 06/15/10		3,060,000		3,032,287
Citibank Credit Card Issuance Trust
	Series 04-A4, Class A4
	3.20%, 08/24/09		3,586,000		3,562,475
	Series 2000-A3, Class A3
	6.88%, 11/16/09		3,138,000		3,164,369
Bank One Issuance Trust, Series 2002-A3, Class A3,
	Series 2002-A3, Class A3,
	3.59%, 05/17/10		2,712,000		2,694,092
Bank One Issuance Trust,
	Series 2003-A7, Class A7,
	Series 2003-A7, Class A7,
	3.35%, 03/15/11		2,241,000		2,196,912
					19,831,208

66 Semiannual Report 2007

Asset-Backed Securities (continued)
		Principal
		Amount		Value
Electric Utilities (5.3%)
Massachusetts RRB Special Purpose Trust, Series 1999-1,
	Class A4,
	6.91%, 09/15/09	$	799,929	$	804,100
Public Service New Hampshire Funding LLC, Series 2001-
	1 Class A2,
	5.73%, 11/01/10		1,750,763		1,756,808
Texas Electric Delivery Transition Bond Co. LLC,
	Series 2004-1, Class A1,
	3.52%, 11/15/11		3,004,074		2,949,840
Peco Energy Transition Trust, Series 1999-A, Class A7,
	6.13%, 03/01/09		3,138,000		3,156,301
					8,667,049
Equipment Loans (2.7%)
MBNA Practice Solutions Owner Trust, Series 2005-2,
	Class A2,
	4.10%, 05/15/09 (a) (b)		1,564,667		1,557,377
Caterpillar Financial Asset Trust, Series 2004-A, Class A3,
	3.13%, 01/26/09		453,334		451,934
CIT Equipment Collateral, Series 2006-VT1, Class A2,
	5.13%, 03/20/08		1,268,619		1,267,981
John Deere Owner Trust, Series 2005-A, Class A3,
	3.98%, 06/15/09		1,189,808		1,182,675
					4,459,967
Mortgage-Backed (5.1%)
Centex Home Equity, Series 2005-D, Class AF1,
	5.04%, 10/25/35		66,019		65,777
Chase Funding Mortgage Loan
	Series 2004-1, Class 1A3
	2.98%, 04/25/26		32,452		32,306
	Series 2003-6, Class 1A3
	3.34%, 05/25/26		846,172		836,504
	Series 2004-2, Class 1A3
	4.21%, 09/25/26		227,710		226,072
	Series 2003-3, Class 1A4
	3.30%, 11/25/29		871,754		854,823
Countrywide Asset-Backed Certificates, Series 2005-7,
	Class AF2,
	4.37%, 11/25/35		1,928,470		1,913,395
Popular ABS Mortgage Pass-Through Trust
	Series 2005-4, Class AF1(c)
	5.46%, 09/25/35		447,630		447,736
	Series 2005-5, Class AV2A(c)
	5.45%, 11/25/35		709,487		709,643
	Series 2005-D, Class AF1
	5.36%, 01/25/36		849,683		845,633
Residential Asset Mortgage Products, Inc., Series 2003-
	RS11, Class AI5,
	5.00%, 03/25/31		136,394		135,766
Residential Funding Mortgage Securities I, Class A1,
	Series 2003-S11, Class A1,
	2.50%, 06/25/18		521,253		501,540
Residential Funding Mortgage Securities I, Series 2004-
	HS1, Class AI3,
	2.68%, 01/25/19		394,470		389,959
Citigroup Residential Mortgage Securities, Series 2006-A1,
	Class A3-A4,
	5.96%, 07/25/36		1,522,214		1,520,508
					8,479,662
Total Asset-Backed Securities (Cost $71,914,008)					71,880,667
Commercial Mortgage Backed Securities (18.4%)
Asset Securitization Corp., Series: 1996-D3, Class A1C,
	7.40%, 10/13/26		321,909		330,691
Banc of America Commercial Mortgage, Inc.
	Series: 2005-1, Class A1
	4.36%, 11/10/42		875,497		871,387
	Series: 2005-1, Class A2
	4.64%, 11/10/42		1,793,000		1,780,860
Bear Stearns Commercial Mortgage Securities, Inc.,
	Series 2001-TOP2, Class A1,
	6.08%, 02/15/35		338,743		342,233
Citigroup Commercial Mortgage Trust, Series 2004-C2,
	Class A1,
	3.79%, 10/15/41		2,392,792		2,349,199

2007 Semiannual Report 67

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Enhanced Income Fund (Continued)

Commercial Mortgage Backed Securities (continued)
		Principal
		Amount		Value
Commercial Mortgage Pass-Through Certification,
	Series 1999-1, Class A2,
	6.46%, 05/15/32	$	2,154,898	$	2,173,316
CS First Boston Mortgage Securities Corp., Series 2003-C3,
	Class A1,
	2.08%, 05/15/38		1,595,931		1,565,440
GE Capital Commercial Mortgage Corp., Series 2003-C1,
	Class A1,
	3.09%, 01/10/38		2,158,098		2,126,203
JP Morgan Chase Commercial Mortgage Securities Corp.,
	Series 2004-PNCI, Class A1,
	2.80%, 06/12/41		1,881,919		1,839,928
LB-UBS Commercial Mortgage Trust
	Series: 2000-C5, Class A1
	6.41%, 12/15/19		2,167,152		2,175,463
	Series: 2001-C7, Class A2
	5.53%, 12/15/25		1,074,433		1,074,356
	Series 2002-C1, Class A2
	5.97%, 03/15/26		1,078,388		1,081,884
	Series 2002-C2, Class A2
	4.90%, 06/15/26		2,305,489		2,295,012
	Series: 2002-C7, Class A1
	3.17%, 12/15/26		128,205		127,319
	Series 2002-C7, Class A2
	3.90%, 12/15/26		1,809,000		1,792,342
	Series 2003-C1, Class A1
	2.72%, 03/15/27		1,551,282		1,525,806
	Series 2003-C5, Class A2
	3.48%, 07/15/27		2,241,000		2,192,790
Morgan Stanley Dean Witter Capital I
	Series 2001-TOP1, Class A3
	6.46%, 02/15/33		235,836		236,447
	Series: 2001-TOP5, Class A2
	5.90%, 10/15/35		335,205		334,865
	Series 2003-T11, Class A1
	3.26%, 06/13/41		577,096		566,660
Nomura Asset Securities Corp.,
	Series 1998-D6, Class A1B,
	6.59%, 03/15/30		3,046,036		3,066,197
Wachovia Bank Commercial Mortgage Trust,
	Series 2002-C2 Class A1,
	3.00%, 11/15/34		401,951		400,352
Total Commercial Mortgage Backed Securities (Cost $30,328,434)					30,248,750
Corporate Bonds (12.3%)
Diversified Financial Services (11.2%)
Wachovia Corporation,
	3.50%, 08/15/08		2,500,000		2,442,100
General Electric Capital Corp.,
	3.45%, 07/16/07		2,690,000		2,680,079
AIG SunAmerica Global Finance XII,
	5.30%, 05/30/07 (a) (b)		3,586,000		3,585,570
Goldman Sachs Group, Inc.,
	4.13%, 01/15/08		3,586,000		3,557,427
Lehman Brothers Holdings, Inc.,
	3.50%, 08/07/08		2,500,000		2,443,317
MBNA Corp.,
	5.63%, 11/30/07		3,631,000		3,637,420
					18,345,913
Electric Power (1.1%)
Alabama Power Company,
	3.50%, 11/15/07		1,869,000		1,851,039
Total Corporate Bonds (Cost $20,207,234)					20,196,952
U.S. Government Sponsored & Agency Obligations (12.0%)
Agency Wrapped, Series: T-50, Class A7,
	3.55%, 10/27/31		897,000		875,799
Federal Home Loan Mortgage Corp.
	0.00%, 08/31/07 - 10/15/07 (d)		5,380,000		5,270,673
	Pool #E00678
	6.50%, 06/01/14		73,151		74,975
	Pool #E00991
	6.00%, 07/01/16		92,404		94,047
	Series 2611, Class KC
	3.50%, 01/15/17		581,489		562,262
	Series 2664, Class GA
	4.50%, 01/15/18		618,542		609,942
	Series 2613, Class PA
	3.25%, 05/15/18		644,354		604,546
	Series 2682, Class XK
	3.00%, 06/15/18 - 01/15/21		1,474,557		1,442,928
	Series 2928, Class NA
	5.00%, 11/15/19		1,481,541		1,476,034
	Series 2726, Class AC
	3.75%, 09/15/22		411,072		408,368
Federal National Mortgage Association
	5.26%, 09/28/07 (d)		2,690,000		2,627,491
	6.50%, 02/01/09		29,399		29,547

68 Semiannual Report 2007

U.S. Government Sponsored & Agency Obligations (continued)
		Principal
		Amount		Value
	Pool #625178
	5.50%, 04/01/09 - 02/01/17	$	721,802	$	725,101
	Series: 2003-14, Class AN
	3.50%, 05/25/14 - 03/25/33		1,427,554		1,388,568
	Pool #545415
	6.00%, 06/01/16 - 01/01/17		444,900		452,679
	Series 2003-57, Class NB
	3.00%, 06/25/18		536,114		504,812
	Series 2003-75, Class NB
	3.25%, 08/25/18		424,254		408,431
Government National Mortgage Association, Series 2004-
	103, Class A,
	3.88%, 12/16/19		2,232,241		2,188,807
Total U.S. Government Sponsored & Agency Obligations (Cost $19,942,479)					19,745,010
U.S. Treasury Notes (2.7%)
US Treasuries
	4.88%, 08/31/08		2,241,000		2,242,226
	4.63%, 09/30/08		2,241,000		2,236,361
Total U.S. Treasury Notes (Cost $4,481,247)					4,478,587
Repurchase Agreements (10.0%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $16,445,384, collateralized by U.S. Government Agency Mortgages with a market value of $16,771,916			16,443,055		16,443,055
Total Investments (Cost $163,316,457) (e) — 99.1%					162,993,021
Other assets in excess of liabilities — 0.9%					1,441,571
NET ASSETS — 100.0%				$	164,434,592

(a)	Illiquid security.
(b)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(c)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2007. The maturity date represents the actual maturity date.
(d)	The rate reflected in the Statement of Investments is the effective yield as of April 30, 2007.
(e)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 69

Nationwide Government Bond Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Government Bond Fund (Class A at NAV) returned 2.40% versus 2.26% for its benchmark, the Merrill Lynch Government Master Index. For broader comparison, the average return for the Fund’s Lipper peer category of Intermediate U.S. Government Funds (consisting of 82 funds as of April 30, 2007) was 2.29%.

Can you describe the market environment during the reporting period?

The reporting period saw interest rates largely unchanged. The economy slowed due to deteriorating housing fundamentals and the effect of higher interest rates on one side, with still-strong job growth and wage gains on the other as an offset. The combined effect left market participants reacting to each release of economic numbers, and the mixed nature of these releases resulted in interest rates trading in a narrow range.

What areas of investment provided the most positive returns for the Fund?

The range-bound nature of the market resulted in decreased volatility, which enabled MBS (mortgage-backed securities) to perform well. When interest rates are range-bound, the value of the option embedded in MBS that allows homeowners to prepay their mortgages is reduced; the additional yield over Treasury notes added to Fund performance. The same is true for callable Agencies, because the issuer has no incentive to call the bond. Additional performance from TIPS (Treasury Inflation-Protected Securities) and Agency non-callable bonds aided Fund performance during the reporting period.

What is your outlook for the near term?

Since the Federal Reserve Board paused in its tightening campaign, interest rates have fallen somewhat but are expected to be range-bound during the next three months. This environment should continue to be positive for spread product; the Fund will emphasize MBS and callable Agencies at the expense of Treasury holdings. The Federal Reserve is expected to lower rates in the second half of 2007; the Fund will begin to be positioned with an increase in intermediate holdings, which should benefit in the near-term environment.

Portfolio Manager:

Gary R. Hunt, CFA

70 Semiannual Report 2007

Nationwide Government Bond Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		10 Yr.		Ratio**
Class A1	w/o SC2		2.40%		6.72%		4.26%		5.72%		1.09%
	w/SC3		-1.93%		2.22%		3.36%		5.26%
Class B4	w/o SC2		2.09%		6.07%		3.68%		5.17%		1.72%
	w/SC5		-2.91%		1.07%		3.34%		5.17%
Class C6	w/o SC2		2.09%		6.19%		3.68%		5.36%		1.72%
	w/SC7		1.09%		5.19%		3.68%		5.36%
Class D8	w/o SC2		2.64%		7.14%		4.56%		5.97%		0.79%
	w/SC9		-1.98%		2.32%		3.60%		5.48%
Class R 1,10			2.17%		6.58%		4.23%		5.81%		1.42%
Class X1	w/o SC2		2.17%		6.24%		3.78%		5.22%		1.57%
	w/SC5		-2.83%		1.24%		3.44%		5.22%
Class Y1	w/o SC2		2.17%		6.24%		3.78%		5.41%		1.57%
	w/SC7		1.17%		5.24%		3.78%		5.41%
Institutional Class 1,10			2.53%		7.11%		4.58%		5.99%		0.72%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

1	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, and, for periods from May 11, 1998 to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class A and Class X shares (5/11/98), Class Y shares (3/1/01), Class R shares (10/1/03), and Institutional Class shares (6/29/04). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class R, Class X, Class Y and Institutional Class shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for each of these classes of shares would have been lower.
2	These returns do not reflect the effects of sales charges (SC).
3	A 4.25% front-end sales charge was deducted.
4	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, and for the period from May 11, 1998 to the creation of the Fund’s Class B shares on September 4, 2003, include the performance of the Fund’s Class X shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for the Class B shares would have been lower.
5	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
6	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, for the period from May 11, 1998 to March 1, 2001 include the performance of the Fund’s Class D shares and for the period from March 1, 2001 to the creation of the Fund’s Class C shares on September 4, 2003, include the performance of the Fund’s Class Y shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C shares would have been lower.
7	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C or Class Y shares within the first year after purchased.
8	These returns through May 11, 1998 include the performance of the fund’s predecessor fund.
9	A 4.50% front-end sales charge was deducted.

¹⁰ Not subject to any sales charges.

2007 Semiannual Report 71

Nationwide Government Bond Fund

Fund Performance (Continued)

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class D shares of the Nationwide Government Bond Fund, the Merrill Lynch Government Master Index (MLGMI)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/07. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The MLGMI gives a broad look at how U.S. government bonds have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

72 Semiannual Report 2007

Nationwide Government Bond Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses
			Account Value		Account Value		Paid		Annualized
Nationwide Government Bond Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,024.00	$	5.37		1.07%
	Hypothetical	1	$	1,000.00	$	1,019.69	$	5.37		1.07%
Class B	Actual		$	1,000.00	$	1,020.90	$	8.42		1.68%
	Hypothetical	1	$	1,000.00	$	1,016.67	$	8.44		1.68%
Class C	Actual		$	1,000.00	$	1,020.90	$	8.47		1.69%
	Hypothetical	1	$	1,000.00	$	1,016.62	$	8.49		1.69%
Class D	Actual		$	1,000.00	$	1,026.40	$	3.87		0.77%
	Hypothetical	1	$	1,000.00	$	1,021.18	$	3.87		0.77%
Class R	Actual		$	1,000.00	$	1,021.70	$	7.22		1.44%
	Hypothetical	1	$	1,000.00	$	1,017.86	$	7.23		1.44%
Class X	Actual		$	1,000.00	$	1,021.70	$	7.72		1.54%
	Hypothetical	1	$	1,000.00	$	1,017.36	$	7.73		1.54%
Class Y	Actual		$	1,000.00	$	1,021.70	$	7.72		1.54%
	Hypothetical	1	$	1,000.00	$	1,017.36	$	7.73		1.54%
Institutional Class	Actual		$	1,000.00	$	1,025.30	$	3.46		0.69%
	Hypothetical	1	$	1,000.00	$	1,021.58	$	3.46		0.69%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 73

Nationwide Government Bond Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
U.S. Government Sponsored & Agency Obligations	86.7%
Repurchase Agreements	11.2%
Sovereign Agency	1.7%
Other assets in excess of liabilities	0.4%
	100.0%

Top Holdings*
Federal National Mortgage Association, 5.23%, 01/29/10	12.5%
Federal Home Loan Mortgage Corporation, Series 2594, Class TD, 5.00%, 12/15/27	6.9%
Federal National Mortgage Association, Pool #745769, 5.55%, 07/01/36	6.8%
Federal National Mortgage Association, Pool #773298, 4.88%, 04/01/35	6.3%
Federal National Mortgage Association, Pool #813605, 5.51%, 07/01/36	5.9%
Federal National Mortgage Association, 8.20%, 03/10/16	5.1%
Federal National Mortgage Association, Pool #380082, 6.35%, 03/01/16	3.4%
Federal National Mortgage Association, Pool #873942, 5.87%, 09/01/11	3.4%
Federal Home Loan Mortgage Corporation, Series 2960, Class BL, 5.00%, 02/15/23	3.2%
Federal National Mortgage Association, 4.50%, 12/18/17	2.9%
Other	43.6%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

74 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Government Bond Fund

U.S. Government Sponsored & Agency Obligations (86.7%)
		Shares or
		Principal
		Amount		Value
Federal Farm Credit Bank, 4.70%, 08/10/15		$	2,480,000	$	2,440,062
Federal Home Loan Bank, 5.99%, 04/15/13			1,500,000		1,585,650
Federal Home Loan Mortgage Corporation 5.50%, 11/15/20 - 01/15/22			4,500,000		4,532,897
	5.00%, 02/15/23 - 10/15/28		15,390,435		15,204,941
	6.50%, 03/15/24 - 03/15/31		2,212,307		2,290,213
Federal National Mortgage Association
	5.23%, 01/29/10		15,000,000		15,056,430
	5.87%, 09/01/11		4,023,946		4,094,553
	6.30%, 04/01/14		988,800		1,047,603
	7.90%, 08/01/15		1,538,138		1,755,035
	7.11%, 10/01/15		2,363,215		2,485,000
	6.35%, 03/01/16		3,905,498		4,131,011
	8.20%, 03/10/16		5,000,000		6,150,595
	5.50%, 04/25/16 - 09/25/24		4,989,408		5,007,065
	6.68%, 05/01/16		1,691,901		1,762,924
	4.50%, 12/18/17		3,748,000		3,525,496
	9.25%, 10/25/18		15,223		16,393
	8.50%, 01/25/20		41,561		44,652
	7.50%, 02/25/23		173,052		182,247
	6.00%, 12/25/23 - 10/25/32		3,257,276		3,307,824
	4.79%, 08/01/28		1,852,317		1,784,028
	3.50%, 11/25/32		3,051,135		2,851,972
	6.27%, 02/25/35		2,500,000		2,559,640
	4.88%, 04/01/35		7,630,094		7,610,304
	5.51%, 07/01/36		7,053,281		7,091,415
	5.55%, 07/01/36		8,178,606		8,267,347
Total U.S. Government Sponsored & Agency Obligations (Cost $103,848,968)					104,785,297

Sovereign Agency (1.7%)
	Shares or
	Principal
	Amount		Value
AID — Israel, 6.80%, 02/15/12, Series 3-D		2,000,000		2,107,342
Repurchase Agreements (11.2%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $13,505,494, collateralized by U.S. Government Agency Mortgages with a market value of $13,773,696		13,503,623		13,503,623
Total Investments (Cost $119,473,579) (a) — 99.6%				120,396,262
Other assets in excess of liabilities — 0.4%				471,810
NET ASSETS — 100.0%			$	120,868,072

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 75

Nationwide Short Duration Bond Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Short Duration Bond Fund (Class A at NAV) returned 2.28% versus 2.30% for its benchmark, the Merrill Lynch 1-3 Year Treasury Index. For broader comparison, the average return for the Fund’s Lipper peer category of Short Investment Grade Debt Funds (consisting of 246 funds as of April 30, 2007) was 2.41%.

Can you describe the market environment* during the reporting period?

U.S. consumer confidence declined during the reporting period as concerns about the weakening housing market started to weigh on consumers. The job market began to exhibit signs of weakness as non-farm payroll growth slowed from an average monthly pace of 177,000 new jobs created in the fourth quarter of 2006 to an average of 129,000 new jobs in 2007. The unemployment rate hovered between 4.40% and 4.60% during the period, and the growth of average hourly earnings (known as wage inflation) slowed to a 3.7% pace in April after rising as high as 4.3% in December 2006. Wholesale prices rose by 2.6% during the reporting period, but the rate was just 1.1% with the exclusion of food and energy.

On the retail level, prices rose by 1.2% overall and 0.9% excluding food and energy, indicating that businesses have not yet passed on rising costs to consumers. Nevertheless, the Federal Reserve Board’s preferred inflation gauge, the core Personal Consumption Expenditures (PCE) Index, remained above the Federal Reserve’s stated target level of 1% to 2%. Economic (GDP) growth slowed sharply during the first quarter of 2007 to a 0.6% annualized pace, down from 2.5% in the fourth quarter of 2006. The decline in gross domestic product was attributed to slowing residential investment, a moderation in capital expenditures and a decline in inventory buildup. The Fed kept interest rates on hold during the period, weighing the offsetting risks of inflation remaining above the Fed’s target range and economic growth weakening amid fears of sub-prime mortgage contagion spreading throughout the economy. The federal funds rate remained unchanged at 5.25% during all three Federal Open Market Committee meetings that took place during the reporting period. The

*  Sources for market environment data: Bloomberg and Lehman Brothers.

U.S. Treasury yield curve (a plotted graph line of the yields [or interest rates] on long-term and short-term maturity bonds) steepened during the reporting period from the 2-year note to the 10-year note, with the spread between the two issues shifting from -9.5 basis points (bps) on October 31, 2006, to 3 bps on April 30, 2007. The yield curve remained inverted at the shortest end, however, with money market rates out-yielding the 2-year note by more than 65 bps.

What areas detracted from Fund performance?

While we maintained the Fund’s duration within a fairly tight band in relation to the duration of the Index, the Fund’s slightly shorter-than-Index duration had a negative impact because short-dated maturity rates fell during the reporting period. The yield curve steepened modestly during the period, and this move was slightly negative for the Fund because the Fund has greater exposure to longer-dated maturities.

What areas of investment provided the most positive returns for the Fund?

Excess returns in the spread sectors were positive during the reporting period: The residential mortgage-backed securities (MBS) sector was the strongest performer, followed by the credit sector, the commercial MBS sector, the asset-backed securities (ABS) sector and the U.S. Government Agency sector. The strong performance in the spread sectors also was positive for Fund performance, because the Fund maintained an overweight relative to the Index in ABS, residential MBS, commercial MBS and corporate securities.

What is your outlook for the near term?

Looking ahead, we hope to maintain near-Index duration, because the Fed is expected to cut interest rates, and the yield curve should steepen. We expect to continue to overweight high-quality spread sectors in order to capture the potential incremental yield advantage over the Index. We may add to credit exposure, because this sector is beginning to offer greater relative value as spreads have widened from historical tight levels. We also may maintain a cash level of between 4% and 6%, because cash flows continue to be negative.

Portfolio Managers:

Perpetua M. Phillips and Shane Johnston

76 Semiannual Report 2007

Nationwide Short Duration Bond Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A2	w/o SC3		2.28%		4.96%		2.92%		3.84%		0.81%		0.80%
	w/SC4		-0.05%		2.55%		2.29%		3.45%
Class C6	w/o SC3		2.02%		4.44%		2.72%		3.71%		1.31%		1.30%
	w/SC7		1.27%		3.69%		2.72%		3.71%
Institutional Class Shares 5			2.40%		5.22%		3.24%		4.20%		0.56%		0.55%
Service Class Shares5			2.16%		4.79%		2.86%		3.80%		0.89%		0.88%
IRA Shares 5			2.27%		4.87%		2.85%		3.80%		0.94%		0.93%

*  Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on February 1, 1999.
2	These returns until the creation of Class A shares (7/16/03) include the performance of the Fund’s IRA Class shares. Excluding the effects of any fee waivers or reimbursements, such performance is substantially similar to what Class A shares would have produced because Class A shares invest in the same portfolio of securities as IRA Class shares and have the same expenses after any fee waivers or reimbursements. For Class A returns including sales charges, these returns have been restated for the applicable sales charges.
3	These returns do not reflect the effects of sales charges (SC).
4	A 2.25% front-end sales charge was deducted.
5	Not subject to any sales charges.
6	These returns until the creation of Class C shares (2/28/05) include the performance of the Fund’s Class A shares. Excluding the effects of any fee waivers or reimbursements, such performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class A shares. The performance for Class C has been restated to reflect differences in sales charges, but does not reflect the differing levels of other fees (primarily Rule 12b-1 fees) applicable to the classes. If these other fees were reflected, the performance for each of these classes of shares would have been lower.
7	A CDSC of 0.75% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in the Nationwide Short Duration Bond Fund Service Class, Merrill Lynch 1-3 Year Treasury Index(b) and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees or expenses. Investors cannot invest directly in market indexes.

(a)	Merrill Lynch 1-3 Year Treasury Index is an unmanaged index comprised of U.S. Treasury securities with maturities ranging from one to three years, which are guaranteed as to the timely payment of principal and interest by the U.S. government.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 77

Nationwide Short Duration Bond Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses
			Account Value,		Account Value,		Paid		Annualized
Nationwide Short Duration Bond Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,022.80	$	3.36		0.67%
	Hypothetical	1	$	1,000.00	$	1,021.68	$	3.36		0.67%
Class C	Actual		$	1,000.00	$	1,020.20	$	5.86		1.17%
	Hypothetical	1	$	1,000.00	$	1,019.20	$	5.87		1.17%
Service Class	Actual		$	1,000.00	$	1,021.60	$	4.56		0.91%
	Hypothetical	1	$	1,000.00	$	1,020.49	$	4.57		0.91%
Institutional Class	Actual		$	1,000.00	$	1,024.00	$	2.11		0.42%
	Hypothetical	1	$	1,000.00	$	1,022.92	$	2.11		0.42%
IRA Class	Actual		$	1,000.00	$	1,022.70	$	3.41		0.68%
	Hypothetical	1	$	1,000.00	$	1,021.63	$	3.41		0.68%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

78 Semiannual Report 2007

Nationwide Short Duration Bond Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
U.S. Treasury Notes	27.8%
U.S. Government Sponsored Mortgage-Backed Obligations	21.8%
Commercial Mortgage Backed Securities	20.4%
Asset-Backed Securities	10.0%
U.S. Government Sponsored & Agency Obligations	8.2%
Corporate Bonds	6.4%
Repurchase Agreements	4.9%
Other assets in excess of liabilities	0.5%
	100.0%

Top Industries
Diversified Financial Services	8.1%
Consumer Finance	6.5%
Automobiles	1.8%
Other	83.6%
	100.0%

Top Holdings*
U.S. Treasury Notes, 4.75%, 02/15/10	14.2%
U.S. Treasury Notes, 4.13%, 08/15/08	8.2%
U.S. Treasury Notes, 4.88%, 08/15/09	6.5%
Federal National Mortgage Association, Series 2004-9, Class YJ, 4.00%, 10/25/13	4.8%
U.S. Treasury Notes, 4.88%, 05/15/09	4.7%
Federal National Mortgage Association, Series 2004-80, Class LG, 4.00%, 10/25/16	4.4%
Federal Home Loan Mortgage Corporation, Series 2870, Class BC, 4.50%, 07/15/14	3.5%
Province of Ontario, 3.38%, 01/15/08	3.5%
CitiFinancial Mortgage Securities, Inc., Series 2003-4, Class AF4, 4.43%, 10/25/33	3.5%
Nomura Asset Securities Corp., Series 1998-D6, Class A1B, 6.59%, 03/15/30	3.3%
Other	43.4%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 79

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Short Duration Bond Fund

Asset-Backed Securities (10.0%)
		Principal
		Amount		Value
Automobiles (1.8%)
Americredit Automobile Receivables Trust, Series 2005-CF,
	Class A4,
	4.63%, 06/06/12	$	1,500,000	$	1,490,420
Consumer Finance (6.5%)
CitiFinancial Mortgage Securities, Inc., Series 2003-4,
	Class AF4,
	4.43%, 10/25/33		3,000,000		2,952,644
Equity One, Inc., Series 2004-3, Class AF3,
	4.27%, 07/25/34		242,388		241,503
Residential Asset Mortgage Products, Inc., Series 2003-
	KS10, Class AI4,
	4.47%, 03/25/32		2,380,661		2,350,855
					5,545,002
Diversified Financial Services (1.7%)
Federal Home Loan Mortgage Corporation, Series T-50,
	Class A6,
	3.61%, 09/27/12		1,456,357		1,422,817
Total Asset-Backed Securities (Cost $8,590,702)					8,458,239
Commercial Mortgage Backed Securities (20.4%)
Bear Stearns Commercial Mortgage Securities, Inc.
	Series 2001-TOP4, Class A1
	5.06%, 11/15/16		1,542,459		1,535,209
	Series 2001-TOP2, Class A1 6.08%, 02/15/35		881,488		890,569
Citigroup/ Deutsche Bank Commercial Mortgage,
	Series 2007-CD4, Class A1,
	4.98%, 12/11/49		993,028		987,699
CS First Boston Mortgage Securities Corp., Series 2000-C1,
	Class A1,
	7.33%, 04/15/62		1,320,190		1,336,720
Goldman Sachs Mortgage Corporation, Series 2006-GG6,
	Class A2,
	5.51%, 04/10/38		1,000,000		1,010,547
LB-UBS Commercial Mortgage Trust Series 2005-C5,
	Class A2
	4.89%, 09/15/30		2,000,000		1,988,165
	Series 2007-C1, Class A1(a) 5.39%, 02/15/40		971,202		976,550
Merrill Lynch Mortgage, Series 2006-3, Class A1,
	4.71%, 07/12/46 (a)		1,398,347		1,381,725
Morgan Stanley Dean Witter Capital I Series 1998-WFS,
	Class A2
	6.54%, 07/15/30		1,684,983		1,695,290
	Series 2001-TOP1, Class A3 6.46%, 02/15/33		420,835		421,926
	Series 2001-TOP3, Class A2 6.01%, 07/15/33		953,677		954,205
Nomura Asset Securities Corp., Series 1998-D6, Class A1B,
	6.59%, 03/15/30		2,790,744		2,809,215
Wachovia Commercial Mortgage Trust 2005-C17 A2,
	Series 2005-C17, Class A2,
	4.78%, 03/15/42		1,380,000		1,365,686
Total Commercial Mortgage Backed Securities (Cost $17,690,656)					17,353,506
Corporate Bonds (6.4%)
Diversified Financial Services (6.4%)
Household Finance Corporation, 5.88%, 02/01/09			1,500,000		1,517,205
Lehman Brothers Holdings, 4.00%, 01/22/08			1,000,000		989,300
Province of Ontario, 3.38%, 01/15/08			3,000,000		2,960,910
Total Corporate Bonds (Cost $5,512,681)					5,467,415
U.S. Government Sponsored & Agency Obligation (8.2%)
U.S. Treasury Notes, 4.13%, 08/15/08			7,000,000		6,940,640

80 Semiannual Report 2007

U.S. Government Sponsored Mortgage-Backed Obligations (21.8%)
		Principal
		Amount		Value
Federal Home Loan Mortgage Corporation Series 2870, Class BC 4.50%, 07/15/14		$	3,000,000	$	2,973,077
	Series 2626, Class UN 4.00%, 05/15/16 - 08/15/29		3,099,818		3,035,286
Federal National Mortgage Association Series 2004-79, Class VE 4.50%, 08/25/10			1,499,127		1,481,603
	Series 2004-80, Class LG 4.00%, 10/25/13 - 10/25/16		7,879,592		7,749,000
Government National Mortgage Association Series 2004-76, Class QA 4.00%, 01/20/34			1,666,973		1,597,904
	Series 2004-22, Class BK 3.47%, 04/20/34		1,696,564		1,642,121
Total U.S. Government Sponsored Mortgage-Backed Obligations (Cost $18,915,293)					18,478,991

U.S. Treasury Notes (27.8%)
		Principal
		Amount		Value
U.S. Treasury Notes 5.00%, 07/31/08			2,000,000		2,004,060
	4.88%, 05/15/09 - 08/15/09		9,500,000		9,556,395
	4.75%, 02/15/10		12,000,000		12,066,600
Total U.S. Treasury Notes (Cost $23,551,057)					23,627,055

Repurchase Agreements (4.9%)(a)
	Principal
	Amount		Value
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $4,169,241, collateralized by U.S. Government Agency Mortgages with a market value of $4,252,023	$	4,168,650	$	4,168,650
Total Investments (Cost $85,451,771) (b) — 99.5%				84,494,496
Other assets in excess of liabilities — 0.5%				450,954
NET ASSETS — 100.0%			$	84,945,450

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2007. The maturity date represents the actual maturity date.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 81

Nationwide Tax-Free Income Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Tax-Free Income Fund (Class A at NAV) returned 1.18% versus 1.59% for its benchmark, the Lehman Brothers Municipal Bond Index. For broader comparison, the average return for the Fund’s Lipper peer category of General Municipal Debt Funds (consisting of 246 funds as of April 30, 2007) was 1.32%.

Can you describe the market environment during the reporting period?

For the reporting period, issuance of municipal bonds increased, with issuers selling $224.5 billion of municipal bonds (up 32% from the same period in 2006). The increase in supply was driven by a 71.6% surge in refunding activity for the first quarter of 2007. The primary factors responsible for the spike in refunding have been record-low long-term yields, narrow spreads, and increased acceptance and utilization of interest-rate swaps in new money and refunding issuance. Supply is on pace to eclipse the previous annual record of $408 billion issued in 2005. The increasing supply has placed upward pressure on yield levels. Demand, however, has remained constant. On the U.S. economic front, the rate of GDP growth slowed considerably during the reporting period, limited by continued weakness in the housing market. Consequently, the Federal Reserve Board continued to signal that it is more willing to tolerate slower growth than higher inflation. The Federal Reserve left interest rates unchanged at 5.25% during the reporting period. Inflation continues to run high relative to the Fed’s preferred target range; historically, inflation erodes the value of bonds.

What areas detracted from Fund performance?

The sector that contributed most to the Fund’s underperformance was the pre-refunded sector. These bonds were purchased as long-term investments, but, due to declining interest rates, issuers have refunded these bonds to their first-call dates. Thus, new bonds are issued, and their proceeds are used to purchase U.S. Government securities that are held in escrow to satisfy the debt service of the older bonds that are to be retired at their first-call date. The process reduces the duration of the bonds (their price sensitivity to interest-rate movements). The pre-refunded sector made up more than 38% of the Fund. These bonds are currently being invested in longer-dated assets. The Fund’s defensive position contributed to the Fund’s underperformance of its Index and peer group.

What areas of investment provided the most positive relative returns for the Fund?

According the benchmark Index, investors who locked in long-duration bonds maturing in 22 or more years received the greatest return of 1.98%. Intermediate-duration bonds maturing in 10 years received a return of 1.39%, while short-duration bonds maturing in 5 years returned 1.30%. As for the Fund, bond holdings maturing between 15-19 yrs provided the largest relative gross return of 1.87%. The fund has a 23.5% weighting in this range. The duration of the Fund is 5.00 years, which is shorter than the 5.40 years duration of the Index.

What is your outlook for the near term?

The outlook for the asset class is good. Demand for municipal bonds has remained constant, while supply is expected to remain close to 2006 levels. Credit spreads are expected to remain narrow, and the yield curve should continue to flatten. Locking in longer-term municipal bonds should continue to aid Fund performance.

The Fund’s strategy is to continue to monitor market developments and to use any opportunity to redeploy assets further out on the yield curve to bring asset allocation better in line with that of the benchmark. Any new money will be used to purchase longer-term municipal bonds, as long as the Fund is compensated for the risk.

Portfolio Manager:

Alpha Benson

82 Semiannual Report 2007

Nationwide Tax-Free Income Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month		1 Yr.		5 Yr.		10 Yr.		Ratio**
Class A1	w/o SC2		1.18%		4.29%		4.39%		4.88%		0.95%
	w/SC3		-3.16%		-0.13%		3.48%		4.43%
Class B4	w/o SC2		0.71%		3.52%		3.61%		4.26%		1.70%
	w/SC5		-4.23%		-1.47%		3.26%		4.26%
Class C6	w/o SC2		0.71%		3.53%		3.63%		4.43%		1.70%
	w/SC7		-0.28%		2.53%		3.63%		4.43%
Class D8	w/o SC2		1.30%		4.65%		4.65%		5.12%		0.70%
	w/SC9		-3.22%		-0.06%		3.70%		4.64%
Class X1	w/o SC2		0.88%		3.68%		3.75%		4.33%		1.55%
	w/SC5		-4.07%		-1.32%		3.40%		4.33%
Class Y1	w/o SC2		0.88%		3.69%		3.74%		4.49%		1.55%
	w/SC7		-0.11%		2.69%		3.74%		4.49%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*  Not annualized

** As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

1	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, and, for periods from May 11, 1998 to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class A and Class X shares (5/11/98) and Class Y shares (3/1/01). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class X and Class Y shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for each of these classes of shares would have been lower.
2	These returns do not reflect the effects of sales charges (SC).
3	A 4.25% front-end sales charge was deducted.
4	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, and for the period from May 11, 1998 to the 4 creation of the Fund’s Class B shares on September 4, 2003, include the performance of the Fund’s Class X shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for the Class B shares would have been lower.
5	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
6	These returns through May 11, 1998 include performance of the Fund’s predecessor fund, for the period from May 11, 1998 to March 1, 2001 include the performance of the Fund’s Class D shares and for the period from March 1, 2001 to the creation of the Fund’s Class C shares on September 4, 2003, include the performance of the Fund’s Class Y shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C shares would have been lower.
7	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C or Class Y shares within the first year after purchase.
8	These returns through May 11, 1998 include the performance of the fund’s predecessor fund.
9	A 4.50% front-end sales charge was deducted.

2007 Semiannual Report 83

Nationwide Tax-Free Income Fund

Fund Performance (Continued)

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class D shares of the Nationwide Tax-Free Income Fund, the Lehman Brothers Municipal Bond Index (LBMBI)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/07. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The LBMBI is an unmanaged index of municipal bonds-gives a broad look at how the bond prices on municipal bonds have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

84 Semiannual Report 2007

Nationwide Tax-Free Income Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
Nationwide Tax Free Income Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,011.80	$	4.59		0.92%
	Hypothetical	1	$	1,000.00	$	1,020.44	$	4.62		0.92%
Class B	Actual		$	1,000.00	$	1,007.10	$	8.26		1.66%
	Hypothetical	1	$	1,000.00	$	1,016.77	$	8.33		1.66%
Class C	Actual		$	1,000.00	$	1,007.10	$	8.26		1.66%
	Hypothetical	1	$	1,000.00	$	1,016.77	$	8.33		1.66%
Class D	Actual		$	1,000.00	$	1,013.00	$	3.29		0.66%
	Hypothetical	1	$	1,000.00	$	1,021.73	$	3.31		0.66%
Class X	Actual		$	1,000.00	$	1,008.80	$	7.52		1.51%
	Hypothetical	1	$	1,000.00	$	1,017.51	$	7.58		1.51%
Class Y	Actual		$	1,000.00	$	1,008.80	$	7.57		1.52%
	Hypothetical	1	$	1,000.00	$	1,017.46	$	7.63		1.52%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 85

Nationwide Tax-Free Income Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Municipal Bonds	101.5%
Liabilities in excess of other assets	-1.5%
	100.0%

Top States
Illinois	13.6%
Texas	13.4%
New Jersey	6.7%
South Carolina	6.6%
Alabama	6.1%
Indiana	5.2%
Michigan	5.0%
Georgia	4.5%
Massachusetts	4.2%
Tennessee	3.6%
Other	31.1%
	100.0%

Top Holdings
Indiana State Toll Road Commission East-West Toll Road Revenue Bonds, Series 1980, 9.00%, 01/01/15	4.5%
Harris County, Texas Health Facilities Development Corporation Revenue School Health Care Systems, Series B, 5.75%, 07/01/27	4.2%
New Jersey State Transportation Trust Fund Authority, Transportation Systems Revenue Bonds, Series D, 5.00%, 06/15/19	3.8%
California State General Obligation Unlimited Tax Bonds, 5.00%, 03/01/21	3.5%
Metropolitan Pier & Exposition Authority Illinois Dedicated State Tax Revenue Bonds (Mccormick Place Expansion Project), 5.50%, 12/15/24	3.1%
Omaha Convention Center General Obligation Unlimited Tax Bonds, 5.25%, 04/01/26	3.0%
Shelby County, Tennessee Educational & Housing Facilities Board Revenue Bonds (St. Judes Children’s Research), 5.38%, 07/01/24	2.9%
Alabama 21st Century Authority Tobacco Settlement Revenue Bonds, 5.50%, 12/01/21	2.7%
Greenwood Fifty School Facilities, Inc. Revenue Bonds, 5.00%, 12/01/20	2.6%
Michigan State General Obligation Unlimited Tax Bonds (Environmental Protection Program), Series 1992, 6.25%, 11/01/12	2.5%
Other	67.2%
	100.0%

86 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Tax-Free Income Fund

Municipal Bonds (101.5%)
		Principal Amount		Value
Alabama (6.1%)
Alabama 21st Century Authority Tobacco Settlement Revenue Bonds 5.75%, 12/01/15		$	1,500,000	$	1,603,800
	5.50%, 12/01/21		4,000,000		4,150,920
Auburn University Alabama General Fee, 5.50%, 06/01/18			1,685,000		1,789,588
Birmingham, Alabama Water & Sewer Revenue Warrants, Series 1998-A, SERIES A WT, 4.75%, 01/01/29			1,750,000		1,760,762
					9,305,070
Arizona (1.3%)
Mesa, Arizona Industrial Development Authority Revenue Bonds, (Discovery Health Systems), Series A, 5.63%, 01/01/29			1,800,000		1,904,688
California (3.5%)
California State General Obligation Unlimited Tax Bonds, 5.00%, 03/01/21			5,000,000		5,307,400
District of Columbia (1.7%)
District of Columbia General Obligation Unlimited Bonds, Series A, 5.50%, 06/01/29			1,775,000		1,846,639
District of Columbia Prerefunded General Obligation Unlimited, Series A, 5.50%, 06/01/29			725,000		758,009
					2,604,648
Florida (3.0%)
Florida State Board of Education Capital Outlay (Public Education), Series D, 5.75%, 06/01/22			1,050,000		1,117,316
Tampa Bay Water Florida Utility System Revenue Bonds, 5.50%, 10/01/18			3,000,000		3,423,720
					4,541,036
Georgia (4.5%)
Atlanta, Georgia Airport General Obligation Refunding Revenue Bonds, Series A, 5.50%, 01/01/26			1,000,000		1,055,540
Georgia Local Government Certificates of Participation Grantor Trust, Series 1998-A, 4.75%, 06/01/28			1,000,000		1,061,930
Georgia Municipal Electric Power Authority Revenue Bonds, Prerefunded Series V, SERIES-V 6.60%, 01/01/18			55,000		63,515
	6.60%, 01/01/18		465,000		555,884
Georgia Municipal Electric Power Authority Revenue Bonds, Unrefunded Series V, SERIES-V, 6.60%, 01/01/18			2,230,000		2,607,539
Georgia Private College & Universities Authority, Refunding Revenue Bonds, (Mercer University Project), Series A, 5.25%, 10/01/25			1,500,000		1,534,005
					6,878,413
Illinois (13.6%)
Chicago Illinois Prerefunded Project General Obligation Limited, Series A, 5.38%, 01/01/24			1,995,000		2,067,997
Chicago Illinois Unrefunded Project General Obligation Limited, Series A, 5.38%, 01/01/24			935,000		964,770
Illinois Development Finance Authority Hospital Revenue Bonds, (Adventist Health Systems/ Sunbelt Obligation) 5.50%, 11/15/20			1,750,000		1,839,688
	5.65%, 11/15/24		3,000,000		3,164,550
Illinois State General Obligation Unlimited Revenue Bonds, 5.25%, 05/01/23			3,425,000		3,604,847
Illinois State Refunding General Obligation, 5.00%, 01/01/21			2,000,000		2,188,940
Illinois State Toll Highway Authority Revenue Bonds, 5.00%, 01/01/27			2,000,000		2,123,660

2007 Semiannual Report 87

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Tax-Free Income Fund (Continued)

Municipal Bonds (continued)
		Principal Amount		Value
Illinois (continued)
Metropolitan Pier & Exposition Authority Illinois Dedicated State Tax Revenue Bonds (Mccormick Place Expansion Project), 5.50%, 12/15/24		$	4,500,000	$	4,715,640
					20,670,092
Indiana (5.2%)
Ball State University Student Fee Revenue Bonds, Series J, 6.20%, 07/01/20			1,000,000		1,083,410
Indiana State Toll Road Commission East-West Toll Road Revenue Bonds, Series 1980, 9.00%, 01/01/15			5,335,000		6,731,490
					7,814,900
Kansas (1.1%)
Wichita, Kansas Hospital Revenue Refunding Bonds (Facilities Improvements Series 11), 6.75%, 11/15/19			1,500,000		1,624,455
Louisiana (1.2%)
Tobacco Settlement Financing Corp. (Louisiana Revenue Asset Backed), Series 2001B, 5.88%, 05/15/39			1,750,000		1,875,685
Massachusetts (4.2%)
Massachusetts State Consumer Loan General Obligation Limited, Series C, 5.50%, 11/01/15			1,500,000		1,676,715
Massachusetts State Consumer Loan General Obligation Limited, Series D 5.50%, 10/01/16			1,000,000		1,124,150
	SERIES D 5.50%, 08/01/19		1,000,000		1,140,910
Massachusetts State General Obligation Unlimited Bonds, Series D, 5.50%, 10/01/18			2,000,000		2,272,620
Massachusetts State Prerefunded Consumer Loan General Obligation Limited, Series B, 5.25%, 03/01/21			95,000		101,451
					6,315,846
Michigan (5.0%)
Michigan State General Obligation Unlimited Tax Bonds (Environmental Protection Program), Series 1992, 6.25%, 11/01/12			3,500,000		3,799,390
Michigan State Hospital Finance Authority Refunding Revenue Bonds, (Henry Ford Health), 6.00%, 11/15/24			1,500,000		1,594,845
Michigan State Hospital Finance Authority Revenue Bonds, (Ascension Health Credit), Series A, 5.75%, 11/15/18			2,000,000		2,116,980
					7,511,215
Minnesota (1.0%)
St. Louis Park, Minnesota Independent School District Number 283 General Obligation Unlimited Tax Bonds, 5.75%, 02/01/18			1,500,000		1,550,880
Missouri (1.3%)
Jackson County, Missouri Special Obligation Revenue Bonds, Series A, 5.50%, 12/01/12			1,415,000		1,534,100
Missouri State Environmental Improvement & Energy Resource Authority, State Revolving Fund-Multiple, Series A, Refunded Portion, 6.55%, 07/01/14			365,000		365,318
					1,899,418
Nebraska (3.0%)
Omaha Convention Center General Obligation Unlimited Tax Bonds, 5.25%, 04/01/26			4,000,000		4,578,200
Nevada (0.8%)
University of Nevada Community College Revenue Bonds, 5.38%, 07/01/20			1,200,000		1,260,108
New Jersey (6.7%)
New Jersey State Transportation Trust Fund Authority, Transportation Systems Revenue Bonds, Series A, 5.75%, 06/15/17			1,000,000		1,139,910

88 Semiannual Report 2007

Municipal Bonds (continued)
		Principal Amount		Value
New Jersey (continued)
New Jersey State Transportation Trust Fund Authority, Transportation Systems Revenue Bonds, Series B, 6.00%, 12/15/15		$	2,000,000	$	2,194,380
New Jersey State Transportation Trust Fund Authority, Transportation Systems Revenue Bonds, Series D, 5.00%, 06/15/19			5,250,000		5,690,055
New Jersey State Turnpike Authority Revenue Bonds, Prerefunded Series 1991-C, 6.50%, 01/01/16			790,000		915,792
New Jersey State Turnpike Authority Revenue Bonds, Prerefunded Series 1991-C, 6.50%, 01/01/16			55,000		63,755
New Jersey State Turnpike Authority Revenue Bonds, Unrefunded Series 1991-C, 6.50%, 01/01/16			155,000		176,436
					10,180,328
New Mexico (1.0%)
Bernalillo County, New Mexico Gross Receipts Tax Revenue Bonds, 5.25%, 10/01/26			1,500,000		1,553,460
New York (3.4%)
New York City Trans Fin Auth, SERIES S-2, 4.50%, 01/15/31			3,000,000		3,006,840
New York State Local Government Assistance Corporation Revenue Refunding Bonds, Series 1993-E, SERIES E, 6.00%, 04/01/14			1,000,000		1,114,470
New York, New York City Transitional Finance Authority Future Tax Secured Revenue Bonds 5.75%, 11/15/19			795,000		850,825
	5.75%, 11/15/19		205,000		219,395
					5,191,530
North Carolina (2.5%)
North Carolina Housing Finance Agency, Single-Family Revenue Bonds, Series A, SERIES AA, 6.25%, 03/01/17			550,000		552,392
North Carolina Med Care Commission Hospital Revenue Bonds, (Gaston Health Care), Unrefunded, 5.00%, 02/15/29			1,230,000		1,239,754
North Carolina Medical Care Commission Hospital Revenue Bonds (Firsthealth of the Carolinas), 4.75%, 10/01/26			2,000,000		2,028,840
					3,820,986
Ohio (2.5%)
Hamilton, Ohio City School District General Obligation Bonds, Series A, 5.50%, 12/01/19			1,000,000		1,053,950
Montgomery County, Ohio Hospital Revenue Bonds (Kettering Medical Center), 6.75%, 04/01/18			2,500,000		2,731,700
					3,785,650
Puerto Rico (2.1%)
Puerto Rico Electric Power Authority Revenue, 5.00%, 07/01/32			3,000,000		3,153,570
South Carolina (6.6%)
Greenville, South Carolina Waterworks Revenue Bonds, 5.25%, 02/01/16			1,685,000		1,792,317
Greenwood Fifty School Facilities, Inc. Revenue Bonds, 5.00%, 12/01/20			3,805,000		4,056,016
South Carolina State Public Service Authority Revenue Bonds, Series A, 5.50%, 01/01/22			1,000,000		1,055,540
South Carolina Transportation Infrastructure Revenue Bonds, Series A, 5.38%, 10/01/24			3,000,000		3,146,520
					10,050,393

2007 Semiannual Report 89

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Tax-Free Income Fund (Continued)

Municipal Bonds (continued)
	Principal Amount		Value
Tennessee (3.6%)
Shelby County, Tennessee Educational & Housing Facilities Board Revenue Bonds (St. Judes Children’s Research), 5.38%, 07/01/24	$	4,200,000	$	4,421,298
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds (St. Judes Children’s Research), 6.00%, 07/01/14		1,000,000		1,065,550
				5,486,848
Texas (13.4%)
Dallas Tex Area Rapid Transit, 5.00%, 12/01/36		2,000,000		2,113,720
Fort Bend Independent School District, Texas General Obligation Unlimited Tax Bonds, Series 1996, 5.00%, 02/15/18		2,300,000		2,518,730
Harris County, Texas Health Facilities Development Corporation Revenue School Health Care Systems, Series B, 5.75%, 07/01/27		5,325,000		6,371,149
Houston, Texas Independent School District General Obligation Limited Tax School House Refunding Bonds, Series A, 4.75%, 02/15/26		2,000,000		2,036,860
Leander, Texas Independent School District General Obligation Unlimited Refunding Bonds, 5.00%, 08/15/22		1,000,000		1,044,230
Lower Colorado River Authority, Texas Junior Lien Refunding Revenue Bonds, Escrowed Series 1992, 6.00%, 01/01/17		1,245,000		1,455,891
San Antonio, Texas Water Revenue Bonds, 5.00%, 05/15/25		1,000,000		1,036,400
Spring Branch, Texas Independent School District General Obligation Limited, 5.20%, 02/01/20		1,500,000		1,567,230
Wichita Falls, Texas Water and Sewer Revenue Bonds (Priority Lien), 5.38%, 08/01/19		2,000,000		2,130,360
				20,274,570
Vermont (1.4%)
Vermont Educational & Health Buildings Financing Agency Revenue Bonds (Fletcher Allen Health), Series A, 6.00%, 12/01/23		2,000,000		2,150,780
Washington (1.8%)
Seattle, Washington Municipal Light & Power Revenue Improvement & Refunding Revenue Bonds, 5.13%, 03/01/26		1,000,000		1,034,120
Washington State Variable Purpose General Obligation Unlimited Tax Bonds, 5.00%, 01/01/23		1,500,000		1,601,775
				2,635,895
Total Investments (Cost $144,926,709)(a) — 101.5%				153,926,064
Liabilities in excess of other assets — (1.5)%				(2,306,738	)
NET ASSETS — 100.0%			$	151,619,326

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

90 Semiannual Report 2007

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

						Nationwide			Nationwide			Nationwide			Nationwide
			Nationwide			Enhanced			Government			Short Duration			Tax-Free
			Bond Fund			Income Fund			Bond Fund			Bond Fund			Income Fund
Assets:
Investments, at value (Cost $91,525,888; $146,873,402; $105,969,956; $81,283,121 and $144,926,709)*			$	93,807,591		$	146,549,966		$	106,892,639		$	80,325,846		$	153,926,064
Repurchase agreements, at cost and value				1,976,714			16,443,055			13,503,623			4,168,650			–
		Total Investments		95,784,305			162,993,021			120,396,262			84,494,496			153,926,064
Cash				1,467			–			11,286			15,963			–
Interest income				873,394			899,795			790,746			591,884			2,298,824
Receivable for capital shares issued				55,392			3,601,863			6,940			10,041			45,614
Receivable for investments sold				–			–			–			–			2,055,589
Prepaid expenses and other assets				25,657			18,205			24,933			1,124			10,439
		Total Assets		96,740,215			167,512,884			121,230,167			85,113,508			158,336,530
Liabilities:
Payable to custodian				–			517,593			–			–			213,665
Payable for investments purchased				–			2,448,000			–			–			6,146,010
Distributions payable				59,483			1,186			39,779			5,049			137,440
Payable for capital shares redeemed				30,727			–			228,151			45,903			104,077
Payable for return of collateral received for securities on loan				1,976,714			–			–			–			–
Accrued expenses and other payables:
	Investment advisory fees			39,175			81,200			49,828			17,498			62,296
	Fund administration and transfer agent fees			20,367			18,637			17,833			18,382			22,371
	Distribution fees			5,276			297			9,562			17,362			5,414
	Administrative servicing fees			18,572			50			11,169			46,338			591
	Compliance program fees			1,604			7,052			2,227			1,591			2,500
	Other			28,442			4,277			3,546			15,935			22,840
		Total Liabilities		2,180,360			3,078,292			362,095			168,058			6,717,204
Net Assets			$	94,559,855		$	164,434,592		$	120,868,072		$	84,945,450		$	151,619,326
Represented by:
Capital			$	93,993,875		$	171,013,847		$	120,416,748		$	88,887,438		$	141,491,177
Accumulated net investment income (loss)				48,848			110,173			91,226			(50,345	)		(161,526	)
Accumulated net realized gains (losses) on investment transactions				(1,764,571	)		(6,365,992	)		(562,585	)		(2,934,368	)		1,290,320
Net unrealized appreciation (depreciation) on investments				2,281,703			(323,436	)		922,683			(957,275	)		8,999,355
Net Assets			$	94,559,855		$	164,434,592		$	120,868,072		$	84,945,450		$	151,619,326
Net Assets:
Class A Shares				12,534,381			1,499,117			30,059,663			842,635			7,895,544
Class B Shares				353,620			–			406,947			–			764,339
Class C Shares				1,445,637			–			1,481,570			29,838			1,245,776
Class D Shares				78,401,697			–			86,361,976			–			138,656,030
Class R Shares				1,136			1,084			1,105			–			–
Class X Shares				1,670,573			–			1,712,148			–			2,927,432
Class Y Shares				152,811			–			843,593			–			130,205
Institutional Service Class Shares				–			12,193			–			–			–
Institutional Class Shares				–			162,922,198			1,070			1,693,560			–
Service Class Shares				–			–			–			64,379,604			–
IRA Class Shares				–			–			–			17,999,813			–
Total			$	94,559,855		$	164,434,592		$	120,868,072		$	84,945,450		$	151,619,326

See accompanying notes to financial statements.

2007 Semiannual Report 91

Statements of Assets and Liabilities (Continued)

				Nationwide			Nationwide			Nationwide			Nationwide
	Nationwide			Enhanced			Government			Short Duration			Tax-Free
	Bond Fund			Income Fund			Bond Fund			Bond Fund			Income Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,310,434			163,798			2,937,642			85,038			760,149
Class B Shares		36,973			–			39,766			–			73,606
Class C Shares		151,021			–			144,813			3,008			120,213
Class D Shares		8,185,839			–			8,435,223			–			13,349,102
Class R Shares		119			119			108			–			–
Class X Shares		174,638			–			167,454			–			281,834
Class Y Shares		15,957			–			82,511			–			12,568
Institutional Service Class Shares		–			1,327			–			–			–
Institutional Class Shares		–			17,803,179			104			170,865			–
Service Class Shares		–			–			–			6,496,616			–
IRA Class Shares		–			–			–			1,816,213			–
Total		9,874,981			17,968,423			11,807,621			8,571,740			14,597,472
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	9.57		$	9.15		$	10.23		$	9.91		$	10.39
Class B Shares (a)	$	9.56		$	–		$	10.23		$	–		$	10.38
Class C Shares (b)	$	9.57		$	–		$	10.23		$	9.92		$	10.36
Class D Shares	$	9.58		$	–		$	10.24		$	–		$	10.39
Class R Shares	$	9.58	(c)	$	9.16	(c)	$	10.24	(c)	$	–		$	–
Class X Shares (a)	$	9.57		$	–		$	10.22		$	–		$	10.39
Class Y Shares (b)	$	9.58		$	–		$	10.22		$	–		$	10.36
Institutional Service Class Shares	$	–		$	9.16	(c)	$	–		$	–		$	–
Institutional Class Shares	$	–		$	9.15		$	10.23	(c)	$	9.91		$	–
Service Class Shares	$	–		$	–		$	–		$	9.91		$	–
IRA Class Shares	$	–		$	–		$	–		$	9.91		$	–
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.99		$	9.36		$	10.68		$	10.14		$	10.85
Class D Shares	$	10.03		$	–		$	10.72		$	–		$	10.88
Maximum Sales Charge:
Class A		4.25	%		2.25	%		4.25	%		2.25	%		4.25	%
Class D		4.50	%		–	%		4.50	%		–	%		4.50	%

(a)	For Class B and Class X Shares, the redemption price per share varies by length of time shares are held.
(b)	For Class C and Class Y Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
(c)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
*	Includes value of securities on loan of $2,749,188, $0, $0, $0 and $0.

See accompanying notes to financial statements.

92 Semiannual Report 2007

Statements of Operations

For the Six Months Ended April 30, 2007 (Unaudited)

		Nationwide			Nationwide Enhanced			Nationwide Government			Nationwide Short			Nationwide Tax-Free
		Bond Fund			Income Fund			Bond Fund			Duration Bond Fund			Income Fund
INVESTMENT INCOME:
Interest income		$	2,872,781		$	9,103,343		$	3,131,887		$	1,935,884		$	3,865,107
Income from securities lending			4,540			6,271			2,398			–			–
	Total Income		2,877,321			9,109,614			3,134,285			1,935,884			3,865,107
Expenses:
Investment advisory fees			247,060			662,520			307,536			153,999			385,715
Fund administration and transfer agent fees			58,274			153,113			60,158			44,885			78,247
Distribution fees Class A			14,572			1,775			37,669			1,140			10,235
Distribution fees Class B			1,345			–			1,783			–			3,760
Distribution fees Class C			6,051			–			9,985			146			6,111
Distribution fees Class R			2			2			2			–			–
Distribution fees Class X			7,455			–			7,528			–			12,774
Distribution fees Class Y			639			–			3,512			–			546
Distribution fees Service Class			–			–			–			80,946			–
Distribution fees IRA Class			–			–			–			24,561			–
Administrative servicing fees Class A			4,863			69			20,131			–			48
Administrative servicing fees Class D			28,240			–			39,250			–			–
Administrative servicing fees Class R			2			2			2			–			–
Administrative servicing fees Institutional Service Class			–			14			–			–			–
Administrative servicing fees IRA Class			–			–			–			958			–
Administrative servicing fees Service Class			–			–			–			77,715			–
Registration and filing fees			32,978			30,857			34,251			19,111			27,878
Trustee fees			1,554			6,272			1,903			1,382			2,330
Compliance program fees (Note 3)			1,114			4,462			1,444			1,118			1,730
Custodian fees			1,140			3,575			3,620			1,479			2,201
Other			14,262			27,151			14,985			6,899			16,397
	Total expenses before reimbursed/waived expenses		419,551			889,812			543,759			414,339			547,972
Earnings credit (Note 5)			(57	)		(363	)		(1,000	)		(462	)		(1,100	)
Expenses voluntarily reduced by Investment Adviser			–			–			–			(44,000	)		–
Expenses reimbursed			–			(33,860	)		–			–			–
Expenses voluntarily waived by administrator			(903	)		(3,381	)		(1,147	)		(815	)		(1,451	)
Net expenses			418,591			852,208			541,612			369,062			545,421
Net Investment Income			2,458,730			8,257,406			2,592,673			1,566,822			3,319,686
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) on investment transactions			712,474			(282,271	)*		462,642			(119,877	)		1,290,317
Change in unrealized appreciation/(depreciation) on investments			(750,501	)		1,060,754			7,908			453,757			(2,671,534	)
Net realized/unrealized gains (losses) from investments			(38,027	)		778,483			470,550			333,880			(1,381,217	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	2,420,703		$	9,035,889		$	3,063,223		$	1,900,702		$	1,938,469

* Includes realized gain as a result of a redemption in kind (Note 9)

See accompanying notes to financial statements.

2007 Semiannual Report 93

Statements of Changes in Net Assets

		Nationwide						Nationwide Enhanced
		Bond Fund						Income Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	2,458,730		$	5,566,385		$	8,257,406		$	18,720,317
Net realized gains (losses) from investments transactions			712,474			424,133			(282,271	)*		(144,359	)
Net change in unrealized appreciation/(depreciation) investments			(750,501	)		(230,405	)		1,060,754			2,700,418
Change in net assets from operations			2,420,703			5,760,113			9,035,889			21,276,376
Distributions to Shareholders:
From net investment income:
	Class A		(288,204	)		(481,376	)		(29,193	)		(66,019	)
	Class B		(5,757	)		(10,430	)		–			–
	Class C		(25,873	)		(41,997	)		–			–
	Class D		(2,099,713	)		(4,354,026	)		–			–
	Class R		(26	)		(47	)		(20	)		(36	)
	Class X		(38,828	)		(90,700	)		–			–
	Class Y		(3,322	)		(6,609	)		–			–
	Institutional Service Class		–			–			(719	)		(138,118	)
	Institutional Class		(78,829	)		(392,477	)		(8,236,809	)		(18,544,991	)
Change in net assets from shareholder distributions			(2,540,552	)		(5,377,662	)		(8,266,741	)		(18,749,164	)
Change in net assets from capital transactions			(16,445,287	)		(7,184,180	)		(274,969,077	)		(23,545,406	)
Change in net assets			(16,565,136	)		(6,801,729	)		(274,199,929	)		(21,018,194	)
Net Assets:
Beginning of period			111,124,991			117,926,720			438,634,521			459,652,715
End of period		$	94,559,855		$	111,124,991		$	164,434,592		$	438,634,521
Accumulated net investment income at end of period		$	48,848		$	130,670		$	110,173		$	119,508

* Includes realized gain as a result of a redemption in kind (Note 9)

See accompanying notes to financial statements.

94 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide						Nationwide Enhanced
		Bond Fund						Income Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	2,882,721		$	3,955,612		$	238,032		$	3,295,079
	Dividends reinvested		249,947			442,054			23,116			41,316
	Cost of shares redeemed (a)		(2,015,490	)		(3,227,067	)		(334,617	)		(3,019,740	)
Total Class A			1,117,178			1,170,599			(73,469	)		316,655
Class B Shares
	Proceeds from shares issued		100,641			97,926			–			–
	Dividends reinvested		2,423			5,061			–			–
	Cost of shares redeemed (a)		(17,209	)		(59,784	)		–			–
Total Class B			85,855			43,203			–			–
Class C Shares
	Proceeds from shares issued		684,997			1,101,537			–			–
	Dividends reinvested		6,013			5,924			–			–
	Cost of shares redeemed (a)		(550,531	)		(510,782	)		–			–
Total Class C			140,479			596,679			–			–
Class D Shares
	Proceeds from shares issued		1,831,079			5,182,727			–			–
	Dividends reinvested		1,820,390			3,802,762			–			–
	Cost of shares redeemed (a)		(9,024,177	)		(24,458,861	)		–			–
Total Class D			(5,372,708	)		(15,473,372	)		–			–
Class R Shares
	Proceeds from shares issued		–			150			–			150
	Dividends reinvested		26			47			20			36
	Cost of shares redeemed (a)		–			(150	)		–			(150	)
Total Class R			26			47			20			36
Class X Shares
	Proceeds from shares issued		20,638			52,869			–			–
	Dividends reinvested		31,402			77,083			–			–
	Cost of shares redeemed (a)		(233,005	)		(1,097,389	)		–			–
Total Class X			(180,965	)		(967,437	)		–			–
Class Y Shares
	Proceeds from shares issued		706			1,540			–			–
	Dividends reinvested		2,632			5,338			–			–
	Cost of shares redeemed (a)		(1,120	)		(55,276	)		–			–
Total Class Y			2,218			(48,398	)		–			–

See accompanying notes to financial statements.

2007 Semiannual Report 95

Statements of Changes in Net Assets (Continued)

			Nationwide						Nationwide Enhanced
			Bond Fund						Income Fund
			Six Months Ended			Year Ended			Six Months Ended			Year Ended
			April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
			(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
		Proceeds from shares issued	$	–		$	–		$	–		$	1,055,301
		Dividends reinvested		–			–			245			138,106
		Cost of shares redeemed (a)		–			–			–			(6,860,807	)
Total Institutional Service Class				–			–			245			(5,667,400	)
Institutional Class Shares
	Proceeds from shares issued			759,519			9,205,127			3,600,000			129,936,382
	Dividends reinvested			78,829			392,436			8,236,808			18,545,313
	Cost of shares redeemed (a)			(13,075,718	)		(2,103,064	)		(286,732,681	)		(166,676,392	)
Total Institutional Class				(12,237,370	)		7,494,499			(274,895,873	)		(18,194,697	)
Change in net assets from capital transactions:			$	(16,445,287	)	$	(7,184,180	)	$	(274,969,077	)	$	(23,545,406	)
SHARE TRANSACTIONS:
Class A Shares
	Issued			301,043			416,952			26,018			362,490
	Reinvested			26,130			46,693			2,529			4,537
	Redeemed			(210,855	)		(340,751	)		(36,609	)		(331,861	)
Total Class A Shares				116,318			122,894			(8,062	)		35,166
Class B Shares
	Issued			10,520			10,363			–			–
	Reinvested			253			535			–			–
	Redeemed			(1,796	)		(6,295	)		–			–
Total Class B Shares				8,977			4,603			–			–
Class C Shares
	Issued			71,376			116,582			–			–
	Reinvested			628			625			–			–
	Redeemed			(57,259	)		(53,886	)		–			–
Total Class C Shares				14,745			63,321			–			–
Class D Shares
	Issued			190,471			547,076			–			–
	Reinvested			190,106			401,016			–			–
	Redeemed			(942,489	)		(2,583,235	)		–			–
Total Class D Shares				(561,912	)		(1,635,143	)		–			–
Class R Shares
	Issued			–			16			–			16
	Reinvested			3			5			2			4
	Redeemed			–			(16	)		–			(16	)
Total Class R Shares				3			5			2			4

See accompanying notes to financial statements.

96 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide						Nationwide Enhanced
		Bond Fund						Income Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS: (continued)
Class X Shares
	Issued		2,147			5,584			–			–
	Reinvested		3,282			8,138			–			–
	Redeemed		(24,343	)		(116,015	)		–			–
Total Class X Shares			(18,914	)		(102,293	)		–			–
Class Y Shares
	Issued		72			163			–			–
	Reinvested		275			563			–			–
	Redeemed		(117	)		(5,815	)		–			–
Total Class Y Shares			230			(5,089	)		–			–
Institutional Service Class Shares
	Issued		–			–			–			115,940
	Reinvested		–			–			27			15,166
	Redeemed		–			–			–			(752,568	)
Total Institutional Service Class Shares			–			–			27			(621,462	)
Institutional Class Shares
	Issued		79,677			969,766			393,443			14,286,599
	Reinvested		8,185			41,419			900,915			2,037,221
	Redeemed		(1,363,420	)		(221,649	)		(31,348,751	)		(18,298,892	)
Total Institutional Class Shares			(1,275,558	)		789,536			(30,054,393	)		(1,975,072	)
Change in shares:			(1,716,111	)		762,166			(30,062,426	)		(2,561,364	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

2007 Semiannual Report 97

Statements of Changes in Net Assets (Continued)

		Nationwide Government						Nationwide Short Duration
		Bond Fund						Bond Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	2,592,673		$	6,301,430		$	1,566,822		$	3,368,062
Net realized gains (losses) from investments transactions			462,642			(1,025,947	)		(119,877	)		(520,530	)
Net change in unrealized appreciation on investments			7,908			1,226,402			453,757			1,195,324
Change in net assets from operations			3,063,223			6,501,885			1,900,702			4,042,856
Distributions to Shareholders:
From net investment income:
	Class A		(604,102	)		(1,954,841	)		(17,024	)		(34,533	)
	Class B		(6,029	)		(8,030	)		–			–
	Class C		(33,730	)		(61,902	)		(631	)		(2,628	)
	Class D		(1,879,172	)		(4,068,467	)		–			–
	Class R		(19	)		(41	)		–			–
	Class X		(31,262	)		(86,790	)		–			–
	Class Y		(14,628	)		(28,448	)		–			–
	Institutional Class		(22	)		(43	)		(52,496	)		(210,474	)
	Service Class		–			–			(1,130,896	)		(2,410,332	)
	IRA Class		–			–			(365,764	)		(988,134	)
Net realized gains:
	Class A		–			(43,893	)		–			–
	Class B		–			(110	)		–			–
	Class C		–			(515	)		–			–
	Class D		–			(85,199	)		–			–
	Class R		–			(1	)		–			–
	Class X		–			(2,674	)		–			–
	Class Y		–			(712	)		–			–
	Institutional Class		–			(1	)		–			–
Change in net assets from shareholder distributions			(2,568,964	)		(6,341,667	)		(1,566,811	)		(3,646,101	)
Change in net assets from capital transactions			(9,504,578	)		(35,168,351	)		(11,923,215	)		(36,327,002	)
Change in net assets			(9,010,319	)		(35,008,133	)		(11,589,324	)		(35,930,247	)
Net Assets:
Beginning of period			129,878,391			164,886,524			96,534,774			132,465,021
End of period		$	120,868,072		$	129,878,391		$	84,945,450		$	96,534,774
Accumulated net investment income (loss) at end of period		$	91,226		$	67,517		$	(50,345	)	$	(50,356	)

See accompanying notes to financial statements.

98 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Government						Nationwide Short Duration
		Bond Fund						Bond Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	2,669,367		$	15,745,314		$	21,129		$	284,372
	Dividends reinvested		584,873			1,967,329			12,578			27,906
	Cost of shares redeemed(a)		(4,904,234	)		(40,346,345	)		(153,151	)		(374,411	)
Total Class A			(1,649,994	)		(22,633,702	)		(119,444	)		(62,133	)
Class B Shares
	Proceeds from shares issued		61,534			255,860			–			–
	Dividends reinvested		2,245			4,102			–			–
	Cost of shares redeemed(a)		(19,335	)		(56,005	)		–			–
Total Class B			44,444			203,957			–			–
Class C Shares
	Proceeds from shares issued		378,145			2,886,936			–			152,160
	Dividends reinvested		2,342			3,295			631			1,181
	Cost of shares redeemed(a)		(1,549,574	)		(600,745	)		(112,432	)		(13,826	)
Total Class C			(1,169,087	)		2,289,486			(111,801	)		139,515
Class D Shares
	Proceeds from shares issued		8,947,504			9,785,364			–			–
	Dividends reinvested		1,695,085			3,697,984			–			–
	Cost of shares redeemed(a)		(17,180,233	)		(27,005,536	)		–			–
Total Class D			(6,537,644	)		(13,522,188	)		–			–
Class R Shares
	Proceeds from shares issued		–			150			–			–
	Dividends reinvested		18			42			–			–
	Cost of shares redeemed(a)		–			(150	)		–			–
Total Class R			18			42			–			–
Class X Shares
	Proceeds from shares issued		23,924			74,647			–			–
	Dividends reinvested		30,077			85,514			–			–
	Cost of shares redeemed(a)		(256,536	)		(1,639,260	)		–			–
Total Class X			(202,535	)		(1,479,099	)		–			–

See accompanying notes to financial statements.

2007 Semiannual Report 99

Statements of Changes in Net Assets (Continued)

		Nationwide Government						Nationwide Short Duration
		Bond Fund						Bond Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class Y Shares
	Proceeds from shares issued	$	5,353		$	14,803		$	–		$	–
	Dividends reinvested		9,888			19,003			–			–
	Cost of shares redeemed (a)		(5,043	)		(60,697	)		–			–
Total Class Y			10,198			(26,891	)		–			–
Institutional Class Shares
	Proceeds from shares issued		–			–			76,731			1,391,707
	Dividends reinvested		22			44			52,028			208,565
	Cost of shares redeemed (a)		–			–			(3,802,829	)		(3,008,726	)
Total Institutional Class			22			44			(3,674,070	)		(1,408,454	)
Service Class Shares
	Proceeds from shares issued		–			–			5,862,278			18,208,172
	Dividends reinvested		–			–			1,129,120			2,383,738
	Cost of shares redeemed (a)		–			–			(10,673,621	)		(33,898,108	)
Total Service Class			–			–			(3,682,223	)		(13,306,198	)
IRA Class Shares
	Proceeds from shares issued		–			–			278,817			590,183
	Dividends reinvested		–			–			340,615			879,462
	Cost of shares redeemed (a)		–			–			(4,955,109	)		(23,159,377	)
Total IRA Class Shares			–			–			(4,335,677	)		(21,689,732	)
Change in net assets from capital transactions:		$	(9,504,578	)	$	(35,168,351	)	$	(11,923,215	)	$	(36,327,002	)
SHARE TRANSACTIONS:
Class A Shares
	Issued		261,518			1,561,204			2,135			28,977
	Reinvested		57,315			194,954			1,272			2,843
	Redeemed		(481,392	)		(3,983,387	)		(15,480	)		(38,197	)
Total Class A Shares			(162,559	)		(2,227,229	)		(12,073	)		(6,377	)
Class B Shares
	Issued		6,035			25,561			–			–
	Reinvested		220			406			–			–
	Redeemed		(1,911	)		(5,542	)		–			–
Total Class B Shares			4,344			20,425			–			–
Class C Shares
	Issued		36,969			286,431			–			15,534
	Reinvested		230			326			64			120
	Redeemed		(152,055	)		(59,620	)		(11,403	)		(1,410	)
Total Class C Shares			(114,856	)		227,137			(11,339	)		14,244

See accompanying notes to financial statements.

100 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Government						Nationwide Short Duration
		Bond Fund						Bond Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS: (continued)
Class D Shares
	Issued		875,443			971,712			–			–
	Reinvested		166,041			366,243			–			–
	Redeemed		(1,684,939	)		(2,677,452	)		–			–
Total Class D Shares			(643,455	)		(1,339,497	)		–			–
Class R Shares
	Issued		–			15			–			–
	Reinvested		2			4			–			–
	Redeemed		–			(15	)		–			–
Total Class R Shares			2			4			–			–
Class X Shares
	Issued		2,348			7,400			–			–
	Reinvested		2,950			8,476			–			–
	Redeemed		(25,190	)		(162,542	)		–			–
Total Class X Shares			(19,892	)		(146,666	)		–			–
Class Y Shares
	Issued		525			1,474			–			–
	Reinvested		970			1,885			–			–
	Redeemed		(496	)		(6,038	)		–			–
Total Class Y Shares			999			(2,679	)		–			–
Institutional Class Shares
	Issued		–			–			7,764			141,721
	Reinvested		2			4			5,259			21,246
	Redeemed		–			–			(384,453	)		(306,630	)
Total Institutional Class Shares			2			4			(371,430	)		(143,663	)
Service Class Shares
	Issued		–			–			592,756			1,854,735
	Reinvested		–			–			114,131			242,819
	Redeemed		–			–			(1,079,957	)		(3,452,909	)
Total Service Class Shares			–			–			(373,070	)		(1,355,355	)
IRA Class Shares
	Issued		–			–			28,197			59,932
	Reinvested		–			–			34,430			89,583
	Redeemed		–			–			(501,417	)		(2,360,767	)
Total IRA Class Shares			–			–			(438,790	)		(2,211,252	)
Change in shares:			(935,415	)		(3,468,501	)		(1,206,702	)		(3,702,403	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

2007 Semiannual Report 101

Statements of Changes in Net Assets (Continued)

		Nationwide Tax-Free
		Income Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	3,319,686		$	7,288,325
Net realized gains on investment transactions			1,290,317			617,994
Net change in unrealized depreciation investments			(2,671,534	)		(454,755	)
Change in net assets from operations			1,938,469			7,451,564
Distributions to Shareholders:
From net investment income:
	Class A		(168,115	)		(366,349	)
	Class B		(12,661	)		(23,522	)
	Class C		(20,610	)		(41,100	)
	Class D		(3,069,003	)		(6,702,585	)
	Class X		(52,812	)		(145,972	)
	Class Y		(2,264	)		(8,080	)
Net realized gains:
	Class A		(16,029	)		–
	Class B		(1,412	)		–
	Class C		(2,314	)		–
	Class D		(268,207	)		–
	Class X		(5,795	)		–
	Class Y		(243	)		–
Change in net assets from shareholder distributions			(3,619,465	)		(7,287,608	)
Change in net assets from capital transactions			(6,267,705	)		(19,736,491	)
Change in net assets			(7,948,701	)		(19,572,535	)
Net Assets:
Beginning of period			159,568,027			179,140,562
End of period		$	151,619,326		$	159,568,027
Accumulated net investment loss at end of period		$	(161,526	)	$	(155,747	)

See accompanying notes to financial statements.

102 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Tax-Free
		Income Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	263,727		$	2,162,518
	Dividends reinvested		121,898			268,234
	Cost of shares redeemed(a)		(1,112,866	)		(3,781,933	)
Total Class A			(727,241	)		(1,351,181	)
Class B Shares
	Proceeds from shares issued		26,285			176,125
	Dividends reinvested		9,938			17,596
	Cost of shares redeemed(a)		(55,574	)		(6,292	)
Total Class B			(19,351	)		187,429
Class C Shares
	Proceeds from shares issued		96,258			99,480
	Dividends reinvested		7,010			13,562
	Cost of shares redeemed(a)		(50,940	)		(118,259	)
Total Class C			52,328			(5,217	)
Class D Shares
	Proceeds from shares issued		2,014,307			2,734,732
	Dividends reinvested		2,536,451			5,078,795
	Cost of shares redeemed(a)		(9,914,866	)		(24,551,788	)
Total Class D			(5,364,108	)		(16,738,261	)
Class X Shares
	Proceeds from shares issued		62,551			97,793
	Dividends reinvested		52,165			116,832
	Cost of shares redeemed(a)		(320,901	)		(1,946,838	)
Total Class X			(206,185	)		(1,732,213	)
Class Y Shares
	Proceeds from shares issued		–			100
	Dividends reinvested		2,506			8,319
	Cost of shares redeemed(a)		(5,654	)		(105,467	)
Total Class Y			(3,148	)		(97,048	)
Change in net assets from capital transactions:		$	(6,267,705	)	$	(19,736,491	)

See accompanying notes to financial statements.

2007 Semiannual Report 103

Statements of Changes in Net Assets (Continued)

		Nationwide Tax-Free
		Income Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		25,202			206,971
	Reinvested		11,683			25,655
	Redeemed		(106,670	)		(361,536	)
Total Class A Shares			(69,785	)		(128,910	)
Class B Shares
	Issued		2,514			16,915
	Reinvested		953			1,683
	Redeemed		(5,297	)		(604	)
Total Class B Shares			(1,830	)		17,994
Class C Shares
	Issued		9,218			9,520
	Reinvested		674			1,300
	Redeemed		(4,879	)		(11,345	)
Total Class C Shares			5,013			(525	)
Class D Shares
	Issued		193,812			261,210
	Reinvested		243,122			485,667
	Redeemed		(949,909	)		(2,350,643	)
Total Class D Shares			(512,975	)		(1,603,766	)
Class X Shares
	Issued		5,982			9,325
	Reinvested		5,000			11,170
	Redeemed		(30,750	)		(186,540	)
Total Class X Shares			(19,768	)		(166,045	)
Class Y Shares
	Issued		–			9
	Reinvested		241			797
	Redeemed		(539	)		(10,095	)
Total Class Y Shares			(298	)		(9,289	)
Change in shares:			(599,643	)		(1,890,541	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

104 Semiannual Report 2007

Financial Highlights

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

Nationwide Bond Fund

			Investment Activities
					Net Realized
					and
	Net Asset		Net		Unrealized			Total
	Value,		Investment		Gains			from
	Beginning		Income		(Losses) on			Investment
	of Period		(Loss)		Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	9.58		0.50		(0.15	)		0.35
Year Ended October 31, 2003	$	9.43		0.46		0.24			0.70
Year Ended October 31, 2004	$	9.67		0.43		0.08			0.51
Year Ended October 31, 2005	$	9.75		0.40		(0.22	)		0.18
Year Ended October 31, 2006	$	9.53		0.44		0.04			0.48
Six Months Ended April 30, 2007 (Unaudited)	$	9.58		0.22		–			0.22
Class B Shares
Period Ended October 31, 2003 (g)	$	9.49		0.06		0.18			0.24
Year Ended October 31, 2004	$	9.67		0.36		0.08			0.44
Year Ended October 31, 2005	$	9.75		0.34		(0.22	)		0.12
Year Ended October 31, 2006	$	9.53		0.39		0.02			0.41
Six Months Ended April 30, 2007 (Unaudited)	$	9.57		0.19		–			0.19
Class C Shares
Period Ended October 31, 2003 (g)	$	9.50		0.06		0.18			0.24
Year Ended October 31, 2004	$	9.68		0.36		0.08			0.44
Year Ended October 31, 2005	$	9.76		0.34		(0.22	)		0.12
Year Ended October 31, 2006	$	9.54		0.39		0.02			0.41
Six Months Ended April 30, 2007 (Unaudited)	$	9.58		0.19		–			0.19
Class D Shares
Year Ended October 31, 2002	$	9.59		0.52		(0.15	)		0.37
Year Ended October 31, 2003	$	9.44		0.49		0.24			0.73
Year Ended October 31, 2004	$	9.68		0.45		0.09			0.54
Year Ended October 31, 2005	$	9.77		0.43		(0.22	)		0.21
Year Ended October 31, 2006	$	9.55		0.48		0.02			0.50
Six Months Ended April 30, 2007 (Unaudited)	$	9.59		0.24		–			0.24

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios / Supplemental Data
											Net Assets		Ratio of
	Net						Net Asset				at End of		Expenses
	Investment			Total			Value, End		Total		Period		to Average
	Income			Distributions			of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		(0.50	)		(0.50	)	$	9.43		3.84%	$	7,551		1.06%
Year Ended October 31, 2003		(0.46	)		(0.46	)	$	9.67		7.55%	$	10,128		1.08%
Year Ended October 31, 2004		(0.43	)		(0.43	)	$	9.75		5.37%	$	10,669		1.04%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	9.53		1.87%	$	10,212		1.10%
Year Ended October 31, 2006		(0.43	)		(0.43	)	$	9.58		5.22%	$	11,434		1.08%
Six Months Ended April 30, 2007 (Unaudited)		(0.23	)		(0.23	)	$	9.57		2.37%	$	12,534		1.05%
Class B Shares
Period Ended October 31, 2003 (g)		(0.06	)		(0.06	)	$	9.67		2.50%	$	24		1.83%
Year Ended October 31, 2004		(0.36	)		(0.36	)	$	9.75		4.66%	$	102		1.72%
Year Ended October 31, 2005		(0.34	)		(0.34	)	$	9.53		1.18%	$	223		1.78%
Year Ended October 31, 2006		(0.37	)		(0.37	)	$	9.57		4.41%	$	268		1.75%
Six Months Ended April 30, 2007 (Unaudited)		(0.20	)		(0.20	)	$	9.56		2.03%	$	354		1.72%
Class C Shares
Period Ended October 31, 2003 (g)		(0.06	)		(0.06	)	$	9.68		2.49%	$	9		1.87%
Year Ended October 31, 2004		(0.36	)		(0.36	)	$	9.76		4.63%	$	182		1.72%
Year Ended October 31, 2005		(0.34	)		(0.34	)	$	9.54		1.18%	$	696		1.78%
Year Ended October 31, 2006		(0.37	)		(0.37	)	$	9.58		4.40%	$	1,306		1.74%
Six Months Ended April 30, 2007 (Unaudited)		(0.20	)		(0.20	)	$	9.57		2.03%	$	1,446		1.72%
Class D Shares
Year Ended October 31, 2002		(0.52	)		(0.52	)	$	9.44		4.07%	$	136,049		0.83%
Year Ended October 31, 2003		(0.49	)		(0.49	)	$	9.68		7.81%	$	127,591		0.82%
Year Ended October 31, 2004		(0.45	)		(0.45	)	$	9.77		5.75%	$	112,631		0.78%
Year Ended October 31, 2005		(0.43	)		(0.43	)	$	9.55		2.15%	$	99,133		0.83%
Year Ended October 31, 2006		(0.46	)		(0.46	)	$	9.59		5.39%	$	83,878		0.80%
Six Months Ended April 30, 2007 (Unaudited)		(0.25	)		(0.25	)	$	9.58		2.50%	$	78,402		0.79%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
			Ratio of			Investment
	Ratio of Net		Expenses			Income
	Investment		(Prior to			(Prior to
	Income (Loss)		Reimbursements)			Reimbursements)
	to Average		to Average			to Average			Portfolio
	Net Assets (c)		Net Assets(c)(d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		5.34%			(f)			(f)		27.66%
Year Ended October 31, 2003		4.74%			(f)			(f)		17.73%
Year Ended October 31, 2004		4.38%			(f)			(f)		17.20%
Year Ended October 31, 2005		4.15%			(f)			(f)		34.08%
Year Ended October 31, 2006		4.76%		1.08%			4.76%			36.06%
Six Months Ended April 30, 2007 (Unaudited)		4.78%		1.06%			4.78%			8.13%
Class B Shares
Period Ended October 31, 2003 (g)		3.62%			(f)			(f)		17.73%
Year Ended October 31, 2004		3.64%			(f)			(f)		17.20%
Year Ended October 31, 2005		3.46%			(f)			(f)		34.08%
Year Ended October 31, 2006		4.12%		1.75%			4.12%			36.06%
Six Months Ended April 30, 2007 (Unaudited)		4.11%		1.72%			4.11%			8.13%
Class C Shares
Period Ended October 31, 2003 (g)		3.60%			(f)			(f)		17.73%
Year Ended October 31, 2004		3.48%			(f)			(f)		17.20%
Year Ended October 31, 2005		3.45%			(f)			(f)		34.08%
Year Ended October 31, 2006		4.15%		1.74%			4.15%			36.06%
Six Months Ended April 30, 2007 (Unaudited)		4.11%		1.72%			4.11%			8.13%
Class D Shares
Year Ended October 31, 2002		5.58%			(f)			(f)		27.66%
Year Ended October 31, 2003		5.00%			(f)			(f)		17.73%
Year Ended October 31, 2004		4.64%			(f)			(f)		17.20%
Year Ended October 31, 2005		4.41%			(f)			(f)		34.08%
Year Ended October 31, 2006		5.00%		0.80%			5.00%			36.06%
Six Months Ended April 30, 2007 (Unaudited)		5.03%		0.79%			5.03%			8.13%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	There were no fee reductions during the period.
(g)	For the period from September 4, 2003, (commencement of operations) through October 31, 2003.
(h)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(i)	Effective September 1, 2003, Class B and Class C were renamed Class X and Class Y, respectively.

See accompanying notes to financial statements.

2007 Semiannual Report 105

Financial Highlights

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

			Investment Activities
					Net Realized
					and
	Net Asset		Net		Unrealized			Total
	Value,		Investment		Gains			from
	Beginning		Income		(Losses) on			Investment
	of Period		(Loss)		Investments			Activities
Class R Shares
Period Ended October 31, 2003 (h)	$	9.80		0.03		(0.12	)		(0.09	)
Year Ended October 31, 2004	$	9.68		0.39		0.09			0.48
Year Ended October 31, 2005	$	9.77		0.40		(0.22	)		0.18
Year Ended October 31, 2006	$	9.55		0.42		0.03			0.45
Six Months Ended April 30, 2007 (Unaudited)	$	9.59		0.21		–			0.21
Class X Shares
Year Ended October 31, 2002	$	9.58		0.45		(0.15	)		0.30
Year Ended October 31, 2003 (i)	$	9.43		0.41		0.24			0.65
Year Ended October 31, 2004	$	9.67		0.38		0.08			0.46
Year Ended October 31, 2005	$	9.75		0.35		(0.21	)		0.14
Year Ended October 31, 2006	$	9.54		0.40		0.02			0.42
Six Months Ended April 30, 2007 (Unaudited)	$	9.58		0.20		–			0.20
Class Y Shares
Year Ended October 31, 2002	$	9.59		0.45		(0.15	)		0.30
Year Ended October 31, 2003 (i)	$	9.44		0.41		0.24			0.65
Year Ended October 31, 2004	$	9.68		0.38		0.08			0.46
Year Ended October 31, 2005	$	9.76		0.35		(0.21	)		0.14
Year Ended October 31, 2006	$	9.55		0.40		0.02			0.42
Six Months Ended April 30, 2007 (Unaudited)	$	9.59		0.20		–			0.20

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Investment			Total			Value, End		Total			Period		to Average
	Income			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class R Shares
Period Ended October 31, 2003 (h)		(0.03	)		(0.03	)	$	9.68		(0.92%	)	$	1		1.85%
Year Ended October 31, 2004		(0.39	)		(0.39	)	$	9.77		5.06%		$	1		1.37%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	9.55		1.81%		$	1		1.14%
Year Ended October 31, 2006		(0.41	)		(0.41	)	$	9.59		4.88%		$	1		1.30%
Six Months Ended April 30, 2007 (Unaudited)		(0.22	)		(0.22	)	$	9.58		2.23%		$	1		1.45%
Class X Shares
Year Ended October 31, 2002		(0.45	)		(0.45	)	$	9.43		3.26%		$	3,548		1.62%
Year Ended October 31, 2003 (i)		(0.41	)		(0.41	)	$	9.67		6.98%		$	3,674		1.60%
Year Ended October 31, 2004		(0.38	)		(0.38	)	$	9.75		4.82%		$	3,457		1.57%
Year Ended October 31, 2005		(0.35	)		(0.35	)	$	9.54		1.44%		$	2,821		1.63%
Year Ended October 31, 2006		(0.38	)		(0.38	)	$	9.58		4.57%		$	1,854		1.61%
Six Months Ended April 30, 2007 (Unaudited)		(0.21	)		(0.21	)	$	9.57		2.11%		$	1,671		1.57%
Class Y Shares
Year Ended October 31, 2002		(0.45	)		(0.45	)	$	9.44		3.26%		$	272		1.62%
Year Ended October 31, 2003 (i)		(0.41	)		(0.41	)	$	9.68		6.97%		$	256		1.60%
Year Ended October 31, 2004		(0.38	)		(0.38	)	$	9.76		4.81%		$	238		1.57%
Year Ended October 31, 2005		(0.35	)		(0.35	)	$	9.55		1.44%		$	199		1.63%
Year Ended October 31, 2006		(0.38	)		(0.38	)	$	9.59		4.56%		$	151		1.60%
Six Months Ended April 30, 2007 (Unaudited)		(0.21	)		(0.21	)	$	9.58		2.11%		$	153		1.57%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
			Ratio of			Investment
	Ratio of Net		Expenses			Income
	Investment		(Prior to			(Prior to
	Income (Loss)		Reimbursements)			Reimbursements)
	to Average		to Average			to Average			Portfolio
	Net Assets (c)		Net Assets(c)(d)			Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (h)		3.48%		1.95%			3.38%			17.73%
Year Ended October 31, 2004		3.99%			(f)			(f)		17.20%
Year Ended October 31, 2005		4.08%			(f)			(f)		34.08%
Year Ended October 31, 2006		4.53%		1.30%			4.53%			36.06%
Six Months Ended April 30, 2007 (Unaudited)		4.42%		1.46%			4.42%			8.13%
Class X Shares
Year Ended October 31, 2002		4.79%			(f)			(f)		27.66%
Year Ended October 31, 2003 (i)		4.22%			(f)			(f)		17.73%
Year Ended October 31, 2004		3.85%			(f)			(f)		17.20%
Year Ended October 31, 2005		3.62%			(f)			(f)		34.08%
Year Ended October 31, 2006		4.18%		1.61%			4.18%			36.06%
Six Months Ended April 30, 2007 (Unaudited)		4.26%		1.57%			4.26%			8.13%
Class Y Shares
Year Ended October 31, 2002		4.78%			(f)			(f)		27.66%
Year Ended October 31, 2003 (i)		4.21%			(f)			(f)		17.73%
Year Ended October 31, 2004		3.85%			(f)			(f)		17.20%
Year Ended October 31, 2005		3.62%			(f)			(f)		34.08%
Year Ended October 31, 2006		4.18%		1.60%			4.18%			36.06%
Six Months Ended April 30, 2007 (Unaudited)		4.26%		1.57%			4.26%			8.13%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	There were no fee reductions during the period.
(g)	For the period from September 4, 2003, (commencement of operations) through October 31, 2003.
(h)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(i)	Effective September 1, 2003, Class B and Class C were renamed Class X and Class Y, respectively.

See accompanying notes to financial statements.

106 Semiannual Report 2007

Financial Highlights

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

Nationwide Enhanced Income Fund

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	9.70		0.41		(0.26	)		0.15
Year Ended October 31, 2003	$	9.44		0.30		(0.18	)		0.12
Year Ended October 31, 2004	$	9.26		0.16		(0.09	)		0.07
Year Ended October 31, 2005	$	9.16		0.22		(0.07	)		0.15
Year Ended October 31, 2006	$	9.08		0.32		0.05			0.37
Six Months Ended April 30, 2007 (Unaudited)	$	9.13		0.19		0.02			0.21
Class R Shares
Year Ended October 31, 2003	$	9.30		0.02		(0.03	)		(0.01	)
Year Ended October 31, 2004	$	9.27		0.13		(0.09	)		0.04
Year Ended October 31, 2005	$	9.17		0.22		(0.07	)		0.15
Year Ended October 31, 2006	$	9.09		0.32		0.05			0.37
Six Months Ended April 30, 2007 (Unaudited)	$	9.14		0.17		0.02			0.19
Institutional Service Class Shares
Year Ended October 31, 2002	$	9.71		0.42		(0.27	)		0.15
Year Ended October 31, 2003	$	9.44		0.31		(0.17	)		0.14
Year Ended October 31, 2004	$	9.27		0.17		(0.09	)		0.08
Year Ended October 31, 2005	$	9.17		0.23		(0.07	)		0.16
Year Ended October 31, 2006	$	9.09		0.32		0.05			0.37
Six Months Ended April 30, 2007 (Unaudited)	$	9.14		0.23		(0.02	)		0.21
Institutional Class Shares
Year Ended October 31, 2002	$	9.70		0.45		(0.26	)		0.19
Year Ended October 31, 2003	$	9.44		0.33		(0.18	)		0.15
Year Ended October 31, 2004	$	9.26		0.19		(0.08	)		0.11
Year Ended October 31, 2005	$	9.17		0.25		(0.07	)		0.18
Year Ended October 31, 2006	$	9.09		0.34		0.04			0.38
Six Months Ended April 30, 2007 (Unaudited)	$	9.13		0.21		0.01			0.22

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Investment			Total			Value, End		Total			Period		to Average
	Income			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		(0.41	)		(0.41	)	$	9.44		1.60%		$	1,691		0.79%
Year Ended October 31, 2003		(0.30	)		(0.30	)	$	9.26		1.31%		$	2,404		0.78%
Year Ended October 31, 2004		(0.17	)		(0.17	)	$	9.16		0.73%		$	1,575		0.80%
Year Ended October 31, 2005		(0.23	)		(0.23	)	$	9.08		1.66%		$	1,242		0.80%
Year Ended October 31, 2006		(0.32	)		(0.32	)	$	9.13		4.15%		$	1,570		0.72%
Six Months Ended April 30, 2007 (Unaudited)		(0.19	)		(0.19	)	$	9.15		2.28%		$	1,499		0.71%
Class R Shares
Year Ended October 31, 2003		(0.02	)		(0.02	)	$	9.27		(0.13%	)	$	1		1.05%
Year Ended October 31, 2004		(0.14	)		(0.14	)	$	9.17		0.48%		$	1		1.00%
Year Ended October 31, 2005		(0.23	)		(0.23	)	$	9.09		1.70%		$	1		0.72%
Year Ended October 31, 2006		(0.32	)		(0.32	)	$	9.14		4.12%		$	1		0.74%
Six Months Ended April 30, 2007 (Unaudited)		(0.17	)		(0.17	)	$	9.16		2.09%		$	1		1.01%
Institutional Service Class Shares
Year Ended October 31, 2002		(0.42	)		(0.42	)	$	9.44		1.60%		$	10,093		0.70%
Year Ended October 31, 2003		(0.31	)		(0.31	)	$	9.27		1.50%		$	9,256		0.70%
Year Ended October 31, 2004		(0.18	)		(0.18	)	$	9.17		0.82%		$	7,476		0.70%
Year Ended October 31, 2005		(0.24	)		(0.24	)	$	9.09		1.77%		$	5,661		0.70%
Year Ended October 31, 2006		(0.32	)		(0.32	)	$	9.14		4.17%		$	12		0.70%
Six Months Ended April 30, 2007 (Unaudited)		(0.19	)		(0.19	)	$	9.16		2.28%		$	12		0.70%
Institutional Class Shares
Year Ended October 31, 2002		(0.45	)		(0.45	)	$	9.44		1.96%		$	57,703		0.45%
Year Ended October 31, 2003		(0.33	)		(0.33	)	$	9.26		1.64%		$	155,704		0.45%
Year Ended October 31, 2004		(0.20	)		(0.20	)	$	9.17		1.07%		$	299,898		0.45%
Year Ended October 31, 2005		(0.26	)		(0.26	)	$	9.09		2.13%		$	452,749		0.45%
Year Ended October 31, 2006		(0.34	)		(0.34	)	$	9.13		4.31%		$	437,052		0.45%
Six Months Ended April 30, 2007 (Unaudited)		(0.20	)		(0.20	)	$	9.15		2.41%		$	162,922		0.45%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (c)		Net Assets (c) (d)		Net Assets (c)(d)		Turnover (e)
Class A Shares
Year Ended October 31, 2002		4.28%		0.95%		4.12%		32.97%
Year Ended October 31, 2003		3.11%		0.88%		3.01%		29.97%
Year Ended October 31, 2004		1.74%		0.85%		1.69%		51.59%
Year Ended October 31, 2005		2.36%		0.85%		2.31%		60.80%
Year Ended October 31, 2006		3.51%		0.76%		3.47%		77.44%
Six Months Ended April 30, 2007 (Unaudited)		4.09%		0.73%		4.07%		27.60%
Class R Shares
Year Ended October 31, 2003		2.01%		1.15%		1.91%		29.97%
Year Ended October 31, 2004		1.49%		1.00%		1.49%		51.59%
Year Ended October 31, 2005		2.42%		0.72%		2.42%		60.80%
Year Ended October 31, 2006		3.50%		0.74%		3.50%		77.44%
Six Months Ended April 30, 2007 (Unaudited)		3.71%		1.01%		3.71%		27.60%
Institutional Service Class Shares
Year Ended October 31, 2002		4.41%		0.90%		4.21%		32.97%
Year Ended October 31, 2003		3.25%		0.80%		3.15%		29.97%
Year Ended October 31, 2004		1.84%		0.75%		1.79%		51.59%
Year Ended October 31, 2005		2.47%		0.75%		2.42%		60.80%
Year Ended October 31, 2006		3.47%		0.73%		3.44%		77.44%
Six Months Ended April 30, 2007 (Unaudited)		12.93%		1.64%		11.99%		27.60%
Institutional Class Shares
Year Ended October 31, 2002		4.57%		0.64%		4.38%		32.97%
Year Ended October 31, 2003		3.40%		0.55%		3.30%		29.97%
Year Ended October 31, 2004		2.05%		0.50%		2.00%		51.59%
Year Ended October 31, 2005		2.76%		0.50%		2.71%		60.80%
Year Ended October 31, 2006		3.79%		0.49%		3.75%		77.44%
Six Months Ended April 30, 2007 (Unaudited)		4.36%		0.47%		4.34%		27.60%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

See accompanying notes to financial statements.

2007 Semiannual Report 107

Financial Highlights

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

Nationwide Government Bond Fund

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class A Shares
Year Ended October 31, 2002	$	10.95		0.45		0.20			0.65		(0.45	)
Year Ended October 31, 2003	$	10.95		0.41		(0.16	)		0.25		(0.40	)
Year Ended October 31, 2004	$	10.61		0.35		0.03			0.38		(0.36	)
Year Ended October 31, 2005	$	10.37		0.35		(0.20	)		0.15		(0.35	)
Year Ended October 31, 2006	$	10.17		0.40		0.02			0.42		(0.39	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.19		0.20		0.04			0.24		(0.20	)
Class B Shares
Period Ended October 31, 2003(f)	$	10.48		0.06		0.12			0.18		(0.05	)
Year Ended October 31, 2004	$	10.61		0.28		0.03			0.31		(0.29	)
Year Ended October 31, 2005	$	10.37		0.29		(0.20	)		0.09		(0.29	)
Year Ended October 31, 2006	$	10.17		0.34		0.02			0.36		(0.33	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.19		0.17		0.04			0.21		(0.17	)
Class C Shares
Period Ended October 31, 2003(f)	$	10.48		0.06		0.12			0.18		(0.05	)
Year Ended October 31, 2004	$	10.61		0.28		0.03			0.31		(0.29	)
Year Ended October 31, 2005	$	10.37		0.29		(0.21	)		0.08		(0.29	)
Year Ended October 31, 2006	$	10.16		0.34		0.03			0.37		(0.33	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.19		0.17		0.04			0.21		(0.17	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net						Net Asset
	Realized			Total			Value, End		Total
	Gains			Distributions			of Period		Return (a) (b)
Class A Shares
Year Ended October 31, 2002		(0.20	)		(0.65	)	$	10.95		6.42%
Year Ended October 31, 2003		(0.19	)		(0.59	)	$	10.61		2.29%
Year Ended October 31, 2004		(0.26	)		(0.62	)	$	10.37		3.68%
Year Ended October 31, 2005		–			(0.35	)	$	10.17		1.46%
Year Ended October 31, 2006		(0.01	)		(0.40	)	$	10.19		4.25%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.20	)	$	10.23		2.40%
Class B Shares
Period Ended October 31, 2003(f)		–			(0.05	)	$	10.61		1.73%
Year Ended October 31, 2004		(0.26	)		(0.55	)	$	10.37		3.04%
Year Ended October 31, 2005		–			(0.29	)	$	10.17		0.85%
Year Ended October 31, 2006		(0.01	)		(0.34	)	$	10.19		3.61%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.17	)	$	10.23		2.09%
Class C Shares
Period Ended October 31, 2003(f)		–			(0.05	)	$	10.61		1.73%
Year Ended October 31, 2004		(0.26	)		(0.55	)	$	10.37		3.03%
Year Ended October 31, 2005		–			(0.29	)	$	10.16		0.75%
Year Ended October 31, 2006		(0.01	)		(0.34	)	$	10.19		3.69%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.17	)	$	10.23		2.09%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
							Ratio of			Investment
					Ratio of Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002	$	55,510		1.07%		4.28%		1.11%			4.24%			99.42%
Year Ended October 31, 2003	$	56,589		1.10%		3.76%			(h)			(h)		106.65%
Year Ended October 31, 2004	$	55,481		1.07%		3.37%			(h)			(h)		110.72%
Year Ended October 31, 2005	$	54,166		1.10%		3.41%			(h)			(h)		117.67%
Year Ended October 31, 2006	$	31,586		1.09%		3.95%		1.09%			3.95%			150.10%
Six Months Ended April 30, 2007 (Unaudited)	$	30,060		1.07%		4.04%		1.07%			4.04%			23.53%
Class B Shares
Period Ended October 31, 2003(f)	$	1		1.80%		3.52%			(h)			(h)		106.65%
Year Ended October 31, 2004	$	170		1.69%		2.75%			(h)			(h)		110.72%
Year Ended October 31, 2005	$	152		1.71%		2.79%			(h)			(h)		117.67%
Year Ended October 31, 2006	$	361		1.69%		3.42%		1.69%			3.42%			150.10%
Six Months Ended April 30, 2007 (Unaudited)	$	407		1.68%		3.41%		1.91%			3.18%			23.53%
Class C Shares
Period Ended October 31, 2003(f)	$	65		1.76%		4.11%			(h)			(h)		106.65%
Year Ended October 31, 2004	$	296		1.69%		2.75%			(h)			(h)		110.72%
Year Ended October 31, 2005	$	331		1.71%		2.80%			(h)			(h)		117.67%
Year Ended October 31, 2006	$	2,645		1.69%		3.45%		1.69%			3.45%			150.10%
Six Months Ended April 30, 2007 (Unaudited)	$	1,482		1.69%		3.42%		1.69%			3.42%			23.53%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 4, 2003 (commencement of operations) through October 31, 2003.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	There were no fee reductions during the period.
(i)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(j)	Net investment income (loss) is based on average shares outstanding during the period.
(k)	Effective September 1, 2003, Class B and Class C shares were renamed Class X and Class shares, respectively.

See accompanying notes to financial statements.

108 Semiannual Report 2007

Financial Highlights

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

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class D Shares
Year Ended October 31, 2002	$	10.96		0.48		0.19			0.67			(0.48	)
Year Ended October 31, 2003	$	10.95		0.44		(0.15	)		0.29			(0.43	)
Year Ended October 31, 2004	$	10.62		0.38		0.02			0.40			(0.39	)
Year Ended October 31, 2005	$	10.37		0.38		(0.20	)		0.18			(0.38	)
Year Ended October 31, 2006	$	10.17		0.43		0.02			0.45			(0.42	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.19		0.22		0.05			0.27			(0.22	)
Class R Shares
Period Ended October 31, 2003(g)	$	10.77		0.04		(0.16	)		(0.12	)		(0.03	)
Year Ended October 31, 2004	$	10.62		0.32		0.03			0.35			(0.33	)
Year Ended October 31, 2005	$	10.38		0.35		(0.21	)		0.14			(0.35	)
Year Ended October 31, 2006	$	10.17		0.40		0.03			0.43			(0.39	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.20		0.18		0.04			0.22			(0.18	)
Class X Shares
Year Ended October 31, 2002	$	10.94		0.40		0.19			0.59			(0.40	)
Year Ended October 31, 2003(k)	$	10.93		0.36		(0.14	)		0.22			(0.35	)
Year Ended October 31, 2004	$	10.61		0.30		0.02			0.32			(0.31	)
Year Ended October 31, 2005	$	10.36		0.30		(0.20	)		0.10			(0.30	)
Year Ended October 31, 2006	$	10.16		0.36		0.02			0.38			(0.35	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.18		0.18		0.04			0.22			(0.18	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net						Net Asset
	Realized			Total			Value, End		Total
	Gains			Distributions			of Period		Return (a) (b)
Class D Shares
Year Ended October 31, 2002		(0.20	)		(0.68	)	$	10.95		6.61%
Year Ended October 31, 2003		(0.19	)		(0.62	)	$	10.62		2.67%
Year Ended October 31, 2004		(0.26	)		(0.65	)	$	10.37		3.87%
Year Ended October 31, 2005		–			(0.38	)	$	10.17		1.76%
Year Ended October 31, 2006		(0.01	)		(0.43	)	$	10.19		4.55%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.22	)	$	10.24		2.64%
Class R Shares
Period Ended October 31, 2003(g)		–			(0.03	)	$	10.62		(1.12%	)
Year Ended October 31, 2004		(0.26	)		(0.59	)	$	10.38		3.41%
Year Ended October 31, 2005		–			(0.35	)	$	10.17		1.34%
Year Ended October 31, 2006		(0.01	)		(0.40	)	$	10.20		4.35%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.18	)	$	10.24		2.17%
Class X Shares
Year Ended October 31, 2002		(0.20	)		(0.60	)	$	10.93		5.80%
Year Ended October 31, 2003(k)		(0.19	)		(0.54	)	$	10.61		2.00%
Year Ended October 31, 2004		(0.26	)		(0.57	)	$	10.36		3.10%
Year Ended October 31, 2005		–			(0.30	)	$	10.16		1.00%
Year Ended October 31, 2006		(0.01	)		(0.36	)	$	10.18		3.77%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.18	)	$	10.22		2.17%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
							Ratio of			Investment
					Ratio of Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class D Shares
Year Ended October 31, 2002	$	174,637		0.81%		4.52%		0.81%			4.52%			99.42%
Year Ended October 31, 2003	$	154,556		0.82%		4.03%			(h)			(h)		106.65%
Year Ended October 31, 2004	$	121,325		0.78%		3.66%			(h)			(h)		110.72%
Year Ended October 31, 2005	$	105,987		0.81%		3.70%			(h)			(h)		117.67%
Year Ended October 31, 2006	$	92,547		0.79%		4.24%		0.79%			4.24%			150.10%
Six Months Ended April 30, 2007 (Unaudited)	$	86,362		0.77%		4.31%		0.78%			4.31%			23.53%
Class R Shares
Period Ended October 31, 2003(g)	$	1		1.48%		4.13%		1.58%			4.03%			106.65%
Year Ended October 31, 2004	$	1		1.37%		3.12%			(h)			(h)		110.72%
Year Ended October 31, 2005	$	1		1.06%		3.39%			(h)			(h)		117.67%
Year Ended October 31, 2006	$	1		1.08%		3.96%		1.08%			3.96%			150.10%
Six Months Ended April 30, 2007 (Unaudited)	$	1		1.44%		3.60%		1.45%			3.60%			23.53%
Class X Shares
Year Ended October 31, 2002	$	6,067		1.58%		3.74%		1.58%			3.74%			99.42%
Year Ended October 31, 2003(k)	$	5,689		1.57%		3.29%			(h)			(h)		106.65%
Year Ended October 31, 2004	$	4,557		1.54%		2.91%			(h)			(h)		110.72%
Year Ended October 31, 2005	$	3,394		1.56%		2.95%			(h)			(h)		117.67%
Year Ended October 31, 2006	$	1,907		1.56%		3.44%		1.56%			3.44%			150.10%
Six Months Ended April 30, 2007 (Unaudited)	$	1,712		1.54%		3.56%		1.54%			3.56%			23.53%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 4, 2003 (commencement of operations) through October 31, 2003.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	There were no fee reductions during the period.
(i)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(j)	Net investment income (loss) is based on average shares outstanding during the period.
(k)	Effective September 1, 2003, Class B and Class C shares were renamed Class X and Class shares, respectively.

See accompanying notes to financial statements.

2007 Semiannual Report 109

Financial Highlights

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

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class Y Shares
Year Ended October 31, 2002	$	10.94		0.40		0.19			0.59		(0.40	)
Year Ended October 31, 2003(k)	$	10.93		0.36		(0.14	)		0.22		(0.35	)
Year Ended October 31, 2004	$	10.61		0.30		0.02			0.32		(0.31	)
Year Ended October 31, 2005	$	10.36		0.30		(0.20	)		0.10		(0.30	)
Year Ended October 31, 2006	$	10.16		0.36		0.02			0.38		(0.35	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.18		0.18		0.04			0.22		(0.18	)
Institutional Class Shares
Period Ended October 31, 2004(i)	$	10.11		0.12		0.28			0.40		(0.13	)
Year Ended October 31, 2005(j)	$	10.38		0.39		(0.21	)		0.18		(0.39	)
Year Ended October 31, 2006	$	10.17		0.44		0.02			0.46		(0.43	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.19		0.22		0.04			0.26		(0.22	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net						Net Asset
	Realized			Total			Value, End		Total
	Gains			Distributions			of Period		Return (a) (b)
Class Y Shares
Year Ended October 31, 2002		(0.20	)		(0.60	)	$	10.93		5.80%
Year Ended October 31, 2003(k)		(0.19	)		(0.54	)	$	10.61		2.00%
Year Ended October 31, 2004		(0.26	)		(0.57	)	$	10.36		3.10%
Year Ended October 31, 2005		–			(0.30	)	$	10.16		1.00%
Year Ended October 31, 2006		(0.01	)		(0.36	)	$	10.18		3.77%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.18	)	$	10.22		2.17%
Institutional Class Shares
Period Ended October 31, 2004(i)		–			(0.13	)	$	10.38		4.00%
Year Ended October 31, 2005(j)		–			(0.39	)	$	10.17		1.72%
Year Ended October 31, 2006		(0.01	)		(0.44	)	$	10.19		4.68%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.22	)	$	10.23		2.53%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
							Ratio of			Investment
					Ratio of Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class Y Shares
Year Ended October 31, 2002	$	941		1.58%		3.72%		1.58%			3.72%			99.42%
Year Ended October 31, 2003(k)	$	1,910		1.57%		3.28%			(h)			(h)		106.65%
Year Ended October 31, 2004	$	961		1.54%		2.93%			(h)			(h)		110.72%
Year Ended October 31, 2005	$	855		1.56%		2.95%			(h)			(h)		117.67%
Year Ended October 31, 2006	$	830		1.55%		3.49%		1.55%			3.49%			150.10%
Six Months Ended April 30, 2007 (Unaudited)	$	844		1.54%		3.57%		1.54%			3.57%			23.53%
Institutional Class Shares
Period Ended October 31, 2004(i)	$	14		0.69%		3.66%			(h)			(h)		110.72%
Year Ended October 31, 2005(j)	$	1		0.72%		3.85%			(h)			(h)		117.67%
Year Ended October 31, 2006	$	1		0.72%		4.38%		0.72%			4.38%			150.10%
Six Months Ended April 30, 2007 (Unaudited)	$	1		0.69%		4.34%		0.70%			4.34%			23.53%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 4, 2003 (commencement of operations) through October 31, 2003.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	There were no fee reductions during the period.
(i)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(j)	Net investment income (loss) is based on average shares outstanding during the period.
(k)	Effective September 1, 2003, Class B and Class C shares were renamed Class X and Class shares, respectively.

See accompanying notes to financial statements.

110 Semiannual Report 2007

Financial Highlights

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

Nationwide Short Duration Bond Fund

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class A Shares
Period Ended October 31, 2003 (f)	$	10.00		0.08		–			0.08
Year Ended October 31, 2004	$	10.00		0.23		(0.07	)		0.16
Year Ended October 31, 2005	$	10.00		0.25		(0.15	)		0.10
Year Ended October 31, 2006	$	9.83		0.30		0.07			0.37
Six Months Ended April 30, 2007 (Unaudited)	$	9.87		0.18		0.04			0.22
Class C Shares
Period Ended October 31, 2005 (i)	$	9.91		0.13		(0.06	)		0.07
Year Ended October 31, 2006	$	9.83		0.27		0.07			0.34
Six Months Ended April 30, 2007 (Unaudited)	$	9.88		0.15		0.05			0.20
Institutional Class Shares
Year Ended October 31, 2002	$	10.00		0.47		–			0.47
Year Ended October 31, 2003	$	10.00		0.34		–			0.34
Year Ended October 31, 2004	$	10.00		0.27		(0.07	)		0.20
Year Ended October 31, 2005	$	10.00		0.27		(0.15	)		0.12
Year Ended October 31, 2006	$	9.83		0.33		0.07			0.40
Six Months Ended April 30, 2007 (Unaudited)	$	9.87		0.19		0.05			0.24
Service Shares
Year Ended October 31, 2002	$	10.00		0.44		–			0.44
Year Ended October 31, 2003	$	10.00		0.30		–			0.30
Year Ended October 31, 2004	$	10.00		0.22		(0.07	)		0.15
Year Ended October 31, 2005	$	10.00		0.24		(0.15	)		0.09
Year Ended October 31, 2006	$	9.83		0.30		0.07			0.37
Six Months Ended April 30, 2007 (Unaudited)	$	9.87		0.17		0.04			0.21
IRA Shares
Year Ended October 31, 2002	$	10.00		0.43		–			0.43
Year Ended October 31, 2003	$	10.00		0.29		0.01			0.30
Year Ended October 31, 2004	$	10.00		0.23		(0.07	)		0.16
Year Ended October 31, 2005	$	10.00		0.24		(0.15	)		0.09
Year Ended October 31, 2006	$	9.83		0.28		0.08			0.36
Six Months Ended April 30, 2007 (Unaudited)	$	9.87		0.38		(0.16	)		0.22

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Capital
	Net			Net						Reverse			Contributions		Net Asset
	Investment			Realized			Total			Stock			from		Value, End		Total
	Income			Gains			Distributions			Split			Adviser		of Period		Return (a)(b)
Class A Shares
Period Ended October 31, 2003 (f)		(0.08	)		–			(0.08	)		–			–	$	10.00		0.76%
Year Ended October 31, 2004		(0.23	)		(0.01	)		(0.24	)		0.01(	g)		0.07	$	10.00		2.35%	(h)
Year Ended October 31, 2005		(0.27	)		–			(0.27	)		–			–	$	9.83		0.98%
Year Ended October 31, 2006		(0.33	)		–			(0.33	)		–			–	$	9.87		3.87%
Six Months Ended April 30, 2007 (Unaudited)		(0.18	)		–			(0.18	)		–			–	$	9.91		2.28%
Class C Shares
Period Ended October 31, 2005 (i)		(0.15	)		–			(0.15	)		–			–	$	9.83		0.76%
Year Ended October 31, 2006		(0.29	)		–			(0.29	)		–			–	$	9.88		3.52%
Six Months Ended April 30, 2007 (Unaudited)		(0.16	)		–			(0.16	)		–			–	$	9.92		2.02%
Institutional Class Shares
Year Ended October 31, 2002		(0.47	)		(0.04	)		(0.51	)		0.04(	j)		–	$	10.00		4.84%
Year Ended October 31, 2003		(0.34	)		–			(0.34	)		–			–	$	10.00		3.41%
Year Ended October 31, 2004		(0.27	)		(0.01	)		(0.28	)		0.01(	g)		0.07	$	10.00		2.69%	(k)
Year Ended October 31, 2005		(0.29	)		–			(0.29	)		–			–	$	9.83		1.24%
Year Ended October 31, 2006		(0.36	)		–			(0.36	)		–			–	$	9.87		4.13%
Six Months Ended April 30, 2007 (Unaudited)		(0.20	)		–			(0.20	)		–			–	$	9.91		2.40%
Service Shares
Year Ended October 31, 2002		(0.44	)		(0.04	)		(0.48	)		0.04(	j)		–	$	10.00		4.44%
Year Ended October 31, 2003		(0.30	)		–			(0.30	)		–			–	$	10.00		3.05%
Year Ended October 31, 2004		(0.22	)		(0.01	)		(0.23	)		0.01(	g)		0.07	$	10.00		2.26%	(l)
Year Ended October 31, 2005		(0.26	)		–			(0.26	)		–			–	$	9.83		0.95%
Year Ended October 31, 2006		(0.33	)		–			(0.33	)		–			–	$	9.87		3.78%
Six Months Ended April 30, 2007 (Unaudited)		(0.17	)		–			(0.17	)		–			–	$	9.91		2.16%
IRA Shares
Year Ended October 31, 2002		(0.43	)		(0.04	)		(0.47	)		0.04(	j)		–	$	10.00		4.41%
Year Ended October 31, 2003		(0.30	)		–			(0.30	)		–			–	$	10.00		2.99%
Year Ended October 31, 2004		(0.23	)		(0.01	)		(0.24	)		0.01(	g)		0.07	$	10.00		2.30%	(m)
Year Ended October 31, 2005		(0.26	)		–			(0.26	)		–			–	$	9.83		0.90%
Year Ended October 31, 2006		(0.32	)		–			(0.32	)		–			–	$	9.87		3.73%
Six Months Ended April 30, 2007 (Unaudited)		(0.18	)		–			(0.18	)		–			–	$	9.91		2.27%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
									Ratio of
					Ratio of Net		Ratio of		Investment
					Investment		Expenses		Income
	Net Assets		Ratio of		Income		(Prior to		(Prior to
	at End		Expenses		to Average		Reimbursements)		Reimbursements)
	of Period		to Average		Net		to Average		to Average		Portfolio
	(000’s)		Net Assets (c)		Assets (c)		Net Assets (c) (d)		Net Assets (c)(d)		Turnover (e)
Class A Shares
Period Ended October 31, 2003 (f)	$	42		0.95%		2.68%		1.05%		2.58%		16.61%
Year Ended October 31, 2004	$	1,585		0.86%		2.08%		0.96%		1.98%		129.96%
Year Ended October 31, 2005	$	1,017		0.78%		2.40%		0.88%		2.30%		292.03%
Year Ended October 31, 2006	$	959		0.71%		3.14%		0.81%		3.04%		28.68%
Six Months Ended April 30, 2007 (Unaudited)	$	843		0.67%		3.73%		0.77%		3.63%		20.98%
Class C Shares
Period Ended October 31, 2005 (i)	$	1		1.40%		2.08%		1.40%		2.08%		292.03%
Year Ended October 31, 2006	$	142		1.18%		2.71%		1.28%		2.61%		28.68%
Six Months Ended April 30, 2007 (Unaudited)	$	30		1.17%		3.23%		1.27%		3.13%		20.98%
Institutional Class Shares
Year Ended October 31, 2002	$	19,239		0.57%		4.73%		0.71%		4.69%		37.37%
Year Ended October 31, 2003	$	47,491		0.60%		3.40%		0.70%		3.30%		16.61%
Year Ended October 31, 2004	$	72,996		0.54%		2.63%		0.64%		2.53%		129.96%
Year Ended October 31, 2005	$	6,741		0.49%		2.46%		0.59%		2.36%		292.03%
Year Ended October 31, 2006	$	5,354		0.46%		3.38%		0.56%		3.28%		28.68%
Six Months Ended April 30, 2007 (Unaudited)	$	1,694		0.42%		3.97%		0.52%		3.87%		20.98%
Service Shares
Year Ended October 31, 2002	$	84,679		0.96%		4.23%		1.08%		4.21%		37.37%
Year Ended October 31, 2003	$	196,569		0.95%		3.06%		1.05%		2.96%		16.61%
Year Ended October 31, 2004	$	263,900		0.97%		2.20%		1.07%		2.10%		129.96%
Year Ended October 31, 2005	$	80,818		0.83%		2.31%		0.93%		2.21%		292.03%
Year Ended October 31, 2006	$	67,817		0.79%		3.05%		0.89%		2.95%		28.68%
Six Months Ended April 30, 2007 (Unaudited)	$	64,380		0.91%		3.49%		1.01%		3.39%		20.98%
IRA Shares
Year Ended October 31, 2002	$	38,001		1.01%		4.00%		1.11%		4.00%		37.37%
Year Ended October 31, 2003	$	413,934		1.01%		2.90%		1.11%		2.80%		16.61%
Year Ended October 31, 2004	$	369,014		0.91%		2.29%		1.01%		2.19%		129.96%
Year Ended October 31, 2005	$	43,888		0.83%		2.21%		0.93%		2.11%		292.03%
Year Ended October 31, 2006	$	22,263		0.84%		2.99%		0.94%		2.89%		28.68%
Six Months Ended April 30, 2007 (Unaudited)	$	18,000		0.68%		3.72%		0.78%		3.62%		20.98%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from July 16, 2003 (commencement of operations) through October 31, 2003.
(g)	Per share numbers prior to April 16, 2004 have been adjusted to reflect a 1.00620 for 1 reverse stock split.
(h)	The total return includes a contribution from adviser. If that contribution had not taken place, the total return would have been 1.63%.
(i)	For the period from February 28, 2005 (commencement of operations) through October 31, 2005.
(j)	Per share numbers prior to December 31, 2001 have been adjusted to reflect a 1.003633 for 1 reverse stock split.
(k)	The total return includes a contribution from adviser. If that contribution had not taken place, the total return would have been 1.97%.
(l)	The total return includes a contribution from adviser. If that contribution had not taken place, the total return would have been 1.54%.
(m)	The total return includes a contribution from adviser. If that contribution had not taken place, the total return would have been 1.58%.

See accompanying notes to financial statements.

2007 Semiannual Report 111

Financial Highlights

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

Nationwide Tax-Free Income Fund

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class A Shares
Year Ended October 31, 2002	$	10.51		0.47		–			0.47		(0.47	)
Year Ended October 31, 2003	$	10.51		0.44		(0.02	)		0.42		(0.44	)
Year Ended October 31, 2004	$	10.49		0.43		0.18			0.61		(0.43	)
Year Ended October 31, 2005	$	10.67		0.39		(0.18	)		0.21		(0.39	)
Year Ended October 31, 2006	$	10.49		0.43		0.01			0.44		(0.43	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.50		0.21		(0.09	)		0.12		(0.21	)
Class B Shares
Period Ended October 31, 2003 (h)	$	10.28		0.06		0.20			0.26		(0.06	)
Year Ended October 31, 2004	$	10.48		0.35		0.19			0.54		(0.35	)
Year Ended October 31, 2005	$	10.67		0.32		(0.20	)		0.12		(0.31	)
Year Ended October 31, 2006	$	10.48		0.35		0.02			0.37		(0.35	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.50		0.17		(0.10	)		0.07		(0.17	)
Class C Shares
Period Ended October 31, 2003 (h)	$	10.27		0.06		0.20			0.26		(0.06	)
Year Ended October 31, 2004	$	10.47		0.36		0.17			0.53		(0.36	)
Year Ended October 31, 2005	$	10.64		0.32		(0.19	)		0.13		(0.31	)
Year Ended October 31, 2006	$	10.46		0.35		0.02			0.37		(0.35	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.48		0.17		(0.10	)		0.07		(0.17	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net						Net Asset
	Realized			Total			Value, End		Total
	Gains			Distributions			of Period		Return (a) (b)
Class A Shares
Year Ended October 31, 2002		–			(0.47	)	$	10.51		4.57%
Year Ended October 31, 2003		–			(0.44	)	$	10.49		4.09%
Year Ended October 31, 2004		–			(0.43	)	$	10.67		5.97%
Year Ended October 31, 2005		–			(0.39	)	$	10.49		1.98%
Year Ended October 31, 2006		–			(0.43	)	$	10.50		4.30%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.23	)	$	10.39		1.18%
Class B Shares
Period Ended October 31, 2003 (h)		–			(0.06	)	$	10.48		2.48%
Year Ended October 31, 2004		–			(0.35	)	$	10.67		5.28%
Year Ended October 31, 2005		–			(0.31	)	$	10.48		1.19%
Year Ended October 31, 2006		–			(0.35	)	$	10.50		3.52%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.19	)	$	10.38		0.71%
Class C Shares
Period Ended October 31, 2003 (h)		–			(0.06	)	$	10.47		2.48%
Year Ended October 31, 2004		–			(0.36	)	$	10.64		5.12%
Year Ended October 31, 2005		–			(0.31	)	$	10.46		1.30%
Year Ended October 31, 2006		–			(0.35	)	$	10.48		3.53%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.19	)	$	10.36		0.71%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
							Ratio of			Investment
					Ratio of Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002	$	7,586		0.99%		4.48%			(f)			(f)		27.77%
Year Ended October 31, 2003	$	7,580		0.98%		4.20%			(f)			(f)		16.91%
Year Ended October 31, 2004	$	9,599		0.93%		4.10%			(f)			(f)		0.00%
Year Ended October 31, 2005	$	10,054		0.98%		3.67%			(f)			(f)		3.70%
Year Ended October 31, 2006	$	8,714		0.95%		4.12%			(f)			(f)		1.91%
Six Months Ended April 30, 2007 (Unaudited)	$	7,896		0.92%		4.10%		0.92%			4.09%			22.57%
Class B Shares
Period Ended October 31, 2003 (h)	$	41		1.72%		3.54%			(f)			(f)		16.91%
Year Ended October 31, 2004	$	370		1.68%		3.36%			(f)			(f)		0.00%
Year Ended October 31, 2005	$	602		1.73%		2.90%			(f)			(f)		3.70%
Year Ended October 31, 2006	$	792		1.70%		3.37%			(f)			(f)		1.91%
Six Months Ended April 30, 2007 (Unaudited)	$	764		1.66%		3.35%		1.67%			3.35%			22.57%
Class C Shares
Period Ended October 31, 2003 (h)	$	1		1.72%		3.65%			(f)			(f)		16.91%
Year Ended October 31, 2004	$	984		1.66%		3.32%			(f)			(f)		0.00%
Year Ended October 31, 2005	$	1,211		1.73%		2.91%			(f)			(f)		3.70%
Year Ended October 31, 2006	$	1,207		1.70%		3.38%			(f)			(f)		1.91%
Six Months Ended April 30, 2007 (Unaudited)	$	1,246		1.66%		3.35%		1.67%			3.35%			22.57%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	There were no fee reductions during the period.
(g)	Effective September 1, 2003, Class B and Class C shares were renamed Class X and Class Y shares, respectively.
(h)	For the period from September 4, 2003 (commencement of operations) through October 31, 2003.

See accompanying notes to financial statements.

112 Semiannual Report 2007

Financial Highlights

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

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class D Shares
Year Ended October 31, 2002	$	10.50		0.49		0.01			0.50		(0.49	)
Year Ended October 31, 2003	$	10.51		0.47		(0.02	)		0.45		(0.47	)
Year Ended October 31, 2004	$	10.49		0.46		0.18			0.64		(0.46	)
Year Ended October 31, 2005	$	10.67		0.42		(0.19	)		0.23		(0.42	)
Year Ended October 31, 2006	$	10.48		0.46		0.02			0.48		(0.46	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.50		0.23		(0.09	)		0.14		(0.23	)
Class X Shares
Year Ended October 31, 2002	$	10.50		0.40		0.01			0.41		(0.40	)
Year Ended October 31, 2003 (g)	$	10.51		0.38		(0.02	)		0.36		(0.38	)
Year Ended October 31, 2004	$	10.49		0.37		0.18			0.55		(0.37	)
Year Ended October 31, 2005	$	10.67		0.32		(0.19	)		0.13		(0.32	)
Year Ended October 31, 2006	$	10.48		0.37		0.02			0.39		(0.37	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.50		0.18		(0.09	)		0.09		(0.18	)
Class Y Shares
Year Ended October 31, 2002	$	10.48		0.41		–			0.41		(0.40	)
Year Ended October 31, 2003 (g)	$	10.49		0.39		(0.03	)		0.36		(0.38	)
Year Ended October 31, 2004	$	10.47		0.38		0.17			0.55		(0.37	)
Year Ended October 31, 2005	$	10.65		0.32		(0.18	)		0.14		(0.33	)
Year Ended October 31, 2006	$	10.46		0.36		0.02			0.38		(0.37	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.47		0.18		(0.09	)		0.09		(0.18	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net						Net Asset
	Realized			Total			Value, End		Total
	Gains			Distributions			of Period		Return (a) (b)
Class D Shares
Year Ended October 31, 2002		–			(0.49	)	$	10.51		4.94%
Year Ended October 31, 2003		–			(0.47	)	$	10.49		4.36%
Year Ended October 31, 2004		–			(0.46	)	$	10.67		6.23%
Year Ended October 31, 2005		–			(0.42	)	$	10.48		2.24%
Year Ended October 31, 2006		–			(0.46	)	$	10.50		4.56%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.25	)	$	10.39		1.30%
Class X Shares
Year Ended October 31, 2002		–			(0.40	)	$	10.51		4.05%
Year Ended October 31, 2003 (g)		–			(0.38	)	$	10.49		3.48%
Year Ended October 31, 2004		–			(0.37	)	$	10.67		5.34%
Year Ended October 31, 2005		–			(0.32	)	$	10.48		1.36%
Year Ended October 31, 2006		–			(0.37	)	$	10.50		3.68%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.20	)	$	10.39		0.88%
Class Y Shares
Year Ended October 31, 2002		–			(0.40	)	$	10.49		4.06%
Year Ended October 31, 2003 (g)		–			(0.38	)	$	10.47		3.49%
Year Ended October 31, 2004		–			(0.37	)	$	10.65		5.35%
Year Ended October 31, 2005		–			(0.33	)	$	10.46		1.37%
Year Ended October 31, 2006		–			(0.37	)	$	10.47		3.59%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.20	)	$	10.36		0.88%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
							Ratio of			Investment
					Ratio of Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class D Shares
Year Ended October 31, 2002	$	195,601		0.73%		4.74%			(f)			(f)		27.77%
Year Ended October 31, 2003	$	184,774		0.72%		4.47%			(f)			(f)		16.91%
Year Ended October 31, 2004	$	174,451		0.68%		4.35%			(f)			(f)		0.00%
Year Ended October 31, 2005	$	162,139		0.72%		3.92%			(f)			(f)		3.70%
Year Ended October 31, 2006	$	145,553		0.70%		4.37%			(f)			(f)		1.91%
Six Months Ended April 30, 2007 (Unaudited)	$	138,656		0.66%		4.35%		0.67%			4.35%			22.57%
Class X Shares
Year Ended October 31, 2002	$	6,445		1.58%		3.88%		(f)			(f)			27.77%
Year Ended October 31, 2003 (g)	$	6,861		1.57%		3.61%		(f)			(f)			16.91%
Year Ended October 31, 2004	$	6,342		1.53%		3.50%		(f)			(f)			0.00%
Year Ended October 31, 2005	$	4,903		1.57%		3.06%		(f)			(f)			3.70%
Year Ended October 31, 2006	$	3,167		1.55%		3.52%		(f)			(f)			1.91%
Six Months Ended April 30, 2007 (Unaudited)	$	2,927		1.51%		3.50%		1.52%			3.50%			22.57%
Class Y Shares
Year Ended October 31, 2002	$	221		1.59%		3.87%		(f)			(f)			27.77%
Year Ended October 31, 2003 (g)	$	652		1.57%		3.61%		(f)			(f)			16.91%
Year Ended October 31, 2004	$	493		1.54%		3.51%		(f)			(f)			0.00%
Year Ended October 31, 2005	$	232		1.58%		3.05%		(f)			(f)			3.70%
Year Ended October 31, 2006	$	135		1.55%		3.53%		(f)			(f)			1.91%
Six Months Ended April 30, 2007 (Unaudited)	$	130		1.52%		3.51%		1.52%			3.51%			22.57%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	There were no fee reductions during the period.
(g)	Effective September 1, 2003, Class B and Class C shares were renamed Class X and Class Y shares, respectively.
(h)	For the period from September 4, 2003 (commencement of operations) through October 31, 2003.

See accompanying notes to financial statements.

2007 Semiannual Report 113

Notes to Financial Statements

April 30, 2007 (Unaudited)

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Mutual Funds”. Prior to January 25, 2002, the Trust was named “Nationwide Mutual Funds”. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust, dated as of October 30, 1997, as subsequently amended, and redomesticated as a Delaware Statutory Trust on February 28, 2005; the redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of April 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-nine (49) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the nine (9) funds listed below (individually, a “Fund”; collectively, the “Funds”):

-  Nationwide Large Cap Value Fund (“Large Cap Value,” formerly, “Gartmore Large Cap Value Fund”)

-  Nationwide Mid Cap Growth Fund (“Mid Cap Growth,” formerly, “Gartmore Mid Cap Growth Fund”)

-  Nationwide Small Cap Fund (“Small Cap,” formerly, “Gartmore Small Cap Fund”)

-  Nationwide Value Opportunities Fund (“Value Opportunities,” formerly, “Gartmore Value Opportunities Fund”)

-  Nationwide Bond Fund (“Bond,” formerly, “Gartmore Bond Fund”)

-  Nationwide Enhanced Income Fund (“Enhanced Income,” formerly, “Gartmore Enhanced Income Fund”)

-  Nationwide Government Bond Fund (“Government Bond,” formerly, “Gartmore Government Bond Fund”)

-  Nationwide Short Duration Bond Fund (“Short Duration Bond,” formerly, “Gartmore Short Duration Bond Fund”)

-  Nationwide Tax-Free Income Fund (“Tax-Free Income,” formerly, “Gartmore Tax-Free Income Fund”)

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). 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. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said

114 Semiannual Report 2007

currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities such as commercial paper and U.S. Treasury Bills, having a remaining maturity of 60 days or less at the time of purchase are considered to be “short-term” and are valued at amortized cost which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Funds holding foreign equity securities (the “Foreign Equity Funds”) value foreign securities at fair value in the circumstances described below. 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 Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty of Nomura Securities.

2007 Semiannual Report 115

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

(c) Futures Contracts

Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities that the Funds intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Future contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(d) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (i.e., the “trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(e) Securities Lending

To generate additional income, each of the Funds may lend their respective portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Funds’ investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

116 Semiannual Report 2007

As of April 30, 2007, the following Funds had securities with the following value on loan:

	Value of		Value of
Fund	Loaned Securities		Collateral
Large Cap Value	$	2,542,468	$	2,651,837
Small Cap		361,052,027		375,963,614
Value Opportunities		2,032,716		2,097,759
Bond*		2,749,188		2,799,986

*  Includes $823,272 of collateral in the form of U.S. Government Securities, interest rates ranging from 0.00% to 7.50% and maturity dates ranging from 05/09/07 to 01/25/48.

(f) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for Large Cap Value, Mid Cap Growth, Small Cap and Value Opportunities (the “Equity Funds”) and are declared daily and paid monthly for all other Funds. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.

(g) Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of April 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

								Net
								Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Large Cap Value	$	41,474,406	$	5,620,542	$	(215,205	)	$	5,405,337
Mid Cap Growth		6,925,615		1,299,811		(144,194	)		1,155,617
Small Cap		1,695,577,991		60,967,218		(52,810,447	)		8,156,771
Value Opportunities		17,117,092		1,350,220		(344,614	)		1,005,606
Bond		93,506,876		2,881,803		(604,374	)		2,277,429
Enhanced Income		163,316,457		180,675		(504,111	)		(323,436	)
Government Bond		119,473,579		1,225,808		(303,125	)		922,683
Short Duration Bond		85,451,771		89,832		(1,047,107	)		(957,275	)
Tax-Free Income		144,926,709		9,068,037		(68,682	)		8,999,355

2007 Semiannual Report 117

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

(h) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. For each Fund, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreements, Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust” (“GMF”) or “Gartmore Morley Capital Management, Inc”. (“GMCM”)) (“NFA” or the “Adviser”) manages the investment of the assets and supervises the daily business affairs of their respective Funds (as shown in the table below). As of May 1, 2007, NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring subadvisers on an ongoing basis, the performance of the subadvisers, if applicable, for the Funds that NFA advises. The subadvisers manage each of their respective Fund’s investments and have the responsibility for making all investment decisions for the applicable Funds. The adviser and subadviser, if applicable, for each Fund is as follows:

Fund	Adviser		Subadviser
Large Cap Value		NFA	NorthPointe Capital, LLC (a)
Mid Cap Growth		NFA	NorthPointe Capital, LLC (a)
Small Cap		NFA	n/a
Value Opportunities		NFA	NorthPointe Capital, LLC (a)
Bond		NFA	n/a
Enhanced Income		NFA	Morley Capital Management, Inc. (a)
Government Bond		NFA	n/a
Short Duration Bond		NFA	Morley Capital Management, Inc. (a)
Tax-Free Income		NFA	n/a

(a) Affiliate of NFA.

118 Semiannual Report 2007

Under the terms of the Investment Advisory Agreements, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding the investment advisory fees and subadvisory fees for NFA and the subadvisers, where applicable, is as follows for the six months ended April 30, 2007:

		Total
Fund	Fee Schedule	Fees
Large Cap Value	Up to $100 million		0.75%
	On $100 million and more		0.70%
Mid Cap Growth	Up to $250 million		0.75%
	$250 million up to $1 billion		0.725%
	$1 billion up to $2 billion		0.70%
	$2 billion up to $5 billion		0.675%
	On $5 billion and more		0.65%
Small Cap	Up to $100 million		0.95%
	On $100 million and more		0.80%
Value Opportunities	Up to $250 million		0.70%
	$250 million up to $1 billion		0.675%
	$1 billion up to $2 billion		0.65%
	$2 billion up to $5 billion		0.625%
	On $5 billion and more		0.60%
Enhanced Income and	Up to $500 million		0.35%
Short Duration Bond (a)	$500 million up to $1 billion		0.34%
	$1 billion up to $3 billion		0.325%
	$3 billion up to $5 billion		0.30%
	$5 billion up to $10 billion		0.285%
	$10 billion and more		0.275%

(a) MCM has agreed to voluntarily waive 0.10% of the advisory fee until further written notice to the shareholders, for the Short Duration Bond Fund.

From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $64,244 for the six months ended April 30, 2007.

NFA, where applicable, and the Funds have entered into written contracts (“Expense Limitation Agreements”) that limit operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale divided expenses, administrative service 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 non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding the amounts listed in the table below until at least February 28, 2008.

Fund	Expense Caps		Amount
Large Cap Value		All Classes		1.15%
Mid Cap Growth		All Classes		1.15%
Small Cap		All Classes		1.35%
Value Opportunities		All Classes		1.10%
Short Duration Bond		All Classes		0.55%

NFA may request and receive reimbursement from certain Funds of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreements at a later date not to exceed (i) the previous five fiscal years or (ii) three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the Fund (as described below), if the 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 set

2007 Semiannual Report 119

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by NFA is not permitted. Large Cap Value and Small Cap can no longer reimburse NFA under the terms of their expense limitation agreement.

As of April 30, 2007, the cumulative potential reimbursements of the following Funds, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursements to the Fund were made for expenses reimbursed by NFA, would be:

	Amount		Amount		Amount		Amount
	Fiscal Year		Fiscal Year		Fiscal Year		Six Months Ended
Fund	2004		2005		2006		April 30, 2007
Large Cap Value	$	17,394	$	8,421	$	–	$	–
Mid Cap Growth		34,484		36,261		27,464		17,439
Small Cap		–		3,826		–		–

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (formerly Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”). These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed the following:

	Class A			Class B			Class C			Class R			Class X			Class Y			Service Class
Fund	Shares			Shares			Shares			Shares			Shares			Shares			Shares
Large Cap Value		0.25	%		1.00	%		1.00	%		0.50	%		n/a			n/a			n/a
Mid Cap Growth		0.25	%		1.00	%		1.00	%		0.50	%		n/a			n/a			n/a
Small Cap		0.25	%		1.00	%		1.00	%		0.50	%		n/a			n/a			n/a
Value Opportunities		0.25	%		1.00	%		1.00	%		0.50	%		n/a			n/a			n/a
Bond		0.25	%		1.00	%		1.00	%		0.50	%		0.85	%		0.85	%		n/a
Enhanced Income		0.25	%		n/a			n/a			0.50	%		n/a			n/a			n/a
Government Bond		0.25	%		1.00	%		1.00	%		0.50	%		0.85	%		0.85	%		n/a
Short Duration Bond		0.25	%		n/a			0.75	%		n/a			n/a			n/a			0.25	%
Tax-Free Income		0.25	%		1.00	%		1.00	%		n/a			0.85	%		0.85	%		n/a

[Additional columns below]

[Continued from above table, first column(s) repeated]

	IRA
Fund	Class
Large Cap Value		n/a
Mid Cap Growth		n/a
Small Cap		n/a
Value Opportunities		n/a
Bond		n/a
Enhanced Income		n/a
Government Bond		n/a
Short Duration Bond		0.25	%
Tax-Free Income		n/a

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A and Class D shares. These fees are deducted from and are not included in proceeds from sales of Class A and Class D shares. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A and Class D shares of the Funds. GDSI also receives fees for services as principal underwriter for Class B and Class X shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B and Class X shares, which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of purchase. Class C and Class Y shares have a CDSC fee of 1% imposed on redemptions of Class C and Class Y shares made within one year of purchase. For the six months ended April 30, 2007, NFD received commissions of $274,652 from front-end sales charges of Class A and Class D shares and from CDSC fees from Class B, Class C, Class X, and Class Y shares of the Funds, of which $214,324 was re-allowed to affiliated broker-dealers of the Funds.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFSDI, provides various

120 Semiannual Report 2007

administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each Fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.26%
$1 billion up to $3 billion	0.19%
$3 billion up to $4 billion	0.15%
$4 billion up to $5 billion	0.08%
$5 billion up to $10 billion	0.05%
$10 billion up to $12 billion	0.03%
$12 billion or more	0.02%

*  The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Optimal Allocations Fund: Defensive, Nationwide Optimal Allocations Fund: Moderate, Nationwide Optimal Allocations Fund: Moderate Growth, Nationwide Optimal Allocations Fund: Growth, and Nationwide Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Funds.

NFA and BISYS have agreed to designate certain sub-transfer agency agreements that NFA enters into with respect to the Funds as “Qualifying Sub-TA Agreements.” With respect to Qualifying Sub-TA Agreements, BISYS will credit to NFA an amount equal to the lesser of (i) the actual amount that NFA is charged by the sub-transfer agent under the applicable Qualifying Sub-TA Agreement or (ii) $10 per investor account; however, the aggregate amount paid with regard to all Qualifying Sub-TA Agreements, regardless of whether option (i) or (ii) applies, shall not exceed $200,000 per annum. BISYS will calculate and credit such amounts to NFA’s fees on a monthly basis. All amounts will be credited to each applicable Fund on a monthly basis.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Class A, Class D, Class R, and Institutional Service Class shares of each of the Funds (except for the Short Duration Bond Fund). For the Short Duration Bond Fund, these fees are based on an annual rate of up to 0.25% of the average daily net assets of the IRA Class and Service Class shares.

2007 Semiannual Report 121

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

For the six months ended April 30, 2007, NFS received the following amounts in Administrative Services Fees from each Fund:

Fund	Amount
Large Cap Value	$	13,011
Small Cap		24,581
Bond		23,307
Value Opportunities		3,144
Enhanced Income		498
Government Bond		59,352
Short Duration Bond		36,593

Under the terms of a letter agreement dated September 12, 2006, by and among NFA and the Audit Committee of the Trust and Nationwide Mutual Fund Trust, the Trust has agreed to reimburse NFA certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended April 30, 2007, the Funds portion of such costs amounted to $16,028.

As of April 30, 2007, the Adviser or affiliates of the Adviser directly held 25% of the shares outstanding of the Mid Cap Growth Fund.

4. Short-Term Trading Fees

The Funds (except the Enhanced Income Fund) assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within 30 calendar days of purchase (within 90 calendar days for the Mid Cap Growth and Small Cap Funds and within seven calendar days for the Bond, Government Bond, Short Duration Bond and Tax-Free Income Funds). The redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions, market impact, and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

For the six months ended April 30, 2007, the following Funds had contributions to capital due to collection of redemption fees:

Fund	Amount
Large Cap Value	$	4,084
Mid Cap Growth		2,911
Small Cap		268,983
Value Opportunities		338
Bond		650

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co, the Funds’ custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 26, 2007, with a

122 Semiannual Report 2007

commitment fee of 0.08% per year on $100,000,000. There were no borrowings outstanding under this line of credit during the six months ended April 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credits) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2007, are summarized as follows:

Fund	Purchases		Sales
Large Cap Value	$	25,528,310	$	15,659,454
Mid Cap Growth		2,538,576		2,472,820
Small Cap		1,557,178,459		880,026,321
Value Opportunities		13,694,570		14,617,568
Bond		7,182,313		18,601,699
Enhanced Income		91,936,298		364,790,667
Government Bond		27,190,942		60,039,124
Short Duration Bond		17,427,982		28,369,670
Tax-Free Income		34,964,874		37,401,323

Purchases and sales of U.S. Government securities for the six months ended April 30, 2007, are summarized as follows:

Fund	Purchases		Sales
Bond	$	2,931,391	$	10,988,520
Enhanced Income		17,590,852		–
Government Bond		31,932,830		35,512,225
Short Duration Bond		12,052,500		13,909,219

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a

2007 Semiannual Report 123

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund is required to implement FIN 48 in its net asset value per share (NAV) calculation on October 30, 2007. At this time, management is evaluating the implications of FIN 48. Its impact to the financial statements has not yet been determined.

9. Other

During the six months ended April 30, 2007, the Enhanced Income Fund, delivered securities of the Fund in exchange for the redemption of Institutional Shares (redemption in-kind). Cash and securities were transferred for redemptions at a market value of $197,215,094. For financial reporting purposes, the Fund recorded net realized losses of $1,778,274 in connection with the transactions. However, for tax purposes, the transaction received tax-free treatment. These permanent book to tax differences were reclassified within the components of net assets in accordance with the Funds’ accounting policies, more fully disclosed in note 2.

124 Semiannual Report 2007

Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

2007 Semiannual Report 125

Management Information (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association – College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	Mr. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

126 Semiannual Report 2007

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust,2 . From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for Nationwide Funds Group.3		N/A	N/A

2007 Semiannual Report 127

Management Information (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005)3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC.3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	This position is held with an affiliated person or principal underwriter of the Trust.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

128 Semiannual Report 2007

Supplemental Information (Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment advisers and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”,) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees considers at each meeting factors that are relevant to the annual renewal of the Fund’s Advisory Agreements, including the services and support provided to the Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew the Advisory Agreement for a one year term beginning February 28, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of the Advisory Agreements. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from Adviser describing, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2006) compared with the Fund’s benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from Adviser describing, on a Fund-by-Fund basis, performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from Adviser describing, on a Fund-by-Fund basis, Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from Adviser describing, on a Fund-by-Fund basis, any fees paid to Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits and fees inuring to Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by Adviser under the Advisory Agreement and the profits realized by Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group funds to their investment advisers and paid by non-affiliated institutional clients to Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover

2007 Semiannual Report 129

Supplemental Information (Unaudited) (Continued)

rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreements for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination is aware that shareholders of the Fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors, and that the Fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the Fund in its prospectus and other public disclosures, have chosen to invest in this Fund, managed by the Adviser.

Nationwide Large Cap Value Fund

The Board considered that the Fund had out performed its benchmark, the Russell 1000 Value Index, over the one-, three-, and five-year periods. The Board also considered the performance of Class A shares of the Fund had ranked in the second quintile of the Fund’s Lipper-constructed Performance Group over the one-, and four-year periods and ranked in the top quintile over the two-, three-, and five-year periods ended September 30, 2006. The Board found that the Fund’s performance compared to that of its peer group and benchmark had been very good for all periods considered. Based on its review and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that the nature, quality and extent of services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group. The Board also noted that the expense ratio for Class A shares of the Fund placed the Fund in the third quintile of the Expense Group but further considered that the Fund’s adviser has contractually agreed to limit the Fund’s expenses through at least February 28, 2008. The Board concluded the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board also considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during the twelve month periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided by and the amount of the profits realized by the Fund’s adviser and determined that the amount of profit is a fair entrepreneurial profit for management of the Fund.

Nationwide Mid Cap Growth Fund

The Board considered that the Fund had underperformed its benchmark, the Russell Mid-Cap Growth Index, for the one-, and three-year periods. The Board also considered that performance of the Fund’s Class A shares ranked in the second quintile over the one- and two-year periods and ranked in the third quintile over the three-year period compared to that of its Lipper-constructed Performance Group. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the third quintile,

130 Semiannual Report 2007

slightly higher than the median of its Expense Group. The Board also considered that the Fund’s adviser has contractually agreed to limit the Fund’s expenses through at least February 28, 2008. Based on its review, the Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund and its shareholders receive and the other factors considered.

The Board also noted that the Fund’s adviser had reported a loss from investment management services for this Fund for each of the twelve month periods ended September 30, 2006 and 2005.

Nationwide Small Cap Fund

The Board considered that the Fund had outperformed its benchmark, the Russell 2000 Index, for the one-, three-, and five-year periods. The Board also considered that the performance of Class A shares of the Fund ranked in the top quintile of its Lipper-constructed Performance Group for the one-, two-, three-, four-, and five-year periods. The Board found that performance has been very good over all periods presented. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses placed the Fund in the third quintile of its Lipper-constructed Expense Group, slightly less than the median of its Expense Group. Based on its review, the Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board also noted that the Fund’s adviser has reported a pre-tax profit margin for the twelve months ended September 30, 2006, as compared to a loss for investment management services to this Fund for the prior twelve-month period ended September 30, 2005. The Board considered the costs of the services provided by and the profit realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Value Opportunities Fund

The Board considered that the Fund had underperformed its benchmark, the Russell 2000 Index, for the one-, three-, and five-year periods. The Board also noted, however, that the Fund’s performance over the one-, and two-year periods has been relatively good. The Board also considered that the performance of Class A shares of the Fund ranked in the second quintile of its Lipper-constructed Performance Group over the one-, and two-year periods, in the fourth quintile over the three-, and four-year periods, and in the third-quintile over the five-year period. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that the nature, extent and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of the Fund’s Lipper-constructed Expense Group. The Board also noted, that the Fund’s adviser has contractually agreed to limit the Fund’s operating expenses through at least February 28, 2008. The Board also considered that the Fund’s total expenses compared with its Lipper-constructed Expense Group were low. Based on its review, the Board concluded that the Fund’s management fees and total expenses were reasonable in light of the services the Fund receives and the other factors considered.

The Board also noted that the Fund’s adviser had reported a loss for investment management services during both of the most recent twelve month periods ending September 30, 2006 and 2005.

Nationwide Bond Fund

The Board considered that the Fund had outperformed its benchmark, the Lehman Government/ Credit Bond Index, over the one-, three-, and five-year period. The Board also noted that performance of the Fund’s Class A shares ranked in the

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Supplemental Information (Unaudited) (Continued)

first quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, and four-year periods and in the second quintile of its Performance Group over the five-year period. The Board concluded the performance had been very good for all periods presented. Based on its review, and giving particular weight to the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund and its shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints place the Fund in the first quintile of its Lipper-constructed Expense Group. The Board also noted that the Fund’s total expenses were relatively high, placing the Fund in the fifth quintile of its Expense Group, due, in part, to the Fund’s small asset base relative to that of its peers. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board considered that the adviser reported a pre-tax profit margin for investment management services for each of the twelve-month periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for management of the Fund.

Nationwide Government Bond Fund

The Board considered that the Fund had underperformed its benchmark, the Merrill Lynch Master Index for the one-, three-, and five-year periods. The Board also considered however, that the Fund’s Class A shares performance ranked in the second quintile of its Lipper-constructed Peer Group over the one-, and four-year periods and ranked in the first quintile over the two-, three-, and five-year periods reported. The Board found that performance has been very good for all periods presented. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that performance had been relatively good for all periods presented and the nature, extent, and quality of the services provided to the Fund will benefit Fund shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively high, placing the Fund in the fifth quintile of its Expense Group, due, in part, to the Fund’s small asset base relative to its Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors discussed.

The Board also considered that the Fund’s adviser had reported a pre-tax profit for its investment advisory services during the twelve month periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser, in connection with the operation of the Fund and concluded the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Enhanced Income Fund

The Board considered that the Fund underperformed its benchmark, the Merrill Lynch 6-month (50%) and Merrill Lynch 1-Year T-Bill Index (50%), for the one-, three-, and five-year periods. The Board also considered that the performance of the Fund’s Class A shares ranked in the fourth quintile of the Fund’s Lipper-constructed Performance Group over the one-year period presented and the fifth quintile over the two-, and three-year periods. Management discussed with the Board the reasons for the Fund’s underperformance. The Board concluded that although the Fund has underperformed, management has committed to closely review and monitor the performance of the Fund to endeavor to improve the Fund’s relative performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to endeavor to improve the Fund’s relative performance the Board concluded that the nature, extent, and quality of services provided to the Fund will benefit Fund shareholders.

The Board also considered that the contractual advisory fee and breakpoints place the Fund in the third quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses rank in the third quintile of

132 Semiannual Report 2007

the Fund’s Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board also noted that the Fund’s adviser reported a pre-tax profit margin for the twelve months ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Short-Duration Bond Fund

The Board considered that the Fund had underperformed its benchmark, the Merrill Lynch Treasuries 1-3 Years Index, for the one-year period but had outperformed the benchmark for the three-year period. The Board further considered that the performance of the Fund’s Class A shares ranked in the fourth quintile of the Fund’s Lipper-constructed Performance Group over the one-, and two-year periods and the second quintile over the three- year period. The Board also noted that, despite the Fund’s underperformance over the one-, and two-year periods, its recent performance has been improving and management has committed to closely review and monitor the performance of the Fund to endeavor to improve the Fund’s relative performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser, to improve relative performance, and based on the factors discussed above, the Board concluded that the nature, extent and quality of the services provided to the Fund will benefit the Fund and its shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile as compared to its Lipper-constructed Expense Group. The Board also noted that the Fund’s adviser has contractually agreed to limit Fund expenses through at least February 28, 2008. The Board also considered that the Fund’s total expenses were relatively low, placing the Fund in the first quintile. The Board concluded that the Fund’s management fee and total expenses were relatively low and fair and reasonable in light of the services the Fund receives and the other factors considered.

Finally, the Board noted that the adviser reported a loss for investment management services during the twelve month period ended September 30, 2006, compared to a pre-tax profit margin for the prior twelve-month period.

Nationwide Tax-Free Income Fund

The Board considered that the Fund had underperformed its benchmark, the Lehman Municipal Bond Index over the one-, three-, and five-year periods. The Board also considered that performance of the Fund’s Class A shares ranked in the fifth quintile of the Fund’s Lipper-constructed Peer Group over the one-, two-, and five-year periods and had ranked in the fourth quintile over the three-, and four-year periods. Following a lengthy discussion with management about the Fund’s performance, the Board determined that, as the Fund is managed for income only, as disclosed in the Fund’s prospectus, and not total return, the Fund is performing in accordance with expectations. Moreover, the Board noted management’s commitment of additional resources to endeavor to improve the Fund’s relative performance. Based on its review, and giving particular weight to that nature and quality of the resources dedicated by the Fund’s adviser to improve relative performance, and based on the factors described above, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile, equal to the median, of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses compared with its Lipper-constructed Expenses Group placed the Fund in the fourth quintile of its Expense Group. The Board and management discussed the Fund’s expense ratio at length. The Board concluded that the Fund’s management fee was fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser had reported pre-tax profits for each of the twelve month periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the amount of the profits realized by the Fund’s adviser in connection with the operation of the Fund and concluded the amount of profit is a fair entrepreneurial profit for management of the Fund.

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Supplemental Information (Unaudited) (Continued)

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to each of the Funds above, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to each Fund above, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for each Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the Funds (except the Nationwide Short-Duration Bond Fund and Nationwide Enhanced Income Fund, together, the “Morley Funds” for which Morley Capital Management (“Morley”) served as adviser) to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the Funds. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Funds, including the information provided by management at the Funds’ annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a Fund directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each Fund. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the Funds should any of the current portfolio management services to the Funds should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a Fund. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each Fund will continue to manage such Fund, reasonable efforts are being made by NFA to achieve this result. Assuming however that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Funds in light of each Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to each Fund’s shareholders for their approval. A Special Meeting of Shareholders of the Trust was held on April 23, 2007 and several adjournments have been taken with respect to certain Funds of the Trust. As of the date of this report, however, all of the above-referenced Funds have approved the New Agreement.

C. Approval of New Sub-Advisory Agreements

Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund, Nationwide Mid Cap Growth Fund

Additionally, the Board also approved at its January 11, 2007 meeting, a subadvisory agreement between the Trust, on behalf of the above-referenced Funds (“NorthPointe Funds”), NFA and NorthPointe Capital LLC (“NorthPointe”) to take effect upon the closing of the Transaction (“New SubAdvisory Agreement”). The Board considered NFA’s representation, as well as the representation of Nationwide Mutual Insurance Company (“Nationwide Mutual”) that as the NorthPointe Funds’ subadviser, NorthPointe will continue to provide the same nature and quality services that NorthPointe provided to the NorthPointe Funds as their adviser. The Board also noted that, as NFA will pay NorthPointe’s subadvisory fee out of the fee NFA receives from each NorthPointe Fund under the New Agreement, the New SubAdvisory Agreement would not result in any change in a NorthPointe Fund’s advisory fee. The Board also approved submission of the New SubAdvisory Agreement to shareholders of record of the NorthPointe Funds as of February 2, 2007. Shareholders of the NorthPointe Funds have approved the New Agreement and New SubAdvisory Agreement and these become effective on April 30, 2007.

134 Semiannual Report 2007

The Board also noted Nationwide Mutual’s stated intention to seek unaffiliated potential buyers for NorthPointe, in particular Nationwide Mutual’s goal to seek a buyer that will continue to employ the portfolio managers who currently manage the NorthPointe Funds and to recommend to the Board, that if acquired by an unaffiliated adviser, then-unaffiliated NorthPointe be retained as an unaffiliated subadviser so that the NorthPointe Funds may continue to be managed by the same portfolio managers who currently manage the NorthPointe Funds, without disruption of service. No assurances were given, however, that the foregoing matters would materialize. The Board further considered that, under the Manager of Managers Exemptive Order, NFA, with the Board’s approval, is permitted to hire (and fire) unaffiliated subadvisers, such as NorthPointe would become if it were sold to an unaffiliated party, without seeking shareholder approval. Nationwide Mutual and NFA discussed with the Board that if NorthPointe is sold (and therefore becomes unaffiliated with NFA) and the Board approves the hiring of NorthPointe as subadviser to the NFA Funds, shareholders of the NFA Funds will receive notification of this within 90 days from the date of effectiveness of the hiring.

Nationwide Short-Duration Bond Fund and Nationwide Enhanced Income Fund

With respect to the Morley Funds, the Board also approved at its January 11, 2007 meeting, a subadvisory agreement between the Trust, (on behalf of the Morley Funds), NFA and Morley to take effect upon the closing of the Transaction (“New SubAdvisory Agreement”). The Board considered NFA’s representation, as well as the representation of Nationwide Mutual Insurance Company (“Nationwide Mutual”) that as the Morley Funds’ subadviser, Morley will continue to provide the same nature and quality services that Morley provided to the Morley Funds as their adviser. The Board also noted that, as NFA will pay Morley’s subadvisory fee out of the fee NFA receives from each Morley Fund under the New Agreement, the New SubAdvisory Agreement would not result in any change in a Morley Fund’s advisory fee. The Board also approved submission of the New SubAdvisory Agreement to shareholders of record of the Morley Funds as of February 2, 2007. Shareholders of the Morley Funds have approved the New Agreement and New SubAdvisory Agreement and these become effective on April 30, 2007.

The Board also noted Nationwide Mutual’s stated intention to seek unaffiliated potential buyers for Morley, in particular Nationwide Mutual’s goal to seek a buyer that will continue to employ the portfolio managers who currently manage the Morley Funds and to recommend to the Board, that if acquired by an unaffiliated adviser, then-unaffiliated Morley be retained as an unaffiliated subadviser so that the Morley Funds may continue to be managed by the same portfolio managers who currently manage the Morley Funds, without disruption of service. On June 22, 2007, Nationwide Mutual and Principal Global Investors, LLC (“Principal”), entered into a definitive agreement under which Principal will acquire Morley (the “Morley Transaction”). The Morley Transaction is expected to close during the third quarter of 2007. Upon the closing of the Morley Transaction, a change in control of Morley will occur that will cause Morley’s New SubAdvisory Agreement with the Trust to terminate. At a meeting of the Board of Trustees held on June 13, 2007, the Board approved a new subadvisory agreement with newly-unaffiliated Morley (“New Morley Agreement”) in reliance upon the Trust’s Manager of Mangers Exemptive Order. The New Morley Agreement will take effect immediately upon the closing of the Morley Transaction and will ensure continued provision of subadvisory services by Morley to the Morley Funds. The portfolio mangers of the Morley Funds currently are expected to remain the same after the closing of the Morley Transaction. Shareholders of the Morley Funds will receive an Information Statement within 90 days of the closing of the Morley Transaction providing additional information about the Morley Transaction and newly-unaffiliated Morley.

Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Enhanced Income Fund, Nationwide Large Cap Value Fund, Nationwide Mid Cap Growth Fund, Nationwide Mid Gap Growth Leaders Fund, Nationwide Value Opportunities Fund and NorthPointe Small Cap Growth Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Enhanced Income Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore

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Supplemental Information (Unaudited) (Continued)

Morley Capital Management, Inc.”)) (With respect to Nationwide Mid Cap Growth Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC (“NorthPointe”)). (With respect to Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund and Northpointe Small Cap Growth Fund, the amended subadvisory agreement is between Nationwide Fund Advisors and NorthPointe.) (With respect to Nationwide Mid Cap Growth Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Nationwide Separate Accounts, LLC.)

Voting Results

The voting results of each of the Funds on Proposal 1 is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Enhanced Income Fund		40,821,130.029		0.00		17.945		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,202,766.122		9,246.817		339,963.381		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,340,509.175		10,496.530		11,545.880		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,073.672		26,219.717		24,462.450		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880
The voting results of each of the Funds on Proposal 2 is presented below:
Nationwide Enhanced Income Fund		40,820,112.409		0.00		1,035.565		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,203,007.960		10,824.817		338,143.543		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,338,622.785		9,481.750		14,510.050		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,652.732		26,219.717		23,883.390		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880

*  This meeting was previously adjourned on April 23, 2007.

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide Emerging Markets Fund, Nationwide Global Financial Services Fund, Nationwide Global Health Sciences Fund, Nationwide Global Natural Resources Fund, Nationwide Global Technology and Communications Fund, Nationwide Global Utilities Fund, Nationwide Government Bond Fund, Nationwide Hedged Core Equity Fund, Nationwide International Growth Fund, Nationwide International Index Fund, Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Market Neutral Fund, Nationwide Mid Cap Market Index Fund, Nationwide Fund, Nationwide Leaders Fund, Nationwide Optimal Allocations Fund: Defensive, Nationwide S&P 500 Index Fund, Nationwide Small Cap Core Fund, Nationwide Small Cap Growth Opportunities Fund, Nationwide Small Cap Index Fund, Nationwide Small Cap Value Fund and Nationwide Tax-Free Income Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

136 Semiannual Report 2007

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Bond Fund		5,218,564.322		81,566.635		273,001.134		0.00		5,573,132.091
Nationwide Bond Index Fund		208,792,760.157		24,347.719		35,026.844		0.00		208,852,134.720
Nationwide Emerging Markets Fund		2,110,101.855		10,081.391		24,931.760		0.00		2,145,115.006
Nationwide Global Financial Services Fund		2,030,384.848		14,978.340		12,217.583		0.00		2,057,580.771
Nationwide Global Health Sciences Fund		1,840,724.716		1,157.540		119,085.974		0.00		1,960,968.230
Nationwide Global Natural Resources Fund		1,269,313.120		12,765.120		25,473.760		0.00		1,307,552.000
Nationwide Global Technology and Communications Fund		3,334,211.460		4,262.770		2,868.000		0.00		3,341,342.230
Nationwide Global Utilities Fund		1,187,626.660		3,058.000		12,745.270		0.00		1,203,429.930
Nationwide Government Bond Fund		6,290,315.081		35,494.549		463,741.994		0.00		6,789,551.624
Nationwide Hedged Core Equity Fund		511,476.260		0.00		0.00		0.00		511,476.260
Nationwide International Growth Fund		2,933,870.260		20,794.666		48,792.633		0.00		3,003,457.559
Nationwide International Index Fund		202,160,342.794		83,946.437		743,731.497		0.00		202,988,020.728
Nationwide Investor Destinations Aggressive Fund		41,154,156.373		239,630.543		5,359,040.546		0.00		46,752,827.462
Nationwide Investor Destinations Moderately Aggressive Fund		65,350,205.390		490,145.648		7,212,491.082		0.00		73,052,842.120
Nationwide Market Neutral Fund		1,113,910.940		0.00		0.00		0.00		1,113,910.940
Nationwide Mid Cap Market Index Fund		84,223,226.122		95,271.232		254,729.872		0.00		84,573,227.226
Nationwide Fund		36,434,428.689		933,224.322		2,413,402.432		0.00		39,781,055.443
Nationwide Leaders Fund		685,935.097		2,855.930		3,994.130		0.00		692,785.157
Nationwide Optimal Allocations Fund:
Defensive		102,743.060		0.00		0.00		0.00		102,743.060
Nationwide S&P 500 Index Fund		261,136,337.727		380,161.400		1,239,967.560		0.00		262,756,466.687
Nationwide Small Cap Core Fund		501,478.650		0.00		0.00		0.00		501,478.650
Nationwide Small Cap Growth Opportunities Fund		507,304.180		0.00		0.00		0.00		507,304.180
Nationwide Small Cap Index Fund		49,448,961.560		256,547.642		1,348,275.570		0.00		51,053,784.772
Nationwide Small Cap Value Fund		519,898.320		0.00		0.00		0.00		519,898.320
Nationwide Tax-Free Income Fund		7,610,933.230		160,286.360		614,470.740		0.00		8,385,690.330

*  This meeting was previously adjourned on April 23, 2007.

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Supplemental Information (Unaudited) (Continued)

On April 27, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Growth Fund and Nationwide Money Market Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Growth Fund		808,891,299.919		18,580,718.168		40,472,590.866		0.00		868,944,608.953
Nationwide Money Market Fund		11,752,499.756		505,731.299		778,074.060		0.00		13,036,305.115

*  This meeting was previously adjourned twice — first on April 23, 2007 and again on April 25, 2007.

On April 30, 2007, a Special Meeting of Shareholders of NorthPointe Small Cap Value Fund was held at which the shareholders of the Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of the Fund.

2. To approve an amended subadvisory agreement with NorthPointe Capital LLC, on behalf of the Fund.

Voting Results

The voting results of the Fund on Proposal 1 and 2 is presented below:

			Shares
	Shares		Voted		Shares		Broker
	Voted For		Against		Abstained		Non-Votes		Total
Proposal 1		1,636,031.300		0.00		0.00		0.00		1,636,031.300
Proposal 2		1,636,031.300		0.00		0.00		0.00		1,636,031.300

*  This meeting was previously adjourned three times — first on April 23, 2007, then on April 25, 2007, and again on April 27, 2007.

A Special Meeting of the Shareholders of Nationwide Micro Cap Equity Fund, Nationwide Short Duration Bond Fund and Nationwide Small Cap Leaders Fund was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Micro Cap Equity Fund and Nationwide Small Cap Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC) (With respect to Nationwide Short Duration Bond Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”))

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

138 Semiannual Report 2007

A Special Meeting of the Shareholders of Nationwide China Opportunities Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Conservative Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Small Cap Fund, Nationwide Worldwide Leaders Fund, Nationwide U.S. Growth Leaders Fund, Nationwide U.S. Growth Leaders Long-Short Fund, Nationwide Optimal Allocations Fund: Specialty, and Nationwide Optimal Allocations Fund: Growth was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

2007 Semiannual Report 139

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SemiannualReport

April 30, 2007 (Unaudited)

	Contents
2	Message to Shareholders
	Sector Series*
9	Nationwide Global Financial Services Fund
16	Nationwide Global Health Sciences Fund
22	Nationwide Global Natural Resources Fund
28	Nationwide Global Technology and Communications Fund
34	Nationwide Global Utilities Fund
	Leadership Series*
63	Nationwide Mid Cap Growth Leaders Fund
69	Nationwide Leaders Fund
74	Nationwide Small Cap Leaders Fund
80	Nationwide U.S. Growth Leaders Fund
86	Nationwide Worldwide Leaders Fund
	International Series*
112	Nationwide China Opportunities Fund
118	Nationwide Emerging Markets Fund
125	Nationwide International Growth Fund
	Concept Series*
146	Nationwide Micro Cap Equity Fund
152	Nationwide U.S. Growth Leaders Long-Short Fund
171	Notes to Financial Statements

* Prior to May 1, 2007, each Fund was known as a Gartmore Fund.

Commentary provided by Nationwide Fund Advisors, investment adviser to Nationwide Funds. All opinions and estimates included in this report constitute the Adviser’s judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.nationwidefunds.com or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Message to Shareholders

April 30, 2007

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress has been completed. As of May 1, 2007, Nationwide Financial Services, Inc. completed its acquisition of the Philadelphia-based retail operations of NWD Investment Management (formerly Gartmore Global Investments, Inc.) from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Also effective on that date, our name was changed to Nationwide Funds Group, and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide brand. Once again, I’d like to emphasize that, although our corporate ownership and fund names have changed, it is our intention to maintain as much continuity as possible with key personnel.

Market Overview

The six-month reporting period that ended April 30, 2007, saw healthy gains in most broad-based stock indexes, both in the United States and abroad. In the U.S., stable interest rates and modest inflation helped to boost share prices despite a marked slowing in the overall pace of economic growth. One drag on growth came from the subprime mortgage industry due to an unusually high number of delinquencies and defaults. More broadly, slumping sales and softening prices hampered the markets for both new and existing homes. Evidence was scant, however, that the weakness in housing was spreading to the rest of the economy.

The stock market suffered a significant setback only once during the reporting period—late in February, when a plunge in China’s stocks triggered a similar reaction in other global markets. After a brief period of market choppiness, however, a broad and vigorous rebound in share prices occurred that took the Dow Jones Industrial Average to new all-time highs, while both the Standard & Poor’s (S&P) 500^® Index and the technology-laden Nasdaq Composite Index posted fresh six-year highs. For the reporting period, the S&P 500 Index recorded a return of 8.60%. Meanwhile, a depreciating U.S. dollar helped boost the performance of foreign stocks, as evidenced by the 15.68% return of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging markets such as China and India, where economic growth was particularly robust, posted even better returns.

In the bond market, the yield curve stayed slightly inverted; yields of 3-month Treasury bills remained above those of 10-year Treasury bonds, partly due to bond investors’ expectations that the U.S. economy would achieve a so-called “soft landing” — a mild slowdown without a recession. Relatively stable yields, together with the contribution from coupon payments, enabled the Lehman Brothers Aggregate Bond Index to post a return of 2.63% for the reporting period.

Funds in the Spotlight

I’m proud to report that two of our mutual funds recently distinguished themselves by winning Lipper Fund Awards, which recognize funds that have, as the Lipper puts it, “. . . excelled in delivering consistently strong risk-adjusted performance relative to their peers.” Based on data covering the three years ended December 31, 2006, the Gartmore Small Cap Fund (Institutional Service Class: GSXIX, renamed the “Nationwide Small Cap Fund” on May 1, 2007), managed by the team of Chuck Purcell, Bill Gerlach, and Gary Haubold, won in the “Small-Cap Core Fund” category, topping a field of 533 small-cap core funds. Also distinguishing itself was the Gartmore Worldwide Leaders Fund (Institutional Service Class: GLLSX, renamed the “Nationwide Worldwide Leaders Fund” on May 1, 2007), which was recognized as the winner in the “Global Large-Cap Core Fund” category for the second year in a row. Managed by the team of Neil Rogan, Ben Walker, and Brian ONeill, the Fund was selected from among 51 global large-cap core funds.

We at Nationwide Funds Group are gratified to have won these awards and are pleased with the overall competitive performance of the funds in the Nationwide Funds^® family, yet we also are acutely aware that we cannot rest on our laurels. Our objective at Nationwide Funds Group is to maintain and even to improve on the high standards which we place on ourselves.

John H. Grady

President and Chief Executive Officer

Nationwide Funds Group

2 Semiannual Report 2007

Fund Disclosure

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective as determined by Lipper.

Rankings based on Class A shares of the Fund. Other share classes may have different performance characteristics. Fund performance may now be higher or lower than the performance shown. Performance reflects certain fee waivers, without which returns would be lower.

The Lipper scores listed are based on monthly data. Lipper scores are subject to change every month. The Lipper Average is a straight average of the specific Lipper Universe.

This information is provided for educational purposes only and should not be considered investment advice. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility; all of these risks are magnified in micro-cap companies.

Funds that concentrate on specific sectors or a relatively small number of securities are subject to greater volatility than that of other mutual funds.

International investing involves additional risks, including currency fluctuations, differences in accounting standards, economic and political instability, illiquidity and higher trading costs, and differences in foreign regulations, all of which are magnified in emerging markets.

Concentrating investments in China and Hong Kong subjects the Nationwide China Opportunities Fund to additional risks, and makes it significantly more volatile than more geographically diverse mutual funds. The Fund is not appropriate for all investors.

In order to achieve the Nationwide U.S. Growth Leaders Long-Short Fund’s objective, the managers use sophisticated investment strategies such as short selling, short-term trading and investing in smaller companies. These strategies cause the Fund to have greater risk and volatility, higher expenses and additional tax consequences than those of other investments. The risks of investing in this Fund are more fully detailed within the Fund’s prospectus.

The Nationwide Small Cap Leaders Fund, the Nationwide China Opportunities Fund and the Nationwide Micro Cap Equity Fund may purchase securities in initial public offerings, which can be very volatile and carry high transaction costs.

Investing in mutual funds involves risk, including possible loss of principal.

There is no assurance that the investment objective of any fund will be achieved.

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

Citigroup 3-Month Treasury Bill (T-Bill) Index: An unmanaged index that is generally representative of 3-month Treasury bills; consists of an average of the last 3-month Treasury bill issues (excluding the current month-end bill).

Goldman Sachs (GS) Healthcare Index: An unmanaged, market capitalization-weighted index that is generally representative of the stocks in the health-care sector.

Goldman Sachs (GS) Natural Resources Index: An unmanaged, modified, market capitalization-weighted sector index of U.S.-traded natural resource-related stocks; includes companies in the categories of extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations.

Goldman Sachs Technology Composite Index (GSTI^®): An unmanaged, modified, market capitalization-weighted index that is designed to measure the performance of companies in the technology sector.

Morgan Stanley Capital International (MSCI) All Country World excluding U.S. Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of the stocks in companies in all countries except the United States.

Morgan Stanley Capital International Emerging Markets (MSCI EM) Index^SM: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of the stocks in emerging-country markets.

Morgan Stanley Capital International (MSCI) World Index^SM: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of global developed-market equities.

Morgan Stanley Capital International (MSCI) World Financials Index^SM: An unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the global financial services sector.

2007 Semiannual Report 3

Message to Shareholders

Continued

Morgan Stanley Capital International (MSCI) World Telecommunication Services Index^SM: An unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the global utilities sector.

Morgan Stanley Capital International (MSCI) World Utilities Index^SM: An unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the utilities sector, which includes industry groups such as electric, gas, multi-utilities, and unregulated power and water.

Morgan Stanley Capital International (MSCI) Zhong Hua Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in the developed markets of China and Hong Kong; the index gives one-third of its weightings to China stocks and the remainder to Hong Kong stocks.

Russell 2000^® Index: An unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 U.S. companies in the Russell 3000^® Index, which measures the performance of the largest 3,000 U.S. companies, based on market capitalization.

Russell Microcap^TM Growth Index: An unmanaged index that provides a comprehensive, unbiased measurement of the performance of the microcap growth segment of the U.S. equity market, based on continuous empirical research of microcap growth investment manager behavior; represents those stocks in the Russell Microcap^TM Index with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap^® Growth Index: An unmanaged index of mid-capitalization growth stocks of U.S. companies; measures the performance of the stocks of those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values, and gives a broad look at how the stock prices of medium-sized U.S. companies have performed.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Market indexes have been provided for comparison purposes only. Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and no fees or expenses have been reflected. Individuals cannot invest directly in an index.

Third-party information has been obtained from and is based on sources Nationwide Funds Group believes to be reliable.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance shown is for Class A shares at NAV. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

Sales charge and fee information:

Nationwide Global Financial Services Fund

Nationwide Global Health Sciences Fund

Nationwide Natural Resources Fund

Nationwide Global Technology and Communications Fund

Nationwide Global Utilities Fund

Nationwide Leaders Fund

Nationwide Mid Cap Growth Leaders Fund

Nationwide Small Cap Leaders Fund

Nationwide U.S. Growth Leaders Fund

Nationwide Worldwide Leaders Fund

Nationwide China Opportunities Fund

Nationwide Emerging Markets Fund

Nationwide International Growth Fund

Nationwide Micro Cap Equity Fund

Nationwide U.S. Growth Leaders Long-Short Fund

Nationwide Value Opportunities Fund

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

The Funds’ adviser, one of its affiliated advisers, or its employees, may have a position in the securities named in this report.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is subject to change at any time.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or

4 Semiannual Report 2007

download a prospectus at www.nationwidefunds.com. Please read it carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

Key Investment Terminology

In an effort to help you better understand the many investment-related concepts presented in periodic reports, we have defined the following terms:

Asset allocation— the investment strategy that spreads an investor’s assets across several different investment styles and asset classes. The objective is to reduce long- term risk and capture potential profits across various asset classes.

Asset-backed securities— fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets— such as credit card receivables or auto leases— that are paid down over time and generate sufficient cash to pay holders of the securities.

Bonds— debt obligations issued by companies, governments and other issuers.

Callable bonds— also known as “redeemable bonds.” Callable bonds are those that the issuer may redeem prior to the bonds’ scheduled maturity (the date when the principal amount of a bond is set to be repaid). When the bonds are called, the issuer typically pays a premium to the bonds’ owners. A significant decline in interest rates usually prompts issuers to save money by calling their current bonds and reissuing them at a lower interest rate.

Cash flow to price— See “Price-to-cash-flow ratio” below.

Commercial paper— short-term debt instruments, usually unsecured, that are issued by banks and corporations in order to finance their short-term credit needs, such as accounts receivable or inventory, and are acquired at a discount or are interest-bearing.

Common stock— securities representing shares of ownership of a company.

Consumer Price Index (CPI)— an index published monthly by the U.S. Bureau of Labor Statistics in the Department of Labor that is widely used as a cost-of-living benchmark. The index measures the weighted average of prices of a fixed basket of consumer goods and services. These items include food, transportation, shelter, utilities, clothing, medical care and entertainment. The CPI is often used to identify periods of inflation or deflation. A large rise in CPI during a short period of time denotes inflation; conversely, a large drop indicates a period of deflation.

Convertible securities— debt securities or preferred stocks that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Corporate bonds— debt securities issued by corporate issuers, as distinct from fixed-income securities issued by a government or its agencies or instrumentalities.

Correlation— a statistical method of measuring the relationship between two or more variables. This relationship is expressed with numerical values called “correlation coefficients” that range from -1.00 to +1.00. A correlation coefficient of -1.00 (called negative correlation) indicates that when one variable’s value increases, the other variable’s value decreases and vice versa (that is, the variables move in opposite directions). A correlation coefficient of +1.00 (called positive correlation) indicates that the variables move in the same direction, so that if one variable’s value increases, so does the value of the other variable. A correlation coefficient of zero indicates that no relationship exists between the variables.

Derivative— a contract whose value is based on the performance of an underlying financial asset, index or economic measure.

Dividend payout ratio— a ratio that provides the percentage of earnings paid to shareholders in dividends. It is calculated by dividing the yearly dividend per share by the earnings per share or, put another way, dividends divided by net income.

Dividend yield— another name for the return on investment for a stock, the dividend yield is a percentage measurement of the amount of cash flow an investor receives for each dollar invested in an equity security. This financial ratio is calculated by dividing a company’s annual dividends per share by the price per share.

Duration— related in part to the remaining time until maturity of a bond, duration is a measure of how much the price of a bond would change in relation to a change in market interest rates. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Emerging-market countries— developing and low- or middle-income countries as identified by the International Finance Corporation or the World Bank. Emerging-market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Equity securities— securities that represent an ownership interest in the issuer. These include common stock, preferred stock,

2007 Semiannual Report 5

Message to Shareholders

Continued

securities that are convertible into common stock or securities (or other investments) with prices linked to the value of common stock, foreign investment funds or trusts, and depositary receipts. These also may include interests in real estate investment trusts.

Exchange-traded funds (ETFs)— introduced in 1993, these passively managed financial instruments are not mutual funds. ETFs represent baskets of stocks that reflect a wide variety of sector-specific, country-specific and broad-market indexes. ETFs do not have end-of-trading-day net asset values; rather, their prices fluctuate, based on supply and demand. ETFs may be bought or sold on a stock exchange throughout the trading day and incur a commission cost with each transaction.

Federal funds rate— the interest rate that a bank with excess reserves at a Federal Reserve district bank will charge another bank to provide overnight loans to meet the other bank’s reserve requirements. The Federal Open Market Committee is responsible for setting a target for this rate, but the rate itself is set daily by the market and serves as a highly sensitive indicator of the future direction of interest rates.

Fixed-income securities— securities, including bonds and other debt securities, that represent an obligation by the issuer to pay a specified rate of interest or dividend at specified times.

Gross domestic product (GDP)— a commonly used indicator of a country’s economic health. Gross domestic product is a number that represents the market value of all the goods and services produced within the geographic boundaries of a country (regardless of the producers’ nationality) during a specific time period, usually one year. GDP is calculated by adding the value of all private, public and government spending, investments, and exports minus imports that occur within the defined region.

Growth style— a style of investing in equity securities of companies that the Fund’s management believes have above-average rates of earnings growth and may therefore experience above-average increases in stock price.

High-yield bonds— fixed-income securities that are rated below investment grade by nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch, or unrated securities that Fund management believes are of comparable quality. These bonds are often referred to as “junk bonds.” They generally offer investors higher interest rates as a way to help compensate for the fact that the issuer is at greater risk of default.

Inflation— the rate at which the general level of prices for goods and services rises. As prices rise, purchasing power falls. In other words, when inflation increases, every dollar buys a smaller percentage of a good or service.

Interest-rate swaps— an activity involving companies that desire an interest-rate structure that other companies can provide at a lesser cost. The companies will agree to enter into interest-rate swaps, which are customized contracts between two or more parties. The transactions involve the exchange of one set of cash flows or streams of future periodic interest payments for another (based on certain principal amounts and interest-rate specifications). Interest-rate swaps also benefit companies by limiting or managing exposure to fluctuations in interest rates.

Intermediate bonds— bonds that will reach maturity (the date when the principal amount of a bond is set to be repaid) within three to 10 years are known as intermediate bonds or intermediate-term bonds. By comparison, short-term bonds mature in less than three years, and long-term bonds mature in more than 10 years.

Investment grade— the four highest rating categories of nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch.

Large-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell 1000^® Index, ranging from $563 million to $371.7 billion as of December 31, 2006.

Leveraged buyout— the term leveraged buyout (LBO) refers to one company’s takeover of another company by using a significant amount of borrowed money to cover the cost of acquisition. Typically, the target company’s assets are used by the acquiring company as security for the loans it takes out, which are then repaid from the target company’s cash flow. Several individual investors also may engage in an LBO by using their own assets as collateral for funds that they borrow from banks in order to take over a firm. Most LBOs result in public shareholders receiving a premium above current market value for their shares in the target company.

Long position— a security owned by a Fund in anticipation that the security’s price will increase.

Market capitalization— a common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Market capitalization-weighted index— an index in which the weighting of each security is based on the issuing company’s market capitalization. Changes in the stock price of a company with a large capitalization affect the level of the index more than do changes in the stock price of a company with a smaller capitalization.

Maturity— the time at which the principal amount of a bond is scheduled to be returned to investors.

6 Semiannual Report 2007

Mid-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell Midcap^® Index, ranging from $565 million to $18.4 billion as of December 31, 2006.

Mortgage-backed securities— fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans, which in some cases are guaranteed by government agencies.

Municipal obligations— fixed-income securities issued by, or on behalf of, states, cities and other local governmental entities, to pay for construction and other projects. They are loans that investors make to a governmental entity; the governmental entity gets the cash it needs to complete its project, and the lenders earn interest payments and get their principal back. Municipal obligations that qualify pay interest that is generally exempt from federal income taxes, although certain investors may nonetheless be subject to federal alternative minimum tax.

Noncallable bonds— bonds that cannot be called (redeemed) by the issuer prior to their scheduled maturity (the date when the principal amount of a bond is set to be repaid). Investors usually receive lower yields for noncallable bonds due to their reduced risk.

Operating margin— a ratio that measures a company’s pricing strategy and operating efficiency. It is calculated as operating income divided by net sales. The operating margin indicates the proportion of a company’s revenue that remains after variable costs of production such as wages and raw materials are paid. An increasing operating margin means that a company is earning more per dollar of sales; the higher the margin, the better.

Personal Consumption Expenditures (PCE) Price Index— also broadly referred to as “consumption.” The PCE is a nationwide indicator and measure of average price changes for all domestic personal consumption of goods and services that are targeted toward and consumed by individuals. The PCE is part of the personal income report produced by the Bureau of Economic Analysis of the Department of Commerce and includes actual and imputed household expenditures as well as data on durables, nondurables and services. The PCE serves as the basis for an inflation index.

Price-to-cash-flow ratio— a ratio similar to the price-to-earnings ratio that is calculated by dividing share price by cash flow per share. This ratio indicates relative value and the market’s expectations of a firm’s future financial health.

Price-to-earnings (P/E) ratio— a valuation ratio calculated by taking a company’s current stock price per share and dividing it by its earnings per share. The P/E ratio helps investors to know how much they are paying for a company’s earning power. Investors expect greater earnings growth from companies whose P/E ratio is high.

Short sale— the activity of selling a security that a Fund does not own but must borrow to complete the sale, in anticipation of purchasing the same security at a later date at a lower price.

Small-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell 2000^® Index, ranging from $26 million to $4.4 billion as of December 31, 2006.

Spread sectors/spread product— the term “spread sectors” refers to non-Treasury fixed-income sectors that trade at a basis-point spread over Treasuries. The term “spread product” refers to taxable (as opposed to municipal) bonds that are not Treasury securities. Examples of spread product include agency, asset-backed and mortgage-backed securities as well as corporate and high-yield bonds. Spread product offer different yields than those of comparable Treasury securities; the difference between the yields is called a spread. For example, if a 10-year corporate bond is trading at a yield of 8% and the 10-year Treasury note is trading at a yield of 6%, the corporate bond is said to offer a 200-basis-point spread.

Total return— investment return that reflects both capital appreciation or depreciation (increase or decrease in the market value of a security) and income (i.e., interest or dividends).

Treasury Inflation-Protected Securities (TIPS)— these are Treasury notes or bonds, first issued in 1997, that are considered ultra-safe investments and that offer investors protection from inflation because the real rate of return (the growth of purchasing power) is guaranteed. The investments’ coupon payments and underlying principal are automatically increased to compensate for inflation as measured by the Consumer Price Index (CPI). Also known as “inflation-indexed securities,” TIPS pay interest every six months and pay the principal upon maturity. Because of the safety TIPS provide, however, they offer a low return.

U.S. government agency securities— debt securities issued and/or guaranteed as to principal and interest by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities that are not direct obligations of the United States. Such securities may not be supported by the full faith and credit of the United States.

U.S. government securities— debt securities issued and/or guaranteed as to principal and interest by the U.S. government that are supported by the full faith and credit of the United States.

2007 Semiannual Report 7

Message to Shareholders

Continued

Valuation— the process of determining the current worth of an asset or company.

Value style— a style of investing in equity securities that the Fund’s management believes are undervalued, which means that their prices are less than Fund management believes they are worth, based on such factors as price-to-book ratio, price-to-earnings ratio and cash flow. Companies issuing such securities may be currently out of favor or experiencing poor operating conditions that Fund management believes to be temporary.

Volatility— a statistical measure of the variation in returns that is possible with a given security or market index. Volatility refers to uncertainty or risk about the size of changes in the value of a security. Higher volatility indicates that a security’s value can rise or fall dramatically during a short period of time; conversely, lower volatility indicates that the value does not change dramatically but rather at a steady pace. Typically, securities with higher volatility are considered riskier.

Yield curve— a plotted graph line of the yields, or interest rates, at a set point in time, of various-maturity U.S. Treasury bonds of equal credit quality. The yield curve comparing the three-month, two-year, five-year and 30-year U.S. Treasury debt is the most common one; it serves as a benchmark for other debt in the market, such as mortgage rates and bank lending rates, and to predict changes in economic activity, such as output and growth. The three main types of yield curve shapes are called normal, inverted and flat (or humped). When the yield curve is normal, longer-maturity bonds have a higher yield in comparison to shorter-maturity bonds; the opposite is true for an inverted yield curve.

8 Semiannual Report 2007

Nationwide Global Financial Services Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Global Financial Services Fund (Class A at NAV) returned 9.25%, versus 10.23% for its benchmark, the Morgan Stanley Capital International (MSCI) World Financials Index. For broader comparison, the average return for the Fund’s Lipper peer category of Financial Services Funds (consisting of 125 funds as of April 30, 2007) was 5.67%.

Can you describe the market environment during the reporting period?

Global financial stocks turned in healthy gains during the six-month review period, aided especially by the results of foreign stocks, which benefited from a depreciating U.S. dollar. Among the benchmark’s subsectors, the strongest gains were posted by real estate management and development, real estate investment trusts, and insurance stocks. The weakest performance was recorded by the thrifts and mortgage finance segment and the consumer finance group, which were directly or indirectly affected by problems in the U.S. subprime mortgage market. Despite fears that the subprime mortgage meltdown might depress overseas markets, however, no such “contagion” occurred. Mergers and acquisitions—driven largely by private equity funds—continued to be a significant factor in boosting investor sentiment and pushing share prices higher.

What areas detracted from Fund performance?

The subsectors hampering the Fund’s returns most were insurance and capital markets, with stock selection being the primary negative factor in both cases. A significant underweighting in insurance was detrimental as well. Within that group, a lack of exposure to Germany-based benchmark component Allianz SE was counterproductive, as the stock gained more than 22%. In capital markets, a position in Investment Technology Group worked against the Fund. This off-exchange trading platform was sidetracked by management changes, a lack of strategic focus and disappointing earnings. Not owning Dutch bank ABM AMRO Holding N.V. for the entire period hurt as well, as ABM’s share price got a boost in March after the company began discussions with several potential buyers. Fund holding Accredited Home Lenders, in our opinion one of the more stable subprime mortgage lenders, saw its stock sink after the value of Accredited Home Lender’s loans declined following the bankruptcies of a number of rivals.

What areas of investment provided the most positive returns for the Fund?

Favorable stock selection in the diversified financial services and commercial banking groups added the most to Fund performance versus the benchmark. Within the former category, the Fund was aided by its holdings in IntercontinentalExchange Inc. and International Securities Exchange. IntercontinentalExchange is an energy futures exchange that enjoyed increasing market share and rising trading volume during the period. Meanwhile, Fund holding International Securities Exchange surged higher near the end of April after receiving a buyout offer from Deutsche Börse, operator of the German stock exchange, at a premium of almost 50% above where the stock had been trading. Foreign banks also were well represented on our list of contributors to Fund performance and benefiting from strong loan growth, stable credit conditions, attractive valuations, and more diversified revenue streams than their U.S. peers. For example, the Fund had significant positions in China Construction Bank Corp., Unicredito Italiano SpA, and National Bank of Greece S.A., all of which contributed to Fund performance.

What is your outlook for the near term?

Looking ahead, healthy economic growth outside of the United States likely will remain a positive factor for financial stocks. Aside from the U.S. subprime mortgage market, credit conditions are generally good, although beginning to deteriorate. Valuations remain reasonable, albeit not exceptional, and earnings growth prospects are favorable for the most part. That said, inflation remains a concern in some markets, including the United States. Relatively flat yield curves—a plotted graph line of the yields (or interest rates) on long-term and short-term maturity bonds, usually Treasury securities—and rising interest rates in many economies also might pose a challenge to the financial sector and the broader market. Additionally, the recent strong performance of share prices and seasonal considerations could limit gains over the summer months.

Portfolio Managers:

Douglas Burtnick, CFA, and
Stuart Quint, CFA

2007 Semiannual Report 9

Nationwide Global Financial Services Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		9.25%		12.67%		15.79%		15.37%		1.52%
	w/SC3		2.95%		6.22%		14.43%		14.10%
Class B	w/o SC2		8.84%		11.86%		14.95%		14.52%		2.25%
	w/SC4		3.84%		6.86%		14.72%		14.42%
Class C	w/o SC2		8.86%		11.88%		14.95%		14.52%		2.25%
	w/SC5		7.86%		10.88%		14.95%		14.52%
Class R6,8			9.08%		12.25%		15.34%		14.88%		1.95%
Institutional Service Class8			9.41%		12.95%		16.08%		15.66%		1.27%
Institutional Class7,8			9.41%		13.02%		16.08%		15.66%		1.25%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 18, 2001.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
7	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.
8	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Global Financial Services Fund, Morgan Stanley Capital International World Financials Index (MSCI World Financials)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The MSCI World Financials is an unmanaged index representative of the stocks in the global financial services sector and is based on 23 developed market country indices.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

10 Semiannual Report 2007

Nationwide Global Financial Services Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide Global Financial			Account Value,		Account Value,		Expenses Paid		Annualized
Services Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,092.50	$	7.21		1.39%
	Hypothetical	1	$	1,000.00	$	1,018.11	$	6.98		1.39%
Class B	Actual		$	1,000.00	$	1,088.40	$	10.87		2.10%
	Hypothetical	1	$	1,000.00	$	1,014.59	$	10.54		2.10%
Class C	Actual		$	1,000.00	$	1,088.60	$	10.88		2.10%
	Hypothetical	1	$	1,000.00	$	1,014.59	$	10.54		2.10%
Class R	Actual		$	1,000.00	$	1,090.80	$	9.80		1.89%
	Hypothetical	1	$	1,000.00	$	1,015.63	$	9.49		1.89%
Institutional Service Class	Actual		$	1,000.00	$	1,094.10	$	5.66		1.09%
	Hypothetical	1	$	1,000.00	$	1,019.59	$	5.47		1.09%
Institutional Class	Actual		$	1,000.00	$	1,094.10	$	5.71		1.10%
	Hypothetical	1	$	1,000.00	$	1,019.55	$	5.52		1.10%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 11

Nationwide Global Financial Services Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	98.2%
Repurchase Agreements	2.4%
Liabilities in excess of other assets	-0.6%
	100.0%

Top Holdings*
UniCredito Italiano SpA,	3.1%
Goldman Sachs Group, Inc.	3.1%
American International Group, Inc.	2.9%
UBS AG	2.6%
HSBC Holdings PLC	2.4%
Australia & New Zealand Banking Group Ltd.	2.4%
ING Groep NV	2.4%
National Bank of Greece SA	2.3%
BNP Paribas	2.3%
Axa	2.2%
Other	74.3%
	100.0%

Top Industries
Commercial Banks	43.2%
Insurance	19.9%
Diversified Financial Services	12.6%
Real Estate Investment Trusts	5.5%
Capital Markets	4.6%
Banks	3.2%
Consumer Finance	2.5%
Real Estate Management & Development	2.4%
Thrifts & Mortgage Finance	1.8%
Commercial Bank	1.8%
Other	2.5%
	100.0%

Top Ten Countries
United States	42.5%
United Kingdom	8.2%
Japan	6.9%
Australia	5.9%
France	5.5%
Switzerland	4.7%
Greece	4.1%
Netherlands	4.1%
Germany	3.9%
Canada	3.2%
Other	11.0%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

12 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Global Financial Services Fund

Common Stocks (98.2%)
	Shares or
	Principal Amount		Value
AUSTRALIA (5.9%) (a)
Commercial Banks (4.5%)
Australia & New Zealand Banking Group Ltd.		60,400	$	1,525,630
Commonwealth Bank of Australia		29,900		1,303,433
				2,829,063
Real Estate Investment Trust (REIT) (1.4%)
Westfield Group		52,230		904,060
				3,733,123
BELGIUM (0.8%) (a)
Insurance (0.8%)
Fortis NV		10,710		481,334
BERMUDA (1.3%)
Consumer Finance (0.7%)
Lazard Ltd.		8,160		441,864
Insurance (0.6%)
OneBeacon Insurance Group Ltd.		15,020		365,737
				807,601
CANADA (3.2%)
Banks (3.2%)
Royal Bank Of Canada		26,770		1,394,954
Toronto-Dominion Bank		9,990		610,420
				2,005,374
CHILE (1.4%)
Commercial Bank (1.4%)
Banco Santander Chile SA ADR — CL		17,370		858,078
CHINA (1.1%) (a)
Commercial Bank (1.1%)
China Construction Bank, Class H		1,155,390		699,254
FRANCE (5.5%) (a)
Commercial Banks (3.3%)
BNP Paribas		12,330		1,430,253
Societe Generale		2,990		633,583
				2,063,836
Insurance (2.2%)
Axa		30,980		1,422,248
				3,486,084
GERMANY (3.9%) (a)
Capital Markets (0.6%)
Deutsche Boerse AG		1,600		375,055
Commercial Banks (3.3%)
Commerzbank AG		18,920		944,012
Deutsche Bank AG		7,620		1,169,742
				2,113,754
				2,488,809
GREECE (4.1%) (a)
Commercial Banks (4.1%)
Alpha Bank AE		37,310		1,135,391
National Bank of Greece SA		26,070		1,460,152
				2,595,543
HONG KONG (0.8%) (a)
Real Estate Management & Development (0.8%)
Hang Lung Group Ltd.		135,060		517,465
IRELAND (0.7%)
Transportation (0.7%)
Genesis Lease Ltd. ADR — IE*		16,680		450,360
ITALY (3.1%) (a)
Commercial Bank (3.1%)
UniCredito Italiano SpA		189,748		1,949,318
JAPAN (6.9%) (a)
Commercial Banks (3.3%)
Mitsubishi UFJ Financial Group, Inc.		88		915,499
Mizuho Financial Group, Inc.		92		553,701
Sumitomo Mitsui Financial Group, Inc.		39		340,750
Suruga Bank Ltd.		21,900		264,792
				2,074,742
Consumer Finance (1.3%)
ORIX Corp.		3,080		821,351
Insurance (0.7%)
Millea Holdings, Inc.		11,540		427,659
Real Estate Management & Development (1.6%)
K.K. DaVinci Advisors*		340		342,634
Mitsubishi Estate Co. Ltd.		8,000		248,059
Sumitomo Realty & Development Co. Ltd.		11,400		420,839
				1,011,532
				4,335,284

2007 Semiannual Report 13

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Global Financial Services Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
NETHERLANDS (4.1%)
Aerospace & Defense (0.5%)
AerCap Holdings NV ADR — NL*		10,710	$	312,411
Commercial Bank (1.2%) (a)
ABN AMRO Holding NV		15,880		770,395
Insurance (2.4%) (a)
ING Groep NV		32,290		1,470,610
				2,553,416
SPAIN (2.4%) (a)
Capital Markets (0.6%)
Bolsas y Mercados Espanoles*		7,300		396,066
Commercial Bank (1.8%)
Banco Bilbao Vizcaya Argentaria SA		47,610		1,138,253
				1,534,319
SWITZERLAND (4.7%) (a)
Commercial Bank (2.1%)
Credit Suisse Group		17,110		1,343,230
Insurance (2.6%)
UBS AG*		24,760		1,609,592
				2,952,822
UNITED KINGDOM (8.2%) (a)
Commercial Banks (4.7%)
HBOS PLC		46,970		1,007,857
HSBC Holdings PLC		83,986		1,549,475
Royal Bank of Scotland Group PLC		11,280		431,854
				2,989,186
Insurance (2.2%)
Lloyds TSB Group PLC		120,460		1,390,852
Real Estate Investment Trusts (REITs) (1.3%)
British Land Co. PLC		11,730		342,588
Land Securities Group PLC		11,840		460,888
				803,476
				5,183,514
UNITED STATES (40.1%)
Capital Markets (3.4%)
Charles Schwab Corp.		21,410		409,359
Highland Distressed Opportunities, Inc.*		15,490		229,717
Northern Trust Corp.		9,840		619,428
T. Rowe Price Group, Inc.		17,900		889,272
				2,147,776
Commercial Banks (9.3%)
BB&T Corp.		13,420		558,540
First Midwest Bancorp, Inc.		12,140		436,312
People’s United Financial		11,010		219,209
Security Capital Assurance Ltd.		19,580		628,518
SunTrust Banks, Inc.		5,040		425,477
U.S. Bancorp		17,260		592,881
Wachovia Corp.		22,120		1,228,545
Wells Fargo & Co.		27,490		986,616
Wintrust Financial Corp.		10,530		452,579
Zions Bancorp		4,400		359,920
				5,888,597
Consumer Finance (0.5%)
SLM Corp.		5,670		305,216
Distributor (0.8%)
ProLogis Trust		7,400		479,520
Diversified Financial Services (12.6%)
Chicago Mercantile Exchange Holdings, Inc.		1,320		682,110
Citigroup, Inc.		20,620		1,105,644
Franklin Resources, Inc.		6,150		807,556
Goldman Sachs Group, Inc.		8,890		1,943,443
IntercontinentalExchange, Inc.*		3,750		476,250
International Securities Exchange Holdings, Inc.		5,640		376,132
J.P. Morgan Chase & Co.		22,200		1,156,620
Merrill Lynch & Co., Inc.		7,870		710,110
State Street Corp.		9,570		659,086
				7,916,951
Insurance (8.4%)
AFLAC, Inc.		5,050		259,267
American Equity Investment Life Holding Co.		31,050		423,833
American International Group, Inc.		25,790		1,802,979
Assurant, Inc.		9,820		564,945
HCC Insurance Holdings, Inc.		24,740		758,528
Principal Financial Group, Inc.		10,080		639,979
Prudential Financial, Inc.		8,890		844,550
				5,294,081
IT Services (0.5%)
Wright Express Corp.*		9,870		311,004
Real Estate Investment Trusts (REITs) (2.8%)
CBRE Realty Finance, Inc.		17,820		230,769
Health Care REIT, Inc.		5,750		260,130
HFF, Inc., Class A*		18,690		298,666

14 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Real Estate Investment Trusts (continued) 4ziStar Financial, Inc. 8,060 $386,235
Quadra Realty Trust, Inc.*		20,600		287,782
SL Green Realty Corp.		2,200		309,980
				1,773,562
Thrifts & Mortgage Finance (1.8%) 9,670 358,564
Countrywide Credit Industries, Inc.		16,550		802,178
PMI Group, Inc.
				1,160,742
				25,277,449
Total Common Stocks (Cost $57,352,805)				61,909,147
Repurchase Agreements (2.4%)
Nomura Securities, 5.10% dated 04/30/07, due 05/01/07, repurchase price $1,533,098, collateralized by U.S. Government Agency Mortgages with a market value of $1,563,539	$	1,532,881		1,532,881
				63,442,028
Total Investments (Cost $58,885,686) (b) — 100.6%
				(377,706	)
Liabilities in excess of other assets — (0.6)%
				$ 63,064,322
NET ASSETS — 100.0%

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CL	Chile
IE	Ireland
NL	Netherlands

See accompanying notes to financial statements.

2007 Semiannual Report 15

Nationwide Global Health Sciences Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Global Health Sciences Fund (Class A at NAV) returned 7.35%, versus 9.52% for its benchmark, the Goldman Sachs Healthcare Index. For broader comparison, the average return for the Fund’s Lipper peer category of Health/ Biotechnology Funds (consisting of 179 funds as of April 30, 2007) was 7.52%.

Can you describe the market environment during the reporting period?

Health-care stocks delivered solid results during the review period, topping several other market sectors but trailing the double-digit returns of materials, utilities and other top-performing groups. The health-care sector as a whole struggled early in the period, as the Democrats’ gains in the 2006 Congressional elections raised fears of new legislation that might limit the profitability of health care companies. Those fears faded, however, as the period progressed, and better-than-expected first-quarter earnings for large-cap drug makers, who benefited from demand driven in part by the federal government’s Medicare Part D prescription drug program, further improved investor sentiment. Among index subsectors, the best performance came from health care providers and services, health care equipment and supplies, and health care technology. Biotechnology was the laggard, recording a marginal loss for the period.

What areas detracted from Fund performance?

Unfavorable stock selection in the pharmaceuticals industry detracted from the Fund’s performance versus the benchmark. For example, an underweighted exposure by the Fund to Bristol-Myers Squibb Co. was detrimental. Although we thought Bristol-Myers Squibb stock was richly valued, this stock gained on speculation that the company might be acquired. Pfizer Inc. also worked against the Fund’s results. In that case, we happened to have a neutral weighting in the Pfizer stock when it declined after the company announced that it was canceling further development work on Torceptrapib, a heart disease medication. Unrewarding stock picks and an underweighting by the Fund in health care equipment and supplies also hampered the Fund’s performance. In particular, underexposure to Switzerland-based eye care stock Alcon Inc. hurt. Strong earnings and a boost from currency fluctuations aided the stock. In the case of XTENT Inc., a fledgling maker of drug-coated stents, the stock was volatile as the company worked toward securing regulatory approval to market its products.

What areas of investment provided the most positive returns for the Fund?

On the positive side, favorable stock selection in biotechnology boosted Fund returns. Underweighting Amgen was helpful to the Fund, as the stock trended lower amid news that the company had pulled its Vectibix cancer drug from a study of colon cancer treatments. The stock also was hurt by the Food and Drug Administration’s decision that labeling for the company’s anemia drugs, Epogen and Aranesp, needed stronger warnings about a number of possible side effects. An overweighted position by the Fund in another biotechnology holding, Gilead Sciences Inc., further aided Fund performance. Healthy sales of the company’s HIV drugs and optimism over Gilead’s recent acquisition of Myogen Inc. were factors boosting the stock. Pharmacy benefit manager Medco Health Solutions was another outstanding performer for the Fund. In February, Medco raised its guidance for fiscal 2007 earnings growth. Lastly, the share price of nursing home operator, and Fund holding, Manor Care Inc. was helped by positive sentiment triggered by the acquisitions of several rivals and investors’ growing appreciation for the company’s extensive real estate holdings.

What is your outlook for the near term?

We think the near-term prospects for health care stocks could be favorable. The outlook for earnings growth in the key pharmaceutical group appears solid, and valuations are attractive, in our opinion. Moreover, ongoing industry consolidation could help support share prices in the group. More broadly, health care stocks have a history of outperforming the overall market in a slowing economy, as investors seek out their potential for relatively stable earnings growth.

Portfolio Managers:

Doug Burtnick, CFA

16 Semiannual Report 2007

Nationwide Global Health Sciences Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		7.35%		11.14%		8.13%		5.89%		1.61%
	w/SC3		1.18%		4.72%		6.86%		4.90%
Class B	w/o SC2		7.12%		10.53%		7.42%		5.20%		2.27%
	w/SC4		2.12%		5.53%		7.12%		5.20%
Class C5	w/o SC2		7.02%		10.42%		7.42%		5.20%		2.27%
	w/SC6		6.02%		9.42%		7.42%		5.20%
Class R7,9			7.08%		10.75%		7.77%		5.47%		1.97%
Institutional Service Class9			7.60%		11.55%		8.36%		6.14%		1.43%
Institutional Class8,9			7.57%		11.60%		8.44%		6.21%		1.27%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 29, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (9/23/02) include the performance of the Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
8	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.
9	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Global Health Sciences Fund, the Goldman Sachs Healthcare Index (GS Healthcare)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The GS Healthcare is an unmanaged index representative of the stocks in the healthcare sector.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 17

Nationwide Global Health Sciences Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide Global Health Sciences			Account Value,		Account Value,		Expenses Paid		Annualized
Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,073.50	$	7.61		1.48%
	Hypothetical	1	$	1,000.00	$	1,017.66	$	7.43		1.48%
Class B	Actual		$	1,000.00	$	1,071.20	$	10.84		2.11%
	Hypothetical	1	$	1,000.00	$	1,014.54	$	10.59		2.11%
Class C	Actual		$	1,000.00	$	1,070.20	$	10.88		2.12%
	Hypothetical	1	$	1,000.00	$	1,014.49	$	10.64		2.12%
Class R	Actual		$	1,000.00	$	1,070.80	$	9.40		1.83%
	Hypothetical	1	$	1,000.00	$	1,015.93	$	9.19		1.83%
Institutional Service Class	Actual		$	1,000.00	$	1,076.00	$	5.77		1.12%
	Hypothetical	1	$	1,000.00	$	1,019.45	$	5.62		1.12%
Institutional Class	Actual		$	1,000.00	$	1,075.70	$	5.71		1.11%
	Hypothetical	1	$	1,000.00	$	1,019.50	$	5.57		1.11%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

18 Semiannual Report 2007

Nationwide Global Health Sciences Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	98.1%
Repurchase Agreements	2.5%
Other investments*	7.7%
Liabilities in excess of other assets**	-8.3%
	100.0%

Top Holdings***
Pfizer, Inc.	6.6%
Merck & Co., Inc.	5.4%
Johnson & Johnson	4.9%
Wyeth	4.4%
Gilead Sciences, Inc.	4.3%
Amgen, Inc.	3.9%
UnitedHealth Group, Inc.	3.9%
Baxter International, Inc.	3.8%
Bristol-Myers Squibb Co.	3.3%
WellPoint, Inc.	3.2%
Other	56.3%
	100.0%

Top Industries
Pharmaceuticals	36.1%
Biotechnology	21.4%
Health Care Providers & Services	18.2%
Health Care Equipment & Supplies	15.9%
Life Sciences Tools & Services	4.2%
Food & Staples Retailing	1.0%
Commercial Services & Supplies	0.5%
Health Care Technology	0.5%
Electronic Equipment & Instruments	0.3%
Other	1.9%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 19

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Global Health Sciences Fund

Common Stocks (98.1%)
	Shares or
	Principal Amount		Value
UNITED STATES (98.1%)
Biotechnology (21.4%)
Amgen, Inc.*		20,003	$	1,282,992
Applera Corp.		9,500		296,780
Array BioPharma, Inc.*		7,150		99,742
Biogen, Inc.*		8,700		410,727
Celgene Corp.*		6,930		423,839
Genentech, Inc.*		12,210		976,678
Genzyme Corp.*		14,796		966,327
Gilead Sciences, Inc.*		17,175		1,403,541
Mannkind Corp.*		9,750		141,765
MedImmune, Inc.*		5,770		327,044
Orexigen Therapeutics, Inc.*		4,210		59,151
PerkinElmer, Inc.		13,190		319,198
Pharmion Corp.*		8,600		260,494
				6,968,278
Commercial Services & Supplies (0.5%) (a)
Stericycle, Inc.*		2,000		174,280
Electronic Equipment & Instruments (0.3%)
Mettler Toledo International, Inc.*		1,050		102,501
Food & Staples Retailing (1.0%)
CVS/ Caremark Corp.		8,782		318,260
Health Care Equipment & Supplies (15.9%)
Advanced Medical Optics, Inc.* (a)		3,350		135,440
Alcon, Inc.		1,200		161,916
Bard (C.R.), Inc.		3,158		262,525
Bausch & Lomb, Inc.		1,650		97,069
Baxter International, Inc.		22,028		1,247,446
Becton, Dickinson & Co.		2,200		173,118
Boston Scientific Corp.*		10,000		154,400
Cerus Corp.* (a)		13,500		100,440
Gen-Probe, Inc.*		3,400		173,774
Hillenbrand Industry, Inc.		1,570		96,006
Hologic, Inc.*		4,070		234,228
Hospira, Inc.*		6,500		263,575
Intuitive Surgical, Inc.*		1,820		235,981
Inverness Medical Innovations, Inc.*		3,620		144,981
Kyphon, Inc.* (a)		3,320		154,745
Matria Healthcare, Inc.* (a)		5,900		170,982
Medtronic, Inc.		18,630		986,086
Xtent, Inc.*		13,530		182,926
Zimmer Holdings, Inc.*		2,200		199,056
				5,174,694
Health Care Providers & Services (18.2%)
Aetna, Inc.		11,060		518,493
AmerisourceBergen Corp.		2,200		109,978
Cardinal Health, Inc.		10,633		743,778
Coventry Health Care, Inc.*		2,200		127,226
HealthExtras, Inc.* (a)		6,300		194,985
Manor Care, Inc.		6,610		428,923
McKesson Corp.		3,400		200,022
Medco Health Solutions, Inc.*		7,870		614,017
Omnicare, Inc.		3,750		124,387
Psychiatric Solutions, Inc.* (a)		6,210		217,785
Quest Diagnostics, Inc.		4,400		215,116
Sun Healthcare Group, Inc.*		11,091		139,081
UnitedHealth Group, Inc.		23,765		1,260,971
WellPoint, Inc.*		13,210		1,043,194
				5,937,956
Health Care Technology (0.5%) (a)
TriZetto Group, Inc. (The)*		8,690		169,281
Life Sciences Tools & Services (4.2%)
Covance, Inc.*		6,274		379,577
Pharmaceutical Product Development, Inc.		4,559		164,443
Thermo Fisher Scientific, Inc.*		11,520		599,731
Waters Corp.*		3,570		212,165
				1,355,916
Pharmaceuticals (36.1%)
Abbott Laboratories		14,740		834,579
Abraxis Bioscience, Inc.* (a)		3,400		93,534
Allergan, Inc.		4,830		585,396
Astellas Pharma, Inc.		3,500		153,125
Barr Pharmaceuticals, Inc.*		2,600		125,736
Bristol-Myers Squibb Co.		37,190		1,073,303
Cardiome Pharma Corp.*		5,300		49,555
Dyax Corp.*		14,400		66,240
Eli Lilly & Co.		8,070		477,179
Johnson & Johnson		24,694		1,585,849
Merck & Co., Inc.		34,031		1,750,555
Pfizer, Inc.		81,512		2,156,808
Poniard Pharmaceuticals, Inc.*		4,780		33,221
Sanofi-Aventis		2,120		194,037
Schering-Plough Corp.		23,218		736,707

20 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Pharmaceuticals (continued)
Teva Pharmaceutical Industries Ltd. ADR — IL		9,850	$	377,353
Wyeth		26,120		1,449,660
				11,742,837
Total Common Stocks (Cost $29,365,297)				31,944,003
Repurchase Agreements (2.5%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $816,279, collateralized by U.S. Government Agency Mortgages with a market value of $832,486	$	816,162		816,162
Securities Held as Collateral for Securities on Loan (7.7%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $2,503,767, collateralized by U.S. Government Agency Mortgages with a market value of $2,553,465		2,503,397		2,503,397
Total Investments (Cost $32,684,856) (b) — 108.3%				35,263,562
Liabilities in excess of other assets — (8.3)%				(2,692,865	)
NET ASSETS — 100.0%			$	32,570,697

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
IL	Israel

See accompanying notes to financial statements.

2007 Semiannual Report 21

Nationwide Global Natural Resources Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Global Natural Resources Fund (Class A at NAV) returned 18.68%, versus 14.64% for its benchmark, the Goldman Sachs Natural Resources Index. For broader comparison, the average return for the Fund’s Lipper peer category of Natural Resources Funds (consisting of 139 funds as of April 30, 2007) was 16.51%.

Can you describe the market environment during the reporting period?

Natural resources stocks enjoyed solid performance during the review period, as the two sectors that dominate the benchmark, energy and materials, posted double-digit gains and outperformed most other market sectors. Energy stocks performed well at the beginning and especially at the end of the period, reflecting a mid-period dip and subsequent rebound in crude oil and natural gas prices. Energy companies with refining operations also benefited because tight refining capacity and healthy demand resulted in high gasoline prices paid by consumers at the pump. In the materials sector, metals and mining stocks were standout performers, fueled by rapidly advancing prices for industrial metals such as nickel and copper.

What areas of investment provided the most positive returns for the Fund?

The Fund benefited most from favorable stock selection in the materials sector, where the top contributor was Brazil-based Companhia Vale do Rio Doce, a major producer of iron ore. Companhia Vale do Rio Doce completed its acquisition of nickel producer Inco Limited, giving Companhia Vale do Rio Doce capabilities in the production of iron and nickel, adding to its inputs into the steel-making process which was in demand during the period. The Fund also benefited from its relatively large stake in copper producer Phelps Dodge Corp., which was purchased by rival Freeport-McMoRan Copper & Gold Inc. at a healthy premium. In the energy sector, Fund holding Cabot Oil & Gas Corp., primarily a producer of natural gas, continued to develop its properties in Appalachia with success. Meanwhile, drilling rig provider and Fund holding Hercules Offshore Inc. was aided by strong demand for rigs in the Gulf of Mexico and also by the acquisition of another rig company that appeared to offer significant synergies.

What areas detracted from Fund performance?

Conversely, the Fund’s performance was curbed by unfavorable stock selection in energy. Operational difficulties with several wells sidetracked Fund holding Aurora Oil & Gas Corp., and we reduced the position. Fund holding Evergreen Energy Inc., a company with a process for improving the energy output of coal by removing sulfur, mercury, and water from the coal, also was a major detractor. The Company was hurt by a flawed interpretation of industry reports regarding the marketplace’s disbelief in execution. Once the resulting misperception was corrected, however, we continued to like the company and increased the Fund’s position in it. Natural gas producer W&T Offshore Inc. further hampered our results. The company bought some properties that subsequently appeared to have less potential than first thought. The Fund’s average cash position of more than 4% was detrimental as well.

What is your outlook for the near term?

While we still like the fundamental prospects for many companies in our universe, we are also cautious about current valuations. High valuations, together with considerable uncertainty about the future direction of commodities prices, have made the energy and materials sectors prone to sharp rallies and equally sharp sell-offs. Consequently, the environment should be conducive to our style of management, which favors selling when stocks rise and buying on dips. Against this backdrop, we will continue to search for opportunities based on both valuations and growth potential.

Portfolio Managers:

William Gerlach, CFA, and
Jason Kotik, CFA

22 Semiannual Report 2007

Nationwide Global Natural Resources Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six						Expense
		Month*		1 Yr.		Inception1		Ratio**
Class A	w/o SC2		18.68%		16.00%		42.27%		1.38%
	w/SC3		11.86%		9.32%		39.33%
Class B	w/o SC2		18.27%		15.15%		41.18%		2.12%
	w/SC4		13.27%		10.16%		40.62%
Class C	w/o SC2		18.26%		15.09%		41.20%		2.12%
	w/SC5		17.26%		14.09%		41.20%
Class R6			18.48%		15.62%		41.80%		1.85%
Institutional Service Class6			18.84%		16.27%		42.54%		1.12%
Institutional Class6			18.87%		16.31%		42.63%		1.12%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 29, 2004.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Global Natural Resources Fund, Goldman Sachs Natural Resources Index (a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	Goldman Sachs Natural Resources is an unmanaged, modified market capitalization-weighted sector index of U.S.-traded natural resource-related stocks; includes companies in the categories of extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 23

Nationwide Global Natural Resources Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide Global Natural			Account Value,		Account Value,		Expenses Paid		Annualized
Resources Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,187.00	$	7.32		1.35%
	Hypothetical	1	$	1,000.00	$	1,018.00	$	6.78		1.35%
Class B	Actual		$	1,000.00	$	1,183.00	$	11.26		2.08%
	Hypothetical	1	$	1,000.00	$	1,015.00	$	10.44		2.08%
Class C	Actual		$	1,000.00	$	1,183.00	$	11.31		2.09%
	Hypothetical	1	$	1,000.00	$	1,015.00	$	10.49		2.09%
Class R	Actual		$	1,000.00	$	1,185.00	$	9.43		1.74%
	Hypothetical	1	$	1,000.00	$	1,016.00	$	8.74		1.74%
Institutional Service Class	Actual		$	1,000.00	$	1,188.00	$	5.97		1.10%
	Hypothetical	1	$	1,000.00	$	1,020.00	$	5.52		1.10%
Institutional Class	Actual		$	1,000.00	$	1,189.00	$	5.86		1.08%
	Hypothetical	1	$	1,000.00	$	1,020.00	$	5.42		1.08%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

24 Semiannual Report 2007

Nationwide Global Natural Resources Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	91.8%
Repurchase Agreements	6.6%
Other assets in excess of liabilities	1.6%
	100.0%

Top Holdings*
Occidental Petroleum Corp.	6.1%
ConocoPhillips	4.8%
Hercules Offshore, Inc.	2.7%
Transocean, Inc. ADR — KY	2.7%
Cabot Oil & Gas Corp.	2.5%
Exxon Mobil Corp.	2.5%
Teck Cominco Ltd., Class B	2.3%
Cleveland Cliffs, Inc.	2.2%
Anadarko Petroleum Corp.	2.1%
Newfield Exploration Co.	2.0%
Other	70.1%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	47.0%
Energy Equipment & Services	19.0%
Metals & Mining	13.6%
Chemicals	3.1%
Gas Utilities	1.5%
Paper & Forest Products	1.0%
Transportation Infrastructure	0.9%
Transportation	0.8%
Gas Distribution	0.7%
Containers & Packaging	0.7%
Other	11.7%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 25

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Global Natural Resources Fund

Common Stocks (91.8%)
	Shares or
	Principal Amount		Value
BERMUDA (0.3%)
Energy Equipment & Services (0.3%)
Weatherford International Ltd. ADR — BM*		3,000	$	157,470
BRAZIL (1.7%)
Metals & Mining (1.7%)
Copanhia Vale do Rio Doce ADR — BR		23,100		938,091
CANADA (5.3%)
Metals & Mining (4.2%)
Agnico-Eagle Mines Ltd.		2,600		91,728
Barrick Gold Corp.		25,800		725,238
Silvercorp Metals, Inc.		15,000		244,818
Teck Cominco Ltd., Class B		16,393		1,246,360
				2,308,144
Oil, Gas & Consumable Fuels (1.1%)
Gastar Exploration Ltd.*		29,300		62,995
Kodiak Oil & Gas Corp. ADR — CA*		39,136		242,643
Talisman Energy, Inc.		6,373		121,087
Transglobe Energy Corp.*		50,123		219,037
				645,762
				2,953,906
CAYMAN ISLANDS (4.5%)
Energy Equipment & Services (4.5%)
Noble Corp. ADR — KY		11,956		1,006,815
Transocean, Inc. ADR — KY*		17,009		1,466,176
				2,472,991
GERMANY (0.5%)
Chemicals (0.5%)
Basf AG		2,300		273,263
GREECE (1.3%)
Marine (0.4%)
Omega Navigation Enterprises, Inc.		10,613		209,819
Transportation Infrastructure (0.9%)
Aegean Marine Petroleum Network, Inc.		32,930		512,062
				721,881
IRELAND (0.8%)
Transportation (0.8%)
Genesis Lease Ltd. ADR — IE*		17,040		460,080
NETHERLANDS ANTILLES (1.7%)
Energy Equipment & Services (1.7%)
Schlumberger Ltd. ADR — NL		12,500		922,875
PANAMA (0.3%)
Industrial Conglomerate (0.3%)
McDermott International, Inc.*		2,975		159,638
UNITED KINGDOM (0.3%)
Oil, Gas & Consumable Fuels (0.3%)
BP PLC ADR — GB		2,272		152,951
UNITED STATES (75.1%)
Aerospace & Defense (0.5%)
Spirit Aerosystems Holdings, Inc., Class A*		7,940		251,142
Chemicals (2.6%)
Cytec Industries, Inc.		10,000		549,000
Monsanto Co.		15,300		902,547
				1,451,547
Communications Equipment (0.2%)
C&D Technologies, Inc.*		25,000		125,750
Containers & Packaging (0.7%)
Owens-Illinois, Inc.*		12,000		361,080
Electrical Equipment (0.1%)
Energy Conversion Devices, Inc.*		2,044		72,378
Energy Equipment & Services (12.5%)
Atwood Oceanics, Inc.*		4,500		283,050
Baker Hughes, Inc.		6,000		482,340
ENSCO International, Inc.		14,000		789,320
FMC Technologies, Inc.*		8,000		567,040
Grant Prideco, Inc.*		7,051		363,409
Halliburton Co.		22,451		713,268
Hercules Offshore, Inc.*		47,000		1,477,210
National-OilWell, Inc.*		6,092		516,906
Particle Drilling Technologies, Inc.*		15,000		56,700
Smith International, Inc.		5,000		262,200
Superior Well Services, Inc.*		32,857		831,282
Todco*		11,500		522,790
				6,865,515
Gas Distribution (0.7%)
Targa Resources Partners LP*		12,800		409,856
Gas Utilities (1.5%)
National Fuel Gas Co.		5,814		273,316
Questar Corp.		5,800		563,354
				836,670
Independent Power Producers & Energy Traders (0.7%)
NRG Energy, Inc.*		5,107		403,249
Machinery (0.3%)
Hardinge, Inc.		6,200		172,422

26 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Manufacturing (0.5%)
Carpenter Technology Corp.		2,100	$	254,877
Metals & Mining (7.7%)
Arch Coal, Inc.		24,946		899,802
Claymont Steel Holdings, Inc.*		13,614		314,756
Cleveland Cliffs, Inc.		17,200		1,191,788
Freeport-McMoRan Copper & Gold, Inc., Class B		9,419		632,580
Grupo Simec, SA de C.V. ADR — MX*		33,010		417,907
Northwest Pipe Co.*		6,600		235,950
Royal Gold, Inc.		19,150		561,669
				4,254,452
Multi-Utility (0.5%)
MDU Resources Group, Inc.		8,600		260,580
Oil, Gas & Consumable Fuels (45.6%)
Anadarko Petroleum Corp.		25,290		1,180,031
Aurora Oil & Gas Corp.*		237,972		625,866
Cabot Oil & Gas Corp.		37,106		1,351,401
Cheniere Energy Partners LP		30,000		633,900
Cheniere Energy, Inc.*		3,000		100,050
ChevronTexaco Corp.		11,437		889,684
ConocoPhillips		38,066		2,639,877
CONSOL Energy, Inc.		600		25,122
Denbury Resources, Inc.*		31,786		1,051,799
Devon Energy Corp.		5,563		405,376
Energy Transfer Equity		25,150		953,436
EOG Resources, Inc.		2,089		153,416
Evergreen Energy, Inc.*		76,404		460,716
EXCO Resources, Inc.*		7,680		128,947
Exxon Mobil Corp.		17,000		1,349,460
Geomet, Inc.*		23,091		213,823
Harvest Natural Resources, Inc.*		22,190		223,010
Marathon Oil Corp.		7,594		771,171
McMoRan Exploration Co.*		300		3,867
Newfield Exploration Co.*		24,807		1,085,306
Noble Energy, Inc.		10,635		625,444
Occidental Petroleum Corp.		66,578		3,375,505
Parallel Petroleum Corp.*		36,647		846,912
Peabody Energy Corp.		21,229		1,018,567
RAM Energy Resources, Inc.*		194,490		933,552
Range Resources Corp.		15,743		575,407
Southwestern Energy Co.*		3,649		153,258
Superior Energy Services, Inc.*		2,540		92,278
Superior Offshore International, Inc.*		26,200		478,674
Swift Energy Co.*		7,449		302,802
Valero Energy Corp.		15,200		1,067,496
W&T Offshore, Inc.		20,532		623,146
Williams Cos., Inc. (The)		27,451		809,805
				25,149,104
Paper & Forest Products (1.0%)
Louisiana-Pacific Corp.		29,300		577,504
				41,446,126
Total Common Stocks (Cost $44,171,554)				50,659,272
Repurchase Agreements (6.6%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $3,628,797, collateralized by U.S. Government Agency Mortgages with a market value of $3,700,848	$	3,628,283		3,628,283
Total Investments (Cost $47,799,837) (a) — 98.4%				54,287,555
Other assets in excess of liabilities — 1.6%				862,151
NET ASSETS — 100.0%			$	55,149,704

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
BR	Brazil
CA	Canada
GB	United Kingdom
IE	Ireland
KY	Cayman Islands
MX	Mexico
NL	Netherlands

See accompanying notes to financial statements.

2007 Semiannual Report 27

Nationwide Global Technology

and Communications Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Global Technology and Communications Fund (Class A at NAV) returned 11.29%, versus 8.14% for its benchmark, the Goldman Sachs Technology Composite Index. For broader comparison, the average return for the Fund’s Lipper peer category of Science & Technology Funds (consisting of 290 funds as of April 30, 2007) was 8.10%.

Can you describe the market environment during the reporting period?

The environment for technology stocks was relatively favorable, although the group underperformed most other sectors during the review period. Expectations of a slowing economy and softening consumer spending led many companies to set relatively modest targets for revenue and earnings growth. A comparatively high percentage of companies, however, were able to meet or beat their profit forecasts, which helped share prices. Among the major subsectors in the benchmark, the strongest absolute performance came from IT services and the computers and peripherals group. Meanwhile, Internet software and services lagged, as did software and also electronic equipment and instruments. That said, all subsectors in the benchmark finished with positive returns.

What areas of investment provided the most positive returns for the Fund?

The Fund was aided most by favorable stock selection in communications equipment. There, our decision not to own major benchmark component Motorola Inc. was timely. A lack of compelling products to follow the company’s popular RAZR cellular handset undermined the stock. Our stake in Nokia Corp., another handset maker, benefited the Fund. An attractive valuation and a healthy product pipeline boosted the company’s share price. Further helping Fund results was coaxial and fiber-optic cable supplier CommScope Inc., which benefited from robust demand from telecommunication services providers who were building out their networks. Fund holding French software maker Autonomy Corp. enjoyed strong demand in the video gaming space. Lastly, Fund performance received a boost from WebEx Communications Inc., which accepted a lucrative buyout offer from Cisco Systems Inc.

What areas detracted from Fund performance?

Detractors from Fund performance included semiconductor maker Advanced Analogic Technologies Inc., a provider of low-voltage power chips for cell phones and other applications. Slowing handset demand sidetracked the stock. Not owing Internet retailer Amazon.com Inc., a benchmark component, proved unrewarding for the Fund as well. Although we were unimpressed with the company’s growth prospects, unexpectedly strong earnings lifted its stock. Fund holding translation software provider Lionbridge Technologies Inc. further detracted from our results. Disappointing earnings growth and difficulty with integrating some acquisitions hurt the stock.

What is your outlook for the near term?

We anticipate the technology sector to be volatile over the near term, given the sector’s relatively healthy showing and the fact that demand in many tech subsectors tends to be softer over the summer. Demand typically improves during the second half of the year, however, which could provide some support for stock prices later in the year.

Portfolio Manager:

Jayne Stevlingson, CFA

28 Semiannual Report 2007

Nationwide Global Technology and Communications Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		11.29%		13.45%		5.30%		-9.49%		2.00%		1.66%
	w/SC3		4.82%		6.97%		4.06%		-10.27%
Class B	w/o SC2		10.83%		12.51%		4.59%		-10.15%		2.72%		2.38%
	w/SC4		5.83%		7.51%		4.25%		-10.15%
Class C5	w/o SC2		10.75%		12.41%		4.55%		-10.06%		2.72%		2.38%
	w/SC6		9.75%		11.41%		4.55%		-10.06%
Class R7,9			11.19%		12.85%		4.92%		-9.95%		2.42%		2.08%
Institutional Service Class9			11.65%		15.09%		5.77%		-9.05%		1.92%		1.58%
Institutional Class8,9			11.50%		13.87%		5.60%		-9.16%		1.72%		1.38%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 30, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
8	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.
9	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Global Technology and Communications Fund, Goldman Sachs Technology Composite Index (GSTI ^®(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The GSTI ® is an unmanaged, modified, market capitalization-weighted index that is designed to measure performance of companies in the technology sector.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 29

Nationwide Global Technology and Communications Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide Global Technology and			Account Value,		Account Value,		Expenses Paid		Annualized
Communications Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,112.90	$	8.96		1.71%
	Hypothetical	1	$	1,000.00	$	1,016.52	$	8.59		1.71%
Class B	Actual		$	1,000.00	$	1,108.30	$	12.49		2.39%
	Hypothetical	1	$	1,000.00	$	1,013.15	$	12.00		2.39%
Class C	Actual		$	1,000.00	$	1,107.50	$	12.44		2.38%
	Hypothetical	1	$	1,000.00	$	1,013.20	$	11.95		2.38%
Class R	Actual		$	1,000.00	$	1,111.90	$	10.53		2.01%
	Hypothetical	1	$	1,000.00	$	1,015.03	$	10.09		2.01%
Institutional Service Class	Actual		$	1,000.00	$	1,116.50	$	6.82		1.30%
	Hypothetical	1	$	1,000.00	$	1,018.55	$	6.53		1.30%
Institutional Class	Actual		$	1,000.00	$	1,115.00	$	7.18		1.37%
	Hypothetical	1	$	1,000.00	$	1,018.21	$	6.88		1.37%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

30 Semiannual Report 2007

Nationwide Global Technology and Communications Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	96.9%
Other investments*	3.6%
Liabilities in excess of other assets**	-0.5%
	100.0%

Top Holdings
Microsoft Corp.	4.4%
Intel Corp.	3.8%
International Business Machines Corp.	3.8%
Google, Inc., Class A	3.6%
Cisco Systems, Inc.	3.6%
QUALCOMM, Inc.	3.0%
Alliance Data Systems Corp.	2.8%
Corning, Inc.	2.6%
Dell, Inc.	2.6%
Nokia Corp. ADR — FI	2.4%
Other	67.4%
	100.0%

Top Industries
Software	22.3%
Communications Equipment	19.9%
Semiconductors & Semiconductor Equipment	16.3%
Computers & Peripherals	15.7%
IT Services	10.2%
Internet Software & Services	8.5%
Electronic Equipment & Instruments	1.6%
Wireless Telecommunication Services	0.9%
Commercial Services & Supplies	0.8%
Service Companies	0.7%
Other	3.1%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.

2007 Semiannual Report 31

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Global Technology and Communications Fund

Common Stocks (96.9%)
	Shares or
	Principal Amount		Value
Commercial Services & Supplies (0.8%) (a)
WNS Holdings Ltd. ADR-IN*		5,852	$	155,546
Communications Equipment (19.9%)
Alcatel-Lucent ADR-FR		12,505		165,691
American Tower Corp.*		6,780		257,640
Cisco Systems, Inc.*		25,560		683,474
CommScope, Inc.*		3,410		159,077
Comverse Technology, Inc.*		8,328		188,879
Corning, Inc.*		21,375		507,015
Foundry Networks, Inc.*		19,400		293,328
Juniper Networks, Inc.*		4,420		98,831
NeuStar, Inc.*		6,091		175,177
Nokia Corp. ADR — FI*		18,560		468,640
Nortel Networks Corp.*		7,945		181,782
QUALCOMM, Inc.		12,951		567,254
Sonus Networks, Inc.*		10,055		77,725
				3,824,513
Computers & Peripherals (15.7%)
Apple Computer, Inc.*		3,733		372,554
Brocade Communications Systems, Inc.*		22,258		217,461
Dell, Inc.*		19,730		497,393
Hewlett-Packard Co.		7,887		332,358
International Business Machines Corp.		7,059		721,500
QLogic Corp.*		10,579		189,153
Research In Motion*		476		62,632
Seagate Technology		9,335		206,770
Sun Microsystems, Inc.*		47,626		248,608
Xyratex, Ltd.*		7,592		169,909
				3,018,338
Electronic Equipment & Instruments (1.6%)
Bell Microproducts, Inc.*		22,791		154,979
IPG Photonics Corp.* (a)		8,850		160,981
				315,960
Internet Software & Services (8.5%)
eBay, Inc.*		11,250		381,825
Global Crossing Ltd.*		7,004		201,995
Google, Inc., Class A*		1,460		688,215
Yahoo!, Inc.*		12,629		354,117
				1,626,152
IT Services (10.2%)
Accenture Ltd.		7,720		301,852
Alliance Data Systems Corp.*		8,458		538,436
Business & Decision* (b)		6,475		220,000
Capgemini SA (b)		3,200		242,016
Ceridian Corp.*		3,251		109,754
Cognizant Technology Solutions Corp.*		4,258		380,665
Gartner, Inc. *		6,579		165,988
				1,958,711
Semiconductors & Semiconductor Equipment (16.3%)
Applied Micro Circuits Corp.*		54,790		153,960
Axcelis Technologies, Inc.*		29,895		228,697
Eagle Test Systems, Inc.* (a)		8,420		145,413
Intel Corp.		33,668		723,862
Intersil Corp.		4,590		136,736
Linear Technology Corp. (a)		5,315		198,887
Marvell Technology Group Ltd.*		9,013		145,380
Qimonda AG ADR — DE*		18,875		277,463
RF Micro Devices, Inc.*		21,594		134,963
SiRF Technology Holdings, Inc.* (a)		7,255		176,006
Tessera Technologies, Inc.*		4,487		191,999
Texas Instruments, Inc.		11,252		386,731
Zoran Corp.*		12,311		244,496
				3,144,593
Service Company (0.7%)
24/7 Real Media, Inc.*		14,170		140,992
Software (22.3%)
Adobe Systems, Inc.*		6,798		282,525
Amdocs Ltd.*		7,420		272,685
Autodesk, Inc.*		5,535		228,429
Autonomy Corp. PLC* (b)		13,900		207,397
Business Objects SA Sponsored ADR — FR*		10,151		380,764
Cognos, Inc.*		4,537		195,590
Double-Take Software, Inc.*		10,440		175,079
Glu Mobile, Inc.*		17,582		197,534
Informatica Corp.*		7,205		106,058
McAfee, Inc.*		6,175		200,626
MICROS Systems, Inc.* (a)		3,440		188,512
Microsoft Corp.		27,997		838,230
Oracle Corp.*		11,553		217,196
Parametric Technology Corp.*		7,210		128,122
Salesforce.Com, Inc.*		4,230		177,660
Tibco Software, Inc.*		23,754		216,636
UbiSoft Entertainment SA* (b)		5,512		273,396
				4,286,439

32 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Wireless Telecommunication Services (0.9%)
SBA Communications Corp.*		6,177	$	181,727
Total Common Stocks (Cost $17,346,154)				18,652,971
Securities Held as Collateral for Securities on Loan (3.6%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $703,486, collateralized by U.S. Government Agency Mortgages with a market value of $717,450		703,382		703,382
Total Investments (Cost $18,049,536) (c) — 100.5%				19,356,353
Liabilities in excess of other assets — (0.5)%				(101,242	)
NET ASSETS — 100.0%			$	19,255,111

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	Fair Valued Security.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
DE	Germany
FI	Finland
FR	France
IN	India

See accompanying notes to financial statements.

2007 Semiannual Report 33

Nationwide Global Utilities Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Global Utilities Fund (Class A at NAV) returned 14.07% versus 14.28% for its benchmark, a blend of 60% Morgan Stanley Capital International (MSCI) World Telecommunication Services Index^SM and 40% MSCI World Utilities Index^SM. For broader comparison, the average return for the Fund’s Lipper peer category of Utility Funds (consisting of 104 funds as of April 30, 2007) was 17.70%.

Can you describe the market environment during the reporting period?

The continuing high cost of crude oil and natural gas (despite some dips) drove increases in electricity prices and helped to foster a positive environment for the utilities sector. This was particularly marked in Europe, where utilities are less highly regulated than in the United States. (Lesser regulation may give companies greater ability to pass along increased energy costs to consumers.) Growing customer demand encouraged European utilities to upgrade power grids and, thus, have the potential to earn higher returns. The utility sector also was subject to bid activity that crossed national borders in Europe.

What areas detracted from Fund performance?

Fund Holdings in BT Group plc, France Telecom SA and Singapore Telecom detracted from Fund performance. A common theme was heightened competition (especially in broadband services), which is putting pressure on revenues and margins. Fund holding BT Group also performed poorly due to the challenging growth outlook for this leading U.K. telecommunications carrier and its lack of a wireless product.

What areas of investment provided the most positive returns for the Fund?

The Fund’s holding in U.K. gas and electricity infrastructure company National Grid plc contributed significantly to Fund performance. Fund holding National Grid’s disposal of its wireless infrastructure business was ahead of most analyst expectations; the company also announced that it would return profits to shareholders via an extension of the existing share buy-back program. The Fund’s position in U.S.-based PPL Corp. also aided performance. Subsidiary PPL Electric Utilities Corp. reported better-than-expected earnings and increased its guidance for 2007 and 2008 revenue growth. The Fund’s positioning in the wireless telecommunication services sector also proved beneficial for performance. Canada’s number-two telecommunications company TELUS Corp. reported first-quarter 2007 financial results slightly ahead of expectations. Revenues from TELUS’s wireless operations contributed significantly to the company, which continues to gain market share from its rivals.

What is your outlook for the near term?

The profitability of utilities should continue to be strong, as electricity prices remain high in the United States. The continuing drive for liberalization in Europe also should benefit European utilities.

In the telecommunications sector, new products such as high-speed data for Internet customers help to support topline growth. Cost-cutting opportunities are significant, in large part due to the legacy cost structures of previously government-owned companies. In Europe, mobile-phone operators have increasingly faced greater regulation, notably the European Commission initiative to cut roaming charges. While such developments impinge on pricing power, increased demand for high-margin products should sustain future earnings growth for telecommunications companies.

Portfolio Manager:

Ben Walker, CFA

34 Semiannual Report 2007

Nationwide Global Utilities Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		14.07%		31.43%		17.14%		12.67%		1.80%		1.45%
	w/SC3		7.53%		23.84%		15.77%		11.44%
Class B	w/o SC2		13.68%		30.47%		16.27%		11.85%		2.55%		2.20%
	w/SC4		8.68%		25.47%		16.05%		11.73%
Class C	w/o SC2		13.68%		30.52%		16.28%		11.85%		2.55%		2.20%
	w/SC5		12.68%		29.52%		16.28%		11.85%
Class R6,8			13.81%		30.88%		16.64%		12.18%		2.25%		1.90%
Institutional Service Class8			14.22%		31.79%		17.44%		12.97%		1.55%		1.20%
Institutional Class7,8			14.22%		31.79%		17.44%		12.97%		1.55%		1.20%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 18, 2001.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
7	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.
8	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Global Utilities Fund, Morgan Stanley Capital International World Telecommunications Services Index (MSCI World Telecom)(a), Morgan Stanley Capital International World Utilities Index (MSCI World Utilities)(b), Composite Index (Composite)(c), and the Consumer Price Index (CPI)(d) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The MSCI World Telecom is an unmanaged index representative of the stocks in the global utilities sector and is based on 23 developed market country indices.
(b)	The MSCI World Utilities is made up of industry groups such as electric, gas, multi utilities and unregulated power and water.
(c)	The Composite is a combination of 60% MSCI World Telecom and 40% MSCI World Utilities.
(d)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 35

Nationwide Global Utilities Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Global Utilities Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,140.70	$	7.32		1.38%
	Hypothetical	1	$	1,000.00	$	1,018.16	$	6.93		1.38%
Class B	Actual		$	1,000.00	$	1,136.80	$	11.02		2.08%
	Hypothetical	1	$	1,000.00	$	1,014.69	$	10.44		2.08%
Class C	Actual		$	1,000.00	$	1,136.80	$	11.02		2.08%
	Hypothetical	1	$	1,000.00	$	1,014.69	$	10.44		2.08%
Class R	Actual		$	1,000.00	$	1,138.10	$	8.27		1.56%
	Hypothetical	1	$	1,000.00	$	1,017.26	$	7.83		1.56%
Institutional Service Class	Actual		$	1,000.00	$	1,142.20	$	5.74		1.08%
	Hypothetical	1	$	1,000.00	$	1,019.64	$	5.42		1.08%
Institutional Class	Actual		$	1,000.00	$	1,142.20	$	5.74		1.08%
	Hypothetical	1	$	1,000.00	$	1,019.64	$	5.42		1.08%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

36 Semiannual Report 2007

Nationwide Global Utilities Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	99.1%
Repurchase Agreements	1.5%
Liabilities in excess of other assets	-0.6%
	100.0%

Top Holdings*
AT&T, Inc.	11.4%
Vodafone Group PLC	4.9%
Verizon Communications, Inc.	4.6%
Telefonica SA	4.4%
E. On AG	3.4%
Koninklijke KPN NV	2.5%
RWE AG	2.3%
Exelon Corp.	2.3%
National Grid PLC	2.3%
Alliant Energy Corp.	2.1%
Other	59.8%
	100.0%

Top Industries
Diversified Telecommunication Services	32.9%
Electric Utilities	25.8%
Multi-Utilities	16.5%
Wireless Telecommunication Services	13.1%
Independent Power Producers & Energy Traders	3.9%
Water Utilities	2.8%
Oil, Gas & Consumable Fuels	2.1%
Communications Equipment	1.6%
Gas Utilities	0.4%
Other	0.9%
	100.0%

Top Ten Countries
United States	44.5%
United Kingdom	18.4%
Spain	7.7%
Japan	6.4%
Germany	5.7%
France	4.2%
Italy	3.0%
Netherlands	2.5%
Mexico	1.6%
Greece	1.3%
Other	4.7%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 37

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Global Utilities Fund

Common Stocks (99.1%)
	Shares or
	Principal Amount		Value
AUSTRALIA (0.5%) (a)
Diversified Telecommunication Services (0.5%)
Telstra Corp. Ltd.		38,740	$	149,615
AUSTRIA (0.5%) (a)
Diversified Telecommunication Services (0.5%)
Telekom Austria AG		5,340		151,005
BELGIUM (1.0%) (a)
Diversified Telecommunication Services (0.3%)
Belgacom SA		2,120		93,167
Electric Utility (0.1%)
Elia System Operator SA		910		38,332
Wireless Telecommunication Services (0.6%)
Mobistar SA		2,090		180,779
				312,278
BRAZIL (1.2%)
Electric Utility (1.2%)
Cemig SA — ADR		7,050		365,683
FINLAND (0.3%) (a)
Diversified Telecommunication Services (0.3%)
Elisa Oyj, Class A		2,950		85,834
FRANCE (4.2%) (a)
Diversified Telecommunication Services (1.8%)
France Telecom SA		18,913		552,997
Multi-Utility (1.9%)
Suez SA		9,873		562,613
Wireless Telecommunication Services (0.5%)
Bouygues SA		1,870		148,987
				1,264,597
GERMANY (5.7%) (a)
Electric Utility (3.4%)
E. On AG		6,813		1,023,691
Multi-Utility (2.3%)
RWE AG		6,670		704,863
				1,728,554
GREECE (1.3%) (a)
Diversified Telecommunication Services (0.4%)
Hellenic Telecommunications Organization SA*		3,737		107,403
Wireless Telecommunication Services (0.9%)
Cosmote Mobile Telecommunications SA		8,960		281,568
				388,971
HONG KONG (0.1%) (a)
Electric Utility (0.1%)
CLP Holdings Ltd.		4,000		29,218
ITALY (3.0%) (a)
Diversified Telecommunication Services (1.8%)
Telecom Italia SpA		97,816		293,454
Telecom Italia SpA RNC		105,200		256,972
				550,426
Electric Utility (1.1%)
Enel SpA		28,252		321,034
Gas Utility (0.1%)
Snam Rete Gas SpA		4,741		30,279
				901,739
JAPAN (6.4%) (a)
Diversified Telecommunication Services (1.0%)
Nippon TeleGraph & Telephone Corp.		59		292,973
Electric Utilities (1.4%)
Chubu Electric Power Co., Inc.		3,100		99,618
Kansai Electric Power Co., Inc.		2,400		67,176
Kyushu Electric Power Co., Inc.		1,900		53,527
Tohoku Electric Power Co., Inc.		1,700		40,601
Tokyo Electric Power Co., Inc.		4,700		156,227
				417,149
Gas Utilities (0.3%)
Osaka Gas Co. Ltd.		11,000		41,251
Tokyo Gas Co. Ltd.		8,000		40,210
				81,461
Wireless Telecommunication Services (3.7%)
KDDI Corp.		63		495,157
NTT DoCoMo, Inc.		229		389,819
Softbank Corp.		11,900		255,848
				1,140,824
				1,932,407
MEXICO (1.6%)
Communications Equipment (1.6%)
America Movil SA de CV ADR		9,290		488,004

38 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
NETHERLANDS (2.5%) (a)
Diversified Telecommunication Services (2.5%)
Koninklijke KPN NV		45,280	$	768,692
PORTUGAL (0.4%)
Electric Utility (0.4%)
EDP — Energias de Portugal SA		19,460		106,478
SINGAPORE (0.6%) (a)
Diversified Telecommunication Services (0.6%)
Singapore Telecommunications Ltd.		90,000		195,474
SPAIN (7.7%) (a)
Diversified Telecommunication Services (4.4%)
Telefonica SA		59,610		1,338,779
Electric Utilities (3.3%)
Iberdrola SA		12,740		630,922
Union Fenosa SA		6,729		367,640
				998,562
				2,337,341
SWEDEN (0.7%) (a)
Diversified Telecommunication Services (0.7%)
TeliaSonera AB		26,880		217,638
UNITED KINGDOM (18.4%) (a)
Diversified Telecommunication Services (2.1%)
BT Group PLC		89,760		564,565
Cable & Wireless PLC		23,204		85,389
				649,954
Electric Utility (2.0%)
Scottish & Southern Energy PLC		20,386		609,365
Independent Power Producers & Energy Traders (1.9%)
International Power PLC		65,850		575,711
Multi-Utilities (4.7%)
Centrica PLC		68,190		525,390
National Grid PLC		43,324		680,175
United Utilities PLC		14,790		220,434
				1,425,999
Water Utilities (2.8%)
Kelda Group PLC		7,430		137,461
Northumbrian Water Group PLC		39,042		255,801
Pennon Group PLC		22,769		271,955
Severn Trent Water PLC		6,320		186,910
				852,127
Wireless Telecommunication Services (4.9%)
Vodafone Group PLC		517,201		1,471,268
				5,584,424
UNITED STATES (43.0%)
Diversified Telecommunication Services (16.0%)
AT&T, Inc.		89,518		3,466,137
Verizon Communications, Inc.		36,090		1,377,916
				4,844,053
Electric Utilities (12.8%)
DPL, Inc.		11,030		345,791
Duke Energy Corp.		7,670		157,388
Edison International		11,181		585,325
Entergy Corp.		5,320		601,905
Exelon Corp.		9,270		699,051
FirstEnergy Corp.		5,300		362,732
FPL Group, Inc.		6,100		392,657
PPL Corp.		12,984		566,232
Progress Energy, Inc.		3,390		171,365
				3,882,446
Independent Power Producers & Energy Traders (2.0%)
AES Corp.*		6,210		136,558
Constellation Energy Group		3,400		303,008
TXU Corp.		2,716		178,115
				617,681
Multi-Utilities (7.6%)
Alliant Energy Corp.		14,500		635,100
Centerpoint Energy, Inc.		21,780		410,117
Nstar		2,400		86,160
PG&E Corp.		3,500		177,100
Sempra Energy		9,140		580,207
Wisconsin Energy Corp.		4,650		226,874
Xcel Energy, Inc.		7,290		175,616
				2,291,174
Oil, Gas & Consumable Fuels (2.1%)
Sunoco, Inc.		4,000		302,120
Williams Cos., Inc. (The)		11,500		339,250
				641,370
Wireless Telecommunication Services (2.5%)
ALLTEL Corp.		3,840		240,730
Sprint Corp.		25,415		509,062
				749,792
				13,026,516
Total Common Stocks (Cost $25,836,077)				30,034,468

2007 Semiannual Report 39

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Global Utilities Fund (Continued)

Repurchase Agreements (1.5%)
	Shares or
	Principal Amount		Value
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $449,749, collateralized by U.S. Government Agency Mortgages with a market value of $458,679	$	449,685	$	449,685
Total Investments (Cost $26,285,762) (b) — 100.6%				30,484,153
Liabilities in excess of other assets — (0.6)%				(189,633	)
NET ASSETS — 100.0%			$	30,294,520

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR American Depository Receipt

See accompanying notes to financial statements.

40 Semiannual Report 2007

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

										Nationwide
			Nationwide		Nationwide		Nationwide			Global Technology			Nationwide
			Global Financial		Global Health		Global Natural			and Communications			Global Utilities
			Services Fund		Sciences Fund		Resources Fund			Fund			Fund
Assets:
Investments, at value (Cost $57,352,805; $29,365,297; $44,171,554; $17,346,154 and $25,836,077)*			$	61,909,147	$	31,944,003	$	50,659,272		$	18,652,971		$	30,034,468
Repurchase agreements, at cost and value				1,532,881		3,319,559		3,628,283			703,382			449,685
Total Investments				63,442,028		35,263,562		54,287,555			19,356,353			30,484,153
Cash				–		–		–			–			4,807
Foreign currency, at value (Cost $0; $0; $0; $295,342 and $14,717)				–		22		–			286,345			12,764
Unrealized appreciation on spot foreign currency contracts				276		–		–			–			654
Interest and dividends receivable				240,435		19,202		42,244			5,510			131,571
Receivable for capital shares issued				92,281		28,507		96,599			25,884			102,852
Receivable for investments sold				792,067		219,191		3,322,309			532,783			–
Reclaims receivable				24,038		–		–			–			8,815
Prepaid expenses and other assets				15,630		6,475		22,804			4,643			7,296
		Total Assets		64,606,755		35,536,959		57,771,511			20,211,518			30,752,912
Liabilities:
Foreign currencies payable to custodian, at value (Cost $57,590; $0; $0; $0 and $0)				57,759		–		–			–			–
Payable to custodian				1,100		–		2,125,900			184,335			–
Unrealized depreciation on spot foreign currency contracts				853		–		–			–			157
Payable for investments purchased				1,282,707		349,175		247,456			–			379,904
Payable for capital shares redeemed				134,544		74,429		151,280			41,361			50,187
Payable for return of collateral received for securities on loan				–		2,503,397		–			703,382			–
Accrued expenses and other payables:
	Investment advisory fees			45,424		27,323		75,037			17,599			11,429
	Fund administration and transfer agent fees			2,801		2,825		3,637			2,800			2,241
	Distribution fees			14,382		4,530		14,711			2,001			9,849
	Administrative servicing fees			2,127		2,935		2,873			534			1,918
	Compliance program fees			418		310		538			77			117
	Custodian fees			–		38		330			2,910			2,582
	Other			318		1,300		45			1,408			8
		Total Liabilities		1,542,433		2,966,262		2,621,807			956,407			458,392
Net Assets			$	63,064,322	$	32,570,697	$	55,149,704		$	19,255,111		$	30,294,520
Represented by:
Capital			$	54,457,031	$	28,778,112	$	45,233,793		$	19,465,390		$	24,617,949
Accumulated net investment income (loss)				205,428		17,137		(42,246	)		(85,302	)		157,744
Accumulated net realized gains (losses) on investment transactions				3,843,060		1,196,720		3,470,440			(1,422,796	)		1,322,392
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				4,558,803		2,578,728		6,487,717			1,297,819			4,196,435
Net Assets			$	63,064,322	$	32,570,697	$	55,149,704		$	19,255,111		$	30,294,520

See accompanying notes to financial statements.

2007 Semiannual Report 41

Statements of Assets and Liabilities (Continued)

										Nationwide
	Nationwide			Nationwide			Nationwide			Global Technology			Nationwide
	Global Financial			Global Health			Global Natural			and Communications			Global Utilities
	Services Fund			Sciences Fund			Resources Fund			Fund			Fund
Net Assets:
Class A Shares	$	29,594,251		$	10,601,929		$	21,565,957		$	2,932,041		$	12,046,064
Class B Shares		3,332,839			1,523,770			1,922,300			1,475,442			2,604,475
Class C Shares		7,044,719			1,419,387			10,380,904			268,080			6,539,637
Class R Shares		58,514			19,771			1,220,846			1,223			121,245
Institutional Service Class Shares		1,637,010			1,216,165			341,542			1,195			1,444,136
Institutional Class Shares		21,396,989			17,789,675			19,718,155			14,577,130			7,538,963
Total	$	63,064,322		$	32,570,697		$	55,149,704		$	19,255,111		$	30,294,520
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,810,170			885,499			1,028,841			629,525			846,511
Class B Shares		208,315			133,197			93,875			332,826			186,289
Class C Shares		440,539			124,031			506,560			60,053			467,860
Class R Shares		3,641			1,699			58,758			272			8,628
Institutional Service Class Shares		99,490			99,917			16,203			248			100,916
Institutional Class Shares		1,300,547			1,455,371			934,140			3,051,620			526,738
Total		3,862,702			2,699,714			2,638,377			4,074,544			2,136,942
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	16.35		$	11.97		$	20.96		$	4.66		$	14.23
Class B Shares (a)	$	16.00		$	11.44		$	20.48		$	4.43		$	13.98
Class C Shares (b)	$	15.99		$	11.44		$	20.49		$	4.46		$	13.98
Class R Shares	$	16.07		$	11.64		$	20.78		$	4.50		$	14.05
Institutional Service Class Shares	$	16.45		$	12.17		$	21.08		$	4.82		$	14.31
Institutional Class Shares	$	16.45		$	12.22		$	21.11		$	4.78		$	14.31
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	17.35		$	12.70		$	22.24		$	4.94		$	15.10
Maximum Sales Charge:
Class A		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%

(a)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(b)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
*	Includes value of securities on loan of $0, $2,409,814, $0, $679,049 and $0.

See accompanying notes to financial statements.

42 Semiannual Report 2007

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

		Nationwide Global			Nationwide Global			Nationwide Global			Nationwide Global
		Financial			Health			Natural			Technology and			Nationwide Global
		Services Fund			Sciences Fund			Resources Fund			Communications Fund			Utilities Fund
INVESTMENT INCOME:
Interest income		$	49,947		$	13,964		$	58,537		$	18,838		$	9,461
Dividend income			711,393			201,200			262,583			23,515			458,569
Income from securities lending			–			5,200			–			1,689			–
Foreign tax withholding			(27,776	)		–			(1,381	)		(603	)		(26,489	)
	Total Income		733,564			220,364			319,739			43,439			441,541
Expenses:
Investment advisory fees			234,417			120,312			192,581			77,719			91,122
Fund administration and transfer agent fees			35,277			16,257			35,288			9,035			19,043
Distribution fees Class A			31,816			12,718			25,121			4,339			12,187
Distribution fees Class B			15,469			7,183			9,389			6,926			11,211
Distribution fees Class C			31,497			11,174			50,731			929			31,369
Distribution fees Class R			84			15			1,487			2			32
Administrative servicing fees Class A			4,987			6,076			976			1,095			2,707
Administrative servicing fees Class R			67			8			629			2			12
Administrative servicing fees Institutional Service Class			–			55			22			–			–
Registration and filing fees			29,037			26,496			27,761			27,180			27,685
Trustee fees			750			428			681			253			341
Compliance program fees (Note 3)			325			237			281			111			135
Custodian fees			1,713			919			1,367			644			2,211
Other			7,635			2,815			14,464			1,846			3,395
	Total expenses before reimbursed/waived expenses		393,074			204,693			360,778			130,081			201,450
Earnings credit (Note 5)			(598	)		(179	)		(636	)		(79	)		(242	)
Expenses reimbursed			(1,644	)		(1,005	)		–			(1,094	)		(2,185	)
Expenses voluntarily waived by administrator			(551	)		(282	)		(470	)		(167	)		(263	)
Net expenses			390,281			203,227			359,672			128,741			198,760
Net Investment Income (Loss)			343,283			17,137			(39,933	)		(85,302	)		242,781
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			4,025,751			1,604,930			3,909,016			1,460,879			1,402,805
Net realized (losses) on foreign currency transactions			(72,038	)		(9,456	)		(796	)		(8,096	)		(16,588	)
Net realized gains (losses) on investments and foreign currency transactions			3,953,713			1,595,474			3,908,220			1,452,783			1,386,217
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			602,764			619,768			4,838,453			350,602			1,719,778
Net realized/unrealized gains (losses) from investments and foreign currency transactions			4,556,477			2,215,242			8,746,673			1,803,385			3,105,995
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	4,899,760		$	2,232,379		$	8,706,740		$	1,718,083		$	3,348,776

See accompanying notes to financial statements.

2007 Semiannual Report 43

Statements of Changes in Net Assets

		Nationwide Global Financial						Nationwide Global Health
		Services Fund						Sciences Fund
		Six Months Ended			Year Ended			Six Months Ended		Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007		October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	343,283		$	316,336		$	17,137	$	(72,502	)
Net realized gains on investment and foreign currency transactions			3,953,713			2,256,081			1,595,474		121,575
Net change in unrealized appreciation on investments and foreign currency transactions			602,764			3,133,275			619,768		1,643,867
Change in net assets from operations			4,899,760			5,705,692			2,232,379		1,692,940
Distributions to Shareholders:
From net investment income:
	Class A		(107,639	)		(144,399	)		–		–
	Class B		(4,182	)		(15,275	)		–		–
	Class C		(9,481	)		(24,579	)		–		–
	Class R		(69	)		(691	)		–		–
	Institutional Service Class		(8,809	)		(21,427	)		–		–
	Institutional Class		(102,940	)		(188,089	)		–		–
Net realized gains:
	Class A		(970,981	)		(265,328	)		–		(1,072,942	)
	Class B		(126,298	)		(70,727	)		–		(128,492	)
	Class C		(254,572	)		(88,208	)		–		(395,927	)
	Class R		(523	)		(58	)		–		(110	)
	Institutional Service Class		(63,926	)		(55,694	)		–		(543,411	)
	Institutional Class		(708,272	)		(338,332	)		–		(419,905	)
Change in net assets from shareholder distributions			(2,357,692	)		(1,212,807	)		–		(2,560,787	)
Change in net assets from capital transactions			8,922,247			32,304,010			857,598		4,410,596
Change in net assets			11,464,315			36,796,895			3,089,977		3,542,749
Net Assets:
Beginning of period			51,600,007			14,803,112			29,480,720		25,937,971
End of period		$	63,064,322		$	51,600,007		$	32,570,697	$	29,480,720
Accumulated net investment income at end of period		$	205,428		$	95,265		$	17,137	$	–

See accompanying notes to financial statements.

44 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Global Financial						Nationwide Global Health
		Services Fund						Sciences Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	10,551,313		$	19,353,566		$	1,244,606		$	5,045,255
	Dividends reinvested		832,308			274,027			–			927,566
	Cost of shares redeemed (a)		(4,640,679	)		(4,063,913	)		(2,014,014	)		(6,010,896	)
Total Class A			6,742,942			15,563,680			(769,408	)		(38,075	)
Class B Shares
	Proceeds from shares issued		335,640			1,561,919			21,379			203,629
	Dividends reinvested		111,646			72,910			–			114,523
	Cost of shares redeemed (a)		(238,394	)		(188,462	)		(55,095	)		(96,733	)
Total Class B			208,892			1,446,367			(33,716	)		221,419
Class C Shares
	Proceeds from shares issued		1,664,218			3,840,833			48,017			1,167,861
	Dividends reinvested		205,756			97,986			–			27,152
	Cost of shares redeemed (a)		(601,173	)		(529,264	)		(2,523,240	)		(1,091,844	)
Total Class C			1,268,801			3,409,555			(2,475,223	)		103,169
Class R Shares
	Proceeds from shares issued		53,826			103,947			18,510			200
	Dividends reinvested		69			76			–			110
	Cost of shares redeemed (a)		(79,188	)		(34,405	)		(1,024	)		(203	)
Total Class R			(25,293	)		69,618			17,486			107
Institutional Service Class Shares
	Proceeds from shares issued		588			985			14			669,318
	Dividends reinvested		72,734			77,121			–			543,285
	Cost of shares redeemed (a)		(271	)		(62	)		–			(5,734,101	)
Total Institutional Service Class			73,051			78,044			14			(4,521,498	)
Institutional Class Shares
	Proceeds from shares issued		7,565,925			13,852,448			5,207,515			9,525,219
	Dividends reinvested		811,211			526,420			–			419,905
	Cost of shares redeemed (a)		(7,723,282	)		(2,642,122	)		(1,089,070	)		(1,299,650	)
Total Institutional Class			653,854			11,736,746			4,118,445			8,645,474
Change in net assets from capital transactions:		$	8,922,247		$	32,304,010		$	857,598		$	4,410,596

See accompanying notes to financial statements.

2007 Semiannual Report 45

Statements of Changes in Net Assets (Continued)

		Nationwide Global Financial						Nationwide Global Health
		Services Fund						Sciences Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		662,519			1,302,537			109,857			457,413
	Reinvested		53,322			19,549			–			85,019
	Redeemed		(292,965	)		(273,791	)		(178,535	)		(545,423	)
Total Class A Shares			422,876			1,048,295			(68,678	)		(2,991	)
Class B Shares
	Issued		21,478			107,940			1,924			19,193
	Reinvested		7,307			5,357			–			10,897
	Redeemed		(15,228	)		(12,926	)		(5,195	)		(9,298	)
Total Class B Shares			13,557			100,371			(3,271	)		20,792
Class C Shares
	Issued		106,726			267,615			4,426			108,220
	Reinvested		13,466			7,186			–			2,581
	Redeemed		(38,666	)		(36,551	)		(234,750	)		(102,688	)
Total Class C Shares			81,526			238,250			(230,324	)		8,113
Class R Shares
	Issued		3,566			7,425			1,677			19
	Reinvested		5			6			–			10
	Redeemed		(5,037	)		(2,418	)		(88	)		(19	)
Total Class R Shares			(1,466	)		5,013			1,589			10
Institutional Service Class Shares
	Issued		–			–			–			57,910
	Reinvested		4,632			5,502			–			49,211
	Redeemed		–			–			–			(502,807	)
Total Institutional Service Class Shares			4,632			5,502			–			(395,686	)
Institutional Class Shares
	Issued		472,655			939,360			453,536			857,608
	Reinvested		51,659			37,385			–			37,898
	Redeemed		(477,182	)		(184,723	)		(95,876	)		(117,989	)
Total Institutional Class Shares			47,132			792,022			357,660			777,517
Change in shares:			568,257			2,189,453			56,976			407,755

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

46 Semiannual Report 2007

Statements of Changes in Net Assets

		Nationwide Global Natural						Nationwide Global Technology and
		Resources Fund						Communications Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss		$	(39,933	)	$	(88,635	)	$	(85,302	)	$	(102,308	)
Net realized gains on investment and foreign currency transactions			3,908,220			6,379,448			1,452,783			926,530
Net change in unrealized appreciation on investments and foreign currency transactions			4,838,453			418,435			350,602			710,356
Change in net assets from operations			8,706,740			6,709,248			1,718,083			1,534,578
Distributions to Shareholders:
From net investment income:
	Institutional Service Class		(61	)		–			–			–
	Institutional Class		(2,252	)		–			–			–
Net realized gains:
	Class A		(2,789,440	)		(1,291,050	)		(20,714	)		–
	Class B		(257,691	)		(72,459	)		(7,821	)		–
	Class C		(1,463,418	)		(565,748	)		(924	)		–
	Class R		(63,228	)		(3,863	)		(6	)		–
	Institutional Service Class		(69,369	)		(37,045	)		(6	)		–
	Institutional Class		(2,047,995	)		(740,565	)		(57,756	)		–
Change in net assets from shareholder distributions			(6,693,454	)		(2,710,730	)		(87,227	)		–
Change in net assets from capital transactions			4,131,336			20,234,067			4,726,845			1,363,166
Change in net assets			6,144,622			24,232,585			6,357,701			2,897,744
Net Assets:
Beginning of period			49,005,082			24,772,497			12,897,410			9,999,666
End of period		$	55,149,704		$	49,005,082		$	19,255,111		$	12,897,410
Accumulated net investment income (loss) at end of period		$	(42,246	)	$	–		$	(85,302	)	$	–

See accompanying notes to financial statements.

2007 Semiannual Report 47

Statements of Changes in Net Assets (Continued)

		Nationwide Global Natural						Nationwide Global Technology and
		Resources Fund						Communications Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	5,864,669		$	21,061,198		$	387,673		$	1,812,676
	Dividends reinvested		2,096,000			1,066,581			18,748			–
	Cost of shares redeemed (a)		(7,309,236	)		(14,468,286	)		(1,618,419	)		(1,470,394	)
Total Class A			651,433			7,659,493			(1,211,998	)		342,282
Class B Shares
	Proceeds from shares issued		135,456			1,477,914			42,103			242,701
	Dividends reinvested		177,524			61,453			6,297			–
	Cost of shares redeemed (a)		(308,412	)		(454,566	)		(20,677	)		(104,553	)
Total Class B			4,568			1,084,801			27,723			138,148
Class C Shares
	Proceeds from shares issued		1,656,234			9,745,181			188,293			43,282
	Dividends reinvested		796,958			401,955			166			—
	Cost of shares redeemed (a)		(2,581,748	)		(5,403,004	)		(16,469	)		(3,171	)
Total Class C			(128,556	)		4,744,132			171,990			40,111
Class R Shares
	Proceeds from shares issued		1,116,710			265,062			—			200
	Dividends reinvested		1,557			161			6			—
	Cost of shares redeemed (a)		(217,239	)		(45,348	)		—			(205	)
Total Class R			901,028			219,875			6			(5	)
Institutional Service Class Shares
	Proceeds from shares issued		27,367			1,308,187			4			1,124,330
	Dividends reinvested		69,430			29,104			6			–
	Cost of shares redeemed (a)		(295,752	)		(1,015,521	)		(3	)		(4,954,567	)
Total Institutional Service Class			(198,955	)		321,770			7			(3,830,237	)
Institutional Class Shares
	Proceeds from shares issued		3,107,039			6,959,970			6,884,087			6,011,705
	Dividends reinvested		2,050,247			740,565			57,754			–
	Cost of shares redeemed (a)		(2,255,468	)		(1,496,539	)		(1,202,724	)		(1,338,838	)
Total Institutional Class			2,901,818			6,203,996			5,739,117			4,672,867
Change in net assets from capital transactions:		$	4,131,336		$	20,234,067		$	4,726,845		$	1,363,166

See accompanying notes to financial statements.

48 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Global Natural						Nationwide Global Technology and
		Resources Fund						Communications Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		300,759			1,091,718			87,513			444,428
	Reinvested		111,371			59,686			4,310			–
	Redeemed		(384,063	)		(757,992	)		(364,209	)		(369,158	)
Total Class A Shares			28,067			393,412			(272,386	)		75,270
Class B Shares
	Issued		7,143			77,074			9,992			62,605
	Reinvested		9,632			3,476			1,518			–
	Redeemed		(16,145	)		(23,666	)		(4,866	)		(27,070	)
Total Class B Shares			630			56,884			6,644			35,535
Class C Shares
	Issued		84,872			508,362			44,418			11,061
	Reinvested		43,219			22,722			40			–
	Redeemed		(137,128	)		(292,474	)		(3,789	)		(815	)
Total Class C Shares			(9,037	)		238,610			40,669			10,246
Class R Shares
	Issued		57,954			13,410			–			53
	Reinvested		83			9			2			–
	Redeemed		(11,636	)		(2,343	)		–			(53	)
Total Class R Shares			46,401			11,076			2			–
Institutional Service Class Shares
	Issued		1,411			67,176			–			277,697
	Reinvested		3,672			1,626			1			–
	Redeemed		(15,213	)		(51,925	)		–			(1,207,049	)
Total Institutional Service Class Shares			(10,130	)		16,877			1			(929,352	)
Institutional Class Shares
	Issued		157,386			357,001			1,515,783			1,504,534
	Reinvested		108,307			41,303			12,978			–
	Redeemed		(102,183	)		(76,095	)		(265,474	)		(334,488	)
Total Institutional Class Shares			163,510			322,209			1,263,287			1,170,046
Change in shares:			219,441			1,039,068			1,038,217			361,745

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

2007 Semiannual Report 49

Statements of Changes in Net Assets

		Nationwide Global Utilities Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	242,781		$	266,393
Net realized gains on investment and foreign currency transactions			1,386,217			851,343
Net change in unrealized appreciation on investments and foreign currency transactions			1,719,778			2,210,358
Change in net assets from operations			3,348,776			3,328,094
Distributions to Shareholders:
From net investment income:
	Class A		(56,624	)		(50,061	)
	Class B		(9,276	)		(14,980	)
	Class C		(28,216	)		(38,896	)
	Class R		(7	)		(24	)
	Institutional Service Class		(8,888	)		(21,794	)
	Institutional Class		(38,008	)		(86,744	)
Net realized gains:
	Class A		(312,789	)		(372,015	)
	Class B		(72,673	)		(192,407	)
	Class C		(218,634	)		(379,746	)
	Class R		(64	)		(222	)
	Institutional Service Class		(45,127	)		(155,313	)
	Institutional Class		(192,971	)		(348,917	)
Change in net assets from shareholder distributions			(983,277	)		(1,661,119	)
Change in net assets from capital transactions			7,836,886			9,526,855
Change in net assets			10,202,385			11,193,830
Net Assets:
Beginning of period			20,092,135			8,898,305
End of period		$	30,294,520		$	20,092,135
Accumulated net investment income at end of period		$	157,744		$	55,982

See accompanying notes to financial statements.

50 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Global Utilities Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	7,312,691		$	2,892,002
	Dividends reinvested		256,429			370,070
	Cost of shares redeemed (a)		(1,559,078	)		(791,710	)
Total Class A			6,010,042			2,470,362
Class B Shares
	Proceeds from shares issued		690,260			462,630
	Dividends reinvested		72,626			178,513
	Cost of shares redeemed (a)		(233,790	)		(98,107	)
Total Class B			529,096			543,036
Class C Shares
	Proceeds from shares issued		2,132,031			3,334,663
	Dividends reinvested		133,677			193,426
	Cost of shares redeemed (a)		(1,738,370	)		(905,552	)
Total Class C			527,338			2,622,537
Class R Shares
	Proceeds from shares issued		119,582			200
	Dividends reinvested		71			246
	Cost of shares redeemed (a)		3			(202	)
Total Class R			119,656			244
Institutional Service Class Shares
	Proceeds from shares issued		310			1,183
	Dividends reinvested		54,016			177,107
	Cost of shares redeemed (a)		(15	)		–
Total Institutional Service Class			54,311			178,290
Institutional Class Shares
	Proceeds from shares issued		2,367,842			4,207,805
	Dividends reinvested		230,978			435,661
	Cost of shares redeemed (a)		(2,002,377	)		(931,080	)
Total Institutional Class			596,443			3,712,386
Change in net assets from capital transactions:		$	7,836,886		$	9,526,855

See accompanying notes to financial statements.

2007 Semiannual Report 51

Statements of Changes in Net Assets (Continued)

		Nationwide Global Utilities Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		542,807			239,607
	Reinvested		19,237			35,376
	Redeemed		(114,834	)		(68,861	)
Total Class A Shares			447,210			206,122
Class B Shares
	Issued		51,691			39,431
	Reinvested		5,531			17,358
	Redeemed		(17,595	)		(9,021	)
Total Class B Shares			39,627			47,768
Class C Shares
	Issued		159,037			293,094
	Reinvested		10,181			18,731
	Redeemed		(132,462	)		(81,067	)
Total Class C Shares			36,756			230,758
Class R Shares
	Issued		8,485			18
	Reinvested		5			24
	Redeemed		–			(18	)
Total Class R Shares			8,490			24
Institutional Service Class Shares
	Issued		–			88
	Reinvested		4,034			16,876
Total Institutional Service Class Shares			4,034			16,964
Institutional Class Shares
	Issued		173,348			365,865
	Reinvested		17,250			41,154
	Redeemed		(143,213	)		(81,140	)
Total Institutional Class Shares			47,385			325,879
Change in shares:			583,502			827,515

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

52 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Global Financial Services Fund

			Investment Activities									Distributions
						Net Realized
						and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Period Ended October 31, 2002 (f)	$	10.00		0.04			(1.12	)		(1.08	)		–
Year Ended October 31, 2003	$	8.92		0.07			2.83			2.90			(0.02	)
Year Ended October 31, 2004	$	11.80		0.12			1.77			1.89			(0.09	)
Year Ended October 31, 2005	$	12.49		0.11			1.72			1.83			(0.11	)
Year Ended October 31, 2006	$	13.41		0.16			2.92			3.08			(0.20	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.68		0.09			1.32			1.41			(0.07	)
Class B Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.02	)		(1.11	)		(1.13	)		–
Year Ended October 31, 2003	$	8.87		0.01			2.79			2.80			–
Year Ended October 31, 2004	$	11.67		0.02			1.75			1.77			(0.03	)
Year Ended October 31, 2005	$	12.30		0.04			1.68			1.72			(0.05	)
Year Ended October 31, 2006	$	13.17		0.05			2.87			2.92			(0.11	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.37		0.03			1.29			1.32			(0.02	)
Class C Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.02	)		(1.11	)		(1.13	)		–
Year Ended October 31, 2003	$	8.87		0.01			2.79			2.80			–
Year Ended October 31, 2004	$	11.67		0.02			1.75			1.77			(0.03	)
Year Ended October 31, 2005	$	12.30		0.03			1.68			1.71			(0.05	)
Year Ended October 31, 2006	$	13.16		0.06			2.86			2.92			(0.11	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.36		0.04			1.29			1.33			(0.03	)
Class R Shares
Period Ended October 31, 2004 (g)	$	11.47		0.04			0.86			0.90			(0.06	)
Year Ended October 31, 2005	$	12.31		0.12			1.67			1.79			(0.11	)
Year Ended October 31, 2006	$	13.19		0.14			2.86			3.00			(0.18	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.40		0.06			1.30			1.36			(0.02	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			Fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2002 (f)		–			–		$	–	$	8.92		(10.78%)	$	675		1.66%
Year Ended October 31, 2003		–			(0.02	)	$	–	$	11.80		32.59%	$	1,228		1.65%
Year Ended October 31, 2004		(1.11	)		(1.20	)	$	–	$	12.49		17.01%	$	2,457		1.65%
Year Ended October 31, 2005		(0.80	)		(0.91	)	$	–	$	13.41		14.91%	$	4,546		1.66%
Year Ended October 31, 2006		(0.62	)		(0.82	)	$	0.01	$	15.68		23.87%	$	21,752		1.52%
Six Months Ended April 30, 2007 (Unaudited)		(0.67	)		(0.74	)	$	–	$	16.35		9.25%	$	29,594		1.39%
Class B Shares
Period Ended October 31, 2002 (f)		–			–		$	–	$	8.87		(11.30%)	$	672		2.38%
Year Ended October 31, 2003		–			–		$	–	$	11.67		31.60%	$	906		2.40%
Year Ended October 31, 2004		(1.11	)		(1.14	)	$	–	$	12.30		16.15%	$	1,072		2.40%
Year Ended October 31, 2005		(0.80	)		(0.85	)	$	–	$	13.17		14.02%	$	1,243		2.40%
Year Ended October 31, 2006		(0.62	)		(0.73	)	$	0.01	$	15.37		22.98%	$	2,993		2.25%
Six Months Ended April 30, 2007 (Unaudited)		(0.67	)		(0.69	)	$	–	$	16.00		8.84%	$	3,333		2.10%
Class C Shares
Period Ended October 31, 2002 (f)		–			–		$	–	$	8.87		(11.30%)	$	665		2.38%
Year Ended October 31, 2003		–			–		$	–	$	11.67		31.60%	$	883		2.40%
Year Ended October 31, 2004		(1.11	)		(1.14	)	$	–	$	12.30		16.16%	$	1,088		2.40%
Year Ended October 31, 2005		(0.80	)		(0.85	)	$	–	$	13.16		13.94%	$	1,590		2.40%
Year Ended October 31, 2006		(0.62	)		(0.73	)	$	0.01	$	15.36		23.03%	$	5,514		2.24%
Six Months Ended April 30, 2007 (Unaudited)		(0.67	)		(0.70	)	$	–	$	15.99		8.86%	$	7,045		2.10%
Class R Shares
Period Ended October 31, 2004 (g)		–			(0.06	)	$	–	$	12.31		7.89%	$	1		1.98%
Year Ended October 31, 2005		(0.80	)		(0.91	)	$	–	$	13.19		14.82%	$	1		1.71%
Year Ended October 31, 2006		(0.62	)		(0.80	)	$	0.01	$	15.40		23.59%	$	79		1.78%
Six Months Ended April 30, 2007 (Unaudited)		(0.67	)		(0.69	)	$	–	$	16.07		9.08%	$	59		1.89%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Investment
	Ratio of Net		Ratio of Expenses		Income
	Investment		(Prior to		(Prior to
	Income (Loss)		Reimbursements)		Reimbursements)
	to Average		to Average Net		to Average		Portfolio
	Net Assets (c)		Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class A Shares
Period Ended October 31, 2002 (f)		0.47%		3.76%		(1.63%)		102.39%
Year Ended October 31, 2003		0.81%		2.78%		(0.33%)		256.82%
Year Ended October 31, 2004		1.06%		2.41%		0.31%		129.61%
Year Ended October 31, 2005		1.00%		2.00%		0.66%		213.88%
Year Ended October 31, 2006		1.01%		1.53%		1.01%		195.16%
Six Months Ended April 30, 2007 (Unaudited)		1.24%		1.39%		1.24%		77.82%
Class B Shares
Period Ended October 31, 2002 (f)		(0.25%)		4.51%		(2.38%)		102.39%
Year Ended October 31, 2003		0.08%		3.67%		(1.20%)		256.82%
Year Ended October 31, 2004		0.20%		3.14%		(0.54%)		129.61%
Year Ended October 31, 2005		0.28%		2.80%		(0.12%)		213.88%
Year Ended October 31, 2006		0.33%		2.25%		0.33%		195.16%
Six Months Ended April 30, 2007 (Unaudited)		0.49%		2.10%		0.49%		77.82%
Class C Shares
Period Ended October 31, 2002 (f)		(0.25%)		4.51%		(2.38%)		102.39%
Year Ended October 31, 2003		0.08%		3.68%		(1.20%)		256.82%
Year Ended October 31, 2004		0.20%		3.15%		(0.55%)		129.61%
Year Ended October 31, 2005		0.30%		2.77%		(0.08%)		213.88%
Year Ended October 31, 2006		0.37%		2.24%		0.36%		195.16%
Six Months Ended April 30, 2007 (Unaudited)		0.50%		2.10%		0.50%		77.82%
Class R Shares
Period Ended October 31, 2004 (g)		0.46%		2.74%		(0.30%)		129.61%
Year Ended October 31, 2005		0.96%		2.27%		0.41%		213.88%
Year Ended October 31, 2006		1.00%		1.78%		1.00%		195.16%
Six Months Ended April 30, 2007 (Unaudited)		1.02%		1.90%		1.02%		77.82%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 18, 2001 (commencement of operations) through October 31, 2002.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

2007 Semiannual Report 53

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

			Investment Activities								Distributions
					Net Realized
					and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains			Total from			Net
	Beginning		Income		(Losses) on			Investment			Investment
	of Period		(Loss)		Investments			Activities			Income
Institutional Service Class Shares
Period Ended October 31, 2002 (f)	$	10.00		0.06		(1.12	)		(1.06	)		–
Year Ended October 31, 2003	$	8.94		0.11		2.83			2.94			(0.03	)
Year Ended October 31, 2004	$	11.85		0.15		1.78			1.93			(0.12	)
Year Ended October 31, 2005	$	12.55		0.16		1.72			1.88			(0.15	)
Year Ended October 31, 2006	$	13.48		0.19		2.94			3.13			(0.23	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.77		0.11		1.33			1.44			(0.09	)
Institutional Class Shares
Period Ended October 31, 2004 (h)	$	12.22		0.02		0.34			0.36			(0.03	)
Year Ended October 31, 2005	$	12.55		0.12		1.76			1.88			(0.15	)
Year Ended October 31, 2006	$	13.48		0.19		2.94			3.13			(0.23	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.77		0.12		1.32			1.44			(0.09	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			Fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Institutional Service Class Shares
Period Ended October 31, 2002 (f)		–			–		$	–	$	8.94		(10.57%)	$	671		1.40%
Year Ended October 31, 2003		–			(0.03	)	$	–	$	11.85		32.95%	$	892		1.40%
Year Ended October 31, 2004		(1.11	)		(1.23	)	$	–	$	12.55		17.25%	$	1,046		1.40%
Year Ended October 31, 2005		(0.80	)		(0.95	)	$	–	$	13.48		15.20%	$	1,205		1.40%
Year Ended October 31, 2006		(0.62	)		(0.85	)	$	0.01	$	15.77		24.19%	$	1,496		1.27%
Six Months Ended April 30, 2007 (Unaudited)		(0.67	)		(0.76	)	$	–	$	16.45		9.41%	$	1,637		1.09%
Institutional Class Shares
Period Ended October 31, 2004 (h)		–			(0.03	)	$	–	$	12.55		2.96%	$	674		1.40%
Year Ended October 31, 2005		(0.80	)		(0.95	)	$	–	$	13.48		15.20%	$	6,219		1.40%
Year Ended October 31, 2006		(0.62	)		(0.85	)	$	0.01	$	15.77		24.19%	$	19,768		1.24%
Six Months Ended April 30, 2007 (Unaudited)		(0.67	)		(0.76	)	$	–	$	16.45		9.41%	$	21,397		1.10%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Investment
	Ratio of Net		Ratio of Expenses		Income
	Investment		(Prior to		(Prior to
	Income (Loss)		Reimbursements)		Reimbursements)
	to Average		to Average Net		to Average		Portfolio
	Net Assets (c)		Assets(c) (d)		Net Assets (c) (d)		Turnover (e)
Institutional Service Class Shares
Period Ended October 31, 2002 (f)		0.73%		3.51%		(1.38%)		102.39%
Year Ended October 31, 2003		1.08%		2.68%		(0.20%)		256.82%
Year Ended October 31, 2004		1.20%		2.14%		0.46%		129.61%
Year Ended October 31, 2005		1.27%		1.79%		0.88%		213.88%
Year Ended October 31, 2006		1.32%		1.27%		1.31%		195.16%
Six Months Ended April 30, 2007 (Unaudited)		1.48%		1.10%		1.48%		77.82%
Institutional Class Shares
Period Ended October 31, 2004 (h)		0.53%		2.30%		(0.37%)		129.61%
Year Ended October 31, 2005		1.22%		1.62%		1.00%		213.88%
Year Ended October 31, 2006		1.31%		1.25%		1.31%		195.16%
Six Months Ended April 30, 2007 (Unaudited)		1.52%		1.10%		1.52%		77.82%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 18, 2001 (commencement of operations) through October 31, 2002.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

54 Semiannual Report 2007

Nationwide Global Health Sciences Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	9.33		(0.06	)		(0.97	)		(1.03	)
Year Ended October 31, 2003	$	8.30		(0.05	)		1.99			1.94
Year Ended October 31, 2004	$	10.24		(0.06	)		0.70			0.64
Year Ended October 31, 2005	$	10.04		(0.06	)		1.71			1.65
Year Ended October 31, 2006	$	11.63		(0.03	)		0.65			0.62
Six Months Ended April 30, 2007 (Unaudited)	$	11.15		–			0.82			0.82
Class B Shares
Year Ended October 31, 2002	$	9.29		(0.15	)		(0.93	)		(1.08	)
Year Ended October 31, 2003	$	8.21		(0.13	)		1.98			1.85
Year Ended October 31, 2004	$	10.06		(0.13	)		0.69			0.56
Year Ended October 31, 2005	$	9.78		(0.13	)		1.67			1.54
Year Ended October 31, 2006	$	11.26		(0.09	)		0.61			0.52
Six Months Ended April 30, 2007 (Unaudited)	$	10.68		(0.03	)		0.79			0.76
Class C Shares
Period Ended October 31, 2002 (f)	$	7.92		(0.01	)		0.30			0.29
Year Ended October 31, 2003	$	8.21		(0.12	)		1.98			1.86
Year Ended October 31, 2004	$	10.07		(0.04	)		0.59			0.55
Year Ended October 31, 2005	$	9.78		(0.12	)		1.66			1.54
Year Ended October 31, 2006	$	11.26		(0.10	)		0.63			0.53
Six Months Ended April 30, 2007 (Unaudited)	$	10.69		(0.06	)		0.81			0.75

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			–		$	8.30		(11.04%	)	$	1,538		1.60%
Year Ended October 31, 2003		–			–		$	10.24		23.37%		$	4,087		1.57%
Year Ended October 31, 2004		(0.84	)		(0.84	)	$	10.04		6.26%		$	6,144		1.59%
Year Ended October 31, 2005		(0.06	)		(0.06	)	$	11.63		16.47%		$	11,131		1.64%
Year Ended October 31, 2006		(1.10	)		(1.10	)	$	11.15		5.52%		$	10,636		1.57%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	11.97		7.35%		$	10,602		1.48%
Class B Shares
Year Ended October 31, 2002		–			–		$	8.21		(11.63%	)	$	730		2.28%
Year Ended October 31, 2003		–			–		$	10.06		22.53%		$	899		2.25%
Year Ended October 31, 2004		(0.84	)		(0.84	)	$	9.78		5.52%		$	1,076		2.25%
Year Ended October 31, 2005		(0.06	)		(0.06	)	$	11.26		15.78%		$	1,302		2.29%
Year Ended October 31, 2006		(1.10	)		(1.10	)	$	10.68		4.75%		$	1,458		2.23%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	11.44		7.12%		$	1,524		2.11%
Class C Shares
Period Ended October 31, 2002 (f)		–			–		$	8.21		3.66%		$	58		2.25%
Year Ended October 31, 2003		–			–		$	10.07		22.66%		$	130		2.25%
Year Ended October 31, 2004		(0.84	)		(0.84	)	$	9.78		5.52%		$	2,092		2.25%
Year Ended October 31, 2005		(0.06	)		(0.06	)	$	11.26		15.66%		$	3,899		2.30%
Year Ended October 31, 2006		(1.10	)		(1.10	)	$	10.69		4.84%		$	3,788		2.23%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	11.44		7.02%		$	1,419		2.12%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		(0.99%	)		3.10%		(2.49%	)		893.80%
Year Ended October 31, 2003		(0.75%	)		2.29%		(1.47%	)		570.16%
Year Ended October 31, 2004		(0.67%	)		1.90%		(0.98%	)		388.52%
Year Ended October 31, 2005		(0.66%	)		1.72%		(0.74%	)		401.37%
Year Ended October 31, 2006		(0.24%	)		1.58%		(0.25%	)		268.38%
Six Months Ended April 30, 2007 (Unaudited)		0.01%			1.49%		0.01%			85.09%
Class B Shares
Year Ended October 31, 2002		(1.71%	)		4.00%		(3.43%	)		893.80%
Year Ended October 31, 2003		(1.41%	)		3.06%		(2.22%	)		570.16%
Year Ended October 31, 2004		(1.32%	)		2.56%		(1.63%	)		388.52%
Year Ended October 31, 2005		(1.27%	)		2.39%		(1.37%	)		401.37%
Year Ended October 31, 2006		(0.90%	)		2.24%		(0.90%	)		268.38%
Six Months Ended April 30, 2007 (Unaudited)		(0.62%	)		2.12%		(0.62%	)		85.09%
Class C Shares
Period Ended October 31, 2002 (f)		(1.69%	)		2.80%		(2.24%	)		893.80%
Year Ended October 31, 2003		(1.45%	)		2.96%		(2.16%	)		570.16%
Year Ended October 31, 2004		(1.44%	)		2.57%		(1.76%	)		388.52%
Year Ended October 31, 2005		(1.30%	)		2.37%		(1.37%	)		401.37%
Year Ended October 31, 2006		(0.90%	)		2.24%		(0.91%	)		268.38%
Six Months Ended April 30, 2007 (Unaudited)		(0.62%	)		2.12%		(0.62%	)		85.09%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 23, 2002 (commencement of operations) through October 31, 2002.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

2007 Semiannual Report 55

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class R Shares
Period Ended October 31, 2004 (g)	$	10.04		(0.09	)		(0.14	)		(0.23	)
Year Ended October 31, 2005	$	9.81		(0.06	)		1.68			1.62
Year Ended October 31, 2006	$	11.37		(0.03	)		0.63			0.60
Six Months Ended April 30, 2007 (Unaudited)	$	10.87		(0.01	)		0.78			0.77
Institutional Service Class Shares
Year Ended October 31, 2002	$	9.36		(0.04	)		(0.97	)		(1.01	)
Year Ended October 31, 2003	$	8.35		(0.04	)		2.01			1.97
Year Ended October 31, 2004	$	10.32		(0.06	)		0.71			0.65
Year Ended October 31, 2005	$	10.13		(0.05	)		1.74			1.69
Year Ended October 31, 2006	$	11.76		(0.04	)		0.69			0.65
Six Months Ended April 30, 2007 (Unaudited)	$	11.31		0.02			0.84			0.86
Institutional Class Shares
Period Ended October 31, 2004 (h)	$	10.92		(0.01	)		(0.77	)		(0.78	)
Year Ended October 31, 2005	$	10.14		(0.03	)		1.74			1.71
Year Ended October 31, 2006	$	11.79		0.01			0.66			0.67
Six Months Ended April 30, 2007 (Unaudited)	$	11.36		0.02			0.84			0.86

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class R Shares
Period Ended October 31, 2004 (g)		–			–		$	9.81		(2.29%	)	$	1		1.88%
Year Ended October 31, 2005		(0.06	)		(0.06	)	$	11.37		16.55%		$	1		1.60%
Year Ended October 31, 2006		(1.10	)		(1.10	)	$	10.87		5.46%		$	1		1.63%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	11.64		7.08%		$	20		1.83%
Institutional Service Class Shares
Year Ended October 31, 2002		–			–		$	8.35		(10.79%	)	$	1,403		1.27%
Year Ended October 31, 2003		–			–		$	10.32		23.59%		$	3,746		1.42%
Year Ended October 31, 2004		(0.84	)		(0.84	)	$	10.13		6.30%		$	4,979		1.46%
Year Ended October 31, 2005		(0.06	)		(0.06	)	$	11.76		16.72%		$	5,828		1.50%
Year Ended October 31, 2006		(1.10	)		(1.10	)	$	11.31		5.73%		$	1,130		1.39%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	12.17		7.60%		$	1,216		1.12%
Institutional Class Shares
Period Ended October 31, 2004 (h)		–			–		$	10.14		(7.14%	)	$	404		1.25%
Year Ended October 31, 2005		(0.06	)		(0.06	)	$	11.79		16.90%		$	3,776		1.29%
Year Ended October 31, 2006		(1.10	)		(1.10	)	$	11.36		5.90%		$	12,468		1.23%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	12.22		7.57%		$	17,790		1.11%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2004 (g)		(1.03%	)		2.22%		(1.37%	)		388.52%
Year Ended October 31, 2005		(0.59%	)		1.67%		(0.65%	)		401.37%
Year Ended October 31, 2006		(0.29%	)		1.64%		(0.30%	)		268.38%
Six Months Ended April 30, 2007 (Unaudited)		(0.45%	)		1.83%		(0.45%	)		85.09%
Institutional Service Class Shares
Year Ended October 31, 2002		(0.66%	)		2.85%		(2.24%	)		893.80%
Year Ended October 31, 2003		(0.61%	)		2.12%		(1.31%	)		570.16%
Year Ended October 31, 2004		(0.54%	)		1.76%		(0.84%	)		388.52%
Year Ended October 31, 2005		(0.47%	)		1.59%		(0.57%	)		401.37%
Year Ended October 31, 2006		(0.15%	)		1.40%		(0.16%	)		268.38%
Six Months Ended April 30, 2007 (Unaudited)		0.37%			1.13%		0.37%			85.09%
Institutional Class Shares
Period Ended October 31, 2004 (h)		(0.25%	)		1.54%		(0.54%	)		388.52%
Year Ended October 31, 2005		(0.35%	)		1.34%		(0.41%	)		401.37%
Year Ended October 31, 2006		0.10%			1.24%		0.10%			268.38%
Six Months Ended April 30, 2007 (Unaudited)		0.38%			1.12%		0.38%			85.09%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 23, 2002 (commencement of operations) through October 31, 2002.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

56 Semiannual Report 2007

Nationwide Global Natural Resources Fund

										Distributions
			Investment Activities
						Net Realized
	Net Asset		Net			and
	Value,		Investment			Unrealized		Total from		Net
	Beginning		Income			Gains on		Investment		Investment
	of Period		(Loss)			Investments		Activities		Income
Class A Shares
Period Ended October 31, 2004 (f)	$	10.00		–			1.25		1.25		(0.02	)
Year Ended October 31, 2005	$	11.23		–			7.14		7.14		(0.01	)
Year Ended October 31, 2006	$	17.97		(0.02	)		3.90		3.88		–
Six Months Ended April 30, 2007 (Unaudited)	$	20.31		(0.01	)		3.48		3.47		–
Class B Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.03	)		1.24		1.21		–
Year Ended October 31, 2005	$	11.21		(0.04	)		7.04		7.00		–
Year Ended October 31, 2006	$	17.82		(0.14	)		3.83		3.69		–
Six Months Ended April 30, 2007 (Unaudited)	$	19.97		(0.08	)		3.41		3.33		–
Class C Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.02	)		1.23		1.21		–
Year Ended October 31, 2005	$	11.21		(0.04	)		7.05		7.01		–
Year Ended October 31, 2006	$	17.83		(0.16	)		3.85		3.69		–
Six Months Ended April 30, 2007 (Unaudited)	$	19.98		(0.08	)		3.41		3.33		–
Class R Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.02	)		1.24		1.22		–
Year Ended October 31, 2005	$	11.22		–			7.08		7.08		–
Year Ended October 31, 2006	$	17.91		(0.04	)		3.86		3.82		–
Six Months Ended April 30, 2007 (Unaudited)	$	20.19		(0.03	)		3.44		3.41		–
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.02			1.23		1.25		(0.02	)
Year Ended October 31, 2005	$	11.23		0.01			7.15		7.16		(0.01	)
Year Ended October 31, 2006	$	17.99		0.03			3.91		3.94		–
Six Months Ended April 30, 2007 (Unaudited)	$	20.39		0.02			3.49		3.51		–	(g)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			Fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2004 (f)		–			(0.02	)	$	–	$	11.23		12.58%	$	107		1.58%
Year Ended October 31, 2005		(0.40	)		(0.41	)	$	0.01	$	17.97		65.51%	$	10,915		1.47%
Year Ended October 31, 2006		(1.56	)		(1.56	)	$	0.02	$	20.31		22.87%	$	20,324		1.38%
Six Months Ended April 30, 2007 (Unaudited)		(2.82	)		(2.82	)	$	–	$	20.96		18.68%	$	21,566		1.35%
Class B Shares
Period Ended October 31, 2004 (f)		–			–		$	–	$	11.21		12.10%	$	1		2.30%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.01	$	17.82		64.49%	$	648		2.20%
Year Ended October 31, 2006		(1.56	)		(1.56	)	$	0.02	$	19.97		21.94%	$	1,862		2.12%
Six Months Ended April 30, 2007 (Unaudited)		(2.82	)		(2.82	)	$	–	$	20.48		18.27%	$	1,922		2.08%
Class C Shares
Period Ended October 31, 2004 (f)		–			–		$	–	$	11.21		12.20%	$	6		2.30%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.01	$	17.83		64.42%	$	4,938		2.20%
Year Ended October 31, 2006		(1.56	)		(1.56	)	$	0.02	$	19.98		21.92%	$	10,302		2.12%
Six Months Ended April 30, 2007 (Unaudited)		(2.82	)		(2.82	)	$	–	$	20.49		18.26%	$	10,381		2.09%
Class R Shares
Period Ended October 31, 2004 (f)		–	(g)		–		$	–	$	11.22		12.22%	$	1		1.94%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.01	$	17.91		65.15%	$	23		1.73%
Year Ended October 31, 2006		(1.56	)		(1.56	)	$	0.02	$	20.19		22.59%	$	249		1.75%
Six Months Ended April 30, 2007 (Unaudited)		(2.82	)		(2.82	)	$	–	$	20.78		18.48%	$	1,221		1.74%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)		–			(0.02	)	$	–	$	11.23		12.50%	$	1		1.39%
Year Ended October 31, 2005		(0.40	)		(0.41	)	$	0.01	$	17.99		65.89%	$	170		1.22%
Year Ended October 31, 2006		(1.56	)		(1.56	)	$	0.02	$	20.39		23.20%	$	537		1.12%
Six Months Ended April 30, 2007 (Unaudited)		(2.82	)		(2.82	)	$	–	$	21.08		18.84%	$	342		1.10%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Investment
	Ratio of Net		Ratio of Expenses		Income
	Investment		(Prior to		(Prior to
	Income (Loss)		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (c)		Net Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class A Shares
Period Ended October 31, 2004 (f)		(1.05%)		4.11%		(3.59%)		48.29%
Year Ended October 31, 2005		(0.13%)		1.59%		(0.25%)		313.92%
Year Ended October 31, 2006		(0.07%)		1.38%		(0.07%)		228.18%
Six Months Ended April 30, 2007 (Unaudited)		(0.07%)		1.35%		(0.07%)		96.54%
Class B Shares
Period Ended October 31, 2004 (f)		(0.88%)		4.44%		(3.02%)		48.29%
Year Ended October 31, 2005		(0.83%)		2.54%		(1.18%)		313.92%
Year Ended October 31, 2006		(0.84%)		2.13%		(0.85%)		228.18%
Six Months Ended April 30, 2007 (Unaudited)		(0.80%)		2.09%		(0.80%)		96.54%
Class C Shares
Period Ended October 31, 2004 (f)		(1.29%)		4.77%		(3.76%)		48.29%
Year Ended October 31, 2005		(0.87%)		2.27%		(0.94%)		313.92%
Year Ended October 31, 2006		(0.81%)		2.12%		(0.82%)		228.18%
Six Months Ended April 30, 2007 (Unaudited)		(0.81%)		2.09%		(0.81%)		96.54%
Class R Shares
Period Ended October 31, 2004 (f)		(0.53%)		3.91%		(2.51%)		48.29%
Year Ended October 31, 2005		(0.14%)		1.94%		(0.36%)		313.92%
Year Ended October 31, 2006		(0.43%)		1.77%		(0.45%)		228.18%
Six Months Ended April 30, 2007 (Unaudited)		(0.55%)		1.74%		(0.55%)		96.54%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)		0.17%		3.56%		(2.00%)		48.29%
Year Ended October 31, 2005		0.03%		0.80%		0.45%		313.92%
Year Ended October 31, 2006		0.13%		1.13%		0.16%		228.18%
Six Months Ended April 30, 2007 (Unaudited)		0.19%		1.11%		0.19%		96.54%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	The amount is less than $0.005.

See accompanying notes to financial statements.

2007 Semiannual Report 57

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

									Distributions
			Investment Activities
					Net Realized
	Net Asset		Net		and
	Value,		Investment		Unrealized		Total from		Net
	Beginning		Income		Gains on		Investment		Investment
	of Period		(Loss)		Investments		Activities		Income
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01		1.25		1.26		(0.02	)
Year Ended October 31, 2005	$	11.24		0.03		7.15		7.18		(0.02	)
Year Ended October 31, 2006	$	18.01		0.03		3.91		3.94		–
Six Months Ended April 30, 2007 (Unaudited)	$	20.41		0.02		3.50		3.52		–	(g)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			Fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Institutional Class Shares
Period Ended October 31, 2004 (f)		–			(0.02	)	$	–	$	11.24		12.60%	$	3,377		1.30%
Year Ended October 31, 2005		(0.40	)		(0.42	)	$	0.01	$	18.01		66.02%	$	8,078		1.23%
Year Ended October 31, 2006		(1.56	)		(1.56	)	$	0.02	$	20.41		23.17%	$	15,731		1.11%
Six Months Ended April 30, 2007 (Unaudited)		(2.82	)		(2.82	)	$	–	$	21.11		18.87%	$	19,718		1.08%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Investment
	Ratio of Net		Ratio of Expenses		Income
	Investment		(Prior to		(Prior to
	Income (Loss)		Reimbursements)		Reimbursements)
	to Average		to Average Net		to Average		Portfolio
	Net Assets (c)		Assets (c) (d)		Net Assets		Turnover (e)
Institutional Class Shares
Period Ended October 31, 2004 (f)		0.27%		3.32%		(1.74%)		48.29%
Year Ended October 31, 2005		0.25%		1.95%		(0.48%)		313.92%
Year Ended October 31, 2006		0.16%		1.13%		0.13%		228.18%
Six Months Ended April 30, 2007 (Unaudited)		0.20%		1.08%		0.20%		96.54%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	The amount is less than $0.005.

See accompanying notes to financial statements.

58 Semiannual Report 2007

Nationwide Global Technology and Communications Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	4.02		(0.04	)		(1.35	)		(1.39	)
Year Ended October 31, 2003	$	2.63		(0.04	)		1.27			1.23
Year Ended October 31, 2004	$	3.86		(0.06	)		(0.28	)		(0.34	)
Year Ended October 31, 2005	$	3.52		(0.03	)		0.22			0.19
Year Ended October 31, 2006	$	3.71		(0.03	)		0.53			0.50
Six Months Ended April 30, 2007 (Unaudited)	$	4.21		(0.03	)		0.50			0.47
Class B Shares
Year Ended October 31, 2002	$	3.97		(0.07	)		(1.32	)		(1.39	)
Year Ended October 31, 2003	$	2.58		(0.06	)		1.25			1.19
Year Ended October 31, 2004	$	3.77		(0.08	)		(0.28	)		(0.36	)
Year Ended October 31, 2005	$	3.41		(0.05	)		0.21			0.16
Year Ended October 31, 2006	$	3.57		(0.06	)		0.51			0.45
Six Months Ended April 30, 2007 (Unaudited)	$	4.02		(0.04	)		0.47			0.43
Class C Shares
Year Ended October 31, 2002	$	3.99		(0.08	)		(1.31	)		(1.39	)
Year Ended October 31, 2003	$	2.60		(0.06	)		1.25			1.19
Year Ended October 31, 2004	$	3.79		(0.06	)		(0.30	)		(0.36	)
Year Ended October 31, 2005 (i)	$	3.43		(0.05	)		0.22			0.17
Year Ended October 31, 2006	$	3.60		(0.04	)		0.49			0.45
Six Months Ended April 30, 2007 (Unaudited)	$	4.05		(0.03	)		0.46			0.43

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			–		$	2.63		(34.58%	)(f)	$	1,514		1.69%
Year Ended October 31, 2003		–			–		$	3.86		46.77%		$	3,303		1.69%
Year Ended October 31, 2004		–			–		$	3.52		(8.81%	)	$	2,991		1.71%
Year Ended October 31, 2005		–			–		$	3.71		5.40%		$	3,071		1.72%
Year Ended October 31, 2006		–			–		$	4.21		13.48%		$	3,797		1.66%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	4.66		11.29%		$	2,932		1.71%
Class B Shares
Year Ended October 31, 2002		–			–		$	2.58		(35.01%	)(f)	$	780		2.38%
Year Ended October 31, 2003		–			–		$	3.77		46.12%		$	1,196		2.40%
Year Ended October 31, 2004		–			–		$	3.41		(9.55%	)	$	1,064		2.40%
Year Ended October 31, 2005		–			–		$	3.57		4.69%		$	1,038		2.41%
Year Ended October 31, 2006		–			–		$	4.02		12.61%		$	1,312		2.36%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	4.43		10.83%		$	1,475		2.39%
Class C Shares
Year Ended October 31, 2002		–			–		$	2.60		(34.84%	)(f)	$	17		2.38%
Year Ended October 31, 2003		–			–		$	3.79		45.77%		$	39		2.40%
Year Ended October 31, 2004		–			–		$	3.43		(9.50%	)	$	79		2.40%
Year Ended October 31, 2005 (i)		–			–		$	3.60		4.96%		$	33		2.41%
Year Ended October 31, 2006		–			–		$	4.05		12.50%		$	79		2.33%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	4.46		10.75%		$	268		2.38%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		(1.37%	)		2.56%		(2.24%	)		944.01%
Year Ended October 31, 2003		(1.38%	)		2.96%		(2.64%	)		1,136.72%
Year Ended October 31, 2004		(1.45%	)		2.02%		(1.76%	)		722.91%
Year Ended October 31, 2005		(0.87%	)		2.23%		(1.38%	)		654.64%
Year Ended October 31, 2006		(1.01%	)		2.03%		(1.38%	)		368.77%
Six Months Ended April 30, 2007 (Unaudited)		(1.18%	)		1.71%		(1.18%	)		115.05%
Class B Shares
Year Ended October 31, 2002		(2.02%	)		3.32%		(2.96%	)		944.01%
Year Ended October 31, 2003		(2.07%	)		3.73%		(3.40%	)		1,136.72%
Year Ended October 31, 2004		(2.14%	)		2.72%		(2.46%	)		722.91%
Year Ended October 31, 2005		(1.55%	)		2.93%		(2.07%	)		654.64%
Year Ended October 31, 2006		(1.72%	)		2.73%		(2.09%	)		368.77%
Six Months Ended April 30, 2007 (Unaudited)		(1.87%	)		2.39%		(1.87%	)		115.05%
Class C Shares
Year Ended October 31, 2002		(1.83%	)		3.40%		(2.85%	)		944.01%
Year Ended October 31, 2003		(2.10%	)		3.65%		(3.35%	)		1,136.72%
Year Ended October 31, 2004		(2.14%	)		2.73%		(2.47%	)		722.91%
Year Ended October 31, 2005 (i)		(1.51%	)		3.06%		(2.16%	)		654.64%
Year Ended October 31, 2006		(1.71%	)		2.73%		(2.11%	)		368.77%
Six Months Ended April 30, 2007 (Unaudited)		(1.86%	)		2.38%		(1.86%	)		115.05%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	The total returns shown include losses realized on the disposal of investments that were reimbursed by the adviser, which otherwise would have reduced total returns by 0.54%, 0.60%, 0.89%, and 0.38% for Class A, Class B, Class C and Institutional Service Class shares, respectively.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 59

Financial Highlights

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

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class R Shares
Period Ended October 31, 2004 (g)	$	3.70		(0.05	)		(0.23	)		(0.28	)
Year Ended October 31, 2005	$	3.42		(0.03	)		0.21			0.18
Year Ended October 31, 2006	$	3.60		(0.05	)		0.52			0.47
Six Months Ended April 30, 2007 (Unaudited)	$	4.07		(0.03	)		0.48			0.45
Institutional Service Class Shares
Year Ended October 31, 2002	$	4.06		(0.03	)		(1.37	)		(1.40	)
Year Ended October 31, 2003	$	2.66		(0.04	)		1.30			1.26
Year Ended October 31, 2004	$	3.92		(0.06	)		(0.29	)		(0.35	)
Year Ended October 31, 2005	$	3.57		(0.03	)		0.24			0.21
Year Ended October 31, 2006 (i)	$	3.78		(0.46	)		1.02			0.56
Six Months Ended April 30, 2007 (Unaudited)	$	4.34		(0.02	)		0.52			0.50
Institutional Class Shares
Period Ended October 31, 2004 (h)	$	3.81		(0.01	)		(0.22	)		(0.23	)
Year Ended October 31, 2005	$	3.58		(0.02	)		0.23			0.21
Year Ended October 31, 2006	$	3.79		(0.02	)		0.54			0.52
Six Months Ended April 30, 2007 (Unaudited)	$	4.31		(0.02	)		0.51			0.49

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class R Shares
Period Ended October 31, 2004 (g)		–			–		$	3.42		(7.57%	)	$	1		1.99%
Year Ended October 31, 2005		–			–		$	3.60		5.26%		$	1		1.83%
Year Ended October 31, 2006		–			–		$	4.07		13.06%		$	1		1.97%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	4.50		11.19%		$	1		2.01%
Institutional Service Class Shares
Year Ended October 31, 2002		–			–		$	2.66		(34.48%	)(f)	$	843		1.41%
Year Ended October 31, 2003		–			–		$	3.92		47.37%		$	5,006		1.58%
Year Ended October 31, 2004		–			–		$	3.57		(8.93%	)	$	4,358		1.62%
Year Ended October 31, 2005		–			–		$	3.78		5.88%		$	3,513		1.62%
Year Ended October 31, 2006 (i)		–			–		$	4.34		14.81%		$	1		1.58%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	4.82		11.65%		$	1		1.30%
Institutional Class Shares
Period Ended October 31, 2004 (h)		–			–		$	3.58		(6.04%	)	$	231		1.40%
Year Ended October 31, 2005		–			–		$	3.79		5.87%		$	2,344		1.40%
Year Ended October 31, 2006		–			–		$	4.31		13.72%		$	7,708		1.33%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	4.78		11.50%		$	14,577		1.37%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2004 (g)		(1.75%	)		2.28%		(2.04%	)		722.91%
Year Ended October 31, 2005		(1.01%	)		2.33%		(1.51%	)		654.64%
Year Ended October 31, 2006		(1.34%	)		2.39%		(1.75%	)		368.77%
Six Months Ended April 30, 2007 (Unaudited)		(1.55%	)		2.01%		(1.55%	)		115.05%
Institutional Service Class Shares
Year Ended October 31, 2002		(1.37%	)		2.08%		(2.04%	)		944.01%
Year Ended October 31, 2003		(1.29%	)		2.65%		(2.36%	)		1,136.72%
Year Ended October 31, 2004		(1.36%	)		1.92%		(1.67%	)		722.91%
Year Ended October 31, 2005		(0.74%	)		2.17%		(1.30%	)		654.64%
Year Ended October 31, 2006 (i)		(0.83%	)		1.81%		(1.06%	)		368.77%
Six Months Ended April 30, 2007 (Unaudited)		(0.79%	)		1.30%		(0.79%	)		115.05%
Institutional Class Shares
Period Ended October 31, 2004 (h)		(1.05%	)		1.92%		(1.57%	)		722.91%
Year Ended October 31, 2005		(0.77%	)		1.68%		(1.05%	)		654.64%
Year Ended October 31, 2006		(0.73%	)		1.74%		(1.14%	)		368.77%
Six Months Ended April 30, 2007 (Unaudited)		(0.88%	)		1.39%		(0.90%	)		115.05%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	The total returns shown include losses realized on the disposal of investments that were reimbursed by the adviser, which otherwise would have reduced total returns by 0.54%, 0.60%, 0.89%, and 0.38% for Class A, Class B, Class C and Institutional Service Class shares, respectively.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

60 Semiannual Report 2007

Nationwide Global Utilities Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized
	Value,		Net		Gains			Total from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class A Shares
Period Ended October 31, 2002 (f)	$	10.00		0.11		(2.85	)		(2.74	)		(0.06	)
Year Ended October 31, 2003	$	7.20		0.07		1.06			1.13			(0.05	)
Year Ended October 31, 2004	$	8.28		0.09		2.54			2.63			(0.04	)
Year Ended October 31, 2005	$	10.87		0.19		1.69			1.88			(0.22	)
Year Ended October 31, 2006	$	12.30		0.24		2.59			2.83			(0.20	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.99		0.11		1.68			1.79			(0.08	)
Class B Shares
Period Ended October 31, 2002 (f)	$	10.00		0.05		(2.84	)		(2.79	)		(0.03	)
Year Ended October 31, 2003	$	7.18		0.02		1.05			1.07			(0.03	)
Year Ended October 31, 2004	$	8.22		0.04		2.50			2.54			(0.01	)
Year Ended October 31, 2005	$	10.75		0.09		1.68			1.77			(0.14	)
Year Ended October 31, 2006	$	12.15		0.16		2.54			2.70			(0.12	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.79		0.08		1.64			1.72			(0.06	)
Class C Shares
Period Ended October 31, 2002 (f)	$	10.00		0.05		(2.84	)		(2.79	)		(0.03	)
Year Ended October 31, 2003	$	7.18		0.02		1.05			1.07			(0.03	)
Year Ended October 31, 2004	$	8.22		0.03		2.51			2.54			(0.02	)
Year Ended October 31, 2005 (i)	$	10.74		0.15		1.62			1.77			(0.13	)
Year Ended October 31, 2006	$	12.15		0.13		2.58			2.71			(0.13	)
Six Months Ended April 30, 2007 (Unaudited) (i)	$	12.79		0.08		1.64			1.72			(0.06	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Ratios/Supplemental Data
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2002 (f)		–			(0.06	)	$	–	$	7.20		(27.46%)	$	547		1.46%
Year Ended October 31, 2003		–			(0.05	)	$	–	$	8.28		15.80%	$	734		1.45%
Year Ended October 31, 2004		–			(0.04	)	$	–	$	10.87		31.81%	$	1,190		1.45%
Year Ended October 31, 2005		(0.25	)		(0.47	)	$	0.02	$	12.30		17.73%	$	2,377		1.47%
Year Ended October 31, 2006		(1.94	)		(2.14	)	$	–	$	12.99		27.56%	$	5,185		1.45%
Six Months Ended April 30, 2007 (Unaudited)		(0.47	)		(0.55	)	$	–	$	14.23		14.07%	$	12,046		1.38%
Class B Shares
Period Ended October 31, 2002 (f)		–			(0.03	)	$	–	$	7.18		(27.93%)	$	544		2.18%
Year Ended October 31, 2003		–			(0.03	)	$	–	$	8.22		14.92%	$	625		2.20%
Year Ended October 31, 2004		–			(0.01	)	$	–	$	10.75		30.86%	$	885		2.20%
Year Ended October 31, 2005		(0.25	)		(0.39	)	$	0.02	$	12.15		16.93%	$	1,202		2.20%
Year Ended October 31, 2006		(1.94	)		(2.06	)	$	–	$	12.79		26.57%	$	1,875		2.18%
Six Months Ended April 30, 2007 (Unaudited)		(0.47	)		(0.53	)	$	–	$	13.98		13.68%	$	2,604		2.08%
Class C Shares
Period Ended October 31, 2002 (f)		–			(0.03	)	$	–	$	7.18		(27.93%)	$	541		2.18%
Year Ended October 31, 2003		–			(0.03	)	$	–	$	8.22		14.92%	$	623		2.20%
Year Ended October 31, 2004		–			(0.02	)	$	–	$	10.74		30.90%	$	3,556		2.20%
Year Ended October 31, 2005 (i)		(0.25	)		(0.38	)	$	0.02	$	12.15		16.88%	$	2,435		2.20%
Year Ended October 31, 2006		(1.94	)		(2.07	)	$	–	$	12.79		26.60%	$	5,512		2.17%
Six Months Ended April 30, 2007 (Unaudited) (i)		(0.47	)		(0.53	)	$	–	$	13.98		13.68%	$	6,540		2.08%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Investment
	Ratio of Net		Ratio of Expenses		Income
	Investment		(Prior to		(Prior to
	Income to		Reimbursements)		Reimbursements)
	Average Net		to Average		to Average		Portfolio
	Assets (c)		Net Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class A Shares
Period Ended October 31, 2002 (f)		1.46%		3.96%		(1.04%)		146.88%
Year Ended October 31, 2003		0.96%		3.06%		(0.65%)		112.34%
Year Ended October 31, 2004		1.14%		2.70%		(0.10%)		391.22%
Year Ended October 31, 2005		1.70%		2.02%		1.15%		295.27%
Year Ended October 31, 2006		2.32%		1.80%		1.97%		83.30%
Six Months Ended April 30, 2007 (Unaudited)		2.00%		1.40%		1.97%		39.04%
Class B Shares
Period Ended October 31, 2002 (f)		0.75%		4.71%		(1.78%)		146.88%
Year Ended October 31, 2003		0.25%		3.89%		(1.44%)		112.34%
Year Ended October 31, 2004		0.41%		3.46%		(0.84%)		391.22%
Year Ended October 31, 2005		0.96%		2.76%		0.40%		295.27%
Year Ended October 31, 2006		1.62%		2.54%		1.27%		83.30%
Six Months Ended April 30, 2007 (Unaudited)		1.28%		2.10%		1.26%		39.04%
Class C Shares
Period Ended October 31, 2002 (f)		0.75%		4.71%		(1.78%)		146.88%
Year Ended October 31, 2003		0.25%		3.89%		(1.44%)		112.34%
Year Ended October 31, 2004		0.43%		3.33%		(0.70%)		391.22%
Year Ended October 31, 2005 (i)		1.25%		2.81%		0.63%		295.27%
Year Ended October 31, 2006		1.30%		2.49%		0.98%		83.30%
Six Months Ended April 30, 2007 (Unaudited) (i)		1.20%		2.10%		1.18%		39.04%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 18, 2001 (commencement of operations) through October 31, 2002.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 61

Financial Highlights

(Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated)

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized
	Value,		Net		Gains			Total from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class R Shares
Period Ended October 31, 2004 (g)	$	9.14		0.08		1.58			1.66
Year Ended October 31, 2005	$	10.78		0.20		1.66			1.86
Year Ended October 31, 2006	$	12.20		0.24		2.51			2.75
Six Months Ended April 30, 2007 (Unaudited)	$	12.83		0.07		1.67			1.74
Institutional Service Class Shares
Period Ended October 31, 2002 (f)	$	10.00		0.13		(2.85	)		(2.72	)
Year Ended October 31, 2003	$	7.21		0.09		1.06			1.15
Year Ended October 31, 2004	$	8.30		0.13		2.53			2.66
Year Ended October 31, 2005	$	10.91		0.23		1.69			1.92
Year Ended October 31, 2006	$	12.35		0.30		2.57			2.87
Six Months Ended April 30, 2007 (Unaudited)	$	13.05		0.15		1.67			1.82
Institutional Class Shares
Period Ended October 31, 2004 (h)	$	9.75		0.03		1.15			1.18
Year Ended October 31, 2005	$	10.91		0.17		1.75			1.92
Year Ended October 31, 2006	$	12.35		0.27		2.60			2.87
Six Months Ended April 30, 2007 (Unaudited)	$	13.05		0.16		1.66			1.82

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net								Net Asset
	Investment			Realized			Total			Redemption		Value, End		Total
	Income			Gains			Distributions			fees		of Period		Return (a) (b)
Class R Shares
Period Ended October 31, 2004 (g)		(0.02	)		–			(0.02	)	$	–	$	10.78		18.23%
Year Ended October 31, 2005		(0.21	)		(0.25	)		(0.46	)	$	0.02	$	12.20		17.61%
Year Ended October 31, 2006		(0.18	)		(1.94	)		(2.12	)	$	–	$	12.83		27.11%
Six Months Ended April 30, 2007 (Unaudited)		(0.05	)		(0.47	)		(0.52	)	$	–	$	14.05		13.81%
Institutional Service Class Shares
Period Ended October 31, 2002 (f)		(0.07	)		–			(0.07	)	$	–	$	7.21		(27.27%)
Year Ended October 31, 2003		(0.06	)		–			(0.06	)	$	–	$	8.30		16.10%
Year Ended October 31, 2004		(0.05	)		–			(0.05	)	$	–	$	10.91		32.13%
Year Ended October 31, 2005		(0.25	)		(0.25	)		(0.50	)	$	0.02	$	12.35		18.05%
Year Ended October 31, 2006		(0.23	)		(1.94	)		(2.17	)	$	–	$	13.05		27.88%
Six Months Ended April 30, 2007 (Unaudited)		(0.09	)		(0.47	)		(0.56	)	$	–	$	14.31		14.22%
Institutional Class Shares
Period Ended October 31, 2004 (h)		(0.02	)		–			(0.02	)	$	–	$	10.91		12.15%
Year Ended October 31, 2005		(0.25	)		(0.25	)		(0.50	)	$	0.02	$	12.35		18.05%
Year Ended October 31, 2006		(0.23	)		(1.94	)		(2.17	)	$	–	$	13.05		27.88%
Six Months Ended April 30, 2007 (Unaudited)		(0.09	)		(0.47	)		(0.56	)	$	–	$	14.31		14.22%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
									Ratio of Investment
					Ratio of Net		Ratio of Expenses		Income
	Net Assets		Ratio of		Investment		(Prior to		(Prior to
	at End of		Expenses to		Income to		Reimbursements)		Reimbursements)
	Period		Average Net		Average Net		to Average Net		to Average		Portfolio
	(000’s)		Assets (c)		Assets (c)		Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class R Shares
Period Ended October 31, 2004 (g)	$	1		1.78%		0.99%		3.14%		(0.35%)		391.22%
Year Ended October 31, 2005	$	1		1.51%		1.64%		2.31%		0.84%		295.27%
Year Ended October 31, 2006	$	2		1.78%		2.08%		2.18%		1.68%		83.30%
Six Months Ended April 30, 2007 (Unaudited)	$	121		1.56%		7.58%		1.65%		7.49%		39.04%
Institutional Service Class Shares
Period Ended October 31, 2002 (f)	$	545		1.20%		1.72%		3.71%		(0.79%)		146.88%
Year Ended October 31, 2003	$	633		1.20%		1.25%		2.89%		(0.44%)		112.34%
Year Ended October 31, 2004	$	837		1.20%		1.41%		2.46%		0.15%		391.22%
Year Ended October 31, 2005	$	987		1.20%		1.97%		1.78%		1.39%		295.27%
Year Ended October 31, 2006	$	1,264		1.20%		2.68%		1.55%		2.33%		83.30%
Six Months Ended April 30, 2007 (Unaudited)	$	1,444		1.08%		2.27%		1.10%		2.25%		39.04%
Institutional Class Shares
Period Ended October 31, 2004 (h)	$	250		1.20%		1.02%		2.19%		0.03%		391.22%
Year Ended October 31, 2005	$	1,896		1.20%		1.85%		1.67%		1.38%		295.27%
Year Ended October 31, 2006	$	6,254		1.20%		2.81%		1.50%		2.49%		83.30%
Six Months Ended April 30, 2007 (Unaudited)	$	7,539		1.08%		2.37%		1.10%		2.35%		39.04%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 18, 2001 (commencement of operations) through October 31, 2002.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

62 Semiannual Report 2007

Nationwide Mid Cap Growth Leaders Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Mid Cap Growth Leaders Fund (Class A at NAV) returned 14.23%, versus 11.77% for the Fund’s benchmark, the Russell Midcap Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mid-Cap Growth Funds (consisting of 652 funds as of April 30, 2007) was 11.45%.

Can you describe the market environment during the reporting period?

Mid-cap stocks were standout performers during the six-month review period, handily outdistancing both large-caps and small-caps in a period where most broadly based stock indexes posted solid gains. Growth stocks modestly trailed value shares in the mid-cap space. Stocks maintained a fairly consistent upward bias, excluding a sharp decline at the end of February. On the second-to-last day of that month, a sudden plunge in the Chinese stock market spread to other global markets, producing one-day losses exceeding 3% in most widely followed U.S. indexes. The markets, however, regained their footing with little delay and resumed their upward march, enabling the benchmark to end the period near its all-time high. By far, the strongest absolute performance in the benchmark came from the materials sector. Significantly, none of the benchmark’s 10 sectors recorded a loss during the period.

What areas of investment provided the most positive returns for the Fund?

The Fund received a strong boost from stock selection in the information technology and industrials sectors. In technology, a lot of the value added came from MEMC Electronic Materials Inc., a producer of polysilicon, a material used in semiconductors and also in solar panels. Healthy growth in semiconductor usage and especially in the demand for solar panels helped the MEMC stock, and we sold it during the period under review. In industrials, the Fund’s large stake in companies supplying components for the commercial aircraft industry proved beneficial. For example, Precision Castparts Corp., one of the Fund’s largest holdings, soared to a gain of more than 50% as a result of strong demand from aircraft manufacturers for metal castings. Likewise, performance was aided by our position in Allegheny Technologies Inc., a producer of high-grade titanium. Increasing substitution of titanium for aluminum in commercial aircraft production drove the stock’s gains. Fund holding Avionics supplier Rockwell Collins Inc. helped as well.

What areas detracted from Fund performance?

Sectors that detracted from the Fund’s performance included financials and consumer discretionary. Several specialty retailers were particularly disappointing: Best Buy Co. Inc., Staples Inc., and Circuit City Stores Inc. Weakening consumer spending due to the subprime mortgage meltdown, reluctance on the part of personal computer buyers to purchase PCs until more was known about Vista, Microsoft’s recently upgraded version of its Windows operating system, and unfavorable weather hurt all three stocks. Elsewhere, hard-disk-drive maker Western Digital Corp. suffered from fears that competing technology would take market share from its products.

What is your outlook for the near term?

With both interest rates and inflation stable and at low levels by historical standards, we believe the stock market continues to enjoy a favorable backdrop. Although a slumping housing market likely will be a drag on the economic growth for while longer, the rest of the economy appears to be holding up well for the most part. In particular, the labor market appears healthy, which should support consumer spending, and we’ve seen some stabilization in manufacturing.

Portfolio Manager:

Joseph O’Connor

2007 Semiannual Report 63

Nationwide Mid Cap Growth Leaders Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		10 Yr.1		Ratio**		Ratio**
Class A	w/o SC2		14.23%		11.72%		9.00%		4.30%		1.52%		1.48%
	w/SC3		7.67%		5.31%		7.72%		3.69%
Class B	w/o SC2		13.80%		11.01%		8.27%		3.44%		2.24%		2.20%
	w/SC4		8.80%		6.01%		7.98%		3.44%
Class C	w/o SC2		13.79%		10.92%		8.26%		3.83%		2.24%		2.20%
	w/SC5		12.79%		9.92%		8.26%		3.83%
Class D	w/o SC2		14.39%		12.14%		9.35%		4.58%		1.24%		1.20%
	w/SC6		9.24%		7.13%		8.36%		4.10%
Class R7			13.72%		11.18%		8.95%		4.39%		1.94%		1.90%
Institutional Class 7,8			14.41%		12.09%		9.33%		4.57%		1.24%		1.20%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	These returns through May 11, 1998 include the performance of the Fund’s predecessor fund, and, for periods from May 11, 1998 to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class A and Class B shares (5/11/98), Class C shares (3/1/01), and Class R shares (12/30/03). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class B, Class C, and Class R shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class A, Class B, Class C and Class R shares would have been lower.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	A 4.50% front-end sales charge was deducted.
7	Not subject to any sales charges.
8	These returns until the creation of Institutional Class shares (9/28/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class D shares of the Nationwide Mid Cap Growth Leaders, the Russell Mid Cap Growth Index (Russell Mid Cap Growth)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/07. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell Midcap Growth — an unmanaged index of the stock of medium-size U.S. companies with a capitalization range of $1.3 billion to $25.6 billion as of April 30, 2007, gives a broad look at how the stock price of medium-size U.S. companies have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

64 Semiannual Report 2007

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide Mid Cap Growth			Account Value,		Account Value,		Expenses Paid		Annualized
Leaders			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,142.30	$	7.97		1.50%
	Hypothetical	1	$	1,000.00	$	1,017.56	$	7.53		1.50%
Class B	Actual		$	1,000.00	$	1,138.00	$	11.66		2.20%
	Hypothetical	1	$	1,000.00	$	1,014.09	$	11.05		2.20%
Class C	Actual		$	1,000.00	$	1,137.90	$	11.66		2.20%
	Hypothetical	1	$	1,000.00	$	1,014.09	$	11.05		2.20%
Class D	Actual		$	1,000.00	$	1,143.90	$	6.38		1.20%
	Hypothetical	1	$	1,000.00	$	1,019.05	$	6.03		1.20%
Class R	Actual		$	1,000.00	$	1,137.20	$	12.08		2.28%
	Hypothetical	1	$	1,000.00	$	1,013.69	$	11.45		2.28%
Institutional Class	Actual		$	1,000.00	$	1,144.10	$	6.38		1.20%
	Hypothetical	1	$	1,000.00	$	1,019.05	$	6.03		1.20%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 65

Nationwide Mid Cap Growth Leaders Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	93.8%
Commercial Paper	6.8%
Other investments*	8.7%
Liabilities in excess of other assets**	-9.3%
	100.0%

Top Holdings
Countrywide Home Loans, 5.34%, 05/01/07	6.8%
Precision Castparts Corp.	4.5%
Gilead Sciences, Inc.	4.4%
Allegheny Technologies, Inc.	4.4%
T. Rowe Price Group, Inc.	4.4%
Thermo Fisher Scientific, Inc.	3.9%
Best Buy Co., Inc.	3.8%
State Street Corp.	3.6%
Genzyme Corp.	3.5%
J.C. Penney Co., Inc.	3.4%
Other	57.3%
	100.0%

Top Industries
Diversified Financial Services	10.4%
Communications Equipment	9.7%
Biotechnology	7.9%
Hotels, Restaurants & Leisure	7.0%
Aerospace & Defense	7.0%
Specialty Retail	6.4%
Insurance	5.9%
IT Services	5.6%
Metals & Mining	4.4%
Capital Markets	4.4%
Other	31.3%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.

66 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Mid Cap Growth Leaders Fund

Common Stocks (93.8%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (7.0%)
Precision Castparts Corp.		16,780	$	1,746,966
Rockwell Collins, Inc.		14,975		983,408
				2,730,374
Biotechnology (7.9%)
Genzyme Corp.*		20,675		1,350,284
Gilead Sciences, Inc.*		21,290		1,739,819
				3,090,103
Capital Markets (4.4%)
T. Rowe Price Group, Inc.		34,490		1,713,463
Chemicals (3.0%)
Praxair, Inc.		18,100		1,168,355
				1,168,355
Communications Equipment (9.7%)
ADC Telecommunications, Inc.*		33,230		611,432
Comverse Technology, Inc.*		44,105		1,000,301
Foundry Networks, Inc.*		41,100		621,432
NeuStar, Inc.* (a)		32,260		927,798
Sonus Networks, Inc.* (a)		86,385		667,756
				3,828,719
Diversified Financial Services (3.6%)
State Street Corp.		20,530		1,413,901
Electrical Equipment (2.6%)
Ametek, Inc.		28,722		1,042,034
Electronic Equipment & Instruments (1.6%)
Arrow Electronics, Inc.*		15,510		612,955
Energy Equipment & Services (4.1%)
Grant Prideco, Inc.*		18,740		965,859
Weatherford International Ltd. — BM*		12,040		631,980
				1,597,839
Food Products (1.5%)
McCormick & Co.		15,525		576,288
Health Care Providers & Services (1.4%)
Community Health Systems, Inc.*		15,125		556,600
Hotels, Restaurants & Leisure (7.0%)
Hilton Hotels Corp.		22,125		752,250
Penn National Casinos & Gambling, Inc.* (a)		10,900		526,906
Royal Caribbean Cruises Ltd.		18,725		778,398
Starwood Hotels & Resorts Worldwide, Inc.		10,050		673,551
				2,731,105
Insurance (5.9%)
Assurant, Inc.		21,450		1,234,018
HCC Insurance Holdings, Inc. (a)		34,930		1,070,954
				2,304,972
IT Services (5.6%)
Alliance Data Systems Corp.*		15,840		1,008,375
Cognizant Technology Solutions Corp.*		13,550		1,211,370
				2,219,745
Life Sciences Tools & Services (3.9%)
Thermo Fisher Scientific, Inc.*		29,730		1,547,744
Metals & Mining (4.4%)
Allegheny Technologies, Inc.		15,725		1,723,146
Multiline Retail (3.4%)
J.C. Penney Co., Inc.		17,065		1,349,671
Oil, Gas & Consumable Fuels (3.6%)
Peabody Energy Corp.		13,550		650,129
Williams Cos., Inc. (The)		25,645		756,528
				1,406,657
Semiconductors & Semiconductor Equipment (3.7%)
Analog Devices, Inc.		9,920		383,110
On Semiconductor Corp.* (a)		64,930		695,400
Qimonda AG ADR — DE*		26,725		392,858
				1,471,368
Software (3.1%)
Adobe Systems, Inc.*		15,095		627,348
Informatica Corp.* (a)		39,315		578,717
				1,206,065

2007 Semiannual Report 67

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Mid Cap Growth Leaders Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Specialty Retail (6.4%)
Best Buy Co., Inc.		31,920	$	1,489,068
Staples, Inc.		41,030		1,017,544
				2,506,612
Total Common Stocks (Cost $31,482,678)				36,797,716
Commercial Paper (6.8%)
Diversified Financial Services (6.8%)
Countrywide Home Loans, 5.34%, 05/01/07	$	2,671,000		2,670,604
Securities Held as Collateral for Securities on Loan (8.7%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $3,396,431, collateralized by U.S. Government Agency Mortgages with a market value of $3,463,847		3,395,929		3,395,929
Total Investments (Cost $37,549,607)(b) — 109.3%				42,864,249
Liabilities in excess of other assets — (9.3)%				(3,631,644	)
NET ASSETS — 100.0%			$	39,232,605

* Denotes a non-income producing security.

(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
DE	Germany

See accompanying notes to financial statements.

68 Semiannual Report 2007

Nationwide Leaders Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Leaders Fund (Class A at NAV) returned 6.41%, versus 8.60% for the Fund’s benchmark, the S&P 500 Index. For broader comparison, the average return for the Fund’s Lipper peer category of Multi-Cap Core Funds (consisting of 922 funds as of April 30, 2007) was 9.10%.

Can you describe the market environment during the reporting period?

Despite a brief but steep sell-off in early March 2007, U.S. stock markets advanced strongly during the six-month review period. All ten of the benchmark’s sectors finished with positive returns, and four of these posted double-digit gains. Slowing economic growth was apparent in the nation’s GDP (gross domestic product) figure, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half of that for the first quarter of 2007. Investors, however, continued to be buoyed by hopes that the economy would achieve a “soft landing”—that is, a mild slowdown with no recession. Corporate profits increased powerfully despite the decelerating economy, as weakness in the U.S. housing market was more than offset by strong demand growth in key international markets in Asia and Europe. Additionally, a string of mergers, acquisitions and stock buybacks helped keep the market’s upward momentum intact.

What areas detracted from Fund performance?

The consumer staples sector had the most negative impact on the Fund’s performance. A significant overweighting by the Fund in Constellation Brands Inc., a producer and marketer of wine, beer, and other alcoholic beverages, was counterproductive, as the company suffered from disappointing results in its overseas operations, particularly in the United Kingdom. Consumer discretionary also detracted from the Fund’s results. Within that sector, an overweighting and unfavorable stock selection in the retailing group hurt us. TJX Cos. and Federated Department Stores Inc. were two of the worst offenders, both of which holdings hurt by the Fund’s performance weakening consumer spending owing, in part, to the soft real estate market. The Fund also was hurt by a large out-of-index position in hard-disk-drive maker Western Digital Corp. While we thought that the market for hard-disk-drives would be helped by the popularity of high-definition TV and other digital video applications, the supply of drives turned out to be more than adequate for the level of demand.

What areas of investment provided the most positive returns for the Fund?

On the positive side, industrials and information technology had a beneficial effect on the Fund’s performance. In industrials, one standout for the Fund was filtration products supplier Pall Corp., which enjoyed robust end-market demand and also benefited from favorable currency fluctuations. Secondarily, the Fund benefited from its overweighted position in railroad Norfolk Southern Corp. The stock was aided by its moderate valuation, the company’s strong pricing power and recurring takeover rumors. In technology, a position in semiconductor equipment maker Novellus Systems Inc. provided a performance boost. The stock was especially strong in the fourth quarter of 2006, when the company upped its sales and profit estimates. We liquidated the position as the stock rallied due to potential deterioration in the company’s order book, indicating possible disappointing earnings down the road.

What is your outlook for the near term?

Our long-term outlook remains positive. While drag from the housing market has caused a noticeable economic slowdown, this perceived investment negative may actually be a positive development. The slowing U.S. economy should dampen domestic inflation and give the Federal Reserve the opportunity to ease monetary policy later this year, and corporate profits should remain strong despite the housing slowdown because key international economies in Asia and Eastern Europe are growing so powerfully. Meanwhile, we’ll continue to emphasize companies with solid earnings growth, reasonable valuations and substantial foreign operations that should benefit from faster growth overseas as well as from the tendency of the U.S. dollar to trend lower over next few years.

Portfolio Manager:

Gary Haubold, CFA

2007 Semiannual Report 69

Nationwide Leaders Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		6.41%		10.35%		10.40%		11.68%		1.74%		1.49%
	w/SC3		0.32%		4.04%		9.09%		10.45%
Class B	w/o SC2		6.06%		9.56%		9.59%		10.88%		2.45%		2.20%
	w/SC4		1.18%		4.56%		9.31%		10.76%
Class C	w/o SC2		6.07%		9.57%		9.57%		10.89%		2.45%		2.20%
	w/SC5		5.09%		8.57%		9.57%		10.89%
Class R 6,7			6.07%		9.78%		9.96%		11.23%		2.15%		1.90%
Institutional Service Class6			6.54%		10.52%		10.49%		11.81%		1.55%		1.30%
Institutional Class 6,8			6.52%		10.69%		10.59%		11.91%		1.45%		1.20%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 28, 2001.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.
7	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
8	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Leaders Fund, S&P 500 Index (S&P 500)(a) and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

70 Semiannual Report 2007

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Leaders Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,064.10	$	7.52		1.47%
	Hypothetical	1	$	1,000.00	$	1,017.71	$	7.38		1.47%
Class B	Actual		$	1,000.00	$	1,060.60	$	11.24		2.20%
	Hypothetical	1	$	1,000.00	$	1,014.09	$	11.05		2.20%
Class C	Actual		$	1,000.00	$	1,060.70	$	11.24		2.20%
	Hypothetical	1	$	1,000.00	$	1,014.09	$	11.05		2.20%
Class R	Actual		$	1,000.00	$	1,060.70	$	9.40		1.84%
	Hypothetical	1	$	1,000.00	$	1,015.88	$	9.24		1.84%
Institutional Service Class	Actual		$	1,000.00	$	1,065.40	$	6.40		1.25%
	Hypothetical	1	$	1,000.00	$	1,018.80	$	6.28		1.25%
Institutional Class	Actual		$	1,000.00	$	1,065.20	$	6.14		1.20%
	Hypothetical	1	$	1,000.00	$	1,019.05	$	6.03		1.20%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 71

Nationwide Leaders Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	97.7%
Repurchase Agreements	1.6%
Other Assets in excess of liabilities	0.7%
	100.0%

Top Holdings*
Procter & Gamble Co. (The)	8.1%
Pfizer, Inc.	7.0%
Johnson & Johnson	6.1%
Syngenta AG ADR — CH	5.0%
Cisco Systems, Inc.	4.9%
Colgate-Palmolive Co.	4.9%
ConocoPhillips	4.9%
Occidental Petroleum Corp.	4.9%
Corning, Inc.	4.7%
Wyeth	4.4%
Other	45.1%
	100.0%

Top Industries
Pharmaceuticals	20.9%
Household Products	13.0%
Oil, Gas & Consumable Fuels	9.8%
Communications Equipment	9.6%
Chemicals	8.8%
Banks	4.7%
Multiline Retail	3.7%
Beverages	3.7%
Software	3.4%
Machinery	3.0%
Other	19.4%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

72 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Leaders Fund

Common Stocks (97.7%)
	Shares or
	Principal Amount		Value
Banks (4.7%)
Credit Suisse Group Sponsored ADR — CH		7,000	$	549,500
Kookmin Bank Sponsored ADR — KR		4,300		386,226
				935,726
Beverages (3.7%)
Constellation Brands, Inc.*		32,400		726,084
Chemicals (8.8%)
Agrium, Inc. — CA		19,500		755,235
Syngenta AG ADR — CH		24,600		976,620
				1,731,855
Communications Equipment (9.6%)
Cisco Systems, Inc.*		36,400		973,336
Corning, Inc.*		39,200		929,824
				1,903,160
Hotels, Restaurants & Leisure (2.4%)
McDonald’s Corp.		10,100		487,628
Household Products (13.0%)
Colgate-Palmolive Co.		14,300		968,682
Procter & Gamble Co. (The)		24,800		1,594,888
				2,563,570
Machinery (3.0%)
Deere & Co.		5,400		590,760
Metals & Mining (3.0%)
Anglo American PLC Unsponsored ADR — GB		22,300		588,497
Multiline Retail (3.7%)
J.C. Penney Co., Inc.		9,200		727,628
Oil, Gas & Consumable Fuels (9.8%)
ConocoPhillips		13,900		963,965
Occidental Petroleum Corp.		19,000		963,300
				1,927,265
Pharmaceuticals (20.9%)
Johnson & Johnson		18,800		1,207,336
Pfizer, Inc.		52,400		1,386,504
Sanofi-Aventis ADR — FR		14,600		669,556
Wyeth		15,700		871,350
				4,134,746
Road & Rail (2.8%)
Norfolk Southern Corp.		10,500		559,020
Semiconductors & Semiconductor Equipment (2.9%)
MEMC Electronic Materials, Inc.*		10,300		565,264
Software (3.4%)
Microsoft Corp.		22,200		664,668
Specialty Retail (3.0%)
TJX Cos., Inc.		21,100		588,479
Wireless Telecommunication Services (3.0%)
Vodafone Group PLC Sponsored ADR — GB		20,500		588,965
Total Common Stocks (Cost $19,144,756)				19,283,315
Repurchase Agreements (1.6%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $311,050, collateralized by U.S. Government Agency Mortgages with a market value of $317,226	$	311,006		311,006
Total Investments (Cost $19,455,762) (a) — 99.3%				19,594,321
Other assets in excess of liabilities — 0.7%				128,211
NET ASSETS — 100.0%			$	19,722,532

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CA	Canada
CH	Switzerland
FR	France
GB	United Kingdom
KR	Korea

See accompanying notes to financial statements.

2007 Semiannual Report 73

Nationwide Small Cap Leaders Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Small Cap Leaders Fund (Class A at NAV) returned 8.83% versus 6.86% for its benchmark, the Russell 2000^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds (consisting of 748 funds as of April 30, 2007) was 8.48%.

Can you describe the market environment during the reporting period?

Small-capitalization stocks enjoyed relatively strong performance, with the benchmark advancing in five out of six months during the reporting period. The lone loss occurred in February. Near the end of that month, a sudden plunge in China’s stock market spread to other global markets, producing one-day losses exceeding 3% in most widely followed U.S. indexes. The markets regained their footing with little delay, however, and resumed their upward march, enabling the benchmark to end the reporting period near its all-time high. Small-cap stocks trailed their large-cap and especially their mid-cap counterparts, while growth modestly outdistanced value in the small-cap arena. By far, the strongest absolute performance in the benchmark came from the materials sector; metals and mining stocks were standouts. The consumer staples sector was strong as well. The financials sector was the only sector in the benchmark to record a loss during the reporting period.

What areas of investment provided the most positive returns for the Fund?

In the Fund’s value sleeve, financials and industrials added significantly to performance. In the financials sector, one notable contributor to Fund performance was Genesis Lease Ltd. Genesis Lease, the provider of aircraft leases, was helped by robust demand for commercial aircraft and tight supplies of aircraft for sale, prompting higher leasing activity. Fund holding mutual-fund monitoring service Morningstar, Inc. also turned in a strong performance, boosted by favorable capital markets and the well-received acquisition of asset-allocation specialist Ibbotson Associates, Inc. In industrials, one exceptional Fund performer was Omega Navigation Enterprises, Inc., a provider of double-hull tankers for the shipping industry. Aided by a double-digit dividend yield and robust demand for the transportation of refined petroleum products, the stock Omega Navigation Enterprise advanced in April.

In the Fund’s growth sleeve, the health-care and consumer discretionary sectors also were significant contributors to Fund performance. In the health-care sector, the biggest Fund contributor was Obagi Medical Products, Inc; this provider of skin-care pharmaceuticals for topical prescription treatments was helped by strong demand for aesthetic products. Within the consumer discretionary sector, Crocs, Inc. was a stellar Fund performer due to good sales of Crocs footwear. The company has launched a series of new products which have been well received by the marketplace.

What areas detracted from Fund performance?

Conversely, for the value sleeve, the materials and consumer discretionary sectors were poor Fund performers on a relative basis. Nevertheless, the Fund’s worst individual stock detractors came from other sectors. For example, in the real estate investment trusts (REITs) category, Fund holdings CBRE Realty Finance, Inc. and American Home Mortgage Investment Corp. — although these Fund holdings had no direct exposure to the subprime mortgage market — both were hurt in various ways by the difficulties experienced by that market. In the health-care sector, Fund holding substance abuse treatment developer Hythiam, Inc. slipped on news of disappointing fourth-quarter results, citing higher salary and benefit costs that offset lower research and development expenses.

The technology and energy sectors detracted from performance in the Fund’s growth sleeve during the reporting period. In the technology sector, the biggest detractor from Fund performance was Silicon Image, Inc. This semiconductor manufacturer reported disappointing financial results, which had an adverse impact on the firm’s stock. Within the energy sector, Fund holding VeraSun Energy Corp., a renewable fuels producer, suffered from concerns about a glut of ethanol in the market. As a result the firm’s shares declined sharply during the reporting period.

What is your outlook for the near term?

Over the short term, small-cap returns — and indeed the returns for the entire U.S. stock market — could be limited by the market’s recent strong gains, seasonal sluggishness and a slowing economy. Barring any dramatic circumstances, however, we think that the market is capable of further upward progress once the recent gains have been consolidated. Valuations remain acceptable, if not outstanding, and we are still finding compelling opportunities at the individual company level.

Portfolio Managers:

Carl Wilk, CFP (growth sleeve,) and

Gary Haubold, CFA (value sleeve)

74 Semiannual Report 2007

Nationwide Small Cap Leaders Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

								Gross		Net
		Six						Expense		Expense
		Month*		1 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		8.83%		8.88%		16.67%		1.67%		1.61%
	w/SC3		2.56%		2.61%		13.75%
Class B	w/o SC2		8.45%		8.04%		15.83%		2.41%		2.35%
	w/SC4		3.47%		3.08%		14.77%
Class C	w/o SC2		8.44%		8.12%		15.90%		2.41%		2.35%
	w/SC5		7.44%		7.12%		15.90%
Class R6			8.64%		8.49%		16.31%		2.11%		2.05%
Institutional Service Class6			8.89%		8.97%		16.87%		1.56%		1.50%
Institutional Class6			8.95%		9.14%		17.02%		1.41%		1.35%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 29, 2004.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Small Cap Leaders Fund, Russell 2000 Index(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 75

Nationwide Small Cap Leaders Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Small Cap Leaders			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,088.30	$	7.66		1.48%
	Hypothetical	1	$	1,000.00	$	1,017.66	$	7.43		1.48%
Class B	Actual		$	1,000.00	$	1,084.50	$	11.37		2.20%
	Hypothetical	1	$	1,000.00	$	1,014.09	$	11.05		2.20%
Class C	Actual		$	1,000.00	$	1,084.40	$	11.32		2.19%
	Hypothetical	1	$	1,000.00	$	1,014.14	$	11.00		2.19%
Class R	Actual		$	1,000.00	$	1,086.40	$	8.95		1.73%
	Hypothetical	1	$	1,000.00	$	1,016.42	$	8.69		1.73%
Institutional Service Class	Actual		$	1,000.00	$	1,088.90	$	7.10		1.37%
	Hypothetical	1	$	1,000.00	$	1,018.21	$	6.88		1.37%
Institutional Class	Actual		$	1,000.00	$	1,089.50	$	6.22		1.20%
	Hypothetical	1	$	1,000.00	$	1,019.05	$	6.03		1.20%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

76 Semiannual Report 2007

Nationwide Small Cap Leaders Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	89.2%
Other assets in excess of liabilities	10.8%
	100.0%

Top Holdings
Agrium, Inc.	2.3%
Lexington Corporate Properties Trust	2.2%
Ashford Hospitality Trust	2.1%
West Pharmaceutical Services, Inc.	2.1%
Imergent, Inc.	2.1%
On Semiconductor Corp.	2.0%
Radiant Systems, Inc.	2.0%
MSC Industrial Direct Co., Class A	2.0%
Flow International Corp.	1.9%
Polycom, Inc.	1.9%
Other	79.4%
	100.0%

Top Industries
Real Estate Investment Trusts	14.5%
Software	4.6%
Internet Software & Services	3.9%
Semiconductors & Semiconductor Equipment	3.7%
Trading Companies & Distributors	3.7%
Specialty Retail	3.7%
Health Care Equipment & Supplies	3.6%
Communications Equipment	3.6%
Textiles, Apparel & Luxury Goods	3.5%
Electronic Equipment & Instruments	3.4%
Other	51.8%
	100.0%

2007 Semiannual Report 77

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Small Cap Leaders Fund

Common Stocks (89.2%)
	Shares		Value
Aerospace & Defense (1.0%)
AAR Corp.*		15,400	$	470,316
Air Freight & Logistics (1.6%)
Atlas Air Worldwide Holdings, Inc.*		13,400		770,768
Capital Markets (1.2%)
Penson Worldwide, Inc.*		22,600		606,132
Chemicals (2.3%)
Agrium, Inc.		29,480		1,141,760
Commercial Services & Supplies (1.4%)
Watson Wyatt Worldwide, Inc.		15,100		711,663
Communications Equipment (3.6%)
Polycom, Inc.*		28,600		952,380
Sirenza Microdevices, Inc.*		90,300		822,633
				1,775,013
Computers & Peripherals (0.7%)
Netlist, Inc*		91,400		361,030
Consumer Finance (1.9%)
World Acceptance Corp.*		22,000		944,460
Diversified Financial Services (1.4%)
Medallion Financial Corp.		56,500		672,915
Electrical Equipment (1.7%)
BTU International, Inc.*		67,900		832,454
Electronic Equipment & Instruments (3.4%)
Technitrol, Inc.		34,600		928,318
TTM Technologies, Inc.*		79,600		730,728
				1,659,046
Food & Staples Retailing (3.1%)
Andersons, Inc. (The)		16,000		743,200
Central European Distribution Corp.*		26,600		791,350
				1,534,550
Food Products (1.4%)
Reddy Ice Holdings, Inc.		23,900		700,031
Health Care Equipment & Supplies (3.6%)
DJ Orthopedics, Inc.*		19,800		773,388
West Pharmaceutical Services, Inc.		20,700		1,030,239
				1,803,627
Health Care Providers & Services (1.7%)
InVentiv Health, Inc.*		22,000		834,900
Internet Software & Services (3.9%)
Imergent, Inc.		40,000		1,027,600
Webmethods, Inc.*		100,000		909,000
				1,936,600
Machinery (2.8%)
Flow International Corp.*		83,000		966,120
Hardinge, Inc.		15,500		431,055
				1,397,175
Manufacturing (0.4%)
L.B. Foster Co.*		7,700		176,946
Marine (2.4%)
American Commercial Lines, Inc.*		21,200		624,764
Omega Navigation Enterprises, Inc.		28,860		570,562
				1,195,326
Metals & Mining (3.2%)
A. M. Castle & Co.		27,350		927,165
Grupo Simec, SA de C.V. ADR — MX*		50,500		639,330
				1,566,495
Multiline Retail (1.3%)
Tuesday Morning Corp.		46,900		654,724
Oil, Gas & Consumable Fuels (2.1%)
RAM Energy Resources, Inc.*		42,600		204,480
World Fuel Services Corp.		18,000		831,780
				1,036,260
Other Financial (1.3%)
FCStone Group, Inc.*		14,100		635,346
Personal Products (2.4%)
Physicians Formula Holdings, Inc.*		33,470		703,540
Prestige Brands Holdings, Inc.*		38,700		503,487
				1,207,027
Pharmaceuticals (1.8%)
Sciele Pharma, Inc.*		36,700		907,224
Real Estate Investment Trusts (REITs) (14.5%)
American Home Mortgage Investment Corp.		24,000		594,720
Ashford Hospitality Trust		87,460		1,049,520
CBRE Realty Finance, Inc.		73,200		947,940
Investors Real Estate Trust		36,300		382,965

78 Semiannual Report 2007

Common Stocks (continued)
	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Lexington Corporate Properties Trust		53,170	$	1,110,721
Mack-Cali Realty Corp.		13,800		675,786
National Retail Properties, Inc.		29,700		711,315
Quadra Realty Trust, Inc.*		58,480		816,966
Ramco-Gershenson Properties Trust		23,500		869,500
				7,159,433
Road & Rail (2.5%)
Celadon Group, Inc.*		45,300		745,638
Con-way, Inc.		8,700		475,281
				1,220,919
Semiconductors & Semiconductor Equipment (3.7%)
On Semiconductor Corp.*		94,800		1,015,308
Silicon Motion Technology Corp. ADR — KY*		34,300		832,118
				1,847,426
Software (4.6%)
Radiant Systems, Inc.*		75,000		1,009,500
Sonic Solutions*		38,000		495,140
Tibco Software, Inc.*		84,200		767,904
				2,272,544
Specialty Retail (3.7%)
DSW Inc., Class A*		15,600		604,656
Group 1 Automotive, Inc.		9,100		373,100
Jos. A. Bank Clothiers, Inc.*		22,000		850,080
				1,827,836
Textiles, Apparel & Luxury Goods (3.5%)
Crocs, Inc.*		17,000		949,960
Iconix Brand Group, Inc.*		37,900		762,927
				1,712,887
Trading Companies & Distributors (3.7%)
MSC Industrial Direct Co., Class A		20,000		974,800
UAP Holding Corp.		31,300		866,071
				1,840,871
Transportation (1.4%)
Genesis Lease Ltd. ADR — IE*		24,900		672,300
Total Investments (Cost $41,083,124) (a) — 89.2%				44,086,004
Other assets in excess of liabilities — 10.8%				5,336,269
NET ASSETS — 100.0%			$	49,422,273

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
IE	Ireland
KY	Cayman Islands
MX	Mexico

See accompanying notes to financial statements.

2007 Semiannual Report 79

Nationwide U.S. Growth Leaders Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide U.S. Growth Leaders Fund (Class A at NAV) returned 11.40% versus 8.60% for its benchmark, the S&P 500^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Multi-Cap Growth Funds (consisting of 527 funds as of April 30, 2007) was 9.09%.

Can you describe the market environment during the reporting period?

Despite a brief, but relatively steep sell-off in the first quarter of 2007, U.S. stock markets advanced strongly during the six-month review period. Slowing economic growth was apparent in the nation’s GDP (gross domestic product) figure, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half of that for the first quarter of 2007. Investors continued to be buoyed by hopes, however, that the economy would achieve a “soft landing” — that is, a mild slowdown with no recession. First-quarter earnings reported in April also reflected a slowing trend, but the stock market benefited from the fact that many companies had issued conservative estimates, resulting in earnings reports that generally were better than expected.

What areas of investment provided the most positive returns for the Fund?

Solid stock selection drove the Fund’s outperformance during the review period, with financials adding by far the most value. In that sector, IntercontinentalExchange Inc., a relatively-new energy futures exchange, was one of the Fund’s top contributors. This out-of-index Fund position worked extremely well for us due to the exchange’s rapidly-growing trading volume and accelerating earnings growth. The industrials sector also had a positive impact on Fund performance, led by Precision Castparts Corp., a maker of metal components for aerospace applications. Precision Castparts enjoyed continued strong earnings growth fueled by robust demand for commercial aircraft. In health care, another sector that boosted Fund results, Baxter International Inc. was a standout. Robust demand for Baxter International’s blood products enabled the company to raise its earnings guidance. Biotechnology holding Gilead Sciences Inc. further contributed to Fund performance, buoyed by strong sales of the company’s HIV products, as well as promising test results on a pulmonary hypertension product.

What areas detracted from Fund performance?

Energy and consumer discretionary were the two sectors detracting most from performance. In the case of the energy sector, an underweighted exposure by the Fund was counterproductive, as was stock selection. For example, the Fund’s position in drilling equipment provider National Oilwell Varco did not fare well, as the stock registered a solid gain for the period overall, but we sold the stock at an inopportune time. In consumer discretionary, stock picking accounted for most of the Fund’s underperformance, with consumer electronics retailer Best Buy Co. Inc. hampering the Fund’s return. Aggressive pricing by competitors of wide-screen TVs during the holiday shopping season cut into Best Buy’s profit margins. Cable operator Comcast Corp. also detracted from Fund performance. While the Comcast stock suffered only a marginal loss, it was one of the Fund’s largest positions and consequently weighed more heavily on performance. We continued to like the Comcast’s longer-term prospects.

What is your outlook for the near term?

While we think that, over the near term, the stock market’s gains could be limited by profit-taking and seasonal sluggishness over the summer, we remain optimistic that share prices can make further upward progress over the longer term. As things stand presently, we believe the economy should be able to avoid a recession, and that the Federal Reserve Board will likely cut interest rates if the current slowdown threatens to be deeper than expected.

Portfolio Managers:

Christopher Baggini, CFA, and
Douglas Burtnick, CFA

80 Semiannual Report 2007

Nationwide U.S. Growth Leaders Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		11.40%		4.11%		11.54%		2.49%		1.46%
	w/SC3		5.03%		-1.84%		10.23%		1.61%
Class B	w/o SC2		10.95%		3.37%		10.76%		1.78%		2.17%
	w/SC4		5.95%		-1.63%		10.49%		1.78%
Class C5	w/o SC2		10.99%		3.34%		10.73%		1.88%		2.17%
	w/SC6		9.99%		2.34%		10.73%		1.88%
Class R 7,8			11.09%		3.72%		11.15%		2.05%		1.87%
Institutional Service Class7			11.55%		4.34%		11.71%		2.72%		1.30%
Institutional Class7,9			11.49%		4.42%		11.81%		2.78%		1.17%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 30, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	Not subject to any sales charges.
8	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
9	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide U.S. Growth Leaders Fund, S&P 500 Index (S&P 500)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 81

Nationwide U.S. Growth Leaders Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide U.S. Growth Leaders			Account Value,		Account Value,		Expenses Paid		Annualized
Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,114.00	$	7.86		1.50%
	Hypothetical	1	$	1,000.00	$	1,017.56	$	7.53		1.50%
Class B	Actual		$	1,000.00	$	1,109.50	$	11.40		2.18%
	Hypothetical	1	$	1,000.00	$	1,014.19	$	10.95		2.18%
Class C	Actual		$	1,000.00	$	1,109.90	$	11.46		2.19%
	Hypothetical	1	$	1,000.00	$	1,014.14	$	11.00		2.19%
Class R	Actual		$	1,000.00	$	1,110.90	$	9.89		1.89%
	Hypothetical	1	$	1,000.00	$	1,015.63	$	9.49		1.89%
Institutional Service Class	Actual		$	1,000.00	$	1,115.50	$	8.08		1.54%
	Hypothetical	1	$	1,000.00	$	1,017.36	$	7.73		1.54%
Institutional Class	Actual		$	1,000.00	$	1,114.90	$	6.19		1.18%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.92		1.18%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

82 Semiannual Report 2007

Nationwide U.S. Growth Leaders Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	99.0%
Other investments*	3.0%
Liabilities in excess of other assets**	-2.0%
	100.0%

Top Holdings
Cisco Systems, Inc.	5.4%
Comcast Corp., Class A	4.1%
Gilead Sciences, Inc.	4.0%
Goldman Sachs Group, Inc.	4.0%
Google, Inc., Class A	4.0%
XTO Energy, Inc.	4.0%
Boeing Co. (The)	4.0%
Franklin Resources, Inc.	3.8%
Monsanto Co.	3.5%
Precision Castparts Corp.	3.5%
Other	59.7%
	100.0%

Top Industries
Communications Equipment	10.7%
Diversified Financial Services	7.8%
Semiconductors & Semiconductor Equipment	7.6%
Aerospace & Defense	7.5%
Pharmaceuticals	5.2%
Software	5.0%
Hotels, Restaurants & Leisure	4.9%
Computers & Peripherals	4.2%
Media	4.1%
Biotechnology	4.0%
Other	39.0%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.

2007 Semiannual Report 83

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide U.S. Growth Leaders Fund

Common Stocks (99.0%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (7.5%)
Boeing Co. (The)		51,370	$	4,777,410
Precision Castparts Corp.		40,320		4,197,715
				8,975,125
Beverages (3.1%)
Coca-Cola Co.		70,600		3,684,614
Biotechnology (4.0%)
Gilead Sciences, Inc.*		59,110		4,830,469
Chemicals (3.5%)
Monsanto Co.		72,090		4,252,589
Commercial Services & Supplies (1.8%)
Monster Worldwide, Inc.*		50,540		2,125,207
Communications Equipment (10.7%)
Cisco Systems, Inc.*		242,320		6,479,637
Corning, Inc.*		132,430		3,141,240
QUALCOMM, Inc.		74,630		3,268,794
				12,889,671
Computers & Peripherals (4.2%)
Hewlett-Packard Co.		72,870		3,070,742
Network Appliance, Inc.*		53,240		1,981,060
				5,051,802
Diversified Financial Services (7.8%)
Franklin Resources, Inc.		34,700		4,556,457
Goldman Sachs Group, Inc.		22,030		4,815,978
				9,372,435
Electrical Equipment (3.3%)
Emerson Electric Co.		84,950		3,991,801
Energy Equipment & Services (1.6%)
Transocean, Inc. — KY*		21,800		1,879,160
Food & Staples Retailing (2.5%)
CVS/ Caremark Corp.		82,700		2,997,048
Health Care Equipment & Supplies (3.4%)
Baxter International, Inc.		71,060		4,024,128
Health Care Providers & Services (1.5%)
McKesson Corp.		31,220		1,836,673
Hotels, Restaurants & Leisure (4.9%)
Las Vegas Sands Corp.*		23,620		2,012,188
Starwood Hotels & Resorts Worldwide, Inc.		56,920		3,814,778
				5,826,966
Internet Software & Services (4.0%)
Google, Inc., Class A*		10,200		4,808,076
Life Sciences Tools & Services (3.0%)
Thermo Fisher Scientific, Inc.*		68,690		3,576,001
Media (4.1%)
Comcast Corp., Class A*		185,040		4,933,167
Metals & Mining (2.2%)
Allegheny Technologies, Inc.		24,150		2,646,357
Oil, Gas & Consumable Fuels (4.0%)
XTO Energy, Inc.		88,260		4,789,870
Pharmaceuticals (5.2%)
Shire PLC ADR — GB		34,480		2,409,807
Wyeth		68,030		3,775,665
				6,185,472
Semiconductors & Semiconductor Equipment (7.6%)
Broadcom Corp.*		50,620		1,647,681
Intersil Corp.		62,200		1,852,938
MEMC Electronic Materials, Inc.*		31,680		1,738,598
Microchip Technology, Inc.		95,020		3,833,107
				9,072,324
Software (5.0%)
Adobe Systems, Inc.*		85,090		3,536,340
Autodesk, Inc.*		59,940		2,473,724
				6,010,064

84 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Specialty Retail (3.0%)
Best Buy Co., Inc.		77,160	$	3,599,514
Textiles, Apparel & Luxury Goods (1.1%) (a)
Crocs, Inc.*		23,460		1,310,945
Total Common Stocks (Cost $109,661,754)				118,669,478
Securities Held as Collateral for Securities on Loan (3.0%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $3,631,960, collateralized by U.S. Government Agency Mortgages with a market value of $3,704,051	$	3,631,423		3,631,423
Total Investments (Cost $113,293,177) (b) — 102.0%				122,300,901
Liabilities in excess of other assets — (2.0)%				(2,448,273	)
NET ASSETS — 100.0%			$	119,852,628

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
GB	United Kingdom
KY	Cayman Islands

See accompanying notes to financial statements.

2007 Semiannual Report 85

Nationwide Worldwide Leaders Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Worldwide Leaders Fund (Class A at NAV) returned 16.74% versus 12.13% for its benchmark, the Morgan Stanley Capital International (MSCI) World Index^SM. For broader comparison, the average return for the Fund’s Lipper peer category of Global Large-Cap Core Funds (consisting of 60 funds as of April 30, 2007) was 12.17%.

Can you describe the market environment during the reporting period?

Major markets finished the review period in positive territory, as the markets recovered their poise after the late February/early March sell-off. While the precise catalyst for the sell-off proved difficult to pinpoint, possible triggers included the capital gains tax proposal in China, comments about a recession in the U.S. by former Federal Reserve Chairman Alan Greenspan, followed by some weak economic statistics. European markets continued their late 2006 trend of outperforming markets in the U.S., which had experienced a mixed reporting season. In contrast, European markets benefited from better earnings momentum and cheaper stocks. Fed Chairman Ben Bernanke’s comment that inflation remained a predominant concern appeared to diminish the prospects for a rate cut. Towards the latter part of the review period, heightened tension in the Middle East caused oil prices to spike.

What areas of investment provided the most positive returns for the Fund?

Favourable stock selection enhanced the Fund’s performance. As is customary in a concentrated portfolio with an emphasis on stock picking, sector allocations typically derive from stock-selection decisions.

The portfolio’s performance was enhanced by our position in Munich-based MAN, one of Europe’s largest truck makers. MAN delivered operating profits for the first quarter of 2007 that were significantly above consensus expectations. Video-game console maker Nintendo also supported Fund returns, with its DS and Wii products performing strongly.

What areas detracted from performance?

In contrast, Rio Tinto, the diversified global mining company, detracted from Fund performance. Although commodity prices recovered during the latter part of the period, Rio Tinto’s shares failed to keep pace primarily because of concerns about how the company would use its cash.

What is your outlook for the near term?

We believe the medium-term outlook for equities remains positive. The U.S. economic outlook, however, is still the key focus of investor concerns, especially given mixed economic indicators. Although we expect that the U.S. economy will continue to grow this year, it will likely be outpaced by most other regions. Prospects for other major economies and geographies — including Europe, Japan and Emerging Markets — appear good. Healthy levels of global economic growth in 2007 should be supportive of corporate earnings. In addition, valuations remain reasonable. Furthermore, global M&A activity shows no signs of slowing in an environment of low interest rates, high liquidity, cash-rich corporates, and private-equity firms hungry for deals.

Portfolio Manager:

Neil Rogan

86 Semiannual Report 2007

Nationwide Worldwide Leaders Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		16.74%		20.83%		15.72%		4.81%		1.62%
	w/SC3		10.02%		13.86%		14.37%		3.88%
Class B	w/o SC2		16.28%		19.86%		14.91%		4.06%		2.33%
	w/SC4		11.28%		14.86%		14.68%		4.06%
Class C5	w/o SC2		16.31%		19.85%		14.92%		4.14%		2.33%
	w/SC6		15.31%		18.85%		14.92%		4.14%
Class R 7,8			16.46%		20.22%		15.29%		4.32%		2.03%
Institutional Service Class7			16.74%		20.80%		15.83%		4.98%		1.58%
Institutional Class7,9			16.93%		21.14%		15.99%		5.08%		1.33%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on August 30, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	Not subject to any sales charges.
8	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
9	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Worldwide Leaders Fund, the Morgan Stanley Capital International World Index (MSCI World)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The MSCI World — an unmanaged index of companies whose securities are listed on the stock exchanges of the U.S., Europe, Canada, Australia and the Far East — gives a broad look at how the stock prices of these companies have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 87

Nationwide Worldwide Leaders Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide Worldwide Leaders			Account Value,		Account Value,		Expenses Paid		Annualized
Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,167.40	$	8.28		1.54%
	Hypothetical	1	$	1,000.00	$	1,017.36	$	7.73		1.54%
Class B	Actual		$	1,000.00	$	1,162.80	$	12.17		2.27%
	Hypothetical	1	$	1,000.00	$	1,013.74	$	11.40		2.27%
Class C	Actual		$	1,000.00	$	1,163.10	$	12.07		2.25%
	Hypothetical	1	$	1,000.00	$	1,013.84	$	11.30		2.25%
Class R	Actual		$	1,000.00	$	1,164.60	$	10.41		1.94%
	Hypothetical	1	$	1,000.00	$	1,015.38	$	9.74		1.94%
Institutional Service Class	Actual		$	1,000.00	$	1,167.40	$	8.11		1.51%
	Hypothetical	1	$	1,000.00	$	1,017.51	$	7.58		1.51%
Institutional Class	Actual		$	1,000.00	$	1,169.30	$	6.99		1.30%
	Hypothetical	1	$	1,000.00	$	1,018.55	$	6.53		1.30%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

88 Semiannual Report 2007

Nationwide Worldwide Leaders Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	96.4%
Repurchase Agreements	4.2%
Other investments*	13.7%
Liabilities in excess of other assets**	-14.3%
	100.0%

Top Holdings***
MAN AG	5.1%
UniCredito Italiano SpA	4.5%
Apple Computer, Inc.	4.4%
GlaxoSmithKline PLC	4.3%
Toyota Motor Corp.	4.3%
Koninklijke Philips Electronics NV	4.0%
Barclays PLC	3.8%
Marks & Spencer Group PLC	3.7%
Nintendo Co. Ltd.	3.6%
Lazard Ltd.	3.5%
Other	58.8%
	100.0%

Top Industries
Commercial Banks	9.7%
Road & Rail	6.9%
Automobiles	6.7%
Consumer Finance	5.9%
Media	5.9%
Hotels, Restaurants & Leisure	5.8%
Real Estate Management & Development	5.5%
Machinery	5.1%
Computers & Peripherals	4.4%
Pharmaceuticals	4.3%
Other	39.8%
	100.0%

Top Countries
United States	30.8%
United Kingdom	17.7%
Japan	14.7%
Germany	7.5%
Netherlands	6.8%
Italy	4.5%
Bermuda	3.5%
Switzerland	3.5%
Australia	2.7%
Other	8.3%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 89

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Worldwide Leaders Fund

Common Stocks (96.4%)
	Shares or
	Principal Amount		Value
AUSTRALIA (2.7%) (a)
Diversified Telecommunication Services (2.7%)
Telstra Corp. Ltd., Installment Receipts		717,000	$	1,893,522
BERMUDA (3.5%)
Consumer Finance (3.5%)
Lazard Ltd.		45,900		2,485,485
CHINA (2.4%)
Commercial Bank (1.4%) (a)
China Construction Bank, Class H		1,669,000		1,010,096
Construction & Engineering (1.0%)
China Communications Construction Co. Ltd.*		539,000		706,980
				1,717,076
GERMANY (7.5%) (a)
Automobiles (2.4%)
Volkswagen AG		11,000		1,660,671
Machinery (5.1%)
MAN AG		27,000		3,596,036
				5,256,707
HONG KONG (2.3%)
Real Estate Management & Development (2.3%)
Country Garden Holdings Co.*		13,000		11,716
New World Development Co. Ltd. (a) (b)		678,000		1,591,943
				1,603,659
ITALY (4.5%) (a)
Commercial Bank (4.5%)
UniCredito Italiano SpA		304,400		3,127,160
JAPAN (14.7%) (a)
Automobiles (4.3%)
Toyota Motor Corp.		49,800		3,025,181
Road & Rail (3.4%)
East Japan Railway Co.		294		2,384,333
Software (3.6%)
Nintendo Co. Ltd.		8,000		2,499,297
Tobacco (3.4%)
Japan Tobacco, Inc.		482		2,354,523
				10,263,334
NETHERLANDS (6.8%) (a) (b)
Household Durables (4.0%)
Koninklijke Philips Electronics NV		68,600		2,816,831
Metals & Mining (2.8%)
Mittal Steel Co. NV		36,300		1,938,088
				4,754,919
SWITZERLAND (3.5%) (a) (b)
Bank (3.5%)
Julius Baer Holding Ltd.		35,100		2,447,577
UNITED KINGDOM (17.7%) (a)
Airline (2.9%)
British Airways PLC*		198,300		1,994,673
Commercial Bank (3.8%)
Barclays PLC		184,200		2,658,977
Multiline Retail (3.7%)
Marks & Spencer Group PLC		176,500		2,603,238
Oil, Gas & Consumable Fuels (3.0%)
BP PLC		185,600		2,081,966
Pharmaceutical (4.3%)
GlaxoSmithKline PLC		105,100		3,031,123
				12,369,977
UNITED STATES (30.8%)
Air Freight & Logistics (2.8%)
FedEx Corp.		18,300		1,929,552
Commercial Services & Supplies (2.7%)
Western Union Co.		88,500		1,862,925
Computers & Peripherals (4.4%)
Apple Computer, Inc.*		30,700		3,063,860
Consumer Finance (2.4%)
Fortress Investment Group LLC		57,600		1,670,976
Hotels, Restaurants & Leisure (5.8%)
McDonald’s Corp.		43,600		2,105,008
Starwood Hotels & Resorts Worldwide, Inc.		29,700		1,990,494
				4,095,502
Media (5.9%)
Comcast Corp., Class A*		81,850		2,182,121
News Corp., Class B		82,100		1,970,400
				4,152,521

90 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Real Estate Management & Development (3.2%)
CB Richard Ellis Group, Inc., Class A*		65,800	$	2,227,330
Road & Rail (3.5%)
Union Pacific Corp.		21,700		2,479,225
Wireless Telecommunication Services (0.1%)
Metropcs Communications, Inc.*		1,680		47,124
				21,529,015
Total Common Stocks (Cost $59,350,120)				67,448,431
Repurchase Agreements (4.2%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $2,938,754, collateralized by U.S. Government Agency Mortgages with a market value of $2,997,105	$	2,938,338		2,938,338
Securities Held as Collateral for Securities on Loan (13.7%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $9,594,328, collateralized by U.S. Government Agency Mortgages with a market value of $9,784,768		9,592,910		9,592,910
Total Investments (Cost $71,881,368) (c) — 114.3%				79,979,679
Liabilities in excess of other assets — (14.3)%				(10,027,083	)
NET ASSETS — 100.0%			$	69,952,596

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	All or a part of the security was on loan as of April 30, 2007.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements

2007 Semiannual Report 91

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			Nationwide Mid Cap			Nationwide			Nationwide		Nationwide			Nationwide
			Growth Leaders			Leaders			Small Cap		U.S. Growth			Worldwide
			Fund			Fund			Leaders Fund		Leaders Fund			Leaders Fund
Assets:
Investments, at value (Cost $34,153,678; $19,144,756; $41,083,124; $109,661,754 and $59,350,120)*			$	39,468,320		$	19,283,315		$	44,086,004	$	118,669,478		$	67,448,431
Repurchase agreements, at cost and value				3,395,929			311,006			–		3,631,423			12,531,248
Total Investments				42,864,249			19,594,321			44,086,004		122,300,901			79,979,679
Cash				–			1,281			4,750,452		–			262
Foreign currency, at value (Cost $0; $0; $0; $0 and $233)				–			–			–		–			225
Interest and dividends receivable				7,893			18,944			27,156		26,385			97,083
Receivable for capital shares issued				1,619			17,658			655,717		97,553			215,165
Receivable for investments sold				852,037			1,516,380			3,529		1,795,975			–
Reclaims receivable				–			–			–		–			4,474
Prepaid expenses and other assets				15,838			21,067			1,282		19,294			21,947
		Total Assets		43,741,636			21,169,651			49,524,140		124,240,108			80,318,835
Liabilities:
Payable to custodian				258			–			–		272,063			–
Payable for investments purchased				999,318			1,306,573			–		–			–
Payable for capital shares redeemed				54,121			128,190			36,068		302,883			681,935
Payable for return of collateral received for securities on loan				3,395,929			–			–		3,631,423			9,592,910
Accrued expenses and other payables:
	Investment advisory fees			25,247			5,241			26,584		105,894			42,627
	Fund administration and transfer agent fees			19,360			576			7,143		12,712			14,471
	Distribution fees			4,673			6,362			20,320		46,314			21,703
	Administrative servicing fees			408			63			1,846		13,836			7,599
	Compliance program fees			462			90			322		1,925			576
	Other			9,255			24			9,584		430			4,418
		Total Liabilities		4,509,031			1,447,119			101,867		4,387,480			10,366,239
Net Assets			$	39,232,605		$	19,722,532		$	49,422,273	$	119,852,628		$	69,952,596
Represented by:
Capital			$	60,144,834		$	18,746,848		$	43,454,263	$	104,286,140		$	87,975,367
Accumulated net investment income (loss)				(85,757	)		(41,237	)		35,693		(538,838	)		(16,735	)
Accumulated net realized gains (losses) on investment transactions				(26,141,114	)		878,362			2,928,761		7,097,602			(26,103,538	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				5,314,642			138,559			3,003,556		9,007,724			8,097,502
Net Assets			$	39,232,605		$	19,722,532		$	49,422,273	$	119,852,628		$	69,952,596

See accompanying notes to financial statements.

92 Semiannual Report 2007

Statements of Assets and Liabilities (Continued)

	Nationwide Mid Cap			Nationwide			Nationwide			Nationwide			Nationwide
	Growth Leaders			Leaders			Small Cap			U.S. Growth			Worldwide
	Fund			Fund			Leaders Fund			Leaders Fund			Leaders Fund
Net Assets:
Class A Shares	$	7,258,911		$	8,390,712		$	22,152,042		$	77,532,757		$	54,873,083
Class B Shares		3,084,993			1,142,014			2,490,234			5,984,831			1,463,797
Class C Shares		809,027			4,365,852			18,608,526			30,053,543			13,553,389
Class D Shares		11,040,611			–			–			–			–
Class R Shares		1,519			79,163			95,845			1,425,119			25,734
Institutional Service Class Shares		–			458,718			290,043			800,305			34,669
Institutional Class Shares		17,037,544			5,286,073			5,785,583			4,056,073			1,924
Total	$	39,232,605		$	19,722,532		$	49,422,273		$	119,852,628		$	69,952,596
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		420,527			602,587			1,712,780			7,279,432			4,050,973
Class B Shares		194,844			84,827			195,745			590,529			112,569
Class C Shares		51,064			324,619			1,461,074			2,946,695			1,038,477
Class D Shares		622,835			–			–			–			–
Class R Shares		87			5,809			7,470			138,064			1,956
Institutional Service Class Shares		–			32,454			22,339			73,999			2,532
Institutional Class Shares		961,926			377,283			444,339			373,129			140
Total		2,251,283			1,427,579			3,843,747			11,401,848			5,206,647
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	17.26		$	13.92		$	12.93		$	10.65		$	13.55
Class B Shares (a)	$	15.83		$	13.46		$	12.72		$	10.13		$	13.00
Class C Shares (b)	$	15.84		$	13.45		$	12.74		$	10.20		$	13.05
Class D Shares	$	17.73		$	–		$	–		$	–		$	–
Class R Shares	$	17.41		$	13.62		$	12.83		$	10.32		$	13.16
Institutional Service Class Shares	$	–		$	14.13		$	12.98		$	10.82		$	13.69
Institutional Class Shares	$	17.71		$	14.01		$	13.02		$	10.87		$	13.75
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	18.31		$	14.77		$	13.72		$	11.30		$	14.38
Class D Shares	$	18.57		$	–		$	–		$	–		$	–
Maximum Sales Charge:
Class A		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Class D		4.50	%		–	%		–	%		–	%		–	%

(a)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(b)	For Class C shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
*	Includes value of securities on loan of $3,280,231, $0, $0, $3,534,251 and $9,104,714.

See accompanying notes to financial statements.

2007 Semiannual Report 93

Statements of Operations

For the Six Months Ended April 30, 2007 (Unaudited)

		Nationwide
		Mid Cap						Nationwide			Nationwide			Nationwide
		Growth			Nationwide			Small Cap			U.S. Growth			Worldwide
		Leaders			Leaders			Leaders			Leaders			Leaders
		Fund			Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Interest income		$	59,122		$	20,219		$	3,109		$	55,515		$	38,985
Dividend income			93,268			77,911			396,496			446,422			455,430
Income from securities lending			2,784			–			–			4,986			8,253
Foreign tax withholding			–			–			–			–			(19,958	)
Total Income			155,174			98,130			399,605			506,923			482,710
Expenses:
Investment advisory fees			150,163			67,947			201,783			567,090			258,513
Fund administration and transfer agent fees			29,120			9,646			30,725			109,485			44,888
Distribution fees Class A			8,679			9,847			25,725			98,876			57,955
Distribution fees Class B			15,486			5,554			10,028			29,847			5,050
Distribution fees Class C			3,636			20,351			71,156			158,066			36,698
Distribution fees Class R			4			132			37			2,827			8
Administrative servicing fees Class A			1,768			843			1,004			19,296			4,483
Administrative servicing fees Class R			3			59			14			1,811			4
Administrative servicing fees Institutional Service Class			–			108			121			549			34
Registration and filing fees			29,112			27,681			21,893			31,344			27,392
Printing fees			15,579			2,061			3,075			11,259			11,676
Trustee fees			534			221			594			1,915			733
Compliance program fees (Note 3)			343			125			264			1,316			440
Custodian fees			780			383			–			6,229			2,781
Other			2,582			1,328			2,596			8,371			3,269
	Total expenses before reimbursed/waived expenses		257,789			146,286			369,015			1,048,281			453,924
Earnings credit (Note 5)			(104	)		(178	)		–			(1,392	)		(898	)
Expenses reimbursed			(2,505	)		(6,563	)		(4,701	)		–			(524	)
Expenses voluntarily waived by administrator			(360	)		(178	)		(402	)		(1,128	)		(559	)
	Net expenses		254,820			139,367			363,912			1,045,761			451,943
Net Investment Income (Loss)			(99,646	)		(41,237	)		35,693			(538,838	)		30,767

See accompanying notes to financial statements.

94 Semiannual Report 2007

Statements of Operations (Continued)

	Nationwide
	Mid Cap				Nationwide		Nationwide		Nationwide
	Growth		Nationwide		Small Cap		U.S. Growth		Worldwide
	Leaders		Leaders		Leaders		Leaders		Leaders
	Fund		Fund		Fund		Fund		Fund
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions	$	2,866,464	$	899,348	$	3,009,711	$	12,711,275	$	5,412,139
Net realized (losses) on foreign currency transactions		–		–		–		–		(5,115	)
Net realized gains (losses) on investments and foreign currency transactions		2,866,464		899,348		3,009,711		12,711,275		5,407,024
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		2,271,570		32,892		594,288		1,119,592		2,837,549
Net realized/unrealized gains (losses) from investments and foreign currency transactions		5,138,034		932,240		3,603,999		13,830,867		8,244,573
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,038,388	$	891,003	$	3,639,692	$	13,292,029	$	8,275,340

See accompanying notes to financial statements.

2007 Semiannual Report 95

Statements of Changes in Net Assets

		Nationwide Mid Cap Growth						Nationwide
		Leaders Fund						Leaders Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	(99,646	)	$	(165,577	)	$	(41,237	)	$	111,298
Net realized gains (losses) from investments and foreign currency transactions transactions			2,866,464			3,902,595			899,348			1,704,055
Net change in unrealized appreciation on investments and foreign currency transactions			2,271,570			90			32,892			181,986
Change in net assets from operations			5,038,388			3,737,108			891,003			1,997,339
Distributions to Shareholders:
From net investment income:
	Class A		–			–			–			(89,653	)
	Class B		–			–			–			(9,305	)
	Class C		–			–			–			(31,669	)
	Class R		–			–			–			(20	)
	Institutional Service Class		–			–			–			(34,354	)
	Institutional Class		–			–			–			(22	)
Net realized gains:
	Class A		–			–			(600,267	)		(593,298	)
	Class B		–			–			(90,710	)		(83,541	)
	Class C		–			–			(306,615	)		(261,388	)
	Class R		–			–			(5,902	)		(144	)
	Institutional Service Class		–			–			(34,120	)		(761,293	)
	Institutional Class		–			–			(331,935	)		(130	)
Change in net assets from shareholder distributions			–			–			(1,369,549	)		(1,864,817	)
Change in net assets from capital transactions			(2,078,230	)		(5,402,832	)		7,949,192			(2,681,354	)
Change in net assets			2,960,158			(1,665,724	)		7,470,646			(2,548,832	)
Net Assets:
Beginning of period			36,272,447			37,938,171			12,251,886			14,800,718
End of period		$	39,232,605		$	36,272,447		$	19,722,532		$	12,251,886
Accumulated net investment income (loss) at end of period		$	(85,757	)	$	13,889		$	(41,237	)	$	–

See accompanying notes to financial statements.

96 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Mid Cap Growth						Nationwide
		Leaders Fund						Leaders Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	908,577		$	2,497,796		$	2,329,144		$	3,153,293
	Dividends reinvested		–			–			537,467			601,984
	Cost of shares redeemed(a)		(1,502,483	)		(2,841,869	)		(1,443,457	)		(2,118,975	)
Total Class A			(593,906	)		(344,073	)		1,423,154			1,636,302
Class B Shares
	Proceeds from shares issued		132,493			337,160			47,819			262,295
	Dividends reinvested		–			–			61,181			68,334
	Cost of shares redeemed(a)		(549,210	)		(925,900	)		(37,008	)		(33,847	)
Total Class B			(416,717	)		(588,740	)		71,992			296,782
Class C Shares
	Proceeds from shares issued		85,338			466,150			1,249,696			1,604,667
	Dividends reinvested		–			–			150,052			159,202
	Cost of shares redeemed(a)		(111,923	)		(196,249	)		(558,847	)		(280,883	)
Total Class C			(26,585	)		269,901			840,901			1,482,986
Class D Shares
	Proceeds from shares issued		639,709			1,202,408			–			–
	Cost of shares redeemed(a)		(1,681,295	)		(2,943,110	)		–			–
Total Class D			(1,041,586	)		(1,740,702	)		–			–
Class R Shares
	Proceeds from shares issued		–			200			83,615			150
	Dividends reinvested		–			–			125			164
	Cost of shares redeemed(a)		–			(201	)		(2,419	)		(150	)
Total Class R			–			(1	)		81,321			164
Institutional Service Class Shares
	Proceeds from shares issued		–			–			21			1,190,409
	Dividends reinvested		–			–			34,120			795,647
	Cost of shares redeemed(a)		–			–			–			(8,083,796	)
Total Institutional Service Class			–			–			34,141			(6,097,740	)
Institutional Class Shares
	Proceeds from shares issued		564			1,130			5,484,533			–
	Dividends reinvested		–			–			331,935			152
	Cost of shares redeemed(a)		–			(3,000,347	)		(318,785	)		–
Total Institutional Class			564			(2,999,217	)		5,497,683			152
Change in net assets from capital transactions:		$	(2,078,230	)	$	(5,402,832	)	$	7,949,192		$	(2,681,354	)

See accompanying notes to financial statements.

2007 Semiannual Report 97

Statements of Changes in Net Assets (Continued)

		Nationwide Mid Cap Growth						Nationwide
		Leaders Fund						Leaders Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		54,669			169,385			165,669			230,090
	Reinvested		–			–			39,317			46,338
	Redeemed		(92,447	)		(192,937	)		(104,595	)		(155,673	)
Total Class A Shares			(37,778	)		(23,552	)		100,391			120,755
Class B Shares
	Issued		8,910			24,557			3,556			20,263
	Reinvested		–			–			4,617			5,387
	Redeemed		(36,656	)		(67,919	)		(2,820	)		(2,597	)
Total Class B Shares			(27,746	)		(43,362	)		5,353			23,053
Class C Shares
	Issued		5,460			33,982			92,948			120,692
	Reinvested		–			–			11,333			12,560
	Redeemed		(7,607	)		(14,453	)		(41,530	)		(21,652	)
Total Class C Shares			(2,147	)		19,529			62,751			111,600
Class D Shares
	Issued		38,705			78,400			–			–
	Redeemed		(100,827	)		(192,959	)		–			–
Total Class D Shares			(62,122	)		(114,559	)		–			–
Class R Shares
	Issued		–			13			5,876			11
	Reinvested		–			–			9			13
	Redeemed		–			(13	)		(186	)		(11	)
Total Class R Shares			–			–			5,699			13
Institutional Service Class Shares
	Issued		–			–			–			86,427
	Reinvested		–			–			2,460			61,249
	Redeemed		–			–			–			(595,800	)
Total Institutional Service Class Shares			–			–			2,460			(448,124	)
Institutional Class Shares
	Issued		–			–			375,996			–
	Reinvested		–			–			24,141			12
	Redeemed		–			(196,464	)		(22,953	)		–
Total Institutional Class Shares			–			(196,464	)		377,184			12
Change in shares:			(129,793	)		(358,408	)		553,838			(192,691	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

98 Semiannual Report 2007

Statements of Changes in Net Assets

		Nationwide Small Cap						Nationwide U.S. Growth
		Leaders Fund						Leaders Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	35,693		$	(29,286	)	$	(538,838	)	$	(1,062,861	)
Net realized gains (losses) from investments transactions			3,009,711			3,438,259			12,711,275			(4,653,935	)
Net change in unrealized appreciation on investments			594,288			2,451,843			1,119,592			5,090,644
Change in net assets from operations			3,639,692			5,860,816			13,292,029			(626,152	)
Distributions to Shareholders:
From net investment income:
	Class A		–			(21,188	)		–			–
	Class B		–			(163	)		–			–
	Class C		–			(1,679	)		–			–
	Class R		–			(2	)		–			–
	Institutional Service Class		–			(110	)		–			–
	Institutional Class		–			(12,435	)		–			–
Net realized gains:
	Class A		(1,720,369	)		(104,156	)		–			(5,982,359	)
	Class B		(160,109	)		(17,000	)		–			(282,244	)
	Class C		(1,053,231	)		(108,828	)		–			1,801,693
	Class R		(529	)		(19	)		–			(49,790	)
	Institutional Service Class		(16,420	)		(19	)		–			(549,932	)
	Institutional Class		(443,415	)		(76,326	)		–			(126,437	)
Change in net assets from shareholder distributions			(3,394,073	)		(341,925	)		–			(8,792,455	)
Change in net assets from capital transactions			8,822,953			18,793,035			(28,272,876	)		29,282,374
Change in net assets			9,068,572			24,311,926			(14,980,847	)		19,863,767
Net Assets:
Beginning of period			40,353,701			16,041,775			134,833,475			114,969,708
End of period		$	49,422,273		$	40,353,701		$	119,852,628		$	134,833,475
Accumulated net investment income (loss) at end of period		$	35,693		$	–		$	(538,838	)	$	–
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	11,901,763		$	16,118,945		$	10,881,331		$	75,133,005
	Dividends reinvested		871,110			47,649			–			4,334,360
	Cost of shares redeemed(a)		(12,204,080	)		(2,463,851	)		(28,349,822	)		(63,403,917	)
Total Class A			568,793			13,702,743			(17,468,491	)		16,063,448
Class B Shares
	Proceeds from shares issued		703,280			681,666			130,741			2,992,972
	Dividends reinvested		29,762			1,016			–			196,011
	Cost of shares redeemed(a)		(33,509	)		(45,757	)		(843,379	)		(1,008,192	)
Total Class B			699,533			636,925			(712,638	)		2,180,791
Class C Shares
	Proceeds from shares issued		7,973,374			5,861,792			2,408,712			25,137,386
	Dividends reinvested		279,799			13,478			–			809,025
	Cost of shares redeemed(a)		(1,441,826	)		(1,613,208	)		(11,750,964	)		(10,035,027	)
Total Class C			6,811,347			4,262,062			(9,342,252	)		15,911,384

See accompanying notes to financial statements.

2007 Semiannual Report 99

Statements of Changes in Net Assets (Continued)

		Nationwide Small Cap						Nationwide U.S. Growth
		Leaders Fund						Leaders Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class R Shares
	Proceeds from shares issued	$	86,277		$	4,551		$	567,932		$	837,644
	Dividends reinvested		529			21			–			81
	Cost of shares redeemed(a)		(22	)		(153	)		(319,045	)		(395,267	)
Total Class R			86,784			4,419			248,887			442,458
Institutional Service Class Shares
	Proceeds from shares issued		324,871			110,032			1			1,993,334
	Dividends reinvested		16,420			129			–			549,931
	Cost of shares redeemed(a)		(128,905	)		(25,025	)		–			(10,890,417	)
Total Institutional Service Class			212,386			85,136			1			(8,347,152	)
Institutional Class Shares
	Proceeds from shares issued		696			14,758			1,123,926			3,788,762
	Dividends reinvested		443,415			88,761			–			126,437
	Cost of shares redeemed(a)		(1	)		(1,769	)		(2,122,309	)		(883,754	)
Total Institutional Class			444,110			101,750			(998,383	)		3,031,445
Change in net assets from capital transactions:		$	8,822,953		$	18,793,035		$	(28,272,876	)	$	29,282,374
SHARE TRANSACTIONS:
Class A Shares
	Issued		938,154			1,326,177			1,073,307			7,438,195
	Reinvested		69,633			4,407			–			432,140
	Redeemed		(959,091	)		(206,865	)		(2,821,593	)		(6,552,791	)
Total Class A Shares			48,696			1,123,719			(1,748,286	)		1,317,544
Class B Shares
	Issued		56,257			54,954			13,643			308,750
	Reinvested		2,414			97			–			20,354
	Redeemed		(2,670	)		(3,905	)		(87,911	)		(107,628	)
Total Class B Shares			56,001			51,146			(74,268	)		221,476
Class C Shares
	Issued		638,689			484,961			247,382			2,557,616
	Reinvested		22,656			1,281			–			83,491
	Redeemed		(114,990	)		(135,160	)		(1,221,436	)		(1,079,969	)
Total Class C Shares			546,355			351,082			(974,054	)		1,561,138
Class R Shares
	Issued		6,941			399			58,938			85,659
	Reinvested		43			2			–			8
	Redeemed		(2	)		(13	)		(32,435	)		(39,728	)
Total Class R Shares			6,982			388			26,503			45,939
Institutional Service Class Shares
	Issued		24,896			8,694			–			189,941
	Reinvested		1,308			11			–			54,074
	Redeemed		(10,535	)		(2,135	)		–			(1,043,535	)
Total Institutional Service Class Shares			15,669			6,570			–			(799,520	)
Institutional Class Shares
	Issued		–			843			108,958			375,708
	Reinvested		35,248			8,248			–			12,396
	Redeemed		–			–			(207,746	)		(88,077	)
Total Institutional Class Shares			35,248			9,091			(98,788	)		300,027
Change in shares:			708,951			1,541,996			(2,868,893	)		2,646,604

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

100 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Worldwide
		Leaders Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	30,767		$	162,545
Net realized gains on investment and foreign currency transactions			5,407,024			6,837,493
Net change in unrealized appreciation on investments and foreign currency transactions			2,837,549			2,846,773
Change in net assets from operations			8,275,340			9,846,811
Distributions to Shareholders:
From net investment income:
	Class A		(47,474	)		(181,971	)
	Class B		–			(952	)
	Class C		–			(5,840	)
	Class R		–			(6	)
	Institutional Service Class		(25	)		(88	)
	Institutional Class		(3	)		(9	)
Change in net assets from shareholder distributions			(47,502	)		(188,866	)
Change in net assets from capital transactions			15,881,370			(1,123,361	)
Change in net assets			24,109,208			8,534,584
Net Assets:
Beginning of period			45,843,388			37,308,804
End of period		$	69,952,596		$	45,843,388
Accumulated net investment income (loss) at end of period		$	(16,735	)	$	–
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	11,358,275		$	7,478,247
	Dividends reinvested		41,787			161,605
	Cost of shares redeemed(a)		(4,798,341	)		(7,201,253	)
Total Class A			6,601,721			438,599
Class B Shares
	Proceeds from shares issued		513,738			465,136
	Dividends reinvested		–			550
	Cost of shares redeemed(a)		(6,283	)		(122,438	)
Total Class B			507,455			343,248
Class C Shares
	Proceeds from shares issued		9,306,767			3,181,106
	Dividends reinvested		–			2,483
	Cost of shares redeemed(a)		(568,603	)		(458,128	)
Total Class C			8,738,164			2,725,461
Class R Shares
	Proceeds from shares issued		23,999			150
	Dividends reinvested		–			6
	Cost of shares redeemed(a)		–			(151	)
Total Class R			23,999			5

See accompanying notes to financial statements.

2007 Semiannual Report 101

Statements of Changes in Net Assets (Continued)

		Nationwide Worldwide
		Leaders Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
	Proceeds from shares issued	$	10,003		$	2,774,186
	Dividends reinvested		25			88
	Cost of shares redeemed(a)		–			(7,404,957	)
Total Institutional Service Class			10,028			(4,630,683	)
Institutional Class Shares
	Dividends reinvested		3			9
Total Institutional Class			3			9
Change in net assets from capital transactions:		$	15,881,370		$	(1,123,361	)
SHARE TRANSACTIONS:
Class A Shares
	Issued		878,709			715,404
	Reinvested		3,375			15,454
	Redeemed		(379,476	)		(685,963	)
Total Class A Shares			502,608			44,895
Class B Shares
	Issued		41,014			45,706
	Reinvested		–			55
	Redeemed		(515	)		(12,072	)
Total Class B Shares			40,499			33,689
Class C Shares
	Issued		747,204			307,345
	Reinvested		–			246
	Redeemed		(46,917	)		(44,710	)
Total Class C Shares			700,287			262,881
Class R Shares
	Issued		1,802			14
	Reinvested		–			1
	Redeemed		–			(15	)
Total Class R Shares			1,802			–
Institutional Service Class Shares
	Issued		802			279,598
	Reinvested		2			8
	Redeemed		–			(693,392	)
Total Institutional Service Class Shares			804			(413,786	)
	Reinvested		–			1
Total Institutional Class Shares			–			1
Change in shares:			1,246,000			(72,320	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

102 Semiannual Report 2007

Financial Highlights

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

Nationwide Mid Cap Growth Leaders Fund

			Investment Activities														Ratios / Supplemental Data
						Net Realized
						and
	Net Asset		Net			Unrealized			Total								Net Assets		Ratio of
	Value,		Investment			Gains			from			Net Asset					at End of		Expenses
	Beginning		Income			(Losses) on			Investment			Value, End		Total			Period		to Average
	of Period		(Loss)			Investments			Activities			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002	$	10.93		(0.14	)		(2.29	)		(2.43	)	$	8.50		(22.23%	)	$	4,880		1.59%
Year Ended October 31, 2003	$	8.50		(0.12	)		2.92			2.80		$	11.30		32.94%		$	6,441		1.55%
Year Ended October 31, 2004	$	11.30		(0.12	)		0.34			0.22		$	11.52		1.95%		$	5,769		1.50%
Year Ended October 31, 2005	$	11.52		(0.09	)		2.32			2.23		$	13.75		19.36%		$	6,624		1.52%
Year Ended October 31, 2006	$	13.75		(0.09	)		1.45			1.36		$	15.11		9.89%		$	6,926		1.48%
Six Months Ended April 30, 2007 (Unaudited)	$	15.11		(0.06	)		2.21			2.15		$	17.26		14.23%		$	7,259		1.50%
Class B Shares
Year Ended October 31, 2002	$	10.40		(0.19	)		(2.18	)		(2.37	)	$	8.03		(22.79%	)	$	3,005		2.25%
Year Ended October 31, 2003	$	8.03		(0.18	)		2.76			2.58		$	10.61		32.13%		$	3,663		2.24%
Year Ended October 31, 2004	$	10.61		(0.18	)		0.31			0.13		$	10.74		1.23%		$	3,324		2.20%
Year Ended October 31, 2005	$	10.74		(0.19	)		2.19			2.00		$	12.74		18.62%		$	3,387		2.22%
Year Ended October 31, 2006	$	12.74		(0.19	)		1.36			1.17		$	13.91		9.18%		$	3,096		2.17%
Six Months Ended April 30, 2007 (Unaudited)	$	13.91		(0.11	)		2.03			1.92		$	15.83		13.80%		$	3,085		2.20%
Class C Shares
Year Ended October 31, 2002	$	10.41		(0.19	)		(2.18	)		(2.37	)	$	8.04		(22.77%	)	$	45		2.25%
Year Ended October 31, 2003	$	8.04		(0.16	)		2.74			2.58		$	10.62		32.09%		$	69		2.24%
Year Ended October 31, 2004	$	10.62		(0.16	)		0.29			0.13		$	10.75		1.22%		$	77		2.20%
Year Ended October 31, 2005	$	10.75		(0.18	)		2.18			2.00		$	12.75		18.60%		$	429		2.23%
Year Ended October 31, 2006 (h)	$	12.75		(0.18	)		1.35			1.17		$	13.92		9.18%		$	741		2.16%
Six Months Ended April 30, 2007 (Unaudited)	$	13.92		(0.10	)		2.02			1.92		$	15.84		13.79%		$	809		2.20%
Class D Shares
Year Ended October 31, 2002	$	11.03		(0.11	)		(2.32	)		(2.43	)	$	8.60		(22.03%	)	$	10,192		1.27%
Year Ended October 31, 2003	$	8.60		(0.10	)		2.97			2.87		$	11.47		33.37%		$	11,747		1.24%
Year Ended October 31, 2004	$	11.47		(0.08	)		0.34			0.26		$	11.73		2.27%		$	10,857		1.20%
Year Ended October 31, 2005	$	11.73		(0.06	)		2.38			2.32		$	14.05		19.78%		$	11,232		1.22%
Year Ended October 31, 2006	$	14.05		(0.04	)		1.49			1.45		$	15.50		10.32%		$	10,614		1.17%
Six Months Ended April 30, 2007 (Unaudited)	$	15.50		(0.04	)		2.27			2.23		$	17.73		14.39%		$	11,041		1.20%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of Net			Ratio of		Ratio of
	Investment			Expenses		Investment
	Income			(Prior to		Income (Prior to
	(Loss) to			Reimbursements)		Reimbursements)
	Average Net			to Average		to Average Net			Portfolio
	Assets (c)			Net Assets (c) (e)		Assets (c) (e)			Turnover (f)
Class A Shares
Year Ended October 31, 2002		(1.27%	)		2.20%		(1.88%	)		432.60%
Year Ended October 31, 2003		(1.27%	)		1.99%		(1.71%	)		365.45%
Year Ended October 31, 2004		(0.97%	)		1.98%		(1.44%	)		405.85%
Year Ended October 31, 2005		(0.74%	)		1.82%		(1.03%	)		149.29%
Year Ended October 31, 2006		(0.57%	)		1.54%		(0.64%	)		164.51%
Six Months Ended April 30, 2007 (Unaudited)		(0.67%	)		1.51%		(0.69%	)		77.57%
Class B Shares
Year Ended October 31, 2002		(1.94%	)		2.90%		(2.59%	)		432.60%
Year Ended October 31, 2003		(1.96%	)		2.68%		(2.40%	)		365.45%
Year Ended October 31, 2004		(1.66%	)		2.67%		(2.13%	)		405.85%
Year Ended October 31, 2005		(1.43%	)		2.52%		(1.72%	)		149.29%
Year Ended October 31, 2006		(1.25%	)		2.24%		(1.32%	)		164.51%
Six Months Ended April 30, 2007 (Unaudited)		(1.37%	)		2.21%		(1.39%	)		77.57%
Class C Shares
Year Ended October 31, 2002		(1.94%	)		2.90%		(2.59%	)		432.60%
Year Ended October 31, 2003		(1.96%	)		2.69%		(2.41%	)		365.45%
Year Ended October 31, 2004		(1.65%	)		2.69%		(2.14%	)		405.85%
Year Ended October 31, 2005		(1.45%	)		2.46%		(1.69%	)		149.29%
Year Ended October 31, 2006 (h)		(1.29%	)		2.23%		(1.35%	)		164.51%
Six Months Ended April 30, 2007 (Unaudited)		(1.37%	)		2.24%		(1.41%	)		77.57%
Class D Shares
Year Ended October 31, 2002		(0.97%	)		1.90%		(1.60%	)		432.60%
Year Ended October 31, 2003		(0.96%	)		1.69%		(1.40%	)		365.45%
Year Ended October 31, 2004		(0.66%	)		1.67%		(1.13%	)		405.85%
Year Ended October 31, 2005		(0.43%	)		1.52%		(0.72%	)		149.29%
Year Ended October 31, 2006		(0.26%	)		1.24%		(0.33%	)		164.51%
Six Months Ended April 30, 2007 (Unaudited)		(0.37%	)		1.21%		(0.39%	)		77.57%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	For the period from September 28, 2004 (commencement of operations) through October 31, 2004.
(e)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

[Additional columns below]

[Continued from above table, first column(s) repeated]

2007 Semiannual Report 103

Financial Highlights

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

			Investment Activities											Ratios / Supplemental Data
						Net Realized
						and
	Net Asset		Net			Unrealized		Total						Net Assets		Ratio of
	Value,		Investment			Gains		from		Net Asset				at End of		Expenses
	Beginning		Income			(Losses) on		Investment		Value, End		Total		Period		to Average
	of Period		(Loss)			Investments		Activities		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class R Shares
Period Ended October 31, 2004 (g)	$	11.47		(0.11	)		0.32		0.21	$	11.68		1.83%	$	1		1.72%
Year Ended October 31, 2005	$	11.68		(0.11	)		2.36		2.25	$	13.93		19.26%	$	1		1.60%
Year Ended October 31, 2006	$	13.93		(0.09	)		1.47		1.38	$	15.31		9.91%	$	1		1.53%
Six Months Ended April 30, 2007 (Unaudited)	$	15.31		(0.12	)		2.22		2.10	$	17.41		13.72%	$	2		2.28%
Institutional Class Shares
Period Ended October 31, 2004 (d)	$	11.23		(0.01	)		0.51		0.50	$	11.73		4.45%	$	1		1.08%
Year Ended October 31, 2005	$	11.73		(0.05	)		2.36		2.31	$	14.04		19.69%	$	16,263		1.23%
Year Ended October 31, 2006	$	14.04		(0.05	)		1.49		1.44	$	15.48		10.26%	$	14,894		1.17%
Six Months Ended April 30, 2007 (Unaudited)	$	15.48		(0.04	)		2.27		2.23	$	17.71		14.41%	$	17,038		1.20%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of Net			Ratio of		Ratio of
	Investment			Expenses		Investment
	Income			(Prior to		Income (Prior to
	(Loss) to			Reimbursements)		Reimbursements)
	Average Net			to Average		to Average Net			Portfolio
	Assets (c)			Net Assets (c) (e)		Assets (c) (e)			Turnover (f)
Class R Shares
Period Ended October 31, 2004 (g)		(1.16%	)		2.09%		(1.53%	)		405.85%
Year Ended October 31, 2005		(0.83%	)		1.90%		(1.13%	)		149.29%
Year Ended October 31, 2006		(0.63%	)		1.57%		(0.66%	)		164.51%
Six Months Ended April 30, 2007 (Unaudited)		(1.42%	)		2.51%		(1.65%	)		77.57%
Institutional Class Shares
Period Ended October 31, 2004 (d)		(0.69%	)		2.50%		(2.11%	)		405.85%
Year Ended October 31, 2005		(0.51%	)		1.43%		(0.71%	)		149.29%
Year Ended October 31, 2006		(0.26%	)		1.24%		(0.33%	)		164.51%
Six Months Ended April 30, 2007 (Unaudited)		(0.37%	)		1.21%		(0.39%	)		77.57%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	For the period from September 28, 2004 (commencement of operations) through October 31, 2004.
(e)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

104 Semiannual Report 2007

Nationwide Leaders Fund

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Period Ended October 31, 2002 (f)	$	10.00		0.02			(0.55	)		(0.53	)		(0.01	)
Year Ended October 31, 2003	$	9.46		–			1.98			1.98			(0.04	)
Year Ended October 31, 2004	$	11.40		(0.04	)		1.18			1.14			–
Year Ended October 31, 2005	$	12.54		0.10			2.12			2.22			(0.08	)
Year Ended October 31, 2006	$	13.92		0.11			1.83			1.94			(0.20	)
Six Months Ended April 30, 2007 (Unaudited)	$	14.17		(0.02	)		0.91			0.89			–
Class B Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.05	)		(0.55	)		(0.60	)		–
Year Ended October 31, 2003	$	9.40		(0.09	)		1.97			1.88			(0.01	)
Year Ended October 31, 2004	$	11.27		(0.12	)		1.17			1.05			–
Year Ended October 31, 2005	$	12.32		0.03			2.05			2.08			(0.02	)
Year Ended October 31, 2006	$	13.62		0.02			1.78			1.80			(0.15	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.78		(0.07	)		0.89			0.82			–
Class C Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.05	)		(0.55	)		(0.60	)		–
Year Ended October 31, 2003	$	9.40		(0.08	)		1.96			1.88			(0.01	)
Year Ended October 31, 2004	$	11.27		(0.12	)		1.16			1.04			–
Year Ended October 31, 2005	$	12.31		0.03			2.07			2.10			(0.03	)
Year Ended October 31, 2006	$	13.62		0.02			1.78			1.80			(0.16	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.77		(0.07	)		0.89			0.82			–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2002 (f)		–			(0.01	)	$	9.46		(5.34%	)	$	891		1.45%
Year Ended October 31, 2003		–			(0.04	)	$	11.40		20.97%		$	1,351		1.45%
Year Ended October 31, 2004		–			–		$	12.54		10.00%		$	1,445		1.47%
Year Ended October 31, 2005		(0.76	)		(0.84	)	$	13.92		18.12%		$	5,309		1.51%
Year Ended October 31, 2006		(1.49	)		(1.69	)	$	14.17		15.16%		$	7,117		1.56%
Six Months Ended April 30, 2007 (Unaudited)		(1.14	)		(1.14	)	$	13.92		6.41%		$	8,391		1.47%
Class B Shares
Period Ended October 31, 2002 (f)		–			–		$	9.40		(6.00%	)	$	317		2.20%
Year Ended October 31, 2003		–			(0.01	)	$	11.27		20.08%		$	350		2.20%
Year Ended October 31, 2004		–			–		$	12.32		9.32%		$	410		2.20%
Year Ended October 31, 2005		(0.76	)		(0.78	)	$	13.62		17.25%		$	769		2.20%
Year Ended October 31, 2006		(1.49	)		(1.64	)	$	13.78		14.35%		$	1,096		2.27%
Six Months Ended April 30, 2007 (Unaudited)		(1.14	)		(1.14	)	$	13.46		6.06%		$	1,142		2.20%
Class C Shares
Period Ended October 31, 2002 (f)		–			–		$	9.40		(6.00%	)	$	243		2.21%
Year Ended October 31, 2003		–			(0.01	)	$	11.27		20.08%		$	358		2.20%
Year Ended October 31, 2004		–			–		$	12.31		9.32%		$	404		2.20%
Year Ended October 31, 2005		(0.76	)		(0.79	)	$	13.62		17.30%		$	2,046		2.20%
Year Ended October 31, 2006		(1.49	)		(1.65	)	$	13.77		14.32%		$	3,606		2.27%
Six Months Ended April 30, 2007 (Unaudited)		(1.14	)		(1.14	)	$	13.45		6.07%		$	4,366		2.20%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
	Ratio of			Ratio of		Investment
	Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Period Ended October 31, 2002 (f)		0.23%			4.93%		(3.25%	)		60.54%
Year Ended October 31, 2003		(0.04%	)		3.23%		(1.82%	)		196.86%
Year Ended October 31, 2004		(0.31%	)		2.61%		(1.46%	)		230.95%
Year Ended October 31, 2005		0.94%			1.80%		0.65%			522.67%
Year Ended October 31, 2006		0.72%			1.75%		0.52%			599.86%
Six Months Ended April 30, 2007 (Unaudited)		(0.33%	)		1.56%		(0.42%	)		516.17%
Class B Shares
Period Ended October 31, 2002 (f)		(0.58%	)		5.78%		(4.16%	)		60.54%
Year Ended October 31, 2003		(0.74%	)		4.11%		(2.65%	)		196.86%
Year Ended October 31, 2004		(1.05%	)		3.34%		(2.20%	)		230.95%
Year Ended October 31, 2005		0.32%			2.55%		(0.04%	)		522.67%
Year Ended October 31, 2006		(0.06%	)		2.47%		(0.27%	)		599.86%
Six Months Ended April 30, 2007 (Unaudited)		(1.07%	)		2.29%		(1.16%	)		516.17%
Class C Shares
Period Ended October 31, 2002 (f)		(0.60%	)		5.80%		(4.19%	)		60.54%
Year Ended October 31, 2003		(0.82%	)		3.95%		(2.57%	)		196.86%
Year Ended October 31, 2004		(1.05%	)		3.34%		(2.20%	)		230.95%
Year Ended October 31, 2005		0.40%			2.43%		0.18%			522.67%
Year Ended October 31, 2006		(0.06%	)		2.47%		(0.27%	)		599.86%
Six Months Ended April 30, 2007 (Unaudited)		(1.06%	)		2.29%		(1.15%	)		516.17%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 15, 2006 (commencement of operations) through April 30, 2007.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 105

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class R Shares
Period Ended October 31, 2003 (g)	$	10.98		(0.01	)		0.31			0.30			–
Year Ended October 31, 2004	$	11.28		(0.08	)		1.17			1.09			–
Year Ended October 31, 2005	$	12.37		0.14			2.06			2.20			(0.08	)
Year Ended October 31, 2006	$	13.73		0.07			1.81			1.88			(0.19	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.93		(0.03	)		0.86			0.83			–
Institutional Service Class Shares
Period Ended October 31, 2002 (f)	$	10.00		0.03			(0.55	)		(0.52	)		(0.01	)
Year Ended October 31, 2003	$	9.47		–			1.99			1.99			(0.04	)
Year Ended October 31, 2004	$	11.42		(0.03	)		1.18			1.15			–
Year Ended October 31, 2005	$	12.57		0.12			2.12			2.24			(0.09	)
Year Ended October 31, 2006 (i)	$	13.96		0.31			1.66			1.97			(0.09	)
Six Months Ended April 30, 2007 (Unaudited)	$	14.35		(0.01	)		0.93			0.92			–
Institutional Class Shares
Year Ended October 31, 2004 (h)	$	12.22		(0.01	)		0.37			0.36			–
Year Ended October 31, 2005	$	12.58		0.17			2.09			2.26			(0.12	)
Year Ended October 31, 2006	$	13.96		0.15			1.85			2.00			(0.23	)
Six Months Ended April 30, 2007 (Unaudited)	$	14.24		–			0.91			0.91			–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class R Shares
Period Ended October 31, 2003 (g)		–			–		$	11.28		2.73%		$	1		1.80%
Year Ended October 31, 2004		–			–		$	12.37		9.66%		$	1		1.81%
Year Ended October 31, 2005		(0.76	)		(0.84	)	$	13.73		18.19%		$	1		1.45%
Year Ended October 31, 2006		(1.49	)		(1.68	)	$	13.93		14.87%		$	2		1.80%
Six Months Ended April 30, 2007 (Unaudited)		(1.14	)		(1.14	)	$	13.62		6.07%		$	79		1.84%
Institutional Service Class Shares
Period Ended October 31, 2002 (f)		–			(0.01	)	$	9.47		(5.23%	)	$	778		1.32%
Year Ended October 31, 2003		–			(0.04	)	$	11.42		21.10%		$	1,395		1.38%
Year Ended October 31, 2004		–			–		$	12.57		10.07%		$	2,377		1.41%
Year Ended October 31, 2005		(0.76	)		(0.85	)	$	13.96		18.23%		$	6,674		1.43%
Year Ended October 31, 2006 (i)		(1.49	)		(1.58	)	$	14.35		15.27%		$	431		1.44%
Six Months Ended April 30, 2007 (Unaudited)		(1.14	)		(1.14	)	$	14.13		6.54%		$	459		1.25%
Institutional Class Shares
Year Ended October 31, 2004 (h)		–			–		$	12.58		2.95%		$	1		1.12%
Year Ended October 31, 2005		(0.76	)		(0.88	)	$	13.96		18.37%		$	1		1.20%
Year Ended October 31, 2006		(1.49	)		(1.72	)	$	14.24		15.60%		$	1		1.22%
Six Months Ended April 30, 2007 (Unaudited)		(1.14	)		(1.14	)	$	14.01		6.52%		$	5,286		1.20%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
	Ratio of			Ratio of		Investment
	Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (g)		(1.11%	)		1.90%		(1.21%	)		196.86%
Year Ended October 31, 2004		(0.69%	)		2.91%		(1.79%	)		230.95%
Year Ended October 31, 2005		1.04%			1.79%		0.70%			522.67%
Year Ended October 31, 2006		0.50%			2.02%		0.28%			599.86%
Six Months Ended April 30, 2007 (Unaudited)		(0.63%	)		1.91%		(0.70%	)		516.17%
Institutional Service Class Shares
Period Ended October 31, 2002 (f)		0.39%			4.74%		(3.03%	)		60.54%
Year Ended October 31, 2003		0.01%			3.06%		(1.67%	)		196.86%
Year Ended October 31, 2004		(0.27%	)		2.56%		(1.42%	)		230.95%
Year Ended October 31, 2005		0.98%			1.75%		0.66%			522.67%
Year Ended October 31, 2006 (i)		2.27%			1.54%		2.18%			599.86%
Six Months Ended April 30, 2007 (Unaudited)		(0.12%	)		1.34%		(0.21%	)		516.17%
Institutional Class Shares
Year Ended October 31, 2004 (h)		(0.17%	)		2.44%		(1.50%	)		230.95%
Year Ended October 31, 2005		1.23%			1.77%		0.72%			522.67%
Year Ended October 31, 2006		1.08%			1.41%		0.89%			599.86%
Six Months Ended April 30, 2007 (Unaudited)		(0.02%	)		1.25%		(0.07%	)		516.17%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 15, 2006 (commencement of operations) through April 30, 2007.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

106 Semiannual Report 2007

Financial Highlights

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

Nationwide Small Cap Leaders Fund

			Investment Activities							Distributions
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from		Net
	Beginning		Income			Gains on		Investment		Investment
	of Period		(Loss)			Investments		Activities		Income
Class A Shares
Period Ended October 31, 2005 (f)	$	10.00		(0.01	)		0.09		0.08		–
Year Ended October 31, 2006	$	10.08		–			3.04		3.04		(0.02	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.91		0.02			1.08		1.10		–
Class B Shares
Period Ended October 31, 2005 (f)	$	10.00		(0.02	)		0.05		0.03		–
Year Ended October 31, 2006	$	10.03		(0.04	)		2.96		2.92		–	(g)
Six Months Ended April 30, 2007 (Unaudited)	$	12.76		(0.01	)		1.05		1.04		–
Class C Shares
Period Ended October 31, 2005 (f)	$	10.00		(0.04	)		0.08		0.04		–
Year Ended October 31, 2006	$	10.04		(0.05	)		2.98		2.93		–	(g)
Six Months Ended April 30, 2007 (Unaudited)	$	12.78		(0.01	)		1.05		1.04		–
Class R Shares
Period Ended October 31, 2005 (f)	$	10.00		(0.06	)		0.11		0.05		–
Year Ended October 31, 2006	$	10.05		–	(g)		3.00		3.00		(0.02	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.84		–			1.07		1.07		–
Institutional Service Class Shares
Period Ended October 31, 2005 (f)	$	10.00		–			0.10		0.10		–
Year Ended October 31, 2006	$	10.10		0.01			3.06		3.07		(0.03	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.95		0.01			1.10		1.11		–
Institutional Class Shares
Period Ended October 31, 2005 (f)	$	10.00		(0.01	)		0.12		0.11		–
Year Ended October 31, 2006	$	10.11		0.07			3.02		3.09		(0.03	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.98		0.04			1.08		1.12		–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
											Net Assets		Ratio of
	Net						Net Asset				at End of		Expenses
	Realized			Total			Value, End		Total		Period		to Average
	Gains			Distributions			of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2005 (f)		–			–		$	10.08		0.80%	$	5,449		1.80%
Year Ended October 31, 2006		(0.19	)		(0.21	)	$	12.91		30.65%	$	21,484		1.61%
Six Months Ended April 30, 2007 (Unaudited)		(1.08	)		(1.08	)	$	12.93		8.83%	$	22,152		1.48%
Class B Shares
Period Ended October 31, 2005 (f)		–			–		$	10.03		0.30%	$	888		2.49%
Year Ended October 31, 2006		(0.19	)		(0.19	)	$	12.76		29.55%	$	1,783		2.35%
Six Months Ended April 30, 2007 (Unaudited)		(1.08	)		(1.08	)	$	12.72		8.45%	$	2,490		2.20%
Class C Shares
Period Ended October 31, 2005 (f)		–			–		$	10.04		0.40%	$	5,657		2.49%
Year Ended October 31, 2006		(0.19	)		(0.19	)	$	12.78		29.63%	$	11,686		2.35%
Six Months Ended April 30, 2007 (Unaudited)		(1.08	)		(1.08	)	$	12.74		8.44%	$	18,609		2.19%
Class R Shares
Period Ended October 31, 2005 (f)		–			–		$	10.05		0.50%	$	1		2.26%
Year Ended October 31, 2006		(0.19	)		(0.21	)	$	12.84		30.32%	$	6		1.95%
Six Months Ended April 30, 2007 (Unaudited)		(1.08	)		(1.08	)	$	12.83		8.64%	$	96		1.73%
Institutional Service Class Shares
Period Ended October 31, 2005 (f)		–			–		$	10.10		1.00%	$	1		1.57%
Year Ended October 31, 2006		(0.19	)		(0.22	)	$	12.95		30.83%	$	86		1.50%
Six Months Ended April 30, 2007 (Unaudited)		(1.08	)		(1.08	)	$	12.98		8.89%	$	290		1.37%
Institutional Class Shares
Period Ended October 31, 2005 (f)		–			–		$	10.11		1.10%	$	4,045		1.49%
Year Ended October 31, 2006		(0.19	)		(0.22	)	$	12.98		31.03%	$	5,308		1.35%
Six Months Ended April 30, 2007 (Unaudited)		(1.08	)		(1.08	)	$	13.02		8.95%	$	5,786		1.20%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of
	Ratio of					Investment
	Net			Ratio of		Income
	Investment			Expenses (Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average Net		to Average			Portfolio
	Net Assets (c)			Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Period Ended October 31, 2005 (f)		(0.20%	)		2.36%		(0.76%	)		372.55%
Year Ended October 31, 2006		(0.05%	)		1.66%		(0.10%	)		440.62%
Six Months Ended April 30, 2007 (Unaudited)		0.35%			1.48%		0.35%			262.85%
Class B Shares
Period Ended October 31, 2005 (f)		(0.88%	)		3.00%		(1.39%	)		372.55%
Year Ended October 31, 2006		(0.50%	)		2.40%		(0.55%	)		440.62%
Six Months Ended April 30, 2007 (Unaudited)		(0.29%	)		2.23%		(0.32%	)		262.85%
Class C Shares
Period Ended October 31, 2005 (f)		(0.90%	)		3.04%		(1.45%	)		372.55%
Year Ended October 31, 2006		(0.57%	)		2.40%		(0.63%	)		440.62%
Six Months Ended April 30, 2007 (Unaudited)		(0.24%	)		2.23%		(0.29%	)		262.85%
Class R Shares
Period Ended October 31, 2005 (f)		(0.74%	)		3.03%		(1.51%	)		372.55%
Year Ended October 31, 2006		(0.46%	)		1.99%		(0.50%	)		440.62%
Six Months Ended April 30, 2007 (Unaudited)		(0.34%	)		1.89%		(0.49%	)		262.85%
Institutional Service Class Shares
Period Ended October 31, 2005 (f)		(0.04%	)		2.21%		(0.69%	)		372.55%
Year Ended October 31, 2006		(0.56%	)		1.54%		(0.60%	)		440.62%
Six Months Ended April 30, 2007 (Unaudited)		0.32%			1.37%		0.32%			262.85%
Institutional Class Shares
Period Ended October 31, 2005 (f)		0.05%			2.29%		(0.89%	)		372.55%
Year Ended October 31, 2006		0.62%			1.40%		0.57%			440.62%
Six Months Ended April 30, 2007 (Unaudited)		0.70%			1.23%		0.67%			262.85%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(g)	The amount is less than $0.005.

See accompanying notes to financial statements.

2007 Semiannual Report 107

Financial Highlights

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

Nationwide U.S. Growth Leaders Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	6.02		(0.07	)		(0.46	)		(0.53	)
Year Ended October 31, 2003	$	5.49		(0.03	)		2.76			2.73
Year Ended October 31, 2004	$	8.22		(0.07	)		0.34			0.27
Year Ended October 31, 2005	$	8.49		(0.05	)		1.52			1.47
Year Ended October 31, 2006	$	9.96		(0.06	)		0.27			0.21
Six Months Ended April 30, 2007 (Unaudited)	$	9.57		(0.04	)		1.12			1.08
Class B Shares
Year Ended October 31, 2002	$	5.96		(0.12	)		(0.44	)		(0.56	)
Year Ended October 31, 2003(f)	$	5.40		(0.11	)		2.74			2.63
Year Ended October 31, 2004	$	8.03		(0.13	)		0.34			0.21
Year Ended October 31, 2005	$	8.24		(0.12	)		1.47			1.35
Year Ended October 31, 2006	$	9.59		(0.11	)		0.25			0.14
Six Months Ended April 30, 2007 (Unaudited)	$	9.13		(0.07	)		1.07			1.00
Class C Shares
Year Ended October 31, 2002(f)	$	6.00		(0.12	)		(0.44	)		(0.56	)
Year Ended October 31, 2003(f)	$	5.44		(0.13	)		2.77			2.64
Year Ended October 31, 2004	$	8.08		(0.11	)		0.32			0.21
Year Ended October 31, 2005	$	8.29		(0.15	)		1.51			1.36
Year Ended October 31, 2006	$	9.65		(0.11	)		0.25			0.14
Six Months Ended April 30, 2007 (Unaudited)	$	9.19		(0.07	)		1.08			1.01

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			–		$	5.49		(8.80%	)	$	1,356		1.57%
Year Ended October 31, 2003		–			–		$	8.22		49.73%		$	8,714		1.59%
Year Ended October 31, 2004		–			–		$	8.49		3.28%		$	21,273		1.64%
Year Ended October 31, 2005		–			–		$	9.96		17.31%		$	76,762		1.56%
Year Ended October 31, 2006		(0.60	)		(0.60	)	$	9.57		1.77%	(j)	$	86,364		1.46%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.65		11.40%		$	77,533		1.50%
Class B Shares
Year Ended October 31, 2002		–			–		$	5.40		(9.40%	)	$	719		2.26%
Year Ended October 31, 2003(f)		–			–		$	8.03		48.70%		$	2,023		2.30%
Year Ended October 31, 2004		–			–		$	8.24		2.62%		$	2,572		2.30%
Year Ended October 31, 2005		–			–		$	9.59		16.38%		$	4,253		2.24%
Year Ended October 31, 2006		(0.60	)		(0.60	)	$	9.13		1.18%	(j)	$	6,072		2.15%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.13		10.95%		$	5,985		2.18%
Class C Shares
Year Ended October 31, 2002(f)		–			–		$	5.44		(9.33%	)	$	16		2.27%
Year Ended October 31, 2003(f)		–			–		$	8.08		48.53%		$	1,606		2.30%
Year Ended October 31, 2004		–			–		$	8.29		2.60%		$	4,000		2.30%
Year Ended October 31, 2005		–			–		$	9.65		16.41%		$	22,774		2.22%
Year Ended October 31, 2006		(0.60	)		(0.60	)	$	9.19		1.18%	(j)	$	36,040		2.15%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.20		10.99%		$	30,054		2.19%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of			Ratio of			Ratio
	Net			Expenses			of Investment
	Investment			(Prior to			Income
	Income			Reimbursements)			(Prior to
	(Loss) to			to			Reimbursements)
	Average			Average			to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		(1.20%	)		3.04%			(2.67%	)		773.95%
Year Ended October 31, 2003		(1.02%	)		2.10%			(1.54%	)		637.45%
Year Ended October 31, 2004		(1.06%	)		1.80%			(1.23%	)		510.91%
Year Ended October 31, 2005		(0.89%	)		(i)			(i)			442.04%
Year Ended October 31, 2006		(0.52%	)(k)		1.48%	(k)		(0.54%	)(k)		389.34%
Six Months Ended April 30, 2007 (Unaudited)		(0.67%	)		1.50%			(0.68%	)		163.56%
Class B Shares
Year Ended October 31, 2002		(1.89%	)		3.88%			(3.51%	)		773.95%
Year Ended October 31, 2003(f)		(1.72%	)		2.96%			(2.38%	)		637.45%
Year Ended October 31, 2004		(1.71%	)		2.45%			(1.86%	)		510.91%
Year Ended October 31, 2005		(1.53%	)		(i)			(i)			442.04%
Year Ended October 31, 2006		(1.24%	)(k)		2.18%	(k)		(1.27%	)(k)		389.34%
Six Months Ended April 30, 2007 (Unaudited)		(1.37%	)		2.19%			(1.37%	)		163.56%
Class C Shares
Year Ended October 31, 2002(f)		(1.89%	)		3.69%			(3.31%	)		773.95%
Year Ended October 31, 2003(f)		(1.76%	)		2.60%			(2.07%	)		637.45%
Year Ended October 31, 2004		(1.74%	)		2.47%			(1.91%	)		510.91%
Year Ended October 31, 2005		(1.56%	)		(i)			(i)			442.04%
Year Ended October 31, 2006		(1.23%	)(k)		2.18%	(k)		(1.25%	)(k)		389.34%
Six Months Ended April 30, 2007 (Unaudited)		(1.36%	)		2.20%			(1.36%	)		163.56%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	There were no fee reductions during the period.
(j)	Includes reimbursement from the Investment Adviser which increased the total return by 0.11% (see Note 3).
(k)	Excludes reimbursement from the Investment Adviser (see Note 3).

See accompanying notes to financial statements.

108 Semiannual Report 2007

Financial Highlights

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

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class R Shares
Period Ended October 31, 2003 (g)	$	7.49		(0.01	)		0.56			0.55
Year Ended October 31, 2004	$	8.04		(0.11	)		0.34			0.23
Year Ended October 31, 2005	$	8.27		–			1.44			1.44
Year Ended October 31, 2006	$	9.71		(0.07	)		0.25			0.18
Six Months Ended April 30, 2007 (Unaudited)	$	9.29		(0.05	)		1.08			1.03
Institutional Service Class Shares
Year Ended October 31, 2002(f)	$	6.06		(0.06	)		(0.46	)		(0.52	)
Year Ended October 31, 2003	$	5.54		(0.03	)		2.80			2.77
Year Ended October 31, 2004	$	8.31		(0.09	)		0.37			0.28
Year Ended October 31, 2005	$	8.59		(0.07	)		1.56			1.49
Year Ended October 31, 2006	$	10.08		(0.06	)		0.30			0.24
Six Months Ended April 30, 2007 (Unaudited)	$	9.72		(0.04	)		1.14			1.10
Institutional Class Shares
Period Ended October 31, 2004(h)	$	8.62		(0.02	)		(0.01	)		(0.03	)
Year Ended October 31, 2005	$	8.59		(0.03	)		1.55			1.52
Year Ended October 31, 2006	$	10.11		(0.02	)		0.26			0.24
Six Months Ended April 30, 2007 (Unaudited)	$	9.75		(0.02	)		1.14			1.12

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class R Shares
Period Ended October 31, 2003 (g)		–			–		$	8.04		7.34%		$	1		1.90%
Year Ended October 31, 2004		–			–		$	8.27		2.86%		$	1		1.89%
Year Ended October 31, 2005		–			–		$	9.71		17.41%		$	637		1.54%
Year Ended October 31, 2006		(0.60	)		(0.60	)	$	9.29		1.60%	(j)	$	1,037		1.70%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.32		11.09%		$	1,425		1.89%
Institutional Service Class Shares
Year Ended October 31, 2002(f)		–			–		$	5.54		(8.58%	)	$	853		1.32%
Year Ended October 31, 2003		–			–		$	8.31		50.00%		$	6,563		1.50%
Year Ended October 31, 2004		–			–		$	8.59		3.37%		$	7,008		1.54%
Year Ended October 31, 2005		–			–		$	10.08		17.35%		$	8,806		1.48%
Year Ended October 31, 2006		(0.60	)		(0.60	)	$	9.72		1.95%	(j)	$	719		1.30%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.82		11.55%		$	800		1.54%
Institutional Class Shares
Period Ended October 31, 2004(h)		–			–		$	8.59		(0.35%	)	$	234		1.30%
Year Ended October 31, 2005		–			–		$	10.11		17.69%		$	1,737		1.23%
Year Ended October 31, 2006		(0.60	)		(0.60	)	$	9.75		2.16%	(j)	$	4,601		1.17%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.87		11.49%		$	4,056		1.18%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of			Ratio of			Ratio
	Net			Expenses			of Investment
	Investment			(Prior to			Income
	Income			Reimbursements)			(Prior to
	(Loss) to			to			Reimbursements)
	Average			Average			to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (g)		(1.64%	)		2.00%			(1.74%	)		637.45%
Year Ended October 31, 2004		(1.33%	)		2.20%			(1.64%	)		510.91%
Year Ended October 31, 2005		(0.93%	)		(i)			(i)			442.04%
Year Ended October 31, 2006		(0.79%	)(k)		1.72%	(k)		(0.80%	)(k)		389.34%
Six Months Ended April 30, 2007 (Unaudited)		(1.09%	)		1.89%			(1.09%	)		163.56%
Institutional Service Class Shares
Year Ended October 31, 2002(f)		(0.95%	)		2.52%			(2.15%	)		773.95%
Year Ended October 31, 2003		(0.94%	)		2.00%			(1.44%	)		637.45%
Year Ended October 31, 2004		(0.93%	)		1.68%			(1.08%	)		510.91%
Year Ended October 31, 2005		(0.77%	)		(i)			(i)			442.04%
Year Ended October 31, 2006		(0.11%	)(k)		1.33%	(k)		(0.14%	)(k)		389.34%
Six Months Ended April 30, 2007 (Unaudited)		(0.73%	)		1.55%			(0.73%	)		163.56%
Institutional Class Shares
Period Ended October 31, 2004(h)		(0.83%	)		1.54%			(1.07%	)		510.91%
Year Ended October 31, 2005		(0.55%	)		(i)			(i)			442.04%
Year Ended October 31, 2006		(0.29%	)(k)		1.19%	(k)		(0.31%	)(k)		389.34%
Six Months Ended April 30, 2007 (Unaudited)		(0.33%	)		1.18%			(0.33%	)		163.56%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	There were no fee reductions during the period.
(j)	Includes reimbursement from the Investment Adviser which increased the total return by 0.11% (see Note 3).
(k)	Excludes reimbursement from the Investment Adviser (see Note 3).

See accompanying notes to financial statements.

2007 Semiannual Report 109

Financial Highlights

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

Nationwide Worldwide Leaders Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	6.26		–			(0.76	)		(0.76	)
Year Ended October 31, 2003	$	5.50		(0.02	)		1.53			1.51
Year Ended October 31, 2004	$	7.01		0.05			0.46			0.51
Year Ended October 31, 2005	$	7.52		(0.02	)		1.78			1.76
Year Ended October 31, 2006	$	9.25		0.04			2.38			2.42
Six Months Ended April 30, 2007 (Unaudited)	$	11.62		0.01			1.93			1.94
Class B Shares
Year Ended October 31, 2002	$	6.20		(0.04	)		(0.75	)		(0.79	)
Year Ended October 31, 2003 (i)	$	5.41		(0.04	)		1.48			1.44
Year Ended October 31, 2004	$	6.85		–			0.45			0.45
Year Ended October 31, 2005	$	7.30		(0.05	)		1.71			1.66
Year Ended October 31, 2006	$	8.94		(0.02	)		2.27			2.25
Six Months Ended April 30, 2007 (Unaudited)	$	11.18		(0.02	)		1.84			1.82
Class C Shares
Year Ended October 31, 2002	$	6.23		(0.04	)		(0.75	)		(0.79	)
Year Ended October 31, 2003	$	5.44		(0.06	)		1.51			1.45
Year Ended October 31, 2004	$	6.89		–			0.44			0.44
Year Ended October 31, 2005	$	7.33		(0.05	)		1.71			1.66
Year Ended October 31, 2006	$	8.97		(0.01	)		2.28			2.27
Six Months Ended April 30, 2007 (Unaudited)	$	11.22		(0.02	)		1.85			1.83

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Investment			Total			Value, End		Total			Period		to Average
	Income			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			–		$	5.50		(12.14%	)	$	1,046		1.69%
Year Ended October 31, 2003		–			–		$	7.01		27.45%		$	34,889		1.67%
Year Ended October 31, 2004		–			–		$	7.52		7.28%		$	30,707		1.70%
Year Ended October 31, 2005		(0.03	)		(0.03	)	$	9.25		23.44%		$	32,404		1.69%
Year Ended October 31, 2006		(0.05	)		(0.05	)	$	11.62		26.22%		$	41,219		1.62%
Six Months Ended April 30, 2007 (Unaudited)		(0.01	)		(0.01	)	$	13.55		16.74%		$	54,873		1.54%
Class B Shares
Year Ended October 31, 2002		–			–		$	5.41		(12.74%	)	$	936		2.39%
Year Ended October 31, 2003 (i)		–			–		$	6.85		26.62%		$	96		2.39%
Year Ended October 31, 2004		–			–		$	7.30		6.57%		$	122		2.40%
Year Ended October 31, 2005		(0.02	)		(0.02	)	$	8.94		22.70%		$	343		2.41%
Year Ended October 31, 2006		(0.01	)		(0.01	)	$	11.18		25.22%		$	806		2.33%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	13.00		16.28%		$	1,464		2.27%
Class C Shares
Year Ended October 31, 2002		–			–		$	5.44		(12.68%	)	$	19		2.39%
Year Ended October 31, 2003		–			–		$	6.89		26.65%		$	19		2.38%
Year Ended October 31, 2004		–			–		$	7.33		6.39%		$	25		2.40%
Year Ended October 31, 2005		(0.02	)		(0.02	)	$	8.97		22.81%		$	676		2.41%
Year Ended October 31, 2006		(0.02	)		(0.02	)	$	11.22		25.19%		$	3,795		2.32%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	13.05		16.31%		$	13,553		2.25%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
							Ratio of
				Ratio of			Investment
	Ratio of Net			Expenses			Income
	Investment			(Prior to			(Prior to
	Income (Loss)			Reimbursements)			Reimbursements)
	to Average			to Average			to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		(0.03%	)		2.60%			(0.94%	)		467.35%
Year Ended October 31, 2003		(0.47%	)			(g)			(g)		689.06%
Year Ended October 31, 2004		0.53%			1.85%			0.38%			495.62%
Year Ended October 31, 2005		(0.26%	)		1.94%			(0.50%	)		352.57%
Year Ended October 31, 2006		0.42%			1.68%			0.36%			298.51%
Six Months Ended April 30, 2007 (Unaudited)		0.21%			1.55%			0.21%			93.78%
Class B Shares
Year Ended October 31, 2002		(0.72%	)		3.36%			(1.69%	)		467.35%
Year Ended October 31, 2003 (i)		(0.72%	)			(g)			(g)		689.06%
Year Ended October 31, 2004		(0.13%	)		2.57%			(0.30%	)		495.62%
Year Ended October 31, 2005		(0.94%	)		2.64%			(1.18%	)		352.57%
Year Ended October 31, 2006		(0.24%	)		2.40%			(0.31%	)		298.51%
Six Months Ended April 30, 2007 (Unaudited)		(0.52%	)		2.28%			(0.53%	)		93.78%
Class C Shares
Year Ended October 31, 2002		(0.71%	)		3.41%			(1.73%	)		467.35%
Year Ended October 31, 2003		(0.84%	)			(g)			(g)		689.06%
Year Ended October 31, 2004		(0.08%	)		2.57%			(0.25%	)		495.62%
Year Ended October 31, 2005		(0.90%	)		2.65%			(1.15%	)		352.57%
Year Ended October 31, 2006		(0.26%	)		2.40%			(0.33%	)		298.51%
Six Months Ended April 30, 2007 (Unaudited)		(0.44%	)		2.26%			(0.45%	)		93.78%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

110 Semiannual Report 2007

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class R Shares
Period Ended October 31, 2003 (f)	$	6.55		(0.01	)		0.32			0.31
Year Ended October 31, 2004	$	6.86		0.02			0.45			0.47
Year Ended October 31, 2005	$	7.33		(0.03	)		1.75			1.72
Year Ended October 31, 2006	$	9.02		0.01			2.31			2.32
Six Months Ended April 30, 2007 (Unaudited)	$	11.30		–			1.86			1.86
Institutional Service Class Shares
Year Ended October 31, 2002	$	6.29		0.01			(0.76	)		(0.75	)
Year Ended October 31, 2003	$	5.54		–			1.54			1.54
Year Ended October 31, 2004	$	7.08		0.05			0.47			0.52
Year Ended October 31, 2005	$	7.60		(0.01	)		1.79			1.78
Year Ended October 31, 2006 (i)	$	9.35		0.02			2.42			2.44
Six Months Ended April 30, 2007 (Unaudited)	$	11.74		0.01			1.95			1.96
Institutional Class Shares
Period Ended October 31, 2004 (h)	$	7.23		0.02			0.35			0.37
Year Ended October 31, 2005	$	7.60		0.01			1.80			1.81
Year Ended October 31, 2006	$	9.37		0.07			2.40			2.47
Six Months Ended April 30, 2007 (Unaudited)	$	11.78		0.02			1.97			1.99

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Investment			Total			Value, End		Total			Period		to Average
	Income			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class R Shares
Period Ended October 31, 2003 (f)		–			–		$	6.86		4.73%		$	1		1.87%
Year Ended October 31, 2004		–			–		$	7.33		7.00%		$	1		1.96%
Year Ended October 31, 2005		(0.03	)		(0.03	)	$	9.02		23.33%		$	1		1.75%
Year Ended October 31, 2006		(0.04	)		(0.04	)	$	11.30		25.78%		$	2		1.92%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	13.16		16.46%		$	26		1.94%
Institutional Service Class Shares
Year Ended October 31, 2002		–			–		$	5.54		(11.92%	)	$	1,133		1.42%
Year Ended October 31, 2003		–			–		$	7.08		27.80%		$	1,400		1.46%
Year Ended October 31, 2004		–			–		$	7.60		7.34%		$	1,373		1.65%
Year Ended October 31, 2005		(0.03	)		(0.03	)	$	9.35		23.48%		$	3,883		1.64%
Year Ended October 31, 2006 (i)		(0.05	)		(0.05	)	$	11.74		26.17%		$	20		1.65%
Six Months Ended April 30, 2007 (Unaudited)		(0.01	)		(0.01	)	$	13.69		16.74%		$	35		1.51%
Institutional Class Shares
Period Ended October 31, 2004 (h)		–			–		$	7.60		5.12%	(b)	$	1		1.40%
Year Ended October 31, 2005		(0.04	)		(0.04	)	$	9.37		23.81%		$	1		1.40%
Year Ended October 31, 2006		(0.06	)		(0.06	)	$	11.78		26.49%		$	2		1.32%
Six Months Ended April 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	13.75		16.93%		$	2		1.30%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
							Ratio of
				Ratio of			Investment
	Ratio of Net			Expenses			Income
	Investment			(Prior to			(Prior to
	Income (Loss)			Reimbursements)			Reimbursements)
	to Average			to Average			to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (f)		(1.05%	)		1.97%			(1.15%	)		689.06%
Year Ended October 31, 2004		0.28%			2.12%			0.12%			495.62%
Year Ended October 31, 2005		(0.33%	)		1.75%			(0.34%	)		352.57%
Year Ended October 31, 2006		0.11%			1.98%			0.06%			298.51%
Six Months Ended April 30, 2007 (Unaudited)		(0.08%	)		1.95%			(0.09%	)		93.78%
Institutional Service Class Shares
Year Ended October 31, 2002		0.25%			2.34%			(0.67%	)		467.35%
Year Ended October 31, 2003		0.12%				(g)			(g)		689.06%
Year Ended October 31, 2004		0.61%			1.80%			0.46%			495.62%
Year Ended October 31, 2005		(0.15%	)		1.89%			(0.40%	)		352.57%
Year Ended October 31, 2006 (i)		0.15%			1.70%			0.11%			298.51%
Six Months Ended April 30, 2007 (Unaudited)		0.23%			1.52%			0.22%			93.78%
Institutional Class Shares
Period Ended October 31, 2004 (h)		0.72%			1.70%			0.42%			495.62%
Year Ended October 31, 2005		0.04%			1.73%			(0.32%	)		352.57%
Year Ended October 31, 2006		0.72%			1.42%			0.62%			298.51%
Six Months Ended April 30, 2007 (Unaudited)		0.41%			1.31%			0.40%			93.78%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 111

Nationwide China Opportunities Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide China Opportunities Fund (Class A at NAV) returned 33.73% versus 22.50% for its benchmark, the Morgan Stanley Capital International (MSCI) Zhong Hua Index. For broader comparison, the average return for the Fund’s Lipper peer category of China Region Funds (consisting of 53 funds as of April 30, 2007) was 28.32%.

Can you describe the market environment during the reporting period?

Chinese stocks moved ahead strongly during the reporting period, backed by continued robust economic growth in the China region. Valuations reflected expectations of higher corporate earnings on the back of rising consumer expenditure and heavy investment in infrastructure. The trend was interrupted at the end of February, when talk of possible intervention in Shanghai to reduce illegal market activity prompted a sharp sell-off. While the global picture was dominated by concerns about a slowdown in the United States, Shanghai stocks recovered to record levels within a month. Equity market gains have taken place against a backdrop of monetary tightening, with interest rates and bank reserve requirements having undergone increases during the reporting period. Demand from China continues to have a significant effect on the price of commodities such as steel and copper.

What areas of investment provided the most positive returns for the Fund?

All sectors generated positive returns for the Fund. The most significant contributors were the energy, health-care, and materials sectors. Investments in China’s leading coal supplier, China Shenhua Energy Co. Ltd., paid off as energy supply and demand tightened, causing coal prices to rise. The Fund’s long-term holding in medical products group Shandong Weigao Group Medical Polymer Co. Ltd. continues to provide positive returns as the company improves its technical capabilities and product offerings. These improvements have been recognized by U.S. firm Medtronic, Inc., which announced that it is negotiating to buy a 15% stake in Shandong Weigao Group. In materials, Fund holding Anhui Conch Cement Co. Ltd. gained on the back of strong demand for construction products and industry consolidation.

What areas detracted from Fund performance?

At the sector level, no areas detracted from Fund performance during the reporting period; there were detractors, however, at the stock level. The Fund exited from the most significant detractor, Hong Kong-based Regal Hotels International Holdings Ltd., after delays surrounding the planned spin-off of Regal Real Estate Investment Trust. We continue to hold detractor China Medical Technologies, Inc., which we see as relatively cheap and well-positioned in the marketplace.

What is your outlook for the near term?

The year-end 2006 reporting season was strong, reflecting the strength of China’s economy. We see recent monetary tightening in China as an effort to moderate, not halt, growth. Consumer price inflation has risen to above 3%, but this is mainly driven by food prices. Core inflation remains muted. Real interest rates, however, remain very low, and the risk of administrative measures to dampen the stellar market in Shanghai is rising. We expect to see further currency appreciation, which should benefit the Fund’s overweight in consumer stocks as purchasing power rises.

Portfolio Manager:

Charlie Awdry, CFA

112 Semiannual Report 2007

Nationwide China Opportunities Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

								Gross		Net
		Six						Expense		Expense
		Month*		1 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		33.73%		40.64%		35.96%		2.15%		2.00%
	w/SC3		26.02%		32.57%		33.15%
Class B	w/o SC2		33.24%		39.53%		34.98%		2.90%		2.75%
	w/SC4		28.24%		34.53%		34.37%
Class C	w/o SC2		33.23%		39.55%		34.94%		2.90%		2.75%
	w/SC5		32.23%		38.55%		34.94%
Class R6			33.41%		39.94%		35.49%		2.60%		2.45%
Institutional Service Class6			33.89%		40.86%		36.22%		1.90%		1.75%
Institutional Class6			33.89%		40.94%		36.32%		1.90%		1.75%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 29, 2004.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide China Opportunities Fund, Morgan Stanley Capital International (MSCI) Zhong Hua Index(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	MSCI Zhong Hua is an unmanaged, free float-adjusted market capitalization-weighted index that is designed to measure the performance of stocks in the developed markets of China and Hong Kong; the index gives one- third of its weightings to China stocks and the remainder to Hong Kong Stocks.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 113

Nationwide China Opportunities Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide China Opportunities			Account Value,		Account Value,		Expenses Paid		Annualized
Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000	$	1,337	$	10.43		1.80%
	Hypothetical	1	$	1,000	$	1,016	$	9.04		1.80%
Class B	Actual		$	1,000	$	1,332	$	14.75		2.55%
	Hypothetical	1	$	1,000	$	1,012	$	12.80		2.55%
Class C	Actual		$	1,000	$	1,332	$	14.69		2.54%
	Hypothetical	1	$	1,000	$	1,012	$	12.75		2.54%
Class R	Actual		$	1,000	$	1,334	$	12.91		2.23%
	Hypothetical	1	$	1,000	$	1,014	$	11.20		2.23%
Institutional Service Class	Actual		$	1,000	$	1,339	$	8.76		1.51%
	Hypothetical	1	$	1,000	$	1,018	$	7.58		1.51%
Institutional Class	Actual		$	1,000	$	1,339	$	9.05		1.56%
	Hypothetical	1	$	1,000	$	1,017	$	7.83		1.56%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

114 Semiannual Report 2007

Nationwide China Opportunities Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	96.2%
Repurchase Agreements	1.5%
Other assets in excess of liabilities	2.3%
	100.0%

Top Holdings*
China Construction Bank, Class H	3.9%
China Mobile Ltd.	3.3%
Ping An Insurance (Group) Co. of China Ltd.	2.4%
Esprit Holdings Ltd.	2.3%
Pacific Basin Shipping Ltd.	2.3%
Cheung Kong Holdings Ltd.	2.3%
China Life Insurance Co. Ltd.	2.3%
China Petroleum & Chemical Corp.	2.3%
LI Ning Co. Ltd.	2.1%
Huabao International Holdings Ltd.	2.1%
Other	74.7%
	100.0%

Top Industries
Real Estate Management & Development	12.8%
Commercial Banks	7.3%
Insurance	5.6%
Wireless Telecommunication Services	5.1%
Transportation Infrastructure	4.4%
Metals & Mining	3.7%
Oil, Gas & Consumable Fuels	3.6%
Textiles, Apparel & Luxury Goods	3.6%
Transportation	3.1%
Health Care Equipment & Supplies	3.1%
Other	47.7%
	100.0%

Top Countries
Hong Kong	64.9%
China	25.0%
Cayman Islands	3.0%
Singapore	2.5%
United States	1.5%
United Kingdom	0.8%
Other	2.3%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 115

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide China Opportunities Fund

Common Stocks (96.2%)
	Shares or
	Principal Amount		Value
CAYMAN ISLANDS (3.0%)
Media (1.8%)
Focus Media Holding Ltd. ADR*		25,800	$	954,600
Textiles, Apparel & Luxury Goods (1.2%) (a)
China Ting Group Holdings Ltd.		1,986,000		642,013
				1,596,613
CHINA (25.0%)
Beverages (0.2%)
China Huiyuan Juice Group*		76,500		91,442
Chemicals (1.2%) (a)
Shanghai Petrochemical Ltd.		1,172,000		666,867
Commercial Banks (5.4%) (a)
China Construction Bank, Class H		3,500,000		2,118,236
Industrial & Commercial Bank of China*		1,451,000		788,479
				2,906,715
Construction & Engineering (2.0%)
China Communications Construction Co. Ltd.*		805,000		1,055,880
Construction Materials (2.1%)
Anhui Conch Cement Co. Ltd.		272,000		1,095,344
Energy Equipment & Services (1.5%) (a)
China Oilfield Servies Ltd.		954,000		807,532
Food & Staples Retailing (0.8%)
Wumart Stores, Inc.*		492,000		411,352
Health Care Equipment & Supplies (3.1%)
China Medical Technologies, Inc. ADR		29,100		703,056
Shandong Weigao Group Medical Polymer Co. Ltd.(a)		532,000		930,355
				1,633,411
Insurance (2.4%) (a)
Ping An Insurance (Group) Co. of China Ltd.		244,000		1,290,101
Manufacturing (0.2%)
Yangzijiang Shipbuilding Holdings Ltd.*		140,000		121,667
Metals & Mining (2.9%)
China Coal Energy Co., Class H*		1,015,000		1,008,227
Jiangxi Copper Co. Ltd. (a)		386,000		543,549
				1,551,776
Oil, Gas & Consumable Fuels (1.3%) (a)
China Shenhua Energy Co.		162,000		400,351
PetroChina Co. Ltd.		272,000		305,446
				705,797
Textiles, Apparel & Luxury Goods (0.9%) (a)
China Sky Chemical Fibre Co. Ltd.		492,000		464,428
Transportation Infrastructure (1.0%) (a)
Xiamen International Port Co. Ltd.*		1,754,000		535,385
				13,337,697
HONG KONG (64.9%)
Auto Components (1.2%) (a)
Minth Group Ltd.		564,000		623,671
Automobiles (1.3%) (a)
Dongfeng Motor Corp.*		1,310,000		696,793
Chemicals (1.4%) (a)
Sinochem Hong Kong Holdings Ltd.		1,506,000		765,208
Commercial Bank (1.9%) (a)
CITIC International Financial Holdings Ltd.		1,247,000		1,021,547
Containers & Packaging (1.9%) (a)
Vision Grande Group Holdings Ltd.		1,137,000		999,639
Electrical Equipment (0.8%)
Zhuzhou Csr Times Electric Co., Ltd.*		289,000		439,659
Electronic Equipment & Instruments (1.3%) (a)
Aac Acoustic Technology Hold*		758,000		707,941
Energy Equipment & Services (0.5%)
Anhui Tianda Oil Pipe Co., Class H		328,000		252,430
Entertainment (1.2%)
Melco PBI Entertainment ADR*		38,146		664,503
Food Products (1.9%) (a)
China Mengniu Dairy Co.		331,000		1,003,591
Gas Utility (0.8%) (a)
Xinao Gas Holdings Ltd.		378,000		428,495
Health Care Equipment & Supplies (0.0%)
Moulin Global Eyecare Holdings Ltd. (c)*		272,000		0
Household Products (2.1%) (a)
Huabao International Holdings Ltd.		1,910,000		1,097,821
Independent Power Producers & Energy Traders (1.8%) (a)
Huaneng Power International, Inc.		954,000		963,527
Insurance (3.2%) (a)
China Insurance International Holdings Co., Ltd.*		396,000		489,890
China Life Insurance Co. Ltd.		394,000		1,215,519
				1,705,409
Leisure Equipment & Products (2.1%) (a)
LI Ning Co. Ltd.		568,000		1,109,674

116 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
HONG KONG (continued)
Machinery (2.0%) (a)
China Infrastructure Machinery		368,000	$	699,333
Shanghai Prime Machinery*		916,000		382,190
				1,081,523
Manufacturing (0.3%) (a)
GST Holdings Ltd.		422,000		149,486
Marine (0.8%) (a)
Orient Overseas International Ltd.		54,000		456,637
Multi-Utility (1.9%) (a)
China Resources Power Holdings Co. Ltd.		566,000		1,001,389
Multiline Retail (1.5%) (a)
Lifestyle International Holdings Ltd.		230,500		784,097
Oil, Gas & Consumable Fuels (2.3%) (a)
China Petroleum & Chemical Corp.		1,388,000		1,210,328
Paper & Forest Products (1.7%) (a)
Nine Dragons Paper Holdings Ltd.		457,000		921,478
Personal Products (1.4%) (a)
Hengan International Group Co. Ltd.		234,000		742,371
Real Estate Management & Development (12.8%)
Cheung Kong Holdings Ltd. (a)		95,000		1,230,777
Chinese Estates Holdings Ltd. (a)		664,568		918,517
Country Garden Holdings Co.*		703,000		633,601
Greentown China Holdings* (a)		249,500		505,764
Hopewell Holdings Ltd. (a)		136,000		598,434
Kerry Properties Ltd. (a)		184,000		919,375
New World Development Co. Ltd. (a)		450,276		1,057,247
Shun Tak Holdings Ltd. (a)		706,000		982,402
				6,846,117
Software (0.2%) (a)
Proactive Technology Holdings Ltd.*		102,000		109,534
Specialty Retail (2.3%) (a)
Esprit Holdings Ltd.		103,600		1,255,641
Textiles, Apparel & Luxury Goods (1.5%) (a)
Peace Mark Holdings Ltd.		232,000		259,660
Prime Success International Group Ltd.		796,000		523,363
				783,023
Transportation (3.1%) (a)
Guangshen Railway Co. Ltd*		600,000		440,624
Pacific Basin Shipping Ltd.		1,240,000		1,237,686
				1,678,310
Transportation Infrastructure (3.4%) (a)
Cosco Pacific Ltd.		384,000		928,864
Dalian Port (PDA) Co. Ltd., Class H*		1,536,000		874,851
				1,803,715
Water Utility (1.2%) (a)
China Water Affairs Group Ltd.*		1,210,000		644,557
Wireless Telecommunication Services (5.1%)
China Mobile Ltd. (a)		199,500		1,796,951
China Mobile Ltd. Sponsored ADR		12,923		581,664
Citic 1616 Holdings Ltd.*		816,000		359,899
				2,738,514
				34,686,628
SINGAPORE (2.5%) (a)
Diversified Consumer Services (1.6%)
Raffles Education Corp., Ltd.		584,000		872,519
Water Utility (0.9%)
Sino- Environment Technology*		210,000		471,836
				1,344,355
UNITED KINGDOM (0.8%) (a)
Metals & Mining (0.8%)
Prosperity Minerals Holdings Ltd.		157,594		446,228
Total Common Stocks (Cost $41,856,551)				51,411,521
Repurchase Agreements (1.5%)
Nomura Securities, 5.10% dated 04/30/07, due 05/01/07, repurchase price $802,325, collateralized by U.S. Government Agency Mortgages with a market value of $818,255	$	802,211		802,211
Total Investments (Cost $42,658,762) (b) — 97.7%				52,213,732
Other assets in excess of liabilities — 2.3%				1,212,095
NET ASSETS — 100.0%			$	53,425,827

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR American Depository Receipt

See accompanying notes to financial statements.

2007 Semiannual Report 117

Nationwide Emerging Markets Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Emerging Markets Fund (Class A at NAV) returned 23.84% versus 20.27% for its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Index. For broader comparison, the average return for the Fund’s Lipper peer category of Emerging Markets Funds (consisting of 250 funds as of April 30, 2007) was 19.54%.

Can you describe the market environment during the reporting period?

Global equities enjoyed strong performance during the last few months of 2006, fueled by strong corporate earnings growth and robust merger-and-acquisition activity. Global investor risk appetite strengthened, sending many emerging markets to new highs. Chinese stocks in particular rose at a phenomenal pace during the final months of 2006. Among the emerging markets, Latin America was the strongest-performing region; many countries in the area are exporters of resources, and strong materials prices had a positive impact.

The mood altered during the last week of February 2007; a sharp sell-off in Shanghai precipitated some global market realignment with more focus on the U.S. growth outlook and the health of the sub-prime mortgage market. The Japanese yen strengthened, raising fears that the “carry trade,” in which investors borrow yen to invest in higher-yielding assets, could unwind. Those fears proved unfounded, and emerging markets moved up again in March and April. Demand from China had a significant effect on the price of commodities such as steel and copper during the reporting period, with copper gaining in April alone. Oil prices remained below 2006 peaks, but spiked in March on concerns about the geopolitical situation in Iran, the world’s fourth-largest oil exporter.

What areas of investment provided the most positive returns for the Fund?

With equities in emerging markets on a rising trend, all sectors generated positive returns for the Fund with the exception of materials. The most significant contributors to Fund performance were the telecommunications, financials, and utility sectors. Notable holdings within these sectors included: our off-Index position in Bharti Airtel Ltd., India’s fast-growing mobile phone company; an overweight position in Russian bank Sberbank RF, which controls a quarter of Russia’s banking assets; and the utility company RAO Unified Energy System of Russia, which was involved in the upgrading of the country’s electric infrastructure.

What areas detracted from Fund performance?

At the sector level, materials was the only area to detract from Fund performance during the reporting period. The Fund’s holding in The India Cements Ltd. undermined performance as shares fell after the Indian government announced moves to cap prices in a bid to dampen inflation. The Fund exited from that position. An overweight position in Tata Motors Ltd. also detracted from Fund performance at the stock level, with shares undermined by the company’s price-cutting strategy across the light vehicle range. Bank Internasional Indonesia decreased in value as it posted relatively disappointing performance in relation to its emerging-market peers.

What is your outlook for the near term?

Equities in emerging markets performed strongly in 2006 and, in spite of February’s setback, outperformed other asset classes during the first quarter of 2007. We anticipate that this trend will continue, fueled by rising domestic investment and consumption.

We expect that China will lead Asian economic growth rates, in spite of recent monetary tightening. Resource-rich Brazil is expected to dominate in Latin America, boosted by the strong commodity story and concrete plans for accelerated infrastructure development. We also see infrastructure development as a key theme in Russia and have focused attention on telecommunications and utilities companies.

In addition, we are exploring opportunities in countries with evolving pension schemes, because the weight of funds is expected to offer equity market support. In this context, we note the approval of Mexico’s pension reform package in March, which introduced individual retirement accounts for public-sector workers. There have been two developments that should help to support Mexican equities. The first was a package of reforms approved in March which effectively extends pension provision in the public sector. The second, agreed by Mexican pension regulator Consar in April, applies to the private sector and increases the limit on equity market investments from 15% to (possibly) as much as 30%. The anticipated result is that the volume or ‘weight’ of funds to be invested by the developing industry should grow.

This situation is not unique to Mexico. The evolving pensions industry has also been identified as offering support for shares in Poland too. Valuations in Mumbai appear generous, so we have downgraded our stance on India to neutral as we see monetary and fiscal risk rising. We also have pared back exposure to relative laggard South Korea, because business and consumer confidence there remains subdued.

Portfolio Manager:

Christopher Palmer, CFA

118 Semiannual Report 2007

Nationwide Emerging Markets Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		23.84%		19.27%		24.90%		15.69%		1.65%
	w/SC3		16.71%		12.43%		23.43%		14.67%
Class B	w/o SC2		23.48%		18.55%		24.07%		14.94%		2.31%
	w/SC4		18.48%		13.55%		23.90%		14.94%
Class C5	w/o SC2		23.51%		18.53%		24.08%		15.17%		2.31%
	w/SC6		22.51%		17.53%		24.08%		15.17%
Class R 7,9			23.69%		19.00%		24.48%		15.23%		2.01%
Institutional Service Class9			24.12%		19.77%		25.30%		16.11%		1.34%
Institutional Class8,9			24.05%		19.77%		25.30%		16.11%		1.31%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on August 30, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
8	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.
9	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Emerging Markets Fund, Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The MSCI Emerging Markets is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 119

Nationwide Emerging Markets Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Emerging Markets Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,238.40	$	9.60		1.73%
	Hypothetical	1	$	1,000.00	$	1,016.42	$	8.69		1.73%
Class B	Actual		$	1,000.00	$	1,234.80	$	13.02		2.35%
	Hypothetical	1	$	1,000.00	$	1,013.35	$	11.80		2.35%
Class C	Actual		$	1,000.00	$	1,235.10	$	13.02		2.35%
	Hypothetical	1	$	1,000.00	$	1,013.35	$	11.80		2.35%
Class R	Actual		$	1,000.00	$	1,236.90	$	10.93		1.97%
	Hypothetical	1	$	1,000.00	$	1,015.23	$	9.89		1.97%
Institutional Service Class	Actual		$	1,000.00	$	1,241.20	$	7.72		1.39%
	Hypothetical	1	$	1,000.00	$	1,018.11	$	6.98		1.39%
Institutional Class	Actual		$	1,000.00	$	1,240.50	$	7.50		1.35%
	Hypothetical	1	$	1,000.00	$	1,018.31	$	6.78		1.35%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

120 Semiannual Report 2007

Nationwide Emerging Markets Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	93.9%
Repurchase Agreements	4.6%
Participation Notes	2.1%
Liabilities in excess of other assets	-0.6%
	100.0%

Top Holdings*
Companhia Vale do Rio Doce, Preferred Shares, Class A	3.0%
Sberbank RF	2.5%
Petroleo Brasileiro SA ADR	2.5%
Gazprom ADR	2.4%
America Movil SA de CV ADR, SERIES L ADR	2.4%
Bharti Tele-Ventures Limited,	2.1%
RAO Unified Energy System GDR	2.0%
Samsung Electrical Co. Ltd.	1.8%
China Mobile Ltd.	1.8%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.7%
Other	77.8%
	100.0%

Top Industries
Commercial Banks	13.4%
Metals & Mining	11.5%
Oil, Gas & Consumable Fuels	10.8%
Wireless Telecommunication Services	7.0%
Semiconductors & Semiconductor Equipment	6.4%
Telephones	4.4%
Insurance	3.9%
Electric Utilities	3.5%
Construction & Engineering	2.6%
Electronic Equipment & Instruments	2.6%
Other	33.9%
	100.0%

Top Countries
Republic of Korea	13.9%
Brazil	13.2%
Russian Federation	11.5%
Taiwan	10.1%
Hong Kong	9.2%
South Africa	7.9%
Mexico	6.7%
India	4.6%
United States	4.6%
Malaysia	4.1%
Other	14.2%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 121

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Emerging Markets Fund

Common Stocks (93.9%)
	Shares or
	Principal Amount		Value
ARGENTINA (1.0%)
Metals & Mining (1.0%)
Tenaris SA ADR		16,400	$	760,304
BRAZIL (13.2%)
Commercial Banks (2.1%)
Banco Bradesco SA, Preferred Shares		39,520		842,922
Unibanco GDR		7,100		689,126
				1,532,048
Insurance 1.0%
Porto Seguro SA		22,300		767,829
Metals & Mining 3.0%
Companhia Vale do Rio Doce, Preferred Shares, Class A		63,060		2,172,823
Multiline Retail 1.7%
Lojas Renner SA		87,800		1,212,272
Oil, Gas & Consumable Fuels 2.5%
Petroleo Brasileiro SA ADR		17,800		1,801,894
Paper & Forest Products 0.8%
Aracruz Celulose SA ADR		10,322		567,607
Telephones 1.0%
Brasil Telecom Participacoes SA		14,479		767,821
Transportation Infrastructure 1.1%
Companhia de Consessoes Rodoviarias		52,095		812,180
				9,634,474
CHINA (3.8%)
Commercial Bank 0.8% (a)
China Construction Bank, Class H		980,000		593,106
Construction Materials 1.3%
Anhui Conch Cement Co. Ltd.		246,200		991,447
Insurance 0.9% (a)
Ping An Insurance (Group) Co. of China Ltd.		119,000		629,188
Oil, Gas & Consumable Fuels 0.8% (a)
PetroChina Co. Ltd.		521,800		585,964
				2,799,705
CZECH REPUBLIC (1.5%) (a)
Electric Utility (1.5%)
CEZ AS		22,300		1,079,499
EGYPT (1.0%) (a)
Wireless Telecommunication Services (1.0%)
Orascom Telecom Holding SAE GDR		10,417		696,814
HONG KONG (9.2%)
Distributor 0.0% (a)
China Resources Enterprise Ltd.		1,200		4,045
Multi-Utility 1.1% (a)
China Resources Power Holdings Co. Ltd.		477,000		843,926
Oil, Gas & Consumable Fuels 1.7% (a)
China Petroleum & Chemical Corp.		1,399,600		1,220,443
Personal Products 0.7% (a)
Hengan International Group Co. Ltd.		160,000		507,604
Real Estate Management & Development 1.7%
Country Garden Holdings Co.*		193,000		173,947
Shimao Property Holdings Ltd.* (a)		506,900		1,071,504
				1,245,451
Textiles, Apparel & Luxury Goods 0.9% (a)
Ports Design Ltd.		225,500		631,472
Transportation 1.3% (a)
Pacific Basin Shipping Ltd.		946,400		944,634
Wireless Telecommunication Services 1.8% (a)
China Mobile Ltd.		148,100		1,333,977
				6,731,552
HUNGARY (0.8%) (a)
Oil, Gas & Consumable Fuels (0.8%)
MOL Magyar Olaj-es Gazipari		4,700		572,894
INDIA (3.4%)
IT Services (1.3%)
Satyam Computer Services Ltd. ADR		37,600		935,488
Telephones 2.1% (a)
Bharti Tele-Ventures Limited*		78,228		1,541,092
				2,476,580
INDONESIA (1.9%) (a)
Automobiles (0.8%)
PT Astra International, Inc.		342,500		537,976
Commercial Bank 0.1%
PT Bank Internasional Indonesia		4,210,909		86,327
Diversified Telecommunication Services 1.0%
PT Telekomunikasi Indonesia		647,387		740,646
				1,364,949

122 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
KAZAKHSTAN (0.5%)
Oil, Gas & Consumable Fuels (0.5%)
Kazmunaigas Exploration Production*		18,600	$	382,781
MALAYSIA (4.1%)
Commercial Bank 1.4% (a)
Bumiputra Commerce Holdings Bhd		329,200		1,032,854
Food Products 1.2% (a)
IOI Corp. Berhad		121,000		888,121
Gaming 1.0% (a)
Genting Berhad		303,500		750,975
Wireless Telecommunication Services 0.5%
Maxis Communications Berhad		95,600		363,392
				3,035,342
MEXICO (6.7%)
Commercial Bank (1.6%)
Grupo Financiero Banorte SA de CV		267,717		1,164,040
Diversified Consumer Services 0.5%
Grupo Carso SA de CV		90,510		359,650
Food & Staples Retailing 1.2%
Wal-Mart de Mexico SA de CV		228,900		898,475
Metals & Mining 1.0%
Industrias CH SA*		164,200		737,789
Wireless Telecommunication Services 2.4%
America Movil SA de CV ADR		32,900		1,728,237
				4,888,191
PAKISTAN (0.1%)
Commercial Bank (0.1%)
MCB Bank Ltd. GDR*		3,269		62,874
POLAND (0.3%) (a)
Bank (0.3%)
Bank Zachodni WBK SA		2,200		240,149
REPUBLIC OF KOREA (13.9%)
Building Products 0.6% (a)
KCC Corp.		1,100		452,152
Commercial Banks 1.6% (a)
Hana Financial Group, Inc.		400		20,891
Industrial Bank of Korea		56,300		1,127,033
				1,147,924
Construction & Engineering 2.6% (a)
Hyundai Development Co.		12,460		715,649
Hyundai Heavy Industries		4,813		1,213,240
				1,928,889
Diversified Financial Services 0.7% (a)
Shinhan Financial Group Ltd.		9,580		539,490
Electronic Equipment & Instruments 1.3%
Samsung Electronics Co. Ltd. GDR		3,854		911,471
Insurance 1.0% (a)
Samsung Fire & Marine Insurance Co. Ltd.*		3,973		704,493
Machinery 1.2% (a)
Hanjin Heavy Industries & Construction Co. Ltd.		19,750		889,480
Metals & Mining 2.3% (a)
Korea Zinc Co. Ltd.		3,766		570,673
POSCO		2,581		1,082,737
				1,653,410
Multiline Retail 0.8%
Lotte Shopping Co. Ltd. GDR*		30,199		569,251
Semiconductors & Semiconductor Equipment 1.8% (a)
Samsung Electrical Co. Ltd.		2,204		1,348,311
				10,144,871
RUSSIAN FEDERATION (11.5%)
Automobiles 0.7% (a)
JSC Severstal-Avto		15,785		493,281
Commercial Bank 2.5% (a)
Sberbank RF		468		1,829,753
Electric Utility 2.0%
RAO Unified Energy System GDR		11,300		1,474,650
Metals & Mining 1.2%
Chelyabinsk Zink Plant GDR*		6,900		94,185
Norilsk Nickel ADR		3,900		760,500
				854,685
Oil, Gas & Consumable Fuels 3.8%
Gazprom ADR (a)		43,700		1,743,630
Surgutneftegaz ADR		16,014		1,039,309
				2,782,939
Telephones 1.3%
Mobile Telesystems ADR		18,060		995,106
				8,430,414
SOUTH AFRICA (7.9%) (a)
Commercial Bank (1.2%)
ABSA Group Ltd.		41,600		853,432
Health Care Providers & Services 1.0%
Network Healthcare Holdings Ltd.		346,200		726,699

2007 Semiannual Report 123

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Emerging Markets Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
SOUTH AFRICA (continued)
Industrial Conglomerate 1.2%
Barloworld Ltd.		32,689	$	910,198
Metals & Mining 1.1%
Anglo Platinum Ltd.		5,002		804,581
Oil, Gas & Consumable Fuels 0.7%
Sasol Ltd.		15,552		533,131
Specialty Retail 1.4%
Massmart Holdings Ltd.		18,700		259,377
Truworths International Ltd.		135,900		752,229
				1,011,606
Wireless Telecommunication Services 1.3%
MTN Group Ltd.		66,952		978,460
				5,818,107
TAIWAN (10.1%)(a)
Computers & Peripherals (1.5%)
Asustek Computer, Inc.		253,700		578,609
Inventec Co. Ltd.		745,000		548,888
				1,127,497
Construction Materials 0.8%
Taiwan Cement Corp.		682,139		606,024
Electronic Equipment & Instruments 1.4%
Hon Hai Precision Industry Co. Ltd.		150,000		989,386
Insurance 1.0%
Shin Kong Financial Holding Co. Ltd.		753,932		697,279
Semiconductors & Semiconductor Equipment 4.6%
MediaTek, Inc.		87,600		1,089,680
Siliconware Precision Industries Co.		379,000		713,295
Taiwan Semiconductor Manufacturing Co. Ltd.		611,000		1,244,008
Vanguard International Semiconductor Corp.		426,000		355,368
				3,402,351
Textiles, Apparel & Luxury Goods 0.8%
Formosa Taffeta Co. Ltd.		653,000		590,537
				7,413,074
THAILAND (1.0%)
Metals & Mining (1.0%)
Banpu Public Co. Ltd.		118,308		725,762
TURKEY (1.1%)
Commercial Banks (1.1%)
Turkiye Vakiflar Bankasi(a)		155,978		434,494
Turkiye Vakiflar Bankasi T.A.O.*		148,937		389,006
				823,500
VENEZUELA (0.9%)
Metals & Mining (0.9%)
Ternium SA ADR		24,100		648,290
Total Common Stocks (Cost $54,103,296)				68,730,126
Participation Notes (2.1%) (a)
INDIA (1.2%)
Reliance Industries Ltd., 0.00%, 03/09/09*		23,551	$	892,819
PAKISTAN (0.9%)
Muslim Commercial Bank Ltd., 0.00%, 09/22/09*		136,610		670,755
Total Participation Notes (Cost $982,604)				1,563,574
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $3,351,824, collateralized by U.S. Government Agency Mortgages with a market value of $3,418,376		3,351,349		3,351,349
Total Investments (Cost $58,437,249) (b) — 100.6%				73,645,049
Liabilities in excess of other assets — (0.6)%				(438,499	)
NET ASSETS — 100.0%			$	73,206,550

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
GDR	Global Depository Receipt

See accompanying notes to financial statements.

124 Semiannual Report 2007

Nationwide International Growth Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide International Growth Fund (Class A at NAV) returned 18.59% versus 16.10% for its benchmark, the Morgan Stanley Capital International (MSCI) All Country World excluding U.S. Index. For broader comparison, the average return for the Fund’s Lipper peer category of International Multi-Cap Core Funds (consisting of 367 funds as of April 30, 2007) was 14.46%.

Can you describe the market environment during the reporting period?

Major markets finished the reporting period in positive territory, recovering their poise after the late February/early March sell-off. While the precise catalyst for the sell-off proved difficult to pinpoint, possible triggers included the capital gains tax proposal in China and comments about a recession in the United States by former Federal Reserve Board Chairman Alan Greenspan that were followed by some weak economic statistics. European markets continued their late 2006 trend of outperforming those in the United States, which had experienced a mixed reporting season. Current Federal Reserve Board Chairman Ben Bernanke’s comment that inflation remained a predominant concern appeared to diminish the prospects for an interest-rate cut. Toward the latter part of the period, heightened tension in the Middle East caused oil prices to spike.

What areas of investment provided the most positive returns for the Fund?

Favorable stock selection enhanced the Fund’s performance. As is customary in a concentrated portfolio with an emphasis on stock selection, sector allocations typically derive from stock-selection decisions.

Our position in Italian carmaker Fiat S.p.A. added the most value. Fiat, which delivered better-than-expected results for the first quarter of 2007, we believe should continue to report further gains in market share on the back of new product launches. Another significant contributor to Fund performance was our holding in Australia’s CSL Ltd. The biopharmaceutical company upgraded its earnings guidance due to strong trading conditions in the international plasma market.

What areas detracted from Fund performance?

The Fund’s performance was hurt by our position in C&C Group plc, the manufacturer of Magners Cider and one of our top-performing stocks during the previous period. In February, C&C Group warned that its earnings would fall short of some analysts’ expectations, and we have closed the position. U.K.-listed Antofagasta PLC, one of the largest international copper miners, also detracted from Fund performance. Copper production for the first quarter of 2007 came in below expectations, and we have closed the position.

What is your outlook for the near term?

We believe the medium-term outlook for equities remains positive, but the U.S. economic outlook is still the key focus of investor concerns, especially given mixed economic indicators. Although we expect that the U.S. economy will continue to grow this year, the U.S. economy will likely be outpaced by the economies of most other regions. Prospects for other major economies and geographies — including Europe, Japan and emerging markets — appear good. Healthy levels of global economic growth in 2007 should support corporate earnings. In addition, valuations remain reasonable. Furthermore, global merger-and-acquisition activity shows no signs of slowing in an environment of low interest rates, high liquidity, cash-rich corporates and private-equity firms hungry for deals.

Portfolio Managers:

Ben Walker, CFA and
Brian O’Neill

2007 Semiannual Report 125

Nationwide International Growth Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		18.59%		23.19%		19.27%		7.33%		1.73%		1.69%
	w/SC3		11.80%		16.15%		17.85%		6.38%
Class B	w/o SC2		18.02%		22.21%		18.39%		6.54%		2.44%		2.40%
	w/SC4		13.02%		17.21%		18.19%		6.54%
Class C5	w/o SC2		18.00%		22.27%		18.38%		6.63%		2.44%		2.40%
	w/SC6		17.00%		21.27%		18.38%		6.63%
Class R 7,9			18.33%		22.70%		18.79%		6.81%		2.14%		2.10%
Institutional Service Class9			18.68%		23.58%		19.58%		7.64%		1.45%		1.41%
Institutional Class8,9			18.68%		23.58%		19.58%		7.64%		1.44%		1.40%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Performance fees apply to the Fund, which may increase or decrease expenses. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on August 30, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
8	These returns until the creation of Institutional Class shares (6/29/04) include the performance of the Fund’s Institutional Service shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Institutional Service shares.
9	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide International Growth Fund, Morgan Stanley Capital International All Country World Free ex U.S. Index (MSCI AC World ex U.S.)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The MSCI AC World Free ex U.S. is an index that contains companies that are replicas of their local markets not including any securities in the United States.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

126 Semiannual Report 2007

Nationwide International Growth Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide International Growth			Account Value,		Account Value,		Expenses Paid		Annualized
Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,185.90	$	7.91		1.46%
	Hypothetical	1	$	1,000.00	$	1,017.76	$	7.33		1.46%
Class B	Actual		$	1,000.00	$	1,180.20	$	11.78		2.18%
	Hypothetical	1	$	1,000.00	$	1,014.19	$	10.95		2.18%
Class C	Actual		$	1,000.00	$	1,180.00	$	11.78		2.18%
	Hypothetical	1	$	1,000.00	$	1,014.19	$	10.95		2.18%
Class R	Actual		$	1,000.00	$	1,183.30	$	9.85		1.82%
	Hypothetical	1	$	1,000.00	$	1,015.97	$	9.14		1.82%
Institutional Service Class	Actual		$	1,000.00	$	1,186.80	$	6.45		1.19%
	Hypothetical	1	$	1,000.00	$	1,019.10	$	5.97		1.19%
Institutional Class	Actual		$	1,000.00	$	1,186.80	$	6.40		1.18%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.92		1.18%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 127

Nationwide International Growth Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	104.4%
Repurchase Agreements	0.3%
Liabilities in excess of other assets	-4.7%
	100.0%

Top Holdings*
Skandinaviska Enskilda Banken AB	2.2%
Fiat SpA	2.2%
MAN AG	2.1%
Marks & Spencer Group PLC	2.1%
Credit Suisse Group	2.1%
UniCredito Italiano SpA	2.1%
Komatsu Ltd.	2.0%
CSL Ltd.	2.0%
Nintendo Co. Ltd.	2.0%
Mittal Steel Co. NV	1.9%
Other	79.3%
	100.0%

Top Industries
Metals & Mining	12.0%
Commercial Banks	11.5%
Automobiles	7.6%
Insurance	6.3%
Chemicals	5.7%
Airlines	5.4%
Real Estate Management & Development	5.1%
Oil, Gas & Consumable Fuels	4.6%
Machinery	4.1%
Multiline Retail	3.6%
Other	34.1%
	100.0%

Top Countries
United Kingdom	24.7%
Japan	14.1%
Germany	11.5%
Switzerland	10.0%
France	5.8%
Australia	4.8%
Italy	4.3%
Austria	3.4%
Netherlands	3.2%
Singapore	3.2%
Other	15.0%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

128 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide International Growth Fund

Common Stocks (104.4%)
	Shares or
	Principal Amount		Value
ARGENTINA (1.5%) (a)
Energy Equipment & Services (1.5%)
Tenaris SA		75,000	$	1,743,191
AUSTRALIA (4.8%)
Biotechnology (2.0%) (a)
CSL Ltd.		33,740		2,429,629
Construction & Engineering (1.0%)
Boart Longyear Group		723,800		1,159,878
IT Services (1.8%) (a)
Computershare Ltd.		246,520		2,124,649
				5,714,156
AUSTRIA (3.4%) (a)
Commercial Bank (1.8%)
Erste Bank der Oesterreichischen Sparkassen AG		26,600		2,129,622
Oil, Gas & Consumable Fuels (1.6%)
OMV AG		30,000		1,898,638
				4,028,260
BRAZIL (1.7%)
Metals & Mining (1.7%)
Cia Vale Do Rio Sponsored ADR – BR		61,010		2,085,932
CANADA (2.7%)
Metals & Mining (2.7%)
Alcan, Inc.		29,130		1,714,883
Hudbay Minerals, Inc.		81,880		1,537,833
				3,252,716
CAYMAN ISLANDS (1.2%)
Oil, Gas & Consumable Fuels (1.2%)
Global Santa Fe Corp.		22,800		1,457,604
FRANCE (5.8%) (a)
Auto Components (0.9%)
Compagnie Generale des Etablissements Michelin		8,900		1,133,817
Chemicals (1.4%)
Rhodia SA*		397,480		1,622,636
Electrical Equipment (1.8%)
Alstom RGPT*		14,240		2,117,078
Textiles, Apparel & Luxury Goods (1.7%)
LVMH Moet Hennessy Louis Vuitton SA		17,425		2,030,852
				6,904,383
GERMANY (11.5%)
Auto Components (1.5%) (a)
Continental AG		12,760		1,775,948
Automobiles (1.9%) (a)
Volkswagen AG		14,940		2,255,492
Chemicals (1.2%) (a)
Linde AG		12,890		1,443,795
Food & Staples Retailing (1.4%) (a)
Metro AG		22,000		1,695,979
Insurance (1.8%)
Allianz AG		9,300		2,116,665
Machinery (2.1%) (a)
MAN AG		18,710		2,491,920
Pharmaceutical (1.6%) (a)
Merck KGaA		14,638		1,943,506
				13,723,305
HONG KONG (1.8%) (a)
Real Estate Management & Development (1.8%)
New World Development Co. Ltd.		905,000		2,124,938
IRELAND (1.0%)
Airline (1.0%)
Ryanair Holdings PLC Sponsored ADR – IE*		26,380		1,231,155
ITALY (4.3%) (a)
Automobiles (2.2%)
Fiat SpA*		91,010		2,673,385
Commercial Bank (2.1%)
UniCredito Italiano SpA		237,040		2,435,157
				5,108,542
JAPAN (14.1%) (a)
Automobiles (3.5%)
Suzuki Motor Corp.		80,500		2,288,865
Toyota Motor Corp.		30,900		1,877,071
				4,165,936

2007 Semiannual Report 129

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Growth Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Machinery (2.0%)
Komatsu Ltd.		102,900	$	2,435,297
Office Electronics (1.7%)
Canon, Inc.		36,500		2,048,065
Real Estate Management & Development (1.7%)
Mitsui Fudosan Co. Ltd.		70,000		2,043,528
Road & Rail (1.4%)
East Japan Railway Co.		211		1,711,205
Software (2.0%)
Nintendo Co. Ltd.		7,500		2,343,091
Tobacco (1.8%)
Japan Tobacco, Inc.		427		2,085,853
				16,832,975
MALAYSIA (1.2%) (a)
Gaming (1.2%)
Genting Berhad		605,000		1,497,001
MEXICO (1.6%)
Commercial Bank (1.6%)
Grupo Financiero Banorte SA de CV		442,920		1,925,827
NETHERLANDS (3.2%) (a)
Household Durables (1.3%)
Koninklijke Philips Electronics NV		36,800		1,511,070
Metals & Mining (1.9%)
Mittal Steel Co. NV		43,400		2,317,163
				3,828,233
REPUBLIC OF KOREA (1.4%)
Metals & Mining (1.4%)
Posco ADR – KR		16,100		1,686,314
RUSSIAN FEDERATION (1.3%)
Metals & Mining (1.3%)
Norilsk Nickel ADR		8,200		1,599,000
SINGAPORE (3.2%) (a)
Airline (1.6%)
Singapore Airlines Ltd.		158,000		1,881,568
Real Estate Management & Development (1.6%)
City Developments Ltd.		185,000		1,937,603
				3,819,171
SWEDEN (2.2%) (a)
Commercial Bank (2.2%)
Skandinaviska Enskilda Banken AB		73,100		2,678,219
SWITZERLAND (10.0%) (a)
Bank (1.4%)
Julius Baer Holding Ltd.		24,160		1,684,714
Chemicals (1.5%)
Syngenta AG		9,000		1,788,376
Commercial Bank (2.1%)
Credit Suisse Group		31,354		2,461,463
Electrical Equipment (1.6%)
ABB Ltd.		97,010		1,939,085
Food Products (1.8%)
Nestle SA		5,350		2,118,510
Insurance (1.6%)
Zurich Financial Services AG		6,800		1,973,731
				11,965,879
UNITED KINGDOM (24.7%) (a)
Aerospace & Defense (1.4%)
Rolls-Royce Group PLC		172,640		1,644,398
Airlines (2.8%)
British Airways PLC*		208,030		2,092,545
Easyjet PLC*		87,200		1,225,162
				3,317,707
Chemicals (1.6%)
Imperial Chemical Industries PLC		178,880		1,893,891
Commercial Bank (1.7%)
Barclays PLC		136,730		1,973,734
Independent Power Producers & Energy Traders (1.8%)
International Power PLC		244,000		2,133,234
Insurance (2.9%)
Legal & General Group PLC		404,370		1,239,968
Prudential PLC		149,500		2,221,229
				3,461,197
Metals & Mining (3.0%)
Anglo American PLC		35,680		1,878,736
Xstrata PLC		33,300		1,732,654
				3,611,390
Multi-Utility (1.0%)
National Grid PLC		75,770		1,189,568

130 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED KINGDOM (continued)
Multiline Retail (3.6%)
Marks & Spencer Group PLC		168,580	$	2,486,425
Whitbread PLC		48,660		1,827,034
				4,313,459
Pharmaceutical (1.0%)
GlaxoSmithKline PLC		43,000		1,240,136
Tobacco (1.6%)
Imperial Tobacco Group PLC		44,760		1,950,767
Trading Companies & Distributors (0.9%)
SIG PLC		42,600		1,080,743
Water Utility (1.4%)
Pennon Group PLC		140,656	$	1,680,007
				29,490,231
UNITED STATES (1.8%)
Oil, Gas & Consumable Fuels (1.8%)
Sunoco, Inc.		28,200		2,129,946
Total Common Stocks (Cost $110,307,015)				124,826,978
REPURCHASE AGREEMENTS (0.3%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $318,753, collateralized by U.S. Government Agency Mortgages with a market value of $325,082	$	318,708		318,708
Total Investments (Cost $110,625,723) (b) — 104.7%				125,145,686
Liabilities in excess of other assets — (4.7)%				(5,587,788	)
NET ASSETS — 100.0%			$	119,557,898

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
ADR	American Depository Receipt
BR	Brazil
IE	Ireland
KR	Korea

See accompanying notes to financial statements.

2007 Semiannual Report 131

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			Nationwide			Nationwide			Nationwide
			China			Emerging			International
			Opportunities Fund			Markets Fund			Growth Fund
Assets:
Investments, at value (Cost $42,658,762; $58,437,249 and $110,625,723)			$	52,213,732		$	73,645,049		$	125,145,686
Cash				358,875			6,752			1,159,576
Foreign currency, at value (Cost $506,231; $129,435 and $16,547)				506,342			130,648			16,547
Unrealized appreciation on spot foreign currency contracts				–			633			2,737
Interest and dividends receivable				174,731			95,154			343,818
Receivable for capital shares issued				72,187			103,634			757,271
Receivable for investments sold				390,112			172,474			4,551,804
Reclaims receivable				–			–			29,893
Prepaid expenses and other assets				11,504			11,084			29,042
		Total Assets		53,727,483			74,165,428			132,036,374
Liabilities:
Unrealized depreciation on spot foreign currency contracts				–			184			8,236
Payable for investments purchased				215,432			669,865			6,517,176
Payable for capital shares redeemed				15,742			171,787			5,818,794
Accrued expenses and other payables:
	Investment advisory fees			44,991			68,782			87,243
	Fund administration and transfer agent fees			4,302			5,218			3,567
	Distribution fees			17,540			21,767			42,591
	Administrative servicing fees			2,078			18,688			10
	Compliance program fees			261			761			559
	Custodian fees			1,110			1,235			–
	Other			200			591			300
		Total Liabilities		301,656			958,878			12,478,476
Net Assets			$	53,425,827		$	73,206,550		$	119,557,898
Represented by:
Capital			$	37,840,716		$	50,682,230		$	99,591,877
Accumulated net investment income (loss)				(120,821	)		(37,719	)		40,965
Accumulated net realized gains on investment transactions				6,150,941			7,350,998			5,401,994
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				9,554,991			15,211,041			14,523,062
Net Assets			$	53,425,827		$	73,206,550		$	119,557,898
Net Assets:
Class A Shares			$	26,008,739		$	41,840,824		$	69,040,471
Class B Shares				2,457,660			7,246,084			8,806,007
Class C Shares				12,032,744			8,818,057			28,179,961
Class R Shares				10,239			837,270			8,263
Institutional Service Class Shares				874,968			2,473,325			5,612,761
Institutional Class Shares				12,041,477			11,990,990			7,910,435
Total			$	53,425,827		$	73,206,550		$	119,557,898

See accompanying notes to financial statements.

132 Semiannual Report 2006

Statements of Assets and Liabilities (Continued)

	Nationwide			Nationwide			Nationwide
	China			Emerging			International
	Opportunities Fund			Markets Fund			Growth Fund
Shares outstanding (unlimited number of shares authorized):
Class A Shares		1,290,884			2,198,113			4,523,463
Class B Shares		123,564			397,508			603,570
Class C Shares		605,074			474,806			1,920,762
Class R Shares		511			45,493			560
Institutional Service Class Shares		43,336			127,219			361,998
Institutional Class Shares		595,124			616,769			510,269
Total		2,658,493			3,859,908			7,920,622
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	20.15		$	19.03	(a)	$	15.27
Class B Shares (b)	$	19.89		$	18.23		$	14.59
Class C Shares (c)	$	19.89		$	18.57		$	14.67
Class R Shares	$	20.04		$	18.40		$	14.77	(a)
Institutional Service Class Shares	$	20.19		$	19.44		$	15.51
Institutional Class Shares	$	20.23		$	19.44		$	15.51
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	21.38		$	20.19		$	16.20
Maximum Sales Charge:
Class A		5.75	%		5.75	%		5.75	%

(a)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
(b)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(c)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

See accompanying notes to financial statements.

2006 Semiannual Report 133

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

					Nationwide			Nationwide
		Nationwide China			Emerging			International
		Opportunities Fund			Markets Fund			Growth Fund
INVESTMENT INCOME:
Interest income		$	31,942		$	28,244		$	43,302
Dividend income			303,600			654,052			728,866
Foreign tax withholding			(1,282	)		(41,632	)		(52,889	)
	Total Income		334,260			640,664			719,279
Expenses:
Investment advisory fees			296,172			382,335			393,934
Fund administration and transfer agent fees			33,410			45,036			50,124
Distribution fees Class A			28,372			52,245			59,645
Distribution fees Class B			9,312			33,479			36,011
Distribution fees Class C			44,143			41,258			84,460
Distribution fees Class R			20			1,297			12
Administrative servicing fees Class A			1,099			27,837			7,031
Administrative servicing fees Class R			11			569			6
Administrative servicing fees Institutional Service Class			34			–			–
Registration and filing fees			24,217			28,925			28,756
Trustee fees			550			963			966
Compliance program fees (Note 3)			238			548			461
Custodian fees			1,331			10,474			3,995
Other			5,406			12,276			14,294
	Total expenses before reimbursed/waived expenses		444,315			637,242			679,695
Earnings credit (Note 5)			(365	)		(3,546	)		(480	)
Expenses reimbursed			(12,751	)		–			–
Expenses voluntarily waived by administrator			(472	)		(685	)		(901	)
Net expenses			430,727			633,011			678,314
Net Investment Income (Loss)			(96,467	)		7,653			40,965
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			6,156,875			7,576,926			5,393,518
Net realized gains (losses) on foreign currency transactions			(2,305	)		(20,661	)		32,504
Net realized gains (losses) on investments and foreign currency transactions			6,154,570			7,556,265			5,426,022
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			5,714,033			6,823,962			8,420,815
Net realized/unrealized gains (losses) from investments and foreign currency transactions			11,868,603			14,380,227			13,846,837
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	11,772,136		$	14,387,880		$	13,887,802

See accompanying notes to financial statements.

134 Semiannual Report 2006

Statements of Changes in Net Assets

		Nationwide China						Nationwide Emerging
		Opportunities Fund						Markets Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	(96,467	)	$	50,719		$	7,653		$	332,462
Net realized gains on investment and foreign currency transactions			6,154,570			2,075,211			7,556,265			9,814,071
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			5,714,033			4,195,223			6,823,962			3,535,442
Change in net assets from operations			11,772,136			6,321,153			14,387,880			13,681,975
Distributions to Shareholders:
From net investment income:
	Class A		(32,577	)		(32,955	)		(26,957	)		(204,816	)
	Class B		(376	)		(342	)		–			(7,688	)
	Class C		(801	)		(2,772	)		–			(9,893	)
	Class R		–			(12	)		–			(1,629	)
	Institutional Service Class		(834	)		(308	)		(5,086	)		(58,813	)
	Institutional Class		(22,100	)		(33,815	)		(13,329	)		(59,502	)
Net realized gains:
	Class A		(1,018,810	)		(226,294	)		(5,963,987	)		(2,643,711	)
	Class B		(91,880	)		(26,756	)		(979,146	)		(478,548	)
	Class C		(383,534	)		(86,834	)		(1,226,113	)		(512,762	)
	Class R		(398	)		(98	)		(78,709	)		(1,017	)
	Institutional Service Class		(19,652	)		(98	)		(471,191	)		(942,919	)
	Institutional Class		(518,068	)		(489,933	)		(1,234,758	)		(327,494	)
Change in net assets from shareholder distributions			(2,089,030	)		(900,217	)		(9,999,276	)		(5,248,792	)
Change in net assets from capital transactions			13,694,946			14,350,775			7,129,951			11,287,780
Change in net assets			23,378,052			19,771,711			11,518,555			19,720,963
Net Assets:
Beginning of period			30,047,775			10,276,064			61,687,995			41,967,032
End of period		$	53,425,827		$	30,047,775		$	73,206,550		$	61,687,995
Accumulated net investment income (loss) at end of period		$	(120,821	)	$	32,334		$	(37,719	)	$	–

See accompanying notes to financial statements.

2007 Semiannual Report 135

Statements of Changes in Net Assets (Continued)

		Nationwide China						Nationwide Emerging
		Opportunities Fund						Markets Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	12,980,838		$	11,829,177		$	22,704,096		$	29,684,205
	Dividends reinvested		656,202			182,052			4,717,235			2,277,560
	Cost of shares redeemed (a)		(7,007,182	)		(2,274,885	)		(21,799,824	)		(24,413,966	)
Total Class A			6,629,858			9,736,344			5,621,507			7,547,799
Class B Shares
	Proceeds from shares issued		1,314,425			888,040			323,556			1,316,483
	Dividends reinvested		57,668			23,088			766,916			406,539
	Cost of shares redeemed (a)		(501,485	)		(209,763	)		(261,634	)		(631,039	)
Total Class B			870,608			701,365			828,838			1,091,983
Class C Shares
	Proceeds from shares issued		6,580,404			4,408,219			2,104,907			4,556,324
	Dividends reinvested		213,484			45,437			297,979			123,976
	Cost of shares redeemed (a)		(1,794,025	)		(1,193,167	)		(1,803,216	)		(2,207,232	)
Total Class C			4,999,863			3,260,489			599,670			2,473,068
Class R Shares
	Proceeds from shares issued		4,299			15,210			392,137			519,475
	Dividends reinvested		103			101			1,889			165
	Cost of shares redeemed (a)		(2,770	)		(9,124	)		(53,025	)		(108,013	)
Total Class R			1,632			6,187			341,001			411,627
Institutional Service Class Shares
	Proceeds from shares issued		1,033,223			114,230			1,219			2,442
	Dividends reinvested		11,836			262			476,277			1,001,732
	Cost of shares redeemed (a)		(395,393	)		(29	)		(1,208,163	)		(8,049,749	)
Total Institutional Service Class			649,666			114,463			(730,667	)		(7,045,575	)
Institutional Class Shares
	Proceeds from shares issued		4,979			8,228			4,358,268			7,484,960
	Dividends reinvested		540,168			523,748			1,248,087			386,995
	Cost of shares redeemed (a)		(1,828	)		(49	)		(5,136,753	)		(1,063,077	)
Total Institutional Class			543,319			531,927			469,602			6,808,878
Change in net assets from capital transactions:		$	13,694,946		$	14,350,775		$	7,129,951		$	11,287,780

See accompanying notes to financial statements.

136 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide China						Nationwide Emerging
		Opportunities Fund						Markets Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		699,480			808,649			1,248,097			1,743,733
	Reinvested		36,477			15,766			269,095			149,612
	Redeemed		(357,397	)		(165,077	)		(1,229,438	)		(1,458,588	)
Total Class A Shares			378,560			659,338			287,754			434,757
Class B Shares
	Issued		70,040			61,736			18,565			81,142
	Reinvested		3,240			2,036			45,595			27,723
	Redeemed		(26,755	)		(14,879	)		(16,074	)		(40,041	)
Total Class B Shares			46,525			48,893			48,086			68,824
Class C Shares
	Issued		357,885			307,310			120,108			272,823
	Reinvested		11,993			3,998			17,385			8,322
	Redeemed		(99,080	)		(89,411	)		(103,970	)		(132,707	)
Total Class C Shares			270,798			221,897			33,523			148,438
Class R Shares
	Issued		221			995			22,023			32,349
	Reinvested		6			9			111			11
	Redeemed		(150	)		(674	)		(2,968	)		(6,671	)
Total Class R Shares			77			330			19,166			25,689
Institutional Service Class Shares
	Issued		56,214			7,445			–			–	(b)
	Reinvested		657			21			26,637			64,741
	Redeemed		(21,103	)		(2	)		(68,485	)		(487,136	)
Total Institutional Service Class Shares			35,768			7,464			(41,848	)		(422,395	)
Institutional Class Shares
	Issued		–			72			231,896			438,109
	Reinvested		29,927			45,631			69,803			24,868
	Redeemed		–			–	(b)		(257,829	)		(63,861	)
Total Institutional Class Shares			29,927			45,703			43,870			399,116
Change in shares:			761,655			983,625			390,551			654,429

(a)	Includes redemption fees, if any.
(b)	Amount less than 1 share.

See accompanying notes to financial statements.

2007 Semiannual Report 137

Statements of Changes in Net Assets

		Nationwide International
		Growth Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	40,965		$	(57,024	)
Net realized gains on investment and foreign currency transactions			5,426,022			3,224,619
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			8,420,815			4,964,753
Change in net assets from operations			13,887,802			8,132,348
Distributions to Shareholders:
From net investment income:
	Class A		(17,698	)		(30,322	)
	Class B		–			(4,223	)
	Class C		–			(1,001	)
	Class R		–			(4	)
	Institutional Service Class		(5,173	)		(17,521	)
	Institutional Class		(6,783	)		(9,694	)
Net realized gains:
	Class A		(1,313,717	)		–
	Class B		(248,498	)		–
	Class C		(467,967	)		–
	Class R		(70	)		–
	Institutional Service Class		(170,656	)		–
	Institutional Class		(223,779	)		–
Change in net assets from shareholder distributions			(2,454,341	)		(62,765	)
Change in net assets from capital transactions			57,629,433			26,050,671
Change in net assets			69,062,894			34,120,254
Net Assets:
Beginning of period			50,495,004			16,374,750
End of period		$	119,557,898		$	50,495,004
Accumulated net investment income at end of period		$	40,965		$	29,654

See accompanying notes to financial statements.

138 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide International
		Growth Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	45,564,267		$	25,071,033
	Dividends reinvested		1,086,406			24,151
	Cost of shares redeemed(a)		(10,839,016	)		(10,369,776	)
Total Class A			35,811,657			14,725,408
Class B Shares
	Proceeds from shares issued		1,676,928			1,337,420
	Dividends reinvested		204,707			4,144
	Cost of shares redeemed(a)		(51,985	)		(120,928	)
Total Class B			1,829,650			1,220,636
Class C Shares
	Proceeds from shares issued		16,760,030			9,260,123
	Dividends reinvested		146,723			574
	Cost of shares redeemed(a)		(628,146	)		(817,995	)
Total Class C			16,278,607			8,442,702
Class R Shares
	Proceeds from shares issued		5,579			201
	Dividends reinvested		70			4
	Cost of shares redeemed(a)		–			(202	)
Total Class R			5,649			3
Institutional Service Class Shares
	Proceeds from shares issued		154,490			3,186
	Dividends reinvested		175,829			17,521
	Cost of shares redeemed(a)		(27	)		(171	)
Total Institutional Service Class			330,292			20,536
Institutional Class Shares
	Proceeds from shares issued		3,853,379			2,554,533
	Dividends reinvested		230,561			9,694
	Cost of shares redeemed(a)		(710,362	)		(922,841	)
Total Institutional Class			3,373,578			1,641,386
Change in net assets from capital transactions:		$	57,629,433		$	26,050,671

See accompanying notes to financial statements.

2007 Semiannual Report 139

Statements of Changes in Net Assets (Continued)

		Nationwide International
		Growth Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		3,188,356			2,088,339
	Reinvested		78,215			2,175
	Redeemed		(732,228	)		(924,966	)
Total Class A Shares			2,534,343			1,165,548
Class B Shares
	Issued		121,732			112,108
	Reinvested		15,380			391
	Redeemed		(3,788	)		(10,618	)
Total Class B Shares			133,324			101,881
Class C Shares
	Issued		1,213,990			782,252
	Reinvested		10,966			54
	Redeemed		(46,006	)		(69,457	)
Total Class C Shares			1,178,950			712,849
Class R Shares
	Issued		416			17
	Reinvested		5			–	(b)
	Redeemed		–			(17	)
Total Class R Shares			421			–	(b)
Institutional Service Class Shares
	Issued		10,850			83
	Reinvested		12,470			1,560
	Redeemed		–	(b)		–
Total Institutional Service Class Shares			23,320			1,643
Institutional Class Shares
	Issued		265,980			213,974
	Reinvested		16,363			860
	Redeemed		(48,258	)		(78,547	)
Total Institutional Class Shares			234,085			136,287
Change in shares:			4,104,443			2,118,208

(a)	Includes redemption fees, if any.
(b)	Amount less than 1 share.

See accompanying notes to financial statements.

140 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

Nationwide China Opportunities Fund

			Investment Activities							Distributions
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from		Net
	Beginning		Income			Gains on		Investment		Investment
	of Period		(Loss)			Investments		Activities		Income
Class A Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01			1.25		1.26		(0.02)
Year Ended October 31, 2005	$	11.24		0.09			0.33		0.42		(0.07)
Year Ended October 31, 2006	$	11.25		0.05			5.54		5.59		(0.05)
Six Months Ended April 30, 2007 (Unaudited)	$	15.86		(0.03	)		5.26		5.23		(0.03)
Class B Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01			1.23		1.24		(0.01)
Year Ended October 31, 2005	$	11.23		0.03			0.31		0.34		(0.04)
Year Ended October 31, 2006	$	11.19		(0.04	)		5.49		5.45		(0.01)
Six Months Ended April 30, 2007 (Unaudited)	$	15.70		(0.09	)		5.19		5.10		(g)
Class C Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.01	)		1.24		1.23		–
Year Ended October 31, 2005	$	11.23		0.02			0.31		0.33		(0.03)
Year Ended October 31, 2006	$	11.19		(0.03	)		5.48		5.45		(0.01)
Six Months Ended April 30, 2007 (Unaudited)	$	15.70		(0.08	)		5.18		5.10		–
Class R Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01			1.24		1.25		(0.01)
Year Ended October 31, 2005	$	11.24		0.06			0.33		0.39		(0.06)
Year Ended October 31, 2006	$	11.23		0.08			5.44		5.52		(0.03)
Six Months Ended April 30, 2007 (Unaudited)	$	15.79		(0.08	)		5.24		5.16		(g)
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.02			1.25		1.27		(0.02)
Year Ended October 31, 2005	$	11.25		0.09			0.34		0.43		(0.09)
Year Ended October 31, 2006	$	11.25		0.11			5.51		5.62		(0.06)
Six Months Ended April 30, 2007 (Unaudited)	$	15.88		(0.01	)		5.27		5.26		(0.04)
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.02			1.25		1.27		(0.02)
Year Ended October 31, 2005	$	11.25		0.12			0.34		0.46		(0.10)
Year Ended October 31, 2006	$	11.27		0.05			5.58		5.63		(0.06)
Six Months Ended April 30, 2007 (Unaudited)	$	15.91		(0.01	)		5.28		5.27		(0.04)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
									Net Asset				Net Assets		Ratio of
	Net								Value,				at End of		Expenses
	Realized			Total			Redemption		End		Total		Period		to Average
	Gains			Distributions			fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2004 (f)		–			(0.02	)	$	–	$	11.24		12.61%(b)	$	1,029		1.95%
Year Ended October 31, 2005		(0.34	)		(0.41	)	$	–	$	11.25		3.58%	$	2,847		2.01%
Year Ended October 31, 2006		(0.94	)		(0.99	)	$	0.01	$	15.86		53.19%	$	14,470		1.99%
Six Months Ended April 30, 2007 (Unaudited)		(0.92	)		(0.95	)	$	0.01	$	20.15		33.73%	$	26,009		1.80%
Class B Shares
Period Ended October 31, 2004 (f)		–			(0.01	)	$	–	$	11.23		12.38%(b)	$	19		2.65%
Year Ended October 31, 2005		(0.34	)		(0.38	)	$	–	$	11.19		2.82%	$	315		2.74%
Year Ended October 31, 2006		(0.94	)		(0.95	)	$	0.01	$	15.70		52.07%	$	1,210		2.73%
Six Months Ended April 30, 2007 (Unaudited)		(0.92	)		(0.92	)	$	0.01	$	19.89		33.24%	$	2,458		2.55%
Class C Shares
Period Ended October 31, 2004 (f)		–			–		$	–	$	11.23		12.30%(b)	$	38		2.65%
Year Ended October 31, 2005		(0.34	)		(0.37	)	$	–	$	11.19		2.79%	$	1,258		2.73%
Year Ended October 31, 2006		(0.94	)		(0.95	)	$	0.01	$	15.70		52.11%	$	5,247		2.73%
Six Months Ended April 30, 2007 (Unaudited)		(0.92	)		(0.92	)	$	0.01	$	19.89		33.23%	$	12,033		2.54%
Class R Shares
Period Ended October 31, 2004 (f)		–			(0.01	)	$	–	$	11.24		12.46%(b)	$	1		2.40%
Year Ended October 31, 2005		(0.34	)		(0.40	)	$	–	$	11.23		3.29%	$	1		2.22%
Year Ended October 31, 2006		(0.94	)		(0.97	)	$	0.01	$	15.79		52.68%	$	7		2.28%
Six Months Ended April 30, 2007 (Unaudited)		(0.92	)		(0.92	)	$	0.01	$	20.04		33.41%	$	10		2.23%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)		–			(0.02	)	$	–	$	11.25		12.74%(b)	$	1		1.70%
Year Ended October 31, 2005		(0.34	)		(0.43	)	$	–	$	11.25		3.63%	$	1		1.82%
Year Ended October 31, 2006		(0.94	)		(1.00	)	$	0.01	$	15.88		53.57%	$	120		1.72%
Six Months Ended April 30, 2007 (Unaudited)		(0.92	)		(0.96	)	$	0.01	$	20.19		33.89%	$	875		1.51%
Institutional Class Shares
Period Ended October 31, 2004 (f)		–			(0.02	)	$	–	$	11.25		12.74%(b)	$	5,637		1.65%
Year Ended October 31, 2005		(0.34	)		(0.44	)	$	–	$	11.27		3.86%	$	5,854		1.72%
Year Ended October 31, 2006		(0.94	)		(1.00	)	$	0.01	$	15.91		53.57%	$	8,994		1.74%
Six Months Ended April 30, 2007 (Unaudited)		(0.92	)		(0.96	)	$	0.01	$	20.23		33.89%	$	12,041		1.56%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of
	Ratio of Net		Ratio of		Investment
	Investment		Expenses		Income
	Income		(Prior to		(Prior to
	(Loss) to		Reimbursements)		Reimbursements)
	Average		to Average		to Average		Portfolio
	Net Assets (c)		Net Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class A Shares
Period Ended October 31, 2004 (f)		0.37%		5.57%		(3.25%)		50.76%
Year Ended October 31, 2005		0.95%		2.68%		0.28%		130.48%
Year Ended October 31, 2006		0.44%		2.10%		0.33%		124.36%
Six Months Ended April 30, 2007 (Unaudited)		(0.32%)		1.86%		(0.38%)		54.85%
Class B Shares
Period Ended October 31, 2004 (f)		(0.14%)		6.09%		(3.57%)		50.76%
Year Ended October 31, 2005		0.33%		3.41%		(0.34%)		130.48%
Year Ended October 31, 2006		(0.47%)		2.85%		(0.59%)		124.36%
Six Months Ended April 30, 2007 (Unaudited)		(1.07%)		2.60%		(1.13%)		54.85%
Class C Shares
Period Ended October 31, 2004 (f)		(1.42%)		6.93%		(5.69%)		50.76%
Year Ended October 31, 2005		0.24%		3.42%		(0.45%)		130.48%
Year Ended October 31, 2006		(0.25%)		2.85%		(0.37%)		124.36%
Six Months Ended April 30, 2007 (Unaudited)		(0.97%)		2.60%		(1.04%)		54.85%
Class R Shares
Period Ended October 31, 2004 (f)		(0.18%)		4.86%		(2.64%)		50.76%
Year Ended October 31, 2005		0.49%		2.87%		(0.16%)		130.48%
Year Ended October 31, 2006		0.68%		2.36%		0.61%		124.36%
Six Months Ended April 30, 2007 (Unaudited)		(0.80%)		2.29%		(0.85%)		54.85%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)		0.51%		3.97%		(1.75%)		50.76%
Year Ended October 31, 2005		0.84%		2.48%		0.18%		130.48%
Year Ended October 31, 2006		1.34%		1.81%		1.25%		124.36%
Six Months Ended April 30, 2007 (Unaudited)		(0.16%)		1.61%		(0.26%)		54.85%
Institutional Class Shares
Period Ended October 31, 2004 (f)		0.59%		4.17%		(1.93%)		50.76%
Year Ended October 31, 2005		0.98%		2.41%		0.29%		130.48%
Year Ended October 31, 2006		0.31%		1.88%		0.17%		124.36%
Six Months Ended April 30, 2007 (Unaudited)		(0.13%)		1.61%		(0.18%)		54.85%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	Less than $0.005.

See accompanying notes to financial statements.

2007 Semiannual Report 141

Financial Highlights

(Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated)

Nationwide Emerging Markets Fund

			Investment Activities							Distributions
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from		Net
	Beginning		Income			Gains on		Investment		Investment
	of Period		(Loss)			Investments		Activities		Income
Class A Shares
Year Ended October 31, 2002	$	5.98		(0.03	)		0.85		0.82		–
Year Ended October 31, 2003	$	6.80		0.03			3.71		3.74		–
Year Ended October 31, 2004	$	10.54		0.05			1.70		1.75		(0.05	)
Year Ended October 31, 2005	$	12.27		0.08			3.47		3.55		(0.05	)
Year Ended October 31, 2006	$	14.92		0.10			4.49		4.59		(0.10	)
Six Months Ended April 30, 2007 (Unaudited)	$	17.82		0.01			3.99		4.00		(0.01	)
Class B Shares
Year Ended October 31, 2002	$	5.94		(0.08	)		0.85		0.77		–
Year Ended October 31, 2003	$	6.71		–			3.62		3.62		–
Year Ended October 31, 2004	$	10.33		(0.03	)		1.67		1.64		(0.02	)
Year Ended October 31, 2005	$	11.98		(0.01	)		3.37		3.36		(0.01	)
Year Ended October 31, 2006	$	14.48		(0.01	)		4.35		4.34		(0.02	)
Six Months Ended April 30, 2007 (Unaudited)	$	17.21		(0.04	)		3.84		3.80		–
Class C Shares
Year Ended October 31, 2002	$	6.02		(0.08	)		0.86		0.78		–
Year Ended October 31, 2003	$	6.80		–			3.67		3.67		–
Year Ended October 31, 2004	$	10.47		(0.02	)		1.68		1.66		(0.02	)
Year Ended October 31, 2005	$	12.14		(0.01	)		3.42		3.41		(0.01	)
Year Ended October 31, 2006	$	14.69		(0.01	)		4.42		4.41		(0.02	)
Six Months Ended April 30, 2007 (Unaudited)	$	17.49		(0.05	)		3.91		3.86		–
Class R Shares
Period Ended October 31, 2004 (f)	$	11.20		0.03			0.78		0.81		(0.03	)
Year Ended October 31, 2005	$	12.01		0.04			3.41		3.45		(0.04	)
Year Ended October 31, 2006	$	14.57		0.05			4.40		4.45		(0.11	)
Six Months Ended April 30, 2007 (Unaudited)	$	17.32		(0.01	)		3.87		3.86		–	(j)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			–		$	–	$	6.80		13.71%	$	1,996		2.01%
Year Ended October 31, 2003		–			–		$	–	$	10.54		55.00%	$	9,070		1.88%
Year Ended October 31, 2004		–			(0.05	)	$	0.03	$	12.27		16.97%	$	13,898		1.88%
Year Ended October 31, 2005		(0.85	)		(0.90	)	$	–	$	14.92		30.02%	$	22,009		1.84%
Year Ended October 31, 2006		(1.59	)		(1.69	)	$	–	$	17.82		32.89%	$	34,047		1.65%
Six Months Ended April 30, 2007 (Unaudited)		(2.79	)		(2.80	)	$	0.01	$	19.03		23.84%	$	41,841		1.73%
Class B Shares
Year Ended October 31, 2002		–			–		$	–	$	6.71		12.96%	$	1,443		2.71%
Year Ended October 31, 2003		–			–		$	–	$	10.33		53.95%	$	2,010		2.55%
Year Ended October 31, 2004		–			(0.02	)	$	0.03	$	11.98		16.14%	$	2,900		2.55%
Year Ended October 31, 2005		(0.85	)		(0.86	)	$	–	$	14.48		29.30%	$	4,062		2.52%
Year Ended October 31, 2006		(1.59	)		(1.61	)	$	–	$	17.21		31.97%	$	6,013		2.31%
Six Months Ended April 30, 2007 (Unaudited)		(2.79	)		(2.79	)	$	0.01	$	18.23		23.48%	$	7,246		2.35%
Class C Shares
Year Ended October 31, 2002		–			–		$	–	$	6.80		12.96%	$	15		2.72%
Year Ended October 31, 2003		–			–		$	–	$	10.47		53.97%	$	1,398		2.55%
Year Ended October 31, 2004		–			(0.02	)	$	0.03	$	12.14		16.21%	$	2,217		2.55%
Year Ended October 31, 2005		(0.85	)		(0.86	)	$	–	$	14.69		29.20%	$	4,302		2.51%
Year Ended October 31, 2006		(1.59	)		(1.61	)	$	–	$	17.49		31.92%	$	7,716		2.31%
Six Months Ended April 30, 2007 (Unaudited)		(2.79	)		(2.79	)	$	0.01	$	18.57		23.51%	$	8,818		2.35%
Class R Shares
Period Ended October 31, 2004 (f)		–			(0.03	)	$	0.03	$	12.01		7.50%	$	1		2.15%
Year Ended October 31, 2005		(0.85	)		(0.89	)	$	–	$	14.57		30.11%	$	9		1.82%
Year Ended October 31, 2006		(1.59	)		(1.70	)	$	–	$	17.32		32.65%	$	456		1.84%
Six Months Ended April 30, 2007 (Unaudited)		(2.79	)		(2.79	)	$	0.01	$	18.40		23.69%	$	837		1.97%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income (Loss)		Reimbursements)		Reimbursements)
	to Average		to Average		to Average			Portfolio
	Net Assets (c)		Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		(0.49%)		2.41%		(0.89%	)		57.86%
Year Ended October 31, 2003		0.61%		2.45%		0.05%			146.04%
Year Ended October 31, 2004		0.41%		1.99%		0.31%			134.11%
Year Ended October 31, 2005		0.55%		(h)		(h)			135.40%
Year Ended October 31, 2006		0.60%		1.66%		0.59%			141.70%
Six Months Ended April 30, 2007 (Unaudited)		0.10%		1.74%		0.08%			42.49%
Class B Shares
Year Ended October 31, 2002		(1.18%)		3.22%		(1.69%	)		57.86%
Year Ended October 31, 2003		0.07%		3.18%		(0.56%	)		146.04%
Year Ended October 31, 2004		(0.27%)		2.65%		(0.37%	)		134.11%
Year Ended October 31, 2005		(0.11%)		(h)		(h)			135.40%
Year Ended October 31, 2006		(0.08%)		2.32%		(0.09%	)		141.70%
Six Months Ended April 30, 2007 (Unaudited)		(0.52%)		2.36%		(0.53%	)		42.49%
Class C Shares
Year Ended October 31, 2002		(1.12%)		3.28%		(1.68%	)		57.86%
Year Ended October 31, 2003		(0.12%)		2.95%		(0.52%	)		146.04%
Year Ended October 31, 2004		(0.16%)		2.64%		(0.25%	)		134.11%
Year Ended October 31, 2005		(0.11%)		(h)		(h)			135.40%
Year Ended October 31, 2006		(0.07%)		2.32%		(0.08%	)		141.70%
Six Months Ended April 30, 2007 (Unaudited)		(0.54%)		2.36%		(0.55%	)		42.49%
Class R Shares
Period Ended October 31, 2004 (f)		0.26%		2.28%		0.13%			134.11%
Year Ended October 31, 2005		0.16%		(h)		(h)			135.40%
Year Ended October 31, 2006		(0.01%)		1.94%		(0.11%	)		141.70%
Six Months Ended April 30, 2007 (Unaudited)		(0.09%)		1.98%		(0.10%	)		42.49%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(g)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(h)	There were no fee reductions during the period.
(i)	Net investment income (loss) is based on average shares outstanding during the period.
(j)	Less than $0.005.

See notes to financial statements.

142 Semiannual Report 2007

Financial Highlights

(Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated)

			Investment Activities							Distributions
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from		Net
	Beginning		Income			Gains on		Investment		Investment
	of Period		(Loss)			Investments		Activities		Income
Institutional Service Class Shares
Year Ended October 31, 2002	$	6.01		(0.02	)		0.87		0.85		–
Year Ended October 31, 2003	$	6.86		0.08			3.72		3.80		–
Year Ended October 31, 2004	$	10.66		0.09			1.72		1.81		(0.07	)
Year Ended October 31, 2005	$	12.43		0.10			3.54		3.64		(0.08	)
Year Ended October 31, 2006 (i)	$	15.14		0.17			4.56		4.73		(0.14	)
Six Months Ended April 30, 2007 (Unaudited)	$	18.14		0.03			4.08		4.11		(0.03	)
Institutional Class Shares
Period Ended October 31, 2004 (g)	$	11.26		0.03			1.15		1.18		(0.04	)
Year Ended October 31, 2005	$	12.43		0.11			3.53		3.64		(0.08	)
Year Ended October 31, 2006	$	15.14		0.13			4.60		4.73		(0.14	)
Six Months Ended April 30, 2007 (Unaudited)	$	18.14		0.05			4.06		4.11		(0.03	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Institutional Service Class Shares
Year Ended October 31, 2002		–			–		$	–	$	6.86		14.14%	$	1,145		1.73%
Year Ended October 31, 2003		–			–		$	–	$	10.66		55.39%	$	1,781		1.55%
Year Ended October 31, 2004		–			(0.07	)	$	0.03	$	12.43		17.25%	$	3,737		1.55%
Year Ended October 31, 2005		(0.85	)		(0.93	)	$	–	$	15.14		30.60%	$	8,954		1.50%
Year Ended October 31, 2006 (i)		(1.59	)		(1.73	)	$	–	$	18.14		33.25%	$	3,066		1.34%
Six Months Ended April 30, 2007 (Unaudited)		(2.79	)		(2.82	)	$	0.01	$	19.44		24.12%	$	2,473		1.39%
Institutional Class Shares
Period Ended October 31, 2004 (g)		–			(0.04	)	$	0.03	$	12.43		10.79%	$	236		1.55%
Year Ended October 31, 2005		(0.85	)		(0.93	)	$	–	$	15.14		30.60%	$	2,631		1.49%
Year Ended October 31, 2006		(1.59	)		(1.73	)	$	–	$	18.14		33.32%	$	10,390		1.30%
Six Months Ended April 30, 2007 (Unaudited)		(2.79	)		(2.82	)	$	0.01	$	19.44		24.05%	$	11,991		1.35%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
			Ratio of			Investment
	Ratio of Net		Expenses			Income
	Investment		(Prior to			(Prior to
	Income (Loss)		Reimbursements)			Reimbursements)
	to Average		to Average			to Average			Portfolio
	Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Institutional Service Class Shares
Year Ended October 31, 2002		(0.21%)		2.24%			(0.72%	)		57.86%
Year Ended October 31, 2003		1.07%		2.18%			0.44%			146.04%
Year Ended October 31, 2004		0.81%		1.66%			0.70%			134.11%
Year Ended October 31, 2005		0.83%		(h)			(h)			135.40%
Year Ended October 31, 2006 (i)		1.01%		1.34%			1.00%			141.70%
Six Months Ended April 30, 2007 (Unaudited)		0.33%		1.40%			0.32%			42.49%
Institutional Class Shares
Period Ended October 31, 2004 (g)		0.81%		1.71%	(c)		0.65%			134.11%
Year Ended October 31, 2005		0.92%		(h)			(h)			135.40%
Year Ended October 31, 2006		0.88%		1.33%			0.85%			141.70%
Six Months Ended April 30, 2007 (Unaudited)		0.43%		1.36%			0.42%			42.49%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(g)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(h)	There were no fee reductions during the period.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See notes to financial statements.

2007 Semiannual Report 143

Financial Highlights

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

Nationwide International Growth Fund

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	6.19		0.01			(0.82	)		(0.81	)		–
Year Ended October 31, 2003	$	5.38		(0.01	)		1.58			1.57			–
Year Ended October 31, 2004	$	6.98		0.01			0.79			0.80			–
Year Ended October 31, 2005	$	7.79		0.08			1.90			1.98			(0.08	)
Year Ended October 31, 2006	$	9.69		0.02			3.68			3.70			(0.04	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.35		0.02			2.41			2.43			(0.01	)
Class B Shares
Year Ended October 31, 2002	$	6.14		(0.03	)		(0.81	)		(0.84	)		–
Year Ended October 31, 2003	$	5.30		(0.05	)		1.54			1.49			–
Year Ended October 31, 2004	$	6.82		(0.05	)		0.78			0.73			–
Year Ended October 31, 2005	$	7.56		0.01			1.83			1.84			(0.05	)
Year Ended October 31, 2006	$	9.35		(0.08	)		3.57			3.49			(0.01	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.83		(0.04	)		2.30			2.26			–
Class C Shares
Year Ended October 31, 2002	$	6.17		(0.03	)		(0.81	)		(0.84	)		–
Year Ended October 31, 2003	$	5.33		(0.05	)		1.55			1.50			–
Year Ended October 31, 2004	$	6.86		(0.01	)		0.74			0.73			–
Year Ended October 31, 2005	$	7.60		0.03			1.82			1.85			(0.05	)
Year Ended October 31, 2006	$	9.40		(0.02	)		3.54			3.52			(0.02	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.90		(0.02	)		2.29			2.27			–
Class R Shares
Period Ended October 31, 2004(f)	$	7.25		0.02			0.30			0.32			–
Year Ended October 31, 2005	$	7.58		0.07			1.86			1.93			(0.10	)
Year Ended October 31, 2006	$	9.41		(0.04	)		3.61			3.57			(0.03	)
Six Months Ended April 30, 2007 (Unaudited)	$	12.95		–			2.32			2.32			–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			–		$	–	$	5.38		(13.09%)	$	1,965		1.76%
Year Ended October 31, 2003		–			–		$	0.03	$	6.98		29.74%	$	2,592		1.65%
Year Ended October 31, 2004		–			–		$	0.01	$	7.79		11.60%	$	3,096		1.65%
Year Ended October 31, 2005		–			(0.08	)	$	–	$	9.69		25.49%	$	7,980		1.65%
Year Ended October 31, 2006		–			(0.04	)	$	–	$	13.35		38.22%	$	26,565		1.69%
Six Months Ended April 30, 2007 (Unaudited)		(0.50	)		(0.51	)	$	–	$	15.27		18.59%	$	69,040		1.46%
Class B Shares
Year Ended October 31, 2002		–			–		$	–	$	5.30		(13.68%)	$	1,840		2.46%
Year Ended October 31, 2003		–			–		$	0.03	$	6.82		28.68%	$	2,395		2.40%
Year Ended October 31, 2004		–			–		$	0.01	$	7.56		10.85%	$	2,695		2.40%
Year Ended October 31, 2005		–			(0.05	)	$	–	$	9.35		24.49%	$	3,444		2.40%
Year Ended October 31, 2006		–			(0.01	)	$	–	$	12.83		37.37%	$	6,031		2.41%
Six Months Ended April 30, 2007 (Unaudited)		(0.50	)		(0.50	)	$	–	$	14.59		18.02%	$	8,806		2.18%
Class C Shares
Year Ended October 31, 2002		–			–		$	–	$	5.33		(13.61%)	$	10		2.46%
Year Ended October 31, 2003		–			–		$	0.03	$	6.86		28.71%	$	16		2.40%
Year Ended October 31, 2004		–			–		$	0.01	$	7.60		10.79%	$	112		2.40%
Year Ended October 31, 2005		–			(0.05	)	$	–	$	9.40		24.45%	$	272		2.40%
Year Ended October 31, 2006		–			(0.02	)	$	–	$	12.90		37.49%	$	9,566		2.40%
Six Months Ended April 30, 2007 (Unaudited)		(0.50	)		(0.50	)	$	–	$	14.67		18.00%	$	28,180		2.18%
Class R Shares
Period Ended October 31, 2004(f)		–			–		$	0.01	$	7.58		4.55%	$	1		2.00%
Year Ended October 31, 2005		–			(0.10	)	$	–	$	9.41		25.37%	$	1		1.68%
Year Ended October 31, 2006		–			(0.03	)	$	–	$	12.95		38.01%	$	2		1.94%
Six Months Ended April 30, 2007 (Unaudited)		(0.50	)		(0.50	)	$	–	$	14.77		18.33%	$	8		1.82%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of
	Ratio of Net		Ratio of		Investment
	Investment		Expenses		Income
	Income		(Prior to		(Prior to
	(Loss)		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (c)		Net Assets(c) (d)		Net Assets (c) (d)		Turnover (e)
Class A Shares
Year Ended October 31, 2002		0.20%		2.10%		(0.14%)		226.70%
Year Ended October 31, 2003		0.39%		2.37%		(0.33%)		304.72%
Year Ended October 31, 2004		0.06%		2.10%		(0.38%)		262.09%
Year Ended October 31, 2005		0.74%		1.90%		0.50%		247.22%
Year Ended October 31, 2006		(0.04%)		1.70%		(0.05%)		175.91%
Six Months Ended April 30, 2007 (Unaudited)		0.30%		1.46%		0.30%		94.59%
Class B Shares
Year Ended October 31, 2002		(0.50%)		2.85%		(0.89%)		226.70%
Year Ended October 31, 2003		(0.36%)		3.12%		(1.08%)		304.72%
Year Ended October 31, 2004		(0.70%)		2.84%		(1.14%)		262.09%
Year Ended October 31, 2005		0.12%		2.81%		(0.30%)		247.22%
Year Ended October 31, 2006		(0.80%)		2.42%		(0.82%)		175.91%
Six Months Ended April 30, 2007 (Unaudited)		(0.61%)		2.19%		(0.61%)		94.59%
Class C Shares
Year Ended October 31, 2002		(0.53%)		2.95%		(1.02%)		226.70%
Year Ended October 31, 2003		(0.37%)		3.12%		(1.09%)		304.72%
Year Ended October 31, 2004		(0.23%)		2.87%		(0.70%)		262.09%
Year Ended October 31, 2005		0.10%		2.69%		(0.19%)		247.22%
Year Ended October 31, 2006		(0.62%)		2.40%		(0.62%)		175.91%
Six Months Ended April 30, 2007 (Unaudited)		(0.37%)		2.18%		(0.37%)		94.59%
Class R Shares
Period Ended October 31, 2004(f)		0.31%		2.65%		(0.33%)		262.09%
Year Ended October 31, 2005		0.81%		2.31%		0.18%		247.22%
Year Ended October 31, 2006		(0.38%)		1.96%		(0.39%)		175.91%
Six Months Ended April 30, 2007 (Unaudited)		0.14%		1.82%		0.14%		94.59%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(g)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

144 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

			Investment Activities								Distributions
					Net Realized
	Net Asset		Net		and			Total
	Value,		Investment		Unrealized			from			Net
	Beginning		Income		Gains on			Investment			Investment
	of Period		(Loss)		Investments			Activities			Income
Institutional Service Class Shares
Year Ended October 31, 2002	$	6.22		0.03		(0.83	)		(0.80	)		–
Year Ended October 31, 2003	$	5.42		0.01		1.59			1.60			–
Year Ended October 31, 2004	$	7.05		0.02		0.81			0.83			–
Year Ended October 31, 2005	$	7.89		0.11		1.91			2.02			(0.10	)
Year Ended October 31, 2006	$	9.81		0.02		3.77			3.79			(0.05	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.55		0.03		2.45			2.48			(0.02	)
Institutional Class Shares
Period Ended October 31, 2004 (g)	$	7.51		–		0.37			0.37			–
Year Ended October 31, 2005	$	7.89		0.11		1.91			2.02			(0.10	)
Year Ended October 31, 2006	$	9.81		0.03		3.76			3.79			(0.05	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.55		0.03		2.45			2.48			(0.02	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Net Assets		Ratio of
	Net								Net Asset				at End of		Expenses
	Realized			Total			Redemption		Value, End		Total		Period		to Average
	Gains			Distributions			fees		of Period		Return (a) (b)		(000’s)		Net Assets (c)
Institutional Service Class Shares
Year Ended October 31, 2002		–			–		$	–	$	5.42		(12.86%)	$	1,807		1.48%
Year Ended October 31, 2003		–			–		$	0.03	$	7.05		30.07%	$	2,350		1.40%
Year Ended October 31, 2004		–			–		$	0.01	$	7.89		11.91%	$	2,629		1.40%
Year Ended October 31, 2005		–			(0.10	)	$	–	$	9.81		25.72%	$	3,306		1.40%
Year Ended October 31, 2006		–			(0.05	)	$	–	$	13.55		38.76%	$	4,589		1.41%
Six Months Ended April 30, 2007 (Unaudited)		(0.50	)		(0.52	)	$	–	$	15.51		18.68%	$	5,613		1.19%
Institutional Class Shares
Period Ended October 31, 2004 (g)		–			–		$	0.01	$	7.89		5.06%	$	189		1.40%
Year Ended October 31, 2005		–			(0.10	)	$	–	$	9.81		25.72%	$	1,372		1.40%
Year Ended October 31, 2006		–			(0.05	)	$	–	$	13.55		38.76%	$	3,742		1.41%
Six Months Ended April 30, 2007 (Unaudited)		(0.50	)		(0.52	)	$	–	$	15.51		18.68%	$	7,910		1.18%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income (Loss)		Reimbursements)		Reimbursements)
	to Average		to Average		to Average			Portfolio
	Net Assets (c)		Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Institutional Service Class Shares
Year Ended October 31, 2002		0.48%		1.85%		0.11%			226.70%
Year Ended October 31, 2003		0.64%		2.12%		(0.08%	)		304.72%
Year Ended October 31, 2004		0.30%		1.84%		(0.14%	)		262.09%
Year Ended October 31, 2005		1.12%		1.82%		0.70%			247.22%
Year Ended October 31, 2006		0.17%		1.42%		0.15%			175.91%
Six Months Ended April 30, 2007 (Unaudited)		0.32%		1.19%		0.32%			94.59%
Institutional Class Shares
Period Ended October 31, 2004 (g)		0.03%		1.94%		(0.52%	)		262.09%
Year Ended October 31, 2005		1.11%		1.61%		0.90%			247.22%
Year Ended October 31, 2006		0.22%		1.42%		0.20%			175.91%
Six Months Ended April 30, 2007 (Unaudited)		0.44%		1.19%		0.43%			94.59%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(g)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

2007 Semiannual Report 145

Nationwide Micro Cap Equity Fund

Please note that on March 1, 2007, the Nationwide Micro Cap Equity Fund’s benchmark changed from the Russell Microcap Index to the Russell Micro Cap Growth Index. For additional information, please refer to the prospectus.

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Micro Cap Equity Fund (Class A at NAV) returned 2.79% versus 6.53% for its benchmark, the Russell Micro Cap Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds (consisting of 748 funds as of April 30, 2007) was 8.48%.

Can you describe the market environment during the reporting period?

Over the past 6 months, the equity markets experienced a broad-based rally, with only a brief decline in late February to early March. Investors focused on macro-economic data and the ever fluid geopolitical climate. On the macro-economic front, data points continued to offer conflicting information with favorable inflation and employment measures offsetting concerns about the housing market and slowing economic activity. Geopolitical factors also contributed to the volatility of the markets with concerns about China, the middle-east, and global commodity demand leading to volatility in currency and commodity prices. Ultimately, the availability of credit supported the domestic financial markets as private equity funds continued to lead merger and acquisition activity.

What areas detracted from Fund performance?

The performance of the Fund relative to our benchmark was driven mostly by stock selection and, to a lesser extent, the Fund’s portfolio’s lack of exposure to some of the top performing sectors of the index during the period, including Telecomm Services and Materials. The Fund had little exposure to these two particular sectors, which had benchmark returns of 13.8% and 23.3%, respectively. Our holding detractors for the period included Netlist (technology), RELM Wireless (wireless equipment), and Merge Technologies (technology). Netlist was impacted by concerns over DRAM memory prices., while, RELM Wireless and Merge Technologies experienced product launch delays leading to disappointing financial results.

What areas of investment provided the most positive returns for the Fund?

During the period, our largest contributors to Fund performance included Imergent (e-commerce), Cynosure (aesthetics), and Allied Healthcare (healthcare). These companies continued to exceed our expectations as these firms benefited from demand for e-commerce solutions (Imergent), laser-based aesthetic services demand (Cynosure), and increased demand for respiratory care products (Allied Healthcare).

What is your outlook for the near term?

Our 2007 outlook for the small cap market remains somewhat favorable, although lower earnings concerns are justified, driven by low inflation and high liquidity. Investors, however, should remain vigilant as macro-economic and geopolitical factors will likely lead to continued market volatility. We anticipate this volatility may create opportunities to add new positions or build-on existing positions; as determined by our bottom-up, fundamental approach to stock selection. Regardless to which circumstances ultimately prevail, we remain focused on providing investors with the potential for superior returns through a complete market cycle.

Portfolio Manager:

Carl Wilk, CFP

146 Semiannual Report 2007

Nationwide Micro Cap Equity Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six						Expense
		Month*		1 Yr.		Inception1		Ratio**
Class A	w/o SC2		2.79%		-2.45%		22.56%		1.85%
	w/SC3		-3.10%		-8.05%		21.07%
Class B	w/o SC2		2.40%		-3.12%		21.66%		2.52%
	w/SC4		-1.41%		-6.72%		21.46%
Class C	w/o SC2		2.39%		-3.15%		21.68%		2.52%
	w/SC5		1.63%		-3.87%		21.68%
Class R 6,7			2.44%		-2.85%		22.01%		2.22%
Institutional Service Class7			2.90%		-2.13%		22.87%		1.52%
Institutional Class7			2.90%		-2.13%		22.87%		1.52%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 27, 2002.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	These returns until the creation of Class R shares (12/30/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
7	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Micro Cap Equity Fund, the Russell Microcap Index(old)(a), the Russell Microcap Growth Index(new)(b) and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	Effective February 28, 2007, the Fund changed its benchmark from the Russell Microcap Index (old) to the Russell Microcap Growth Index (new). The Russell Microcap Index (old) is an unmanaged index that measures the performance of the microcap segment, which represents less than 3% of the U.S. equity market; includes the smallest 1,000 securities in the small-cap Russell 2000 Index plus the next 1,000 companies below the Russell 2000 Index, based on a ranking of all U.S. equities by market capitalization.
(b)	The Russell Microcap Growth Index (new) is an unmanaged index that provides a measurement of the performance of the micro-cap growth segment of the U.S. equity market, such as micro-cap companies with higher price-to-book ratios and higher forecasted growth values. The Fund changed its benchmark in order to conform more appropriately to the Fund’s objective and strategies. The Index does not pay sales charges, fees or expenses. If sales charges, fees and expenses were deducted, the actual returns of the Index would be lower. Individuals cannot invest directly in an index.
(c)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 147

Nationwide Micro Cap Equity Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Micro Cap Equity Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,027.90	$	9.15		1.82%
	Hypothetical	1	$	1,000.00	$	1,015.97	$	9.14		1.82%
Class B	Actual		$	1,000.00	$	1,024.00	$	12.85		2.56%
	Hypothetical	1	$	1,000.00	$	1,012.31	$	12.85		2.56%
Class C	Actual		$	1,000.00	$	1,023.90	$	12.85		2.56%
	Hypothetical	1	$	1,000.00	$	1,012.31	$	12.85		2.56%
Class R	Actual		$	1,000.00	$	1,024.40	$	10.99		2.19%
	Hypothetical	1	$	1,000.00	$	1,014.14	$	11.00		2.19%
Institutional Service Class	Actual		$	1,000.00	$	1,029.00	$	7.75		1.54%
	Hypothetical	1	$	1,000.00	$	1,017.36	$	7.73		1.54%
Institutional Class	Actual		$	1,000.00	$	1,029.00	$	7.70		1.53%
	Hypothetical	1	$	1,000.00	$	1,017.41	$	7.68		1.53%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

148 Semiannual Report 2007

Nationwide Micro Cap Equity Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	100.0%
Repurchase Agreements	0.6%
Other investments*	31.6%
Liabilities in excess of other assets**	-32.2%
	100.0%

Top Holdings***
Globecomm Systems, Inc.	2.1%
ThermoGenesis Corp.	2.0%
Amerigon, Inc.	1.9%
21st Century Holding Co.	1.9%
MC Shipping, Inc. — LR	1.9%
Sun Hydraulics Corp.	1.9%
Radiant Systems, Inc.	1.9%
Hurco Co., Inc.	1.8%
CryoLife, Inc.	1.8%
Double-Take Software, Inc.	1.8%
Other	81.0%
	100.0%

Top Industries
Health Care Equipment & Supplies	11.8%
Internet Software & Services	7.4%
Health Care Providers & Services	7.3%
Commercial Services & Supplies	5.7%
Computers & Peripherals	5.7%
Energy Equipment & Services	4.0%
Communications Equipment	3.8%
Software	3.7%
Electronic Equipment & Instruments	3.4%
Semiconductors & Semiconductor Equipment	3.1%
Other	44.1%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 149

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Micro Cap Equity Fund

Common Stocks (100.0%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (1.7%)
LMI Aerospace, Inc.*		82,300	$	1,601,558
Air Freight & Logistics (1.4%) (a)
Dynamex, Inc.*		50,000		1,312,500
Auto Components (2.9%) (a)
Amerigon, Inc.*		140,000		1,800,400
Fuel Systems Solutions, Inc.*		55,000		929,500
				2,729,900
Biotechnology (2.7%)
Bio-Reference Laboratories, Inc.*		60,000		1,618,200
Strategic Diagnostics, Inc.*		184,406		894,369
				2,512,569
Capital Markets (1.4%)
FirstCity Financial Corp.*		132,600		1,259,700
Commercial Banks (1.6%) (a)
Vineyard National Bancorp Co.		65,400		1,496,352
Commercial Services & Supplies (5.7%)
Cash Systems, Inc.* (a)		173,000		1,084,710
Gaming Partners International Corp. (a)		51,303		932,175
GP Strategies Corp.*		104,900		1,004,942
Media Sciences International, Inc.* (a)		190,000		1,174,200
Multi-Color Corp.		30,000		1,134,600
				5,330,627
Communications Equipment (3.8%) (a)
Globecomm Systems, Inc.*		144,200		1,930,838
Sirenza Microdevices, Inc.*		181,100		1,649,821
				3,580,659
Computers & Peripherals (5.7%)
Cray, Inc.* (a)		130,000		1,618,500
Hurco Co., Inc.*		38,800		1,711,468
LivePerson, Inc.* (a)		140,000		980,000
Netlist, Inc*		247,700		978,415
				5,288,383
Consumer Goods (1.2%)
Mothers Work, Inc.*		32,313		1,130,955
Diversified Financial Services (3.0%)
Marlin Business Services, Inc.*		60,000		1,404,600
Medallion Financial Corp.		120,000		1,429,200
				2,833,800
Electrical Equipment (2.9%)
BTU International, Inc.* (a)		136,500		1,673,490
Labarge, Inc.*		78,000		1,056,120
				2,729,610
Electronic Equipment & Instruments (3.4%)
Cyberoptics Corp.*		105,000		1,379,700
Napco Security Systems, Inc.* (a)		125,000		746,250
Spectrum Control, Inc.*		79,000		1,075,980
				3,201,930
Energy Equipment & Services (4.0%)
ENGlobal Corp.* (a)		220,000		1,416,800
Stanley, Inc.*		67,500		1,019,925
TGC Industries, Inc.* (a)		126,945		1,275,797
				3,712,522
Food Products (1.1%)
Overhill Farms, Inc.*		166,800		1,039,164
Health Care Equipment & Supplies (11.8%)
Angiodynamics, Inc.* (a)		100,200		1,667,328
Lemaitre Vascular, Inc.*		215,000		1,234,100
MEDTOX Scientific, Inc.*		32,426		780,170
MTS Medication Technologies*		69,100		792,577
Neogen Corp.*		65,000		1,628,250
Rockwell Medical Technologies, Inc.* (a)		230,000		1,497,300
ThermoGenesis Corp.*		535,000		1,819,000
Trinity Biotech PLC Sponsor ADR-IE* (a)		145,000		1,561,650
				10,980,375
Health Care Providers & Services (7.3%)
Allied Healthcare International, Inc.*		496,500		1,633,485
BSD Medical Corp.* (a)		115,900		832,162
CryoLife, Inc.*		171,800		1,692,230
Health Grades, Inc.*		276,200		1,657,200
I-trax, Inc.* (a)		226,400		1,007,480
				6,822,557
Health Care Technology (1.6%) (a)
Merge Technologies, Inc.*		300,100		1,503,501
Household Durables (1.6%) (a)
Lenox Group, Inc.*		190,000		1,501,000
Insurance (3.0%)
21st Century Holding Co. (a)		92,300		1,799,850
First Mercury Financial Corp.*		50,000		1,035,000
				2,834,850

150 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Internet & Catalog Retail (1.8%) (a)
Collegiate Pacific, Inc.		49,600	$	421,600
eDiets.com, Inc.*		350,000		1,298,500
				1,720,100
Internet Software & Services (7.4%)
Imergent, Inc.		60,000		1,541,400
TeleCommunication Systems, Inc.* (a)		283,490		1,142,465
TheStreet.com, Inc. (a)		155,500		1,570,550
Think Partnership, Inc.*		540,000		1,247,400
Website Pros, Inc.*		160,000		1,454,400
				6,956,215
Leisure Equipment & Products (1.1%) (a)
Cybex International, Inc.*		154,500		1,021,245
Life Sciences Tools & Services (1.6%)
Kendle International, Inc.*		44,000		1,499,520
Machinery (1.9%) (a)
Sun Hydraulics Corp.		56,000		1,752,800
Oil, Gas & Consumable Fuels (1.9%) (a)
MC Shipping, Inc. — LR		160,818		1,786,688
Personal Products (2.0%)
CCA Industries, Inc.		120,000		1,184,400
Physicians Formula Holdings, Inc.*		32,300		678,946
				1,863,346
Pharmaceuticals (1.3%) (a)
Obagi Medical Products, Inc.*		93,000		1,166,220
Road & Rail (1.8%) (a)
Celadon Group, Inc.*		100,000		1,646,000
Semiconductors & Semiconductor Equipment (3.1%)
FSI International, Inc.* (a)		240,000		1,020,000
Pericom Semiconductor Corp.*		103,050		1,031,530
Ultra Clean Holdings, Inc.* (a)		59,500		871,080
				2,922,610
Service Companies (1.7%) (a)
24/7 Real Media, Inc.*		162,446		1,616,338
Software (3.7%)
Double-Take Software, Inc.*		100,000		1,677,000
Radiant Systems, Inc.* (a)		129,100		1,737,686
				3,414,686
Specialty Retail (1.5%)
United Retail Group, Inc.*		100,000		1,383,000
Textiles, Apparel & Luxury Goods (1.4%)
Hartmarx Corp.*		204,300		1,344,294
Total Common Stocks (Cost $89,077,423)				93,495,574
Repurchase Agreements (0.6%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $560,227, collateralized by U.S. Government Agency Mortgages with a market value of $571,351	$	560,148		560,148
Securities Held as Collateral for Securities on Loan (31.6%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $29,610,526, collateralized by U.S. Government Agency Mortgages with a market value of $30,198,274		29,606,151		29,606,151
Total Investments (Cost $119,243,722) (b) — 132.2%				123,661,873
Liabilities in excess of other assets — (32.2)%				(30,142,476	)
NET ASSETS — 100.0%			$	93,519,397

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
IE	Ireland
LR	Liberia

See accompanying notes to financial statements.

2007 Semiannual Report 151

Nationwide U.S. Growth Leaders

Long-Short Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide U.S. Growth Leaders Long-Short Fund (Class A at NAV) returned 7.17% versus 2.50% for its benchmark, the Citigroup 3-Month T-Bill Index. For broader comparison, the average return for the Fund’s Lipper peer category of Long/ Short Equity Funds (consisting of 84 funds as of April 30, 2007) was 7.47%.

Can you describe the market environment during the reporting period?

Except for a brief but relatively steep sell-off in the first quarter of 2007, U.S. stock markets advanced strongly during the six-month review period. Slowing economic growth was apparent in the nation’s GDP (gross domestic product) figure, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half of that for the first quarter of 2007. Investors, however, continued to be buoyed by hopes that the economy would achieve a “soft landing”— that is, a mild slowdown with no recession. First-quarter earnings reported in April also reflected a slowing trend, but the stock market benefited from the fact that many companies had issued conservative estimates, resulting in many earnings reports that were better than expected.

What areas of investment provided the most positive returns for the Fund?

The Fund maintained an average net long exposure of 27% during the period, which helped in a rising market. Our results were particularly aided by favorable stock selection in the information technology sector, where coaxial cable provider CommScope Inc. boosted Fund performance, as CommScope benefited from increased spending by cable companies to add broadband Internet and phone service to their television offerings. Timely short positions in Advanced Micro Devices Inc. and Lexmark International Inc. also provided a boost, as both these companies registered double-digit declines during the period. Another sector aiding performance was industrials, where First Solar Inc. benefited from strong demand for alternative energy sources along with legislation favorable to the solar industry. Meanwhile, Precision Castparts Corp., which makes metal components for aerospace applications, saw continued strong earnings growth fueled by robust demand for commercial aircraft.

What areas detracted from Fund performance?

Three holdings in the materials sector were notable detractors from Fund performance with all of these being short positions. The most significant of these was paper producer Bowater, which spiked higher in January after the company announced plans to merge with Canadian rival Abitibi-Consolidated. Fund short holding chemical producer Lyondell Chemical also advanced after reporting favorable earnings news. In the consumer discretionary sector, a short sale of electronics retailer Radio Shack Corp. was unrewarding, as the stock advanced on optimism that the company’s recently appointed CEO might turn the company around.

What is your outlook for the near term?

We think the stock market could encounter some rough patches over the near term due to profit-taking and seasonal sluggishness over the summer. We remain optimistic that share prices can make further upward progress over the longer term. As things stand presently, we believe the economy should be able to avoid a recession, and that the Federal Reserve Board will likely cut interest rates if the current slowing trend begins to point in that direction.

Portfolio Managers:

Christopher Baggini, CFA and
Douglas Burtnick, CFA

152 Semiannual Report 2007

Nationwide U.S. Growth Leaders Long-Short Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A2	w/o SC3		7.17%		6.94%		6.43%		11.65%		2.42%
	w/SC4		0.99%		0.82%		5.17%		10.94%
Class B2	w/o SC3		6.73%		6.14%		5.63%		11.22%		3.16%
	w/SC5		1.73%		1.14%		5.33%		11.22%
Class C6	w/o SC3		6.73%		6.13%		5.65%		9.94%		3.16%
	w/SC7		5.73%		5.13%		5.65%		9.94%
Class R 8,10			6.86%		6.39%		6.23%		11.53%		2.86%
Institutional Class 9,10			7.38%		7.30%		6.59%		11.74%		2.16%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	The Fund’s predecessor Fund, the Montgomery Partners Long-Short Equity Plus Fund, commenced operations for its Class C shares and Class R shares on December 31, 1997, and commenced operations for its Class A shares and Class B shares on October 31, 2001. As of June 23, 2003, the Gartmore Long-Short Equity Plus Fund (which previously had not commenced operations) acquired all the assets, subject to stated liabilities, of the Montgomery Partners Long-Short Equity Plus Fund. At that time the Gartmore Long-Short Equity Plus Fund took on the performance of the Montgomery Partners Long-Short Equity Plus Fund.
2	These returns through October 31, 2001 include the performance of the Class R shares of the Fund’s predecessor fund, and, for periods from November 1, 2001 to June 22, 2003, the returns for the Class A and Class B shares include the performance of the Class A and Class B shares, respectively, of the Fund’s predecessor fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Class B shares would have produced because all classes of the Fund’s shares invest in the same portfolio of securities and Class A shares had the same expenses after waivers and reimbursements. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to Class B shares; if these fees were reflected, the performance for Class B shares would have been lower.
3	These returns do not reflect the effects of sales charges (SC).
4	A 5.75% front-end sales charge was deducted.
5	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
6	These returns through June 22, 2003 include the performance of the Class C shares of the Fund’s predecessor fund.
7	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
8	These returns for the period through October 31, 2001 include the performance of the Class R shares of the Fund’s predecessor fund, for the period from November 1, 2001 through June 22, 2003 include the performance of the Class B shares of the Fund’s predecessor fund and for the period from June 23, 2003 to December 31, 2003 (prior to the creation of the Fund’s Class R shares in February 27, 2004) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, Class B shares’ average annual total returns are similar to what Class R shares would have produced because the Class R shares will invest in the same portfolio of securities as Class B shares.
9	These returns for the period through October 31, 2001 include the performance of the Institutional Class shares of the Fund’s predecessor fund, for the period from November 1, 2001 through June 22, 2003 include the performance of the Class B shares of the Fund’s predecessor fund and for the period from June 23, 2003 to December 31, 2003 (prior to the creation of the Fund’s Institutional Class shares on June 29, 2004) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, Class B shares’ average annual total returns are similar to what Institutional Class shares would have produced because the Institutional Class shares will invest in the same portfolio of securities as Class B shares.

¹⁰ Not subject to any sales charges.

2007 Semiannual Report 153

Nationwide U.S. Growth Leaders Long-Short Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide U.S. Growth Leaders Long-Short Fund, the Citigroup U.S. Domestic 3-Month T Bill Index(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Citigroup U.S. Domestic 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

154 Semiannual Report 2007

Nationwide U.S. Growth Leaders Long-Short Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
Nationwide U.S. Growth Leaders			Account Value,		Account Value,		Expenses Paid		Annualized
Long-Short Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,071.70	$	13.20		2.57%
	Hypothetical	1	$	1,000.00	$	1,012.26	$	12.90		2.57%
Class B	Actual		$	1,000.00	$	1,067.30	$	16.86		3.29%
	Hypothetical	1	$	1,000.00	$	1,008.69	$	16.52		3.29%
Class C	Actual		$	1,000.00	$	1,067.30	$	16.97		3.31%
	Hypothetical	1	$	1,000.00	$	1,008.59	$	16.62		3.31%
Class R	Actual		$	1,000.00	$	1,068.60	$	15.59		3.04%
	Hypothetical	1	$	1,000.00	$	1,009.92	$	15.26		3.04%
Institutional Class	Actual		$	1,000.00	$	1,073.80	$	11.62		2.26%
	Hypothetical	1	$	1,000.00	$	1,013.79	$	11.35		2.26%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 155

Nationwide U.S. Growth Leaders Long-Short Fund
Long Positions

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	73.6%
Repurchase Agreements	23.1%
Exchange Traded Funds	2.6%
Other Assets in excess of liabilities	0.7%
	100.0%

Top Holdings*
Comcast Corp., Class A	2.6%
UltraShort Russell 2000 ProShares,	2.6%
Boeing Co. (The)	2.4%
Cisco Systems, Inc.	2.3%
Procter & Gamble Co. (The)	2.1%
Coca-Cola Co.	2.0%
First Data Corp.	2.0%
XTO Energy, Inc.	2.0%
Goldman Sachs Group, Inc.	1.8%
Franklin Resources, Inc.	1.8%
Other	78.4%
	100.0%

Top Industries
Diversified Financial Services	6.6%
Oil, Gas & Consumable Fuels	6.1%
Semiconductors & Semiconductor Equipment	6.1%
Communications Equipment	5.8%
Aerospace & Defense	4.8%
Biotechnology	4.0%
Media	3.5%
Software	3.5%
Electrical Equipment	3.2%
Equity Fund	2.6%
Other	53.8%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

156 Semiannual Report 2007

Nationwide U.S. Growth Leaders Long-Short Fund
Short Positions

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	27.6%
Exchange Traded Fund	7.8%
Other	64.6%
	100.0%

Top Holdings
Novellus Systems, Inc.	2.6%
Citigroup, Inc.	2.5%
UST, Inc.	2.0%
Weatherford International Ltd.	1.6%
SunTrust Banks, Inc.	1.5%
Foundation Coal Holdings, Inc.	1.3%
SAFECO Corp.	1.3%
BP PLC ADR — GB	1.2%
Tidewater, Inc.	1.2%
Check Point Software Technologies Ltd.	1.0%
Other	83.8%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	4.1%
Semiconductors & Semiconductor Equipment	2.6%
Diversified Financial Services	2.5%
Tobacco	2.0%
Internet Software & Services	1.8%
Bank	1.5%
IT Services	1.6%
Metals & Mining	1.3%
Insurance	1.3%
Entertainment	1.0%
Other	80.3%
	100.0%

2007 Semiannual Report 157

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide U.S. Growth Leaders Long-Short Fund

Common Stocks - Long Positions (73.6%) (b)
	Shares or
	Principal Amount		Value
Aerospace & Defense (4.8%)
Boeing Co. (The)		20,010	$	1,860,930
Precision Castparts Corp.		8,520		887,017
Rockwell Collins, Inc.		14,970		983,080
				3,731,027
Air Freight & Logistics (1.0%)
FedEx Corp.		7,400		780,256
Beverages (2.0%)
Coca-Cola Co.		30,610		1,597,536
Biotechnology (4.0%)
Applera Corp.		22,720		709,773
Genzyme Corp.*		12,080		788,945
Gilead Sciences, Inc.*		14,240		1,163,693
Pharmion Corp.*		15,570		471,615
				3,134,026
Chemicals (1.5%)
Monsanto Co.		20,020		1,180,980
Commercial Services & Supplies (0.6%)
Monster Worldwide, Inc.*		12,060		507,123
Communications Equipment (5.8%)
Cisco Systems, Inc.*		66,760		1,785,162
CommScope, Inc.*		15,740		734,271
Corning, Inc.*		37,480		889,026
QUALCOMM, Inc.		25,350		1,110,330
				4,518,789
Computers & Peripherals (1.5%)
Hewlett-Packard Co.		18,920		797,289
Network Appliance, Inc.*		11,200		416,752
				1,214,041
Diversified Financial Services (6.6%)
Franklin Resources, Inc.		10,550		1,385,321
Goldman Sachs Group, Inc.		6,430		1,405,662
International Securities Exchange Holdings, Inc.		17,000		1,133,730
State Street Corp.		17,770		1,223,820
				5,148,533
Electrical Equipment (3.2%)
Ametek, Inc.		22,815		827,728
Cooper Industries Ltd., Class A ADR — BM		13,500		671,760
Emerson Electric Co.		21,760		1,022,502
				2,521,990
Food & Staples Retailing (0.8%)
CVS/ Caremark Corp.		18,200		659,568
Food Products (0.4%)
Kraft Foods, Inc.		10,525		352,272
Health Care Equipment & Supplies (2.2%)
Baxter International, Inc.		20,420		1,156,384
Hologic, Inc.*		9,380		539,819
				1,696,203
Health Care Providers & Services (1.4%)
HealthExtras, Inc.*		17,780		550,291
McKesson Corp.		10,020		589,477
				1,139,768
Hotels, Restaurants & Leisure (1.0%)
Starwood Hotels & Resorts Worldwide, Inc.		11,440		766,709
Household Products (2.1%)
Procter & Gamble Co. (The)		25,350		1,630,258
Insurance (1.3%)
American International Group, Inc.		14,790		1,033,969
Internet Software & Services (1.3%)
Google, Inc., Class A*		2,090		985,184
IT Services (2.0%)
First Data Corp.		48,550		1,573,020
Life Sciences Tools & Services (1.0%)
Thermo Fisher Scientific, Inc.*		14,700		765,282
Machinery (1.5%)
Caterpillar, Inc.		16,430		1,193,147
Media (3.5%)
Comcast Corp., Class A*		76,075		2,028,159
McGraw-Hill Cos., Inc. (The)		10,630		696,584
				2,724,743

158 Semiannual Report 2007

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
Metals & Mining (0.8%)
Allegheny Technologies, Inc.		5,870	$	643,235
Oil, Gas & Consumable Fuels (6.1%)
Canadian Natural Resources Ltd. Sponsored ADR — CA		14,800		882,228
Quicksilver Resources, Inc.*		23,820		997,105
Range Resources Corp.		18,460		674,713
Valero Energy Corp.		9,340		655,948
XTO Energy, Inc.		28,640		1,554,293
				4,764,287
Pharmaceuticals (2.0%)
Shire PLC ADR — GB		7,740		540,949
Wyeth		18,740		1,040,070
				1,581,019
Semiconductors & Semiconductor Equipment (6.1%)
Applied Micro Circuits Corp.*		144,100		404,921
Broadcom Corp.*		18,610		605,756
Intersil Corp.		22,970		684,276
MEMC Electronic Materials, Inc.*		10,120		555,386
Microchip Technology, Inc.		25,410		1,025,039
NVIDIA Corp.*		29,770		979,135
Verigy Ltd.*		20,000		505,400
				4,759,913
Service Company (0.8%)
24/7 Real Media, Inc.*		61,560		612,522
Software (3.5%)
Adobe Systems, Inc.*		24,180		1,004,921
Autodesk, Inc.*		22,610		933,115
Microsoft Corp.		26,060		780,236
				2,718,272
Specialty Retail (2.3%)
Best Buy Co., Inc.		22,040		1,028,166
CSK Auto Corp.*		47,050		788,558
				1,816,724
Textiles, Apparel & Luxury Goods (0.8%)
Crocs, Inc.*		10,780		602,386
Transportation (0.9%)
Genesis Lease Ltd. ADR — IE*		24,890		672,030
Wireless Telecommunication Services (0.8%)
Novatel Wireless, Inc.*		34,550		628,464
Total Common Stocks — Long positions (Cost $53,766,089)				57,653,276
Exchange Traded Fund - Long Positions (2.6%)
Equity Fund (2.6%)
UltraShort Russell 2000 ProShares	$	30,400		2,006,400
Repurchase Agreements (23.1%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $18,095,294, collateralized by U.S. Government Agency Mortgages with a market value of $18,455,228		18,093,361		18,093,361
Total Investments (Cost $73,965,713) (a) — 99.3%				77,753,037
Other assets in excess of liabilities — 0.7%				556,873
NET ASSETS — 100.0%			$	78,309,910

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(b)	All long positions held as collateral for securities sold short.

ADR	American Depository Receipt
BM	Bermuda
CH	Switzerland
DE	Germany
GB	United Kingdom
IE	Ireland

See accompanying notes to financial statements.

2007 Semiannual Report 159

Statement of Securities Sold Short

April 30, 2007 (Unaudited)

Nationwide U.S. Growth Leaders Long-Short Fund

Common Stocks - Short Positions (27.6%)
	Shares or
	Principal Amount		Value
Airline (0.5%)
ExpressJet Holdings, Inc.*		60,250	$	359,692
Bank (1.5%)
SunTrust Banks, Inc.		14,080		1,188,634
Capital Markets (0.6%)
Janus Capital Group, Inc.		17,930		448,609
Commercial Bank (0.5%)
Commerce Bancorp, Inc.		12,380		413,987
Commercial Services & Supplies (0.6%)
ChoicePoint, Inc.*		13,400		508,798
Communications Equipment (0.6%)
Tekelec*		34,900		500,466
Computers & Peripherals (0.8%)
Western Digital Corp.*		35,400		625,872
Containers & Packaging (0.8%)
Pactiv Corp.*		18,360		634,889
Diversified Financial Services (2.5%)
Citigroup, Inc.		36,760		1,971,071
Electronic Equipment & Instruments (0.9%)
International Rectifier Corp.*		19,660		693,605
Entertainment (1.0%)
Penn National Gaming, Inc.*		16,040		775,374
Food Products (0.5%)
Kraft Foods, Inc.		10,526		352,305
Insurance (1.3%)
SAFECO Corp.		15,410		1,028,463
Internet Software & Services (1.8%)
Check Point Software Technologies Ltd.*		34,680		816,714
MicroStrategy, Inc.*		5,100		580,176
				1,396,890
IT Services (1.6%)
Polycom, Inc.*		15,150		504,495
Unisys Corp.*		95,510		748,798
				1,253,293
Metals & Mining (1.3%)
Foundation Coal Holdings, Inc.		26,600		1,047,774
Oil, Gas & Consumable Fuels (4.1%)
BP PLC ADR — GB		14,340		965,369
Tidewater, Inc.		14,880		940,564
Weatherford International Ltd.*		24,110		1,265,534
				3,171,467
Pharmaceutical (0.9%)
Novartis AG ADR — CH		11,940		693,595
Semiconductors & Semiconductor Equipment (2.6%)
Novellus Systems, Inc.*		62,310		2,016,975
Software (1.0%)
SAP AG ADR — DE		16,020		768,960
Specialty Retail (0.2%)
Tuesday Morning Corp.		13,950		194,742
Tobacco (2.0%)
UST, Inc.		27,100		1,536,028
Total Common Stocks — Short Positions (Cost $20,815,696)				21,581,489
Exchange Traded Fund - Short Positions (7.8%)
Equity Funds (7.8%)
iShares Russell 1000 Index		39,240		3,167,453
iShares Russell 2000 Growth Index		35,570		2,939,505
Total Exchange Traded Fund — Short Positions (Cost $5,456,552)				6,106,958
Total Securities Sold Short (Proceeds $26,272,248) — 35.4%			$	27,688,447

* Denotes a non-income producing security.

ADR	American Depository Receipt
BM	Bermuda
CH	Switzerland
DE	Germany
GB	United Kingdom
IE	Ireland

See accompanying notes to financial statements.

160 Semiannual Report 2007

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			Nationwide			Nationwide U.S.
			Micro Cap			Growth Leaders
			Equity Fund			Long-Short Fund
Assets:
Investments, at value (Cost $89,077,423 and $55,872,352)*			$	93,495,574		$	59,659,676
Repurchase agreements, at cost and value				30,166,299			18,093,361
Total Investments				123,661,873			77,753,037
Cash				10,643			–
Deposits with broker for securities sold short				–			27,031,923
Interest and dividends receivable				64,480			223,737
Receivable for capital shares issued				31,084			27,480
Receivable for investments sold				2,014,260			7,539,798
Prepaid expenses and other assets				3,844			5,065
		Total Assets		125,786,184			112,581,040
Liabilities:
Payable for investments purchased				2,124,032			6,192,093
Payable for capital shares redeemed				331,576			261,014
Payable for return of collateral received for securities on loan				29,606,151			–
Securities sold short, at value (Proceeds $0 and $26,272,248 )				–			27,688,447
Accrued expenses and other payables:
	Investment advisory fees			98,014			81,351
	Fund administration and transfer agent fees			44,171			10,934
	Distribution fees			38,383			29,981
	Administrative servicing fees			8,624			6
	Compliance program fees			1,582			1,171
	Custodian fees			6,783			1,162
	Other			7,471			4,971
		Total Liabilities		32,266,787			34,271,130
Net Assets			$	93,519,397		$	78,309,910
Represented by:
Capital			$	82,290,358		$	87,937,975
Accumulated net investment income (loss)				(747,336	)		93,282
Accumulated net realized gains (losses) on investment transactions				7,558,224			(12,092,472	)
Net unrealized appreciation on investments				4,418,151			2,371,125
Net Assets			$	93,519,397		$	78,309,910
Net Assets:
Class A Shares			$	44,003,958		$	34,247,663
Class B Shares				6,144,554			1,305,733
Class C Shares				28,431,910			25,398,200
Class R Shares				1,507			1,216
Institutional Service Class Shares				342,569			–
Institutional Class Shares				14,594,899			17,357,098
Total			$	93,519,397		$	78,309,910

See accompanying notes to financial statements.

2007 Semiannual Report 161

Statements of Assets and Liabilities (Continued)

	Nationwide			Nationwide U.S.
	Micro Cap			Growth Leaders
	Equity Fund			Long-Short Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,369,328			3,133,363
Class B Shares		347,719			123,029
Class C Shares		1,606,910			3,165,424
Class R Shares		84			114
Institutional Service Class Shares		18,134			–
Institutional Class Shares		772,521			1,581,452
Total		5,114,696			8,003,382
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	18.57		$	10.93
Class B Shares (a)	$	17.67		$	10.61
Class C Shares (b)	$	17.69		$	8.02
Class R Shares	$	18.01(c	)	$	10.74	(c)
Institutional Service Class Shares	$	18.89		$	–
Institutional Class Shares	$	18.89		$	10.98
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	19.70		$	11.60
Maximum Sales Charge:
Class A		5.75	%		5.75	%

(a)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(b)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
(c)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
*	Includes value of securities on loan of $28,646,630 and $0.

See accompanying notes to financial statements.

162 Semiannual Report 2007

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

					Nationwide U.S.
		Nationwide Micro			Growth Leaders
		Cap Equity Fund			Long-Short Fund
INVESTMENT INCOME:
Interest income		$	87,962		$	1,481,703
Dividend income			170,932			356,320
Income from securities lending			61,761			–
	Total Income		320,655			1,838,023
Expenses:
Investment advisory fees			650,596			666,238
Fund administration and transfer agent fees			102,433			76,808
Distribution fees Class A			63,451			50,710
Distribution fees Class B			32,716			5,594
Distribution fees Class C			161,674			163,759
Distribution fees Class R			24			3
Administrative servicing fees Class A			2,477			1,981
Administrative servicing fees Class R			15			2
Dividend expense for securities sold short			–			284,960
Trustee fees			1,530			1,394
Compliance program fees (Note 3)			1,148			755
Custodian fees			4,235			2,377
Other			50,323			24,746
	Total expenses before waived expenses		1,070,622			1,279,327
Earnings credit (Note 5)			(1,690	)		(500	)
Expenses voluntarily reduced by Investment Adviser			–			(33,339	)
Expenses voluntarily waived by administrator			(941	)		(802	)
	Net expenses		1,067,991			1,244,686
Net Investment Income (Loss)			(747,336	)		593,337
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			7,800,603			5,375,904
Change in unrealized appreciation/(depreciation) on investments			(4,481,961	)		109,846
Net realized/unrealized gains (losses) from investments			3,318,642			5,485,750
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	2,571,306		$	6,079,087

See accompanying notes to financial statements.

2007 Semiannual Report 163

Statements of Changes in Net Assets

		Nationwide Micro Cap						Nationwide U.S. Growth
		Equity Fund						Leaders Long-Short Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	(747,336	)	$	(1,490,356	)	$	593,337		$	766,741
Net realized gains on investment transactions			7,800,603			29,605,354			5,375,904			1,579,895
Net change in unrealized appreciation/(depreciation) investments			(4,481,961	)		(7,059,278	)		109,846			1,122,335
Change in net assets from operations			2,571,306			21,055,720			6,079,087			3,468,971
Distributions to Shareholders:
From net investment income:
	Class A		–			–			(406,861	)		(222,323	)
	Class B		–			–			(7,758	)		(1,537	)
	Class C		–			–			(340,780	)		(123,499	)
	Class R		–			–			(7	)		(5	)
	Institutional Class		–			–			(162,913	)		(58,083	)
Net realized gains:
	Class A		(14,026,497	)		(4,008,351	)		–			–
	Class B		(1,787,139	)		(498,374	)		–			–
	Class C		(9,072,303	)		(2,424,646	)		–			–
	Class R		(23,265	)		(82	)		–			–
	Institutional Service Class		(79,197	)		(14,884	)		–			–
	Institutional Class		(3,245,845	)		(556,450	)		–			–
Change in net assets from shareholder distributions			(28,234,246	)		(7,502,787	)		(918,319	)		(405,447	)
Change in net assets from capital transactions			2,958,798			(19,671,238	)		(24,726,324	)		36,920,085
Change in net assets			(22,704,142	)		(6,118,305	)		(19,565,556	)		39,983,609
Net Assets:
Beginning of period			116,223,539			122,341,844			97,875,466			57,891,857
End of period		$	93,519,397		$	116,223,539		$	78,309,910		$	97,875,466
Accumulated net investment income (loss) at end of period		$	(747,336	)	$	–		$	93,282		$	418,264

See accompanying notes to financial statements.

164 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Micro Cap						Nationwide U.S. Growth
		Equity Fund						Leaders Long-Short Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	7,827,034		$	5,157,025		$	3,361,741		$	31,334,366
	Dividends reinvested		5,357,309			1,556,599			158,692			82,305
	Cost of shares redeemed (a)		(13,679,337	)		(25,285,415	)		(20,410,829	)		(18,390,405	)
Total Class A			(494,994	)		(18,571,791	)		(16,890,396	)		13,026,266
Class B Shares
	Proceeds from shares issued		959,161			486,817			278,017			295,469
	Dividends reinvested		695,133			192,762			1,788			299
	Cost of shares redeemed (a)		(984,041	)		(2,048,919	)		(75,378	)		(117,793	)
Total Class B			670,253			(1,369,340	)		204,427			177,975
Class C Shares
	Proceeds from shares issued		5,649,577			3,759,738			3,313,667			20,715,497
	Dividends reinvested		2,915,455			706,010			69,660			20,335
	Cost of shares redeemed (a)		(7,858,541	)		(10,472,077	)		(16,377,229	)		(4,455,751	)
Total Class C			706,491			(6,006,329	)		(12,993,902	)		16,280,081
Class R Shares
	Proceeds from shares issued		112,460			–			–			1
	Dividends reinvested		374			82			7			5
	Cost of shares redeemed (a)		(91,154	)		(102	)		–			–
Total Class R			21,680			(20	)		7			6
Institutional Service Class Shares
	Proceeds from shares issued		12,977			68,365			–			–
	Dividends reinvested		79,197			14,884			–			–
	Cost of shares redeemed (a)		(7	)		(17,708	)		–			–
Total Institutional Service Class			92,167			65,541			–			–
Institutional Class Shares
	Proceeds from shares issued		4,034,018			10,517,143			5,757,466			8,684,508
	Dividends reinvested		3,245,844			556,450			162,913			58,083
	Cost of shares redeemed (a)		(5,316,661	)		(4,862,892	)		(966,839	)		(1,306,834	)
Total Institutional Class			1,963,201			6,210,701			4,953,540			7,435,757
Change in net assets from capital transactions:		$	2,958,798		$	(19,671,238	)	$	(24,726,324	)	$	36,920,085

See accompanying notes to financial statements.

2007 Semiannual Report 165

Statements of Changes in Net Assets (Continued)

		Nationwide Micro Cap						Nationwide U.S. Growth
		Equity Fund						Leaders Long-Short Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		408,080			227,505			316,456			3,073,002
	Reinvested		294,196			73,286			15,003			8,011
	Redeemed		(717,443	)		(1,100,284	)		(1,928,511	)		(1,793,212	)
Total Class A Shares			(15,167	)		(799,493	)		(1,597,052	)		1,287,801
Class B Shares
	Issued		55,200			22,697			26,902			30,073
	Reinvested		40,019			9,339			173			30
	Redeemed		(54,184	)		(90,664	)		(7,310	)		(11,736	)
Total Class B Shares			41,035			(58,628	)		19,765			18,367
Class C Shares
	Issued		322,604			171,695			425,250			2,750,438
	Reinvested		167,651			34,173			8,958			2,678
	Redeemed		(436,498	)		(465,444	)		(2,089,163	)		(591,306	)
Total Class C Shares			53,757			(259,576	)		(1,654,955	)		2,161,810
Class R Shares
	Issued		5,131			–			–			–
	Reinvested		21			4			1			1
	Redeemed		(5,131	)		–			–			–
Total Class R Shares			21			4			1			1
Institutional Service Class Shares
	Issued		675			2,867			–			–
	Reinvested		4,279			695			–			–
	Redeemed		–			(769	)		–			–
Total Institutional Service Class Shares			4,954			2,793			–			–
Institutional Class Shares
	Issued		202,046			441,685			541,138			845,703
	Reinvested		175,356			25,966			15,319			5,626
	Redeemed		(240,877	)		(206,432	)		(90,661	)		(129,077	)
Total Institutional Class Shares			136,525			261,219			465,796			722,252
Change in shares:			221,125			(853,681	)		(2,766,445	)		4,190,231

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

166 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Micro Cap Equity Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class A Shares
Period Ended October 31, 2002 (f) (g)	$	10.00		(0.04	)		(1.32	)		(1.36	)
Year Ended October 31, 2003	$	8.64		(0.02	)		7.29			7.27
Year Ended October 31, 2004	$	15.91		(0.18	)		3.81			3.63
Year Ended October 31, 2005	$	19.56		(0.34	)		2.63			2.29
Year Ended October 31, 2006	$	21.47		(0.27	)		4.22			3.95
Six Months Ended April 30, 2007 (Unaudited)	$	24.01		(0.13	)		0.67			0.54
Class B Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.06	)		(1.33	)		(1.39	)
Year Ended October 31, 2003	$	8.61		(0.06	)		7.19			7.13
Year Ended October 31, 2004	$	15.74		(0.26	)		3.72			3.46
Year Ended October 31, 2005	$	19.22		(0.46	)		2.55			2.09
Year Ended October 31, 2006	$	20.93		(0.43	)		4.12			3.69
Six Months Ended April 30, 2007 (Unaudited)	$	23.21		(0.18	)		0.62			0.44
Class C Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.06	)		(1.33	)		(1.39	)
Year Ended October 31, 2003	$	8.61		(0.05	)		7.20			7.15
Year Ended October 31, 2004	$	15.76		(0.24	)		3.70			3.46
Year Ended October 31, 2005	$	19.24		(0.47	)		2.56			2.09
Year Ended October 31, 2006	$	20.95		(0.41	)		4.10			3.69
Six Months Ended April 30, 2007 (Unaudited)	$	23.23		(0.19	)		0.63			0.44
Class R Shares
Period Ended October 31, 2004 (h)	$	17.38		(0.27	)		2.14			1.87
Year Ended October 31, 2005	$	19.27		(0.29	)		2.53			2.24
Year Ended October 31, 2006	$	21.13		(0.32	)		4.13			3.81
Six Months Ended April 30, 2007 (Unaudited)	$	23.53		(1.08	)		1.54			0.46

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net								Net Asset
	Realized			Total			Redemption		Value, End		Total
	Gains			Distributions			Fees		of Period		Return (a) (b)
Class A Shares
Period Ended October 31, 2002 (f) (g)		–			–		$	–	$	8.64		(13.60%	)
Year Ended October 31, 2003		–			–		$	–	$	15.91		84.14%
Year Ended October 31, 2004		–	(i)		–	(i)	$	0.02	$	19.56		22.96%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.02	$	21.47		11.69%
Year Ended October 31, 2006		(1.41	)		(1.41	)	$	–	$	24.01		19.19%
Six Months Ended April 30, 2007 (Unaudited)		(5.98	)		(5.98	)	$	–	$	18.57		2.79%
Class B Shares
Period Ended October 31, 2002 (f)		–			–		$	–	$	8.61		(13.90%	)
Year Ended October 31, 2003		–			–		$	–	$	15.74		82.81%
Year Ended October 31, 2004		–	(i)		–	(i)	$	0.02	$	19.22		22.13%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.02	$	20.93		10.84%
Year Ended October 31, 2006		(1.41	)		(1.41	)	$	–	$	23.21		18.41%
Six Months Ended April 30, 2007 (Unaudited)		(5.98	)		(5.98	)	$	–	$	17.67		2.40%
Class C Shares
Period Ended October 31, 2002 (f)		–			–		$	–	$	8.61		(13.90%	)
Year Ended October 31, 2003		–			–		$	–	$	15.76		83.04%
Year Ended October 31, 2004		–	(i)		–	(i)	$	0.02	$	19.24		22.10%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.02	$	20.95		10.83%
Year Ended October 31, 2006		(1.41	)		(1.41	)	$	–	$	23.23		18.39%
Six Months Ended April 30, 2007 (Unaudited)		(5.98	)		(5.98	)	$	–	$	17.69		2.39%
Class R Shares
Period Ended October 31, 2004 (h)		–	(i)		–	(i)	$	0.02	$	19.27		10.89%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.02	$	21.13		11.61%
Year Ended October 31, 2006		(1.41	)		(1.41	)	$	–	$	23.53		18.87%
Six Months Ended April 30, 2007 (Unaudited)		(5.98	)		(5.98	)	$	–	$	18.01		2.44%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
					Ratio of			Ratio of		Investment
					Net			Expenses		Income
	Net Assets		Ratio of		Investment			(Prior to		(Prior to
	at End of		Expenses		Income (Loss)			Reimbursements)		Reimbursements)
	Period		to Average		to Average			to Average		to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Period Ended October 31, 2002 (f) (g)	$	310		1.80%		(1.32%	)		8.73%		(8.25%	)		56.08%
Year Ended October 31, 2003	$	17,023		1.82%		(1.32%	)		2.26%		(1.76%	)		104.50%
Year Ended October 31, 2004	$	74,983		1.81%		(1.35%	)		1.82%		(1.37%	)		107.36%
Year Ended October 31, 2005	$	68,375		1.86%		(1.31%	)		1.87%		(1.32%	)		108.54%
Year Ended October 31, 2006	$	57,257		1.85%		(1.00%	)		1.88%		(1.03%	)		95.53%
Six Months Ended April 30, 2007 (Unaudited)	$	44,004		1.82%		(1.21%	)		1.82%		(1.21%	)		52.83%
Class B Shares
Period Ended October 31, 2002 (f)	$	43		2.55%		(2.04%	)		8.46%		(7.95%	)		56.08%
Year Ended October 31, 2003	$	1,611		2.54%		(2.08%	)		2.99%		(2.52%	)		104.50%
Year Ended October 31, 2004	$	6,403		2.55%		(2.11%	)		2.57%		(2.13%	)		107.36%
Year Ended October 31, 2005	$	7,647		2.61%		(2.04%	)		2.62%		(2.06%	)		108.54%
Year Ended October 31, 2006	$	7,117		2.52%		(1.68%	)		2.56%		(1.71%	)		95.53%
Six Months Ended April 30, 2007 (Unaudited)	$	6,145		2.56%		(1.94%	)		2.56%		(1.94%	)		52.83%
Class C Shares
Period Ended October 31, 2002 (f)	$	43		2.55%		(2.04%	)		8.46%		(7.95%	)		56.08%
Year Ended October 31, 2003	$	5,609		2.54%		(2.04%	)		2.90%		(2.40%	)		104.50%
Year Ended October 31, 2004	$	30,377		2.55%		(2.11%	)		2.57%		(2.13%	)		107.36%
Year Ended October 31, 2005	$	37,980		2.61%		(2.05%	)		2.62%		(2.06%	)		108.54%
Year Ended October 31, 2006	$	36,076		2.52%		(1.68%	)		2.56%		(1.71%	)		95.53%
Six Months Ended April 30, 2007 (Unaudited)	$	28,432		2.56%		(1.94%	)		2.56%		(1.94%	)		52.83%
Class R Shares
Period Ended October 31, 2004 (h)	$	1		2.17%		(1.78%	)		2.17%		(1.78%	)		107.36%
Year Ended October 31, 2005	$	1		1.94%		(1.39%	)		1.94%		(1.39%	)		108.54%
Year Ended October 31, 2006	$	1		2.01%		(1.23%	)		2.05%		(1.26%	)		95.53%
Six Months Ended April 30, 2007 (Unaudited)	$	2		2.19%		(1.50%	)		2.19%		(1.50%	)		52.83%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 27, 2002 (commencement of operations) through October 31, 2002.
(g)	Net investment income (loss) is based on average shares outstanding during the period.
(h)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(i)	The amount is less than $0.005.

See accompanying notes to financial statements.

2007 Semiannual Report 167

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Micro Cap Equity Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Institutional Service Class Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.03	)		(1.33	)		(1.36	)
Year Ended October 31, 2003	$	8.64		(0.13	)		7.45			7.32
Year Ended October 31, 2004	$	15.96		(0.28	)		3.97			3.69
Year Ended October 31, 2005	$	19.67		(0.19	)		2.54			2.35
Year Ended October 31, 2006	$	21.64		(0.15	)		4.21			4.06
Six Months Ended April 30, 2007 (Unaudited)	$	24.29		(0.08	)		0.66			0.58
Institutional Class Shares
Period Ended October 31, 2002 (f)	$	10.00		(0.03	)		(1.33	)		(1.36	)
Year Ended October 31, 2003	$	8.64		(0.13	)		7.45			7.32
Year Ended October 31, 2004	$	15.96		(0.16	)		3.85			3.69
Year Ended October 31, 2005	$	19.67		(0.22	)		2.58			2.36
Year Ended October 31, 2006	$	21.65		(0.13	)		4.18			4.05
Six Months Ended April 30, 2007 (Unaudited)	$	24.29		(0.08	)		0.66			0.58

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net								Net Asset
	Realized			Total			Redemption		Value, End		Total
	Gains			Distributions			Fees		of Period		Return (a) (b)
Institutional Service Class Shares
Period Ended October 31, 2002 (f)		–			–		$	–	$	8.64		(13.60%	)
Year Ended October 31, 2003		–			–		$	–	$	15.96		84.72%
Year Ended October 31, 2004		–	(i)		–	(i)	$	0.02	$	19.67		23.26%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.02	$	21.64		11.93%
Year Ended October 31, 2006		(1.41	)		(1.41	)	$	–	$	24.29		19.62%
Six Months Ended April 30, 2007 (Unaudited)		(5.98	)		(5.98	)	$	–	$	18.89		2.90%
Institutional Class Shares
Period Ended October 31, 2002 (f)		–			–		$	–	$	8.64		(13.60%	)
Year Ended October 31, 2003		–			–		$	–	$	15.96		84.72%
Year Ended October 31, 2004		–	(i)		–	(i)	$	0.02	$	19.67		23.26%
Year Ended October 31, 2005		(0.40	)		(0.40	)	$	0.02	$	21.65		11.98%
Year Ended October 31, 2006		(1.41	)		(1.41	)	$	–	$	24.29		19.56%
Six Months Ended April 30, 2007 (Unaudited)		(5.98	)		(5.98	)	$	–	$	18.89		2.90%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
					Ratio of			Ratio of		Investment
					Net			Expenses		Income
	Net Assets		Ratio of		Investment			(Prior to		(Prior to
	at End of		Expenses		Income (Loss)			Reimbursements)		Reimbursements)
	Period		to Average		to Average			to Average		to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Institutional Service Class Shares
Period Ended October 31, 2002 (f)	$	43		1.55%		(1.04%	)		7.45%		(6.94%	)		56.08%
Year Ended October 31, 2003	$	80		1.55%		(1.15%	)		2.40%		(2.00%	)		104.50%
Year Ended October 31, 2004	$	51		1.51%		(1.10%	)		1.52%		(1.11%	)		107.36%
Year Ended October 31, 2005	$	225		1.62%		(1.05%	)		1.64%		(1.07%	)		108.54%
Year Ended October 31, 2006	$	320		1.52%		(0.68%	)		1.55%		(0.72%	)		95.53%
Six Months Ended April 30, 2007 (Unaudited)	$	343		1.54%		(0.91%	)		1.54%		(0.91%	)		52.83%
Institutional Class Shares
Period Ended October 31, 2002 (f)	$	1,556		1.55%		(1.04%	)		7.46%		(6.95%	)		56.08%
Year Ended October 31, 2003	$	2,873		1.55%		(1.15%	)		2.40%		(2.00%	)		104.50%
Year Ended October 31, 2004	$	3,493		1.52%		(1.14%	)		1.54%		(1.15%	)		107.36%
Year Ended October 31, 2005	$	8,113		1.63%		(1.05%	)		1.65%		(1.07%	)		108.54%
Year Ended October 31, 2006	$	15,451		1.51%		(0.69%	)		1.55%		(0.72%	)		95.53%
Six Months Ended April 30, 2007 (Unaudited)	$	14,595		1.53%		(0.90%	)		1.55%		(0.91%	)		52.83%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 27, 2002 (commencement of operations) through October 31, 2002.
(g)	Net investment income (loss) is based on average shares outstanding during the period.
(h)	For the period from December 30, 2003 (commencement of operations) through October 31, 2004.
(i)	The amount is less than $0.005.

See accompanying notes to financial statements.

168 Semiannual Report 2007

Financial Highlights

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

Nationwide U.S. Growth Leaders Long-Short Fund

			Investment Activities									Distributions
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Period Ended June 30, 2002 (g)	$	11.14		6.65			(6.90	)		(0.25	)		–
Year Ended June 30, 2003 (h)	$	10.89		(0.08	)		0.14			0.06			–
Period Ended October 31, 2003 (i)	$	10.95		(0.07	)		1.12			1.05			–
Year Ended October 31, 2004	$	12.00		0.11			0.77			0.88			(3.32	)
Year Ended October 31, 2005	$	9.56		(0.02	)		0.59			0.57			(0.30	)
Year Ended October 31, 2006	$	9.83		0.11			0.41			0.52			(0.05	)
Six Months Ended April 30, 2007 (Unaudited) (h)	$	10.30		0.08			0.65			0.73			(0.10	)
Class B Shares
Period Ended June 30, 2002 (g)	$	11.14		(0.07	)		(0.17	)		(0.24	)		–
Year Ended June 30, 2003 (h)	$	10.90		(0.23	)		0.19			(0.04	)		–
Period Ended October 31, 2003 (i) (h)	$	10.86		(0.10	)		1.12			1.02			–
Year Ended October 31, 2004	$	11.88		0.22			0.58			0.80			(3.30	)
Year Ended October 31, 2005	$	9.38		(0.09	)		0.58			0.49			(0.28	)
Year Ended October 31, 2006	$	9.59		0.03			0.40			0.43			(0.01	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.01		0.04			0.63			0.67			(0.07	)
Class C Shares
Year Ended June 30, 2002	$	10.02		(0.66	)		(0.31	)		(0.97	)		–
Year Ended June 30, 2003	$	9.05		(0.19	)		0.17			(0.02	)		–
Period Ended October 31, 2003 (i)	$	9.03		(0.08	)		0.93			0.85			–
Year Ended October 31, 2004	$	9.88		0.64			(0.01	)		0.63			(3.30	)
Year Ended October 31, 2005	$	7.21		(0.05	)		0.42			0.37			(0.29	)
Year Ended October 31, 2006	$	7.29		0.03			0.30			0.33			(0.03	)
Six Months Ended April 30, 2007 (Unaudited)	$	7.59		0.03			0.48			0.51			(0.08	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Ratio of
									Net Assets		Ratio of		Net Investment
				Net Asset					at End of		Expenses		Income (Loss)
	Total			Value, End		Total			Period		to Average		to Average
	Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)		Net Assets (c)
Class A Shares
Period Ended June 30, 2002 (g)		–		$	10.89		(2.24%	)	$	144		1.95%		122.95%
Year Ended June 30, 2003 (h)		–		$	10.95		0.55%		$	29,561		3.47%		(2.04%	)
Period Ended October 31, 2003 (i)		–		$	12.00		9.59%		$	29,468		3.23%		(1.77%	)
Year Ended October 31, 2004		(3.32	)	$	9.56		9.03%		$	24,411		3.27%		(1.65%	)
Year Ended October 31, 2005		(0.30	)	$	9.83		6.09%		$	33,828		2.81%		(0.18%	)
Year Ended October 31, 2006		(0.05	)	$	10.30		5.27%		$	48,717		2.59%		1.16%
Six Months Ended April 30, 2007 (Unaudited) (h)		(0.10	)	$	10.93		7.17%		$	34,248		2.57%		1.58%
Class B Shares
Period Ended June 30, 2002 (g)		–		$	10.90		(2.15%	)	$	121		2.74%		(1.45%	)
Year Ended June 30, 2003 (h)		–		$	10.86		(0.37%	)	$	141		3.73%		(2.31%	)
Period Ended October 31, 2003 (i) (h)		–		$	11.88		9.39%		$	414		3.98%		(2.54%	)
Year Ended October 31, 2004		(3.30	)	$	9.38		8.22%		$	653		3.89%		(2.30%	)
Year Ended October 31, 2005		(0.28	)	$	9.59		5.33%		$	814		3.53%		(0.90%	)
Year Ended October 31, 2006		(0.01	)	$	10.01		4.53%		$	1,033		3.33%		0.42%
Six Months Ended April 30, 2007 (Unaudited)		(0.07	)	$	10.61		6.73%		$	1,306		3.29%		0.82%
Class C Shares
Year Ended June 30, 2002		–		$	9.05		(17.65%	)	$	1,819		3.28%		(5.41%	)
Year Ended June 30, 2003		–		$	9.03		(0.22%	)	$	1,323		3.72%		(2.31%	)
Period Ended October 31, 2003 (i)		–		$	9.88		9.41%		$	1,487		3.98%		(2.52%	)
Year Ended October 31, 2004		(3.30	)	$	7.21		8.20%		$	2,641		3.90%		(2.29%	)
Year Ended October 31, 2005		(0.29	)	$	7.29		5.35%		$	19,372		3.55%		(0.81%	)
Year Ended October 31, 2006		(0.03	)	$	7.59		4.48%		$	36,586		3.33%		0.47%
Six Months Ended April 30, 2007 (Unaudited)		(0.08	)	$	8.02		6.73%		$	25,398		3.31%		0.84%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of
	Expenses		Ratio of
	(Prior to		Investment
	Reimbursements)		Income
	to Average		(Prior to
	Net Assets		Reimbursements)
	(Includes Dividend		to Average			Dividend		Portfolio
	Expense) (c) (d)		Net Assets (c) (d)			Expense (e)		Turnover (f)
Class A Shares
Period Ended June 30, 2002 (g)		2.26%		122.64%			0.03%		425.00%
Year Ended June 30, 2003 (h)		3.66%		(2.23%	)		0.40%		424.00%
Period Ended October 31, 2003 (i)		(j)		(j)			1.65%		126.69%
Year Ended October 31, 2004		3.33%		(1.70%	)		1.06%		577.36%
Year Ended October 31, 2005		2.91%		(0.27%	)		0.64%		827.26%
Year Ended October 31, 2006		2.61%		1.14%			0.56%		739.31%
Six Months Ended April 30, 2007 (Unaudited) (h)		2.65%		1.50%			0.64%		318.94%
Class B Shares
Period Ended June 30, 2002 (g)		2.86%		(1.57%	)		0.03%		425.00%
Year Ended June 30, 2003 (h)		4.54%		(3.12%	)		0.40%		424.00%
Period Ended October 31, 2003 (i) (h)		(j)		(j)			1.65%		126.69%
Year Ended October 31, 2004		3.96%		(2.36%	)		1.06%		577.36%
Year Ended October 31, 2005		3.62%		(0.99%	)		0.64%		827.26%
Year Ended October 31, 2006		3.35%		0.40%			0.56%		739.31%
Six Months Ended April 30, 2007 (Unaudited)		3.39%		0.72%			0.64%		318.94%
Class C Shares
Year Ended June 30, 2002		3.71%		(5.87%	)		0.03%		425.00%
Year Ended June 30, 2003		4.54%		(3.13%	)		0.40%		424.00%
Period Ended October 31, 2003 (i)		(j)		(j)			1.65%		126.69%
Year Ended October 31, 2004		3.99%		(2.37%	)		1.06%		577.36%
Year Ended October 31, 2005		3.65%		(0.91%	)		0.64%		827.26%
Year Ended October 31, 2006		3.35%		0.44%			0.56%		739.31%
Six Months Ended April 30, 2007 (Unaudited)		3.38%		0.77%			0.64%		318.94%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Indicates the dividend expense charged for the period to average net assets.
(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 October 31, 2001 (commencement of operations) through June 30, 2002.
(h)	Net investment income (loss) is based on average shares outstanding during the period.
(i)	For the period from July 1, 2003 through October 31, 2003.
(j)	There were no fee reductions during the period.
(k)	For the period from February 27, 2004 (commencement of operations) through October 31, 2004.
(l)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

2007 Semiannual Report 169

Financial Highlights

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

			Investment Activities							Distributions
						Net Realized
						and
	Net Asset		Net			Unrealized		Total
	Value,		Investment			Gains		from		Net
	Beginning		Income			(Losses) on		Investment		Investment
	of Period		(Loss)			Investments		Activities		Income
Class R Shares
Period Ended October 31, 2004 (k)	$	9.21		(0.11	)		0.31		0.20		–
Year Ended October 31, 2005	$	9.41		(0.03	)		0.59		0.56		(0.29	)
Year Ended October 31, 2006	$	9.68		0.08			0.40		0.48		(0.05	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.11		0.05			0.64		0.69		(0.06	)
Institutional Class Shares
Period Ended October 31, 2004 (l)	$	9.28		(0.02	)		0.31		0.29		–
Year Ended October 31, 2005	$	9.57		(0.05	)		0.63		0.58		(0.30	)
Year Ended October 31, 2006	$	9.85		0.11			0.44		0.55		(0.06	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.34		0.09			0.67		0.76		(0.12	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Ratio of
								Net Assets		Ratio of		Net Investment
				Net Asset				at End of		Expenses		Income (Loss)
	Total			Value, End		Total		Period		to Average		to Average
	Distributions			of Period		Return (a) (b)		(000’s)		Net Assets (c)		Net Assets (c)
Class R Shares
Period Ended October 31, 2004 (k)		–		$	9.41		2.17%	$	1		3.32%		(1.74%	)
Year Ended October 31, 2005		(0.29	)	$	9.68		6.16%	$	1		2.82%		(0.20%	)
Year Ended October 31, 2006		(0.05	)	$	10.11		4.91%	$	1		2.96%		0.77%
Six Months Ended April 30, 2007 (Unaudited)		(0.06	)	$	10.74		6.86%	$	1		3.04%		1.06%
Institutional Class Shares
Period Ended October 31, 2004 (l)		–		$	9.57		3.12%	$	331		2.24%		(0.52%	)
Year Ended October 31, 2005		(0.30	)	$	9.85		6.27%	$	3,877		2.56%		0.19%
Year Ended October 31, 2006		(0.06	)	$	10.34		5.60%	$	11,538		2.33%		1.50%
Six Months Ended April 30, 2007 (Unaudited)		(0.12	)	$	10.98		7.38%	$	17,357		2.26%		1.82%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of
	Expenses		Ratio of
	(Prior to		Investment
	Reimbursements)		Income
	to Average		(Prior to
	Net Assets		Reimbursements)
	(Includes Dividend		to Average			Dividend		Portfolio
	Expense) (c) (d)		Net Assets (c) (d)			Expense (e)		Turnover (f)
Class R Shares
Period Ended October 31, 2004 (k)		3.36%		(1.78%	)		1.06%		577.36%
Year Ended October 31, 2005		2.86%		(0.25%	)		0.64%		827.26%
Year Ended October 31, 2006		2.99%		0.74%			0.56%		739.31%
Six Months Ended April 30, 2007 (Unaudited)		3.14%		0.95%			0.64%		318.94%
Institutional Class Shares
Period Ended October 31, 2004 (l)		2.43%		(0.72%	)		1.06%		577.36%
Year Ended October 31, 2005		2.67%		0.08%			0.64%		827.26%
Year Ended October 31, 2006		2.35%		1.48%			0.56%		739.31%
Six Months Ended April 30, 2007 (Unaudited)		2.36%		1.72%			0.64%		318.94%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Indicates the dividend expense charged for the period to average net assets.
(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 October 31, 2001 (commencement of operations) through June 30, 2002.
(h)	Net investment income (loss) is based on average shares outstanding during the period.
(i)	For the period from July 1, 2003 through October 31, 2003.
(j)	There were no fee reductions during the period.
(k)	For the period from February 27, 2004 (commencement of operations) through October 31, 2004.
(l)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

170 Semiannual Report 2007

Notes to Financial Statements

April 30, 2007 (Unaudited)

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Mutual Funds”. Prior to January 25, 2002, the Trust was named “Nationwide Mutual Funds”. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust, dated as of October 30, 1997, as subsequently amended and redomesticated as a Delaware Statutory Trust on February 28, 2005; the redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of April 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-nine (49) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the fifteen (15) funds listed below (individually, a “Fund”; collectively, the “Funds”):

-  Nationwide Global Financial Services Fund (“Global Financial Services,” formerly, “Gartmore Global Financial Services Fund”)

-  Nationwide Global Health Sciences Fund (“Global Health Sciences,” formerly, “Gartmore Global Health Sciences”)

-  Nationwide Global Natural Resources Fund (“Global Natural Resources,” formerly, “Gartmore Global Natural Resources Fund”)

-  Nationwide Global Technology and Communications Fund (“Global Technology and Communications,” formerly, “Gartmore Global Technology and Communications Fund”)

-  Nationwide Global Utilities Fund (“Global Utilities,” formerly, “Gartmore Global Utilities Fund”)

-  Nationwide Mid Cap Growth Leaders Fund (“Mid Cap Growth Leaders,” formerly, “Gartmore Mid Cap Growth Leaders Fund”)

-  Nationwide Leaders Fund (“Nationwide Leaders,” formerly, “Gartmore Nationwide Leaders Fund”)

-  Nationwide Small Cap Leaders Fund (“Small Cap Leaders,” formerly, “Gartmore Small Cap Leaders Fund”)

-  Nationwide U.S. Growth Leaders Fund (“U.S. Growth Leaders,” formerly, “Gartmore U.S. Growth Leaders Fund”)

-  Nationwide Worldwide Leaders Fund (“Worldwide Leaders,” formerly, “Gartmore Worldwide Leaders Fund”)

-  Nationwide China Opportunities Fund (“China Opportunities,” formerly, “Gartmore China Opportunities Fund”)

-  Nationwide Emerging Markets Fund (“Emerging Markets,” formerly, “Gartmore Emerging Markets Fund”)

-  Nationwide International Growth Fund (“International Growth,” formerly, “Gartmore International Growth Fund”)

-  Nationwide Micro Cap Equity Fund (“Micro Cap Equity,” formerly, “Gartmore Micro Cap Equity Fund”)

-  Nationwide U.S. Growth Leaders Long-Short Fund (“U.S. Growth Leaders Long-Short,” formerly, “Gartmore U.S. Growth Leaders Long-Short Fund”)

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial

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Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). 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. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase are considered to be “short-term” and are valued at amortized cost which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Funds holding foreign equity securities (the “Foreign Equity Funds”) value foreign securities at fair value in the circumstances described below. 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 Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

172 Semiannual Report 2007

(b) Repurchase Agreements

The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty of Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

Certain Funds may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities that the Funds intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (“initial margin deposit”). Subsequent payments, known as “variation margin”, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect

2007 Semiannual Report 173

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

correlation in movements in the price of futures contracts, interest rates and the value/market value of the underlying hedged assets.

(f) Short Sales

During the period, the U.S. Growth Leaders Long-Short Fund engaged in short-selling of portfolio securities. The Fund is authorized to engage in short-selling of portfolio securities, which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss 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. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date. The collateral for securities sold short includes the deposits with brokers and securities held long as shown in the Statement of Investments for the Fund.

(g) Securities Lending

To generate additional income, each of the Funds may lend their respective portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Funds’ investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of April 30, 2007, the following Funds had securities with the following values on loan:

	Value of		Value of
Fund	Loaned Securities		Collateral
Global Health Sciences	$	2,409,814	$	2,503,397
Global Technology and Communications		679,049		703,382
Mid Cap Growth Leaders		3,280,231		3,395,929
U.S. Growth Leaders		3,534,251		3,631,423
Worldwide Leaders		9,104,714		9,592,910
Micro Cap Equity		28,646,630		29,606,151

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes,

174 Semiannual Report 2007

where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i) Distributions to Shareholders

Distributions from net investment income, if any, is declared and paid quarterly for all Funds. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with American Institute of Certified Public Accountants (the “AICPA”) Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of April 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

								Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Global Financial Services	$	59,001,145	$	5,321,852	$	(880,969	)	$	4,440,883
Global Health Sciences		32,774,954		2,833,921		(345,313	)		2,488,608
Global Natural Resources		48,374,698		6,573,885		(661,028	)		5,912,857
Global Technology and Communications		18,152,992		1,460,067		(256,406	)		1,203,661
Global Utilities		26,370,713		4,181,381		(67,941	)		4,113,440
Mid Cap Growth Leaders		37,673,640		5,344,362		(153,753	)		5,190,609
Nationwide Leaders		19,994,604		97,258		(186,535	)		(89,277	)
Small Cap Leaders		41,384,660		4,070,712		(1,369,368	)		2,701,344
U.S. Growth Leaders		113,646,974		9,386,436		(732,509	)		8,653,927
Worldwide Leaders		72,065,824		8,191,772		(277,917	)		7,913,855
China Opportunities		42,692,145		10,131,293		(609,706	)		9,521,587
Emerging Markets		58,690,526		15,595,479		(640,956	)		14,954,523
International Growth		110,669,046		14,785,830		(309,190	)		14,476,640
Micro Cap Equity		120,081,324		9,209,307		(5,628,758	)		3,580,549
U.S. Growth Leaders Long-Short		74,752,934		3,923,238		(2,339,334	)		1,583,904

2007 Semiannual Report 175

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. For each of the Funds, except High Yield Bond, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreements, Nationwide Fund Advisors (formerly, “Gartmore Mutual Fund Capital Trust” (“GMF”)) (“NFA” or the “Adviser”) manages the investment of the assets and supervises the daily business affairs of their respective Funds (as shown in table below). As of May 1, 2007, NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting subadvisers and monitoring, on an ongoing basis, the performance of the subadvisers, if applicable, for the Funds that NFA advises. The subadvisers manage each of their respective Fund’s investments and have the responsibility for making all investment decisions for the applicable Funds. The Adviser and subadviser, if applicable, for each Fund is as follows:

Fund	Adviser		Subadviser
Global Financial Services		NFA	n/a
Global Health Sciences		NFA	n/a
Global Natural Resources		NFA	n/a
Global Technology and Communications		NFA	n/a
Global Utilities		NFA	Gartmore Global Partners
Mid Cap Growth Leaders		NFA	Nationwide Separate Accounts, LLC (a)
Nationwide Leaders		NFA	n/a
Small Cap Leaders		NFA	NorthPointe Capital, LLC (a)
U.S. Growth Leaders		NFA	n/a
Worldwide Leaders		NFA	Gartmore Global Partners
China Opportunities		NFA	Gartmore Global Partners
Emerging Markets		NFA	Gartmore Global Partners
International Growth		NFA	Gartmore Global Partners
Micro Cap Equity		NFA	NorthPointe Capital, LLC (a)
U.S. Growth Leaders Long-Short		NFA	n/a

(a) Affiliate of NFA.

Under the terms of the Investment Advisory Agreements, each Fund pays the Adviser an investment advisory fee based on that Fund’s average daily net assets. From these fees, pursuant to the subadvisory agreements, the Adviser pays fees to the applicable subadviser, if any. Additional information regarding the investment advisory fees and subadvisory fees for NFA and the subadvisers, where applicable, is as follows for the six months ended April 30, 2007:

176 Semiannual Report 2007

Fund	Fee Schedule
Global Financial Services (1)	Up to $500 million	0.90%
	$500 million up to $2 billion	0.85%
	On $2 billion and more	0.80%
Global Health Sciences (1)	Up to $500 million	0.90%
	$500 million up to $2 billion	0.85%
	On $2 billion and more	0.80%
Global Natural Resources (1)	Up to $500 million	0.70%
	$500 million up to $2 billion	0.65%
	On $2 billion and more	0.60%
Global Technology and Communications (1)	Up to $500 million	0.88%
	$500 million up to $2 billion	0.83%
	On $2 billion and more	0.78%
Global Utilities (1)	Up to $500 million	0.70%
	$500 million up to $2 billion	0.65%
	On $2 billion and more	0.60%
Mid Cap Growth Leaders	Up to $250 million	0.80%
	$250 million up to $1 billion	0.77%
	$1 billion up to $2 billion	0.74%
	$2 billion up to $5 billion	0.71%
	On $5 billion and more	0.68%
Nationwide Leaders (1)	Up to $500 million	0.80%
	$500 million up to $2 billion	0.70%
	On $2 billion and more	0.65%
Small Cap Leaders	All Assets	0.95%
U.S. Growth Leaders (2)	Up to $500 million	0.90%
	$500 million up to $2 billion	0.80%
	On $2 billion and more	0.75%
Worldwide Leaders (1)	Up to $500 million	0.90%
	$500 million up to $2 billion	0.85%
	On $2 billion and more	0.80%
China Opportunities (1)	Up to $500 million	1.25%
	$500 million up to $2 billion	1.20%
	On $2 billion and more	1.15%
Emerging Markets (1)	Up to $500 million	1.05%
	$500 million up to $2 billion	1.00%
	On $2 billion and more	0.95%
International Growth (1)	Up to $500 million	0.90%
	$500 million up to $2 billion	0.85%
	On $2 billion and more	0.80%
Micro Cap Equity	All Assets	1.25%
U.S. Growth Leaders Long-Short (a)	Up to $250 million	1.50%
	On $250 million and more	1.25%

(a) NFA has agreed to voluntarily waive 0.25% of the advisory fee until further written notice to the shareholders.

2007 Semiannual Report 177

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

(1)  Each Fund pays the Adviser a base management fee (as shown above) which may be adjusted upward or downward each quarter depending on the performance of Class A shares of each Fund relative to each Fund’s benchmark (see benchmark table below). The calculation of this fee is done in two separate steps. First, each Fund pays a base fee, as adjusted for any applicable breakpoints as described below. The base fee rate is an annual fee, calculated each quarter, and is applied to each such Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to each Fund’s average net assets over the 12-month rolling performance period. The base fee and the performance adjustment percentage are then added (or subtracted, as applicable) to arrive at each Fund’s respective overall advisory fee for the current period. The table below shows the performance adjustment rate applicable to each Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints, as described in the table above):

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The table below lists the benchmarks used to measure against the performance of Class A shares of the Funds:

Fund	Benchmark
Global Financial Services		MSCI World Financials Index
Global Health Sciences		GS Healthcare Index
Global Natural Resources		GS Natural Resources Index
Global Technology and Communications		GS Technology Composite Index
Global Utilities		60% MSCI World Telecommunications Services Index
		40% MSCI World Utilities Index
Nationwide Leaders		S&P 500 Index
Worldwide Leaders		MSCI World Index
China Opportunities		MSCI Zhong Hua Index
Emerging Markets		MSCI Emerging Markets Index
International Growth		MSCI All Country World Free ex U.S. Index

(2)  The U.S. Growth Leaders Fund pays NFA a base management fee (as shown above) which may be adjusted upward or downward each quarter depending on the performance of Class A shares of the Fund relative to its benchmark, the S&P 500. Thus, if Class A of the Fund outperform its benchmark by 12% or more over a 36-month period, the Fund will pay higher management fees. Conversely, if Class A shares of the Fund underperform its benchmark by 12% or more over a 36-month period, the Fund will pay lower management fees. No adjustment will take place if the under or overperformance is less than 12% and NFA will receive the applicable base fee. The adjustment described above will be phased in over a 24-month period beginning after the first year of operations. The base fee is either increased or decreased by the following amounts at each breakpoint:

Fee Schedule	Fee Adjustment
Up to $500 million		+/- 0.22%
$500 million up to $2 billion		+/- 0.18%
On $2 billion and more		+/- 0.16%

From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $768,770 for the six months ended April 30, 2007.

178 Semiannual Report 2007

NFA, where applicable, and the Funds have entered into written contracts (“Expense Limitation Agreements”) that limit operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, 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 non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding the amounts listed in the table below until at least February 28, 2008:

	Expense
Fund	Caps		Amount
Global Financial Services		All Classes		1.40%
Global Health Sciences		All Classes		1.40%
Global Natural Resources		All Classes		1.20%
Global Technology and Communications		All Classes		1.38%
Global Utilities		All Classes		1.20%
Mid Cap Growth Leaders		All Classes		1.20%
Nationwide Leaders (a)		All Classes		1.20%
Small Cap Leaders		All Classes		1.35%
U.S. Growth Leaders (b)		All Classes		1.30%
Worldwide Leaders		All Classes		1.40%
China Opportunities		All Classes		1.75%
Emerging Markets		All Classes		1.55%
International Growth		All Classes		1.40%
Micro Cap Equity		All Classes		1.65%
U.S. Growth Leaders Long-Short		All Classes		1.90%

(a)	Prior to March 1, 2007, the Fund’s expense cap was 1.30% on all classes.
(b)	Prior to March 1, 2007, the Fund’s expense cap was 1.90% on all classes.

NFA may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a later date not to exceed (i) the previous five fiscal years or (ii) three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the Fund (as described below), if the 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 set forth above. No reimbursement will be made unless: (i) the 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 approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of April 30, 2007, the cumulative potential reimbursements of the following Funds based on expenses reimbursed by NFA within five years from commencement of operations of the Fund would be:

Fund	Amount		Expires
Micro Cap Equity		102,798		June 27, 2007

2007 Semiannual Report 179

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

As of April 30, 2007, the cumulative potential reimbursements of the following Funds (unless otherwise indicated), based on reimbursements within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA, would be:

	Amount		Amount		Amount		Amount
	Fiscal Year		Fiscal Year		Fiscal Year		Six Months Ended
Fund	2004		2005		2006		April 30, 2007
Global Natural Resources	$	21,945	$	37,587	$	–	$	–
Mid Cap Growth Leaders		98,160		83,813		27,262		2,505
Small Cap Leaders		–		62,315		9,303		4,701
China Opportunities		50,098		66,130		22,860		12,751
U.S. Growth Leaders Long-Short		14,723		43,113		–		–

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (formerly, “Gartmore Distribution Services, Inc.” (“GDSI”)) (“NFD” or “Distributor”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of Class A, Class B, Class C, and Class R shares of the Funds. NFD is a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”). NFSDI is a wholly-owned subsidiary of NFS. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed 0.25% for Class A shares, 1.00% for Class B and Class C shares, and 0.50% for Class R shares.

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A and Class D shares. These fees are deducted from and are not included in proceeds from sales of Class A and Class D shares. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A and Class D shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of the purchase. Class C shares have a CDSC of 1% imposed on redemptions of Class C shares made within one year of purchase. For the six months ended April 30, 2007, NFD received commissions of $993,946 from front-end sales charges of Class A and Class D shares and from CDSC fees from Class B and Class C shares of the Funds, of which $107,365 was re-allowed to affiliated broker-dealers of the Funds.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFSDI, provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are

180 Semiannual Report 2007

then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each Fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.26%
$1 billion up to $3 billion	0.19%
$3 billion up to $4 billion	0.15%
$4 billion up to $5 billion	0.08%
$5 billion up to $10 billion	0.05%
$10 billion up to $12 billion	0.03%
$12 billion or more	0.02%

*  The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Optimal Allocations Fund: Defensive, Nationwide Optimal Allocations Fund: Moderate, Nationwide Optimal Allocations Fund: Moderate Growth, Nationwide Optimal Allocations Fund: Growth, and Nationwide Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Funds.

NFA and BISYS have agreed to designate certain sub-transfer agency agreements that NFA enters into with respect to the Funds as “Qualifying Sub-TA Agreements.” With respect to Qualifying Sub-TA Agreements, BISYS will credit to NFA an amount equal to the lesser of (i) the actual amount that NFA is charged by the sub-transfer agent under the applicable Qualifying Sub-TA Agreement or (ii) $10 per investor account; however, the aggregate amount paid with regard to all Qualifying Sub-TA Agreements, regardless of whether option (i) or (ii) applies, shall not exceed $200,000 per annum. BISYS will calculate and credit such amounts to NFA’s fees on a monthly basis. All amounts will be credited to each applicable Fund on a monthly basis.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Class A, Class D, Class R, and Institutional Service Class shares of each of the Funds.

2007 Semiannual Report 181

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

For the six months ended April 30, 2007, NFS received the following amounts in Administrative Services Fees from each Fund:

Fund	Amount
Global Financial Services	$	2,354
Global Health Sciences		4,465
Global Technology and Communications		1,088
Global Utilities		748
Mid Cap Growth Leaders		1,379
Nationwide Leaders		1,665
Small Cap Leaders		46
U.S. Growth Leaders		9,462
Worldwide Leaders		358
China Opportunities		12
Emerging Markets		16,001
International Growth		7,277

Under the terms of a letter agreement dated September 12, 2006, by and among NFA and the Audit Committee of the Trust and Nationwide Mutual Fund Trust, the Trust has agreed to reimburse NFA certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended April 30, 2007, the Funds portion of such costs amounted to $6,727.

As of April 30, 2007, NFA or their affiliates directly held the percentage indicated below of the shares outstanding of the applicable Fund:

	% of Shares
	Outstanding
Fund	Owned
Global Financial Services		10%
Global Health Sciences		11%
Global Natural Resources		15%
Global Technology and Communications		7%
Global Utilities		19%
Mid Cap Growth Leaders		43%
Nationwide Leaders		9%
Small Cap Leaders		12%
U.S. Growth Leaders		2%
China Opportunities		22%
Emerging Markets		9%
International Growth		13%

4. Short-Term Trading Fees

The Funds assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within 90 calendar days of purchase (within 30 calendar days for the Nationwide Leaders and U.S. Growth Leaders Funds). The

182 Semiannual Report 2007

redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

For the six months ended April 30, 2007, the following Funds had contributions to capital due to collection of redemption fees:

Fund	Amount
Global Financial Services	$	11,124
Global Health Sciences		360
Global Natural Resources		7,492
Global Technology & Communications		1,386
Global Utilities		5,902
Mid Cap Growth Leaders		1,331
Nationwide Leaders		694
U.S. Growth Leaders		190
Worldwide Leaders		6,323
China Opportunities		22,430
Emerging Markets		38,455
International Growth		10,113
Micro Cap Equity		1,935
U.S. Growth Leaders Long-Short		20,287

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Funds’ custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 26, 2007, with a commitment fee of 0.08% per year on $100,000,000. There were no borrowings outstanding under this line of credit during the six months ended April 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credits) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are a reduction of total expenses shown on the Statement of Operations.

2007 Semiannual Report 183

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

6. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2007 are summarized as follows:

Fund	Purchases		Sales
Global Financial Services	$	49,977,595	$	42,717,017
Global Health Sciences		26,164,687		24,994,919
Global Natural Resources		46,515,011		49,636,435
Global Technology and Communications		22,750,771		18,070,810
Global Utilities		14,134,965		10,185,041
Mid Cap Growth Leaders		27,473,608		28,880,920
Nationwide Leaders		89,969,808		83,437,397
Small Cap Leaders		108,872,864		106,411,829
U.S. Growth Leaders		198,930,986		222,714,376
Worldwide Leaders		64,562,815		50,659,458
China Opportunities		33,251,565		23,586,527
Emerging Markets		29,439,399		34,965,521
International Growth		139,919,069		78,777,078
Micro Cap Equity		53,286,002		75,842,352
U.S. Growth Leaders Long-Short		204,393,217		222,779,830

7. Portfolio Investment Risks

Credit and Market Risk. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit risk. The Funds’ investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Funds.

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and a high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the

184 Semiannual Report 2007

Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund is required to implement FIN 48 in its net asset value per share (NAV) calculation on October 30, 2007. At this time, management is evaluating the implications of FIN 48. Its impact to the financial statements has not yet been determined.

2007 Semiannual Report 185

Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

186 Semiannual Report 2007

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association – College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	Mr. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

2007 Semiannual Report 187

Management Information (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust,2 . From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for Nationwide Funds Group.3		N/A	N/A

188 Semiannual Report 2007

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005)3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC.3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	This position is held with an affiliated person or principal underwriter of the Trust.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2007 Semiannual Report 189

Supplemental Information (Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment advisers and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”,) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees considers at each meeting factors that are relevant to the annual renewal of the Fund’s Advisory Agreements, including the services and support provided to the Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew the Advisory Agreement for a one year term beginning February 28, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of the Advisory Agreements. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from Adviser describing, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2006) compared with the Fund’s benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from Adviser describing, on a Fund-by-Fund basis, performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from Adviser describing, on a Fund-by-Fund basis, Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from Adviser describing, on a Fund-by-Fund basis, any fees paid to Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits and fees inuring to Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by Adviser under the Advisory Agreement and the profits realized by Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group funds to their investment advisers and paid by non-affiliated institutional clients to Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover

190 Semiannual Report 2007

rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreements for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination is aware that shareholders of the Fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors, and that the Fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the Fund in its prospectus and other public disclosures, have chosen to invest in this Fund, managed by the Adviser.

Nationwide Global Financial Services Fund

The Board considered that the Fund had underperformed its benchmark, the MSCIWorld/ Financials Index, for the one-and three-year periods. The Board also considered that performance of the Fund’s Class A shares had ranked in the first quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, and four-year periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, and based on the factors described above, the Board concluded the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the third quintile. Although the Fund’s contractual advisory fee compared with peer group funds was relatively high, the Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Global Health Sciences Fund

The Board considered that the Fund underperformed its benchmark, the Goldman Sachs Healthcare Index, for the one-and three-year periods and outperformed the benchmark over the five-year period. The Board also considered that performance of the Fund’s Class A shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, in the third quintile over the two-, three-, and four-year periods, and in the first quintile over the five-year period. Although the Fund had underperformed for the periods considered, the Board found that: (i) recent Fund performance had shown improvement, (ii) the Fund’s portfolio manager had changed during the year and (iii) management had committed to monitoring the resources available to the Fund. Based on its review, and based on the factors described above, the Board concluded that the nature, extent, and quality of the services provided the Fund will benefit the Fund’s shareholders.

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Supplemental Information (Unaudited) (Continued)

The Board considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the third quintile. Although, the Board found that the Fund’s contractual advisory fee was relatively high compared to its peer group, the Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. Based on its review, the Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a loss for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005.

Nationwide Global Natural Resources Fund

The Board considered that the Fund had outperformed its benchmark, the Goldman Sachs Natural Resources Index, for the one-year period. The Board also considered that performance of the Fund’s Class A shares had ranked in the second quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, and in the first quintile over the two-year period. The Board found that performance has been very good over the periods considered. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the fourth quintile. The Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board also considered that the disparity in the total expenses is attributable, in part, to the Fund’s relatively small asset base relative to its peers. Based on its review, the Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

The Board considered that the adviser reported a loss for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005.

Nationwide Global Technology and Communications Fund

The Board considered that the Fund had outperformed its benchmark, the Goldman Sachs Technology Index for the one-year period, and underperformed its benchmark for the three- and five-year periods. The Board also considered that the performance of the Fund’s Class A shares ranked in second quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, in the third quintile over the two-year period, in the fourth quintile over the three-year period, and in the fifth quintile over the four-and five-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006, with the Fund showing continued improvement. Based on its review, the Board concluded that the nature, extent, and quality of the services provided the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the second quintile. Although the Board found that the Fund’s contractual advisory fee compared with peer group funds was relatively high, the Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. Based on its review, the Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a loss for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005.

192 Semiannual Report 2007

Nationwide Global Utilities Fund

The Board considered that the Fund had outperformed its benchmark, the MSCI World Utilities Index (40%)/ MSCI World Telecom Index (60%), for the one- and three-year periods. The Board also considered that the performance of the Fund’s Class A shares had ranked in the first quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, and four-year periods. The Board considered that the performance has been very good over the periods considered. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board also considered that the Fund’s total expenses compared with its Lipper-constructed Expense Group was relatively high, placing the Fund in the fifth quintile of its Expense Group, due in part to the relative small asset size of the Fund. The Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during the twelve-month period ended September 30, 2006, compared to a loss for the twelve-month period ended September 30, 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Mid Cap Growth Leaders Fund

The Board considered that the Fund had underperformed its benchmark, the Russell MidCap Growth Index, for the one-, three- and five-year periods. The Board also considered that the performance of the Fund’s Class A shares had ranked in the second quintile of the Fund’s Lipper-constructed Performance Group over the one-, three-, and five-year periods and in the first quintile over the two- and four-year periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative longer-term performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group, equal to the median of the Expense Group. The Board also considered that the Fund’s total expenses placed it in the third quintile, slightly less than the median of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a pre-tax profit margin for investment management services during the twelve-month period ended September 30, 2006, compared to a loss for the twelve-month period ended September 30, 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Leaders Fund

The Board considered that the Fund had outperformed the Fund’s benchmark, the S&P 500 Index, for the one- and three-year periods. The Board also considered that performance of the Fund’s Class A shares ranked in the second quintile of its Lipper-constructed Performance Group over the one-year period, and the first quintile over the two-, three-, and four-year periods. The Board found that the Fund’s performance compared to its peer group and benchmark has been very strong for all periods considered. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

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Supplemental Information (Unaudited) (Continued)

The Board also considered that the Fund’s contractual advisory fee and breakpoints, and the Fund’s total fees placed the Fund in the third quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

The Board considered that the adviser reported a loss for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005.

Nationwide Small Cap Leaders Fund

The Board considered that the Fund had outperformed its benchmark, the Russell 2000 Index, for the one-year period. The Board also considered that the Fund’s Class A shares had ranked the Fund in the first quintile of its Lipper-constructed Performance Group for the one-year period. The Board found that performance had been very good over all periods considered. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints, and the Fund’s total expenses placed the Fund in the fourth quintile of its Lipper-constructed Expense Group. The Board found that although the Fund’s contractual advisory fee was relatively high compared to its Expense Group, the fee was within the range of fees of its Expense Group, but relatively higher because the Fund is a concentrated product while other fund comprising the Expense Group did not appear to be concentrated funds. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board also noted that the Fund’s adviser had reported a loss from investment management services for this Fund for each of the twelve month periods ended September 30, 2006 and 2005.

Nationwide U.S. Growth Leaders Fund

The Board considered that the Fund had underperformed the Fund’s benchmark, the S&P 500 Index, for the one- and three-year periods, while outperforming the benchmark for the five-year period. The Board also considered that performance of the Fund’s Class A shares of the Fund ranked in the fifth quintile over the one- and two-year periods, the fourth quintile over the three-year period, the second quintile over the four-year period, and the first quintile over the five-year period compared to its Lipper-constructed Performance Group. Based on its review, and giving particular weight to the representations made by management with respect to the actions that will be taken by the Fund’s adviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fifth quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses placed the Fund in the third quintile of its Lipper-constructed Expense Group. The Board found that the Fund’s contractual advisory fee is high compared to its Expense Group but noted that the Fund has implemented a performance fee structure (although waived during the year), which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses are fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board also noted that the Fund’s adviser has reported a pre-tax profit margin for the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profit realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

194 Semiannual Report 2007

Nationwide Worldwide Leaders Fund

The Board considered that the Fund underperformed its benchmark, the MSCI World Index, for the one-year period and outperformed the Fund’s benchmark for the three- and five-year periods. The Board also considered that performance of the Fund’s Class A shares had ranked in the third quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, in the first quintile over the two-year period, and in the second quintile over the three-, four-, and five-year periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund the third quintile of its Lipper-constructed Expense Group. The Board noted that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board noted that the Fund’s total expenses was relatively high compared with its Lipper-constructed Expense Group, however, the Board also considered that the Fund’s total expenses were within the range of its Expense Group and the disparity in the total expenses was primarily due to the Fund’s relative small asset base relative to its peers. Based on its review, the Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve-month periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide China Opportunities Fund

The Board considered that the Fund outperformed the Fund’s benchmark, the MSCI Zhong Hua Index, for the one-year period. The Board also considered that the performance of the Class A shares of the Fund had ranked in the first quintile of the Performance Group constructed by Lipper over the one-and two-year periods. The Board found that performance has been very good over all periods presented. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fifth quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board also considered that the Fund’s total expenses compared with its Lipper-constructed Expense Group were relatively high, but due in part to the Fund’s relatively small asset base. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during the twelve months ended September 30, 2006, compared to a loss for the prior twelve-month period. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Emerging Markets Fund

The Board considered that the Fund underperformed the Fund’s benchmark, the MSCI Emerging Markets Index, for the one- and three-year periods and outperformed the Fund’s benchmark over the five-year period. The Board also considered that the performance of the Class A shares of the Fund had ranked in the fourth quintile of the Performance Group constructed by Lipper over the one-, two-, and three-year periods, in the third quintile over the four-year period, and in the second quintile over the five-year period. The Board also considered that the Fund’s portfolio manager had changed in June 2006 and noted that the Fund’s recent performance has been improving and the Fund is currently outperforming

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Supplemental Information (Unaudited) (Continued)

its benchmark. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group, slightly below the median. The Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board also considered that the Fund’s total expenses were low compared with its Lipper-constructed Expense Group, with the Fund in the first quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide International Growth Fund

The Board considered that the Fund outperformed the Fund’s benchmark, the MSCI AC World Index Free ex-US, for the one- and three-year periods and underperformed the Fund’s benchmark over the five-year period. The Board also considered that the performance of the Class A shares of the Fund had ranked in the first quintile of the Performance Group constructed by Lipper over the one-, two-, three-, and four-year periods, and in the second quintile over the five-year period. The Board found that performance has been very good over all periods presented. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board also considered that the Fund’s total expenses compared with its Lipper-constructed Expense Group were within the range of the Expense Group, but relatively higher due primarily to the Fund’s small asset base relative to the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during the twelve months ended September 30, 2006, compared to a loss for the prior twelve-month period. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Micro Cap Equity Fund

The Board considered that the Fund outperformed the Fund’s benchmark, the Russell Micro Cap Index, for both the one- and three-year periods. The Board also considered that the performance of the Class A shares of the Fund had ranked in the third quintile of the Performance Group constructed by Lipper over the one- and two-year periods, and in the first quintile over the three-and four-year periods. The Board also noted that the Fund’s benchmark was changed on March 1, 2006. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the investment adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered the contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group. The Board found that although the Fund’s contractual advisory fee compared with peer group funds was relatively high, the fees were within the range of those charged by the peer group of funds. The

196 Semiannual Report 2007

Board also considered that the Fund’s total expenses were relatively high compared with its Lipper-constructed Expense Group, with the Fund in the fourth quintile of the Expense Group. The Board considered that the Fund is closed to new investors. Based on its review, the Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the investment adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2005 and 2006. The Board considered the costs of the services provided by and the profits realized by the investment adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide U.S. Growth Leaders Long-Short Fund

The Board considered that the Fund outperformed its benchmark, the Citigroup 3-month T-bill, for the one- and three-year periods. The Board also considered that the performance of the Fund’s Class A shares had ranked in the fourth quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, in the third quintile over the two-year period and in the second quintile over the three-year period. Although the Fund’s performance over the one-year period ranked the Fund in the fourth quintile, the Board found that (i) longer-term relative performance has been at the median of the peer group, (ii) the Fund’s adviser had represented that the new chief investment officer will analyze and monitor Fund performance and report quarterly to the Performance Committee; and (iii) the Fund’s adviser had represented that it believes the recent underperformance by the Fund has been the result of stock selection, and does not expect the underperformance to continue. Based on its review, and giving particular weight to the representations made by management with respect to actions that will be taken by the adviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the fifth quintile. The Board found that although the Fund’s contractual advisory fee compared with peer group funds was high, the adviser agreed to waive 25 basis points for one year. The Board also considered that the Fund’s total expenses were relatively high compared with its Lipper-constructed Expense Group, but the Board found that the higher expense ratio is attributable, in part, to short sale dividend expense which as management explained, is not included in each of the other funds in the Expense Group. Based on its review, and the adviser’s agreement to waive 25 basis points of its advisory fee for a period of one year, the Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the investment adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the investment adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to each Fund above, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for each Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the Funds to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the Funds. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Funds, including the information provided by management at the Funds’ annual Section 15(c) meetings on

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Supplemental Information (Unaudited) (Continued)

December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a Fund directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each Fund. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the Funds should any of the current portfolio management services to the Funds should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a Fund. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each Fund will continue to manage such Fund, reasonable efforts are being made by NFA to achieve this result. Assuming however that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Funds in light of each Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to each Fund’s shareholders for their approval. A Special Meeting of Shareholders of the Trust was held on April 23, 2007 and several adjournments have been taken with respect to certain Funds of the Trust. As of the date of this report, however all of the above-referenced Funds (except Nationwide Micro Cap Equity Fund, Nationwide U.S. Growth Leaders Fund and Nationwide U.S. Growth Leaders Long-Short Fund) have approved the New Agreement.

C.  Approval of Interim Advisory and with respect to Nationwide Micro Cap Equity Fund, Interim SubAdvisory Agreement(s)

U.S. Growth Leaders Fund, Nationwide U.S. Growth Leaders Long-Short Fund, and Nationwide Micro Cap Equity Fund

A Special Meeting of the Board of Trustees was held on April 27, 2007, at which the Board, including a majority of the Trustees who are not “interested persons” of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), approved an interim advisory agreement between the Trust and NFA on behalf of the above-referenced Funds (and, with respect to Nationwide Micro Cap Equity Fund, an interim subadvisory agreement) (the “Interim Agreements”) in accordance with Rule 15a-4 under the 1940 Act to ensure that NFA’s provision of investment advisory services to such Funds continues without interruption until such time as shareholders of each Fund approve the New Agreements.

The Interim Agreements became effective on May 1, 2007, and is identical in all material respects to the Funds’ previous Agreements (with NFA that terminated on April 30, 2007 due to the closing of the Transaction,) and the New Agreements (which shareholders of these three Funds have not yet approved) except for its term, termination and escrow provisions as specifically required under Rule 15a-4. Specifically, the Interim Agreements have a term of 150 days during which all advisory fees paid by a Fund, which shall not be greater than the fees the NFA as adviser (and, with respect to the Nationwide Micro Cap Equity Fund, its subadviser) would have received under the previous Agreements, will be placed in an interest-bearing escrow account until such time as the holders of a majority of the outstanding voting securities of each Fund approve the New Agreements. Upon such approval, the escrowed amount (including interest earned) for a Fund will be paid to NFA. In the event shareholders do not approve the New Agreements within 150 days from the effective date of the Interim Agreements, NFA as adviser (and, with respect to Nationwide Micro Cap Equity Fund, it subadviser) will be paid for services to each such Fund from the escrow account the lesser of (i) any costs incurred in performing services under the Interim Agreement; or (ii) the total amount in the escrow account (plus interest earned).

D. New Sub-Advisory Agreements

Nationwide Micro Cap Equity Fund and Nationwide Small Cap Leaders Fund (Small Cap Growth Sleeve)

Finally, the Board also approved at its January 11, 2007 meeting, a subadvisory agreement between the Trust, on behalf of the above-referenced Funds (“NorthPointe Funds”), NFA and NorthPointe Capital LLC (“NorthPointe”) to take effect

198 Semiannual Report 2007

upon the closing of the Transaction (“New SubAdvisory Agreement”). The Board considered NFA’s representation, as well as the representation of Nationwide Mutual Insurance Company (“Nationwide Mutual”) that as the NorthPointe Funds’ subadviser, NorthPointe will continue to provide the same nature and quality services that NorthPointe provided to the NorthPointe Funds as their adviser. The Board also noted that, as NFA will pay NorthPointe’s subadvisory fee out of the fee NFA receives from each NorthPointe Fund under the New Agreement, the New SubAdvisory Agreement would not result in any change in a NorthPointe Fund’s advisory fee. The Board also approved submission of the New SubAdvisory Agreement to shareholders of record of the NorthPointe Funds as of February 2, 2007. Shareholders of the Nationwide Small Cap Leaders Fund have approved the New Agreement and New SubAdvisory Agreement and these become effective on April 30, 2007. As described above, shareholders of the Micro Cap Equity Fund have not yet approved their New Agreement and New SubAdvisory Agreement described immediately above in Section C.

The Board also noted Nationwide Mutual’s stated intention to seek unaffiliated potential buyers for NorthPointe, in particular Nationwide Mutual’s goal to seek a buyer that will continue to employ the portfolio managers who currently manage the NorthPointe Funds and to recommend to the Board, that if acquired by an unaffiliated adviser, then-unaffiliated NorthPointe be retained as an unaffiliated subadviser so that the NorthPointe Funds may continue to be managed by the same portfolio managers who currently manage the NorthPointe Funds, without disruption of service. No assurances were given, however, that the foregoing matters would materialize. The Board further considered that, under the Manager of Managers Exemptive Order, NFA, with the Board’s approval, is permitted to hire (and fire) unaffiliated subadvisers, such as NorthPointe would become if it were sold to an unaffiliated party, without seeking shareholder approval. Nationwide Mutual and NFA discussed with the Board that if NorthPointe is sold (and therefore becomes unaffiliated with NFA) and the Board approves the hiring of NorthPointe as subadviser to the NFA Funds, shareholders of the NFA Funds will receive notification of this within 90 days from the date of effectiveness of the hiring.

Nationwide Mid Cap Growth Leaders Fund

Additionally, with respect to the Nationwide Mid Cap Growth Leaders Fund (“Mid Cap Growth”) the Board also approved at its January 11, 2007 meeting, a subadvisory agreement between the Trust, on behalf of Mid Cap Growth, NFA and Nationwide Separate Accounts, LLC (“NSA”) to take effect upon the closing of the Transaction (“New SubAdvisory Agreement”). The Board considered NFA’s representation, as well as the representation of Nationwide Mutual Insurance Company (“Nationwide Mutual”) that as Mid Cap Growth’s subadviser, NSA will continue to provide the same nature and quality services that NSA provided to Mid Cap Growth as its adviser. The Board also noted that, as NFA will pay NSA’s subadvisory fee out of the fee NFA receives from Mid Cap Growth under the New Agreement, the New SubAdvisory Agreement would not result in any change in Mid Cap Growth’s advisory fee. The Board also approved submission of the New SubAdvisory Agreement to shareholders of record of Mid Cap Growth as of February 2, 2007. Shareholders of Mid Cap Growth have approved the New Agreement and New SubAdvisory Agreement and these become effective on April 30, 2007.

The Board also noted Nationwide Mutual’s stated intention to seek unaffiliated potential buyers for NSA, in particular Nationwide Mutual’s goal to seek a buyer that will continue to employ the portfolio managers who currently manage Mid Cap Growth’s and to recommend to the Board, that if acquired by an unaffiliated adviser, then-unaffiliated NSA be retained as an unaffiliated subadviser so that Mid Cap Growth may continue to be managed by the same portfolio managers who currently manage Mid Cap Growth, without disruption of service. No assurances were given, however, that the foregoing matters would materialize. The Board further considered that, under the Manager of Managers Exemptive Order, NFA, with the Board’s approval, is permitted to hire (and fire) unaffiliated subadvisers, such as NSA would become if it were sold to an unaffiliated party, without seeking shareholder approval. Nationwide Mutual and NFA discussed with the Board that if NSA is sold (and therefore becomes unaffiliated with NFA) and the Board approves the hiring of NSA as subadviser to Mid Cap Growth, shareholders of Mid Cap Growth will receive notification of this within 90 days from the date of effectiveness of the hiring.

2007 Semiannual Report 199

Supplemental Information (Unaudited)

Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Enhanced Income Fund, Nationwide Large Cap Value Fund, Nationwide Mid Cap Growth Fund, Nationwide Mid Gap Growth Leaders Fund, Nationwide Value Opportunities Fund and NorthPointe Small Cap Growth Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Enhanced Income Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”)) (With respect to Nationwide Mid Cap Growth Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC (“NorthPointe”)). (With respect to Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund and Northpointe Small Cap Growth Fund, the amended subadvisory agreement is between Nationwide Fund Advisors and NorthPointe.) (With respect to Nationwide Mid Cap Growth Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Nationwide Separate Accounts, LLC.)

Voting Results

The voting results of each of the Funds on Proposal 1 is presented below:

	Shares		Shares		Shares		Broker
Fund	Voted For		Voted Against		Abstained		Non-Votes		Total
Nationwide Enhanced Income Fund		40,821,130.029		0.00		17.945		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,202,766.122		9,246.817		339,963.381		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,340,509.175		10,496.530		11,545.880		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,073.672		26,219.717		24,462.450		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880

The voting results of each of the Funds on Proposal 2 is presented below:

Nationwide Enhanced Income Fund	40,820,112.409	0.00	1,035.565	0.00	40,821,147.974
Nationwide Large Cap Value Fund	1,203,007.960	10,824.817	338,143.543	0.00	1,551,976.320
Nationwide Mid Cap Growth Fund	323,554.732	0.00	1,565.320	0.00	325,120.052
Nationwide Mid Gap Growth Leaders Fund	1,338,622.785	9,481.750	14,510.050	0.00	1,362,551.585
Nationwide Value Opportunities Fund	558,652.732	26,219.717	23,883.390	0.00	608,755.839
NorthPointe Small Cap Growth Fund	4,040,197.880	0.00	0.00	0.00	4,040,197.880

*  This meeting was previously adjourned on April 23, 2007.

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide Emerging Markets Fund, Nationwide Global Financial Services Fund, Nationwide Global Health Sciences Fund, Nationwide Global Natural Resources Fund, Nationwide Global Technology and Communications Fund, Nationwide Global Utilities Fund, Nationwide Government Bond Fund, Nationwide Hedged Core Equity Fund, Nationwide International Growth Fund, Nationwide International Index Fund, Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Market Neutral Fund, Nationwide Mid Cap Market Index Fund, Nationwide Fund, Nationwide Leaders Fund, Nationwide Optimal Allocations Fund: Defensive, Nationwide S&P 500 Index Fund, Nationwide Small Cap Core Fund,

200 Semiannual Report 2007

Nationwide Small Cap Growth Opportunities Fund, Nationwide Small Cap Index Fund, Nationwide Small Cap Value Fund and Nationwide Tax-Free Income Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

	Shares		Shares		Shares		Broker
Fund	Voted For		Voted Against		Abstained		Non-Votes		Total
Nationwide Bond Fund		5,218,564.322		81,566.635		273,001.134		0.00		5,573,132.091
Nationwide Bond Index Fund		208,792,760.157		24,347.719		35,026.844		0.00		208,852,134.720
Nationwide Emerging Markets Fund		2,110,101.855		10,081.391		24,931.760		0.00		2,145,115.006
Nationwide Global Financial Services Fund		2,030,384.848		14,978.340		12,217.583		0.00		2,057,580.771
Nationwide Global Health Sciences Fund		1,840,724.716		1,157.540		119,085.974		0.00		1,960,968.230
Nationwide Global Natural Resources Fund		1,269,313.120		12,765.120		25,473.760		0.00		1,307,552.000
Nationwide Global Technology and Communications Fund		3,334,211.460		4,262.770		2,868.000		0.00		3,341,342.230
Nationwide Global Utilities Fund		1,187,626.660		3,058.000		12,745.270		0.00		1,203,429.930
Nationwide Government Bond Fund		6,290,315.081		35,494.549		463,741.994		0.00		6,789,551.624
Nationwide Hedged Core Equity Fund		511,476.260		0.00		0.00		0.00		511,476.260
Nationwide International Growth Fund		2,933,870.260		20,794.666		48,792.633		0.00		3,003,457.559
Nationwide International Index Fund		202,160,342.794		83,946.437		743,731.497		0.00		202,988,020.728
Nationwide Investor Destinations Aggressive Fund		41,154,156.373		239,630.543		5,359,040.546		0.00		46,752,827.462
Nationwide Investor Destinations Moderately Aggressive Fund		65,350,205.390		490,145.648		7,212,491.082		0.00		73,052,842.120
Nationwide Market Neutral Fund		1,113,910.940		0.00		0.00		0.00		1,113,910.940
Nationwide Mid Cap Market Index Fund		84,223,226.122		95,271.232		254,729.872		0.00		84,573,227.226
Nationwide Fund		36,434,428.689		933,224.322		2,413,402.432		0.00		39,781,055.443
Nationwide Leaders Fund		685,935.097		2,855.930		3,994.130		0.00		692,785.157
Nationwide Optimal Allocations Fund:
Defensive		102,743.060		0.00		0.00		0.00		102,743.060
Nationwide S&P 500 Index Fund		261,136,337.727		380,161.400		1,239,967.560		0.00		262,756,466.687
Nationwide Small Cap Core Fund		501,478.650		0.00		0.00		0.00		501,478.650
Nationwide Small Cap Growth Opportunities Fund		507,304.180		0.00		0.00		0.00		507,304.180
Nationwide Small Cap Index Fund		49,448,961.560		256,547.642		1,348,275.570		0.00		51,053,784.772
Nationwide Small Cap Value Fund		519,898.320		0.00		0.00		0.00		519,898.320
Nationwide Tax-Free Income Fund		7,610,933.230		160,286.360		614,470.740		0.00		8,385,690.330

2007 Semiannual Report 201

Supplemental Information (Unaudited) (Continued)

*  This meeting was previously adjourned on April 23, 2007.

On April 27, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Growth Fund and Nationwide Money Market Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

	Shares		Shares		Shares		Broker
Fund	Voted For		Voted Against		Abstained		Non-Votes		Total
Nationwide Growth Fund		808,891,299.919		18,580,718.168		40,472,590.866		0.00		868,944,608.953
Nationwide Money Market Fund		11,752,499.756		505,731.299		778,074.060		0.00		13,036,305.115

*  This meeting was previously adjourned twice — first on April 23, 2007 and again on April 25, 2007.

On April 30, 2007, a Special Meeting of Shareholders of NorthPointe Small Cap Value Fund was held at which the shareholders of the Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of the Fund.

2. To approve an amended subadvisory agreement with NorthPointe Capital LLC, on behalf of the Fund.

Voting Results

The voting results of the Fund on Proposal 1 and 2 is presented below:

	Shares		Shares		Shares		Broker
	Voted For		Voted Against		Abstained		Non-Votes		Total
Proposal 1		1,636,031.300		0.00		0.00		0.00		1,636,031.300
Proposal 2		1,636,031.300		0.00		0.00		0.00		1,636,031.300

*  This meeting was previously adjourned three times — first on April 23, 2007, then on April 25, 2007, and again on April 27, 2007.

A Special Meeting of the Shareholders of Nationwide Micro Cap Equity Fund, Nationwide Short Duration Bond Fund and Nationwide Small Cap Leaders Fund was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Micro Cap Equity Fund and Nationwide Small Cap Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC) (With respect to Nationwide Short Duration Bond Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”))

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

202 Semiannual Report 2007

A Special Meeting of the Shareholders of Nationwide China Opportunities Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Conservative Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Small Cap Fund, Nationwide Worldwide Leaders Fund, Nationwide U.S. Growth Leaders Fund, Nationwide U.S. Growth Leaders Long-Short Fund, Nationwide Optimal Allocations Fund: Specialty, and Nationwide Optimal Allocations Fund: Growth was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

2007 Semiannual Report 203

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SemiannualReport

April 30, 2007 (Unaudited)

	Contents
	Index Series*
3	Nationwide Bond Index Fund
26	Nationwide International Index Fund
55	Nationwide Mid Cap Market Index Fund
67	Nationwide S&P 500 Index Fund
80	Nationwide Small Cap Index Fund
126	Notes to Financial Statements

* Prior to May 1, 2007, each Fund was known as Gartmore Fund.

Commentary provided by Nationwide Fund Advisors, investment adviser to Nationwide Funds. All opinions and estimates included in this report constitute the Adviser’s judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.nationwidefunds.com or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective as determined by Lipper.

Rankings based on Class A shares of the Fund. Other share classes may have different performance characteristics. Fund performance may now be higher or lower than the performance shown. Performance reflects certain fee waivers, without which returns would be lower.

The Lipper scores listed are based on monthly data. Lipper scores are subject to change every month. The Lipper Average is a straight average of the specific Lipper Universe.

This information is provided for educational purposes only and should not be considered investment advice. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

International investing involves additional risks, including currency fluctuations, differences in accounting standards, economic and political instability, illiquidity and higher trading costs, and differences in foreign regulations, all of which are magnified in emerging markets.

Investing in mutual funds involves risk, including possible loss of principal.

There is no assurance that the investment objective of any fund will be achieved.

There is no assurance that a diversified portfolio will produce better results than a nondiversified portfolio.

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Russell 2000^® Index: An unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 U.S. companies in the Russell 3000^® Index, which measures the performance of the largest 3,000 U.S. companies, based on market capitalization.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Standard & Poor’s (S&P) MidCap 400 Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies.

Market indexes have been provided for comparison purposes only. Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and no fees or expenses have been reflected. Individuals cannot invest directly in an index.

Third-party information has been obtained from and is based on sources Nationwide Funds Group believes to be reliable.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

Performance shown is for Class A shares at NAV. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

Sales charge and fee information:

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

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

The Funds’ adviser, one of its affiliated advisers, or its employees, may have a position in the securities named in this report.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is subject to change at any time.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read it carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

2 Semiannual Report 2007

Nationwide Bond Index Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Bond Index Fund (Class A at NAV) returned 2.29% versus 2.63% for its benchmark, the Lehman Brothers U.S. Aggregate Index. For broader comparison, the average return for the Fund’s Lipper peer category of Intermediate Investment Grade Debt Funds (consisting of 542 funds as of April 30, 2007) was 2.53%.

Can you describe the market environment during the reporting period?

The 10-year U.S. Treasury note yield stood at 4.63% on April 30, 2007, representing an increase of just two basis points (bps) since the beginning of the semiannual period. Yields on one-month Treasury bills declined from 5.18% to 4.80% during the period, while yields on two-year Treasury notes fell 11 bps, or 0.11%, to 4.60%.

Long-term bond yields traded in a relatively narrow range during the reporting period, ending with little change. Moderate economic activity and relatively tame inflationary pressures kept financial conditions fairly balanced. The federal funds rate remained at 5.25% on April 30, 2007, a level that has been sustained since June 2006. Late in the period, turmoil in the subprime mortgage market exacerbated fears of a slowdown in economic growth. Inflation was moderate by historical standards yet persisted at a level above the Federal Reserve Board’s implicit comfort zone. The prices of short-term bonds responded by rallying on increased expectations of a Federal Reserve interest-rate cut; at the same time, longer-maturity issues sold off as a result of inflationary fears. Consequently, the yield curve— a plotted graph line of the yields (or interest rates) on long-term and short-term maturity bonds, usually Treasury securities steepened slightly (yields on shorter-term securities declined while longer-term yields rose). For some time before that, yields had been flat (short- and long-term yields were virtually equal) to inverted (the yields on short-term issues exceeded those of long-term issues).

The preliminary estimate of first-quarter 2007 gross domestic product (GDP) growth came in at 1.3%, which was weaker than expected and would be the slowest pace in four years. Although manufacturing and industrial production data came in weaker, durable goods orders bounced back briskly in March. While housing starts rose unexpectedly in March, the second consecutive month for such activity, home sales data disappointed.

What areas detracted from Fund performance?

Although U.S. Treasuries finished the reporting period in positive territory, these instruments were the weakest performers in the Fund and the Index.

What areas of investment provided the most positive returns for the Fund?

All sectors within the Lehman Brothers U.S. Aggregate Index saw modest gains during the reporting period. The mortgage-backed securities (MBS), corporate bond and U.S. Agency sectors posted the highest returns within the Index.

What is your outlook for the near term?

While U.S. equity markets have recovered from their setback in early 2007 to reach new highs, bond markets have been more nervous about the incoming market data. With the Fed currently at an uncomfortable neutral position— below-trend growth and above-trend inflation— the market has been watching the data. We believe, however, that the evidence thus far has not been convincing either way. We maintain our view that economic growth will continue to moderate slowly and that the Fed will remain on hold with interest rates for the remainder of the year.

The Fund seeks to match the performance of the Lehman Brothers U.S. Aggregate Index as closely as possible before the deduction of Fund expenses.

Portfolio Managers: BlackRock Investment Management, LLC— Subadviser; Keith Anderson, Scott Amero, Andrew Philips and Matthew Marra

Funds in the Lipper Intermediate Investment Grade Debt Funds category invest at least 65% of their assets in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to 10 years.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of April 2007 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance does not guarantee future results. There is no guarantee that any forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader.

2007 Semiannual Report 3

Nationwide Bond Index Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		10 Yr.1		Ratio**		Ratio**
Class A	w/o SC2		2.29%		6.68%		4.43%		5.91%		0.74%		0.71%
	w/SC3		-3.59%		0.51%		3.19%		5.29%
Class B4	w/o SC2		1.98%		6.04%		3.80%		5.56%		1.35%		1.32%
	w/SC5		-3.02%		1.04%		3.45%		5.56%
Class C7	w/o SC2		1.95%		5.91%		3.80%		5.56%		1.35%		1.32%
	w/SC8		0.95%		4.91%		3.80%		5.56%
Institutional Class6			2.49%		7.00%		4.84%		6.23%		0.35%		0.32%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	These returns until the creation of Class A and Institutional shares (12/29/99) include the performance of the Master Aggregate Bond Index Series (the “Series”), which began operations on April 3, 1997. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Institutional Class shares would have produced because these classes of the Fund’s shares invested in the same portfolio of securities as the Series. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees applicable to such classes; if these fees were reflected, the performance for Class A and Institutional Class shares would have been lower.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	These returns until the creation of Class B shares (10/12/01) include performance based on the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to October 11, 2001. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.
5	A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
6	Not subject to any sales charges.
7	These returns are based on the previous performance of the Fund for the period through December 28, 1999, the Class A shares from December 29, 1999 until October 11, 2001 and the Class B shares from October 12, 2001 to December 31, 2005. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because all classes invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C would have been lower.
8	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

4 Semiannual Report 2007

Nationwide Bond Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Bond Index Fund, the Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The LB Aggregate Bond is an unmanaged index comprised of U.S. government securities and corporate debt securities and is generally representative of the bond market as a whole.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 5

Shareholder Nationwide Bond Index Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses
			Account Value		Account Value		Paid		Annualized
Nationwide Bond Index Fund			11/01/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,022.90	$	3.51		0.70%
	Hypothetical	1	$	1,000.00	$	1,021.53	$	3.51		0.70%
Class B	Actual		$	1,000.00	$	1,019.80	$	6.61		1.32%
	Hypothetical	1	$	1,000.00	$	1,018.45	$	6.63		1.32%
Class C	Actual		$	1,000.00	$	1,019.50	$	6.61		1.32%
	Hypothetical	1	$	1,000.00	$	1,018.45	$	6.63		1.32%
Institutional Class	Actual		$	1,000.00	$	1,024.90	$	1.61		0.32%
	Hypothetical	1	$	1,000.00	$	1,023.41	$	1.61		0.32%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

6 Semiannual Report 2007

Portfolio Summary

Nationwide Bond Index Fund

(April 30, 2007)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
U.S. Government Agency Long-Term Obligations	52.2%
Corporate Bonds	27.2%
U.S. Treasury Notes	9.9%
Repurchase Agreements	8.1%
Sovereign Bonds	3.6%
Yankee Dollars	2.0%
Asset-Backed Securities	1.6%
U.S. Government Sponsored & Agency Obligations	1.5%
U.S. Treasury Obligations	1.5%
Mortgage-Backed Obligations	0.4%
Municipal Bonds	0.1%
Other Investments*	1.9%
Liabilities in excess of other assets**	-10.0%
	100.0%

Top Industries
Banks	7.2%
Diversified Financial Services	6.1%
Other Financial	4.9%
Automobiles	2.4%
Service Companies	2.1%
Manufacturing	2.0%
Electric Power	1.4%
Telephones	1.1%
Energy Companies	0.8%
Consumer Goods	0.8%
Other	71.2%
	100.0%

Top Holdings***
U.S. Treasury Notes, 4.50%, 09/30/11	2.8%
U.S. Treasury Notes, 4.75%, 02/15/10	2.8%
Federal National Mortgage Association, 5.75%, 02/15/08	2.8%
Federal Home Loan Mortgage Corporation, Pool #A53632, 6.00%, 10/01/36	2.3%
U.S. Treasury Bonds, 6.25%, 08/15/23	2.1%
Federal Home Loan Mortgage Corporation, Pool #A49653, 5.50%, 06/01/36	2.0%
U.S. Treasury Bonds, 6.38%, 08/15/27	1.5%
U.S. Treasury Notes, 4.00%, 02/15/15	1.4%
Federal Home Loan Mortgage Corporation, Pool #G02186, 5.00%, 05/01/36	1.4%
Federal National Mortgage Association, 6.63%, 09/15/09	1.3%
Other	79.6%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

See Accompanying Notes to Financial Statements

2007 Semiannual Report 7

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund

Asset-Backed Securities (1.6%) (a)
		Principal
		Amount		Value
Diversified Financial Services (1.6%)
Aegis Asset Backed Securities Trust,
	5.40%, 01/25/37	$	5,043,139	$	5,042,817
Fremont Home Loan Trust,
	5.49%, 01/25/36		4,715,660		4,716,706
Residential Accredit Loans, Inc.,
	5.50%, 11/25/36		6,225,406		6,216,892
Total Asset-Backed Securities     (Cost $15,986,766)					15,976,415
Corporate Bonds (27.2%)
Airline (0.0%)
Continental Airlines, Inc.,
	6.56%, 08/15/13		162,000		170,100
Automobiles (2.6%)
DaimlerChrysler AG
	4.05%, 06/04/08 (b)		451,000		444,707
	5.88%, 03/15/11		513,000		522,571
	7.30%, 01/15/12		271,000		292,209
	6.50%, 11/15/13 (b)		338,000		355,816
	8.50%, 01/18/31		256,000		322,574
Ford Credit Auto Owner Trust,
	5.42%, 07/15/09		9,533,991		9,538,349
Honda Auto Receivables Owner Trust,
	5.12%, 10/15/10		6,551,000		6,549,998
Nissan Auto Receivables Owner Trust,
	4.74%, 09/15/09		7,679,000		7,646,476
					25,672,700
Banks (6.7%)
Bank of America Corp.
	3.25%, 08/15/08		221,000		215,802
	4.50%, 08/01/10		144,000		141,918
	4.38%, 12/01/10		410,000		401,718
	5.38%, 08/15/11		267,000		270,117
	4.88%, 09/15/12		201,000		198,686
	4.88%, 01/15/13		451,000		444,065
	4.75%, 08/01/15		431,000		413,963
	5.25%, 12/01/15 (b)		513,000		508,277
	6.00%, 06/15/16		205,000		214,046
	5.63%, 10/14/16		1,845,000		1,881,256
	4.84%, 07/10/45		1,936,000		1,884,619
	5.36%, 10/10/45 (b)		2,830,000		2,823,430
Bank of New York Corp.,
	5.05%, 03/03/09		369,000		367,024
BB&T Corp.
	6.50%, 08/01/11		1,558,000		1,636,414
	4.75%, 10/01/12		164,000		160,644
Capital One Bank
	4.88%, 05/15/08		533,000		530,712
	5.75%, 09/15/10		164,000		166,481
Capital One Financial
	5.50%, 06/01/15		308,000		302,945
	5.25%, 02/21/17		211,000		201,090
Citigroup, Inc.
	6.38%, 11/15/08		113,000		115,072
	3.63%, 02/09/09		582,000		568,441
	4.13%, 02/22/10		369,000		360,897
	4.63%, 08/03/10 (b)		226,000		223,575
	6.50%, 01/18/11		92,000		96,360
	5.13%, 02/14/11		62,000		62,107
	6.00%, 02/21/12		103,000		106,871
	5.63%, 08/27/12		205,000		209,335
	5.30%, 01/07/16		246,000		244,960
	5.85%, 08/02/16		287,000		296,996
	6.63%, 06/15/32		232,000		253,226
	5.88%, 02/22/33		82,000		81,507
	5.85%, 12/11/34		625,000		629,232
Comerica, Inc.,
	4.80%, 05/01/15		123,000		116,421
Fifth Third Bank,
	4.20%, 02/23/10		707,000		692,516
First Union National Bank,
	6.14%, 03/15/33		2,187,519		2,245,984
Golden West Financial Corp.,
	4.75%, 10/01/12		109,000		106,978
HSBC Bank USA
	3.88%, 09/15/09		728,000		708,525
	4.63%, 04/01/14		410,000		393,296
	5.88%, 11/01/34		498,000		496,314
JP Morgan Chase & Co.
	6.25%, 01/15/09		41,000		41,681
	3.50%, 03/15/09 (b)		1,005,000		976,930
	7.88%, 08/01/10		41,000		44,447
	4.50%, 11/15/10		1,128,000		1,105,829
	4.60%, 01/17/11		410,000		402,562
	5.60%, 06/01/11		1,435,000		1,462,061
	6.63%, 03/15/12		447,000		474,067
	5.25%, 01/30/13		103,000		103,156
	4.75%, 03/01/15 (b)		176,000		170,323
	5.15%, 10/01/15		349,000		343,378

8 Semiannual Report 2007

Corporate Bonds (continued)
		Principal
		Amount		Value
Banks (continued)
	5.88%, 06/13/16	$	308,000	$	318,595
	5.50%, 02/15/19 (a) (c) (d)		9,994,000		9,995,057
	8.00%, 04/29/27		202,000		247,057
	6.45%, 03/15/33		2,604,000		2,708,856
	6.47%, 11/15/35		2,264,000		2,371,018
	5.00%, 10/15/42 (a)		1,546,000		1,507,341
	5.88%, 04/15/45 (a) (b)		2,321,000		2,413,855
	5.44%, 06/12/47		2,461,000		2,464,906
JP Morgan Commercial Mortgage Securities Corp.,
	6.85%, 11/15/35 (a) (c) (d)		1,292,000		1,381,318
Key Bank NA
	5.70%, 08/15/12		185,000		189,019
	5.80%, 07/01/14		103,000		105,465
M & T Bank Corp.,
	3.85%, 04/01/13		300,000		296,676
Marshall & Ilsley Bank,
	5.25%, 09/04/12 (b)		113,000		113,550
MBNA America Bank Corp.
	4.63%, 08/03/09		874,000		866,757
	5.00%, 05/04/10		226,000		225,936
	7.13%, 11/15/12 (c) (d)		140,000		152,830
National City Corp.
	3.20%, 04/01/08		164,000		160,830
	4.90%, 01/15/15		246,000		237,652
Nationsbank Corp.,
	6.60%, 05/15/10		82,000		85,611
PNC Funding Corp.,
	5.25%, 11/15/15		246,000		242,673
Popular North America, Inc.,
	4.70%, 06/30/09		226,000		223,299
Regions Financial Corp.,
	6.38%, 05/15/12		62,000		64,777
Sanwa Bank Ltd.,
	7.40%, 06/15/11 (b)		246,000		266,645
Sovereign Bancorp., Inc.,
	5.13%, 03/15/13		200,000		196,662
State Street Bank and Trust,
	5.30%, 01/15/16		200,000		198,883
SunTrust Banks, Inc.
	5.20%, 01/17/17		123,000		121,021
	5.45%, 12/01/17		127,000		126,784
Synovus Financial Corp.,
	4.88%, 02/15/13		62,000		61,032
U.S. Bancorp,
	4.50%, 07/29/10 (b)		205,000		201,717
U.S. Bank NA
	4.95%, 10/30/14		185,000		180,980
	4.80%, 04/15/15		92,000		88,374
U.S. Bank NA Minnesota,
	6.38%, 08/01/11		349,000		365,515
Union Planters Corp.,
	4.38%, 12/01/10		62,000		60,772
Unionbancal Corp.,
	5.25%, 12/16/13		144,000		142,961
Wachovia Bank Commercial Mortgage Trust, Series 06-C29, Class A4,
	5.31%, 11/15/48		2,050,000		2,032,820
Wachovia Corp.
	3.63%, 02/17/09		1,220,000		1,189,437
	5.30%, 10/15/11		1,435,000		1,445,994
	4.88%, 02/15/14		127,000		123,667
	5.60%, 03/15/16		492,000		498,134
	7.12%, 04/15/34		1,189,000		1,254,613
	5.50%, 08/01/35		338,000		316,408
	5.57%, 10/15/48 (a) (b)		1,968,000		1,993,175
Washington Mutual Bank,
	5.13%, 01/15/15		718,000		691,509
Washington Mutual, Inc.
	4.00%, 01/15/09		205,000		200,847
	5.50%, 01/15/13		182,000		181,368
Wells Fargo & Co.
	3.50%, 04/04/08 (b)		256,000		251,757
	3.13%, 04/01/09		882,000		851,750
	4.20%, 01/15/10		328,000		321,846
	6.45%, 02/01/11		591,000		618,858
	5.13%, 09/15/16		144,000		141,352
	5.38%, 02/07/35		318,000		299,620
					66,693,833
Building Products (0.1%)
CRH America, Inc.,
	6.00%, 09/30/16		615,000		628,703
Computers & Peripherals (0.0%)
Cisco Systems, Inc.,
	5.25%, 02/22/11		205,000		206,464
Consumer Goods (0.7%)
Altria Group, Inc.,
	7.00%, 11/04/13		410,000		445,196
Anheuser-Busch Co., Inc.
	4.38%, 01/15/13		21,000		20,133

2007 Semiannual Report 9

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Consumer Goods (continued)
	5.00%, 03/01/19	$	164,000	$	156,104
	5.75%, 04/01/36		226,000		218,876
	6.00%, 11/01/41		103,000		101,087
Archer-Daniels-Midland
	5.94%, 10/01/32		240,000		237,039
	5.38%, 09/15/35		103,000		95,322
Bottling Group LLC,
	4.63%, 11/15/12		287,000		280,494
Cadbury Schweppes PLC,
	5.13%, 10/01/13 (c) (d)		123,000		119,875
Campbell Soup Co.,
	4.88%, 10/01/13		164,000		160,497
Coca-Cola Bottling Co.,
	5.00%, 11/15/12		62,000		60,681
Coca-Cola Enterprises, Inc.
	8.50%, 02/01/12		246,000		280,823
	6.95%, 11/15/26		103,000		115,184
	6.75%, 09/15/28		244,000		267,723
Conagra Foods, Inc.,
	6.75%, 09/15/11		62,000		65,483
Fortune Brands, Inc.
	5.13%, 01/15/11		287,000		284,335
	5.38%, 01/15/16		185,000		175,671
General Mills, Inc.,
	6.00%, 02/15/12		185,000		191,338
Hershey Co.,
	5.45%, 09/01/16		267,000		268,141
JC Penney Corp, Inc.,
	5.75%, 02/15/18		600,000		598,621
Kellogg Co.
	2.88%, 06/01/08		420,000		409,008
	7.45%, 04/01/31		103,000		121,387
Kraft Foods, Inc.
	4.13%, 11/12/09		410,000		399,748
	5.63%, 11/01/11		326,000		330,187
	6.50%, 11/01/31		131,000		134,579
Miller Brewing Co.,
	5.50%, 08/15/13 (c) (d)		103,000		103,399
Pepsi Bottling Group, Inc.,
	7.00%, 03/01/29		144,000		164,251
PepsiAmericas, Inc.,
	4.88%, 01/15/15		308,000		297,571
Procter & Gamble Co.
	6.88%, 09/15/09		131,000		136,505
	4.95%, 08/15/14 (b)		205,000		202,097
	4.85%, 12/15/15 (b)		123,000		119,982
	5.80%, 08/15/34		205,000		210,098
Sara Lee Corp.,
	6.25%, 09/15/11		174,000		179,790
Sysco Corp.,
	5.38%, 09/21/35		74,000		69,545
Unilever Capital Corp.
	7.13%, 11/01/10		226,000		239,930
	5.90%, 11/15/32		144,000		141,315
WM Wrigley Jr Co.,
	4.65%, 07/15/15		150,000		143,669
					7,545,684
Diversified Financial Services (4.4%)
AXA Financial, Inc.,
	7.75%, 08/01/10		185,000		199,387
Bear Stearns Co., Inc.
	4.55%, 06/23/10		2,543,000		2,501,018
	4.66%, 06/11/41		1,384,000		1,317,503
Countrywide Home Loans, Inc.,
	3.25%, 05/21/08		125,000		122,195
Credit Suisse First Boston Mortgage Corp.
	5.72%, 11/15/19 (a) (c) (d)		10,252,000		10,246,998
	6.73%, 12/18/35		2,078,000		2,178,450
	5.18%, 11/15/36		2,050,000		2,042,175
Credit Suisse First Boston USA, Inc.,
	5.52%, 08/15/18 (a) (c) (d)		656,939		656,943
CW Capital Cobalt,
	5.22%, 08/15/48		2,461,000		2,423,960
Financing Corp.,
	9.80%, 11/30/17		12,000		16,656
Goldman Sachs Mortgage Securities Corp.,
	5.28%, 08/10/38 (a)		2,133,000		2,131,358
Household Finance Corporation,
	5.88%, 02/01/09		664,000		671,613
KFW International Finance,
	5.13%, 05/13/09		1,500,000		1,511,358
Lehman Brothers Holdings, Inc.
	3.50%, 08/07/08		492,000		480,845
	5.50%, 04/04/16 (b)		1,025,000		1,026,307
Lehman Brothers - UBS Commercial Mortgage Trust,
	5.12%, 11/15/32 (b)		2,161,000		2,147,167
Lincoln National Corp.,
	6.15%, 04/07/36		410,000		421,231

10 Semiannual Report 2007

Corporate Bonds (continued)
		Principal
		Amount		Value
Diversified Financial Services (continued)
Morgan Stanley
	6.20%, 11/15/31	$	4,510,795	$	4,562,589
	6.71%, 12/15/31		1,540,177		1,561,668
	4.73%, 06/12/47		2,153,000		2,125,640
Residential Capital Corp.
	6.38%, 06/30/10		205,000		205,548
	5.65%, 08/25/35 (a)		4,106,748		4,102,699
SLM Corp.,
	5.13%, 08/27/12		1,025,000		957,182
					43,610,490
Electric Power (1.4%)
Alabama Power Co.,
	5.70%, 02/15/33 (b)		226,000		222,557
American Electric Power Co.,
	5.25%, 06/01/15		133,000		131,616
Appalachian Power Co.,
	5.80%, 10/01/35		144,000		139,438
Arizona Public Service Co.,
	5.50%, 09/01/35		150,000		135,428
Baltimore Gas & Electric,
	5.90%, 10/01/16 (c) (d)		615,000		625,619
Centerpoint Energy Resources,
	7.88%, 04/01/13		246,000		274,733
Cincinnati Gas & Electric Co.,
	5.40%, 06/15/33		51,000		45,788
Cincinnati Gas & Electric Corp.,
	5.70%, 09/15/12		29,000		29,553
Commonwealth Edison Corp.,
	6.15%, 03/15/12		82,000		83,209
Consolidated Edison, Inc.
	4.70%, 06/15/09		103,000		102,241
	7.15%, 12/01/09		25,000		26,232
	4.88%, 02/01/13		86,000		84,370
	5.38%, 12/15/15		123,000		123,118
	5.88%, 04/01/33		82,000		82,441
Consolidated Natural Gas, Inc.,
	5.00%, 12/01/14		396,000		385,519
Constellation Energy Group, Inc.,
	6.13%, 09/01/09		217,000		221,095
Consumers Energy - ITC
	4.25%, 04/15/08		84,000		83,116
	4.00%, 05/15/10		82,000		79,083
Dominion Resources, Inc.
	5.70%, 09/17/12		113,000		115,898
	6.30%, 03/15/33		308,000		316,586
	5.95%, 06/15/35		174,000		171,556
DTE Energy Co.,
	6.35%, 06/01/16		287,000		299,855
Entergy Gulf States, Inc.,
	5.25%, 08/01/15		123,000		117,441
Entergy Mississippi, Inc.,
	5.15%, 02/01/13		201,000		196,591
FirstEnergy Corp.,
	7.38%, 11/15/31		287,000		329,459
Florida Power & Light Co.
	4.85%, 02/01/13		103,000		101,272
	5.85%, 02/01/33		70,000		70,984
	5.90%, 03/01/33		47,000		47,219
	5.95%, 10/01/33		53,000		54,472
	5.40%, 09/01/35		90,000		85,686
General Electric Capital Corp.,
	4.35%, 06/10/48		2,461,000		2,411,399
Georgia Power Corp.,
	5.13%, 11/15/12		74,000		73,854
Metropolitan Edison,
	4.88%, 04/01/14		164,000		157,618
MidAmerican Energy Holdings Co.
	5.88%, 10/01/12		441,000		455,363
	6.13%, 04/01/36		205,000		208,371
New York State Electric & Gas Corp.,
	5.75%, 05/01/23		41,000		39,209
Ohio Power Co.
	6.00%, 06/01/16		349,000		361,573
	6.60%, 02/15/33		164,000		176,492
Oncor Electric Deliver
	6.38%, 05/01/12		68,000		70,941
	6.38%, 01/15/15		308,000		321,364
Pacific Gas & Electric Co.
	3.60%, 03/01/09		451,000		439,320
	4.20%, 03/01/11 (b)		492,000		477,313
	4.80%, 03/01/14		328,000		318,500
	5.80%, 03/01/37		400,000		394,158
Pacificorp,
	5.25%, 06/15/35		123,000		113,123
Pepco Holdings, Inc.
	6.45%, 08/15/12		74,000		77,571
	7.45%, 08/15/32		82,000		94,020
Progress Energy, Inc.
	7.10%, 03/01/11		85,000		90,787
	7.75%, 03/01/31		164,000		198,593

2007 Semiannual Report 11

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Electric Power (continued)
PSEG Power Corp.
	6.95%, 06/01/12	$	51,000	$	54,546
	5.50%, 12/01/15		287,000		283,899
Public Service Co. of Colorado,
	5.50%, 04/01/14		174,000		175,682
Public Service Electric & Gas,
	5.13%, 09/01/12		135,000		134,425
Public Service New Mexico Corp.,
	4.40%, 09/15/08		72,000		71,062
Puget Energy, Inc.,
	5.48%, 06/01/35		103,000		94,711
Scana Corp.
	6.88%, 05/15/11		359,000		381,072
	6.25%, 02/01/12		103,000		107,415
South Carolina Electric & Gas Co.,
	4.80%, 10/01/12		267,000		263,044
Southern California Edison Co.
	6.00%, 01/15/34 (b)		123,000		126,919
	5.55%, 01/15/36		164,000		159,088
Southern Power Co.,
	6.25%, 07/15/12		174,000		181,282
TXU Energy Co.,
	6.13%, 03/15/08		316,000		317,626
Virginia Electric Power,
	5.40%, 01/15/16		103,000		102,568
Westar Energy, Inc.,
	6.00%, 07/01/14		185,000		190,398
Wisconsin Electric Power,
	5.63%, 05/15/33		41,000		39,859
Wisconsin Energy Corp.,
	5.50%, 12/01/08		123,000		123,567
Xcel Energy, Inc.
	5.61%, 04/01/17		173,000		172,769
	6.50%, 07/01/36		123,000		129,411
					14,371,087
Energy Companies (0.7%)
AGL Capital Corp.,
	4.45%, 04/15/13		123,000		115,965
Amerada Hess Corp.,
	7.30%, 08/15/31		246,000		275,032
Apache Corp.
	6.25%, 04/15/12		160,000		167,315
	7.63%, 07/01/19		41,000		47,110
Atmos Energy Corp.
	4.00%, 10/15/09		287,000		278,532
	5.13%, 01/15/13		92,000		89,579
	4.95%, 10/15/14 (b)		185,000		176,343
BP Amoco PLC,
	5.90%, 04/15/09		82,000		83,393
Colonial Pipeline,
	7.63%, 04/15/32 (d)		150,000		186,325
Conoco Funding Co.,
	4.75%, 10/15/12		470,000		464,442
Conoco, Inc.,
	6.95%, 04/15/29		152,000		173,539
Conocophillips,
	5.90%, 10/15/32 (b)		123,000		125,280
Duke Energy Corp.
	3.75%, 03/05/08		492,000		485,800
	6.25%, 01/15/12		480,000		501,423
Enterprise Products,
	5.60%, 10/15/14		656,000		658,051
Halliburton Co.,
	5.50%, 10/15/10		328,000		332,101
Kinder Morgan Energy Partners LP
	7.50%, 11/01/10		144,000		154,314
	6.75%, 03/15/11 (b)		64,000		67,355
	5.80%, 03/15/35		144,000		134,409
Marathon Oil Corp,
	6.80%, 03/15/32		82,000		91,095
Motiva Enterprises Corp.,
	5.20%, 09/15/12 (c) (d)		51,000		50,805
Murphy Oil Corp.,
	6.38%, 05/01/12		41,000		42,566
Nabors, Inc.,
	5.38%, 08/15/12		29,000		28,729
Occidental Petroleum,
	6.75%, 01/15/12		185,000		198,222
Ocean Energy, Inc.,
	7.25%, 10/01/11		402,000		431,145
Phillips Petroleum Co.
	8.75%, 05/25/10		246,000		272,082
	6.65%, 07/15/18		82,000		90,087
Plains All American Pipeline,
	5.63%, 12/15/13		230,000		230,280
Texas Gas Transmission Corp.,
	4.60%, 06/01/15		123,000		115,242
TGT Pipelines LLC,
	5.20%, 06/01/18		62,000		58,359

12 Semiannual Report 2007

Corporate Bonds (continued)
		Principal
		Amount		Value
Energy Companies (continued)
Valero Energy Corp.
	6.88%, 04/15/12	$	410,000	$	437,383
	7.50%, 04/15/32		82,000		95,095
Weatherford International, Inc.,
	5.50%, 02/15/16		51,000		50,091
XTO Energy, Inc.
	4.90%, 02/01/14		103,000		99,616
	5.30%, 06/30/15		195,000		190,448
	5.65%, 04/01/16		82,000		82,052
					7,079,605
Food Products (0.0%)
Conagra Foods, Inc.,
	7.00%, 10/01/28		154,000		165,996
Hotels, Restaurants & Leisure (0.7%) (a) (c) (d)
TW Hotel Funding,
	5.57%, 01/15/21		6,650,941		6,651,997
Independent Finance (0.1%)
Credit Suisse First Boston USA, Inc.
	4.13%, 01/15/10		277,000		271,224
	6.13%, 11/15/11		185,000		192,482
	6.50%, 01/15/12		246,000		260,259
	5.13%, 01/15/14 (b)		119,000		118,491
	7.13%, 07/15/32		595,000		706,503
					1,548,959
Insurance (0.1%)
Aetna, Inc.,
	6.00%, 06/15/16		750,000		776,468
North Front Pass,
	5.81%, 12/15/24 (c) (d)		205,000		202,877
					979,345
Manufacturing (1.5%)
Albemarle Corp.,
	5.10%, 02/01/15 (b)		82,000		78,375
Barrick Gold Finance, Inc.,
	4.88%, 11/15/14		160,000		154,218
Black & Decker Corp.,
	4.75%, 11/01/14		160,000		148,338
Boeing Co.,
	6.13%, 02/15/33		205,000		219,863
Caterpillar, Inc.,
	7.30%, 05/01/31		70,000		81,992
Caterpillar Financial Services Corp.,
	6.05%, 08/15/36		123,000		126,415
Centex Corp.
	7.88%, 02/01/11		103,000		108,652
	7.50%, 01/15/12		41,000		42,935
	6.50%, 05/01/16		246,000		241,416
Cisco Systems, Inc.,
	5.50%, 02/22/16		533,000		535,907
Clorox Co.,
	4.20%, 01/15/10		217,000		212,300
Cooper Industries, Inc.,
	5.50%, 11/01/09		72,000		72,618
Cytec Industries, Inc.,
	6.00%, 10/01/15		113,000		113,511
D.R. Horton, Inc.,
	6.00%, 04/15/11		451,000		448,835
Dell Computer Corp.,
	7.10%, 04/15/28		144,000		155,013
Dover, Corp.,
	4.88%, 10/15/15		156,000		150,702
Dow Chemical,
	6.00%, 10/01/12		410,000		422,549
Du Pont,
	5.25%, 12/15/16		615,000		603,147
Emerson Electric Co.,
	6.00%, 08/15/32		57,000		59,426
Exelon Corp.
	4.90%, 06/15/15		287,000		272,585
	5.63%, 06/15/35 (b)		164,000		154,119
General Electric Capital Corp.,
	5.00%, 02/01/13		646,000		641,321
Goodrich Corp.
	6.29%, 01/01/16		246,000		257,474
	6.80%, 07/01/36 (b)		129,000		139,733
Harris Corp.,
	6.35%, 02/01/28		103,000		105,240
Hewlett Packard Co.
	3.63%, 03/15/08		103,000		101,459
	6.50%, 07/01/12 (b)		103,000		109,510
Honeywell International, Inc.
	6.13%, 11/01/11		103,000		107,402
	5.40%, 03/15/16		490,000		488,942
IBM Corp.
	5.50%, 01/15/09		82,000		82,635
	4.75%, 11/29/12		359,000		354,840
	5.88%, 11/29/32		682,000		699,789

2007 Semiannual Report 13

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Manufacturing (continued)
International Paper Co.
	4.00%, 04/01/10	$	349,000	$	337,053
	5.93%, 10/30/12		30,000		30,492
	5.30%, 04/01/15		144,000		138,634
John Deere Capital Corp.,
	6.95%, 04/25/14		111,000		121,773
Johnson Controls, Inc.
	5.25%, 01/15/11		123,000		123,306
	4.88%, 09/15/13		123,000		119,301
Jones Apparel Group Inc.,
	6.13%, 11/15/34		66,000		57,690
Kimberly-Clark Corp.,
	5.63%, 02/15/12		205,000		209,500
Lennar Corp.
	5.95%, 03/01/13		37,000		36,232
	5.50%, 09/01/14		205,000		194,551
Lockheed Martin Corp.
	7.65%, 05/01/16		123,000		142,606
	6.15%, 09/01/36		246,000		256,266
Lubrizol Corp.
	5.50%, 10/01/14		246,000		241,514
	6.50%, 10/01/34		103,000		103,255
Masco Corp.
	5.88%, 07/15/12		148,000		149,193
	4.80%, 06/15/15		246,000		225,380
MDC Holdings, Inc.,
	5.50%, 05/15/13		103,000		98,407
Motorola, Inc.
	7.63%, 11/15/10		111,000		118,786
	7.50%, 05/15/25		144,000		157,799
Newell Rubbermaid, Inc.,
	4.00%, 05/01/10		62,000		60,127
Newmont Mining Corp.,
	5.88%, 04/01/35		164,000		153,929
Norsk Hydro A.S.A.,
	6.80%, 01/15/28		425,000		471,193
Northrop Grumman Corp.
	7.13%, 02/15/11		424,000		453,188
	7.75%, 02/15/31		82,000		101,495
Pitney Bowes, Inc.
	4.75%, 01/15/16 (b)		205,000		194,330
	4.75%, 05/15/18		62,000		57,656
Praxair, Inc.,
	3.95%, 06/01/13		123,000		115,266
Pulte Homes, Inc.
	4.88%, 07/15/09		236,000		232,599
	7.88%, 08/01/11		16,000		17,067
	6.25%, 02/15/13		43,000		42,835
	6.00%, 02/15/35		103,000		92,385
Raytheon Co.
	5.50%, 11/15/12		62,000		63,032
	6.40%, 12/15/18		144,000		155,713
	7.00%, 11/01/28		92,000		105,339
Rockwell Collins Corp.,
	4.75%, 12/01/13		205,000		201,929
Rohm & Haas Co.,
	7.85%, 07/15/29		82,000		97,072
Ryland Group,
	5.38%, 01/15/15 (b)		164,000		151,540
Sealed Air Corp. (c) (d)
	5.38%, 04/15/08		82,000		81,542
	6.95%, 05/15/09		23,000		23,737
Stanley Works,
	4.90%, 11/01/12		92,000		90,179
Vale Overseas Ltd,
	6.88%, 11/21/36		656,000		695,818
Westvaco Corp.,
	7.95%, 02/15/31		82,000		89,157
Weyerhaeuser Co.
	5.95%, 11/01/08		127,000		128,103
	6.75%, 03/15/12		543,000		571,915
	7.38%, 03/15/32		154,000		162,834
					14,962,979
Media (0.0%)
Embarq Corp.,
	7.08%, 06/01/16		92,000		95,049
Viacom, Inc.,
	6.88%, 04/30/36		226,000		228,879
					323,928
Metals & Mining (0.0%) (c) (d)
Alcoa, Inc.,
	5.87%, 02/23/22		435,000		437,095
Multiline Retail (0.1%)
Costco Wholesale Corp,
	5.50%, 03/15/17		575,000		580,146
Yum! Brands, Inc.,
	8.88%, 04/15/11		82,000		91,957
					672,103

14 Semiannual Report 2007

Corporate Bonds (continued)
		Principal
		Amount		Value
Oil, Gas & Consumable Fuels (0.3%)
Anadarko Petroleum Corp.,
	6.45%, 09/15/36	$	369,000	$	369,932
Canadian Natural Resources,
	6.25%, 03/15/38		410,000		406,967
Consolidated Natural Gas,
	6.25%, 11/01/11		313,000		325,437
Kinder Morgan Finance,
	6.40%, 01/05/36		525,000		493,325
Texas East Transmission Corp,,
	7.30%, 12/01/10		1,525,000		1,628,477
					3,224,138
Other Financial (4.1%)
Ace Ina Holdings,
	5.88%, 06/15/14 (b)		390,000		399,061
AIG,
	6.90%, 03/15/32 (c) (d)		287,000		327,855
Allstate Corp.
	6.13%, 02/15/12		176,000		183,427
	5.00%, 08/15/14 (b)		205,000		201,172
	6.13%, 12/15/32		82,000		83,772
	5.55%, 05/09/35		62,000		58,876
	5.95%, 04/01/36		82,000		82,238
American Express Co.,
	4.88%, 07/15/13 (b)		937,000		922,867
American General Corp.,
	7.50%, 07/15/25		103,000		121,326
American General Finance,
	5.38%, 10/01/12		697,000		700,746
American International Group, Inc.
	5.05%, 10/01/15 (b)		103,000		101,219
	6.25%, 05/01/36		164,000		173,819
Ameritech Capital Funding,
	6.45%, 01/15/18		62,000		64,621
Associates Corp. of North America,
	6.95%, 11/01/18		236,000		265,513
Axa Financial, Inc.,
	7.00%, 04/01/28		92,000		102,882
Bae Systems Holdings, Inc.,
	4.75%, 08/15/10 (c) (d)		164,000		161,952
Bear Stearns Co., Inc.
	5.70%, 11/15/14		256,000		259,375
	5.30%, 10/30/15		123,000		121,184
	4.65%, 07/02/18		246,000		224,402
Berkley Corp.,
	5.13%, 09/30/10		72,000		71,626
Berkshire Hathaway, Inc.
	4.13%, 01/15/10		574,000		562,440
	4.85%, 01/15/15		246,000		239,340
Boeing Capital Corp.,
	6.10%, 03/01/11 (b)		35,000		36,397
BP Capital Markets America,
	4.20%, 06/15/18		103,000		92,405
Bunge International Ltd., 5.10%, 07/15/15			62,000		58,497
Caterpillar Financial Services Corp.
	2.70%, 07/15/08		287,000		278,416
	4.50%, 06/15/09		144,000		142,380
	5.05%, 12/01/10		410,000		410,723
	5.50%, 03/15/16		205,000		206,663
ChevronTexaco Capital Corp.,
	8.63%, 06/30/10		49,000		54,812
CIT Group, Inc.
	3.88%, 11/03/08		320,000		313,117
	4.75%, 12/15/10		139,000		135,980
	5.13%, 09/30/14		174,000		167,848
	5.40%, 01/30/16		123,000		118,992
	5.85%, 09/15/16		750,000		748,347
	6.00%, 04/01/36		144,000		139,966
CitiFinancial Credit Co.,
	10.00%, 05/15/09		41,000		44,842
Conocophillips,
	5.50%, 04/15/13		226,000		230,350
Countrywide Financial Corp.,
	5.63%, 07/15/09		390,000		391,711
Countrywide Home Loan,
	4.00%, 03/22/11		369,000		350,434
Devon Financing Corp.,
	6.88%, 09/30/11		447,000		476,493
Duke Capital LLC,
	6.75%, 02/15/32 (b)		123,000		126,500
ERP Operating LP
	5.25%, 09/15/14		328,000		324,999
	5.38%, 08/01/16		205,000		203,932
First Data Corp.
	3.38%, 08/01/08		246,000		241,286
	4.95%, 06/15/15		103,000		101,709
General Electric Capital Corp.
	4.63%, 09/15/09 (b)		441,000		437,601
	3.75%, 12/15/09 (b)		574,000		557,190
	5.50%, 04/28/11 (b)		287,000		291,289
	5.88%, 02/15/12		41,000		42,293
	6.00%, 06/15/12		182,000		189,054

2007 Semiannual Report 15

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Other Financial (continued)
	4.88%, 03/04/15	$	431,000	$	420,358
	5.00%, 01/08/16 (b)		205,000		200,567
	6.75%, 03/15/32		1,167,000		1,328,725
Genworth Financial, Inc.
	5.75%, 06/15/14		62,000		63,337
	6.50%, 06/15/34		144,000		154,152
Glaxosmithkline PLC,
	5.38%, 04/15/34		139,000		134,110
Goldman Sachs Group, Inc.
	3.88%, 01/15/09		410,000		402,351
	6.65%, 05/15/09		287,000		295,688
	6.60%, 01/15/12		72,000		76,026
	5.25%, 04/01/13		461,000		458,951
	5.25%, 10/15/13		605,000		601,493
	5.13%, 01/15/15		461,000		450,711
	5.35%, 01/15/16		308,000		304,008
	6.13%, 02/15/33		800,000		811,052
Harley Davidson Funding,
	3.63%, 12/15/08 (c) (d)		246,000		239,959
Hartford Financial Services Group
	4.75%, 03/01/14		82,000		79,186
	6.10%, 10/01/41		41,000		41,591
HJ Heinz Finance,
	6.75%, 03/15/32		62,000		62,441
Household Finance Corp.
	4.75%, 05/15/09		533,000		529,186
	7.00%, 05/15/12		564,000		605,907
HSBC Finance Corp.
	4.75%, 04/15/10		246,000		243,582
	5.25%, 04/15/15		185,000		182,668
	5.00%, 06/30/15		349,000		337,625
Infinity Property & Casualty,
	5.50%, 02/18/14		82,000		80,087
ING Sec Life Institutional Fund,
	4.25%, 01/15/10 (c) (d)		820,000		803,086
International Lease Finance Corp.
	3.50%, 04/01/09		205,000		199,015
	5.00%, 04/15/10		410,000		409,064
Istar Financial, Inc.,
	5.65%, 09/15/11		176,000		177,397
Jefferies Group, Inc.,
	6.25%, 01/15/36 (b)		123,000		119,320
John Deere Capital Corp.
	4.88%, 03/16/09		246,000		244,742
	4.40%, 07/15/09		267,000		263,084
John Hancock Financial Services, Inc.,
	5.63%, 12/01/08		41,000		41,282
Lehman Brothers Holdings, Inc.
	4.25%, 01/27/10 (b)		318,000		312,009
	7.88%, 08/15/10		40,000		43,157
	6.63%, 01/18/12		365,000		385,678
	4.80%, 03/13/14		513,000		494,611
Marsh & McLennan Cos., Inc.
	6.25%, 03/15/12		72,000		73,748
	5.75%, 09/15/15		377,000		367,699
Mellon Financial Corp.
	6.40%, 05/14/11		185,000		193,920
	5.00%, 12/01/14		185,000		181,555
MetLife, Inc.
	6.13%, 12/01/11		445,000		463,217
	5.50%, 06/15/14		185,000		187,049
	5.70%, 06/15/35 (b)		226,000		219,059
Monumental Global Funding II,
	4.38%, 07/30/09 (c) (d)		205,000		201,727
Morgan Stanley
	3.63%, 04/01/08		718,000		707,610
	6.60%, 04/01/12		349,000		369,632
	5.30%, 03/01/13		461,000		462,478
	4.75%, 04/01/14		410,000		392,580
	5.45%, 01/09/17		1,845,000		1,823,993
	7.25%, 04/01/32		226,000		261,894
National Rural Utilities
	4.75%, 03/01/14		226,000		219,192
	8.00%, 03/01/32		111,000		142,837
Nisource Finance Corp.,
	5.25%, 09/15/17		180,000		171,356
Nissan Motor Acceptance,
	4.63%, 03/08/10 (c) (d)		213,000		208,651
NLV Financial Corp.,
	7.50%, 08/15/33 (c) (d)		51,000		56,645
Pemex Project Funding Master
	9.13%, 10/13/10		437,000		490,314
	7.38%, 12/15/14		256,000		286,208
	5.75%, 12/15/15		533,000		541,262
	6.63%, 06/15/35		226,000		239,560
Principal Life Global Funding,
	6.25%, 02/15/12 (d)		150,000		157,045
Progressive Corp.,
	6.25%, 12/01/32		113,000		120,200

16 Semiannual Report 2007

Corporate Bonds (continued)
		Principal
		Amount		Value
Other Financial (continued)
Prudential Financial, Inc.
	3.75%, 05/01/08	$	515,000	$	506,627
	5.10%, 09/20/14		205,000		201,634
	5.75%, 07/15/33		103,000		100,807
Residential Capital Corp.
	6.13%, 11/21/08		410,000		409,723
	6.88%, 06/30/15		369,000		373,656
RLI Corp.,
	5.95%, 01/15/14		82,000		81,369
SLM Corp.,
	5.38%, 05/15/14		759,000		692,629
Sprint Capital Corp.
	6.13%, 11/15/08		349,000		352,825
	6.38%, 05/01/09		154,000		157,038
	8.38%, 03/15/12		845,000		941,089
Textron Financial Corp.,
	4.13%, 03/03/08		246,000		243,650
Toll Brothers, Inc.,
	6.88%, 11/15/12		62,000		63,642
Toyota Motor Credit Corp.,
	4.25%, 03/15/10		234,000		230,503
Travelers Property Casualty Corp.,
	6.38%, 03/15/33 (b)		133,000		137,738
UnitedHealth Group
	5.38%, 03/15/16		205,000		203,206
	5.80%, 03/15/36		492,000		474,617
Verizon Global Funding Corp.
	7.25%, 12/01/10		373,000		398,327
	6.88%, 06/15/12		205,000		220,181
	7.38%, 09/01/12		363,000		398,833
	4.38%, 06/01/13		256,000		243,439
	4.90%, 09/15/15		410,000		393,926
	7.75%, 12/01/30		410,000		479,995
	5.85%, 09/15/35		82,000		78,774
WellPoint, Inc.
	5.00%, 12/15/14		164,000		159,463
	5.25%, 01/15/16		226,000		221,657
	5.95%, 12/15/34		82,000		81,334
Western & Southern Finance,
	5.75%, 07/15/33 (c) (d)		103,000		99,874
Willis Group North America, Inc.,
	5.63%, 07/15/15		123,000		118,954
					40,545,086
Pharmaceuticals (0.2%)
Bristol-Myers Squibb Co.,
	5.25%, 08/15/13		975,000		979,334
Schering-Plough Corp.,
	5.30%, 12/01/13		950,000		970,932
Teva Pharmaceutical Finance LLC,
	6.15%, 02/01/36		98,000		95,489
					2,045,755
Real Estate Investment Trusts (REITs) (0.3%)
Avalonbay Communities, Inc.,
	6.63%, 09/15/11		62,000		65,467
Boston Properties, Inc.,
	5.00%, 06/01/15		410,000		397,827
Brandywine Operating Partners,
	5.63%, 12/15/10		125,000		126,692
Camden Property Trust,
	5.00%, 06/15/15		103,000		99,756
Developers Diversified Realty Corp.,
	5.38%, 10/15/12		205,000		204,989
Duke Realty Corp.,
	5.25%, 01/15/10		123,000		123,038
Health Care Property Investors,
	6.00%, 01/30/17		328,000		329,152
Health Care Property Investors, Inc.
	6.45%, 06/25/12		39,000		40,362
	6.00%, 11/15/13		123,000		124,882
HRPT Properties Trust Corp.,
	5.75%, 02/15/14		123,000		123,854
Liberty Property LP,
	7.25%, 03/15/11		27,000		28,763
Prologis,
	5.25%, 11/15/10 (b)		328,000		329,776
Simon Property Group LP
	4.60%, 06/15/10		164,000		161,333
	5.10%, 06/15/15		369,000		360,360
	6.10%, 05/01/16		287,000		299,296
Vordano Realty LP,
	5.60%, 02/15/11		144,000		144,571
Washington Real Estate Investment Trust Corp.,
	5.25%, 01/15/14		82,000		81,057
Westfield Capital Corp.,
	5.13%, 11/15/14 (c) (d)		107,000		104,937
					3,146,112

2007 Semiannual Report 17

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Service Companies (2.0%)
Abbott Laboratories
	5.40%, 09/15/08	$	103,000	$	103,279
	3.50%, 02/17/09		82,000		79,838
	5.88%, 05/15/16		334,000		345,941
Amgen, Inc.,
	4.00%, 11/18/09		195,000		190,163
AOL Time Warner, Inc.
	6.88%, 05/01/12		634,000		675,144
	6.88%, 06/15/18		122,000		130,661
	7.63%, 04/15/31		123,000		139,128
	7.70%, 05/01/32		648,000		740,449
Baxter International, Inc.,
	4.63%, 03/15/15		53,000		50,450
Belo Corp.,
	8.00%, 11/01/08		59,000		61,057
Boston Scientific,
	5.45%, 06/15/14		246,000		235,799
Comcast Corp.
	6.20%, 11/15/08		195,000		197,837
	6.88%, 06/15/09		328,000		339,191
	5.85%, 01/15/10		601,000		611,971
	8.38%, 03/15/13		164,000		188,060
	5.90%, 03/15/16		287,000		292,729
	6.50%, 01/15/17		287,000		304,776
	9.46%, 11/15/22		82,000		108,135
	7.05%, 03/15/33		205,000		222,430
	5.65%, 06/15/35 (b)		164,000		149,944
	6.50%, 11/15/35		70,000		71,243
	6.45%, 03/15/37		238,000		240,698
Cox Communications, Inc.
	7.13%, 10/01/12		205,000		221,389
	5.45%, 12/15/14		246,000		243,456
	5.50%, 10/01/15		267,000		262,931
Cox Enterprises,
	4.38%, 05/01/08 (c) (d)		103,000		101,849
CVS Corp.,
	4.00%, 09/15/09		82,000		79,885
Donnelley (R.R.) & Sons Co.,
	4.95%, 04/01/14		82,000		75,886
Eli Lilly & Co.
	6.00%, 03/15/12		205,000		214,476
	7.13%, 06/01/25		82,000		93,790
Federated Department Stores (b)
	6.63%, 04/01/11		439,000		459,826
	6.90%, 04/01/29		103,000		104,746
Gannett Co.,
	6.38%, 04/01/12		164,000		171,023
Genentech, Inc.
	4.40%, 07/15/10		115,000		112,931
	5.25%, 07/15/35		62,000		57,449
Home Depot, Inc.
	5.25%, 12/16/13		820,000		814,459
	5.40%, 03/01/16		410,000		401,525
J Paul Getty Trust Corp.,
	5.88%, 10/01/33		205,000		204,191
JC Penney Corp., Inc.,
	8.00%, 03/01/10		521,000		557,577
Johnson & Johnson,
	4.95%, 05/15/33		287,000		269,051
Kroger Co.
	6.80%, 04/01/11		139,000		146,043
	6.20%, 06/15/12		164,000		168,533
	7.50%, 04/01/31 (b)		178,000		192,604
Limited Brands, Inc.,
	6.13%, 12/01/12		103,000		104,864
Lowe’s Cos., Inc.,
	6.50%, 03/15/29		164,000		172,895
May Department Stores Co.,
	5.75%, 07/15/14		308,000		307,386
Medtronic, Inc.,
	4.38%, 09/15/10		129,000		126,368
Merck & Co., Inc.
	4.75%, 03/01/15		246,000		236,918
	6.40%, 03/01/28		51,000		53,891
	5.95%, 12/01/28		113,000		114,646
News America Holdings, Inc.
	9.25%, 02/01/13		82,000		96,959
	5.30%, 12/15/14		533,000		530,194
	8.00%, 10/17/16		82,000		95,297
	7.28%, 06/30/28		53,000		58,355
	6.20%, 12/15/34		170,000		166,820
	6.40%, 12/15/35		123,000		123,958
Omnicom Group, Inc.,
	5.90%, 04/15/16		123,000		126,000
Oracle Corp.,
	5.25%, 01/15/16		398,000		392,509
Pfizer, Inc.,
	4.65%, 03/01/18		185,000		175,322
Pharmacia Corp.,
	6.60%, 12/01/28		123,000		137,459
Quest Diagnostic, Inc.,
	5.45%, 11/01/15		226,000		214,079

18 Semiannual Report 2007

Corporate Bonds (continued)
		Principal
		Amount		Value
Service Companies (continued)
Safeway, Inc.
	6.50%, 03/01/11	$	164,000	$	170,431
	5.80%, 08/15/12		144,000		146,266
	5.63%, 08/15/14		123,000		121,705
Science Applications International,
	5.50%, 07/01/33		123,000		109,683
Target Corp.
	10.00%, 01/01/11		46,000		52,952
	6.35%, 01/15/11		86,000		89,654
	7.00%, 07/15/31		121,000		139,188
	6.35%, 11/01/32 (b)		217,000		232,177
Tele-Communications, Inc.,
	9.80%, 02/01/12		213,000		252,558
Time Warner, Inc.,
	5.88%, 11/15/16 (c) (d)		475,000		478,260
Viacom, Inc.
	5.63%, 08/15/12 (b)		410,000		411,362
	6.25%, 04/30/16		451,000		457,494
	7.88%, 07/30/30		55,000		59,216
	5.50%, 05/15/33		82,000		70,359
Wal-Mart Stores, Inc.
	6.88%, 08/10/09		570,000		592,122
	4.13%, 07/01/10		287,000		279,911
	4.13%, 02/15/11		267,000		259,364
	7.55%, 02/15/30		82,000		99,319
	5.25%, 09/01/35		492,000		450,084
Walt Disney Co.
	6.38%, 03/01/12		97,000		102,395
	6.20%, 06/20/14 (b)		287,000		303,577
Waste Management, Inc.
	7.38%, 08/01/10		103,000		109,298
	6.38%, 11/15/12		144,000		151,196
	7.00%, 07/15/28		113,000		117,446
Wyeth
	5.50%, 02/01/14		472,000		477,306
	5.50%, 02/15/16		441,000		444,626
	6.50%, 02/01/34		144,000		154,924
					19,999,336
Telephones (0.8%)
Alltel Corp.,
	7.00%, 07/01/12		509,000		533,178
AT&T Wireless Services, Inc.
	8.13%, 05/01/12		31,000		34,891
	8.75%, 03/01/31		224,000		293,094
BellSouth Corp.
	4.20%, 09/15/09		246,000		241,035
	6.00%, 10/15/11		583,000		602,091
	5.20%, 09/15/14		349,000		344,364
	6.55%, 06/15/34 (b)		123,000		128,209
	6.00%, 11/15/34 (b)		349,000		340,998
Cingular Wireless LLC,
	7.13%, 12/15/31		287,000		320,109
Embarq Corp.,
	6.74%, 06/01/13 (b)		533,000		553,961
France Telecom,
	3,376.25%, 03/01/31		283,000		372,751
GTE Corp.
	6.84%, 04/15/18		144,000		156,252
	6.94%, 04/15/28		103,000		110,181
SBC Communications, Inc.
	4.13%, 09/15/09		513,000		501,799
	5.30%, 11/15/10		267,000		268,393
	6.25%, 03/15/11		330,000		342,368
	5.88%, 08/15/12		295,000		303,713
	5.10%, 09/15/14		697,000		684,383
	5.63%, 06/15/16		205,000		206,512
	6.15%, 09/15/34		564,000		566,631
Sprint Capital Corp.,
	8.75%, 03/15/32		369,000		435,474
Vodafone Group PLC,
	6.15%, 02/27/37		410,000		404,224
					7,744,611
Transportation (0.4%)
Burlington Northern Santa Fe Corp.
	6.75%, 07/15/11		150,000		158,252
	7.95%, 08/15/30		144,000		173,599
CSX Corp.
	6.25%, 10/15/08		431,000		436,625
	6.75%, 03/15/11		92,000		96,560
	5.50%, 08/01/13		98,000		98,542
General Dynamics Corp.,
	3.00%, 05/15/08		174,000		170,102
Norfolk Southern Corp.
	6.75%, 02/15/11		671,000		703,907
	5.59%, 05/17/25		59,000		55,550
	7.25%, 02/15/31 (b)		187,000		209,772
Southwest Airlines Corp.,
	5.13%, 03/01/17		103,000		95,793
TTX Co.,
	4.90%, 03/01/15 (c) (d)		154,000		147,307

2007 Semiannual Report 19

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Transportation (continued)
Union Pacific Corp.
	3.63%, 06/01/10	$	168,000	$	160,083
	5.38%, 06/01/33		43,000		38,376
	6.25%, 05/01/34		164,000		165,067
United Parcel Service, Inc.
	8.38%, 04/01/20		82,000		103,792
	8.38%, 04/01/30		123,000		162,722
United Technologies Corp.
	6.35%, 03/01/11 (b)		277,000		289,821
	5.40%, 05/01/35		308,000		292,676
					3,558,546
Total Corporate Bonds     (Cost $272,667,077)					271,984,652
Mortgage-Backed Obligations (0.4%)
Federal National Mortgage Association,
	5.25%, 09/15/16		3,435,000		3,502,859
Federal National Mortgage Association TBA
	0.00%, 05/01/16		800,000		812,750
Total Mortgage-Backed Obligations     (Cost $4,284,746)					4,315,609
Municipal Bonds (0.1%)
Illinois (0.1%)
State Taxable Pension GO,
	5.10%, 06/01/33		695,000		665,449
Texas (0.0%)
City of Dallas,
	5.25%, 02/15/24		492,000		489,786
Total Municipal Bonds     (Cost $1,117,437)					1,155,235
Sovereign Bonds (3.6%)
Canada (0.7%)
Government of Canada,
	5.25%, 11/05/08		668,000		671,679
Ontario Province
	5.50%, 10/01/08		144,000		144,816
	4.38%, 02/15/13 (b)		297,000		288,337
Providence of Manitoba,
	7.50%, 02/22/10		205,000		219,133
Province of British Columbia,
	4.30%, 05/30/13		111,000		107,647
Province Of Manitoba,
	5.00%, 02/15/12		1,025,000		1,031,593
Province Of Nova Scotia,
	5.13%, 01/26/17		615,000		617,993
Province of Ontario
	4.50%, 02/03/15		463,000		450,272
	4.75%, 01/19/16		205,000		201,402
Province of Quebec,
	5.00%, 07/17/09		2,215,000		2,221,344
Quebec Province
	4.60%, 05/26/15		246,000		238,100
	7.50%, 09/15/29		402,000		509,957
					6,702,273
Chile (0.0%) (b)
Republic of Chile,
	5.50%, 01/15/13		123,000		125,091
China (0.0%) (b)
People’s Republic of China,
	4.75%, 10/29/13		205,000		203,464
Germany (0.3%)
KFW International Finance
	3.25%, 03/30/09 (b)		369,000		357,611
	4.13%, 10/15/14		492,000		470,595
	4.38%, 07/21/15		1,005,000		964,996
Landwirtsch. Rentenbank,
	4.88%, 02/14/11		615,000		615,187
					2,408,389
Iceland (0.0%) (c) (d)
Kaupthing Bank (d),
	7.13%, 05/19/16		246,000		266,341
Italy (0.3%)
Republic of Italy
	4.00%, 06/16/08		574,000		566,936
	3.25%, 05/15/09		697,000		675,748
	4.38%, 06/15/13		390,000		376,673
	4.50%, 01/21/15		652,000		630,080

20 Semiannual Report 2007

Sovereign Bonds (continued)
		Principal
		Amount		Value
Italy (continued)
	4.75%, 01/25/16	$	287,000	$	281,160
	6.88%, 09/27/23		174,000		201,597
	5.38%, 06/15/33		584,000		574,384
					3,306,578
Luxembourg (0.1%)
European Investment Bank
	3.38%, 03/16/09		656,000		639,187
	4.63%, 05/15/14		215,000		211,389
					850,576
Mexico (0.3%)
Banco Nacional de Comercio Exterior,
	3.88%, 01/21/09 (c) (d)		41,000		39,975
United Mexican States
	6.38%, 01/16/13		795,000		839,918
	6.75%, 09/27/34		1,423,000		1,586,645
					2,466,538
Norway (0.1%)
Eksportsfinans
	4.75%, 12/15/08 (b)		287,000		286,659
	5.50%, 05/25/16		267,000		276,229
					562,888
Philippines (0.4%)
Asian Development Bank,
	5.50%, 06/27/16		4,101,000		4,255,895
Poland (0.0%)
Republic of Poland,
	5.00%, 10/19/15		156,000		154,387
Republic of Korea (0.2%)
Bank of Korea Corp.
	4.63%, 03/16/10		287,000		283,320
	5.13%, 02/14/11		246,000		245,805
Korea Development Bank,
	4.75%, 07/20/09		615,000		610,134
Korea Developmental Bank,
	5.75%, 09/10/13 (b)		82,000		84,336
Republic of Korea,
	4.25%, 06/01/13 (b)		492,000		470,213
					1,693,808
Senegal (0.0%)
Inter-American Development Bank,
	6.80%, 10/15/25		287,000		338,785
South Africa (0.0%)
Republic of South Africa,
	6.50%, 06/02/14		144,000		153,360
Spain (0.1%)
Telefonica Emisiones Sau,
	6.42%, 06/20/16		1,230,000		1,287,888
Sweden (0.4%)
Swedish Export Credit Corp.,
	4.88%, 09/29/11		4,101,000		4,097,440
United States (0.7%)
European Investment Bank,
	5.00%, 02/08/10		6,151,000		6,194,063
International Bank for Reconstruction & Development,
	7.63%, 01/19/23		677,000		858,127
Province of British Columbia,
	5.38%, 10/29/08		164,000		165,224
					7,217,414
Venezuela (0.0%) (b)
Andina de Fomento Corp.,
	6.88%, 03/15/12		164,000		175,040
Total Sovereign Bonds
	(Cost $36,148,771)				36,266,155
U.S. Government Agency Long-Term Obligations (52.2%)
Federal Home Loan Mortgage Corporation
	Pool #A53603
	6.00%, 06/12/07 - 11/01/36		48,324,796		48,755,305
	4.88%, 02/17/09 - 11/15/13		8,485,000		8,480,432
	Pool #A53219
	6.50%, 03/01/09 - 10/01/36		13,146,241		13,473,293
	5.75%, 03/15/09		10,349,000		10,508,965
	5.25%, 05/21/09 - 04/18/16		14,573,000		14,720,883
	4.25%, 07/15/09		947,000		935,435
	6.63%, 09/15/09		441,000		458,538

2007 Semiannual Report 21

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund (Continued)

U.S. Government Agency Long-Term Obligations (continued)
		Principal
		Amount		Value
	Pool #C72160
	7.50%, 09/01/10 - 10/01/32	$	214,367	$	222,868
	Pool #A48700
	4.50%, 02/01/11 - 05/01/36		29,376,553		28,314,433
	5.13%, 07/15/12		4,234,000		4,292,827
	Pool #A49960
	7.00%, 10/01/13 - 06/01/36		2,312,877		2,401,113
	Pool #G02342
	5.00%, 07/15/14 - 10/01/36		82,907,536		80,722,771
	4.38%, 07/17/15		5,016,000		4,826,746
	4.75%, 11/17/15		6,258,000		6,170,638
	Pool #A55587
	5.50%, 12/01/16 - 12/01/36		80,170,011		79,425,472
	Pool #J02428
	4.00%, 03/01/20 - 08/01/20		4,606,888		4,353,084
	Pool #C68307
	8.00%, 07/01/24 - 06/01/32		229,538		242,167
	6.75%, 09/15/29		388,000		464,628
	6.25%, 07/15/32		865,000		987,699
	5.73%, 03/01/37		7,556,000		7,604,406
	Pool #1G2652 (a)
	5.74%, 04/01/37		3,599,000		3,611,703
	Pool #1J1593 (a)
	5.74%, 04/01/37		7,547,017		7,599,367
	Pool #1J1594 (a)
	5.89%, 04/01/37		7,977,529		8,024,476
Federal Home Loan Mortgage Corporation TBA,
	5.50%, 05/15/22		400,000		400,500
Federal National Mortgage Association
	5.75%, 02/15/08		27,372,000		27,489,152
	2.50%, 06/15/08		6,906,000		6,716,057
	Pool #804847
	4.50%, 10/15/08 - 01/01/35		502,192		483,487
	4.88%, 04/15/09		9,894,000		9,900,530
	5.38%, 08/15/09 - 11/15/11		10,222,000		10,370,188
	6.63%, 09/15/09		12,586,000		13,090,082
	5.13%, 04/15/11		3,334,000		3,369,440
	4.38%, 03/15/13 - 10/15/15		8,159,000		7,958,712
	4.63%, 10/15/14		1,236,000		1,213,563
	Pool #888077
	5.00%, 04/15/15 - 08/01/36		4,651,060		4,587,129
	Pool #255315
	4.00%, 07/01/19		177,377		167,882
	Pool #661664
	7.50%, 02/01/31 - 09/01/32		164,014		171,442
	Pool #908698
	6.50%, 11/01/31 - 10/01/36		1,989,714		2,034,676
	Pool #735141
	5.50%, 01/01/35		7,201,483		7,121,452
	Pool #256023
	6.00%, 12/01/35		5,633,076		5,676,862
	Pool #894441 (a)
	5.84%, 08/01/36		7,365,587		7,432,860
Federal National Mortgage Association TBA
	5.50%, 05/01/20 - 06/01/36		3,200,000		3,189,000
	6.50%, 05/01/35		4,100,000		4,185,846
	6.00%, 05/15/36		2,000,000		2,015,000
Government National Mortgage Association
	Pool #279461
	9.00%, 11/15/19		2,678		2,884
	Pool #781699
	7.00%, 05/15/24 - 12/15/33		618,588		649,117
	Pool #657912
	6.50%, 02/15/29 - 08/15/36		2,080,969		2,145,377
	Pool #656666
	6.00%, 03/15/29 - 06/15/36		6,291,976		6,384,566
	Pool #781478
	7.50%, 08/15/29 - 03/15/32		204,454		214,195
	Pool #583645
	8.00%, 11/15/29 - 07/15/32		44,588		47,524
	Pool #653598
	5.50%, 04/15/33 - 05/15/36		10,511,238		10,459,211
	Pool #655519
	5.00%, 04/15/35 - 05/15/36		6,144,946		5,980,294
	Pool #641734
	4.50%, 07/15/35 - 09/15/35		1,173,828		1,111,666
Tennessee Valley Authority,
	6.25%, 12/15/17		35,000		38,507
U.S. Treasury Bonds
	8.75%, 05/15/17		4,536,000		6,003,469
	8.50%, 02/15/20		2,947,000		3,983,516
	6.25%, 08/15/23		18,024,000		20,782,519
	6.88%, 08/15/25		3,277,000		4,058,102
	5.38%, 02/15/31		4,593,000		4,919,535
Total U.S. Government Agency Long-Term Obligations     (Cost $521,911,867)					520,951,591

22 Semiannual Report 2007

U.S. Government Agency Long-Term Obligations (continued)
		Principal
		Amount		Value
U.S. Treasury Bonds,
	4.50%, 02/15/36	$	4,210,000	$	3,992,263
U.S. Treasury N/B,
	4.63%, 02/29/12		10,634,000		10,682,183
U.S. Treasury Notes,
	4.13%, 05/15/15		172,000		166,537
Total U.S. Government Sponsored & Agency Obligations     (Cost $14,742,642)					14,840,983
U.S. Treasury Notes (9.9%)
U.S. Treasury Notes
	3.13%, 10/15/08		543,000		530,613
	4.88%, 10/31/08 - 08/15/16		27,200,000		27,439,355
	4.75%, 02/15/10		27,673,000		27,826,502
	4.50%, 09/30/11 - 11/15/15		28,493,000		28,474,398
	4.00%, 11/15/12 - 02/15/15		15,422,000		14,830,869
Total U.S. Treasury Notes   (Cost $98,693,958)					99,101,737
U.S. Treasury Obligation (1.5%)
U.S. Treasury Bonds, 6.38%, 08/15/27			12,350,000		14,688,781
Yankee Dollars (2.0%)
Banks (0.5%)
BSCH Issuances Ltd.
	7.63%, 11/03/09		1,886,000		1,996,461
	7.63%, 09/14/10		41,000		44,492
HBOS PLC,
	5.46%, 11/29/49 (c) (d)		246,000		244,202
HSBC Bank USA,
	7.50%, 07/15/09		392,000		411,379
National Bank of Australia,
	8.60%, 05/19/10		123,000		135,197
Royal Bank of Scotland Group
	5.00%, 11/12/13		164,000		162,121
	5.05%, 01/08/15		219,000		215,221
	4.70%, 07/03/18		328,000		307,494
St. George Bank Ltd.,
	5.30%, 10/15/15 (c) (d)		164,000		162,894
UBS AG Stamford CT,
	5.88%, 07/15/16		779,000		812,029
Westpac Banking Corp.,
	4.63%, 06/01/18		103,000		95,917
					4,587,407
Electric Power (0.0%)
Hydro Quebec Corp.
	8.40%, 01/15/22		153,000		199,436
	8.88%, 03/01/26		109,000		151,886
Scottish Power,
	5.81%, 03/15/25		82,000		81,777
					433,099
Energy Companies (0.1%)
Canadian Natural Resources,
	4.90%, 12/01/14		195,000		187,703
EnCana Corp.,
	4.75%, 10/15/13		236,000		227,856
Nexen, Inc.
	5.05%, 11/20/13		205,000		199,650
	5.88%, 03/10/35		92,000		87,072
Norsk Hydro AS,
	6.36%, 01/15/09		189,000		192,314
Petro-Canada,
	5.95%, 05/15/35		189,000		181,925
Ptt Public Co. Ltd.,
	5.88%, 08/03/35 (c) (d)		123,000		115,911
Talisman Energy, Inc.,
	7.25%, 10/15/27		92,000		97,968
Transocean Sedco Forex, Inc.,
	7.50%, 04/15/31		123,000		142,129
					1,432,528
Manufacturing (0.3%)
Alcan, Inc.
	6.45%, 03/15/11		31,000		32,248
	4.50%, 05/15/13		258,000		244,872
	5.00%, 06/01/15		205,000		197,343
	5.75%, 06/01/35		144,000		134,698
Astrazeneca PLC,
	5.40%, 06/01/14		205,000		206,428
Celulosa Arauco Constitucion SA,
	5.13%, 07/09/13		123,000		119,684
Inco Ltd.,
	7.75%, 05/15/12		123,000		136,044
Lafarge SA,
	6.50%, 07/15/16		185,000		195,598
Noranda, Inc.,
	6.20%, 06/15/35 (b)		123,000		123,742

2007 Semiannual Report 23

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Bond Index Fund (Continued)

Yankee Dollars (continued)
		Principal
		Amount		Value
Manufacturing (continued)
Placer Dome, Inc.,
	6.38%, 03/01/33	$	96,000	$	96,001
Potash Corp. of Saskatchewan, Inc.
	7.75%, 05/31/11		29,000		31,632
	4.88%, 03/01/13		115,000		111,505
Teck Cominco Ltd.,
	6.13%, 10/01/35		103,000		100,437
Tyco International Group SA
	6.13%, 01/15/09		260,000		264,572
	6.00%, 11/15/13		451,000		473,883
	6.88%, 01/15/29		51,000		60,468
Yara International Asa,
	5.25%, 12/15/14 (c) (d)		103,000		99,668
					2,628,823
Other Financial (0.7%)
Anadarko Finance Co.,
	6.75%, 05/01/11		82,000		86,170
Anadarko Petroleum Corp.,
	7.50%, 05/01/31		207,000		231,167
Apache Finance Canada,
	4.38%, 05/15/15		338,000		318,177
BHP Billiton Ltd.,
	4.80%, 04/15/13		164,000		160,187
BHP Finance Corp.,
	6.42%, 03/01/26		55,000		58,453
Brascan Corp.,
	5.75%, 03/01/10		125,000		126,828
Bskyb Finance UK Ltd.,
	5.63%, 10/15/15 (c) (d)		103,000		102,280
Burlington Resources Finance Co.,
	6.40%, 08/15/11		86,000		90,279
Burlington Resources, Inc.,
	6.50%, 12/01/11		144,000		152,191
CIT Group, Inc.,
	5.20%, 06/01/15		123,000		117,931
Conoco Funding Co.,
	6.35%, 10/15/11		533,000		560,290
Deutsche Bank Financial LLC.,
	5.38%, 03/02/15		123,000		123,043
Deutsche Telekom International Finance
	3.88%, 07/22/08		287,000		282,382
	5.25%, 07/22/13		513,000		508,136
	5.75%, 03/23/16		123,000		123,501
	8.25%, 06/15/30		256,000		321,315
Diageo Capital PLC,
	5.30%, 10/28/15		451,000		444,949
Encana Holdings Finance Corp.,
	5.80%, 05/01/14		441,000		449,619
Hanson Australia Funding,
	5.25%, 03/15/13		185,000		181,877
Inversiones CMPC SA,
	4.88%, 06/18/13 (c) (d)		123,000		118,941
Montpelier RE Holdings,
	6.13%, 08/15/13		51,000		50,392
Oester Kontroll Bank,
	4.50%, 03/09/15		164,000		159,238
Telecom Italia Capital
	6.20%, 07/18/11		144,000		148,566
	5.25%, 11/15/13		410,000		401,572
	4.95%, 09/30/14		205,000		195,327
	5.25%, 10/01/15		205,000		197,040
	6.00%, 09/30/34		160,000		149,157
UFJ Finance Aruba AEC,
	6.75%, 07/15/13		246,000		265,147
XL Capital Ltd.,
	5.25%, 09/15/14		541,000		531,248
					6,655,403
Service Companies (0.1%)
British Sky Broadcasting Group PLC,
	8.20%, 07/15/09		154,000		163,423
Thomson Corp.,
	4.25%, 08/15/09		174,000		170,242
TXU Energy Co.,
	6.15%, 11/15/13 (c) (d)		131,000		135,400
					469,065
Telephones (0.3%)
America Movil SA de CV
	5.75%, 01/15/15		205,000		207,393
	6.38%, 03/01/35		123,000		124,449
British Telecom PLC
	8.35%, 12/15/10		890,000		992,779
	9.15%, 12/15/30		391,000		545,197
France Telecom,
	7.75%, 03/01/11		267,000		290,850
Koninklijke KPN NV,
	8.00%, 10/01/10		215,000		233,818
Telefonos de Mexico SA,
	5.50%, 01/27/15		164,000		163,068

24 Semiannual Report 2007

Yankee Dollars (Continued)
		Shares or
		Principal Amount		Value
Telephones (continued)
Vodafone Group PLC
	7.75%, 02/15/10	$	267,000	$	284,586
	5.00%, 12/16/13 (b)		461,000		451,073
	7.88%, 02/15/30		144,000		169,382
					3,462,595
Transportation (0.0%)
Canadian National Railway Co.
	6.90%, 07/15/28		168,000		187,412
	6.20%, 06/01/36		164,000		169,536
Qantas Airways,
	6.05%, 04/15/16 (c) (d)		123,000		107,441
					464,390
Total Yankee Dollars     (Cost $20,234,325)					20,133,309
Repurchase Agreements (8.1%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $80,880,529, collateralized by U.S. Government Agency Mortgages with a market value of $82,486,454			80,869,073		80,869,073
Securities Held as Collateral for Securities on Loan (1.9%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $18,864,320, collateralized by U.S. Government Agency Mortgages with a market value of $19,238,763			18,861,533		18,861,533
Total Investments     (Cost $1,100,404,905) (e) — 110.0%					1,099,145,073
Liabilities in excess of other assets — (10.0)%					(99,954,519	)
NET ASSETS — 100.0%				$	999,190,554

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2007. The maturity date represents the actual maturity date.
(b)	All or a part of the security was on loan as of April 30, 2007.
(c)	Illiquid security.
(d)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(e)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

GO	General Obligation
TBA	To Be Announced.
TW	Taiwan
UK	United Kingdom

See accompanying notes to financial statements

2007 Semiannual Report 25

Nationwide International Index Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide International Index Fund (Class A at NAV) returned 14.44% versus 15.68% for its benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. For broader comparison, the average return for the Fund’s Lipper peer category of International Multi-Cap Core Funds (consisting of 367 funds as of April 30, 2007) was 14.46%.

Can you describe the market environment during the reporting period?

After recording significant gains in the first two months of the semiannual period, the international equity markets declined in late February and early March 2007, and then rallied sharply in April. The strong rebound reflected a number of influences. Stocks were oversold after a substantial correction in the Asian markets, particularly China, in February 2007. The earlier slowdown was driven partly by concerns about U.S. economic prospects, particularly in light of the problems evident in the subprime mortgage market. In addition, while recent U.S. economic numbers have been far from stellar, there has not been much evidence of a hard landing— an economy going into recession as the government attempts to slow down inflation. The inflation background also appears to be less of a threat. Macroeconomic data outside the United States continue to suggest that the U.S. slowdown is not prompting equivalent weakness elsewhere in the world. A deceleration in corporate profits clearly is under way, which was widely anticipated. Conservatism regarding the earnings outlook has allowed some positive surprises to emerge in current earnings reports from the United States. Last of all, inflation definitely is an issue for many policymakers. Credit-tightening cycles are in place in Europe and the United Kingdom, in part to limit future inflationary pressures. In some emerging markets, most notably China and India, rising inflation and strong growth have led to interest-rate increases and other tightening measures.

What areas detracted from Fund performance?

Although these sectors finished the reporting period in positive territory, the health-care sector and the energy sector posted the lowest returns within the Fund and the Index. All of the equity markets represented in the Fund and Index also recorded positive returns for the six-month period. However, Japan, the U.K., Ireland, Switzerland and Hong Kong underperformed the Index.

What areas of investment provided the most positive returns for the Fund?

All 10 sectors within the Fund and MSCI EAFE Index posted positive returns for the reporting period. The strongest-performing sectors included industrials, materials, consumer staples and utilities. Regarding country performance, Norway, Singapore and Sweden posted the highest returns.

What is your outlook for the near term?

Our view is that a sustained shift in the average global equity price-to-earnings (P/E) ratio will not take place this year. A shift of that type tends to occur under specific circumstances, such as when marked changes in interest rates and inflation happen, or due to the volatility of key variables such as inflation and profits, or in response to marked shifts in earnings. We do not anticipate substantial shifts in 2007; therefore, we do not believe that substantial changes in stock valuations will serve as a key driver of returns this year. The main downside risk to valuation levels is likely to be widespread earnings disappointments.

The Fund seeks to match the performance of the MSCI EAFE Index as closely as possible before the deduction of Fund expenses.

Portfolio Managers: BlackRock Investment Management, LLC— Subadviser; Debra L. Jelilian and Jeffery L. Russo, CFA

Funds in the Lipper International Multi-Cap Core Funds category invest in a variety of market-capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range during an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies strictly outside of the United States with market capitalizations (on a three-year weighted basis) greater than the 250th-largest company in the S&P/Citigroup World ex-U.S. Broad Market Index.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of April 2007, and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance does not guarantee future results. There is no guarantee that any forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader.

26 Semiannual Report 2007

Nationwide International Index Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		14.44%		18.38%		15.45%		4.55%		0.80%		0.76%
	w/SC3		7.82%		11.58%		14.08%		3.71%
Class B	w/o SC2		14.05%		17.55%		14.74%		3.84%		1.41%		1.37%
	w/SC4		9.05%		12.55%		14.50%		3.84%
Class C5	w/o SC2		14.05%		17.62%		14.44%		3.65%		1.41%		1.37%
	w/SC7		13.05%		16.62%		14.44%		3.65%
Class R 6,8			14.42%		18.36%		15.45%		6.56%		1.11%		1.07%
Institutional Class6			14.70%		18.87%		15.88%		4.95%		0.41%		0.37%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 29, 1999.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (02/14/05) include the performance of the Fund’s Class B shares, which began operations on December 29, 1999 prior to the creation of the Class C. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C would have produced because Class C and invest in the same portfolio of securities as Class B shares. The performance for Class C has been restated for sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes.
6	Not subject to any sales charges.
7	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
8	These returns until the creation of Class R shares (3/9/07) include the previous performance of the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because both classes invest in the same portfolio of securities. The performance of Class R shares has been restated to reflect differences in sales charges, but does not reflect the higher level of other fees applicable to such class; if these fees were reflected, the performance for Class R shares would have been lower.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide International Index Fund, the Morgan Stanley Capital International — Europe, Australasia, and Far East Index (MSCI EAFE)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The MSCI EAFE — an unmanaged index of companies whose securities are listed on the stock exchanges of the U.S., Europe, Canada, Australia and the Far East — gives a broad look at how the stock prices of these companies have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 27

Shareholder Nationwide International Index Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid			Annualized
Nationwide International Index Fund			11/01/06		04/30/07		During Period*			Expense Ratio*
Class A	Actual		$	1,000.00	$	1,144.40	$	4.04			0.76%
	Hypothetical	1	$	1,000.00	$	1,021.23	$	3.82			0.76%
Class B	Actual		$	1,000.00	$	1,140.50	$	7.27			1.37%
	Hypothetical	1	$	1,000.00	$	1,018.21	$	6.88			1.37%
Class C	Actual		$	1,000.00	$	1,140.50	$	3.66			1.37%
	Hypothetical	1	$	1,000.00	$	1,018.21	$	3.46			1.37%
Class R (a)	Actual		$	1,000.00	$	1,144.20	$	1.09	(b)		0.70%
	Hypothetical	1	$	1,000.00	$	1,006.28	$	1.02	(b)		0.70%
Institutional Class	Actual		$	1,000.00	$	1,147.00	$	1.97			0.37%
	Hypothetical	1	$	1,000.00	$	1,023.17	$	1.86			0.37%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.
(a)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.
(b)	Expense are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 53/365 (to reflect the period).

28 Semiannual Report 2007

Portfolio Summary

Nationwide International Index Fund

(April 30, 2007)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	95.8%
Repurchase Agreements	1.9%
Exchange Traded Funds	0.0%
Warrants	0.0%
Other investments*	18.8%
Liabilities in excess of other assets**	-16.5%
	100.0%

Top Industries
Commercial Banks	15.9%
Insurance	6.9%
Oil, Gas & Consumable Fuels	6.3%
Pharmaceuticals	5.7%
Metals & Mining	4.4%
Diversified Telecommunication Services	3.5%
Automobiles	3.3%
Electric Utilities	3.0%
Chemicals	2.8%
Food Products	2.8%
Other	45.4%
	100.0%

Top Countries
United Kingdom	22.1%
Japan	20.2%
France	9.6%
Germany	7.8%
Switzerland	6.8%
Australia	5.4%
Netherlands	4.0%
Spain	3.9%
Italy	3.9%
Other	16.3%
	100.0%

Top Holdings***
BP PLC	1.5%
HSBC Holdings PLC	1.5%
Toyota Motor Corp.	1.2%
GlaxoSmithKline PLC	1.2%
Nestle SA	1.2%
Total SA	1.1%
Vodafone Group PLC	1.0%
Novartis AG	1.0%
Roche Holding AG	0.9%
UBS AG	0.9%
Other	88.5%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

See accompanying notes to financial statements.

2007 Semiannual Report 29

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide International Index Fund

Common Stocks (95.8%)
	Shares or
	Principal Amount		Value
AUSTRALIA (5.4%) (a)
Airline 0.1%
Qantas Airways Ltd.		243,790	$	1,070,639
Beverages 0.1%
Coca-Cola Amatil Ltd.		122,877		965,117
Foster’s Group Ltd.		323,866		1,709,281
Lion Nathan Ltd.		10,373		78,551
				2,752,949
Biotechnology 0.1%
CSL Ltd.		27,206		1,959,113
Capital Markets 0.2%
Australian Stock Exchange Ltd.		25,094		993,811
Macquarie Bank Ltd.		42,970		3,078,209
Perpetual Ltd. (b)		2,374		158,661
				4,230,681
Chemicals 0.0%
Orica Ltd.		37,835		984,212
Commercial Banks 1.3%
Australia & New Zealand Banking Group Ltd.		301,925		7,626,255
Commonwealth Bank of Australia		207,457		9,043,686
National Australia Bank Ltd.		262,108		9,307,915
Westpac Banking Corp.		311,630		6,955,378
				32,933,234
Commercial Services & Supplies 0.1%
Brambles Ltd.*		180,637		1,969,916
Downer EDI Ltd. (b)		94,706		586,154
				2,556,070
Construction & Engineering 0.0% (b)
Leighton Holdings Ltd.		34,954		1,005,821
Construction Materials 0.1%
Boral Ltd. (b)		84,614		589,860
James Hardie Industries NV (b)		58,410		428,346
Rinker Group Ltd.		161,044		2,477,237
				3,495,443
Containers & Packaging 0.0%
AmCor Ltd.		137,252		845,177
Distributor 0.0%
Pacific Brands Ltd.		58,874		157,471
Diversified Consumer Services 0.0% (b)
ABC Learning Centres Ltd.		19,159		110,684
Diversified Financial Services 0.1% (b)
Challenger Financial Services Group Ltd.		139,101		608,184
SunCorp-Metway Ltd.		155,892		2,758,762
				3,366,946
Diversified Telecommunication Services 0.1%
Telstra Corp. Ltd.		522,101		2,016,371
Telstra Corp. Ltd., Installment Receipts		116,059		306,500
				2,322,871
Energy Equipment & Services 0.1%
Babcock & Brown Ltd. (b)		28,300		690,364
WorleyParsons Ltd.		16,897		383,637
				1,074,001
Food & Staples Retailing 0.3% (b)
Coles Myer Ltd.		209,938		2,995,045
Woolworths Ltd.		187,631		4,393,256
				7,388,301
Food Products 0.0%
Futuris Corp. Ltd.		73,471		145,680
Goodman Fielder Ltd.		68,546		136,076
				281,756
Health Care Equipment & Supplies 0.0%
Ansell Ltd.		21,361		197,105
Cochlear Ltd.		12,914		676,174
				873,279
Health Care Providers & Services 0.0%
Sonic Health Care Products & Services Ltd. (b)		21,751		256,926
Symbion Health Ltd.		101,664		343,685
				600,611
Hotels, Restaurants & Leisure 0.1% (b)
Aristocrat Leisure Ltd.		58,082		795,735
Tabcorp Holdings Ltd.		76,074		1,139,647
Tattersall’s Ltd.		114,965		489,776
				2,425,158
Industrial Conglomerates 0.1% (b)
CSR Ltd.		227,744		690,569
Wesfarmers Ltd.		53,470		1,731,065
				2,421,634

30 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
AUSTRALIA (a) (continued)
Insurance 0.3%
AMP Ltd. (b)		289,156	$	2,565,629
AXA Asia Pacific Holdings Ltd. (b)		165,197		1,006,181
Insurance Australia Group Ltd. (b)		331,559		1,638,485
QBE Insurance Group Ltd.		127,576		3,234,263
				8,444,558
IT Services 0.0%
Computershare Ltd.		51,608		444,787
Media 0.1%
APN News & Media Ltd.		243		1,210
John Fairfax Holdings Ltd. (b)		218,301		944,130
Macquarie Communications Infrastructure Group (b)		94,519		517,173
Publishing & Broadcasting Ltd.		33,124		560,594
				2,023,107
Metals & Mining 1.0%
Alumina Ltd. (b)		152,773		901,672
BHP Billiton Ltd.		591,318		14,432,345
BlueScope Steel Ltd. (b)		141,785		1,407,357
Iluka Resources Ltd. (b)		69,336		333,830
Newcrest Metals & Mining Ltd.		58,954		1,137,740
OneSteel Ltd. (b)		122,061		576,514
Rio Tinto Ltd. (b)		52,128		3,558,943
Zinifex Ltd. (b)		100,070		1,366,341
				23,714,742
Multi-Utilities 0.1%
AGL Energy Ltd. (b)		58,166		739,012
Alinta Ltd.		57,812		718,379
				1,457,391
Multiline Retail 0.0%
Harvey Norman Holdings Ltd.		33,835		143,383
Oil, Gas & Consumable Fuels 0.2%
Caltex Australia Ltd.		14,655		293,544
Origin Energy Ltd. (b)		105,115		791,633
Paladin Resources Ltd.*		47,272		369,798
Santos Ltd. (b)		106,001		981,391
Woodside Petroleum Ltd. (b)		84,912		2,760,068
				5,196,434
Paper & Forest Products 0.0%
PaperlinX Ltd.		37,727		121,614
Real Estate Investment Trusts (REITs) 0.6%
Centro Properties Group (b)		102,463		792,596
CFS Retail Property Trust		233,837		447,037
Commonwealth Property Office Fund		228,851		272,943
DB RREEF Trust (b)		461,432		686,660
GPT Group		371,359		1,520,526
ING Industrial Fund		8,525		17,212
Investa Property Group (b)		220,036		485,671
Macquarie Goodman Group		265,892		1,559,049
Macquarie Office Trust (b)		115,485		153,259
Mirvac Group		197,476		857,184
Multiplex Group (b)		169,405		651,458
Stockland (b)		197,671		1,407,080
Westfield Group		266,027		4,604,717
				13,455,392
Real Estate Management & Development 0.1% (b)
Lend Lease Corp. Ltd.		66,298		1,092,026
Road & Rail 0.1%
Toll Holdings Ltd.		72,183		1,314,363
Textiles, Apparel & Luxury Goods 0.0%
Billabong International Ltd.		7,443		101,616
Transportation Infrastructure 0.1%
Macquarie Airports		45,062		148,405
Macquarie Infrastructure Group (b)		506,965		1,588,308
Sydney Roads Group (b)		428,527		506,329
Transurban Group		182,856		1,219,158
				3,462,200
				133,827,664
AUSTRIA (0.6%) (a)
Building Products 0.0%
Wienerberger AG		10,093		725,713
Commercial Banks 0.1%
Erste Bank der Oesterreichischen Sparkassen AG		29,264		2,342,904
Raiffeisen International Bank Holding AG (b)		5,207		719,336
				3,062,240
Construction Materials 0.0% (b)
RHI AG*		8,936		473,472
Containers & Packaging 0.0%
Mayr-Melnhof Karton AG		37		8,660
Diversified Telecommunication Services 0.1%
Telekom Austria AG		65,544		1,853,463

2007 Semiannual Report 31

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
AUSTRIA (a) (continued)
Electric Utility 0.0% (b)
Verbund-Oesterreichische Elektrizitaetswirtschafts AG		16,292	$	838,048
Hotels, Restaurants & Leisure 0.0% (b)
BetandWin.com Interactive Entertainment AG*		3,680		157,862
Insurance 0.0%
Wiener Staedtische Versicherung AG		1,735		130,211
Machinery 0.0%
Andritz AG		2,841		729,672
Metals & Mining 0.1%
Boehler-Uddeholm AG (b)		10,163		991,129
Voestalpine AG		11,552		775,894
				1,767,023
Oil, Gas & Consumable Fuels 0.1%
OMV AG		32,190		2,037,238
Real Estate Management & Development 0.2%
Immoeast Immobilien Anlagen*		50,862		719,236
IMMOFINANZ Immobilien Anlagen AG*		95,837		1,557,600
Meinl European Land Ltd.*		42,892		1,242,460
				3,519,296
Transportation Infrastructure 0.0%
Flughafen Wien AG		72		7,819
				15,310,717
BELGIUM (1.2%) (a)
Beverages 0.1% (b)
InBev NV		28,712		2,237,922
Chemicals 0.1% (b)
Solvay SA		9,382		1,485,178
Umicore		5,976		1,203,398
				2,688,576
Commercial Banks 0.3%
Dexia		92,185		3,006,428
KBC Groep NV (b)		34,841		4,609,102
				7,615,530
Distributor 0.0%
D’ Ieteren NV		489		213,532
Diversified Financial Services 0.4%
Fortis (b)		203,987		9,165,912
Groupe Bruxelles Lambert SA (b)		11,675		1,411,068
Groupe Bruxelles Lambert SA Strip*		721		20
				10,577,000
Diversified Telecommunication Services 0.1% (b)
Belgacom SA		33,950		1,491,994
Electrical Equipment 0.0%
Bekaert SA		116		16,483
Electronic Equipment & Instruments 0.0% (b)
BarCo NV		2,478		223,486
Food & Staples Retailing 0.1%
Colruyt SA		1,619		381,578
Delhaize Group (b)		16,128		1,548,320
				1,929,898
Health Care Equipment & Supplies 0.0%
Omega Pharma SA		2,941		237,852
Leisure Equipment & Products 0.0% (b)
AGFA-Gevaert NV		26,802		648,070
Oil, Gas & Consumable Fuels 0.0% (b)
Euronav SA		5,398		181,603
Pharmaceutical 0.1%
UCB SA		20,169		1,202,110
Real Estate Investment Trust (REIT) 0.0% (b)
Cofinimmo		660		135,339
Transportation 0.0%
Compagnie Maritime Belge SA		5,398		374,516
Wireless Telecommunication Services 0.0% (b)
Mobistar SA		2,876		248,766
				30,022,677
BERMUDA (0.0%) (a) (b)
Oil, Gas & Consumable Fuels 0.0%
Frontline Ltd.		5,936		222,212
CAYMAN ISLANDS (0.1%) (a)
Communications Equipment 0.1%
FoxConn International Holdings Ltd.*		304,130		911,570
Solomon Systech International Ltd.		1,049,000		155,290
				1,066,860

32 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
CAYMAN ISLANDS (a) (continued)
Wireless Telecommunication Services 0.0% (b)
Hutchison Telecommunications International Ltd.*		212,642	$	433,401
				1,500,261
DENMARK (0.9%) (a)
Airline 0.0%
Dak Sas AB*		63		1,425
Beverages 0.0%
Carlsberg		7,141		799,920
Chemicals 0.0%
Novozymes		6,405		669,449
Commercial Banks 0.2%
Danske Bank		93,020		4,344,501
Jyske Bank*		7,175		576,142
Sydbank		16,077		900,955
				5,821,598
Construction & Engineering 0.0% (b)
FLSmidth & Co.		4,613		347,863
Food Products 0.1%
Danisco AS (b)		12,057		972,576
East Asiatic Co. Ltd.		3,091		161,001
				1,133,577
Health Care Equipment & Supplies 0.1%
Coloplast (b)		3,108		267,504
GN Store Nord* (b)		53,504		611,442
William Demant Holding*		2,009		193,693
				1,072,639
Household Durables 0.0% (b)
Bang & Olufsen		3,808		493,576
Insurance 0.0%
Topdanmark*		2,958		580,068
TrygVesta AS (b)		1,789		151,612
				731,680
Machinery 0.0%
NKT Holding AS		167		14,662
Marine 0.1% (b)
AP Moller - Maersk AS*		171		1,931,547
Oil, Gas & Consumable Fuels 0.1%
Dampskibsselskabet Torm AS (b)		1,913		134,120
Vestas Wind Systems*		35,953		2,324,886
				2,459,006
Pharmaceuticals 0.2%
H. Lunbeck AS		5,754		138,508
Novo-Nordisk (b)		45,518		4,456,523
				4,595,031
Road & Rail 0.1% (b)
DSV		5,075		1,041,414
				21,113,387
FINLAND (1.5%) (a)
Auto Components 0.0% (b)
Nokian Renkaat OYJ		21,180		650,271
Building Products 0.0%
Uponor OYJ		9,334		385,209
Communications Equipment 0.7% (b)
Nokia OYJ*		716,139		18,063,345
Construction & Engineering 0.1%
YIT OYJ		23,528		833,860
Diversified Financial Services 0.0%
OKO Bank PLC		1,583		30,037
Diversified Telecommunication Services 0.0%
Elisa OYJ, Class A		17,993		523,527
Electric Utility 0.1%
Fortum OYJ		77,172		2,389,072
Food & Staples Retailing 0.0%
Kesko OYJ		10,136		703,139
Insurance 0.1% (b)
Sampo OYJ		84,906		2,644,923
IT Services 0.0% (b)
Tietoenator OYJ		23,319		734,976
Leisure Equipment & Products 0.0% (b)
Amer Sports OYJ		9,351		207,336
Machinery 0.2%
Cargotec Corp.		6,072		375,589
KCI Konecranes OYJ		18,875		678,306
Kone OYJ (b)		12,144		732,030
Metso OYJ (b)		27,356		1,495,963
Wartsila OYJ		7,543		504,267
				3,786,155
Media 0.0%
Sanoma-WSOY OYJ		1,990		58,751

2007 Semiannual Report 33

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
FINLAND (a) (continued)
Metals & Mining 0.1%
Outokumpu OYJ (b)		18,477	$	613,885
Rautaruukki OYJ		19,446		1,048,446
				1,662,331
Oil, Gas & Consumable Fuels 0.0% (b)
Neste Oil OYJ		22,924		809,296
Paper & Forest Products 0.2%
Stora Enso OYJ		107,448		1,960,512
UPM-Kymmene OYJ (b)		89,708		2,210,641
				4,171,153
Pharmaceutical 0.0%
Orion OYJ*		8,093		192,237
				37,845,618
FRANCE (9.6%)
Aerospace & Defense 0.1% (a) (b)
Safran SA		17,443		421,337
Thales SA		18,461		1,121,602
Zodiac SA		9,973		765,387
				2,308,326
Airline 0.1% (a) (b)
Air France-KLM		27,691		1,412,088
Auto Components 0.2% (a)
Compagnie Generale des Etablissements Michelin (b)		28,022		3,569,867
Valeo SA		18,032		1,035,914
				4,605,781
Automobiles 0.3% (a) (b)
Peugeot SA		31,226		2,533,295
Renault SA		29,476		3,826,004
				6,359,299
Beverages 0.2% (a)
Pernod-Ricard SA		17,483		3,722,356
Building Products 0.2% (a)
Compagnie de Saint-Gobain		55,286		5,902,775
Chemicals 0.2% (a) (b)
Air Liquide		20,815		5,159,718
Commercial Banks 1.4% (a)
BNP Paribas		142,767		16,560,660
Credit Agricole SA (b)		110,278		4,643,217
Societe Generale (b)		64,833		13,738,152
				34,942,029
Commercial Services & Supplies 0.0% (a)
Societe BIC SA		1,214		88,692
Communications Equipment 0.2% (a)
Alcatel-Lucent		382,634		5,052,781
Construction & Engineering 0.3% (a) (b)
Vinci SA		39,064		6,282,880
Construction Materials 0.2% (a)
Imerys SA		2,675		255,809
Lafarge SA (b)		26,930		4,371,530
				4,627,339
Diversified Telecommunication Services 0.3% (a)
France Telecom SA		284,380		8,314,984
Electrical Equipment 0.4% (a)
Alstom RGPT*		18,090		2,689,463
Schneider Electric SA (b)		44,091		6,217,965
				8,907,428
Energy Equipment & Services 0.1% (b)
Technip SA		21,506		1,695,842
Food & Staples Retailing 0.4% (a)
Carrefour SA (b)		105,093		8,076,668
Casino Guichard Perrachon SA		9,269		995,633
				9,072,301
Food Products 0.3% (a) (b)
Groupe Danone		40,390		6,640,182
Gas Utility 0.1% (a) (b)
Gaz de France		28,885		1,355,313
Health Care Equipment & Supplies 0.1% (a)
Cie Generale d’Optique Essilor Int’l SA		18,367		2,213,730
Hotels, Restaurants & Leisure 0.2% (a)
Accor SA		38,254		3,602,834
Sodexho Alliance SA		15,200		1,204,673
				4,807,507
Household Durables 0.0% (a) (b)
Thomson		53,365		1,028,251
Insurance 0.6%
Axa (a)		289,753		13,302,156
CNP Assurances (a) (b)		5,426		691,621
Scor SA (b)		23,121		678,294
				14,672,071

34 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
FRANCE (continued)
IT Services 0.1% (a)
Atos Origin SA*		15,585	$	1,117,287
Capgemini SA (b)		25,109		1,898,990
				3,016,277
Machinery 0.1% (a)
Vallourec SA		8,065		2,196,254
Media 0.5% (a)
Lagardere SCA (b)		23,843		1,873,746
M6-Metropole Television* (b)		3,979		141,432
PagesJaunes Groupe SA (b)		34,670		802,449
Publicis Groupe		29,209		1,389,583
Societe Television Francaise 1 (b)		29,501		1,013,768
Vivendi Universal SA (b)		193,267		7,971,254
				13,192,232
Multi-Utilities 0.6% (a) (b)
Suez SA		169,572		9,663,062
Veolia Environnement		50,860		4,197,132
				13,860,194
Multiline Retail 0.1% (a)
PPR SA		11,503		1,998,872
Office Electronics 0.0% (a)
Neopost SA		3,808		551,819
Oil, Gas & Consumable Fuels 1.1% (a) (b)
Total SA		371,811		27,406,209
Personal Products 0.2% (a) (b)
L’Oreal SA		47,085		5,634,207
Pharmaceutical 0.6% (a) (b)
Sanofi-Aventis		174,256		15,949,100
Real Estate Investment Trusts (REITs) 0.1% (a)
Gecina SA		1,440		272,236
Klepierre (b)		3,641		702,049
Unibail		8,398		2,327,571
				3,301,856
Software 0.0% (a)
Business Objects SA*		22,305		834,748
Dassault Systemes SA (b)		6,240		369,373
				1,204,121
Textiles, Apparel & Luxury Goods 0.2% (a)
Hermes Int’l		9,358		1,351,131
LVMH Moet Hennessy Louis Vuitton SA (b)		40,302		4,697,125
				6,048,256
Transportation Infrastructure 0.0% (a)
Societe Des Autoroutes Paris-Rhin-Rhone		1,006		99,078
Wireless Telecommunication Services 0.1% (a) (b)
Bouygues SA		38,855		3,095,672
				236,725,820
GERMANY (7.8%)
Airline 0.1% (a)
Deutsche Lufthansa AG		49,395		1,473,605
Auto Components 0.1% (a)
Continental AG		25,544		3,555,236
Automobiles 0.9% (a)
Daimler Chrysler AG (b)		154,183		12,465,247
Porsche AG		1,587		2,657,888
Volkswagen AG (b)		32,123		4,849,611
Volkswagen AG, Preferred Shares		16,297		1,647,127
				21,619,873
Capital Markets 0.2% (a) (b)
Deutsche Boerse AG		19,338		4,533,001
MLP AG		9,484		235,233
				4,768,234
Chemicals 0.9% (b)
BASF AG		86,065		10,270,914
Bayer AG		120,391		8,272,806
Linde AG (a)		20,278		2,271,317
				20,815,037
Commercial Banks 0.8% (a)
Commerzbank AG (b)		115,121		5,743,955
Deutsche Bank AG		87,622		13,450,803
Deutsche Postbank AG		11,211		1,094,983
				20,289,741
Construction & Engineering 0.1% (a)
Bilfinger Berger AG		3,831		360,728
Hochtief AG		9,600		1,008,437
				1,369,165
Diversified Telecommunication Services 0.4% (a) (b)
Deutsche Telekom AG		487,832		8,928,680
Electric Utility 0.7% (a) (b)
E. On AG		109,161		16,402,053
Electronic Equipment & Instruments 0.0% (a)
Wincor Nixdorf AG		7,780		755,324

2007 Semiannual Report 35

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
GERMANY (continued)
Food & Staples Retailing 0.1% (a)
Metro AG		27,638	$	2,130,612
Food Products 0.0% (a) (b)
Suedzucker AG		1,963		40,231
Health Care Providers & Services 0.1% (a)
Celesio AG		10,768		771,445
Fresenius Medical Care AG & Co.		10,093		1,511,919
				2,283,364
Hotels, Restaurants & Leisure 0.1% (a)
TUI AG		49,142		1,349,101
Household Products 0.1% (a) (b)
Henkel KGaA		11,787		1,852,970
Industrial Conglomerates 0.7% (a)
Rheinmetall AG		3,633		359,227
Siemens AG		143,405		17,308,418
				17,667,645
Insurance 1.0%
Allianz AG		73,149		16,648,591
Hypo Real Estate Holding AG (a)		28,302		1,886,687
Muenchener Rueckversicherungs AG (a) (b)		37,135		6,586,162
				25,121,440
Machinery 0.1% (a)
Heidelberger Druckmaschinen		5,420		255,640
MAN AG (b)		23,940		3,188,486
				3,444,126
Media 0.0% (a)
Premiere AG*		23,917		501,821
ProsiebenSAT.1 Media AG		13,637		496,300
				998,121
Metals & Mining 0.2% (a)
Salzgitter AG		5,687		934,699
Thyssenkrupp AG		67,929		3,627,619
				4,562,318
Multi-Utilities 0.3% (a) (b)
RWE AG		76,602		8,095,037
RWE AG, Non-Voting Preferred Shares		4,091		399,630
				8,494,667
Multiline Retail 0.0% (a)
KarstadtQuelle AG*		17,196		662,814
Oil, Gas & Consumable Fuels 0.0% (a) (b)
Solarworld AG		8,096		677,747
Personal Products 0.0% (a)
Beiersdorf AG		11,490		823,630
Pharmaceuticals 0.1% (a)
Altana AG (b)		16,156		1,200,230
Merck KGaA		13,227		1,756,165
				2,956,395
Real Estate Management & Development 0.0% (a)
IVG Immobilien AG		11,079		498,252
Semiconductors & Semiconductor Equipment 0.1% (a)
Infineon Technologies AG*		142,438		2,211,294
Software 0.3% (a)
SAP AG		150,850		7,246,090
Specialty Retail 0.0% (a)
Douglas Holding AG		2,452		155,314
Textiles, Apparel & Luxury Goods 0.2% (a)
Adidas AG		41,412		2,463,236
Puma AG Rudolf Dassler Sport		2,750		1,249,358
				3,712,594
Transportation Infrastructure 0.2%
Deutsche Post AG		14,982		514,348
Deutsche Post AG		121,644		4,182,349
				4,696,697
				191,562,370
GREECE (0.6%) (a)
Beverages 0.0%
Coca Cola Hellenic Bottling Co. SA		12,502		541,974
Commercial Banks 0.4%
Alpha Bank AE		75,113		2,285,784
EFG Eurobank Ergasias SA		35,187		1,464,036
National Bank of Greece SA		72,591		4,065,743
Piraeus Bank SA		45,457		1,647,088
				9,462,651
Communications Equipment 0.0%
Intracom SA*		13,953		78,897
Construction & Engineering 0.0%
Hellenic Technodomiki Tev SA		18,730		256,919
Technical Olympic SA		12,941		28,845
				285,764

36 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
GREECE (a) (continued)
Construction Materials (0.0%)
Titan Cement Co.		5,259	$	299,325
Diversified Financial Services 0.0%
Hellenic Exchanges Holding SA		195		4,618
Diversified Telecommunication Services 0.1%
Hellenic Telecommunications Organization SA*		65,353		1,878,268
Electric Utility 0.0%
Public Power Corp.		24,370		638,645
Hotels, Restaurants & Leisure 0.1%
OPAP SA		40,394		1,528,282
Metals & Mining 0.0%
Viohal Co.		1,540		26,132
Oil, Gas & Consumable Fuels 0.0%
Hellenic Petroleum SA		1,303		19,676
Textiles, Apparel & Luxury Goods 0.0%
Folli-Follie SA		1,393		56,258
Wireless Telecommunication Services 0.0%
Cosmote Mobile Telecommunications SA		17,456		548,556
				15,369,046
HONG KONG (1.5%) (a)
Airline 0.0%
Cathay Pacific Airways Ltd.		95,000		245,663
Commercial Banks 0.2%
Bank of East Asia Ltd.		307,100		1,884,930
BOC Hong Kong Holdings Ltd.		683,100		1,676,793
Hang Seng Bank Ltd. (b)		153,000		2,149,945
Hkd Wing Hang Bank Ltd.		10,000		119,354
				5,831,022
Distributor 0.1%
Li & Fung Ltd.		445,600		1,384,404
Diversified Financial Services 0.1%
Hong Kong Exchanges & Clearing Ltd.		216,000		2,057,804
Diversified Telecommunication Services 0.0%
PCCW Ltd.		531,200		326,973
Electric Utilities 0.1%
Cheung Kong Infrastructure Holdings Ltd.		2,500		8,939
CLP Holdings Ltd.		276,000		2,016,030
HongKong Electric Holdings		203,300		1,017,172
				3,042,141
Electrical Equipment 0.0% (b)
Johnson Electric Holdings Ltd.		205,500		124,264
Electronic Equipment & Instruments 0.0%
Kingboard Chemical Holdings Ltd.		67,548		314,736
Gas Utility 0.1% (b)
Hong Kong & China Gas		525,600		1,250,018
Hotels, Restaurants & Leisure 0.0%
ShanGri-La Asia Ltd.		138,000		337,464
Household Durables 0.0%
Techtronic Industries Co.		45,310		60,138
Industrial Conglomerates 0.2%
Hutchison Whampoa Ltd.		400,500		3,856,570
MelCo International Development		58,344		113,284
				3,969,854
Marine 0.0%
Orient Overseas International Ltd.		34,438		291,216
Media 0.0%
Television Broadcasts Ltd.		16,000		105,666
Real Estate Investment Trust (REIT) 0.0%
Link REIT (The)		486,551		1,106,271
Real Estate Management & Development 0.6%
Cheung Kong Holdings Ltd.		286,000		3,705,285
Hang Lung Properties Ltd.		488,000		1,445,656
Henderson Land Development Co. (b)		189,800		1,134,225
Hopewell Holdings Ltd.		75,569		332,523
Hysan Development Co. Ltd.		22,673		60,083
Kerry Properties Ltd. (b)		37,000		184,874
New World Development Co. Ltd.		434,679		1,020,626
Shui on Land Ltd.*		66,500		56,969
Shun Tak Holdings Ltd.		54,000		75,141
Sino Land Co. (b)		306,000		641,771
Sun Hung Kai Properties Ltd.		263,700		3,081,066
Swire Pacific Ltd.		172,500		1,969,826
Wharf Holdings Ltd.		133,300		490,683
				14,198,728

2007 Semiannual Report 37

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
HONG KONG (a) (continued)
Road & Rail 0.0%
MTR Corp.		126,714	$	310,163
Semiconductors & Semiconductor Equipment 0.0%
ASM Pacific Technology Ltd.		27,300		172,142
Specialty Retail 0.1%
Esprit Holdings Ltd.		195,500		2,369,477
Giordano International Ltd. (b)		238,400		115,235
				2,484,712
Textiles, Apparel & Luxury Goods 0.0%
Texwinca Holdings Ltd.		2,000		1,422
Yue Yuen Industrial Holdings		38,500		134,441
				135,863
Trading Companies & Distributors 0.0%
Noble Group Ltd.		636		660
				37,749,902
IRELAND (0.9%)
Airline 0.0% (a)
Ryanair Holdings PLC*		42,663		349,943
Beverages 0.1% (a)
C&C Group PLC		68,027		1,140,263
Building Products 0.0% (a)
Kingspan Group PLC		23,738		664,858
Commercial Banks 0.4% (a)
Allied Irish Banking PLC		158,070		4,786,690
Bank of Ireland		169,622		3,638,673
Depfa Bank PLC		51,906		959,436
				9,384,799
Construction Materials 0.2% (a)
CRH PLC		100,991		4,425,872
CRH PLC		35		1,531
				4,427,403
Food & Staples Retailing 0.0%
Total Produce PLC*		1,209		1,270
Food Products 0.1% (a)
GreenCore Group PLC		43,087		269,525
Iaws Group PLC		13,545		335,751
Kerry Group PLC		18,897		564,673
				1,169,949
Hotels, Restaurants & Leisure 0.0% (a)
Paddy Power PLC		10,418		289,927
Household Durables 0.0% (a)
Waterford Wedgewood PLC*		357		19
Industrial Conglomerate 0.0% (a)
DCC PLC		6,232		208,659
Insurance 0.1% (a)
Irish Life & Permanent PLC		55,937		1,480,731
Media 0.0% (a)
Independent News & Media PLC		35,957		167,437
Pharmaceutical 0.0% (a)
Elan Corp. PLC*		61,987		850,940
Trading Companies & Distributors 0.0% (a)
Grafton Group PLC*		39,192		580,665
				20,716,863
ITALY (3.9%)
Aerospace & Defense 0.1% (a)
Finmeccanica SpA		51,907		1,595,487
Automobiles 0.1% (a)
Fiat SpA*		102,707		3,016,980
Capital Markets 0.1% (a)
Mediobanca SpA		99,308		2,298,380
Commercial Banks 1.5% (a)
Banca Monte dei Paschi di Siena SpA (b)		151,179		1,022,121
Banca Popolare di Milano Scarl (b)		85,716		1,440,899
Banche Popolari Unite Scpa (b)		120,992		3,660,694
Banco Popolare di Verona e Novara Scrl (b)		75,864		2,532,543
Capitalia SpA (b)		319,885		3,045,445
Intesa Sanpaolo SpA* (b)		1,237,906		10,371,339
Intesa Sanpaolo SpA RNC*		125,849		1,014,197
UniCredito Italiano SpA (b)		1,323,071		13,592,164
				36,679,402
Construction Materials 0.0% (a) (b)
Italcementi SpA		3,162		101,008
Diversified Telecommunication Services 0.3% (a) (b)
Telecom Italia SpA		1,943,230		5,829,817
Telecom Italia SpA RNC		954,646		2,331,912
				8,161,729
Electric Utilities 0.4% (a) (b)
Enel SpA		761,835		8,656,890
Terna SpA		279,196		1,041,060
				9,697,950

38 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
ITALY (continued)
Gas Utility 0.1% (a) (b)
Snam Rete Gas SpA		196,021	$	1,251,914
Hotels, Restaurants & Leisure 0.0% (a)
Autogrill SpA		28,866		574,206
Lottomatica SpA*		4,473		183,072
				757,278
Industrial Conglomerate 0.1% (a)
Pirelli & C SpA		741,037		924,282
Insurance 0.4% (a)
Alleanza Assicurazioni SpA (b)		96,958		1,361,428
Assicurazioni Generali SpA		171,162		7,871,827
Fondiaria-Sai SpA		7,662		405,748
Mediolanum SpA (b)		41,088		357,102
Unipol SpA* (b)		79,078		293,279
				10,289,384
Internet Software & Services 0.0% (a) (b)
Tiscali SpA*		91,354		339,072
Media 0.1% (a)
Gruppo Editoriale L’Espresso SpA (b)		7,002		36,531
Mediaset SpA (b)		161,976		1,831,434
Mondadori (Arnoldo) Editore SpA		1,017		11,194
Seat Pagine Gialle SpA (b)		293,554		191,392
				2,070,551
Oil, Gas & Consumable Fuels 0.6%
Eni SpA (a)		454,436		15,069,150
Eni SpA ADR		200		13,248
				15,082,398
Textiles, Apparel & Luxury Goods 0.0%
Benetton Group SpA		1,257		21,800
Bulgari SpA (a)		23,800		363,612
Luxottica Group SpA (a) (b)		15,507		538,211
				923,623
Transportation Infrastructure 0.1% (a)
Autostrade SpA		54,531		1,800,238
				94,989,676
JAPAN (20.2%)
Air Freight & Logistics 0.0% (a)
Yamato Holdings Co. Ltd.		75,000		1,085,902
Airlines 0.0% (a)
All Nippon Airways Co. Ltd.		75,000		290,403
Japan Airlines Corp.* (b)		268,000		526,993
				817,396
Auto Components 0.4% (a)
Aisin Seiki Co. Ltd.		32,800		1,078,621
Bridgestone Corp.		116,400		2,360,905
Denso Corp.		82,300		2,910,219
NGK Spark Plug Co. Ltd.		40,000		705,489
NHK Spring Co. Ltd.		41,000		352,373
NOK Corp.		10,500		195,366
Stanley Electric Co. Ltd.		23,500		466,858
Sumitomo Rubber Industries, Inc.		47,400		508,809
Toyoda Gosei Co. Ltd.		3,000		74,154
Toyota Industries Corp.		27,900		1,314,742
				9,967,536
Automobiles 1.8% (a)
Honda Motor Co. Ltd.		263,800		9,061,661
Nissan Motor Co. Ltd.		390,000		3,923,277
Toyota Motor Corp.		494,800		30,057,424
Yamaha Motor Co. Ltd.		24,600		649,931
				43,692,293
Beverages 0.2% (a)
Asahi Breweries Ltd.		69,200		1,127,670
Ito En Ltd.		3,200		106,552
Kirin Brewery Co. Ltd.		116,000		1,753,650
Kita Kyushu Coca-Cola		200		4,362
Sapporo Holdings Ltd. (b)		78,000		558,996
Takara Shuzo Co. Ltd. (b)		61,800		457,811
				4,009,041
Building Products 0.2% (a)
Asahi Glass Co. Ltd.		154,600		2,079,898
Central Glass Co. Ltd.		5,000		34,864
Daikin Industries Ltd.		41,600		1,406,097
JS Group Corp.		33,400		754,344
Nippon Sheet Glass Co. Ltd. (b)		124,000		654,612
Sanwa Shutter Corp.		39,000		240,425
TOTO Ltd. (b)		57,200		540,591
				5,710,831
Capital Markets 0.5% (a)
Daiwa Securities Group, Inc.		229,500		2,556,489
Jafco Co. Ltd. (b)		1,900		81,881
Matsui Securities Co. Ltd. (b)		36,100		266,045
Mitsubishi UFJ Securities Co.		23,000		242,245
Nikko Cordial Corp.		167,500		2,409,452
Nomura Holdings, Inc.		303,800		5,806,712
SBI E*trade Securities Co. Ltd. (b)		446		480,434
SBI Holdings, Inc.		2,212		707,876
Shinko Securities Co. Ltd. (b)		39,700		180,098
				12,731,232

2007 Semiannual Report 39

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Chemicals 0.9% (a)
Asahi Kasei Corp.		224,200	$	1,585,591
Daicel Chemical Industries Ltd.		15,000		101,051
Dainippon Ink & Chemical, Inc.		42,000		157,482
Denki Kagaku Kogyo KK		25,000		108,881
Hitachi Chemical Co. Ltd.		7,900		173,599
JSR Corp.		31,300		700,244
Kaneka Corp.		43,500		396,636
Kansai Paint Co. Ltd.		30,000		242,011
Kuraray Co. Ltd.		63,500		705,734
Mitsubishi Chemical Holdings Corp.		168,500		1,356,076
Mitsubishi Gas Chemical Co., Inc.		44,000		379,956
Mitsubishi Rayon Co. Ltd.		124,100		862,701
Mitsui Chemicals, Inc. (b)		123,100		1,021,702
Nippon Kayaku Co. Ltd.		21,000		168,765
Nippon Shokubai Co. Ltd.		16,200		165,213
Nissan Chemical Industries Ltd. (b)		40,000		453,185
Nitto Denko Corp. (b)		33,610		1,483,548
Shin-Etsu Chemical Co. Ltd.		66,200		4,273,293
Showa Denko KK (b)		253,000		828,907
Sumitomo Bakelite Co. Ltd.		26,300		186,209
Sumitomo Chemical Co. Ltd.		222,200		1,467,763
Taiyo Nippon Sanso Corp.		16,000		139,071
Teijin Ltd.		194,800		1,003,450
Tokuyama Corp. (b)		49,000		734,728
Toray Industries, Inc.		265,300		1,819,780
Tosoh Corp.		119,000		544,197
UBE Industries Ltd.		204,000		647,036
Zeon Corp.		25,000		257,389
				21,964,198
Commercial Banks 1.9% (a)
77 Bank Ltd.(The)		23,300		152,775
Bank of Kyoto Ltd. (b)		20,000		231,040
Bank of Yokohama Ltd.(The)		207,000		1,515,644
Chiba Bank Ltd.(The)		114,300		944,850
Gunma Bank Ltd.(The)		30,000		199,843
Hokuhoku Financial Group, Inc.		161,900		524,477
Joyo Bank Ltd.(The)		73,000		447,610
Mitsubishi UFJ Financial Group, Inc.		1,450		15,084,929
Mitsui Trust Holdings, Inc.		99,400		898,137
Mizuho Financial Group, Inc.		1,595		9,599,491
Nishi-Nippon City Bank Ltd.(The)		60,000		257,926
Resona Holdings, Inc. (b)		710		1,602,522
Sapporo Hokuyo Holdings, Inc.		28		270,573
Shinsei Bank Ltd.		317,000		1,367,096
Shizuoka Bank Ltd.(The)		105,000		1,105,929
Sumitomo Mitsui Financial Group, Inc.		1,105		9,654,572
Sumitomo Trust & Banking Co. Ltd. (The)		190,000		1,855,750
Suruga Bank Ltd.		17,000		205,547
				45,918,711
Commercial Services & Supplies 0.2% (a)
Arrk Corp.		25,800		300,592
Dai Nippon Printing Co. Ltd.		113,700		1,812,601
Goodwill Group, Inc.(The) (b)		470		295,066
Kokuyo Co. Ltd.		1,000		12,727
Meitec Corp. (b)		5,400		176,159
Park24 Co. Ltd. (b)		25,800		321,418
Secom Co. Ltd.		38,500		1,739,999
Toppan Printing Co., Ltd.		99,000		1,004,342
				5,662,904
Communications Equipment 0.0% (a) (b)
Uniden Corp.		18,000		128,054
Computers & Peripherals 0.3% (a)
Fujitsu Ltd.		283,100		1,779,706
Mitsumi Electric Co. Ltd.		26,200		873,940
NEC Corp.		382,000		2,028,856
Toshiba Corp. (b)		513,700		3,825,675
				8,508,177
Construction & Engineering 0.2% (a)
Chiyoda Corp.		35,000		803,120
COMSYS Holdings Corp. (b)		33,227		371,089
JGC Corp.		46,000		706,723
Kajima Corp.		168,800		831,082
Nishimatsu Construction Co. Ltd. (b)		91,600		284,709
Obayashi Corp.		79,500		501,106
Okumura Corp. (b)		27,000		150,519
Shimizu Corp.		59,000		365,835
Taisei Corp. (b)		247,000		851,810
Toda Corp.		44,000		214,266
				5,080,259
Construction Materials 0.0% (a)
Sumitomo Osaka Cement Co. Ltd.		120,400		351,257
Taiheiyo Cement Corp.		118,000		505,609
				856,866

40 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Consumer Finance 0.3% (a)
Acom Co. Ltd.		10,230	$	369,323
Aeon Credit Service Co. Ltd. (b)		18,300		303,873
Aiful Corp.		20,117		500,868
Credit Saison Co. Ltd.		34,600		983,864
Hitachi Capital Corp.		200		3,345
ORIX Corp.		14,590		3,890,747
Promise Co. Ltd. (b)		11,000		330,922
Shohkoh Fund & Co. Ltd.		10		1,759
Takefuji Corp.		24,600		826,888
				7,211,589
Consumer Goods 0.0% (a)
Circle K Sunkus Co. Ltd.		195		3,352
Containers & Packaging 0.0% (a)
Toyo Seikan Kaisha Ltd.		19,200		382,127
Distributor 0.0% (a)
Canon Marketing Japan, Inc.		2,000		38,927
Diversified Consumer Services 0.0% (a)
Benesse Corp.		5,200		193,692
Diversified Telecommunication Services 0.2% (a)
Nippon TeleGraph & Telephone Corp.		823		4,086,730
Electric Utilities 0.8% (a)
Chubu Electric Power Co., Inc. (b)		122,400		3,933,301
Hokkaido Electric Power Co., Inc.		21,600		547,794
Kansai Electric Power Co., Inc.		141,300		3,954,979
Kyushu Electric Power Co., Inc.		56,900		1,602,985
Tohoku Electric Power Co., Inc.		81,000		1,934,506
Tokyo Electric Power Co., Inc.		217,600		7,233,007
				19,206,572
Electrical Equipment 0.3% (a)
Fuji Electric Holdings Co. Ltd.		47,200		219,259
Fujikura Ltd.		48,600		311,988
Furukawa Electric Co. Ltd.		124,300		758,863
Matsushita Electric Works Ltd.		38,284		433,094
Mitsubishi Electric Corp.		305,600		2,962,700
Sumitomo Electric Industries Ltd. (b)		106,200		1,502,037
Ushio, Inc.		7,500		146,941
				6,334,882
Electronic Equipment & Instruments 0.9% (a)
Alps Electric Co. Ltd. (b)		53,900		556,969
Citizen Watch Co. Ltd. (b)		94,600		844,578
Dainippon Screen Manufacturing Co. Ltd.		45,000		378,780
Hirose Electric Co. Ltd.		3,700		449,600
Hitachi Ltd.		569,800		4,328,062
Hoya Corp.		79,500		2,443,272
Ibiden Co. Ltd.		19,400		1,102,861
Keyence Corp.		5,280		1,173,836
Kyocera Corp.		28,700		2,789,684
Mabuchi Motor Co. Ltd.		4,100		254,784
Murata Manufacturing Co. Ltd.		31,100		2,292,178
Nidec Corp. (b)		14,900		940,137
Nippon Electric Glass Co. Ltd.		45,000		770,255
Oki Electric Industry Co. Ltd. (b)		78,500		135,004
Omron Corp.		28,600		766,293
Taiyo Yuden Co. Ltd.		32,000		703,299
TDK Corp.		23,200		2,001,040
Yaskawa Electric Corp.		16,000		182,871
Yokogawa Electric Corp.		44,700		659,117
				22,772,620
Food & Staples Retailing 0.3% (a)
Aeon Co. Ltd.		95,600		1,748,812
FamilyMart Co. Ltd.		16,600		420,501
Lawson, Inc.		14,900		549,539
Matsumotokiyoshi Co. Ltd.		6,200		145,702
Seven & I Holdings Co. Ltd.		132,500		3,821,226
UNY Co. Ltd.		20,000		239,204
				6,924,984
Food Products 0.2% (a)
Ajinomoto Co., Inc.		130,000		1,599,530
House Foods Corp.		100		1,692
Katokichi Co. Ltd.		40,253		262,462
Kikkoman Corp.		46,000		671,053
Meiji Dairies Corp.		76,000		607,717
Meiji Seika Kaisha Ltd.		8,000		38,007
Nichirei Corp.		44,000		263,085
Nippon Meat Packers, Inc. (b)		30,000		365,448
Nisshin Seifun Group, Inc.		28,900		312,004
Nissin Food Products Co. Ltd. (b)		11,300		424,324
Q.P. Corp.		15,300		141,724
Toyo Suisan Kaisha Ltd.		5,400		107,545
Yakult Honsha Co. Ltd. (b)		14,900		397,720
Yamazaki Baking Co. Ltd.		3,100		28,798
				5,221,109

2007 Semiannual Report 41

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Gas Utilities 0.2% (a)
Osaka Gas Co. Ltd.		415,900	$	1,559,669
Tokyo Gas Co. Ltd.		433,400		2,178,346
				3,738,015
Health Care Equipment & Supplies 0.1% (a)
Olympus Corp.		46,000		1,609,184
Terumo Corp.		27,300		1,103,368
				2,712,552
Health Care Providers & Services 0.0% (a)
Alfresa Holdings Corp.		3,900		239,552
Mediceo Paltac Holdings Co. Ltd.		18,200		331,918
Suzuken Co. Ltd.		5,800		203,492
				774,962
Hotels, Restaurants & Leisure 0.0% (a)
Oriental Land Co. Ltd. (b)		4,000		226,034
Round One Corp.		2		4,134
				230,168
Household Durables 1.0% (a)
Casio Computer Co. Ltd. (b)		50,500		1,019,520
Daito Trust Construction Co. Ltd.		11,400		523,740
Daiwa House Industry Co. Ltd.		76,000		1,191,452
Haseko Corp.* (b)		108,000		357,702
Makita Corp.		10,700		407,171
Matsushita Electric Industrial Co. Ltd.		323,502		6,238,594
Pioneer Corp. (b)		47,200		601,975
Rinnai Corp.		200		5,486
Sanyo Electric Co. Ltd.* (b)		438,200		700,381
Sekisui Chemical Co. Ltd.		52,000		403,516
Sekisui House Ltd.		109,300		1,613,311
Sharp Corp.		173,900		3,191,686
Sony Corp.		175,800		9,349,717
				25,604,251
Household Products 0.1% (a)
Kao Corp.		87,200		2,393,906
Uni-Charm Corp.		6,500		382,891
				2,776,797
Independent Power Producers & Energy Traders 0.1% (a)
Electric Power Development Co.		32,100		1,405,682
Industrial Conglomerate 0.0% (a) (b)
Hankyu Hanshin Holdings, Inc.		191,000		1,085,310
Insurance 0.4% (a)
Millea Holdings, Inc.		115,000		4,261,768
Mitsui Sumitomo Insurance Co. Ltd.		225,600		2,799,876
Sompo Japan Insurance, Inc.		120,800		1,475,527
T&D Holdings, Inc.		36,550		2,315,061
				10,852,232
Internet & Catalog Retail 0.0% (a)
Rakuten, Inc.		1,632		655,664
Internet Software & Services 0.1% (a)
Access Company Ltd.*		51		186,247
eAccess Ltd. (b)		505		313,006
Index Holdings (b)		505		171,367
Yahoo! Japan Corp. (b)		2,089		722,378
				1,392,998
IT Services 0.1% (a)
CSK Corp.		14,100		544,834
Itochu Techno-Science Corp.		1,800		82,139
NET One Systems Co. Ltd.		134		140,265
Nomura Research Institute Ltd.		27,000		721,840
NTT Data Corp. (b)		164		804,535
Obic Co. Ltd.		100		18,562
Otsuka Corp		900		86,812
TIS, Inc.		5,600		128,141
				2,527,128
Leisure Equipment & Products 0.3% (a)
Fuji Photo Film Co. Ltd.		89,700		3,695,426
Namco Bandai Holdings, Inc.		36,749		597,259
Nikon Corp. (b)		61,000		1,399,658
Sankyo Co. Ltd.		4,800		210,411
Sega Sammy Holdings, Inc.		40,400		914,418
Shimano, Inc.		3,800		124,737
Yamaha Corp.		31,600		730,808
				7,672,717
Machinery 1.0% (a)
Amada Co. Ltd.		39,000		435,543
Amano Corp.		22,400		293,617
Daifuku Co. Ltd.		500		6,296
Ebara Corp. (b)		112,900		581,028
Fanuc Ltd.		31,700		3,104,690
Hino Motors Ltd. (b)		72,000		396,535
Hitachi Construction Machinery Co. Ltd.		25,400		792,794
Ishikawajima-Harima Heavy Industries Co. Ltd.		295,000		1,149,719
Japan Steel Works Ltd.(The)		89,000		1,049,479

42 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Machinery (continued)
JTEKT Corp.		19,700	$	365,747
Kawasaki Heavy Industries Ltd.		295,200		1,175,287
Komatsu Ltd.		163,000		3,857,662
Komori Corp.		10,000		230,986
Kubota Corp.		162,100		1,532,206
Kurita Water Industries Ltd.		7,600		189,741
Minebea Co. Ltd.		93,000		544,249
Mitsubishi Heavy Industries Ltd.		595,200		3,663,914
Mitsui Engineering & Shipbuilding Co. Ltd. (b)		183,000		819,800
NGK Insulators Ltd. (b)		32,000		698,516
NSK Ltd.		66,400		642,663
NTN Corp.		59,600		494,545
Okuma Corp.		12,000		143,334
OSG Corp. (b)		1,900		26,650
SMC Corp.		8,100		1,035,615
Sumitomo Heavy Industries Ltd.		82,000		844,187
THK Co. Ltd.		28,900		704,334
				24,779,137
Marine 0.2% (a)
Kawasaki Kisen Kaisha Ltd.		119,000		1,292,599
Mitsui OSK Lines Ltd.		208,000		2,621,643
Nippon Yusen KK (b)		212,400		1,826,882
				5,741,124
Media 0.1% (a)
Asatsu-DK, Inc.		200		6,389
Dentsu, Inc. (b)		244		694,893
Fuji Television Network, Inc.		151		353,829
Hakuhodo DY Holdings, Inc.		1,600		108,528
Toho Co. Ltd.		11,600		227,626
Tokyo Broadcasting System, Inc.		4,800		162,342
				1,553,607
Metals & Mining 1.0% (a)
Daido Steel Co. Ltd. (b)		77,000		443,769
Dowa Metals & Mining & Mining Co. Ltd.		72,800		683,335
JFE Holdings, Inc.		98,900		5,437,010
Kobe Steel Ltd.		551,000		1,943,183
Mitsubishi Materials Corp.		200,000		975,908
Mitsui Metals & Mining & Mining & Smelting Co. Ltd.		116,100		560,029
Nippon Light Metal Co. Ltd.		2,200		6,047
Nippon Steel Corp.		1,091,000		7,039,598
Nisshin Steel Co. Ltd.		127,900		516,128
Sumitomo Metal Industries Ltd.		692,000		3,514,016
Sumitomo Metal Metals & Mining & Mining Co. Ltd. (b)		112,000		2,080,908
Sumitomo Titanium Corp. (b)		4,900		524,789
Toho Titanium Co. Ltd. (b)		1,646		78,437
Tokyo Steel Manufacturing Co. Ltd.		7,000		101,596
				23,904,753
Multiline Retail 0.1% (a)
Daimaru, Inc.		18,000		213,777
Isetan Co. Ltd.		43,800		716,599
Marui Co. Ltd. (b)		76,900		913,670
Mitsukoshi Ltd. (b)		100,300		480,466
Ryohin Keikaku Co. Ltd.		7,400		412,124
Takashimaya Co. Ltd.		64,000		751,558
				3,488,194
Office Electronics 0.6% (a)
Canon, Inc.		177,600		9,965,380
Konica Minolta Holdings, Inc.		94,900		1,298,669
Ricoh Co. Ltd.		103,200		2,265,342
Seiko Epson Corp. (b)		16,400		496,789
				14,026,180
Oil, Gas & Consumable Fuels 0.2% (a)
Inpex Holdings, Inc.		144		1,215,384
Nippon Metals & Mining Holdings, Inc.		158,900		1,276,290
Nippon Oil Corp.		210,400		1,615,901
Showa Shell Sekiyu KK		49,100		589,587
TonenGeneral Sekiyu KK		25,000		269,000
				4,966,162
Other Financial 0.0%
Fukuoka Fin. Group, Inc.*		101,600		773,885
Paper & Forest Products 0.1% (a)
Nippon Paper Group, Inc.		180		609,209
OJI Paper Co. Ltd. (b)		131,000		669,394
				1,278,603
Personal Products 0.1% (a)
Aderans Co. Ltd.		12,500		279,280
Shiseido Co. Ltd.		67,700		1,452,491
				1,731,771
Pharmaceuticals 1.0% (a)
Astellas Pharma, Inc.		98,800		4,322,511
Chugai Pharmaceutical Ltd.		60,100		1,532,698
Daiichi Sankyo Co. Ltd.		126,300		3,768,486
Eisai Co. Ltd. (b)		49,100		2,332,275

2007 Semiannual Report 43

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Pharmaceuticals (continued)
Kaken Pharmaceutical		40,000	$	307,986
Kyowa Hakko Kogyo Co. Ltd.		25,000		233,505
Santen Pharmaceutical Co. Ltd. (b)		6,300		172,448
Shionogi & Co. Ltd.		50,400		982,317
Taisho Pharmaceutical Co. Ltd. (b)		19,900		390,564
Takeda Pharmaceutical Co. Ltd.		157,800		10,231,055
Tanabe Seiyaku Co. Ltd.		19,000		245,870
				24,519,715
Real Estate Investment Trusts (REITs) 0.2% (a)
Japan Prime Realty Investment Corp.		45		204,793
Japan Real Estate Investment Corp.		92		1,233,379
Japan Retail Fund Investment Corp.		92		926,148
Nippon Building Fund, Inc. (b)		99		1,600,460
Nomura Real Estate Office Fund, Inc.		55		682,590
				4,647,370
Real Estate Management & Development 0.7% (a)
K.K. DaVinci Advisors* (b)		365		367,827
Leopalace21 Corp.		24,975		818,946
Mitsubishi Estate Co. Ltd.		193,600		6,003,033
Mitsui Fudosan Co. Ltd.		147,700		4,311,844
NTT Urban Development Corp		90		213,790
Sumitomo Realty & Development Co. Ltd.		68,000		2,510,266
Tokyo Tatemono Co. Ltd.		56,000		782,796
Tokyu Land Corp.		81,000		916,297
				15,924,799
Road & Rail 0.6% (a)
Central Japan Railway Co.		293		3,226,628
East Japan Railway Co.		621		5,036,296
Keihin Electric Express Railway Co. Ltd.		39,000		299,179
Keio Corp.		82,400		579,856
Keisei Electric Railway Co. Ltd.		72,000		465,521
Kintetsu Corp. (b)		193,500		577,582
Nippon Express Co. Ltd.		143,500		888,427
Odakyu Electric Railway Co. Ltd. (b)		94,100		658,025
Seino Transportation Co. Ltd. (b)		38,000		355,991
Tobu Railway Co. Ltd. (b)		85,000		388,728
Tokyu Corp.		150,900		1,097,558
West Japan Railway Co.		312		1,412,090
				14,985,881
Semiconductors & Semiconductor Equipment 0.3% (a)
Advantest Corp. (b)		31,000		1,372,235
Elpida Memory, Inc.*		23,200		977,594
NEC Electrical Components & Equipment Corp.* (b)		5,200		127,286
Rohm Co. Ltd.		16,200		1,463,401
Sanken Electric Co. Ltd.		34,000		305,819
Shinko Electric Industries		4,400		105,871
Sumco Corp.		22,600		982,193
Tokyo Electron Ltd.		29,900		2,073,843
Tokyo Seimitsu Co. Ltd.		11,100		383,562
				7,791,804
Software 0.3% (a)
FUJI SOFT, Inc.		5,600		160,902
Konami Corp.		13,100		347,625
Nintendo Co. Ltd.		17,900		5,592,177
Oracle Corp. (b)		1,200		54,361
Trend Micro, Inc.		18,000		559,823
				6,714,888
Specialty Retail 0.1% (a)
Aoyama Trading Co. Ltd.		2,100		64,219
Autobacs Seven Co. Ltd.		8,900		308,482
EDION Corp.		1,500		20,792
Fast Retailing Co. Ltd. (b)		6,700		460,289
Hikari Tsushin, Inc.		3,200		127,488
Nitori Co. Ltd.		1,850		88,378
Shimachu Co. Ltd.		4,400		119,368
Shimamura Co. Ltd.		2,200		239,940
USS Co. Ltd.		6,520		411,394
Yamada Denki Co. Ltd.		15,900		1,469,333
				3,309,683
Textiles, Apparel & Luxury Goods 0.1% (a)
Asics Corp.		11,000		138,529
Gunze Ltd.		63,000		357,735
Nisshinbo Industries, Inc. (b)		23,100		299,508
Onward Kashiyama Co. Ltd.		30,400		406,010
Tokyo Style Co.		5,000		59,580
Toyobo Co. Ltd.		132,000		399,499
Wacoal Corp.		4,000		49,864
				1,710,725
Tobacco 0.2% (a)
Japan Tobacco, Inc.		827		4,039,814

44 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Trading Companies & Distributors 0.8% (a)
Hitachi High-Technologies Corp.		3,500	$	90,636
Itochu Corp.		261,000		2,570,082
Marubenii Corp.		259,000		1,555,396
Mitsubishi Corp.		242,400		5,167,725
Mitsui & Co. Ltd.		273,000		4,909,604
Sojitz Corp.*		174,567		659,765
Sumitomo Corp.		188,000		3,220,310
Toyota Tsusho Corp.		26,200		636,505
				18,810,023
Transportation Infrastructure 0.0% (a)
Kamigumi Co. Ltd.		14,000		122,708
Mitsubishi Logistics Corp.		29,400		519,003
				641,711
Wireless Telecommunication Services 0.5% (a)
KDDI Corp.		425		3,340,346
NTT DoCoMo, Inc.		3,077		5,237,879
Softbank Corp.		131,500		2,827,226
				11,405,451
				496,683,740
JERSEY (0.1%) (a)
Commercial Services & Supplies 0.1%
Experian Group Ltd.		197,606		2,232,348
LUXEMBOURG (0.0%) (a)
Energy Equipment & Services 0.0%
Acergy SA*		29,993		641,751
NETHERLANDS (4.0%)
Aerospace & Defense 0.1% (a) (b)
European Aeronautic Defense and Space Co. NV		56,003		1,792,284
Air Freight & Logistics 0.2% (a)
TNT NV		83,786		3,767,490
Beverages 0.1% (a)
Heineken NV		42,114		2,254,096
Chemicals 0.2%
Akzo Nobel NV (b)		51,939		4,167,905
Koninklijke DSM NV (a)		33,105		1,579,044
				5,746,949
Commercial Bank 0.6% (a) (b)
ABN AMRO Holding NV		309,186		14,999,715
Commercial Services & Supplies 0.1% (a)
Buhrmann NV		15,171		203,818
Randstad Holdings NV		5,189		405,620
Vedior NV		35,484		942,386
				1,551,824
Diversified Telecommunication Services 0.2% (a)
Koninklijke KPN NV		356,289		6,048,510
Energy Equipment & Services 0.1% (a)
FuGro NV		5,615		304,346
SBM Offshore NV		30,655		1,098,278
				1,402,624
Food & Staples Retailing 0.1% (a)
Koninklijke Ahold NV*		269,957		3,438,121
Food Products 0.4% (a)
Royal NumiCo NV		29,549		1,628,150
Unilever NV		287,434		8,770,670
				10,398,820
Household Durables 0.3% (a)
Koninklijke Philips Electronics NV		201,262		8,264,155
Insurance 0.8% (a)
Aegon NV (b)		251,987		5,200,238
ING Groep NV		315,490		14,368,623
				19,568,861
IT Services 0.0% (a) (b)
Getronics NV*		40,900		373,632
Life Sciences Tools & Services 0.0% (a) (b)
Qiagen NV*		13,917		248,389
Media 0.2% (a) (b)
Reed Elsevier NV		132,960		2,498,947
Wolters Kluwer NV		44,874		1,329,037
				3,827,984
Metals & Mining 0.3% (a)
Mittal Steel Co. NV		118,443		6,330,208
Mittal Steel Co. NV		16,800		896,967
				7,227,175
Office Electronics 0.0% (a)
OCE NV		538		10,128
Real Estate Investment Trusts (REITs) 0.1% (a)
Corio NV (b)		6,452		571,504
RodamCo Europe NV		7,733		1,138,703
Wereldhave NV		5,509		796,861
				2,507,068

2007 Semiannual Report 45

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
NETHERLANDS (continued)
Semiconductors & Semiconductor Equipment 0.2% (a)
ASML Holding NV*		95,920	$	2,605,450
STMicroElectrical Components & Equipment NV		131,261		2,561,371
				5,166,821
Trading Companies & Distributors 0.0% (a) (b)
Hagemeyer NV*		127,663		603,905
				99,198,551
NEW ZEALAND (0.1%) (a)
Construction Materials 0.0%
Fletcher Building Ltd.		57,808		487,276
Diversified Telecommunication Services 0.1% (b)
TeleCom Corp. of New Zealand Ltd.		423,478		1,509,578
Electric Utility 0.0%
Contact Energy Ltd.		7,405		49,880
Health Care Equipment & Supplies 0.0%
Fisher & Paykel Health Care Corp.		122,813		338,417
Hotels, Restaurants & Leisure 0.0%
Sky City Entertainment Group Ltd.		73,173		261,285
Household Durables 0.0%
Fisher & Paykel Appliances Holdings Ltd.		46,356		120,904
Insurance 0.0%
Tower Ltd.*		23,893		38,998
Media 0.0%
Sky Network Television Ltd.		11,869		53,350
Multiline Retail 0.0%
Warehouse Group Ltd. (The)		70,932		365,478
Real Estate Investment Trust (REIT) 0.0%
Kiwi Income Property Trust		639		766
Transportation Infrastructure 0.0%
Auckland International Airport Ltd.		58,314		106,838
				3,332,770
NORWAY (0.9%)
Chemicals 0.1% (a)
Yara International ASA		34,714		1,012,842
Commercial Bank 0.1% (a) (b)
DNB NOR ASA		106,289		1,517,065
Commercial Services & Supplies 0.0% (a) (b)
Tomra Systems ASA		50,188		404,776
Communications Equipment 0.0% (a)
Tandberg ASA		31,387		663,540
Construction & Engineering 0.0% (a) (b)
Aker Kvaerner ASA		31,880		747,360
Diversified Telecommunication Services 0.1%
Telenor ASA (a) (b)		121,454		2,261,192
Telenor ASA - ADR		300		16,881
				2,278,073
Energy Equipment & Services 0.1% (a)
Ocean RIG ASA*		4,695		31,450
Petoleum Geo-Services ASA* (b)		36,803		1,007,084
Prosafe ASA (b)		31,660		486,614
SeaDrill Ltd.*		52,424		851,867
TGS Nopec Geophysical Co ASA*		8,668		198,325
				2,575,340
Food Products 0.0% (a)
Pan Fish ASA*		593,008		633,529
Insurance 0.1% (a)
Storebrand ASA		53,922		913,344
Manufacturing 0.1% (a)
Orkla ASA		151,980		2,423,793
Marine 0.0% (a)
Stolt-Nielsen SA		1,002		30,256
Media 0.0% (a)
Nok Schibsted ASA		1,975		90,457
Oil, Gas & Consumable Fuels 0.3% (a) (b)
DET Norske Oljeselskap*		254,169		494,234
Norsk Hydro ASA		131,457		4,533,004
Statoil ASA		106,264		2,975,208
				8,002,446
Paper & Forest Products 0.0% (a) (b)
Norske Skogindustrier ASA		17,308		264,961
Transportation 0.0%
Ship Finance International		1		27
				21,557,809

46 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
PORTUGAL (0.3%)
Commercial Banks 0.1% (a)
Banco BPI SA (b)		43,246	$	371,071
Banco Comercial Portugues SA (b)		447,100		1,876,269
Banco Espirito Santo SA		20,938		419,971
				2,667,311
Construction Materials 0.0% (a) (b)
Cimpor Cimentos de Portugal SA		28,237		257,807
Diversified Telecommunication Services 0.1% (a) (b)
Portugal TeleCom SGPS SA		138,594		1,978,209
Electric Utility 0.1% (b)
EDP - Energias de Portugal SA		404,100		2,211,089
Food & Staples Retailing 0.0% (a)
Jeronimo Martins SA		166		4,751
Industrial Conglomerate 0.0% (a) (b)
Sonae SGPS SA		199,384		541,958
Media 0.0% (a) (b)
PT Multimedia Servicos SA		5,548		92,729
Paper & Forest Products 0.0% (a)
Sonae Industria SGPS SA*		12,824		163,390
Transportation Infrastructure 0.0% (a) (b)
Brisa-Auto Estradas de Portugal SA		32,047		423,079
				8,340,323
SINGAPORE (1.0%) (a)
Aerospace & Defense 0.0%
Singapore Technologies Engineering Ltd.		109,000		256,630
Air Freight & Logistics 0.0%
Singapore Post Ltd.		332,221		260,903
Airline 0.0%
Singapore Airlines Ltd.		72,800		866,950
Commercial Banks 0.4%
DBS Group Holdings Ltd.		210,700		2,924,001
Oversea-Chinese Banking Corp.		492,600		2,894,925
United Overseas Bank Ltd.		220,500		3,083,177
				8,902,103
Computers & Peripherals 0.0%
Creative Technology Ltd.		4,950		29,496
Distributor 0.0%
Jardine Cycle & Carriage Ltd.		12,604		109,370
Diversified Financial Services 0.1%
Singapore Exchange Ltd.		210,900		1,011,185
Diversified Telecommunication Services 0.1%
Singapore Telecommunications Ltd.		1,135,003		2,465,146
Electronic Equipment & Instruments 0.0%
Venture Corporation Ltd.		38,200		391,273
Food & Staples Retailing 0.0%
Olam International Ltd.		16,000		32,966
Health Care Providers & Services 0.0%
Parkway Holdings Ltd.		227,850		588,795
Industrial Conglomerates 0.1%
Fraser & Neave Ltd.		70,950		249,911
Haw Par Corp. Ltd.		36,226		184,968
Keppel Corp. Ltd.		120,000		1,677,476
Sembcorp Industries Ltd.		138,243		440,708
				2,553,063
Machinery 0.0%
Sembcorp Marine Ltd.		89,000		210,840
Marine 0.0%
CosCo Corp. Singapore Ltd.		314,066		580,503
Neptune Orient Lines Ltd.		800		1,881
				582,384
Media 0.1%
Singapore Press Holdings Ltd.		357,500		1,020,783
Oil, Gas & Consumable Fuels 0.0% (b)
Singapore Petroleum Co. Ltd.		400		1,265
Real Estate Investment Trusts (REITs) 0.0%
Ascendas Real Estate Investment Trust		600		1,022
Capitacommercial Trust		26,000		47,996
CapitaMall Trust		52,000		135,483
				184,501
Real Estate Management & Development 0.2%
CapitaLand Ltd.		281,897		1,559,598
City Developments Ltd.		109,000		1,141,615
Keppel Land Ltd. (b)		64,300		371,390
UOL Group Ltd.		166,120		524,848
Wing Tai Holdings Ltd.		3,500		7,673
				3,605,124
Road & Rail 0.0%
ComfortDelGro Corp. Ltd.		280,620		419,940

2007 Semiannual Report 47

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
SINGAPORE (a) (continued)
Semiconductors & Semiconductor Equipment 0.0%
Chartered SemiConductor Manufacturing Ltd.*		269,000	$	251,091
STATS ChipPAC Ltd.*		230,000		276,192
				527,283
				24,020,000
SPAIN (3.9%)
Airline 0.0% (a)
Sberia Lineas Aereas de Espana SA		92,810		477,192
Biotechnology 0.0% (a) (b)
Zeltia SA*		5,455		47,035
Commercial Banks 1.5%
Banco Bilbao Vizcaya Argentaria SA (a)		624,884		14,939,637
Banco Popular Espanol SA (a) (b)		162,699		3,222,268
Banco Santander Central Hispano SA (b)		1,007,557		18,133,744
				36,295,649
Construction & Engineering 0.3% (a)
Acciona SA		3,790		845,343
ACS, Actividades de Construccion y Servicios SA (b)		48,113		2,981,991
Fomento de Construcciones y Contratas SA (b)		10,512		977,351
Grupo Ferrovial SA (b)		13,045		1,416,351
Sacyr Vallehermoso SA (b)		13,037		680,754
				6,901,790
Diversified Telecommunication Services 0.7% (a) (b)
Telefonica SA		756,975		17,000,876
Electric Utilities 0.6% (a)
Endesa SA		129,401		7,068,517
Iberdrola SA (b)		131,257		6,500,231
Union Fenosa SA (b)		21,820		1,192,139
				14,760,887
Electrical Equipment 0.1% (a)
Gamesa Corp. Tecnologica SA		29,497		1,016,117
Energy Company 0.1%
Iberdrola SA		41,135		2,047,975
Food Products 0.0% (a)
Ebro Puleva SA		12,781		295,871
Gas Utility 0.1% (a)
Gas Natural SDG SA		28,711		1,444,254
Hotels, Restaurants & Leisure 0.0% (a) (b)
NH Hoteles SA		23,983		538,383
Insurance 0.0% (a) (b)
Corporacion Mapfre SA		89,841		467,869
IT Services 0.0% (a)
Indra Sistemas SA		23,720		583,842
Media 0.0% (a)
Antena 3 Television SA* (b)		24,233		519,417
Promotora de Informaciones SA		1,759		39,453
Sogecable SA* (b)		4,942		201,040
				759,910
Metals & Mining 0.0% (a) (b)
Acerinox SA		39,643		935,845
Oil, Gas & Consumable Fuels 0.2% (a) (b)
Repsol YPF SA		153,078		5,042,695
Specialty Retail 0.1% (a)
Inditex SA		34,728		2,136,196
Tobacco 0.1% (a) (b)
Altadis SA		50,065		3,268,446
Transportation Infrastructure 0.1% (a)
Abertis Infraestructuras SA (b)		36,055		1,153,439
Cintra Concesiones de Infraestructuras de Transporte SA		42,727		765,086
				1,918,525
Water Utility 0.0% (a) (b)
Sociedad General de Aguas de Barcelona SA		3,058		111,292
				96,050,649
SWEDEN (2.4%)
Airline 0.0% (a)
Sek Sas AB*		16,950		383,455
Automobiles 0.2%
Volvo AB (a)		67,680		1,343,168
Volvo AB, Class B		176,865		3,472,705
				4,815,873
Building Products 0.1% (a) (b)
Assa Abloy AB		56,448		1,263,558
SKF AB		78,472		1,710,617
				2,974,175

48 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
SWEDEN (continued)
Capital Markets 0.0% (a)
D. Carnegie & Co. AB		7,153	$	141,531
Commercial Banks 0.4% (a)
Nordea Bank AB (b)		302,549		5,233,748
Skandinaviska Enskilda Banken AB		77,779		2,849,646
Svenska Handelsbanked AB, A Shares (b)		87,782		2,677,266
				10,760,660
Commercial Services & Supplies 0.0% (a)
Securitas AB (b)		55,285		840,098
Securitas Systems AB*		55,285		204,431
				1,044,529
Communications Equipment 0.4% (a) (b)
Telefonakitiebolaget LM Ericsson, B Shares		2,364,624		9,039,199
Construction & Engineering 0.1% (a)
Skanska AB		59,456		1,376,105
Consumer Goods 0.0% (a)
Nobia AB		9,258		126,490
Diversified Consumer Services 0.0% (a)
Securitas Direct AB*		55,285		172,170
Diversified Financial Services 0.0% (a)
OMX AB		2,244		53,589
Diversified Telecommunication Services 0.1% (a)
Tele2 AB (b)		54,999		941,809
TeliaSonera AB		1,312		10,483
TeliaSonera AB (b)		244,187		1,977,094
				2,929,386
Food & Staples Retailing 0.0% (a)
Axfood AB		66		2,671
Health Care Equipment & Supplies 0.0% (a) (b)
Elekta AB		5,188		91,580
Getinge AB		28,352		649,573
				741,153
Household Durables 0.0% (a) (b)
Husqvarna AB*		46,443		849,646
Household Products 0.1% (a) (b)
Electroloux AB, B Shares*		56,140		1,460,022
Machinery 0.4% (a)
Alfa Laval AB (b)		10,766		654,675
Atlas Copco AB (b)		59,574		2,262,441
Atlas Copco AB, Class B (b)		24,360		874,746
Sandvik AB (b)		170,863		3,260,235
Scania AB		19,484		1,862,351
Trelleborg AB, Class B (b)		8,108		250,122
				9,164,570
Media 0.1% (a)
Eniro AB (b)		43,866		585,000
Modern Times Group AB*		8,062		469,961
				1,054,961
Metals & Mining 0.1% (a)
Boliden AB (b)		55,002		1,367,594
Hoganas AB		168		5,053
Ssab Svenskt Stal AB		16,912		596,935
Ssab Svenskt Stal AB, Series B		1,183		39,110
				2,008,692
Oil, Gas & Consumable Fuels 0.0% (a) (b)
Lundin Petroleum AB*		26,291		289,618
Paper & Forest Products 0.1% (a)
Billerud (b)		13,413		203,680
Holmen AB		3,119		139,050
Svenska Cellulosa AB		32,374		1,665,705
				2,008,435
Personal Products 0.0% (a)
Oriflame Cosmetics SA		12,368		649,530
Real Estate Management & Development 0.0% (a)
Castellum AB		16,255		246,899
Fabege AB (b)		10,145		270,335
Kungsleden AB (b)		14,881		240,273
Wihlborgs Fastigheter AB		4,305		93,223
				850,730
Software 0.0% (a)
Telelogic AB*		1,000		2,585
Specialty Retail 0.2% (a) (b)
Hennes & Mauritz AB		71,090		4,701,510
Tobacco 0.1% (a) (b)
Swedish Match AB		62,428		1,152,884
				58,754,169
SWITZERLAND (6.8%)
Auto Components 0.0% (a)
Rieter Holding AG		690		381,525
Building Products 0.0% (a)
Geberit AG		531		943,287

2007 Semiannual Report 49

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
SWITZERLAND (continued)
Chemicals 0.3% (a)
Ciba Specialty Chemicals AG (b)		15,396	$	1,017,499
Clariant AG*		36,569		604,825
Givaudan		1,395		1,306,959
Lonza Group AG		8,982		878,024
Syngenta AG		17,878		3,552,510
				7,359,817
Commercial Bank 0.7% (a)
Credit Suisse Group		205,436		16,127,864
Commercial Services & Supplies 0.1% (a)
Adecco SA (b)		25,651		1,764,250
SGS SA		530		673,408
				2,437,658
Computers & Peripherals 0.0% (a)
Logitech International SA*		23,685		643,099
Construction Materials 0.2% (a)
Holcim Ltd.		37,834		4,053,966
Diversified Telecommunication Services 0.1% (b)
SwissCom AG		4,288		1,514,686
Electrical Equipment 0.3% (a)
ABB Ltd.		356,685		7,129,602
Electronic Equipment & Instruments 0.0% (a)
Kudelski SA		6,807		261,132
Food Products 1.2% (a) (b)
Nestle SA		71,778		28,422,879
Health Care Equipment & Supplies 0.1% (a)
Nobel Biocare Holding AG		4,839		1,742,740
Phonak Holding AG		7,957		704,105
Straumann Holding AG* (b)		524		153,066
				2,599,911
Hotels, Restaurants & Leisure 0.0% (a)
Kuoni Reisen Holding		183		114,599
Insurance 1.5% (a)
Swiss Reinsurance (b)		62,823		5,907,072
UBS AG* (b)		353,497		22,980,046
Zurich Financial Services AG		26,336		7,644,145
				36,531,263
Machinery 0.1% (a)
Schindler Holding AG		4,913		313,741
Sulzer AG		650		854,686
				1,168,427
Marine 0.0% (a)
Kuehne & Nagel International AG*		7,590		693,408
Pharmaceuticals 1.9% (a)
Novartis AG		417,752		24,276,639
Roche Holding AG		124,519		23,454,612
				47,731,251
Real Estate Management & Development 0.0% (a)
PSP Swiss Property AG*		3,708		221,757
Semiconductors & Semiconductor Equipment 0.0% (a)
Micronas SemiConductor Holding AG		5,772		119,189
Unaxis Holding AG*		1,641		883,214
				1,002,403
Textiles, Apparel & Luxury Goods 0.3% (a)
Compagnie Finaciere Richemont AG		91,552		5,518,899
Swatch Group AG (b)		4,021		233,855
Swatch Group AG, B Shares		5,213		1,494,119
				7,246,873
				166,585,407
UNITED KINGDOM (22.1%)
Aerospace & Defense 0.4% (a)
BAE Systems PLC		543,306		4,924,542
Cobham PLC		198,852		823,900
Meggitt PLC		54,161		329,538
Rolls-Royce Group PLC		333,019		3,172,010
				9,249,990
Airline 0.1% (a)
British Airways PLC*		117,239		1,179,291
Auto Components 0.0% (a)
GKN PLC		137,333		1,049,825
Beverages 0.6% (a)
Diageo PLC		484,031		10,202,312
SABMiller PLC		142,543		3,369,119
Scottish & Newcastle PLC		129,659		1,590,935
				15,162,366
Capital Markets 0.4%
3I Group PLC (a)		93,239		2,141,600
Amvescap PLC (a)		148,635		1,743,899
Close Brothers Group PLC (a)		9,786		189,537
Collins Stewart PLC*		42,592		216,950
ICAP PLC (a)		110,772		1,114,701
Investec PLC (a)		41,560		588,076

50 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED KINGDOM (continued)
Capital Markets (continued)
Man Group PLC (a)		313,649	$	3,511,556
Schroders PLC (a)		10,016		256,379
Tullett Prebon PLC (a)		20,976		210,533
				9,973,231
Chemicals 0.1% (a)
Imperial Chemical Industries PLC		178,284		1,887,581
Johnson Matthey PLC		47,198		1,477,394
				3,364,975
Commercial Banks 3.6% (a)
Barclays PLC		1,151,334		16,619,816
HBOS PLC		639,785		13,728,168
HSBC Holdings PLC		1,994,611		36,798,984
Royal Bank of Scotland Group PLC		542,022		20,751,275
				87,898,243
Commercial Services & Supplies 0.4% (a)
Aggreko PLC		16,787		187,573
Biffa PLC		106,061		689,469
Brambles Industries Ltd.*		135,281		1,468,064
Capita Group PLC		122,457		1,720,178
Davis Service Group PLC		4,212		53,177
DE LA Rue PLC		13,135		185,786
Group 4 Securicor PLC		85,993		394,637
Group 4 Securicor PLC		116,110		530,210
Hays PLC		296,932		1,003,100
Intertek Group PLC		11,805		218,535
Michael Page International PLC		30,320		347,035
Rentokil Initial PLC		387,098		1,334,021
Serco Group PLC		52,521		515,295
				8,647,080
Construction & Engineering 0.1% (a)
Amec PLC		87,259		968,575
Balfour Beatty PLC		45,111		417,211
				1,385,786
Construction Materials 0.1% (a)
Hanson PLC		134,905		2,295,980
Consumer Finance 0.0% (a)
Cattles PLC		27,009		214,311
Provident Financial PLC		27,092		416,657
				630,968
Containers & Packaging 0.0% (a)
Rexam PLC		101,321		1,060,510
Distributor 0.0% (a)
Inchcape PLC		54,460		613,299
Diversified Financial Services 0.0% (a)
London Stock Exchange Group PLC		39,113		976,647
Diversified Telecommunication Services 0.4% (a)
BT Group PLC		1,460,672		9,187,222
Cable & Wireless PLC		430,736		1,585,074
				10,772,296
Electric Utility 0.2% (a)
Scottish & Southern Energy PLC		158,902		4,749,792
Electronic Equipment & Instruments 0.0% (a)
ElectroComponents PLC		28,711		175,238
Premier Farnell PLC		2,460		10,677
				185,915
Food & Staples Retailing 0.8% (a)
Boots Group PLC		156,414		3,489,559
J Sainsbury PLC		275,020		3,133,408
Tesco PLC		1,350,432		12,416,965
				19,039,932
Food Products 0.5% (a)
Cadbury Schweppes PLC		386,259		5,106,139
Tate & Lyle PLC		108,100		1,340,307
Unilever PLC		206,906		6,472,780
				12,919,226
Health Care Equipment & Supplies 0.1% (a)
Smith & Nephew PLC		185,342		2,312,376
SSL Int’l PLC		6,642		57,375
				2,369,751
Hotels, Restaurants & Leisure 0.4% (a)
Carnival PLC		35,349		1,780,085
Compass Group PLC		328,602		2,376,245
First Choice Holidays PLC		73,765		422,252
InterContinental Hotels Group PLC		74,419		1,795,276
Ladbrokes PLC		140,772		1,141,035
Mitchells & Butlers PLC		88,559		1,400,322
PartyCasinos & Gambling PLC		55,820		53,124
Punch Taverns PLC		35,082		905,917
William Hill PLC		75,616		900,167
				10,774,423
Household Durables 0.2% (a)
Barratt Developments PLC		55,630		1,197,486
Bellway PLC		10,617		319,671

2007 Semiannual Report 51

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED KINGDOM (continued)
Household Durables (continued)
Berkeley Group Holdings PLC*		7,734	$	266,233
Bovis Homes Group PLC		8,588		192,402
George Wimpey PLC		72,818		843,483
Persimmon PLC		52,840		1,412,906
Taylor Woodrow PLC		137,046		1,320,299
				5,552,480
Household Products 0.2% (a)
Reckitt Benckiser PLC		99,883		5,463,697
Independent Power Producers & Energy Traders 0.1% (a)
International Power PLC		242,155		2,117,104
Industrial Conglomerates 0.1% (a)
Cookson Group PLC		18,501		242,995
Smiths Group PLC		110,175		2,375,463
Tomkins PLC		191,923		1,011,714
				3,630,172
Insurance 1.6% (a)
Aviva PLC		430,821		6,758,402
Friends Provident PLC		367,344		1,382,936
Legal & General Group PLC		1,135,455		3,481,780
Lloyds TSB Group PLC		1,004,392		11,596,885
Old Mutual PLC		924,720		3,281,494
Prudential PLC		444,192		6,599,682
Resolution PLC		97,523		1,255,253
Royal & Sun Alliance Insurance Group PLC		443,762		1,463,188
Standard Life PLC		384,744		2,485,062
				38,304,682
Internet & Catalog Retail 0.1% (a)
Home Retail Group		181,601		1,648,279
IT Services 0.0% (a)
LogicaCMG PLC		5,761		21,036
LogicaCMG PLC		317,460		1,157,821
				1,178,857
Leisure Equipment & Products 0.0%
Rank Group PLC*		111,835		446,665
Machinery 0.1% (a)
Charter PLC*		13,502		275,751
FKI PLC		92,064		220,459
IMI PLC		43,571		492,357
Invensys PLC*		126,108		827,740
				1,816,307
Media 0.8% (a)
Aegis Group PLC		136,039		377,340
British Sky Broadcasting PLC		203,067		2,325,593
Daily Mail & General Trust		34,153		568,799
Emap PLC		57,475		921,823
EMI Group PLC		182,094		845,755
ITV PLC		558,449		1,329,095
Pearson PLC		137,613		2,353,685
Reed Elsevier PLC		242,594		3,071,654
Reuters Group PLC		212,978		2,023,417
Trinity Mirror PLC		25,261		268,868
United Business Media PLC*		52,955		851,721
WPP Group PLC		221,736		3,282,711
Yell Group PLC		154,874		1,499,276
				19,719,737
Metals & Mining 1.6% (a)
Anglo American PLC		241,201		12,700,475
BHP Billiton PLC		432,023		9,652,281
Rio Tinto PLC		179,545		10,908,947
Xstrata PLC		100,545		5,231,524
				38,493,227
Multi-Utilities 0.6% (a)
Centrica PLC		625,981		4,823,058
National Grid PLC		454,224		7,131,190
United Utilities PLC		165,521		2,466,971
				14,421,219
Multiline Retail 0.4% (a)
Enterprise Inns PLC		114,755		1,461,597
Marks & Spencer Group PLC		273,563		4,034,842
Next PLC		46,241		2,156,633
Signet Group PLC		276,237		678,224
Whitbread PLC		40,627		1,525,419
				9,856,715
Oil, Gas & Consumable Fuels 3.5% (a)
BG Group PLC		612,939		8,831,556
BP PLC		3,366,113		37,759,344
Royal Dutch Shell PLC		470,667		16,572,999
Royal Dutch Shell PLC		116,263		4,037,987
Royal Dutch Shell PLC, A Shares		518,626		18,009,081
				85,210,967
Pharmaceuticals 1.8% (a)
AstraZeneca PLC		269,200		14,639,285
GlaxoSmithKline PLC		990,099		28,554,825
				43,194,110
Real Estate Investment Trusts (REITs) 0.4% (a)
British Land Co. PLC		99,457		2,904,757

52 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED KINGDOM (continued)
Real Estate Investment Trusts (REITs) (continued)
Brixton PLC		19,863	$	189,027
Great Portland Estates PLC		10,457		149,594
Hammerson PLC		58,130		1,757,835
Land Securities Group PLC		88,140		3,430,964
Liberty International PLC		36,931		885,453
Slough Estates PLC		78,002		1,194,330
				10,511,960
Road & Rail 0.1% (a)
Arriva PLC		21,199		318,641
FirstGroup PLC		98,962		1,299,258
National Express Group PLC		12,631		306,892
StageCoach Group PLC		81,682		301,579
				2,226,370
Semiconductors & Semiconductor Equipment 0.1% (a)
ARM Holdings PLC		218,921		582,376
CSR PLC*		40,813		619,779
				1,202,155
Software 0.1% (a)
Misys PLC		108,928		541,299
Sage Group PLC		279,915		1,468,919
				2,010,218
Specialty Retail 0.2% (a)
Carphone Warehouse Group PLC		26,417		158,240
DSG International PLC		396,803		1,270,104
HMV Group PLC		126,516		283,799
Kesa Electricals PLC		89,582		601,897
Kingfisher PLC		461,593		2,499,171
MFI Furniture Group PLC*		151,283		494,847
				5,308,058
Textiles, Apparel & Luxury Goods 0.1% (a)
Burberry Group PLC		95,605		1,313,299
Tobacco 0.5% (a)
British American Tobacco PLC		260,073		8,048,591
Imperial Tobacco Group PLC		123,678		5,390,235
				13,438,826
Trading Companies & Distributors 0.2% (a)
Bunzl PLC		63,258		894,117
Travis Perkins PLC		13,383		533,402
Wolseley PLC		125,856		3,027,581
				4,455,100
Transportation Infrastructure 0.0% (a)
BBA Aviation PLC*		28,760		161,692
Water Utilities 0.1% (a)
Kelda Group PLC		56,923		1,053,120
Severn Trent Water PLC		47,663		1,409,604
				2,462,724
Wireless Telecommunication Services 1.0% (a)
Vodafone Group PLC		9,063,803		25,783,550
				544,227,696
UNITED STATES (0.0%) (a)
Health Care Equipment & Supplies 0.0%
Synthes, Inc.		6,520		851,862
Total Common Stocks (Cost $1,557,124,105)				2,359,433,288
Exchange Traded Fund (0.0%) (b)
United States (0.0%)
iShares MSCI EAFE Index Fund		11,200		886,592
Warrants (0.0%)
Japan (0.0%)
Dowa Metals & Mining & Mining Bonus Option expiring 01/29/10*		67,800		0
Repurchase Agreements (1.9%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $47,866,634, collateralized by U.S. Government Agency Mortgages with a market value of $48,817,051	$	47,859,854		47,859,854

2007 Semiannual Report 53

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide International Index Fund (Continued)

Securities Held as Collateral for Securities on Loan (18.8%)
	Principal
	Amount		Value
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, repurchase price $261,717,300, collateralized by U.S. Government Agency Mortgages with a market value of $266,912,203	$	261,678,630	$	261,678,630
GX Clarke Repurchase Agreement, 5.25%, dated 04/30/07, due 05/01/07, repurchase price $200,029,167, collateralized by U.S. Government Agency Mortgages with a market value of $204,000,000		200,000,000		200,000,000
Total Securities Held As Collateral For Securities On Loan (Cost $461,678,630)				461,678,630
Total Investments (Cost $2,067,365,222) (c) — 116.5%				2,869,858,364
Liabilities in excess of other assets — (16.5)%				(407,392,126	)
NET ASSETS — 100.0%			$	2,462,466,238

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	All or a part of the security was on loan as of April 30, 2007.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(d)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2007. The maturity date represents the actual maturity date.

ADR	American Depository Receipt
ARM	Adjustable Rate Mortgage
DE	Germany
REIT	Real Estate Investment Trust

At April 30, 2007, the Fund’s open long futures contracts were as follows:

						Market Value
						Covered by
						Contract
						(denoted in
						currencies of		Unrealized
	Number of		Long			respective		Appreciation/
	Contracts		Contracts	Expiration		countries		(Depreciation)
Australia		101	S&P ASX 200 Index		06/21/07	$	12,943,880	$	352,128
Europe		1	Dax Index		06/15/07		254,189		457
Europe		398	DJ Euro Stoxx 50		06/15/07		23,574,686		936,033
Hong Kong		18	Hang Seng Index		05/31/07		2,312,073		(58,134	)
Japan		177	Topix Index		06/08/07		25,186,239		(133,642	)
Sweden		495	OMX Index		05/25/07		9,419,878		55,759
United Kingdom		146	FTSE 100 Index		06/15/07		18,840,202		311,662
						$	92,531,147	$	1,464,263

See accompanying notes to financial statements

As of April 30, 2007, the Fund’s open forward foreign currency contracts against United States Dollar were as follows:

			Currency
	Delivery		Received/			Contract			Market			Unrealized
Currency	Date		(Delivered)			Value			Value			Appreciation/
												(Depreciation)
Short Contracts:
Australia Dollar		05/11/07		(3,127,300	)	$	(2,493,612	)	$	(2,595,800	)	$	(102,188	)
British Pound		05/11/07		(10,964,000	)		(21,504,824	)		(21,921,015	)		(416,191	)
Euro		05/11/07		(17,846,000	)		(23,683,527	)		(24,362,307	)		(678,780	)
Japanese Yen		05/11/07		(2,511,378,000	)		(21,374,918	)		(21,054,050	)		320,868
Swedish Krone		05/11/07		(13,696,900	)		(1,966,271	)		(2,046,459	)		(80,188	)
Swiss Franc		05/11/07		(8,393,000	)		(6,877,241	)		(6,958,328	)		(81,087	)
Total Short Contracts						$	(77,900,393	)	$	(78,937,959	)	$	(1,037,566	)

			Currency						Unrealized
	Delivery		Received/		Contract		Market		Appreciation/
Currency	Date		(Delivered)		Value		Value		(Depreciation)
Long Contracts:
Australia Dollar		05/11/07		5,710,300	$	4,574,294	$	4,739,807	$	165,513
British Pound		05/11/07		12,744,800		25,089,522		25,481,480		391,958
Euro		05/11/07		35,946,700		47,581,796		49,072,315		1,490,519
Hong Kong Dollar		05/03/07		1,407,000		179,898		179,891		(7	)
Japanese Yen		05/11/07		4,017,566,000		33,890,550		33,681,124		(209,426	)
Swedish Krone		05/11/07		16,490,900		2,372,729		2,463,911		91,182
Swiss Franc		05/11/07		11,773,600		9,627,661		9,761,060		133,399
Total Long Contracts					$	123,316,450	$	125,379,588	$	2,063,138

54 Semiannual Report 2007

Nationwide Mid Cap Market Index Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Mid Cap Market Index Fund (Class A at NAV) returned 11.62% versus 11.98% for its benchmark, the Standard & Poor’s (S&P) MidCap 400^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mid-Cap Core Funds (consisting of 337 funds as of April 30, 2007) was 11.95%.

Can you describe the market environment during the reporting period?

U.S. equity markets generally gained ground during the reporting period. Mid-capitalization stocks outperformed shares of large- and small-cap companies; the S&P MidCap 400 Index gained 11.98%, while the large-cap S&P 500^® Index and the S&P SmallCap 600^® Index returned 8.60% and 8.41%, respectively, for the period.

Economic news was mixed throughout the reporting period. The beginning of the period saw the stock market reach record highs, but the impact of this event on U.S. equities at first was minimal. Although fears of a weakening U.S. housing market and a slowdown in consumer spending caused investors concern, the markets rallied throughout the reporting period until February 27, 2007, when the Dow Jones Industrial Average (the U.S. index of 30 large-cap stocks listed on the New York Stock Exchange) fell 416 points—its largest one-day decline since September 2001. The sell-off came on the heels of a substantial downward correction in Asian markets, particularly China. The markets rebounded but remained volatile because of the increase in subprime mortgage delinquencies and the high-profile bankruptcy of a leading subprime mortgage company. Investor debate was ongoing, however, as to whether or not the subprime mortgage meltdown would spread through other parts of the economy.

During the reporting period, crude oil prices stabilized below $61.00 per barrel thanks to an unseasonably warm winter and ample inventories from countries that are not members of OPEC (the Organization of Petroleum Exporting Countries). The Federal Reserve Board continued its “pausing” monetary policy, keeping the federal funds rate steady at 5.25%. The preliminary estimate of first-quarter 2007 gross domestic product (GDP) growth came in at 1.3%, which was weaker than expected and would be the slowest pace in four years.

What areas detracted from Fund performance?

The health-care sector and the financials sector represented relatively small gains in relation to other sectors within the Fund and the Index during the reporting period.

What areas of investment provided the most positive returns for the Fund?

All 10 sectors within the Fund and the Index finished the reporting period in positive territory. The major gainers were materials, consumer staples, energy, industrials, utilities, telecommunications services, information technology and consumer discretionary.

What is your outlook for the near term?

The rather remarkable run in the U.S. equity markets in April caused some concern that the markets may be overbought, which could result in some sort of near-term downward correction. We acknowledge that the markets face headwinds in the form of slowing economic growth and worsening corporate earnings growth. In our opinion, however, the backdrop for an equity bear market simply does not exist. Monetary policy is by no means overly tight, the level of inflation (while higher than the Fed would like) is still low and seems to be easing, and earnings growth is slowing rather than collapsing. From our perspective, the positive effects of good valuation levels, strong global economic growth, ongoing corporate deal activity and the relative attractiveness of stocks compared to other investments (chiefly bonds) should help the bull market to continue.

The Fund seeks to match the performance of the S&P MidCap 400 Index as closely as possible before the deduction of Fund expenses.

Portfolio Managers: BlackRock Investment Management, LLC—Subadviser; Debra L. Jelilian and Jeffery L. Russo, CFA

Funds in the Lipper Mid-Cap Core Funds category invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of April 2007 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance does not guarantee future results. There is no guarantee that any forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader.

2007 Semiannual Report 55

Nationwide Mid Cap Market Index Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		11.62%		9.47%		10.64%		10.28%		0.75%		0.71%
	w/SC3		5.23%		3.17%		9.34%		9.40%
Class B4	w/o SC2		11.31%		8.80%		10.00%		9.71%		1.36%		1.32%
	w/SC5		6.31%		3.87%		9.72%		9.71%
Class C6	w/o SC2		11.32%		8.81%		9.98%		9.70%		1.36%		1.32%
	w/SC7		10.32%		7.82%		9.98%		9.70%
Class R 8,9			11.71%		8.56%		10.66%		5.15%		1.06%		1.02%
Institutional Class8			11.88%		9.97%		11.08%		10.77%		0.36%		0.32%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on December 29, 1999.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	These returns until the creation of Class B shares (5/25/01) include performance based on the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for this class has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.
5	A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
6	These returns until the creation of Class C shares (10/22/03) include the performance of the Fund’s Class A for the period through May 24, 2001 and the Fund’s Class B shares for the period from May 25, 2001 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.
7	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
8	Not subject to any sales charges.
9	These returns until the creation of Class R shares (3/9/07) include performance based on the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because both classes invest in the same portfolio of securities. The performance of Class R shares has been restated to reflect differences in sales charges, but does not reflect the higher level of other fees applicable to such class; if these fees were reflected, the performance for Class R shares would have been lower.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Mid Cap Market Index Fund, the S&P MidCap 400 Index(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these

56 Semiannual Report 2007

Nationwide Mid Cap Market Index Fund

unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The S&P MidCap 400 Index is an unmanaged index that measures the performance of mid-sized U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 57

Shareholder Nationwide Mid Cap Market Index Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid			Annualized
Nationwide Mid Cap Market Index Fund			11/01/06		04/30/07		During Period*			Expense Ratio*
Class A	Actual		$	1,000.00	$	1,116.20	$	3.78			0.72%
	Hypothetical	1	$	1,000.00	$	1,021.43	$	3.62			0.72%
Class B	Actual		$	1,000.00	$	1,113.10	$	6.92			1.32%
	Hypothetical	1	$	1,000.00	$	1,018.45	$	6.63			1.32%
Class C	Actual		$	1,000.00	$	1,113.20	$	6.92			1.32%
	Hypothetical	1	$	1,000.00	$	1,018.45	$	6.63			1.32%
Class R (a)	Actual		$	1,000.00	$	1,117.10	$	1.09	(b)		0.71%
	Hypothetical	1	$	1,000.00	$	1,006.27	$	1.03	(b)		0.71%
Institutional Class	Actual		$	1,000.00	$	1,118.80	$	1.68			0.32%
	Hypothetical	1	$	1,000.00	$	1,023.41	$	1.61			0.32%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.
(a)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.
(b)	Expense are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 53/365 (to reflect the period).

58 Semiannual Report 2007

Portfolio Summary Nationwide Mid Cap Market Index Fund

(April 30, 2007)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	84.0%
Repurchase Agreements	16.3%
Other investments*	1.3%
Liabilities in excess of other assets**	-1.6%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	5.2%
Specialty Retail	4.9%
Insurance	3.9%
Semiconductors & Semiconductor Equipment	3.6%
Machinery	3.5%
Real Estate Investment Trusts	3.0%
Multi-Utilities	3.0%
Health Care Providers & Services	2.9%
Chemicals	2.8%
Commercial Services & Supplies	2.8%
Other	64.4%
	100.0%

Top Holdings***
Precision Castparts Corp.	1.0%
Noble Energy, Inc.	0.7%
MEMC Electronic Materials	0.7%
Expeditors International of Washington, Inc.	0.6%
Microchip Technology, Inc.	0.6%
Lam Research Corp.	0.5%
Cameron International Corp.	0.5%
Southwestern Energy Co.	0.5%
Harris Corp.	0.5%
Macerich Co. (The)	0.5%
Other	93.9%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

See accompanying notes to financial statements

2007 Semiannual Report 59

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Mid Cap Market Index Fund

Common Stocks (84.0%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (1.4%)
Alliant Techsystems, Inc.*		21,200	$	1,974,356
DRS Technologies, Inc.		25,400		1,277,874
Precision Castparts Corp. (d)		83,859		8,730,560
				11,982,790
Air Freight & Logistics (0.6%)
Expeditors International of Washington, Inc.		130,860		5,469,948
Airlines (0.3%)
AirTran Holdings, Inc.*		51,600		568,116
Alaska Air Group, Inc.*		23,800		704,480
JetBlue Airways Corp.*		110,525		1,095,303
				2,367,899
Auto Components (0.9%)
ArvinMeritor, Inc.		46,660		963,529
Bandag, Inc.		6,800		342,992
BorgWarner Automotive, Inc.		36,120		2,814,109
Gentex Corp.		85,480		1,521,544
Lear Corp.*		46,046		1,690,809
Modine Manufacturing Co.		17,600		407,088
				7,740,071
Automobiles (0.3%)
Avis Budget Group, Inc.*		63,200		1,777,816
Thor Industries, Inc.		20,700		824,481
				2,602,297
Beverages (0.3%)
Hansen Natural Corp.*		38,200		1,459,240
PepsiAmericas, Inc.		33,200		801,448
				2,260,688
Biotechnology (0.9%)
Cephalon, Inc.*		40,835		3,250,874
Martek Biosciences Corp.*		19,200		414,528
PDL Biopharma, Inc.*		68,165		1,721,848
Vertex Pharmaceuticals, Inc.*		77,490		2,382,043
				7,769,293
Building Products (0.5%)
Martin Marietta Materials, Inc. (d)		27,994		4,082,085
Capital Markets (1.8%)
Edwards (A.G.), Inc.		46,100		3,339,945
Investors Financial Services Corp.		39,526		2,445,869
Jefferies Group, Inc.		61,800		1,959,060
Nuveen Investments, Inc., Class A		50,050		2,667,665
Raymond James Financial, Inc.		53,480		1,640,766
SEI Investments Co.		37,340		2,278,860
Waddell & Reed Financial, Inc.		54,100		1,310,302
				15,642,467
Chemicals (2.8%)
Airgas, Inc.		46,100		2,053,755
Albemarle Corp.		48,800		2,071,560
Cabot Corp.		38,100		1,725,930
Chemtura Corp.		142,700		1,573,981
Cytec Industries, Inc.		24,300		1,334,070
Ferro Corp.		28,400		591,004
FMC Corp.		23,460		1,804,778
Lubrizol Corp.		40,580		2,432,365
Lyondell Chemical Co.		130,960		4,075,475
Minerals Technologies, Inc.		12,940		823,243
Olin Corp.		44,560		763,758
RPM International, Inc.		71,800		1,527,186
Scotts Miracle-Gro Co. (The)		27,920		1,255,563
Sensient Technologies Corp.		30,280		792,730
Valspar Corp.		65,700		1,776,528
				24,601,926
Commercial Banks (2.1%)
Associated Banc Corp.		77,121		2,497,178
Bank of Hawaii Corp.		28,700		1,518,230
Cathay General Bancorp, Inc.		29,000		950,910
City National Corp.		24,700		1,808,534
Colonial Bancgroup, Inc.		93,440		2,248,166
Cullen/ Frost Bankers, Inc.		34,830		1,782,251
FirstMerit Corp.		47,880		999,734
Greater Bay Bancorp		34,480		889,239
SVB Financial Group*		22,999		1,178,009
TCF Financial Corp.		71,500		1,936,220
West America Bankcorp		20,020		937,537
Wilmington Trust Corp.		39,700		1,606,262
				18,352,270
Commercial Services & Supplies (2.8%)
Brink’s Co. (The)		30,380		1,929,130
ChoicePoint, Inc.*		51,420		1,952,417
Copart, Inc.*		40,900		1,185,282
Corporate Executive Board Co.		24,600		1,565,544
Deluxe Corp.		32,773		1,240,458
Dun & Bradstreet Corp.		37,593		3,394,648
Herman Miller, Inc.		37,900		1,304,139
Kelly Services, Inc.		10,875		312,112
Korn/ Ferry International*		23,900		563,323

60 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Commercial Services & Supplies (continued)
Manpower, Inc.		51,960	$	4,169,790
Mine Safety Appliances Co.		16,600		699,690
Navigant Consulting, Inc.*		30,700		588,826
Republic Services, Inc.		106,373		2,970,998
Rollins, Inc.		16,365		377,541
Stericycle, Inc.*		26,290		2,290,911
				24,544,809
Communications Equipment (2.0%)
3COM Corp.*		240,505		969,235
Adtran, Inc.		40,359		1,027,137
Andrew Corp.*		95,700		1,045,044
Avocent Corp.*		32,206		902,090
CommScope, Inc.*		37,520		1,750,308
Dycom Industries, Inc.*		23,100		598,521
F5 Networks, Inc.*		25,112		1,928,099
Harris Corp.		81,939		4,207,568
NeuStar, Inc.*		41,250		1,186,350
Plantronics, Inc.		29,400		738,234
Polycom, Inc.*		53,902		1,794,937
Powerwave Technologies, Inc.*		87,101		542,639
UT Starcom, Inc.*		59,700		426,258
				17,116,420
Computers & Peripherals (0.7%)
Diebold, Inc.		40,233		1,917,907
Imation Corp.		21,033		776,328
Palm, Inc.*		66,100		1,115,768
Western Digital Corp.*		131,800		2,330,224
				6,140,227
Construction & Engineering (1.4%)
Granite Construction, Inc.		21,560		1,298,774
Jacobs Engineering Group, Inc.*		72,360		3,649,115
KBR, Inc.*		108,210		2,235,619
Nvr, Inc.* (d)		3,210		2,645,040
Quanta Services, Inc.*		70,400		1,935,296
				11,763,844
Construction Materials (0.2%)
Florida Rock Industries, Inc.		29,600		2,045,952
Consumer Finance (0.5%)
AmeriCredit Corp.*		69,720		1,759,036
Eaton Vance Corp.		74,800		2,858,856
				4,617,892
Containers & Packaging (0.4%)
Packaging Corp. of America		53,560		1,326,146
Sonoco Products Co.		58,500		2,494,440
				3,820,586
Diversified Consumer Services (1.5%)
Career Education Corp.*		58,949		1,741,353
Corinthian Colleges, Inc.*		55,980		774,203
DeVry, Inc.		34,400		1,134,856
Global Payments, Inc.		43,270		1,643,395
ITT Educational Services, Inc.*		20,440		1,986,972
Laureate Education, Inc.*		30,380		1,793,939
Regis Corp.		27,420		1,048,267
Sotheby’s Holdings, Inc.		35,400		1,827,348
Strayer Education, Inc.		9,340		1,161,336
				13,111,669
Diversified Financial Services (0.5%)
Broadridge Financial Solutions, Inc.*		89,410		1,791,776
Leucadia National Corp.		96,260		2,901,277
				4,693,053
Diversified Telecommunication Services (0.1%)
Cincinnati Bell, Inc.*		148,700		753,909
Electric Utilities (2.0%)
DPL, Inc.		71,357		2,237,042
Duquesne Light Holdings, Inc.		49,320		983,441
Gilead Sciences, Inc.		91,703		2,950,085
Great Plains Energy, Inc.		55,300		1,804,992
Hawaiian Electric Industries, Inc.		46,400		1,221,248
IDACORP, Inc.		29,300		1,009,385
Pepco Holdings, Inc.		117,594		3,471,375
Sierra Pacific Resources*		130,720		2,386,947
Westar Energy, Inc.		50,250		1,367,805
				17,432,320
Electrical Equipment (1.0%)
Ametek, Inc.		62,250		2,258,430
Hubbell, Inc.		35,100		1,814,319
Roper Industries, Inc.		52,150		2,923,529
Thomas & Betts Corp.*		30,748		1,675,151
				8,671,429
Electronic Equipment & Instruments (2.2%)
Amphenol Corp., Class A		108,840		3,821,372
Arrow Electronics, Inc.*		73,233		2,894,168
Avnet, Inc.*		79,178		3,238,380
CDW Corp.		37,857		2,726,083
Ingram Micro, Inc.*		83,400		1,636,308

2007 Semiannual Report 61

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Electronic Equipment & Instruments (continued)
Kemet Corp.*		58,660	$	497,437
National Instruments Corp.		32,430		903,500
Tech Data Corp.*		35,443		1,259,644
Vishay Intertechnology, Inc.*		108,730		1,810,355
				18,787,247
Energy Equipment & Services (2.0%)
Cameron International Corp.*		68,918		4,450,035
FMC Technologies, Inc.*		42,462		3,009,706
Grant Prideco, Inc.*		78,285		4,034,809
Hanover Compressor Co.*		61,539		1,331,089
Helmerich & Payne, Inc.		63,000		2,034,270
Tidewater, Inc.		36,477		2,305,711
				17,165,620
Food & Staples Retailing (0.2%)
BJ’s Wholesale Club, Inc.*		40,657		1,403,886
Ruddick Corp.		19,300		579,579
				1,983,465
Food Products (0.8%)
Hormel Foods Corp.		44,220		1,684,340
J.M. Smucker Co.		35,071		1,957,663
Lancaster Colony Corp.		13,600		574,328
Smithfield Foods, Inc.*		62,700		1,916,739
Tootsie Roll Industries, Inc.		14,571		422,413
				6,555,483
Gaming (0.1%)
Boyd Gaming Corp.		25,300		1,151,150
Gas Utilities (1.0%)
AGL Resources, Inc.		45,540		1,982,811
National Fuel Gas Co.		52,000		2,444,520
Oneok, Inc.		65,926		3,191,478
WGL Holdings, Inc.		32,100		1,086,264
				8,705,073
Health Care Equipment & Supplies (2.5%)
Advanced Medical Optics, Inc.* (d)		35,703		1,443,472
Beckman Coulter, Inc.		39,060		2,453,359
Cytyc Corp.*		68,340		2,407,618
Dentsply International, Inc.		94,572		3,159,651
Edwards Lifesciences Corp.*		37,000		1,813,000
Gen-Probe, Inc.*		30,800		1,574,188
Hillenbrand Industry, Inc.		36,600		2,238,090
Intuitive Surgical, Inc.* (a)		22,977		2,979,198
ResMed, Inc.*		45,600		1,927,056
Steris Corp.		40,680		1,039,781
Ventana Medical Systems, Inc.*		21,270		1,033,509
				22,068,922
Health Care Providers & Services (2.9%)
Apria Healthcare Group, Inc.*		27,600		876,024
Community Health Systems, Inc.*		59,877		2,203,473
Health Management Associates, Inc., Class A		155,900		1,666,571
Health Net, Inc.*		68,442		3,699,974
Henry Schein, Inc.*		55,174		2,876,221
LifePoint Hospitals, Inc.*		34,656		1,265,290
Lincare Holdings, Inc.*		54,663		2,155,909
Omnicare, Inc.		73,600		2,441,312
Psychiatric Solutions, Inc.*		31,700		1,111,719
Triad Hospitals, Inc.*		52,705		2,800,744
Universal Health Services, Inc.		34,555		2,098,180
VCA Antech, Inc.*		49,427		1,948,907
				25,144,324
Health Care Technology (0.5%)
Cerner Corp.*		41,240		2,195,618
Wellcare Health Plans, Inc.*		21,350		1,720,596
				3,916,214
Hotels, Restaurants & Leisure (1.4%)
Applebee’s International, Inc.		47,734		1,297,410
Bob Evans Farms, Inc.		22,629		830,484
Brinker International, Inc.		76,620		2,382,882
CBRL Group, Inc.		17,344		773,196
Cheesecake Factory, Inc. (The)*		49,250		1,359,300
International Speedway Corp.		20,000		988,000
OSI Restaurant Partners, Inc.		43,700		1,739,697
Ruby Tuesday, Inc.		34,000		909,840
Scientific Games Corp.*		42,300		1,408,167
				11,688,976
Household Durables (1.3%)
American Greetings Corp., Class A		35,814		911,466
Beazer Homes USA, Inc. (a)		25,457		849,755
Blyth Industries, Inc.		13,340		348,174
Furniture Brands International, Inc. (a)		32,738		526,427
Hovnanian Enterprises, Inc.*		21,120		506,669
M.D.C. Holdings, Inc. (a)		20,100		1,030,326
Mohawk Industries Co.*		33,240		2,996,918
Ryland Group, Inc. (The) (a)		26,667		1,181,348

62 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Household Durables (continued)
Toll Brothers, Inc.*		75,518	$	2,248,926
Tupperware Corp.		34,533		971,068
				11,571,077
Household Products (0.6%)
Church & Dwight, Inc.		38,300		1,942,959
Energizer Holdings, Inc.*		35,378		3,438,034
				5,380,993
Industrial Conglomerates (0.4%)
Carlisle Cos., Inc.		35,380		1,456,948
Sequa Corp., Class A*		3,660		428,952
Teleflex, Inc.		23,420		1,682,259
				3,568,159
Insurance (3.9%)
American Financial Group, Inc.		40,300		1,421,381
Arthur J. Gallagher & Co. (a)		59,100		1,652,436
Brown & Brown, Inc.		67,320		1,733,490
Commerce Group, Inc.		31,410		1,024,280
Everest Re Group Ltd.		39,500		3,975,280
Fidelity National Title Group, Inc., Class A		135,453		3,452,697
First American Financial Corp.		60,153		3,097,880
Hanover Insurance Group, Inc.		29,500		1,355,820
HCC Insurance Holdings, Inc.		65,590		2,010,989
Horace Mann Educators Corp.		24,700		519,688
Mercury General Corp.		20,000		1,083,000
Ohio Casualty Corp.		37,900		1,199,156
Old Republic International Corp.		141,387		3,007,302
Protective Life Corp.		44,400		2,082,360
Stancorp Financial Group, Inc.		31,100		1,480,360
Unitrin, Inc.		24,600		1,159,890
W.R. Berkley Corp.		103,666		3,368,108
				33,624,117
Internet & Catalog Retail (0.2%)
Coldwater Creek, Inc.*		39,100		809,370
Netflix, Inc.* (a)		38,630		856,427
				1,665,797
Internet Software & Services (0.2%)
ValueClick, Inc.*		61,050		1,746,030
IT Services (1.9%)
Acxiom Corp.		39,784		899,118
Alliance Data Systems Corp.*		39,600		2,520,936
BISYS Group, Inc. (The)*		71,000		821,470
Ceridian Corp.*		85,040		2,870,951
CheckFree Corp.*		54,887		1,847,497
CSG Systems International, Inc.*		26,280		703,778
DST Systems, Inc.*		35,460		2,767,653
Gartner, Inc. *		31,980		806,855
MoneyGram International, Inc.		52,900		1,503,947
MPS Group, Inc.*		58,940		806,889
SRA International, Inc.*		27,000		659,610
				16,208,704
Leisure Equipment & Products (0.1%)
Callaway Golf Co.		41,100		738,156
Life Sciences Tools & Services (1.4%)
Affymetrix, Inc.*		43,310		1,137,754
Charles River Laboratories International, Inc.*		41,182		1,950,379
Covance, Inc.*		39,880		2,412,740
Invitrogen Corp.*		30,348		1,986,883
Pharmaceutical Product Development, Inc.		62,700		2,261,589
Techne Corp.*		22,535		1,328,889
Varian, Inc.*		19,660		1,139,494
				12,217,728
Machinery (3.5%)
AGCO Corp.*		56,800		2,370,264
Crane Co.		29,366		1,248,349
Donaldson Co., Inc.		40,380		1,450,450
Federal Signal Corp.		25,400		401,066
Flowserve Corp.		33,920		2,069,459
Graco, Inc.		39,770		1,570,915
Harsco Corp.		49,500		2,524,500
Joy Global, Inc.		66,032		3,343,200
Kennametal, Inc.		24,900		1,756,944
Lincoln Electric Holdings, Inc.		25,800		1,644,234
Nordson Corp.		19,100		875,353
Oshkosh Truck Corp.		43,900		2,455,766
Pentair, Inc.		62,560		2,010,678
SPX Corp.		37,620		2,666,506
Timken Co. (The)		55,100		1,817,198
Trinity Industries, Inc.		49,950		2,317,680
				30,522,562
Manufacturing (0.3%)
Hanesbrands, Inc.*		58,082		1,544,400
HNI Corp.		28,570		1,192,512
				2,736,912

2007 Semiannual Report 63

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Marine (0.2%)
Alexander & Baldwin, Inc.		24,501	$	1,309,578
Media (1.1%)
Belo Corp., Class A		49,020		944,616
Catalina Marketing Corp.		23,400		741,780
Entercom Communications Corp.		20,280		562,567
Harte-Hanks, Inc.		29,940		781,434
John Wiley & Sons, Inc.		26,800		1,003,660
Lee Enterprises, Inc.		25,780		674,920
Media General, Inc.		15,500		569,470
Scholastic Corp.*		17,755		548,097
Valassis Communications, Inc.*		26,600		509,656
Washington Post Co. (d)		3,418		2,542,992
Westwood One, Inc.		35,880		244,343
				9,123,535
Metals & Mining (1.3%)
Arch Coal, Inc.		85,594		3,087,375
Commercial Metals Co.		70,600		2,367,218
Reliance Steel & Aluminum Co.		39,100		2,322,540
Steel Dynamics, Inc.		55,100		2,441,481
Worthington Industries, Inc.		45,087		1,003,186
				11,221,800
Multi-Utilities (3.0%)
Alliant Energy Corp. (d)		72,600		3,179,880
Aquila, Inc.*		214,837		887,277
Black Hills Corp.		22,800		907,668
Energy East Corp.		99,505		2,410,011
MDU Resources Group, Inc.		110,725		3,354,967
Nstar		62,920		2,258,828
Oklahoma Gas & Electric Co.		55,100		2,118,044
PNM, Inc.		48,550		1,580,303
Puget Energy, Inc.		68,200		1,760,924
Scana Corp.		71,379		3,107,128
Vectren Corp.		43,560		1,266,289
Wisconsin Energy Corp.		71,400		3,483,606
				26,314,925
Multiline Retail (0.5%)
99 Cents Only Stores*		25,933		370,842
Dollar Tree Stores, Inc.*		64,528		2,537,241
Saks, Inc.		86,900		1,819,686
				4,727,769
Office Electronics (0.2%)
Zebra Technologies Corp., Class A*		44,542		1,772,326
Oil, Gas & Consumable Fuels (5.2%)
Cimarex Energy Co.		53,530		2,109,082
Denbury Resources, Inc.*		71,100		2,352,699
Encore Acquisition Co.*		34,510		921,762
Equitable Resources, Inc.		74,246		3,861,534
Forest Oil Corp.* (a)		35,800		1,261,592
Frontier Oil Corp.		70,230		2,481,226
Newfield Exploration Co.*		79,484		3,477,425
Noble Energy, Inc.		104,117		6,123,121
Overseas Shipholding Group, Inc.		17,100		1,210,680
Patterson-UTI Energy, Inc.		99,540		2,427,781
Pioneer Natural Resources Co.		75,448		3,787,490
Plains Exploration & Production Co.*		42,831		2,012,629
Pogo Producing Co.		35,706		1,723,171
Pride International, Inc.*		101,128		3,318,010
Quicksilver Resources, Inc.*		33,961		1,421,607
Southwestern Energy Co.*		103,251		4,336,542
Superior Energy Services, Inc.*		54,190		1,968,723
				44,795,074
Paper & Forest Products (0.3%)
Bowater, Inc.		36,686		803,056
Glatfelter Co.		23,400		349,830
Louisiana-Pacific Corp.		66,860		1,317,811
				2,470,697
Personal Products (0.2%)
Alberto-Culver Co. (d)		52,260		1,269,395
Pharmaceuticals (1.1%)
Medicis Pharmaceutical Corp.		35,700		1,085,280
Millennium Pharmaceuticals, Inc.*		189,303		2,097,477
Par Pharmaceutical Cos., Inc.*		23,175		624,103
Perrigo Co.		45,400		862,600
Sepracor, Inc.*		67,332		3,614,382
Valeant Pharmaceuticals International		55,300		996,506
				9,280,348
Real Estate Investment Trusts (REITs) (3.0%)
AMB Property Corp.		60,367		3,676,954
Cousins Properties, Inc.		28,620		960,773
Highwood Properties, Inc.		36,560		1,490,917
Hospitality Properties Trust		59,220		2,696,287
Liberty Property Trust		54,096		2,617,705
Macerich Co. (The)		44,000		4,185,280
Mack-Cali Realty Corp.		43,050		2,108,158
Potlatch Corp.		23,756		1,030,773

64 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Real Estate Investment Trusts (REITs) (continued)
Rayonier, Inc.		46,380	$	2,011,501
Regency Centers Corp.		42,400		3,493,760
Weingharten Realty Investors		44,500		2,129,770
				26,401,878
Real Estate Management & Development (0.3%)
UDR, Inc.		85,715		2,574,879
Road & Rail (0.7%)
Con-way, Inc.		29,840		1,630,159
J.B. Hunt Transport Services, Inc.		65,800		1,780,548
Swift Transportation Co., Inc.*		32,060		1,002,837
Werner Enterprises, Inc.		32,648		617,374
YRC Worldwide, Inc.*		35,962		1,430,928
				6,461,846
Semiconductors & Semiconductor Equipment (3.6%)
Atmel Corp.*		257,200		1,368,304
Cree, Inc.* (a)		48,625		991,950
Cypress Semiconductor Corp.*		114,049		2,602,598
Fairchild Semiconductor International, Inc.*		72,120		1,269,312
Integrated Device Technology, Inc.*		117,287		1,756,959
International Rectifier Corp.*		42,400		1,495,872
Intersil Corp.		86,702		2,582,852
Lam Research Corp.*		86,765		4,666,222
Lattice Semiconductor Corp.*		61,560		336,118
MEMC Electronic Materials, Inc.*		102,800		5,641,664
Micrel, Inc.*		36,500		458,075
Microchip Technology, Inc.		132,264		5,335,530
RF Micro Devices, Inc.*		122,325		764,531
Semtech Corp.*		47,830		689,709
Silicon Laboratories, Inc.*		34,540		1,133,257
TriQuint Semiconductor, Inc.*		74,605		385,708
				31,478,661
Software (2.4%)
Activision, Inc.*		154,521		3,090,420
Advent Software, Inc.*		10,569		354,696
Cadence Design Systems, Inc.*		171,591		3,809,320
Fair Issac Corp.		35,307		1,260,813
Henry (Jack) & Associates, Inc.		44,800		1,064,000
Macrovision Corp.*		33,220		806,249
McAfee, Inc.*		95,300		3,096,297
Mentor Graphics Corp.*		52,800		854,304
Parametric Technology Corp.*		71,160		1,264,513
Sybase, Inc.*		53,600		1,296,584
Synopsys, Inc.*		86,781		2,400,363
Transaction Systems Architects, Inc.*		21,300		675,849
Wind River Systems, Inc.*		46,400		456,112
				20,429,520
Specialty Retail (4.9%)
Advance Auto Parts, Inc. (d)		63,100		2,599,720
Aeropostale, Inc.*		33,173		1,365,069
American Eagle Outfitters Ltd. (d)		122,661		3,614,820
AnnTaylor Stores Corp.*		45,269		1,741,951
Barnes & Noble, Inc.		32,973		1,303,423
Borders Group, Inc.		39,394		831,607
Carmax, Inc.*		131,400		3,274,488
Charming Shoppes*		74,700		933,750
Chico’s FAS, Inc.*		105,243		2,774,206
Claire’s Stores, Inc.		58,260		1,897,528
Dick’s Sporting Goods, Inc.*		22,780		1,277,730
Foot Locker, Inc.		96,800		2,302,872
Gamestop Corp.*		92,700		3,074,859
O’Reilly Automotive, Inc.*		66,946		2,383,278
Pacific Sunwear of California, Inc.*		44,700		935,571
Payless ShoeSource, Inc.*		40,195		1,282,221
PETsMART, Inc.		80,876		2,684,274
Rent-A-Center, Inc.*		41,647		1,159,452
Ross Stores, Inc.		85,454		2,832,800
Urban Outfitters, Inc.*		66,716		1,718,604
Williams Sonoma, Inc.		66,740		2,350,583
				42,338,806
Textiles, Apparel & Luxury Goods (0.3%)
Phillips-Van Heusen Corp.		36,380		2,033,642
Timberland Co., Class A*		29,900		771,719
				2,805,361
Thrifts & Mortgage Finance (1.7%)
Astoria Financial Corp.		48,620		1,291,347
First Niagara Financial Group, Inc.		66,900		909,840
IndyMac Bancorp, Inc. (a)		46,059		1,392,824
New York Community Bancorp, Inc.		172,664		3,014,713
PMI Group, Inc.		53,887		2,611,903
Radian Group, Inc.		48,833		2,837,686
Washington Federal, Inc.		49,612		1,176,301
Webster Financial Corp.		35,800		1,591,310
				14,825,924
Tobacco (0.1%)
Universal Corp.		17,140		1,074,335

2007 Semiannual Report 65

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Trading Companies & Distributors (0.9%)
Fastenal Co. (a)		77,954	$	3,205,468
GATX Corp.		32,600		1,597,726
MSC Industrial Direct Co., Class A		31,400		1,530,436
United Rentals, Inc.*		39,900		1,336,650
				7,670,280
Water Utilities (0.2%)
Aqua America, Inc.		84,827		1,875,518
Wireless Telecommunication Services (0.4%)
Telephone & Data Systems, Inc.		39,500		2,249,526
Telephone & Data Systems, Inc., Special Shares		24,100		1,272,480
				3,522,006
Total Common Stocks (Cost $621,404,567)				728,475,014
Repurchase Agreements (16.3%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $141,693,628 collateralized by U.S. Government Agency Mortgages with a market value of $144,507,029	$	141,673,558		141,673,558
Securities Held as Collateral for Securities on Loan (1.3%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $11,672,794, collateralized by U.S. Government Agency Mortgages with a market value of $11,904,490		11,671,069		11,671,068
Total Investments (Cost $774,749,194) (c) — 101.6%				881,819,640
Liabilities in excess of other assets — (1.6)%				(14,054,851	)
NET ASSETS — 100.0%			$	867,764,789

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2007. The maturity date represents the actual maturity date.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(d)	Pledged as collateral for futures.

At April 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of		Long			Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
	317	S&P 400 MID		06/15/07	$	139,194,700	$	5,495,972

See accompanying notes to financial statements

66 Semiannual Report 2007

Nationwide S&P 500 Index Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide S&P 500 Index Fund (Class A shares at NAV) returned 8.32% versus 8.60% for its benchmark, the Standard & Poor’s (S&P) 500^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of S&P 500 Index Objective Funds (consisting of 184 funds as of April 30, 2007) was 8.28%.

Can you describe the market environment during the reporting period?

U.S. equity markets generally gained ground during the reporting period. The broad-market S&P 500 Index rose 8.60%. Large-capitalization growth stocks underperformed their large-cap value counterparts, with the Russell 1000^® Growth Index advancing 8.42% versus the 9.79% return of the Russell 1000^® Value Index.

Economic news was mixed throughout the reporting period. The beginning of the period saw the stock market reach record highs, but the impact of this event on U.S. equities at first was minimal. Although fears of a weakening U.S. housing market and a slowdown in consumer spending caused investors concern, the markets rallied throughout the reporting period until February 27, 2007, when the Dow Jones Industrial Average (the U.S. index of 30 large-cap stocks listed on the New York Stock Exchange) fell 416 points—its largest one-day decline since September 2001. The sell-off came on the heels of a substantial downward correction in Asian markets, particularly China. The markets rebounded but remained volatile because of the increase in subprime mortgage delinquencies and the high-profile bankruptcy of a leading subprime mortgage company. Investor debate was ongoing, however, as to whether or not the subprime mortgage meltdown would spread through other parts of the economy.

During the reporting period, crude oil prices stabilized below $61.00 per barrel thanks to an unseasonably warm winter and ample inventories from countries that are not members of OPEC (Organization of the Petroleum Exporting Countries). The Federal Reserve Board continued its “pausing” monetary policy, keeping the federal funds rate steady at 5.25%. The preliminary estimate of first-quarter 2007 gross domestic product (GDP) growth came in at 1.3%, which was weaker than expected and would be the slowest pace in four years.

What areas detracted from Fund performance?

The lowest returns recorded within the Fund and the Index during the reporting period were in the consumer discretionary sector, the financials sector and the information technology sector.

What areas of investment provided the most positive returns for the Fund?

All 10 sectors in the Fund and the benchmark index recorded positive returns for the reporting period. The strongest performers included utilities, materials and energy.

What is your outlook for the near term?

The rather remarkable run in the U.S. equity markets in April caused some concern that the markets may be overbought, which could result in some sort of near-term downward correction. We acknowledge that the markets face headwinds in the form of slowing economic growth and worsening corporate earnings growth. In our opinion, however, the backdrop for an equity bear market simply does not exist. Monetary policy is by no means overly tight, the level of inflation (while higher than the Fed would like) is still low and seems to be easing, and earnings growth is slowing rather than collapsing. From our perspective, the positive effects of good valuation levels, strong global economic growth, ongoing corporate deal activity and the relative attractiveness of stocks compared to other investments (chiefly bonds) should help the bull market to continue.

The Fund seeks to match the performance of the S&P 500 Index as closely as possible before the deduction of Fund expenses.

Portfolio Managers: BlackRock Investment Management, LLC—Subadviser; Debra L. Jelilian and Jeffery L. Russo, CFA

Funds in the Lipper S&P 500 Index Objective Funds category are passively managed, limited-expense (management fee no higher than 0.50%) funds designed to replicate the performance of the Standard & Poor’s 500 Index on a reinvested basis.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of April 2007 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance does not guarantee future results. There is no guarantee that any forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader.

2007 Semiannual Report 67

Nationwide S&P 500 Index Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**		Ratio**
Class A2	w/o SC3		8.32%		14.67%		8.00%		4.19%		0.52%		0.49%
	w/SC4		2.07%		8.10%		6.74%		3.49%
Class B2	w/o SC3		7.90%		13.92%		7.23%		3.59%		1.26%		1.23%
	w/SC5		2.90%		8.92%		6.93%		3.59%
Class C6	w/o SC3		7.98%		13.97%		7.25%		3.60%		1.26%		1.23%
	w/SC7		6.98%		12.97%		7.25%		3.60%
Class R 9,10			8.38%		14.73%		8.01%		4.63%		0.96%		0.93%
Institutional Service Class 2,9			8.37%		14.81%		8.04%		4.18%		0.51%		0.48%
Institutional Class8,9			8.49%		14.96%		8.29%		4.46%		0.26%		0.23%
Local Fund Shares9			8.43%		14.95%		8.22%		4.34%		0.33%		0.30%
Service Class2,9			8.24%		14.60%		7.87%		4.01%		0.66%		0.63%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on July 24, 1998.
2	These returns for the period prior to the creation of a particular class include the performance of the Fund’s Local Fund Shares. These returns were achieved prior to the creation of Class A and Class B shares (12/29/99) and Service Class and Institutional Service Class shares (11/2/98). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class B, Service Class and Institutional Service Class shares would have produced because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class A, Class B, Service Class and Institutional Service Class would have been lower.
3	These returns do not reflect the effects of sales charges (SC).
4	A 5.75% front-end sales charge was deducted.
5	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
6	These returns until the creation of Class C shares (10/22/03) include the performance of the Fund’s Local Fund Shares for the period through December 28, 1999 and the Fund’s Class B shares for the period from December 29, 1999 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.
7	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
8	These returns until the creation of the Institutional Class shares (12/29/99) include the performance of the Fund’s Local Fund shares. The returns have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because Institutional Class shares invest in the same portfolio of securities as Local Fund Shares.
9	Not subject to any sales charges.
10	Class R shares commenced operations on January 30, 2007. The returns shown in the table are based on the performance of the Fund’s Local Fund shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because both classes invest in the same portfolio of securities. The performance of Class R shares has been restated to reflect differences in sales charges, if any, but does not reflect the higher level of other fees applicable to such class; if these fees were reflected, the performance for Class R shares would have been lower.

68 Semiannual Report 2007

Nationwide S&P 500 Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Local Fund Shares of the Nationwide S&P 500 Index Fund, the S&P 500 Index(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 69

Shareholder Nationwide S&P 500 Index Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid			Annualized
Nationwide S&P 500 Index Fund			11/01/06		04/30/07		During Period*			Expense Ratio*
Class A	Actual		$	1,000.00	$	1,083.20	$	2.48			0.48%
	Hypothetical	1	$	1,000.00	$	1,022.62	$	2.41			0.48%
Class B	Actual		$	1,000.00	$	1,079.00	$	6.29			1.22%
	Hypothetical	1	$	1,000.00	$	1,018.95	$	6.13			1.22%
Class C	Actual		$	1,000.00	$	1,079.80	$	6.29			1.22%
	Hypothetical	1	$	1,000.00	$	1,018.95	$	6.13			1.22%
Class R (a)	Actual		$	1,000.00	$	1,083.80	$	1.90	(b)		0.73%
	Hypothetical	1	$	1,000.00	$	1,010.68	$	1.83	(b)		0.73%
Institutional Service Class	Actual		$	1,000.00	$	1,083.70	$	2.43			0.47%
	Hypothetical	1	$	1,000.00	$	1,022.67	$	2.36			0.47%
Local Shares	Actual		$	1,000.00	$	1,084.30	$	1.55			0.30%
	Hypothetical	1	$	1,000.00	$	1,023.51	$	1.51			0.30%
Institutional Class	Actual		$	1,000.00	$	1,084.90	$	1.14			0.22%
	Hypothetical	1	$	1,000.00	$	1,023.91	$	1.10			0.22%
Service Class	Actual		$	1,000.00	$	1,082.40	$	3.25			0.63%
	Hypothetical	1	$	1,000.00	$	1,021.88	$	3.16			0.63%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.
(a)	For the period from January 30, 2007 (commencement of operations) through April 30, 2007.
(b)	Expense are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 91/365 (to reflect the period).

70 Semiannual Report 2007

Portfolio Summary Nationwide S&P 500 Index Fund

(April 30, 2007)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	93.9%
Repurchase Agreements	6.1%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	7.7%
Diversified Financial Services	7.2%
Pharmaceuticals	6.1%
Insurance	4.5%
Commercial Banks	3.7%
Industrial Conglomerates	3.7%
Computers & Peripherals	3.5%
Software	3.1%
Diversified Telecommunication Services	2.8%
Communications Equipment	2.4%
Other	55.3%
	100.0%

Top Holdings*
Exxon Mobil Corp.	3.2%
General Electric Co.	2.7%
Citigroup, Inc.	1.9%
Microsoft Corp.	1.8%
AT&T, Inc.	1.7%
Bank of America Corp.	1.6%
Procter & Gamble Co. (The)	1.4%
Pfizer, Inc.	1.4%
Johnson & Johnson	1.3%
American International Group, Inc.	1.3%
Other	81.7%
	100.0%

*  For purpose of listing top holdings, repurchase agreements are included as part of Other.

See accompanying notes to financial statements

2007 Semiannual Report 71

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide S&P 500 Index Fund

Common Stocks (93.9%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (2.3%)
B.F. Goodrich Co. (The)		21,851	$	1,242,011
Boeing Co. (The)		141,371		13,147,503
General Dynamics Corp.		70,962		5,570,517
Honeywell International, Inc.		146,769		7,951,945
L-3 Communications Holdings, Inc.		19,138		1,721,080
Lockheed Martin Corp.		64,322		6,183,917
Northrop Grumman Corp.		61,776		4,547,331
Raytheon Co.		78,787		4,218,256
Rockwell Collins, Inc.		30,141		1,979,360
United Technologies Corp.		177,956		11,946,186
				58,508,106
Air Freight & Logistics (0.8%)
C.H. Robinson Worldwide, Inc.		32,300		1,726,758
FedEx Corp.		52,202		5,504,179
United Parcel Service, Inc., Class B		190,216		13,396,913
				20,627,850
Airlines (0.1%)
Southwest Airlines		138,076		1,981,391
Auto Components (0.2%)
Goodyear Tire & Rubber Co.*		38,921		1,294,513
Johnson Controls, Inc.		34,186		3,498,253
				4,792,766
Automobiles (0.4%)
Ford Motor Co.		322,896		2,596,084
General Motors Corp.		99,556		3,109,134
Harley-Davidson, Inc.		48,627		3,079,061
				8,784,279
Beverages (1.2%)
Anheuser-Busch Cos., Inc.		135,134		6,647,241
Brown-Forman Corp., Class B		16,471		1,052,991
Coca-Cola Co.		358,417		18,705,783
Coca-Cola Enterprises, Inc.		57,757		1,267,189
Constellation Brands, Inc.*		33,200		744,012
Molson Coors Brewing Co.		10,270		968,256
Pepsi Bottling Group, Inc. (The)		29,421		965,303
				30,350,775
Biotechnology (1.4%)
Amgen, Inc.*		205,848		13,203,091
Applera Corp.		34,071		1,064,378
Biogen, Inc.*		59,672		2,817,115
Celgene Corp.*		61,600		3,767,456
Genzyme Corp.*		44,851		2,929,219
Gilead Sciences, Inc.*		80,400		6,570,288
MedImmune, Inc.*		45,661		2,588,065
Millipore Corp.*		8,825		651,550
PerkinElmer, Inc.		18,196		440,343
				34,031,505
Building Products (0.2%)
American Standard Cos., Inc.		33,516		1,845,391
Masco Corp.		72,627		1,976,181
				3,821,572
Capital Markets (1.9%)
Ameriprise Financial, Inc.		42,851		2,548,349
Bank of New York Co., Inc.		134,144		5,430,149
Bear Stearns Cos., Inc. (The)		19,567		3,046,582
Charles Schwab Corp.		184,787		3,533,127
E*TRADE Financial Corp.*		75,622		1,669,734
Federated Investors, Inc., Class B		15,711		599,532
Janus Capital Group, Inc.		38,731		969,050
Legg Mason, Inc.		23,200		2,301,208
Lehman Brothers Holding, Inc.		94,302		7,099,054
Mellon Financial Corp.		72,222		3,100,490
Merrill Lynch & Co., Inc.		155,895		14,066,406
Northern Trust Corp.		33,736		2,123,681
T. Rowe Price Group, Inc.		45,982		2,284,386
				48,771,748
Chemicals (1.4%)
Air Products & Chemicals, Inc.		38,766		2,965,599
Ashland, Inc.		11,525		690,924
Dow Chemical Co. (The)		168,690		7,525,261
E.I. du Pont de Nemours & Co.		162,150		7,972,915
Eastman Chemical Co.		13,360		904,472
Ecolab, Inc.		36,111		1,552,412
Hercules, Inc.*		14,621		275,460
International Flavors & Fragrances, Inc.		13,840		673,593
Monsanto Co.		91,380		5,390,506
PPG Industries, Inc.		29,206		2,148,977
Praxair, Inc.		56,632		3,655,596
Rohm & Haas Co.		29,377		1,503,221
Sigma-Aldrich Corp.		23,450		986,776
				36,245,712
Commercial Banks (3.7%)
BB&T Corp.		94,373		3,927,804
Comerica, Inc.		29,126		1,803,191
Commerce Bancorp, Inc.		37,600		1,257,344

72 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Commercial Banks (continued)
Compass Bancshares, Inc.		21,433	$	1,461,302
Fifth Third Bancorp		96,704		3,925,215
First Horizon National Corp.		22,391		877,951
Huntington Bancshares, Inc.		44,020		976,364
KeyCorp		70,972		2,532,281
M & T Bank Corp.		15,261		1,699,160
Marshall & Ilsley Corp.		44,766		2,149,663
National City Corp.		106,453		3,890,857
PNC Bank Corp.		60,101		4,453,484
Regions Financial Corp.		128,285		4,501,521
SunTrust Banks, Inc.		63,626		5,371,307
Synovus Financial Corp.		54,217		1,711,088
U.S. Bancorp		316,403		10,868,443
Wachovia Corp.		340,448		18,908,482
Wells Fargo & Co.		592,328		21,258,652
Zions Bancorp		15,720		1,285,896
				92,860,005
Commercial Services & Supplies (0.6%)
Allied Waste Industries, Inc.*		43,007		575,004
Avery-Dennison Corp.		17,416		1,083,275
Cintas Corp.		25,201		944,281
Donnelley (R.R.) & Sons Co.		32,006		1,286,641
Equifax, Inc.		22,651		901,510
Monster Worldwide, Inc.*		22,531		947,429
Pitney Bowes, Inc.		38,696		1,857,408
Robert Half International, Inc.		28,706		955,910
Waste Management, Inc.		95,113		3,558,177
Western Union Co.		134,052		2,821,795
				14,931,430
Communications Equipment (2.4%)
ADC Telecommunications, Inc.*		15,627		287,537
Avaya, Inc.*		76,869		993,148
Ciena Corp.*		18,758		546,983
Cisco Systems, Inc.*		1,073,709		28,710,979
Corning, Inc.*		274,322		6,506,918
JDS Uniphase Corp.*		41,694		687,117
Juniper Networks, Inc.*		106,600		2,383,576
Motorola, Inc.		430,828		7,466,249
QUALCOMM, Inc.		290,378		12,718,556
Tellabs, Inc.*		85,652		909,624
				61,210,687
Computers & Peripherals (3.5%)
Apple Computer, Inc.*		149,574		14,927,485
Dell, Inc.*		390,358		9,840,925
EMC Corp.*		411,787		6,250,927
Hewlett-Packard Co.		473,490		19,952,869
International Business Machines Corp.		268,110		27,403,523
Lexmark International Group, Inc.*		19,701		1,073,704
NCR Corp.*		31,890		1,607,256
Network Appliance, Inc.*		65,484		2,436,660
QLogic Corp.*		32,390		579,133
SanDisk Corp.*		34,300		1,490,335
Sun Microsystems, Inc.*		616,982		3,220,646
				88,783,463
Construction & Engineering (0.1%)
Fluor Corp.		14,585		1,394,618
Construction Materials (0.1%)
Vulcan Materials Co.		17,276		2,136,523
Consumer Finance (0.9%)
American Express Co.		213,757		12,968,637
Capital One Financial Corp.		72,186		5,360,533
SLM Corp.		72,622		3,909,242
				22,238,412
Containers & Packaging (0.2%)
Ball Corp.		18,730		949,424
Bemis Co.		18,396		611,115
Pactiv Corp.*		25,736		889,951
Sealed Air Corp.		28,394		934,163
Temple-Inland, Inc.		21,010		1,244,632
				4,629,285
Distributors (0.1%)
Genuine Parts Co.		29,516		1,458,386
Diversified Consumer Services (0.1%)
Apollo Group, Inc.*		26,426		1,249,950
H & R Block, Inc.		56,472		1,276,832
				2,526,782
Diversified Financial Services (6.7%)
Bank of America Corp.		795,961		40,514,415
Chicago Mercantile Exchange Holdings, Inc.		6,140		3,172,845
CIT Group, Inc.		34,900		2,081,785
Citigroup, Inc.		869,688		46,632,671
Franklin Resources, Inc.		29,371		3,856,706
Goldman Sachs Group, Inc.		73,872		16,149,158
J.P. Morgan Chase & Co.		610,601		31,812,312
Moody’s Corp.		43,602		2,882,964

2007 Semiannual Report 73

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Diversified Financial Services (continued)
Morgan Stanley		188,542	$	15,839,413
State Street Corp.		58,377		4,020,424
				166,962,693
Diversified Telecommunication Services (2.8%)
AT&T, Inc.		1,106,313		42,836,439
CenturyTel, Inc.		22,876		1,053,440
Citizens Communications Co.		61,736		961,230
Embarq Corp.		25,435		1,527,117
Qwest Communications International, Inc.*		281,730		2,501,762
Verizon Communications, Inc.		509,880		19,467,219
Windstream Corp.		74,982		1,096,237
				69,443,444
Electric Power (0.0%)
Dynegy, Inc.*		87,003		818,698
Electric Utilities (1.8%)
Allegheny Energy, Inc.*		24,696		1,320,248
American Electric Power Co., Inc.		71,297		3,580,535
Duke Energy Corp.		220,381		4,522,218
Edison International		57,232		2,996,095
Entergy Corp.		37,676		4,262,663
Exelon Corp.		117,798		8,883,147
FirstEnergy Corp.		58,100		3,976,364
FPL Group, Inc.		71,232		4,585,204
Integrys Energy Group, Inc.		12,509		701,755
Pinnacle West Capital Corp.		22,225		1,073,245
PPL Corp.		62,562		2,728,329
Progress Energy, Inc.		43,651		2,206,558
Southern Co.		126,049		4,763,392
				45,599,753
Electrical Equipment (0.4%)
Cooper Industries Ltd., Class A - BM		31,760		1,580,378
Emerson Electric Co.		143,464		6,741,373
Rockwell International Corp.		30,976		1,844,311
				10,166,062
Electronic Equipment & Instruments (0.2%)
Agilent Technologies, Inc.*		75,376		2,590,673
Jabil Circuit, Inc.		27,941		651,025
Molex, Inc.		28,821		861,171
Sanmina Corp.*		126,239		435,525
Solectron Corp.*		153,376		513,810
Tektronix, Inc.		14,695		431,886
				5,484,090
Energy Equipment & Services (1.8%)
Baker Hughes, Inc.		57,347		4,610,125
BJ Services Co.		58,292		1,670,649
ENSCO International, Inc.		28,000		1,578,640
Halliburton Co.		165,324		5,252,344
Nabors Industries Ltd. - BM*		55,554		1,784,394
National-OilWell, Inc.*		28,794		2,443,171
Noble Corp. ADR - KY		24,131		2,032,072
Rowan Cos., Inc.		23,486		860,527
Schlumberger Ltd. - NL		208,336		15,381,447
Smith International, Inc.		34,700		1,819,668
Transocean, Inc. - KY*		57,307		4,939,863
Weatherford International Ltd. - BM*		60,700		3,186,143
				45,559,043
Entertainment (0.5%)
Walt Disney Co. (The)		369,840		12,937,003
Food & Staples Retailing (2.2%)
Costco Wholesale Corp.		81,157		4,347,580
CVS/ Caremark Corp.		272,999		9,893,484
Kroger Co.		126,509		3,733,281
Safeway, Inc.		78,182		2,838,007
SUPERVALU, Inc.		34,779		1,596,356
SYSCO Corp.		108,733		3,559,918
Wal-Mart Stores, Inc.		432,582		20,729,329
Walgreen Co.		173,325		7,608,968
Whole Foods Market, Inc.		24,900		1,165,071
				55,471,994
Food Products (2.2%)
Archer-Daniels Midland Co.		115,343		4,463,774
Campbell Soup Co.		37,932		1,483,141
ConAgra, Inc.		87,528		2,151,438
Dean Foods Co.*		23,700		863,391
General Mills, Inc.		58,962		3,531,824
H.J. Heinz Co.		58,257		2,744,487
Hershey Foods Corp.		32,722		1,798,401
Kellogg Co.		47,542		2,515,447
Kraft Foods, Inc.		285,367		9,551,233
McCormick & Co.		23,046		855,468
PepsiCo, Inc.		289,974		19,164,382
Sara Lee Corp.		133,599		2,192,360

74 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Food Products (continued)
Tyson Foods, Inc., Class A		44,200	$	926,432
Wrigley (Wm.) Jr. Co., Class A		41,545		2,446,170
				54,687,948
Gas Utilities (0.1%)
NICOR, Inc.		7,505		384,556
Questar Corp.		15,200		1,476,376
				1,860,932
Health Care Equipment & Supplies (1.6%)
Bard (C.R.), Inc.		18,286		1,520,115
Bausch & Lomb, Inc.		8,345		490,936
Baxter International, Inc.		114,673		6,493,932
Becton, Dickinson & Co.		42,986		3,382,568
Biomet, Inc.		42,051		1,816,603
Boston Scientific Corp.*		207,118		3,197,902
Hospira, Inc.*		27,546		1,116,990
Medtronic, Inc.		204,106		10,803,331
St. Jude Medical, Inc.*		62,422		2,671,038
Stryker Corp.		52,277		3,394,869
Varian Medical Systems, Inc.*		23,700		1,000,377
Zimmer Holdings, Inc.*		42,746		3,867,658
				39,756,319
Health Care Providers & Services (2.2%)
Aetna, Inc.		97,884		4,588,802
AmerisourceBergen Corp.		35,652		1,782,243
Cardinal Health, Inc.		72,997		5,106,140
CIGNA Corp.		20,361		3,167,968
Coventry Health Care, Inc.*		29,600		1,711,768
Express Scripts, Inc., Class A*		24,420		2,333,331
Humana, Inc.*		29,061		1,837,818
Laboratory Corp. of America Holdings*		22,500		1,776,150
Manor Care, Inc.		14,420		935,714
McKesson Corp.		52,647		3,097,223
Medco Health Solutions, Inc.*		51,826		4,043,464
Patterson Cos., Inc.*		23,800		858,228
Quest Diagnostics, Inc.		30,272		1,479,998
Tenet Healthcare Corp.*		80,587		597,956
UnitedHealth Group, Inc.		237,018		12,576,175
WellPoint, Inc.*		109,102		8,615,785
				54,508,763
Health Care Technology (0.0%)
IMS Health, Inc.		35,474		1,040,452
Hotels, Restaurants & Leisure (1.5%)
Carnival Corp. - PA		78,363		3,831,167
Darden Restaurants, Inc.		25,576		1,060,892
Harrah’s Entertainment, Inc.		32,221		2,748,451
Hilton Hotels Corp.		67,587		2,297,958
International Game Technology		58,832		2,243,852
Marriott International, Inc., Class A		63,862		2,887,201
McDonald’s Corp.		216,541		10,454,600
Starbucks Corp.*		134,324		4,166,731
Starwood Hotels & Resorts Worldwide, Inc.		38,424		2,575,177
Wendy’s International, Inc.		19,236		725,197
Wyndham Worldwide Corp.*		35,529		1,229,303
YUM! Brands, Inc.		49,181		3,042,337
				37,262,866
Household Durables (0.6%)
Black & Decker Corp.		13,365		1,212,473
Centex Corp.		23,081		1,033,336
D. R. Horton, Inc.		46,500		1,031,370
Fortune Brands, Inc.		26,186		2,097,499
Harman International Industries, Inc.		11,400		1,389,546
KB Home		14,430		636,507
Leggett & Platt, Inc.		32,201		757,368
Lennar Corp., Class A		26,967		1,151,761
Newell Rubbermaid, Inc.		41,542		1,274,093
Pulte Corp.		38,882		1,045,926
Snap-on, Inc.		10,170		554,265
Stanley Works (The)		12,580		733,162
Whirlpool Corp.		14,417		1,528,634
				14,445,940
Household Products (1.9%)
Colgate-Palmolive Co.		90,708		6,144,560
Kimberly-Clark Corp.		81,287		5,785,196
Procter & Gamble Co. (The)		558,403		35,910,897
				47,840,653
Independent Power Producers & Energy Traders (0.5%)
AES Corp.*		116,393		2,559,482
Clorox Co. (The)		25,586		1,716,309
Constellation Energy Group		30,686		2,734,736
TXU Corp.		83,444		5,472,258
				12,482,785

2007 Semiannual Report 75

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Industrial Conglomerates (3.7%)
3M Co.		131,589	$	10,891,622
General Electric Co.		1,815,732		66,927,881
Textron, Inc.		21,846		2,221,083
Tyco International Ltd. - BM		354,400		11,564,072
				91,604,658
Insurance (4.5%)
ACE Ltd. - KY		56,414		3,354,377
AFLAC, Inc.		86,313		4,431,309
Allstate Corp.		113,514		7,074,193
AMBAC Financial Group, Inc.		18,701		1,716,752
American International Group, Inc.		457,066		31,953,484
AON Corp.		51,527		1,996,671
Assurant, Inc.		18,900		1,087,317
Chubb Corp. (The)		72,162		3,884,481
Cincinnati Financial Corp.		30,589		1,383,846
Genworth Financial, Inc.		79,900		2,915,551
Hartford Financial Services Group, Inc. (The)		53,471		5,411,265
Lincoln National Corp.		50,956		3,625,519
Loews Corp.		80,413		3,805,143
Marsh & McLennan Cos., Inc.		91,093		2,893,114
MBIA, Inc.		26,976		1,876,451
MetLife, Inc.		133,579		8,776,140
Principal Financial Group, Inc.		49,107		3,117,803
Progressive Corp. (The)		135,900		3,135,213
Prudential Financial, Inc.		87,743		8,335,585
Safeco Corp.		21,451		1,431,640
Torchmark Corp.		18,231		1,245,177
Travelers Cos., Inc. (The)		121,615		6,579,372
UnumProvident Corp.		54,149		1,347,227
XL Capital Ltd., Class A - KY		32,346		2,522,341
				113,899,971
Internet & Catalog Retail (0.2%)
Amazon.com, Inc.*		51,100		3,133,963
InterActiveCorp*		39,900		1,520,988
				4,654,951
Internet Software & Services (1.3%)
eBay, Inc.*		206,476		7,007,795
Google, Inc., Class A*		37,500		17,676,750
Verisign, Inc.*		43,700		1,195,195
Yahoo!, Inc.*		218,748		6,133,694
				32,013,434
IT Services (0.9%)
Affiliated Computer Services, Inc., Class A*		21,741		1,302,503
Automatic Data Processing, Inc.		97,778		4,376,543
Cognizant Technology Solutions Corp.*		24,500		2,190,300
Computer Sciences Corp.*		30,281		1,681,807
Convergys Corp.*		24,382		615,890
Electronic Data Systems Corp.		89,112		2,605,635
Fidelity National Information Services, Inc.		29,300		1,480,529
First Data Corp.		134,052		4,343,285
Fiserv, Inc.*		31,866		1,694,315
Paychex, Inc.		59,452		2,205,669
Unisys Corp.*		58,062		455,206
				22,951,682
Leisure Equipment & Products (0.7%)
Brunswick Corp.		16,540		541,850
Eastman Kodak Co.		53,046		1,321,376
Hasbro, Inc.		30,421		961,608
Mattel, Inc.		69,123		1,956,181
Time Warner, Inc.		680,043		14,029,287
				18,810,302
Life Sciences Tools & Services (0.2%)
Thermo Fisher Scientific, Inc.*		68,276		3,554,449
Waters Corp.*		19,871		1,180,933
				4,735,382
Machinery (1.5%)
Caterpillar, Inc.		116,964		8,493,926
Cummins, Inc.		17,700		1,631,232
Danaher Corp.		43,247		3,078,754
Deere & Co.		42,546		4,654,532
Dover Corp.		35,756		1,720,579
Eaton Corp.		26,316		2,347,650
Illinois Tool Works, Inc.		74,994		3,847,942
Ingersoll Rand Co. Ltd., Class A - BM		56,552		2,525,047
ITT Industries, Inc.		29,160		1,860,700
PACCAR, Inc.		43,794		3,677,820
Pall Corp.		20,191		847,012
Parker Hannifin Corp.		20,456		1,884,816
Terex Corp.*		18,300		1,424,655
				37,994,665

76 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Media (2.1%)
CBS Corp., Class A		100	$	3,180
CBS Corp., Class B		134,437		4,271,064
Clear Channel Communications, Inc.		93,100		3,298,533
Comcast Corp., Class A*		504,112		13,439,626
DIRECTV Group, Inc.*		139,000		3,313,760
Dow Jones & Co., Inc.		11,980		435,233
E.W. Scripps Co., Class A		14,500		627,850
Gannett Co.		41,976		2,395,151
Interpublic Group Cos., Inc. (The)*		65,678		832,797
McGraw-Hill Cos., Inc. (The)		64,302		4,213,710
Meredith Corp.		7,735		448,011
New York Times Co., Class A		25,406		594,500
News Corp.		418,400		9,367,976
Omnicom Group, Inc.		31,591		3,307,894
Tribune Co.		39,109		1,282,775
Viacom, Inc., Class A*		100		4,124
Viacom, Inc., Class B*		125,637		5,182,526
				53,018,710
Metals & Mining (0.8%)
Alcoa, Inc.		152,426		5,409,599
Allegheny Technologies, Inc.		19,375		2,123,112
Freeport-McMoRan Copper & Gold, Inc., Class B		66,214		4,446,932
Newmont Mining Corp.		79,332		3,308,144
Nucor Corp.		56,360		3,576,606
U.S. Steel Corp.		21,731		2,206,566
				21,070,959
Multi-Utilities (1.1%)
Ameren Corp.		31,856		1,674,670
Centerpoint Energy, Inc.		54,942		1,034,558
CMS Energy Corp.		42,856		793,693
Consolidated Edison, Inc.		45,226		2,318,285
Detroit Edison Co.		32,691		1,653,837
Dominion Resources, Inc.		59,794		5,453,213
KeySpan Corp.		27,091		1,121,838
NiSource, Inc.		44,158		1,085,845
PG&E Corp.		62,672		3,171,203
Public Service Enterprise Group, Inc.		42,611		3,683,721
Sempra Energy		41,081		2,607,822
TECO Energy, Inc.		48,381		868,439
Xcel Energy, Inc.		71,387		1,719,713
				27,186,837
Multiline Retail (1.1%)
Big Lots, Inc.*		20,751		668,182
Dillards, Inc.		12,790		442,918
Dollar General Corp.		49,997		1,067,436
Family Dollar Stores, Inc.		27,206		866,239
Federated Department Stores, Inc.		83,252		3,656,428
J.C. Penney Co., Inc.		41,581		3,288,641
Kohl’s Corp.*		58,097		4,301,502
Nordstrom, Inc.		40,192		2,207,345
Sears Holdings Corp.*		15,561		2,970,750
Target Corp.		152,590		9,059,268
				28,528,709
Office Electronics (0.1%)
Xerox Corp.*		163,754		3,029,449
Oil, Gas & Consumable Fuels (7.7%)
Anadarko Petroleum Corp.		81,776		3,815,668
Apache Corp.		55,324		4,010,990
Chesapeake Energy Corp.		67,800		2,288,250
ChevronTexaco Corp.		387,143		30,115,854
ConocoPhillips		289,856		20,101,514
CONSOL Energy, Inc.		30,600		1,281,222
Devon Energy Corp.		78,308		5,706,304
El Paso Corp.		112,713		1,690,695
EOG Resources, Inc.		42,682		3,134,566
Exxon Mobil Corp.		1,008,761		80,075,448
Hess Corp.		43,960		2,494,730
Kinder Morgan, Inc.		19,976		2,128,642
Marathon Oil Corp.		64,312		6,530,884
Murphy Oil Corp.		29,500		1,635,480
Occidental Petroleum Corp.		151,354		7,673,648
Peabody Energy Corp.		48,400		2,322,232
Spectra Energy Corp.		110,040		2,872,044
Sunoco, Inc.		24,620		1,859,549
Valero Energy Corp.		107,784		7,569,670
Williams Cos., Inc. (The)		99,738		2,942,271
XTO Energy, Inc.		64,299		3,489,507
				193,739,168
Paper & Forest Products (0.3%)
International Paper Co.		82,258		3,102,772
MeadWestvaco Corp.		32,047		1,069,088
Weyerhaeuser Co.		43,301		3,430,305
				7,602,165

2007 Semiannual Report 77

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Personal Products (0.2%)
Avon Products, Inc.		81,217	$	3,232,437
Estee Lauder Co., Inc. (The), Class A		21,200		1,090,104
				4,322,541
Pharmaceuticals (6.1%)
Abbott Laboratories		268,663		15,211,699
Allergan, Inc.		26,416		3,201,619
Barr Pharmaceuticals, Inc.*		17,900		865,644
Bristol-Myers Squibb Co.		338,740		9,776,036
Comcast Corp., Special Class A*		43,950		1,160,280
Eli Lilly & Co.		175,091		10,353,131
Forest Laboratories, Inc., Class A*		58,132		3,093,204
Johnson & Johnson		514,525		33,042,796
King Pharmaceuticals, Inc.*		42,823		875,730
Merck & Co., Inc.		382,676		19,684,853
Mylan Laboratories, Inc.		38,551		845,423
Pfizer, Inc.		1,264,734		33,464,862
Schering-Plough Corp.		260,527		8,266,522
Watson Pharmaceutical, Inc.*		18,006		491,564
Wyeth		236,672		13,135,296
				153,468,659
Real Estate Investment Trusts (REITs) (1.1%)
Apartment Investment & Management Co.		18,740		1,036,322
Archstone-Smith Trust		33,300		1,735,263
AvalonBay Communities, Inc.		13,600		1,662,736
Boston Properties, Inc.		17,900		2,104,324
Developers Diversified Realty Corp.		23,700		1,542,870
Equity Residential Property Trust		46,411		2,154,863
Host Hotels & Resorts, Inc.		98,300		2,520,412
Kimco Realty Corp.		34,200		1,643,994
Plum Creek Timber Co., Inc.		31,561		1,252,971
ProLogis Trust		46,451		3,010,025
Public Storage, Inc.		21,200		1,978,384
Simon Property Group, Inc.		37,901		4,369,227
Vornado Realty Trust		22,100		2,621,723
				27,633,114
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*		33,100		1,120,435
Road & Rail (0.8%)
Burlington Northern Santa Fe Corp.		64,352		5,633,374
CSX Corp.		78,112		3,372,095
Norfolk Southern Corp.		72,637		3,867,194
Ryder System, Inc.		10,905		574,039
Union Pacific Corp.		47,416		5,417,278
				18,863,980
Semiconductors & Semiconductor Equipment (2.4%)
Advanced Micro Devices, Inc.*		85,442		1,180,808
Altera Corp.*		63,082		1,421,868
Analog Devices, Inc.		62,457		2,412,089
Applied Materials, Inc.		253,619		4,874,557
Broadcom Corp.*		82,396		2,681,990
Intel Corp.		1,014,638		21,814,717
KLA-Tencor Corp.		34,721		1,928,752
Linear Technology Corp.		54,067		2,023,187
LSI Logic Corp.*		132,582		1,126,947
Maxim Integrated Products, Inc.		57,114		1,811,656
Micron Technology, Inc.*		128,268		1,471,234
National Semiconductor Corp.		57,777		1,519,535
Novellus Systems*		23,321		754,901
NVIDIA Corp.*		63,122		2,076,083
PMC-Sierra, Inc.*		54,011		417,505
Teradyne, Inc.*		33,001		575,867
Texas Instruments, Inc.		273,559		9,402,223
Xilinx, Inc.		59,722		1,760,605
				59,254,524
Software (3.1%)
Adobe Systems, Inc.*		101,842		4,232,553
Autodesk, Inc.*		38,962		1,607,962
BMC Software, Inc.*		37,956		1,228,636
CA, Inc.		82,838		2,258,164
Citrix Systems, Inc.*		29,471		960,754
Compuware Corp.*		65,407		645,567
Electronic Arts, Inc.*		52,607		2,651,919
Intuit, Inc.*		62,062		1,765,664
Microsoft Corp.		1,519,189		45,484,519
Novell, Inc.*		60,772		443,636
Oracle Corp.*		709,538		13,339,314
Symantec Corp.*		179,374		3,156,982
				77,775,670
Specialty Retail (2.1%)
Abercrombie & Fitch Co.		16,700		1,363,722
AutoNation, Inc.*		34,780		710,903
AutoZone, Inc.*		11,110		1,478,074

78 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Specialty Retail (continued)
Bed Bath & Beyond, Inc.*		47,902	$	1,951,528
Best Buy Co., Inc.		71,415		3,331,510
Circuit City Stores, Inc.		29,336		511,913
Coach, Inc.*		64,700		3,159,301
Gap, Inc. (The)		102,740		1,844,183
Home Depot, Inc. (The)		363,067		13,749,347
Limited, Inc. (The)		62,328		1,718,383
Lowe’s Cos., Inc.		268,698		8,211,411
Nike, Inc.*		69,272		3,730,990
Office Depot, Inc.*		50,362		1,693,170
OfficeMax, Inc.		15,710		773,246
RadioShack Corp.		24,971		725,907
Sherwin Williams Co.		21,586		1,376,539
Staples, Inc.		127,872		3,171,226
Tiffany & Co.		21,086		1,005,591
TJX Cos., Inc.		81,068		2,260,987
				52,767,931
Textiles, Apparel & Luxury Goods (0.2%)
Jones Apparel Group, Inc.		20,591		687,533
Liz Claiborne, Inc.		18,511		827,812
Polo Ralph Lauren Corp.		11,400		1,050,054
V.F. Corp.		16,906		1,484,516
				4,049,915
Thrifts & Mortgage Finance (1.3%)
Countrywide Credit Industries, Inc.		107,692		3,993,219
Fannie Mae		170,175		10,026,711
Freddie Mac		121,538		7,873,232
Hudson City Bancorp, Inc.		92,500		1,232,100
MGIC Investment Corp.		17,460		1,075,710
Sovereign Bancorp		61,695		1,497,338
Washington Mutual, Inc.		162,511		6,822,212
				32,520,522
Tobacco (1.2%)
Altria Group, Inc.		368,243		25,379,308
Reynolds American, Inc.		33,190		2,132,789
UST, Inc.		28,281		1,602,967
				29,115,064
Trading Companies & Distributors (0.0%)
Grainger (W.W.), Inc.		13,825		1,142,221
Wireless Telecommunication Services (0.6%)
ALLTEL Corp.		65,167		4,085,319
Sprint Corp.		525,314		10,522,040
				14,607,359
Total Common Stocks (Cost $1,909,000,399)				2,353,897,710
Repurchase Agreements (6.1%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $152,455,989 collateralized by U.S. Government Agency Mortgages with a market value of $155,483,082	$	152,434,394		152,434,394
Total Investments (Cost $2,061,434,793) (a) — 100.0%				2,506,332,104
Other assets in excess of liabilities — 0.0%				12,087
NET ASSETS — 100.0%			$	2,506,344,191

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
CA	Canada
KY	Cayman Islands
NL	Netherlands
PA	Panama

As of April 30, 2007 the Fund’s open long futures contracts were as follows:

						Market Value		Unrealized
Number of		Long				Covered by		Appreciation
Contracts		Contracts		Expiration		Contracts		(Depreciation)
	413		S&P 500		06/15/07	$	153,677,300	$	7,273,705

See accompanying notes to financial statements.

2007 Semiannual Report 79

Nationwide Small Cap Index Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Small Cap Index Fund (Class A at NAV) returned 6.56% versus 6.86% for its benchmark, the Russell 2000^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds (consisting of 748 funds as of April 30, 2007) was 8.48%.

Can you describe the market environment during the reporting period?

U.S. equity markets generally gained ground during the reporting period. Shares of small-capitalization growth companies outperformed their small-cap value counterparts, with the Russell 2000^® Growth Index gaining 7.42% as compared to 6.36% for the Russell 2000^® Value Index during the period.

Economic news was mixed throughout the reporting period. The beginning of the period saw the stock market reach record highs, but the impact of this event on U.S. equities at first was minimal. Although fears of a weakening U.S. housing market and a slowdown in consumer spending caused investors concern, the markets rallied throughout the reporting period until February 27, 2007, when the Dow Jones Industrial Average (the U.S. index of 30 large-cap stocks listed on the New York Stock Exchange) fell 416 points— its largest one-day decline since September 2001. The sell-off came on the heels of a substantial downward correction in Asian markets, particularly China. The markets rebounded but remained volatile because of the increase in subprime mortgage delinquencies and the high-profile bankruptcy of a leading subprime mortgage company. Investor debate was ongoing, however, as to whether or not the subprime mortgage meltdown would spread through other parts of the economy.

During the reporting period, crude oil prices stabilized below $61.00 per barrel thanks to an unseasonably warm winter and ample inventories from countries that are not members of OPEC (Organization of the Petroleum Exporting Countries). The Federal Reserve Board continued its “pausing” monetary policy, keeping the federal funds rate steady at 5.25%. The preliminary estimate of first-quarter 2007 gross domestic product growth came in at 1.3%, which was weaker than expected and would be the slowest pace in four years.

What areas detracted from Fund performance?

The weakest performer in the Fund and the Index during the period was the energy sector. The financials sector and the industrials sector represented more modest losses for the period.

What areas of investment provided the most positive returns for the Fund?

Seven of the 10 sectors in the benchmark index recorded positive returns for the reporting period. The strongest-performing sectors were consumer staples with a return of 12.6%, utilities with 8.8%, telecommunication services with 8.3% and materials with 8.2%.

What is your outlook for the near term?

The rather remarkable run in the U.S. equity markets in April caused some concern that the markets may be overbought, which could result in some sort of near-term downward correction. We acknowledge that the markets face headwinds in the form of slowing economic growth and worsening corporate earnings growth. In our opinion, however, the backdrop for an equity bear market simply does not exist. Monetary policy is by no means overly tight, the level of inflation (while higher than the Fed would like) is still low and seems to be easing, and earnings growth is slowing rather than collapsing. From our perspective, the positive effects of good valuation levels, strong global economic growth, ongoing corporate deal activity and the relative attractiveness of stocks compared to other investments (chiefly bonds) should help the bull market to continue.

The Fund seeks to match the performance of the Russell 2000^® Index as closely as possible before the deduction of Fund expenses.

Portfolio Managers: BlackRock Investment Management, LLC— Subadviser; Debra L. Jelilian and Jeffery L. Russo, CFA

Funds in the Lipper Small-Cap Core Funds category invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of April 2007 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance does not guarantee future results. There is no guarantee that any forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader.

80 Semiannual Report 2007

Nationwide Small Cap Index Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

										Gross		Net
		Six								Expense		Expense
		Month*		1 Yr.		5 Yr.		10 Yr.1		Ratio**		Ratio**
Class A	w/o SC2		6.56%		6.98%		10.51%		9.76%		0.74%		0.70%
	w/SC3		0.44%		0.86%		9.21%		9.11%
Class B 4	w/o SC2		6.20%		6.36%		9.80%		9.37%		1.34%		1.30%
	w/SC5		1.39%		1.56%		9.52%		9.37%
Class C 6	w/o SC2		6.24%		6.30%		9.83%		9.39%		1.34%		1.30%
	w/SC7		5.28%		5.35%		9.83%		9.39%
Class R 8,9			6.55%		6.98%		10.50%		9.76%		1.04%		1.00%
Institutional Class8			6.68%		7.39%		10.92%		10.10%		0.34%		0.30%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	These returns until the creation of Class A and Institutional shares (12/29/99) include the performance of the Master Small Cap Series (the “Series”), which began operations on April 9, 1997. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Institutional Class shares would have produced because these classes of the Fund’s shares invested in the same portfolio of securities as the Series. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees applicable to such classes; if these fees were reflected, the performance for Class A and Institutional Class shares would have been lower.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	These returns until the creation of Class B shares (11/29/01) include performance based on the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to November 28, 2001. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.
5	A 5.00% maximum contingent deferred sales charge (CDSC) would be deducted. The CDSC declines to 0% after 6 years.
6	These returns until the creation of Class C shares (10/22/03) include the performance of the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to November 28, 2001 and the Fund’s Class B shares for the period from November 29, 2001 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.
7	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
8	Not subject to any sales charges.
9	These returns until the creation of Class R shares (3/9/07) are based on the previous performance of the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because both classes invest in the same portfolio of securities. The performance of Class R shares has been restated to reflect differences in sales charges, in any, but does not reflect the higher level of other fees applicable to such class; if these fees were reflected, the performance of Class R shares would have been lower.

2007 Semiannual Report 81

Nationwide Small Cap Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Small Cap Index Fund, the Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

82 Semiannual Report 2007

Shareholder Nationwide Small Cap Index Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid			Annualized
Nationwide Small Cap Index Fund			11/01/06		04/30/07		During Period*			Expense Ratio*
Class A	Actual		$	1,000.00	$	1,065.60	$	3.53			0.69%
	Hypothetical	1	$	1,000.00	$	1,021.58	$	3.46			0.69%
Class B	Actual		$	1,000.00	$	1,062.00	$	6.65			1.30%
	Hypothetical	1	$	1,000.00	$	1,018.55	$	6.53			1.30%
Class C	Actual		$	1,000.00	$	1,062.40	$	6.65			1.30%
	Hypothetical	1	$	1,000.00	$	1,018.55	$	6.53			1.30%
Class R (a)	Actual		$	1,000.00	$	1,065.50	$	1.00	(b)		0.67%
	Hypothetical	1	$	1,000.00	$	1,006.33	$	0.98	(b)		0.67%
Institutional Class	Actual		$	1,000.00	$	1,066.80	$	1.54			0.30%
	Hypothetical	1	$	1,000.00	$	1,023.51	$	1.51			0.30%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.
(a)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.
(b)	Expense are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 53/365 (to reflect the period).

2007 Semiannual Report 83

Portfolio Summary Nationwide Small Cap Index Fund

April 30, 2007 (Unaudited)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	84.3%
Repurchase Agreements	16.2%
Other investments*	6.6%
Liabilities in excess of other assets**	-7.1%
	100.0%

Top Industries
Real Estate Investment Trusts	6.1%
Commercial Banks	5.2%
Commercial Services & Supplies	3.7%
Semiconductors & Semiconductor Equipment	3.1%
Software	3.0%
Specialty Retail	2.9%
Health Care Equipment & Supplies	2.9%
Hotels, Restaurants & Leisure	2.7%
Oil, Gas & Consumable Fuels	2.7%
Biotechnology	2.7%
Other	65.0%
	100.0%

Top Holdings***
Brocade Communications Systems, Inc.	0.3%
Varian Semiconductor Equipment Associates., Inc.	0.2%
Big Lots, Inc.	0.2%
BE Aerospace, Inc.	0.2%
Sotheby’s Holdings, Inc.	0.2%
AK Steel Holding Corp.	0.2%
Alexandria Real Estate Equities, Inc.	0.2%
Phillips-Van Heusen Corp.	0.2%
Chaparral Steel	0.2%
Hologic, Inc.	0.2%
Other	97.9%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

See accompanying notes to financial statements

84 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund

Common Stocks (84.3%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (1.4%)
AAR Corp.*		10,568	$	322,747
Argon St., Inc.* (a)		4,240		111,130
BE Aerospace, Inc.*		24,302		890,668
Ceradyne, Inc.*		7,440		437,844
Cubic Corp.		2,946		59,303
Curtiss-Wright Corp.		10,448		450,204
Dyncorp International, Inc.*		7,300		109,500
EDO Corp.		5,379		147,923
Esterline Technologies Corp.*		5,761		240,407
Gencorp, Inc.*		12,974		172,814
HEICO Corp.		5,748		207,790
Herley Industries, Inc.*		5,435		83,971
Hexcel Corp.* (a)		22,875		496,387
Innovative Solutions and Support, Inc.* (a)		4,402		119,470
Ionatron, Inc.*		12,220		75,153
K&F Industries Holdings, Inc.*		3,500		93,170
Ladish Co., Inc.*		4,100		166,706
Moog, Inc., Class A*		8,663		368,351
MTC Technologies, Inc.*		1,962		40,535
Orbital Sciences Corp.*		14,322		298,900
Taser International, Inc.*		13,916		120,095
Teledyne Technologies, Inc.*		8,363		368,892
Triumph Group, Inc.		4,605		280,030
United Industrial Corp.		3,000		146,760
				5,808,750
Air Freight & Logistics (0.4%)
Abx Air, Inc.*		11,800		76,936
Atlas Air Worldwide Holdings, Inc.*		5,900		339,368
Dynamex, Inc.*		2,260		59,325
EGL, Inc.*		8,073		320,337
Forward Air Corp.		9,391		286,519
HUB Group, Inc., Class A*		9,315		335,340
Pacer International, Inc.		10,824		276,553
				1,694,378
Airlines (0.4%)
AirTran Holdings, Inc.*		21,119		232,520
Alaska Air Group, Inc.*		9,188		271,965
ExpressJet Holdings, Inc.*		9,146		54,602
Frontier Airlines Holdings, Inc.* (a)		9,317		55,157
JetBlue Airways Corp.* (a)		47,600		471,716
Mesa Air Group, Inc.*		9,519		64,348
Republic Airways Holdings, Inc.*		7,200		153,072
SkyWest, Inc.		17,358		472,311
				1,775,691
Auto Components (0.9%)
Aftermarket Technology Corp.*		4,936		136,382
American Axle & Manufacturing Holdings, Inc. (a)		14,545		406,533
ArvinMeritor, Inc.		20,179		416,696
Bandag, Inc.		2,187		110,312
Cooper Tire & Rubber Co.		17,268		333,790
Drew Industries, Inc.*		3,798		109,269
Fuel Systems Solutions, Inc.*		2,950		49,855
GenTek, Inc.*		2,700		88,452
Hayes Lemmerz International, Inc.* (b)		110		0
Lear Corp.*		19,290		708,329
LKQ Corp.*		12,800		289,024
Modine Manufacturing Co.		7,540		174,400
Noble International Ltd.		2,305		37,549
Quantum Fuel Systems Technology* (a)		8,500		11,050
Raser Technologies, Inc.* (a)		2,500		14,375
Sauer-Danfoss, Inc.		1,738		51,827
Superior Industries International, Inc.		7,285		166,462
Tenneco Automotive, Inc.*		10,670		319,567
Visteon Corp.*		30,020		273,782
				3,697,654
Automobiles (0.1%)
Fleetwood Enterprises, Inc.* (a)		12,761		106,299
Midas, Inc.*		3,200		69,920
Monaco Coach Corp. (a)		8,339		127,837
Winnebago Industries, Inc.		8,653		277,415
				581,471
Banks (0.3%)
Flushing Financial Corp.		5,850		90,967
Fnb Corp.		12,989		217,955
Hancock Holding Co.		7,792		304,823
Park National Corp. (a)		2,541		225,565
Susquehanna Bancshares, Inc.		14,571		324,642
				1,163,952
Beverages (0.1%)
Boston Beer Co., Inc., Class A*		3,555		114,506
Coca-Cola Bottling Co.		700		38,654
Jones Soda Co.*		7,600		186,884
MGP Ingredients, Inc.		2,600		51,766
National Beverage Corp.*		1,610		25,052
				416,862

2007 Semiannual Report 85

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Biotechnology (2.7%)
Acadia Pharmaceuticals, Inc.*		8,100	$	110,646
Adventrx Pharmaceuticals, Inc.*		9,000		24,390
Alexion Pharmaceuticals, Inc.* (a)		9,869		413,116
Alkermes, Inc.*		25,557		419,902
Alnylam Pharmaceuticals, Inc.*		8,400		157,668
Altus Pharmaceuticals, Inc.* (a)		800		11,848
Anadys Pharmaceuticals, Inc.*		10,600		43,142
Arena Pharmaceuticals, Inc.* (a)		16,100		209,783
ARIAD, Inc.*		13,914		64,144
Array BioPharma, Inc.*		9,900		138,105
AVI BioPharma, Inc.*		6,000		16,020
Bio-Rad Laboratories, Inc., Class A*		4,415		312,450
Bio-Reference Laboratories, Inc.*		3,500		94,395
BioCryst Pharmaceuticals, Inc.* (a)		5,600		47,600
Bioenvision, Inc.*		8,800		29,304
Biomarin Pharmaceutical, Inc.*		24,268		392,171
Cambrex Corp.		8,224		199,514
Celera Genomics Group*		17,673		247,422
Cell Genesys, Inc.*		19,717		86,163
Cepheid, Inc.*		16,590		188,131
Coley Pharmaceutical Group, Inc.* (a)		2,500		24,850
Cubist Pharmaceuticals, Inc.*		14,820		317,889
CV Therapeutics, Inc.* (a)		18,644		157,169
Cytokinetics, Inc.*		5,800		38,338
Decode Genetics, Inc.* (a)		10,374		38,799
Dendreon Corp.* (a)		24,978		375,419
Encysive Pharmaceuticals, Inc.* (a)		20,177		67,189
Enzon Pharmaceuticals, Inc.*		15,405		130,634
Exelixis, Inc.*		24,540		263,560
FEI Co.*		6,768		251,770
Genitope Corp.*		5,100		18,972
Genomic Health, Inc.*		2,100		34,671
Genta, Inc.*		27,200		9,245
Geron Corp.*		17,717		125,968
Hana Biosciences, Inc.* (a)		4,100		7,503
Human Genome Sciences, Inc.*		37,365		402,421
Idenix Pharmaceuticals, Inc.*		3,915		26,935
Incyte Genomics, Inc.* (a)		24,029		185,264
Indevus Pharmaceuticals, Inc.*		14,900		107,429
InterMune, Inc.*		6,983		201,879
Isis Pharmaceuticals, Inc.*		21,080		215,648
Keryx Biopharmaceuticals, Inc.* (a)		11,041		112,618
Lexicon Genetics, Inc.*		13,606		47,757
Mannkind Corp.* (a)		6,500		94,510
Martek Biosciences Corp.* (a)		7,305		157,715
Maxygen, Inc.*		5,109		54,820
Medarex, Inc.* (a)		29,942		409,906
Metabasis Therapeutics, Inc.*		2,400		18,384
Metabolix, Inc.*		3,100		77,531
Momenta Pharmaceuticals, Inc.*		7,300		114,756
Monogram Biosciences, Inc.*		43,400		81,158
Myriad Genetics, Inc.*		12,244		447,518
Nabi Biopharmaceuticals* (a)		11,851		61,625
Nektar Therapeutics* (a)		24,895		307,951
Neurocrine Biosciences, Inc.* (a)		11,035		140,476
Northfield Laboratories, Inc.* (a)		10,800		51,948
Novavax, Inc.*		15,000		44,400
NPS Pharmaceuticals, Inc.*		12,807		50,972
Nuvelo, Inc.*		17,358		65,092
Onyx Pharmaceuticals, Inc.*		12,120		324,331
OSI Pharmaceuticals, Inc.*		15,900		551,730
Osiris Therapeutics, Inc.*		200		2,838
Panacos Pharmaceuticals, Inc.*		9,100		43,316
Peregrine Pharmaceuticals, Inc.*		46,600		46,600
Pharmion Corp.*		6,865		207,941
Progenics Pharmaceuticals, Inc.*		5,100		123,420
Regeneron Pharmaceuticals, Inc.*		12,477		339,374
Renovis, Inc.*		5,200		20,228
Rigel Pharmaceuticals, Inc.* (a)		4,874		51,664
Sangamo BioSciences, Inc.* (a)		9,800		72,814
Savient Pharmaceuticals, Inc.*		14,452		166,198
Senomyx, Inc.*		5,400		72,738
Tanox, Inc.* (a)		4,755		88,728
Telik, Inc.* (a)		17,406		103,914
Trubion Pharmaceuticals, Inc.*		200		3,428
United Therapeutics Corp.*		6,212		347,313
Zymogenetics, Inc.*		7,654		114,504
				11,227,682
Building Products (0.4%)
Aaon, Inc.		1,300		32,149
American Woodmark Corp.		4,035		139,248
Ameron International Corp.		1,800		124,452
Apogee Enterprises, Inc.		8,650		208,292
Builders FirstSource, Inc.*		2,500		40,325
Goodman Global, Inc.*		4,200		78,330
Griffon Corp.*		8,460		202,955
Insteel Industries, Inc.		3,600		60,084
NCI Building Systems, Inc.*		6,094		304,517
PGT, Inc.*		900		9,270
Pw Eagle, Inc.		3,100		100,564
Simpson Manufacturing Co., Inc. (a)		9,018		290,109
Trex Co., Inc.*		2,600		53,014
Universal Forest Products, Inc.		4,106		190,765
				1,834,074

86 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Capital Markets (1.1%)
ACA Capital Holdings, Inc.*		200	$	2,870
Apollo Investment Corp.		28,782		632,341
Ares Capital Corp. (a)		14,971		268,879
Calamos Asset Management, Inc.		7,400		173,604
Capital Southwest Corp.		915		141,642
Cohen & Steers, Inc.		3,050		156,495
Freedom Acquisition Holdings, Inc.*		14,520		137,069
GAMCO, Investors, Inc., Class A		1,868		85,218
Gladstone Capital Corp. (a)		3,128		74,446
Gladstone Investment Corp.		5,400		77,382
Greenhill & Co., Inc.		4,000		253,000
Harris & Harris Group, Inc.*		5,610		75,062
KBW Inc.*		2,700		88,182
Knight Capital Group, Inc., Class A*		27,975		453,195
Labranche & Co., Inc.*		10,706		87,147
Marketaxess Holdings, Inc.*		10,500		171,990
MCG Capital Corp.		16,298		287,171
MVC Capital, Inc.		3,000		52,710
optionsXpress Holdings, Inc.		4,200		103,656
Penson Worldwide, Inc.*		2,600		69,732
Piper Jaffray Cos.*		4,579		292,186
Sanders Morris Harris Group, Inc. (a)		2,353		27,459
Stifel Financial Corp.* (a)		2,333		104,775
SWS Group, Inc.		7,025		182,580
Technology Investment Capital Corp.		3,600		60,876
Thomas Weisel Partners Group, Inc.*		2,430		48,017
TradeStation Group, Inc.*		4,700		57,246
Waddell & Reed Financial, Inc.		21,640		524,121
				4,689,051
Chemicals (1.5%)
A. Schulman, Inc.		7,808		180,833
American Vanguard Corp. (a)		2,933		43,350
Arch Chemicals, Inc.		5,430		164,094
Balchem Corp.		3,065		56,335
Calgon Carbon Corp.* (a)		12,748		100,836
CF Industries Holdings, Inc.		13,800		547,722
Ferro Corp.		11,217		233,426
Fuller (H. B.) Co.		14,000		357,980
Georgia Gulf Corp.		10,376		165,705
Hercules, Inc.*		27,868		525,033
Innophos Holdings, Inc.		500		8,255
Innospec, Inc.		3,672		197,149
Koppers Holdings, Inc.		1,500		43,410
Kronos Worldwide, Inc.		652		20,623
Minerals Technologies, Inc.		5,835		371,223
Newmarket Corp.		4,175		196,768
NL Industries, Inc. (a)		1,428		16,922
Olin Corp.		19,898		341,052
OM Group, Inc.*		6,900		362,457
Omnova Solutions, Inc.*		9,800		51,548
Pioneer Cos., Inc.*		4,140		120,474
PolyOne Corp.*		18,988		124,561
Rockwood Holdings, Inc.*		7,900		242,530
Sensient Technologies Corp.		10,754		281,540
Spartech Corp.		7,888		221,337
Stepan Co.		2,100		60,144
Symyx Technologies, Inc.*		7,859		90,457
Terra Industries, Inc.*		25,400		448,056
Tronox, Inc.		1,500		21,195
Tronox, Inc.		7,500		104,025
W.R. Grace & Co.* (a)		16,900		449,540
Zoltek Cos., Inc.* (a)		4,800		146,112
				6,294,692
Commercial Banks (5.2%)
1st Source Corp.		2,140		52,944
Alabama National Bancorp		4,241		265,571
Amcore Financial, Inc.		6,195		177,239
Americanwest Bancorp (a)		4,680		94,255
Ameris Bancorp		3,428		78,638
Arrow Financial Corp.		3,214		71,351
BancFirst Corp.		1,400		59,934
Bancorp, Inc. (The)*		1,505		36,316
BancTrust Financial Group, Inc.		800		16,024
Bank of Granite (a)		2,884		46,519
Bank of the Ozarks, Inc.		3,116		91,829
BankFinancial Corp. (a)		4,700		74,730
Banner Corp.		3,887		145,063
Boston Private Financial Holdings, Inc.		10,565		293,813
Cadence Financial Corp.		3,209		60,971
Camden National Corp.		830		32,876
Capital City Bank Group, Inc. (a)		2,037		60,723
Capital Corp. of the West		1,660		39,442
Capitol Bancorp Ltd.		2,485		74,923
Cardinal Financial Corp.		10,100		96,657
Cascade Bancorp (a)		8,418		180,482
Cathay General Bancorp, Inc.		14,513		475,881
Centennial Bank Holdings, Inc.*		19,900		174,324
Center Financial Corp.		3,480		56,933
Centerstate Banks Of Florida, Inc. (a)		600		10,518
Central Pacific Financial Corp.		7,405		254,436

2007 Semiannual Report 87

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Commercial Banks (continued)
Chemical Financial Corp.		7,471	$	199,700
Chittenden Corp.		10,991		319,398
Citizens Banking Corp.		21,401		428,234
City Holding Co.		4,062		154,234
Cobiz, Inc. (a)		5,774		105,895
Columbia Bancorp (a)		3,200		65,984
Columbia Banking System, Inc.		4,909		148,988
Community Bancorp*		3,200		98,272
Community Bank System, Inc.		7,509		153,934
Community Banks, Inc. (a)		4,507		106,500
Community Trust Bancorp, Inc.		4,711		156,688
CVB Financial Corp. (a)		13,940		165,468
Enterprise Financial Services Corp. (a)		1,000		24,320
Farmers Capital Bank Corp. (a)		620		17,763
First Bancorp (a)		4,664		97,151
First BanCorp. (a)		20,410		255,941
First Charter Corp.		9,683		212,445
First Commonwealth Financial Corp. (a)		14,966		166,572
First Community Bancorp		6,617		363,009
First Community Bankshares, Inc.		1,720		56,536
First Financial Bancorp (a)		10,546		157,135
First Financial Bankshares, Inc.		4,274		165,404
First Financial Corp. (a)		2,594		73,981
First Indiana, Corp.		5,155		100,110
First Merchants Corp.		3,355		72,367
First Midwest Bancorp, Inc.		13,952		501,435
First Regional Bancorp*		1,600		40,000
First Republic Bancorp, Inc.		7,238		391,576
First South Bancorp, Inc. (a)		960		26,122
First State Bancorp		6,681		139,700
FirstMerit Corp.		22,700		473,976
FNB Corp. (a)		800		26,504
Frontier Financial Corp. (a)		9,014		223,998
GB&T Bancshares, Inc.		1,925		31,840
Glacier Bancorp, Inc. (a)		12,463		267,705
Great Southern Bancorp, Inc. (a)		1,676		45,889
Greater Bay Bancorp		14,502		374,007
Greene County Bancshares, Inc.		1,700		57,154
Hanmi Financial Corp.		9,428		154,713
Harleysville National Corp. (a)		5,675		95,794
Heartland Financial USA, Inc. (a)		2,250		57,622
Heritage Commerce Corp. (a)		3,600		78,696
Home Bancshares, Inc.		1,400		30,828
Horizon Financial Corp.		2,150		45,171
Iberiabank Corp.		2,225		116,790
Independent Bank Corp.		4,910		145,827
Independent Bank Corp.		7,884		130,086
Integra Bank Corp.		5,898		134,003
International Bancshares Corp.		11,200		322,000
Intervest Bancshares Corp.*		2,300		58,558
Investors Bancorp, Inc.*		11,000		157,300
Irwin Financial Corp.		4,645		74,459
Lakeland Bancorp, Inc.		2,211		28,831
Lakeland Financial Corp.		2,300		49,795
Macatawa Bank Corp. (a)		2,277		36,819
Mainsource Financial Group, Inc. (a)		4,737		76,503
MB Financial, Inc.		8,181		274,800
MBT Financial Corp. (a)		1,238		15,104
Mercantile Bank Corp.		3,213		86,622
MetroCorp Bancshares, Inc.		2,850		57,256
Mid-State Bancshares		4,700		173,712
Midwest Banc Holding, Inc. (a)		4,140		69,842
Nara Bankcorp, Inc.		6,654		109,858
National Penn Bancshares, Inc. (a)		10,169		188,533
NBT Bancorp, Inc.		7,174		157,469
Old National Bancorp (a)		17,440		311,827
Old Second Bancorp, Inc. (a)		4,584		134,128
Omega Financial Corp. (a)		1,933		54,221
Oriental Financial Group ADR — PR		7,804		90,292
Pacific Capital Bancorp		13,411		361,158
Peoples Bancorp, Inc.		2,335		58,492
Placer Sierra Bancshares		4,200		116,466
Preferred Bank		2,450		89,670
PremierWest Bancorp (a)		1,285		16,705
PrivateBancorp, Inc.		5,402		177,348
Prosperity Bancshares, Inc.		9,970		345,859
Provident Bankshares Corp.		9,723		311,525
Renasant Corp. (a)		2,493		58,012
Republic Bancorp, Inc., Class A		1,669		30,519
Royal Bancshares of Pennsylvania Inc., Class A		469		9,643
S&T Bancorp, Inc. (a)		5,801		188,881
S.Y. Bancorp, Inc. (a)		1,730		40,759
Sandy Spring Bancorp, Inc.		2,656		85,683
Santander Bancorp		242		4,279
SCBT Financial Corp. (a)		1,228		45,252
Seacoast Banking Corporation of Florida (a)		5,125		117,311
Security Bank Corp. (a)		2,300		45,471
Shore Bancshares, Inc. (a)		3,000		73,530
Sierra Bancorp		200		5,568
Signature Bank*		8,713		274,111
Simmons First National Corp., Class A		2,343		61,691

88 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Commercial Banks (continued)
Smithtown Bancorp, Inc. (a)		2,970	$	67,478
Southside Bancshares, Inc. (a)		3,323		73,937
Southwest Bancorp		4,100		100,450
Sterling Bancorp		7,126		123,351
Sterling Bancshares, Inc.		21,242		242,796
Sterling Financial Corp. (a)		5,065		84,332
Sterling Financial Corp. (Spokane) (a)		14,024		413,428
Suffolk Bancorp		1,983		62,385
Sun Bancorp, Inc.* (a)		2,779		52,412
Superior Bancorp.*		10,900		113,033
SVB Financial Group*		10,045		514,505
Taylor Capital Group, Inc.		1,100		32,714
Texas Capital Bancshares, Inc.*		7,820		158,824
Tompkins Trustco, Inc.		1,462		56,579
Trico Bancshares		2,024		43,374
Trustmark Corp.		13,520		359,767
U.S.B. Holding Co., Inc.		1,948		39,408
UCBH Holdings, Inc.		27,475		493,451
UMB Financial Corp.		7,870		307,874
Umpqua Holdings Corp.		15,978		398,491
Union Bankinghares Corp. (a)		2,495		58,533
United Bankinghares, Inc.		10,665		357,277
United Community Banks, Inc. (a)		10,276		303,759
United Security Bancshares		3,000		54,480
Univest Corporation of Pennsylvania		1,480		33,685
Vineyard National Bancorp Co.		3,800		86,944
Virginia Commerce Bancorp, Inc.*		6,187		116,004
Virginia Financial Group, Inc.		2,000		44,100
W Holding Co., Inc. (a)		21,680		104,931
Washington Trust Bancorp (a)		2,440		62,684
WesBanco, Inc. (a)		6,800		199,444
West America Bankcorp (a)		9,012		422,032
West Bancorp, Inc. (a)		3,112		48,236
West Coast Bancorp		2,700		83,889
Western Alliance Bancorp* (a)		2,100		67,704
Wilshire Bankcorp, Inc.		4,596		63,241
Wintrust Financial Corp.		7,497		322,221
Yardville National Bancorp (a)		1,968		67,916
				21,759,388
Commercial Services & Supplies (3.7%)
ABM Industries, Inc.		12,378		348,317
Acco Brands Corp.*		10,300		245,140
Administaff, Inc.		5,419		179,857
Ambassadors International		2,500		102,300
American Ecology Corp. (a)		5,100		113,985
American Reprographics Co.*		6,600		219,120
Amper Corp.		600		36,156
Barrett Business Services, Inc.		2,400		54,768
Bowne & Co., Inc.		6,788		113,224
Brady Corp., Class A		10,689		351,241
Casella Waste Systems, Inc., Class A* (a)		6,837		63,584
Cbiz, Inc.*		14,943		104,003
CDI Corp.		3,721		110,216
Central Parking Corp.		1,490		33,346
Cenveo, Inc.*		12,750		327,037
Clean Harbors, Inc.*		4,500		209,340
CompX International, Inc.		200		3,978
Comsys IT Partners, Inc.*		4,490		102,192
Consolidated Graphics, Inc.*		3,214		241,854
Cornell Cos., Inc.*		3,900		93,288
CoStar Group, Inc.*		5,065		247,223
CRA International, Inc.*		3,431		176,937
Deluxe Corp.		13,900		526,115
Diamond Management & Technology Consultants, Inc.		9,000		102,060
Ennis, Inc.		5,700		139,365
Exponet, Inc.*		4,700		99,405
First Advantage Corp., Class A*		3,036		70,678
First Consulting Group, Inc.*		7,000		69,650
FTI Consulting, Inc.*		9,475		348,396
G & K Services, Inc., Class A		4,422		154,328
Geo Group, Inc. (The)*		4,872		249,446
Health Care Products & Services Services Group, Inc.		7,900		221,200
Herman Miller, Inc.		18,400		633,144
Hudson Highland Group, Inc.*		7,150		116,617
Huron Consulting Group, Inc.*		4,400		266,420
ICT Group, Inc.*		800		15,032
IHS, Inc., Class A*		5,100		210,834
IKON Office Solutions, Inc.		26,120		390,755
Interface, Inc.		10,255		172,797
John H. Harland Co.		6,979		367,095
Kelly Services, Inc.		6,240		179,088
Kenexa Corp.*		5,600		173,376
Kforce.com, Inc.*		6,975		95,767
Knoll, Inc.		9,100		211,302
Korn/ Ferry International*		10,679		251,704
Labor Ready, Inc.*		12,269		266,237
Layne Christensen Co.*		3,840		145,421
LECG Corp.*		8,600		125,990
M & F Worldwide Corp.*		3,300		211,035
Manhattan Associates, Inc.*		5,840		168,893

2007 Semiannual Report 89

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Commercial Services & Supplies (continued)
McGrath Rentcorp		4,606	$	138,871
Mine Safety Appliances Co. (a)		7,187		302,932
Mobile Mini, Inc.*		10,529		315,554
Navigant Consulting, Inc.*		9,269		177,779
On Assignment, Inc.*		10,000		111,800
PeopleSupport, Inc.*		8,200		103,074
PHH Corp.*		12,920		394,060
Pike Electric Corp.*		5,200		105,924
Resources Connection, Inc.*		12,155		366,716
Rollins, Inc.		5,761		132,906
SAIC, Inc.*		23,170		423,779
Schawk, Inc., Class A (a)		4,145		74,734
School Specialty, Inc.*		6,308		208,038
Sirva, Inc.*		7,500		19,200
Spherion Corp.*		12,267		104,883
Standard Parking Corp.*		600		20,238
Standard Register Co. (The)		3,551		44,245
Taleo Corp., Class A*		3,900		59,475
Team, Inc.*		2,000		68,840
TeleTech Holdings, Inc.*		9,011		339,985
Tetra Technology, Inc.*		15,007		312,446
The Advisory Board Co.*		5,100		242,148
United Stationers, Inc.*		8,801		523,836
Viad Corp.		4,885		199,503
Volt Information Sciences, Inc.*		3,657		93,473
Waste Connections, Inc.*		18,434		574,588
Waste Industries USA, Inc.		800		21,008
Waste Services, Inc.* (a)		6,499		64,210
Watson Wyatt Worldwide, Inc.		10,285		484,732
				15,488,233
Communications Equipment (2.4%)
3COM Corp.*		100,390		404,572
Acme Packet, Inc.* (a)		2,200		29,722
Adtran, Inc.		18,305		465,862
Anaren, Inc.*		5,393		102,036
Andrew Corp.*		38,600		421,512
Arris Group, Inc.*		29,633		439,161
Avanex Corp.*		31,200		54,912
Avocent Corp.*		12,700		355,727
Bel Fuse, Inc., Class B		3,649		129,175
Black Box Corp.		4,377		159,498
Bookham, Inc.*		25,900		59,311
C-COR, Inc.*		13,900		171,248
Carrier Access Corp.*		6,700		32,227
CommScope, Inc.*		14,467		674,886
Comtech Group, Inc.*		4,200		74,088
Comtech Telecommunications Corp.*		6,270		237,319
Digi International, Inc.*		4,300		54,825
Ditech Networks, Inc.*		8,320		72,384
Dycom Industries, Inc.*		9,396		243,450
EMS Technologies*		4,600		86,388
Extreme Networks, Inc.*		35,362		144,631
Finisar Corp.*		54,780		198,304
Foundry Networks, Inc.*		38,400		580,608
Harmonic, Inc.*		20,784		171,884
Harris Stratex Networks, Inc., Class A*		5,050		100,697
Inter-Tel, Inc.		4,751		119,820
InterDigital Communications Corp.*		12,450		409,356
Ixia*		8,336		71,523
Loral Space and Communications, Inc.*		2,600		124,722
MasTec, Inc.*		7,746		88,847
MRV Communications, Inc.*		36,395		126,291
NEON Communications, Inc.* (b)		125		0
Netgear, Inc.*		9,330		313,581
Ntelos Holding Corp.*		4,160		83,782
Oplink Communications, Inc.*		5,756		95,377
Optical Communication Products, Inc.*		1,017		1,526
Optium Corp.*		1,700		30,260
Orbcomm, Inc.* (a)		900		10,413
Packeteer, Inc.*		7,829		74,375
ParkerVision, Inc.* (a)		3,500		38,360
Plantronics, Inc.		11,105		278,847
Polycom, Inc.*		23,700		789,210
Powerwave Technologies, Inc.* (a)		38,405		239,263
Radyne Corp.*		5,800		50,460
Sirenza Microdevices, Inc.*		10,200		92,922
Sonus Networks, Inc.*		63,450		490,468
Sycamore Networks, Inc.*		38,818		142,462
Symmetricom, Inc.* (a)		12,185		99,551
Tekelec*		16,810		241,055
UT Starcom, Inc.* (a)		28,825		205,810
ViaSat, Inc.*		6,623		227,169
Zhone Technologies, Inc.*		20,740		29,451
				9,939,328
Computers & Peripherals (1.1%)
Adaptec, Inc.*		36,330		140,234
Avid Technology, Inc.*		11,800		392,350
Brocade Communications Systems, Inc.* (a)		105,961		1,035,239

90 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Computers & Peripherals (continued)
Electrical Components & Equipment For Imaging, Inc.*		16,233	$	432,934
Emulex Corp.*		20,340		426,733
Gateway, Inc.*		64,861		142,046
Hutchinson Technology, Inc.*		7,896		150,024
Hypercom Corp.*		18,730		108,821
Imation Corp.		8,200		302,662
Integral Systems, Inc.		1,745		41,252
Intermec, Inc.*		11,691		261,060
Komag, Inc.*		8,806		242,253
Mobility Electronics, Inc.*		7,700		23,023
Neoware Systems, Inc.*		5,200		61,568
Palm, Inc.* (a)		25,085		423,435
Presstek, Inc.* (a)		7,385		45,049
Quantum Corp.*		40,702		111,930
Rackable Systems, Inc.*		8,145		95,785
Stratasys, Inc.*		3,100		147,343
Synaptics, Inc.*		7,257		217,420
				4,801,161
Construction & Engineering (0.6%)
Comfort Systems USA, Inc.		8,175		102,106
Emcor Group, Inc.*		7,460		467,667
Granite Construction, Inc.		8,805		530,413
Infrasource Services, Inc.*		6,000		200,280
Insituform Technologies, Inc.* (a)		8,282		168,953
Integrated Electrical Services, Inc.*		4,600		109,756
Perini Corp.*		5,083		216,536
Sterling Construction Co., Inc.*		2,800		57,848
Washington Group International, Inc.*		8,175		547,071
				2,400,630
Construction Materials (0.2%)
Headwaters, Inc.*		11,844		256,659
Texas Industries, Inc.		6,858		522,374
U.S. Concrete, Inc.*		10,300		87,653
				866,686
Consumer Finance (0.4%)
Advance America Cash Advance Centers, Inc.		15,280		261,899
Advanta Corp., Class B		5,555		254,530
Cash America International, Inc.		8,254		356,243
CompuCredit Corp.*		5,951		215,188
Credit Acceptance Corp*		1,368		36,717
Dollar Financial Corp.*		3,500		101,990
EZCORP, Inc.*		9,100		137,865
First Cash Financial Services, Inc.*		8,205		188,551
Rewards Network, Inc.*		3,500		13,860
United Panam Financial Corp.*		3,200		45,344
World Acceptance Corp.*		5,234		224,696
				1,836,883
Consumer Goods (0.3%)
1-800-Flowers.Com, Inc.*		9,646		78,036
CEC Entertainment, Inc.*		7,848		327,026
Central Garden & Pet Co.*		19,112		273,684
Jo-Ann Stores, Inc.*		6,783		203,151
Tempur-Pedic International, Inc.		11,600		301,252
				1,183,149
Containers & Packaging (0.6%)
AEP Industries*		2,200		93,632
AptarGroup, Inc.		9,700		710,525
Caraustar Industries, Inc.* (a)		11,724		83,475
Chesapeake Corp.		5,070		74,833
Graphic Packaging Corp.*		13,700		70,281
Greif, Inc.		8,430		468,708
Myers Industries, Inc.		5,200		116,740
Rock-Tenn Co.		8,933		341,777
Silgan Holdings, Inc.		6,596		378,478
				2,338,449
Distributors (0.2%)
Audiovox Corp.*		3,688		53,070
Building Materials Holding Corp.		7,541		109,495
Core-Mark Holdng Co., Inc.*		3,800		133,988
DXP Enterprises, Inc.*		800		38,800
Keystone Automotive Industries, Inc.*		4,545		151,167
Mwi Veterinary Supply, Inc.*		800		29,728
Scansource, Inc.* (a)		7,420		213,103
Source Interlink Cos., Inc.* (a)		11,089		71,746
				801,097
Diversified Consumer Services (1.1%)
Bright Horizons Family Solutions, Inc.*		7,956		307,261
Capella Education Co.*		2,000		69,900
Coinmach Service Corp.		3,800		40,204
Coinstar, Inc.*		7,738		240,574
Corinthian Colleges, Inc.*		24,800		342,984
DeVry, Inc.		16,690		550,603
Educate, Inc.*		1,800		13,752
Home Solutions Of America, Inc.*		10,600		50,244

2007 Semiannual Report 91

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Diversified Consumer Services (continued)
INVESTools, Inc.*		15,590	$	212,492
Jackson Hewitt Tax Service, Inc.		8,700		239,946
Matthews International Corp., Class A		7,432		313,333
Prepaid Depot, Inc.*		3,250		185,413
Regis Corp.		10,775		411,928
Sotheby’s Holdings, Inc.		16,698		861,951
Stewart Enterprises, Inc., Class A		31,172		234,413
Strayer Education, Inc.		4,104		510,291
Universal Technical Institute, Inc.* (a)		4,568		114,520
Vertrue, Inc.*		2,555		120,903
				4,820,712
Diversified Financial Services (0.4%)
Asset Acceptance Capital Corp.*		3,445		63,457
ASTA Funding, Inc.		3,645		159,396
Compass Diversified Trust (a)		4,200		66,402
Financial Federal Corp.		5,823		153,028
GFI Group, Inc.*		3,010		208,442
International Securities Exchange Holdings, Inc.		9,430		628,887
Marlin Business Services, Inc.*		4,600		107,686
Medallion Financial Corp.		5,100		60,741
Portfolio Recovery Associates, Inc.* (a)		4,722		262,779
Resource America, Inc., Class A		2,905		64,230
				1,775,048
Diversified Telecommunication Services (0.8%)
Alaska Communications Systems Holdings, Inc.		13,400		213,060
Atlantic Tele-Network, Inc.		2,500		63,100
Cbeyond, Inc.*		4,775		166,074
Cincinnati Bell, Inc.*		57,379		290,911
Cognet Communications Group, Inc.*		5,800		147,668
Covad Communications Group, Inc.*		56,900		52,917
CT Communications, Inc.		5,670		138,405
Eschelon Telecom, Inc.*		3,300		96,657
Fairpoint Communications, Inc.		8,800		165,088
General Communication, Inc.*		11,548		164,328
Globalstar, Inc.*		4,700		45,449
Golden Telecom, Inc.		5,075		297,446
IDT Corp. (a)		12,735		140,722
Iowa Telecommunications Services, Inc.		9,700		197,007
North Pittsburgh Systems, Inc. (a)		3,623		75,213
PAETEC Holding Corp.*		18,200		189,826
Premiere Global Services, Inc.*		16,775		204,152
Shenandoah Telecommunications Co. (a)		1,161		52,129
SureWest Communications (a)		2,900		73,428
Time Warner Telecom, Inc.*		36,664		751,612
Vonage Holdings Corp.* (a)		8,700		26,709
XO Communications, Inc.* (b)		5,400		0
				3,551,901
Electric Utilities (1.0%)
Allete, Inc.		6,160		298,206
Cleco Corp.		16,232		455,470
Duquesne Light Holdings, Inc.		21,204		422,808
El Paso Electric Co.*		14,231		375,698
Empire District Electric Co.		8,276		204,417
IDACORP, Inc.		12,314		424,217
ITC Holdings Corp.		5,400		227,232
MGE Energy, Inc. (a)		4,123		148,923
Otter Tail Co.		6,640		227,088
Portland General Electric Co.		6,200		179,676
UIL Holdings Corp.		7,113		242,909
UniSource Energy Corp.		9,864		378,876
Westar Energy, Inc.		23,600		642,392
				4,227,912
Electrical Equipment (1.5%)
A.O. Smith Corp.		4,709		179,413
Acuity Brands, Inc.		11,851		700,631
American Superconductor Corp.*		9,036		130,480
Baldor Electric Co.		12,479		491,548
Belden CDT, Inc.		10,452		584,058
Capstone Turbine Corp.*		58,300		58,300
China Bak Battery, Inc.*		3,500		12,530
Encore Wire Corp. (a)		6,546		181,324
Energy Conversion Devices, Inc.* (a)		10,585		374,815
EnerSys*		9,885		161,027
Evergreen Solar, Inc.* (a)		19,210		187,682
Franklin Electric Co., Inc. (a)		5,091		216,826
FuelCell Energy, Inc.*		16,043		112,943
General Cable Corp.*		12,690		728,913
Genlyte Group, Inc.*		6,913		539,283
Graftech International Ltd.*		23,216		231,696
Lamson & Sessions Co.*		4,300		108,704
LSI Industries, Inc.		6,775		106,774
Medis Technologies, Inc.* (a)		4,977		75,999
Plug Power, Inc.* (a)		18,589		58,741
Powell Industries, Inc.*		1,369		43,110

92 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Electrical Equipment (continued)
Power-One, Inc.* (a)		13,800	$	58,788
Regal-Beloit Corp.		8,636		398,292
Solar First, Inc*		6,340		380,336
Superior Essex, Inc.*		4,945		176,536
Vicor Corp.		3,388		36,319
				6,335,068
Electronic Equipment & Instruments (2.2%)
Acacia Research — Acacia Technologies*		6,700		99,964
Aeroflex, Inc.*		17,314		243,088
Agilysys, Inc.		9,085		191,057
Anixter International, Inc.* (a)		8,985		643,326
Benchmark Electrical Components & Equipment, Inc.*		16,765		355,083
Brightpoint, Inc.*		14,660		194,978
CalAmp Corp.*		7,800		64,974
Checkpoint Systems, Inc.*		8,608		189,290
Cogent Communications Group, Inc.* (a)		9,700		136,188
Cognex Corp.		10,279		221,512
Coherent, Inc.*		8,204		257,523
Color Kinetics, Inc.* (a)		5,100		103,275
CPI International, Inc.*		200		3,876
CTS Corp.		7,037		92,044
Daktronics, Inc. (a)		10,572		240,830
DTS, Inc.*		5,312		118,883
Echelon Corp.* (a)		6,087		78,827
Electro Scientific Industries, Inc.*		8,954		184,452
Excel Technology, Inc.*		4,519		119,076
FLIR Systems, Inc.*		16,100		651,889
Global Imaging Systems, Inc.*		12,758		368,579
I.D. Systems, Inc.* (a)		4,000		50,000
Insight Enterprises, Inc.*		11,362		225,195
Itron, Inc.*		8,384		564,578
Kemet Corp.*		18,406		156,083
L-1 Identity Solutions, Inc.*		15,448		296,910
Littlefuse, Inc.*		6,266		251,329
LoJack Corp.*		6,200		114,080
Maxwell Technologies, Inc.*		5,400		65,610
Measurement Specialties, Inc.*		2,431		49,763
Mercury Computer Systems, Inc.*		4,753		64,498
Methode Electrical Components & Equipment		12,200		183,976
MTS Systems Corp.		5,456		231,934
Multi-Fineline Electronix, Inc.*		1,300		20,839
Newport Corp.*		11,845		185,848
OSI Systems, Inc.* (a)		4,776		126,134
Oyo Geospace Corp.*		1,400		104,734
Park Electrochemical Corp.		5,363		147,751
Paxar Corp.*		9,416		282,574
Photon Dynamics, Inc.*		6,242		75,029
Plexus Corp.*		10,304		215,972
RadiSys Corp.*		5,660		85,806
RAE Systems, Inc.*		4,100		11,316
Rofin-Sinar Technologies, Inc.*		3,842		254,648
Rogers Corp.*		4,753		215,501
SunPower Corp., Class A* (a)		3,545		215,111
Synnex Corp.*		1,600		31,280
Technitrol, Inc.		9,531		255,717
TTM Technologies, Inc.*		10,571		97,042
Universal Display Corp.* (a)		4,500		70,110
X-Rite, Inc.		8,641		108,099
Zygo Corp.*		3,500		56,035
				9,372,216
Energy Equipment & Services (1.7%)
Allis-Chalmers Energy, Inc.*		5,700		110,295
Atwood Oceanics, Inc.*		6,286		395,389
Basic Energy Services, Inc.*		2,200		56,870
Bristow Group, Inc.*		5,000		188,000
Bronco Drilling Co., Inc.* (a)		4,700		84,976
Carbo Ceramics, Inc. (a)		5,799		251,967
Complete Production Services*		5,100		122,757
Dawson Geophysical Co.*		2,600		133,640
Drill-Quip, Inc.*		5,496		277,548
ENGlobal Corp.*		1,200		7,728
Grey Wolf, Inc.*		53,117		380,318
Hanover Compressor Co.*		25,165		544,319
Hercules Offshore, Inc.*		6,400		201,152
Hydril Co.*		4,570		442,467
Input/ Output, Inc.* (a)		18,286		255,821
Lone Star Technologies, Inc.*		8,399		557,778
Lufkin Industries		4,464		277,750
Matrix Service Corp.*		7,000		170,800
Metretek Technologies, Inc.* (a)		2,400		29,640
NATCO Group, Inc. Class A*		3,800		145,160
Newpark Resources, Inc.* (a)		23,984		197,148
Oil States International, Inc.*		11,730		397,999
Parker Drilling Co.*		25,312		274,888
PHI, Inc.*		2,200		58,718
Pioneer Drilling Co.*		9,445		129,491
RPC Energy Services, Inc.		6,751		111,324
Sulphco, Inc.* (a)		4,800		23,088
Superior Well Services, Inc.*		4,500		113,850
T-3 Energy Services, Inc.*		200		5,100

2007 Semiannual Report 93

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Energy Equipment & Services (continued)
Trico Marine Services, Inc.*		4,000	$	154,840
Union Drilling, Inc.*		1,300		20,072
Universal Compression Holdings, Inc.*		8,168		543,744
W-H Energy Services, Inc.*		6,945		375,794
				7,040,431
Entertainment (0.1%)
National Cinemedia, Inc.*		11,120		292,345
Food & Staples Retailing (0.9%)
Andersons, Inc. (The)		4,130		191,838
Arden Group, Inc., Class A		168		22,645
Casey’s General Stores, Inc.		13,480		339,022
Central European Distribution Corp.*		9,095		270,576
Great Atlantic & Pacific Tea Co., Inc.*		5,957		191,756
Ingles Markets, Inc., Class A		3,652		131,326
Longs Drug Stores Corp.		9,043		495,014
Nasch-Finch Co. (a)		4,135		161,141
Pantry, Inc.*		6,475		291,310
Pathmark Stores, Inc.*		15,868		200,254
Performance Food Group Co.*		9,451		295,344
PriceSmart, Inc. (a)		600		9,978
Ruddick Corp.		10,689		320,991
Smart & Final, Inc.*		2,404		52,311
Spartan Stores, Inc.		6,300		162,288
Susser Holdings Corp.*		500		7,575
Topps Co., Inc.		12,222		121,120
United Natural Foods, Inc.*		11,972		373,407
Village Super Market, Inc., Class A		1,600		70,496
Weis Markets, Inc.		2,483		106,868
Wild Oats Markets, Inc.*		8,880		160,106
				3,975,366
Food Products (1.0%)
Alico, Inc.		800		46,808
Aurora Foods, Inc.* (b)		100		0
Chiquita Brands Int’l, Inc. (a)		11,775		174,623
Delta & Pine Land Co.		8,528		351,695
Diamond Foods, Inc.		5,100		81,957
Farmer Brothers Co. (a)		600		12,870
Flowers Foods, Inc.		12,263		382,483
Green Mountain Coffee, Inc.* (a)		1,800		110,016
Hain Celestial Group, Inc.*		7,793		234,024
Imperial Sugar Co. (a)		3,500		104,160
J & J Snack Foods Corp.		2,484		96,802
Lancaster Colony Corp.		6,202		261,910
Lance, Inc.		9,016		199,524
Maui Land & Pineapple Co., Inc.* (a)		337		11,411
Peet’s Coffee & Tea, Inc.* (a)		5,082		131,827
Pilgrim’s Pride Corp.		9,700		354,147
Premium Brands, Inc.		4,700		101,896
Ralcorp Holding, Inc.*		7,323		481,927
Reddy Ice Holdings, Inc.		4,715		138,102
Sanderson Farms, Inc.		5,159		203,935
Seaboard Corp.		56		139,608
Tootsie Roll Industries, Inc.		8,284		240,153
Treehouse Foods, Inc.*		7,120		214,597
				4,074,475
Gas Distribution (0.1%)
Piedmont Natural Gas Co., Inc.		18,400		485,576
Gas Utilities (0.7%)
Cascade Natural Gas Corp.		3,499		90,974
EnergySouth, Inc.		1,500		59,085
New Jersey Resources Corp.		8,058		432,715
NICOR, Inc.		12,287		629,586
Northwest Natural Gas Co.		8,216		417,455
South Jersey Industries, Inc.		8,804		345,733
Southwest Gas Corp.		9,486		359,424
The Laclede Group, Inc.		5,200		163,228
WGL Holdings, Inc.		12,795		432,983
				2,931,183
Health Care Equipment & Supplies (2.9%)
Abaxis, Inc.* (a)		6,300		143,829
ABIOMED, Inc.* (a)		6,711		86,035
Align Technology, Inc.*		12,792		289,867
American Medical Systems Holdings, Inc.*		19,616		347,792
Analogic Corp.		4,184		256,479
Angiodynamics, Inc.*		5,800		96,512
Arrow International, Inc.		4,704		149,775
Arthrocare Corp.*		7,607		313,865
Aspect Medical Systems, Inc.*		2,980		45,773
Biosite, Inc.*		4,571		422,817
Candela Corp.*		4,682		54,124
Cerus Corp.*		3,500		26,040
Conceptus, Inc.* (a)		4,600		95,128
CONMED Corp.*		8,429		255,567
Cyberonics, Inc.* (a)		5,839		127,641
Datascope Corp.		3,708		137,381
DexCom, Inc.*		4,700		37,459

94 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Health Care Equipment & Supplies (continued)
DJ Orthopedics, Inc.*		4,987	$	194,792
ev3, Inc.* (a)		3,000		53,550
Foxhollow Technologies*		4,700		104,763
Greatbatch, Inc.*		4,720		137,022
Haemonetics Corp.*		7,815		373,870
Hansen Medical, Inc.*		3,700		70,263
Healthtronics, Inc.*		6,900		32,085
Hologic, Inc.*		13,895		799,657
I-Flow Corp.* (a)		6,569		101,688
ICU Medical, Inc.* (a)		4,450		185,788
Immucor, Inc.*		17,946		585,578
Integra LifeSciences Holdings* (a)		5,880		267,952
Invacare Corp.		6,949		129,529
Inverness Medical Innovations, Inc.*		9,551		382,518
IRIS International, Inc.*		5,700		77,292
Kensey Nash Corp.*		2,982		76,697
Kyphon, Inc.*		11,082		516,532
LifeCell Corp.* (a)		8,560		251,664
Matria Healthcare, Inc.*		5,256		152,319
Medical Action Industries, Inc.*		4,500		102,510
Mentor Corp.		9,419		366,493
Meridian Bioscience, Inc.		6,450		191,758
Merit Medical Systems, Inc.*		6,932		79,926
Natus Medical, Inc.*		5,100		90,678
Neurometrix, Inc. (a)		4,475		45,287
Northstar Neuroscience, Inc.*		1,400		19,068
Nuvasive, Inc.*		8,300		213,891
NxStage Medical, Inc.* (a)		4,300		57,018
Orasure Technologies, Inc.*		10,573		78,769
Palomar Medical Technologies, Inc.* (a)		4,635		189,757
PolyMedica Corp.		6,953		281,179
Quidel Corp.*		10,000		139,800
Sirona Dental Systems, Inc. (a)		4,100		135,341
SonoSite, Inc.* (a)		5,190		150,406
Spectranetics Corp.* (a)		10,400		107,848
Stereotaxis, Inc.*		6,100		63,501
Steris Corp.		16,190		413,816
Surmodics, Inc.* (a)		4,758		193,318
Symmetry Medical, Inc.*		7,500		127,425
ThermoGenesis Corp.*		14,845		50,473
Thoratec Corp.*		14,967		293,653
Ventana Medical Systems, Inc.*		8,436		409,905
Viasys Healthcare, Inc.*		7,425		237,748
Vital Signs, Inc.		1,030		58,772
Volcano Corp.* (a)		3,100		62,558
West Pharmaceutical Services, Inc.		7,692		382,831
Wright Medical Group, Inc.*		8,152		192,550
Young Innovations, Inc.		200		5,458
Zoll Medical Corp.*		5,612		135,642
				12,257,022
Health Care Providers & Services (1.9%)
Air Methods Corp.* (a)		3,900		107,289
Alliance Imaging, Inc.*		2,000		18,000
Amedisys, Inc.*		7,055		221,174
Amerigroup Corp.*		12,400		348,812
AMN Healthcare Services, Inc.*		9,866		240,237
Amsurg Corp.*		7,678		176,210
Apria Healthcare Group, Inc.*		11,700		371,358
Capital Senior Living Corp.*		2,700		31,347
Centene Corp.*		10,434		217,132
Chemed Corp.		6,245		314,123
CorVel Corp.*		2,650		72,054
Cross Country Healthcare, Inc.*		9,085		178,884
Emeritus Co.*		200		6,590
Five Star Quality Care, Inc.* (a)		5,700		62,757
Genesis HealthCare Corp.*		5,194		332,416
Gentiva Health Services, Inc.*		8,149		152,549
HealthExtras, Inc.*		7,853		243,050
Healthspring, Inc.*		6,800		159,936
Healthways, Inc.*		9,646		409,183
Horizon Health Corp.* (a)		4,775		92,492
Hythiam, Inc.*		8,900		61,855
InVentiv Health, Inc.*		7,800		296,010
Kindred Health Care Products & Services, Inc.*		8,221		287,077
Landauer, Inc.		1,537		72,085
LCA-VISION, Inc. (a)		5,790		243,006
LHC Group, Inc.*		4,100		104,960
Magellan Health Services, Inc.*		10,460		448,734
Medcath Corp.*		2,875		85,445
Molina Health Care Products & Services, Inc.*		2,434		73,555
National Healthcare Corp.		1,000		51,310
Nighthawk Radiology Holdings, Inc.*		2,500		48,525
Odyssey Healthcare, Inc.*		10,023		133,707
Option Care, Inc.		9,554		130,508
Owens & Minor, Inc.		11,192		395,637
Providence Service Corp.* (a)		4,175		100,116
PSS World Medical, Inc.*		18,391		369,659
Psychiatric Solutions, Inc.*		12,944		453,946
Radiation Therapy Services, Inc.* (a)		4,100		120,581
RehabCare Group, Inc.*		4,160		68,141
Res-Care, Inc.*		3,645		65,246

2007 Semiannual Report 95

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Health Care Providers & Services (continued)
Sun Healthcare Group, Inc.*		6,600	$	82,764
Sunrise Senior Living, Inc.*		10,673		408,669
Symbion, Inc.*		3,440		75,405
Trimeris Inc.*		7,968		61,115
Visicu, Inc.*		600		5,478
Vistacare, Inc.*		2,993		27,566
				8,026,693
Health Care Technology (0.4%)
Allscripts Healthcare Solutions, Inc.* (a)		12,594		333,111
Computer Programs & Systems, Inc.		3,460		110,201
Dendrite International, Inc.*		8,105		128,870
Digene Corp.*		4,971		227,920
Eclipsys Corp.*		11,437		214,329
Emageon, Inc.*		7,800		89,778
Gtx, Inc.*		2,700		52,677
Merge Technologies, Inc.*		6,395		32,039
Omicell, Inc.*		8,000		183,520
Phase Forward*		6,600		104,808
TriZetto Group, Inc. (The)*		12,248		238,591
Vital Images, Inc.*		3,765		116,188
				1,832,032
Hotels, Restaurants & Leisure (2.7%)
AFC Enterprises, Inc.* (a)		8,475		161,110
Ambassadors Group, Inc.		6,800		227,936
Ameristar Casinos, Inc.		6,892		209,241
Applebee’s International, Inc.		20,800		565,344
Bally Technologies, Inc.*		12,257		286,814
Bally Total Fitness Holding Corp.*		7,100		6,106
BJ’s Restaurants, Inc.* (a)		2,500		51,475
Bluegreen Corp.* (a)		3,100		34,255
Bob Evans Farms, Inc.		9,659		354,485
Buffalo Wild Wings, Inc.*		2,415		157,651
California Pizza Kitchen, Inc.*		6,280		209,815
CBRL Group, Inc.		8,500		378,930
Century Casinos, Inc.*		5,100		42,738
Chipotle Mexican Grill, Inc.*		6,700		401,464
Churchill Downs, Inc.		1,400		65,366
CKE Restaurants, Inc.		15,997		324,899
Cosi, Inc.*		11,900		61,761
Denny’s Corp.*		27,200		127,568
Domino’s Pizza, Inc.		9,460		305,085
Dover Downs Casinos & Gambling & Entertainment, Inc.		4,143		53,900
Dover Motorsports, Inc.		3,212		18,019
Gaylord Entertainment Co.*		9,836		539,013
Great Wolf Resorts, Inc.*		5,200		65,988
IHOP Corp. (a)		4,160		245,107
Isle of Capri Casinos, Inc.* (a)		4,751		116,114
Jack in the Box, Inc.*		8,980		598,248
Krispy Kreme Doughnuts, Inc.*		12,063		117,373
Landry’s Restaurants, Inc.		3,814		113,276
LIFE TIME FITNESS, Inc.* (a)		8,600		442,040
Lodgian, Inc.* (a)		3,520		48,646
Luby’s, Inc.*		4,200		42,042
Magna Entertainment Corp., Class A*		8,461		25,214
Marcus Corp. (a)		4,134		89,832
McCormick & Schmick’s Seafood Restaurants, Inc.*		1,800		48,186
Monarch Casino & Resort, Inc.*		1,430		38,138
Morgans Hotel Group Co.*		4,600		101,890
Morton’s Restaurant Group, Inc.*		1,900		31,977
MTR Gaming Group, Inc.*		5,300		84,747
Multimedia Games, Inc.*		9,043		101,282
O’Charley’s, Inc.*		6,325		133,521
Papa John’s International, Inc.*		7,324		224,920
PF Chang’s China Bistro, Inc.* (a)		7,385		282,476
Pinnacle Entertainment, Inc.*		16,096		451,976
Progressive Gaming International Corp.*		13,900		60,604
RARE Hospitality International, Inc.*		10,171		296,180
Red Robin Gourmet Burgers* (a)		4,359		172,616
Riviera Holdings Corp.*		2,000		59,860
Ruby Tuesday, Inc. (a)		14,060		376,246
Ruth’s Chris Steak House, Inc.*		6,000		119,100
Shuffle Master, Inc.*		10,265		174,813
Six Flags, Inc.*		21,700		129,332
Sonic Corp.*		19,210		431,072
Speedway Motorsports, Inc.		2,945		114,266
Steak n Shake Co. (The)*		4,772		77,163
Texas Roadhouse, Inc., Class A*		11,075		161,917
Town Sports International Holdings, Inc.*		3,600		82,044
Triarc Cos., Inc.		13,595		221,191
Trump Entertainment Resorts, Inc.*		9,400		152,562
Vail Resorts, Inc.*		7,808		445,212
WMS Industries, Inc.*		6,285		250,520
				11,310,666
Household Durables (0.9%)
American Greetings Corp., Class A		14,300		363,935
Avatar Holdings*		1,192		89,483
Blyth Industries, Inc.		7,120		185,832

96 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Household Durables (continued)
Brookfield Homes Corp. (a)		3,447	$	117,060
California Coastal Communities, Inc.*		1,300		24,024
Cavco Industries, Inc.*		2,000		75,120
Champion Enterprises, Inc.* (a)		17,684		181,792
CSS Industries, Inc.		1,405		56,060
Directed Electronics, Inc.*		3,250		32,565
Ethan Allen Interiors, Inc.		7,800		275,340
Furniture Brands International, Inc.		13,835		222,467
Hooker Furniture Corp. (a)		1,175		25,885
Hovnanian Enterprises, Inc.*		13,000		311,870
iRobot Corp.*		1,600		25,360
Kimball International, Inc., Class B		6,848		123,264
La-Z-Boy, Inc. (a)		11,700		136,773
Levitt Corp., Class A		5,282		44,844
Lifetime Brands, Inc. (a)		3,838		83,745
M/ I Homes, Inc.		4,192		124,628
Meritage Corp.* (a)		5,400		187,974
National Presto Industries, Inc. (a)		881		52,058
Orleans Homebuilders, Inc.		300		2,550
Palm Harbor Homes, Inc.*		2,241		33,279
Russ Berrie & Co., Inc.*		2,257		33,923
Sealy Corp. (a)		3,400		57,970
Skyline Corp.		3,018		99,141
Stanley Furniture Co., Inc. (a)		4,184		90,542
Tarragon Realty Investors, Inc.*		1,687		16,887
Technical Olympic USA, Inc. (a)		3,025		13,219
Tupperware Corp.		16,338		459,425
Universal Electronics, Inc.*		4,156		117,615
WCI Communities, Inc.* (a)		9,398		205,252
				3,869,882
Household Products (0.1%) (a)
Spectrum Brands, Inc.*		13,400		93,264
WD-40 Co.		4,627		160,002
				253,266
Independent Power Producers & Energy Traders (0.0%) (a)
Ormat Technologies, Inc.		1,430		52,181
Industrial Conglomerates (0.1%)
Raven Industries, Inc. (a)		3,780		109,204
Sequa Corp., Class A*		1,371		160,681
Standex International Corp.		2,454		67,142
Tredegar Industries, Inc.		7,306		170,741
				507,768
Insurance (2.3%)
21st Century Insurance Group		9,200		191,452
Affirmative Insurance Holdings, Inc.		3,205		52,017
Alfa Corp.		6,324		113,453
American Equity Investment Life Holding Co.		16,685		227,750
American Physicians Capital, Inc.*		3,075		121,586
AmTrust Financial Services, Inc.		4,200		50,274
Argonaut Group, Inc.*		8,980		301,818
Baldwin & Lyons, Inc., Class B		2,281		56,181
Bristol West Holdings, Inc.		2,600		57,616
CNA Surety Corp.*		2,200		45,408
Commerce Group, Inc.		12,900		420,669
Crawford & Co., Class B		4,720		30,255
Darwin Professional Underwriters, Inc.*		2,300		59,708
Delphi Financial Group, Inc., Class A		11,159		476,489
Donegal Group, Inc., Class A		1,288		19,539
eHealth, Inc.* (a)		3,000		66,240
EMC Insurance Group, Inc.		2,070		51,957
Employers Holdings, Inc.*		15,460		306,572
FBL Financial Group, Inc., Class A		2,447		94,797
First Acceptance Corp.*		1,700		17,204
First Mercury Financial Corp.*		4,500		93,150
FPIC Insurance Group, Inc.*		3,250		149,695
Great American Financial Resources, Inc.		1,820		44,572
Harleysville Group, Inc.		3,058		93,391
Hilb, Rogal & Hamilton Co.		9,049		393,179
Horace Mann Educators Corp.		12,759		268,449
Independence Holding Co.		520		11,102
Infinity Property & Casualty Corp.		5,685		264,409
James River Group, Inc. (a)		1,400		43,442
Kansas City Life Insurance Co.		200		9,012
LandAmerica Financial Group, Inc. (a)		5,123		411,633
Meadowbrook Insurance Group, Inc.*		7,600		84,436
Midland Co. (The)		1,946		85,410
National Financial Partners Corp.		10,101		465,353
National Interstate Corp.		3,000		71,880
National Western Life Insurance Co., Class A		469		125,551
Navigators Group, Inc. (The)* (a)		2,592		132,425
Nymagic, Inc.		500		20,475
Odyssey Re Holdings Corp.		4,160		174,304
Ohio Casualty Corp.		17,141		542,341
Phoenix Co., Inc.		29,376		437,702
PMA Capital Corp., Class A* (a)		6,523		61,121

2007 Semiannual Report 97

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Insurance (continued)
Presidential Life Corp.		3,881	$	73,778
ProAssurance Corp.*		8,417		453,171
RLI Corp.		6,214		346,058
Safety Insurance Group, Inc.		4,705		188,482
SCPIE Holdings, Inc.*		1,400		30,562
Seabright Insurance Holdings*		5,500		102,135
Selective Insurance Group, Inc.		16,668		434,702
State Auto Financial Corp.		2,400		72,120
Stewart Information Services Corp.		5,202		209,225
Tower Group, Inc.		5,100		156,519
U.S.I. Holdings Corp.*		12,930		219,034
United Fire & Casualty Corp.		5,017		184,375
Universal American Financial Corp.*		10,490		194,694
Zenith National Insurance Co.		8,852		409,405
				9,818,277
Internet & Catalog Retail (0.4%)
Audible, Inc.*		4,800		46,128
Blue Nile, Inc.*		3,903		183,675
dELiA*s, Inc.*		7,207		62,052
Drugstore.com, Inc.*		12,730		33,989
FTD Group, Inc.		3,000		53,550
Gaiam, Inc.* (a)		6,000		91,260
GSI Commerce, Inc.*		9,423		208,248
Knot, Inc. (The)*		5,700		121,581
Netflix, Inc.*		12,280		272,248
Overstock.com, Inc.*		3,800		68,210
PetMed Express, Inc.* (a)		6,500		71,695
Priceline.com, Inc.*		6,199		344,913
Stamps.com, Inc.*		6,816		96,174
Systemax, Inc.		3,200		54,496
ValueVision International, Inc., Class A* (a)		6,958		78,695
				1,786,914
Internet Software & Services (2.2%)
Access Integrated Technologies, Inc., Class A*		1,900		11,780
aQuantive, Inc.*		19,899		609,108
Ariba, Inc.*		21,175		186,764
Art Technology Group, Inc.* (a)		24,800		61,504
Authorize.Net Holdings, Inc.*		7,500		132,300
Bankrate, Inc.*		3,055		123,330
Blue Coat Systems, Inc.* (a)		4,195		147,077
CMGI, Inc.*		131,947		277,089
CNET Networks, Inc.*		40,236		339,189
Cybersource Corp.*		6,000		76,260
Dealertrack Holdings, Inc.*		1,800		59,400
Digital River, Inc.*		10,388		608,010
DivX, Inc.* (a)		3,000		60,480
EarthLink, Inc.*		34,085		261,091
ECOLLEGE.COM, Inc.* (a)		4,565		84,544
Equinix, Inc.*		7,460		622,686
Infospace, Inc.*		9,209		236,303
Internap Network Services*		6,650		102,144
Internet Capital Group, Inc.*		7,800		93,366
Interwoven, Inc.*		11,761		179,590
iPass, Inc.* (a)		11,671		62,440
J2 Global Communications, Inc.*		13,080		376,181
Jupitermedia Corp.* (a)		7,800		54,288
Liquidity Services, Inc.*		3,035		63,371
Marchex, Inc., Class B		4,400		56,276
NetRatings, Inc.*		2,346		48,820
NIC, Inc.		5,800		32,944
Omniture, Inc.* (a)		2,600		48,984
Online Resources & Communications Corp.*		8,100		89,424
Openwave Systems, Inc.* (a)		22,914		168,418
Opsware, Inc.* (a)		25,088		201,457
Perficient, Inc.*		5,400		114,480
RealNetworks, Inc. (b) (c)*		25,628		193,491
S1 Corp.*		21,478		139,607
Savvis, Inc.*		8,630		445,049
Smith Micro Software, Inc.* (a)		7,500		119,175
Sohu.com, Inc.*		6,846		173,341
SonicWALL, Inc.*		15,451		126,080
Synchronoss Technologies, Inc.*		3,200		71,808
Terremark Worlwide, Inc.*		7,490		62,167
TheStreet.com, Inc.		6,800		68,680
Travelzoo, Inc.*		1,060		29,426
United Online, Inc.		13,870		200,144
ValueClick, Inc.*		24,034		687,372
Vignette Corp.*		7,231		133,918
WebEx Communications, Inc.*		11,129		631,459
Webmethods, Inc.*		17,660		160,529
Websense, Inc.*		10,650		263,162
WebSideStory, Inc.* (a)		5,700		63,612
				9,158,118
IT Services (1.5%)
Bearingpoint, Inc.*		44,615		327,474
BISYS Group, Inc. (The)*		29,700		343,629
CACI International, Inc., Class A*		8,500		388,705
Cass Information Systems, Inc.		500		16,390
Ciber, Inc.*		10,654		86,830
Covansys Corp.*		6,992		233,533

98 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
IT Services (continued)
CSG Systems International, Inc.*		13,887	$	371,894
eFunds Corp.*		10,893		303,915
Euronet Worldwide, Inc.*		9,338		260,063
Exlservice Holdings, Inc.*		400		8,320
Forrester Research, Inc.*		3,981		102,630
Gartner, Inc. *		13,326		336,215
Gevity HR, Inc.		7,853		146,458
Global Cash Access, Inc.*		6,700		104,989
Heartland Payment Systems, Inc.		2,200		54,846
iGATE Corp.*		2,500		17,225
Infocrossing, Inc.*		6,335		101,297
infoUSA, Inc.		6,700		62,913
Keane, Inc.*		9,232		129,433
Lionbridge Technologies, Inc.*		11,400		57,912
ManTech International Corp.*		3,596		110,325
Maximus, Inc.		6,122		213,903
MPS Group, Inc.*		24,826		339,868
Ness Technologies, Inc.*		8,375		111,723
Perot Systems Corp., Class A*		20,448		366,019
RightNow Technologies, Inc.* (a)		4,600		68,356
Safeguard Scientifics, Inc.*		22,600		68,026
Sapient Corp.*		17,962		129,865
SI International, Inc.*		4,428		117,165
SRA International, Inc.*		8,800		214,984
StarTek, Inc.		5,762		55,373
Sykes Enterprises, Inc.*		8,567		158,147
Syntel, Inc.		2,940		103,076
TALX Corp.		8,720		300,753
TNS, Inc.*		6,800		82,552
Tyler Technologies, Inc.*		7,300		87,235
Wright Express Corp.*		9,575		301,708
				6,283,749
Leisure Equipment & Products (0.6%)
Arctic Cat, Inc.		4,778		85,049
Callaway Golf Co.		21,469		385,583
JAKKS Pacific, Inc.*		6,637		159,487
K2, Inc.*		9,930		149,844
Leapfrog Enterprises, Inc.* (a)		6,240		68,390
Marine Products Corp.		1,026		9,039
Marvel Entertainment, Inc.*		11,250		332,213
Nautilus Group, Inc. (The)		9,430		130,228
Oakley, Inc.		5,423		130,857
Polaris Industries, Inc. (a)		10,700		540,671
RC2 Corp.*		5,665		225,807
Smith & Wesson Holding Corp.* (a)		6,800		93,296
Steinway Musical Instruments, Inc.		1,400		44,240
				2,354,704
Life Sciences Tools & Services (0.7%)
Advanced Magnetics, Inc.* (a)		2,000		131,600
Affymetrix, Inc.*		18,700		491,249
Albany Molecular Research*		5,385		51,750
Bruker Bioscience Corp.*		9,013		103,740
Dionex Corp.*		4,545		313,605
Diversa Corp.*		11,233		81,664
Enzo Biochem, Inc.*		6,564		110,341
Eresearch Technology, Inc.* (a)		11,189		97,009
Illumina, Inc.*		14,380		469,219
Kendle International, Inc.*		3,600		122,688
Luminex Corp.* (a)		6,860		95,011
PAREXEL International Corp.*		7,951		312,315
Pharmanet Development Group, Inc.*		5,025		137,132
PRA International*		5,900		134,048
Varian, Inc.*		8,669		502,455
				3,153,826
Machinery (2.1%)
3D Systems Corp.*		2,700		51,975
A.S.V., Inc.* (a)		4,862		73,805
Accuride Corp.*		4,700		68,667
Actuant Corp.		6,230		330,190
Albany International Corp., Class A		7,467		285,986
American Railcar Industries, Inc. (a)		1,100		35,046
American Science & Engineering, Inc.* (a)		2,330		109,510
Ampco-Pittsburgh Corp.		2,000		72,040
Astec Industries, Inc.*		3,659		148,921
Badger Meter, Inc.		2,500		60,000
Barnes Group, Inc.		10,014		243,340
Basin Water, Inc.* (a)		3,100		20,460
Briggs & Stratton Corp. (a)		13,380		396,985
Bucyrus International, Inc., Class A		8,621		540,882
Cascade Corp.		2,646		163,973
Chart Industries, Inc.*		1,400		26,390
Circor Int’l, Inc.		3,085		112,294
Clarcor, Inc.		12,194		384,599
Columbus McKinnon Corp.*		3,600		89,136
Commercial Vehicle Group, Inc.*		3,900		76,674
Dynamic Materials Corp.*		3,430		113,327
Enpro Industries, Inc.*		4,700		177,002
ESCO Technologies, Inc.*		7,353		335,003
Federal Signal Corp.		9,943		157,000
Flanders Corp.* (a)		5,955		40,673
Freightcar America, Inc. (a)		3,530		175,653
Gehl Co.*		3,595		105,226
Gorman-Rupp		3,418		109,615

2007 Semiannual Report 99

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Machinery (continued)
Greenbrier Cos., Inc. (a)		4,090	$	93,825
Kadant, Inc.*		4,103		112,627
Kaydon Corp.		8,448		401,533
Lindsay Manufacturing Co. (a)		4,128		126,110
Middleby Corp.*		1,935		265,637
Miller Industries, Inc.*		1,200		27,960
Mueller Industries, Inc.		10,325		338,660
Mueller Water Products, Inc., Class A		29,670		427,248
NACCO Industries, Inc., Class A		1,122		178,824
Nordson Corp.		8,497		389,418
Rbc Bearings, Inc.*		5,200		197,652
Robbins & Myers, Inc.		4,023		154,604
Tecumseh Products Co.*		7,801		79,258
Tennant Co.		3,324		106,434
Titan International, Inc.		5,200		146,536
TurboChef Technologies, Inc.*		2,500		34,050
Valmont Industries, Inc.		4,115		258,751
Wabash National Corp.		6,840		106,430
Wabtec Corp.		11,478		426,408
Watts Industries, Inc.		8,230		333,315
				8,709,652
Manufacturing (0.2%)
Blount International, Inc.*		8,100		110,403
Darling International, Inc.*		16,900		129,623
Gerber Scientific, Inc.*		6,500		65,065
Ii-Vi Inc*		4,984		135,017
L.B. Foster Co.*		3,000		68,940
Woodward Governor Co.		6,750		333,112
				842,160
Marine (0.1%)
American Commercial Lines, Inc.*		14,600		430,262
Media (1.8%)
Arbitron, Inc.		6,953		342,644
Belo Corp., Class A		25,800		497,166
Carmike Cinemas, Inc.		4,215		105,291
Catalina Marketing Corp.		11,983		379,861
Charter Communications, Inc.*		95,020		286,960
Citadel Broadcasting Co. (a)		7,300		67,014
CKX, Inc.*		11,100		115,773
Courier Corp.		1,450		57,710
Cox Radio, Inc.*		11,690		165,063
Cross Media Marketing Corp.* (b)		100		0
Crown Media Holdings, Inc.*		3,058		17,492
Cumulus Media, Inc.* (a)		12,794		120,136
Emmis Communications Corp.		11,047		110,359
Entercom Communications Corp.		9,700		269,078
Entravision Communications Corp.*		14,373		140,999
Fisher Companies, Inc.*		1,200		58,224
GateHouse Media, Inc.		4,110		83,803
Gemstar-TV Guide International, Inc.*		68,800		305,472
Gray Television, Inc.		12,158		129,726
Harris Interactive, Inc.*		17,700		106,554
Interactive Data Corp.		7,800		223,314
Journal Communications, Inc.		10,720		144,613
Journal Register Co.		9,061		53,188
Lakes Entertainment, Inc.* (a)		8,400		103,992
Lee Enterprises, Inc.		12,600		329,868
Lin TV Corp., Class A*		8,000		127,680
Live Nation, Inc.*		15,400		312,466
LodgeNet Entertainment Corp.*		5,189		176,841
Martha Stewart Living Omnimedia, Inc.		7,108		135,123
Media General, Inc.		6,500		238,810
Mediacom Communications Corp.*		18,041		155,694
Morningstar, Inc.*		3,000		156,210
Outdoor Channel Holdings, Inc.* (a)		1,200		12,360
Playboy Enterprises, Inc.* (a)		8,534		83,548
PRIMEDIA, Inc.*		44,300		110,750
Private Media Group, Inc.*		1,400		3,136
Radio One, Inc.*		19,460		137,388
RCN Corp.*		6,030		162,931
Salem Communications Corp., Class A		1,800		20,736
Scholastic Corp.*		10,322		318,640
Sinclair Broadcast Group, Inc.		13,735		224,292
Spanish Broadcasting System, Inc.* (a)		12,479		42,553
Sun-Times Media Group, Inc. (a)		21,974		134,041
TiVo, Inc.*		23,879		153,064
Valassis Communications, Inc.*		13,300		254,828
Value Line, Inc.		100		4,718
Westwood One, Inc.		18,700		127,347
World Wrestling Federation Entertainment, Inc.		7,669		130,450
				7,437,906
Metals & Mining (1.7%)
A. M. Castle & Co.		1,500		50,850
AK Steel Holding Corp.*		27,540		840,521
AMCOL International Corp.		5,750		138,172
Brush Engineered Materials, Inc.*		5,036		241,829

100 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Metals & Mining (continued)
Century Aluminum Co.*		6,227	$	294,599
Chaparral Steel		11,466		808,353
Cleveland Cliffs, Inc.		10,238		709,391
Coeur d’Alene Mines Corp.* (a)		78,255		320,063
Compass Minerals International, Inc.		9,460		324,856
Gibraltar Industries, Inc.		7,378		164,529
Hecla Mining Co.*		33,338		293,708
Metal Management, Inc.		7,290		350,430
NN, Inc.		6,285		74,980
Olympic Steel, Inc.		2,800		93,184
Quanex Corp.		9,075		390,497
Royal Gold, Inc.		6,275		184,046
RTI International Metals, Inc.*		5,810		547,709
Ryerson, Inc. (a)		7,309		300,692
Schnitzer Steel Industries, Inc.		6,579		341,516
Steel Technologies, Inc.		4,105		122,904
Stillwater Metals & Mining & Mining Co.*		9,035		139,139
Wheeling-Pittsburgh Corp.*		3,540		85,456
Worthington Industries, Inc.		19,275		428,869
				7,246,293
Multi-Utilities (0.5%)
Aquila, Inc.*		88,785		366,682
Avista Corp.		13,876		327,335
Black Hills Corp.		9,380		373,418
CH Energy Group, Inc.		3,263		156,558
Northwestern Corp.		8,200		288,148
PNM, Inc.		20,900		680,295
				2,192,436
Multiline Retail (0.4%)
99 Cents Only Stores*		13,316		190,419
Big Lots, Inc.*		28,400		914,480
Bon-Ton Stores, Inc.		2,260		112,254
Conn’s, Inc.* (a)		1,700		44,115
Fred’s, Inc.		12,560		181,367
Retail Ventures, Inc.*		5,105		104,040
Tuesday Morning Corp.		8,442		117,850
				1,664,525
Oil, Gas & Consumable Fuels (2.7%)
Alon USA Energy, Inc.		4,100		153,340
Alpha Natural Resources, Inc.*		12,200		211,914
Arena Resources, Inc.* (a)		3,500		164,325
Atlas America, Inc.*		4,110		245,326
ATP Oil & Gas Corp.* (a)		5,700		247,722
Aurora Oil & Gas Corp.*		13,700		36,031
Aventine Renewable Energy Holdings, Inc.*		9,210		176,924
Berry Petroleum Co.		8,580		292,235
Bill Barrett Corp.*		6,300		232,470
Bois d’Arc Energy, Inc.*		1,900		28,443
Brigham Exploration Co.*		15,502		93,942
Callon Petroleum Corp.*		3,100		42,780
Carrizo Oil & Gas, Inc.* (a)		6,840		252,054
Clayton Williams Energy, Inc.*		1,300		34,918
Comstock Resources, Inc.*		11,531		326,904
Crosstex Energy, Inc.		9,700		291,485
Delek US Holdings, Inc.		900		17,163
Delta Petroleum Corp.*		15,880		344,437
Edge Petroleum Corp.*		9,536		130,929
Encore Acquisition Co.*		15,175		405,324
Energy Partners Ltd.*		11,815		197,429
Evergreen Energy, Inc.*		14,960		90,209
EXCO Resources, Inc.*		11,500		193,085
Exploration Co. of Delaware*		10,300		106,811
Gasco Energy, Inc.*		23,900		43,020
Geoglobal Resources, Inc.* (a)		4,600		26,220
Giant Industries, Inc.*		3,360		251,899
GMX Resources, Inc.*		2,500		83,750
Goodrich Petroleum Corp.*		4,195		147,370
Gulf Island Fabrication, Inc.		4,487		134,745
Gulfport Energy Corp.*		2,000		29,540
Harvest Natural Resources, Inc.*		10,265		103,163
Hornbeck Offshore Services, Inc.*		7,410		234,378
Houston Exploration Co.*		7,403		409,904
International Coal Group, Inc*		25,900		144,781
James River Coal Co.* (a)		7,100		64,326
Mariner Energy, Inc.*		18,000		405,900
Markwest Hydrocarbon, Inc.		1,300		77,792
McMoRan Exploration Co.*		8,307		107,077
Meridian Resource Corp. (The)*		17,100		44,631
NGP Capital Resources Co.		7,063		110,465
Pacific Ethanol, Inc.* (a)		8,200		121,360
Parallel Petroleum Corp.*		10,965		253,401
Penn Virginia Corp.		5,390		431,470
Petrohawk Energy Corp.*		39,519		571,050
Petroleum Development Corp.*		4,156		216,112
Petroquest Energy, Inc.*		10,300		117,626
Quest Resource Corp.*		6,600		63,360
Rentech, Inc.* (a)		28,400		68,160
Rossetta Resources, Inc.* (a)		11,505		247,473
Star Maritime Acquisition Corp.*		1,600		17,344
Stone Energy Corp.*		5,759		170,639

2007 Semiannual Report 101

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Swift Energy Co.*		6,820	$	277,233
Syntroleum Corp.*		14,808		46,349
Toreador Resources Corp.*		3,200		51,264
Transmeridian Exploration, Inc.* (a)		11,700		31,941
USEC, Inc.*		20,713		417,781
Vaalco Energy, Inc.*		14,500		78,300
Venoco, Inc.*		1,300		24,726
Verasun Energy Corp.*		6,090		121,374
Warren Resources, Inc.* (a)		16,240		214,531
Western Refining, Inc.		6,800		269,416
Westmoreland Coal Co.*		700		16,492
Whiting Petroleum Corp.*		8,755		385,395
World Fuel Services Corp.		7,120		329,015
				11,276,973
Other Financial (0.0%) (a)
Pinnacle Financial Partners, Inc.*		2,700		79,029
Paper & Forest Products (0.3%)
Bowater, Inc.		15,920		348,489
Buckeye Technologies, Inc.*		7,690		97,432
Deltic Timber Corp.		1,956		97,702
Glatfelter Co.		9,010		134,700
Mercer International, Inc.*		9,120		111,811
Neenah Paper, Inc.		4,700		179,540
Schweitzer-Mauduit Int’l, Inc.		2,942		80,758
Wausau-Mosinee Paper Corp.		8,747		117,735
				1,168,167
Personal Products (0.5%)
American Oriental Bioengineering, Inc.*		12,300		122,385
Chattem, Inc.*		4,926		281,472
Elizabeth Arden, Inc.*		7,807		175,736
Inter Parfums, Inc.		1,000		23,020
Mannatech, Inc. (a)		5,100		78,846
Medifast, Inc.*		3,100		22,630
NBTY, Inc.*		14,360		709,528
Nu Skin Enterprises, Inc.		12,698		220,056
Parlux Fragrances, Inc.* (a)		5,950		27,132
Physicians Formula Holdings, Inc.*		3,400		71,468
Playtex Products, Inc.*		11,900		181,118
Prestige Brands Holdings, Inc.*		6,100		79,361
Revlon Co., Inc.*		54,907		70,830
USANA Health Sciences, Inc.*		2,910		115,934
				2,179,516
Pharmaceuticals (1.3%)
Adams Respiratory Therapeutics, Inc.*		8,400		315,084
Adolor Corp.*		13,462		48,194
Akorn, Inc.*		9,700		70,228
Alpharma, Inc., Class A		10,748		261,177
Atherogenics, Inc.* (a)		11,204		37,533
Auxilium Pharmaceuticals, Inc.*		4,900		72,814
AVANIR Pharmaceuticals*		14,850		53,015
Bentley Pharmaceuticals, Inc.* (a)		3,849		36,758
Bradley Pharmaceutical*		4,200		82,446
Cadence Pharmaceuticals, Inc.*		200		3,244
Caraco Pharmaceutical Laboratories Ltd.*		900		12,852
Combinatorx Inc*		3,900		23,829
Cypress Bioscience, Inc.*		8,720		79,439
Depomed, Inc.* (a)		12,000		41,280
Durect Corp.*		14,200		63,474
Emisphere Technologies, Inc.*		7,000		22,820
Hi-Tech Pharmacal Co., Inc.*		3,900		51,636
K-V Pharmaceutical Co.*		9,523		247,693
Medicis Pharmaceutical Corp.		14,460		439,584
MGI Pharma, Inc.*		20,960		461,539
Nastech Pharmaceutical Co., Inc.* (a)		8,800		116,072
Noven Pharmaceuticals, Inc.* (a)		7,300		170,893
Pain Therapeutics, Inc.*		12,310		95,649
Par Pharmaceutical Cos., Inc.*		9,895		266,472
Penwest Pharmaceuticals Co.* (a)		7,340		87,933
Perrigo Co.		22,511		427,709
Pozen, Inc.* (a)		7,105		103,520
Salix Pharmaceuticals, Inc.*		10,970		142,829
Santarus, Inc.*		12,800		97,792
Sciele Pharma, Inc.* (a)		8,235		203,569
Somaxon Pharmaceuticals, Inc.*		1,900		34,694
SuperGen, Inc.*		16,634		105,293
The Medicines Co.*		13,479		307,052
Valeant Pharmaceuticals International		22,600		407,252
Viropharma, Inc.*		16,100		242,788
Xenport, Inc.* (a)		4,900		210,063
				5,444,219
Real Estate Investment Trusts (REITs) (6.1%)
Acadia Realty Trust		9,399		252,645
Agree Realty Corp.		2,300		77,970
Alexander’s, Inc.*		500		192,000
Alexandria Real Estate Equities, Inc.		7,836		829,441

102 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Real Estate Investment Trusts (REITs) (continued)
American Campus Communities, Inc.		6,650	$	203,623
American Financial Realty Trust		30,300		321,180
American Home Mortgage Investment Corp.		12,280		304,298
Anthracite Capital, Inc.		14,651		169,952
Anworth Mortgage Asset Corp.		9,000		86,400
Arbor Realty Trust, Inc.		4,130		127,163
Ashford Hospitality Trust		24,710		296,520
Biomed Realty Trust, Inc.		15,503		445,091
Capital Lease Funding, Inc. (a)		8,500		94,945
Capital Trust, Inc., Class A		3,468		164,279
CBRE Realty Finance, Inc.		4,800		62,160
Cedarshopping Centers, Inc.		12,500		199,625
Corporate Office Properties Trust		8,680		408,915
Cousins Properties, Inc.		10,602		355,909
Crescent Real Estate Equities Co.		22,600		463,526
Crystal River Capital, Inc.		3,300		86,691
DCT Industrial Trust, Inc.		45,470		510,628
Deerfield Triarc Capital Corp.		14,500		234,755
Diamondrock Hospitality Co.		24,160		441,886
Digital Reality Trust, Inc.		6,910		279,510
EastGroup Properties, Inc.		5,310		266,084
Education Realty Trust, Inc.		6,900		98,256
Entertainment Properties Trust		6,214		375,450
Equity Inns, Inc.		11,536		197,266
Equity Lifestyle Properties, Inc.		5,336		289,585
Equity One, Inc.		8,225		229,724
Extra Space Storage, Inc.		13,040		243,978
Felcor Lodging Trust, Inc.		14,600		372,738
Fieldstone Investment Co.		19,250		71,803
First Industrial Realty Trust		12,602		551,842
First Potomac Realty Trust		7,500		193,575
Franklin Street Properties Corp.		12,800		231,040
Friedman, Billings, Ramsey Group, Inc.		33,000		183,150
Getty Realty Corp.		3,035		86,983
Glimcher Realty Trust		10,578		285,712
GMH Communities Trust		9,870		99,095
Gramercy Capital Corp.		3,500		113,365
Health Care Products & Services Realty Trust, Inc.		13,700		466,622
Hersha Hospitality Trust		9,200		109,296
Highland Hospitality Corp.		17,410		331,661
Highwood Properties, Inc.		14,464		589,842
Home Properties of New York, Inc.		9,690		539,733
HomeBanc Corp.		22,647		63,412
Impac Mortgage Holdings (a)		26,828		148,895
Inland Real Estate Corp.		15,670		285,037
InnKeepers USA Trust		11,061		194,342
Investors Real Estate Trust		9,097		95,973
JER Investors Trust, Inc.		4,500		79,245
Kite Realty Group Trust		5,369		107,380
KKR Financial Corp.		22,700		606,317
Lasalle Hotel Properties		11,486		533,295
Lexington Corporate Properties Trust		19,495		407,251
LTC Properties, Inc.		4,440		111,311
Luminent Mortgage Capital, Inc.		10,257		84,723
Maguire Properties, Inc.		10,410		375,072
Medical Properties Trust, Inc.		12,910		183,838
MFA Mortgage Investments, Inc.		15,474		112,960
Mid-America Apartment Communities, Inc.		6,592		355,638
National Health Investors, Inc.		4,737		160,679
National Retail Properties, Inc.		16,640		398,528
Nationwide Health Properties, Inc.		22,274		714,104
Newcastle Investment Corp.		10,997		321,222
Northstar Realty Finance Corp.		13,220		195,656
Novastar Financial, Inc. (a)		13,967		102,797
Omega Health Care Products & Services Investors, Inc.		12,600		211,680
Parkway Properties, Inc.		4,282		226,946
Pennsylvania Real Estate Investment Trust		10,367		481,651
Post Properties, Inc.		11,976		561,315
Potlatch Corp.		9,241		400,967
PS Business Parks, Inc.		4,045		278,701
RAIT Financial Trust		17,543		493,835
Ramco-Gershenson Properties Trust		4,339		160,543
Realty Income (a)		24,400		680,760
Redwood Trust, Inc.		4,720		236,991
Republic Property Trust		7,955		89,653
Resource Capital Corp.		3,300		53,790
Saul Centers, Inc.		2,345		121,752
Senior Housing Properties Trust		18,697		426,853
Sovran Self Storage, Inc.		4,501		248,725
Spirit Finance Corp.		25,510		367,089
Strategic Hotel Capital, Inc.		17,532		379,568
Sun Communities, Inc.		6,010		178,858
Sunstone Hotel Investors, Inc.		16,450		469,154
Tanger Factory Outlet Centers, Inc. (a)		6,897		279,604
U-Store-It Trust		11,210		206,376
Universal Health Realty Income Trust		2,573		90,621

2007 Semiannual Report 103

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Real Estate Investment Trusts (REITs) (continued)
Urstadt Biddle Properties		3,780	$	68,569
Washington Real Estate Investment Trust		12,784		484,002
Winston Hotels, Inc.		5,045		74,767
Winthrop Realty Trust		4,200		27,846
				25,474,203
Real Estate Management & Development (0.1%)
Affordable Residential Communities*		7,862		92,221
Consolidated Tomoka Land Co. (a)		1,080		81,054
Housevalues, Inc.*		5,900		28,674
Meruelo Maddux Properties, Inc.*		11,770		95,455
Move, Inc.*		22,639		105,045
Tejon Ranch Co.* (a)		2,243		111,746
				514,195
Road & Rail (0.7%)
AMERCO*		2,304		161,188
Arkansas Best Corp.		7,625		300,425
Celadon Group, Inc.*		7,800		128,388
Dollar Thrifty Automotive Group, Inc.*		6,900		323,472
Florida East Coast Industries, Inc.		8,860		624,719
Genesee & Wyoming, Inc.*		7,880		214,257
Heartland Express, Inc.		13,146		226,506
Knight Transportation, Inc.		12,420		241,817
Marten Transport Ltd.* (a)		2,245		40,522
Old Dominion Freight Line, Inc.*		7,879		232,903
P.A.M. Transportation Services, Inc.*		700		13,349
Patriot Transportation Holding, Inc.*		100		8,818
Quality Distribution, Inc.*		500		4,525
Saia, Inc.*		4,455		124,918
U.S. Xpress Enterprises, Inc.*		3,000		42,960
Universal Truckload Services, Inc.*		900		20,979
USA Truck, Inc.*		2,500		38,900
Werner Enterprises, Inc. (a)		15,562		294,278
				3,042,924
Semiconductors & Semiconductor Equipment (3.1%)
Actel Corp.*		6,809		99,684
Advanced Analogic Technologies, Inc.*		13,600		110,296
Advanced Energy Industries, Inc.*		8,145		199,552
Amis Holdings, Inc.*		8,175		94,830
Amkor Technology, Inc.*		25,100		351,149
Anadigics, Inc.* (a)		13,400		143,916
Applied Micro Circuits Corp.*		79,070		222,187
Asyst Technologies, Inc.*		10,509		75,139
Atheros Communications* (a)		12,165		325,900
ATMI, Inc.*		9,457		292,505
Axcelis Technologies, Inc.*		28,533		218,277
Brooks Automation, Inc.*		17,678		308,835
Cabot Microelectronics Corp.* (a)		5,832		187,440
Cirrus Logic, Inc.*		25,397		210,287
Cohu, Inc. (a)		6,245		128,522
Conexant Systems, Inc.*		110,940		171,957
Credence Systems Corp.*		30,322		112,495
Cymer, Inc.*		9,838		398,537
Diodes, Inc.*		6,060		223,735
DSP Group, Inc.*		6,848		126,483
Eagle Test Systems, Inc.*		2,600		44,902
EMCORE Corp.* (a)		15,400		76,230
Entegris, Inc.*		32,454		380,361
Exar Corp.*		10,664		143,751
FormFactor, Inc.*		12,337		509,395
Genesis Microchip, Inc.*		11,504		98,704
Hittite Microwave Corp.*		2,500		112,950
Ikanos Communications*		9,400		72,662
Intevac*		5,800		140,998
Kopin Corp.*		13,407		45,450
Kulicke & Soffa Industries, Inc.*		16,468		164,351
Lattice Semiconductor Corp.*		28,475		155,473
LTX Corp.*		14,973		89,239
Lxys Corp.*		4,702		43,070
Mattson Technology, Inc.*		12,774		129,145
Micrel, Inc.*		15,058		188,978
Microsemi*		21,008		485,495
Microtune, Inc.*		9,350		40,298
Mindspeed Technologies, Inc.*		34,900		78,525
MIPS Technologies, Inc.*		13,374		114,749
MKS Instruments, Inc.*		10,623		286,290
Monolithic Power System, Inc.*		3,600		49,104
Mosys, Inc.* (a)		3,000		26,070
Netlogic Microsystems, Inc.*		4,800		147,648
Nextest Systems Corp.*		400		5,460
OmniVision Technologies, Inc.*		14,428		195,067
On Semiconductor Corp.*		40,713		436,036
PDF Solutions, Inc.* (a)		3,200		35,936
Pericom Semiconductor Corp.*		6,000		60,060
Photronics, Inc.*		8,392		126,300
PLX Technology, Inc.* (a)		4,500		47,250
RF Micro Devices, Inc.*		53,356		333,475
Rudolph Technologies, Inc.*		6,587		113,757
Semitool, Inc.* (a)		3,618		37,555
Semtech Corp.*		21,535		310,535

104 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Semiconductors & Semiconductor Equipment (continued)
Sigma Designs, Inc.*		6,600	$	154,638
Silicon Image, Inc.*		18,906		165,617
Silicon Storage Technology, Inc.*		28,384		116,942
SiRF Technology Holdings, Inc.*		12,675		307,495
Skyworks Solutions, Inc.*		39,237		270,343
Standard Microsystems Corp.*		5,661		181,492
Supertex, Inc.*		4,080		133,620
Techwell, Inc.*		200		2,854
Tessera Technologies, Inc.*		11,828		506,120
Transmeta Corp.*		29,400		14,762
Transwitch Corp.*		22,500		33,075
Trident Microsystems, Inc.*		14,173		300,893
TriQuint Semiconductor, Inc.*		38,339		198,213
Ultratech Stepper, Inc.* (a)		7,450		103,182
Varian Semiconductor Equipment Associates., Inc.*		15,164		1,006,283
Veeco Instruments, Inc.*		6,842		125,072
Virage Logic Corp.* (a)		1,100		7,821
Volterra Semiconductor Corp.*		4,600		72,726
Zoran Corp.*		11,459		227,576
				13,255,719
Service Companies (0.1%)
24/7 Real Media, Inc.*		16,100		160,195
Heidrick & Struggles International, Inc.*		5,355		252,649
				412,844
Software (3.0%)
Actuate Corp.*		9,900		56,232
Advent Software, Inc.*		4,693		157,497
Agile Software*		11,496		82,656
Ansoft Corp.*		3,700		119,473
Ansys, Inc.*		9,336		478,003
Aspen Technology, Inc.*		23,619		320,746
Blabkbaud, Inc.		12,294		271,452
Blackboard, Inc.*		6,300		216,153
Borland Software Corp.* (a)		25,246		140,620
Bottomline Technologies, Inc.*		7,000		86,940
Chordiant Software Inc.*		6,240		82,555
Commvault Systems, Inc.*		2,000		33,920
Concur Technologies, Inc.* (a)		9,300		165,261
Convera Corp., Class A*		3,600		11,700
Epicor Software Corp.*		12,589		182,541
EPIQ Systems, Inc.* (a)		5,117		120,915
eSPEED, Inc.*		4,911		45,476
Falconstor Software, Inc.*		11,999		138,229
Henry (Jack) & Associates, Inc.		19,135		454,456
I2 Technologies, Inc.*		4,200		106,932
Informatica Corp.*		24,453		359,948
Innerworkings, Inc.* (a)		4,900		60,123
InterVoice-Brite, Inc.*		9,956		63,320
JDA Software Group, Inc.*		5,929		105,536
Kronos, Inc.*		8,797		480,052
Lawson Software, Inc.* (a)		35,840		318,976
Macrovision Corp.*		14,852		360,458
Magma Design Automation, Inc.*		7,298		100,202
Mentor Graphics Corp.*		20,700		334,926
MICROS Systems, Inc.*		10,734		588,223
MicroStrategy, Inc.*		2,486		282,807
Midway Games, Inc.* (a)		7,137		49,245
Net 1 UEPS Technologies, Inc.* (a)		12,200		307,196
Netscout Systems, Inc.*		4,000		32,920
Nuance Communications, Inc.* (a)		33,132		510,564
Opnet Technologies, Inc.*		3,700		41,625
Parametric Technology Corp.*		30,695		545,450
Pegasystems, Inc.		900		8,568
Progress Software Corp.*		12,135		365,628
QAD, Inc.		1,400		13,314
Quality Systems, Inc.		4,754		192,395
Quest Software, Inc.*		18,862		320,843
Radiant Systems, Inc.*		8,335		112,189
Renaissance Learning, Inc. (a)		765		9,333
Secure Computing Corp.*		15,891		128,717
Sonic Solutions* (a)		5,100		66,453
SPSS, Inc.*		5,773		211,638
Sybase, Inc.*		22,000		532,180
Take-Two Interactive Software, Inc.* (a)		19,800		379,566
THQ, Inc.*		17,041		568,658
Tibco Software, Inc.*		58,160		530,419
Transaction Systems Architects, Inc.*		10,996		348,903
Ultimate Software Group, Inc. (The)* (a)		7,500		207,000
VA Software Corp.*		12,200		44,286
Vasco Data Security International, Inc.*		7,900		168,981
Wind River Systems, Inc.*		17,546		172,477
Witness Systems, Inc.*		9,000		245,340
				12,440,216
Specialty Retail (2.9%)
A.C. Moore Arts & Crafts, Inc.*		5,180		106,345
Aaron Rents, Inc.		10,101		286,565
Aeropostale, Inc.*		14,466		595,276

2007 Semiannual Report 105

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Specialty Retail (continued)
America’s Car-Mart, Inc.* (a)		3,186	$	40,845
Asbury Automotive Group, Inc.		4,760		136,945
Bebe Stores, Inc.		6,300		110,250
Big 5 Sporting Goods Corp.		6,000		153,600
Blockbuster, Inc.*		53,280		330,336
Books-A-Million, Inc.		4,200		70,056
Borders Group, Inc. (a)		16,500		348,315
Build-A-Bear-Workshop, Inc.* (a)		2,800		77,140
Cabela’s, Inc.*		6,805		161,415
Cache, Inc.*		4,200		72,492
Casual Male Retail Group, Inc.*		10,706		123,226
Cato Corp.		6,991		151,075
Charlotte Russe Holding, Inc.*		5,036		137,634
Charming Shoppes*		31,310		391,375
Children’s Place Retail Store, Inc. (The)*		6,211		328,376
Christopher & Banking Corp.		9,839		170,313
Citi Trends, Inc.*		1,200		47,556
Cost Plus, Inc.* (a)		8,185		79,804
CSK Auto Corp.*		9,400		157,544
Deb Shops, Inc.		100		2,752
Dress Barn, Inc.*		13,429		267,371
DSW Inc., Class A*		4,565		176,939
Finish Line, Inc., Class A (The)		12,374		163,213
Genesco, Inc.*		6,920		350,706
Group 1 Automotive, Inc.		6,463		264,983
Guess?, Inc.		11,430		450,342
Guitar Center, Inc.*		8,455		391,466
Gymboree*		9,002		343,696
Haverty Furniture Co., Inc. (a)		5,975		76,241
Hibbett Sports, Inc.*		8,959		261,155
Hot Topic, Inc.*		10,538		118,974
J Crew Group, Inc.*		5,690		230,388
Jos. A. Bank Clothiers, Inc.*		5,255		203,053
Lithia Motors, Inc., Class A (a)		4,673		125,937
MarineMax, Inc.*		5,200		103,116
Men’s Wearhouse, Inc.		11,600		501,932
Monro Muffler, Inc.		3,550		124,250
New York & Co., Inc.*		3,800		53,086
Pacific Sunwear of California, Inc.*		20,460		428,228
Payless ShoeSource, Inc.*		16,514		526,797
Pep Boys — Manny, Moe & Jack (The) (a)		16,083		299,948
Pier 1 Imports, Inc. (a)		19,500		147,225
Rent-A-Center, Inc.*		17,150		477,456
Restoration Hardware, Inc.* (a)		7,920		49,738
Select Comfort Corp.*		14,304		265,196
Shoe Carnival, Inc.*		2,500		78,600
Sonic Automotive, Inc.		6,352		181,604
Stage Stores, Inc.		9,501		209,497
Stein Mart, Inc.		5,133		83,668
Talbots, Inc. (a)		5,400		126,900
The Buckle		2,838		101,090
Tween Brands, Inc.*		8,107		317,470
West Marine, Inc.* (a)		5,062		74,411
Wet Seal, Inc. (The), Class A*		16,405		98,102
Zale Corp.*		13,202		368,468
Zumiez, Inc.*		4,200		165,732
				12,286,213
Telephones (0.0%)
Consolidated Communications Holdings, Inc.		4,700		93,483
Textiles, Apparel & Luxury Goods (1.5%)
Brown Shoe Co., Inc.		9,854		265,861
Carter’s, Inc.*		11,508		301,510
Cherokee, Inc. (a)		2,800		128,576
Cole (Kenneth) Productions, Inc.		3,470		87,826
Columbia Sportswear Co.		3,800		237,880
Crocs, Inc.*		3,000		167,640
Deckers Outdoor Corp.*		3,178		240,670
Fossil, Inc.*		10,145		285,785
Hartmarx Corp.*		5,905		38,855
Iconix Brand Group, Inc.*		12,700		255,651
K-Swiss, Inc., Class A		7,881		227,603
Kellwood Co.		6,267		176,604
Maidenform Brands, Inc.*		5,100		103,989
Movado Group, Inc.		4,637		152,650
Oxford Industries, Inc.		3,328		154,486
Perry Ellis International, Inc.*		3,782		125,562
Phillips-Van Heusen Corp.		14,790		826,761
Quiksilver, Inc.*		28,600		380,380
Skechers U.S.A., Inc.*		2,885		90,589
Steven Madden Ltd.		6,198		184,391
Stride Rite Corp.		7,212		101,689
Timberland Co., Class A*		11,800		304,558
True Religion Apparel, Inc.*		4,200		62,580
Under Armour, Inc.* (a)		5,830		294,415
UniFirst Corp.		2,943		123,841
Volcom, Inc.*		3,900		163,839
Warnaco Group, Inc. (The)*		13,023		368,290
Weyco Group, Inc. (a)		200		4,876
Wolverine World Wide, Inc.		13,246		378,571
Xerium Technologies, Inc. (a)		1,700		13,906
				6,249,834

106 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Thrifts & Mortgage Finance (1.6%)
Accredited Home Lenders Holding Co.*		7,792	$	91,011
Anchor BanCorp Wisconsin, Inc.		4,117		110,830
Bank Mutual Corp. (a)		18,660		220,001
BankAtlantic Bancorp, Inc., Class A		14,712		141,824
BankUnited Financial Corp., Class A		9,774		211,607
Berkshire Hills Bancorp, Inc. (a)		3,440		110,906
BFC Financial Corp.*		5,075		18,219
Brookline Bancorp, Inc.		19,185		228,685
Centerline Holding Co.		11,221		201,080
Citizens First Bancorp, Inc.		2,800		58,968
City Bank (a)		2,055		64,137
Clayton Holdings, Inc.*		1,900		33,421
Clifton Savings Bancorp, Inc. (a)		600		6,990
Coastal Financial Corp. (a)		2,331		37,436
Corus Bankshares, Inc. (a)		11,640		195,668
Dime Community Bancshares		7,264		96,684
Doral Financial Corp. ADR — PR* (a)		34,580		48,412
Downey Financial Corp.		6,000		401,700
Federal Agricultural Mortgage Corp., Class C		3,000		82,140
First Busey Corp.		2,250		45,247
First Financial Holdings, Inc.		2,400		81,288
First Niagara Financial Group, Inc.		31,690		430,984
First Place Financial Corp.		2,535		50,725
FirstFed Financial Corp.* (a)		4,936		303,465
Flagstar Bancorp		11,095		130,921
Franklin Bank Corp.*		7,865		122,694
Fremont General Corp.		20,400		154,020
ITLA Capital Corp.		1,035		52,692
Kearny Financial Corp. (a)		3,700		52,355
KNBT Bancorp, Inc.		5,400		81,054
MAF Bancorp, Inc.		9,645		387,247
NASB Financial, Inc.		200		6,548
Net.B@nk, Inc. (a)		19,902		38,610
NewAlliance Bancshares, Inc. (a)		28,720		448,319
Northwest Bancorp, Inc. (a)		3,590		97,863
OceanFirst Financial Corp.		4,549		77,378
Ocwen Financial Corp.* (a)		8,760		124,918
Partners Trust Financial Group		8,972		99,410
PFF Bancorp, Inc.		6,105		171,795
Provident Financial Services, Inc.		15,406		264,059
Provident New York Bancorp (a)		8,475		115,345
Rockville Financial, Inc. (a)		2,000		29,280
Roma Financial Corp.		200		3,208
Tierone Corp.		6,261		152,080
Triad Guaranty, Inc.*		3,834		169,501
TrustCo Bank Corp. (a)		24,208		221,987
United Community Financial Corp.		4,911		50,681
ViewPoint Financial Group		800		14,280
Wauwatosa Holdings, Inc.*		560		9,806
Westfield Financial, Inc.		6,228		62,904
Willow Grove Bancorp, Inc.		5,450		62,566
WSFS Financial Corp.		1,909		123,150
				6,596,099
Tobacco (0.2%)
Alliance One Int’l, Inc.*		25,911		254,187
Universal Corp.		7,332		459,570
Vector Group Ltd.		12,218		222,978
				936,735
Trading Companies & Distributors (0.6%)
Applied Industrial Technologies, Inc.		10,212		274,396
Beacon Roofing Supply, Inc.*		12,570		197,726
BlueLinx Holdings, Inc.		1,980		22,592
Electro Rent Corp.*		2,900		37,642
H&E Equipment Services, Inc.*		2,800		66,248
Houston Wire & Cable Co.*		3,000		88,440
Interline Brands, Inc.*		5,700		124,602
Kaman Corp., Class A		4,708		116,758
Lawson Products, Inc.		824		29,458
NuCo2, Inc.* (a)		5,075		126,368
Rush Enterprises, Inc., Class A*		5,800		120,640
TAL International Group, Inc.		2,600		65,026
Transdigm Group, Inc.*		2,000		75,740
UAP Holding Corp.		14,260		394,574
Watsco, Inc.		7,733		411,164
Williams Scotsman International, Inc.*		8,935		196,838
				2,348,212
Transportation (0.1%)
GulfMark Offshore Services, Inc.*		5,440		260,576
Horizon Lines, Inc.		3,000		102,030
				362,606
Transportation Infrastructure (0.0%)
Interpool, Inc.		1,500		40,065
				40,065

2007 Semiannual Report 107

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Water Utilities (0.2%)
American States Water Co.		4,146	$	147,763
California Water Service Group (a)		5,797		225,329
Pico Holdings, Inc.*		3,600		160,812
SJW Corp.		2,945		102,074
Southwest Water Co. (a)		8,825		119,932
				755,910
Wireless Telecommunication Services (0.3%)
Centennial Communications*		4,200		34,986
Dobson Communications Corp., Class A*		39,880		363,307
Fibertower Corp.*		28,480		128,445
InPhonic, Inc.*		8,280		78,991
iPCS, Inc.*		4,200		210,420
Novatel Wireless, Inc.*		8,804		160,145
Syniverse Holdings, Inc.*		4,000		41,240
USA Mobility, Inc.		6,624		141,488
Wireless Facilities, Inc.* (a)		11,160		12,499
				1,171,521
Total Common Stocks (Cost $320,301,823)				354,798,509
Repurchase Agreements (16.2%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $68,047,421, collateralized by U.S. Government Agency Mortgages with a market value of $68,378,538	$	68,037,782		68,037,782
Securities Held as Collateral for Securities on Loan (6.6%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $27,801,446, collateralized by U.S. Government Agency Mortgages with a market value of $28,353,285		27,797,338		27,797,338
Total Investments (Cost $416,136,943) (c) — 107.1%				450,633,629
Liabilities in excess of other assets — (7.1)%				(29,753,514	)
NET ASSETS — 100.0%			$	420,880,115

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	Illiquid security.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CH	Switzerland
NL	Netherlands
PR	Puerto Rico

At April 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of		Long			Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
	164	Russell 200		06/15/07	$	67,149,800	$	1,955,253

See accompanying notes to financial statements

108 Semiannual Report 2007

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			Nationwide			Nationwide		Nationwide		Nationwide		Nationwide
			Bond Index			International		Mid Cap Market		S&P 500		Small Cap
			Fund			Index Fund		Index Fund		Index Fund		Index Fund
Assets:
Investments, at value (cost $1,000,674,299; $1,557,826,738; $621,404,568; $1,909,000,399 and $320,301,823)*			$	999,414,467		$	2,360,319,880	$	728,475,014	$	2,353,897,710	$	354,798,509
Repurchase agreements, at cost and value				99,730,606			509,538,484		153,344,626		152,434,394		95,835,120
		Total Investments		1,099,145,073			2,869,858,364		881,819,640		2,506,332,104		450,633,629
Cash collateral pledged for futures				–			4,372,811		–		–		–
Foreign currency, at value (cost $0; $39,696,091; $0; $0 and $0)				–			40,082,504		–		–		–
Unrealized appreciation on forward foreign currency contracts				–			2,634,922		–		–		–
Interest and dividends receivable				8,589,463			9,915,484		1,248,792		3,468,491		736,897
Receivable for capital shares issued				140,162			609,604		223,815		714,139		49,285
Receivable for investments sold				43,075,943			–		–		–		–
Reclaims receivable				–			689,845		–		–		–
Unrealized appreciation on futures contracts				–			262,371		–		–		–
Prepaid expenses and other assets				69,156			62,498		26,543		127,693		15,512
		Total Assets		1,151,019,797			2,928,488,403		883,318,790		2,510,642,427		451,435,323
Liabilities:
Payable to custodian				50,422,199			925,424		642,356		81,228		325,295
Unrealized depreciation on forward foreign currency contracts				–			1,609,350		–		–		–
Payable for investments purchased				81,599,766			–		–		–		437,007
Distributions payable				17,704			–		–		–		–
Payable for capital shares redeemed				429,644			1,035,990		829,916		2,063,771		515,542
Payable for return of collateral received for securities on loan				18,861,533			461,678,630		11,671,068		–		27,797,338
Payable for variation margin on futures contracts				–			–		–		1,404,200		1,313,555
Accrued expenses and other payables:
	Investment advisory fees			372,772			547,445		203,264		322,572		85,516
	Fund administration and transfer agent fees			81,257			139,517		54,186		144,141		26,412
	Distribution fees			9,793			37,267		45,191		104,754		29,217
	Administrative servicing fees			3,757			14,632		22,059		104,321		9,065
	Compliance program fees			29,468			28,474		18,593		50,175		8,541
	Custodian fees			–			4,836		4,604		19,537		6,005
	Other			1,350			600		2,264		3,537		1,715
		Total Liabilities		151,829,243			466,022,165		15,554,001		4,298,236		30,555,208
Net Assets			$	999,190,554		$	2,462,466,238	$	867,764,789	$	2,506,344,191	$	420,880,115
Represented by:
Capital			$	1,018,623,652		$	1,639,161,782	$	613,790,616	$	1,710,290,856	$	322,041,075
Accumulated net investment income (loss)				1,666,162			7,322,497		675,436		3,082,049		495,168
Accumulated net realized gains (losses) on investment transactions				(19,839,428	)		10,624,067		140,732,319		340,800,270		61,891,933
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies				(1,259,832	)		805,357,892		112,566,418		452,171,016		36,451,939
Net Assets			$	999,190,554		$	2,462,466,238	$	867,764,789	$	2,506,344,191	$	420,880,115

See accompanying notes to financial statements.

2007 Semiannual Report 109

Statements of Assets and Liabilities (Continued)

	Nationwide			Nationwide			Nationwide			Nationwide			Nationwide
	Bond Index			International			Mid Cap Market			S&P 500			Small Cap
	Fund			Index Fund			Index Fund			Index Fund			Index Fund
Net Assets:
Class A Shares	$	47,400,418		$	182,098,413		$	213,437,200		$	68,535,519		$	134,947,063
Class B Shares		253,632			678,637			1,000,511			9,347,784			464,048
Class C Shares		23,691			1,266,751			1,068,862			2,472,873			614,230
Class R Shares		–			1,065			1,051			210,477			1,038
Institutional Service Class Shares		–			–			–			94,417,479			–
Institutional Class Shares		951,512,813			2,278,421,372			652,257,165			1,661,738,630			284,853,736
Local Fund Shares		–			–			–			148,028			–
Service Class Shares		–			–			–			669,473,401			–
Total	$	999,190,554		$	2,462,466,238		$	867,764,789		$	2,506,344,191		$	420,880,115
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		4,385,939			15,634,836			13,488,689			5,450,491			10,423,794
Class B Shares		23,473			59,257			64,108			746,459			36,148
Class C Shares		2,192			112,562			68,838			198,543			47,978
Class R Shares		–			92			66			16,747			80
Institutional Service Class Shares		–			–			–			7,481,773			–
Institutional Class Shares		88,131,568			195,149,165			40,900,527			131,532,913			21,791,032
Local Fund Shares		–			–			–			11,694			–
Service Class Shares		–			–			–			53,252,750			–
Total		92,543,172			210,955,912			54,522,228			198,691,370			32,299,032
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	10.81		$	11.65		$	15.82		$	12.57		$	12.95
Class B Shares (a)	$	10.81		$	11.45		$	15.61		$	12.52		$	12.84
Class C Shares (b)	$	10.81		$	11.25		$	15.53		$	12.46		$	12.80
Class R Shares	$	–		$	11.64	(c)	$	15.82	(c)	$	12.57	(c)	$	12.94
Institutional Service Class Shares	$	–		$	–		$	–		$	12.62		$	–
Institutional Class Shares	$	10.80		$	11.68		$	15.95		$	12.63		$	13.07
Local Fund Shares	$	–		$	–		$	–		$	12.66		$	–
Service Class Shares	$	–		$	–		$	–		$	12.57		$	–
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.47		$	12.36		$	16.79		$	13.34		$	13.74
Maximum Sales Charge:
Class A		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%

(a)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(b)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
(c)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
*	Includes value of securities on loan of $18,643,833, $439,461,238, $11,277,139, $0 and $26,574,663.

See accompanying notes to financial statements.

110 Semiannual Report 2007

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

		Nationwide			Nationwide			Nationwide			Nationwide			Nationwide
		Bond			International			Mid Cap Market			S&P 500			Small Cap
		Index Fund			Index Fund			Index Fund			Index Fund			Index Fund
INVESTMENT INCOME:
Interest income		$	56,834,455		$	1,222,465		$	5,486,143		$	3,806,099		$	2,996,755
Dividend income			–			29,443,766			11,283,426			34,155,585			3,739,018
Income from securities lending			261,538			1,157,676			234,811			129,245			388,867
Foreign tax withholding			–			(2,143,692	)		–			–			–
	Total Income		57,095,993			29,680,215			17,004,380			38,090,929			7,124,640
Expenses:
Investment advisory fees			2,344,131			2,961,293			1,458,452			2,160,397			659,626
Fund administration and transfer agent fees			905,346			921,506			509,256			1,351,538			266,935
Distribution fees Class A			55,071			175,284			246,968			69,904			158,693
Distribution fees Class B			1,071			3,134			4,853			37,733			2,423
Distribution fees Class C			60			4,850			4,493			9,888			2,865
Distribution fees Class R			–			1			1			120			1
Distribution fees Service Class			–			–			–			481,675			–
Distribution fees Local Fund Class			–			–			–			48			–
Administrative servicing fees Class A			28,187			97,430			147,796			2,702			83,914
Administrative servicing fees Institutional Service Class			–			–			–			110,755			–
Administrative servicing fees Service Class			–			–			–			804,058			–
Trustee fees			31,462			31,129			19,047			51,716			9,476
Compliance program fees (Note 3)			20,144			19,475			12,755			34,554			5,913
Custodian fees			13,310			37,031			15,784			55,438			9,100
Other			185,200			169,938			172,764			334,233			73,573
	Total expenses before reimbursed/waived expenses		3,583,982			4,421,071			2,592,169			5,504,759			1,272,519
Earnings credit (Note 5)			(63	)		(137	)		(174	)		(835	)		(1,290	)
Expenses reimbursed			–			–			(53,900	)		–			(22,006	)
Expenses voluntarily waived by administrator			(20,735	)		(21,773	)		(12,602	)		(33,505	)		(6,311	)
Net expenses			3,563,184			4,399,161			2,525,493			5,470,419			1,242,912
Net Investment Income			53,532,809			25,281,054			14,478,887			32,620,510			5,881,728
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) on investment transactions			(6,312,948	)*		9,901,989			180,257,837	*		374,954,221	*		72,323,894	*
Net realized gains on futures transactions			–			5,278,897			22,693,384			3,914,724			10,849,400
Net realized gains on foreign currency transactions			–			788,986			–			–			–
Net realized gains (losses) on investments, futures and foreign currency transactions			(6,312,948	)		15,969,872			202,951,221			378,868,945			83,173,294
Change in unrealized appreciation/(depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies			4,556,931			264,428,065			(66,285,122	)		(139,990,745	)		(42,646,153	)
Net realized/unrealized gains (losses) from investments, futures and foreign currency transactions			(1,756,017	)		280,397,937			136,666,099			238,878,200			40,527,141
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	51,776,792		$	305,678,991		$	151,144,986		$	271,498,710		$	46,408,869

* Includes realized gain as a result of a redemption in kind (Note 10).

See accompanying notes to financial statements.

2007 Semiannual Report 111

Statements of Changes in Net Assets

		Nationwide Bond						Nationwide International
		Index Fund						Index Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	53,532,809		$	80,436,942		$	25,281,054		$	39,325,972
Net realized gains (losses) from investments, futures and foreign currency transactions			(6,312,948	)*		(9,537,676	)		15,969,872			60,088,929
Net change in unrealized appreciation on investments, futures and foreign currency transactions			4,556,931			19,853,848			264,428,065			302,297,060
Change in net assets from operations			51,776,792			90,753,114			305,678,991			401,711,961
Distributions to Shareholders:
From net investment income:
	Class A		(1,009,101	)		(1,759,169	)		(1,663,100	)		(830,952	)
	Class B		(4,246	)		(7,029	)		(6,312	)		(4,766	)
	Class C		(231	)		(107	)(a)		(9,596	)		(4,261	)
	Class R		–			–			(3	)(b)		–
	Institutional Class		(52,519,231	)		(78,361,327	)		(29,455,564	)		(25,682,212	)
Net realized gains:
	Class A		–			–			(3,326,613	)		(1,248,104	)
	Class B		–			–			(17,346	)		(12,143	)
	Class C		–			–			(23,768	)		(4,617	)
	Institutional Class		–			–			(54,100,254	)		(40,251,609	)
Change in net assets from shareholder distributions			(53,532,809	)		(80,127,632	)		(88,602,556	)		(68,038,664	)
Change in net assets from capital transactions			(1,080,009,132	)		557,303,622			239,940,631			309,998,300
Change in net assets			(1,081,765,149	)		567,929,104			457,017,066			643,671,597
Net Assets:
Beginning of period			2,080,955,703			1,513,026,599			2,005,449,172			1,361,777,575
End of period		$	999,190,554		$	2,080,955,703		$	2,462,466,238		$	2,005,449,172
Accumulated net investment income at end of period		$	1,666,162		$	1,666,162		$	7,322,497		$	13,176,018
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	11,583,178		$	10,928,815		$	72,055,757		$	71,352,954
	Dividends reinvested		973,489			1,752,822			4,953,639			2,056,199
	Cost of shares redeemed (c)		(9,558,958	)		(10,541,308	)		(11,987,383	)		(22,556,185	)
Total Class A			2,997,709			2,140,329			65,022,013			50,852,968
Class B Shares
	Proceeds from shares issued		75,257			50,623			36,429			118,923
	Dividends reinvested		2,614			4,151			18,490			14,530
	Cost of shares redeemed (c)		(5,039	)		(92,299	)		(40,987	)		(24,601	)
Total Class B			72,832			(37,525	)		13,932			108,852

* Includes realized gain as a result of a redemption in kind (Note 10).

See accompanying notes to financial statements.

112 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Bond						Nationwide International
		Index Fund						Index Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class C Shares
	Proceeds from shares issued	$	18,355		$	5,000	(a)	$	590,654		$	434,916
	Dividends reinvested		114			107	(a)		14,703			3,914
	Cost of shares redeemed (c)		–			–			(74,198	)		(8,258	)
Total Class C			18,469			5,107			531,159			430,572
Class R Shares
	Proceeds from shares issued		–			–			1,000	(b)		–
	Dividends reinvested		–			–			3	(b)		–
Total Class R			–			–			1,003			–
Institutional Class Shares
	Proceeds from shares issued		324,266,534			620,492,665			138,079,762			403,041,062
	Dividends reinvested		52,519,231			78,361,306			83,555,737			65,933,564
	Cost of shares redeemed (c)		(1,459,883,907	)		(143,658,260	)		(47,262,975	)		(210,368,718	)
Total Institutional Class			(1,083,098,142	)		555,195,711			174,372,524			258,605,908
Change in net assets from capital transactions:		$	(1,080,009,132	)	$	557,303,622		$	239,940,631		$	309,998,300
SHARE TRANSACTIONS:
Class A Shares
	Issued		1,070,804			1,023,062			6,509,761			7,159,582
	Reinvested		90,077			163,653			455,439			220,428
	Redeemed		(886,674	)		(985,531	)		(1,094,579	)		(2,284,547	)
Total Class A Shares			274,207			201,184			5,870,621			5,095,463
Class B Shares
	Issued		6,943			4,768			3,342			12,737
	Reinvested		242			388			1,730			1,600
	Redeemed		(468	)		(8,592	)		(3,827	)		(2,522	)
Total Class B Shares			6,717			(3,436	)		1,245			11,815
Class C Shares
	Issued		1,703			469	(a)		55,497			44,868
	Reinvested		10			10	(a)		1,400			436
	Redeemed		–			–			(6,709	)		(877	)
Total Class C Shares			1,713			479			50,188			44,427
Class R Shares
	Issued		–			–			92	(b)		–
	Reinvested		–			–			–	(b)(d)		–
Total Class R Shares			–			–			92			–
Institutional Class Shares
	Issued		30,060,725			58,107,928			12,617,433			41,519,284
	Reinvested		4,863,850			7,321,978			7,666,336			7,070,045
	Redeemed		(135,301,449	)		(13,529,395	)		(4,256,838	)		(21,327,681	)
Total Institutional Class Shares			(100,376,874	)		51,900,511			16,026,931			27,261,648
Change in shares:			(100,094,237	)		52,098,738			21,949,077			32,413,353

(a)	For the period from March 29, 2006 (commencement of operations) through October 31, 2006.
(b)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.
(c)	Includes redemption fees, if any.
(d)	Amount is less than 1 share.

See accompanying notes to financial statements.

2007 Semiannual Report 113

Statements of Changes in Net Assets

		Nationwide Mid Cap Market						Nationwide S&P 500
		Index Fund						Index Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	14,478,887		$	16,810,377		$	32,620,510		$	50,896,163
Net realized gains on investment and futures transactions			202,951,221	*		57,534,188			378,868,945	*		3,965,154
Net change in unrealized appreciation/(depreciation) investments and futures			(66,285,122	)		62,882,944			(139,990,745	)		401,817,283
Change in net assets from operations			151,144,986			137,227,509			271,498,710			456,678,600
Distributions to Shareholders:
From net investment income:
	Class A		(1,783,362	)		(2,125,880	)		(502,828	)		(479,284	)
	Class B		(5,908	)		(5,600	)		(39,865	)		(43,651	)
	Class C		(5,851	)		(3,491	)		(11,549	)		(9,504	)
	Class R		(7	)(a)		–			(944	)(b)		–
	Institutional Service Class		–			–			(755,730	)		(1,083,623	)
	Institutional Class		(12,888,272	)		(15,260,628	)		(27,369,942	)		(40,207,767	)
	Local Fund Class		–			–			(1,272	)		(2,000	)
	Service Class		–			–			(4,980,369	)		(7,751,049	)
Net realized gains:
	Class A		(17,564,798	)		(7,034,770	)		(221,285	)		(188,635	)
	Class B		(85,866	)		(41,422	)		(27,749	)		(42,333	)
	Class C		(81,958	)		(12,106	)		(7,826	)		(7,675	)
	Class R		(38	)(a)		–			–			–
	Institutional Service Class		–			–			(360,121	)		(515,810	)
	Institutional Class		(103,998,777	)		(39,843,686	)		(11,380,719	)		(15,461,423	)
	Local Fund Class		–			–			(557	)		(850	)
	Service Class		–			–			(2,649,183	)		(4,274,411	)
Change in net assets from shareholder distributions			(136,414,837	)		(64,327,583	)		(48,309,939	)		(70,068,015	)
Change in net assets from capital transactions			(449,007,505	)		220,254,346			(1,167,198,177	)		376,896,621
Change in net assets			(434,277,356	)		293,154,272			(944,009,406	)		763,507,206
Net Assets:
Beginning of period			1,302,042,145			1,008,887,873			3,450,353,597			2,686,846,391
End of period		$	867,764,789		$	1,302,042,145		$	2,506,344,191		$	3,450,353,597
Accumulated net investment income at end of period		$	675,436		$	879,949		$	3,082,049		$	4,124,038
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	23,102,681		$	52,229,794		$	28,667,328		$	20,767,054
	Dividends reinvested		19,044,990			8,725,557			616,553			592,590
	Cost of shares redeemed (c)		(23,560,993	)		(29,421,304	)		(7,236,196	)		(7,671,949	)
Total Class A			18,586,678			31,534,047			22,047,685			13,687,695

* Includes realized gain as a result of a redemption in kind (Note 10).

See accompanying notes to financial statements.

114 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Mid Cap Market						Nationwide S&P 500
		Index Fund						Index Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class B Shares
	Proceeds from shares issued	$	75,995		$	151,124		$	3,008,972		$	1,202,333
	Dividends reinvested		78,149			40,653			36,977			57,756
	Cost of shares redeemed (c)		(100,891	)		(194,136	)		(518,656	)		(1,421,341	)
Total Class B			53,253			(2,359	)		2,527,293			(161,252	)
Class C Shares
	Proceeds from shares issued		265,758			671,812			1,316,162			722,455
	Dividends reinvested		43,783			3,330			9,402			3,526
	Cost of shares redeemed (c)		(43,784	)		(121,713	)		(405,938	)		(284,123	)
Total Class C			265,757			553,429			919,626			441,858
Class R Shares
	Proceeds from shares issued		1,000	(a)		–			207,487	(b)		–
	Dividends reinvested		45	(a)		–			944	(b)		–
	Cost of shares redeemed (c)		–			–			(10,454	)		–
Total Class R			1,045			–			197,977			–
Institutional Service Class Shares
	Proceeds from shares issued		–			–			12,352,646			13,588,613
	Dividends reinvested		–			–			1,115,844			1,599,428
	Cost of shares redeemed (c)		–			–			(7,553,392	)		(12,262,437	)
Total Institutional Service Class			–			–			5,915,098			2,925,604
Institutional Class Shares
	Proceeds from shares issued		51,115,045			201,216,467			189,372,594			439,976,727
	Dividends reinvested		116,886,893			55,104,248			38,697,941			55,591,859
	Cost of shares redeemed (c)		(635,916,176	)		(68,151,486	)		(1,424,163,316	)		(110,575,973	)
Total Institutional Class			(467,914,238	)		188,169,229			(1,196,092,781	)		384,992,613
Local Fund Shares
	Proceeds from shares issued		–			–			2,900			–
	Dividends reinvested		–			–			1,829			2,850
Total Local Class			–			–			4,729			2,850
Service Class Shares
	Proceeds from shares issued		–			–			41,835,323			46,605,280
	Dividends reinvested		–			–			7,629,504			12,025,424
	Cost of shares redeemed (c)		–			–			(52,182,631	)		(83,623,451	)
Total Service Class			–			–			(2,717,804	)		(24,992,747	)
Change in net assets from capital transactions:		$	(449,007,505	)	$	220,254,346		$	(1,167,198,177	)	$	376,896,621
SHARE TRANSACTIONS:
Class A Shares
	Issued		1,449,825			3,399,326			2,363,572			1,883,540
	Reinvested		1,229,966			584,674			50,820			54,601
	Redeemed		(1,485,083	)		(1,932,121	)		(595,399	)		(700,153	)
Total Class A Shares			1,194,708			2,051,879			1,818,993			1,237,988

See accompanying notes to financial statements.

2007 Semiannual Report 115

Statements of Changes in Net Assets (Continued)

		Nationwide Mid Cap Market						Nationwide S&P 500
		Index Fund						Index Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS: (continued)
Class B Shares
	Issued		4,958			9,937			248,337			109,472
	Reinvested		5,115			2,758			3,059			5,357
	Redeemed		(6,505	)		(13,103	)		(42,725	)		(129,639	)
Total Class B Shares			3,568			(408	)		208,671			(14,810	)
Class C Shares
	Issued		17,118			44,053			109,938			66,874
	Reinvested		2,879			227			782			328
	Redeemed		(2,797	)		(8,184	)		(34,293	)		(25,920	)
Total Class C Shares			17,200			36,096			76,427			41,282
Class R Shares
	Issued		63	(a)		–			17,528	(b)		–
	Reinvested		3	(a)		–			78	(b)		–
	Redeemed		–			–			(859	)(b)		–
Total Class R Shares			66			–			16,747			–
Institutional Service Class Shares
	Issued		–			–			1,018,599			1,229,813
	Reinvested		–			–			91,657			147,076
	Redeemed		–			–			(619,696	)		(1,116,484	)
Total Institutional Service Class Shares			–			–			490,560			260,405
Institutional Class Shares
	Issued		3,211,303			13,057,804			15,626,332			39,970,919
	Reinvested		7,493,706			3,666,970			3,175,842			5,101,756
	Redeemed		(40,176,551	)		(4,422,132	)		(115,097,337	)		(10,082,673	)
Total Institutional Class Shares			(29,471,542	)		12,302,642			(96,295,163	)		34,990,002
Local Fund Shares
	Issued		–			–			230			–
	Reinvested		–			–			150			261
Total Local Class Shares			–			–			380			261
Service Class Shares
	Issued		–			–			3,463,503			4,205,297
	Reinvested		–			–			628,989			1,109,931
	Redeemed		–			–			(4,297,965	)		(7,652,029	)
Total Service Class Shares			–			–			(205,473	)		(2,336,801	)
Change in shares:			(28,256,000	)		14,390,209			(93,888,858	)		34,178,327

(a)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.
(b)	For the period from January 30, 2007 (commencement of operations) through April 30, 2007.
(c)	Includes redemption fees, if any.

See accompanying notes to financial statements.

116 Semiannual Report 2007

Statements of Changes in Net Assets

		Nationwide Small Cap
		Index Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	5,881,728		$	8,012,120
Net realized gains on investment and futures transactions			83,173,294	*		40,049,399
Net change in unrealized appreciation/(depreciation) investments and futures			(42,646,153	)		43,224,274
Change in net assets from operations			46,408,869			91,285,793
Distributions to Shareholders:
From net investment income:
	Class A		(947,967	)		(1,021,182	)
	Class B		(2,007	)		(2,648	)
	Class C		(2,572	)		(2,368	)
	Class R		(5	)(a)		–
	Institutional Class		(5,090,757	)		(6,596,902	)
Net realized gains:
	Class A		(11,697,910	)		(2,647,352	)
	Class B		(45,975	)		(18,904	)
	Class C		(54,254	)		(8,380	)
	Class R		(18	)(a)		–
	Institutional Class		(51,490,515	)		(14,705,614	)
Change in net assets from shareholder distributions			(69,331,980	)		(25,003,350	)
Change in net assets from capital transactions			(189,733,207	)		152,349,944
Change in net assets			(212,656,318	)		218,632,387
Net Assets:
Beginning of period			633,536,433			414,904,046
End of period		$	420,880,115		$	633,536,433
Accumulated net investment income at end of period		$	495,168		$	656,748
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	29,160,783		$	57,590,171
	Dividends reinvested		12,483,657			3,652,313
	Cost of shares redeemed (b)		(16,338,507	)		(22,181,920	)
Total Class A			25,305,933			39,060,564
Class B Shares
	Proceeds from shares issued		6,587			64,335
	Dividends reinvested		45,209			20,768
	Cost of shares redeemed (b)		(50,844	)		(107,139	)
Total Class B			952			(22,036	)
Class C Shares
	Proceeds from shares issued		95,131			346,652
	Dividends reinvested		32,486			2,186
	Cost of shares redeemed (b)		(25,683	)		(56,119	)
Total Class C			101,934			292,719

* Includes realized gain as a result of a redemption in kind (Note 10).

See accompanying notes to financial statements.

2007 Semiannual Report 117

Statements of Changes in Net Assets (Continued)

		Nationwide Small Cap
		Index Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class R Shares
	Proceeds from shares issued	$	1,000	(a)	$	–
	Dividends reinvested		24	(a)		–
Total Class R			1,024			–
Institutional Class Shares
	Proceeds from shares issued		57,968,262			132,966,196
	Dividends reinvested		56,581,228			21,302,466
	Cost of shares redeemed (b)		(329,692,540	)		(41,249,965	)
Total Institutional Class			(215,143,050	)		113,018,697
Change in net assets from capital transactions:		$	(189,733,207	)	$	152,349,944
SHARE TRANSACTIONS:
Class A Shares
	Issued		2,215,893			4,422,849
	Reinvested		966,261			300,535
	Redeemed		(1,243,934	)		(1,761,202	)
Total Class A Shares			1,938,220			2,962,182
Class B Shares
	Issued		514			5,092
	Reinvested		3,527			1,730
	Redeemed		(3,980	)		(8,315	)
Total Class B Shares			61			(1,493	)
Class C Shares
	Issued		7,324			27,224
	Reinvested		2,541			179
	Redeemed		(1,960	)		(4,232	)
Total Class C Shares			7,905			23,171
Class R Shares
	Issued		78	(a)		–
	Reinvested		2	(a)		–
Total Class R Shares			80			–
Institutional Class Shares
	Issued		4,401,231			10,459,738
	Reinvested		4,338,610			1,736,493
	Redeemed		(25,095,043	)		(3,093,122	)
Total Institutional Class Shares			(16,355,202	)		9,103,109
Change in shares:			(14,408,936	)		12,086,969

(a)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.
(b)	Includes redemption fees, if any.

See accompanying notes to financial statements.

118 Semiannual Report 2007

Financial Highlights

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

Nationwide Bond Index Fund

					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class A Shares
Year Ended October 31, 2002	$	10.93		0.47		0.05			0.52		(0.48	)
Year Ended October 31, 2003	$	10.96		0.34		0.09			0.43		(0.40	)
Year Ended October 31, 2004	$	10.98		0.36		0.17			0.53		(0.38	)
Year Ended October 31, 2005	$	11.13		0.41		(0.34	)		0.07		(0.42	)
Year Ended October 31, 2006	$	10.77		0.44		0.04			0.48		(0.44	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.81		0.25		–	(g)		0.25		(0.25	)
Class B Shares
Year Ended October 31, 2002	$	10.93		0.41		0.05			0.46		(0.42	)
Year Ended October 31, 2003	$	10.96		0.29		0.07			0.36		(0.33	)
Year Ended October 31, 2004	$	10.98		0.30		0.17			0.47		(0.32	)
Year Ended October 31, 2005	$	11.13		0.33		(0.33	)		–		(0.35	)
Year Ended October 31, 2006	$	10.77		0.38		0.04			0.42		(0.38	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.81		0.21		–	(g)		0.21		(0.21	)
Class C Shares
Period Ended October 31, 2006 (f)	$	10.68		0.23		0.13			0.36		(0.23	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.81		0.20		0.01			0.21		(0.21	)
Institutional Class Shares
Year Ended October 31, 2002	$	10.92		0.52		0.05			0.57		(0.53	)
Year Ended October 31, 2003	$	10.95		0.39		0.09			0.48		(0.44	)
Year Ended October 31, 2004	$	10.98		0.41		0.17			0.58		(0.43	)
Year Ended October 31, 2005	$	11.13		0.45		(0.34	)		0.11		(0.46	)
Year Ended October 31, 2006	$	10.77		0.48		0.03			0.51		(0.48	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.80		0.28		(0.01	)		0.27		(0.27	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		(0.01	)		(0.49	)	$	10.96		5.01%		$	38,447		0.72%
Year Ended October 31, 2003		(0.01	)		(0.41	)	$	10.98		3.96%		$	42,292		0.71%
Year Ended October 31, 2004		–			(0.38	)	$	11.13		4.94%		$	40,757		0.71%
Year Ended October 31, 2005		(0.01	)		(0.43	)	$	10.77		0.56%		$	42,126		0.71%
Year Ended October 31, 2006		–			(0.44	)	$	10.81		4.59%		$	44,444		0.71%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.25	)	$	10.81		2.29%		$	47,400		0.70%
Class B Shares
Year Ended October 31, 2002		(0.01	)		(0.43	)	$	10.96		4.38%		$	28		1.33%
Year Ended October 31, 2003		(0.01	)		(0.34	)	$	10.98		3.34%		$	256		1.31%
Year Ended October 31, 2004		–			(0.32	)	$	11.13		4.32%		$	457		1.31%
Year Ended October 31, 2005		(0.01	)		(0.36	)	$	10.77		(0.04%	)	$	218		1.31%
Year Ended October 31, 2006		–			(0.38	)	$	10.81		3.96%		$	181		1.32%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.21	)	$	10.81		1.98%		$	254		1.32%
Class C Shares
Period Ended October 31, 2006 (f)		–			(0.23	)	$	10.81		3.43%		$	5		1.31%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.21	)	$	10.81		1.95%		$	24		1.32%
Institutional Class Shares
Year Ended October 31, 2002		(0.01	)		(0.54	)	$	10.95		5.46%		$	185,141		0.31%
Year Ended October 31, 2003		(0.01	)		(0.45	)	$	10.98		4.47%		$	481,326		0.31%
Year Ended October 31, 2004		–			(0.43	)	$	11.13		5.36%		$	952,042		0.31%
Year Ended October 31, 2005		(0.01	)		(0.47	)	$	10.77		0.97%		$	1,470,683		0.31%
Year Ended October 31, 2006		–			(0.48	)	$	10.80		4.91%		$	2,036,325		0.32%
Six Months Ended April 30, 2007 (Unaudited)		–			(0.27	)	$	10.80		2.49%		$	951,513		0.32%

[Additional columns below]

[Continued from above table, first column(s) repeated]

					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income to		Reimbursements)		Reimbursements)
	Average Net		to Average		to Average		Portfolio
	Assets (c)		Net Assets (c)(d)		Net Assets (c)(d)		Turnover (e)
Class A Shares
Year Ended October 31, 2002		4.29%		0.84%		4.17%		124.75%
Year Ended October 31, 2003		3.07%		0.82%		2.96%		139.66%
Year Ended October 31, 2004		3.25%		0.77%		3.19%		151.56%
Year Ended October 31, 2005		3.74%		0.77%		3.69%		153.31%
Year Ended October 31, 2006		4.15%		0.75%		4.11%		113.91%
Six Months Ended April 30, 2007 (Unaudited)		4.58%		0.70%		4.58%		57.51%
Class B Shares
Year Ended October 31, 2002		3.69%		1.44%		3.58%		124.75%
Year Ended October 31, 2003		2.10%		1.41%		2.00%		139.66%
Year Ended October 31, 2004		2.70%		1.37%		2.65%		151.56%
Year Ended October 31, 2005		3.18%		1.37%		3.09%		153.31%
Year Ended October 31, 2006		3.56%		1.36%		3.52%		113.91%
Six Months Ended April 30, 2007 (Unaudited)		3.96%		1.33%		3.96%		57.51%
Class C Shares
Period Ended October 31, 2006 (f)		3.73%		1.38%		3.66%		113.91%
Six Months Ended April 30, 2007 (Unaudited)		3.85%		1.32%		3.85%		57.51%
Institutional Class Shares
Year Ended October 31, 2002		4.67%		0.45%		4.53%		124.75%
Year Ended October 31, 2003		3.34%		0.42%		3.23%		139.66%
Year Ended October 31, 2004		3.69%		0.37%		3.63%		151.56%
Year Ended October 31, 2005		4.14%		0.37%		4.09%		153.31%
Year Ended October 31, 2006		4.57%		0.36%		4.53%		113.91%
Six Months Ended April 30, 2007 (Unaudited)		4.96%		0.32%		4.96%		57.51%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from March 29, 2006 (commencement of operations) through October 31, 2006.
(g)	The amount is less than $0.005.

See accompanying notes to financial statements.

2007 Semiannual Report 119

Financial Highlights

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

Nationwide International Index Fund

					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	6.37		0.08		(1.06	)		(0.98	)		(0.08	)
Year Ended October 31, 2003	$	5.31		0.09		1.25			1.34			(0.10	)
Year Ended October 31, 2004	$	6.55		0.10		1.07			1.17			(0.09	)
Year Ended October 31, 2005	$	7.63		0.16		1.18			1.34			(0.20	)
Year Ended October 31, 2006	$	8.69		0.16		2.11			2.27			(0.12	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.59		0.10		1.40			1.50			(0.14	)
Class B Shares
Year Ended October 31, 2002	$	6.32		0.03		(1.04	)		(1.01	)		(0.05	)
Year Ended October 31, 2003	$	5.26		0.06		1.24			1.30			(0.08	)
Year Ended October 31, 2004	$	6.48		0.06		1.05			1.11			0.05
Year Ended October 31, 2005	$	7.54		0.08		1.19			1.27			(0.16	)
Year Ended October 31, 2006	$	8.57		0.13		2.05			2.18			(0.08	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.42		0.07		1.37			1.44			(0.11	)
Class C Shares
Period Ended October 31, 2005 (g)	$	8.27		0.09		0.19			0.28			(0.11	)
Year Ended October 31, 2006	$	8.44		0.11		2.04			2.15			(0.09	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.25		0.06		1.35			1.41			(0.11	)
Class R Shares
Period Ended April 30, 2007 (Unaudited) (h)	$	10.96		0.07		0.65			0.72			(0.04	)
Institutional Class Shares
Year Ended October 31, 2002	$	6.37		0.09		(1.04	)		(0.95	)		(0.10	)
Year Ended October 31, 2003	$	5.32		0.11		1.25			1.36			(0.12	)
Year Ended October 31, 2004	$	6.56		0.12		1.08			1.20			(0.12	)
Year Ended October 31, 2005	$	7.64		0.18		1.19			1.37			(0.23	)
Year Ended October 31, 2006	$	8.70		0.22		2.09			2.31			(0.15	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.61		0.13		1.40			1.53			(0.16	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			(0.08	)	$	5.31		(15.65%	)	$	12,549		0.79%
Year Ended October 31, 2003		–			(0.10	)	$	6.55		25.51%		$	16,404		0.75%
Year Ended October 31, 2004		–	(f)		(0.09	)	$	7.63		18.01%		$	34,183		0.76%
Year Ended October 31, 2005		(0.08	)		(0.28	)	$	8.69		17.83%		$	40,565		0.76%
Year Ended October 31, 2006		(0.25	)		(0.37	)	$	10.59		26.89%		$	103,403		0.76%
Six Months Ended April 30, 2007 (Unaudited)		(0.30	)		(0.44	)	$	11.65		14.44%		$	182,098		0.76%
Class B Shares
Year Ended October 31, 2002		–			(0.05	)	$	5.26		(16.12%	)	$	80		1.39%
Year Ended October 31, 2003		–			(0.08	)	$	6.48		24.88%		$	105		1.36%
Year Ended October 31, 2004		–	(f)		(0.05	)	$	7.54		17.21%		$	159		1.36%
Year Ended October 31, 2005		(0.08	)		(0.24	)	$	8.57		17.17%		$	396		1.36%
Year Ended October 31, 2006		(0.25	)		(0.33	)	$	10.42		25.98%		$	605		1.37%
Six Months Ended April 30, 2007 (Unaudited)		(0.30	)		(0.41	)	$	11.45		14.05%		$	679		1.37%
Class C Shares
Period Ended October 31, 2005 (g)		–			(0.11	)	$	8.44		3.63%		$	152		1.36%
Year Ended October 31, 2006		(0.25	)		(0.34	)	$	10.25		26.06%		$	639		1.37%
Six Months Ended April 30, 2007 (Unaudited)		(0.30	)		(0.41	)	$	11.25		14.05%		$	1,267		1.37%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (h)		–			(0.04	)	$	11.64		6.56%		$	1		0.70%
Institutional Class Shares
Year Ended October 31, 2002		–			(0.10	)	$	5.32		(15.20%	)	$	119,502		0.36%
Year Ended October 31, 2003		–			(0.12	)	$	6.56		25.90%		$	359,705		0.36%
Year Ended October 31, 2004		–	(f)		(0.12	)	$	7.64		18.43%		$	855,050		0.36%
Year Ended October 31, 2005		(0.08	)		(0.31	)	$	8.70		18.26%		$	1,320,858		0.36%
Year Ended October 31, 2006		(0.25	)		(0.40	)	$	10.61		27.32%		$	1,900,802		0.37%
Six Months Ended April 30, 2007 (Unaudited)		(0.30	)		(0.46	)	$	11.68		14.70%		$	2,278,421		0.37%

[Additional columns below]

[Continued from above table, first column(s) repeated]

					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income to		Reimbursements)		Reimbursements)
	Average Net		to Average		to Average		Portfolio
	Assets (c)		Net Assets (c)(d)		Net Assets (c)(d)		Turnover (e)
Class A Shares
Year Ended October 31, 2002		1.15%		0.96%		0.98%		32.45%
Year Ended October 31, 2003		1.71%		0.88%		1.58%		7.71%
Year Ended October 31, 2004		1.57%		0.82%		1.51%		7.62%
Year Ended October 31, 2005		1.81%		0.83%		1.75%		12.24%
Year Ended October 31, 2006		1.95%		0.80%		1.91%		8.66%
Six Months Ended April 30, 2007 (Unaudited)		2.03%		0.76%		2.03%		1.23%
Class B Shares
Year Ended October 31, 2002		0.64%		1.72%		0.31%		32.45%
Year Ended October 31, 2003		1.03%		1.48%		0.90%		7.71%
Year Ended October 31, 2004		0.98%		1.42%		0.92%		7.62%
Year Ended October 31, 2005		1.14%		1.43%		1.07%		12.24%
Year Ended October 31, 2006		1.41%		1.41%		1.37%		8.66%
Six Months Ended April 30, 2007 (Unaudited)		1.28%		1.37%		1.28%		1.23%
Class C Shares
Period Ended October 31, 2005 (g)		1.57%		1.43%		1.50%		12.24%
Year Ended October 31, 2006		1.36%		1.41%		1.33%		8.66%
Six Months Ended April 30, 2007 (Unaudited)		1.43%		1.37%		1.43%		1.23%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (h)		4.11%		0.71%		4.10%		1.23%
Institutional Class Shares
Year Ended October 31, 2002		1.66%		0.56%		1.46%		32.45%
Year Ended October 31, 2003		1.99%		0.48%		1.87%		7.71%
Year Ended October 31, 2004		1.99%		0.42%		1.93%		7.62%
Year Ended October 31, 2005		2.17%		0.43%		2.10%		12.24%
Year Ended October 31, 2006		2.34%		0.41%		2.30%		8.66%
Six Months Ended April 30, 2007 (Unaudited)		2.29%		0.37%		2.29%		1.23%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	The amount is less than $0.005.
(g)	For period from February 14, 2005 (commencement of operations) through October 31, 2005.
(h)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.

See accompanying notes to financial statements.

120 Semiannual Report 2007

Financial Highlights

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

Nationwide Mid Cap Market Index Fund

						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	9.79		0.04			(0.59	)		(0.55	)		(0.05	)
Year Ended October 31, 2003	$	9.19		0.04			2.68			2.72			(0.04	)
Year Ended October 31, 2004	$	11.87		0.05			1.13			1.18			(0.04	)
Year Ended October 31, 2005	$	12.89		0.12			2.04			2.16			(0.11	)
Year Ended October 31, 2006	$	14.68		0.17			1.63			1.80			(0.18	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.64		0.14			1.60			1.74			(0.14	)
Class B Shares
Year Ended October 31, 2002	$	9.74		(0.01	)		(0.58	)		(0.59	)		(0.02	)
Year Ended October 31, 2003	$	9.13		(0.02	)		2.66			2.64			–
Year Ended October 31, 2004	$	11.77		(0.02	)		1.12			1.10			–
Year Ended October 31, 2005	$	12.75		0.03			2.01			2.04			(0.03	)
Year Ended October 31, 2006	$	14.50		0.07			1.63			1.70			(0.09	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.45		0.10			1.58			1.68			(0.10	)
Class C Shares
Period Ended October 31, 2003 (f)	$	11.43		–			0.33			0.33			–
Year Ended October 31, 2004	$	11.76		(0.02	)		1.12			1.10			–
Year Ended October 31, 2005	$	12.74		0.02			2.01			2.03			(0.05	)
Year Ended October 31, 2006	$	14.46		0.07			1.62			1.69			(0.11	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.38		0.09			1.58			1.67			(0.10	)
Class R Shares
Period Ended April 30, 2007 (Unaudited) (g)	$	15.72		0.05			0.75			0.80			(0.11	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			(0.05	)	$	9.19		(5.67%	)	$	19,002		0.73%
Year Ended October 31, 2003		–			(0.04	)	$	11.87		29.72%		$	38,693		0.71%
Year Ended October 31, 2004		(0.12	)		(0.16	)	$	12.89		10.07%		$	65,059		0.70%
Year Ended October 31, 2005		(0.26	)		(0.37	)	$	14.68		16.94%		$	150,305		0.70%
Year Ended October 31, 2006		(0.66	)		(0.84	)	$	15.64		12.57%		$	192,274		0.71%
Six Months Ended April 30, 2007 (Unaudited)		(1.42	)		(1.56	)	$	15.82		11.62%		$	213,437		0.72%
Class B Shares
Year Ended October 31, 2002		–			(0.02	)	$	9.13		(6.13%	)	$	86		1.32%
Year Ended October 31, 2003		–			–		$	11.77		28.96%		$	295		1.31%
Year Ended October 31, 2004		(0.12	)		(0.12	)	$	12.75		9.44%		$	657		1.31%
Year Ended October 31, 2005		(0.26	)		(0.29	)	$	14.50		16.15%		$	884		1.31%
Year Ended October 31, 2006		(0.66	)		(0.75	)	$	15.45		11.98%		$	935		1.32%
Six Months Ended April 30, 2007 (Unaudited)		(1.42	)		(1.52	)	$	15.61		11.31%		$	1,001		1.32%
Class C Shares
Period Ended October 31, 2003 (f)		–			–		$	11.76		2.89%		$	21		1.31%
Year Ended October 31, 2004		(0.12	)		(0.12	)	$	12.74		9.48%		$	26		1.31%
Year Ended October 31, 2005		(0.26	)		(0.31	)	$	14.46		16.13%		$	225		1.31%
Year Ended October 31, 2006		(0.66	)		(0.77	)	$	15.38		11.96%		$	794		1.32%
Six Months Ended April 30, 2007 (Unaudited)		(1.42	)		(1.52	)	$	15.53		11.32%		$	1,069		1.32%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (g)		(0.59	)		(0.70	)	$	15.82		5.15%		$	1		0.71%

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratio of
	Ratio of Net			Ratio of		Investment
	Investment			Expenses		Income
	Income			(Prior to		(Prior to
	(Loss) to			Reimbursements)		Reimbursements)
	Average Net			to Average		to Average			Portfolio
	Assets (c)			Net Assets (c)(d)		Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		0.42%			0.83%		0.32%			15.82%
Year Ended October 31, 2003		0.48%			0.82%		0.37%			8.26%
Year Ended October 31, 2004		0.50%			0.77%		0.44%			15.75%
Year Ended October 31, 2005		0.90%			0.77%		0.84%			18.44%
Year Ended October 31, 2006		1.09%			0.76%		1.05%			15.59%
Six Months Ended April 30, 2007 (Unaudited)		1.80%			0.73%		1.79%			10.43%
Class B Shares
Year Ended October 31, 2002		(0.16%	)		1.44%		(0.28%	)		15.82%
Year Ended October 31, 2003		(0.13%	)		1.42%		(0.25%	)		8.26%
Year Ended October 31, 2004		(0.10%	)		1.37%		(0.17%	)		15.75%
Year Ended October 31, 2005		0.27%			1.38%		0.21%			18.44%
Year Ended October 31, 2006		0.49%			1.37%		0.43%			15.59%
Six Months Ended April 30, 2007 (Unaudited)		1.21%			1.33%		1.20%			10.43%
Class C Shares
Period Ended October 31, 2003 (f)		0.16%			1.71%		(0.24%	)		8.26%
Year Ended October 31, 2004		(0.10%	)		1.38%		(0.17%	)		15.75%
Year Ended October 31, 2005		0.28%			1.39%		0.21%			18.44%
Year Ended October 31, 2006		0.42%			1.37%		0.38%			15.59%
Six Months Ended April 30, 2007 (Unaudited)		1.20%			1.34%		1.18%			10.43%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (g)		2.25%			0.71%		2.24%			10.43%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(g)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.

See accompanying notes to financial statements.

2007 Semiannual Report 121

Financial Highlights (Continued)

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

Nationwide Mid Cap Market Index Fund

					Net Realized
					and
	Net Asset		Net		Unrealized			Total
	Value,		Investment		Gains			from			Net
	Beginning		Income		(Losses) on			Investment			Investment
	of Period		(Loss)		Investments			Activities			Income
Institutional Class Shares
Year Ended October 31, 2002	$	9.84		0.08		(0.58	)		(0.50	)		(0.09	)
Year Ended October 31, 2003	$	9.25		0.08		2.70			2.78			(0.08	)
Year Ended October 31, 2004	$	11.95		0.11		1.13			1.24			(0.11	)
Year Ended October 31, 2005	$	12.96		0.17		2.06			2.23			(0.16	)
Year Ended October 31, 2006	$	14.77		0.22		1.65			1.87			(0.23	)
Six Months Ended April 30, 2007 (Unaudited)	$	15.75		0.17		1.62			1.79			(0.17	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Institutional Class Shares
Year Ended October 31, 2002		–			(0.09	)	$	9.25		(5.19%	)	$	84,128		0.31%
Year Ended October 31, 2003		–			(0.08	)	$	11.95		30.21%		$	247,960		0.31%
Year Ended October 31, 2004		(0.12	)		(0.23	)	$	12.96		10.47%		$	530,191		0.31%
Year Ended October 31, 2005		(0.26	)		(0.42	)	$	14.77		17.41%		$	857,475		0.31%
Year Ended October 31, 2006		(0.66	)		(0.89	)	$	15.75		13.06%		$	1,108,039		0.32%
Six Months Ended April 30, 2007 (Unaudited)		(1.42	)		(1.59	)	$	15.95		11.88%		$	652,257		0.32%

[Additional columns below]

[Continued from above table, first column(s) repeated]

					Ratio of
	Ratio of Net		Ratio of		Investment
	Investment		Expenses		Income
	Income		(Prior to		(Prior to
	(Loss) to		Reimbursements)		Reimbursements)
	Average Net		to Average		to Average		Portfolio
	Assets (c)		Net Assets (c)(d)		Net Assets (c)(d)		Turnover (e)
Institutional Class Shares
Year Ended October 31, 2002		0.84%		0.44%		0.71%		15.82%
Year Ended October 31, 2003		0.87%		0.42%		0.76%		8.26%
Year Ended October 31, 2004		0.89%		0.37%		0.83%		15.75%
Year Ended October 31, 2005		1.27%		0.38%		1.21%		18.44%
Year Ended October 31, 2006		1.47%		0.37%		1.43%		15.59%
Six Months Ended April 30, 2007 (Unaudited)		2.25%		0.33%		2.24%		10.43%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(g)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.

See accompanying notes to financial statements.

122 Semiannual Report 2007

Financial Highlights

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

Nationwide S&P 500 Index Fund

					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	9.12		0.09		(1.50	)		(1.41	)		(0.09	)
Year Ended October 31, 2003	$	7.62		0.10		1.41			1.51			(0.09	)
Year Ended October 31, 2004	$	9.04		0.11		0.70			0.81			(0.11	)
Year Ended October 31, 2005	$	9.74		0.15		0.64			0.79			(0.17	)
Year Ended October 31, 2006	$	10.36		0.16		1.47			1.63			(0.16	)
Six Months Ended April 30, 2007 (Unaudited)	$	11.75		0.09		0.88			0.97			(0.10	)
Class B Shares
Year Ended October 31, 2002	$	9.09		0.03		(1.50	)		(1.47	)		(0.03	)
Year Ended October 31, 2003	$	7.59		0.04		1.41			1.45			(0.04	)
Year Ended October 31, 2004	$	9.00		0.05		0.69			0.74			(0.04	)
Year Ended October 31, 2005	$	9.70		0.09		0.63			0.72			(0.09	)
Year Ended October 31, 2006	$	10.33		0.08		1.46			1.54			(0.08	)
Six Months Ended April 30, 2007 (Unaudited)	$	11.71		0.05		0.87			0.92			(0.06	)
Class C Shares
Period Ended October 31, 2003 (f)	$	8.83		–		0.18			0.18			–
Year Ended October 31, 2004	$	9.01		0.05		0.67			0.72			(0.06	)
Year Ended October 31, 2005	$	9.67		0.08		0.64			0.72			(0.11	)
Year Ended October 31, 2006	$	10.28		0.08		1.46			1.54			(0.09	)
Six Months Ended April 30, 2007 (Unaudited)	$	11.65		0.05		0.88			0.93			(0.07	)
Class R Shares
Period Ended April 30, 2007 (Unaudited) (g)(h)	$	12.21		0.03		0.39			0.42			(0.06	)
Institutional Service Class Shares
Year Ended October 31, 2002	$	9.14		0.09		(1.50	)		(1.41	)		(0.09	)
Year Ended October 31, 2003	$	7.64		0.10		1.42			1.52			(0.09	)
Year Ended October 31, 2004	$	9.07		0.12		0.69			0.81			(0.11	)
Year Ended October 31, 2005	$	9.77		0.18		0.62			0.80			(0.17	)
Year Ended October 31, 2006	$	10.40		0.17		1.46			1.63			(0.16	)
Six Months Ended April 30, 2007 (Unaudited)	$	11.79		0.10		0.88			0.98			(0.10	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			(0.09	)	$	7.62		(15.62%	)	$	3,942		0.52%
Year Ended October 31, 2003		–			(0.09	)	$	9.04		20.03%		$	5,795		0.48%
Year Ended October 31, 2004		–			(0.11	)	$	9.74		8.99%		$	7,822		0.50%
Year Ended October 31, 2005		–			(0.17	)	$	10.36		8.11%		$	24,805		0.50%
Year Ended October 31, 2006		(0.08	)		(0.24	)	$	11.75		15.90%		$	42,670		0.49%
Six Months Ended April 30, 2007 (Unaudited)		(0.05	)		(0.15	)	$	12.57		8.32%		$	68,536		0.48%
Class B Shares
Year Ended October 31, 2002		–			(0.03	)	$	7.59		(16.24%	)	$	2,423		1.23%
Year Ended October 31, 2003		–			(0.04	)	$	9.00		19.14%		$	3,713		1.23%
Year Ended October 31, 2004		–			(0.04	)	$	9.70		8.23%		$	4,820		1.23%
Year Ended October 31, 2005		–			(0.09	)	$	10.33		7.45%		$	5,707		1.23%
Year Ended October 31, 2006		(0.08	)		(0.16	)	$	11.71		15.01%		$	6,296		1.23%
Six Months Ended April 30, 2007 (Unaudited)		(0.05	)		(0.11	)	$	12.52		7.90%		$	9,348		1.22%
Class C Shares
Period Ended October 31, 2003 (f)		–			–		$	9.01		2.04%		$	10		1.23%
Year Ended October 31, 2004		–			(0.06	)	$	9.67		8.06%		$	250		1.23%
Year Ended October 31, 2005		–			(0.11	)	$	10.28		7.44%		$	831		1.23%
Year Ended October 31, 2006		(0.08	)		(0.17	)	$	11.65		15.06%		$	1,423		1.23%
Six Months Ended April 30, 2007 (Unaudited)		(0.05	)		(0.12	)	$	12.46		7.98%		$	2,473		1.22%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (g)(h)		–			(0.06	)	$	12.57		4.12%		$	210		0.73%
Institutional Service Class Shares
Year Ended October 31, 2002		–			(0.09	)	$	7.64		(15.56%	)	$	41,498		0.48%
Year Ended October 31, 2003		–			(0.09	)	$	9.07		20.11%		$	55,197		0.48%
Year Ended October 31, 2004		–			(0.11	)	$	9.77		9.14%		$	69,569		0.48%
Year Ended October 31, 2005		–			(0.17	)	$	10.40		8.29%		$	69,996		0.48%
Year Ended October 31, 2006		(0.08	)		(0.24	)	$	11.79		15.85%		$	82,443		0.48%
Six Months Ended April 30, 2007 (Unaudited)		(0.05	)		(0.15	)	$	12.62		8.37%		$	94,417		0.47%

[Additional columns below]

[Continued from above table, first column(s) repeated]

					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income to		Reimbursements)		Reimbursements)
	Average Net		to Average		to Average		Portfolio
	Assets (c)		Net Assets (c)(d)		Net Assets (c)(d)		Turnover (e)
Class A Shares
Year Ended October 31, 2002		1.06%		0.61%		0.97%		3.06%
Year Ended October 31, 2003		1.28%		0.56%		1.21%		1.30%
Year Ended October 31, 2004		1.18%		0.54%		1.13%		1.71%
Year Ended October 31, 2005		1.49%		0.56%		1.43%		5.28%
Year Ended October 31, 2006		1.46%		0.52%		1.43%		2.63%
Six Months Ended April 30, 2007 (Unaudited)		1.61%		0.49%		1.61%		1.61%
Class B Shares
Year Ended October 31, 2002		0.35%		1.39%		0.19%		3.06%
Year Ended October 31, 2003		0.54%		1.30%		0.47%		1.30%
Year Ended October 31, 2004		0.45%		1.27%		0.41%		1.71%
Year Ended October 31, 2005		0.90%		1.28%		0.86%		5.28%
Year Ended October 31, 2006		0.75%		1.26%		0.72%		2.63%
Six Months Ended April 30, 2007 (Unaudited)		0.89%		1.22%		0.89%		1.61%
Class C Shares
Period Ended October 31, 2003 (f)		0.48%		1.23%		0.48%		1.30%
Year Ended October 31, 2004		0.46%		1.27%		0.42%		1.71%
Year Ended October 31, 2005		0.71%		1.28%		0.65%		5.28%
Year Ended October 31, 2006		0.72%		1.26%		0.69%		2.63%
Six Months Ended April 30, 2007 (Unaudited)		0.87%		1.23%		0.87%		1.61%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (g)(h)		0.94%		0.74%		0.94%		1.61%
Institutional Service Class Shares
Year Ended October 31, 2002		1.09%		0.57%		1.00%		3.06%
Year Ended October 31, 2003		1.29%		0.55%		1.21%		1.30%
Year Ended October 31, 2004		1.21%		0.52%		1.16%		1.71%
Year Ended October 31, 2005		1.68%		0.52%		1.63%		5.28%
Year Ended October 31, 2006		1.49%		0.51%		1.47%		2.63%
Six Months Ended April 30, 2007 (Unaudited)		1.65%		0.48%		1.65%		1.61%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(g)	For the period from January 30, 2007 (commencement of operations) through April 30, 2007.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 123

Financial Highlights (Continued)

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

Nationwide S&P 500 Index Fund

					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Institutional Class Shares
Year Ended October 31, 2002	$	9.15		0.11		(1.51	)		(1.40	)		(0.11	)
Year Ended October 31, 2003	$	7.64		0.11		1.43			1.54			(0.11	)
Year Ended October 31, 2004	$	9.07		0.13		0.70			0.83			(0.13	)
Year Ended October 31, 2005	$	9.77		0.19		0.64			0.83			(0.19	)
Year Ended October 31, 2006	$	10.41		0.19		1.47			1.66			(0.19	)
Six Months Ended April 30, 2007 (Unaudited) (h)	$	11.80		0.12		0.88			1.00			(0.12	)
Local Fund Shares
Year Ended October 31, 2002	$	9.17		0.11		(1.52	)		(1.41	)		(0.10	)
Year Ended October 31, 2003	$	7.66		0.12		1.42			1.54			(0.11	)
Year Ended October 31, 2004	$	9.09		0.14		0.69			0.83			(0.13	)
Year Ended October 31, 2005	$	9.79		0.20		0.63			0.83			(0.19	)
Year Ended October 31, 2006	$	10.43		0.19		1.47			1.66			(0.18	)
Six Months Ended April 30, 2007 (Unaudited)	$	11.83		0.11		0.88			0.99			(0.11	)
Service Class Shares
Year Ended October 31, 2002	$	9.11		0.08		(1.50	)		(1.42	)		(0.08	)
Year Ended October 31, 2003	$	7.61		0.09		1.41			1.50			(0.08	)
Year Ended October 31, 2004	$	9.03		0.11		0.69			0.80			(0.10	)
Year Ended October 31, 2005	$	9.73		0.16		0.62			0.78			(0.15	)
Year Ended October 31, 2006	$	10.36		0.15		1.46			1.61			(0.14	)
Six Months Ended April 30, 2007 (Unaudited)	$	11.75		0.09		0.87			0.96			(0.09	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Institutional Class Shares
Year Ended October 31, 2002		–			(0.11	)	$	7.64		(15.44%	)	$	235,333		0.23%
Year Ended October 31, 2003		–			(0.11	)	$	9.07		20.39%		$	620,598		0.23%
Year Ended October 31, 2004		–			(0.13	)	$	9.77		8.86%		$	1,247,061		0.23%
Year Ended October 31, 2005		–			(0.19	)	$	10.41		8.55%		$	2,007,290		0.23%
Year Ended October 31, 2006		(0.08	)		(0.27	)	$	11.80		16.12%		$	2,689,368		0.23%
Six Months Ended April 30, 2007 (Unaudited) (h)		(0.05	)		(0.17	)	$	12.63		8.49%		$	1,661,739		0.22%
Local Fund Shares
Year Ended October 31, 2002		–			(0.10	)	$	7.66		(15.47%	)	$	81		0.31%
Year Ended October 31, 2003		–			(0.11	)	$	9.09		20.26%		$	97		0.30%
Year Ended October 31, 2004		–			(0.13	)	$	9.79		8.85%		$	106		0.30%
Year Ended October 31, 2005		–			(0.19	)	$	10.43		8.45%		$	115		0.30%
Year Ended October 31, 2006		(0.08	)		(0.26	)	$	11.83		16.10%		$	134		0.30%
Six Months Ended April 30, 2007 (Unaudited)		(0.05	)		(0.16	)	$	12.66		8.43%		$	148		0.30%
Service Class Shares
Year Ended October 31, 2002		–			(0.08	)	$	7.61		(15.73%	)	$	266,515		0.63%
Year Ended October 31, 2003		–			(0.08	)	$	9.03		19.89%		$	413,554		0.63%
Year Ended October 31, 2004		–			(0.10	)	$	9.73		9.24%		$	523,127		0.63%
Year Ended October 31, 2005		–			(0.15	)	$	10.36		8.06%		$	578,102		0.63%
Year Ended October 31, 2006		(0.08	)		(0.22	)	$	11.75		15.74%		$	628,021		0.63%
Six Months Ended April 30, 2007 (Unaudited)		(0.05	)		(0.14	)	$	12.57		8.24%		$	669,473		0.63%

[Additional columns below]

[Continued from above table, first column(s) repeated]

					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income to		Reimbursements)		Reimbursements)
	Average Net		to Average		to Average		Portfolio
	Assets (c)		Net Assets (c)(d)		Net Assets (c)(d)		Turnover (e)
Institutional Class Shares
Year Ended October 31, 2002		1.37%		0.33%		1.27%		3.06%
Year Ended October 31, 2003		1.52%		0.30%		1.45%		1.30%
Year Ended October 31, 2004		1.45%		0.27%		1.41%		1.71%
Year Ended October 31, 2005		1.86%		0.28%		1.81%		5.28%
Year Ended October 31, 2006		1.73%		0.26%		1.71%		2.63%
Six Months Ended April 30, 2007 (Unaudited) (h)		1.95%		0.23%		1.95%		1.61%
Local Fund Shares
Year Ended October 31, 2002		1.25%		0.39%		1.17%		3.06%
Year Ended October 31, 2003		1.47%		0.37%		1.40%		1.30%
Year Ended October 31, 2004		1.38%		0.34%		1.34%		1.71%
Year Ended October 31, 2005		1.85%		0.35%		1.80%		5.28%
Year Ended October 31, 2006		1.67%		0.33%		1.65%		2.63%
Six Months Ended April 30, 2007 (Unaudited)		1.83%		0.30%		1.83%		1.61%
Service Class Shares
Year Ended October 31, 2002		0.94%		0.72%		0.85%		3.06%
Year Ended October 31, 2003		1.14%		0.70%		1.06%		1.30%
Year Ended October 31, 2004		1.05%		0.67%		1.01%		1.71%
Year Ended October 31, 2005		1.51%		0.67%		1.47%		5.28%
Year Ended October 31, 2006		1.35%		0.66%		1.32%		2.63%
Six Months Ended April 30, 2007 (Unaudited)		1.50%		0.63%		1.50%		1.61%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(g)	For the period from January 30, 2007 (commencement of operations) through April 30, 2007.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

124 Semiannual Report 2007

Financial Highlights

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

Nationwide Small Cap Index Fund

						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	8.34		0.05			(1.07	)		(1.02	)		(0.05	)
Year Ended October 31, 2003	$	7.27		0.05			2.98			3.03			(0.05	)
Year Ended October 31, 2004	$	10.25		0.06			1.06			1.12			(0.05	)
Year Ended October 31, 2005	$	11.15		0.10			1.20			1.30			(0.10	)
Year Ended October 31, 2006	$	11.90		0.15			2.06			2.21			(0.15	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.47		0.10			0.76			0.86			(0.10	)
Class B Shares
Period Ended October 31, 2002 (f)	$	8.84		0.03			(1.59	)		(1.56	)		(0.03	)
Year Ended October 31, 2003	$	7.25		–			2.97			2.97			(0.01	)
Year Ended October 31, 2004	$	10.21		(0.01	)		1.05			1.04			–
Year Ended October 31, 2005	$	11.08		0.03			1.19			1.22			(0.03	)
Year Ended October 31, 2006	$	11.82		0.08			2.02			2.10			(0.07	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.36		0.06			0.76			0.82			(0.06	)
Class C Shares
Period Ended October 31, 2003 (g)	$	9.91		–			0.29			0.29			–
Year Ended October 31, 2004	$	10.20		–			1.06			1.06			(0.01	)
Year Ended October 31, 2005	$	11.08		0.03			1.19			1.22			(0.05	)
Year Ended October 31, 2006	$	11.80		0.06			2.05			2.11			(0.09	)
Six Months Ended April 30, 2007 (Unaudited)	$	13.33		0.06			0.75			0.81			(0.06	)
Class R Shares
Period Ended April 30, 2007 (Unaudited) (h)	$	12.81		0.03			0.40			0.43			(0.07	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			(0.05	)	$	7.27		(12.29%	)	$	11,079		0.71%
Year Ended October 31, 2003		–			(0.05	)	$	10.25		41.89%		$	42,343		0.69%
Year Ended October 31, 2004		(0.17	)		(0.22	)	$	11.15		11.08%		$	62,688		0.69%
Year Ended October 31, 2005		(0.45	)		(0.55	)	$	11.90		11.67%		$	65,751		0.69%
Year Ended October 31, 2006		(0.49	)		(0.64	)	$	13.47		19.14%		$	114,281		0.70%
Six Months Ended April 30, 2007 (Unaudited)		(1.28	)		(1.38	)	$	12.95		6.56%		$	134,947		0.69%
Class B Shares
Period Ended October 31, 2002 (f)		–			(0.03	)	$	7.25		(17.68%	)	$	89		1.29%
Year Ended October 31, 2003		–			(0.01	)	$	10.21		40.98%		$	249		1.29%
Year Ended October 31, 2004		(0.17	)		(0.17	)	$	11.08		10.28%		$	424		1.29%
Year Ended October 31, 2005		(0.45	)		(0.48	)	$	11.82		10.98%		$	444		1.29%
Year Ended October 31, 2006		(0.49	)		(0.56	)	$	13.36		18.38%		$	482		1.30%
Six Months Ended April 30, 2007 (Unaudited)		(1.28	)		(1.34	)	$	12.84		6.20%		$	464		1.30%
Class C Shares
Period Ended October 31, 2003 (g)		–			–		$	10.20		2.93%		$	21		1.29%
Year Ended October 31, 2004		(0.17	)		(0.18	)	$	11.08		10.48%		$	39		1.29%
Year Ended October 31, 2005		(0.45	)		(0.50	)	$	11.80		10.99%		$	200		1.29%
Year Ended October 31, 2006		(0.49	)		(0.58	)	$	13.33		18.40%		$	534		1.30%
Six Months Ended April 30, 2007 (Unaudited)		(1.28	)		(1.34	)	$	12.80		6.24%		$	614		1.30%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (h)		(0.23	)		(0.30	)	$	12.94		3.86%		$	1		0.67%

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c)(d)		Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		0.71%			0.97%		0.45%			34.77%
Year Ended October 31, 2003		0.61%			0.83%		0.47%			25.63%
Year Ended October 31, 2004		0.56%			0.77%		0.48%			24.10%
Year Ended October 31, 2005		0.90%			0.77%		0.82%			24.14%
Year Ended October 31, 2006		1.21%			0.75%		1.17%			31.51%
Six Months Ended April 30, 2007 (Unaudited)		1.45%			0.69%		1.44%			5.79%
Class B Shares
Period Ended October 31, 2002 (f)		0.15%			1.55%		(0.11%	)		34.77%
Year Ended October 31, 2003		0.04%			1.44%		(0.11%	)		25.63%
Year Ended October 31, 2004		(0.04%	)		1.37%		(0.12%	)		24.10%
Year Ended October 31, 2005		0.28%			1.37%		0.21%			24.14%
Year Ended October 31, 2006		0.62%			1.35%		0.57%			31.51%
Six Months Ended April 30, 2007 (Unaudited)		0.83%			1.31%		0.82%			5.79%
Class C Shares
Period Ended October 31, 2003 (g)		0.07%			1.38%		(0.02%	)		25.63%
Year Ended October 31, 2004		(0.04%	)		1.37%		(0.12%	)		24.10%
Year Ended October 31, 2005		0.23%			1.37%		0.16%			24.14%
Year Ended October 31, 2006		0.53%			1.35%		0.49%			31.51%
Six Months Ended April 30, 2007 (Unaudited)		0.83%			1.31%		0.82%			5.79%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (h)		1.47%			0.71%		1.43%			5.79%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2002 (commencement of operations) through October 31, 2002.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.

See accompanying notes to financial statements.

2007 Semiannual Report 125

Financial Highlights (Continued)

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

Nationwide Small Cap Index Fund

					Net Realized
					and
	Net Asset		Net		Unrealized			Total
	Value,		Investment		Gains			from			Net
	Beginning		Income		(Losses) on			Investment			Investment
	of Period		(Loss)		Investments			Activities			Income
Institutional Class Shares
Year Ended October 31, 2002	$	8.38		0.08		(1.06	)		(0.98	)		(0.08	)
Year Ended October 31, 2003	$	7.32		0.08		3.00			3.08			(0.08	)
Year Ended October 31, 2004	$	10.32		0.10		1.09			1.19			(0.10	)
Year Ended October 31, 2005	$	11.24		0.15		1.21			1.36			(0.15	)
Year Ended October 31, 2006	$	12.00		0.20		2.07			2.27			(0.19	)
Six Months Ended April 30, 2007 (Unaudited) (i)	$	13.59		0.12		0.76			0.88			(0.12	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a)(b)			(000’s)		Net Assets (c)
Institutional Class Shares
Year Ended October 31, 2002		–			(0.08	)	$	7.32		(11.80%	)	$	33,247		0.29%
Year Ended October 31, 2003		–			(0.08	)	$	10.32		42.49%		$	99,904		0.29%
Year Ended October 31, 2004		(0.17	)		(0.27	)	$	11.24		11.51%		$	210,322		0.29%
Year Ended October 31, 2005		(0.45	)		(0.60	)	$	12.00		12.11%		$	348,509		0.29%
Year Ended October 31, 2006		(0.49	)		(0.68	)	$	13.59		19.60%		$	518,239		0.30%
Six Months Ended April 30, 2007 (Unaudited) (i)		(1.28	)		(1.40	)	$	13.07		6.68%		$	284,854		0.30%

[Additional columns below]

[Continued from above table, first column(s) repeated]

					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income (Loss) to		Reimbursements)		Reimbursements)
	Average Net		to Average		to Average		Portfolio
	Assets (c)		Net Assets (c)(d)		Net Assets (c)(d)		Turnover (e)
Institutional Class Shares
Year Ended October 31, 2002		1.14%		0.58%		0.85%		34.77%
Year Ended October 31, 2003		1.04%		0.44%		0.89%		25.63%
Year Ended October 31, 2004		0.97%		0.37%		0.88%		24.10%
Year Ended October 31, 2005		1.28%		0.37%		1.21%		24.14%
Year Ended October 31, 2006		1.61%		0.35%		1.57%		31.51%
Six Months Ended April 30, 2007 (Unaudited) (i)		1.87%		0.31%		1.86%		5.79%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2002 (commencement of operations) through October 31, 2002.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	For the period from March 9, 2007 (commencement of operations) through April 30, 2007.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

126 Semiannual Report 2007

Notes to Financial Statements

April 30, 2007 (Unaudited)

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Mutual Funds”. Prior to January 25, 2002, the Trust was named “Nationwide Mutual Funds”. The Trust was originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust, dated as of October 30, 1997, as subsequently amended, and redomesticated as a Delaware Statutory Trust on February 28, 2005; the redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of April 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-nine (49) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the five (5) funds listed below (individually, a “Fund”; collectively, the “Funds”):

-  Nationwide Bond Index Fund (“Bond Index,” formerly, “Gartmore Bond Index Fund”)

-  Nationwide International Index Fund (“International Index,” formerly, “Gartmore International Index Fund”)

-  Nationwide Mid Cap Market Index Fund (“Mid Cap Market Index,” formerly, “Gartmore Mid Cap Market Index Fund”)

-  Nationwide S&P 500 Index Fund (“S&P 500 Index,” formerly, “Gartmore S&P 500 Index Fund”)

-  Nationwide Small Cap Index Fund (“Small Cap Index,” formerly, “Gartmore Small Cap Index Fund”)

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). 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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase are considered to be “short-term” and are valued at amortized cost which approximates market value.

2007 Semiannual Report 127

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Funds holding foreign equity securities (the “Foreign Equity Funds”) value foreign securities at fair value in the circumstances described below. 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 Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty of Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

128 Semiannual Report 2007

(d) Forward Foreign Currency Contracts

Certain Funds may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities that the Funds intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Future contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(f) Swap Contracts

The Funds may engage in swap contracts in order to obtain a desired return at a lower cost than if the Funds had invested directly in the asset that yielded the desired return. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statement of Assets and Liabilities. The change in unrealized gains or losses on swap contracts is reported as unrealized gains or losses in the Statement of Operations. A realized gain or loss is recorded upon termination of swap contracts. Swap contracts are stated at fair value. Notional principal amounts are used to express the extent of involvement in these contracts, but the amounts potentially subject to credit risk are much smaller. As of April 30, 2007, the Funds did not have any swap contracts outstanding.

(g) Mortgage Dollar Rolls

Certain Funds may enter into mortgage “dollar rolls” in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Mortgage dollar rolls are referred to as TBA’s on the Statement of Investments of the applicable Funds. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

2007 Semiannual Report 129

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i) Securities Lending

To generate additional income, each of the Funds may lend their respective portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Funds’ investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statements of Investments.

As of April 30, 2007, the following Funds had securities with the following values on loan:

	Market Value of		Market Value of
Fund	Loaned Securities		Collateral
Bond Index	$	18,643,833	$	18,861,533
International Index		439,461,238		461,678,630
Mid Cap Market Index		11,277,139		11,671,068
Small Cap Index		26,574,663		27,797,338

(j) Distributions to Shareholders

Distributions from net investment income, if any, is declared daily and paid monthly for the Bond Index Fund and is declared and paid quarterly for all other Funds. For all Funds, distributed from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign gain/loss, paydowns and real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.

130 Semiannual Report 2007

(k) Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of April 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

								Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Bond Index	$	1,103,290,093	$	2,407,132	$	(6,552,152	)	$	(4,145,020	)
International Index		2,077,884,455		805,777,136		(13,803,227	)		791,973,909
Mid Cap Market Index		776,123,858		127,303,078		(21,607,296	)		105,695,782
S&P 500 Index		2,093,492,767		450,014,687		(37,175,350	)		412,839,337
Small Cap Index		421,017,605		45,405,497		(15,789,473	)		29,616,024

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. For each Fund, except Bond Index, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. For the Bond Index Funds, the allocation method used is based on the fair value of settled shares outstanding. Under this method, earnings are allocated based on the fair value of settled shares. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, “Gartmore Mutual Fund Capital Trust” (“GMF”)) (“NFA” or the “Adviser”) manages the investment of the assets and supervises the daily business affairs of the Funds (as shown in the table below). As of May 1, 2007, NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). NFA provides investment management evaluation services in initially selecting and monitoring on an ongoing basis, the performance of the subadviser, BlackRock Investment Management, LLC, for the Funds that NFA advises. The subadviser manages each of its respective Fund’s investments and has the responsibility for making all investment decisions for the applicable Funds.

Under the terms of the Investment Advisory Agreement, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. From these fees, pursuant to the subadvisory agreements, NFA pays fees to the subadviser.

2007 Semiannual Report 131

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

Additional information regarding the investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended April 30, 2007:

			Total
Fund	Fee Schedule		Fees
Bond Index		Up to $1.5 billion		0.22%
		On the next $1.5 billion		0.21%
		On $3 billion and more		0.20%
International Index		Up to $1.5 billion		0.27%
		On the next $1.5 billion		0.26%
		On $3 billion and more		0.25%
Mid Cap Market Index		Up to $1.5 billion		0.22%
		On the next $1.5 billion		0.21%
		On $3 billion and more		0.20%
S&P 500 Index		Up to $1.5 billion		0.13%
		On the next $1.5 billion		0.12%
		On the next $1.5 billion more		0.11%
		On $4.5 billion and more		0.10%
Small Cap Index		Up to $1.5 billion		0.20%
		On the next $1.5 billion		0.19%
		On $3 billion and more		0.18%

From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $2,947,322 for the six months ended April 30, 2007.

NFA and the Funds have entered into written contracts (“Expense Limitation Agreements”) that limit operating expenses (excluding any taxes, interest, brokerage commissions and other costs incurred in connection with the purchase and sale of portfolio securities, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP expenses incurred by a Fund in connection with any merger or reorganization, and other non-routine expenses no incurred in the ordinary course of the Fund’s business from exceeding the amounts listed in the table below until at least February 28, 2008:

Fund	Expense Caps		Amount
Bond Index (a)		All Classes		0.32%
International Index (a)		All Classes		0.37%
Mid Cap Market Index		All Classes		0.32%
S&P 500 Index		All Classes		0.23%
Small Cap Index (a)		All Classes		0.30%

(a) The Expense Limitation Agreement for these Funds also states that the expense ratio for each class will not exceed 4.00% through March 1, 2011.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc.” (“GDSI”)) (“NFD” or “Distributor”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”). NFSDI is a wholly-owned subsidiary of

132 Semiannual Report 2007

NFS. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed the following:

	Class A			Class B			Class C			Class R			Service			Local
Fund	Shares			Shares			Shares			Shares			Class Shares			Fund Shares
Bond Index		0.25	%		1.00	%		1.00	%		0.50	%		n/a			n/a
International Index		0.25	%		1.00	%		1.00	%		0.50	%		n/a			n/a
Mid Cap Market Index		0.25	%		1.00	%		1.00	%		0.50	%		n/a			n/a
S&P 500 Index		0.25	%		1.00	%		1.00	%		0.50	%		0.15	%		0.07	%
Small Cap Index		0.25	%		1.00	%		1.00	%		0.50	%		n/a			n/a

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A shares. These fees are deducted from and are not included in proceeds from sales of Class A shares. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of the purchase. Class C shares have a CDSC fee of 1% imposed on redemptions of Class C shares made within one year of purchase. For the six months ended April 30, 2007, NFD received commissions of $23,311 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Funds, of which $4,351 was re-allowed to affiliated broker-dealers of the Funds.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFSDI, provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each Fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.26%
$1 billion up to $3 billion	0.19%
$3 billion up to $4 billion	0.15%
$4 billion up to $5 billion	0.08%
$5 billion up to $10 billion	0.05%
$10 billion up to $12 billion	0.03%
$12 billion or more	0.02%

*  The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Optimal Allocations Fund: Defensive, Nationwide Optimal Allocations Fund: Moderate, Nationwide Optimal Allocations Fund: Moderate Growth, Nationwide Optimal Allocations Fund: Growth, and Nationwide Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.

2007 Semiannual Report 133

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

NFA and NFM have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Funds.

NFA and BISYS have agreed to designate certain sub-transfer agency agreements NFA enters into with respect to the Funds as “Qualifying Sub-TA Agreements.” With respect to Qualifying Sub-TA Agreements, BISYS will credit to NFA an amount equal to the lesser of (i) the actual amount NFA is charged by the sub-transfer agent under the applicable Qualifying Sub-TA Agreement or (ii) $10 per investor account; however, the aggregate amount paid with regard to all Qualifying Sub-TA Agreements, regardless of whether option (i) or (ii) applies, shall not exceed $200,000 per annum. BISYS will calculate and credit such amounts to NFA’s fees on a monthly basis. All amounts will be credited to each, applicable Fund on a monthly basis.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, NFS an affiliate NFA, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Class A, Service Class, and Institutional Service Class shares of each of the Funds.

For the six months ended April 30, 2007, NFS received the following amounts in administrative services fees from each Fund:

Fund	Amount
Bond Index	$	29,279
International Index		102,469
Mid Cap Market Index		140,173
S&P 500 Index		906,438
Small Cap Index		89,570

Under the terms of a letter agreement dated September 12, 2006, by and among NFA and the Audit Committee of the Trust and Nationwide Mutual Fund Trust, the Trust has agreed to reimburse NFA certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended April 30, 2007, the Funds portion of such costs amounted to $92,841.

4. Short-Term Trading Fees

The Funds assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within seven calendar days of purchase. The redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

134 Semiannual Report 2007

For the six months ended April 30, 2007, the Funds had contributions to capital due to collection of redemption fees.

Fund	Amount
Bond Index	$	803
International Index		4,982
Mid Cap Market Index		103
S&P 500 Index		4,266

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Funds’ custodian bank, permitting the Trust to borrow up to 100,000,000 Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 26, 2007, with a commitment fee of 0.08% per year on $100,000,000. There were no borrowings outstanding under this line of credit during the six months ended April 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credits) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are a reduction of total expenses shown on the Statement of Operations.

6. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2007, are summarized as follows:

Fund	Purchases		Sales
Bond Index	$	1,512,989,031	$	1,258,207,210
International Index		165,787,419		26,560,084
Mid Cap Market Index		119,976,792		113,853,016
S&P 500 Index		94,788,747		53,270,640
Small Cap Index		102,214,553		30,886,685

Purchases and sales of U.S. Government securities for the six months ended April 30, 2007, are summarized as follows:

Fund	Purchases		Sales
Bond Index	$	1,305,088,879	$	17,590,852

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and a high price volatility with respect to securities of issuers from developing countries.

2007 Semiannual Report 135

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements—On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund is required to implement FIN 48 in its net asset value per share (NAV) calculation on October 30, 2007. At this time, management is evaluating the implications of FIN 48. Its impact to the financial statements has not yet been determined.

10. Other

During the six months ended April 30, 2007, the Bond Index Fund, Mid Cap Index Fund, S&P 500 Index Fund and Small Cap Index Fund delivered securities of the Funds in exchange for the redemption of Institutional Shares (redemption in-kind). Cash and securities were transferred for redemptions at a market value of $1,412,594,323, $609,836,722, $1,387,369,746 and $320,668,228 for the Bond Index Fund, Mid Cap Index Fund, S&P 500 Index Fund, and Small Cap Index Fund respectively. For financial reporting purposes, the Bond Index Fund, Mid Cap Index Fund, S&P 500 Index Fund and Small Cap Index Fund recorded net realized gains (losses) of ($5,987,093), $146,024,439, $362,895,382 and $63,889,918, respectively, in connection with the transactions. However, for tax purposes, the transactions received tax-free treatment. These permanent book to tax differences were reclassified within the components of net assets in accordance with the Funds’ accounting policies, more fully disclosed in note 2.

136 Semiannual Report 2007

Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

2007 Semiannual Report 137

Management Information (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association – College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	Mr. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

138 Semiannual Report 2007

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust,2 . From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for Nationwide Funds Group.3		N/A	N/A

2007 Semiannual Report 139

Management Information (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005)3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC.3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	This position is held with an affiliated person or principal underwriter of the Trust.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

140 Semiannual Report 2007

Supplemental Information (Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment advisers and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”,) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees considers at each meeting factors that are relevant to the annual renewal of the Fund’s Advisory Agreements, including the services and support provided to the Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew the Advisory Agreement for a one year term beginning February 28, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of the Advisory Agreements. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from Adviser describing, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2006) compared with the Fund’s benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from Adviser describing, on a Fund-by-Fund basis, performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from Adviser describing, on a Fund-by-Fund basis, Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from Adviser describing, on a Fund-by-Fund basis, any fees paid to Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits and fees inuring to Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by Adviser under the Advisory Agreement and the profits realized by Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group funds to their investment advisers and paid by non-affiliated institutional clients to Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover

2007 Semiannual Report 141

Supplemental Information (Unaudited) (Continued)

rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreements for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination is aware that shareholders of the Fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors, and that the Fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the Fund in its prospectus and other public disclosures, have chosen to invest in this Fund, managed by the Adviser.

Nationwide Bond Index Fund

The Board considered that the Fund underperformed the Fund’s benchmark, the Lehman US Aggregate Bond Index, for the one-, three- and five-year periods, but had performed in line with the benchmark on a gross basis. The Board also considered that the performance of the Class A shares of the Fund had ranked in the fourth quintile of the Performance Group constructed by Lipper over the one-year period, in the third quintile over the two-year period, and in the fifth quintile over the three-, four-, and five-year periods. The Board also considered that the Fund’s portfolio manager had changed in September 2006 and noted that recent performance has shown improvement. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group. The Trustees found that the Fund’s contractual advisory fee compared with peer group funds was relatively high, but within the range of the peer group of funds. The Board also considered that the Fund’s total expenses were relatively high compared with its Lipper-constructed Expense Group, with the Fund in the fourth quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide International Index Fund

The Board considered that the Fund underperformed the Fund’s benchmark, the MSCI EAFE Index, for the one-, three-, and five-year periods. The Board also considered that the performance of the Class A shares of the Fund had ranked in the third quintile of the Performance Group constructed by Lipper over the one-and two-year periods, in the second quintile over the three-year period, in the third quintile over the four-year period, and the fourth quintile over the five-year period. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

142 Semiannual Report 2007

The Board also considered the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses compared with its Lipper-constructed Expense Group were slightly less than the median. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Mid Cap Market Index Fund

The Board considered that the Fund underperformed the Fund’s benchmark, the S&P Midcap 400 Index, for the one-, three-, and five-year periods, but performed in line with the benchmark on a gross basis. The Board also considered that the performance of the Class A shares of the Fund had ranked in the fifth quintile of the Performance Group constructed by Lipper over the one-, two-, three-, four-, and five-year periods. The Board considered that the performance of the Class A shares of the Fund had ranked in the fourth quintile of the Performance Universe over the one-year period, and the third quintile over the two-, three-, four-, and five-year periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative longer-term performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were below the median of its Lipper-constructed Expense Group, with the Fund in the fourth quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide S&P 500 Index Fund

The Board considered that the Fund underperformed the Fund’s benchmark, the S&P 500 Index, for the one-, three-, and five-year periods, but performed in line with the benchmark on a gross basis. The Board also considered that the performance of the Class A shares of the Fund had ranked in the second quintile of the Performance Group constructed by Lipper over the one-year period, and in the first quintile over the two-, three-, four-, and five-year periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders .

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group, lower than the median of the Expense Group. The Board also considered that the Fund’s total expenses were low compared with its Lipper-constructed Expense Group, with the Fund in the first quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and, based in part on the

2007 Semiannual Report 143

Supplemental Information (Unaudited) (Continued)

adviser’s representation that profitability is not expected to continue at the level reported, determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Nationwide Small Cap Index Fund

The Board considered that the Fund underperformed the Fund’s benchmark, the Russell 2000 Index, for the one-, three-, and five-year periods, but performed in line with the benchmark on a gross basis. The Board also considered that the performance of the Class A shares of the Fund had ranked in the second quintile of the Performance Group constructed by Lipper over the one-year period, in the third quintile over the two- and three-year periods, in the second quintile over the four-year period, and the third quintile over the five-year period. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group, equal to the median of the Expense Group. The Board also considered that the Fund’s total expenses were slightly less than the median, with the Fund in the third quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to each Fund above, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for each Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the Funds to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the Funds. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Funds, including the information provided by management at the Funds’ annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a Fund directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each Fund.

The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the Funds should any of the current portfolio management services to the Funds should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a Fund. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each Fund will continue to manage such Fund, reasonable efforts are being made by NFA to achieve this result. Assuming however that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Funds in light of each Fund’s investment

144 Semiannual Report 2007

objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to each Fund’s shareholders for their approval. A Special Meeting of Shareholders of the Trust was held on April 23, 2007 and several adjournments have been taken with respect to certain Funds of the Trust. As of the date of this report, three of the above-referenced Funds have not approved the New Agreement.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Enhanced Income Fund, Nationwide Large Cap Value Fund, Nationwide Mid Cap Growth Fund, Nationwide Mid Gap Growth Leaders Fund, Nationwide Value Opportunities Fund and NorthPointe Small Cap Growth Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Enhanced Income Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”)) (With respect to Nationwide Mid Cap Growth Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC (“NorthPointe”)). (With respect to Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund and Northpointe Small Cap Growth Fund, the amended subadvisory agreement is between Nationwide Fund Advisors and NorthPointe.) (With respect to Nationwide Mid Cap Growth Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Nationwide Separate Accounts, LLC.)

Voting Results

The voting results of each of the Funds on Proposal 1 is presented below:

	Shares Voted		Shares Voted		Shares		Broker
Fund	For		Against		Abstained		Non-Votes		Total
Nationwide Enhanced Income Fund		40,821,130.029		0.00		17.945		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,202,766.122		9,246.817		339,963.381		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,340,509.175		10,496.530		11,545.880		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,073.672		26,219.717		24,462.450		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880

The voting results of each of the Funds on Proposal 2 is presented below:

Nationwide Enhanced Income Fund	40,820,112.409	0.00	1,035.565	0.00	40,821,147.974
Nationwide Large Cap Value Fund	1,203,007.960	10,824.817	338,143.543	0.00	1,551,976.320
Nationwide Mid Cap Growth Fund	323,554.732	0.00	1,565.320	0.00	325,120.052
Nationwide Mid Gap Growth Leaders Fund	1,338,622.785	9,481.750	14,510.050	0.00	1,362,551.585
Nationwide Value Opportunities Fund	558,652.732	26,219.717	23,883.390	0.00	608,755.839
NorthPointe Small Cap Growth Fund	4,040,197.880	0.00	0.00	0.00	4,040,197.880

* This meeting was previously adjourned on April 23, 2007.

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide Emerging Markets Fund, Nationwide Global Financial Services Fund, Nationwide Global Health Sciences Fund, Nationwide Global Natural Resources Fund, Nationwide Global Technology and Communications Fund, Nationwide Global Utilities Fund, Nationwide Government Bond Fund, Nationwide

2007 Semiannual Report 145

Supplemental Information (Unaudited) (Continued)

Hedged Core Equity Fund, Nationwide International Growth Fund, Nationwide International Index Fund, Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Market Neutral Fund, Nationwide Mid Cap Market Index Fund, Nationwide Fund, Nationwide Leaders Fund, Nationwide Optimal Allocations Fund: Defensive, Nationwide S&P 500 Index Fund, Nationwide Small Cap Core Fund, Nationwide Small Cap Growth Opportunities Fund, Nationwide Small Cap Index Fund, Nationwide Small Cap Value Fund and Nationwide Tax-Free Income Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

		Shares Voted		Shares Voted		Shares		Broker
Fund		For		Against		Abstained		Non-Votes		Total
Nationwide Bond Fund			5,218,564.322		81,566.635		273,001.134		0.00		5,573,132.091
Nationwide Bond Index Fund			208,792,760.157		24,347.719		35,026.844		0.00		208,852,134.720
Nationwide Emerging Markets Fund			2,110,101.855		10,081.391		24,931.760		0.00		2,145,115.006
Nationwide Global Financial Services Fund			2,030,384.848		14,978.340		12,217.583		0.00		2,057,580.771
Nationwide Global Health Sciences Fund			1,840,724.716		1,157.540		119,085.974		0.00		1,960,968.230
Nationwide Global Natural Resources Fund			1,269,313.120		12,765.120		25,473.760		0.00		1,307,552.000
Nationwide Global Technology and Communications Fund			3,334,211.460		4,262.770		2,868.000		0.00		3,341,342.230
Nationwide Global Utilities Fund			1,187,626.660		3,058.000		12,745.270		0.00		1,203,429.930
Nationwide Government Bond Fund			6,290,315.081		35,494.549		463,741.994		0.00		6,789,551.624
Nationwide Hedged Core Equity Fund			511,476.260		0.00		0.00		0.00		511,476.260
Nationwide International Growth Fund			2,933,870.260		20,794.666		48,792.633		0.00		3,003,457.559
Nationwide International Index Fund			202,160,342.794		83,946.437		743,731.497		0.00		202,988,020.728
Nationwide Investor Destinations Aggressive Fund			41,154,156.373		239,630.543		5,359,040.546		0.00		46,752,827.462
Nationwide Investor Destinations Moderately Aggressive Fund			65,350,205.390		490,145.648		7,212,491.082		0.00		73,052,842.120
Nationwide Market Neutral Fund			1,113,910.940		0.00		0.00		0.00		1,113,910.940
Nationwide Mid Cap Market Index Fund			84,223,226.122		95,271.232		254,729.872		0.00		84,573,227.226
Nationwide Fund			36,434,428.689		933,224.322		2,413,402.432		0.00		39,781,055.443
Nationwide Leaders Fund			685,935.097		2,855.930		3,994.130		0.00		692,785.157
Nationwide Optimal Allocations Fund:
	Defensive		102,743.060		0.00		0.00		0.00		102,743.060
Nationwide S&P 500 Index Fund			261,136,337.727		380,161.400		1,239,967.560		0.00		262,756,466.687
Nationwide Small Cap Core Fund			501,478.650		0.00		0.00		0.00		501,478.650
Nationwide Small Cap Growth Opportunities Fund			507,304.180		0.00		0.00		0.00		507,304.180

146 Semiannual Report 2007

	Shares Voted		Shares Voted		Shares		Broker
Fund	For		Against		Abstained		Non-Votes		Total
Nationwide Small Cap Index Fund		49,448,961.560		256,547.642		1,348,275.570		0.00		51,053,784.772
Nationwide Small Cap Value Fund		519,898.320		0.00		0.00		0.00		519,898.320
Nationwide Tax-Free Income Fund		7,610,933.230		160,286.360		614,470.740		0.00		8,385,690.330

*  This meeting was previously adjourned on April 23, 2007.

On April 27, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Growth Fund and Nationwide Money Market Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

	Shares Voted		Shares Voted		Shares		Broker
Fund	For		Against		Abstained		Non-Votes		Total
Nationwide Growth Fund		808,891,299.919		18,580,718.168		40,472,590.866		0.00		868,944,608.953
Nationwide Money Market Fund		11,752,499.756		505,731.299		778,074.060		0.00		13,036,305.115

*  This meeting was previously adjourned twice — first on April 23, 2007 and again on April 25, 2007.

On April 30, 2007, a Special Meeting of Shareholders of NorthPointe Small Cap Value Fund was held at which the shareholders of the Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of the Fund.

2. To approve an amended subadvisory agreement with NorthPointe Capital LLC, on behalf of the Fund.

Voting Results

The voting results of the Fund on Proposal 1 and 2 is presented below:

	Shares Voted		Shares Voted		Shares		Broker
	For		Against		Abstained		Non-Votes		Total
Proposal 1		1,636,031.300		0.00		0.00		0.00		1,636,031.300
Proposal 2		1,636,031.300		0.00		0.00		0.00		1,636,031.300

*  This meeting was previously adjourned three times — first on April 23, 2007, then on April 25, 2007, and again on April 27, 2007.

A Special Meeting of the Shareholders of Nationwide Micro Cap Equity Fund, Nationwide Short Duration Bond Fund and Nationwide Small Cap Leaders Fund was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Micro Cap Equity Fund and Nationwide Small Cap Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC) (With respect to Nationwide Short Duration Bond Fund, the new subadvisory agreement is between

2007 Semiannual Report 147

Supplemental Information (Unaudited) (Continued)

Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”))

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

A Special Meeting of the Shareholders of Nationwide China Opportunities Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Conservative Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Small Cap Fund, Nationwide Worldwide Leaders Fund, Nationwide U.S. Growth Leaders Fund, Nationwide U.S. Growth Leaders Long-Short Fund, Nationwide Optimal Allocations Fund: Specialty, and Nationwide Optimal Allocations Fund: Growth was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

148 Semiannual Report 2007

Key Investment Terminology

In an effort to help you better understand the many investment-related concepts presented in periodic reports, we have defined the following terms:

Asset allocation—the investment strategy that spreads an investor’s assets across several different investment styles and asset classes. The objective is to reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities—fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets — such as credit card receivables or auto leases — that are paid down over time and generate sufficient cash to pay holders of the securities.

Bonds—debt obligations issued by companies, governments and other issuers.

Callable bonds—also known as “redeemable bonds.” Callable bonds are those that the issuer may redeem prior to the bonds’ scheduled maturity (the date when the principal amount of a bond is set to be repaid). When the bonds are called, the issuer typically pays a premium to the bonds’ owners. A significant decline in interest rates usually prompts issuers to save money by calling their current bonds and reissuing them at a lower interest rate.

Cash flow to price—See “Price-to-cash-flow ratio” below.

Commercial paper—short-term debt instruments, usually unsecured, that are issued by banks and corporations in order to finance their short-term credit needs, such as accounts receivable or inventory, and are acquired at a discount or are interest-bearing.

Common stock—securities representing shares of ownership of a company.

Consumer Price Index (CPI) — an index published monthly by the U.S. Bureau of Labor Statistics in the Department of Labor that is widely used as a cost-of-living benchmark. The index measures the weighted average of prices of a fixed basket of consumer goods and services. These items include food, transportation, shelter, utilities, clothing, medical care and entertainment. The CPI is often used to identify periods of inflation or deflation. A large rise in CPI during a short period of time denotes inflation; conversely, a large drop indicates a period of deflation.

Convertible securities—debt securities or preferred stocks that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Corporate bonds—debt securities issued by corporate issuers, as distinct from fixed-income securities issued by a government or its agencies or instrumentalities.

Correlation—a statistical method of measuring the relationship between two or more variables. This relationship is expressed with numerical values called “correlation coefficients” that range from -1.00 to +1.00. A correlation coefficient of -1.00 (called negative correlation) indicates that when one variable’s value increases, the other variable’s value decreases and vice versa (that is, the variables move in opposite directions). A correlation coefficient of +1.00 (called positive correlation) indicates that the variables move in the same direction, so that if one variable’s value increases, so does the value of the other variable. A correlation coefficient of zero indicates that no relationship exists between the variables.

Derivative—a contract whose value is based on the performance of an underlying financial asset, index or economic measure.

Dividend payout ratio—a ratio that provides the percentage of earnings paid to shareholders in dividends. It is calculated by dividing the yearly dividend per share by the earnings per share or, put another way, dividends divided by net income.

Dividend yield—another name for the return on investment for a stock, the dividend yield is a percentage measurement of the amount of cash flow an investor receives for each dollar invested in an equity security. This financial ratio is calculated by dividing a company’s annual dividends per share by the price per share.

Duration—related in part to the remaining time until maturity of a bond, duration is a measure of how much the price of a bond would change in relation to a change in market interest rates. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Emerging-market countries—developing and low- or middle-income countries as identified by the International Finance Corporation or the World Bank. Emerging-market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Equity securities—securities that represent an ownership interest in the issuer. These include common stock, preferred stock, securities that are convertible into common stock or securities (or other investments) with prices linked to the value of common stock, foreign investment funds or trusts, and depositary receipts. These also may include interests in real estate investment trusts.

Exchange-traded funds (ETFs)—introduced in 1993, these passively managed financial instruments are not mutual funds. ETFs represent baskets of stocks that reflect a wide variety of sector-specific, country-specific and broad-market indexes. ETFs do not have end-of-trading-day net asset values; rather, their prices fluctuate, based on supply and demand. ETFs may be bought or sold on a stock exchange throughout the trading day and incur a commission cost with each transaction.

Federal funds rate—the interest rate that a bank with excess reserves at a Federal Reserve district bank will charge another bank to provide overnight loans to meet the other bank’s reserve requirements. The Federal Open Market Committee is responsible for setting a target for this rate, but the rate itself is set daily by

2007 Semiannual Report 149

the market and serves as a highly sensitive indicator of the future direction of interest rates.

Fixed-income securities—securities, including bonds and other debt securities, that represent an obligation by the issuer to pay a specified rate of interest or dividend at specified times.

Gross domestic product (GDP)—a commonly used indicator of a country’s economic health. Gross domestic product is a number that represents the market value of all the goods and services produced within the geographic boundaries of a country (regardless of the producers’ nationality) during a specific time period, usually one year. GDP is calculated by adding the value of all private, public and government spending, investments, and exports minus imports that occur within the defined region.

Growth style—a style of investing in equity securities of companies that the Fund’s management believes have above-average rates of earnings growth and may therefore experience above-average increases in stock price.

High-yield bonds—fixed-income securities that are rated below investment grade by nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch, or unrated securities that Fund management believes are of comparable quality. These bonds are often referred to as “junk bonds.” They generally offer investors higher interest rates as a way to help compensate for the fact that the issuer is at greater risk of default.

Inflation—the rate at which the general level of prices for goods and services rises. As prices rise, purchasing power falls. In other words, when inflation increases, every dollar buys a smaller percentage of a good or service.

Interest-rate swaps—an activity involving companies that desire an interest-rate structure that other companies can provide at a lesser cost. The companies will agree to enter into interest-rate swaps, which are customized contracts between two or more parties. The transactions involve the exchange of one set of cash flows or streams of future periodic interest payments for another (based on certain principal amounts and interest-rate specifications). Interest-rate swaps also benefit companies by limiting or managing exposure to fluctuations in interest rates.

Intermediate bonds—bonds that will reach maturity (the date when the principal amount of a bond is set to be repaid) within three to 10 years are known as intermediate bonds or intermediate-term bonds. By comparison, short-term bonds mature in less than three years, and long-term bonds mature in more than 10 years.

Investment grade—the four highest rating categories of nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch.

Large-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell 1000^® Index, ranging from $563 million to $371.7 billion as of December 31, 2005.

Leveraged buyout—the term leveraged buyout (LBO) refers to one company’s takeover of another company by using a significant amount of borrowed money to cover the cost of acquisition. Typically, the target company’s assets are used by the acquiring company as security for the loans it takes out, which are then repaid from the target company’s cash flow. Several individual investors also may engage in an LBO by using their own assets as collateral for funds that they borrow from banks in order to take over a firm. Most LBOs result in public shareholders receiving a premium above current market value for their shares in the target company.

Long position—a security owned by a Fund in anticipation that the security’s price will increase.

Market capitalization—a common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Market capitalization-weighted index—an index in which the weighting of each security is based on the issuing company’s market capitalization. Changes in the stock price of a company with a large capitalization affect the level of the index more than do changes in the stock price of a company with a smaller capitalization.

Maturity—the time at which the principal amount of a bond is scheduled to be returned to investors.

Mid-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell Midcap^® Index, ranging from $565 million to $18.4 billion as of December 31, 2005.

Mortgage-backed securities—fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans, which in some cases are guaranteed by government agencies.

Municipal obligations—fixed-income securities issued by, or on behalf of, states, cities and other local governmental entities, to pay for construction and other projects. They are loans that investors make to a governmental entity; the governmental entity gets the cash it needs to complete its project, and the lenders earn interest payments and get their principal back. Municipal obligations that qualify pay interest that is generally exempt from federal income taxes, although certain investors may nonetheless be subject to federal alternative minimum tax.

Noncallable bonds—bonds that cannot be called (redeemed) by the issuer prior to their scheduled maturity (the date when the principal amount of a bond is set to be repaid). Investors usually receive lower yields for noncallable bonds due to their reduced risk.

Operating margin—a ratio that measures a company’s pricing strategy and operating efficiency. It is calculated as operating income divided by net sales. The operating margin indicates the proportion of a company’s revenue that remains after variable costs of production such as wages and raw materials are paid.

150 Semiannual Report 2007

An increasing operating margin means that a company is earning more per dollar of sales; the higher the margin, the better.

Personal Consumption Expenditures (PCE) Price Index—also broadly referred to as “consumption.” The PCE is a nationwide indicator and measure of average price changes for all domestic personal consumption of goods and services that are targeted toward and consumed by individuals. The PCE is part of the personal income report produced by the Bureau of Economic Analysis of the Department of Commerce and includes actual and imputed household expenditures as well as data on durables, nondurables and services. The PCE serves as the basis for an inflation index.

Price-to-cash-flow ratio—a ratio similar to the price-to-earnings ratio that is calculated by dividing share price by cash flow per share. This ratio indicates relative value and the market’s expectations of a firm’s future financial health.

Price-to-earnings (P/E) ratio—a valuation ratio calculated by taking a company’s current stock price per share and dividing it by its earnings per share. The P/ E ratio helps investors to know how much they are paying for a company’s earning power. Investors expect greater earnings growth from companies whose P/ E ratio is high.

Short sale—the activity of selling a security that a Fund does not own but must borrow to complete the sale, in anticipation of purchasing the same security at a later date at a lower price.

Small-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell 2000^® Index, ranging from $26 million to $4.4 billion as of December 31, 2005.

Spread sectors/spread product—the term “spread sectors” refers to non-Treasury fixed-income sectors that trade at a basis-point spread over Treasuries. The term “spread product” refers to taxable (as opposed to municipal) bonds that are not Treasury securities. Examples of spread product include agency, asset-backed and mortgage-backed securities as well as corporate and high-yield bonds. Spread product offer different yields than those of comparable Treasury securities; the difference between the yields is called a spread. For example, if a 10-year corporate bond is trading at a yield of 8% and the 10-year Treasury note is trading at a yield of 6%, the corporate bond is said to offer a 200-basis-point spread.

Total return—investment return that reflects both capital appreciation or depreciation (increase or decrease in the market value of a security) and income (i.e., interest or dividends).

Treasury Inflation-Protected Securities (TIPS)—these are Treasury notes or bonds, first issued in 1997, that are considered ultra-safe investments and that offer investors protection from inflation because the real rate of return (the growth of purchasing power) is guaranteed. The investments’ coupon payments and underlying principal are automatically increased to compensate for inflation as measured by the Consumer Price Index (CPI). Also known as “inflation-indexed securities,” TIPS pay interest every six months and pay the principal upon maturity. Because of the safety TIPS provide, however, they offer a low return.

U.S. government agency securities—debt securities issued and/or guaranteed as to principal and interest by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities that are not direct obligations of the United States. Such securities may not be supported by the full faith and credit of the United States.

U.S. government securities—debt securities issued and/or guaranteed as to principal and interest by the U.S. government that are supported by the full faith and credit of the United States.

Valuation—the process of determining the current worth of an asset or company.

Value style—a style of investing in equity securities that the Fund’s management believes are undervalued, which means that their prices are less than Fund management believes they are worth, based on such factors as price-to-book ratio, price-to-earnings ratio and cash flow. Companies issuing such securities may be currently out of favor or experiencing poor operating conditions that Fund management believes to be temporary.

Volatility—a statistical measure of the variation in returns that is possible with a given security or market index. Volatility refers to uncertainty or risk about the size of changes in the value of a security. Higher volatility indicates that a security’s value can rise or fall dramatically during a short period of time; conversely, lower volatility indicates that the value does not change dramatically but rather at a steady pace. Typically, securities with higher volatility are considered riskier.

Yield curve—a plotted graph line of the yields, or interest rates, at a set point in time, of various-maturity U.S. Treasury bonds of equal credit quality. The yield curve comparing the three-month, two-year, five-year and 30-year U.S. Treasury debt is the most common one; it serves as a benchmark for other debt in the market, such as mortgage rates and bank lending rates, and to predict changes in economic activity, such as output and growth. The three main types of yield curve shapes are called normal, inverted and flat (or humped). When the yield curve is normal, longer-maturity bonds have a higher yield in comparison to shorter-maturity bonds; the opposite is true for an inverted yield curve.

2007 Semiannual Report 151

SemiannualReport

April 30, 2007 (Unaudited)

	Contents
2	Message to Shareholders
	Core Asset Allocation Series*
8	Nationwide Investor Destinations Aggressive Fund
14	Nationwide Investor Destinations Moderately Aggressive Fund
20	Nationwide Investor Destinations Moderate Fund
26	Nationwide Investor Destinations Moderately Conservative Fund
32	Nationwide Investor Destinations Conservative Fund
58	Nationwide Optimal Allocations Fund: Growth**
64	Nationwide Optimal Allocations Fund: Moderate
70	Nationwide Optimal Allocations Fund: Moderate Growth***
76	Nationwide Optimal Allocations Fund: Specialty
82	Nationwide Optimal Allocations Fund: Defensive
107	Notes to Financial Statements

*	Prior to May 1, 2007, each Fund was known as a Gartmore Fund.
**	Prior to February 28, 2007, the Fund was named Gartmore Optional Allocations Fund: Aggressive.
***	Prior to February 28, 2007, the Fund was named Gartmore Optional Allocations Fund: Moderately Aggressive.

Commentary provided by Nationwide Fund Advisors, investment adviser to Nationwide Funds. All opinions and estimates included in this report constitute the Adviser’s judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.nationwidefunds.com or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Message to Shareholders

April 30, 2007

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress has been completed. As of May 1, 2007, Nationwide Financial Services, Inc. completed its acquisition of the Philadelphia-based retail operations of NWD Investment Management (formerly Gartmore Global Investments, Inc.) from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Also effective on that date, our name was changed to Nationwide Funds Group, and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide brand. Once again, I’d like to emphasize that, although our corporate ownership and fund names have changed, it is our intention to maintain as much continuity as possible with key personnel.

Market Overview

The six-month reporting period that ended April 30, 2007, saw healthy gains in most broad-based stock indexes, both in the United States and abroad. In the U.S., stable interest rates and modest inflation helped to boost share prices despite a marked slowing in the overall pace of economic growth. One drag on growth came from the subprime mortgage industry due to an unusually high number of delinquencies and defaults. More broadly, slumping sales and softening prices hampered the markets for both new and existing homes. Evidence was scant, however, that the weakness in housing was spreading to the rest of the economy.

The stock market suffered a significant setback only once during the reporting period—late in February, when a plunge in China’s stocks triggered a similar reaction in other global markets. After a brief period of market choppiness, however, a broad and vigorous rebound in share prices occurred that took the Dow Jones Industrial Average to new all-time highs, while both the Standard & Poor’s (S&P) 500^® Index and the technology-laden Nasdaq Composite Index posted fresh six-year highs. For the reporting period, the S&P 500 Index recorded a return of 8.60%. Meanwhile, a depreciating U.S. dollar helped boost the performance of foreign stocks, as evidenced by the 15.68% return of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging markets such as China and India, where economic growth was particularly robust, posted even better returns.

In the bond market, the yield curve stayed slightly inverted; yields of 3-month Treasury bills remained above those of 10-year Treasury bonds, partly due to bond investors’ expectations that the U.S. economy would achieve a so-called “soft landing”—a mild slowdown without a recession. Relatively stable yields, together with the contribution from coupon payments, enabled the Lehman Brothers Aggregate Bond Index to post a return of 2.63% for the reporting period.

Funds in the Spotlight

I’m proud to report that two of our mutual funds recently distinguished themselves by winning Lipper Fund Awards, which recognize funds that have, as the Lipper puts it, “...excelled in delivering consistently strong risk-adjusted performance relative to their peers.” Based on data covering the three years ended December 31, 2006, the Gartmore Small Cap Fund (Institutional Service Class: GSXIX, renamed the “Nationwide Small Cap Fund” on May 1, 2007), managed by the team of Chuck Purcell, Bill Gerlach, and Gary Haubold, won in the “Small-Cap Core Fund” category, topping a field of 533 small-cap core funds. Also distinguishing itself was the Gartmore Worldwide Leaders Fund (Institutional Service Class: GLLSX, renamed the “Nationwide Worldwide Leaders Fund” on May 1, 2007), which was recognized as the winner in the “Global Large-Cap Core Fund” category for the second year in a row. Managed by the team of Neil Rogan, Ben Walker, and Brian ONeill, the Fund was selected from among 51 global large-cap core funds.

We at Nationwide Funds Group are gratified to have won these awards and are pleased with the overall competitive performance of the funds in the Nationwide Funds^® family, yet we also are acutely aware that we cannot rest on our laurels. Our objective at Nationwide Funds Group is to maintain and even to improve on the high standards which we place on ourselves.

John H. Grady

President and Chief Executive Officer

Nationwide Funds Group

2 Semiannual Report 2007

Fund Disclosure

The Nationwide Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying Nationwide funds. Therefore, in addition to the expenses of the Nationwide Investor Destinations Funds, you are indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds. When discussing asset allocation theory and the three major asset classes, short-term investments typically are represented by an investment in 90-day Treasury bills. The short-term investments component of the Nationwide Investor Destinations Funds comprises an investment in one or a combination of the following: the Nationwide Enhanced Income Fund (a short-term fixed-income fund), the Nationwide Money Market Fund and/or the Nationwide Contract (a fixed-interest contract issued and guaranteed by the Nationwide Life Insurance Company). While there can be no guarantee, it is believed that this strategy will provide a return in excess of the 90-day T-bill without substantially increasing risk.

The Nationwide Optimal Allocations Funds are designed to provide diversification and asset allocation across several types of investment strategies and asset classes, primarily by investing in underlying Nationwide funds. Each fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations. Each fund’s underlying funds are subject to specific investment risks such as those associated with a concentrated market-sector or asset class-focused portfolio (such as REITs), small companies, international securities, initial public offerings, short selling, short-term trading, bonds and short-term instruments.

The Nationwide Investor Destinations Aggressive Fund benchmark consists of 95% S&P 500^® Index and 5% Lehman Brothers U.S. Aggregate Index.

The Nationwide Investor Destinations Moderately Aggressive Fund benchmark consists of 80% S&P 500^® Index, 15% Lehman Brothers U.S. Aggregate Index and 5% Citigroup 3-Month T-Bill Index.

The Nationwide Investor Destinations Moderate Fund benchmark consists of 60% S&P 500^® Index, 25% Lehman Brothers U.S. Aggregate Index and 15% Citigroup 3-Month T-Bill Index.

The Nationwide Investor Destinations Moderately Conservative Fund benchmark consists of 40% S&P 500^® Index, 35% Lehman Brothers U.S. Aggregate Index and 25% Citigroup 3-Month T-Bill Index.

The Nationwide Investor Destinations Conservative Fund benchmark consists of 45% Citigroup 3-Month T-Bill Index, 35% Lehman Brothers U.S. Aggregate Index and 20% S&P 500^® Index.

The Nationwide Optimal Allocations Fund: Growth (formerly Aggressive) benchmark consists of 70% S&P 500^® Index, 25% Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index and 5% Lehman Brothers U.S. Aggregate Index.

The Nationwide Optimal Allocations Fund: Moderate Growth (formerly Moderately Aggressive) benchmark consists of 60% S&P 500^® Index, 20% MSCI EAFE^® Index and 20% Lehman Brothers U.S. Aggregate Index.

The Nationwide Optimal Allocations Fund: Moderate benchmark consists of 40% S&P 500^® Index, 20% MSCI EAFE^® Index and 40% Lehman Brothers U.S. Aggregate Index.

The Nationwide Optimal Allocations Fund: Specialty benchmark consists of 70% S&P 500^® Index and 30% MSCI EAFE^® Index.

The Nationwide Optimal Allocations Fund: Defensive benchmark consists of 35% S&P 500^® Index, 55% Lehman Brothers U.S. Aggregate Index and 10% MSCI EAFE^® Index.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective as determined by Lipper.

Rankings based on Class A shares of the Fund. Other share classes may have different performance characteristics. Fund performance may now be higher or lower than the performance shown. Performance reflects certain fee waivers, without which returns would be lower.

The Lipper scores listed are based on monthly data. Lipper scores are subject to change every month. The Lipper Average is a straight average of the specific Lipper Universe.

This information is provided for educational purposes only and should not be considered investment advice. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

International investing involves additional risks, including currency fluctuations, differences in accounting standards, economic and political instability, illiquidity and higher trading costs, and differences in foreign regulations, all of which are magnified in emerging markets.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the money market.

2007 Semiannual Report 3

Message to Shareholders

Continued

Investing in mutual funds involves risk, including possible loss of principal.

There is no assurance that the investment objective of any fund will be achieved.

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

Citigroup 3-Month Treasury Bill (T-Bill) Index: An unmanaged index that is generally representative of 3-month Treasury bills; consists of an average of the last 3-month Treasury bill issues (excluding the current month-end bill).

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Market indexes have been provided for comparison purposes only. Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and no fees or expenses have been reflected. Individuals cannot invest directly in an index.

Third-party information has been obtained from and is based on sources Nationwide Funds Group believes to be reliable.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance shown is for Class A shares at NAV. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

Sales charge and fee information:

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 shares have a maximum sales charge (load) of 5.75% imposed on purchases (as a percentage of offering price). As the amount of your investment increases, the sales charge imposed on the purchase of Class A shares decreases. Up to a 0.25% 12b-1 fee applies.

Sales charge and fee information:

Nationwide Optimal Allocations Fund: Growth

Nationwide Optimal Allocations Fund: Moderate

Nationwide Optimal Allocations Fund: Moderate Growth

Nationwide Optimal Allocations Fund: Specialty

Nationwide Optimal Allocations Fund: Defensive

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

The Funds’ adviser, one of its affiliated advisers, or its employees, may have a position in the securities named in this report.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is subject to change at any time.

Ibbotson Associates Advisors LLC is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc.

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read it carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

Key Investment Terminology

Asset allocation— the investment strategy that spreads an investor’s assets across several different investment styles and asset classes. The objective is to reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities— fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets—such as credit card

4 Semiannual Report 2007

receivables or auto leases—that are paid down over time and generate sufficient cash to pay holders of the securities.

Bonds— debt obligations issued by companies, governments and other issuers.

Callable bonds— also known as “redeemable bonds.” Callable bonds are those that the issuer may redeem prior to the bonds’ scheduled maturity (the date when the principal amount of a bond is set to be repaid). When the bonds are called, the issuer typically pays a premium to the bonds’ owners. A significant decline in interest rates usually prompts issuers to save money by calling their current bonds and reissuing them at a lower interest rate.

Cash flow to price— See “Price-to-cash-flow ratio” below.

Commercial paper— short-term debt instruments, usually unsecured, that are issued by banks and corporations in order to finance their short-term credit needs, such as accounts receivable or inventory, and are acquired at a discount or are interest-bearing.

Common stock— securities representing shares of ownership of a company.

Consumer Price Index (CPI)— an index published monthly by the U.S. Bureau of Labor Statistics in the Department of Labor that is widely used as a cost-of-living benchmark. The index measures the weighted average of prices of a fixed basket of consumer goods and services. These items include food, transportation, shelter, utilities, clothing, medical care and entertainment. The CPI is often used to identify periods of inflation or deflation. A large rise in CPI during a short period of time denotes inflation; conversely, a large drop indicates a period of deflation.

Convertible securities— debt securities or preferred stocks that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Corporate bonds— debt securities issued by corporate issuers, as distinct from fixed-income securities issued by a government or its agencies or instrumentalities.

Correlation— a statistical method of measuring the relationship between two or more variables. This relationship is expressed with numerical values called “correlation coefficients” that range from -1.00 to +1.00. A correlation coefficient of -1.00 (called negative correlation) indicates that when one variable’s value increases, the other variable’s value decreases and vice versa (that is, the variables move in opposite directions). A correlation coefficient of +1.00 (called positive correlation) indicates that the variables move in the same direction, so that if one variable’s value increases, so does the value of the other variable. A correlation coefficient of zero indicates that no relationship exists between the variables.

Derivative— a contract whose value is based on the performance of an underlying financial asset, index or economic measure.

Dividend payout ratio— a ratio that provides the percentage of earnings paid to shareholders in dividends. It is calculated by dividing the yearly dividend per share by the earnings per share or, put another way, dividends divided by net income.

Dividend yield— another name for the return on investment for a stock, the dividend yield is a percentage measurement of the amount of cash flow an investor receives for each dollar invested in an equity security. This financial ratio is calculated by dividing a company’s annual dividends per share by the price per share.

Duration— related in part to the remaining time until maturity of a bond, duration is a measure of how much the price of a bond would change in relation to a change in market interest rates. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Emerging-market countries— developing and low- or middle-income countries as identified by the International Finance Corporation or the World Bank. Emerging-market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Equity securities— securities that represent an ownership interest in the issuer. These include common stock, preferred stock, securities that are convertible into common stock or securities (or other investments) with prices linked to the value of common stock, foreign investment funds or trusts, and depositary receipts. These also may include interests in real estate investment trusts.

Exchange-traded funds (ETFs)— introduced in 1993, these passively managed financial instruments are not mutual funds. ETFs represent baskets of stocks that reflect a wide variety of sector-specific, country-specific and broad-market indexes. ETFs do not have end-of-trading-day net asset values; rather, their prices fluctuate, based on supply and demand. ETFs may be bought or sold on a stock exchange throughout the trading day and incur a commission cost with each transaction.

Federal funds rate— the interest rate that a bank with excess reserves at a Federal Reserve district bank will charge another bank to provide overnight loans to meet the other bank’s reserve requirements. The Federal Open Market Committee is responsible for setting a target for this rate, but the rate itself is set daily by the market and serves as a highly sensitive indicator of the future direction of interest rates.

Fixed-income securities— securities, including bonds and other debt securities, that represent an obligation by the issuer to pay a specified rate of interest or dividend at specified times.

Gross domestic product (GDP)— a commonly used indicator of a country’s economic health. Gross domestic product is a

2007 Semiannual Report 5

Message to Shareholders

Continued

number that represents the market value of all the goods and services produced within the geographic boundaries of a country (regardless of the producers’ nationality) during a specific time period, usually one year. GDP is calculated by adding the value of all private, public and government spending, investments, and exports minus imports that occur within the defined region.

Growth style— a style of investing in equity securities of companies that the Fund’s management believes have above-average rates of earnings growth and may therefore experience above-average increases in stock price.

High-yield bonds— fixed-income securities that are rated below investment grade by nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch, or unrated securities that Fund management believes are of comparable quality. These bonds are often referred to as “junk bonds.” They generally offer investors higher interest rates as a way to help compensate for the fact that the issuer is at greater risk of default.

Inflation— the rate at which the general level of prices for goods and services rises. As prices rise, purchasing power falls. In other words, when inflation increases, every dollar buys a smaller percentage of a good or service.

Interest-rate swaps— an activity involving companies that desire an interest-rate structure that other companies can provide at a lesser cost. The companies will agree to enter into interest-rate swaps, which are customized contracts between two or more parties. The transactions involve the exchange of one set of cash flows or streams of future periodic interest payments for another (based on certain principal amounts and interest-rate specifications). Interest-rate swaps also benefit companies by limiting or managing exposure to fluctuations in interest rates.

Intermediate bonds— bonds that will reach maturity (the date when the principal amount of a bond is set to be repaid) within three to 10 years are known as intermediate bonds or intermediate-term bonds. By comparison, short-term bonds mature in less than three years, and long-term bonds mature in more than 10 years.

Investment grade— the four highest rating categories of nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch.

Large-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell 1000^® Index, ranging from $563 million to $371.7 billion as of December 31, 2006.

Leveraged buyout— the term leveraged buyout (LBO) refers to one company’s takeover of another company by using a significant amount of borrowed money to cover the cost of acquisition. Typically, the target company’s assets are used by the acquiring company as security for the loans it takes out, which are then repaid from the target company’s cash flow. Several individual investors also may engage in an LBO by using their own assets as collateral for funds that they borrow from banks in order to take over a firm. Most LBOs result in public shareholders receiving a premium above current market value for their shares in the target company.

Long position— a security owned by a Fund in anticipation that the security’s price will increase.

Market capitalization— a common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Market capitalization-weighted index— an index in which the weighting of each security is based on the issuing company’s market capitalization. Changes in the stock price of a company with a large capitalization affect the level of the index more than do changes in the stock price of a company with a smaller capitalization.

Maturity— the time at which the principal amount of a bond is scheduled to be returned to investors.

Mid-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell Midcap^® Index, ranging from $565 million to $18.4 billion as of December 31, 2006.

Mortgage-backed securities— fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans, which in some cases are guaranteed by government agencies.

Municipal obligations— fixed-income securities issued by, or on behalf of, states, cities and other local governmental entities, to pay for construction and other projects. They are loans that investors make to a governmental entity; the governmental entity gets the cash it needs to complete its project, and the lenders earn interest payments and get their principal back. Municipal obligations that qualify pay interest that is generally exempt from federal income taxes, although certain investors may nonetheless be subject to federal alternative minimum tax.

Noncallable bonds— bonds that cannot be called (redeemed) by the issuer prior to their scheduled maturity (the date when the principal amount of a bond is set to be repaid). Investors usually receive lower yields for noncallable bonds due to their reduced risk.

Operating margin— a ratio that measures a company’s pricing strategy and operating efficiency. It is calculated as operating income divided by net sales. The operating margin indicates the proportion of a company’s revenue that remains after variable costs of production such as wages and raw materials are paid. An increasing operating margin means that a company is

6 Semiannual Report 2007

earning more per dollar of sales; the higher the margin, the better.

Personal Consumption Expenditures (PCE) Price Index— also broadly referred to as “consumption.” The PCE is a nationwide indicator and measure of average price changes for all domestic personal consumption of goods and services that are targeted toward and consumed by individuals. The PCE is part of the personal income report produced by the Bureau of Economic Analysis of the Department of Commerce and includes actual and imputed household expenditures as well as data on durables, nondurables and services. The PCE serves as the basis for an inflation index.

Price-to-cash-flow ratio— a ratio similar to the price-to-earnings ratio that is calculated by dividing share price by cash flow per share. This ratio indicates relative value and the market’s expectations of a firm’s future financial health.

Price-to-earnings (P/E) ratio— a valuation ratio calculated by taking a company’s current stock price per share and dividing it by its earnings per share. The P/E ratio helps investors to know how much they are paying for a company’s earning power. Investors expect greater earnings growth from companies whose P/E ratio is high.

Short sale— the activity of selling a security that a Fund does not own but must borrow to complete the sale, in anticipation of purchasing the same security at a later date at a lower price.

Small-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell 2000^® Index, ranging from $26 million to $4.4 billion as of December 31, 2006.

Spread sectors/spread product— the term “spread sectors” refers to non-Treasury fixed-income sectors that trade at a basis-point spread over Treasuries. The term “spread product” refers to taxable (as opposed to municipal) bonds that are not Treasury securities. Examples of spread product include agency, asset-backed and mortgage-backed securities as well as corporate and high-yield bonds. Spread product offer different yields than those of comparable Treasury securities; the difference between the yields is called a spread. For example, if a 10-year corporate bond is trading at a yield of 8% and the 10-year Treasury note is trading at a yield of 6%, the corporate bond is said to offer a 200-basis-point spread.

Total return— investment return that reflects both capital appreciation or depreciation (increase or decrease in the market value of a security) and income (i.e., interest or dividends).

Treasury Inflation-Protected Securities (TIPS)— these are Treasury notes or bonds, first issued in 1997, that are considered ultra-safe investments and that offer investors protection from inflation because the real rate of return (the growth of purchasing power) is guaranteed. The investments’ coupon payments and underlying principal are automatically increased to compensate for inflation as measured by the Consumer Price Index (CPI). Also known as “inflation-indexed securities,” TIPS pay interest every six months and pay the principal upon maturity. Because of the safety TIPS provide, however, they offer a low return.

U.S. government agency securities— debt securities issued and/or guaranteed as to principal and interest by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities that are not direct obligations of the United States. Such securities may not be supported by the full faith and credit of the United States.

U.S. government securities— debt securities issued and/or guaranteed as to principal and interest by the U.S. government that are supported by the full faith and credit of the United States.

Valuation— the process of determining the current worth of an asset or company.

Value style— a style of investing in equity securities that the Fund’s management believes are undervalued, which means that their prices are less than Fund management believes they are worth, based on such factors as price-to-book ratio, price-to-earnings ratio and cash flow. Companies issuing such securities may be currently out of favor or experiencing poor operating conditions that Fund management believes to be temporary.

Volatility— a statistical measure of the variation in returns that is possible with a given security or market index. Volatility refers to uncertainty or risk about the size of changes in the value of a security. Higher volatility indicates that a security’s value can rise or fall dramatically during a short period of time; conversely, lower volatility indicates that the value does not change dramatically but rather at a steady pace. Typically, securities with higher volatility are considered riskier.

Yield curve— a plotted graph line of the yields, or interest rates, at a set point in time, of various-maturity U.S. Treasury bonds of equal credit quality. The yield curve comparing the three-month, two-year, five-year and 30-year U.S. Treasury debt is the most common one; it serves as a benchmark for other debt in the market, such as mortgage rates and bank lending rates, and to predict changes in economic activity, such as output and growth. The three main types of yield curve shapes are called normal, inverted and flat (or humped). When the yield curve is normal, longer-maturity bonds have a higher yield in comparison to shorter-maturity bonds; the opposite is true for an inverted yield curve.

2007 Semiannual Report 7

Nationwide Investor Destinations Aggressive Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Investor Destinations Aggressive Fund (Class A at NAV) returned 10.14% versus 8.30% for its benchmark, which consists of 95% S&P 500^® Index and 5% Lehman Brothers Aggregate Bond Index. For broader comparison, the average return for the Fund’s Lipper peer category of Global Multi-Cap Core Funds (consisting of 125 funds as of April 30, 2007) was 11.29%.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. All 10 of the sectors in the equity portion of the benchmark finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing”— that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

The Fund is a diversified “fund of funds” designed as an asset allocation investment option for an investor with an aggressive risk profile. The Fund’s design was developed by Ibbotson Associates Advisors, a leading asset allocation authority. The Fund invests in a set of underlying funds with an allocation mix that has been designed to create a portfolio that seeks to maximize total investment return for a given level of risk. By incorporating a combination of major asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The table below lists the current target allocation ranges for each of the Fund’s underlying investments and how each underlying fund performed during the reporting period.

Nationwide Investor Destinations Funds: Aggressive

Performance Ended April 30, 2007

		Target
		Allocation		6-Month
Asset Classes	Underlying Investments*	Ranges**		Returns**
Large-Cap Stocks	Nationwide S&P 500 Index Fund		35%-45%		8.49%
International Stocks	Nationwide International Index Fund		25%-35%		14.70%
Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		10%-20%		11.88%
Small-Cap Stocks	Nationwide Small Cap Index Fund		5%-15%		6.68%
Bonds	Nationwide Bond Index Fund		0%-10%		2.49%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

*	Institutional share class returns except for Nationwide Contract.
**	Fund target allocation ranges and 6-month returns are as of April 30, 2007 and are subject to change at any time without notice.

What areas of investment provided the most positive returns for the Fund?

With an approximately 30% allocation by the Fund to the international stock markets, the Nationwide International Index Fund’s return of 14.70% provided the greatest positive contribution to the Fund during the reporting period.

What areas detracted from Fund performance?

While none of the Fund’s underlying funds posted negative returns during the reporting period, the Nationwide Bond Index Fund generated the least positive contribution, returning a relatively modest 2.49%.

8 Semiannual Report 2007

Nationwide Investor Destinations Aggressive Fund

What is your outlook for the near term?

The Fund will continue to pursue its primary goal of maximizing total investment return by seeking growth of capital and income. The Fund will remain weighted toward stock investments, while including a position in bonds, with the goal of adding income and reducing volatility.

Portfolio Manager: William H. Miller

2007 Semiannual Report 9

Nationwide Investor Destinations Aggressive Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		10.14%		13.72%		10.66%		3.97%		0.75%
	w/SC3		3.78%		7.19%		9.35%		3.10%
Class B	w/o SC2		9.76%		12.94%		9.89%		3.24%		1.49%
	w/SC4		4.76%		7.94%		9.62%		3.24%
Class C5	w/o SC2		9.68%		12.86%		9.87%		3.22%		1.49%
	w/SC6		8.68%		11.86%		9.87%		3.22%
Class R 7,8			9.94%		13.36%		10.32%		3.52%		1.19%
Institutional Class 7,9			10.34%		14.03%		10.83%		4.09%		0.49%
Service Class7			10.08%		13.67%		10.55%		3.91%		0.89%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on March 31, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	Not subject to any sales charges.
8	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because Class R shares invest in the same portfolio of securities as Class B shares.
9	These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Aggressive Fund, Lehman Brothers U.S. Aggregate Bond Index (LB U.S. Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Aggressive Composite Index(c), and the Consumer Price Index (CPI)(d) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	LB U.S. Aggregate Bond is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more.
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The Aggressive Composite Index is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Aggressive Composite is a combination of the S&P 500 (95%) and the LB U.S. Aggregate Bond (5%).
(d)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

10 Semiannual Report 2007

Nationwide Investor Destinations Aggressive Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Investor Destinations			Account Value,		Account Value,		During		Expense
Aggressive Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,101.40	$	2.29		0.44%
	Hypothetical	1	$	1,000.00	$	1,022.82	$	2.21		0.44%
Class B	Actual		$	1,000.00	$	1,097.60	$	6.14		1.18%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.92		1.18%
Class C	Actual		$	1,000.00	$	1,096.80	$	6.13		1.18%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.92		1.18%
Class R	Actual		$	1,000.00	$	1,099.40	$	4.27		0.82%
	Hypothetical	1	$	1,000.00	$	1,020.93	$	4.12		0.82%
Institutional Class	Actual		$	1,000.00	$	1,103.40	$	0.89		0.17%
	Hypothetical	1	$	1,000.00	$	1,024.16	$	0.85		0.17%
Service Class	Actual		$	1,000.00	$	1,100.80	$	2.86		0.55%
	Hypothetical	1	$	1,000.00	$	1,022.27	$	2.76		0.55%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 11

Nationwide Investor Destinations Aggressive Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	100.0%
	100.0%

Asset Allocation Detail
Equity Funds	95.0%
Fixed Income Funds	5.0%
	100.0%

Top Holdings
Nationwide S&P 500 Index Fund, Institutional Class	40.1%
Nationwide International Index Fund, Institutional Class	30.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	14.9%
Nationwide Small Cap Index Fund, Institutional Class	9.9%
Nationwide Bond Index Fund, Institutional Class	5.0%
	100.0%

12 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Investor Destinations Aggressive Fund

Mutual Funds (100.0%) (a)
	Shares		Value
Equity Funds (95.0%)
Nationwide International Index Fund, Institutional Class		28,058,904	$	327,727,995
Nationwide Mid Cap Market Index Fund, Institutional Class		10,218,001		162,977,118
Nationwide S&P 500 Index Fund, Institutional Class		34,576,871		436,705,884
Nationwide Small Cap Index Fund, Institutional Class		8,257,139		107,920,808
				1,035,331,805
Fixed Income Fund (5.0%)
Nationwide Bond Index Fund, Institutional Class		5,105,481		55,139,199
Total Investments (Cost $896,306,420) (b) — 100.0%				1,090,471,004
Liabilities in excess of other assets — 0.0%				(399,476	)
NET ASSETS — 100.0%			$	1,090,071,528

(a)	Investment in affiliate
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 13

Nationwide Investor Destinations
Moderately Aggressive Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 20, 2007, the Nationwide Investor Destinations Moderately Aggressive Fund (Class A at NAV) returned 9.06% versus 7.40% for its composite benchmark, which consists of 80% Standard & Poor’s (S&P) 500^® Index, 15% Lehman Brothers U.S. Aggregate Index and 5% Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mixed-Asset Target Allocation Growth Funds (consisting of 642 funds as of April 30, 2007) was 7.59%.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. All 10 sectors in the equity portion of the benchmark finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing”— that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

Long-term bond yields traded in a relatively narrow range during the reporting period and, despite ample volatility within that range, ended the period little changed. Overall, financial conditions stayed fairly balanced, with moderate economic activity and relatively tame inflationary pressures. The federal funds rate remained at 5.25% on April 30, 2007, where this rate has been since June 2006.

The Fund is a diversified “fund of funds” designed as an asset allocation investment option for an investor with a moderately aggressive risk profile. The Fund’s design was developed by Ibbotson Associates Advisors, a leading asset allocation authority. The Fund invests in a set of underlying funds with an allocation mix that has been designed to create a portfolio that seeks to maximize total investment return for a given level of risk. By incorporating a combination of major asset classes that behave differently under various market conditions, we believe it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The table below lists the current target allocation ranges for each of the Fund’s underlying investments and how each underlying fund performed during the reporting period.

		Target
		Allocation		6-Month
Asset Classes	Underlying Investments*	Ranges**		Returns**
Large-Cap Stocks	Nationwide S&P 500 Index Fund		30%-40%		8.49%
International Stocks	Nationwide International Index Fund		20%-30%		14.70%
Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		10%-20%		11.88%
Bonds	Nationwide Bond Index Fund		10%-20%		2.49%
Short-Term Bonds	Nationwide Contract		0%-10%		1.92%
Small-Cap Stocks	Nationwide Small Cap Index Fund		0%-10%		6.68%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

*	Institutional share class returns except for Nationwide Contract.
**	Fund target allocation ranges and 6-month returns are as of April 30, 2007 and are subject to change at any time and without notice.

What areas of investment provided the most positive returns for the Fund?

With an approximately 25% allocation by the Fund to the international stock markets, the Nationwide International Index Fund’s return of 14.70% provided the greatest positive contribution to the Fund during the reporting period.

What areas detracted from Fund performance?

While none of the Fund’s underlying funds posted negative returns during the reporting period, the approximately 15% allocation by the Fund to the Nationwide Bond Index Fund was

14 Semiannual Report 2007

Nationwide Investor Destinations Moderately Aggressive Fund

the most significant drag on overall performance, returning a relatively modest 2.49%.

What is your outlook for the near term?

We believe that the Fund’s blend of substantially equity-oriented allocations across the major asset classes position the Fund well to deliver the potential for strong long-term, risk-adjusted returns for the moderately aggressive investor.

Portfolio Manager: William H. Miller

2007 Semiannual Report 15

Nationwide Investor Destinations Moderately Aggressive Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		9.06%		12.62%		9.63%		4.27%		0.75%
	w/SC3		2.79%		6.10%		8.34%		3.40%
Class B	w/o SC2		8.61%		11.80%		8.83%		3.52%		1.48%
	w/SC4		3.61%		6.80%		8.54%		3.52%
Class C5	w/o SC2		8.62%		11.69%		8.88%		3.55%		1.48%
	w/SC6		7.62%		10.69%		8.88%		3.55%
Class R7,8			8.77%		12.26%		9.24%		3.79%		1.18%
Institutional Class7,9			9.10%		12.81%		9.70%		4.33%		0.48%
Service Class7			8.92%		12.40%		9.50%		4.20%		0.88%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on March 31, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	Not subject to any sales charges.
8	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
9	These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderately Aggressive Fund, Lehman Brothers U.S. Aggregate Bond Index (LB U.S. Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Citigroup 3-Month T Bill Index(c), the Moderately Aggressive Composite Index(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	LB U.S. Aggregate Bond is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more.
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The Citigroup 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).
(d)	The Moderately Aggressive Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderately Aggressive Composite is a combination of the S&P 500 (80%), the LB U.S. Aggregate Bond (15%) and the Citigroup 3-Month T Bill Index (5%).
(e)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

16 Semiannual Report 2007

Nationwide Investor Destinations Moderately Aggressive Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Investor Destinations			Account Value,		Account Value,		During		Expense
Moderately Aggressive Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,090.60	$	2.28		0.44%
	Hypothetical	1	$	1,000.00	$	1,022.82	$	2.21		0.44%
Class B	Actual		$	1,000.00	$	1,086.10	$	6.10		1.18%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.92		1.18%
Class C	Actual		$	1,000.00	$	1,086.20	$	6.10		1.18%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.92		1.18%
Class R	Actual		$	1,000.00	$	1,087.70	$	4.24		0.82%
	Hypothetical	1	$	1,000.00	$	1,020.93	$	4.12		0.82%
Institutional Class	Actual		$	1,000.00	$	1,091.00	$	0.83		0.16%
	Hypothetical	1	$	1,000.00	$	1,024.21	$	0.80		0.16%
Service Class	Actual		$	1,000.00	$	1,089.20	$	2.80		0.54%
	Hypothetical	1	$	1,000.00	$	1,022.32	$	2.71		0.54%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 17

Nationwide Investor Destinations Moderately Aggressive Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	95.7%
Fixed Contracts	4.3%
	100.0%

Asset Allocation Detail
Equity Funds	79.9%
Fixed Income Funds	15.8%
Fixed Contracts	4.3%
	100.0%

Top Holdings
Nationwide S&P 500 Index Fund, Institutional Class	35.1%
Nationwide International Index Fund, Institutional Class	25.0%
Nationwide Bond Index Fund, Institutional Class	15.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	14.9%
Nationwide Small Cap Index Fund, Institutional Class	4.9%
Nationwide Fixed Contract, 3.90%	4.3%
Nationwide Enhanced Income Fund, Institutional Class	0.7%
	100.0%

18 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Investor Destinations Moderately Aggressive Fund

Mutual Funds (95.7%) (a)
	Shares or
	Principal Amount		Value
Equity Funds (79.9%)
Nationwide International Index Fund, Institutional Class		36,523,994	$	426,600,255
Nationwide Mid Cap Market Index Fund, Institutional Class		15,987,732		255,004,333
Nationwide S&P 500 Index Fund, Institutional Class		47,422,493		598,946,082
Nationwide Small Cap Index Fund, Institutional Class		6,457,528		84,399,890
				1,364,950,560
Fixed Income Funds (15.8%)
Nationwide Bond Index Fund, Institutional Class		23,839,369		257,465,184
Nationwide Enhanced Income Fund, Institutional Class		1,388,710		12,706,697
				270,171,881
Total Mutual Funds (Cost $1,360,336,413)				1,635,122,441

Fixed Contract (4.3%) (a)(b)
	Shares or
	Principal Amount		Value
Nationwide Fixed Contract, 3.90%	$	73,027,163	$	73,027,163
Total Investments (Cost $1,433,363,576) (c) — 100.0%				1,708,149,604
Liabilities in excess of other assets — 0.0%				(794,622	)
NET ASSETS — 100.0%			$	1,707,354,982

(a)	Investment in affiliate
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees. (See Note 2(a))
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 19

Nationwide Investor Destinations Moderate Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Investor Destinations Moderate Fund (Class A at NAV) returned 6.96% versus 6.20% for its composite benchmark, which consists of 60% Standard & Poor’s (S&P) 500^® Index, 25% Lehman Brothers U.S. Aggregate Index and 15% Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mixed-Asset Target Allocation Growth Funds (consisting of 642 funds as of April 30, 2007) was 7.59%.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. All 10 of sectors in the equity portion of the benchmark finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing” — that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

Long-term bond yields traded in a relatively narrow range during the reporting period and, despite ample volatility within that range, ended the period little changed. Overall, financial conditions stayed fairly balanced, with moderate economic activity and relatively tame inflationary pressures. The federal funds rate remained at 5.25% on April 30, 2007, where it has been since June 2006.

The Fund is a diversified “fund of funds” designed as an asset allocation investment option for an investor with a moderate risk profile. The Fund’s design was developed by Ibbotson Associates Advisors, a leading asset allocation authority. The Fund invests in a set of underlying funds with an allocation mix that has been designed to create a portfolio that seeks to maximize total investment return for a given level of risk. By incorporating a combination of major asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The table below lists the current target allocation ranges for each of the Fund’s underlying investments and how each underlying fund performed during the reporting period.

Nationwide Investor Destinations Funds: Moderate

Performance Ended April 30, 2007

		Target
	Underlying	Allocation		6-Month
Asset Classes	Investment*	Ranges**		Return**
Large-Cap Stocks	Nationwide S&P 500 Index Fund		25%-35%		8.49%
Bonds	Nationwide Bond Index Fund		20%-30%		2.49%
Short-Term Bonds	Nationwide Contract		5%-15%		1.92%
International Stocks	Nationwide International Index Fund		10%-20%		14.70%
Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		5%-15%		11.88%
Small-Cap Stocks	Nationwide Small Cap Index Fund		0%-10%		6.68%
Short-Term Investments	Nationwide Enhanced Income Fund		0%-10%		2.41%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

*	Institutional share class returns except for Nationwide Contract.
**	Fund target allocation ranges and 6-month returns are as of April 30, 2007 and are subject to change at any time and without notice.

20 Semiannual Report 2007

Nationwide Investor Destinations Moderate Fund

What areas of investment provided the most positive returns for the Fund?

With an allocation by the Fund to international stocks of approximately 15%, the 14.70% return of the Nationwide International Index Fund provided the greatest positive contribution to the Fund during the reporting period.

What areas detracted from Fund performance?

While none of the Fund’s underlying funds posted negative returns during the reporting period, the approximately 25% allocation by the Fund to the Nationwide Bond Index Fund was the most significant drag on overall Fund performance, returning a relatively modest 2.49%. It is important to note, however, that the sizable presence of bonds in this Fund plays an important role in terms of diversification and risk management.

What is your outlook for the near term?

We believe that the Fund’s blend of equity and fixed-income-oriented allocations across the major asset classes position the Fund well to deliver the potential for higher long-term, risk-adjusted returns for the moderate investor.

Portfolio Manager:

William H. Miller

2007 Semiannual Report 21

Nationwide Investor Destinations Moderate Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		6.96%		10.61%		7.92%		4.34%		0.75%
	w/SC3		0.80%		4.29%		6.66%		3.47%
Class B	w/o SC2		6.53%		9.79%		7.14%		3.60%		1.47%
	w/SC4		1.53%		4.79%		6.84%		3.60%
Class C5	w/o SC2		6.56%		9.84%		7.13%		3.59%		1.47%
	w/SC6		5.56%		8.84%		7.13%		3.59%
Class R 7,8			6.75%		10.13%		7.52%		3.85%		1.17%
Institutional Class7,9			6.99%		10.78%		8.00%		4.42%		0.47%
Service Class7			6.90%		10.48%		7.79%		4.27%		0.84%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on March 31, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	Not subject to any sales charges.
8	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
9	These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderate Fund, Lehman Brothers U.S. Aggregate Bond Index (LB U.S. Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Citigroup 3-Month T Bill Index(c), the Moderate Composite Index(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	LB U.S. Aggregate Bond is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more.
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The Citigroup 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).
(d)	The Moderate Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderate Composite is a combination of S&P 500 (60%), LB U.S. Aggregate Bond (25%) and Citigroup 3-Month T Bill Index (15%).
(e)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

22 Semiannual Report 2007

Nationwide Investor Destinations Moderate Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Investor Destinations			Account Value,		Account Value,		During		Expense
Moderate Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,069.60	$	2.26		0.44%
	Hypothetical	1	$	1,000.00	$	1,022.82	$	2.21		0.44%
Class B	Actual		$	1,000.00	$	1,065.30	$	6.04		1.18%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.92		1.18%
Class C	Actual		$	1,000.00	$	1,065.60	$	6.04		1.18%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.92		1.18%
Class R	Actual		$	1,000.00	$	1,067.50	$	4.15		0.81%
	Hypothetical	1	$	1,000.00	$	1,020.98	$	4.07		0.81%
Institutional Class	Actual		$	1,000.00	$	1,069.90	$	0.82		0.16%
	Hypothetical	1	$	1,000.00	$	1,024.21	$	0.80		0.16%
Service Class	Actual		$	1,000.00	$	1,069.00	$	2.98		0.58%
	Hypothetical	1	$	1,000.00	$	1,022.12	$	2.91		0.58%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 23

Nationwide Investor Destinations Moderate Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	89.8%
Fixed Contracts	10.2%
	100.0%

Asset Allocation Detail
Equity Funds	60.2%
Fixed Income Funds	29.6%
Fixed Contracts	10.2%
	100.0%

Top Holdings
Nationwide S&P 500 Index Fund, Institutional Class	30.3%
Nationwide Bond Index Fund, Institutional Class	24.9%
Nationwide International Index Fund, Institutional Class	15.0%
Nationwide Fixed Contract, 3.90%	10.2%
Nationwide Mid Cap Market Index Fund, Institutional Class	10.0%
Nationwide Small Cap Index Fund, Institutional Class	4.9%
Nationwide Enhanced Income Fund, Institutional Class	4.7%
	100.0%

24 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Investor Destinations Moderate Fund

Mutual Funds (89.8%) (a)
	Shares or
	Principal Amount		Value
Equity Funds (60.2%)
Nationwide International Index Fund, Institutional Class		21,503,231	$	251,157,733
Nationwide Mid Cap Market Index Fund, Institutional Class		10,437,401		166,476,540
Nationwide S&P 500 Index Fund, Institutional Class		40,072,858		506,120,201
Nationwide Small Cap Index Fund, Institutional Class		6,309,317		82,462,777
				1,006,217,251
Fixed Income Funds (29.6%)
Nationwide Bond Index Fund, Institutional Class		38,593,842		416,813,497
Nationwide Enhanced Income Fund, Institutional Class		8,627,120		78,938,149
				495,751,646
Total Mutual Funds (Cost $1,301,261,147)				1,501,968,897

Fixed Contract (10.2%) (a)(b)
	Shares or
	Principal Amount		Value
Nationwide Fixed Contract, 3.90%	$	170,915,306	$	170,915,306
Total Investments (Cost $1,472,176,453) (c) — 100.0%				1,672,884,203
Other assets in excess of liabilities — 0.0%				352,122
NET ASSETS — 100.0%			$	1,673,236,325

(a)	Investment in affiliate
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees. (See Note 2(a))
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 25

Nationwide Investor Destinations
Moderately Conservative Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Investor Destinations Moderately Conservative Fund (Class A at NAV) returned 5.59% versus 4.99% for its composite benchmark, which consists of 40% Standard & Poor’s (S&P) 500^® Index, 35% Lehman Brothers U.S. Aggregate Index and 25% Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mixed-Asset Target Allocation Moderate Funds (consisting of 467 funds as of April 30, 2007) was 6.71%.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. All 10 of the sectors in the equity portion of the benchmark finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing”— that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

Long-term bond yields traded in a relatively narrow range during the reporting period and, despite ample volatility within that range, ended the period little changed. Overall, financial conditions stayed fairly balanced, with moderate economic activity and relatively tame inflationary pressures. The federal funds rate remained at 5.25% on April 30, 2007, where this rate has been since June 2006.

The Fund is a diversified “fund of funds” designed as an asset allocation investment option for an investor with a moderately conservative risk profile. The Fund’s design was developed by Ibbotson Associates Advisors, a leading asset allocation authority. The Fund invests in a set of underlying funds with an allocation mix that has been designed to create a portfolio that seeks to maximize total investment return for a given level of risk. By incorporating a combination of major asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The table below lists the current target allocation ranges for each of the Fund’s underlying investments and how each of these underlying funds performed during the reporting period.

Nationwide Investor Destinations Funds: Moderately Conservative

Performance Ended April 30, 2007

		Target
		Allocation		6-Month
Asset Classes	Underlying Investments*	Ranges**		Returns**
Bonds	Nationwide Bond Index Fund		30%-40%		2.49%
Short-Term Bonds	Nationwide Contract		10%-20%		1.92%
Large-Cap Stocks	Nationwide S&P 500 Index Fund		15%-25%		8.49%
Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		5%-15%		11.88%
International Stocks	Nationwide International Index Fund		5%-15%		14.70%
Short-Term Investments	Nationwide Enhanced Income Fund		5%-15%		2.41%

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

*	Institutional share class returns except for Nationwide Contract.
**	Fund target allocation ranges and 6-month returns are as of April 30, 2007 and are subject to change at any time without notice.

26 Semiannual Report 2007

Nationwide Investor Destinations Moderately Conservative Fund

What areas of investment provided the most positive returns for the Fund?

With allocations by the Fund to the large-cap stock and international stock markets of approximately 20% and 10%, respectively, the returns of the Nationwide S&P 500 Index Fund at 8.49% and the Nationwide International Index Fund at 14.70% provided the greatest positive contributions to the Fund during the reporting period.

What areas detracted from Fund performance?

While none of the Fund’s underlying funds posted negative returns during the reporting period, the approximately 35% allocation to the Nationwide Bond Index Fund was the lowest contributor to overall Fund performance, returning a relatively modest 2.49%. It is important to note, however, that the sizable presence of bonds in this underlying Fund plays an important role in terms of diversification and risk management.

What is your outlook for the near term?

We believe that the Fund’s blend of fixed-income and equity-oriented allocations across the major asset classes position the Fund well to deliver the potential for strong long-term, risk-adjusted returns for the moderately conservative investor.

Portfolio Manager: William H. Miller

2007 Semiannual Report 27

Nationwide Investor Destinations Moderately Conservative Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		5.59%		9.01%		6.47%		4.35%		0.76%
	w/SC3		-0.49%		2.72%		5.22%		3.48%
Class B	w/o SC2		5.11%		8.12%		5.76%		3.66%		1.48%
	w/SC4		0.11%		3.12%		5.44%		3.66%
Class C5	w/o SC2		5.22%		8.13%		5.77%		3.66%		1.48%
	w/SC6		4.22%		7.13%		5.77%		3.66%
Class R 7,8			5.30%		8.59%		6.20%		3.96%		1.18%
Institutional Class7,9			5.67%		9.21%		6.62%		4.48%		0.48%
Service Class7			5.41%		8.73%		6.37%		4.30%		0.88%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on March 31, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	Not subject to any sales charges.
8	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
9	These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderately Conservative Fund, Lehman Brothers Aggregate Bond Index (LB U.S. Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Citigroup 3-Month T Bill Index(c), the Moderately Conservative Composite Index(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	LB U.S. Aggregate Bond is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more.
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The Citigroup 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).
(d)	The Moderately Conservative Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderate Composite is a combination of LB U.S. Aggregate Bond (35%), S&P 500 (40%), and Citigroup 3-Month T Bill Index (25%).
(e)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

28 Semiannual Report 2007

Nationwide Investor Destinations Moderately Conservative Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Investor Destinations			Account Value,		Account Value,		During		Expense
Moderately Conservative Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,055.90	$	2.29		0.45%
	Hypothetical	1	$	1,000.00	$	1,022.77	$	2.26		0.45%
Class B	Actual		$	1,000.00	$	1,051.10	$	6.05		1.19%
	Hypothetical	1	$	1,000.00	$	1,019.10	$	5.97		1.19%
Class C	Actual		$	1,000.00	$	1,052.20	$	6.06		1.19%
	Hypothetical	1	$	1,000.00	$	1,019.10	$	5.97		1.19%
Class R	Actual		$	1,000.00	$	1,053.00	$	4.17		0.82%
	Hypothetical	1	$	1,000.00	$	1,020.93	$	4.12		0.82%
Institutional Class	Actual		$	1,000.00	$	1,056.70	$	0.92		0.18%
	Hypothetical	1	$	1,000.00	$	1,024.11	$	0.90		0.18%
Service Class	Actual		$	1,000.00	$	1,054.10	$	2.85		0.56%
	Hypothetical	1	$	1,000.00	$	1,022.22	$	2.81		0.56%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 29

Nationwide Investor Destinations Moderately Conservative Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	85.1%
Fixed Contracts	14.7%
Other assets in excess of liabilities	0.2%
	100.0%

Asset Allocation Detail
Fixed Income Funds	44.8%
Equity Funds	40.3%
Fixed Contracts	14.7%
Other	0.2%
	100.0%

Top Holdings
Nationwide Bond Index Fund, Institutional Class	34.7%
Nationwide S&P 500 Index Fund, Institutional Class	20.2%
Nationwide Fixed Contract, 3.90%	14.7%
Nationwide Enhanced Income Fund, Institutional Class	10.1%
Nationwide International Index Fund, Institutional Class	10.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	10.0%
Other	0.2%
	100.0%

30 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Investor Destinations Moderately Conservative Fund

Mutual Funds (85.1%) (a)
	Shares or
	Principal Amount		Value
Equity Funds (40.3%)
Nationwide International Index Fund, Institutional Class		3,157,386	$	36,878,272
Nationwide Mid Cap Market Index Fund, Institutional Class		2,305,355		36,770,414
Nationwide S&P 500 Index Fund, Institutional Class		5,881,911		74,288,540
				147,937,226
Fixed Income Funds (44.8%)
Nationwide Bond Index Fund, Institutional Class		11,808,224		127,528,818
Nationwide Enhanced Income Fund, Institutional Class		4,034,735		36,917,821
				164,446,639
Total Mutual Funds (Cost $288,155,972)				312,383,865

Fixed Contract (14.7%) (a)(b)
	Shares or
	Principal Amount		Value
Nationwide Fixed Contract, 3.90%	$	53,985,594		53,985,594
Total Investments (Cost $342,141,568) (c) — 99.8%				366,369,459
Other assets in excess of liabilities — 0.2%				697,172
NET ASSETS — 100.0%			$	367,066,631

(a)	Investment in affiliate
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees. (See Note 2(a))
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 31

Nationwide Investor Destinations
Conservative Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Investor Destinations Conservative Fund (Class A at NAV) returned 3.72% versus 3.77% for its benchmark, which consists of 45% Citigroup 3-Month Treasury Bill (T-Bill) Index, 35% Lehman Brothers U.S. Aggregate Index and 20% S&P 500^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mixed-Asset Target Allocation Conservative Funds (consisting of 394 funds as of April 30, 2007) was 4.69%.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. All 10 of the sectors in the equity portion of the benchmark finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing” — that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

The Fund is a diversified “fund of funds” as an asset allocation investment option for an investor with a conservative risk profile. The Fund’s design was developed by Ibbotson Associates Advisors, a leading asset allocation authority. The Fund invests in a set of underlying funds with an allocation mix that has been designed to create a portfolio that seeks to maximize total investment return for a given level of risk. By incorporating a combination of major asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The table below lists the target allocation ranges for each of the Fund’s underlying investments and how each of these underlying funds performed during the reporting period.

Nationwide Investor Destinations Funds: Conservative

Performance Ended 4/30/2007

		Target
	Underlying	Allocation		6-Month
Asset Classes	Investment*	Ranges**		Return**
Bonds	Nationwide Bond Index Fund		35%-45%		2.49%
Short-Term Bonds	Nationwide Contract		20%-30%		1.92%
Short-Term Investments	Nationwide Enhanced Income Fund		5%-15%		2.41%
Short-Term Investments	Nationwide Money Market Fund		0%-10%		2.45%
Large-Cap Stocks	Nationwide S&P 500 Index Fund		5%-15%		8.49%
International Stocks	Nationwide International Index Fund		0%-10%		14.70%
Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		0%-10%		11.88%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

*	Institutional share class returns except for Nationwide Contract.
**	Fund target allocation ranges and 6-month returns are as of April 30, 2007 and are subject to change at any time without notice.

What areas detracted from Fund performance?

While none of the Fund’s underlying funds posted negative returns during the reporting period, the approximately 25% allocation to the Nationwide Contract was the lowest contributor to overall performance, returning a relatively modest 1.92%. It is important to note, however, that the sizable presence of short-term bonds/investments

32 Semiannual Report 2007

Nationwide Investor Destinations Conservative Fund

in this Fund plays an important role in terms of risk management.

What areas of investment provided the most positive returns for the Fund?

The Nationwide International Index Fund posted the best performance during the reporting period with a return of 14.70%. With the Fund’s approximately 45% allocation to the U.S. bond market, however, the returns of the Nationwide Bond Index Fund which returned 2.49% provided the greatest positive contribution to the Fund during the reporting period.

What is your outlook for the near term?

The Fund will continue to pursue its primary goal of maximizing total investment return by seeking income and, secondarily, long-term growth of capital. The Fund will remain weighted toward bonds and short-term investments while including some stock investments for long-term growth.

Portfolio Manager:

William H. Miller

2007 Semiannual Report 33

Nationwide Investor Destinations Conservative Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		Inception1		Ratio**
Class A	w/o SC2		3.72%		7.01%		4.87%		4.14%		0.75%
	w/SC3		-2.20%		0.90%		3.63%		3.27%
Class B	w/o SC2		3.46%		6.33%		4.15%		3.43%		1.49%
	w/SC4		-1.54%		1.33%		3.81%		3.43%
Class C5	w/o SC2		3.36%		6.26%		4.13%		3.41%		1.49%
	w/SC6		2.36%		5.26%		4.13%		3.41%
Class R 7,8			3.69%		6.84%		4.58%		3.73%		1.19%
Institutional Class 7,9			3.93%		7.23%		5.03%		4.26%		0.49%
Service Class7			3.66%		6.86%		4.77%		4.09%		0.88%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.
1	Fund commenced operations on March 31, 2000.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
6	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
7	Not subject to any sales charges.
8	These returns until the creation of Class R shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because the Class R shares invest in the same portfolio of securities as Class B shares.
9	These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Conservative Fund, Lehman Brothers Aggregate Bond Index (LB U.S. Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Citigroup 3-Month T Bill Index(c), the Conservative Composite Index(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	LB U.S. Aggregate Bond is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more.
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The Citigroup 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).
(d)	The Conservative Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Conservative Composite is a combination of LB U.S. Aggregate Bond (35%), S&P 500 (20%), and Citigroup 3-Month T Bill Index (45%).
(e)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

34 Semiannual Report 2007

Nationwide Investor Destinations Conservative Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Investor Destinations			Account Value,		Account Value,		During		Expense
Conservative Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,037.20	$	2.32		0.46%
	Hypothetical	1	$	1,000.00	$	1,022.72	$	2.31		0.46%
Class B	Actual		$	1,000.00	$	1,034.60	$	6.05		1.20%
	Hypothetical	1	$	1,000.00	$	1,019.05	$	6.03		1.20%
Class C	Actual		$	1,000.00	$	1,033.60	$	6.05		1.20%
	Hypothetical	1	$	1,000.00	$	1,019.05	$	6.03		1.20%
Class R	Actual		$	1,000.00	$	1,036.90	$	4.24		0.84%
	Hypothetical	1	$	1,000.00	$	1,020.83	$	4.22		0.84%
Institutional Class	Actual		$	1,000.00	$	1,039.30	$	0.91		0.18%
	Hypothetical	1	$	1,000.00	$	1,024.11	$	0.90		0.18%
Service Class	Actual		$	1,000.00	$	1,036.60	$	2.88		0.57%
	Hypothetical	1	$	1,000.00	$	1,022.17	$	2.86		0.57%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 35

Nationwide Investor Destinations Conservative Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	73.3%
Fixed Contracts	25.0%
Other Assets in excess of Liabilities	1.7%
	100.0%

Asset Allocation Detail
Fixed Income Funds	52.9%
Fixed Contracts	25.0%
Equity Funds	20.4%
Other	1.7%
	100.0%

Top Holdings
Nationwide Bond Index Fund, Institutional Class	39.8%
Nationwide Fixed Contract, 3.90%	25.0%
Nationwide Enhanced Income Fund, Institutional Class	13.1%
Nationwide S&P 500 Index Fund, Institutional Class	10.2%
Nationwide International Index Fund, Institutional Class	5.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	5.1%
Other	1.7%
	100.0%

36 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Investor Destinations Conservative Fund

Mutual Funds (73.3%)(a)
	Shares or
	Principal Amount		Value
Equity Funds (20.4%)
Nationwide International Index Fund, Institutional Class		995,417	$	11,626,476
Nationwide Mid Cap Market Index Fund, Institutional Class		726,655		11,590,140
Nationwide S&P 500 Index Fund, Institutional Class		1,854,340		23,420,315
				46,636,931
Fixed Income Funds (52.9%)
Nationwide Bond Index Fund, Institutional Class		8,440,054		91,152,580
Nationwide Enhanced Income Fund, Institutional Class		3,297,215		30,169,520
				121,322,100
Total Mutual Funds (Cost $160,495,083)				167,959,031

Fixed Contract (25.0%)(a)(b)
	Shares or
	Principal Amount		Value
Nationwide Fixed Contract, 3.90%	$	57,194,982	$	57,194,982
Total Investments (Cost $217,690,064) (c) — 98.3%				225,154,013
Other assets in excess of liabilities — 1.7%				3,951,073
NET ASSETS — 100.0%			$	229,105,086

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees. (See Note 2(a))
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 37

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			Nationwide			Nationwide Investor
			Investor Destinations			Destinations Moderately
			Aggressive Fund			Aggressive Fund
Assets:
Investments in affiliates, at value (Cost $896,306,420; $1,433,363,576; $1,472,176,453; $342,141,568 and $217,690,064)			$	1,090,471,004		$	1,708,149,604
Cash				–			–
Interest income				222,999			1,096,012
Receivable for capital shares issued				1,175,065			1,355,961
Prepaid expenses and other assets				28,770			84,597
		Total Assets		1,091,897,838			1,710,686,174
Liabilities:
Payable for capital shares redeemed				1,388,835			2,619,900
Accrued expenses and other payables:
	Investment advisory fees			114,529			179,869
	Distribution fees			300,915			498,991
	Administrative servicing fees			7,828			–
	Compliance program fees			11,783			19,735
	Custodian fees			–			–
	Other			2,420			12,697
		Total Liabilities		1,826,310			3,331,192
Net Assets			$	1,090,071,528		$	1,707,354,982
Represented by:
Capital			$	868,848,808		$	1,389,097,292
Accumulated net investment income (loss)				(1,921,367	)		429,476
Accumulated net realized gains on investment transactions				28,979,503			43,042,186
Net unrealized appreciation on investments				194,164,584			274,786,028
Net Assets			$	1,090,071,528		$	1,707,354,982
NET ASSETS:
Class A Shares			$	86,362,958		$	108,167,865
Class B Shares				20,192,204			43,234,147
Class C Shares				119,148,490			220,845,726
Class R Shares				11,659,377			20,576,056
Institutional Class Shares				30,580,824			59,117,764
Service Class Shares				822,127,675			1,255,413,424
Total			$	1,090,071,528		$	1,707,354,982

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Nationwide		Nationwide Investor		Nationwide
			Investor Destinations		Destinations Moderately		Investor Destinations
			Moderate Fund		Conservative Fund		Conservative Fund
Assets:
Investments in affiliates, at value (Cost $896,306,420; $1,433,363,576; $1,472,176,453; $342,141,568 and $217,690,064)			$	1,672,884,203	$	366,369,459	$	225,154,013
Cash				–		–		3,600,000
Interest income				1,991,792		656,877		486,418
Receivable for capital shares issued				986,695		511,814		158,101
Prepaid expenses and other assets				40,821		10,920		3,124
		Total Assets		1,675,903,511		367,549,070		229,401,656
Liabilities:
Payable for capital shares redeemed				1,807,031		309,862		185,865
Accrued expenses and other payables:
	Investment advisory fees			176,725		38,822		24,340
	Distribution fees			481,331		105,915		61,281
	Administrative servicing fees			173,107		20,707		13,779
	Compliance program fees			21,336		4,601		3,095
	Custodian fees			–		–		1,438
	Other			7,656		2,532		6,772
		Total Liabilities		2,667,186		482,439		296,570
Net Assets			$	1,673,236,325	$	367,066,631	$	229,105,086
Represented by:
Capital			$	1,438,869,609	$	334,408,943	$	219,791,705
Accumulated net investment income (loss)				1,885,939		749,605		673,286
Accumulated net realized gains on investment transactions				31,773,027		7,680,192		1,176,146
Net unrealized appreciation on investments				200,707,750		24,227,891		7,463,949
Net Assets			$	1,673,236,325	$	367,066,631	$	229,105,086
NET ASSETS:
Class A Shares			$	82,360,757	$	30,065,532	$	19,127,093
Class B Shares				37,729,699		8,039,506		4,025,703
Class C Shares				210,094,489		44,272,119		20,048,713
Class R Shares				21,702,588		5,465,354		3,386,947
Institutional Class Shares				69,497,192		10,289,011		4,695,865
Service Class Shares				1,251,851,600		268,935,109		177,820,765
Total			$	1,673,236,325	$	367,066,631	$	229,105,086

See accompanying notes to financial statements.

38 Semiannual Report 2007

Statements of Assets and Liabilities (Continued)

	Nationwide			Nationwide Investor
	Investor Destinations			Destinations Moderately
	Aggressive Fund			Aggressive Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		7,520,643			9,319,079
Class B Shares		1,780,610			3,779,067
Class C Shares		10,530,221			19,301,891
Class R Shares		1,024,184			1,795,645
Institutional Class Shares		2,643,524			5,094,852
Service Class Shares		71,439,389			108,305,083
Total		94,938,571			147,595,617
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	11.48		$	11.61
Class B Shares (a)	$	11.34		$	11.44
Class C Shares (b)	$	11.31		$	11.44
Class R Shares	$	11.38		$	11.46
Institutional Class Shares	$	11.57		$	11.60
Service Class Shares	$	11.51		$	11.59
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	12.18		$	12.32
Maximum Sales Charge:
Class A		5.75	%		5.75	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Nationwide			Nationwide Investor			Nationwide
	Investor Destinations			Destinations Moderately			Investor Destinations
	Moderate Fund			Conservative Fund			Conservative Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		7,256,563			2,785,131			1,829,609
Class B Shares		3,350,134			745,068			385,708
Class C Shares		18,715,022			4,115,983			1,927,065
Class R Shares		1,927,486			504,897			323,923
Institutional Class Shares		6,120,921			946,935			446,636
Service Class Shares		110,537,690			24,824,482			16,976,988
Total		147,907,816			33,922,496			21,889,929
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	11.35		$	10.80		$	10.45
Class B Shares (a)	$	11.26		$	10.79		$	10.44
Class C Shares (b)	$	11.23		$	10.76		$	10.40
Class R Shares	$	11.26		$	10.82		$	10.46
Institutional Class Shares	$	11.35		$	10.87		$	10.51
Service Class Shares	$	11.33		$	10.83		$	10.47
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	12.04		$	11.46		$	11.09
Maximum Sales Charge:
Class A		5.75	%		5.75	%		5.75	%

(a)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(b)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

See accompanying notes to financial statements.

2007 Semiannual Report 39

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

		Nationwide			Nationwide Investor
		Investor Destinations			Destinations Moderately
		Aggressive Fund			Aggressive Fund
INVESTMENT INCOME:
Interest income		$	8,433		$	9,685
Dividend income from affiliates			11,400,211			19,868,419
Interest income from affiliates			–			1,251,086
	Total Income		11,408,644			21,129,190
Expenses:
Investment advisory fees			622,336			998,506
Distribution fees Class A			91,655			120,149
Distribution fees Class B			91,898			203,885
Distribution fees Class C			525,415			1,023,455
Distribution fees Class R			12,599			20,347
Distribution fees Service Class			925,591			1,444,690
Administrative servicing fees Class A			3,666			4,657
Administrative servicing fees Class R			5,186			8,348
Administrative servicing fees Service Class			442,859			637,177
Registration and filing fees			135,146			217,806
Trustee fees			13,246			21,493
Compliance program fees (Note 3)			8,309			13,721
Custodian fees			14,895			23,849
Other			75,587			120,126
	Total expenses before waived expenses		2,968,388			4,858,209
Earnings credit (Note 4)			(2,291	)		(3,393	)
Expenses voluntarily waived by administrator			(9,451	)		(15,041	)
Net expenses			2,956,646			4,839,775
Net Investment Income			8,451,998			16,289,415
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions with affiliates			4,163,649			5,702,516
Net realized gain distributions from underlying funds			30,411,608			39,523,735
Net realized gains on investments			34,575,257			45,226,251
Net change in unrealized appreciation on investments			49,381,345			70,408,784
Net realized/unrealized gains from investments			83,956,602			115,635,035
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	92,408,600		$	131,924,450

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Nationwide			Nationwide Investor			Nationwide
		Investor Destinations			Destinations Moderately			Investor Destinations
		Moderate Fund			Conservative Fund			Conservative Fund
INVESTMENT INCOME:
Interest income		$	8,645		$	4,962		$	1,225
Dividend income from affiliates			21,462,712			5,281,101			3,306,443
Interest income from affiliates			2,982,157			943,220			1,093,907
	Total Income		24,453,514			6,229,283			4,401,575
Expenses:
Investment advisory fees			1,004,173			220,996			141,062
Distribution fees Class A			92,206			34,876			23,116
Distribution fees Class B			181,185			38,215			19,563
Distribution fees Class C			984,776			212,780			95,124
Distribution fees Class R			23,666			5,621			3,477
Distribution fees Service Class			1,489,529			317,461			214,674
Administrative servicing fees Class A			3,575			1,354			899
Administrative servicing fees Class R			9,767			2,346			1,440
Administrative servicing fees Service Class			883,173			153,803			107,350
Registration and filing fees			205,834			68,419			30,232
Trustee fees			21,988			4,838			3,140
Compliance program fees (Note 3)			14,773			3,187			2,135
Custodian fees			25,721			5,903			5,900
Other			116,578			26,713			35,018
	Total expenses before waived expenses		5,056,944			1,096,512			683,130
Earnings credit (Note 4)			(2,393	)		(619	)		(281	)
Expenses voluntarily waived by administrator			(14,991	)		(3,291	)		(2,088	)
Net expenses			5,039,560			1,092,602			680,761
Net Investment Income			19,413,954			5,136,681			3,720,814
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions with affiliates			6,423,837			4,318,520			764,011
Net realized gain distributions from underlying funds			28,852,639			4,414,285			1,347,498
Net realized gains on investments			35,276,476			8,732,805			2,111,509
Net change in unrealized appreciation on investments			48,466,738			4,162,054			2,163,623
Net realized/unrealized gains from investments			83,743,214			12,894,859			4,275,132
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	103,157,168		$	18,031,540		$	7,995,946

See accompanying notes to financial statements.

40 Semiannual Report 2007

Statements of Changes in Net Assets

		Nationwide Investor Destinations						Nationwide Investor Destinations
		Aggressive Fund						Moderately Aggressive Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	8,451,998		$	7,608,686		$	16,289,415		$	17,238,418
Net realized gains on investment transactions			34,575,257			26,166,964			45,226,251			35,814,941
Net change in unrealized appreciation on investments			49,381,345			78,598,576			70,408,784			113,544,708
Change in net assets from operations			92,408,600			112,374,226			131,924,450			166,598,067
Distributions to Shareholders:
From net investment income:
	Class A		(802,883	)		(912,258	)		(1,057,116	)		(1,448,695	)
	Class B		(179,000	)		(174,557	)		(375,631	)		(512,943	)
	Class C		(1,007,810	)		(1,032,677	)		(1,872,465	)		(2,583,761	)
	Class R		(38,427	)		(12,361	)		(49,172	)		(17,302	)
	Institutional Class		(28,671	)		(8,226	)		(116,421	)		(30,118	)
	Service Class		(8,316,574	)		(9,782,007	)		(12,997,671	)		(17,974,642	)
Net realized gains:
	Class A		(1,427,745	)		(781,457	)		(1,795,310	)		(800,084	)
	Class B		(382,411	)		(238,848	)		(824,425	)		(429,221	)
	Class C		(2,145,163	)		(1,462,132	)		(4,088,152	)		(2,194,297	)
	Class R		(72,786	)		(7,180	)		(84,880	)		(3,691	)
	Institutional Class		(48,542	)		(21	)		(85,526	)		(14	)
	Service Class		(15,278,242	)		(9,107,808	)		(23,158,068	)		(10,500,320	)
Change in net assets from shareholder distributions			(29,728,254	)		(23,519,532	)		(46,504,837	)		(36,495,088	)
Change in net assets from capital transactions			175,955,712			200,822,354			222,504,382			290,204,052
Change in net assets			238,636,058			289,677,048			307,923,995			420,307,031
Net Assets:
Beginning of period			851,435,470			561,758,422			1,399,430,987			979,123,956
End of period		$	1,090,071,528		$	851,435,470		$	1,707,354,982		$	1,399,430,987
Accumulated net investment income (loss) at end of period		$	(1,921,367	)	$	–		$	429,476		$	608,537
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	26,773,562		$	27,714,603		$	29,008,481		$	33,150,434
	Dividends reinvested		1,403,496			939,400			1,622,931			1,272,400
	Cost of shares redeemed		(7,870,253	)		(12,201,217	)		(11,234,358	)		(15,742,265	)
Total Class A			20,306,805			16,452,786			19,397,054			18,680,569
Class B Shares
	Proceeds from shares issued		2,919,927			4,925,605			3,096,992			9,164,562
	Dividends reinvested		386,484			280,636			788,105			567,157
	Cost of shares redeemed		(1,161,386	)		(1,856,710	)		(2,243,277	)		(4,356,534	)
Total Class B			2,145,025			3,349,531			1,641,820			5,375,185
Class C Shares
	Proceeds from shares issued		25,227,351			27,813,326			28,973,953			47,176,142
	Dividends reinvested		805,150			505,724			1,422,273			1,081,650
	Cost of shares redeemed		(7,141,072	)		(16,443,310	)		(13,382,826	)		(29,899,638	)
Total Class C			18,891,429			11,875,740			17,013,400			18,358,154

See accompanying notes to financial statements.

2007 Semiannual Report 41

Statements of Changes in Net Assets (Continued)

		Nationwide Investor Destinations						Nationwide Investor Destinations
		Aggressive Fund						Moderately Aggressive Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class R Shares
	Proceeds from shares issued	$	9,901,543		$	2,145,174		$	18,424,816		$	2,599,279
	Dividends reinvested		40,678			67			17,404			52
	Cost of shares redeemed		(847,610	)		(404,242	)		(1,414,902	)		(144,442	)
Total Class R			9,094,611			1,740,999			17,027,318			2,454,889
Institutional Class Shares
	Proceeds from shares issued		28,397,395			1,493,404			53,730,348			4,036,455
	Dividends reinvested		77,213			8,247			201,946			30,132
	Cost of shares redeemed		(750,622	)		(119,079	)		(1,407,500	)		(365,977	)
Total Institutional Class			27,723,986			1,382,572			52,524,794			3,700,610
Service Class Shares
	Proceeds from shares issued		117,891,397			187,722,738			161,145,662			267,155,216
	Dividends reinvested		23,586,234			18,881,625			36,155,666			28,474,904
	Cost of shares redeemed		(43,683,775	)		(40,583,637	)		(82,401,332	)		(53,995,475	)
Total Service Class			97,793,856			166,020,726			114,899,996			241,634,645
Change in net assets from capital transactions:		$	175,955,712		$	200,822,354		$	222,504,382		$	290,204,052
SHARE TRANSACTIONS:
Class A Shares
	Issued		2,420,261			2,719,915			2,592,557			3,171,471
	Reinvested		128,314			95,359			146,033			124,384
	Redeemed		(709,572	)		(1,205,462	)		(1,000,757	)		(1,513,517	)
Total Class A Shares			1,839,003			1,609,812			1,737,833			1,782,338
Class B Shares
	Issued		266,905			487,608			278,906			891,182
	Reinvested		35,701			28,923			71,813			56,302
	Redeemed		(105,942	)		(185,837	)		(201,515	)		(421,719	)
Total Class B Shares			196,664			330,694			149,204			525,765
Class C Shares
	Issued		2,317,710			2,779,413			2,617,726			4,581,696
	Reinvested		74,510			52,240			129,598			107,399
	Redeemed		(654,363	)		(1,645,278	)		(1,207,548	)		(2,900,426	)
Total Class C Shares			1,737,857			1,186,375			1,539,776			1,788,669
Class R Shares
	Issued		902,657			211,862			1,660,030			249,759
	Reinvested		3,747			7			1,580			5
	Redeemed		(77,022	)		(39,953	)		(127,975	)		(13,760	)
Total Class R Shares			829,382			171,916			1,533,635			236,004
Institutional Class Shares
	Issued		2,570,732			143,317			4,850,200			382,941
	Reinvested		7,014			809			18,091			2,889
	Redeemed		(66,975	)		(11,482	)		(124,936	)		(34,438	)
Total Institutional Class Shares			2,510,771			132,644			4,743,355			351,392

See accompanying notes to financial statements.

42 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Investor Destinations						Nationwide Investor Destinations
		Aggressive Fund						Moderately Aggressive Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS: (continued)
Service Class Shares
	Issued		10,645,039			18,387,174			14,378,286			25,580,298
	Reinvested		2,150,550			1,914,640			3,257,689			2,789,924
	Redeemed		(3,972,519	)		(4,007,374	)		(7,409,553	)		(5,189,694	)
Total Service Class Shares			8,823,070			16,294,440			10,226,422			23,180,528
Change in shares:			15,936,747			19,725,881			19,930,225			27,864,696

See accompanying notes to financial statements.

2007 Semiannual Report 43

Statements of Changes in Net Assets

		Nationwide Investor Destinations						Nationwide Investor Destinations
		Moderate Fund						Moderately Conservative Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	19,413,954		$	25,777,766		$	5,136,681		$	7,091,164
Net realized gains on investment transactions			35,276,476			33,738,609			8,732,805			8,603,551
Net change in unrealized appreciation on investments			48,466,738			89,227,383			4,162,054			9,254,631
Change in net assets from operations			103,157,168			148,743,758			18,031,540			24,949,346
Distributions to Shareholders:
From net investment income:
	Class A		(1,012,973	)		(1,520,632	)		(451,290	)		(617,512	)
	Class B		(378,278	)		(574,177	)		(91,114	)		(142,172	)
	Class C		(2,100,304	)		(2,962,072	)		(498,400	)		(859,958	)
	Class R		(102,739	)		(56,299	)		(34,832	)		(2,743	)
	Institutional Class		(318,930	)		(25,815	)		(63,090	)		(12,000	)
	Service Class		(16,043,171	)		(24,180,962	)		(3,802,575	)		5,806,545
Net realized gains:
	Class A		(1,362,206	)		(638,940	)		(646,039	)		(276,380	)
	Class B		(698,025	)		(327,933	)		(180,577	)		(101,528	)
	Class C		(3,820,716	)		(1,698,864	)		(989,504	)		(641,453	)
	Class R		(113,116	)		(18,124	)		(41,346	)		(19	)
	Institutional Class		(131,055	)		(11	)		(25,938	)		(17	)
	Service Class		(23,095,572	)		(10,482,715	)		(5,990,496	)		(3,306,101	)
Change in net assets from shareholder distributions			(49,177,085	)		(42,486,544	)		(12,815,201	)		(11,766,428	)
Change in net assets from capital transactions			170,208,637			171,484,081			42,869,914			47,534,686
Change in net assets			224,188,720			277,741,295			48,086,253			60,717,604
Net Assets:
Beginning of period			1,449,047,605			1,171,306,310			318,980,378			258,262,774
End of period		$	1,673,236,325		$	1,449,047,605		$	367,066,631		$	318,980,378
Accumulated net investment income at end of period		$	1,885,939		$	2,428,380		$	749,605		$	554,225
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	17,028,070		$	21,964,099		$	8,646,337		$	15,018,994
	Dividends reinvested		1,320,529			1,172,417			821,213			620,152
	Cost of shares redeemed		(7,550,168	)		(16,837,932	)		(7,045,364	)		(6,360,358	)
Total Class A			10,798,431			6,298,584			2,422,186			9,278,788
Class B Shares
	Proceeds from shares issued		2,523,247			7,414,786			1,027,128			1,762,972
	Dividends reinvested		556,067			452,500			141,118			124,566
	Cost of shares redeemed		(2,026,235	)		(3,967,295	)		(617,938	)		(820,207	)
Total Class B			1,053,079			3,899,991			550,308			1,067,331
Class C Shares
	Proceeds from shares issued		36,572,461			48,058,314			7,790,872			11,531,945
	Dividends reinvested		1,458,235			1,034,608			382,111			342,580
	Cost of shares redeemed		(19,466,724	)		(28,338,995	)		(5,654,838	)		(12,105,625	)
Total Class C			18,563,972			20,753,927			2,518,145			(231,100	)

See accompanying notes to financial statements.

44 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Investor Destinations						Nationwide Investor Destinations
		Moderate Fund						Moderately Conservative Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class R Shares
	Proceeds from shares issued	$	18,710,425		$	5,442,745		$	6,564,014		$	633,459
	Dividends reinvested		46,918			44			47,088			52
	Cost of shares redeemed		(1,604,829	)		(1,756,949	)		(1,819,837	)		(32,411	)
Total Class R			17,152,514			3,685,840			4,791,265			601,100
Institutional Class Shares
	Proceeds from shares issued		65,115,226			3,227,393			9,797,075			1,187,327
	Dividends reinvested		449,984			25,826			89,028			12,016
	Cost of shares redeemed		(1,516,815	)		(223,543	)		(762,087	)		(312,936	)
Total Institutional Class			64,048,395			3,029,676			9,124,016			886,407
Service Class Shares
	Proceeds from shares issued		115,848,880			188,611,032			57,469,742			69,469,334
	Dividends reinvested		39,138,637			34,663,623			9,793,065			9,112,618
	Cost of shares redeemed		(96,395,271	)		(89,458,592	)		(43,798,813	)		(42,649,792	)
Total Service Class			58,592,246			133,816,063			23,463,994			35,932,160
Change in net assets from capital transactions:		$	170,208,637		$	171,484,081		$	42,869,914		$	47,534,686
SHARE TRANSACTIONS:
Class A Shares
	Issued		1,534,157			2,086,694			810,549			1,450,396
	Reinvested		119,947			112,775			77,858			60,451
	Redeemed		(679,854	)		(1,603,833	)		(662,824	)		(614,064	)
Total Class A Shares			974,250			595,636			225,583			896,783
Class B Shares
	Issued		229,273			710,439			96,272			170,625
	Reinvested		50,878			43,870			13,378			12,147
	Redeemed		(184,094	)		(378,512	)		(57,841	)		(79,246	)
Total Class B Shares			96,057			375,797			51,809			103,526
Class C Shares
	Issued		3,333,797			4,616,097			736,690			1,119,386
	Reinvested		133,888			100,598			36,353			33,511
	Redeemed		(1,772,709	)		(2,724,921	)		(532,851	)		(1,175,596	)
Total Class C Shares			1,694,976			1,991,774			240,192			(22,699	)
Class R Shares
	Issued		1,699,772			518,240			610,268			61,004
	Reinvested		4,270			4			4,443			5
	Redeemed		(146,245	)		(168,299	)		(167,860	)		(3,075	)
Total Class R Shares			1,557,797			349,945			446,851			57,934
Institutional Class Shares
	Issued		5,932,229			302,913			925,796			113,317
	Reinvested		40,680			2,447			8,358			1,159
	Redeemed		(136,119	)		(21,330	)		(71,731	)		(30,064	)
Total Institutional Class Shares			5,836,790			284,030			862,423			84,412
Service Class Shares
	Issued		10,459,493			17,922,478			5,336,097			6,686,101
	Reinvested		3,563,208			3,341,693			925,366			885,380
	Redeemed		(8,779,962	)		(8,531,691	)		(4,070,296	)		(4,114,250	)
Total Service Class Shares			5,242,739			12,732,480			2,191,167			3,457,231
Change in shares:			15,402,609			16,329,662			4,018,025			4,577,187

See accompanying notes to financial statements.

2007 Semiannual Report 45

Statements of Changes in Net Assets

		Nationwide Investor
		Destinations Conservative Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	3,720,814		$	5,516,994
Net realized gains on investment transactions			2,111,509			2,928,668
Net change in unrealized appreciation on investments			2,163,623			3,920,805
Change in net assets from operations			7,995,946			12,366,467
Distributions to Shareholders:
From net investment income:
	Class A		(317,796	)		(534,666	)
	Class B		(54,049	)		(91,990	)
	Class C		(256,753	)		(454,268	)
	Class R		(22,397	)		(2,710	)
	Institutional Class		(34,102	)		(1,416	)
	Service Class		(2,874,978	)		(4,480,724	)
Net realized gains:
	Class A		(270,490	)		(355,546	)
	Class B		(57,530	)		(47,621	)
	Class C		(268,380	)		(234,259	)
	Class R		(7,671	)		(296	)
	Institutional Class		(3,331	)		(12	)
	Service Class		(2,501,074	)		(1,690,363	)
Change in net assets from shareholder distributions			(6,668,551	)		(7,893,871	)
Change in net assets from capital transactions			18,918,795			14,711,686
Change in net assets			20,246,190			19,184,282
Net Assets:
Beginning of period			208,858,896			189,674,614
End of period		$	229,105,086		$	208,858,896
Accumulated net investment income at end of period		$	673,286		$	512,547
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	2,884,086		$	14,678,187
	Dividends reinvested		510,585			785,370
	Cost of shares redeemed		(2,758,460	)		(26,655,411	)
Total Class A			636,211			(11,191,854	)
Class B Shares
	Proceeds from shares issued		591,345			575,258
	Dividends reinvested		57,049			72,239
	Cost of shares redeemed		(485,290	)		(897,400	)
Total Class B			163,104			(249,903	)
Class C Shares
	Proceeds from shares issued		3,847,903			5,692,214
	Dividends reinvested		141,418			193,773
	Cost of shares redeemed		(2,535,233	)		(6,923,661	)
Total Class C			1,454,088			(1,037,674	)

See accompanying notes to financial statements.

46 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Investor
		Destinations Conservative Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class R Shares
	Proceeds from shares issued	$	4,245,335		$	498,912
	Dividends reinvested		15,234			48
	Cost of shares redeemed		(1,410,508	)		(5,581	)
Total Class R			2,850,061			493,379
Institutional Class Shares
	Proceeds from shares issued		4,662,504			159,605
	Dividends reinvested		37,434			1,428
	Cost of shares redeemed		(237,601	)		(5,456	)
Total Institutional Class			4,462,337			155,577
Service Class Shares
	Proceeds from shares issued		24,144,240			48,128,529
	Dividends reinvested		5,376,042			6,171,080
	Cost of shares redeemed		(20,167,288	)		(27,757,448	)
Total Service Class			9,352,994			26,542,161
Change in net assets from capital transactions:		$	18,918,795		$	14,711,686
SHARE TRANSACTIONS:
Class A Shares
	Issued		277,735			1,444,662
	Reinvested		49,530			77,287
	Redeemed		(265,738	)		(2,602,501	)
Total Class A Shares			61,527			(1,080,552	)
Class B Shares
	Issued		56,918			56,342
	Reinvested		5,540			7,114
	Redeemed		(46,744	)		(88,071	)
Total Class B Shares			15,714			(24,615	)
Class C Shares
	Issued		373,224			559,992
	Reinvested		13,773			19,140
	Redeemed		(245,047	)		(679,789	)
Total Class C Shares			141,950			(100,657	)
Class R Shares
	Issued		410,038			48,543
	Reinvested		1,471			5
	Redeemed		(135,907	)		(537	)
Total Class R Shares			275,602			48,011
Institutional Class Shares
	Issued		450,707			15,466
	Reinvested		3,599			139
	Redeemed		(22,839	)		(536	)
Total Institutional Class Shares			431,467			15,069
Service Class Shares
	Issued		2,318,166			4,692,620
	Reinvested		520,506			605,780
	Redeemed		(1,941,113	)		(2,713,309	)
Total Service Class Shares			897,559			2,585,091
Change in shares:			1,823,819			1,442,349

See accompanying notes to financial statements.

2007 Semiannual Report 47

Financial Highlights

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

Nationwide Investor Destinations Aggressive Fund

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	7.36		0.07		(1.00	)		(0.93	)
Year Ended October 31, 2003	$	6.36		0.08		1.45			1.53
Year Ended October 31, 2004	$	7.81		0.10		0.80			0.90
Year Ended October 31, 2005	$	8.61		0.19		0.87			1.06
Year Ended October 31, 2006	$	9.48		0.15		1.53			1.68
Six Months Ended April 30, 2007 (Unaudited)	$	10.77		0.12		0.95			1.07
Class B Shares
Year Ended October 31, 2002	$	7.31		0.02		(0.99	)		(0.97	)
Year Ended October 31, 2003	$	6.32		0.04		1.43			1.47
Year Ended October 31, 2004	$	7.74		0.04		0.80			0.84
Year Ended October 31, 2005	$	8.53		0.11		0.86			0.97
Year Ended October 31, 2006	$	9.38		0.08		1.52			1.60
Six Months Ended April 30, 2007 (Unaudited)	$	10.66		0.07		0.95			1.02
Class C Shares
Year Ended October 31, 2002	$	7.36		–		(1.04	)		(1.04	)
Year Ended October 31, 2003	$	6.32		0.05		1.42			1.47
Year Ended October 31, 2004	$	7.73		0.04		0.80			0.84
Year Ended October 31, 2005	$	8.52		0.12		0.86			0.98
Year Ended October 31, 2006	$	9.37		0.07		1.52			1.59
Six Months Ended April 30, 2007 (Unaudited)	$	10.64		0.07		0.94			1.01

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class A Shares
Year Ended October 31, 2002		(0.07	)		–			(0.07	)	$	6.36		(12.67%	)
Year Ended October 31, 2003		(0.08	)		–			(0.08	)	$	7.81		24.34%
Year Ended October 31, 2004		(0.10	)		–			(0.10	)	$	8.61		11.55%
Year Ended October 31, 2005		(0.19	)		–			(0.19	)	$	9.48		12.36%
Year Ended October 31, 2006		(0.20	)		(0.19	)		(0.39	)	$	10.77		18.13%
Six Months Ended April 30, 2007 (Unaudited)		(0.13	)		(0.23	)		(0.36	)	$	11.48		10.14%
Class B Shares
Year Ended October 31, 2002		(0.02	)		–			(0.02	)	$	6.32		(13.30%	)
Year Ended October 31, 2003		(0.05	)		–			(0.05	)	$	7.74		23.42%
Year Ended October 31, 2004		(0.05	)		–			(0.05	)	$	8.53		10.86%
Year Ended October 31, 2005		(0.12	)		–			(0.12	)	$	9.38		11.46%
Year Ended October 31, 2006		(0.13	)		(0.19	)		(0.32	)	$	10.66		17.39%
Six Months Ended April 30, 2007 (Unaudited)		(0.11	)		(0.23	)		(0.34	)	$	11.34		9.76%
Class C Shares
Year Ended October 31, 2002		–			–			–		$	6.32		(13.30%	)
Year Ended October 31, 2003		(0.06	)		–			(0.06	)	$	7.73		23.41%
Year Ended October 31, 2004		(0.05	)		–			(0.05	)	$	8.52		10.88%
Year Ended October 31, 2005		(0.13	)		–			(0.13	)	$	9.37		11.49%
Year Ended October 31, 2006		(0.13	)		(0.19	)		(0.32	)	$	10.64		17.29%
Six Months Ended April 30, 2007 (Unaudited)		(0.11	)		(0.23	)		(0.34	)	$	11.31		9.68%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
			Ratio of
	Net Assets		Expenses
	at End of		to Average
	Period		Net
	(000’s)		Assets (c)
Class A Shares
Year Ended October 31, 2002	$	247		0.50%
Year Ended October 31, 2003	$	3,742		0.52%
Year Ended October 31, 2004	$	19,737		0.47%
Year Ended October 31, 2005	$	38,583		0.49%
Year Ended October 31, 2006	$	61,217		0.45%
Six Months Ended April 30, 2007 (Unaudited)	$	86,363		0.44%
Class B Shares
Year Ended October 31, 2002	$	48		1.24%
Year Ended October 31, 2003	$	1,557		1.25%
Year Ended October 31, 2004	$	7,414		1.20%
Year Ended October 31, 2005	$	11,761		1.21%
Year Ended October 31, 2006	$	16,890		1.19%
Six Months Ended April 30, 2007 (Unaudited)	$	20,192		1.18%
Class C Shares
Year Ended October 31, 2002	$	48		1.24%
Year Ended October 31, 2003	$	7,706		1.26%
Year Ended October 31, 2004	$	43,668		1.20%
Year Ended October 31, 2005	$	71,231		1.21%
Year Ended October 31, 2006	$	93,557		1.19%
Six Months Ended April 30, 2007 (Unaudited)	$	119,148		1.18%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of						Ratio of
	Net			Ratio of			Investment
	Investment			Expenses			Income
	Income			(Prior to			(Prior to
	(Loss) to			Reimbursements)			Reimbursements)
	Average			to Average			to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		1.42%			0.50%			1.42%			26.33%
Year Ended October 31, 2003		1.04%				(g)			(g)		44.11%
Year Ended October 31, 2004		1.06%				(g)			(g)		2.12%
Year Ended October 31, 2005		1.87%				(g)			(g)		6.51%
Year Ended October 31, 2006		1.27%			0.46%			1.27%			4.80%
Six Months Ended April 30, 2007 (Unaudited)		1.93%			0.44%			1.93%			1.85%
Class B Shares
Year Ended October 31, 2002		0.04%			1.27%			0.01%			26.33%
Year Ended October 31, 2003		0.16%				(g)			(g)		44.11%
Year Ended October 31, 2004		0.35%				(g)			(g)		2.12%
Year Ended October 31, 2005		1.18%				(g)			(g)		6.51%
Year Ended October 31, 2006		0.64%			1.19%			0.64%			4.80%
Six Months Ended April 30, 2007 (Unaudited)		1.21%			1.18%			1.21%			1.85%
Class C Shares
Year Ended October 31, 2002		(0.96%	)		1.48%			(1.20%	)		26.33%
Year Ended October 31, 2003		0.22%				(g)			(g)		44.11%
Year Ended October 31, 2004		0.32%				(g)			(g)		2.12%
Year Ended October 31, 2005		1.16%				(g)			(g)		6.51%
Year Ended October 31, 2006		0.65%			1.19%			0.64%			4.80%
Six Months Ended April 30, 2007 (Unaudited)		1.20%			1.18%			1.20%			1.85%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

48 Semiannual Report 2007

Financial Highlights

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

Nationwide Investor Destinations Aggressive Fund (continued)

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class R Shares
Period Ended October 31, 2003 (f)	$	7.45		–		0.29			0.29
Year Ended October 31, 2004	$	7.74		0.07		0.82			0.89
Year Ended October 31, 2005	$	8.56		0.18		0.86			1.04
Year Ended October 31, 2006	$	9.42		0.16		1.49			1.65
Six Months Ended April 30, 2007 (Unaudited)	$	10.69		0.11		0.93			1.04
Institutional Class Shares
Period Ended October 31, 2005 (h)	$	9.31		0.09		0.25			0.34
Year Ended October 31, 2006	$	9.53		0.22		1.50			1.72
Six Months Ended April 30, 2007 (Unaudited)(i)	$	10.84		0.11		0.98			1.09
Service Class Shares
Year Ended October 31, 2002	$	7.36		0.07		(0.99	)		(0.92	)
Year Ended October 31, 2003	$	6.37		0.07		1.45			1.52
Year Ended October 31, 2004	$	7.82		0.09		0.81			0.90
Year Ended October 31, 2005	$	8.63		0.18		0.87			1.05
Year Ended October 31, 2006	$	9.50		0.14		1.54			1.68
Six Months Ended April 30, 2007 (Unaudited)	$	10.80		0.10		0.96			1.06

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class R Shares
Period Ended October 31, 2003 (f)		–			–			–		$	7.74		3.89%
Year Ended October 31, 2004		(0.07	)		–			(0.07	)	$	8.56		11.58%
Year Ended October 31, 2005		(0.18	)		–			(0.18	)	$	9.42		12.19%
Year Ended October 31, 2006		(0.19	)		(0.19	)		(0.38	)	$	10.69		17.93%
Six Months Ended April 30, 2007 (Unaudited)		(0.12	)		(0.23	)		(0.35	)	$	11.38		9.94%
Institutional Class Shares
Period Ended October 31, 2005 (h)		(0.12	)		–			(0.12	)	$	9.53		3.66%
Year Ended October 31, 2006		(0.22	)		(0.19	)		(0.41	)	$	10.84		18.54%
Six Months Ended April 30, 2007 (Unaudited)(i)		(0.13	)		(0.23	)		(0.36	)	$	11.57		10.34%
Service Class Shares
Year Ended October 31, 2002		(0.07	)		–			(0.07	)	$	6.37		(12.64%	)
Year Ended October 31, 2003		(0.07	)		–			(0.07	)	$	7.82		24.08%
Year Ended October 31, 2004		(0.09	)		–			(0.09	)	$	8.63		11.50%
Year Ended October 31, 2005		(0.18	)		–			(0.18	)	$	9.50		12.18%
Year Ended October 31, 2006		(0.19	)		(0.19	)		(0.38	)	$	10.80		18.04%
Six Months Ended April 30, 2007 (Unaudited)		(0.12	)		(0.23	)		(0.35	)	$	11.51		10.08%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
			Ratio of
	Net Assets		Expenses
	at End of		to Average
	Period		Net
	(000’s)		Assets (c)
Class R Shares
Period Ended October 31, 2003 (f)	$	1		0.82%
Year Ended October 31, 2004	$	38		0.63%
Year Ended October 31, 2005	$	216		0.63%
Year Ended October 31, 2006	$	2,083		0.79%
Six Months Ended April 30, 2007 (Unaudited)	$	11,659		0.82%
Institutional Class Shares
Period Ended October 31, 2005 (h)	$	1		0.24%
Year Ended October 31, 2006	$	1,439		0.18%
Six Months Ended April 30, 2007 (Unaudited)(i)	$	30,581		0.17%
Service Class Shares
Year Ended October 31, 2002	$	54,923		0.61%
Year Ended October 31, 2003	$	129,717		0.61%
Year Ended October 31, 2004	$	282,486		0.59%
Year Ended October 31, 2005	$	439,966		0.62%
Year Ended October 31, 2006	$	676,249		0.59%
Six Months Ended April 30, 2007 (Unaudited)	$	822,128		0.55%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of						Ratio of
	Net			Ratio of			Investment
	Investment			Expenses			Income
	Income			(Prior to			(Prior to
	(Loss) to			Reimbursements)			Reimbursements)
	Average			to Average			to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (f)		(0.46%	)		0.92%			(0.56%	)		44.11%
Year Ended October 31, 2004		0.93%				(g)			(g)		2.12%
Year Ended October 31, 2005		1.47%				(g)			(g)		6.51%
Year Ended October 31, 2006		0.88%			0.80%			0.88%			4.80%
Six Months Ended April 30, 2007 (Unaudited)		1.14%			0.82%			1.14%			1.85%
Institutional Class Shares
Period Ended October 31, 2005 (h)		1.39%				(g)			(g)		6.51%
Year Ended October 31, 2006		1.74%			0.19%			1.73%			4.80%
Six Months Ended April 30, 2007 (Unaudited)(i)		1.99%			0.17%			1.99%			1.85%
Service Class Shares
Year Ended October 31, 2002		0.91%			0.67%			0.85%			26.33%
Year Ended October 31, 2003		0.98%			0.63%			0.96%			44.11%
Year Ended October 31, 2004		0.94%			0.60%			0.94%			2.12%
Year Ended October 31, 2005		1.78%				(g)			(g)		6.51%
Year Ended October 31, 2006		1.16%			0.60%			1.15%			4.80%
Six Months Ended April 30, 2007 (Unaudited)		1.84%			0.55%			1.84%			1.85%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 49

Financial Highlights

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

Nationwide Investor Destinations Moderately Aggressive Fund

			Investment Activities								Distributions
					Net
					Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	7.92		0.10		(0.87	)		(0.77	)		(0.11	)
Year Ended October 31, 2003	$	7.04		0.11		1.31			1.42			(0.11	)
Year Ended October 31, 2004	$	8.35		0.12		0.75			0.87			(0.12	)
Year Ended October 31, 2005	$	9.10		0.21		0.74			0.95			(0.21	)
Year Ended October 31, 2006	$	9.84		0.18		1.33			1.51			(0.22	)
Six Months Ended April 30, 2007 (Unaudited)	$	11.00		0.14		0.83			0.97			(0.13	)
Class B Shares
Year Ended October 31, 2002	$	7.88		0.06		(0.88	)		(0.82	)		(0.07	)
Year Ended October 31, 2003	$	6.99		0.07		1.28			1.35			(0.08	)
Year Ended October 31, 2004	$	8.26		0.07		0.73			0.80			(0.07	)
Year Ended October 31, 2005	$	8.99		0.14		0.73			0.87			(0.14	)
Year Ended October 31, 2006	$	9.72		0.11		1.30			1.41			(0.15	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.85		0.09		0.83			0.92			(0.10	)
Class C Shares
Year Ended October 31, 2002	$	7.91		–		(0.91	)		(0.91	)		–
Year Ended October 31, 2003	$	7.00		0.08		1.28			1.36			(0.09	)
Year Ended October 31, 2004	$	8.27		0.07		0.72			0.79			(0.07	)
Year Ended October 31, 2005	$	8.99		0.14		0.73			0.87			(0.14	)
Year Ended October 31, 2006	$	9.72		0.11		1.31			1.42			(0.15	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.86		0.09		0.82			0.91			(0.10	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
														Ratio of
												Net Assets		Expenses
	Net						Net Asset					at End of		to Average
	Realized			Total			Value, End		Total			Period		Net
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Assets (c)
Class A Shares
Year Ended October 31, 2002		–			(0.11	)	$	7.04		(9.78%	)	$	1,072		0.49%
Year Ended October 31, 2003		–			(0.11	)	$	8.35		20.42%		$	9,729		0.48%
Year Ended October 31, 2004		–			(0.12	)	$	9.10		10.48%		$	35,416		0.47%
Year Ended October 31, 2005		–	(i)		(0.21	)	$	9.84		10.47%		$	57,073		0.49%
Year Ended October 31, 2006		(0.13	)		(0.35	)	$	11.00		15.66%		$	83,365		0.46%
Six Months Ended April 30, 2007 (Unaudited)		(0.23	)		(0.36	)	$	11.61		9.06%		$	108,168		0.44%
Class B Shares
Year Ended October 31, 2002		–			(0.07	)	$	6.99		(10.46%	)	$	130		1.25%
Year Ended October 31, 2003		–			(0.08	)	$	8.26		19.43%		$	5,740		1.22%
Year Ended October 31, 2004		–			(0.07	)	$	8.99		9.66%		$	19,546		1.19%
Year Ended October 31, 2005		–	(i)		(0.14	)	$	9.72		9.74%		$	30,177		1.21%
Year Ended October 31, 2006		(0.13	)		(0.28	)	$	10.85		14.83%		$	39,399		1.19%
Six Months Ended April 30, 2007 (Unaudited)		(0.23	)		(0.33	)	$	11.44		8.61%		$	43,234		1.18%
Class C Shares
Year Ended October 31, 2002		–			–		$	7.00		(10.33%	)	$	15		1.25%
Year Ended October 31, 2003		–			(0.09	)	$	8.27		19.64%		$	17,804		1.22%
Year Ended October 31, 2004		–			(0.07	)	$	8.99		9.58%		$	99,211		1.19%
Year Ended October 31, 2005		–	(i)		(0.14	)	$	9.72		9.74%		$	155,315		1.21%
Year Ended October 31, 2006		(0.13	)		(0.28	)	$	10.86		14.83%		$	192,830		1.19%
Six Months Ended April 30, 2007 (Unaudited)		(0.23	)		(0.33	)	$	11.44		8.62%		$	220,846		1.18%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
							Ratio of
				Ratio of			Investment
	Ratio of Net			Expenses			Income
	Investment			(Prior to			(Prior to
	Income (Loss)			Reimbursements)			Reimbursements)
	to Average			to Average			to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		1.69%			0.49%			1.69%			28.41%
Year Ended October 31, 2003		1.42%				(g)			(g)		8.08%
Year Ended October 31, 2004		1.37%			0.47%			1.37%			2.74%
Year Ended October 31, 2005		2.10%				(g)			(g)		5.51%
Year Ended October 31, 2006		1.65%			0.47%			1.64%			6.67%
Six Months Ended April 30, 2007 (Unaudited)		2.30%			0.44%			2.30%			1.80%
Class B Shares
Year Ended October 31, 2002		1.39%			1.26%			1.38%			28.41%
Year Ended October 31, 2003		0.63%				(g)			(g)		8.08%
Year Ended October 31, 2004		0.67%			1.19%			0.67%			2.74%
Year Ended October 31, 2005		1.40%				(g)			(g)		5.51%
Year Ended October 31, 2006		1.03%			1.20%			1.02%			6.67%
Six Months Ended April 30, 2007 (Unaudited)		1.58%			1.18%			1.58%			1.80%
Class C Shares
Year Ended October 31, 2002		(0.21%	)		3.34%			(2.30%	)		28.41%
Year Ended October 31, 2003		0.64%				(g)			(g)		8.08%
Year Ended October 31, 2004		0.66%			1.19%			0.66%			2.74%
Year Ended October 31, 2005		1.39%				(g)			(g)		5.51%
Year Ended October 31, 2006		1.03%			1.20%			1.02%			6.67%
Six Months Ended April 30, 2007 (Unaudited)		1.58%			1.18%			1.58%			1.80%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(i)	The amount is less than $0.005.

See accompanying notes to financial statements.

50 Semiannual Report 2007

Financial Highlights

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

Nationwide Investor Destinations Moderately Aggressive Fund (continued)

			Investment Activities								Distributions
					Net
					Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class R Shares
Period Ended October 31, 2003 (f)	$	8.01		–		0.25			0.25			–
Year Ended October 31, 2004	$	8.26		0.10		0.75			0.85			(0.10	)
Year Ended October 31, 2005	$	9.01		0.20		0.74			0.94			(0.20	)
Year Ended October 31, 2006	$	9.75		0.20		1.27			1.47			(0.22	)
Six Months Ended April 30, 2007 (Unaudited) (j)	$	10.87		0.10		0.84			0.94			(0.12	)
Institutional Class Shares
Period Ended October 31, 2005 (h)	$	9.67		0.12		0.20			0.32			(0.14	)
Year Ended October 31, 2006	$	9.85		0.25		1.27			1.52			(0.25	)
Six Months Ended April 30, 2007 (Unaudited) (j)	$	10.99		0.13		0.85			0.98			(0.14	)
Service Class Shares
Year Ended October 31, 2002	$	7.91		0.11		(0.88	)		(0.77	)		(0.11	)
Year Ended October 31, 2003	$	7.03		0.10		1.31			1.41			(0.10	)
Year Ended October 31, 2004	$	8.34		0.11		0.74			0.85			(0.11	)
Year Ended October 31, 2005 (h)	$	9.08		0.20		0.75			0.95			(0.20	)
Year Ended October 31, 2006	$	9.83		0.17		1.32			1.49			(0.21	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.98		0.12		0.84			0.96			(0.12	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
														Ratio of
												Net Assets		Expenses
	Net						Net Asset					at End of		to Average
	Realized			Total			Value, End		Total			Period		Net
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Assets (c)
Class R Shares
Period Ended October 31, 2003 (f)		–			–		$	8.26		3.12%		$	1		0.75%
Year Ended October 31, 2004		–			(0.10	)	$	9.01		10.27%		$	63		0.62%
Year Ended October 31, 2005		–	(i)		(0.20	)	$	9.75		10.49%		$	253		0.61%
Year Ended October 31, 2006		(0.13	)		(0.35	)	$	10.87		15.43%		$	2,847		0.80%
Six Months Ended April 30, 2007 (Unaudited) (j)		(0.23	)		(0.35	)	$	11.46		8.77%		$	20,576		0.82%
Institutional Class Shares
Period Ended October 31, 2005 (h)		–			(0.14	)	$	9.85		3.37%		$	1		0.24%
Year Ended October 31, 2006		(0.13	)		(0.38	)	$	10.99		15.84%		$	3,864		0.19%
Six Months Ended April 30, 2007 (Unaudited) (j)		(0.23	)		(0.37	)	$	11.60		9.10%		$	59,118		0.16%
Service Class Shares
Year Ended October 31, 2002		–			(0.11	)	$	7.03		(9.88%	)	$	90,512		0.61%
Year Ended October 31, 2003		–			(0.10	)	$	8.34		20.26%		$	214,101		0.61%
Year Ended October 31, 2004		–			(0.11	)	$	9.08		10.22%		$	452,237		0.59%
Year Ended October 31, 2005 (h)		–	(i)		(0.20	)	$	9.83		10.48%		$	736,304		0.61%
Year Ended October 31, 2006		(0.13	)		(0.34	)	$	10.98		15.53%		$	1,077,126		0.59%
Six Months Ended April 30, 2007 (Unaudited)		(0.23	)		(0.35	)	$	11.59		8.92%		$	1,255,413		0.54%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
							Ratio of
				Ratio of			Investment
	Ratio of Net			Expenses			Income
	Investment			(Prior to			(Prior to
	Income (Loss)			Reimbursements)			Reimbursements)
	to Average			to Average			to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (f)		(0.04%	)		0.85%			(0.14%	)		8.08%
Year Ended October 31, 2004		1.19%				(g)			(g)		2.74%
Year Ended October 31, 2005		1.92%				(g)			(g)		5.51%
Year Ended October 31, 2006		1.73%			0.80%			1.72%			6.67%
Six Months Ended April 30, 2007 (Unaudited) (j)		1.82%			0.82%			1.82%			1.80%
Institutional Class Shares
Period Ended October 31, 2005 (h)		1.73%				(g)			(g)		5.51%
Year Ended October 31, 2006		2.07%			0.20%			2.06%			6.67%
Six Months Ended April 30, 2007 (Unaudited) (j)		2.32%			0.17%			2.32%			1.80%
Service Class Shares
Year Ended October 31, 2002		1.46%			0.65%			1.42%			28.41%
Year Ended October 31, 2003		1.36%				(g)			(g)		8.08%
Year Ended October 31, 2004		1.26%			0.59%			1.26%			2.74%
Year Ended October 31, 2005 (h)		1.98%				(g)			(g)		5.51%
Year Ended October 31, 2006		1.54%			0.60%			1.54%			6.67%
Six Months Ended April 30, 2007 (Unaudited)		2.22%			0.54%			2.22%			1.80%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(i)	The amount is less than $0.005.
(j)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 51

Financial Highlights

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

Nationwide Investor Destinations Moderate Fund

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	8.64		0.17		(0.69	)		(0.52	)
Year Ended October 31, 2003	$	7.94		0.15		1.08			1.23
Year Ended October 31, 2004	$	9.01		0.17		0.58			0.75
Year Ended October 31, 2005	$	9.60		0.23		0.52			0.75
Year Ended October 31, 2006	$	10.11		0.23		1.00			1.23
Six Months Ended April 30, 2007 (Unaudited)	$	10.97		0.14		0.60			0.74
Class B Shares
Year Ended October 31, 2002	$	8.64		0.11		(0.71	)		(0.60	)
Year Ended October 31, 2003	$	7.92		0.11		1.06			1.17
Year Ended October 31, 2004	$	8.96		0.10		0.59			0.69
Year Ended October 31, 2005	$	9.55		0.16		0.50			0.66
Year Ended October 31, 2006	$	10.04		0.15		0.99			1.14
Six Months Ended April 30, 2007 (Unaudited)	$	10.89		0.10		0.59			0.69
Class C Shares
Year Ended October 31, 2002	$	8.66		0.04		(0.75	)		(0.71	)
Year Ended October 31, 2003	$	7.90		0.11		1.06			1.17
Year Ended October 31, 2004	$	8.94		0.10		0.58			0.68
Year Ended October 31, 2005	$	9.52		0.16		0.50			0.66
Year Ended October 31, 2006	$	10.01		0.16		0.99			1.15
Six Months Ended April 30, 2007 (Unaudited)	$	10.86		0.11		0.59			0.70

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
										Net Asset
	Net			Net						Value,
	Investment			Realized			Total			End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class A Shares
Year Ended October 31, 2002		(0.18	)		–			(0.18	)	$	7.94		(6.12%	)
Year Ended October 31, 2003		(0.16	)		–			(0.16	)	$	9.01		15.75%
Year Ended October 31, 2004		(0.16	)		–			(0.16	)	$	9.60		8.36%
Year Ended October 31, 2005		(0.23	)		(0.01	)		(0.24	)	$	10.11		7.86%
Year Ended October 31, 2006		(0.26	)		(0.11	)		(0.37	)	$	10.97		12.41%
Six Months Ended April 30, 2007 (Unaudited)		(0.15	)		(0.21	)		(0.36	)	$	11.35		6.96%
Class B Shares
Year Ended October 31, 2002		(0.12	)		–			(0.12	)	$	7.92		(6.96%	)
Year Ended October 31, 2003		(0.13	)		–			(0.13	)	$	8.96		14.89%
Year Ended October 31, 2004		(0.10	)		–			(0.10	)	$	9.55		7.72%
Year Ended October 31, 2005		(0.16	)		(0.01	)		(0.17	)	$	10.04		6.96%
Year Ended October 31, 2006		(0.18	)		(0.11	)		(0.29	)	$	10.89		11.61%
Six Months Ended April 30, 2007 (Unaudited)		(0.11	)		(0.21	)		(0.32	)	$	11.26		6.53%
Class C Shares
Year Ended October 31, 2002		(0.05	)		–			(0.05	)	$	7.90		(7.13%	)
Year Ended October 31, 2003		(0.13	)		–			(0.13	)	$	8.94		14.98%
Year Ended October 31, 2004		(0.10	)		–			(0.10	)	$	9.52		7.67%
Year Ended October 31, 2005		(0.16	)		(0.01	)		(0.17	)	$	10.01		6.98%
Year Ended October 31, 2006		(0.19	)		(0.11	)		(0.30	)	$	10.86		11.65%
Six Months Ended April 30, 2007 (Unaudited)		(0.12	)		(0.21	)		(0.33	)	$	11.23		6.56%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
							Ratio of			Investment
					Ratio of Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002	$	1,186		0.48%		2.37%		0.48%			2.37%			34.36%
Year Ended October 31, 2003	$	9,972		0.47%		1.88%			(g)			(g)		13.50%
Year Ended October 31, 2004	$	35,157		0.47%		1.78%		0.47%			1.78%			5.64%
Year Ended October 31, 2005	$	57,505		0.48%		2.35%			(g)			(g)		5.91%
Year Ended October 31, 2006	$	68,922		0.46%		2.16%		0.46%			2.15%			8.40%
Six Months Ended April 30, 2007 (Unaudited)	$	82,361		0.44%		2.72%		0.44%			2.72%			1.87%
Class B Shares
Year Ended October 31, 2002	$	161		1.23%		1.33%		1.24%			1.32%			34.36%
Year Ended October 31, 2003	$	6,229		1.21%		1.09%			(g)			(g)		13.50%
Year Ended October 31, 2004	$	19,504		1.19%		1.07%		1.19%			1.07%			5.64%
Year Ended October 31, 2005	$	28,907		1.20%		1.66%			(g)			(g)		5.91%
Year Ended October 31, 2006	$	35,437		1.18%		1.51%		1.19%			1.50%			8.40%
Six Months Ended April 30, 2007 (Unaudited)	$	37,730		1.18%		1.99%		1.18%			1.99%			1.87%
Class C Shares
Year Ended October 31, 2002	$	416		1.23%		1.89%		1.29%			1.83%			34.36%
Year Ended October 31, 2003	$	21,995		1.22%		0.98%			(g)			(g)		13.50%
Year Ended October 31, 2004	$	102,058		1.19%		1.07%		1.19%			1.07%			5.64%
Year Ended October 31, 2005	$	150,491		1.20%		1.66%			(g)			(g)		5.91%
Year Ended October 31, 2006	$	184,788		1.18%		1.51%		1.19%			1.51%			8.40%
Six Months Ended April 30, 2007 (Unaudited)	$	210,094		1.18%		2.00%		1.18%			2.00%			1.87%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

52 Semiannual Report 2006

Financial Highlights

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

Nationwide Investor Destinations Moderate Fund (continued)

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class R Shares
Period Ended October 31, 2003 (f)	$	8.77		0.01		0.18			0.19
Year Ended October 31, 2004	$	8.96		0.13		0.60			0.73
Year Ended October 31, 2005	$	9.56		0.22		0.51			0.73
Year Ended October 31, 2006	$	10.06		0.22		0.97			1.19
Six Months Ended April 30, 2007 (Unaudited)	$	10.89		0.16		0.59			0.72
Institutional Class Shares
Period Ended October 31, 2005 (h)	$	10.02		0.18		0.09			0.27
Year Ended October 31, 2006	$	10.12		0.27		0.99			1.26
Six Months Ended April 30, 2007 (Unaudited)(i)	$	10.98		0.16		0.59			0.75
Service Class Shares
Year Ended October 31, 2002	$	8.63		0.17		(0.71	)		(0.54	)
Year Ended October 31, 2003	$	7.92		0.15		1.07			1.22
Year Ended October 31, 2004	$	8.99		0.16		0.59			0.75
Year Ended October 31, 2005	$	9.59		0.22		0.51			0.73
Year Ended October 31, 2006	$	10.09		0.22		1.00			1.22
Six Months Ended April 30, 2007 (Unaudited)	$	10.95		0.14		0.60			0.74

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
										Net Asset
	Net			Net						Value,
	Investment			Realized			Total			End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class R Shares
Period Ended October 31, 2003 (f)		–			–			–		$	8.96		2.17%
Year Ended October 31, 2004		(0.13	)		–			(0.13	)	$	9.56		8.19%
Year Ended October 31, 2005		(0.22	)		(0.01	)		(0.23	)	$	10.06		7.68%
Year Ended October 31, 2006		(0.25	)		(0.11	)		(0.36	)	$	10.89		12.11%
Six Months Ended April 30, 2007 (Unaudited)		(0.14	)		(0.21	)		(0.35	)	$	11.26		6.75%
Institutional Class Shares
Period Ended October 31, 2005 (h)		(0.17	)		–			(0.17	)	$	10.12		2.71%
Year Ended October 31, 2006		(0.29	)		(0.11	)		(0.40	)	$	10.98		12.69%
Six Months Ended April 30, 2007 (Unaudited)(i)		(0.17	)		(0.21	)		(0.38	)	$	11.35		6.99%
Service Class Shares
Year Ended October 31, 2002		(0.17	)		–			(0.17	)	$	7.92		(6.35%	)
Year Ended October 31, 2003		(0.15	)		–			(0.15	)	$	8.99		15.59%
Year Ended October 31, 2004		(0.15	)		–			(0.15	)	$	9.59		8.34%
Year Ended October 31, 2005		(0.22	)		(0.01	)		(0.23	)	$	10.09		7.66%
Year Ended October 31, 2006		(0.25	)		(0.11	)		(0.36	)	$	10.95		12.30%
Six Months Ended April 30, 2007 (Unaudited)		(0.15	)		(0.21	)		(0.36	)	$	11.33		6.90%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
							Ratio of			Investment
					Ratio of Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (f)	$	1		0.74%		0.68%		0.84%			0.58%			13.50%
Year Ended October 31, 2004	$	42		0.62%		1.79%			(g)			(g)		5.64%
Year Ended October 31, 2005	$	199		0.61%		2.09%			(g)			(g)		5.91%
Year Ended October 31, 2006	$	4,026		0.79%		1.88%		0.79%			1.87%			8.40%
Six Months Ended April 30, 2007 (Unaudited)	$	21,703		0.81%		2.34%		0.81%			2.34%			1.87%
Institutional Class Shares
Period Ended October 31, 2005 (h)	$	1		0.23%		2.45%			(g)			(g)		5.91%
Year Ended October 31, 2006	$	3,119		0.21%		2.55%		0.21%			2.54%			8.40%
Six Months Ended April 30, 2007 (Unaudited)(i)	$	69,497		0.16%		2.90%		0.16%			2.90%			1.87%
Service Class Shares
Year Ended October 31, 2002	$	123,963		0.61%		2.13%		0.65%			2.09%			34.36%
Year Ended October 31, 2003	$	247,424		0.60%		1.82%			(g)			(g)		13.50%
Year Ended October 31, 2004	$	487,130		0.59%		1.66%		0.59%			1.66%			5.64%
Year Ended October 31, 2005	$	934,203		0.60%		2.24%			(g)			(g)		5.91%
Year Ended October 31, 2006	$	1,152,756		0.58%		2.05%		0.59%			2.04%			8.40%
Six Months Ended April 30, 2007 (Unaudited)	$	1,251,852		0.58%		2.59%		0.58%			2.59%			1.87%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(i)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2006 Semiannual Report 53

Financial Highlights

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

Nationwide Investor Destinations Moderately Conservative Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized
	Value,		Net		Gains			Total from			Net
	Beginning of		Investment		(Losses) on			Investment			Investment
	Period		Income		Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002 (f)	$	9.19		0.26		(0.49	)		(0.23	)		(0.25	)
Year Ended October 31, 2003	$	8.71		0.20		0.75			0.95			(0.22	)
Year Ended October 31, 2004	$	9.44		0.19		0.44			0.63			(0.19	)
Year Ended October 31, 2005	$	9.88		0.26		0.31			0.57			(0.26	)
Year Ended October 31, 2006	$	10.18		0.28		0.64			0.92			(0.29	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.64		0.16		0.43			0.59			(0.17	)
Class B Shares
Year Ended October 31, 2002 (f)	$	9.20		0.20		(0.49	)		(0.29	)		(0.19	)
Year Ended October 31, 2003	$	8.72		0.14		0.75			0.89			(0.17	)
Year Ended October 31, 2004	$	9.44		0.13		0.43			0.56			(0.12	)
Year Ended October 31, 2005	$	9.88		0.20		0.31			0.51			(0.20	)
Year Ended October 31, 2006	$	10.18		0.20		0.65			0.85			(0.22	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.64		0.12		0.42			0.54			(0.13	)
Class C Shares
Year Ended October 31, 2002	$	9.22		–		(0.44	)		(0.44	)		(0.06	)
Year Ended October 31, 2003	$	8.72		0.15		0.73			0.88			(0.18	)
Year Ended October 31, 2004	$	9.42		0.13		0.43			0.56			(0.13	)
Year Ended October 31, 2005	$	9.85		0.18		0.31			0.49			(0.19	)
Year Ended October 31, 2006	$	10.14		0.20		0.66			0.86			(0.22	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.61		0.13		0.41			0.54			(0.13	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
														Ratio of
												Net Assets at		Expenses
	Net						Net Asset					End		to Average
	Realized			Total			Value,		Total			of Period		Net
	Gains			Distributions			End of Period		Return (a) (b)			(000’s)		Assets (c)
Class A Shares
Year Ended October 31, 2002 (f)		–			(0.25	)	$	8.71		(2.60%	)	$	898		0.50%
Year Ended October 31, 2003		–			(0.22	)	$	9.44		11.02%		$	4,482		0.53%
Year Ended October 31, 2004		–			(0.19	)	$	9.88		6.71%		$	11,157		0.52%
Year Ended October 31, 2005		(0.01	)		(0.27	)	$	10.18		5.78%		$	16,923		0.54%
Year Ended October 31, 2006		(0.17	)		(0.46	)	$	10.64		9.24%		$	27,244		0.48%
Six Months Ended April 30, 2007 (Unaudited)		(0.26	)		(0.43	)	$	10.80		5.59%		$	30,066		0.45%
Class B Shares
Year Ended October 31, 2002 (f)		–			(0.19	)	$	8.72		(3.22%	)	$	83		1.27%
Year Ended October 31, 2003		–			(0.17	)	$	9.44		10.37%		$	2,453		1.28%
Year Ended October 31, 2004		–			(0.12	)	$	9.88		5.99%		$	4,606		1.21%
Year Ended October 31, 2005		(0.01	)		(0.21	)	$	10.18		5.08%		$	6,002		1.22%
Year Ended October 31, 2006		(0.17	)		(0.39	)	$	10.64		8.49%		$	7,376		1.20%
Six Months Ended April 30, 2007 (Unaudited)		(0.26	)		(0.39	)	$	10.79		5.11%		$	8,040		1.19%
Class C Shares
Year Ended October 31, 2002		–			(0.06	)	$	8.72		(3.14%	)	$	88		1.27%
Year Ended October 31, 2003		–			(0.18	)	$	9.42		10.26%		$	7,530		1.29%
Year Ended October 31, 2004		–			(0.13	)	$	9.85		5.99%		$	26,760		1.22%
Year Ended October 31, 2005		(0.01	)		(0.20	)	$	10.14		5.01%		$	39,545		1.22%
Year Ended October 31, 2006		(0.17	)		(0.39	)	$	10.61		8.50%		$	41,108		1.20%
Six Months Ended April 30, 2007 (Unaudited)		(0.26	)		(0.39	)	$	10.76		5.22%		$	44,272		1.19%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
	Ratio of Net		Ratio of Expenses			Investment
	Investment		(Prior to			Income (Prior to
	Income		Reimbursements)			Reimbursements)
	to Average		to			to
	Net		Average Net			Average Net			Portfolio
	Assets (c)		Assets (c) (d)			Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002 (f)		2.99%		0.51%			2.98%			49.00%
Year Ended October 31, 2003		2.34%		(h	)		(h	)		19.93%
Year Ended October 31, 2004		2.12%		0.52%			2.12%			6.66%
Year Ended October 31, 2005		2.57%		0.54%			2.57%			8.37%
Year Ended October 31, 2006		2.65%		0.49%			2.65%			12.64%
Six Months Ended April 30, 2007 (Unaudited)		3.13%		0.45%			3.12%			10.04%
Class B Shares
Year Ended October 31, 2002 (f)		2.24%		1.29%			2.22%			49.00%
Year Ended October 31, 2003		1.52%		(h	)		(h	)		19.93%
Year Ended October 31, 2004		1.41%		(h	)		(h	)		6.66%
Year Ended October 31, 2005		1.90%		1.22%			1.90%			8.37%
Year Ended October 31, 2006		1.98%		1.21%			1.97%			12.64%
Six Months Ended April 30, 2007 (Unaudited)		2.33%		1.19%			2.33%			10.04%
Class C Shares
Year Ended October 31, 2002		2.48%		1.33%			2.42%			49.00%
Year Ended October 31, 2003		1.45%		(h	)		(h	)		19.93%
Year Ended October 31, 2004		1.42%		(h	)		(h	)		6.66%
Year Ended October 31, 2005		1.90%		1.22%			1.90%			8.37%
Year Ended October 31, 2006		1.97%		1.21%			1.97%			12.64%
Six Months Ended April 30, 2007 (Unaudited)		2.32%		1.20%			2.32%			10.04%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	There were no fee reductions during the period.
(i)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(j)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

54 Semiannual Report 2007

Financial Highlights

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

Nationwide Investor Destinations Moderately Conservative Fund (continued)

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized
	Value,		Net		Gains			Total from			Net
	Beginning of		Investment		(Losses) on			Investment			Investment
	Period		Income		Investments			Activities			Income
Class R Shares
Period Ended October 31, 2003 (g)	$	9.33		0.01		0.11			0.12			–
Year Ended October 31, 2004	$	9.45		0.20		0.42			0.62			(0.16	)
Year Ended October 31, 2005	$	9.91		0.25		0.31			0.56			(0.24	)
Year Ended October 31, 2006	$	10.22		0.28		0.65			0.93			(0.29	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.69		0.15		0.40			0.55			(0.16	)
Institutional Class Shares
Period Ended October 31, 2005 (i)	$	10.17		0.23		0.04			0.27			(0.20	)
Year Ended October 31, 2006	$	10.24		0.31		0.65			0.96			(0.32	)
Six Months Ended April 30, 2007 (Unaudited) (f)	$	10.71		0.18		0.42			0.60			(0.18	)
Service Class Shares
Year Ended October 31, 2002 (f)	$	9.20		0.26		(0.50	)		(0.24	)		(0.24	)
Year Ended October 31, 2003	$	8.72		0.19		0.76			0.95			(0.20	)
Year Ended October 31, 2004	$	9.47		0.19		0.43			0.62			(0.18	)
Year Ended October 31, 2005	$	9.91		0.25		0.31			0.56			(0.25	)
Year Ended October 31, 2006	$	10.21		0.26		0.66			0.92			(0.28	)
Six Months Ended April 30, 2007 (Unaudited)	$	10.68		0.16		0.41			0.57			(0.16	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
														Ratio of
												Net Assets at		Expenses
	Net						Net Asset					End		to Average
	Realized			Total			Value,		Total			of Period		Net
	Gains			Distributions			End of Period		Return (a) (b)			(000’s)		Assets (c)
Class R Shares
Period Ended October 31, 2003 (g)		–			–		$	9.45		1.29%		$	1		0.81%
Year Ended October 31, 2004		–			(0.16	)	$	9.91		6.55%		$	1		0.60%
Year Ended October 31, 2005		(0.01	)		(0.25	)	$	10.22		5.73%		$	1		0.65%
Year Ended October 31, 2006		(0.17	)		(0.46	)	$	10.69		9.19%		$	620		0.81%
Six Months Ended April 30, 2007 (Unaudited)		(0.26	)		(0.42	)	$	10.82		5.30%		$	5,465		0.82%
Institutional Class Shares
Period Ended October 31, 2005 (i)		–			(0.20	)	$	10.24		3.70%		$	1		0.29%
Year Ended October 31, 2006		(0.17	)		(0.49	)	$	10.71		9.58%		$	905		0.20%
Six Months Ended April 30, 2007 (Unaudited) (f)		(0.26	)		(0.44	)	$	10.87		5.67%		$	10,289		0.18%
Service Class Shares
Year Ended October 31, 2002 (f)		–			(0.24	)	$	8.72		(2.70%	)	$	36,927		0.61%
Year Ended October 31, 2003		–			(0.20	)	$	9.47		11.09%		$	78,189		0.61%
Year Ended October 31, 2004		–			(0.18	)	$	9.91		6.59%		$	136,368		0.61%
Year Ended October 31, 2005		(0.01	)		(0.26	)	$	10.21		5.67%		$	195,790		0.62%
Year Ended October 31, 2006		(0.17	)		(0.45	)	$	10.68		9.18%		$	241,726		0.60%
Six Months Ended April 30, 2007 (Unaudited)		(0.26	)		(0.42	)	$	10.83		5.41%		$	268,935		0.56%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
	Ratio of Net		Ratio of Expenses			Investment
	Investment		(Prior to			Income (Prior to
	Income		Reimbursements)			Reimbursements)
	to Average		to			to
	Net		Average Net			Average Net			Portfolio
	Assets (c)		Assets (c) (d)			Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (g)		1.34%		0.91%			1.24%			19.93%
Year Ended October 31, 2004		2.01%		(h	)		(h	)		6.66%
Year Ended October 31, 2005		2.54%		0.65%			2.54%			8.37%
Year Ended October 31, 2006		2.53%		0.82%			2.52%			12.64%
Six Months Ended April 30, 2007 (Unaudited)		3.16%		0.83%			3.16%			10.04%
Institutional Class Shares
Period Ended October 31, 2005 (i)		3.17%		(h	)		(h	)		8.37%
Year Ended October 31, 2006		3.05%		0.21%			3.04%			12.64%
Six Months Ended April 30, 2007 (Unaudited) (f)		3.36%		0.18%			3.35%			10.04%
Service Class Shares
Year Ended October 31, 2002 (f)		2.82%		0.69%			2.74%			49.00%
Year Ended October 31, 2003		2.28%		0.65%			2.24%			19.93%
Year Ended October 31, 2004		2.01%		0.61%			2.01%			6.66%
Year Ended October 31, 2005		2.49%		0.62%			2.49%			8.37%
Year Ended October 31, 2006		2.53%		0.61%			2.52%			12.64%
Six Months Ended April 30, 2007 (Unaudited)		3.14%		0.57%			3.13%			10.04%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	There were no fee reductions during the period.
(i)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(j)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

2007 Semiannual Report 55

Financial Highlights

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

Nationwide Investor Destinations Conservative Fund

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	9.78		0.28		(0.24	)		0.04
Year Ended October 31, 2003	$	9.51		0.26		0.39			0.65
Year Ended October 31, 2004	$	9.88		0.22		0.25			0.47
Year Ended October 31, 2005	$	10.13		0.24		0.12			0.36
Year Ended October 31, 2006	$	10.17		0.34		0.32			0.66
Six Months Ended April 30, 2007 (Unaudited)	$	10.40		0.18		0.20			0.38
Class B Shares
Year Ended October 31, 2002	$	9.79		0.24		(0.25	)		(0.01	)
Year Ended October 31, 2003	$	9.53		0.19		0.38			0.57
Year Ended October 31, 2004	$	9.87		0.15		0.25			0.40
Year Ended October 31, 2005	$	10.12		0.21		0.08			0.29
Year Ended October 31, 2006	$	10.16		0.24		0.34			0.58
Six Months Ended April 30, 2007 (Unaudited)	$	10.38		0.14		0.21			0.35
Class C Shares
Year Ended October 31, 2002	$	9.79		0.23		(0.25	)		(0.02	)
Year Ended October 31, 2003	$	9.51		0.20		0.37			0.57
Year Ended October 31, 2004	$	9.85		0.16		0.24			0.40
Year Ended October 31, 2005	$	10.09		0.21		0.08			0.29
Year Ended October 31, 2006	$	10.13		0.25		0.34			0.59
Six Months Ended April 30, 2007 (Unaudited)	$	10.35		0.14		0.20			0.34

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class A Shares
Year Ended October 31, 2002		(0.31	)		–			(0.31	)	$	9.51		0.45%
Year Ended October 31, 2003		(0.28	)		–			(0.28	)	$	9.88		6.89%
Year Ended October 31, 2004		(0.22	)		–			(0.22	)	$	10.13		4.84%
Year Ended October 31, 2005		(0.27	)		(0.05	)		(0.32	)	$	10.17		3.67%
Year Ended October 31, 2006		(0.31	)		(0.12	)		(0.43	)	$	10.40		6.68%
Six Months Ended April 30, 2007 (Unaudited)		(0.18	)		(0.15	)		(0.33	)	$	10.45		3.72%
Class B Shares
Year Ended October 31, 2002		(0.25	)		–			(0.25	)	$	9.53		(0.15%	)
Year Ended October 31, 2003		(0.23	)		–			(0.23	)	$	9.87		6.05%
Year Ended October 31, 2004		(0.15	)		–			(0.15	)	$	10.12		4.12%
Year Ended October 31, 2005		(0.20	)		(0.05	)		(0.25	)	$	10.16		3.02%
Year Ended October 31, 2006		(0.24	)		(0.12	)		(0.36	)	$	10.38		5.89%
Six Months Ended April 30, 2007 (Unaudited)		(0.14	)		(0.15	)		(0.29	)	$	10.44		3.46%
Class C Shares
Year Ended October 31, 2002		(0.26	)		–			(0.26	)	$	9.51		(0.21%	)
Year Ended October 31, 2003		(0.23	)		–			(0.23	)	$	9.85		6.03%
Year Ended October 31, 2004		(0.16	)		–			(0.16	)	$	10.09		4.10%
Year Ended October 31, 2005		(0.20	)		(0.05	)		(0.25	)	$	10.13		2.95%
Year Ended October 31, 2006		(0.25	)		(0.12	)		(0.37	)	$	10.35		5.92%
Six Months Ended April 30, 2007 (Unaudited)		(0.14	)		(0.15	)		(0.29	)	$	10.40		3.36%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
					Ratio of		Ratio of			Investment
					Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002	$	802		0.50%		3.62%		0.50%			3.62%			46.89%
Year Ended October 31, 2003	$	1,798		0.53%		2.83%			(g)			(g)		32.93%
Year Ended October 31, 2004	$	5,008		0.50%		2.43%		0.51%			2.43%			11.67%
Year Ended October 31, 2005	$	28,965		0.53%		2.85%		0.53%			2.85%			13.42%
Year Ended October 31, 2006	$	18,384		0.48%		2.98%		0.48%			2.97%			36.51%
Six Months Ended April 30, 2007 (Unaudited)	$	19,127		0.46%		3.60%		0.46%			3.59%			5.10%
Class B Shares
Year Ended October 31, 2002	$	75		1.27%		2.77%		1.33%			2.71%			46.89%
Year Ended October 31, 2003	$	1,622		1.29%		1.96%			(g)			(g)		32.93%
Year Ended October 31, 2004	$	3,437		1.23%		1.70%			(g)			(g)		11.67%
Year Ended October 31, 2005	$	4,010		1.22%		2.10%		1.22%			2.10%			13.42%
Year Ended October 31, 2006	$	3,841		1.21%		2.36%		1.22%			2.35%			36.51%
Six Months Ended April 30, 2007 (Unaudited)	$	4,026		1.20%		2.86%		1.20%			2.86%			5.10%
Class C Shares
Year Ended October 31, 2002	$	400		1.27%		2.75%		1.29%			2.73%			46.89%
Year Ended October 31, 2003	$	3,592		1.29%		1.95%			(g)			(g)		32.93%
Year Ended October 31, 2004	$	13,683		1.24%		1.69%			(g)			(g)		11.67%
Year Ended October 31, 2005	$	19,106		1.23%		2.10%		1.23%			2.10%			13.42%
Year Ended October 31, 2006	$	18,474		1.21%		2.36%		1.22%			2.36%			36.51%
Six Months Ended April 30, 2007 (Unaudited)	$	20,049		1.20%		2.85%		1.20%			2.85%			5.10%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(i)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See accompanying notes to financial statements.

56 Semiannual Report 2007

Financial Highlights

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

Nationwide Investor Destinations Conservative Fund (continued)

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class R Shares
Period Ended October 31, 2003 (f)	$	9.83		0.02		0.02			0.04
Year Ended October 31, 2004	$	9.87		0.22		0.24			0.46
Year Ended October 31, 2005	$	10.15		0.22		0.14			0.36
Year Ended October 31, 2006	$	10.20		0.26		0.38			0.64
Six Months Ended April 30, 2007 (Unaudited)	$	10.40		0.14		0.23			0.37
Institutional Class Shares
Period Ended October 31, 2005 (h)	$	10.20		0.27		(0.02	)		0.25
Year Ended October 31, 2006	$	10.23		0.33		0.37			0.70
Six Months Ended April 30, 2007 (Unaudited)	$	10.46		0.19		0.20			0.39
Service Class Shares
Year Ended October 31, 2002	$	9.79		0.31		(0.26	)		0.05
Year Ended October 31, 2003	$	9.53		0.26		0.38			0.64
Year Ended October 31, 2004	$	9.90		0.23		0.23			0.46
Year Ended October 31, 2005	$	10.15		0.27		0.09			0.36
Year Ended October 31, 2006	$	10.20		0.31		0.34			0.65
Six Months Ended April 30, 2007 (Unaudited)	$	10.42		0.17		0.20			0.37

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class R Shares
Period Ended October 31, 2003 (f)		–			–			–		$	9.87		0.41%
Year Ended October 31, 2004		(0.18	)		–			(0.18	)	$	10.15		4.73%
Year Ended October 31, 2005		(0.26	)		(0.05	)		(0.31	)	$	10.20		3.65%
Year Ended October 31, 2006		(0.32	)		(0.12	)		(0.44	)	$	10.40		6.46%
Six Months Ended April 30, 2007 (Unaudited)		(0.16	)		(0.15	)		(0.31	)	$	10.46		3.69%
Institutional Class Shares
Period Ended October 31, 2005 (h)		(0.22	)		–			(0.22	)	$	10.23		2.44%
Year Ended October 31, 2006		(0.35	)		(0.12	)		(0.47	)	$	10.46		6.91%
Six Months Ended April 30, 2007 (Unaudited)		(0.19	)		(0.15	)		(0.34	)	$	10.51		3.93%
Service Class Shares
Year Ended October 31, 2002		(0.31	)		–			(0.31	)	$	9.53		0.48%
Year Ended October 31, 2003		(0.27	)		–			(0.27	)	$	9.90		6.76%
Year Ended October 31, 2004		(0.21	)		–			(0.21	)	$	10.15		4.69%
Year Ended October 31, 2005		(0.26	)		(0.05	)		(0.31	)	$	10.20		3.62%
Year Ended October 31, 2006		(0.31	)		(0.12	)		(0.43	)	$	10.42		6.52%
Six Months Ended April 30, 2007 (Unaudited)		(0.17	)		(0.15	)		(0.32	)	$	10.47		3.66%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
					Ratio of		Ratio of			Investment
					Net		Expenses			Income
	Net Assets		Ratio of		Investment		(Prior to			(Prior to
	at End of		Expenses		Income		Reimbursements)			Reimbursements)
	Period		to Average		to Average		to Average			to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2003 (f)	$	1		0.84%		2.03%		0.94%			1.93%			32.93%
Year Ended October 31, 2004	$	1		0.62%		2.30%			(g)			(g)		11.67%
Year Ended October 31, 2005	$	3		0.65%		2.67%		0.65%			2.67%			13.42%
Year Ended October 31, 2006	$	503		0.83%		3.03%		0.83%			3.02%			36.51%
Six Months Ended April 30, 2007 (Unaudited)	$	3,387		0.84%		3.22%		0.84%			3.22%			5.10%
Institutional Class Shares
Period Ended October 31, 2005 (h)	$	1		0.28%		3.74%		0.28%			3.74%			13.42%
Year Ended October 31, 2006	$	159		0.22%		3.68%		0.23%			3.68%			36.51%
Six Months Ended April 30, 2007 (Unaudited)	$	4,696		0.18%		3.83%		0.19%			3.83%			5.10%
Service Class Shares
Year Ended October 31, 2002	$	28,253		0.61%		3.49%		0.72%			3.38%			46.89%
Year Ended October 31, 2003	$	59,472		0.61%		2.73%		0.67%			2.68%			32.93%
Year Ended October 31, 2004	$	101,261		0.61%		2.31%		0.63%			2.29%			11.67%
Year Ended October 31, 2005	$	137,589		0.62%		2.70%		0.63%			2.70%			13.42%
Year Ended October 31, 2006	$	167,499		0.61%		2.95%		0.62%			2.95%			36.51%
Six Months Ended April 30, 2007 (Unaudited)	$	177,821		0.57%		3.48%		0.58%			3.47%			5.10%

(a)	Excludes sales charge.
(b)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from March 1, 2005 (commencement of operations) through October 31, 2006.
(d)	For the period from January 2, 2004 (commencement of operations) through October 31, 2005.
(e)	Not annualized.
(f)	Annualized.

See notes to financial statements.

2007 Semiannual Report 57

Nationwide Optimal Allocations Fund: Growth

How did the Fund perform during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Optimal Allocations Fund: Growth (Class A at NAV) returned 9.89% versus 10.05% for its composite benchmark, which consists of 70% Standard & Poor’s (S&P) 500^® Index, 25% Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index and 5% Lehman Brothers (LB) U.S. Aggregate Index. For broader comparison, the average return for the Fund’s Lipper peer category of Multi-Cap Core Funds (consisting of 922 funds as of April 30, 2007) was 9.10%. On March 1, 2007, the Fund was renamed Nationwide Optimal Allocations Fund: Growth from Nationwide Optimal Allocations Fund: Aggressive.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. For example, all 10 of the sectors in the Standard & Poor’s 500 Index finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing” — that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

The Fund is a diversified “fund of funds” designed to serve as a total asset allocation solution for an investor with an “aggressive” risk profile. The Fund’s design was developed by Nationwide Fund Advisors (the “Adviser”) with the assistance of a consultant, Ibbotson Associates Advisors, LLC, a leading asset allocation authority. The Fund invests in a diverse set of underlying funds with an allocation mix that has been designed to expand an average investor’s “efficient frontier” — the line on a risk-reward graph representing the most efficient combination of various asset classes to achieve the highest possible return for a given level of risk. In other words, by incorporating a combination of diverse asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The Fund’s allocations are reviewed quarterly by the Adviser and Ibbotson, and are subject to change at any time and without notice. Changes are implemented when an opportunity exists to enhance the overall diversification of the Fund and to actively manage the Fund’s risk-return profile. That said, during the reporting period no changes were made in the lineup of underlying funds held by the Fund. The Nationwide Optimal Allocations Fund: Growth is currently invested in 18 underlying funds.

Nationwide Optimal Allocations Fund: Growth

		Target		6-Month
Underlying Funds		Allocations*		Returns*
Nationwide International Growth Fund			9%		18.68%
Nationwide Global Financial Services Fund			9%		9.41%
Nationwide Leaders Fund			8%		6.52%
Nationwide U.S. Growth Leaders Fund			8%		11.49%
Nationwide Global Health Sciences Fund			7%		7.57%
Nationwide Small Cap Fund			7%		11.75%
	iShares Cohen & Steers Realty Majors Index Fund		7%		7.07%
	Nationwide U.S. Growth Leaders Long-Short Fund		7%		7.38%
	Nationwide Global Technology and Communications Fund		6%		11.50%
Credit Suisse Commodity Return Strategy Fund			4%		6.45%
iShares Lehman TIPS Bond Fund			4%		1.98%
iShares Russell Mid Cap Index Fund			4%		12.13%
Nationwide Global Natural Resources Fund			4%		18.87%
Nationwide Emerging Markets Fund			4%		24.05%
Nationwide Micro Cap Equity Fund			3%		2.90%
Nationwide Market Neutral Fund			3%		-1.67%
iShares S&P 500 Index			3%		8.55%
Nationwide Global Utilities Fund			3%		14.22%

* Fund allocations and Institutional Share Class returns are as of April 30, 2007.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance returns assume the reinvestment of

58 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Growth

all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

What areas of investment provided the most positive relative return for the Fund?

The underlying fund that contributed the most to the Fund’s overall returns was the Nationwide International Growth Fund, as its approximate 9% allocation within the Fund returned 18.68% during the reporting period.

What areas of investment detracted most from the returns for the Fund?

Among the underlying funds in the portfolio, the one that detracted the most from the Fund’s overall returns was the Nationwide Market Neutral Fund which finished the reporting period with a return of -1.67%. The Nationwide Market Neutral Fund is a long-short portfolio. Given its strategy, this underlying fund’s returns will tend to lag in a strongly rising equity market.

What is your outlook for the near term?

Looking ahead, we believe that the Fund’s allocation to multiple asset classes continues to position the Fund well to deliver the potential for higher long-term returns versus those of Fund’s blended benchmark at a marginally higher risk, or volatility, level. The returns are expected to be derived from greater diversification achieved by allocating assets across underlying funds that represent a broad range of asset classes that are not highly correlated.

Portfolio Manager:

William H. Miller

2007 Semiannual Report 59

Nationwide Optimal Allocations Fund: Growth

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

								Gross		Net
		Six						Expense		Expense
		Month*		1 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		9.89%		12.41%		15.38%		2.54%		1.69%
	w/SC3		3.60%		5.91%		12.99%
Class B	w/o SC2		9.45%		11.53%		14.44%		3.28%		2.43%
	w/SC4		4.45%		6.53%		13.61%
Class C	w/o SC2		9.44%		11.52%		14.42%		3.28%		2.43%
	w/SC5		8.44%		10.52%		14.42%
Class R6			9.52%		11.85%		14.90%		2.98%		2.13%
Institutional Service Class6			9.95%		12.65%		15.48%		2.38%		1.53%
Institutional Class6			9.93%		12.62%		15.60%		2.28%		1.43%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 29, 2004.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Optimal Allocations Fund: Growth, the Optimal Allocations Growth Composite Index (Composite)(a), S&P 500 Index (S&P 500)(b), Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE)(c), Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Optimal Allocation Growth Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The composite is a combination of the S&P 500 (70%), the MSCI EAFE (25%) and the LB Aggregate Bond (5%).
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The MSCI EAFE is an unmanaged, market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada.
(d)	The LB Aggregate Bond is an unmanaged, market value-weighted index of investment grade fixed-rate debt issues including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more.
(e)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

60 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Growth

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Optimal Allocations:			Account Value,		Account Value,		During		Expense
Growth Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,098.90	$	2.65		0.51%
	Hypothetical	1	$	1,000.00	$	1,022.47	$	2.56		0.51%
Class B	Actual		$	1,000.00	$	1,094.50	$	6.39		1.23%
	Hypothetical	1	$	1,000.00	$	1,018.90	$	6.18		1.23%
Class C	Actual		$	1,000.00	$	1,094.40	$	6.44		1.24%
	Hypothetical	1	$	1,000.00	$	1,018.85	$	6.23		1.24%
Class R	Actual		$	1,000.00	$	1,095.20	$	4.42		0.85%
	Hypothetical	1	$	1,000.00	$	1,020.78	$	4.27		0.85%
Institutional Service Class	Actual		$	1,000.00	$	1,099.50	$	1.30		0.25%
	Hypothetical	1	$	1,000.00	$	1,023.76	$	1.26		0.25%
Institutional Class	Actual		$	1,000.00	$	1,099.30	$	1.30		0.25%
	Hypothetical	1	$	1,000.00	$	1,023.76	$	1.26		0.25%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 61

Nationwide Optimal Allocations Fund: Growth

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	81.7%
Exchange Traded Funds	17.1%
Cash Equivalents	1.1%
Other Assets in excess of Liabilities	0.1%
	100.0%

Asset Allocation Detail
Equity Funds	95.1%
Fixed Income Funds	3.7%
Money Market Funds	1.1%
Other	0.1%
	100.0%

Top Holdings
Nationwide International Growth Fund Institutional	9.0%
Nationwide Global Financial Services Fund Institutional	8.6%
Nationwide U.S. Growth Leaders Fund Institutional	8.0%
Nationwide Leaders Fund Institutional	8.0%
Nationwide Global Health Sciences Fund Institutional	7.2%
Nationwide Small Cap Fund Institutional	7.0%
Nationwide U.S. Growth Leaders Long-Short Fund Institutional	6.9%
iShares Cohen & Steers Realty Majors Index Fund	6.7%
Nationwide Global Technology and Communications Fund Institutional,	6.0%
Nationwide Global Natural Resources Fund Institutional	4.1%
Other	28.5%
	100.0%

62 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Optimal Allocations Fund: Growth

Mutual Funds (81.7%)
	Shares or
	Principal Amount		Value
Equity Funds (81.7%)
Credit Suisse Commodity Return Strategy Fund		54,841	$	629,574
Nationwide Emerging Markets Fund Institutional (a)		33,876		658,542
Nationwide Global Financial Services Fund Institutional (a)		84,651		1,392,517
Nationwide Global Health Sciences Fund Institutional (a)		94,753		1,157,878
Nationwide Global Natural Resources Fund Institutional (a)		31,290		660,524
Nationwide Global Technology and Communications Fund Institutional (a)		203,465		972,561
Nationwide Global Utilities Fund Institutional (a)		33,543		480,002
Nationwide International Growth Fund Institutional (a)		94,240		1,461,660
Nationwide Leaders Fund Institutional (a)		92,005		1,288,989
Nationwide Market Neutral Fund Institutional (a)		47,638		466,853
Nationwide Micro Cap Equity Fund Institutional (a)		25,545		482,549
Nationwide Small Cap Fund Institutional (a)		48,354		1,127,139
Nationwide U.S. Growth Leaders Fund Institutional (a)		118,668		1,289,923
Nationwide U.S. Growth Leaders Long-Short Fund Institutional (a)		101,489		1,114,344
Total Mutual Funds (Cost $12,344,993)				13,183,055
Exchange Traded Funds (17.1%)
Equity Funds (13.4%)
iShares S&P 500 Index Fund	$	3,108		461,476
iShares Russell Midcap Index Fund		5,826		629,208
iShares Cohen & Steers Realty Majors Index Fund		10,402		1,072,862
				2,163,546
Fixed Income Fund (3.7%)
iShares Lehman US Treasury Inflation Protected Securities Fund		5,938		601,757
Total Exchange Traded Funds —  (Cost $2,648,210)				2,765,303
Cash Equivalent (1.1%)
Money Market Fund (1.1%)
AIM Liquid Assets Portfolio		172,611		172,611
Total Investments (Cost $15,165,814) (b) — 99.9%				16,120,969
Other assets in excess of liabilities — 0.1%				11,909
NET ASSETS — 100.0%			$	16,132,878

(a)	Investment in affiliate.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 63

Nationwide Optimal Allocations Fund:
Moderate

How did the Fund perform during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Optimal Allocations Fund: Moderate (Class A at NAV) returned 7.36% versus 7.60% for its composite benchmark, which consists of 40% Standard & Poor’s (S&P) 500^® Index, 20% Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index and 40% Lehman Brothers U.S. Aggregate Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mixed-Asset Target Allocation Moderate Funds (consisting of 467 funds as of April 30, 2007) was 6.71%.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. For example, all 10 of the sectors in the Standard & Poor’s 500 Index finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing” — that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered to the market’s upward momentum.

The Fund is a diversified “fund of funds” designed to serve as a total asset allocation solution for an investor with a “moderate” risk profile. The Fund’s design was developed by Nationwide Fund Advisors (the “Adviser”) with the assistance of a consultant, Ibbotson Associates Advisors, LLC, a leading asset allocation authority. The Fund invests in a diverse set of underlying funds with an allocation mix that has been designed to expand an average investor’s “efficient frontier” — the line on a risk-reward graph representing the most efficient combination of various asset classes to achieve the highest possible return for a given level of risk. In other words, by incorporating a combination of diverse asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The Fund’s allocations are reviewed quarterly by the Adviser and Ibbotson, and are subject to change at any time and without notice. Changes are implemented when an opportunity exists to enhance the overall diversification of the Fund and to actively manage the Fund’s risk-return profile. The Nationwide Convertible Fund was closed in late October 2006, and its 6% allocation within the Nationwide Optimal Allocations Fund: Moderate was reallocated evenly between the Nationwide Fund and the Nationwide Bond Fund. The Nationwide Optimal Allocations Fund: Moderate is currently invested in 20 underlying funds.

Nationwide Optimal Allocations Fund: Moderate

	Target		6-Month
Underlying Funds	Allocations*		Returns*
iShares Lehman Aggregate Bond Fund		17%		2.47%
iShares Lehman TIPS Bond Fund		10%		1.98%
Oppenheimer International Bond Fund		8%		8.09%
Nationwide International Growth Fund		7%		18.68%
Nationwide Global Financial Services Fund		6%		9.41%
Nationwide U.S. Growth Leaders Long-Short Fund		6%		7.38%
Nationwide Leaders Fund		5%		6.52%
iShares Cohen & Steers Realty Majors Index Fund		5%		7.07%
iShares Lehman 1-3 Year Treasury Bond Fund		5%		2.24%
Nationwide Market Neutral Fund		5%		-1.67%
Nationwide Global Health Sciences Fund		4%		7.57%
Nationwide Small Cap Fund		4%		11.75%
Nationwide Global Natural Resources Fund		3%		18.87%
Credit Suisse Commodity Return Strategy Fund		3%		6.45%
Nationwide Global Technology and Communications Fund		2%		11.50%
iShares Russell Mid Cap Index Fund		2%		12.13%
Nationwide Emerging Markets Fund		2%		24.05%
Nationwide U.S. Growth Leaders Fund		2%		11.49%
iShares S&P 500 Index		2%		8.55%
Nationwide Global Utilities Fund		2%		14.22%

* Fund allocations and Institutional Share Class returns are as of April 30, 2007

64 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Moderate

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com

What areas of investment provided the most positive returns for the Fund?

Among those underlying funds that contributed the most to the Fund’s overall returns was the Nationwide International Growth Fund, as its approximate 7% allocation within the Fund returned 18.68% during the reporting period.

What areas detracted from Fund performance?

Conversely, among the underlying funds in the Fund’s portfolio, the one that detracted the most from the overall returns of the Fund was the Nationwide Market Neutral Fund, which finished the reporting period with a return of -1.67%. The Nationwide Market Neutral Fund is a long-short portfolio. Given its strategy, this underlying fund’s returns will tend to lag in a strongly rising equity market.

What is your outlook for the near term?

Looking ahead, we believe that the Fund’s allocation to multiple asset classes continues to position the Fund well to deliver the potential for higher long-term returns versus those of the Fund’s blended benchmark at a marginally higher risk, or volatility level. The returns are expected to be derived from greater diversification achieved by allocating assets across underlying funds that represent a broad range of asset classes that are not highly correlated.

Portfolio Manager:

William H. Miller

2007 Semiannual Report 65

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

								Gross		Net
		Six						Expense		Expense
		Month*		1 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		7.36%		11.30%		12.23%		1.78%		1.49%
	w/SC3		1.21%		4.94%		9.91%
Class B	w/o SC2		7.00%		10.48%		11.13%		2.51%		2.22%
	w/SC4		2.00%		5.48%		10.25%
Class C	w/o SC2		6.91%		10.43%		11.23%		2.51%		2.22%
	w/SC5		5.91%		9.43%		11.23%
Class R 6			7.05%		10.78%		11.67%		2.21%		1.92%
Institutional Service Class 6			7.44%		11.54%		12.27%		1.59%		1.30%
Institutional Class 6			7.43%		11.52%		12.35%		1.51%		1.22%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 29, 2004.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Optimal Allocations Fund: Moderate, the Optimal Allocations Moderate Composite Index (Composite)(a), S&P 500 Index (S&P 500)(b), Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE)(c), Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Optimal Allocation Moderate Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The composite is a combination of the S&P 500 (40%), the MSCI EAFE (20%) and the LB Aggregate Bond (40%).
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The MSCI EAFE is an unmanaged, market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada.
(d)	The LB Aggregate Bond is an unmanaged, market value-weighted index of investment grade fixed-rate debt issues including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more.
(e)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

66 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Moderate

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Optimal Allocations:			Account Value,		Account Value,		During		Expense
Moderate Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,073.60	$	2.57		0.50%
	Hypothetical	1	$	1,000.00	$	1,022.52	$	2.51		0.50%
Class B	Actual		$	1,000.00	$	1,070.00	$	6.36		1.24%
	Hypothetical	1	$	1,000.00	$	1,018.85	$	6.23		1.24%
Class C	Actual		$	1,000.00	$	1,069.10	$	6.36		1.24%
	Hypothetical	1	$	1,000.00	$	1,018.85	$	6.23		1.24%
Class R	Actual		$	1,000.00	$	1,070.50	$	4.26		0.83%
	Hypothetical	1	$	1,000.00	$	1,020.88	$	4.17		0.83%
Institutional Service Class	Actual		$	1,000.00	$	1,074.40	$	1.29		0.25%
	Hypothetical	1	$	1,000.00	$	1,023.76	$	1.26		0.25%
Institutional Class	Actual		$	1,000.00	$	1,074.30	$	1.29		0.25%
	Hypothetical	1	$	1,000.00	$	1,023.76	$	1.26		0.25%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 67

Nationwide Optimal Allocations Fund: Moderate

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	60.0%
Exchange Traded Funds	39.1%
Cash Equivalents	1.5%
Liabilities in excess of Other Assets	-0.6%
	100.0%

Asset Allocation Detail
Equity Funds	54.1%
Fixed Income Funds	45.0%
Money Market Funds	1.5%
Other	-0.6%
	100.0%

Top Holdings
iShares Lehman Aggregate Bond Fund	17.1%
iShares Lehman US Treasury Inflation Protected Securities Fund	9.9%
Oppenheimer International Bond Fund	8.0%
Nationwide International Growth Fund Institutional	7.1%
Nationwide U.S. Growth Leaders Long-Short Fund Institutional	6.0%
iShares Cohen & Steers Realty Majors Index Fund	5.0%
iShares Lehman 1-3 Year Treasury Bond Fund	5.0%
Nationwide Market Neutral Fund Institutional	4.9%
Nationwide Global Financial Services Fund Institutional	4.4%
Nationwide Global Health Sciences Fund Institutional	4.2%
Other	28.4%
	100.0%

68 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Optimal Allocations Fund: Moderate

Mutual Funds (60.0%)
	Shares or
	Principal Amount		Value
Equity Funds (52.0%)
Credit Suisse Commodity Return Strategy Fund		107,135	$	1,229,915
Nationwide Emerging Markets Fund Institutional (a)		44,146		858,195
Nationwide Global Financial Services Fund Institutional (a)		110,118		1,811,435
Nationwide Global Health Sciences Fund Institutional (a)		141,100		1,724,246
Nationwide Global Natural Resources Fund Institutional (a)		61,146		1,290,799
Nationwide Global Technology and Communications Fund Institutional (a)		176,696		844,605
Nationwide Global Utilities Fund Institutional (a)		58,259		833,688
Nationwide International Growth Fund Institutional (a)		190,984		2,962,168
Nationwide Leaders Fund Institutional (a)		120,464		1,687,706
Nationwide Market Neutral Fund Institutional (a)		206,770		2,026,346
Nationwide Mid Cap Growth Fund Institutional (a)		95,831		1,640,633
Nationwide Small Cap Fund Institutional (a)		54,351		1,266,920
Nationwide U.S. Growth Leaders Fund Institutional (a)		77,298		840,226
Nationwide U.S. Growth Leaders Long-Short Fund Institutional (a)		226,585		2,487,908
				21,504,790
Fixed Income Funds (8.0%)
Oppenheimer International Bond Fund		532,136		3,325,851
Total Mutual Funds (Cost $23,259,581)				24,830,641
Exchange Traded Funds (39.1%)
Equity Funds (2.1%)
iShares S&P 500 Index Fund	$	5,776		857,620
iShares Russell Midcap Index Fund		202		21,816
				879,436
Fixed Income Funds (37.0%)
iShares Lehman US Treasury Inflation Protected Securities Fund		40,517		4,105,993
iShares Lehman Aggregate Bond Fund		70,235		7,055,808
iShares Lehman 1-3 Year Treasury Bond Fund		25,439		2,045,550
iShares Cohen & Steers Realty Majors Index Fund		20,212		2,084,666
				15,292,017
Total Exchange Traded Funds (Cost $15,710,869)				16,171,453
Cash Equivalent (1.5%)
Money Market Fund (1.5%)
AIM Liquid Assets Portfolio		623,988		623,988
Total Investments (Cost $39,594,438) (b) — 100.6%				41,626,082
Liabilities in excess of other assets — (0.6)%				(265,113	)
NET ASSETS — 100.0%			$	41,360,969

(a)	Investment in affiliate.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 69

Nationwide Optimal Allocations Fund:
Moderate Growth

How did the Fund perform during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Optimal Allocations Fund: Moderate Growth (Class A at NAV) returned 9.09% versus 8.80% for its composite benchmark, which consists of 60% Standard & Poor’s (S&P) 500^® Index, 20% Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index and 20% Lehman Brothers U.S. Aggregate Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mixed-Asset Target Allocation Growth Funds (consisting of 642 funds as of April 30, 2007) was 7.59%. On March 1, 2007, the Fund was renamed Nationwide Optimal Allocation Fund: Moderate Growth from Nationwide Optimal Allocation Fund: Moderately Aggressive.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. For example, all 10 of the sectors in the Standard & Poor’s 500 Index finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing” — that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

The Fund is a diversified “fund of funds” designed to serve as a total asset allocation solution for an investor with a “moderately aggressive” risk profile. The Fund’s design was developed by Nationwide Fund Advisors (the “Adviser”) with the assistance of a consultant, Ibbotson Associates Advisors, LLC, a leading asset allocation authority. The Fund invests in a diverse set of underlying funds with an allocation mix that has been designed to expand an average investor’s “efficient frontier” — the line on a risk-reward graph representing the most efficient combination of various asset classes to achieve the highest possible return for a given level of risk. In other words, by incorporating a combination of diverse asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio.

The Fund’s allocations are reviewed quarterly by the Adviser and Ibbotson, and are subject to change at any time and without notice. Changes are implemented when an opportunity exists to enhance the overall diversification of the Fund and to actively manage the Fund’s risk-return profile. The Nationwide Convertible Fund was closed in late October 2006, and its 4% allocation within the Nationwide Optimal Allocations Fund: Moderate Growth was reallocated evenly between the Nationwide Fund and the Nationwide Bond Fund. The Nationwide Optimal Allocations Fund: Moderate Growth is currently invested in 19 underlying funds.

70 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Moderate Growth

Nationwide Optimal Allocations Fund: Moderate Growth

		Target		6 Month
Underlying Funds		Allocations*		Returns*
Nationwide International Growth Fund			9%		18.68%
iShares Lehman Aggregate Bond Fund			8%		2.47%
Nationwide Global Financial Services Fund			8%		9.41%
iShares Lehman TIPS Bond Fund			8%		1.98%
Nationwide U.S. Growth Leaders Long-Short Fund			7%		7.38%
Nationwide Leaders Fund			6%		6.52%
Nationwide Global Health Sciences Fund			6%		7.57%
iShares Cohen & Steers Realty Majors Index Fund			6%		7.07%
Nationwide U.S. Growth Leaders Fund			5%		11.49%
Nationwide Small Cap Fund			5%		11.75%
Nationwide Market Neutral Fund			4%		-1.67%
	Credit Suisse Commodity Return Strategy Fund		4%		6.45%
	Oppenheimer International Bond Fund		4%		8.09%
	Nationwide Global Technology and
	Communications Fund		4%		11.50%
	Nationwide Global Natural Resources Fund		4%		18.87%
	iShares Russell Mid Cap Index Fund		4%		12.13%
Nationwide Global Utilities Fund			3%		14.22%
Nationwide Emerging Markets Fund			3%		24.05%
iShares S&P 500 Index			2%		8.55%

* Fund allocations and Institutional Share Class returns are as of April 30, 2007.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com

What areas of investment provided the most positive returns for the Fund?

The underlying fund that contributed the most to the Fund’s overall returns was the Nationwide International Growth Fund, as its approximate 9% allocation within the Fund returned 18.68% during the reporting period.

What areas detracted from Fund performance?

Among the underlying funds in the portfolio, the one that detracted the most from the Fund’s overall returns was the Nationwide Market Neutral Fund which finished the reporting period with a return of -1.67%. The Nationwide Market Neutral Fund is a long-short portfolio. Given its strategy, this underlying fund’s returns will tend to lag in a strongly rising equity market.

What is your outlook for the near term?

Looking ahead, we believe that the Fund’s allocation to multiple asset classes continues to position the Fund well to deliver the potential for higher long-term returns versus those of the Fund blended benchmark at a marginally higher risk, or volatility level. The returns are expected to be derived from greater diversification achieved by allocating assets across underlying funds that represent a broad range of asset classes that are not highly correlated.

Portfolio Manager:

William H. Miller

2007 Semiannual Report 71

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

								Gross		Net
		Six						Expense		Expense
		Month*		1 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		9.09%		12.38%		14.12%		1.94%		1.59%
	w/SC3		2.85%		5.90%		11.76%
Class B	w/o SC2		8.71%		11.54%		13.27%		2.67%		2.32%
	w/SC4		3.71%		6.54%		12.42%
Class C	w/o SC2		8.72%		11.57%		13.25%		2.67%		2.32%
	w/SC5		7.72%		10.57%		13.25%
Class R6			8.66%		11.74%		13.71%		2.37%		2.02%
Institutional Service Class6			9.22%		12.65%		14.35%		1.78%		1.43%
Institutional Class6			9.21%		12.55%		14.40%		1.67%		1.32%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 29, 2004.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Optimal Allocations Fund: Moderate Growth, the Optimal Allocations Moderate Growth Composite Index (Composite)(a), S&P 500 Index (S&P 500)(b), Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE)(c), Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Optimal Allocation Moderate Growth Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The composite is a combination of the S&P 500 (60%), the MSCI EAFE (20%) and the LB Aggregate Bond (20%).
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The MSCI EAFE is an unmanaged, market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada.
(d)	The LB Aggregate Bond is an unmanaged, market value-weighted index of investment grade fixed-rate debt issues including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more.
(e)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

72 Semiannual Report 2007

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Optimal Allocations:			Account Value,		Account Value,		During		Expense
Moderate Growth Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,090.90	$	2.59		0.50%
	Hypothetical	1	$	1,000.00	$	1,022.52	$	2.51		0.50%
Class B	Actual		$	1,000.00	$	1,087.10	$	6.42		1.24%
	Hypothetical	1	$	1,000.00	$	1,018.85	$	6.23		1.24%
Class C	Actual		$	1,000.00	$	1,087.20	$	6.42		1.24%
	Hypothetical	1	$	1,000.00	$	1,018.85	$	6.23		1.24%
Class R	Actual		$	1,000.00	$	1,086.60	$	6.36		1.23%
	Hypothetical	1	$	1,000.00	$	1,018.90	$	6.18		1.23%
Institutional Service Class	Actual		$	1,000.00	$	1,092.20	$	1.30		0.25%
	Hypothetical	1	$	1,000.00	$	1,023.76	$	1.26		0.25%
Institutional Class	Actual		$	1,000.00	$	1,092.10	$	1.30		0.25%
	Hypothetical	1	$	1,000.00	$	1,023.76	$	1.26		0.25%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 73

Nationwide Optimal Allocations Fund: Moderate Growth

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	76.6%
Exchange Traded Funds	25.3%
Cash Equivalents	0.6%
Liabilities in excess of Other Assets	-2.5%
	100.0%

Asset Allocation Detail
Equity Funds	75.9%
Fixed Income Funds	26.0%
Money Market Funds	0.6%
Other	-2.5%
	100.0%

Top Holdings
Nationwide International Growth Fund Institutional	9.4%
iShares Lehman US Treasury Inflation Protected Securities Fund	8.1%
iShares Lehman Aggregate Bond Fund	8.0%
Nationwide Global Financial Services Fund Institutional	7.3%
Nationwide U.S. Growth Leaders Long-Short Fund Institutional	7.2%
Nationwide Global Health Sciences Fund Institutional	6.4%
Nationwide Leaders Fund Institutional	6.2%
iShares Cohen & Steers Realty Majors Index Fund	5.9%
Nationwide U.S. Growth Leaders Fund Institutional	5.2%
Nationwide Small Cap Fund Institutional	5.2%
Other	31.1%
	100.0%

74 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Optimal Allocations Fund: Moderate Growth

Mutual Funds (76.6%)
	Shares or
	Principal Amount		Value
Equity Funds (72.6%)
Credit Suisse Commodity Return Strategy Fund		134,403	$	1,542,944
Nationwide Emerging Markets Fund Institutional (a)		62,294		1,210,990
Nationwide Global Financial Services Fund Institutional (a)		170,307		2,801,552
Nationwide Global Health Sciences Fund Institutional (a)		199,149		2,433,599
Nationwide Global Natural Resources Fund Institutional (a)		76,701		1,619,156
Nationwide Global Technology and Communications Fund Institutional (a)		332,496		1,589,333
Nationwide Global Utilities Fund Institutional (a)		82,233		1,176,759
Nationwide International Growth Fund Institutional (a)		231,035		3,583,357
Nationwide Leaders Fund Institutional (a)		169,184		2,370,261
Nationwide Market Neutral Fund Institutional (a)		155,704		1,525,900
Nationwide Mid Cap Growth Fund Institutional (a)		65,865		1,127,604
Nationwide Small Cap Fund Institutional (a)		84,685		1,974,011
Nationwide U.S. Growth Leaders Fund Institutional (a)		181,855		1,976,769
Nationwide U.S. Growth Leaders Long-Short Fund Institutional (a)		248,819		2,732,031
				27,664,266
Fixed Income Fund (4.0%)
Oppenheimer International Bond Fund		250,421		1,565,132
Total Mutual Funds (Cost $27,136,272)				29,229,398

Exchange Traded Funds (25.3%)
	Shares or
	Principal Amount		Value
Equity Funds (3.3%)
iShares S&P 500 Index Fund	$	5,398	$	801,495
iShares Russell Midcap Index Fund		4,221		455,868
				1,257,363
Fixed Income Funds (22.0%)
iShares Lehman US Treasury Inflation Protected Securities Fund		30,443		3,085,094
iShares Lehman Aggregate Bond Fund		30,612		3,075,281
iShares Cohen & Steers Realty Majors Index Fund		21,818		2,250,309
				8,410,684
Total Exchange Traded Funds (Cost $9,276,228)				9,668,047
Cash Equivalent (0.6%)
Money Market Fund (0.6%)
AIM Liquid Assets Portfolio		227,749		227,749
Total Investments (Cost $36,640,249) (b) — 102.5%				39,125,194
Liabilities in excess of other assets — (2.5)%				(958,537	)
NET ASSETS — 100.0%			$	38,166,657

(a)	Investment in affiliate.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

2007 Semiannual Report 75

Nationwide Optimal Allocations Fund: Specialty

How did the Fund perform during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Optimal Allocations Fund: Specialty (Class A at NAV) returned 10.08% versus 10.70% for its composite benchmark, which consists of 70% Standard & Poor’s (S&P) 500^® Index and 30% Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Specialty/ Miscellaneous Funds (consisting of 128 funds as of April 30, 2007) was 9.36%.

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. For example, all 10 of the sectors in the Standard & Poor’s 500 Index finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing” — that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

The Fund is a diversified “fund of funds” designed to serve as a total asset allocation solution for an investor with an “aggressive” risk profile or as a potential alpha-enhancing supplement to an investor’s core portfolio. The Fund’s design was developed by Nationwide Fund Advisors (the “Adviser”) with the assistance of a consultant, Ibbotson Associates Advisors, LLC, a leading asset allocation authority. The Fund invests in a diverse set of underlying funds with an allocation mix that has been designed to expand an average investor’s “efficient frontier” — the line on a risk-reward graph representing the most efficient combination of various asset classes to achieve the highest possible return for a given level of risk. In other words, by incorporating a combination of diverse asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The Fund’s allocations are reviewed quarterly by the Adviser and Ibbotson, and are subject to change at any time and without notice. Changes are implemented when an opportunity exists to enhance the overall diversification of the Fund and to actively manage the Fund’s risk-return profile. That said, during the reporting period no changes were made in the lineup of underlying funds held by the Fund. The Nationwide Optimal Allocations Fund: Specialty is currently invested in twelve underlying funds.

Nationwide Optimal Allocations Fund: Specialty

	Target		6 Month
Underlying Funds	Allocations*		Returns*
Nationwide Global Financial Services Fund		15%		9.41%
Nationwide Global Health Sciences Fund		12%		7.57%
Nationwide U.S. Growth Leaders Long-Short Fund		11%		7.38%
Nationwide Global Technology and Communications Fund		11%		11.50%
Nationwide Micro Cap Equity Fund		9%		2.90%
iShares Cohen & Steers Realty Majors Index Fund		9%		7.07%
Nationwide Emerging Markets Fund		9%		24.05%
Nationwide Global Natural Resources Fund		7%		18.87%
Nationwide Global Utilities Fund		5%		14.22%
Credit Suisse Commodity Return Strategy Fund		5%		6.45%
iShares Lehman TIPS Bond Fund		4%		1.98%
Nationwide Market Neutral Fund		3%		-1.67%

* Fund allocations and Institutional Share Class returns are as of April 30, 2007.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent

76 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Specialty

month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

What areas of investment provided the most positive returns for the Fund?

Among the underlying funds in the Fund’s portfolio that contributed the most to overall returns were the Nationwide Emerging Markets Fund (an approximate 9% allocation by the Fund that returned 24.05%) and the Nationwide Global Natural Resources Fund (an approximate 7% allocation by the Fund that returned 18.87%) during the reporting period.

What areas detracted from Fund performance?

Conversely, the underlying fund in the portfolio that detracted the most from the Fund’s overall return was the Nationwide Market Neutral Fund, which finished the reporting period with a return of -1.67% and an approximate allocation of 3% during the period. The Nationwide Market Neutral Fund is a long-short portfolio. Given its strategy, this underlying fund’s returns will tend to lag in a strongly rising equity market.

What is your outlook for the near term?

Looking ahead, we believe that the Fund’s allocation to multiple asset classes continues to position the Fund well to deliver the potential for higher long-term returns versus those of the Fund’s blended benchmark at a marginally higher risk, or volatility level. The returns are expected to be derived from greater diversification achieved by allocating assets across underlying funds that represent a broad range of asset classes that are not highly correlated.

Portfolio Manager:

William H. Miller

2007 Semiannual Report 77

Nationwide Optimal Allocations Fund: Specialty

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

								Gross		Net
		Six						Expense		Expense
		Month*		1 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC2		10.08%		13.01%		17.28%		2.06%		1.82%
	w/SC3		3.72%		6.48%		14.86%
Class B	w/o SC2		9.70%		12.20%		16.45%		2.80%		2.56%
	w/SC4		4.70%		7.20%		15.64%
Class C	w/o SC2		9.71%		12.20%		16.43%		2.80%		2.56%
	w/SC5		8.71%		11.20%		16.43%
Class R6			9.92%		12.63%		16.97%		2.50%		2.26%
Institutional Service Class6			10.28%		13.36%		17.53%		1.89%		1.65%
Institutional Class6			10.17%		13.25%		17.61%		1.80%		1.56%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Expenses also include underlying fund expenses. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on June 29, 2004.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Optimal Allocations Fund: Specialty, the Optimal Allocations Specialty Composite Index (Composite)(a), S&P 500 Index (S&P 500)(b), Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE)(c), and the Consumer Price Index (CPI)(d) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Optimal Allocation Specialty Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The composite is a combination of the S&P 500 (70%) and the MSCI EAFE (30%).
(b)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(c)	The MSCI EAFE is an unmanaged, market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada.
(d)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

78 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Specialty

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Optimal Allocations:			Account Value,		Account Value,		During		Expense
Specialty Fund			11/1/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,100.80	$	2.60		0.50%
	Hypothetical	1	$	1,000.00	$	1,022.52	$	2.51		0.50%
Class B	Actual		$	1,000.00	$	1,097.00	$	6.40		1.23%
	Hypothetical	1	$	1,000.00	$	1,018.90	$	6.18		1.23%
Class C	Actual		$	1,000.00	$	1,097.10	$	6.45		1.24%
	Hypothetical	1	$	1,000.00	$	1,018.85	$	6.23		1.24%
Class R	Actual		$	1,000.00	$	1,099.20	$	4.42		0.85%
	Hypothetical	1	$	1,000.00	$	1,020.78	$	4.27		0.85%
Institutional Service Class	Actual		$	1,000.00	$	1,102.80	$	1.30		0.25%
	Hypothetical	1	$	1,000.00	$	1,023.76	$	1.26		0.25%
Institutional Class	Actual		$	1,000.00	$	1,101.70	$	1.30		0.25%
	Hypothetical	1	$	1,000.00	$	1,023.76	$	1.26		0.25%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. Represents the hypothetical 5% return before expenses.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 79

Nationwide Optimal Allocations Fund: Specialty

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Mutual Funds	87.0%
Exchange Traded Funds	12.4%
Other Assets in excess of Liabilities	0.6%
	100.0%

Asset Allocation Detail
Equity Funds	95.6%
Fixed Income Funds	3.8%
Other	0.6%
	100.0%

Top Holdings
Nationwide Global Financial Services Fund Institutional	15.1%
Nationwide Global Health Sciences Fund Institutional	12.2%
Nationwide Global Technology and Communications Fund Institutional	11.0%
Nationwide U.S. Growth Leaders Long-Short Fund Institutional	10.8%
Nationwide Emerging Markets Fund Institutional	9.1%
Nationwide Micro Cap Equity Fund Institutional	8.9%
iShares Cohen & Steers Realty Majors Index Fund	8.6%
Nationwide Global Natural Resources Fund Institutional	7.1%
Nationwide Global Utilities Fund Institutional	4.9%
Credit Suisse Commodity Return Strategy Fund	4.9%
Other	7.4%
	100.0%

80 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Optimal Allocations Fund: Specialty

Mutual Funds (87.0%)
	Shares or
	Principal Amount		Value
Equity Funds (87.0%)
Credit Suisse Commodity Return Strategy Fund		429,002	$	4,924,938
Nationwide Emerging Markets Fund Institutional (a)		476,963		9,272,153
Nationwide Global Financial Services Fund Institutional (a)		933,075		15,349,082
Nationwide Global Health Sciences Fund Institutional (a)		1,016,433		12,420,814
Nationwide Global Natural Resources Fund Institutional (a)		342,644		7,233,210
Nationwide Global Technology and Communications Fund Institutional (a)		2,333,924		11,156,158
Nationwide Global Utilities Fund Institutional (a)		349,818		5,005,890
Nationwide Market Neutral Fund Institutional (a)		298,088		2,921,260
Nationwide Micro Cap Equity Fund Institutional (a)		479,529		9,058,298
Nationwide U.S. Growth Leaders Long-Short Fund Institutional (a)		997,940		10,957,384
Total Mutual Funds (Cost $83,235,079)				88,299,187

Exchange Traded Funds (12.4%)
	Shares or
	Principal Amount		Value
Equity Fund (8.6%)
iShares Cohen & Steers Realty Majors Index Fund	$	85,026	$	8,769,582
Fixed Income Fund (3.8%)
iShares Lehman US Treasury Inflation Protected Securities Fund		37,571		3,807,445
Total Exchange Traded Funds — (Cost $11,513,550)				12,577,027
Total Investments (Cost $94,748,629) (b) — 99.4%				100,876,214
Other assets in excess of liabilities — 0.6%				648,075
NET ASSETS — 100.0%			$	101,524,289

(a)	Investment in affiliate.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 81

Nationwide Optimal Allocations Fund: Defensive

How did the Fund perform during the six-month period ended April 30, 2007?

The Nationwide Optimal Allocations Fund: Defensive was launched on December 15, 2006, and thus was not operational during the entire six-month period covered by this report. From inception through April 30, 2007, the Fund (Class A at NAV) returned 3.13%. During the first four months of 2007, the Fund (Class A at NAV) returned 3.43% versus an average return of 3.01% for the Fund’s Lipper peer category of Mixed-Asset Target Allocation Conservative Funds (consisting of 410 funds as of April 30, 2007).

Can you describe the market environment during the reporting period?

Despite a brief but relatively steep sell-off during the first quarter of 2007, the U.S. stock market advanced strongly during the reporting period. For example, all 10 of the sectors within the Standard & Poor’s 500 Index finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s gross domestic product (GDP) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half that for the first quarter of 2007. Nevertheless, investors continued to be buoyed by hopes that the economy would achieve a “soft landing” — that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. In addition, a string of mergers, acquisitions and stock buybacks furthered the market’s upward momentum.

The Fund is a diversified “fund of funds” designed to serve as a total asset allocation solution for an investor with a “conservative” risk profile as these funds are meant to serve as a complement to a core portfolio. The Fund’s design was developed by Nationwide Fund Advisors (the “Adviser”) with the assistance of a consultant, Ibbotson Associates Advisors, LLC, a leading asset allocation authority. The Fund invests in a diverse set of underlying funds with an allocation mix that has been designed to expand an average investor’s “efficient frontier,” the line on a risk-reward graph representing the most efficient combination of various asset classes to achieve the highest possible return for a given level of risk. In other words, by incorporating a combination of diverse asset classes that behave differently under various market conditions, we believe that it may be possible for the Fund to achieve higher risk-adjusted returns than those that could be achieved with a nondiversified portfolio over the long term.

The Fund’s allocations are reviewed quarterly by the Adviser and Ibbotson, and are subject to change. Changes are implemented when an opportunity exists to enhance the overall diversification of the Fund and to actively manage the Fund’s risk-return profile. The Nationwide Optimal Allocations Fund: Defensive is currently invested in a set of 13 underlying funds.

		Target
Asset Class	Underlying Fund	Allocation*
US Aggregate Bonds	iShares Lehman Aggregate Bond Fund		18%
Short Term Bonds	iShares Lehman 1-3 Year Treas Bond Fund		15%
TIPS	iShares Lehman TIPS Bond Fund		15%
International Bonds	Oppenheimer International Bond Fund		12%
Equity Market Neutral	Gartmore Market Neutral Fund		9%
Long Short Equity	Gartmore US Growth Ldrs Long Short Fund		6%
Global Financial	Gartmore Global Financial Services Fund		5%
US REITs	iShares C & S Realty Majors Index Fund		5%
Global Health Sciences	Gartmore Global Health Sciences Fund		4%
Global Utilities	Gartmore Global Utilities Fund		3%
Global Energy/ Materials	Gartmore Global Natural Resources Fund		3%

82 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Defensive

		Target
Asset Class	Underlying Fund	Allocation*
Commodities	Credit Suisse Commodity Return Strategy Fund		3%
Global Tech and Comm	Gartmore Global Tech and Comm Fund		2%
			100%

* Target allocations as of April 30, 2007. These allocations are subject to change at any time and without notice.

Since the Fund was launched in December, the underlying fund return chart won’t be available until the October 31, 2007 annual report period.

What areas of investment provided the most positive returns for the Fund?

The underlying fund that contributed the most to the Fund’s overall returns was the Oppenheimer International Bond Fund, which returned 8.09% and had an approximate allocation of 12% during the period of the Defensive Fund’s existence.

What areas detracted from Fund performance?

Among the underlying funds in the portfolio, the one that detracted the most from the Fund’s overall returns was the Nationwide Market Neutral Fund, which registered a return of -0.47% during the period of the Defensive Fund’s existence. The Nationwide Market Neutral Fund is a long-short portfolio. Given its strategy, this underlying fund’s returns will tend to lag in a strongly rising equity market.

What is your outlook for the near term?

Looking ahead, we believe that the Fund’s allocation to multiple asset classes will position the Fund well to deliver the potential for higher long-term returns versus those of its blended benchmark at a marginally higher risk level. The returns are expected to be derived from greater diversification achieved by allocating assets across underlying funds that represent a broad range of asset classes that are not highly correlated.

Portfolio Manager:

William H. Miller

2007 Semiannual Report 83

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

				Gross		Net
				Expense		Expense
		Inception1		Ratio*		Ratio*
Class A	w/o SC2		3.13%		3.92%		1.29%
	w/SC3		-2.80%
Class B	w/o SC2		2.91%		4.62%		1.99%
	w/SC4		-2.09%
Class C	w/o SC2		2.91%		4.62%		1.99%
	w/SC5		1.91%
Class R6			3.02%		4.32%		1.69%
Institutional Service Class 6			3.24%		3.62%		0.99%
Institutional Class6			3.24%		3.62%		0.99%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Expenses also include underlying fund expenses. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.
1	Fund commenced operations on December 15, 2006.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6  years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Optimal Allocations Fund: Defensive, the Optimal Allocations Defensive Composite Index (Composite)(a), LB U.S. Aggregate Index(b), S&P 500 Index (S&P 500)(c), and the Consumer Price Index (CPI)(d) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Optimal Allocation Defensive Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The composite is a combination of the LB U.S. Aggregate Index (60%) and the S&P 500(40%).
(b)	The LB U.S. Aggregate Index is unmanaged index of the US dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities.
(c)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(d)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

84 Semiannual Report 2007

Nationwide Optimal Allocations Fund: Defensive

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, December 15, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Optimal Allocations:			Account Value,		Account Value,		During		Expense
Defensive Fund			12/15/06		4/30/07		Period*2		Ratio*2
Class A	Actual		$	1,000.00	$	1,031.30	$	1.83		0.48%
	Hypothetical	1	$	1,000.00	$	1,017.00	$	1.82		0.48%
Class B	Actual		$	1,000.00	$	1,029.10	$	4.76		1.25%
	Hypothetical	1	$	1,000.00	$	1,014.11	$	4.74		1.25%
Class C	Actual		$	1,000.00	$	1,029.10	$	4.76		1.25%
	Hypothetical	1	$	1,000.00	$	1,014.11	$	4.74		1.25%
Class R	Actual		$	1,000.00	$	1,030.20	$	3.54		0.93%
	Hypothetical	1	$	1,000.00	$	1,015.31	$	3.52		0.93%
Institutional Service Class	Actual		$	1,000.00	$	1,032.40	$	0.95		0.25%
	Hypothetical	1	$	1,000.00	$	1,017.86	$	0.95		0.25%
Institutional Class	Actual		$	1,000.00	$	1,032.40	$	0.95		0.25%
	Hypothetical	1	$	1,000.00	$	1,017.86	$	0.95		0.25%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 136/365 (to reflect the period of operations). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

2007 Semiannual Report 85

Nationwide Optimal Allocations Fund: Defensive

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Exchange Traded Funds	50.0%
Mutual Funds	46.0%
Cash Equivalents	3.2%
Other Assets in excess of Liabilities	0.8%
	100.0%

Asset Allocation Detail
Fixed Income Funds	62.0%
Equity Funds	34.0%
Money Market Funds	3.2%
Other	0.8%
	100.0%

Top Holdings
iShares Lehman Aggregate Bond Fund	17.1%
iShares Lehman 1-3 Year Treasury Bond Fund	14.3%
iShares Lehman US Treasury Inflation Protected Securities Fund	13.9%
Oppenheimer International Bond Fund	11.8%
Nationwide Market Neutral Fund Institutional	8.7%
Nationwide U.S. Growth Leaders Long-Short Fund Institutional	5.9%
iShares Cohen & Steers Realty Majors Index Fund	4.7%
Nationwide Global Financial Services Fund Institutional	4.6%
Nationwide Global Health Sciences Fund Institutional	4.1%
AIM Liquid Assets Portfolio	3.2%
Other	11.7%
	100.0%

86 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Optimal Allocations Fund: Defensive

Mutual Funds (46.0%)
	Shares or
	Principal Amount		Value
Equity Funds (34.0%)
Credit Suisse Commodity Return Strategy Fund		5,336	$	61,257
Nationwide Global Financial Services Fund Institutional (a)		5,855		96,314
Nationwide Global Health Sciences Fund Institutional (a)		6,989		85,407
Nationwide Global Natural Resources Fund Institutional (a)		3,034		64,051
Nationwide Global Technology and Communications Fund Institutional (a)		8,776		41,950
Nationwide Global Utilities Fund Institutional (a)		4,338		62,073
Nationwide Market Neutral Fund Institutional (a)		18,549		181,776
Nationwide U.S. Growth Leaders Long-Short Fund Institutional (a)		11,278		123,829
				716,657
Fixed Income Funds (12.0%)
Oppenheimer International Bond Fund		39,694		248,086
Total Mutual Funds (Cost $939,969)				964,743

Exchange Traded Funds (50.0%)
	Shares or
	Principal Amount		Value
Fixed Income Funds (50.0%)
iShares Lehman US Treasury Inflation Protected Securities Fund	$	2,872	$	291,048
iShares Lehman Aggregate Bond Fund		3,574		359,044
iShares Lehman 1-3 Year Treasury Bond Fund	$	3,742	$	300,894
iShares Cohen & Steers Realty Majors Index Fund		962		99,221
Total Exchange Traded Funds (Cost $1,045,739)				1,050,207
Cash Equivalent (3.2%)
Money Market Fund (3.2%)
AIM Liquid Assets Portfolio		66,248		66,248
Total Investments (Cost $2,051,956) (b) — 99.2%				2,081,198
Other assets in excess of liabilities — 0.8%				17,037
NET ASSETS — 100.0%			$	2,098,235

(a)	Investment in affiliate.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2007 Semiannual Report 87

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			Nationwide			Nationwide			Nationwide Optimal			Nationwide			Nationwide
			Optimal Allocations			Optimal Allocations			Allocations Fund:			Optimal Allocations			Optimal Allocations
			Fund: Growth			Fund: Moderate			Moderate Growth			Fund: Specialty			Fund: Defensive
Assets:
Investments, at value (Cost $3,434,250; $20,748,097; $12,523,984; $16,305,271 and $1,412,389)			$	3,567,488		$	21,351,207		$	13,003,872		$	17,501,965		$	1,425,798
Investments in affiliates, at value (Cost $11,731,564; $18,846,341; $24,116,265; $78,443,358 and $639,567 )				12,553,481			20,274,875			26,121,322			83,374,249			655,400
		Total Investments		16,120,969			41,626,082			39,125,194			100,876,214			2,081,198
Cash				5,007			–			22,316			477,395			–
Interest and dividends receivable				724			2,769			1,473			–			528
Receivable for capital shares issued				3,451			48,661			15,801			326,400			–
Receivable from adviser				4,374			2,334			1,144			–			4,208
Prepaid expenses and other assets				8,283			14,066			26,683			18,487			31,665
		Total Assets		16,142,808			41,693,912			39,192,611			101,698,496			2,117,599
Liabilities:
Payable to custodian				–			165,438			–			–			15,121
Payable for capital shares redeemed				–			140,106			1,003,212			114,334			–
Accrued expenses and other payables:
	Investment advisory fees			–			–			–			1,263			–
	Distribution fees			9,665			26,844			22,048			57,434			348
	Administrative servicing fees			135			60			8			201			42
	Compliance program fees			1			262			204			597			4
	Custodian fees			–			–			–			87			–
	Other			129			233			482			291			3,849
		Total Liabilities		9,930			332,943			1,025,954			174,207			19,364
Net Assets			$	16,132,878		$	41,360,969		$	38,166,657		$	101,524,289		$	2,098,235
Represented by:
Capital			$	14,621,395		$	37,988,517		$	34,490,963		$	91,220,976		$	2,055,106
Accumulated net investment income (loss)				(332,836	)		(377,707	)		(588,127	)		(2,280,973	)		6,841
Accumulated net realized gains on investment transactions				889,164			1,718,515			1,778,876			6,456,701			7,046
Net unrealized appreciation on investments				955,155			2,031,644			2,484,945			6,127,585			29,242
Net Assets			$	16,132,878		$	41,360,969		$	38,166,657		$	101,524,289		$	2,098,235
Net Assets:
Class A Shares			$	5,268,641		$	10,768,636		$	15,192,810		$	39,313,040		$	702,921
Class B Shares				1,294,572			3,331,693			3,751,766			6,316,387			67,761
Class C Shares				9,351,698			27,151,498			19,217,996			55,701,383			291,245
Class R Shares				215,265			106,595			1,440			190,679			1,031
Institutional Service Class Shares				1,504			1,389			1,462			1,581			1,035
Institutional Class Shares				1,198			1,158			1,183			1,219			1,034,242
Total			$	16,132,878		$	41,360,969		$	38,166,657		$	101,524,289		$	2,098,235

See accompanying notes to financial statements.

88 Semiannual Report 2007

Statements of Assets and Liabilities (Continued)

	Nationwide			Nationwide			Nationwide Optimal			Nationwide			Nationwide
	Optimal Allocations			Optimal Allocations			Allocations Fund:			Optimal Allocations			Optimal Allocations
	Fund: Growth			Fund: Moderate			Moderate Growth			Fund: Specialty			Fund: Defensive
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		405,380			876,203			1,188,783			2,821,873			68,623
Class B Shares		101,463			274,966			296,636			459,674			6,633
Class C Shares		733,228			2,239,282			1,520,717			4,056,311			28,493
Class R Shares		16,729			8,710			113			13,708			101
Institutional Service Class Shares		116			113			114			113			101
Institutional Class Shares		92			94			92			87			100,723
Total		1,257,008			3,399,368			3,006,455			7,351,766			204,674
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	13.00		$	12.29		$	12.78		$	13.93		$	10.24
Class B Shares (a)	$	12.76		$	12.12		$	12.65		$	13.74		$	10.22
Class C Shares (b)	$	12.75		$	12.12	(c)	$	12.64		$	13.73		$	10.22
Class R Shares	$	12.87		$	12.24		$	12.74		$	13.91		$	10.23	(c)
Institutional Service Class Shares	$	13.01	(c)	$	12.28	(c)	$	12.81	(c)	$	13.98	(c)	$	10.25
Institutional Class Shares	$	13.04	(c)	$	12.30	(c)	$	12.82	(c)	$	14.00	(c)	$	10.25	(c)
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	13.79		$	13.04		$	13.56		$	14.78		$	10.86
Maximum Sales Charge:
Class A		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%

(a)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(b)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
(c)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.

See accompanying notes to financial statements.

2007 Semiannual Report 89

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

		Nationwide Optimal			Nationwide Optimal
		Allocations Fund:			Allocations Fund:
		Growth			Moderate
INVESTMENT INCOME:
Interest income		$	3,001		$	8,577
Dividend income			36,968			136,778
Dividend income from affiliates			31,763			246,300
	Total Income		71,732			391,655
Expenses:
Investment advisory fees			10,320			26,591
Distribution fees Class A			5,956			12,359
Distribution fees Class B			4,828			14,866
Distribution fees Class C			39,466			112,674
Distribution fees Class R			302			130
Administrative servicing fees Class A			238			492
Administrative servicing fees Class R			129			55
Registration and filing fees			32,090			33,742
Printing fees			1,219			658
Trustee fees			182			478
Compliance program fees (Note 3)			39			197
Custodian fees			54			624
Legal fees			262			675
Other			6,067			12,068
	Total expenses before reimbursed/waived expenses		101,152			215,609
Earnings credit (Note 4)			(27	)		(312	)
Expenses reimbursed			(33,323	)		(31,873	)
Expenses voluntarily waived by administrator			(137	)		(351	)
Net expenses			67,665			183,073
Net Investment Income			4,067			208,582
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			463,921			1,120,285
Net realized gains on investment transactions from affiliates			452,505			643,388
Net realized gains on investments			916,426			1,763,673
Net change in unrealized appreciation on investments			335,277			503,753
Net realized/unrealized gains from investments			1,251,703			2,267,426
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,255,770		$	2,476,008

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Nationwide Optimal			Nationwide Optimal			Nationwide Optimal
		Allocations Fund:			Allocations Fund:			Allocations Fund:
		Moderate Growth			Specialty			Defensive
INVESTMENT INCOME:
Interest income		$	5,728		$	400		$	2,785
Dividend income			221,029			218,433			8,549
Dividend income from affiliates			38,646			269,398			4,394
	Total Income		265,403			488,231			15,728
Expenses:
Investment advisory fees			25,251			61,530			736
Distribution fees Class A			16,733			39,827			226
Distribution fees Class B			16,772			24,509			49
Distribution fees Class C			84,619			225,821			240
Distribution fees Class R			4			246			1
Administrative servicing fees Class A			668			1,580			40
Administrative servicing fees Class R			3			105			1
Registration and filing fees			32,819			34,012			2,254
Printing fees			1,234			1,846			619
Trustee fees			450			1,043			17
Compliance program fees (Note 3)			175			480			6
Custodian fees			404			707			1,655
Legal fees			645			1,525			1,028
Other			12,082			26,526			3,063
	Total expenses before reimbursed/waived expenses		191,859			419,757			9,935
Earnings credit (Note 4)			(202	)		(354	)		–
Expenses reimbursed			(31,397	)		(29,376	)		(8,219	)
Expenses voluntarily waived by administrator			(333	)		(839	)		(13	)
Net expenses			159,927			389,188			1,703
Net Investment Income			105,476			99,043			14,025
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			1,005,404			2,658,002			612
Net realized gains on investment transactions from affiliates			808,454			3,824,695			6,434
Net realized gains on investments			1,813,858			6,482,697			7,046
Net change in unrealized appreciation on investments			955,643			1,107,537			29,242
Net realized/unrealized gains from investments			2,769,501			7,590,234			36,288
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	2,874,977		$	7,689,277		$	50,313

See accompanying notes to financial statements.

90 Semiannual Report 2007

Statements of Changes in Net Assets

		Nationwide Optimal						Nationwide Optimal
		Allocations Fund: Growth						Allocations Fund: Moderate
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	4,067		$	(15,156	)	$	208,582		$	341,790
Net realized gains on investment transactions			916,426			649,712			1,763,673			908,329
Net change in unrealized appreciation on investments			335,277			449,195			503,753			1,409,027
Change in net assets from operations			1,255,770			1,083,751			2,476,008			2,659,146
Distributions to Shareholders:
From net investment income:
	Class A		(124,472	)		(111,247	)		(196,046	)		(320,586	)
	Class B		(20,270	)		(15,320	)		(52,551	)		(73,901	)
	Class C		(187,166	)		(91,935	)		(384,257	)		(342,808	)
	Class R		(4,926	)		(62	)		(22	)		(53	)
	Institutional Service Class		(39	)		(62	)		(27	)		(56	)
	Institutional Class		(30	)		(62,290	)		(23	)		(39,338	)
Net realized gains:
	Class A		(135,539	)		(29,636	)		(142,231	)		(61,019	)
	Class B		(23,403	)		(4,201	)		(41,836	)		(17,765	)
	Class C		(216,661	)		(25,404	)		(305,269	)		(71,809	)
	Class R		(5,227	)		(17	)		(19	)		(12	)
	Institutional Service Class		(40	)		(16	)		(19	)		(12	)
	Institutional Class		(32	)		(16,459	)		(16	)		(11,572	)
Change in net assets from shareholder distributions			(717,805	)		(356,649	)		(1,122,316	)		(938,931	)
Change in net assets from capital transactions			4,224,851			6,775,878			8,549,157			15,086,201
Change in net assets			4,762,816			7,502,980			9,902,849			16,806,416
Net Assets:
Beginning of period			11,370,062			3,867,082			31,458,120			14,651,704
End of period		$	16,132,878		$	11,370,062		$	41,360,969		$	31,458,120
Accumulated net investment income (loss) at end of period		$	(332,836	)	$	–		$	(377,707	)	$	46,637
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	2,111,737		$	3,609,066		$	2,976,540		$	7,674,464
	Dividends reinvested		102,647			62,681			179,166			236,280
	Cost of shares redeemed		(1,115,547	)		(948,056	)		(2,563,031	)		(3,284,154	)
Total Class A			1,098,837			2,723,691			592,675			4,626,590
Class B Shares
	Proceeds from shares issued		566,680			563,260			674,968			1,482,320
	Dividends reinvested		32,461			7,149			51,906			42,544
	Cost of shares redeemed		(61,754	)		(80,954	)		(130,885	)		(315,800	)
Total Class B			537,387			489,455			595,989			1,209,064
Class C Shares
	Proceeds from shares issued		3,097,413			5,295,529			9,611,024			13,651,149
	Dividends reinvested		143,908			26,675			148,048			90,936
	Cost of shares redeemed		(865,045	)		(579,852	)		(2,500,260	)		(3,342,043	)
Total Class C			2,376,276			4,742,352			7,258,812			10,400,042

See accompanying notes to financial statements.

2007 Semiannual Report 91

Statements of Changes in Net Assets (Continued)

		Nationwide Optimal						Nationwide Optimal
		Allocations Fund: Growth						Allocations Fund: Moderate
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class R Shares
	Proceeds from shares issued	$	212,401		$	200		$	101,567		$	200
	Dividends reinvested		78			77			41			64
	Cost of shares redeemed		(269	)		(202	)		(12	)		(201	)
Total Class R			212,210			75			101,596			63
Institutional Service Class Shares
	Dividends reinvested		79			78			46			68
Total Institutional Service Class			79			78			46			68
Institutional Class Shares
	Proceeds from shares issued		–			1,002			–			992
	Dividends reinvested		62			78,749			39			50,910
	Cost of shares redeemed		–			(1,259,524	)		–			(1,201,528	)
Total Institutional Class			62			(1,179,773	)		39			(1,149,626	)
Change in net assets from capital transactions:		$	4,224,851		$	6,775,878		$	8,549,157		$	15,086,201
SHARE TRANSACTIONS:
Class A Shares
	Issued		167,375			304,491			249,297			677,111
	Reinvested		8,304			5,557			15,135			21,313
	Redeemed		(89,910	)		(78,494	)		(214,816	)		(287,949	)
Total Class A Shares			85,769			231,554			49,616			410,475
Class B Shares
	Issued		45,711			47,527			56,987			132,552
	Reinvested		2,669			640			4,438			3,890
	Redeemed		(4,964	)		(6,955	)		(10,995	)		(28,097	)
Total Class B Shares			43,416			41,212			50,430			108,345
Class C Shares
	Issued		250,518			451,935			814,170			1,215,654
	Reinvested		11,834			2,388			12,646			8,283
	Redeemed		(69,324	)		(49,294	)		(210,920	)		(299,933	)
Total Class C Shares			193,028			405,029			615,896			924,004
Class R Shares
	Issued		16,634			17			8,600			18
	Reinvested		6			7			3			6
	Redeemed		(21	)		(17	)		(1	)		(18	)
Total Class R Shares			16,619			7			8,602			6
Institutional Service Class Shares
	Reinvested		7			7			4			6
Total Institutional Service Class Shares			7			7			4			6
Institutional Class Shares
	Issued		–			87			–			90
	Reinvested		5			6,981			3			4,628
	Redeemed		–			(109,336	)		–			(107,664	)
Total Institutional Class Shares			5			(102,268	)		3			(102,946	)
Change in shares:			338,844			575,541			724,551			1,339,890

See accompanying notes to financial statements.

92 Semiannual Report 2007

Statements of Changes in Net Assets

		Nationwide Optimal Allocations						Nationwide Optimal Allocations
		Fund: Moderate Growth						Fund: Specialty
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	105,476		$	130,931		$	99,043		$	1,825
Net realized gains on investment transactions			1,813,858			1,032,699			6,482,697			1,509,303
Net change in unrealized appreciation on investments			955,643			1,318,442			1,107,537			4,346,195
Change in net assets from operations			2,874,977			2,482,072			7,689,277			5,857,323
Distributions to Shareholders:
From net investment income:
	Class A		(296,876	)		(244,023	)		(935,571	)		(259,297	)
	Class B		(69,423	)		(66,154	)		(139,807	)		(44,457	)
	Class C		(337,301	)		(240,170	)		(1,301,895	)		(431,931	)
	Class R		(27	)		(57	)		(2,656	)		(89	)
	Institutional Service Class		(32	)		(60	)		(49	)		(51	)
	Institutional Class		(26	)		(51,323	)		(38	)		(49,083	)
Net realized gains:
	Class A		(236,653	)		(58,581	)		(285,379	)		(67,018	)
	Class B		(59,863	)		(19,360	)		(44,807	)		(12,662	)
	Class C		(290,156	)		(68,242	)		(418,052	)		(122,959	)
	Class R		(25	)		(16	)		(852	)		(13	)
	Institutional Service Class		(25	)		(16	)		(15	)		(13	)
	Institutional Class		(20	)		(15,737	)		(11	)		(13,203	)
Change in net assets from shareholder distributions			(1,290,427	)		(763,739	)		(3,129,132	)		(1,000,776	)
Change in net assets from capital transactions			7,131,105			18,371,052			33,625,088			41,976,799
Change in net assets			8,715,655			20,089,385			38,185,233			46,833,346
Net Assets:
Beginning of period			29,451,002			9,361,617			63,339,056			16,505,710
End of period		$	38,166,657		$	29,451,002		$	101,524,289		$	63,339,056
Accumulated net investment income (loss) at end of period		$	(588,127	)	$	10,082		$	(2,280,973	)	$	–
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	5,234,570		$	8,484,493		$	16,813,102		$	20,524,625
	Dividends reinvested		336,556			169,680			533,829			107,523
	Cost of shares redeemed		(2,546,825	)		(1,217,903	)		(4,234,866	)		(3,233,258	)
Total Class A			3,024,301			7,436,270			13,112,065			17,398,890

See accompanying notes to financial statements.

2007 Semiannual Report 93

Statements of Changes in Net Assets (Continued)

		Nationwide Optimal Allocations						Nationwide Optimal Allocations
		Fund: Moderate Growth						Fund: Specialty
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class B Shares
	Proceeds from shares issued	$	778,964		$	1,918,673		$	2,393,776		$	2,589,951
	Dividends reinvested		69,719			38,200			51,530			12,195
	Cost of shares redeemed (a)		(264,023	)		(311,474	)		(111,400	)		(147,688	)
Total Class B			584,660			1,645,399			2,333,906			2,454,458
Class C Shares
	Proceeds from shares issued		6,258,059			13,410,388			20,591,710			25,319,433
	Dividends reinvested		165,529			75,871			315,692			93,514
	Cost of shares redeemed		(2,901,598	)		(3,027,115	)		(2,832,128	)		(2,128,410	)
Total Class C			3,521,990			10,459,144			18,075,274			23,284,537
Class R Shares
	Proceeds from shares issued		–			200			106,544			102,337
	Dividends reinvested		51			73			60			62
	Cost of shares redeemed		–			(202	)		(2,874	)		(26,486	)
Total Class R			51			71			103,730			75,913
Institutional Service Class Shares
	Dividends reinvested		57			76			64			64
Total Institutional Service Class			57			76			64			64
Institutional Class Shares
	Proceeds from shares issued		–			991			–			1,000
	Dividends reinvested		46			67,059			49			62,286
	Cost of shares redeemed		–			(1,237,958	)		–			(1,300,349	)
Total Institutional Class			46			(1,169,908	)		49			1,237,063
Change in net assets from capital transactions:		$	7,131,105		$	18,371,052		$	33,625,088		$	41,976,799
SHARE TRANSACTIONS:
Class A Shares
	Issued		421,271			728,211			1,252,468			1,650,793
	Reinvested		27,610			15,126			40,472			9,233
	Redeemed		(204,027	)		(104,371	)		(315,646	)		(260,531	)
Total Class A Shares			244,854			638,966			977,294			1,399,495
Class B Shares
	Issued		63,243			165,938			179,780			209,697
	Reinvested		5,766			3,437			3,952			1,055
	Redeemed		(21,400	)		(26,450	)		(8,438	)		(12,056	)
Total Class B Shares			47,609			142,925			175,294			198,696

See accompanying notes to financial statements.

94 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Optimal Allocations						Nationwide Optimal Allocations
		Fund: Moderate Growth						Fund: Specialty
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS: (continued)
Class C Shares
	Issued		510,331			1,161,596			1,549,947			2,056,788
	Reinvested		13,702			6,830			24,228			8,096
	Redeemed		(235,085	)		(260,093	)		(213,252	)		(172,734	)
Total Class C Shares			288,948			908,333			1,360,923			1,892,150
Class R Shares
	Issued		–			18			8,018			7,962
	Reinvested		4			6			5			5
	Redeemed		–			(17	)		(209	)		(2,176	)
Total Class R Shares			4			7			7,814			5,791
Institutional Service Class Shares
	Reinvested		5			6			5			5
Total Institutional Service Class Shares			5			6			5			5
Institutional Class Shares
	Issued		–			88			–			83
	Reinvested		4			5,998			4			5,342
	Redeemed		–			(108,784	)		–			(108,182	)
Total Institutional Class Shares			4			(102,698	)		4			(102,757	)
Change in shares:			581,424			1,587,539			2,521,334			3,393,380

See accompanying notes to financial statements.

2007 Semiannual Report 95

Statements of Changes in Net Assets

		Nationwide
		Optimal
		Allocations
		Fund: Defensive
		Six Months Ended
		April 30, 2007 (a)
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	14,025
Net realized gains on investment transactions			7,046
Net change in unrealized appreciation on investments			29,242
Change in net assets from operations			50,313
Distributions to Shareholders:
From net investment income:
	Class A		(7	)
	Class B		(7	)
	Class C		(7	)
	Class R		(7	)
	Institutional Service Class		(7	)
	Institutional Class		(7,149	)
Change in net assets from shareholder distributions			(7,184	)
Change in net assets from capital transactions			2,055,106
Change in net assets			2,098,235
Net Assets:
Beginning of period			–
End of period		$	2,098,235
Accumulated net investment income at end of period		$	6,841
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	691,471
	Dividends reinvested		7
	Cost of shares redeemed		(20	)
Total Class A			691,458
Class B Shares
	Proceeds from shares issued		66,940
	Dividends reinvested		7
Total Class B			66,947
Class C Shares
	Proceeds from shares issued		287,530
	Dividends reinvested		7
Total Class C			287,537
Class R Shares
	Proceeds from shares issued		1,000
	Dividends reinvested		7
Total Class R			1,007

See accompanying notes to financial statements.

96 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide
		Optimal
		Allocations
		Fund: Defensive
		Six Months Ended
		April 30, 2007 (a)
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
	Proceeds from shares issued	$	1,000
	Dividends reinvested		7
Total Institutional Service Class			1,007
Institutional Class Shares
	Proceeds from shares issued		1,000,001
	Dividends reinvested		7,149
Total Institutional Class			1,007,150
Change in net assets from capital transactions:		$	2,055,106
SHARE TRANSACTIONS:
Class A Shares
	Issued		68,624
	Reinvested		1
	Redeemed		(2	)
Total Class A Shares			68,623
Class B Shares
	Issued		6,632
	Reinvested		1
Total Class B Shares			6,633
Class C Shares
	Issued		28,492
	Reinvested		1
Total Class C Shares			28,493
Class R Shares
	Issued		100
	Reinvested		1
Total Class R Shares			101
Institutional Service Class Shares
	Issued		100
	Reinvested		1
Total Institutional Service Class Shares			101
Institutional Class Shares
	Issued		100,000
	Reinvested		723
Total Institutional Class Shares			100,723
Change in shares:			204,674

(a) For the period from December 15, 2006 (commencement of operations) through April 30, 2007.

See accompanying notes to financial statements.

2007 Semiannual Report 97

Financial Highlights

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

Nationwide Optimal Allocations Fund: Growth

			Investment Activities
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from
	Beginning		Income			Gains on		Investment
	of Period		(Loss)			Investments		Activities
Class A Shares
Period Ended October 31, 2004 (f)	$	10.00		–			0.09		0.09
Year Ended October 31, 2005	$	10.09		0.17			1.31		1.48
Year Ended October 31, 2006	$	11.33		0.27			1.67		1.94
Six Months Ended April 30, 2007 (Unaudited)	$	12.51		0.07			1.13		1.20
Class B Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.03	)		0.07		0.04
Year Ended October 31, 2005	$	10.04		0.12			1.27		1.39
Year Ended October 31, 2006	$	11.23		0.29			1.55		1.84
Six Months Ended April 30, 2007 (Unaudited) (g)	$	12.32		(0.01	)		1.14		1.13
Class C Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.03	)		0.07		0.04
Year Ended October 31, 2005	$	10.04		0.13			1.26		1.39
Year Ended October 31, 2006	$	11.22		0.37			1.46		1.83
Six Months Ended April 30, 2007 (Unaudited)	$	12.31		0.05			1.08		1.13

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class A Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.09		0.90%
Year Ended October 31, 2005		(0.24	)		–			(0.24	)	$	11.33		14.87%
Year Ended October 31, 2006		(0.60	)		(0.16	)		(0.76	)	$	12.51		17.79%
Six Months Ended April 30, 2007 (Unaudited)		(0.34	)		(0.37	)		(0.71	)	$	13.00		9.89%
Class B Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.04		0.40%
Year Ended October 31, 2005		(0.20	)		–			(0.20	)	$	11.23		14.07%
Year Ended October 31, 2006		(0.59	)		(0.16	)		(0.75	)	$	12.32		16.94%
Six Months Ended April 30, 2007 (Unaudited) (g)		(0.32	)		(0.37	)		(0.69	)	$	12.76		9.45%
Class C Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.04		0.40%
Year Ended October 31, 2005		(0.21	)		–			(0.21	)	$	11.22		14.07%
Year Ended October 31, 2006		(0.58	)		(0.16	)		(0.74	)	$	12.31		16.91%
Six Months Ended April 30, 2007 (Unaudited)		(0.32	)		(0.37	)		(0.69	)	$	12.75		9.44%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
					Ratio of Net			Ratio of		Investment
					Investment			Expenses		Income
	Net Assets		Ratio of		Income (Loss)			(Prior to		(Prior to
	at End of		Expenses		to Average			Reimbursements)		Reimbursements)
	Period		to Average		Net Assets (c)			to Average		to Average		Portfolio
	(000’s)		Net Assets (c)		(d)			Net Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class A Shares
Period Ended October 31, 2004 (f)	$	4		0.56%		(0.27%	)		13.40%		(12.75%)		7.82%
Year Ended October 31, 2005	$	998		0.53%		0.41%			3.91%		(2.97%)		31.16%
Year Ended October 31, 2006	$	3,999		0.51%		0.17%			1.32%		(0.64%)		47.77%
Six Months Ended April 30, 2007 (Unaudited)	$	5,269		0.51%		0.55%			0.99%		0.07%		42.41%
Class B Shares
Period Ended October 31, 2004 (f)	$	1		1.25%		(0.85%	)		13.48%		(13.80%)		7.82%
Year Ended October 31, 2005	$	189		1.25%		0.68%			5.11%		(3.18%)		31.16%
Year Ended October 31, 2006	$	715		1.25%		(0.50%	)		2.06%		(1.31%)		47.77%
Six Months Ended April 30, 2007 (Unaudited) (g)	$	1,295		1.23%		(0.22%	)		1.73%		(0.72%)		42.41%
Class C Shares
Period Ended October 31, 2004 (f)	$	1		1.25%		(0.85%	)		13.48%		(13.08%)		7.82%
Year Ended October 31, 2005	$	1,517		1.25%		(0.71%	)		4.35%		(3.82%)		31.16%
Year Ended October 31, 2006	$	6,652		1.25%		(0.51%	)		2.05%		(1.31%)		47.77%
Six Months Ended April 30, 2007 (Unaudited)	$	9,352		1.24%		(0.21%	)		1.73%		(0.70%)		42.41%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

98 Semiannual Report 2007

Financial Highlights

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

Nationwide Optimal Allocations Fund: Growth (continued)

			Investment Activities
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from
	Beginning		Income			Gains on		Investment
	of Period		(Loss)			Investments		Activities
Class R Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.01	)		0.07		0.06
Year Ended October 31, 2005	$	10.06		0.19			1.27		1.46
Year Ended October 31, 2006	$	11.31		0.03			1.86		1.89
Six Months Ended April 30, 2007 (Unaudited)	$	12.44		0.06			1.08		1.14
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	10.00		–			0.07		0.07
Year Ended October 31, 2005	$	10.07		0.24			1.28		1.52
Year Ended October 31, 2006	$	11.34		0.07			1.88		1.95
Six Months Ended April 30, 2007 (Unaudited)	$	12.52		0.07			1.14		1.21
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	10.00		–			0.08		0.08
Year Ended October 31, 2005	$	10.08		0.25			1.27		1.52
Year Ended October 31, 2006 (g)	$	11.35		0.04			1.93		1.97
Six Months Ended April 30, 2007 (Unaudited)	$	12.55		0.07			1.14		1.21

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class R Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.06		0.50%
Year Ended October 31, 2005		(0.21	)		–			(0.21	)	$	11.31		14.70%
Year Ended October 31, 2006		(0.60	)		(0.16	)		(0.76	)	$	12.44		17.43%
Six Months Ended April 30, 2007 (Unaudited)		(0.34	)		(0.37	)		(0.71	)	$	12.87		9.52%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.07		0.80%
Year Ended October 31, 2005		(0.25	)		–			(0.25	)	$	11.34		15.10%
Year Ended October 31, 2006		(0.61	)		(0.16	)		(0.77	)	$	12.52		17.91%
Six Months Ended April 30, 2007 (Unaudited)		(0.35	)		(0.37	)		(0.72	)	$	13.01		9.95%
Institutional Class Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.08		0.80%
Year Ended October 31, 2005		(0.25	)		–			(0.25	)	$	11.35		15.25%
Year Ended October 31, 2006 (g)		(0.61	)		(0.16	)		(0.77	)	$	12.55		18.11%
Six Months Ended April 30, 2007 (Unaudited)		(0.35	)		(0.37	)		(0.72	)	$	13.04		9.93%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
					Ratio of Net			Ratio of		Investment
					Investment			Expenses		Income
	Net Assets		Ratio of		Income (Loss)			(Prior to		(Prior to
	at End of		Expenses		to Average			Reimbursements)		Reimbursements)
	Period		to Average		Net Assets (c)			to Average		to Average		Portfolio
	(000’s)		Net Assets (c)		(d)			Net Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class R Shares
Period Ended October 31, 2004 (f)	$	1		0.85%		(0.45%	)		13.07%		(12.67%)		7.82%
Year Ended October 31, 2005	$	1		0.80%		1.80%			5.55%		(2.94%)		31.16%
Year Ended October 31, 2006	$	1		0.74%		(0.06%	)		1.47%		(0.79%)		47.77%
Six Months Ended April 30, 2007 (Unaudited)	$	215		0.85%		0.36%			1.37%		(0.16%)		42.41%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	1		0.40%		0.00%			12.62%		(12.22%)		7.82%
Year Ended October 31, 2005	$	1		0.30%		2.30%			5.78%		(3.15%)		31.16%
Year Ended October 31, 2006	$	1		0.35%		(0.28%	)		1.51%		(0.88%)		47.77%
Six Months Ended April 30, 2007 (Unaudited)	$	2		0.25%		0.77%			0.80%		0.22%		42.41%
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	1,008		0.25%		0.15%			12.47%		(12.07%)		7.82%
Year Ended October 31, 2005	$	1,160		0.25%		2.35%			4.36%		(1.76%)		31.16%
Year Ended October 31, 2006 (g)	$	1		0.25%		0.33%			1.34%		(0.75%)		47.77%
Six Months Ended April 30, 2007 (Unaudited)	$	1		0.25%		0.76%			0.99%		0.03%		42.41%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 99

Financial Highlights

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

Nationwide Optimal Allocations Fund: Moderate

			Investment Activities
					Net Realized
	Net Asset				and		Total
	Value,		Net		Unrealized		from
	Beginning		Investment		Gains on		Investment
	of Period		Income		Investments		Activities
Class A Shares
Period Ended October 31, 2004 (f)	$	10.00		0.04		0.28		0.32
Year Ended October 31, 2005	$	10.32		0.28		0.77		1.05
Year Ended October 31, 2006	$	11.04		0.31		1.12		1.43
Six Months Ended April 30, 2007 (Unaudited) (g)	$	11.85		0.10		0.76		0.86
Class B Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01		0.24		0.25
Year Ended October 31, 2005	$	10.25		0.20		0.74		0.94
Year Ended October 31, 2006	$	10.93		0.22		1.11		1.33
Six Months Ended April 30, 2007 (Unaudited) (g)	$	11.71		0.06		0.75		0.81
Class C Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01		0.24		0.25
Year Ended October 31, 2005	$	10.25		0.23		0.74		0.97
Year Ended October 31, 2006	$	10.93		0.32		1.02		1.34
Six Months Ended April 30, 2007 (Unaudited) (g)	$	11.72		0.06		0.74		0.80
Class R Shares
Period Ended October 31, 2004 (f)	$	10.00		0.03		0.24		0.27
Year Ended October 31, 2005	$	10.27		0.28		0.73		1.01
Year Ended October 31, 2006	$	11.02		0.20		1.20		1.40
Six Months Ended April 30, 2007 (Unaudited) (g)	$	11.80		0.07		0.75		0.82

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class A Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.32		3.20%
Year Ended October 31, 2005		(0.32	)		(0.01	)		(0.33	)	$	11.04		10.41%
Year Ended October 31, 2006		(0.51	)		(0.11	)		(0.62	)	$	11.85		13.38%
Six Months Ended April 30, 2007 (Unaudited) (g)		(0.24	)		(0.18	)		(0.42	)	$	12.29		7.36%
Class B Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.25		2.60%
Year Ended October 31, 2005		(0.25	)		(0.01	)		(0.26	)	$	10.93		9.13%
Year Ended October 31, 2006		(0.44	)		(0.11	)		(0.55	)	$	11.71		12.59%
Six Months Ended April 30, 2007 (Unaudited) (g)		(0.22	)		(0.18	)		(0.40	)	$	12.12		7.00%
Class C Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.25		2.60%
Year Ended October 31, 2005		(0.28	)		(0.01	)		(0.29	)	$	10.93		9.50%
Year Ended October 31, 2006		(0.44	)		(0.11	)		(0.55	)	$	11.72		12.59%
Six Months Ended April 30, 2007 (Unaudited) (g)		(0.22	)		(0.18	)		(0.40	)	$	12.12		6.91%
Class R Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.27		2.70%
Year Ended October 31, 2005		(0.25	)		(0.01	)		(0.26	)	$	11.02		9.94%
Year Ended October 31, 2006		(0.51	)		(0.11	)		(0.62	)	$	11.80		13.15%
Six Months Ended April 30, 2007 (Unaudited) (g)		(0.20	)		(0.18	)		(0.38	)	$	12.24		7.05%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
									Ratio of
							Ratio of		Investment
					Ratio of Net		Expenses		Income
	Net Assets		Ratio of		Investment		(Prior to		(Prior to
	at End of		Expenses		Income		Reimbursements)		Reimbursements)
	Period		to Average		to Average		to Average		to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Period Ended October 31, 2004 (f)	$	1		0.56%		1.06%		12.40%		(10.78%	)		7.57%
Year Ended October 31, 2005	$	4,595		0.52%		1.73%		1.88%		0.38%			61.59%
Year Ended October 31, 2006	$	9,797		0.52%		1.87%		0.79%		1.60%			34.82%
Six Months Ended April 30, 2007 (Unaudited) (g)	$	10,769		0.50%		1.72%		0.68%		1.54%			64.36%
Class B Shares
Period Ended October 31, 2004 (f)	$	1		1.25%		0.37%		13.50%		(11.88%	)		7.57%
Year Ended October 31, 2005	$	1,269		1.25%		0.65%		2.70%		(0.80%	)		61.59%
Year Ended October 31, 2006	$	2,630		1.25%		1.20%		1.54%		0.93%			34.82%
Six Months Ended April 30, 2007 (Unaudited) (g)	$	3,332		1.24%		0.98%		1.42%		0.80%			64.36%
Class C Shares
Period Ended October 31, 2004 (f)	$	1		1.25%		0.37%		13.50%		(11.88%	)		7.57%
Year Ended October 31, 2005	$	7,648		1.25%		0.72%		2.51%		(0.54%	)		61.59%
Year Ended October 31, 2006	$	19,027		1.25%		1.25%		1.54%		0.97%			34.82%
Six Months Ended April 30, 2007 (Unaudited) (g)	$	27,151		1.24%		0.97%		1.42%		0.79%			64.36%
Class R Shares
Period Ended October 31, 2004 (f)	$	1		0.85%		0.77%		12.85%		(11.23%	)		7.57%
Year Ended October 31, 2005	$	1		0.81%		2.35%		3.85%		(0.37%	)		61.59%
Year Ended October 31, 2006	$	1		0.72%		1.63%		0.75%		1.60%			34.82%
Six Months Ended April 30, 2007 (Unaudited) (g)	$	107		0.83%		1.23%		1.07%		0.99%			64.36%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

100 Semiannual Report 2007

Financial Highlights

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

Nationwide Optimal Allocations Fund: Moderate (continued)

			Investment Activities
					Net Realized
	Net Asset				and		Total
	Value,		Net		Unrealized		from
	Beginning		Investment		Gains on		Investment
	of Period		Income		Investments		Activities
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.04		0.26		0.30
Year Ended October 31, 2005	$	10.30		0.35		0.71		1.06
Year Ended October 31, 2006	$	11.04		0.24		1.21		1.45
Six Months Ended April 30, 2007 (Unaudited) (g)	$	11.84		0.12		0.75		0.87
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.05		0.25		0.30
Year Ended October 31, 2005	$	10.30		0.35		0.72		1.07
Year Ended October 31, 2006 (g)	$	11.04		0.18		1.29		1.47
Six Months Ended April 30, 2007 (Unaudited) (g)	$	11.86		0.12		0.75		0.87

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Institutional Service Class Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.30		3.00%
Year Ended October 31, 2005		(0.31	)		(0.01	)		(0.32	)	$	11.04		10.39%
Year Ended October 31, 2006		(0.54	)		(0.11	)		(0.65	)	$	11.84		13.64%
Six Months Ended April 30, 2007 (Unaudited) (g)		(0.25	)		(0.18	)		(0.43	)	$	12.28		7.44%
Institutional Class Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.30		3.00%
Year Ended October 31, 2005		(0.32	)		(0.01	)		(0.33	)	$	11.04		10.54%
Year Ended October 31, 2006 (g)		(0.54	)		(0.11	)		(0.65	)	$	11.86		13.74%
Six Months Ended April 30, 2007 (Unaudited) (g)		(0.25	)		(0.18	)		(0.43	)	$	12.30		7.43%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
									Ratio of
							Ratio of		Investment
					Ratio of Net		Expenses		Income
	Net Assets		Ratio of		Investment		(Prior to		(Prior to
	at End of		Expenses		Income		Reimbursements)		Reimbursements)
	Period		to Average		to Average		to Average		to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)		Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	1		0.40%		1.22%		12.23%		(10.61%	)		7.57%
Year Ended October 31, 2005	$	1		0.34%		2.83%		3.93%		(0.76%	)		61.59%
Year Ended October 31, 2006	$	1		0.33%		1.99%		0.85%		1.47%			34.82%
Six Months Ended April 30, 2007 (Unaudited) (g)	$	1		0.25%		1.97%		0.55%		1.67%			64.36%
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	1,030		0.25%		1.37%		12.08%		(10.46%	)		7.57%
Year Ended October 31, 2005	$	1,138		0.25%		2.90%		2.94%		0.20%			61.59%
Year Ended October 31, 2006 (g)	$	1		0.25%		1.58%		0.58%		1.25%			34.82%
Six Months Ended April 30, 2007 (Unaudited) (g)	$	1		0.25%		1.93%		0.66%		1.53%			64.36%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 101

Financial Highlights

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

Nationwide Optimal Allocations Fund: Moderate Growth

			Investment Activities
					Net Realized
	Net Asset				and		Total
	Value,		Net		Unrealized		from
	Beginning		Investment		Gains on		Investment
	of Period		Income		Investments		Activities
Class A Shares
Period Ended October 31, 2004 (f)	$	10.00		0.02		0.20		0.22
Year Ended October 31, 2005	$	10.22		0.23		1.04		1.27
Year Ended October 31, 2006	$	11.21		0.39		1.32		1.71
Six Months Ended April 30, 2007 (Unaudited)	$	12.21		0.09		0.99		1.08
Class B Shares
Period Ended October 31, 2004 (f)	$	10.00		–		0.17		0.17
Year Ended October 31, 2005	$	10.17		0.18		1.04		1.22
Year Ended October 31, 2006	$	11.16		0.27		1.33		1.60
Six Months Ended April 30, 2007 (Unaudited)	$	12.11		0.05		0.98		1.03
Class C Shares
Period Ended October 31, 2004 (f)	$	10.00		–		0.17		0.17
Year Ended October 31, 2005	$	10.17		0.18		1.02		1.20
Year Ended October 31, 2006	$	11.14		0.34		1.27		1.61
Six Months Ended April 30, 2007 (Unaudited)	$	12.10		0.06		0.97		1.03

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class A Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.22		2.10%
Year Ended October 31, 2005		(0.28	)		–			(0.28	)	$	11.21		12.77%
Year Ended October 31, 2006		(0.56	)		(0.15	)		(0.71	)	$	12.21		15.79%
Six Months Ended April 30, 2007 (Unaudited)		(0.28	)		(0.23	)		(0.51	)	$	12.78		9.09%
Class B Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.17		1.70%
Year Ended October 31, 2005		(0.23	)		–			(0.23	)	$	11.16		12.07%
Year Ended October 31, 2006		(0.50	)		(0.15	)		(0.65	)	$	12.11		14.91%
Six Months Ended April 30, 2007 (Unaudited)		(0.26	)		(0.23	)		(0.49	)	$	12.65		8.71%
Class C Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.17		1.70%
Year Ended October 31, 2005		(0.23	)		–			(0.23	)	$	11.14		11.98%
Year Ended October 31, 2006		(0.50	)		(0.15	)		(0.65	)	$	12.10		14.95%
Six Months Ended April 30, 2007 (Unaudited)		(0.26	)		(0.23	)		(0.49	)	$	12.64		8.72%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
								Ratio of		Investment
					Ratio of Net			Expenses		Income
	Net Assets		Ratio of		Investment			(Prior to		(Prior to
	at End of		Expenses		Income (Loss)			Reimbursements)		Reimbursements)
	Period		to Average		to Average			to Average		to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Period Ended October 31, 2004 (f)	$	1		0.56%		(0.27%	)		13.04%		(12.75%	)		9.79%
Year Ended October 31, 2005	$	3,419		0.52%		1.13%			2.32%		(0.66%	)		47.04%
Year Ended October 31, 2006	$	11,525		0.52%		1.05%			0.85%		0.72%			32.64%
Six Months Ended April 30, 2007 (Unaudited)	$	15,193		0.50%		1.08%			0.69%		0.89%			48.29%
Class B Shares
Period Ended October 31, 2004 (f)	$	7		1.25%		(0.85%	)		13.48%		(13.08%	)		9.79%
Year Ended October 31, 2005	$	1,183		1.25%		(0.09%	)		3.00%		(1.84%	)		47.04%
Year Ended October 31, 2006	$	3,016		1.25%		0.42%			1.59%		0.09%			32.64%
Six Months Ended April 30, 2007 (Unaudited)	$	3,752		1.24%		0.34%			1.43%		0.15%			48.29%
Class C Shares
Period Ended October 31, 2004 (f)	$	80		1.25%		(0.85%	)		13.48%		(13.08%	)		9.79%
Year Ended October 31, 2005	$	3,604		1.25%		0.20%			3.20%		(1.76%	)		47.04%
Year Ended October 31, 2006	$	14,907		1.25%		0.41%			1.59%		0.09%			32.64%
Six Months Ended April 30, 2007 (Unaudited)	$	19,218		1.24%		0.33%			1.43%		0.14%			48.29%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

102 Semiannual Report 2007

Financial Highlights

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

Nationwide Optimal Allocations Fund: Moderate Growth (continued)

			Investment Activities
					Net Realized
	Net Asset				and		Total
	Value,		Net		Unrealized		from
	Beginning		Investment		Gains on		Investment
	of Period		Income		Investments		Activities
Class R Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01		0.18		0.19
Year Ended October 31, 2005	$	10.19		0.25		1.01		1.26
Year Ended October 31, 2006	$	11.21		0.13		1.54		1.67
Six Months Ended April 30, 2007 (Unaudited)	$	12.18		0.03		1.00		1.03
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.02		0.19		0.21
Year Ended October 31, 2005	$	10.21		0.31		1.00		1.31
Year Ended October 31, 2006	$	11.23		0.17		1.56		1.73
Six Months Ended April 30, 2007 (Unaudited)	$	12.23		0.09		1.01		1.10
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.03		0.18		0.21
Year Ended October 31, 2005	$	10.21		0.32		1.00		1.32
Year Ended October 31, 2006 (g)	$	11.23		0.12		1.62		1.74
Six Months Ended April 30, 2007 (Unaudited)	$	12.24		0.09		1.01		1.10

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class R Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.19		1.90%
Year Ended October 31, 2005		(0.24	)		–			(0.24	)	$	11.21		12.50%
Year Ended October 31, 2006		(0.55	)		(0.15	)		(0.70	)	$	12.18		15.55%
Six Months Ended April 30, 2007 (Unaudited)		(0.24	)		(0.23	)		(0.47	)	$	12.74		8.66%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.21		2.10%
Year Ended October 31, 2005		(0.29	)		–			(0.29	)	$	11.23		13.00%
Year Ended October 31, 2006		(0.58	)		(0.15	)		(0.73	)	$	12.23		16.06%
Six Months Ended April 30, 2007 (Unaudited)		(0.29	)		(0.23	)		(0.52	)	$	12.81		9.22%
Institutional Class Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.21		2.10%
Year Ended October 31, 2005		(0.30	)		–			(0.30	)	$	11.23		13.16%
Year Ended October 31, 2006 (g)		(0.58	)		(0.15	)		(0.73	)	$	12.24		16.05%
Six Months Ended April 30, 2007 (Unaudited)		(0.29	)		(0.23	)		(0.52	)	$	12.82		9.21%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
								Ratio of		Investment
					Ratio of Net			Expenses		Income
	Net Assets		Ratio of		Investment			(Prior to		(Prior to
	at End of		Expenses		Income (Loss)			Reimbursements)		Reimbursements)
	Period		to Average		to Average			to Average		to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c) (d)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2004 (f)	$	1		0.85%		(0.45%	)		13.07%		(12.67%	)		9.79%
Year Ended October 31, 2005	$	1		0.80%		2.16%			4.28%		(1.32%	)		47.04%
Year Ended October 31, 2006	$	1		0.72%		0.85%			0.87%		0.70%			32.64%
Six Months Ended April 30, 2007 (Unaudited)	$	1		1.23%		0.33%			1.23%		0.33%			48.29%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	1		0.40%		0.00%			12.62%		(12.22%	)		9.79%
Year Ended October 31, 2005	$	1		0.34%		2.69%			4.45%		(1.42%	)		47.04%
Year Ended October 31, 2006	$	1		0.36%		1.19%			0.91%		0.64%			32.64%
Six Months Ended April 30, 2007 (Unaudited)	$	1		0.25%		1.33%			0.56%		1.02%			48.29%
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	1,021		0.25%		0.15%			12.47%		(12.07%	)		9.79%
Year Ended October 31, 2005	$	1,154		0.25%		2.73%			3.33%		(0.36%	)		47.04%
Year Ended October 31, 2006 (g)	$	1		0.25%		1.05%			0.71%		0.59%			32.64%
Six Months Ended April 30, 2007 (Unaudited)	$	1		0.25%		1.29%			0.70%		0.84%			48.29%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 103

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the periods indicated)

Nationwide Optimal Allocations Fund: Specialty

			Investment Activities
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from
	Beginning		Income			Gains on		Investment
	of Period		(Loss)			Investments		Activities
Class A Shares
Period Ended October 31, 2004 (f)	$	10.00		–	(g)		0.34		0.34
Year Ended October 31, 2005	$	10.34		0.27			1.21		1.48
Year Ended October 31, 2006	$	11.53		0.37			1.92		2.29
Six Months Ended April 30, 2007 (Unaudited) (h)	$	13.21		0.05			1.25		1.30
Class B Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.02	)		0.32		0.30
Year Ended October 31, 2005	$	10.30		0.17			1.24		1.41
Year Ended October 31, 2006	$	11.46		0.28			1.90		2.18
Six Months Ended April 30, 2007 (Unaudited) (h)	$	13.06		(0.01	)		1.25		1.24
Class C Shares
Period Ended October 31, 2004 (f)	$	10.00		–	(g)		0.30		0.30
Year Ended October 31, 2005	$	10.30		0.17			1.24		1.41
Year Ended October 31, 2006	$	11.45		0.27			1.91		2.18
Six Months Ended April 30, 2007 (Unaudited) (h)	$	13.05		–	(g)		1.24		1.24

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions													Ratios / Supplemental Data
														Net Assets
	Net			Net						Net Asset				at End of
	Investment			Realized			Total			Value, End		Total		Period
	Income			Gains			Distributions			of Period		Return (a) (b)		(000’s)
Class A Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.34		3.40%	$	80
Year Ended October 31, 2005		(0.29	)		–	(g)		(0.29	)	$	11.53		14.59%	$	5,133
Year Ended October 31, 2006		(0.48	)		(0.13)			(0.61	)	$	13.21		20.48%	$	24,363
Six Months Ended April 30, 2007 (Unaudited) (h)		(0.44	)		(0.14)			(0.58	)	$	13.93		10.08%	$	39,313
Class B Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.30		3.00%	$	1
Year Ended October 31, 2005		(0.25	)		–	(g)		(0.25	)	$	11.46		13.89%	$	982
Year Ended October 31, 2006		(0.45	)		(0.13)			(0.58	)	$	13.06		19.67%	$	3,714
Six Months Ended April 30, 2007 (Unaudited) (h)		(0.42	)		(0.14)			(0.56	)	$	13.74		9.70%	$	6,316
Class C Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.30		3.00%	$	36
Year Ended October 31, 2005		(0.26	)		–	(g)		(0.26	)	$	11.45		13.90%	$	9,200
Year Ended October 31, 2006		(0.45	)		(0.13)			(0.58	)	$	13.05		19.59%	$	35,182
Six Months Ended April 30, 2007 (Unaudited) (h)		(0.42	)		(0.14)			(0.56	)	$	13.73		9.71%	$	55,701

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
								Ratio of
						Ratio of		Investment
			Ratio of Net			Expenses		Income
	Ratio of		Investment			(Prior to		(Prior to
	Expenses		Income (Loss)			Reimbursements)		Reimbursements)
	to Average		to Average			to Average		to Average			Portfolio
	Net Assets (c)		Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Period Ended October 31, 2004 (f)		0.56%		0.75%			12.49%		(11.17%	)		7.19%
Year Ended October 31, 2005		0.53%		2.31%			1.54%		1.30%			28.77%
Year Ended October 31, 2006		0.51%		0.43%			0.74%		(0.21%	)		13.76%
Six Months Ended April 30, 2007 (Unaudited) (h)		0.50%		0.68%			0.57%		0.61%			15.86%
Class B Shares
Period Ended October 31, 2004 (f)		1.25%		(0.58%	)		12.98%		(12.30%	)		7.19%
Year Ended October 31, 2005		1.25%		0.27%			2.22%		(0.70%	)		28.77%
Year Ended October 31, 2006		1.25%		(0.23%	)		1.48%		(0.46%	)		13.76%
Six Months Ended April 30, 2007 (Unaudited) (h)		1.23%		(0.10%	)		1.31%		(0.18%	)		15.86%
Class C Shares
Period Ended October 31, 2004 (f)		1.25%		(1.04%	)		12.92%		(12.72%	)		7.19%
Year Ended October 31, 2005		1.25%		0.25%			2.22%		(0.72%	)		28.77%
Year Ended October 31, 2006		1.25%		(0.24%	)		1.48%		(0.47%	)		13.76%
Six Months Ended April 30, 2007 (Unaudited) (h)		1.24%		(0.03%	)		1.31%		(0.10%	)		15.86%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	The amount is less than $0.005.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

104 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the periods indicated)

Nationwide Optimal Allocations Fund: Specialty

			Investment Activities
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from
	Beginning		Income			Gains on		Investment
	of Period		(Loss)			Investments		Activities
Class R Shares
Period Ended October 31, 2004 (f)	$	10.00		(0.01	)		0.33		0.32
Year Ended October 31, 2005	$	10.32		(0.34	)		1.81		1.47
Year Ended October 31, 2006	$	11.54		0.48			1.78		2.26
Six Months Ended April 30, 2007 (Unaudited) (h)	$	13.19		0.02			1.26		1.28
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01			0.33		0.34
Year Ended October 31, 2005	$	10.34		0.33			1.19		1.52
Year Ended October 31, 2006	$	11.56		0.08			2.22		2.30
Six Months Ended April 30, 2007 (Unaudited) (h)	$	13.24		0.07			1.26		1.33
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	10.00		0.01			0.33		0.34
Year Ended October 31, 2005	$	10.34		0.34			1.19		1.53
Year Ended October 31, 2006 (h)	$	11.56		0.04			2.30		2.34
Six Months Ended April 30, 2007 (Unaudited) (h)	$	13.27		0.08			1.24		1.32

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a) (b)
Class R Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.32		3.20%
Year Ended October 31, 2005		(0.25	)		–	(g)		(0.25	)	$	11.54		14.36%
Year Ended October 31, 2006		(0.48	)		(0.13)			(0.61	)	$	13.19		20.23%
Six Months Ended April 30, 2007 (Unaudited) (h)		(0.42	)		(0.14)			(0.56	)	$	13.91		9.92%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.34		3.40%
Year Ended October 31, 2005		(0.30	)		–	(g)		(0.30	)	$	11.56		14.92%
Year Ended October 31, 2006		(0.49	)		(0.13)			(0.62	)	$	13.24		20.63%
Six Months Ended April 30, 2007 (Unaudited) (h)		(0.45	)		(0.14)			(0.59	)	$	13.98		10.28%
Institutional Class Shares
Period Ended October 31, 2004 (f)		–			–			–		$	10.34		3.40%
Year Ended October 31, 2005		(0.31	)		–	(g)		(0.31	)	$	11.56		15.07%
Year Ended October 31, 2006 (h)		(0.50	)		(0.13)			(0.63	)	$	13.27		20.84%
Six Months Ended April 30, 2007 (Unaudited) (h)		(0.45	)		(0.14)			(0.59	)	$	14.00		10.17%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
										Ratio of
								Ratio of		Investment
					Ratio of Net			Expenses		Income
	Net Assets		Ratio of		Investment			(Prior to		(Prior to
	at End of		Expenses		Income (Loss)			Reimbursements)		Reimbursements)
	Period		to Average		to Average			to Average		to Average			Portfolio
	(000’s)		Net Assets (c)		Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class R Shares
Period Ended October 31, 2004 (f)	$	1		0.85%		(0.18%	)		12.57%		(11.90%	)		7.19%
Year Ended October 31, 2005	$	1		0.84%		(0.55%	)		1.90%		(1.62%	)		28.77%
Year Ended October 31, 2006	$	78		0.85%		0.15%			1.07%		(0.07%	)		13.76%
Six Months Ended April 30, 2007 (Unaudited) (h)	$	191		0.85%		0.37%			0.95%		0.27%			15.86%
Institutional Service Class Shares
Period Ended October 31, 2004 (f)	$	1		0.40%		0.27%			12.12%		(11.44%	)		7.19%
Year Ended October 31, 2005	$	1		0.33%		2.98%			1.94%		1.38%			28.77%
Year Ended October 31, 2006	$	1		0.34%		0.50%			0.70%		0.14%			13.76%
Six Months Ended April 30, 2007 (Unaudited) (h)	$	2		0.25%		0.97%			0.46%		0.76%			15.86%
Institutional Class Shares
Period Ended October 31, 2004 (f)	$	1,034		0.25%		0.42%			11.97%		(11.29%	)		7.19%
Year Ended October 31, 2005	$	1,189		0.25%		3.04%			1.41%		1.87%			28.77%
Year Ended October 31, 2006 (h)	$	1		0.25%		0.29%			0.56%		(0.01%	)		13.76%
Six Months Ended April 30, 2007 (Unaudited) (h)	$	1		0.25%		0.96%			0.58%		0.63%			15.86%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(g)	The amount is less than $0.005.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 105

Financial Highlights

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

Nationwide Optimal Allocations Fund: Defensive

			Investment Activities
					Net Realized
	Net Asset				and		Total
	Value,		Net		Unrealized		from
	Beginning		Investment		Gains on		Investment
	of Period		Income		Investments		Activities
Class A Shares
Period Ended April 30, 2007 (Unaudited) (f)	$	10.00		0.10		0.21		0.31
Class B Shares
Period Ended April 30, 2007 (Unaudited) (f)	$	10.00		0.08		0.21		0.29
Class C Shares
Period Ended April 30, 2007 (Unaudited) (f)	$	10.00		0.08		0.21		0.29
Class R Shares
Period Ended April 30, 2007 (Unaudited) (f)	$	10.00		0.09		0.21		0.30
Institutional Service Class Shares
Period Ended April 30, 2007 (Unaudited) (f)	$	10.00		0.13		0.19		0.32
Institutional Class Shares
Period Ended April 30, 2007 (Unaudited) (f)	$	10.00		0.12		0.20		0.32

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios / Supplemental Data
											Net Assets		Ratio of
	Net						Net Asset				at End of		Expenses
	Investment			Total			Value, End		Total		Period		to Average
	Income			Distributions			of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended April 30, 2007 (Unaudited) (f)		(0.07	)		(0.07	)	$	10.24		3.13%	$	703		0.48%
Class B Shares
Period Ended April 30, 2007 (Unaudited) (f)		(0.07	)		(0.07	)	$	10.22		2.91%	$	68		1.25%
Class C Shares
Period Ended April 30, 2007 (Unaudited) (f)		(0.07	)		(0.07	)	$	10.22		2.91%	$	291		1.25%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (f)		(0.07	)		(0.07	)	$	10.23		3.02%	$	1		0.93%
Institutional Service Class Shares
Period Ended April 30, 2007 (Unaudited) (f)		(0.07	)		(0.07	)	$	10.25		3.24%	$	1		0.25%
Institutional Class Shares
Period Ended April 30, 2007 (Unaudited) (f)		(0.07	)		(0.07	)	$	10.25		3.24%	$	1,034		0.25%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income to		Reimbursements)		Reimbursements)
	Average		to Average		to Average		Portfolio
	Net Assets (c)		Net Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class A Shares
Period Ended April 30, 2007 (Unaudited) (f)		1.99%		1.84%		0.63%		3.94%
Class B Shares
Period Ended April 30, 2007 (Unaudited) (f)		1.82%		3.07%		0.00%		3.94%
Class C Shares
Period Ended April 30, 2007 (Unaudited) (f)		1.15%		2.97%		(0.57%)		3.94%
Class R Shares
Period Ended April 30, 2007 (Unaudited) (f)		2.45%		2.52%		0.87%		3.94%
Institutional Service Class Shares
Period Ended April 30, 2007 (Unaudited) (f)		3.47%		2.12%		1.60%		3.94%
Institutional Class Shares
Period Ended April 30, 2007 (Unaudited) (f)		3.19%		2.00%		1.44%		3.94%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from December 15, 2006 (commencement of operations) through April 30, 2007.

See accompanying notes to financial statements.

106 Semiannual Report 2007

Notes to Financial Statements

April 30, 2007 (Unaudited)

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Mutual Fund”. Prior to January 25, 2002, the Trust was named “Nationwide Mutual Funds”. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust, dated as of October 30, 1997, was subsequently amended and redomesticated as a Delaware Statutory Trust on February 28, 2005; the redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of April 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-nine (49) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the ten (10) funds listed below (individually, a “Fund”; collectively, the “Funds”):

-  Nationwide Investor Destinations Aggressive Fund (“Investor Destinations Aggressive,” formerly, “Gartmore Investor Destinations Aggressive Fund”)

-  Nationwide Investor Destinations Moderately Aggressive Fund (“Investor Destinations Moderately Aggressive,” formerly, “Gartmore Investor Destinations Moderately Aggressive Fund”)

-  Nationwide Investor Destinations Moderate Fund (“Investor Destinations Moderate,” formerly, “Gartmore Investor Destinations Moderate Fund”)

-  Nationwide Investor Destinations Moderately Conservative Fund (“Investor Destinations Moderately Conservative,” formerly, “Gartmore Investor Destinations Moderately Conservative Fund”)

-  Nationwide Investor Destinations Conservative Fund (“Investor Destinations Conservative,” formerly, “Gartmore Investor Destinations Conservative Fund”)

-  Nationwide Optimal Allocations Fund: Growth (“Optimal Allocations Growth,” Formerly, “Gartmore Optimal Allocations Fund: Aggressive”)

-  Nationwide Optimal Allocations Fund: Moderate (“Optimal Allocations Moderate,” formerly, “Gartmore Optimal Allocations Fund: Moderate”)

-  Nationwide Optimal Allocations Fund: Moderate Growth (“Optimal Allocations Moderate Growth,” Formerly, “Gartmore Optimal Allocations Fund: Moderately Aggressive”)

-  Nationwide Optimal Allocations Fund: Specialty (“Optimal Allocations Specialty,” formerly, “Gartmore Optimal Allocations Fund: Specialty”)

-  Nationwide Optimal Allocations Fund: Defensive (“Optimal Allocations Defensive,” formerly, “Gartmore Optimal Allocations Fund: Defensive”)

Each of the Funds is constructed as a “fund of funds,” which means that each of these Funds pursues its investment objective primarily by allocating its investments among other affiliated and unaffiliated mutual funds (“Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Investor Destinations Aggressive, the Investor Destinations Moderately Aggressive, the Investor Destinations Moderate, the Investor Destinations Moderately Conservative and the Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) may also invest in a non-registered Fixed Interest Contract issued by Nationwide Life Insurance Company (“Fixed Interest Contract”) up to each Fund’s designated limit.

2. Summary of Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial

2007 Semiannual Report 107

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Shares of the Underlying Funds in which the Funds invest are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds are generally valued as of the close of business of the regular session of trading on the New York Stock Exchange. Underlying Funds generally value securities and assets at fair value.

Each of the Investor Destinations Funds (except the Investor Destinations Aggressive Fund) currently invests in the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued and guaranteed by Nationwide Life Insurance Company (“Nationwide”). This contract has a stable principal value and will pay each such Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annualized basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is guaranteed by Nationwide, assuming no default, the Funds receive no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions a Fund’s performance may be hurt by its investment in the Nationwide Contract, Nationwide Mutual Fund Capital Trust (“NMF”) believes that the relatively stable nature of the Nationwide Contract should reduce a Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously.

(b) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(c) Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid quarterly for the Funds. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with American Institute of Certified Public Accountants (the “AICPA”) Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.

(d) Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

108 Semiannual Report 2007

As of April 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

								Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Investor Destinations Aggressive	$	901,583,935	$	189,159,752	$	(272,683	)		188,887,069
Investor Destinations Moderately Aggressive		1,435,481,632		274,570,171		(1,902,199	)		272,667,972
Investor Destinations Moderate		1,475,335,594		202,049,105		(4,500,496	)		197,548,609
Investor Destinations Moderately Conservative		343,196,748		24,315,171		(1,142,460	)		23,172,711
Investor Destinations Conservative		218,769,367		6,506,756		(122,110	)		6,384,646
Optimal Allocations Growth		15,193,077		1,051,559		(123,667	)		927,892
Optimal Allocations Moderate		39,640,654		2,060,478		(75,050	)		1,985,428
Optimal Allocations Moderate Growth		36,675,228		2,550,929		(100,963	)		2,449,966
Optimal Allocations Specialty		94,774,626		7,375,245		(1,273,657	)		6,101,588
Optimal Allocations Defensive		2,051,956		30,742		(1,500	)		29,242

(e) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. For each Fund, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust” (“GMF”)) (“NFA” or the “Adviser”) manages the investment of the assets and supervises the daily business affairs of the Funds. As of May 1, 2007, NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, Optimal Allocations Growth, Optimal Allocations Moderate, Optimal Allocations Moderate Growth, Optimal Allocations Specialty and Optimal Allocations Defensive (collectively, the “Optimal Funds”) each pays NFA an investment advisory fee of 0.15% based on the Fund’s average daily net assets. The Investor Destinations Funds each pay NFA an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

NFA and the Funds have entered into written contracts (“Expense Limitation Agreements”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative service 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 non-routine expenses not incurred in the ordinary course of the Funds’ business) from exceeding 0.25% for all share classes of the Funds, until at least February 28, 2008.

NFA may request and receive reimbursement from certain Funds of the advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a later date not to exceed (i) the previous five fiscal years or (ii) three fiscal years from commencement of operations if the 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 set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total

2007 Semiannual Report 109

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

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 approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of the six months ended April 30, 2007, the cumulative potential reimbursements of the following Funds (unless otherwise indicated), based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursements to the Fund was made for expenses reimbursed by NFA, would be:

	Amount		Amount		Amount
	Fiscal Year		Fiscal Year		Six Months Ended
Fund	2005		2006		April 30, 2007
Optimal Allocations Growth	$	88,800	$	59,804	$	33,323
Optimal Allocations Moderate		93,106		61,040		31,873
Optimal Allocations Moderate Growth		96,103		61,571		31,397
Optimal Allocations Specialty		40,408		104,891		29,376
Optimal Allocations Defensive		—		—		8,219

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (formerly, “Gartmore Distribution Services, Inc.” (“GDSI”)) (“NFD” or “Distributor”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of Class A, Class B, Class C, Class R, and Service shares of the Funds. NFD is a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”). NFSDI is a wholly-owned subsidiary of NFS. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed 0.25% for Class A and Service shares, 1.00% for Class B and Class C shares, and 0.50% for Class R shares.

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A shares. These fees are deducted from and are not included in proceeds from sales of Class A shares. From these fees, NFD pays sales commissions, salaries, and other expenses in connection with generating new sales of Class A shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of the purchase. Class C shares have a CDSC fee of 1% imposed on redemptions of Class C shares made within one year of purchase. For the six months ended April 30, 2007, NFD received commissions of $368,400 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Funds, of which $140,826 was re-allowed to affiliated broker-dealers of the Funds.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFSDI, provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The Funds do not pay a fee for these services.

NFA and NFM have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Funds.

NFA and BISYS have agreed to designate certain sub-transfer agency agreements NFA enters into with respect to the Funds as “Qualifying Sub-TA Agreements.” With respect to Qualifying Sub-TA Agreements, BISYS will credit to NFA an amount equal to the lesser of (i) the actual amount NFA is charged by the sub-transfer agent under the applicable Qualifying Sub-TA Agreement or (ii) $10 per investor account; however, the aggregate amount paid with regard to all Qualifying Sub-TA Agreements, regardless of whether option (i) or (ii) applies, shall not exceed $200,000 per annum.

110 Semiannual Report 2007

BISYS will calculate and credit such amounts to NFA’s fees on a monthly basis. All amounts will be credited to each applicable Fund on a monthly basis.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Class A, Class R, Service Class, and Institutional Service Class shares of each of the Funds.

For the six months ended April 30, 2007, NFS received the following amounts in Administrative Services Fees from each Fund:

Fund	Amount
Investor Destinations Aggressive	$	556,439
Investor Destinations Moderately Aggressive		869,011
Investor Destinations Moderate		895,449
Investor Destinations Moderately Conservative		191,313
Investor Destinations Conservative		129,145
Optimal Allocations Growth		48
Optimal Allocations Moderate		31
Optimal Allocations Moderate Growth		187
Optimal Allocations Specialty		14

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended April 30, 2007, the Funds portion of such costs amounted to $43,022.

As of April 30, 2007, the Adviser or affiliates of the Adviser directly held 49% of the shares outstanding of the Nationwide Optimal Allocations Defensive Fund.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Funds’ custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 26, 2007, with a commitment fee of 0.08% per year on $100,000,000. There were no borrowings outstanding under this line of credit during the six months ended April 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credits) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

2007 Semiannual Report 111

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

5. Investment Transactions

Purchases and sales of Underlying Funds for the six months ended April 30, 2007, are summarized as follows:

Fund	Purchases		Sales
Investor Destinations Aggressive	$	195,300,956	$	17,840,815
Investor Destinations Moderately Aggressive		232,972,142,		26,600,725
Investor Destinations Moderate		156,525,133		26,229,655
Investor Destinations Moderately Conservative		57,005,520		29,419,810
Investor Destinations Conservative		19,227,302		8,243,028
Optimal Allocations Growth		9,663,280		5,824,879
Optimal Allocations Moderate		30,979,920		22,862,534
Optimal Allocations Moderate Growth		23,868,091		16,273,603
Optimal Allocations Specialty		47,200,839		13,010,193
Optimal Allocations Defensive		2,037,843		52,745

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

7. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund is required to implement FIN 48 in its net asset value per share (NAV) calculation on October 30, 2007. At this time, management is evaluating the implications of FIN 48. Its impact to the financial statements has not yet been determined.

112 Semiannual Report 2007

Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Gartmore Fund		Directorships
Name, Address,	and Length of	During Past	Complex Overseen		Held by Trustee or
and Year of Birth	Time Served1	Five Years	by Trustee		Nominee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

2007 Semiannual Report 113

Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Gartmore Fund		Directorships
Name, Address,	and Length of	During Past	Complex Overseen		Held by Trustee or
and Year of Birth	Time Served1	Five Years	by Trustee		Nominee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association – College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	Mr. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

114 Semiannual Report 2007

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Gartmore Fund		Directorships
Name, Address,	and Length of	During Past	Complex Overseen		Held by Trustee or
and Year of Birth	Time Served1	Five Years	by Trustee		Nominee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company 3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust,2 . From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for Nationwide Funds Group.3		N/A	N/A

2007 Semiannual Report 115

Management Information (Unaudited)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Gartmore Fund		Directorships
Name, Address,	and Length of	During Past	Complex Overseen		Held by Trustee or
and Year of Birth	Time Served1	Five Years	by Trustee		Nominee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005)3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC.3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	This position is held with an affiliated person or principal underwriter of the Trust.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

116 Semiannual Report 2007

Supplemental Information (Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment advisers and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”,) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees considers at each meeting factors that are relevant to the annual renewal of the Fund’s Advisory Agreements, including the services and support provided to the Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew the Advisory Agreement for a one year term beginning February 28, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of the Advisory Agreements. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from Adviser describing, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2006) compared with the Fund’s benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from Adviser describing, on a Fund-by-Fund basis, performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from Adviser describing, on a Fund-by-Fund basis, Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from Adviser describing, on a Fund-by-Fund basis, any fees paid to Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits and fees inuring to Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by Adviser under the Advisory Agreement and the profits realized by Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group funds to their investment advisers and paid by non-affiliated institutional clients to Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover

2007 Semiannual Report 117

Supplemental Information (Unaudited) (Continued)

rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreements for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination is aware that shareholders of the Fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors, and that the Fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the Fund in its prospectus and other public disclosures, have chosen to invest in this Fund, managed by the Adviser.

Nationwide Investor Destinations Aggressive Fund

The Board considered that the Fund outperformed the Fund’s secondary benchmark for the one-, three-, and five-year periods. The Board also considered that the performance of the Class A shares of the Fund had ranked in the third quintile of the Performance Group constructed by Lipper over the one-year period, the fourth quintile over the two-year period, and in the third quintile over the three-, four-, and five-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006 and also considered that the services provided by the adviser to the Fund that are in addition to the advisory services provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively low compared with its Lipper-constructed Expense Group, with the Fund in the first quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2005 and 2006. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund, but requested that management submit a proposal to the Board with respect to breakpoints in the advisory fee.

Nationwide Investor Destinations Moderately Aggressive Fund

The Board considered that the Fund had outperformed its secondary benchmark for the one-, three-, and five-year periods. The Board also considered that the performance of the Class A shares of the Fund had ranked in the first quintile of the Performance Group constructed by Lipper over the one-, two-, three-, four-, five-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

118 Semiannual Report 2007

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively low compared with its Lipper-constructed Expense Group, with the Fund in the first quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund, but requested that management submit a proposal to the Board with respect to breakpoints in the advisory fee.

Nationwide Investor Destinations Moderate Fund

The Board considered that the Fund had outperformed its secondary benchmark for the one-, three-, and five-year periods. The Board also considered that the performance of the Class A shares of the Fund had ranked in the fifth quintile of the Performance Group constructed by Lipper over the one-, two-, three-, and four-year periods, and in the fourth quintile over the five-year period. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively low compared with its Lipper-constructed Expense Group, with the Fund in the first quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund, but requested that management submit a proposal to the Board with respect to breakpoints in the advisory fee.

Nationwide Investor Destinations Moderately Conservative Fund

The Board considered that the Fund had underperformed its secondary benchmark for the one-year period and outperformed its secondary benchmark for the three-and five-year periods. The Board also considered that the performance of the Class A shares of the Fund had ranked in the fifth quintile of the Performance Group constructed by Lipper over the one-, two-, three-, and four-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively low compared with its Lipper-constructed Expense Group, with the Fund in the first quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services

2007 Semiannual Report 119

Supplemental Information (Unaudited) (Continued)

provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund, but requested that management submit a proposal to the Board with respect to breakpoints in the advisory fee.

Nationwide Investor Destinations Conservative Fund

The Board considered that the Fund had underperformed its secondary benchmark for the one-year period and had outperformed its secondary benchmark for the three- and five-year periods. The Board also considered that the performance of the Class A shares of the Fund had ranked in the fifth quintile of the Performance Group constructed by Lipper over the one-year period, and in the fourth quintile over the two- and three-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively low compared with its Lipper-constructed Expense Group, with the Fund in the first quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2005 and 2006. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund, but requested that management submit a proposal to the Board with respect to breakpoints in the advisory fee.

Nationwide Optimal Allocations Fund: Growth

The Board considered that the Fund had underperformed its secondary benchmark for the one-year period. The Board also considered that the performance of the Class A shares of the Fund had ranked in the first quintile of the Performance Group constructed by Lipper over the one- and two-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively high compared with its Lipper-constructed Expense Group, with the Fund in the fourth quintile of the Expense Group, primarily due to the small relative asset size of the Fund. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a loss for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005.

Nationwide Optimal Allocations Fund: Moderate Growth

The Board considered that the Fund had underperformed its secondary benchmark for the one-year period. The Board also considered that the performance of the Class A shares of the Fund had ranked in the first quintile of the Performance Group constructed by Lipper over the one- and two-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the

120 Semiannual Report 2007

nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively high compared with its Lipper-constructed Expense Group, with the Fund in the fifth quintile of the Expense Group, primarily due to the small relative asset size of the Fund. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a loss for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005.

Nationwide Optimal Allocations Fund: Moderate

The Board considered that the Fund had outperformed its secondary benchmark for the one-, three, and five-year periods. The Board also considered that the performance of the Class A shares of the Fund had ranked in the fifth quintile of the Performance Group constructed by Lipper over the one-, two-, three-, and four-year periods, and in the fourth quintile over the five-year period. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively low compared with its Lipper-constructed Expense Group, with the Fund in the first quintile of the Expense Group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund, but requested that management submit a proposal to the Board with respect to breakpoints in the advisory fee.

Nationwide Optimal Allocations Fund: Specialty

The Board considered that the Fund had underperformed its secondary benchmark for the one-year period. The Board also considered that the performance of the Class A shares of the Fund had ranked in the first quintile of the Performance Group constructed by Lipper over the one- and two-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund equal to the median of its Lipper-constructed Expense Group. The Board also considered that the Fund’s total expenses were relatively high compared with its Lipper-constructed Expense Group, with the Fund in the fifth quintile of the Expense Group, primarily due to the small relative asset size of the Fund. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the adviser reported a loss for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005.

2007 Semiannual Report 121

Supplemental Information (Unaudited) (Continued)

Nationwide Optimal Allocations Fund: Defensive

The Board considered the adviser’s recommendation to create a new Fund to extend the range of asset allocation solutions in the Optimal Allocation series by providing a more conservative option that seeks to provide investors with positive returns and reduced risk in various market environments.* The Board considered the adviser’s proposed investment process, and the adviser’s recommendation for the Fund’s benchmark. The Board also considered the adviser’s proposed investment strategy for the Fund, with a target portfolio allocation of 30-40% bonds and short-term investments and 60-70% specialty assets.

The Board also considered the proposed contractual advisory fee (0.15%) and the Fund’s anticipated total expenses, as well as comparative fee information. The Board considered the anticipated expense ratio for the Fund compared to its peer group funds. The Board further noted that the adviser had agreed to waive fees and limit Fund operating expenses to 0.25% through at least February 28, 2008.

The Board then considered the services proposed to be provided by the adviser to the Fund, including any ancillary benefits anticipated to be received by the adviser, including fee income, if any, for performing other services, soft dollars, and affiliated brokerage commissions.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to each Fund above, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for each Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the Funds to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the Funds. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Funds, including the information provided by management at the Funds’ annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a Fund directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each Fund. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the Funds should any of the current portfolio management services to the Funds should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a Fund. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each Fund will continue to manage such Fund, reasonable efforts are being made by NFA to achieve this result. Assuming however that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Funds in light of each Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to each Fund’s shareholders for their approval. A Special Meeting of Shareholders of the Trust was held on April 23, 2007 and several adjournments have been taken with respect to certain Funds of the Trust. As of the date of this report, however three of the above-referenced Funds have approved the New Agreement.

122 Semiannual Report 2007

C. Approval of Interim Advisory Agreement(s)

Nationwide Optimal Allocations Fund: Growth, Nationwide Optimal Allocations Fund: Moderate, and Nationwide Optimal Allocations Fund: Specialty

A Special Meeting of the Board of Trustees was held on April 27, 2007, at which the Board, including a majority of the Trustees who are not “interested persons” of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), approved an interim advisory agreement between the Trust and NFA on behalf of the above-referenced Funds (the “Interim Agreement”) in accordance with Rule 15a-4 under the 1940 Act to ensure that NFA’s provision of investment advisory services to such Funds continues without interruption until such time as shareholders of each Fund approve the New Agreement.

The Interim Agreement became effective on May 1, 2007, and is identical in all material respects to the Funds’ previous Agreement (with NFA that terminated on April 30, 2007 due to the closing of the Transaction,) and the New Agreement (which shareholders of these three Funds have not yet approved) except for its term, termination and escrow provisions as specifically required under Rule 15a-4. Specifically, the Interim Agreement has a term of 150 days during which all advisory fees paid by a Fund, which shall not be greater than the fees the NFA would have received under the previous Agreement, will be placed in an interest-bearing escrow account until such time as the holders of a majority of the outstanding voting securities of each Fund approve the New Agreement between NFA and the Trust. Upon such approval, the escrowed amount (including interest earned) for a Fund will be paid to NFA. In the event the New Agreement is not approved by the holders of a majority of the Fund’s outstanding voting securities within 150 days from the effective date of the Interim Agreement, NFA will be paid for its services to each such Fund from the escrow account the lesser of (i) any costs incurred by NFA in performing services under the Interim Agreement; or (ii) the total amount in the escrow account (plus interest earned).

*  The Board’s consideration of the Fund’s advisory contract occurred during its meeting on September 13, 2006. However, as the Fund was not launched until December 2006, the Board’s discussion of its consideration to approve the Fund’s advisory contract was not included in the annual report to shareholders which covered the Trust’s fiscal year ended October 31, 2006.

D. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Enhanced Income Fund, Nationwide Large Cap Value Fund, Nationwide Mid Cap Growth Fund, Nationwide Mid Gap Growth Leaders Fund, Nationwide Value Opportunities Fund and NorthPointe Small Cap Growth Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Enhanced Income Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”)) (With respect to Nationwide Mid Cap Growth Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC (“NorthPointe”)). (With respect to Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund and Northpointe Small Cap Growth Fund, the amended subadvisory agreement is between Nationwide Fund Advisors and NorthPointe.) (With respect to Nationwide Mid Cap Growth Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Nationwide Separate Accounts, LLC.)

2007 Semiannual Report 123

Supplemental Information (Unaudited) (Continued)

Voting Results

The voting results of each of the Funds on Proposal 1 is presented below:

	Shares Voted		Shares Voted		Shares		Broker
Fund	For		Against		Abstained		Non-Votes		Total
Nationwide Enhanced Income Fund		40,821,130.029		0.00		17.945		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,202,766.122		9,246.817		339,963.381		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,340,509.175		10,496.530		11,545.880		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,073.672		26,219.717		24,462.450		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880

The voting results of each of the Funds on Proposal 2 is presented below:

Nationwide Enhanced Income Fund	40,820,112.409	0.00	1,035.565	0.00	40,821,147.974
Nationwide Large Cap Value Fund	1,203,007.960	10,824.817	338,143.543	0.00	1,551,976.320
Nationwide Mid Cap Growth Fund	323,554.732	0.00	1,565.320	0.00	325,120.052
Nationwide Mid Gap Growth Leaders Fund	1,338,622.785	9,481.750	14,510.050	0.00	1,362,551.585
Nationwide Value Opportunities Fund	558,652.732	26,219.717	23,883.390	0.00	608,755.839
NorthPointe Small Cap Growth Fund	4,040,197.880	0.00	0.00	0.00	4,040,197.880

* This meeting was previously adjourned on April 23, 2007.

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide Emerging Markets Fund, Nationwide Global Financial Services Fund, Nationwide Global Health Sciences Fund, Nationwide Global Natural Resources Fund, Nationwide Global Technology and Communications Fund, Nationwide Global Utilities Fund, Nationwide Government Bond Fund, Nationwide Hedged Core Equity Fund, Nationwide International Growth Fund, Nationwide International Index Fund, Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Market Neutral Fund, Nationwide Mid Cap Market Index Fund, Nationwide Fund, Nationwide Leaders Fund, Nationwide Optimal Allocations Fund: Defensive, Nationwide S&P 500 Index Fund, Nationwide Small Cap Core Fund, Nationwide Small Cap Growth Opportunities Fund, Nationwide Small Cap Index Fund, Nationwide Small Cap Value Fund and Nationwide Tax-Free Income Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

	Shares Voted		Shares Voted		Shares		Broker
Fund	For		Against		Abstained		Non-Votes		Total
Nationwide Bond Fund		5,218,564.322		81,566.635		273,001.134		0.00		5,573,132.091
Nationwide Bond Index Fund		208,792,760.157		24,347.719		35,026.844		0.00		208,852,134.720
Nationwide Emerging Markets Fund		2,110,101.855		10,081.391		24,931.760		0.00		2,145,115.006
Nationwide Global Financial Services Fund		2,030,384.848		14,978.340		12,217.583		0.00		2,057,580.771
Nationwide Global Health Sciences Fund		1,840,724.716		1,157.540		119,085.974		0.00		1,960,968.230

124 Semiannual Report 2007

		Shares Voted		Shares Voted		Shares		Broker
Fund		For		Against		Abstained		Non-Votes		Total
Nationwide Global Natural Resources Fund			1,269,313.120		12,765.120		25,473.760		0.00		1,307,552.000
Nationwide Global Technology and Communications Fund			3,334,211.460		4,262.770		2,868.000		0.00		3,341,342.230
Nationwide Global Utilities Fund			1,187,626.660		3,058.000		12,745.270		0.00		1,203,429.930
Nationwide Government Bond Fund			6,290,315.081		35,494.549		463,741.994		0.00		6,789,551.624
Nationwide Hedged Core Equity Fund			511,476.260		0.00		0.00		0.00		511,476.260
Nationwide International Growth Fund			2,933,870.260		20,794.666		48,792.633		0.00		3,003,457.559
Nationwide International Index Fund			202,160,342.794		83,946.437		743,731.497		0.00		202,988,020.728
Nationwide Investor Destinations Aggressive Fund			41,154,156.373		239,630.543		5,359,040.546		0.00		46,752,827.462
Nationwide Investor Destinations Moderately Aggressive Fund			65,350,205.390		490,145.648		7,212,491.082		0.00		73,052,842.120
Nationwide Market Neutral Fund			1,113,910.940		0.00		0.00		0.00		1,113,910.940
Nationwide Mid Cap Market Index Fund			84,223,226.122		95,271.232		254,729.872		0.00		84,573,227.226
Nationwide Fund			36,434,428.689		933,224.322		2,413,402.432		0.00		39,781,055.443
Nationwide Leaders Fund			685,935.097		2,855.930		3,994.130		0.00		692,785.157
Nationwide Optimal Allocations Fund:
	Defensive		102,743.060		0.00		0.00		0.00		102,743.060
Nationwide S&P 500 Index Fund			261,136,337.727		380,161.400		1,239,967.560		0.00		262,756,466.687
Nationwide Small Cap Core Fund			501,478.650		0.00		0.00		0.00		501,478.650
Nationwide Small Cap Growth Opportunities Fund			507,304.180		0.00		0.00		0.00		507,304.180
Nationwide Small Cap Index Fund			49,448,961.560		256,547.642		1,348,275.570		0.00		51,053,784.772
Nationwide Small Cap Value Fund			519,898.320		0.00		0.00		0.00		519,898.320
Nationwide Tax-Free Income Fund			7,610,933.230		160,286.360		614,470.740		0.00		8,385,690.330

*  This meeting was previously adjourned on April 23, 2007.

On April 27, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Growth Fund and Nationwide Money Market Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

	Shares Voted		Shares Voted		Shares		Broker
Fund	For		Against		Abstained		Non-Votes		Total
Nationwide Growth Fund		808,891,299.919		18,580,718.168		40,472,590.866		0.00		868,944,608.953
Nationwide Money Market Fund		11,752,499.756		505,731.299		778,074.060		0.00		13,036,305.115

*  This meeting was previously adjourned twice — first on April 23, 2007 and again on April 25, 2007.

2007 Semiannual Report 125

Supplemental Information (Unaudited) (Continued)

On April 30, 2007, a Special Meeting of Shareholders of NorthPointe Small Cap Value Fund was held at which the shareholders of the Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of the Fund.

2. To approve an amended subadvisory agreement with NorthPointe Capital LLC, on behalf of the Fund.

Voting Results

The voting results of the Fund on Proposal 1 and 2 is presented below:

	Shares Voted		Shares Voted		Shares		Broker
	For		Against		Abstained		Non-Votes		Total
Proposal 1		1,636,031.300		0.00		0.00		0.00		1,636,031.300
Proposal 2		1,636,031.300		0.00		0.00		0.00		1,636,031.300

*  This meeting was previously adjourned three times — first on April 23, 2007, then on April 25, 2007, and again on April 27, 2007.

A Special Meeting of the Shareholders of Nationwide Micro Cap Equity Fund, Nationwide Short Duration Bond Fund and Nationwide Small Cap Leaders Fund was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Micro Cap Equity Fund and Nationwide Small Cap Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC) (With respect to Nationwide Short Duration Bond Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”))

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

A Special Meeting of the Shareholders of Nationwide China Opportunities Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Conservative Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Small Cap Fund, Nationwide Worldwide Leaders Fund, Nationwide U.S. Growth Leaders Fund, Nationwide U.S. Growth Leaders Long-Short Fund, Nationwide Optimal Allocations Fund: Specialty, and Nationwide Optimal Allocations Fund: Growth was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

126 Semiannual Report 2007

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SemiannualReport

April 30, 2007 (Unaudited)

	Contents
2	Message to Shareholders
	Core Equity Series*
8	Nationwide Growth Fund
15	Nationwide Fund
	Core Fixed Income Series*
33	Nationwide Money Market Fund
46	Notes to Financial Statements

*  Prior to May 1, 2007, each Fund was Known as a Gartmore Fund.

Commentary provided by Nationwide Fund Advisors, investment adviser to Nationwide Funds. All opinions and estimates included in this report constitute the Adviser’s judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.nationwidefunds.com or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Message to Shareholders

April 30, 2007

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress has been completed. As of May 1, 2007, Nationwide Financial Services, Inc. completed its acquisition of the Philadelphia-based retail operations of NWD Investment Management (formerly Gartmore Global Investments, Inc.) from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Also effective on that date, our name was changed to Nationwide Funds Group, and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide brand. Once again, I’d like to emphasize that, although our corporate ownership and fund names have changed, it is our intention to maintain as much continuity as possible with key personnel.

Market Overview

The six-month reporting period that ended April 30, 2007, saw healthy gains in most broad-based stock indexes, both in the United States and abroad. In the U.S., stable interest rates and modest inflation helped to boost share prices despite a marked slowing in the overall pace of economic growth. One drag on growth came from the subprime mortgage industry due to an unusually high number of delinquencies and defaults. More broadly, slumping sales and softening prices hampered the markets for both new and existing homes. Evidence was scant, however, that the weakness in housing was spreading to the rest of the economy.

The stock market suffered a significant setback only once during the reporting period— late in February, when a plunge in China’s stocks triggered a similar reaction in other global markets. After a brief period of market choppiness, however, a broad and vigorous rebound in share prices occurred that took the Dow Jones Industrial Average to new all-time highs, while both the Standard & Poor’s (S&P) 500^® Index and the technology-laden Nasdaq Composite Index posted fresh six-year highs. For the reporting period, the S&P 500 Index recorded a return of 8.60%. Meanwhile, a depreciating U.S. dollar helped boost the performance of foreign stocks, as evidenced by the 15.68% return of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging markets such as China and India, where economic growth was particularly robust, posted even better returns.

In the bond market, the yield curve stayed slightly inverted; yields of 3-month Treasury bills remained above those of 10-year Treasury bonds, partly due to bond investors’ expectations that the U.S. economy would achieve a so-called “soft landing”—a mild slowdown without a recession. Relatively stable yields, together with the contribution from coupon payments, enabled the Lehman Brothers Aggregate Bond Index to post a return of 2.63% for the reporting period.

Funds in the Spotlight

I’m proud to report that two of our mutual funds recently distinguished themselves by winning Lipper Fund Awards, which recognize funds that have, as the Lipper puts it, “...excelled in delivering consistently strong risk-adjusted performance relative to their peers.” Based on data covering the three years ended December 31, 2006, the Gartmore Small Cap Fund (Institutional Service Class: GSXIX, renamed the “Nationwide Small Cap Fund” on May 1, 2007), managed by the team of Chuck Purcell, Bill Gerlach, and Gary Haubold, won in the “Small-Cap Core Fund” category, topping a field of 533 small-cap core funds. Also distinguishing itself was the Gartmore Worldwide Leaders Fund (Institutional Service Class: GLLSX, renamed the “Nationwide Worldwide Leaders Fund” on May 1, 2007), which was recognized as the winner in the “Global Large-Cap Core Fund” category for the second year in a row. Managed by the team of Neil Rogan, Ben Walker, and Brian ONeill, the Fund was selected from among 51 global large-cap core funds.

We at Nationwide Funds Group are gratified to have won these awards and are pleased with the overall competitive performance of the funds in the Nationwide Funds^® family, yet we also are acutely aware that we cannot rest on our laurels. Our objective at Nationwide Funds Group is to maintain and even to improve on the high standards which we place on ourselves.

John H. Grady

President and Chief Executive Officer

Nationwide Funds Group

2 Semiannual Report 2007

Fund Disclosure

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective as determined by Lipper.

Rankings based on Class A shares of the Fund. Other share classes may have different performance characteristics. Fund performance may now be higher or lower than the performance shown. Performance reflects certain fee waivers, without which returns would be lower.

The Lipper scores listed are based on monthly data. Lipper scores are subject to change every month. The Lipper Average is a straight average of the specific Lipper Universe.

This information is provided for educational purposes only and should not be considered investment advice. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the money market.

Investing in mutual funds involves risk, including possible loss of principal.

There is no assurance that the investment objective of any fund will be achieved.

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

iMoneyNet First Tier Retail Index: An unmanaged index that is an average of non-government retail money market mutual funds that do not invest in any second-tier securities. Portfolio holdings of first-tier money market mutual funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic and foreign bank obligations, first-tier commercial paper, floating-rate notes and asset-backed commercial paper.

Russell 1000^® Growth Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 1000^® Index (the largest 1,000 U.S. companies, based on market capitalization) with higher price-to-book ratios and higher forecasted growth values.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Market indexes have been provided for comparison purposes only. Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and no fees or expenses have been reflected. Individuals cannot invest directly in an index.

Third-party information has been obtained from and is based on sources Nationwide Funds Group believes to be reliable.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

Performance shown is for Class A shares at NAV of the Nationwide Fund and the Nationwide Growth Fund, and Prime Shares of the Nationwide Money Market Fund. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

Sales charge and fee information:

Nationwide Fund

Nationwide Growth Fund

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee.

Sales charge and fee information:

Nationwide Money Market Fund

The Fund has no sales charge or 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

The Funds’ adviser, one of its affiliated advisers, or its employees, may have a position in the securities named in this report.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is subject to change at any time.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read it carefully before investing any money.

2007 Semiannual Report 3

Message to Shareholders

Continued

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

Key Investment Terminology

In an effort to help you better understand the many investment-related concepts presented in periodic reports, we have defined the following terms:

Asset allocation — the investment strategy that spreads an investor’s assets across several different investment styles and asset classes. The objective is to reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities — fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets—such as credit card receivables or auto leases—that are paid down over time and generate sufficient cash to pay holders of the securities.

Bonds — debt obligations issued by companies, governments and other issuers.

Callable bonds — also known as “redeemable bonds.” Callable bonds are those that the issuer may redeem prior to the bonds’ scheduled maturity (the date when the principal amount of a bond is set to be repaid). When the bonds are called, the issuer typically pays a premium to the bonds’ owners. A significant decline in interest rates usually prompts issuers to save money by calling their current bonds and reissuing them at a lower interest rate.

Cash flow to price — See “Price-to-cash-flow ratio” below.

Commercial paper — short-term debt instruments, usually unsecured, that are issued by banks and corporations in order to finance their short-term credit needs, such as accounts receivable or inventory, and are acquired at a discount or are interest-bearing.

Common stock — securities representing shares of ownership of a company.

Consumer Price Index (CPI) — an index published monthly by the U.S. Bureau of Labor Statistics in the Department of Labor that is widely used as a cost-of-living benchmark. The index measures the weighted average of prices of a fixed basket of consumer goods and services. These items include food, transportation, shelter, utilities, clothing, medical care and entertainment. The CPI is often used to identify periods of inflation or deflation. A large rise in CPI during a short period of time denotes inflation; conversely, a large drop indicates a period of deflation.

Convertible securities — debt securities or preferred stocks that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Corporate bonds — debt securities issued by corporate issuers, as distinct from fixed-income securities issued by a government or its agencies or instrumentalities.

Correlation — a statistical method of measuring the relationship between two or more variables. This relationship is expressed with numerical values called “correlation coefficients” that range from -1.00 to +1.00. A correlation coefficient of -1.00 (called negative correlation) indicates that when one variable’s value increases, the other variable’s value decreases and vice versa (that is, the variables move in opposite directions). A correlation coefficient of +1.00 (called positive correlation) indicates that the variables move in the same direction, so that if one variable’s value increases, so does the value of the other variable. A correlation coefficient of zero indicates that no relationship exists between the variables.

Derivative — a contract whose value is based on the performance of an underlying financial asset, index or economic measure.

Dividend payout ratio — a ratio that provides the percentage of earnings paid to shareholders in dividends. It is calculated by dividing the yearly dividend per share by the earnings per share or, put another way, dividends divided by net income.

Dividend yield — another name for the return on investment for a stock, the dividend yield is a percentage measurement of the amount of cash flow an investor receives for each dollar invested in an equity security. This financial ratio is calculated by dividing a company’s annual dividends per share by the price per share.

Duration — related in part to the remaining time until maturity of a bond, duration is a measure of how much the price of a bond would change in relation to a change in market interest rates. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Emerging-market countries — developing and low- or middle-income countries as identified by the International

4 Semiannual Report 2007

Finance Corporation or the World Bank. Emerging-market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Equity securities — securities that represent an ownership interest in the issuer. These include common stock, preferred stock, securities that are convertible into common stock or securities (or other investments) with prices linked to the value of common stock, foreign investment funds or trusts, and depositary receipts. These also may include interests in real estate investment trusts.

Exchange-traded funds (ETFs) — introduced in 1993, these passively managed financial instruments are not mutual funds. ETFs represent baskets of stocks that reflect a wide variety of sector-specific, country-specific and broad-market indexes. ETFs do not have end-of-trading-day net asset values; rather, their prices fluctuate, based on supply and demand. ETFs may be bought or sold on a stock exchange throughout the trading day and incur a commission cost with each transaction.

Federal funds rate — the interest rate that a bank with excess reserves at a Federal Reserve district bank will charge another bank to provide overnight loans to meet the other bank’s reserve requirements. The Federal Open Market Committee is responsible for setting a target for this rate, but the rate itself is set daily by the market and serves as a highly sensitive indicator of the future direction of interest rates.

Fixed-income securities — securities, including bonds and other debt securities, that represent an obligation by the issuer to pay a specified rate of interest or dividend at specified times.

Gross domestic product (GDP) — a commonly used indicator of a country’s economic health. Gross domestic product is a number that represents the market value of all the goods and services produced within the geographic boundaries of a country (regardless of the producers’ nationality) during a specific time period, usually one year. GDP is calculated by adding the value of all private, public and government spending, investments, and exports minus imports that occur within the defined region.

Growth style — a style of investing in equity securities of companies that the Fund’s management believes have above-average rates of earnings growth and may therefore experience above-average increases in stock price.

High-yield bonds — fixed-income securities that are rated below investment grade by nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch, or unrated securities that Fund management believes are of comparable quality. These bonds are often referred to as “junk bonds.” They generally offer investors higher interest rates as a way to help compensate for the fact that the issuer is at greater risk of default.

Inflation — the rate at which the general level of prices for goods and services rises. As prices rise, purchasing power falls. In other words, when inflation increases, every dollar buys a smaller percentage of a good or service.

Interest-rate swaps — an activity involving companies that desire an interest-rate structure that other companies can provide at a lesser cost. The companies will agree to enter into interest-rate swaps, which are customized contracts between two or more parties. The transactions involve the exchange of one set of cash flows or streams of future periodic interest payments for another (based on certain principal amounts and interest-rate specifications). Interest-rate swaps also benefit companies by limiting or managing exposure to fluctuations in interest rates.

Intermediate bonds — bonds that will reach maturity (the date when the principal amount of a bond is set to be repaid) within three to 10 years are known as intermediate bonds or intermediate-term bonds. By comparison, short-term bonds mature in less than three years, and long-term bonds mature in more than 10 years.

Investment grade — the four highest rating categories of nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch.

Large-cap companies — companies whose market capitalizations are similar to those of companies included in the Russell 1000^® Index, ranging from $563 million to $371.7 billion as of December 31, 2006.

Leveraged buyout — the term leveraged buyout (LBO) refers to one company’s takeover of another company by using a significant amount of borrowed money to cover the cost of acquisition. Typically, the target company’s assets are used by the acquiring company as security for the loans it takes out, which are then repaid from the target company’s cash flow. Several individual investors also may engage in an LBO by using their own assets as collateral for funds that they borrow from banks in order to take over a firm. Most LBOs result in public shareholders receiving a premium above current market value for their shares in the target company.

Long position — a security owned by a Fund in anticipation that the security’s price will increase.

2007 Semiannual Report 5

Message to Shareholders

Continued

Market capitalization — a common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Market capitalization-weighted index — an index in which the weighting of each security is based on the issuing company’s market capitalization. Changes in the stock price of a company with a large capitalization affect the level of the index more than do changes in the stock price of a company with a smaller capitalization.

Maturity — the time at which the principal amount of a bond is scheduled to be returned to investors.

Mid-cap companies — companies whose market capitalizations are similar to those of companies included in the Russell Midcap^® Index, ranging from $565 million to $18.4 billion as of December 31, 2006.

Mortgage-backed securities — fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans, which in some cases are guaranteed by government agencies.

Municipal obligations — fixed-income securities issued by, or on behalf of, states, cities and other local governmental entities, to pay for construction and other projects. They are loans that investors make to a governmental entity; the governmental entity gets the cash it needs to complete its project, and the lenders earn interest payments and get their principal back. Municipal obligations that qualify pay interest that is generally exempt from federal income taxes, although certain investors may nonetheless be subject to federal alternative minimum tax.

Noncallable bonds — bonds that cannot be called (redeemed) by the issuer prior to their scheduled maturity (the date when the principal amount of a bond is set to be repaid). Investors usually receive lower yields for noncallable bonds due to their reduced risk.

Operating margin — a ratio that measures a company’s pricing strategy and operating efficiency. It is calculated as operating income divided by net sales. The operating margin indicates the proportion of a company’s revenue that remains after variable costs of production such as wages and raw materials are paid. An increasing operating margin means that a company is earning more per dollar of sales; the higher the margin, the better.

Personal Consumption Expenditures (PCE) Price Index — also broadly referred to as “consumption.” The PCE is a nationwide indicator and measure of average price changes for all domestic personal consumption of goods and services that are targeted toward and consumed by individuals. The PCE is part of the personal income report produced by the Bureau of Economic Analysis of the Department of Commerce and includes actual and imputed household expenditures as well as data on durables, nondurables and services. The PCE serves as the basis for an inflation index.

Price-to-cash-flow ratio — a ratio similar to the price-to-earnings ratio that is calculated by dividing share price by cash flow per share. This ratio indicates relative value and the market’s expectations of a firm’s future financial health.

Price-to-earnings (P/ E) ratio — a valuation ratio calculated by taking a company’s current stock price per share and dividing it by its earnings per share. The P/ E ratio helps investors to know how much they are paying for a company’s earning power. Investors expect greater earnings growth from companies whose P/ E ratio is high.

Short sale — the activity of selling a security that a Fund does not own but must borrow to complete the sale, in anticipation of purchasing the same security at a later date at a lower price.

Small-cap companies — companies whose market capitalizations are similar to those of companies included in the Russell 2000^® Index, ranging from $26 million to $4.4 billion as of December 31, 2006.

Spread sectors/spread product — the term “spread sectors” refers to non-Treasury fixed-income sectors that trade at a basis-point spread over Treasuries. The term “spread product” refers to taxable (as opposed to municipal) bonds that are not Treasury securities. Examples of spread product include agency, asset-backed and mortgage-backed securities as well as corporate and high-yield bonds. Spread product offer different yields than those of comparable Treasury securities; the difference between the yields is called a spread. For example, if a 10-year corporate bond is trading at a yield of 8% and the 10-year Treasury note is trading at a yield of 6%, the corporate bond is said to offer a 200-basis-point spread.

Total return — investment return that reflects both capital appreciation or depreciation (increase or decrease in the market value of a security) and income (i.e., interest or dividends).

Treasury Inflation-Protected Securities (TIPS) — these are Treasury notes or bonds, first issued in 1997, that are considered ultra-safe investments and that offer investors

6 Semiannual Report 2007

protection from inflation because the real rate of return (the growth of purchasing power) is guaranteed. The investments’ coupon payments and underlying principal are automatically increased to compensate for inflation as measured by the Consumer Price Index (CPI). Also known as “inflation-indexed securities,” TIPS pay interest every six months and pay the principal upon maturity. Because of the safety TIPS provide, however, they offer a low return.

U.S. government agency securities — debt securities issued and/or guaranteed as to principal and interest by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities that are not direct obligations of the United States. Such securities may not be supported by the full faith and credit of the United States.

U.S. government securities — debt securities issued and/or guaranteed as to principal and interest by the U.S. government that are supported by the full faith and credit of the United States.

Valuation — the process of determining the current worth of an asset or company.

Value style — a style of investing in equity securities that the Fund’s management believes are undervalued, which means that their prices are less than Fund management believes they are worth, based on such factors as price-to-book ratio, price-to-earnings ratio and cash flow. Companies issuing such securities may be currently out of favor or experiencing poor operating conditions that Fund management believes to be temporary.

Volatility — a statistical measure of the variation in returns that is possible with a given security or market index. Volatility refers to uncertainty or risk about the size of changes in the value of a security. Higher volatility indicates that a security’s value can rise or fall dramatically during a short period of time; conversely, lower volatility indicates that the value does not change dramatically but rather at a steady pace. Typically, securities with higher volatility are considered riskier.

Yield curve — a plotted graph line of the yields, or interest rates, at a set point in time, of various-maturity U.S. Treasury bonds of equal credit quality. The yield curve comparing the three-month, two-year, five-year and 30-year U.S. Treasury debt is the most common one; it serves as a benchmark for other debt in the market, such as mortgage rates and bank lending rates, and to predict changes in economic activity, such as output and growth. The three main types of yield curve shapes are called normal, inverted and flat (or humped). When the yield curve is normal, longer-maturity bonds have a higher yield in comparison to shorter-maturity bonds; the opposite is true for an inverted yield curve.

2007 Semiannual Report 7

Nationwide Growth Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Growth Fund (Class A at NAV) returned 11.39%, versus 8.42% for its benchmark, the Russell 1000^® Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Multi-Cap Growth Funds (consisting of 527 funds as of April 30, 2007) was 9.09%.

Can you describe the market environment during the reporting period?

Despite a brief, but relatively steep, sell-off in the first quarter of 2007, U.S. stock markets advanced strongly during the six-month review period. Slowing economic growth was apparent in the nation’s GDP (gross domestic product) figure, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half of that for the first quarter of 2007. Investors, however, continued to be buoyed by hopes that the economy would achieve a “soft landing”— that is, a mild slowdown with no recession. First-quarter earnings reported in April also reflected a slowing trend, but the stock market benefited from the fact that many companies had issued conservative estimates, resulting in earnings reports that generally were better than expected. Growth stocks performed well in this environment but slightly trailed their value counterparts in the large-cap category.

What areas of investment provided the most positive returns for the Fund?

Stock selection in the industrials, information technology, and financials sectors provided the primary boost to Fund performance during the review period. In industrials, Fund holding Precision Castparts Corp., a maker of metal components for aerospace applications, saw continued strong earnings growth fueled by robust demand for commercial aircraft. Fund holding airline UAL Corp. performed well in the fourth quarter of 2006, and we sold it during the period under review, believing that airline traffic might suffer in a slowing economy. In technology, selling index component Motorola Inc. early in the period turned out to be a timely move, as the company had no blockbuster product to follow the successful Razr cellular handset. Fund holding MEMC Electronic Materials Inc., which makes silicon wafers for the semiconductor industry, also contributed to Fund performance, as sales to makers of solar cells were brisk.

What areas detracted from Fund performance?

On the negative side, energy and utilities sectors detracted modestly from Fund performance. Among individual Fund holdings, consumer electronics retailer Best Buy Co. Inc. was a disappointment. Aggressive pricing by competitors on flat panel TVs during the holiday shopping season cut into Best Buy’s profit margins. The Fund’s position in drilling equipment provider National Oilwell Varco also did not fare well, as the stock registered a solid gain for the period overall, but we sold it at an inopportune time. Network storage equipment maker QLogic further hurt our results, hampered by declining market share.

What is your outlook for the near term?

While we think that over the near term the stock market’s gains could be limited by profit-taking and seasonal sluggishness over the summer, we remain optimistic that share prices can make further upward progress over the longer term. As things stand presently, we believe the economy should be able to avoid a recession, and that the Federal Reserve Board likely will cut interest rates if the current slowdown threatens to be deeper than expected.

Portfolio Managers:

Christopher Baggini, CFA, and Douglas Burtnick, CFA

8 Semiannual Report 2007

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		10 Yr.		Ratio**
Class A1	w/o SC2		11.39%		11.39%		5.90%		0.82%		1.15%
	w/SC3		4.97%		4.97%		4.65%		0.22%
Class B1	w/o SC2		10.94%		10.61%		5.22%		-0.05%		1.80%
	w/SC4		5.94%		5.61%		4.89%		-0.05%
Class C1	w/o SC2		11.09%		10.59%		5.21%		0.37%		1.80%
	w/SC5		10.09%		9.59%		5.21%		0.37%
Class D6	w/o SC2		11.56%		11.72%		6.24%		1.07%		0.80%
	w/SC7		6.49%		6.63%		5.26%		0.60%
Class R 1,8			11.00%		10.70%		5.87%		0.89%		1.50%
Institutional Service Class1,8			11.41%		11.56%		6.21%		1.07%		0.80%
Institutional Class 1,8			11.44%		11.60%		6.19%		1.04%		0.80%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not annualized

** As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

1	These returns through May 11, 1998 include the performance of the Fund’s predecessor fund, and, for periods from May 11, 1998 to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class A and Class B shares (5/11/98), Class C shares (3/1/01), Institutional Service Class shares (1/2/02), Class R shares (10/1/03), and Institutional Class shares (6/29/04). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class B, Class C, Institutional Service Class, Class R shares and Institutional Class shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class A, Class B, Class C and Class R shares would have been lower.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	These returns through May 11, 1998 include the performance of the Fund’s predecessor fund.
7	A 4.50% front-end sales charge was deducted.
8	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class D shares of the Nationwide Growth Fund, the Russell 1000 Growth Index (Russell 1000 Growth)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/07. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 1000 Growth measures the performance of those companies in the Russell 1000 Index (the largest 1000 companies in the U.S.) with higher price-to-book ratios and higher forecasted growth values.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 9

Nationwide Growth Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Growth Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,113.90	$	6.55		1.25%
	Hypothetical	1	$	1,000.00	$	1,018.80	$	6.28		1.25%
Class B	Actual		$	1,000.00	$	1,109.40	$	9.78		1.87%
	Hypothetical	1	$	1,000.00	$	1,015.73	$	9.39		1.87%
Class C	Actual		$	1,000.00	$	1,110.90	$	9.79		1.87%
	Hypothetical	1	$	1,000.00	$	1,015.73	$	9.39		1.87%
Class D	Actual		$	1,000.00	$	1,115.60	$	4.56		0.87%
	Hypothetical	1	$	1,000.00	$	1,020.69	$	4.37		0.87%
Class R	Actual		$	1,000.00	$	1,110.00	$	8.95		1.71%
	Hypothetical	1	$	1,000.00	$	1,016.52	$	8.59		1.71%
Institutional Service Class	Actual		$	1,000.00	$	1,114.10	$	4.67		0.89%
	Hypothetical	1	$	1,000.00	$	1,020.59	$	4.47		0.89%
Institutional Class	Actual		$	1,000.00	$	1,114.40	$	4.67		0.89%
	Hypothetical	1	$	1,000.00	$	1,020.59	$	4.47		0.89%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

10 Semiannual Report 2007

Nationwide Growth Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	99.1%
Other Investments*	5.3%
Liabilities in excess of Other Assets**	-4.4%
	100.0%

Top Industries
Semiconductors & Semiconductor Equipment	7.8%
Pharmaceuticals	7.2%
Communications Equipment	6.9%
Software	6.9%
Aerospace & Defense	6.2%
Diversified Financial Services	5.7%
Internet Software & Services	4.3%
Computers & Peripherals	4.2%
Biotechnology	3.9%
Health Care Equipment & Supplies	3.2%
Other	43.7%
	100.0%

Top Holdings
Microsoft Corp.	3.6%
Cisco Systems, Inc.	3.4%
Boeing Co. (The)	2.4%
Google, Inc., Class A	2.4%
Intel Corp.	2.0%
Johnson & Johnson	1.9%
QUALCOMM, Inc.	1.8%
Comcast Corp., Class A	1.7%
Wyeth	1.5%
Goldman Sachs Group, Inc.	1.5%
Other	77.8%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.

2007 Semiannual Report 11

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Growth Fund

Common Stocks (99.1%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (6.2%)
Boeing Co. (The)		52,650	$	4,896,450
Honeywell International, Inc.		20,520		1,111,773
Northrop Grumman Corp.		6,680		491,715
Precision Castparts Corp.		18,580		1,934,364
Raytheon Co.		22,450		1,201,973
Rockwell Collins, Inc.		30,710		2,016,726
United Technologies Corp.		12,050		808,916
				12,461,917
Air Freight & Logistics (0.8%)
FedEx Corp.		14,870		1,567,893
Auto Components (0.8%)
Johnson Controls, Inc.		16,510		1,689,468
Beverages (1.4%)
Coca-Cola Co.		39,080		2,039,585
Hansen Natural Corp.* (a)		20,800		794,560
				2,834,145
Biotechnology (3.9%)
Biogen, Inc.*		21,800		1,029,178
Genentech, Inc.*		12,900		1,031,871
Genzyme Corp.*		31,140		2,033,753
Gilead Sciences, Inc.*		36,960		3,020,371
Pharmion Corp.* (a)		26,550		804,200
				7,919,373
Chemicals (2.0%)
Air Products & Chemicals, Inc.		18,700		1,430,550
Monsanto Co.		42,700		2,518,873
				3,949,423
Commercial Services & Supplies (0.6%)
Manpower, Inc.		3,170		254,393
Monster Worldwide, Inc.*		24,400		1,026,020
				1,280,413
Communications Equipment (6.9%)
Cisco Systems, Inc.*		254,990		6,818,432
Corning, Inc.*		96,480		2,288,506
F5 Networks, Inc.* (a)		10,500		806,190
Harris Corp.		8,860		454,961
QUALCOMM, Inc.		82,440		3,610,872
				13,978,961
Computers & Peripherals (4.2%)
Apple Computer, Inc.*		21,750		2,170,650
Diebold, Inc. (a)		9,380		447,145
EMC Corp.*		81,800		1,241,724
Hewlett-Packard Co.		73,050		3,078,327
Network Appliance, Inc.*		22,860		850,620
Research In Motion*		4,650		611,847
				8,400,313
Construction & Engineering (0.2%)
Fluor Corp.		3,300		315,546
Consumer Finance (0.9%)
American Express Co.		29,020		1,760,643
Diversified Consumer Services (0.3%)
New Oriental Education & Technology Group, Inc. Sponsored ADR — CN*		15,400		673,750
Diversified Financial Services (5.7%)
Chicago Mercantile Exchange Holdings, Inc.		2,330		1,204,027
Franklin Resources, Inc.		23,120		3,035,887
Goldman Sachs Group, Inc.		14,090		3,080,215
International Securities Exchange Holdings, Inc. (a)		20,890		1,393,154
Merrill Lynch & Co., Inc.		4,740		427,690
Morgan Stanley		8,500		714,085
State Street Corp.		22,480		1,548,198
				11,403,256
Electrical Equipment (2.5%)
Ametek, Inc. (a)		42,685		1,548,612
Cooper Industries Ltd., Class A ADR — BM		20,500		1,020,080
Emerson Electric Co.		54,400		2,556,256
				5,124,948
Electronic Equipment & Instruments (0.3%)
Jabil Circuit, Inc.		12,560		292,648
Molex, Inc.		13,760		411,149
				703,797
Energy Equipment & Services (1.4%)
Halliburton Co.		9,670		307,216
Schlumberger Ltd. ADR — NL		7,930		585,472
Smith International, Inc.		6,800		356,592
Transocean, Inc. ADR — KY*		18,060		1,556,772
				2,806,052

12 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Entertainment (1.2%)
Walt Disney Co. (The)		71,750	$	2,509,815
Food & Staples Retailing (2.0%)
CVS/ Caremark Corp.		82,809		3,000,998
SYSCO Corp.		9,950		325,763
Wal-Mart Stores, Inc.		13,370		640,691
				3,967,452
Food Products (2.1%)
General Mills, Inc.		15,650		937,435
PepsiCo, Inc.		45,760		3,024,278
Sara Lee Corp.		22,250		365,123
				4,326,836
Gas Utilities (0.3%)
Questar Corp.		6,300		611,919
Health Care Equipment & Supplies (3.2%)
Baxter International, Inc.		52,990		3,000,824
Beckman Coulter, Inc.		4,580		287,670
Becton, Dickinson & Co.		4,350		342,301
Hillenbrand Industry, Inc. (a)		5,680		347,332
Hologic, Inc.* (a)		12,080		695,204
Medtronic, Inc.		32,840		1,738,221
				6,411,552
Health Care Providers & Services (3.1%)
Cardinal Health, Inc.		13,650		954,818
Health Management Associates, Inc., Class A		19,900		212,731
McKesson Corp.		25,950		1,526,638
Medco Health Solutions, Inc.*		20,260		1,580,685
UnitedHealth Group, Inc.		36,950		1,960,567
				6,235,439
Hotels, Restaurants & Leisure (1.5%)
Brinker International, Inc.		8,920		277,412
International Game Technology		20,330		775,386
Starwood Hotels & Resorts Worldwide, Inc.		29,160		1,954,303
				3,007,101
Household Durables (0.8%)
Leggett & Platt, Inc.		13,690		321,989
Newell Rubbermaid, Inc.		25,950		795,886
Snap-on, Inc.		9,740		530,830
				1,648,705
Household Products (1.5%)
Procter & Gamble Co. (The)		46,970		3,020,641
Insurance (1.0%)
AFLAC, Inc.		28,800		1,478,592
Principal Financial Group, Inc.		8,250		523,793
				2,002,385
Internet Software & Services (4.3%)
eBay, Inc.*		85,500		2,901,870
Google, Inc., Class A*		10,030		4,727,941
Yahoo!, Inc.*		36,340		1,018,974
				8,648,785
IT Services (0.6%)
Cognizant Technology Solutions Corp.*		7,920		708,048
Electronic Data Systems Corp.		19,300		564,332
				1,272,380
Life Sciences Tools & Services (1.5%)
Covance, Inc.*		17,920		1,084,160
Thermo Fisher Scientific, Inc.*		38,170		1,987,130
				3,071,290
Machinery (2.5%)
Caterpillar, Inc.		27,890		2,025,372
Cummins, Inc.		9,520		877,363
Deere & Co.		9,030		987,882
Harsco Corp.		9,520		485,520
Parker Hannifin Corp.		7,250		668,015
				5,044,152
Media (2.4%)
Comcast Corp., Class A*		130,745		3,485,662
McGraw-Hill Cos., Inc. (The)		21,300		1,395,789
				4,881,451
Metals & Mining (1.6%)
Alcoa, Inc.		11,650		413,459
Allegheny Technologies, Inc.		15,080		1,652,466
Freeport-McMoRan Copper & Gold, Inc., Class B		17,380		1,167,241
				3,233,166
Multiline Retail (2.8%)
Family Dollar Stores, Inc.		11,970		381,125
Federated Department Stores, Inc.		7,250		318,420
J.C. Penney Co., Inc.		18,680		1,477,401

2007 Semiannual Report 13

Statement of Investments (Continued)

April 30, 2007 (Unaudited) (Continued)

Nationwide Growth Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Multiline Retail (continued)
Kohl’s Corp.*		14,100	$	1,043,964
Target Corp.		40,230		2,388,455
				5,609,365
Oil, Gas & Consumable Fuels (2.8%)
Canadian Natural Resources Ltd. Sponsored ADR — CA		18,200		1,084,902
Sunoco, Inc.		4,450		336,108
Valero Energy Corp.		12,840		901,753
Williams Cos., Inc. (The)		34,780		1,026,010
XTO Energy, Inc.		40,810		2,214,759
				5,563,532
Pharmaceuticals (7.2%)
Abbott Laboratories		53,000		3,000,860
Bristol-Myers Squibb Co.		42,300		1,220,778
Johnson & Johnson		60,090		3,858,980
Merck & Co., Inc.		35,050		1,802,972
Schering-Plough Corp.		50,160		1,591,577
Wyeth		56,500		3,135,750
				14,610,917
Real Estate Investment Trusts (REITs) (0.5%)
Rayonier, Inc.		21,000		910,770
Road & Rail (0.5%)
Burlington Northern Santa Fe Corp.		4,200		367,668
Union Pacific Corp.		4,850		554,113
				921,781
Semiconductors & Semiconductor Equipment (7.8%)
Analog Devices, Inc.		27,900		1,077,498
Broadcom Corp.*		36,840		1,199,142
Intel Corp.		192,400		4,136,600
Intersil Corp.		54,800		1,632,492
KLA-Tencor Corp.		27,670		1,537,069
Maxim Integrated Products, Inc.		17,400		551,928
MEMC Electronic Materials, Inc.*		23,100		1,267,728
Microchip Technology, Inc. (a)		44,750		1,805,215
NVIDIA Corp.*		30,890		1,015,972
Texas Instruments, Inc.		45,300		1,556,961
				15,780,605
Software (6.9%)
Activision, Inc.* (a)		50,380		1,007,600
Adobe Systems, Inc.*		52,420		2,178,575
Autodesk, Inc.*		38,750		1,599,213
Microsoft Corp.		243,810		7,299,671
Oracle Corp.*		96,100		1,806,680
				13,891,739
Specialty Retail (2.3%)
Best Buy Co., Inc.		51,500		2,402,475
Lowe’s Cos., Inc.		50,750		1,550,920
Nike, Inc.*		13,000		700,180
				4,653,575
Transportation (0.4%)
Genesis Lease Ltd. ADR — IE*		30,550		824,850
Wireless Telecommunication Services (0.2%) (a)
Telephone & Data Systems, Inc.		5,960		339,422
Total Common Stocks (Cost $185,340,796)				199,869,523
Securities Held as Collateral for Securities on Loan (5.3%)
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $10,558,073, collateralized by U.S. Government Agency Mortgages with a market value of $10,767,642	$	10,556,512		10,556,512
Total Investments (Cost $195,897,308) (b) — 104.4%				210,426,035
Liabilities in excess of other assets — (4.4)%				(8,776,662	)
NET ASSETS — 100.0%			$	201,649,373

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of April 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
CA	Canada
IE	Ireland
KY	Cayman Islands
NL	Netherlands

See accompanying notes to financial statements.

14 Semiannual Report 2007

Nationwide Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Fund (Class A at NAV) returned 9.05%, versus 8.60% for the Fund’s benchmark, the S&P 500 Index. For broader comparison, the average return for the Fund’s Lipper peer category of Large-Cap Core Funds (consisting of 820 funds as of April 30, 2007) was 8.25%.

Can you describe the market environment during the reporting period?

Despite a brief, but relatively steep, sell-off in the first quarter of 2007, the U.S. stock market advanced strongly during the six-month review period. All ten of the benchmark’s sectors finished with positive returns, and four sectors posted double-digit gains. Slowing economic growth was apparent in the nation’s GDP (gross domestic product) report, which came in at an annualized rate of 2.5% for the fourth quarter of 2006, compared with initial estimates of roughly half of that for the first quarter of 2007. Investors, however, continued to be buoyed by hopes that the economy would achieve a “soft landing”—that is, a mild slowdown with no recession. First-quarter earnings reported in April only partially reflected this slowing trend, as strong growth in key overseas markets helped companies with this exposure offset sluggish domestic demand. The stock market also benefited from the fact that many companies had issued conservative estimates, resulting in numerous earnings reports that were better than expected. Last, a string of mergers, acquisitions, and stock buybacks added to the market’s upward momentum.

What areas of investment provided the most positive returns for the Fund?

The Fund received a performance boost from stock selection in industrials, information technology and financials, among other sectors. In industrials, Fund holding Class 8 truck engine maker Cummins Inc. performed well. While the stock struggled early in the period due to fears that pre-buying of trucks in advance of more rigorous emission standards would lessen demand going forward, brisk business in the company’s power generation division more than offset weaker truck engine sales. Fund holding UAL, the parent company of United Airlines, also performed well. In that case, we sold the stock in the first quarter after the stock had advanced smartly and energy prices began to creep back up. In technology, Fund holding MEMC Electronic Materials, a maker of silicon wafers for the semiconductor industry, benefited from robust demand for wafers from solar panel manufacturers. In the financial sector, life insurance carrier MetLife Inc. added to the Fund’s relative performance. The stock was attractively priced, and the company delivered solid earnings growth.

What areas detracted from Fund performance?

Sectors that detracted from Fund results included consumer discretionary and utilities. In the consumer discretionary sector, consumer electronics retailers Circuit City Stores Inc. and Best Buy Co. Inc. both were disappointing Fund holdings. Aggressive pricing of flat-panel TVs by Wal-Mart led to deteriorating profit margins, prompting us to trim both Fund positions. Our underweighting in utilities also weighed on the Fund’s performance, given that sector’s strong results during the period. While we were wrong about utilities on a short-term basis, we continue to believe that the sector’s rich valuations and mediocre growth prospects make it relatively unattractive.

What is your outlook for the near term?

Although the market’s recent strong advance makes us somewhat cautious about near-term, we remain positive about the market’s longer-term prospects. If the economy continues to soften, we believe the chances are good that the Federal Reserve Board will reduce short-term interest rates in an effort to stimulate growth. Meanwhile, we will maintain our focus on buying stocks with good growth prospects at reasonable prices.

Portfolio Manager:

Gary Haubold, CFA, and Joe Cerniglia, CFA

2007 Semiannual Report 15

Nationwide Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

		Six								Expense
		Month*		1 Yr.		5 Yr.		10 Yr.		Ratio**
Class A1	w/o SC2		9.05%		13.33%		7.94%		7.61%		1.04%
	w/SC3		2.76%		6.83%		6.67%		6.97%
Class B1	w/o SC2		8.67%		12.51%		7.21%		6.87%		1.76%
	w/SC4		3.82%		7.51%		6.91%		6.87%
Class C1	w/o SC2		8.61%		12.49%		7.20%		7.17%		1.76%
	w/SC5		7.64%		11.49%		7.20%		7.17%
Class D6	w/o SC2		9.11%		13.55%		8.22%		7.80%		0.80%
	w/SC7		4.19%		8.42%		7.23%		7.31%
Class R 1,8			8.50%		12.78%		7.91%		7.65%		1.46%
Institutional Class 1,8			9.28%		13.76%		8.29%		7.83%		0.76%

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

*	Not annualized
**	As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

1	These returns through May 11, 1998 include the performance of the Fund’s predecessor fund, and, for periods from May 11, 1998 to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class A and Class B shares (5/11/98), Class C shares (3/1/01), Institutional Service Class shares (1/2/02), Class R shares (10/1/03), and Institutional Class shares (06/29/04). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class B, Class C, Institutional Service Class, Class R shares and Institutional Class shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class A, Class B, Class C and Class R shares would have been lower.
2	These returns do not reflect the effects of sales charges (SC).
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
6	These returns through May 11, 1998 include the performance of the Fund’s predecessor fund.
7	A 4.50% front-end sales charge was deducted.
8	Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class D shares of the Nationwide Fund, S&P 500 Index (S&P 500)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/07. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expense, or sales charges. Investors cannot invest directly in market indexes.

(a)	The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

16 Semiannual Report 2007

Nationwide Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,090.50	$	5.08		0.98%
	Hypothetical	1	$	1,000.00	$	1,020.14	$	4.92		0.98%
Class B	Actual		$	1,000.00	$	1,086.70	$	8.90		1.72%
	Hypothetical	1	$	1,000.00	$	1,016.47	$	8.64		1.72%
Class C	Actual		$	1,000.00	$	1,086.10	$	8.90		1.72%
	Hypothetical	1	$	1,000.00	$	1,016.47	$	8.64		1.72%
Class D	Actual		$	1,000.00	$	1,091.10	$	3.99		0.77%
	Hypothetical	1	$	1,000.00	$	1,021.18	$	3.87		0.77%
Class R	Actual		$	1,000.00	$	1,085.00	$	9.62		1.86%
	Hypothetical	1	$	1,000.00	$	1,015.78	$	9.34		1.86%
Institutional Class	Actual		$	1,000.00	$	1,092.80	$	3.68		0.71%
	Hypothetical	1	$	1,000.00	$	1,021.48	$	3.56		0.71%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 17

Nationwide Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	99.3%
Commercial Paper	1.2%
Other Investments*	3.7%
Liabilities in excess of Other Assets**	-4.2%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	8.9%
Diversified Financial Services	8.9%
Pharmaceuticals	8.8%
Insurance	5.7%
Household Products	4.9%
Communications Equipment	4.9%
Software	4.2%
Machinery	3.8%
Health Care Providers & Services	3.6%
Diversified Telecommunication Services	3.5%
Other	42.8%
	100.0%

Top Holdings
Cisco Systems, Inc.	3.4%
Procter & Gamble Co. (The)	3.0%
Microsoft Corp.	3.0%
Exxon Mobil Corp.	3.0%
AT&T, Inc.	2.9%
Pfizer, Inc.	2.7%
Bank of America Corp.	2.0%
ConocoPhillips	1.9%
Deere & Co.	1.7%
Colgate-Palmolive Co.	1.7%
Other	74.7%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.

18 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Fund

Common Stocks (99.3%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (2.8%)
B.F. Goodrich Co. (The)		73,300	$	4,166,372
Boeing Co. (The)		56,584		5,262,312
General Dynamics Corp.		7,900		620,150
Northrop Grumman Corp.		135,058		9,941,619
Raytheon Co.		157,050		8,408,457
United Technologies Corp.		123,400		8,283,842
				36,682,752
Auto Components (0.3%)
Johnson Controls, Inc.		33,800		3,458,754
Banks (0.7%)
Credit Suisse Group ADR — CH		43,030		3,377,855
Kookmin Bank ADR — KR		60,100		5,398,182
				8,776,037
Beverages (1.1%)
Constellation Brands, Inc.*		667,400		14,956,434
Biotechnology (0.3%)
Amgen, Inc.*		42,400		2,719,536
Gilead Sciences, Inc.*		22,000		1,797,840
				4,517,376
Capital Markets (2.5%)
Bear Stearns Cos., Inc. (The)		73,030		11,370,771
Lehman Brothers Holding, Inc.		189,630		14,275,346
Lloyds TSB Group PLC ADR — GB		49,000		2,284,380
Mellon Financial Corp.		32,000		1,373,760
T. Rowe Price Group, Inc.		59,250		2,943,540
				32,247,797
Chemicals (1.1%)
Agrium, Inc.		74,000		2,866,020
Dow Chemical Co. (The)		41,000		1,829,010
Monsanto Co.		35,900		2,117,741
Potash Corp. of Saskatchewan, Inc.		25,930		4,654,954
Syngenta AG ADR — CH		62,400		2,477,280
				13,945,005
Commercial Banks (0.9%)
Australia and New Zealand Banking Group, Ltd. ADR — AU		8,400		1,063,860
Banco Bilbao Vaizcaya-Argentaria ADR — SP		55,500		1,328,670
Banco Santander ADR — SP		23,200		410,408
Bank Of Ireland ADR — IE		3,660		316,993
Compass Bancshares, Inc.		42,200		2,877,196
National Australia Bank, Ltd. ADR — AU		7,200		1,280,160
NBT Bancorp, Inc.		30,158		661,968
Regions Financial Corp.		48,200		1,691,338
Westpac Banking Corp. ADR — AU		1,700		189,210
Zions Bancorp		18,200		1,488,760
				11,308,563
Commercial Services & Supplies (0.3%)
Manpower, Inc.		46,100		3,699,525
Communications Equipment (4.9%)
Cisco Systems, Inc.*		1,678,116		44,872,822
Corning, Inc.*		86,300		2,047,036
France Telecom ADR — FR		73,100		2,139,637
Harris Corp.		71,400		3,666,390
QUALCOMM, Inc.		132,000		5,781,600
Telefonaktiebolaget LM Ericsson ADR — SE		141,000		5,381,970
				63,889,455
Computers & Peripherals (1.9%)
Apple Computer, Inc.*		4,000		399,200
Hewlett-Packard Co.		379,610		15,996,766
International Business Machines Corp.		87,311		8,924,057
				25,320,023
Containers & Packaging (0.8%)
Bemis Co.		175,700		5,836,754
Packaging Corp. of America		194,300		4,810,868
				10,647,622
Distributors (0.4%)
Genuine Parts Co.		15,200		751,032
ProLogis Trust		66,100		4,283,280
				5,034,312
Diversified Financial Services (7.7%)
Amvescap PLC ADR — GB		196,960		4,669,922
Bank of America Corp.		507,984		25,856,385
Citigroup, Inc.		169,077		9,065,909
Franklin Resources, Inc.		40,600		5,331,186
Goldman Sachs Group, Inc.		40,350		8,820,913
J.P. Morgan Chase & Co.		253,630		13,214,123
Merrill Lynch & Co., Inc.		88,100		7,949,263
Moody’s Corp.		107,200		7,088,064
Morgan Stanley		204,580		17,186,766
Woori Finance Holdings ADR — KR		7,400		556,850
				99,739,381
Diversified Telecommunication Services (3.5%)
AT&T, Inc.		968,349		37,494,473
Embarq Corp.		43,600		2,617,744

2007 Semiannual Report 19

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Diversified Telecommunication Services (continued)
Qwest Communications International, Inc.*		490,600	$	4,356,528
Verizon Communications, Inc.		44,700		1,706,646
				46,175,391
Electric Utilities (1.2%)
Duke Energy Corp.		120,100		2,464,452
Gilead Sciences, Inc.		302,300		9,724,991
Mirant Corp.*		42,600		1,911,462
National Grid PLC ADR — GB		2,400		189,048
Southern Co.		47,100		1,779,909
				16,069,862
Electrical Equipment (0.2%)
Cooper Industries Ltd., Class A ADR — BM		33,320		1,658,003
Emerson Electric Co.		17,450		819,976
				2,477,979
Electronic Equipment & Instruments (0.6%)
Agilent Technologies, Inc.*		40,000		1,374,800
Arrow Electronics, Inc.*		97,200		3,841,344
Jabil Circuit, Inc.		138,200		3,220,060
				8,436,204
Energy Equipment & Services (1.7%)
Halliburton Co.		91,300		2,900,601
Helmerich & Payne, Inc.		142,200		4,591,638
Schlumberger Ltd. ADR — NL		78,500		5,795,655
Tidewater, Inc.		101,200		6,396,852
Transocean, Inc. ADR — KY*		34,600		2,982,520
				22,667,266
Entertainment (0.9%)
Walt Disney Co. (The)		330,600		11,564,388
Food & Staples Retailing (1.6%)
Costco Wholesale Corp.		84,200		4,510,594
CVS/Caremark Corp.		138,900		5,033,736
Safeway, Inc.		30,390		1,103,157
Wal-Mart Stores, Inc.		117,600		5,635,392
Walgreen Co.		103,100		4,526,090
				20,808,969
Food Products (1.5%)
Archer-Daniels Midland Co.		26,600		1,029,420
General Mills, Inc.		89,100		5,337,090
H.J. Heinz Co.		19,100		899,801
Kraft Foods, Inc.		195,200		6,533,344
PepsiCo, Inc.		79,400		5,247,546
				19,047,201
Gas Utilities (0.3%)
Oneok, Inc.		74,600		3,611,386
Health Care Equipment & Supplies (1.5%)
AstraZeneca PLC ADR — GB		160,770		8,731,419
Becton, Dickinson & Co.		104,900		8,254,581
Medtronic, Inc.		43,800		2,318,334
				19,304,334
Health Care Providers & Services (3.6%)
Aetna, Inc.		137,430		6,442,718
AmerisourceBergen Corp.		56,400		2,819,436
McKesson Corp.		143,750		8,456,813
Quest Diagnostics, Inc.		40,800		1,994,712
UnitedHealth Group, Inc.		271,850		14,424,361
WellPoint, Inc.*		167,900		13,259,063
				47,397,103
Hotels, Restaurants & Leisure (1.4%)
Burger King Holdings, Inc.		112,390		2,637,793
Hilton Hotels Corp.		37,900		1,288,600
Marriott International, Inc., Class A		51,100		2,310,231
McDonald’s Corp.		257,060		12,410,857
				18,647,481
Household Products (4.9%)
Colgate-Palmolive Co.		333,150		22,567,581
Kimberly-Clark Corp.		29,100		2,071,047
Procter & Gamble Co. (The)		615,940		39,611,102
				64,249,730
Industrial Conglomerates (0.5%)
General Electric Co.		169,350		6,242,241
Textron, Inc.		800		81,336
				6,323,577
Insurance (5.7%)
Aegon NV ADR — NL		209,000		4,322,120
Allstate Corp.		85,700		5,340,824
American International Group, Inc.		109,000		7,620,190
AON Corp.		20,100		778,875
Chubb Corp. (The)		144,350		7,770,360
Hartford Financial Services Group, Inc. (The)		45,150		4,569,180
Lincoln National Corp.		93,750		6,670,313
Manulife Financial Corp.		3,200		115,552
MetLife, Inc.		104,774		6,883,652
Prudential Financial, Inc.		212,090		20,148,550
Safeco Corp.		39,350		2,626,219
Travelers Cos., Inc. (The)		127,400		6,892,340
				73,738,175
Internet Software & Services (0.5%)
Google, Inc., Class A*		13,150		6,198,647

20 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
IT Services (0.3%)
Accenture Ltd.		101,810	$	3,980,771
Leisure Equipment & Products (0.6%)
Time Warner, Inc.		394,260		8,133,584
Life Sciences Tools & Services (0.4%)
Thermo Fisher Scientific, Inc.*		109,500		5,700,570
Machinery (3.8%)
Caterpillar, Inc.		87,700		6,368,774
Cummins, Inc.		47,500		4,377,600
Deere & Co.		210,290		23,005,726
Dover Corp.		16,000		769,920
Eaton Corp.		42,500		3,791,425
Illinois Tool Works, Inc.		84,520		4,336,721
Oshkosh Truck Corp.		1,500		83,910
Parker Hannifin Corp.		80,600		7,426,484
				50,160,560
Marine (0.2%)
Omega Navigation Enterprises, Inc.		128,000		2,530,560
Media (0.6%)
Idearc, Inc.		14,400		500,400
News Corp.		159,100		3,562,249
Omnicom Group, Inc.		37,400		3,916,154
				7,978,803
Metals & Mining (1.9%)
Agnico-Eagle Mines Ltd.		19,000		670,320
Alcan, Inc.		66,900		3,938,403
Alcoa, Inc.		211,000		7,488,390
Anglo American PLC ADR — GB		23,200		612,248
Freeport-McMoRan Copper & Gold, Inc., Class B		50,000		3,358,000
Newmont Mining Corp.		65,300		2,723,010
Nucor Corp.		52,500		3,331,650
Posco ADR — KR		12,200		1,277,828
Southern Copper Corp.		15,100		1,212,530
				24,612,379
Multi-Utilities (0.6%)
Sempra Energy		125,480		7,965,470
Multiline Retail (3.3%)
Federated Department Stores, Inc.		93,100		4,088,952
J.C. Penney Co., Inc.		152,250		12,041,452
Kohl’s Corp.*		71,300		5,279,052
Nordstrom, Inc.		123,300		6,771,636
Target Corp.		255,940		15,195,158
				43,376,250
Oil, Gas & Consumable Fuels (8.9%)
Atmos Energy Corp.		31,300		992,836
Chesapeake Energy Corp.		151,100		5,099,625
ChevronTexaco Corp.		170,682		13,277,353
ConocoPhillips		353,486		24,514,254
Exxon Mobil Corp.		488,033		38,740,059
Marathon Oil Corp.		65,363		6,637,613
Noble Energy, Inc.		14,760		868,036
Occidental Petroleum Corp.		294,560		14,934,192
Valero Energy Corp.		97,800		6,868,494
XTO Energy, Inc.		72,100		3,912,867
				115,845,329
Personal Products (0.2%)
Alberto-Culver Co.		104,000		2,526,160
Pharmaceuticals (8.8%)
Abbott Laboratories		132,600		7,507,812
Bristol-Myers Squibb Co.		81,000		2,337,660
Eli Lilly & Co.		26,500		1,566,945
Forest Laboratories, Inc., Class A*		42,600		2,266,746
GlaxoSmithKline PLC ADR — GB		34,000		1,964,520
Johnson & Johnson		238,074		15,289,112
Merck & Co., Inc.		245,500		12,628,520
Pfizer, Inc.		1,328,112		35,141,844
Sanofi-Aventis ADR — FR		153,900		7,057,854
Schering-Plough Corp.		197,200		6,257,156
Wyeth		401,900		22,305,450
				114,323,619
Real Estate Investment Trusts (REITs) (1.4%)
First Industrial Realty Trust		37,700		1,650,883
Hospitality Properties Trust		100,600		4,580,318
Host Hotels & Resorts, Inc.		161,100		4,130,604
Lexington Corporate Properties Trust		146,700		3,064,563
Mack-Cali Realty Corp.		17,400		852,078
Simon Property Group, Inc.		34,400		3,965,632
				18,244,078
Road & Rail (1.5%)
Burlington Northern Santa Fe Corp.		67,050		5,869,557
CSX Corp.		27,300		1,178,541
Norfolk Southern Corp.		127,997		6,814,560
Union Pacific Corp.		44,700		5,106,975
				18,969,633
Semiconductors & Semiconductor Equipment (2.4%)
Applied Materials, Inc.		295,000		5,669,900
Intel Corp.		496,507		10,674,900
Intersil Corp.		221,100		6,586,569
MEMC Electronic Materials, Inc.*		60,050		3,295,544

2007 Semiannual Report 21

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Semiconductors & Semiconductor Equipment (continued)
Taiwan Semiconductor Manufacturing Co., Ltd. ADR — TW		1	$	11
Texas Instruments, Inc.		151,000		5,189,870
				31,416,794
Software (4.2%)
Adobe Systems, Inc.*		113,000		4,696,280
Autodesk, Inc.*		189,000		7,800,030
Microsoft Corp.		1,298,795		38,885,923
Tibco Software, Inc.*		336,500		3,068,880
				54,451,112
Specialty Retail (3.1%)
Best Buy Co., Inc.		76,800		3,582,720
Group 1 Automotive, Inc.		82,000		3,362,000
Home Depot, Inc. (The)		127,600		4,832,212
Lowe’s Cos., Inc.		101,000		3,086,560
Nike, Inc.*		137,600		7,411,136
OfficeMax, Inc.		72,200		3,553,684
Staples, Inc.		176,600		4,379,680
TJX Cos., Inc.		362,470		10,109,288
				40,317,280
Tobacco (1.1%)
Altria Group, Inc.		44,430		3,062,116
Reynolds American, Inc.		173,460		11,146,539
				14,208,655
Transportation (0.2%)
Genesis Lease Ltd. ADR — IE*		109,990		2,969,730
Water Utilities (0.1%)
United Utilities PLC ADR — GB		23,700		711,237
Wireless Telecommunication Services (0.4%)
ALLTEL Corp.		56,060		3,514,401
Vodafone Group PLC ADR — GB		51,145		1,469,397
				4,983,798
Total Common Stocks (Cost $1,200,790,990)				1,294,347,101
Commercial Paper (1.2%)
Diversified Financial Services (1.2%)
Countrywide Home Loans, 5.34%, 05/01/07	$	15,084,000		15,081,763
Banc of America Securities LLC Repurchase Agreement, 5.32%, dated 04/30/07, due 05/01/07, repurchase price $48,300,088, collateralized by U.S. Government Agency Mortgages with a market value of $49,258,810		48,292,951		48,292,951
Total Securities Held As Collateral For Securities On Loan (Cost $48,292,952)				48,292,951
Total Investments (Cost $1,264,167,942) (a) — 104.2%				1,357,721,815
Liabilities in excess of other assets — (4.2)%				(54,243,039	)
NET ASSETS — 100.0%			$	1,303,478,776

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
AU	Australia
BM	Bermuda
CH	Switzerland
FR	France
GB	United Kingdom
IE	Ireland
KR	Korea
KY	Cayman Islands
NL	Netherlands
SE	Sweden
SP	Spain
TW	Taiwan

See accompanying notes to financial statements.

22 Semiannual Report 2007

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			Nationwide			Nationwide
			Growth Fund			Fund
Assets:
Investments, at value (cost $195,897,308 and $1,264,167,942)*			$	210,426,035		$	1,357,721,815
Cash				–			166
Interest and dividends receivable				151,097			1,361,560
Receivable for capital shares issued				41,229			333,875
Receivable for investments sold				6,060,176			50,385,003
Prepaid expenses and other assets				18,248			17,275
		Total Assets		216,696,785			1,409,819,694
Liabilities:
Payable to custodian				808,265			–
Payable for investments purchased				2,975,626			54,340,698
Payable for capital shares redeemed				315,517			2,100,351
Payable for return of collateral received for securities on loan				10,556,512			48,292,952
Accrued expenses and other payables:
	Investment advisory fees			98,873			610,488
	Fund administration and transfer agent fees			118,328			417,171
	Distribution fees			7,041			40,674
	Administrative servicing fees			21,442			235,109
	Compliance program fees			3,426			19,633
	Custodian fees			17,814			18,090
	Other			124,568			265,752
		Total Liabilities		15,047,412			106,340,918
Net Assets			$	201,649,373		$	1,303,478,776
Represented by:
Capital			$	413,738,744		$	1,111,214,136
Accumulated net investment income				351,000			863,505
Accumulated net realized gains (losses) on investment transactions				(226,969,098	)		97,847,262
Net unrealized appreciation on investments				14,528,727			93,553,873
Net Assets			$	201,649,373		$	1,303,478,776
Net Assets:
Class A Shares			$	13,828,482		$	121,012,735
Class B Shares				4,260,258			18,646,608
Class C Shares				992,538			845,366
Class D Shares				182,564,106			1,162,971,150
Class R Shares				1,404			1,517
Institutional Service Class Shares				1,290			–
Institutional Class Shares				1,295			1,400
Total			$	201,649,373		$	1,303,478,776
Shares outstanding (unlimited number of shares authorized):
Class A Shares				1,724,795			5,998,124
Class B Shares				583,847			960,421
Class C Shares				135,869			43,602
Class D Shares				22,269,237			58,293,073
Class R Shares				174			76
Institutional Service Class Shares				158			–
Institutional Class Shares				159			70
Total				24,714,239			65,295,366

See accompanying notes to financial statements.

2007 Semiannual Report 23

Statements of Assets and Liabilities (Continued)

	Nationwide			Nationwide
	Growth Fund			Fund
Net asset value and redemption price per share (net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.02		$	20.18
Class B Shares (a)	$	7.30		$	19.42
Class C Shares (b)	$	7.31		$	19.39
Class D Shares	$	8.20		$	19.95
Class R Shares	$	8.07		$	19.96	(c)
Institutional Service Class Shares	$	8.20	(c)	$	–
Institutional Class Shares	$	8.18	(c)	$	19.98
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.51		$	21.41
Class D Shares	$	8.59		$	20.89
Maximum Sales Charge:
Class A		5.75	%		5.75	%
Class D		4.50	%		4.50	%

(a)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(b)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
(c)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
*	Includes value of securities on loan of $10,564,123 and $46,739,633.

See accompanying notes to financial statements.

24 Semiannual Report 2007

Statements of Operations

For the Six Months Ended April 30, 2007 (Unaudited)

		Nationwide			Nationwide
		Growth Fund			Fund
INVESTMENT INCOME:
Interest income		$	20,955		$	401,467
Dividend income			1,212,057			11,235,656
Income from securities lending			38,577			111,264
	Total Income		1,271,589			11,748,387
Expenses:
Investment advisory fees			598,471			3,667,046
Fund administration and transfer agent fees			155,923			694,105
Distribution fees Class A			16,528			147,917
Distribution fees Class B			21,337			95,311
Distribution fees Class C			4,204			4,078
Distribution fees Class R			3			4
Administrative servicing fees Class A			8,499			5,750
Administrative servicing fees Class D			–			281,192
Administrative servicing fees Class R			2			4
Printing fees			62,923			122,640
Trustee fees			3,172			18,011
Compliance program fees (Note 3)			2,460			13,580
Custodian fees			9,479			31,881
Other			43,061			105,150
	Total expenses before waived expenses		926,062			5,186,669
Earnings credit (Note 5)			(3,583	)		(15,940	)
Expenses voluntarily waived by administrator			(1,890	)		(12,095	)
Net expenses			920,589			5,158,634
Net Investment Income			351,000			6,589,753
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS
Net realized gains on investment transactions			21,767,227			114,449,203
Change in unrealized depreciation on investments			(277,565	)		(8,338,590	)
Net realized/unrealized gains (losses) from investments			21,489,662			106,110,613
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	21,840,662		$	112,700,366

See accompanying notes to financial statements.

2007 Semiannual Report 25

Statements of Changes in Net Assets

		Nationwide Growth Fund						Nationwide Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	351,000		$	(40,916	)	$	6,589,753		$	14,069,959
Net realized gains on investment transactions			21,767,227			9,715,964			114,449,203			126,006,040
Net change in unrealized appreciation/(depreciation) investments			(277,565	)		7,798,333			(8,338,590	)		38,463,505
Change in net assets from operations			21,840,662			17,473,381			112,700,366			178,539,504
Distributions to Shareholders:
From net investment income:
	Class A		–			–			(468,533	)		(998,645	)
	Class B		–			–			(8,140	)		(34,154	)
	Class C		–			–			(258	)		(1,534	)
	Class D		–			–			(5,698,478	)		(12,514,256	)
	Class R		–			–			(1	)		(11	)
	Institutional Class		–			–			(7	)		(71,109	)
Net realized gains:
	Class A		–			–			(12,712,838	)		(15,547,435	)
	Class B		–			–			(2,146,971	)		(3,901,458	)
	Class C		–			–			(85,253	)		(119,900	)
	Class D		–			–			(122,380,347	)		(150,621,311	)
	Class R		–			–			(153	)		(165	)
	Institutional Class		–			–			(140	)		(536,929	)
Change in net assets from shareholder distributions			–			–			(143,501,119	)		(184,346,907	)
Change in net assets from capital transactions			(20,752,125	)		(54,939,533	)		46,976,472			7,041,515
Change in net assets			1,088,537			(37,466,152	)		16,175,719			1,234,112
Net Assets:
Beginning of period			200,560,836			238,026,988			1,287,303,057			1,286,068,945
End of period		$	201,649,373		$	200,560,836		$	1,303,478,776		$	1,287,303,057
Accumulated net investment income at end of period		$	351,000		$	–		$	863,505		$	449,169

See accompanying notes to financial statements.

26 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Growth Fund						Nationwide Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	1,384,237		$	6,945,679		$	6,660,768		$	18,217,067
	Dividends reinvested		–			–			10,854,781			12,209,812
	Cost of shares redeemed (a)		(1,801,444	)		(25,529,945	)		(11,603,375	)		(31,700,701	)
Total Class A			(417,207	)		(18,584,266	)		5,912,174			(1,273,822	)
Class B Shares
	Proceeds from shares issued		177,876			314,138			756,389			1,576,683
	Dividends reinvested		–			–			2,143,583			3,905,807
	Cost of shares redeemed (a)		(810,177	)		(1,532,582	)		(4,150,560	)		(14,328,852	)
Total Class B			(632,301	)		(1,218,444	)		(1,250,588	)		(8,846,362	)
Class C Shares
	Proceeds from shares issued		154,627			244,813			85,834			70,281
	Dividends reinvested		–			–			49,558			73,238
	Cost of shares redeemed (a)		(26,724	)		(64,806	)		(139,573	)		(240,654	)
Total Class C			127,903			180,007			(4,181	)		(97,135	)
Class D Shares
	Proceeds from shares issued		2,678,170			6,652,182			18,025,143			46,676,857
	Dividends reinvested		–			981			121,590,181			154,677,329
	Cost of shares redeemed (a)		(22,508,690	)		(41,969,991	)		(86,693,588	)		(190,742,773	)
Total Class D			(19,830,520	)		(35,316,828	)		52,921,736			10,611,413
Class R Shares
	Proceeds from shares issued		–			150			–			150
	Dividends reinvested		–			–			154			176
	Cost of shares redeemed (a)		–			(152	)		–			(151	)
Total Class R			–			(2	)		154			175
Institutional Class Shares
	Proceeds from shares issued		–			–			744,789			7,571,445
	Dividends reinvested		–			–			147			608,038
	Cost of shares redeemed (a)		–			–			(11,347,759	)		(1,532,237	)
Total Institutional Class			–			–			(10,602,823	)		6,647,246
Change in net assets from capital transactions		$	(20,752,125	)	$	(54,939,533	)	$	46,976,472		$	7,041,515

See accompanying notes to financial statements.

2007 Semiannual Report 27

Statements of Changes in Net Assets (Continued)

		Nationwide Growth Fund						Nationwide Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued		181,922			992,370			334,523			917,418
	Reinvested		–			–			563,760			638,706
	Redeemed		(236,026	)		(3,618,467	)		(583,331	)		(1,586,139	)
Total Class A Shares			(54,104	)		(2,626,097	)		314,952			(30,015	)
Class B Shares
	Issued		25,574			49,039			39,454			81,775
	Reinvested		–			–			115,619			211,436
	Redeemed		(117,465	)		(239,296	)		(214,616	)		(747,747	)
Total Class B Shares			(91,891	)		(190,257	)		(59,543	)		(454,536	)
Class C Shares
	Issued		21,611			38,755			4,562			3,749
	Reinvested		–			–			2,676			3,969
	Redeemed		(3,815	)		(9,984	)		(6,870	)		(12,035	)
Total Class C Shares			17,796			28,771			368			(4,317	)
Class D Shares
	Issued		342,163			928,766			921,099			2,358,326
	Reinvested		–			103			6,387,648			8,171,421
	Redeemed		(2,895,500	)		(5,883,831	)		(4,394,047	)		(9,690,309	)
Total Class D Shares			(2,553,337	)		(4,954,962	)		2,914,700			839,438
Class R Shares
	Issued		–			21			–			8
	Reinvested		–			–			8			9
	Redeemed		–			(21	)		–			(8	)
Total Class R Shares			–			–			8			9
Institutional Class Shares
	Issued		–			–			35,694			383,788
	Reinvested		–			–			8			32,099
	Redeemed		–			–			(533,300	)		(78,889	)
Total Institutional Class Shares			–			–			(497,598	)		336,998
Change in shares			(2,681,536	)		(7,742,545	)		2,672,887			687,577

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

28 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Growth Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class A Shares
Year Ended October 31, 2002	$	5.89		(0.02	)		(1.13	)		(1.15	)
Year Ended October 31, 2003	$	4.74		(0.01	)		1.19			1.18
Year Ended October 31, 2004	$	5.92		(0.02	)		0.18			0.16
Year Ended October 31, 2005	$	6.08		(0.01	)		0.63			0.62
Year Ended October 31, 2006	$	6.69		(0.04	)		0.55			0.51
Six Months Ended April 30, 2007 (Unaudited)	$	7.20		–			0.82			0.82
Class B Shares
Year Ended October 31, 2002	$	5.54		(0.06	)		(1.04	)		(1.10	)
Year Ended October 31, 2003	$	4.44		(0.04	)		1.11			1.07
Year Ended October 31, 2004	$	5.51		(0.05	)		0.15			0.10
Year Ended October 31, 2005	$	5.61		(0.05	)		0.59			0.54
Year Ended October 31, 2006	$	6.15		(0.07	)		0.50			0.43
Six Months Ended April 30, 2007 (Unaudited)	$	6.58		(0.02	)		0.74			0.72
Class C Shares
Year Ended October 31, 2002	$	5.55		(0.06	)		(1.05	)		(1.11	)
Year Ended October 31, 2003	$	4.44		(0.04	)		1.11			1.07
Year Ended October 31, 2004	$	5.51		(0.05	)		0.16			0.11
Year Ended October 31, 2005	$	5.62		(0.04	)		0.58			0.54
Year Ended October 31, 2006	$	6.16		(0.05	)		0.47			0.42
Six Months Ended April 30, 2007 (Unaudited)	$	6.58		(0.02	)		0.75			0.73

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Investment			Total			Value, End		Total			Period		to Average
	Income			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			–		$	4.74		(19.52%	)	$	4,828		1.17%
Year Ended October 31, 2003		–			–		$	5.92		24.89%		$	6,529		1.13%
Year Ended October 31, 2004		–			–		$	6.08		2.70%		$	30,641		1.19%
Year Ended October 31, 2005		(0.01	)		(0.01	)	$	6.69		10.22%		$	29,467		1.34%
Year Ended October 31, 2006		–			–		$	7.20		7.62%		$	12,816		1.15%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	8.02		11.39%		$	13,828		1.25%
Class B Shares
Year Ended October 31, 2002		–			–		$	4.44		(19.86%	)	$	3,299		1.90%
Year Ended October 31, 2003		–			–		$	5.51		24.10%		$	3,980		1.84%
Year Ended October 31, 2004		–			–		$	5.61		1.81%		$	5,817		1.84%
Year Ended October 31, 2005		–			–		$	6.15		9.63%		$	5,325		1.98%
Year Ended October 31, 2006		–			–		$	6.58		6.99%		$	4,445		1.80%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	7.30		10.94%		$	4,260		1.87%
Class C Shares
Year Ended October 31, 2002		–			–		$	4.44		(20.00%	)	$	52		1.90%
Year Ended October 31, 2003		–			–		$	5.51		24.10%		$	101		1.84%
Year Ended October 31, 2004		–			–		$	5.62		2.00%		$	248		1.84%
Year Ended October 31, 2005		–			–		$	6.16		9.61%		$	550		2.03%
Year Ended October 31, 2006		–			–		$	6.58		6.82%		$	777		1.77%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	7.31		11.09%		$	993		1.87%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		(0.34%	)		(f)		(f)			241.95%
Year Ended October 31, 2003		(0.22%	)		(f)		(f)			281.63%
Year Ended October 31, 2004		(0.36%	)		(f)		(f)			286.06%
Year Ended October 31, 2005		(0.14%	)		(f)		(f)			281.51%
Year Ended October 31, 2006		(0.29%	)		1.15%		(0.29%	)(f)		284.67%
Six Months Ended April 30, 2007 (Unaudited)		0.02%			1.29%		(0.02%	)(f)		148.10%
Class B Shares
Year Ended October 31, 2002		(1.08%	)		(f)		(f)			241.95%
Year Ended October 31, 2003		(0.93%	)		(f)		(f)			281.63%
Year Ended October 31, 2004		(1.00%	)		(f)		(f)			286.06%
Year Ended October 31, 2005		(0.78%	)		(f)		(f)			281.51%
Year Ended October 31, 2006		(0.94%	)		1.80%		(0.94%	)(f)		284.67%
Six Months Ended April 30, 2007 (Unaudited)		(0.59%	)		1.87%		(0.59%	)(f)		148.10%
Class C Shares
Year Ended October 31, 2002		(1.08%	)		(f)		(f)			241.95%
Year Ended October 31, 2003		(0.95%	)		(f)		(f)			281.63%
Year Ended October 31, 2004		(1.01%	)		(f)		(f)			286.06%
Year Ended October 31, 2005		(0.96%	)		(f)		(f)			281.51%
Year Ended October 31, 2006		(0.93%	)		1.77%		(0.93%	)(f)		284.67%
Six Months Ended April 30, 2007 (Unaudited)		(0.61%	)		1.87%		(0.61%	)(f)		148.10%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	There were no fee reductions during the period.
(g)	For the period from January 2, 2002 (commencement of operations) through October 31, 2002.
(h)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(i)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(j)	Net investment income (loss) is based on average shares outstanding during the period.
(k)	The amount is less than $0.005.

See notes to financial statements.

2007 Semiannual Report 29

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class D Shares
Year Ended October 31, 2002	$	5.94		(0.01	)		(1.14	)		(1.15	)
Year Ended October 31, 2003	$	4.79		–			1.21			1.21
Year Ended October 31, 2004	$	6.00		–			0.17			0.17
Year Ended October 31, 2005	$	6.17		0.01			0.65			0.66
Year Ended October 31, 2006	$	6.81		–			0.54			0.54
Six Months Ended April 30, 2007 (Unaudited)	$	7.35		0.02			0.83			0.85
Class R Shares
Period Ended October 31, 2003 (h)	$	5.76		(0.01	)		0.25			0.24
Year Ended October 31, 2004	$	6.00		(0.03	)		0.18			0.15
Year Ended October 31, 2005	$	6.15		(0.01	)		0.64			0.63
Year Ended October 31, 2006	$	6.77		(0.03	)		0.53			0.50
Six Months Ended April 30, 2007 (Unaudited)	$	7.27		(0.02	)		0.82			0.80
Institutional Service Class Shares
Period Ended October 31, 2002 (g)	$	6.59		(0.01	)		(1.79	)		(1.80	)
Year Ended October 31, 2003	$	4.79		–			1.22			1.22
Year Ended October 31, 2004 (j)	$	6.01		0.01			0.17			0.18
Year Ended October 31, 2005	$	6.19		–			0.65			0.65
Year Ended October 31, 2006	$	6.82		–			0.54			0.54
Six Months Ended April 30, 2007 (Unaudited)	$	7.36		0.01			0.83			0.84
Institutional Class Shares
Period Ended October 31, 2004 (i)	$	6.34		–			(0.17	)		(0.17	)
Year Ended October 31, 2005	$	6.17		–			0.65			0.65
Year Ended October 31, 2006	$	6.80		–			0.54			0.54
Six Months Ended April 30, 2007 (Unaudited)	$	7.34		0.01			0.83			0.84

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Investment			Total			Value, End		Total			Period		to Average
	Income			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class D Shares
Year Ended October 31, 2002		–			–		$	4.79		(19.36%	)	$	207,357		0.93%
Year Ended October 31, 2003		–			–		$	6.00		25.26%		$	235,758		0.86%
Year Ended October 31, 2004		–	(k)		–		$	6.17		2.87%		$	216,843		0.85%
Year Ended October 31, 2005		(0.02	)		(0.02	)	$	6.81		10.74%		$	202,682		0.99%
Year Ended October 31, 2006		–			–		$	7.35		7.93%		$	182,519		0.80%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	8.20		11.56%		$	182,564		0.87%
Class R Shares
Period Ended October 31, 2003 (h)		–			–		$	6.00		4.17%		$	1		1.42%
Year Ended October 31, 2004		–			–		$	6.15		2.50%		$	1		1.29%
Year Ended October 31, 2005		(0.01	)		(0.01	)	$	6.77		10.28%		$	1		1.29%
Year Ended October 31, 2006		–			–		$	7.27		7.39%		$	1		1.28%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	8.07		11.00%		$	1		1.71%
Institutional Service Class Shares
Period Ended October 31, 2002 (g)		–			–		$	4.79		(27.31%	)	$	59,307		0.88%
Year Ended October 31, 2003		–			–		$	6.01		25.47%		$	75,002		0.84%
Year Ended October 31, 2004 (j)		–	(k)		–		$	6.19		3.03%		$	1		0.84%
Year Ended October 31, 2005		(0.02	)		(0.02	)	$	6.82		10.55%		$	1		1.04%
Year Ended October 31, 2006		–			–		$	7.36		7.92%		$	1		0.80%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	8.20		11.41%		$	1		0.89%
Institutional Class Shares
Period Ended October 31, 2004 (i)		–			–		$	6.17		(2.68%	)	$	1		0.80%
Year Ended October 31, 2005		(0.02	)		(0.02	)	$	6.80		10.59%		$	1		1.04%
Year Ended October 31, 2006		–			–		$	7.34		7.94%		$	1		0.79%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	8.18		11.44%		$	1		0.89%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class D Shares
Year Ended October 31, 2002		(0.10%	)		(f)		(f)			241.95%
Year Ended October 31, 2003		0.05%			(f)		(f)			281.63%
Year Ended October 31, 2004		(0.01%	)		(f)		(f)			286.06%
Year Ended October 31, 2005		0.21%			(f)		(f)			281.51%
Year Ended October 31, 2006		0.05%			0.80%		0.05%	(f)		284.67%
Six Months Ended April 30, 2007 (Unaudited)		0.40%			0.88%		0.40%	(f)		148.10%
Class R Shares
Period Ended October 31, 2003 (h)		(0.76%	)		1.52%		0.86%			281.63%
Year Ended October 31, 2004		(0.46%	)		(f)		(f)			286.06%
Year Ended October 31, 2005		(0.14%	)		(f)		(f)			281.51%
Year Ended October 31, 2006		(0.47%	)		1.28%		(0.47%	)		284.67%
Six Months Ended April 30, 2007 (Unaudited)		(0.47%	)		1.71%		(0.47%	)		148.10%
Institutional Service Class Shares
Period Ended October 31, 2002 (g)		(0.11%	)		(f)		(f)			241.95%
Year Ended October 31, 2003		0.06%			(f)		(f)			281.63%
Year Ended October 31, 2004 (j)		0.22%			(f)		(f)			286.06%
Year Ended October 31, 2005		0.11%			(f)		(f)			281.51%
Year Ended October 31, 2006		0.02%			0.80%		0.02%	(f)		284.67%
Six Months Ended April 30, 2007 (Unaudited)		0.34%			0.90%		0.34%	(f)		148.10%
Institutional Class Shares
Period Ended October 31, 2004 (i)		(0.06%	)		(f)		(f)			286.06%
Year Ended October 31, 2005		0.11%			(f)		(f)			281.51%
Year Ended October 31, 2006		0.02%			0.79%		0.02%	(f)		284.67%
Six Months Ended April 30, 2007 (Unaudited)		0.34%			0.89%		0.34%	(f)		148.10%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	There were no fee reductions during the period.
(g)	For the period from January 2, 2002 (commencement of operations) through October 31, 2002.
(h)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(i)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(j)	Net investment income (loss) is based on average shares outstanding during the period.
(k)	The amount is less than $0.005.

See notes to financial statements.

30 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Fund

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class A Shares
Year Ended October 31, 2002	$	16.75		0.07			(1.68	)		(1.61	)		(0.08	)
Year Ended October 31, 2003	$	15.06		0.09			3.02			3.11			(0.09	)
Year Ended October 31, 2004	$	18.08		0.07			0.87			0.94			(0.06	)
Year Ended October 31, 2005	$	18.96		0.38			1.86			2.24			(0.18	)
Year Ended October 31, 2006	$	20.94		0.18			2.61			2.79			(0.17	)
Six Months Ended April 30, 2007 (Unaudited)	$	20.75		0.08			1.68			1.76			(0.08	)
Class B Shares
Year Ended October 31, 2002	$	16.40		(0.03	)		(1.65	)		(1.68	)		–
Year Ended October 31, 2003	$	14.72		–			2.94			2.94			(0.01	)
Year Ended October 31, 2004	$	17.65		(0.05	)		0.86			0.81			–
Year Ended October 31, 2005	$	18.46		0.03			2.01			2.04			(0.10	)
Year Ended October 31, 2006	$	20.32		0.05			2.52			2.57			(0.03	)
Six Months Ended April 30, 2007 (Unaudited)	$	20.05		0.01			1.62			1.63			(0.01	)
Class C Shares
Year Ended October 31, 2002	$	16.40		(0.03	)		(1.65	)		(1.68	)		–
Year Ended October 31, 2003	$	14.72		(0.01	)		2.95			2.94			(0.01	)
Year Ended October 31, 2004	$	17.65		(0.06	)		0.87			0.81			(0.01	)
Year Ended October 31, 2005	$	18.45		0.04			1.99			2.03			(0.10	)
Year Ended October 31, 2006	$	20.30		0.04			2.53			2.57			(0.03	)
Six Months Ended April 30, 2007 (Unaudited)	$	20.03		0.01			1.61			1.62			(0.01	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class A Shares
Year Ended October 31, 2002		–			(0.08	)	$	15.06		(9.64%	)	$	362,435		1.14%
Year Ended October 31, 2003		–			(0.09	)	$	18.08		20.74%		$	571,918		1.13%
Year Ended October 31, 2004		–			(0.06	)	$	18.96		5.22%		$	447,884		1.10%
Year Ended October 31, 2005		(0.08	)		(0.26	)	$	20.94		11.88%		$	119,615		1.14%
Year Ended October 31, 2006		(2.81	)		(2.98	)	$	20.75		14.65%		$	117,938		1.04%
Six Months Ended April 30, 2007 (Unaudited)		(2.25	)		(2.33	)	$	20.18		9.05%		$	121,013		0.98%
Class B Shares
Year Ended October 31, 2002		–			–		$	14.72		(10.24%	)	$	31,267		1.80%
Year Ended October 31, 2003		–			(0.01	)	$	17.65		19.99%		$	35,564		1.79%
Year Ended October 31, 2004		–			–		$	18.46		4.59%		$	35,073		1.76%
Year Ended October 31, 2005		(0.08	)		(0.18	)	$	20.32		11.09%		$	29,960		1.79%
Year Ended October 31, 2006		(2.81	)		(2.84	)	$	20.05		13.83%		$	20,455		1.76%
Six Months Ended April 30, 2007 (Unaudited)		(2.25	)		(2.26	)	$	19.42		8.67%		$	18,647		1.72%
Class C Shares
Year Ended October 31, 2002		–			–		$	14.72		(10.24%	)	$	212		1.80%
Year Ended October 31, 2003		–			(0.01	)	$	17.65		20.00%		$	714		1.79%
Year Ended October 31, 2004		–			(0.01	)	$	18.45		4.58%		$	989		1.76%
Year Ended October 31, 2005		(0.08	)		(0.18	)	$	20.30		11.04%		$	965		1.79%
Year Ended October 31, 2006		(2.81	)		(2.84	)	$	20.03		13.89%		$	866		1.75%
Six Months Ended April 30, 2007 (Unaudited)		(2.25	)		(2.26	)	$	19.39		8.61%		$	845		1.72%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class A Shares
Year Ended October 31, 2002		0.46%			(f)		(f)			25.51%
Year Ended October 31, 2003		0.57%			(f)		(f)			120.02%
Year Ended October 31, 2004		0.35%			(f)		(f)			144.61%
Year Ended October 31, 2005		1.64%			(f)		(f)			145.66%
Year Ended October 31, 2006		0.91%			1.04%		0.91%	(f)		245.80%
Six Months Ended April 30, 2007 (Unaudited)		0.85%			0.99%		0.85%	(f)		181.30%
Class B Shares
Year Ended October 31, 2002		(0.18%	)		(f)		(f)			25.51%
Year Ended October 31, 2003		(0.06%	)		(f)		(f)			120.02%
Year Ended October 31, 2004		(0.30%	)		(f)		(f)			144.61%
Year Ended October 31, 2005		0.25%			(f)		(f)			145.66%
Year Ended October 31, 2006		0.21%			1.76%		0.21%	(f)		245.80%
Six Months Ended April 30, 2007 (Unaudited)		0.13%			1.73%		0.13%	(f)		181.30%
Class C Shares
Year Ended October 31, 2002		(0.20%	)		(f)		(f)			25.51%
Year Ended October 31, 2003		(0.16%	)		(f)		(f)			120.02%
Year Ended October 31, 2004		(0.32%	)		(f)		(f)			144.61%
Year Ended October 31, 2005		0.27%			(f)		(f)			145.66%
Year Ended October 31, 2006		0.20%			1.75%		0.20%	(f)		245.80%
Six Months Ended April 30, 2007 (Unaudited)		0.13%			1.73%		0.13%	(f)		181.30%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/ reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	There were no fee reductions during the period.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.

See notes to financial statements.

2007 Semiannual Report 31

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class D Shares
Year Ended October 31, 2002	$	16.64		0.13			(1.69	)		(1.56	)		(0.12	)
Year Ended October 31, 2003	$	14.96		0.13			3.00			3.13			(0.13	)
Year Ended October 31, 2004	$	17.96		0.12			0.88			1.00			(0.13	)
Year Ended October 31, 2005	$	18.83		0.23			2.04			2.27			(0.26	)
Year Ended October 31, 2006	$	20.76		0.23			2.59			2.82			(0.22	)
Six Months Ended April 30, 2007 (Unaudited)	$	20.55		0.10			1.65			1.75			(0.10	)
Class R Shares
Period Ended October 31, 2003 (g)	$	17.32		–			0.63			0.63			–
Year Ended October 31, 2004	$	17.95		0.03			0.88			0.91			(0.03	)
Year Ended October 31, 2005	$	18.83		0.19			2.05			2.24			(0.21	)
Year Ended October 31, 2006	$	20.78		0.18			2.60			2.78			(0.17	)
Six Months Ended April 30, 2007 (Unaudited)	$	20.58		(0.01	)		1.65			1.64			(0.01	)
Institutional Class Shares
Period Ended October 31, 2004 (h)	$	19.00		0.03			(0.17	)		(0.14	)		(0.03	)
Year Ended October 31, 2005	$	18.83		0.24			2.04			2.28			(0.27	)
Year Ended October 31, 2006	$	20.76		0.22			2.61			2.83			(0.23	)
Six Months Ended April 30, 2007 (Unaudited)(i)	$	20.55		.21			1.58			1.79			(0.11	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (a) (b)			(000’s)		Net Assets (c)
Class D Shares
Year Ended October 31, 2002		–			(0.12	)	$	14.96		(9.43%	)	$	1,125,402		0.86%
Year Ended October 31, 2003		–			(0.13	)	$	17.96		21.07%		$	1,240,520		0.85%
Year Ended October 31, 2004		–			(0.13	)	$	18.83		5.59%		$	1,161,934		0.82%
Year Ended October 31, 2005		(0.08	)		(0.34	)	$	20.76		12.11%		$	1,132,192		0.85%
Year Ended October 31, 2006		(2.81	)		(3.03	)	$	20.55		14.95%		$	1,137,817		0.80%
Six Months Ended April 30, 2007 (Unaudited)		(2.25	)		(2.35	)	$	19.95		9.11%		$	1,162,971		0.77%
Class R Shares
Period Ended October 31, 2003 (g)		–			–		$	17.95		3.64%		$	1		1.52%
Year Ended October 31, 2004		–			(0.03	)	$	18.83		5.08%		$	1		1.27%
Year Ended October 31, 2005		(0.08	)		(0.29	)	$	20.78		11.95%		$	1		0.96%
Year Ended October 31, 2006		(2.81	)		(2.98	)	$	20.58		14.71%		$	1		0.96%
Six Months Ended April 30, 2007 (Unaudited)		(2.25	)		(2.26	)	$	19.96		8.50%		$	2		1.86%
Institutional Class Shares
Period Ended October 31, 2004 (h)		–			(0.03	)	$	18.83		(0.74%	)	$	341		0.78%
Year Ended October 31, 2005		(0.08	)		(0.35	)	$	20.76		12.19%		$	3,335		0.81%
Year Ended October 31, 2006		(2.81	)		(3.04	)	$	20.55		15.01%		$	10,226		0.74%
Six Months Ended April 30, 2007 (Unaudited)(i)		(2.25	)		(2.36	)	$	19.98		9.28%		$	1		0.71%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Net Assets (c) (d)			Turnover (e)
Class D Shares
Year Ended October 31, 2002		0.77%			(f)		(f)			25.51%
Year Ended October 31, 2003		0.89%			(f)		(f)			120.02%
Year Ended October 31, 2004		0.64%			(f)		(f)			144.61%
Year Ended October 31, 2005		1.17%			(f)		(f)			145.66%
Year Ended October 31, 2006		1.14%			0.80%		1.14%	(f)		245.80%
Six Months Ended April 30, 2007 (Unaudited)		1.06%			0.78%		1.06%	(f)		181.30%
Class R Shares
Period Ended October 31, 2003 (g)		0.07%			1.62%		(0.03%	)		120.02%
Year Ended October 31, 2004		0.16%			(f)		(f)			144.61%
Year Ended October 31, 2005		0.95%			(f)		(f)			145.66%
Year Ended October 31, 2006		0.93%			0.96%		0.93%			245.80%
Six Months Ended April 30, 2007 (Unaudited)		(0.06%	)		1.87%		(0.06%	)		181.30%
Institutional Class Shares
Period Ended October 31, 2004 (h)		0.54%			(f)		(f)			144.61%
Year Ended October 31, 2005		0.81%			(f)		(f)			145.66%
Year Ended October 31, 2006		1.11%			0.74%		1.11%	(f)		245.80%
Six Months Ended April 30, 2007 (Unaudited)(i)		1.99%			0.71%		1.99%	(f)		181.30%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	There were no fee reductions during the period.
(g)	For the period from October 1, 2003 (commencement of operations) through October 31, 2003.
(h)	For the period from June 29, 2004 (commencement of operations) through October 31, 2004.
(i)	Net investment income is based on average shares outstanding during the period.

See notes to financial statements.

32 Semiannual Report 2007

Nationwide Money Market Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Money Market Fund (Prime Shares) returned 2.40% versus 2.29% for its benchmark, the iMoneyNet First Tier Retail Index. For broader comparison, the average return for the Fund’s Lipper peer category of Money Market Funds (consisting of 343 funds as of April 30, 2007) was 2.22%.

Can you describe the market environment during the reporting period?

Interest rates remained substantially unchanged throughout the past six months; while inflation as measured by the Consumer Price Index (CPI), increased 2.08% for the six months ended April 30, 2007. Although this measure is still slightly elevated relative to the Federal Reserve Board’s usual comfort zone, the expectation for the coming months is that inflation will continue to moderate. Given that, it appears unlikely that the Federal Reserve will need to address any significant economic risks in the near future. As the upside and downside risks continue to offset each other, the federal funds target discount rate seems to be on hold at 5.25% for at least the time being.

What areas of investment provided the most positive returns for the Fund?

Asset-backed commercial paper and certain bank debt obligations continued to offer the most attractive yields for the Fund. Floating-rate notes and step-up securities added incremental yield for the Fund and proved instrumental in the achieving of above-average returns. The Fund also lengthened its weighted average maturity amid an environment of flat or potentially decreasing interest rates.

What areas detracted from Fund performance?

With a significant portion of new debt issuance coming from the banking and financial services-related industries, the Fund’s exposure to government and other types of instruments decreased accordingly. Certain of the higher-yielding securities held by the Fund either matured or were called away by issuers, which reduced the Fund’s returns.

What is your outlook for the near term?

Despite relative uncertainty in specific economic indicators, the general assessment of the economy is that the economy should continue with overall moderate growth; the ongoing primary concern is decelerating inflation. For the second half of the year, futures contracts are pricing in the slight chance of a Fed easing in the market between late summer and end of year.

In anticipation of possible interest-rate cuts later in the year, the Fund has begun to extend its weighted average maturity in an attempt to lock in the potential for higher returns. In addition, exposure to variable-rate securities is being closely monitored to take advantage of opportunities to improve Fund returns.

Portfolio Manager: Daniel Blevins, CFA

2007 Semiannual Report 33

Nationwide Money Market Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

	Six								Expense
	Month*		1 Yr.		5 Yr.		10 Yr.		Ratio**
Institutional Class Shares 1		2.45%		4.90%		2.27%		3.43%		0.54%
Service Class Shares1		2.32%		4.65%		2.06%		3.28%		0.75%
Prime Shares		2.40%		4.82%		2.20%		3.39%		0.59%

There is no sales charge on the shares of the Money Market Fund. Past performance is no guarantee of future results. An investment in this Fund is neither guaranteed nor insured by the FDIC or any other government agency. Although this Fund strives to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in this Fund.

* Not annualized

** As of October 31, 2006. Please see the Fund’s most recent prospectus for details.

¹ These returns through May 11, 1998 include the performance of the Fund’s predecessor fund, and, for periods from May 11, 1998 to the creation of the class, include the performance of the Fund’s Prime shares. These returns were achieved prior to the creation of Service Class shares (1/4/99), and Institutional Class shares (12/13/01). Excluding the effects of any fee waivers or reimbursements, such prior performance is similar to what Service Class and Institutional Class shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for the Service Class shares would have been lower.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Prime Shares of the Nationwide Money Market Fund, the iMoneyNet-First Tier Retail(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/07. Unlike the Fund, the returns for these unmanaged indexes does not reflect any fees or expenses. Investors cannot invest directly in market indexes.

(a)

The iMoneyNet-First Tier Retail is an average of non-government retail money market mutual funds that do not invest in any second tier securities. Portfolio holdings of first tier money market mutual funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

(b)

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

34 Semiannual Report 2007

Nationwide Money Market Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Money Market Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Institutional Class	Actual		$	1,000.00	$	1,024.50	$	2.51		0.50%
	Hypothetical	1	$	1,000.00	$	1,022.52	$	2.51		0.50%
Service Class	Actual		$	1,000.00	$	1,023.20	$	3.76		0.75%
	Hypothetical	1	$	1,000.00	$	1,021.28	$	3.77		0.75%
Prime	Actual		$	1,000.00	$	1,024.00	$	2.96		0.59%
	Hypothetical	1	$	1,000.00	$	1,022.07	$	2.96		0.59%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 35

Nationwide Money Market Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Commercial Paper	32.6%
Floating Rate Notes	23.3%
Asset-Backed Commercial Paper	23.2%
Certificates of Deposit	7.6%
Corporate Bonds	5.8%
Municipal Bonds	2.6%
Yankee Dollars	2.3%
Government Mortgage Backed Agencies	2.1%
Other Assets in excess of Liabilities	0.5%
	100.0%

Top Industries
Consumer Finance	16.7%
Banks	7.6%
Diversified Financial Services	3.5%
Insurance	1.6%
Other	70.6%
	100.0%

Top Holdings
Florida Hurricane Catastrophe, 5.33%, 05/14/08	2.4%
PB Finance (Delaware), 5.26%, 05/17/07	2.3%
Federal Home Loan Bank, 5.26%, 11/01/07	2.1%
Natixis, 5.40%, 01/22/08	2.0%
Barclays Bank PLC, 5.35%, 05/05/08	1.7%
Liquid Funding, 5.34%, 08/14/07	1.7%
Pepsico, Inc., 5.26%, 05/08/07	1.7%
Yorkshire Building Society, 5.24%, 05/21/07	1.7%
Harrier Financial Funding US LLC, 5.32%, 09/13/07	1.5%
Citigroup, Inc., 5.23%, 05/24/07	1.5%
Other	81.4%
	100.0%

36 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Money Market Fund

Asset-Backed Commercial Paper (23.2%)
		Principal
		Amount		Value
ASSET-BACKED — DOMESTIC (3.0%) (a) (b)
CC USA, Inc.
5.20%, 08/03/07 (c)		$	19,000,000	$	18,742,022
Harrier Financial Funding U.S. LLC
5.25%, 05/29/07			3,160,000		3,147,109
5.30%, 06/07/07			6,500,000		6,464,593
5.20%, 07/19/07 (c)			15,000,000		14,828,833
5.22%, 07/20/07			4,071,000		4,023,777
5.24%, 07/26/07			3,773,000		3,725,816
					50,932,150
ASSET-BACKED — MORTGAGES (3.0%) (b)
Georgetown Funding Co.
5.29%, 05/18/07			20,000,000		19,950,039
Thornburg Mortgage, Inc. (a)
5.30%, 05/09/07			5,000,000		4,994,111
5.32%, 05/10/07			17,500,000		17,476,725
5.30%, 05/30/07			8,000,000		7,965,845
					50,386,720
ASSET-BACKED — REPURCHASE AGREEMENT (0.8%) (a) (b)
Liquid Funding Ltd.
5.30%, 05/09/07			4,637,000		4,631,538
5.22%, 08/06/07			10,000,000		9,859,485
					14,491,023
ASSET-BACKED — RESIDENTIAL MORTGAGES (6.4%) (b)
Carrera Capital Finance LLC
5.25%, 05/07/07 (c) (a)			10,000,000		9,991,250
5.25%, 05/08/07 (c) (a)			7,700,000		7,692,147
5.25%, 05/15/07 (a)			6,494,000		6,480,754
5.24%, 05/21/07 (a)			5,887,000		5,869,863
5.24%, 05/25/07 (c) (a)			6,103,000		6,081,680
5.25%, 07/18/07 (a)			6,757,000		6,680,139
5.25%, 07/27/07			22,000,000		21,720,875
Klio II Funding Corp. (a)
5.25%, 06/13/07			25,000,000		24,843,229
5.25%, 07/24/07			20,000,000		19,755,000
					109,114,937
ASSET-BACKED — YANKEE (7.3%)
Check Point Charlie Ltd. (b)
5.29%, 05/03/07			11,070,000		11,066,747
5.26%, 06/20/07			13,400,000		13,302,082
5.26%, 07/10/07			10,000,000		9,897,722
5.26%, 07/11/07			16,028,000		15,861,727
5.26%, 07/13/07			15,000,000		14,840,008
5.26%, 07/26/07			7,380,000		7,287,266
Giro Funding U.S. Corp. (b)
5.24%, 06/13/07			13,964,000		13,876,601
5.24%, 06/15/07			19,789,000		19,659,382
Greyhawk Funding LLC
5.24%, 05/10/07 (c)			3,000,000		2,996,070
Stanfield Victoria Funding
5.24%, 06/22/07 (a) (b)			16,000,000		15,878,898
					124,666,503
ASSET-BACKED CDO — TRUST PREFERRED (2.7%) (b)
Lockhart Funding LLC
5.25%, 05/14/07			20,000,000		19,962,083
5.24%, 05/25/07			6,778,000		6,754,322
5.24%, 05/29/07			20,000,000		19,918,489
					46,634,894
Total Asset-Backed Commercial Paper (Cost $396,226,227)					396,226,227
Certificates of Deposit (7.6%)
BANKS — FOREIGN (7.6%)
Barclays Bank PLC
5.35%, 05/05/08			30,000,000		30,000,000
Deutsche Bank
5.35%, 08/08/07			20,000,000		20,000,000
HBOS Treasury Services
5.28%, 09/04/07			15,000,000		14,998,172
Natixis
	5.40%, 01/22/08		35,000,000		35,000,000
	5.42%, 02/14/08		15,000,000		15,000,000
	5.40%, 04/08/08 (d)		15,000,000		15,000,677
Total Certificates of Deposit (Cost $129,998,849)					129,998,849
Commercial Paper (32.6%)
BANKS — FOREIGN (9.2%)
ANZ National International Ltd.
5.19%, 07/24/07 (c)			25,000,000		24,697,250
Bank of Ireland (b)
5.20%, 07/20/07 (c)			25,000,000		24,711,389
5.21%, 08/06/07			10,650,000		10,500,638

2007 Semiannual Report 37

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Money Market Fund (Continued)

Commercial Paper (continued)
	Principal
	Amount		Value
BANKS — FOREIGN (continued)
HBOS Treasury Services
5.19%, 07/18/07 (c)	$	22,600,000	$	22,345,863
Societe Generale North American
5.21%, 06/20/07 (c)		20,000,000		19,855,278
UBS Finance (Delaware) LLC
5.24%, 05/01/07		12,600,000		12,600,000
5.24%, 05/08/07 (c)		7,300,000		7,292,562
5.24%, 05/15/07		5,700,000		5,688,385
5.25%, 06/01/07 (c)		5,725,000		5,699,143
5.22%, 06/05/07 (c)		1,536,000		1,528,205
5.22%, 06/12/07 (c)		3,800,000		3,776,858
5.20%, 07/06/07 (c)		3,225,000		3,194,255
5.19%, 07/17/07 (c)		15,000,000		14,833,487
				156,723,313
BANKS — MORTGAGE (1.8%) (b)
Northern Rock PLC
5.25%, 05/04/07		13,800,000		13,793,962
5.25%, 05/15/07		16,493,000		16,459,359
				30,253,321
BUILDING SOCIETY (2.9%)
Nationwide Building Society
5.20%, 07/10/07 (c) (b)		11,475,000		11,358,975
Yorkshire Building Society
5.24%, 05/21/07		30,000,000		29,912,666
5.20%, 07/18/07		9,216,000		9,111,984
				50,383,625
FINANCE LESSORS (3.8%)
PB Finance (Delaware)
5.26%, 05/17/07		40,000,000		39,906,489
5.27%, 07/16/07		15,000,000		14,833,275
5.27%, 07/31/07		10,717,000		10,574,235
				65,313,999
FINANCIAL SERVICES (10.4%)
Citigroup, Inc.
5.23%, 05/24/07 (c)		25,000,000		24,916,465
Countrywide Home Loans
5.26%, 05/01/07		9,117,000		9,117,000
5.29%, 06/14/07		16,805,000		16,696,346
5.28%, 06/29/07		7,500,000		7,435,100
5.28%, 07/19/07		20,000,000		19,768,486
5.24%, 08/07/07		10,115,000		9,970,715
ING U.S. Funding
5.22%, 06/07/07		20,000,000		19,892,803
5.20%, 07/30/07 (c)		22,816,000		22,519,392
Private Export Funding Corp. (b)
5.22%, 06/05/07		11,000,000		10,944,175
5.21%, 06/19/07 (c)		21,000,000		20,851,081
5.20%, 07/25/07 (c)		3,860,000		3,812,608
5.20%, 07/31/07 (c)		11,000,000		10,855,550
				176,779,721
GROCERIES AND RELATED PRODUCTS (1.7%)
Pepsico, Inc.
5.26%, 05/08/07		30,000,000		29,969,317
SECURITY BROKERS & DEALERS (2.8%) (c)
Morgan Stanley Dean Witter & Co.
5.22%, 05/21/07		15,000,000		14,956,500
5.20%, 06/04/07		4,577,000		4,554,522
5.20%, 06/28/07		18,148,000		17,995,960
5.19%, 07/23/07		10,000,000		9,880,342
				47,387,324
Total Commercial Paper (Cost $556,810,620)				556,810,620
Corporate Bonds (5.8%)
ASSET-BACKED — YANKEE (5.8%)
HSBC Americas, Inc.
5.37%, 01/24/08 (d)		20,000,000		20,000,000
Sigma Finance, Inc. (a) (b)
5.25%, 05/04/07		15,000,000		15,000,000
5.33%, 08/16/07 (d)		12,500,000		12,499,896
5.32%, 10/02/07 (d)		15,000,000		14,999,367
5.37%, 11/21/07 (d)		6,000,000		6,000,854
5.34%, 04/17/08		15,000,000		15,000,000
Stanfield Victoria Funding
5.45%, 02/01/08 (a) (b)		15,000,000		15,000,000
Total Corporate Bonds (Cost $98,500,117)				98,500,117

38 Semiannual Report 2007

Floating Rate Notes (23.3%) (d)
	Principal
	Amount		Value
ASSET-BACKED — CDO (1.3%)
Commodore CDO I Ltd.
5.42%, 12/12/38	$	12,896,978	$	12,896,978
Newcastle CDO Ltd.
5.35%, 09/24/38		10,000,000		10,000,000
				22,896,978
ASSET-BACKED — DOMESTIC (4.4%) (a) (b)
Harrier Financial Funding US LLC
5.32%, 09/13/07		25,000,000		24,999,538
Liquid Funding
5.31%, 07/05/07		20,000,000		20,000,000
5.34%, 08/14/07		30,000,000		29,998,705
				74,998,243
ASSET-BACKED — YANKEE (5.4%)
K2 (USA) LLC (a) (b)
5.33%, 08/28/07		15,000,000		14,999,284
5.32%, 10/24/07		20,000,000		19,999,036
Premier Asset Collateralized Entity LLC
5.32%, 06/25/07		20,000,000		19,999,765
Stanfield Victoria Funding LLC (a) (b)
5.29%, 08/15/07		17,000,000		16,999,259
5.30%, 04/25/08		20,000,000		19,998,965
				91,996,309
Banks — Domestic (0.8%)
Wells Fargo & Co.
5.38%, 01/02/08		13,000,000		13,000,000
Banks — Foreign (2.7%)
HBOS Treasury Services PLC
5.43%, 11/20/07		18,000,000		18,000,000
5.29%, 12/07/07		5,000,000		5,000,000
Kommunalkredit Austria
5.34%, 02/22/08 (a) (b)		22,500,000		22,500,000
				45,500,000
Banks — Mortgage (0.7%) (a) (b)
Northern Rock PLC
5.43%, 04/08/08		12,500,000		12,500,000
Insurance (2.2%) (b)
Allstate Life Global Funding
5.39%, 10/05/07		15,000,000		15,000,000
5.32%, 01/25/08		10,000,000		10,000,000
5.33%, 05/25/08 (a)		12,500,000		12,500,000
				37,500,000
Personal Credit Institutions (1.5%)
General Electric Capital Corp.
5.45%, 07/09/07		19,000,000		19,000,000
5.45%, 10/17/07		7,000,000		7,000,000
				26,000,000
Security Brokers & Dealers (4.3%)
Bear Stearns Cos., Inc.
5.31%, 05/13/08		20,000,000		20,000,000
Goldman Sachs Group, Inc.
5.46%, 05/11/07		20,000,000		20,000,733
5.37%, 12/21/07		13,000,000		13,000,000
Morgan Stanley Dean Witter & Co.
5.36%, 05/02/08 (a) (b)		20,000,000		20,000,000
				73,000,733
Total Floating Rate Notes (Cost $397,392,263)				397,392,263
Government Mortgage Backed Agency (2.1%)
ASSET-BACKED — MORTGAGES (2.1%)
Federal Home Loan Bank
5.26%, 11/01/07		35,000,000		35,000,000
Municipal Bonds (2.6%)
Florida (2.6%)
Florida Hurricane Catastrophe
5.33%, 05/14/08 (d)		40,000,000		39,999,494
Sunshine State Government Financing Commission
5.27%, 05/04/07		4,101,000		4,099,199
Total Municipal Bonds (Cost $44,098,693)				44,098,693

2007 Semiannual Report 39

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Money Market Fund (Continued)

Yankee Dollars (2.3%) (a) (b) (d)
	Principal
	Amount		Value
Banks — Mortgage (2.3%)
Northern Rock PLC, 5.38%, 02/03/10	$	20,000,000	$	20,000,000
Premier Asset Collateralized Entity LLC, 5.33%, 09/17/07		20,000,000		19,999,621
Total Yankee Dollars (Cost $39,999,621)				39,999,621
Total Investments (Cost $1,698,026,390) (e) — 99.5%				1,698,026,390
Other assets in excess of liabilities — 0.5%				8,467,470
NET ASSETS — 100.0%			$	1,706,493,860

(a)	Illiquid security.
(b)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(c)	The rate reflected in the Statement of Investments is the effective yield as of April 30, 2007.
(d)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2007. The maturity date represents the actual maturity date.
(e)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

CDO Collateralized Debt Obligation

See accompanying notes to financial statements.

40 Semiannual Report 2007

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			Nationwide
			Money
			Market Fund
Assets:
Investments, at value (cost and $1,698,026,390)			$	1,698,026,390
Cash				285
Interest and dividends receivable				5,599,363
Receivable for capital shares issued				5,764,491
Prepaid expenses and other assets				19,206
		Total Assets		1,709,409,735
Liabilities:
Distributions payable				49,817
Payable for capital shares redeemed				1,922,146
Accrued expenses and other payables:
	Investment advisory fees			556,218
	Fund administration and transfer agent fees			153,001
	Distribution fees			717
	Administrative servicing fees			91,152
	Compliance program fees			29,285
	Other			113,539
		Total Liabilities		2,915,875
Net Assets			$	1,706,493,860
Represented by:
Capital			$	1,706,508,245
Accumulated net investment income				1
Accumulated net realized gains (losses) on investment transactions				(14,386	)
Net Assets			$	1,706,493,860
Institutional Class Shares			$	1,283,478,214
Service Class Shares				8,528,637
Prime Shares				414,487,009
Total			$	1,706,493,860
Shares Outstanding (unlimited number of shares authorized):
Institutional Class Shares				1,283,539,574
Service Class Shares				8,528,749
Prime Shares				414,707,911
Total				1,706,776,234
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Institutional Class Shares			$	1.00
Service Class Shares			$	1.00
Prime Shares			$	1.00

See accompanying notes to financial statements.

2007 Semiannual Report 41

Statements of Operations

For the Six Months Ended April 30, 2007 (Unaudited)

		Nationwide
		Money
		Market Fund
INVESTMENT INCOME:
Interest income		$	45,423,034
Dividend income			33,050
	Total Income		45,456,084
Expenses:
Investment advisory fees			3,305,628
Fund administration and transfer agent fees			694,130
Distribution fees Service Class			6,717
Administrative servicing fees Service Class			8,859
Administrative servicing fees Prime Class			173,773
Trustee fees			28,294
Compliance program fees (Note 3)			19,933
Custodian fees			18,521
Other			161,219
	Total expenses before waived expenses		4,417,074
Earnings credits (Note 5)			(7,842	)
Expenses voluntarily waived by administrator			(16,220	)
Distribution fees voluntarily waived — Service Class			(4,478	)
Net expenses			4,388,534
Net Investment Income			41,067,550
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses on investment transactions			(561	)
Net realized/unrealized gains (losses) from investments			(561	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	41,066,989

See accompanying notes to financial statements.

42 Semiannual Report 2007

Statements of Changes in Net Assets

		Nationwide Money Market Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	41,067,550		$	69,256,016
Net realized losses from investments transactions			(561	)		(1,715	)
Change in net assets from operations			41,066,989			69,254,301
Distributions to Shareholders:
From net investment income:
	Institutional Class		(31,725,835	)		(54,530,562	)
	Service Class		(207,688	)		(277,277	)
	Prime Class		(9,124,986	)		(14,457,219	)
Change in net assets from shareholder distributions			(41,058,509	)		(69,265,058	)
Change in net assets from capital transactions			65,691,606			(226,383,585	)
Change in net assets			65,700,086			(226,394,342	)
Net Assets:
Beginning of period			1,640,793,774			1,867,188,116
End of period		$	1,706,493,860		$	1,640,793,774
Accumulated net investment income (loss) at end of period		$	1		$	(9,040	)

See accompanying notes to financial statements.

2007 Semiannual Report 43

Statements of Changes in Net Assets (Continued)

		Nationwide Money Market Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS:
Institutional Class Shares
	Proceeds from shares issued	$	391,723,414		$	727,791,142
	Dividends reinvested		31,725,829			54,550,726
	Cost of shares redeemed		(411,803,682	)		(1,035,994,303	)
Total Institutional Class			11,645,561			(253,652,435	)
Service Class Shares
	Proceeds from shares issued		1,614,124			11,225,616
	Dividends reinvested		207,687			276,130
	Cost of shares redeemed		(3,194,122	)		(8,309,404	)
Total Service Class			(1,372,311	)		3,192,342
Prime Shares
	Proceeds from shares issued		205,245,793			256,104,186
	Dividends reinvested		8,825,274			13,850,982
	Cost of shares redeemed		(158,652,711	)		(245,878,660	)
Total Prime Service			55,418,356			24,076,508
Change in net assets from capital transactions:		$	65,691,606		$	(226,383,585	)
SHARE TRANSACTIONS:
Institutional Class Shares
	Issued		391,723,413			727,791,028
	Reinvested		31,725,829			54,550,726
	Redeemed		(411,803,683	)		(1,035,994,303	)
Total Institutional Class Shares			11,645,559			(253,652,549	)
Service Class Shares
	Issued		1,614,124			11,225,616
	Reinvested		207,688			276,130
	Redeemed		(3,194,121	)		(8,309,404	)
Total Service Class Shares			(1,372,309	)		3,192,342
Prime Shares
	Issued		205,245,763			256,104,087
	Reinvested		8,825,273			13,850,982
	Redeemed		(158,652,711	)		(245,878,660	)
Total Prime Shares			55,418,325			24,076,409
Change in shares			65,691,575			(226,383,798	)

See accompanying notes to financial statements.

44 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Money Market Fund

			Investment Activities							Distributions										Ratios / Supplemental Data
					Net Realized
					and
	Net Asset				Unrealized			Total												Net Assets		Ratio of
	Value,		Net		Gains			from		Net						Net Asset				at End of		Expenses
	Beginning		Investment		(Losses) on			Investment		Investment			Total			Value, End		Total		Period		to Average
	of Period		Income		Investments			Activities		Income			Distributions			of Period		Return (a) (b)		(000’s)		Net Assets (c)
Institutional Class Shares
Period Ended October 31, 2002(e)	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		1.12%	$	8,606		0.59%
Year Ended October 31, 2003	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		0.77%	$	1,214,406		0.56%
Year Ended October 31, 2004	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		0.73%	$	1,219,343		0.54%
Year Ended October 31, 2005	$	1.00		0.02		–			0.02		(0.02	)		(0.02	)	$	1.00		2.41%	$	1,525,487		0.55%
Year Ended October 31, 2006	$	1.00		0.04		–			0.04		(0.04	)		(0.04	)	$	1.00		4.40%	$	1,271,826		0.54%
Six Months Ended April 30, 2007 (Unaudited)	$	1.00		0.02		–			0.02		(0.02	)		(0.02	)	$	1.00		2.45%	$	1,283,478		0.50%
Service Shares
Year Ended October 31, 2002	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		1.11%	$	627,365		0.80%
Year Ended October 31, 2003	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		0.59%	$	8,473		0.75%
Year Ended October 31, 2004	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		0.52%	$	5,952		0.75%
Year Ended October 31, 2005	$	1.00		0.02		–			0.02		(0.02	)		(0.02	)	$	1.00		2.21%	$	6,710		0.75%
Year Ended October 31, 2006	$	1.00		0.04		–			0.04		(0.04	)		(0.04	)	$	1.00		4.17%	$	9,901		0.75%
Six Months Ended April 30, 2007 (Unaudited)	$	1.00		0.02		–			0.02		(0.02	)		(0.02	)	$	1.00		2.32%	$	8,529		0.65%
Prime Shares
Year Ended October 31, 2002	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		1.23%	$	1,177,541		0.70%
Year Ended October 31, 2003	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		0.69%	$	470,771		0.64%
Year Ended October 31, 2004	$	1.00		0.01		–			0.01		(0.01	)		(0.01	)	$	1.00		0.67%	$	395,038		0.60%
Year Ended October 31, 2005	$	1.00		0.02		–			0.02		(0.02	)		(0.02	)	$	1.00		2.36%	$	334,991		0.60%
Year Ended October 31, 2006	$	1.00		0.04		–			0.04		(0.04	)		(0.04	)	$	1.00		4.35%	$	359,067		0.59%
Six Months Ended April 30, 2007 (Unaudited)	$	1.00		0.04		(0.02	)		0.02		(0.02	)		(0.02	)	$	1.00		2.40%	$	414,487		0.59%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
			Ratio of		Ratio of
	Ratio of Net		Expenses		Investment
	Investment		(Prior to		Income (Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average Net
	Net Assets (c)		Net Assets (c) (d)		Assets (c) (d)
Institutional Class Shares
Period Ended October 31, 2002(e)		1.25%		(f)		(f)
Year Ended October 31, 2003		0.73%		(f)		(f)
Year Ended October 31, 2004		0.73%		(f)		(f)
Year Ended October 31, 2005		2.40%		(f)		(f)
Year Ended October 31, 2006		4.32%		(f)		(f)
Six Months Ended April 30, 2007 (Unaudited)		4.89%		0.50%		4.89%	(f)
Service Shares
Year Ended October 31, 2002		1.09%		0.96%		0.93%
Year Ended October 31, 2003		0.89%		0.92%		0.72%
Year Ended October 31, 2004		0.51%		0.78%		0.48%
Year Ended October 31, 2005		2.30%		0.88%		2.16%
Year Ended October 31, 2006		4.14%		0.80%		4.09%
Six Months Ended April 30, 2007 (Unaudited)		4.64%		0.75%		4.54%
Prime Shares
Year Ended October 31, 2002		1.22%		(f)		(f)
Year Ended October 31, 2003		0.73%		(f)		(f)
Year Ended October 31, 2004		0.66%		(f)		(f)
Year Ended October 31, 2005		2.31%		(f)		(f)
Year Ended October 31, 2006		4.27%		(f)		(f)
Six Months Ended April 30, 2007 (Unaudited)		4.80%		0.59%		4.80%	(f)

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	For the period from December 13, 2001 (commencement of operations) through October 31, 2002.
(f)	There were no fee reductions during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 45

Notes to Financial Statements

April 30, 2007 (Unaudited)

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Mutual Funds”. Prior to January 25, 2002, the Trust was named “Nationwide Mutual Funds”. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust, dated as of October 30, 1997, as subsequently amended, and redomesticated as a Delaware Statutory Trust on February 28, 2005; the redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of April 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-nine (49) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the three (3) funds listed below (individually, a “Fund”; collectively, the “Funds”):

-  Nationwide Growth Fund (“Growth,” formerly, “Gartmore Growth Fund”)

-  Nationwide Fund (“Nationwide,” formerly, “Gartmore Nationwide Fund”)

-  Nationwide Money Market Fund (“Money Market,” formerly, “Gartmore Money Market Fund”)

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). 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. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) in which the Growth and Nationwide Funds invest are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities such as commercial paper and U.S. Treasury Bills, having a remaining maturity of 60 days or less at the time of purchase are considered to be “short-term” and are valued at amortized cost which approximates market value.

Investments of the Money Market Fund are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight line) basis to the maturity of the security.

The Nationwide Fund is permitted to hold foreign equity securities and values the foreign securities at fair value in the circumstances described below. 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 Valuation Time for the Nationwide Fund, the Nationwide Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily

46 Semiannual Report 2007

available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Nationwide Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities which are fully collateralized by U.S. Government Agency Mortgages with the counterparty of Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Futures Contracts

Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities that the Funds intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made each day depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets. As of April 30, 2007, the Funds did not have any open futures.

2007 Semiannual Report 47

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

(e) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (i.e., the “trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f) Securities Lending

To generate additional income, each of the Funds with the exception of the Money Market Fund, may lend their respective portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Funds’ investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of April 30, 2007, the following Funds had securities with the following market value on loan:

	Value of		Value of
Fund	Loaned Securities		Collateral
Growth	$	10,564,123	$	10,556,512
Nationwide		46,739,633		48,292,952

(g) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for the Growth and Nationwide Funds and is declared daily and paid monthly for the Money Market Fund. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with American Institute of Certified Public Accountants (the “AICPA”) Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.

(h) Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue

48 Semiannual Report 2007

Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of April 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

								Net
								Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Growth	$	198,770,705	$	12,870,552	$	(1,215,222	)	$	11,655,330
Nationwide		1,272,942,953		95,045,876		(10,267,015	)		84,778,861
Money Market		1,698,026,390		—		—			—

(i) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. For the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, “Gartmore Mutual Fund Capital Trust” (“GMF”)) (“NFA” or the “Adviser”) manages the investment of the assets and supervises the daily business affairs of the Funds (as shown in the table below). As of May 1, 2007, NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding the investment advisory fees for NFA is as follows for the six months ended April 30, 2007:

		Total
Fund	Fee Schedule	Fees
Growth and Nationwide	$0 up to $250 million		0.60%
	$250 million up to $1 billion		0.575%
	$1 billion up to $2 billion		0.55%
	$2 billion up to $5 billion		0.525%
	$5 billion or more		0.50%
Money Market	$0 up to $1 billion		0.40%
	On the next $1 billion		0.38%
	On the next $3 billion		0.36%
	On $5 billion and more		0.34%

NFA and the Money Market Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative service 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 non-routine expenses not

2007 Semiannual Report 49

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

incurred in the ordinary course of the Funds’ business) from exceeding 0.59% for all share classes until at least February 28, 2008.

NFA may request and receive reimbursement from the Money Market Fund of the advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, if the 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 set forth above. No reimbursement will be made unless: (i) the 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 approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of the six months ended April 30, 2007, the cumulative potential reimbursements for the Money Market Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursements to the Fund was made for expenses reimbursed by NFA would be:

	Amount		Amount		Six months ended
	Fiscal Year		Fiscal Year		April 30,
Fund	2005		2006		2007
Money Market	$	1,938	$	–	$	–

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (formerly Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”). These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed the following:

	Class A			Class B			Class C			Class R			Service Class
Fund	Shares			Shares			Shares			Shares			Shares
Growth		0.25	%		1.00	%		1.00	%		0.50	%		n/a
Nationwide		0.25	%		1.00	%		1.00	%		0.50	%		n/a
Money Market		n/a			n/a			n/a			n/a			0.15	%

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A and Class D shares. These fees are deducted from and are not included in proceeds from sales of Class A and Class D shares. From these fees, NFD pays sales commissions, salaries, and other expenses in connection with generating new sales of Class A and Class D shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares, which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of the purchase. Class C shares have a CDSC fee of 1% imposed on redemptions of Class C shares made within one year of purchase. For the six months ended April 30, 2007, NFD received commissions of $168,233 from front-end sales charges of Class A and Class D shares and from CDSC fees from Class B and Class C shares of the Funds, of which $19,978 was re-allowed to affiliated broker-dealers of the Funds.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFSDI, provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are

50 Semiannual Report 2007

then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each Fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.26%
$1 billion up to $3 billion	0.19%
$3 billion up to $4 billion	0.15%
$4 billion up to $5 billion	0.08%
$5 billion up to $10 billion	0.05%
$10 billion up to $12 billion	0.03%
$12 billion or more	0.02%

**  The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Optimal Allocations Fund: Defensive, Nationwide Optimal Allocations Fund: Moderate, Nationwide Optimal Allocations Fund: Moderate Growth, Nationwide Optimal Allocations Fund: Growth, and Nationwide Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Funds.

NFA and BISYS have agreed to designate certain sub-transfer agency agreements NFA enters into with respect to the Funds as “Qualifying Sub-TA Agreements.” With respect to Qualifying Sub-TA Agreements, BISYS will credit to NFA an amount equal to the lesser of (i) the actual amount NFA is charged by the sub-transfer agent under the applicable Qualifying Sub-TA Agreement or (ii) $10 per investor account; however, the aggregate amount paid with regard to all Qualifying Sub-TA Agreements, regardless of whether option (i) or (ii) applies, shall not exceed $200,000 per annum. BISYS will calculate and credit such amounts to NFA’s fees on a monthly basis. All amounts will be credited to each applicable Fund on a monthly basis.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Class A, Class D, Class R, Prime Shares, Service Class and Institutional Service Class shares of each of the Funds.

For the six months ended April 30, 2007, NFS received the following amounts in administrative services fees from each Fund:

Fund	Amount
Growth	$	9,874
Nationwide		307,417
Money Market		122,492

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended April 30, 2007, the Funds portion of such costs amounted to $35,973.

2007 Semiannual Report 51

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

4. Short-Term Trading Fees

The Funds (except the Money Market Fund) assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within 30 calendar days of purchase. The redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions, market impact, and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains. For the six months ended April 30, 2007, the following Funds had contributions to capital due to collection of redemption fees:

Fund	Amount
Growth	$	1,417

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Funds’ custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 26, 2007, with a commitment fee of 0.08% per year on $100,000,000. There were no borrowings outstanding under this line of credit during the six months ended April 30, 2007.

The Trust’s custodian bank has agreed to reduce its fees (earnings credits) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2007, are summarized as follows:

Fund	Purchases		Sales
Growth	$	294,631,458	$	313,149,538
Nationwide		2,305,037,015		2,391,755,088

Purchases and sales of U.S. Government securities for the six months ended April 30, 2007, are summarized as follows:

Fund	Purchases		Sales
Money Market	$	34,991,797		–

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

52 Semiannual Report 2007

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund is required to implement FIN 48 in its net asset value per share (NAV) calculation on October 30, 2007. At this time, management is evaluating the implications of FIN 48. Its impact to the financial statements has not yet been determined.

2007 Semiannual Report 53

Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

54 Semiannual Report 2007

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association – College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	Mr. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

2007 Semiannual Report 55

Management Information (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust,2 . From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for Nationwide Funds Group.3		N/A	N/A

56 Semiannual Report 2007

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005)3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC.3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	This position is held with an affiliated person or principal underwriter of the Trust.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2007 Semiannual Report 57

Supplemental Information (Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment advisers and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”,) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees considers at each meeting factors that are relevant to the annual renewal of the Fund’s Advisory Agreements, including the services and support provided to the Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew the Advisory Agreement for a one year term beginning February 28, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of the Advisory Agreements. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from Adviser describing, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2006) compared with the Fund’s benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from Adviser describing, on a Fund-by-Fund basis, performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from Adviser describing, on a Fund-by-Fund basis, Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from Adviser describing, on a Fund-by-Fund basis, any fees paid to Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits and fees inuring to Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by Adviser under the Advisory Agreement and the profits realized by Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group funds to their investment advisers and paid by non-affiliated institutional clients to Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover

58 Semiannual Report 2007

rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreements for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination is aware that shareholders of the Fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors, and that the Fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the Fund in its prospectus and other public disclosures, have chosen to invest in this Fund, managed by the Adviser.

Nationwide Growth Fund

The Board considered that the Fund had underperformed its benchmark, the Russell 1000 Growth Index, for both the one- and three-year periods, while outperforming the benchmark for the five-year period. The Fund’s Class A shares ranked the Fund in the third quintile of its Lipper-constructed Performance Group over the one-year period, the second quintile over the two-year period, the third quintile over the three-year period, and the second quintile over the four- and five-year periods. Although the Fund’s performance over the recent one-year period ranked the Fund in the third quintile, the Board considered that: (i) longer-term relative performance has been good; (ii) the Fund’s adviser has represented that it will be adding a quantitative core sleeve to the Fund; and (iii) the Fund’s adviser has committed to allocating additional resources to management of the Fund. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to improve relative performance, and based on the factors described above, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered the Fund’s contractual advisory fee and breakpoints as well as its total expenses compared to those of similar funds. The Board noted that the Fund’s contractual advisory fee and breakpoints as well as its total expenses placed the Fund in the first quintile of its Lipper-constructed Expense Group. The Board concluded the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board also considered that the Fund’s adviser reported a pre-tax profit margin for investment management services for during the twelve month-periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided and the amounts of the profits realized by the adviser and determined the amount of profit is a fair entrepreneurial profit for management of the Fund.

Nationwide Fund

The Board considered that the Fund underperformed its benchmark, the S&P 500 Index, over the one- and three- year periods, while outperforming the benchmark for the five-year period. The Board also considered that performance of the Fund’s Class A shares ranked the Fund in the fourth quintile over the one-year period, the first quintile over the two-year period, the third quintile over the three-year period, and the second quintile over the four- and five-year periods compared to that of its Lipper-constructed Performance Group. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to improve relative performance, and based on the factors described

2007 Semiannual Report 59

Supplemental Information (Unaudited) (Continued)

above, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund’s shareholders.

The Board considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the first quintile. The Board concluded the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives.

The Board also considered that the Fund’s adviser reported a pre-tax profit margin for investment management services for during the twelve month-periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided and the amounts of the profits realized by the adviser and determined the amount of profit is a fair entrepreneurial profit for management of the Fund.

Nationwide Money Market Fund

The Board considered that the Fund had outperformed its benchmark, the iMoney Net First Tier Index, over the one-, three-, and five-year periods. The Board also considered that the Fund’s Prime shares compared to its Lipper-constructed Performance Group ranked in the first quintile over the one-, two-, three-, and four year periods, and the second quintile over the five-year period. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that the nature, extent, and quality for the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints place the Fund in the third quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the first quintile. The Board concluded the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives.

The Board also considered that the Fund’s adviser reported a pre-tax profit margin for investment management services for during the twelve month-periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided and the amounts of the profits realized by the adviser and determined the amount of profit is a fair entrepreneurial profit for management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to each of the Funds above, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to each Fund above, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for each Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the Funds to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the Funds. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Funds, including the information provided by management at the Funds’ annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a Fund directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each Fund. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the Funds should any of the current portfolio management services to the Funds should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a Fund. In this regard, NFA advised the Board that while there can be no assurances that current portfolio

60 Semiannual Report 2007

managers directly managing each Fund will continue to manage such Fund, reasonable efforts are being made by NFA to achieve this result. Assuming however that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Funds in light of each Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to each Fund’s shareholders for their approval. A Special Meeting of Shareholders of the Trust was held on April 23, 2007 and several adjournments have been taken with respect to certain Funds of the Trust. As of the date of this report, however all of the above-referenced Funds have approved the New Agreement.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Enhanced Income Fund, Nationwide Large Cap Value Fund, Nationwide Mid Cap Growth Fund, Nationwide Mid Gap Growth Leaders Fund, Nationwide Value Opportunities Fund and NorthPointe Small Cap Growth Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Enhanced Income Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”)) (With respect to Nationwide Mid Cap Growth Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC (“NorthPointe”)). (With respect to Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund and Northpointe Small Cap Growth Fund, the amended subadvisory agreement is between Nationwide Fund Advisors and NorthPointe.) (With respect to Nationwide Mid Cap Growth Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Nationwide Separate Accounts, LLC.)

Voting Results

The voting results of each of the Funds on Proposal 1 is presented below:

	Shares		Shares		Shares		Broker
Fund	Voted For		Voted Against		Abstained		Non-Votes		Total
Nationwide Enhanced Income Fund		40,821,130.029		0.00		17.945		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,202,766.122		9,246.817		339,963.381		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,340,509.175		10,496.530		11,545.880		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,073.672		26,219.717		24,462.450		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880

2007 Semiannual Report 61

Supplemental Information (Unaudited) (Continued)

The voting results of each of the Funds on Proposal 2 is presented below:

	Shares		Shares		Shares		Broker
Fund	Voted For		Voted Against		Abstained		Non-Votes		Total
Nationwide Enhanced Income Fund		40,820,112.409		0.00		1,035.565		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,203,007.960		10,824.817		338,143.543		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,338,622.785		9,481.750		14,510.050		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,652.732		26,219.717		23,883.390		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880

*  This meeting was previously adjourned on April 23, 2007.

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide Emerging Markets Fund, Nationwide Global Financial Services Fund, Nationwide Global Health Sciences Fund, Nationwide Global Natural Resources Fund, Nationwide Global Technology and Communications Fund, Nationwide Global Utilities Fund, Nationwide Government Bond Fund, Nationwide Hedged Core Equity Fund, Nationwide International Growth Fund, Nationwide International Index Fund, Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Market Neutral Fund, Nationwide Mid Cap Market Index Fund, Nationwide Fund, Nationwide Leaders Fund, Nationwide Optimal Allocations Fund: Defensive, Nationwide S&P 500 Index Fund, Nationwide Small Cap Core Fund, Nationwide Small Cap Growth Opportunities Fund, Nationwide Small Cap Index Fund, Nationwide Small Cap Value Fund and Nationwide Tax-Free Income Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

	Shares		Shares		Shares		Broker
Fund	Voted For		Voted Against		Abstained		Non-Votes		Total
Nationwide Bond Fund		5,218,564.322		81,566.635		273,001.134		0.00		5,573,132.091
Nationwide Bond Index Fund		208,792,760.157		24,347.719		35,026.844		0.00		208,852,134.720
Nationwide Emerging Markets Fund		2,110,101.855		10,081.391		24,931.760		0.00		2,145,115.006
Nationwide Global Financial Services Fund		2,030,384.848		14,978.340		12,217.583		0.00		2,057,580.771
Nationwide Global Health Sciences Fund		1,840,724.716		1,157.540		119,085.974		0.00		1,960,968.230
Nationwide Global Natural Resources Fund		1,269,313.120		12,765.120		25,473.760		0.00		1,307,552.000
Nationwide Global Technology and Communications Fund		3,334,211.460		4,262.770		2,868.000		0.00		3,341,342.230
Nationwide Global Utilities Fund		1,187,626.660		3,058.000		12,745.270		0.00		1,203,429.930
Nationwide Government Bond Fund		6,290,315.081		35,494.549		463,741.994		0.00		6,789,551.624
Nationwide Hedged Core Equity Fund		511,476.260		0.00		0.00		0.00		511,476.260
Nationwide International Growth Fund		2,933,870.260		20,794.666		48,792.633		0.00		3,003,457.559
Nationwide International Index Fund		202,160,342.794		83,946.437		743,731.497		0.00		202,988,020.728
Nationwide Investor Destinations Aggressive Fund		41,154,156.373		239,630.543		5,359,040.546		0.00		46,752,827.462

62 Semiannual Report 2007

	Shares		Shares		Shares		Broker
Fund	Voted For		Voted Against		Abstained		Non-Votes		Total
Nationwide Investor Destinations Moderately Aggressive Fund		65,350,205.390		490,145.648		7,212,491.082		0.00		73,052,842.120
Nationwide Market Neutral Fund		1,113,910.940		0.00		0.00		0.00		1,113,910.940
Nationwide Mid Cap Market Index Fund		84,223,226.122		95,271.232		254,729.872		0.00		84,573,227.226
Nationwide Fund		36,434,428.689		933,224.322		2,413,402.432		0.00		39,781,055.443
Nationwide Leaders Fund		685,935.097		2,855.930		3,994.130		0.00		692,785.157
Nationwide Optimal Allocations Fund: Defensive		102,743.060		0.00		0.00		0.00		102,743.060
Nationwide S&P 500 Index Fund		261,136,337.727		380,161.400		1,239,967.560		0.00		262,756,466.687
Nationwide Small Cap Core Fund		501,478.650		0.00		0.00		0.00		501,478.650
Nationwide Small Cap Growth Opportunities Fund		507,304.180		0.00		0.00		0.00		507,304.180
Nationwide Small Cap Index Fund		49,448,961.560		256,547.642		1,348,275.570		0.00		51,053,784.772
Nationwide Small Cap Value Fund		519,898.320		0.00		0.00		0.00		519,898.320
Nationwide Tax-Free Income Fund		7,610,933.230		160,286.360		614,470.740		0.00		8,385,690.330

* This meeting was previously adjourned on April 23, 2007.

On April 27, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Growth Fund and Nationwide Money Market Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results:

The voting results of each of the Funds on this Proposal is presented below:

	Shares		Shares		Shares		Broker
Fund	Voted For		Voted Against		Abstained		Non-Votes		Total
Nationwide Growth Fund		808,891,299.919		18,580,718.168		40,472,590.866		0.00		868,944,608.953
Nationwide Money Market Fund		11,752,499.756		505,731.299		778,074.060		0.00		13,036,305.115

*  This meeting was previously adjourned twice—first on April 23, 2007 and again on April 25, 2007.

On April 30, 2007, a Special Meeting of Shareholders of NorthPointe Small Cap Value Fund was held at which the shareholders of the Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of the Fund.

2. To approve an amended subadvisory agreement with NorthPointe Capital LLC, on behalf of the Fund.

2007 Semiannual Report 63

Supplemental Information (Unaudited) (Continued)

Voting Results

The voting results of the Fund on Proposal 1 and 2 is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Proposal 1		1,636,031.300		0.00		0.00		0.00		1,636,031.300
Proposal 2		1,636,031.300		0.00		0.00		0.00		1,636,031.300

*  This meeting was previously adjourned three times — first on April 23, 2007, then on April 25, 2007, and again on April 27, 2007.

A Special Meeting of the Shareholders of Nationwide Micro Cap Equity Fund, Nationwide Short Duration Bond Fund and Nationwide Small Cap Leaders Fund was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Micro Cap Equity Fund and Nationwide Small Cap Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC) (With respect to Nationwide Short Duration Bond Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”))

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

A Special Meeting of the Shareholders of Nationwide China Opportunities Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Conservative Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Small Cap Fund, Nationwide Worldwide Leaders Fund, Nationwide U.S. Growth Leaders Fund, Nationwide U.S. Growth Leaders Long-Short Fund, Nationwide Optimal Allocations Fund: Specialty, and Nationwide Optimal Allocations Fund: Growth was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

64 Semiannual Report 2007

SemiannualReport

April 30, 2007 (Unaudited)

	Contents
2	Message to Shareholders
	NorthPointe Funds
4	NorthPointe Small Cap Growth Fund
10	NorthPointe Small Cap Value Fund
24	Notes to Financial Statements

Commentary provided by Nationwide Fund Advisors, investment adviser to Nationwide Funds. All opinions and estimates included in this report constitute the Adviser’s judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.nationwidefunds.com or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Message to Shareholders

April 30, 2007

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress has been completed. As of May 1, 2007, Nationwide Financial Services, Inc. completed its acquisition of the Philadelphia-based retail operations of NWD Investment Management (formerly Gartmore Global Investments, Inc.) from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Also effective on that date, our name was changed to Nationwide Funds Group, and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide brand. Once again, I’d like to emphasize that, although our corporate ownership and fund names have changed, it is our intention to maintain as much continuity as possible with key personnel.

Market Overview

The six-month reporting period that ended April 30, 2007, saw healthy gains in most broad-based stock indexes, both in the United States and abroad. In the U.S., stable interest rates and modest inflation helped to boost share prices despite a marked slowing in the overall pace of economic growth. One drag on growth came from the subprime mortgage industry due to an unusually high number of delinquencies and defaults. More broadly, slumping sales and softening prices hampered the markets for both new and existing homes. Evidence was scant, however, that the weakness in housing was spreading to the rest of the economy.

The stock market suffered a significant setback only once during the reporting period — late in February, when a plunge in China’s stocks triggered a similar reaction in other global markets. After a brief period of market choppiness, however, a broad and vigorous rebound in share prices occurred that took the Dow Jones Industrial Average to new all-time highs, while both the Standard & Poor’s (S&P) 500^® Index and the technology-laden Nasdaq Composite Index posted fresh six-year highs. For the reporting period, the S&P 500 Index recorded a return of 8.60%. Meanwhile, a depreciating U.S. dollar helped boost the performance of foreign stocks, as evidenced by the 15.68% return of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging markets such as China and India, where economic growth was particularly robust, posted even better returns.

In the bond market, the yield curve stayed slightly inverted; yields of 3-month Treasury bills remained above those of 10-year Treasury bonds, partly due to bond investors’ expectations that the U.S. economy would achieve a so-called “soft landing”—a mild slowdown without a recession. Relatively stable yields, together with the contribution from coupon payments, enabled the Lehman Brothers Aggregate Bond Index to post a return of 2.63% for the reporting period.

Funds in the Spotlight

I’m proud to report that two of our mutual funds recently distinguished themselves by winning Lipper Fund Awards, which recognize funds that have, as the Lipper puts it, “...excelled in delivering consistently strong risk-adjusted performance relative to their peers.” Based on data covering the three years ended December 31, 2006, the Gartmore Small Cap Fund (Institutional Service Class: GSXIX, renamed the “Nationwide Small Cap Fund” on May 1, 2007), managed by the team of Chuck Purcell, Bill Gerlach, and Gary Haubold, won in the “Small-Cap Core Fund” category, topping a field of 533 small-cap core funds. Also distinguishing itself was the Gartmore Worldwide Leaders Fund (Institutional Service Class: GLLSX, renamed the “Nationwide Worldwide Leaders Fund” on May 1, 2007), which was recognized as the winner in the “Global Large-Cap Core Fund” category for the second year in a row. Managed by the team of Neil Rogan, Ben Walker, and Brian ONeill, the Fund was selected from among 51 global large-cap core funds.

We at Nationwide Funds Group are gratified to have won these awards and are pleased with the overall competitive performance of the funds in the Nationwide Funds^® family, yet we also are acutely aware that we cannot rest on our laurels. Our objective at Nationwide Funds Group is to maintain and even to improve on the high standards which we place on ourselves.

John H. Grady

President and Chief Executive Officer

Nationwide Funds Group

2 Semiannual Report 2007

Fund Disclosure

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective as determined by Lipper.

Rankings based on Class A shares of the Fund. Other share classes may have different performance characteristics. Fund performance may now be higher or lower than the performance shown. Performance reflects certain fee waivers, without which returns would be lower.

The Lipper scores listed are based on monthly data. Lipper scores are subject to change every month. The Lipper Average is a straight average of the specific Lipper Universe.

This information is provided for educational purposes only and should not be considered investment advice. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

The NorthPointe Small Cap Growth Fund may purchase securities in initial public offerings, which can be very volatile and carry high transaction costs.

The NorthPointe Small Cap Value Fund includes international investing, which involves additional risks, including currency fluctuations, differences in accounting standards, economic and political instability, illiquidity and higher trading costs, and differences in foreign regulations, all of which are magnified in emerging markets.

Investing in mutual funds involves risk, including possible loss of principal.

There is no assurance that the investment objective of any fund will be achieved.

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

Russell 2000^® Index: An unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 U.S. companies in the Russell 3000^® Index, which measures the performance of the largest 3,000 U.S. companies, based on market capitalization.

Russell 2000^® Growth Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 2000^® Index (the smallest 2,000 U.S. companies, based on market capitalization) with higher price-to-book ratios and higher forecasted growth values.

Market indexes have been provided for comparison purposes only. Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and no fees or expenses have been reflected. Individuals cannot invest directly in an index.

Third-party information has been obtained from and is based on sources Nationwide Funds Group believes to be reliable.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance shown is for Class A shares at NAV (NorthPointe Small Cap Growth Fund) and for Institutional Class shares* at NAV (NorthPointe Small Cap Value Fund). Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

*Institutional Class shares are available only to certain investors.

Sales charge and fee information: NorthPointe Small Cap Growth Fund

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

Sales charge and fee information: NorthPointe Small Cap Value Fund

The Fund has no sales charge or 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

The Funds’ adviser, one of its affiliated advisers, or its employees, may have a position in the securities named in this report.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is subject to change at any time.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read it carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

2007 Semiannual Report 3

Message to Shareholders

Continued

Key Investment Terminology

Asset allocation— the investment strategy that spreads an investor’s assets across several different investment styles and asset classes. The objective is to reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities— fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets—such as credit card receivables or auto leases—that are paid down over time and generate sufficient cash to pay holders of the securities.

Bonds— debt obligations issued by companies, governments and other issuers.

Callable bonds— also known as “redeemable bonds.” Callable bonds are those that the issuer may redeem prior to the bonds’ scheduled maturity (the date when the principal amount of a bond is set to be repaid). When the bonds are called, the issuer typically pays a premium to the bonds’ owners. A significant decline in interest rates usually prompts issuers to save money by calling their current bonds and reissuing them at a lower interest rate.

Cash flow to price— See “Price-to-cash-flow ratio” below.

Commercial paper— short-term debt instruments, usually unsecured, that are issued by banks and corporations in order to finance their short-term credit needs, such as accounts receivable or inventory, and are acquired at a discount or are interest-bearing.

Common stock— securities representing shares of ownership of a company.

Consumer Price Index (CPI)— an index published monthly by the U.S. Bureau of Labor Statistics in the Department of Labor that is widely used as a cost-of-living benchmark. The index measures the weighted average of prices of a fixed basket of consumer goods and services. These items include food, transportation, shelter, utilities, clothing, medical care and entertainment. The CPI is often used to identify periods of inflation or deflation. A large rise in CPI during a short period of time denotes inflation; conversely, a large drop indicates a period of deflation.

Convertible securities— debt securities or preferred stocks that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Corporate bonds— debt securities issued by corporate issuers, as distinct from fixed-income securities issued by a government or its agencies or instrumentalities.

Correlation— a statistical method of measuring the relationship between two or more variables. This relationship is expressed with numerical values called “correlation coefficients” that range from -1.00 to +1.00. A correlation coefficient of -1.00 (called negative correlation) indicates that when one variable’s value increases, the other variable’s value decreases and vice versa (that is, the variables move in opposite directions). A correlation coefficient of +1.00 (called positive correlation) indicates that the variables move in the same direction, so that if one variable’s value increases, so does the value of the other variable. A correlation coefficient of zero indicates that no relationship exists between the variables.

Derivative— a contract whose value is based on the performance of an underlying financial asset, index or economic measure.

Dividend payout ratio— a ratio that provides the percentage of earnings paid to shareholders in dividends. It is calculated by dividing the yearly dividend per share by the earnings per share or, put another way, dividends divided by net income.

Dividend yield— another name for the return on investment for a stock, the dividend yield is a percentage measurement of the amount of cash flow an investor receives for each dollar invested in an equity security. This financial ratio is calculated by dividing a company’s annual dividends per share by the price per share.

Duration— related in part to the remaining time until maturity of a bond, duration is a measure of how much the price of a bond would change in relation to a change in market interest rates. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Emerging-market countries— developing and low- or middle-income countries as identified by the International Finance Corporation or the World Bank. Emerging-market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Equity securities— securities that represent an ownership interest in the issuer. These include common stock, preferred stock, securities that are convertible into common stock or securities (or other investments) with prices linked to the value of common stock, foreign investment funds or trusts, and depositary receipts. These also may include interests in real estate investment trusts.

Exchange-traded funds (ETFs)— introduced in 1993, these passively managed financial instruments are not mutual funds. ETFs represent baskets of stocks that reflect a wide variety of sector-specific, country-specific and broad-market indexes. ETFs do not have end-of-trading-day net asset values; rather, their prices fluctuate, based on supply and demand. ETFs may be bought or sold on a stock exchange throughout the trading day and incur a commission cost with each transaction.

Federal funds rate— the interest rate that a bank with excess reserves at a Federal Reserve district bank will charge another bank to provide overnight loans to meet the other bank’s reserve requirements. The Federal Open Market Committee is responsible

4 Semiannual Report 2007

for setting a target for this rate, but the rate itself is set daily by the market and serves as a highly sensitive indicator of the future direction of interest rates.

Fixed-income securities— securities, including bonds and other debt securities, that represent an obligation by the issuer to pay a specified rate of interest or dividend at specified times.

Gross domestic product (GDP)— a commonly used indicator of a country’s economic health. Gross domestic product is a number that represents the market value of all the goods and services produced within the geographic boundaries of a country (regardless of the producers’ nationality) during a specific time period, usually one year. GDP is calculated by adding the value of all private, public and government spending, investments, and exports minus imports that occur within the defined region.

Growth style— a style of investing in equity securities of companies that the Fund’s management believes have above-average rates of earnings growth and may therefore experience above-average increases in stock price.

High-yield bonds— fixed-income securities that are rated below investment grade by nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch, or unrated securities that Fund management believes are of comparable quality. These bonds are often referred to as “junk bonds.” They generally offer investors higher interest rates as a way to help compensate for the fact that the issuer is at greater risk of default.

Inflation— the rate at which the general level of prices for goods and services rises. As prices rise, purchasing power falls. In other words, when inflation increases, every dollar buys a smaller percentage of a good or service.

Interest-rate swaps— an activity involving companies that desire an interest-rate structure that other companies can provide at a lesser cost. The companies will agree to enter into interest-rate swaps, which are customized contracts between two or more parties. The transactions involve the exchange of one set of cash flows or streams of future periodic interest payments for another (based on certain principal amounts and interest-rate specifications). Interest-rate swaps also benefit companies by limiting or managing exposure to fluctuations in interest rates.

Intermediate bonds— bonds that will reach maturity (the date when the principal amount of a bond is set to be repaid) within three to 10 years are known as intermediate bonds or intermediate-term bonds. By comparison, short-term bonds mature in less than three years, and long-term bonds mature in more than 10 years.

Investment grade— the four highest rating categories of nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch.

Large-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell 1000^® Index, ranging from $563 million to $371.7 billion as of December 31, 2006.

Leveraged buyout— the term leveraged buyout (LBO) refers to one company’s takeover of another company by using a significant amount of borrowed money to cover the cost of acquisition. Typically, the target company’s assets are used by the acquiring company as security for the loans it takes out, which are then repaid from the target company’s cash flow. Several individual investors also may engage in an LBO by using their own assets as collateral for funds that they borrow from banks in order to take over a firm. Most LBOs result in public shareholders receiving a premium above current market value for their shares in the target company.

Long position— a security owned by a Fund in anticipation that the security’s price will increase.

Market capitalization— a common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Market capitalization-weighted index— an index in which the weighting of each security is based on the issuing company’s market capitalization. Changes in the stock price of a company with a large capitalization affect the level of the index more than do changes in the stock price of a company with a smaller capitalization.

Maturity— the time at which the principal amount of a bond is scheduled to be returned to investors.

Mid-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell Midcap^® Index, ranging from $565 million to $18.4 billion as of December 31, 2006.

Mortgage-backed securities— fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans, which in some cases are guaranteed by government agencies.

Municipal obligations— fixed-income securities issued by, or on behalf of, states, cities and other local governmental entities, to pay for construction and other projects. They are loans that investors make to a governmental entity; the governmental entity gets the cash it needs to complete its project, and the lenders earn interest payments and get their principal back. Municipal obligations that qualify pay interest that is generally exempt from federal income taxes, although certain investors may nonetheless be subject to federal alternative minimum tax.

Noncallable bonds— bonds that cannot be called (redeemed) by the issuer prior to their scheduled maturity (the date when the principal amount of a bond is set to be repaid). Investors usually receive lower yields for noncallable bonds due to their reduced risk.

2007 Semiannual Report 5

Message to Shareholders

Continued

Operating margin— a ratio that measures a company’s pricing strategy and operating efficiency. It is calculated as operating income divided by net sales. The operating margin indicates the proportion of a company’s revenue that remains after variable costs of production such as wages and raw materials are paid. An increasing operating margin means that a company is earning more per dollar of sales; the higher the margin, the better.

Personal Consumption Expenditures (PCE) Price Index— also broadly referred to as “consumption.” The PCE is a nationwide indicator and measure of average price changes for all domestic personal consumption of goods and services that are targeted toward and consumed by individuals. The PCE is part of the personal income report produced by the Bureau of Economic Analysis of the Department of Commerce and includes actual and imputed household expenditures as well as data on durables, nondurables and services. The PCE serves as the basis for an inflation index.

Price-to-cash-flow ratio— a ratio similar to the price-to-earnings ratio that is calculated by dividing share price by cash flow per share. This ratio indicates relative value and the market’s expectations of a firm’s future financial health.

Price-to-earnings (P/E) ratio— a valuation ratio calculated by taking a company’s current stock price per share and dividing it by its earnings per share. The P/E ratio helps investors to know how much they are paying for a company’s earning power. Investors expect greater earnings growth from companies whose P/ E ratio is high.

Short sale— the activity of selling a security that a Fund does not own but must borrow to complete the sale, in anticipation of purchasing the same security at a later date at a lower price.

Small-cap companies— companies whose market capitalizations are similar to those of companies included in the Russell 2000^® Index, ranging from $26 million to $4.4 billion as of December 31, 2006.

Spread sectors/spread product— the term “spread sectors” refers to non-Treasury fixed-income sectors that trade at a basis-point spread over Treasuries. The term “spread product” refers to taxable (as opposed to municipal) bonds that are not Treasury securities. Examples of spread product include agency, asset-backed and mortgage-backed securities as well as corporate and high-yield bonds. Spread product offer different yields than those of comparable Treasury securities; the difference between the yields is called a spread. For example, if a 10-year corporate bond is trading at a yield of 8% and the 10-year Treasury note is trading at a yield of 6%, the corporate bond is said to offer a 200-basis-point spread.

Total return— investment return that reflects both capital appreciation or depreciation (increase or decrease in the market value of a security) and income (i.e., interest or dividends).

Treasury Inflation-Protected Securities (TIPS)— these are Treasury notes or bonds, first issued in 1997, that are considered ultra-safe investments and that offer investors protection from inflation because the real rate of return (the growth of purchasing power) is guaranteed. The investments’ coupon payments and underlying principal are automatically increased to compensate for inflation as measured by the Consumer Price Index (CPI). Also known as “inflation-indexed securities,” TIPS pay interest every six months and pay the principal upon maturity. Because of the safety TIPS provide, however, they offer a low return.

U.S. government agency securities— debt securities issued and/or guaranteed as to principal and interest by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities that are not direct obligations of the United States. Such securities may not be supported by the full faith and credit of the United States.

U.S. government securities— debt securities issued and/or guaranteed as to principal and interest by the U.S. government that are supported by the full faith and credit of the United States.

Valuation— the process of determining the current worth of an asset or company.

Value style— a style of investing in equity securities that the Fund’s management believes are undervalued, which means that their prices are less than Fund management believes they are worth, based on such factors as price-to-book ratio, price-to-earnings ratio and cash flow. Companies issuing such securities may be currently out of favor or experiencing poor operating conditions that Fund management believes to be temporary.

Volatility— a statistical measure of the variation in returns that is possible with a given security or market index. Volatility refers to uncertainty or risk about the size of changes in the value of a security. Higher volatility indicates that a security’s value can rise or fall dramatically during a short period of time; conversely, lower volatility indicates that the value does not change dramatically but rather at a steady pace. Typically, securities with higher volatility are considered riskier.

Yield curve— a plotted graph line of the yields, or interest rates, at a set point in time, of various-maturity U.S. Treasury bonds of equal credit quality. The yield curve comparing the three-month, two-year, five-year and 30-year U.S. Treasury debt is the most common one; it serves as a benchmark for other debt in the market, such as mortgage rates and bank lending rates, and to predict changes in economic activity, such as output and growth. The three main types of yield curve shapes are called normal, inverted and flat (or humped). When the yield curve is normal, longer-maturity bonds have a higher yield in comparison to shorter-maturity bonds; the opposite is true for an inverted yield curve.

6 Semiannual Report 2007

NorthPointe Small Cap Growth Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the NorthPointe Small Cap Growth Fund (Class A at NAV) returned 6.66% versus 7.42% for its benchmark, the Russell 2000 Growth^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Growth Funds (consisting of 567 funds as of April 30, 2007) was 9.16%.

Can you describe the market environment during the reporting period?

Over the past 6 months the equity markets experienced a broad-based rally, with only a brief decline in late February to early March. Investors focused on macro-economic data and the ever fluid geopolitical climate. On the macro-economic front, data points continued to offer conflicting information with favorable inflation and employment measures offsetting concerns about the housing market and slowing economic activity. Geopolitical factors also contributed to the volatility of the markets with concerns about China, the middle-east, and global commodity demand leading to volatility in currency and commodity prices. Ultimately, the availability of credit supported the domestic financial markets as private equity funds continued to lead merger and acquisition activity.

What areas detracted from Fund performance?

The performance of the NorthPointe Small Cap Growth Fund relative to our benchmark was driven mostly by stock selection and, to a lesser extent, the portfolio’s lack of exposure to the top two performing sectors of the Index during the period; Utilities and Materials. The Fund had little exposure to these sectors. Our detractors for the period included Silicon Image (semiconductors), AngioDynamics (therapeutic and diagnostic devices) and TTM Technologies (technology). Silicon Image’s financial performance did not meet our expectations, leading us to exit our position. AngioDynamics and TTM Technologies experienced what we believe to be temporary softness in their respective end markets. Consequently, we have maintained our positions in these two stocks as the fundamentals remain intact.

What areas of investment provided the most positive returns for the Fund?

During the period, our largest contributors to performance included ON Semiconductor (technology) Silicon Motion (semi-conductors), and Crocs, Inc. (retail). These companies continued to exceed our expectations as these firms benefited from demand for consumer electronics components (ON Semi-conductor and Silicon Motion), and the popularity of the Crocs brand.

What is your outlook for the near term?

Our 2007 outlook for the small cap market remains somewhat favorable, although lower earnings concerns are justified, driven by low inflation and high liquidity. Investors should remain vigilant, however, as macro-economic and geopolitical factors will likely lead to continued market volatility. We anticipate this volatility may create opportunities to add new positions or build-on existing positions; as determined by our “bottom-up”, fundamental approach to stock selection. Regardless to which circumstances ultimately prevail, we remain focused on providing investors with the potential for strong returns through a complete market cycle.

Portfolio Manager:

Carl Wilk, CFP

2007 Semiannual Report 7

NorthPointe Small Cap Growth Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

								Expense		Expense
		Six						Gross		Net
		Month*		1 Yr.		Inception1		Ratio**		Ratio**
Class A	w/o SC6		6.66%		2.17%		17.17%		1.45%		1.40%
	w/SC3		0.53%		-3.74%		14.52%
Class B	w/o SC6		6.35%		1.51%		16.40%		2.15%		2.10%
	w/SC4		1.47%		-3.16%		15.49%
Class C	w/o SC6		6.35%		1.51%		16.40%		2.15%		2.10%
	w/SC5		5.38%		0.57%		16.40%
Class R2			6.37%		1.88%		16.89%		1.85%		1.80%
Institutional Service Class2			6.86%		2.54%		17.52%		1.40%		1.35%
Institutional Class2			6.78%		2.54%		17.55%		1.15%		1.10%

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on September 29, 2004.
2	Not subject to any sales charges.
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted because it is charged when you sell Class C shares within the first year after purchase.
6	These returns do not reflect the effects of sales charges (SC).

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in the Class A of the NorthPointe Small Cap Growth Fund, Russell 2000 Growth Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

8 Semiannual Report 2007

NorthPointe Small Cap Growth Fund

Shareholder

Expense Example

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
NorthPointe Small Cap Growth Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000	$	1,067	$	7.12		1.39%
	Hypothetical	1	$	1,000	$	1,018	$	6.98		1.39%
Class B	Actual		$	1,000	$	1,064	$	10.39		2.03%
	Hypothetical	1	$	1,000	$	1,015	$	10.19		2.03%
Class C	Actual		$	1,000	$	1,064	$	10.23		2.00%
	Hypothetical	1	$	1,000	$	1,015	$	10.04		2.00%
Class R	Actual		$	1,000	$	1,064	$	9.67		1.89%
	Hypothetical	1	$	1,000	$	1,016	$	9.49		1.89%
Institutional Service Class	Actual		$	1,000	$	1,069	$	5.59		1.09%
	Hypothetical	1	$	1,000	$	1,020	$	5.47		1.09%
Institutional Class	Actual		$	1,000	$	1,068	$	5.38		1.05%
	Hypothetical	1	$	1,000	$	1,020	$	5.27		1.05%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 9

NorthPointe Small Cap Growth Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	91.5%
Repurchase Agreements	5.6%
Assets in excess of liabilities	2.9%
	100.0%

Top Industries
Semiconductors & Semiconductor Equipment	9.9%
Internet Software & Services	5.5%
Commercial Services & Supplies	4.6%
Health Care Providers & Services	4.6%
Insurance	4.3%
Health Care Equipment & Supplies	4.3%
Machinery	3.5%
Textiles, Apparel & Luxury Goods	3.4%
Diversified Financial Services	2.9%
Pharmaceuticals	2.9%
Other	54.1%
	100.0%

Top Holdings*
Crocs, Inc.	1.9%
On Semiconductor Corp.	1.8%
World Acceptance Corp.	1.8%
West Pharmaceutical Services, Inc.	1.8%
Silicon Motion Technology Corp. ADR—KY,	1.7%
UAP Holding Corp.	1.7%
Jos. A. Bank Clothiers, Inc.	1.7%
ProAssurance Corp.	1.7%
Sciele Pharma, Inc.	1.7%
World Fuel Services Corp.	1.7%
Other	82.5%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

10 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

NorthPointe Small Cap Growth Fund

Common Stocks (91.5%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (1.4%)
LMI Aerospace, Inc.*		78,600	$	1,529,556
Air Freight & Logistics (1.6%)
Atlas Air Worldwide Holdings, Inc.*		30,000		1,725,600
Auto Components (2.4%)
Fuel Systems Solutions, Inc.*		55,000		929,500
LKQ Corp.*		75,000		1,693,500
				2,623,000
Biotechnology (1.5%)
Bio-Reference Laboratories, Inc.*		60,200		1,623,594
Capital Markets (2.0%)
Penson Worldwide, Inc.*		46,300		1,241,766
Thomas Weisel Partners Group, Inc.*		50,200		991,952
				2,233,718
Commercial Banks (2.0%)
Royal Bancshares of Pennsylvania Inc., Class A		50,000		1,028,000
Vineyard National Bancorp Co.		50,000		1,144,000
				2,172,000
Commercial Services & Supplies (4.6%)
Barrett Business Services, Inc.		52,100		1,188,922
CRA International, Inc.*		19,000		979,830
First Advantage Corp., Class A*		61,400		1,429,392
Kforce.com, Inc.*		59,878		822,125
On Assignment, Inc.*		62,000		693,160
				5,113,429
Communications Equipment (1.6%)
Sirenza Microdevices, Inc.*		200,000		1,822,000
Computers & Peripherals (1.2%)
Hurco Co., Inc.*		30,100		1,327,711
Consumer Finance (1.8%)
World Acceptance Corp.*		47,000		2,017,710
Containers & Packaging (1.5%)
Jarden Corp.*		40,000		1,685,600
Distributors (1.3%)
Keystone Automotive Industries, Inc.*		45,000		1,496,700
Diversified Financial Services (2.9%)
Medallion Financial Corp.		124,704		1,485,225
Portfolio Recovery Associates, Inc.*		31,400		1,747,410
				3,232,635
Electronic Equipment & Instruments (1.1%)
TTM Technologies, Inc.*		130,000		1,193,400
Energy Equipment & Services (1.7%)
Lufkin Industries		16,200		1,007,964
TETRA Technologies, Inc.*		34,500		913,905
				1,921,869
Food & Staples Retailing (2.7%)
Andersons, Inc. (The)		25,000		1,161,250
Central European Distribution Corp.*		60,000		1,785,000
				2,946,250
Health Care Equipment & Supplies (4.3%)
Angiodynamics, Inc.*		97,600		1,624,064
Matria Healthcare, Inc.*		39,300		1,138,914
West Pharmaceutical Services, Inc.		39,100		1,946,007
				4,708,985
Health Care Providers & Services (4.6%)
Healthspring, Inc.*		31,800		747,936
InVentiv Health, Inc.*		48,000		1,821,600
Radiation Therapy Services, Inc.*		49,300		1,449,913
VCA Antech, Inc.*		26,600		1,048,838
				5,068,287
Hotels, Restaurants & Leisure (2.8%)
Monarch Casino & Resort, Inc.*		59,500		1,586,865
Scientific Games Corp.*		45,000		1,498,050
				3,084,915
Insurance (4.3%)
National Interstate Corp.		47,000		1,126,120
Navigators Group, Inc. (The)*		35,500		1,813,695
ProAssurance Corp.*		34,500		1,857,480
				4,797,295
Internet Software & Services (5.5%)
Imergent, Inc.		64,700		1,662,143
Interwoven, Inc.*		80,200		1,224,654
J2 Global Communications, Inc.*		60,900		1,751,484
TheStreet.com, Inc.		139,100		1,404,910
				6,043,191

2007 Semiannual Report 11

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

NorthPointe Small Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Leisure Equipment & Products (1.6%)
Callaway Golf Co.		98,000	$	1,760,080
Life Sciences Tools & Services (1.4%)
Kendle International, Inc.*		46,400		1,581,312
Machinery (3.5%)
Actuant Corp.		22,100		1,171,300
Flow International Corp.*		138,500		1,612,140
Gehl Co.*		39,000		1,141,530
				3,924,970
Marine (1.3%)
American Commercial Lines, Inc.*		48,194		1,420,277
Oil, Gas & Consumable Fuels (1.7%)
World Fuel Services Corp.		40,000		1,848,400
Other Financial (1.3%)
FCStone Group, Inc.*		32,385		1,459,268
Personal Products (0.4%)
Physicians Formula Holdings, Inc.*		22,920		481,778
Pharmaceuticals (2.9%)
Obagi Medical Products, Inc.*		105,000		1,316,700
Sciele Pharma, Inc.*		75,000		1,854,000
				3,170,700
Road & Rail (2.8%)
Celadon Group, Inc.*		100,000		1,646,000
Genesee & Wyoming, Inc.*		53,740		1,461,191
				3,107,191
Semiconductors & Semiconductor Equipment (9.9%)
Cymer, Inc.*		30,000		1,215,300
Diodes, Inc.*		47,000		1,735,240
On Semiconductor Corp.*		190,300		2,038,113
Rudolph Technologies, Inc.*		38,000		656,260
Silicon Image, Inc.*		84,800		742,848
Silicon Motion Technology Corp. ADR — KY*		78,552		1,905,671
Trident Microsystems, Inc.*		76,500		1,624,095
Ultra Clean Holdings, Inc.*		72,359		1,059,336
				10,976,863
Service Companies (1.4%)
24/7 Real Media, Inc.*		160,368		1,595,662
Software (2.5%)
Radiant Systems, Inc.*		125,900		1,694,614
Sonic Solutions*		85,500		1,114,065
				2,808,679
Specialty Retail (2.9%)
Jos. A. Bank Clothiers, Inc.*		48,400		1,870,176
United Retail Group, Inc.*		93,900		1,298,637
				3,168,813
Textiles, Apparel & Luxury Goods (3.4%)
Crocs, Inc.*		37,000		2,067,560
Iconix Brand Group, Inc.*		83,200		1,674,816
				3,742,376
Trading Companies & Distributors (1.7%)
UAP Holding Corp.		67,900		1,878,793
Total Common Stocks (Cost $92,817,962)				101,292,607
Repurchase Agreements (5.6%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $6,203,446, collateralized by U.S. Government Agency Mortgages with a market value of $6,326,618	$	6,202,567		6,202,567
Total Investments (Cost $99,020,529) (a) — 97.1%				107,495,174
Other assets in excess of liabilities — 2.9%				3,191,203
NET ASSETS — 100.0%			$	110,686,377

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
KY	Cayman Islands

12 Semiannual Report 2007

NorthPointe Small Cap Value

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the NorthPointe Small Cap Value Fund (Inst. Class) returned 7.95% versus 6.86% for its benchmark, the Russell 2000^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds (consisting of 748 funds as of April 30, 2007) was 8.48%.

Can you describe the market environment during the reporting period?

Small-capitalization stocks continued to rally from the summer 2006 lows through the end of calendar year 2006. As 2007 began, the advance continued with small-cap stocks outperforming large-cap stocks through the end of February 2007, when the global stocks markets retreated briefly on fears of slowing economic growth. The equity markets subsequently advanced from the February 2007 lows; however, small-cap stocks from that point slightly underperformed large-cap stocks. Market performance during the reporting period was led by the materials sector as demand for commodities showed no signs of abatement. The consumer staples sector also turned in strong performance, led by food-product companies. Within both the materials and consumer staples sectors, companies were acquired at attractive prices for shareholders, which served as a premium to the valuation of many of the stocks across the sectors.

What areas of investment provided the most positive returns for the Fund?

During the reporting period, stock selection in nearly all sectors was positive and constituted the main factor contributing to the Fund’s outperformance relative to the benchmark. The highest return for Fund performance came from the health-care sector, led by Chemed Corp., a hospice provider that was able to navigate a difficult Medicare reimbursement environment and resolved admission issues at several recently acquired locations. Fund performance also was aided by positive earnings surprises from inVentiv Health, Inc., a provider of outsource services to the pharmaceutical industry.

What areas detracted from Fund performance?

The information technology sector was the biggest detractor from Fund performance, due to weaker-than-expected earnings at Fund holding Jupitermedia Corp. The materials sector also contributed negatively to Fund performance as a weak housing market reduced the demand for gypsum board and caused the earnings of Fund holding Caraustar Industries, Inc. to decline more than expected.

What is your outlook for the near term?

Throughout the reporting period, the stock market rewarded those companies that exhibited strong or improving fundamentals. As 2007 continues, we believe that: 1) investors will continue to pay attention to the fundamentals that we think are important for long-term investing success; and 2) our investment discipline and style is well positioned to yield favorable results.

Portfolio Managers:

Jeffrey C. Petherick, CFA and Mary C. Champagne, CFA

2007 Semiannual Report 13

NorthPointe Small Cap Value

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

Gross

Net

Six

Expense

Expense

Month*

1 Yr.

5 Yr.

Inception1

Ratio**

Ratio**

Institutional Class

7.95%

7.03%

12.47%

13.77%

1.05%

1.00%

There are no sales charges on the shares of the NorthPointe Small Cap Value Fund.

*	Not annualized
**	As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

¹ Fund commenced operations on June 29, 2000.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in the Institutional Class of the NorthPointe Small Cap Value Fund, Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

14 Semiannual Report 2007

Shareholder NorthPointe Small Cap Value Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006, and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

		Beginning		Ending
		Account Value		Account Value		Expenses Paid		Annualized
NorthPointe Small Cap Value Fund		11/1/06		04/30/07		During Period*		Expense Ratio*
Institutional Class	Actual	$	1,000.00	$	1,079.50	$	5.10		0.99%
	Hypothetical 1	$	1,000.00	$	1,020.09	$	4.97		0.99%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 15

NorthPointe Small Cap Value

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	97.8%
Repurchase Agreements	1.3%
Assets in excess of liabilities	0.9%
	100.0%

Top Industries
Real Estate Investment Trusts (REITS)	9.6%
Commercial Banks	7.3%
Energy Equipment & Services	4.9%
Chemicals	4.8%
Semiconductors & Semiconductor Equipment	4.3%
Specialty Retail	4.1%
Pharmaceuticals	3.0%
Insurance	2.7%
Metals & Mining	2.6%
Biotechnology	2.6%
Other	54.1%
	100.0%

Top Holdings*
InVentiv Health, Inc.	1.5%
WGL Holdings, Inc.	1.4%
Baldor Electric Co.	1.3%
RAIT Financial Trust	1.3%
Allete, Inc.	1.3%
Hercules Technology Growth Capital, Inc.	1.2%
Invitrogen Corp.	1.2%
Unit Corp.	1.2%
Amerisafe, Inc.	1.2%
LKQ Corp.	1.2%
Other	87.2%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

16 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

NorthPointe Small Cap Value Fund

Common Stocks (97.8%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (2.2%)
Esterline Technologies Corp.*		7,600	$	317,148
Taser International, Inc.*		13,600		117,368
Teledyne Technologies, Inc.*		7,200		317,592
				752,108
Airlines (1.0%)
Republic Airways Holdings, Inc.*		16,100		342,286
Auto Components (2.0%)
Cooper Tire & Rubber Co.		14,300		276,419
LKQ Corp.*		18,200		410,956
				687,375
Biotechnology (2.6%)
Bio-Reference Laboratories, Inc.*		12,900		347,913
ImClone Systems, Inc.*		7,500		314,175
Omrix Biopharmaceuticals, Inc.*		5,800		205,900
				867,988
Capital Markets (2.0%)
Hercules Technology Growth Capital, Inc.		30,500		419,985
Thomas Weisel Partners Group, Inc.*		13,600		268,736
				688,721
Chemicals (4.8%)
Airgas, Inc.		4,800		213,840
Chemtura Corp.		24,400		269,132
Hercules, Inc.*		11,400		214,776
Koppers Holdings, Inc.		11,200		324,128
Landec Corp.*		17,200		218,612
RPM International, Inc.		12,800		272,256
Sensient Technologies Corp.		4,770		124,879
				1,637,623
Commercial Banks (7.3%)
Banner Corp.		9,100		339,612
Cobiz, Inc.		17,600		322,784
First Community Bancorp		6,200		340,132
First Midwest Bancorp, Inc.		8,740		314,116
Greene County Bancshares, Inc.		11,170		375,535
Independent Bank Corp.		6,400		190,080
Security Bank Corp.		15,430		305,051
SVB Financial Group*		5,900		302,198
				2,489,508
Communications Equipment (2.1%)
ADC Telecommunications, Inc.*		20,200		371,680
Ntelos Holding Corp.*		17,177		345,945
				717,625
Computers & Peripherals (1.1%)
Brocade Communications Systems, Inc.*		35,100		342,927
Cray, Inc.*		3,760		46,812
				389,739
Consumer Finance (1.0%)
Advanta Corp., Class B		7,293		334,165
Consumer Goods (2.0%)
Armstrong World Industries, Inc.*		6,900		351,900
CEC Entertainment, Inc.*		7,700		320,859
				672,759
Containers & Packaging (1.0%)
Silgan Holdings, Inc.		5,810		333,378
Diversified Telecommunication Services (0.7%)
CT Communications, Inc.		9,400		229,454
Electric Utilities (2.2%)
Allete, Inc.		9,000		435,690
Cleco Corp.		11,500		322,690
				758,380
Electrical Equipment (1.3%)
Baldor Electric Co.		11,100		437,229
Electronic Equipment & Instruments (1.4%)
CalAmp Corp.*		28,400		236,572
Kemet Corp.*		27,900		236,592
				473,164
Energy Equipment & Services (4.9%)
Atwood Oceanics, Inc.*		4,400		276,760
Dawson Geophysical Co.*		5,600		287,840
Oceaneering International, Inc.*		5,900		280,486
Superior Well Services, Inc.*		15,560		393,668
Unit Corp.*		7,200		411,480
				1,650,234

2007 Semiannual Report 17

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

NorthPointe Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Food & Staples Retailing (2.3%)
Andersons, Inc. (The)		8,100	$	376,245
BJ’s Wholesale Club, Inc.*		7,000		241,710
Casey’s General Stores, Inc.		6,600		165,990
				783,945
Food Products (1.4%)
Lancaster Colony Corp.		4,200		177,366
Pilgrim’s Pride Corp.		7,900		288,429
				465,795
Gas Utilities (2.2%)
South Jersey Industries, Inc.		7,100		278,817
WGL Holdings, Inc.		13,600		460,224
				739,041
Health Care Equipment & Supplies (0.6%)
DJ Orthopedics, Inc.*		5,400		210,924
Health Care Providers & Services (2.3%)
Animal Health International, Inc.*		19,190		256,378
InVentiv Health, Inc.*		13,400		508,530
				764,908
Hotels, Restaurants & Leisure (1.3%)
Denny’s Corp.*		41,800		196,042
Vail Resorts, Inc.*		4,500		256,590
				452,632
Household Durables (0.9%)
Tupperware Corp.		10,900		306,508
Industrial Conglomerates (1.2%)
Carlisle Cos., Inc.		9,700		399,446
Insurance (2.7%)
Amerisafe, Inc.*		20,430		411,256
Meadowbrook Insurance Group, Inc.*		22,900		254,419
Tower Group, Inc.		8,480		260,251
				925,926
Internet & Catalog Retail (0.8%)
Priceline.com, Inc.*		5,000		278,200
Internet Software & Services (1.4%)
Digital River, Inc.*		4,800		280,944
Website Pros, Inc.*		20,900		189,981
				470,925
IT Services (0.6%)
BISYS Group, Inc. (The)*		17,300		200,161
Leisure Equipment & Products (1.5%)
K2, Inc.*		13,700		206,733
Marvel Entertainment, Inc.*		9,700		286,441
				493,174
Life Sciences Tools & Services (2.0%)
Invitrogen Corp.*		6,300		412,461
Kendle International, Inc.*		8,200		279,456
				691,917
Machinery (1.8%)
ESCO Technologies, Inc.*		8,100		369,036
Robbins & Myers, Inc.		6,100		234,423
				603,459
Marine (0.9%)
American Commercial Lines, Inc.*		10,400		306,488
Media (0.7%)
Cinemark Holdings, Inc.*		1,460		27,594
DreamWorks Animation SKG, Inc., Class A*		6,700		196,176
				223,770
Metals & Mining (2.6%)
Haynes International, Inc.*		4,980		388,241
Metal Management, Inc.		5,500		264,385
Royal Gold, Inc.		7,700		225,841
				878,467
Oil, Gas & Consumable Fuels (1.6%)
CNX Gas Corp.*		10,000		280,600
Kodiak Oil & Gas Corp. — CA*		44,050		273,110
				553,710
Pharmaceuticals (3.0%)
K-V Pharmaceutical Co.*		13,800		358,938
Medicis Pharmaceutical Corp.		11,500		349,600
Perrigo Co.		15,900		302,100
				1,010,638
Real Estate Investment Trusts (REITs) (9.6%)
Annaly Mortgage Management, Inc.		22,350		355,588
Biomed Realty Trust, Inc.		12,400		356,004
BRT Realty Trust		12,300		380,439
Cogdell Spencer, Inc.		17,120		354,213
Diamondrock Hospitality Co.		18,320		335,073

18 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Real Estate Investment Trusts (REITs) (continued)
First Industrial Realty Trust		8,600	$	376,594
Friedman, Billings, Ramsey Group, Inc.		23,800		132,090
Nationwide Health Properties, Inc.		8,400		269,304
Newcastle Investment Corp.		9,200		268,732
RAIT Financial Trust		15,520		436,888
				3,264,925
Real Estate Management & Development (1.2%)
Meruelo Maddux Properties, Inc.*		48,100		390,091
Semiconductors & Semiconductor Equipment (4.3%)
Applied Micro Circuits Corp.*		116,300		326,803
GSI Technology, Inc.*		21,370		115,398
Mattson Technology, Inc.*		37,800		382,158
Microsemi*		14,200		328,162
Trident Microsystems, Inc.*		14,900		316,327
				1,468,848
Software (1.8%)
Aspen Technology, Inc.*		2,500		33,950
Parametric Technology Corp.*		13,420		238,473
THQ, Inc.*		10,100		337,037
				609,460
Specialty Retail (4.1%)
Aeropostale, Inc.*		4,900		201,635
Children’s Place Retail Store, Inc. (The)*		4,500		237,915
Dress Barn, Inc.*		9,100		181,181
New York & Co., Inc.*		12,900		180,213
Sonic Automotive, Inc.		7,800		223,002
Tween Brands, Inc.*		9,500		372,020
				1,395,966
Textiles, Apparel & Luxury Goods (2.0%)
Quiksilver, Inc.*		25,400		337,820
Warnaco Group, Inc. (The)*		11,500		325,220
				663,040
Thrifts & Mortgage Finance (1.8%)
BankUnited Financial Corp., Class A		12,000		259,800
Triad Guaranty, Inc.*		8,100		358,101
				617,901
Trading Companies & Distributors (1.1%)
Watsco, Inc.		7,100		377,507
Wireless Telecommunication Services (0.5%)
Dobson Communications Corp., Class A*		18,800		171,268
Total Common Stocks (Cost $31,062,010)				33,180,776
Repurchase Agreements (1.3%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $443,318, collateralized by U.S. Government Agency Mortgages with a market value of $452,120	$	443,255		443,255
Total Investments (Cost $31,505,265) (a) — 99.1%				33,624,031
Other assets in excess of liabilities — 0.9%				297,702
NET ASSETS — 100.0%			$	33,921,733

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
CA	Canada

2007 Semiannual Report 19

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

			NorthPointe			NorthPointe
			Small Cap			Small Cap
			Growth Fund			Value Fund
Assets:
Investments, at value (Cost $99,020,529 and $31,505,265)			$	107,495,174		$	33,624,031
Interest and dividends receivable				63,155			13,035
Receivable for capital shares issued				5,122,395			–
Receivable for investments sold				1,090,661			1,178,097
Prepaid expenses and other assets				32,968			2,519
		Total Assets:		113,804,353			34,817,682
Liabilities:
Payable to custodian				–			27,740
Payable for investments purchased				3,045,278			840,501
Payable for capital shares redeemed				5,631			–
Accrued expenses and other payables:
	Investment advisory fees			57,727			23,904
	Fund administration and transfer agent fees			5,984			1,875
	Distribution fees			4			–
	Administrative servicing fees			17			–
	Compliance program fees			700			298
	Custodian fees			318			388
	Other			2,317			1,243
		Total Liabilities:		3,117,976			895,949
Net Assets			$	110,686,377		$	33,921,733
Represented by:
Capital			$	98,616,460		$	29,190,809
Accumulated net investment income (loss)				(167,395	)		56,841
Accumulated net realized gains on investment transactions				3,762,667			2,555,317
Net unrealized appreciation on investments				8,474,645			2,118,766
Net Assets			$	110,686,377		$	33,921,733
Net Assets:
Class A Shares			$	1,775		$	–
Class B Shares				1,481			–
Class C Shares				1,481			–
Class R Shares				5,102,236			–
Institutional Service Class Shares				1,518			–
Institutional Class Shares				105,577,886			33,921,733
Total			$	110,686,377		$	33,921,733
Shares Outstanding (unlimited number of shares authorized):
Class A Shares				139			–
Class B Shares				119			–
Class C Shares				119			–
Class R Shares				403,977			–
Institutional Service Class Shares				118			–
Institutional Class Shares				8,219,470			3,039,292
Total				8,623,942			3,039,292

See notes to financial statements.

20 Semiannual Report 2007

Statements of Assets and Liabilities (Continued)

	NorthPointe			NorthPointe
	Small Cap			Small Cap
	Growth Fund			Value Fund
Net asset value and redemption price per share
(Net assets by class divided by shares outstanding by class, respectively):
Fund	$	–		$	11.16
Class A Shares	$	12.72(a	)	$	–
Class B Shares (b)	$	12.48(a	)	$	–
Class C Shares (c)	$	12.48(a	)	$	–
Class R Shares	$	12.63		$	–
Institutional Service Class Shares	$	12.83(a	)	$	–
Institutional Class Shares	$	12.84		$	11.16
Maximum Offering Price Per Share (100%/(100% — Maximum Sales Charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	13.50			—
Maximum Sales Charge — Class A Shares		5.75	%

(a)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
(b)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(c)	For Class C shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

See notes to financial statements.

2007 Semiannual Report 21

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

		NorthPointe			NorthPointe
		Small Cap			Small Cap
		Growth Fund			Value Fund
INVESTMENT INCOME:
Interest income		$	103,429		$	31,596
Dividend income			116,022			219,409
	Total Income		219,451			251,005
Expenses:
Investment advisory fees			349,027			144,798
Fund administration and transfer agent fees			29,005			14,306
Distribution fees Class A			21			–
Distribution fees Class B			7			–
Distribution fees Class C			7			–
Distribution fees Class R			4			–
Administrative servicing fees Class A			3			–
Administrative servicing fees Class R			3			–
Trustee fees			965			477
Compliance program fees (Note 3)			572			275
Custodian fees			777			504
Other			24,618			2,973
	Total expenses before reimbursed/waived expenses		405,009			163,333
Earnings credit (Note 5)			(9	)		(5	)
Expenses reimbursed			(17,418	)		–
Expenses voluntarily waived by administrator			(736	)		(314	)
	Net expenses		386,846			163,014
Net Investment Income (Loss)			(167,395	)		87,991
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			3,923,639			2,655,626
Change in unrealized appreciation/(depreciation) on investments			1,576,888			(158,292	)
Net realized/unrealized gains (losses) from investments			5,500,527			2,497,334
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,333,132		$	2,585,325

See notes to financial statements.

22 Semiannual Report 2007

Statements of Changes in Net Assets

		NorthPointe Small Cap						NorthPointe Small Cap
		Growth Fund						Value Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	(167,395	)	$	(348,734	)	$	87,991		$	117,024
Net realized gains on investment transactions			3,923,639			5,727,129			2,655,626			3,959,515
Net change in unrealized appreciation/(depreciation) investments			1,576,888			4,266,207			(158,292	)		584,739
Change in net assets from operations			5,333,132			9,644,602			2,585,325			4,661,278
Distributions to Shareholders:
	Institutional Class		–			–			(31,150	)		(126,326	)
Net realized gains:
	Class A		(1,563	)		(101	)		–			–
	Class B		(116	)		(101	)		–			–
	Class C		(116	)		(101	)		–			–
	Class R		(116	)		(101	)		–			–
	Institutional Service Class		(116	)		(101	)		–			–
	Institutional Class		(5,337,469	)		(3,594,886	)		(3,969,820	)		(5,340,226	)
Change in net assets from shareholder distributions			(5,339,496	)		(3,595,391	)		(4,000,970	)		(5,466,552	)
Change in net assets from capital transactions			46,284,963			17,279,218			3,070,357			8,003,425
Change in net assets			46,278,599			23,328,429			1,654,712			7,198,151
Net Assets:
Beginning of period			64,407,778			41,079,349			32,267,021			25,068,870
End of period		$	110,686,377		$	64,407,778		$	33,921,733		$	32,267,021
Accumulated net investment income (loss) at end of period		$	(167,395	)	$	–		$	56,841		$	–
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	6		$	16,884		$	–		$	–
	Dividends reinvested		1,561			101			–			–
	Cost of shares redeemed (a)		(18,208	)		–			–			–
	Total Class A		(16,641	)		16,985			–			–
Class B Shares
	Dividends reinvested		116			101			–			–
	Total Class B		116			101			–			–
Class C Shares
	Dividends reinvested		116			101			–			–
	Total Class C		116			101			–			–
Class R Shares
	Proceeds from shares issued		5,100,740			–			–			–
	Dividends reinvested		116			101			–			–
	Total Class R		5,100,856			101			–			–

See notes to financial statements.

2007 Semiannual Report 23

Statements of Changes in Net Assets (Continued)

		NorthPointe Small Cap						NorthPointe Small Cap
		Growth Fund						Value Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006			April 30, 2007			October 31, 2006
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
	Dividends reinvested	$	116		$	101		$	–		$	–
	Total Institutional Service Class		116			101			–			–
Institutional Class Shares
	Proceeds from shares issued		36,384,505			13,893,471			2,425,500			5,874,998
	Dividends reinvested		5,249,876			3,594,883			3,498,648			4,503,637
	Cost of shares redeemed (a)		(433,981	)		(226,525	)		(2,853,791	)		(2,375,210	)
	Total Institutional Class		41,200,400			17,261,829			3,070,357			8,003,425
Change in net assets from capital transactions:		$	46,284,963		$	17,279,218		$	3,070,357		$	8,003,425
SHARE TRANSACTIONS:
Class A Shares
	Issued		–			1,354			–			–
	Reinvested		127			9			–			–
	Redeemed		(1,451	)		–			–			–
	Total Class A Shares		(1,324	)		1,363			–			–
Class B Shares
	Reinvested		10			9			–
	Total Class B Shares		10			9			–			–
Class C Shares
	Reinvested		10			9			–
	Total Class C Shares		10			9			–			–
Class R Shares
	Issued		403,858			–			–			–
	Reinvested		10			9			–
	Total Class R Shares		403,868			9			–			–
Institutional Service Class Shares
	Reinvested		9			9			–			–
	Total Institutional Service Class Shares		9			9			–			–
Institutional Class Shares
	Issued		2,898,200			1,126,102			223,822			532,778
	Reinvested		423,377			315,341			321,863			431,559
	Redeemed		(33,548	)		(18,821	)		(260,481	)		(214,373	)
	Total Institutional Class Shares		3,288,029			1,422,622			285,204			749,964
Change in shares:			3,690,602			1,424,021			285,204			749,964

(a) Includes redemption fees, if any.

See notes to financial statements.

24 Semiannual Report 2007

Financial Highlights

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

NorthPointe Small Cap Growth Fund

			Investment Activities
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from
	Beginning		Income			Gains on		Investment
	of Period		(Loss)			Investments		Activities
Class A Shares
Period Ended October 31, 2004(f)	$	10.00		(0.01	)		0.48		0.47
Year Ended October 31, 2005	$	10.47		(0.13	)		1.33		1.20
Year Ended October 31, 2006	$	11.67		(0.09	)		2.39		2.30
Six Months Ended April 30, 2007 (Unaudited)(g)	$	12.96		(0.05	)		0.88		0.83
Class B Shares
Period Ended October 31, 2004(f)	$	10.00		(0.01	)		0.47		0.46
Year Ended October 31, 2005	$	10.46		(0.20	)		1.32		1.12
Year Ended October 31, 2006	$	11.58		(0.21	)		2.41		2.20
Six Months Ended April 30, 2007 (Unaudited)	$	12.77		(0.09	)		0.87		0.78
Class C Shares
Period Ended October 31, 2004(f)	$	10.00		(0.01	)		0.47		0.46
Year Ended October 31, 2005	$	10.46		(0.20	)		1.32		1.12
Year Ended October 31, 2006	$	11.58		(0.21	)		2.41		2.20
Six Months Ended April 30, 2007 (Unaudited)	$	12.77		(0.09	)		0.87		0.78
Class R Shares
Period Ended October 31, 2004(f)	$	10.00		(0.01	)		0.47		0.46
Year Ended October 31, 2005	$	10.46		(0.16	)		1.33		1.17
Year Ended October 31, 2006	$	11.63		(0.14	)		2.43		2.29
Six Months Ended April 30, 2007 (Unaudited)(g)	$	12.91		(0.09	)		0.88		0.79
Institutional Service Class Shares
Period Ended October 31, 2004(f)	$	10.00		(0.01	)		0.48		0.47
Year Ended October 31, 2005	$	10.47		(0.10	)		1.33		1.23
Year Ended October 31, 2006	$	11.70		(0.10	)		2.45		2.35
Six Months Ended April 30, 2007 (Unaudited)	$	13.04		(0.03	)		0.89		0.86
Institutional Class Shares
Period Ended October 31, 2004(f) (g)	$	10.00		(0.01	)		0.48		0.47
Year Ended October 31, 2005	$	10.47		(0.12	)		1.36		1.24
Year Ended October 31, 2006	$	11.71		(0.07	)		2.43		2.36
Six Months Ended April 30, 2007 (Unaudited)	$	13.06		(0.02	)		0.87		0.85

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios / Supplemental Data
											Net Assets		Ratio of
	Net						Net Asset				at End of		Expenses
	Realized			Total			Value, End		Total		Period		to Average
	Gains			Distributions			of Period		Return (a)(b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2004(f)		–			–		$	10.47		4.70%	$	1		1.50%
Year Ended October 31, 2005		–			–		$	11.67		11.46%	$	1		1.58%
Year Ended October 31, 2006		(1.01	)		(1.01	)	$	12.96		20.98%	$	19		1.40%
Six Months Ended April 30, 2007 (Unaudited)(g)		(1.07	)		(1.07	)	$	12.72		6.66%	$	2		1.39%
Class B Shares
Period Ended October 31, 2004(f)		–			–		$	10.46		4.60%	$	1		2.07%
Year Ended October 31, 2005		–			–		$	11.58		10.71%	$	1		2.02%
Year Ended October 31, 2006		(1.01	)		(1.01	)	$	12.77		20.22%	$	1		2.10%
Six Months Ended April 30, 2007 (Unaudited)		(1.07	)		(1.07	)	$	12.48		6.35%	$	1		2.03%
Class C Shares
Period Ended October 31, 2004(f)		–			–		$	10.46		4.60%	$	1		2.07%
Year Ended October 31, 2005		–			–		$	11.58		10.71%	$	1		2.02%
Year Ended October 31, 2006		(1.01	)		(1.01	)	$	12.77		20.22%	$	1		2.10%
Six Months Ended April 30, 2007 (Unaudited)		(1.07	)		(1.07	)	$	12.48		6.35%	$	1		2.00%
Class R Shares
Period Ended October 31, 2004(f)		–			–		$	10.46		4.60%	$	1		1.73%
Year Ended October 31, 2005		–			–		$	11.63		11.19%	$	1		1.55%
Year Ended October 31, 2006		(1.01	)		(1.01	)	$	12.91		20.96%	$	1		1.23%
Six Months Ended April 30, 2007 (Unaudited)(g)		(1.07	)		(1.07	)	$	12.63		6.37%	$	5,102		1.89%
Institutional Service Class Shares
Period Ended October 31, 2004(f)		–			–		$	10.47		4.70%	$	1		1.04%
Year Ended October 31, 2005		–			–		$	11.70		11.75%	$	1		1.19%
Year Ended October 31, 2006		(1.01	)		(1.01	)	$	13.04		21.38%	$	1		1.35%
Six Months Ended April 30, 2007 (Unaudited)		(1.07	)		(1.07	)	$	12.83		6.86%	$	2		1.09%
Institutional Class Shares
Period Ended October 31, 2004(f) (g)		–			–		$	10.47		4.70%	$	49,793		1.07%
Year Ended October 31, 2005		–			–		$	11.71		11.84%	$	41,074		1.10%
Year Ended October 31, 2006		(1.01	)		(1.01	)	$	13.06		21.45%	$	64,383		1.10%
Six Months Ended April 30, 2007 (Unaudited)		(1.07	)		(1.07	)	$	12.84		6.78%	$	105,578		1.05%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of					Ratio of
	Net			Ratio of		Investment
	Investment			Expenses		Income
	Income			(Prior to		(Prior to
	(Loss) to			Reimbursements)		Reimbursements)
	Average			to Average		to Average			Portfolio
	Net Assets (c)			Net Assets (c)(d)		Net Assets (c)(d)			Turnover (e)
Class A Shares
Period Ended October 31, 2004(f)		(1.17%	)		9.82%		(9.48%	)		0.48%
Year Ended October 31, 2005		(1.11%	)		1.69%		(1.22%	)		144.08%
Year Ended October 31, 2006		(0.97%	)		1.45%		(1.02%	)		98.72%
Six Months Ended April 30, 2007 (Unaudited)(g)		(0.84%	)		1.43%		(0.87%	)		40.29%
Class B Shares
Period Ended October 31, 2004(f)		(1.78%	)		9.13%		(8.84%	)		0.48%
Year Ended October 31, 2005		(1.79%	)		2.10%		(1.87%	)		144.08%
Year Ended October 31, 2006		(1.73%	)		2.22%		(1.85%	)		98.72%
Six Months Ended April 30, 2007 (Unaudited)		(1.45%	)		2.04%		(1.45%	)		40.29%
Class C Shares
Period Ended October 31, 2004(f)		(1.78%	)		9.13%		(8.84%	)		0.48%
Year Ended October 31, 2005		(1.79%	)		2.11%		(1.87%	)		144.08%
Year Ended October 31, 2006		(1.73%	)		2.14%		(1.77%	)		98.72%
Six Months Ended April 30, 2007 (Unaudited)		(1.45%	)		2.00%		(1.45%	)		40.29%
Class R Shares
Period Ended October 31, 2004(f)		(1.17%	)		8.65%		(6.92%	)		0.48%
Year Ended October 31, 2005		(1.41%	)		1.56%		(1.43%	)		144.08%
Year Ended October 31, 2006		(1.10%	)		1.23%		(1.10%	)		98.72%
Six Months Ended April 30, 2007 (Unaudited)(g)		(1.39%	)		1.89%		(1.39%	)		40.29%
Institutional Service Class Shares
Period Ended October 31, 2004(f)		(0.74%	)		8.22%		(7.92%	)		0.48%
Year Ended October 31, 2005		(0.87%	)		1.40%		(1.08%	)		144.08%
Year Ended October 31, 2006		(0.77%	)		1.35%		(0.77%	)		98.72%
Six Months Ended April 30, 2007 (Unaudited)		(0.41%	)		1.09%		(0.41%	)		40.29%
Institutional Class Shares
Period Ended October 31, 2004(f) (g)		(1.02%	)		2.18%		(2.14%	)		0.48%
Year Ended October 31, 2005		(0.81%	)		1.19%		(0.89%	)		144.08%
Year Ended October 31, 2006		(0.69%	)		1.16%		(0.74%	)		98.72%
Six Months Ended April 30, 2007 (Unaudited)		(0.46%	)		1.10%		(0.51%	)		40.29%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 29, 2004 (commencement of operations) through October 31, 2004.
(g)	Net investment income (loss) is based on average shares outstanding during the period.

See notes to financial statements.

2007 Semiannual Report 25

Financial Highlights

Selected Data for Each Share of Capital Outstanding

NorthPointe Small Cap Value Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Institutional Class Shares
Year Ended October 31, 2002	$	11.14		0.06		(0.69	)		(0.63	)		(0.06	)
Year Ended October 31, 2003	$	9.82		0.03		3.72			3.75			(0.04	)
Year Ended October 31, 2004	$	13.53		0.03		1.64			1.67			(0.03	)
Year Ended October 31, 2005	$	14.43		0.08		1.99			2.07			(0.08	)
Year Ended October 31, 2006	$	12.51		0.05		1.86			1.91			(0.05	)
Six Months Ended April 30, 2007 (Unaudited)	$	11.72		0.03		0.86			0.89			(0.01	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	Realized			Total			Value, End		Total			Period		to Average
	Gains			Distributions			of Period		Return (b)			(000s)		Net Assets (c)
Institutional Class Shares
Year Ended October 31, 2002		(0.63	)		(0.69	)	$	9.82		(6.43%	)	$	29,961		1.00%
Year Ended October 31, 2003		–			(0.04	)	$	13.53		38.25%		$	39,328		1.00%
Year Ended October 31, 2004		(0.74	)		(0.77	)	$	14.43		12.65%		$	32,156		0.99%
Year Ended October 31, 2005		(3.91	)		(3.99	)	$	12.51		15.39%		$	25,069		1.00%
Year Ended October 31, 2006		(2.65	)		(2.70	)	$	11.72		18.07%		$	32,267		1.00%
Six Months Ended April 30, 2007 (Unaudited)		(1.44	)		(1.45	)	$	11.16		7.95%		$	33,922		0.99%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of		Expenses		Income
	Net Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (c)		Net Assets (a)(c)		Net Assets (a)(c)		Turnover
Institutional Class Shares
Year Ended October 31, 2002		0.52%		1.06%		0.46%		105.59%
Year Ended October 31, 2003		0.25%		1.01%		0.23%		102.63%
Year Ended October 31, 2004		0.19%		1.00%		0.18%		135.45%
Year Ended October 31, 2005		0.61%		1.03%		0.59%		164.93%
Year Ended October 31, 2006		0.43%		1.07%		0.36%		154.88%
Six Months Ended April 30, 2007 (Unaudited)		0.53%		0.99%		0.53%		90.36%

(a)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.

See accompanying notes to financial statements.

26 Semiannual Report 2007

Notes to Financial Statements

April 30, 2007 (Unaudited)

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Mutual Funds”. Prior to January 25, 2002, the Trust was named “Nationwide Mutual Funds”. The Trust was originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust, dated as of October 30, 1997, as subsequently amended, and redomesticated as a Delaware Statutory Trust on February 28, 2005; the redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of April 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-nine (49) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the two (2) funds listed below (individually, a “Fund”; collectively, the “Funds”):

-  NorthPointe Small Cap Growth Fund (“Small Cap Growth”)

-  NorthPointe Small Cap Value Fund (“Small Cap Value”)

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). 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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

2007 Semiannual Report 27

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Funds holding foreign equity securities (the “Foreign Equity Funds”) may value foreign securities at fair value in the circumstances described below. 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 Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty of Nomura Securities.

(c) Futures Contracts

The Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities that the Funds intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Future contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets. The Funds did not have any futures contracts during the six months ended April 30, 2007.

28 Semiannual Report 2007

(d) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(e) Securities Lending

To generate additional income, each of the Funds may lend their respective portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Funds’ investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of April 30, 2007, the Funds did not have securities on loan.

(f) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for the Funds. Distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with American Institute of Certified Public Accountants (the “AICPA”) Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns and distributions from Real Estate Investment Trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.

(g) Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

2007 Semiannual Report 29

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

As of April 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

								Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Small Cap Growth	$	99,245,835	$	10,503,461	$	(2,254,122	)	$	8,249,339
Small Cap Value		31,632,493		2,714,282		(722,744	)		1,991,538

(h) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. For each Fund, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, “Gartmore Mutual Fund Capital Trust” (“GMF”)) (“NFA” or the “Adviser”) manages the investment of the assets and supervises the daily business affairs of the Funds (as shown in the table below). As of May 1, 2007, NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). NFA provides investment management evaluation services in initially selecting and monitoring on an ongoing basis, the performance of the subadviser, NorthPointe Capital, LLC (“NorthPointe”), an affiliate of NFA, for the Funds. NorthPointe manages each of the Fund’s investments and has the responsibility for making all investment decisions for the Funds.

Under the terms of the Investment Advisory Agreement, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. From these fees, pursuant to the subadvisory agreement, NFA pays fees to NorthPointe. Additional information regarding the investment advisory fees and subadvisory fees for NFA and the subadvisers is as follows for the six months ended April 30, 2007:

			Total
Fund	Fee Schedule		Fees
Small Cap Growth		All Assets		0.95%
Small Cap Value		All Assets		0.85%

From such fees, pursuant to the subadvisory agreements, NFA paid the subadviser $493,825 for the six months ended April 30, 2007.

NFA with respect to Small Cap Value and NorthPointe with respect to Small Cap Growth, and those respective Funds have entered into written contracts (“Expense Limitation Agreements”) that limit operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative service 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 non-routine expenses not incurred in the ordinary course of the Fund’s business.) from exceeding 1.10% for all classes of Small Cap Growth and 1.00% for the Institutional Class of Small Cap Value until at least February 28, 2008.

NFA may request and receive reimbursement from the Small Cap Value Fund and NorthPointe may request and receive reimbursement from the Small Cap Growth Fund of the advisory/subadvisory fees waived and other expenses reimbursed by NFA and/or NorthPointe pursuant to the Expense Limitation Agreements at a later date not to exceed three years from the fiscal year in which the fees were waived or expenses reimbursed if the Fund has reached a sufficient asset size to

30 Semiannual Report 2007

permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the 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 approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA or NorthPointe is not permitted.

For the six months ended April 30, 2007, the cumulative potential reimbursements of the Small Cap Growth Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursements to the Fund was made for expenses reimbursed by NorthPointe would be:

	Amount		Amount		Six months
	Fiscal Year		Fiscal Year		ended
Fund	2005		2006		April 30, 2007
Small Cap Growth	$	44,324	$	28,148	$	17,418

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc.” (“GDSI”)) (“NFD” or “Distributor”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”). NFSDI is a wholly-owned subsidiary of NFS. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed the following:

	Class A		Class B		Class C		Class R
Fund	Shares		Shares		Shares		Shares
Small Cap Growth		0.25%		1.00%		1.00%		0.50%

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A shares of the Small Cap Growth Fund. These fees are deducted from and are not included in proceeds from sales of Class A shares. From these fees, NFD pays sales commissions, salaries, and other expenses in connection with generating new sales of Class A shares of the Small Cap Growth Fund. NFD also receives fees for services as principal underwriter for Class B shares of the Small Cap Growth Fund. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of the purchase. Class C shares have a CDSC fee of 1% imposed on redemptions of Class C shares of the Small Cap Growth Fund made within one year of purchase. For the six months ended April 30, 2007, NFD received commissions of $0 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Small Cap Growth Fund, of which $0 was re-allowed to affiliated broker-dealers of the Fund.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFSDI, provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are

2007 Semiannual Report 31

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each Fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.26%
$1 billion up to $3 billion	0.19%
$3 billion up to $4 billion	0.15%
$4 billion up to $5 billion	0.08%
$5 billion up to $10 billion	0.05%
$10 billion up to $12 billion	0.03%
$12 billion or more	0.02%

*  The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Optimal Allocations Fund: Defensive, Nationwide Optimal Allocations Fund: Moderate, Nationwide Optimal Allocations Fund: Moderate Growth, Nationwide Optimal Allocations Fund: Growth, and Nationwide Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Funds.

NFA and BISYS have agreed to designate certain sub-transfer agency agreements NFA enters into with respect to the Funds as “Qualifying Sub-TA Agreements.” With respect to Qualifying Sub-TA Agreements, BISYS will credit to NFA an amount equal to the lesser of (i) the actual amount NFA is charged by the sub-transfer agent under the applicable Qualifying Sub-TA Agreement or (ii) $10 per investor account; however, the aggregate amount paid with regard to all Qualifying Sub-TA Agreements, regardless of whether option (i) or (ii) applies, shall not exceed $200,000 per annum. BISYS will calculate and credit such amounts to NFA’s fees on a monthly basis. All amounts will be credited to each applicable Fund on a monthly basis.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker dealers, including NFS, an affiliate of NFA, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Class A, Class R and Institutional Service Class shares of each of the Funds.

As of April 30, 2007, the Advisers or affiliates of the Advisers directly held 50% of the shares outstanding of the Small Cap Growth Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA and the Audit Committee of the Trust and Nationwide Mutual Fund Trust, the Trust has agreed to reimburse NFA certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended April 30, 2007, the Funds portion of such costs amounted to $847.

4. Short-Term Trading Fees

The Small Cap Growth Fund assesses a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within 90 calendar days of purchase. The redemption fee, if any, is paid directly to the Fund and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For

32 Semiannual Report 2007

purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

For the six months ended April 30, 2007, the Fund had no contributions to capital due to collection of redemption fees.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Funds’ custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually expiring on June 26, 2007, with a commitment fee of 0.08% per year on $100,000,000. There were no borrowings outstanding under this line of credit during the six months ended April 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credits) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earning credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2007, are summarized as follows:

Fund	Purchases		Sales
Small Cap Growth	$	62,514,044	$	28,909,511
Small Cap Value		28,872,387		28,944,758

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund is required to implement FIN 48 in its net asset value per share (NAV) calculation on October 30, 2007. At this time, management is evaluating the implications of FIN 48. Its impact to the financial statements has not yet been determined.

2007 Semiannual Report 33

Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

34 Semiannual Report 2007

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association – College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	Mr. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

2007 Semiannual Report 35

Management Information (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust,2 . From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for Nationwide Funds Group.3		N/A	N/A

36 Semiannual Report 2007

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005)3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC.3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	This position is held with an affiliated person or principal underwriter of the Trust.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2007 Semiannual Report 37

Supplemental Information (Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment advisers and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”,) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees considers at each meeting factors that are relevant to the annual renewal of the Fund’s Advisory Agreements, including the services and support provided to the Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew the Advisory Agreement for a one year term beginning February 28, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of the Advisory Agreements. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from Adviser describing, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2006) compared with the Fund’s benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from Adviser describing, on a Fund-by-Fund basis, performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from Adviser describing, on a Fund-by-Fund basis, Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from Adviser describing, on a Fund-by-Fund basis, any fees paid to Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits and fees inuring to Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by Adviser under the Advisory Agreement and the profits realized by Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group funds to their investment advisers and paid by non-affiliated institutional clients to Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover

38 Semiannual Report 2007

rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreements for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination is aware that shareholders of the Fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors, and that the Fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the Fund in its prospectus and other public disclosures, have chosen to invest in this Fund, managed by the Adviser.

NorthPointe Small Cap Growth Fund

The Board considered that the Fund had outperformed its benchmark, the Russell 2000 Growth Index, for the one-year period. The Board also considered that performance of the Fund’s Institutional Class shares ranked in the first quintile over the one- and two-year periods compared to that of its Lipper-constructed Performance Group. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser and subadviser to maintain relative performance, and based on the factors described above, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the third quintile, and was equal to the median of the Expense Group. Based on its review, the Board concluded that the Fund’s management fee and total expenses are fair and reasonable in light of the services the Fund and its shareholders receive and other factors considered.

The Board also noted that the Fund’s adviser had reported a loss from investment management services for this Fund for each of the twelve month periods ended September 30, 2006 and 2005.

NorthPointe Small Cap Value Fund

The Board considered that the Fund had outperformed its benchmark, the Russell 2000 Index, for the one- and five-year periods, and had underperformed its benchmark for the three-year period. The Board also considered that performance of the Fund’s Institutional Class shares had ranked in the third quintile over the one-year period, the second quintile over the two-year period, and the third quintile over the three- and four-year periods compared to that of its Lipper-constructed Performance Group.

The Board also considered that the contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the first quintile of the Expense Group. Based on its review, the Board concluded that the Fund’s management fee and total expenses are fair and reasonable in light of the services the Fund and its shareholders receive and other factors considered.

The Board also noted that the Fund’s adviser had reported a loss from investment management services for this Fund for each of the twelve-month periods ended September 30, 2006 and 2005.

2007 Semiannual Report 39

Supplemental Information (Unaudited) (Continued)

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to each of the Funds above, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to each Fund above, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for each Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the Funds to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the Funds. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Funds, including the information provided by management at the Funds’ annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a Fund directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each Fund. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the Funds should any of the current portfolio management services to the Funds should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a Fund. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each Fund will continue to manage such Fund, reasonable efforts are being made by NFA to achieve this result. Assuming however that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Funds in light of each Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to each Fund’s shareholders for their approval. A Special Meeting of Shareholders of the Trust was held on April 23, 2007 and several adjournments have been taken with respect to certain Funds of the Trust. As of the date of this report, however, all of the above-referenced Funds have approved the New Agreement.

C. Approval of New SubAdvisory Agreement

Additionally, the Board also approved at its January 11, 2007 meeting, a subadvisory agreement between the Trust, on behalf of the above-referenced Funds (“NorthPointe Funds”), NFA and NorthPointe Capital LLC (“NorthPointe”) to take effect upon the closing of the Transaction (“New SubAdvisory Agreement”). The Board considered NFA’s representation, as well as the representation of Nationwide Mutual Insurance Company (“Nationwide Mutual”) that as the NorthPointe Funds’ subadviser, NorthPointe will continue to provide the same nature and quality services that NorthPointe provided to the NorthPointe Funds as their adviser. The Board also noted that, as NFA will pay NorthPointe’s subadvisory fee out of the fee NFA receives from each NorthPointe Fund under the New Agreement, the New SubAdvisory Agreement would not result in any change in a NorthPointe Fund’s advisory fee. The Board also approved submission of the New SubAdvisory Agreement to shareholders of record of the NorthPointe Funds as of February 2, 2007. Shareholders of the NorthPointe Funds have approved the New Agreement and New SubAdvisory Agreement and these become effective on April 30, 2007.

The Board also noted Nationwide Mutual’s stated intention to seek unaffiliated potential buyers for NorthPointe, in particular Nationwide Mutual’s goal to seek a buyer that will continue to employ the portfolio managers who currently manage the NorthPointe Funds and to recommend to the Board, that if acquired by an unaffiliated adviser, then-unaffiliated NorthPointe be retained as an unaffiliated subadviser so that the NorthPointe Funds may continue to be managed by the same portfolio managers who currently manage the NorthPointe Funds, without disruption of service.

40 Semiannual Report 2007

No assurances were given, however, that the foregoing matters would materialize. The Board further considered that, under the Manager of Managers Exemptive Order, NFA, with the Board’s approval, is permitted to hire (and fire) unaffiliated subadvisers, such as NorthPointe would become if it were sold to an unaffiliated party, without seeking shareholder approval. Nationwide Mutual and NFA discussed with the Board that if NorthPointe is sold (and therefore becomes unaffiliated with NFA) and the Board approves the hiring of NorthPointe as subadviser to the NorthPointe Funds, shareholders of the NorthPointe Funds will receive notification of this within 90 days from the date of effectiveness of the hiring.

D. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Enhanced Income Fund, Nationwide Large Cap Value Fund, Nationwide Mid Cap Growth Fund, Nationwide Mid Gap Growth Leaders Fund, Nationwide Value Opportunities Fund and NorthPointe Small Cap Growth Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Enhanced Income Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”)) (With respect to Nationwide Mid Cap Growth Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC (“NorthPointe”)). (With respect to Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund and Northpointe Small Cap Growth Fund, the amended subadvisory agreement is between Nationwide Fund Advisors and NorthPointe.) (With respect to Nationwide Mid Cap Growth Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Nationwide Separate Accounts, LLC.)

Voting Results

The voting results of each of the Funds on Proposal 1 is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Enhanced Income Fund		40,821,130.029		0.00		17.945		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,202,766.122		9,246.817		339,963.381		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,340,509.175		10,496.530		11,545.880		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,073.672		26,219.717		24,462.450		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880
The voting results of each of the Funds on Proposal 2 is presented below:
Nationwide Enhanced Income Fund		40,820,112.409		0.00		1,035.565		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,203,007.960		10,824.817		338,143.543		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,338,622.785		9,481.750		14,510.050		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,652.732		26,219.717		23,883.390		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880

*  This meeting was previously adjourned on April 23, 2007.

2007 Semiannual Report 41

Supplemental Information (Unaudited) (Continued)

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide Emerging Markets Fund, Nationwide Global Financial Services Fund, Nationwide Global Health Sciences Fund, Nationwide Global Natural Resources Fund, Nationwide Global Technology and Communications Fund, Nationwide Global Utilities Fund, Nationwide Government Bond Fund, Nationwide Hedged Core Equity Fund, Nationwide International Growth Fund, Nationwide International Index Fund, Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Market Neutral Fund, Nationwide Mid Cap Market Index Fund, Nationwide Fund, Nationwide Leaders Fund, Nationwide Optimal Allocations Fund: Defensive, Nationwide S&P 500 Index Fund, Nationwide Small Cap Core Fund, Nationwide Small Cap Growth Opportunities Fund, Nationwide Small Cap Index Fund, Nationwide Small Cap Value Fund and Nationwide Tax-Free Income Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Bond Fund		5,218,564.322		81,566.635		273,001.134		0.00		5,573,132.091
Nationwide Bond Index Fund		208,792,760.157		24,347.719		35,026.844		0.00		208,852,134.720
Nationwide Emerging Markets Fund		2,110,101.855		10,081.391		24,931.760		0.00		2,145,115.006
Nationwide Global Financial Services Fund		2,030,384.848		14,978.340		12,217.583		0.00		2,057,580.771
Nationwide Global Health Sciences Fund		1,840,724.716		1,157.540		119,085.974		0.00		1,960,968.230
Nationwide Global Natural Resources Fund		1,269,313.120		12,765.120		25,473.760		0.00		1,307,552.000
Nationwide Global Technology and Communications Fund		3,334,211.460		4,262.770		2,868.000		0.00		3,341,342.230
Nationwide Global Utilities Fund		1,187,626.660		3,058.000		12,745.270		0.00		1,203,429.930
Nationwide Government Bond Fund		6,290,315.081		35,494.549		463,741.994		0.00		6,789,551.624
Nationwide Hedged Core Equity Fund		511,476.260		0.00		0.00		0.00		511,476.260
Nationwide International Growth Fund		2,933,870.260		20,794.666		48,792.633		0.00		3,003,457.559
Nationwide International Index Fund		202,160,342.794		83,946.437		743,731.497		0.00		202,988,020.728
Nationwide Investor Destinations Aggressive Fund		41,154,156.373		239,630.543		5,359,040.546		0.00		46,752,827.462
Nationwide Investor Destinations Moderately Aggressive Fund		65,350,205.390		490,145.648		7,212,491.082		0.00		73,052,842.120
Nationwide Market Neutral Fund		1,113,910.940		0.00		0.00		0.00		1,113,910.940
Nationwide Mid Cap Market Index Fund		84,223,226.122		95,271.232		254,729.872		0.00		84,573,227.226
Nationwide Fund		36,434,428.689		933,224.322		2,413,402.432		0.00		39,781,055.443
Nationwide Leaders Fund		685,935.097		2,855.930		3,994.130		0.00		692,785.157

42 Semiannual Report 2007

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Optimal Allocations Fund: Defensive		102,743.060		0.00		0.00		0.00		102,743.060
Nationwide S&P 500 Index Fund		261,136,337.727		380,161.400		1,239,967.560		0.00		262,756,466.687
Nationwide Small Cap Core Fund		501,478.650		0.00		0.00		0.00		501,478.650
Nationwide Small Cap Growth Opportunities Fund		507,304.180		0.00		0.00		0.00		507,304.180
Nationwide Small Cap Index Fund		49,448,961.560		256,547.642		1,348,275.570		0.00		51,053,784.772
Nationwide Small Cap Value Fund		519,898.320		0.00		0.00		0.00		519,898.320
Nationwide Tax-Free Income Fund		7,610,933.230		160,286.360		614,470.740		0.00		8,385,690.330

*  This meeting was previously adjourned on April 23, 2007.

On April 27, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Growth Fund and Nationwide Money Market Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Growth Fund		808,891,299.919		18,580,718.168		40,472,590.866		0.00		868,944,608.953
Nationwide Money Market Fund		11,752,499.756		505,731.299		778,074.060		0.00		13,036,305.115

*  This meeting was previously adjourned twice — first on April 23, 2007 and again on April 25, 2007.

On April 30, 2007, a Special Meeting of Shareholders of NorthPointe Small Cap Value Fund was held at which the shareholders of the Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of the Fund.

2. To approve an amended subadvisory agreement with NorthPointe Capital LLC, on behalf of the Fund.

Voting Results

The voting results of the Fund on Proposal 1 and 2 is presented below:

			Shares
	Shares		Voted		Shares		Broker
	Voted For		Against		Abstained		Non-Votes		Total
Proposal 1		1,636,031.300		0.00		0.00		0.00		1,636,031.300
Proposal 2		1,636,031.300		0.00		0.00		0.00		1,636,031.300

*  This meeting was previously adjourned three times—first on April 23, 2007, then on April 25, 2007, and again on April 27, 2007.

2007 Semiannual Report 43

Supplemental Information (Unaudited) (Continued)

A Special Meeting of the Shareholders of Nationwide Micro Cap Equity Fund, Nationwide Short Duration Bond Fund and Nationwide Small Cap Leaders Fund was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Micro Cap Equity Fund and Nationwide Small Cap Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC) (With respect to Nationwide Short Duration Bond Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”))

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

A Special Meeting of the Shareholders of Nationwide China Opportunities Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Conservative Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Small Cap Fund, Nationwide Worldwide Leaders Fund, Nationwide U.S. Growth Leaders Fund, Nationwide U.S. Growth Leaders Long-Short Fund, Nationwide Optimal Allocations Fund: Specialty, and Nationwide Optimal Allocations Fund: Growth was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

44 Semiannual Report 2007

SemiannualReport

April 30, 2007 (Unaudited)

	Contents
2	Message to Shareholders
	Concept Series*
8	Nationwide Hedged Core Equity Fund
17	Nationwide Market Neutral Fund
	Core Equity Series*
28	Nationwide Small Cap Core Fund
36	Nationwide Small Cap Growth Opportunities Fund
43	Nationwide Small Cap Value Fund
67	Notes to Financial Statements

*Prior to May 1, 2007, each Fund was Known as a Gartmore Fund.

Commentary provided by Nationwide Fund Advisors, investment adviser to Nationwide Funds. All opinions and estimates included in this report constitute the Adviser’s judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.nationwidefunds.com or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Message to Shareholders

April 30, 2007

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress has been completed. As of May 1, 2007, Nationwide Financial Services, Inc. completed its acquisition of the Philadelphia-based retail operations of NWD Investment Management (formerly Gartmore Global Investments, Inc.) from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Also effective on that date, our name was changed to Nationwide Funds Group, and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide brand. Once again, I’d like to emphasize that, although our corporate ownership and fund names have changed, it is our intention to maintain as much continuity as possible with key personnel.

Market Overview

The six-month reporting period that ended April 30, 2007, saw healthy gains in most broad-based stock indexes, both in the United States and abroad. In the U.S., stable interest rates and modest inflation helped to boost share prices despite a marked slowing in the overall pace of economic growth. One drag on growth came from the subprime mortgage industry due to an unusually high number of delinquencies and defaults. More broadly, slumping sales and softening prices hampered the markets for both new and existing homes. Evidence was scant, however, that the weakness in housing was spreading to the rest of the economy.

The stock market suffered a significant setback only once during the reporting period— late in February, when a plunge in China’s stocks triggered a similar reaction in other global markets. After a brief period of market choppiness, however, a broad and vigorous rebound in share prices occurred that took the Dow Jones Industrial Average to new all-time highs, while both the Standard & Poor’s (S&P) 500^® Index and the technology-laden Nasdaq Composite Index posted fresh six-year highs. For the reporting period, the S&P 500 Index recorded a return of 8.60%. Meanwhile, a depreciating U.S. dollar helped boost the performance of foreign stocks, as evidenced by the 15.68% return of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging markets such as China and India, where economic growth was particularly robust, posted even better returns.

In the bond market, the yield curve stayed slightly inverted; yields of 3-month Treasury bills remained above those of 10-year Treasury bonds, partly due to bond investors’ expectations that the U.S. economy would achieve a so-called “soft landing”— a mild slowdown without a recession. Relatively stable yields, together with the contribution from coupon payments, enabled the Lehman Brothers Aggregate Bond Index to post a return of 2.63% for the reporting period.

Funds in the Spotlight

I’m proud to report that two of our mutual funds recently distinguished themselves by winning Lipper Fund Awards, which recognize funds that have, as the Lipper puts it, “...excelled in delivering consistently strong risk-adjusted performance relative to their peers.” Based on data covering the three years ended December 31, 2006, the Gartmore Small Cap Fund (Institutional Service Class: GSXIX, renamed the “Nationwide Small Cap Fund” on May 1, 2007), managed by the team of Chuck Purcell, Bill Gerlach, and Gary Haubold, won in the “Small-Cap Core Fund” category, topping a field of 533 small-cap core funds. Also distinguishing itself was the Gartmore Worldwide Leaders Fund (Institutional Service Class: GLLSX, renamed the “Nationwide Worldwide Leaders Fund” on May 1, 2007), which was recognized as the winner in the “Global Large-Cap Core Fund” category for the second year in a row. Managed by the team of Neil Rogan, Ben Walker, and Brian ONeill, the Fund was selected from among 51 global large-cap core funds.

We at Nationwide Funds Group are gratified to have won these awards and are pleased with the overall competitive performance of the funds in the Nationwide Funds^® family, yet we also are acutely aware that we cannot rest on our laurels. Our objective at Nationwide Funds Group is to maintain and even to improve on the high standards which we place on ourselves.

John H. Grady

President and Chief Executive Officer

Nationwide Funds Group

2 Semiannual Report 2007

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective as determined by Lipper.

Rankings based on Class A shares of the Fund. Other share classes may have different performance characteristics. Fund performance may now be higher or lower than the performance shown. Performance reflects certain fee waivers, without which returns would be lower.

The Lipper scores listed are based on monthly data. Lipper scores are subject to change every month. The Lipper Average is a straight average of the specific Lipper Universe.

This information is provided for educational purposes only and should not be considered investment advice. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

In order to achieve the Nationwide Hedged Core Equity Fund’s objective, the manager uses sophisticated investment strategies such as leverage, short selling, and investing in derivatives and ETFs.

In order to achieve the Nationwide Market Neutral Fund’s objective, the manager uses sophisticated investment strategies such as leverage, short selling, short-term trading and investing in derivatives.

In order to achieve the Nationwide Small Cap Core Fund’s objective, the manager uses sophisticated investment strategies such as short-term trading and investing in smaller companies, derivatives and initial public offerings (IPOs).

The Nationwide Small Cap Growth Opportunities Fund and the Nationwide Small Cap Value Fund may purchase securities in initial public offerings (IPOs), which can be very volatile and carry high transaction costs.

Each Fund is subject to specific investment risks such as those associated with sophisticated investment strategies such as leverage, short selling, short-term trading and investing in derivatives, REITs, initial public offerings (IPO)s, and in smaller companies. The Funds’ strategies cause the Funds to have greater risk and volatility, and higher expenses, than those of other investments. The risks of investing in these Funds are more fully detailed within the Funds’ prospectuses.

Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

Investing in mutual funds involves risk, including possible loss of principal.

There is no assurance that the investment objective of any fund will be achieved.

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

The Nationwide Hedged Core Equity Fund’s primary benchmark index is the Russell 1000^® Index. The Fund’s Composite Index consists of 65% Russell 1000 Index and 35% Citigroup 3-Month Treasury Bill (T-Bill) Index.

Citigroup 3-Month Treasury Bill (T-Bill) Index: An unmanaged index that is generally representative of 3-month Treasury bills; consists of an average of the last 3-month Treasury bill issues (excluding the current month-end bill).

Russell 1000^® Index: An unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the market capitalization of the Russell 3000 Index.

Russell 2000^® Index: An unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 U.S. companies in the Russell 3000^® Index, which measures the performance of the largest 3,000 U.S. companies, based on market capitalization.

Russell 2000^® Growth Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 2000^® Index (the smallest 2,000 U.S. companies, based on market capitalization) with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Value Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 2000^® Index (the smallest 2,000 U.S. companies, based on market capitalization) with lower price-to-book ratios and lower forecasted growth values.

Market indexes have been provided for comparison purposes only. Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and no fees or expenses have been reflected. Individuals cannot invest directly in an index.

Third-party information has been obtained from and is based on sources Nationwide Funds Group believes to be reliable.

2007 Semiannual Report 3

Message to Shareholders

Continued

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

Performance shown is for Class A shares at NAV. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or go to www.nationwidefunds.com.

Sales charge and fee information:

Nationwide Hedged Core Equity Fund

Nationwide Market Neutral Fund

Nationwide Small Cap Core Fund

Nationwide Small Cap Growth Opportunities Fund

Nationwide Small Cap Value Fund

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

The Funds’ adviser, one of its affiliated advisers, or its employees, may have a position in the securities named in this report.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is subject to change at any time.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time and may not come to pass.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read it carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

Key Investment Terminology

Asset allocation—the investment strategy that spreads an investor’s assets across several different investment styles and asset classes. The objective is to reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities—fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets—such as credit card receivables or auto leases—that are paid down over time and generate sufficient cash to pay holders of the securities.

Bonds—debt obligations issued by companies, governments and other issuers.

Callable bonds—also known as “redeemable bonds.” Callable bonds are those that the issuer may redeem prior to the bonds’ scheduled maturity (the date when the principal amount of a bond is set to be repaid). When the bonds are called, the issuer typically pays a premium to the bonds’ owners. A significant decline in interest rates usually prompts issuers to save money by calling their current bonds and reissuing them at a lower interest rate.

Cash flow to price—See “Price-to-cash-flow ratio” below.

Commercial paper—short-term debt instruments, usually unsecured, that are issued by banks and corporations in order to finance their short-term credit needs, such as accounts receivable or inventory, and are acquired at a discount or are interest-bearing.

Common stock—securities representing shares of ownership of a company.

Consumer Price Index (CPI)—an index published monthly by the U.S. Bureau of Labor Statistics in the Department of Labor that is widely used as a cost-of-living benchmark. The index measures the weighted average of prices of a fixed basket of consumer goods and services. These items include food, transportation, shelter, utilities, clothing, medical care and entertainment. The CPI is often used to identify periods of inflation or deflation. A large rise in CPI during a short period of time denotes inflation; conversely, a large drop indicates a period of deflation.

Convertible securities—debt securities or preferred stocks that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Corporate bonds—debt securities issued by corporate issuers, as distinct from fixed-income securities issued by a government or its agencies or instrumentalities.

Correlation—a statistical method of measuring the relationship between two or more variables. This relationship is expressed with numerical values called “correlation coefficients” that range from -1.00 to +1.00. A correlation coefficient of -1.00 (called negative correlation) indicates that when one variable’s value increases, the other variable’s value decreases and vice versa

4 Semiannual Report 2007

(that is, the variables move in opposite directions). A correlation coefficient of +1.00 (called positive correlation) indicates that the variables move in the same direction, so that if one variable’s value increases, so does the value of the other variable. A correlation coefficient of zero indicates that no relationship exists between the variables.

Derivative—a contract whose value is based on the performance of an underlying financial asset, index or economic measure.

Dividend payout ratio—a ratio that provides the percentage of earnings paid to shareholders in dividends. It is calculated by dividing the yearly dividend per share by the earnings per share or, put another way, dividends divided by net income.

Dividend yield—another name for the return on investment for a stock, the dividend yield is a percentage measurement of the amount of cash flow an investor receives for each dollar invested in an equity security. This financial ratio is calculated by dividing a company’s annual dividends per share by the price per share.

Duration—related in part to the remaining time until maturity of a bond, duration is a measure of how much the price of a bond would change in relation to a change in market interest rates. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Emerging-market countries—developing and low- or middle-income countries as identified by the International Finance Corporation or the World Bank. Emerging-market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Equity securities—securities that represent an ownership interest in the issuer. These include common stock, preferred stock, securities that are convertible into common stock or securities (or other investments) with prices linked to the value of common stock, foreign investment funds or trusts, and depositary receipts. These also may include interests in real estate investment trusts.

Exchange-traded funds (ETFs)—introduced in 1993, these passively managed financial instruments are not mutual funds. ETFs represent baskets of stocks that reflect a wide variety of sector-specific, country-specific and broad-market indexes. ETFs do not have end-of-trading-day net asset values; rather, their prices fluctuate, based on supply and demand. ETFs may be bought or sold on a stock exchange throughout the trading day and incur a commission cost with each transaction.

Federal funds rate—the interest rate that a bank with excess reserves at a Federal Reserve district bank will charge another bank to provide overnight loans to meet the other bank’s reserve requirements. The Federal Open Market Committee is responsible for setting a target for this rate, but the rate itself is set daily by the market and serves as a highly sensitive indicator of the future direction of interest rates.

Fixed-income securities—securities, including bonds and other debt securities, that represent an obligation by the issuer to pay a specified rate of interest or dividend at specified times.

Gross domestic product (GDP)—a commonly used indicator of a country’s economic health. Gross domestic product is a number that represents the market value of all the goods and services produced within the geographic boundaries of a country (regardless of the producers’ nationality) during a specific time period, usually one year. GDP is calculated by adding the value of all private, public and government spending, investments, and exports minus imports that occur within the defined region.

Growth style—a style of investing in equity securities of companies that the Fund’s management believes have above-average rates of earnings growth and may therefore experience above-average increases in stock price.

High-yield bonds—fixed-income securities that are rated below investment grade by nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch, or unrated securities that Fund management believes are of comparable quality. These bonds are often referred to as “junk bonds.” They generally offer investors higher interest rates as a way to help compensate for the fact that the issuer is at greater risk of default.

Inflation—the rate at which the general level of prices for goods and services rises. As prices rise, purchasing power falls. In other words, when inflation increases, every dollar buys a smaller percentage of a good or service.

Interest-rate swaps—an activity involving companies that desire an interest-rate structure that other companies can provide at a lesser cost. The companies will agree to enter into interest-rate swaps, which are customized contracts between two or more parties. The transactions involve the exchange of one set of cash flows or streams of future periodic interest payments for another (based on certain principal amounts and interest-rate specifications). Interest-rate swaps also benefit companies by limiting or managing exposure to fluctuations in interest rates.

Intermediate bonds—bonds that will reach maturity (the date when the principal amount of a bond is set to be repaid) within three to 10 years are known as intermediate bonds or intermediate-term bonds. By comparison, short-term bonds mature in less than three years, and long-term bonds mature in more than 10 years.

2007 Semiannual Report 5

Message to Shareholders

Continued

Investment grade—the four highest rating categories of nationally recognized rating agencies, including Moody’s, Standard & Poor’s and Fitch.

Large-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell 1000^® Index, ranging from $563 million to $371.7 billion as of December 31, 2006.

Leveraged buyout—the term leveraged buyout (LBO) refers to one company’s takeover of another company by using a significant amount of borrowed money to cover the cost of acquisition. Typically, the target company’s assets are used by the acquiring company as security for the loans it takes out, which are then repaid from the target company’s cash flow. Several individual investors also may engage in an LBO by using their own assets as collateral for funds that they borrow from banks in order to take over a firm. Most LBOs result in public shareholders receiving a premium above current market value for their shares in the target company.

Long position—a security owned by a Fund in anticipation that the security’s price will increase.

Market capitalization—a common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Market capitalization-weighted index—an index in which the weighting of each security is based on the issuing company’s market capitalization. Changes in the stock price of a company with a large capitalization affect the level of the index more than do changes in the stock price of a company with a smaller capitalization.

Maturity—the time at which the principal amount of a bond is scheduled to be returned to investors.

Mid-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell Midcap^® Index, ranging from $565 million to $18.4 billion as of December 31, 2006.

Mortgage-backed securities—fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans, which in some cases are guaranteed by government agencies.

Municipal obligations—fixed-income securities issued by, or on behalf of, states, cities and other local governmental entities, to pay for construction and other projects. They are loans that investors make to a governmental entity; the governmental entity gets the cash it needs to complete its project, and the lenders earn interest payments and get their principal back. Municipal obligations that qualify pay interest that is generally exempt from federal income taxes, although certain investors may nonetheless be subject to federal alternative minimum tax.

Noncallable bonds—bonds that cannot be called (redeemed) by the issuer prior to their scheduled maturity (the date when the principal amount of a bond is set to be repaid). Investors usually receive lower yields for noncallable bonds due to their reduced risk.

Operating margin—a ratio that measures a company’s pricing strategy and operating efficiency. It is calculated as operating income divided by net sales. The operating margin indicates the proportion of a company’s revenue that remains after variable costs of production such as wages and raw materials are paid. An increasing operating margin means that a company is earning more per dollar of sales; the higher the margin, the better.

Personal Consumption Expenditures (PCE) Price Index—also broadly referred to as “consumption.” The PCE is a nationwide indicator and measure of average price changes for all domestic personal consumption of goods and services that are targeted toward and consumed by individuals. The PCE is part of the personal income report produced by the Bureau of Economic Analysis of the Department of Commerce and includes actual and imputed household expenditures as well as data on durables, nondurables and services. The PCE serves as the basis for an inflation index.

Price-to-cash-flow ratio—a ratio similar to the price-to-earnings ratio that is calculated by dividing share price by cash flow per share. This ratio indicates relative value and the market’s expectations of a firm’s future financial health.

Price-to-earnings (P/ E) ratio—a valuation ratio calculated by taking a company’s current stock price per share and dividing it by its earnings per share. The P/ E ratio helps investors to know how much they are paying for a company’s earning power. Investors expect greater earnings growth from companies whose P/ E ratio is high.

Short sale—the activity of selling a security that a Fund does not own but must borrow to complete the sale, in anticipation of purchasing the same security at a later date at a lower price.

Small-cap companies—companies whose market capitalizations are similar to those of companies included in the Russell 2000^® Index, ranging from $26 million to $4.4 billion as of December 31, 2006.

Spread sectors/spread product—the term “spread sectors” refers to non-Treasury fixed-income sectors that trade at a basis-point spread over Treasuries. The term “spread product” refers to taxable (as opposed to municipal) bonds that are not

6 Semiannual Report 2007

Treasury securities. Examples of spread product include agency, asset-backed and mortgage-backed securities as well as corporate and high-yield bonds. Spread product offer different yields than those of comparable Treasury securities; the difference between the yields is called a spread. For example, if a 10-year corporate bond is trading at a yield of 8% and the 10-year Treasury note is trading at a yield of 6%, the corporate bond is said to offer a 200-basis-point spread.

Total return—investment return that reflects both capital appreciation or depreciation (increase or decrease in the market value of a security) and income (i.e., interest or dividends).

Treasury Inflation-Protected Securities (TIPS)—these are Treasury notes or bonds, first issued in 1997, that are considered ultra-safe investments and that offer investors protection from inflation because the real rate of return (the growth of purchasing power) is guaranteed. The investments’ coupon payments and underlying principal are automatically increased to compensate for inflation as measured by the Consumer Price Index (CPI). Also known as “inflation-indexed securities,” TIPS pay interest every six months and pay the principal upon maturity. Because of the safety TIPS provide, however, they offer a low return.

U.S. government agency securities —debt securities issued and/or guaranteed as to principal and interest by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities that are not direct obligations of the United States. Such securities may not be supported by the full faith and credit of the United States.

U.S. government securities—debt securities issued and/or guaranteed as to principal and interest by the U.S. government that are supported by the full faith and credit of the United States.

Valuation—the process of determining the current worth of an asset or company.

Value style—a style of investing in equity securities that the Fund’s management believes are undervalued, which means that their prices are less than Fund management believes they are worth, based on such factors as price-to-book ratio, price-to-earnings ratio and cash flow. Companies issuing such securities may be currently out of favor or experiencing poor operating conditions that Fund management believes to be temporary.

Volatility—a statistical measure of the variation in returns that is possible with a given security or market index. Volatility refers to uncertainty or risk about the size of changes in the value of a security. Higher volatility indicates that a security’s value can rise or fall dramatically during a short period of time; conversely, lower volatility indicates that the value does not change dramatically but rather at a steady pace. Typically, securities with higher volatility are considered riskier.

Yield curve—a plotted graph line of the yields, or interest rates, at a set point in time, of various-maturity U.S. Treasury bonds of equal credit quality. The yield curve comparing the three-month, two-year, five-year and 30-year U.S. Treasury debt is the most common one; it serves as a benchmark for other debt in the market, such as mortgage rates and bank lending rates, and to predict changes in economic activity, such as output and growth. The three main types of yield curve shapes are called normal, inverted and flat (or humped). When the yield curve is normal, longer-maturity bonds have a higher yield in comparison to shorter-maturity bonds; the opposite is true for an inverted yield curve.

2007 Semiannual Report 7

Nationwide Hedged Core Equity Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Hedged Core Equity Fund (Class A at NAV) returned 5.76% versus 6.77% for its composite benchmark, which consists of 65% Russell 1000^® Index and 35% Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Long/ Short Equity Funds (consisting of 84 funds as of April 30, 2007) was 7.47%.

Can you describe the market environment during the reporting period?

The market advanced during the reporting period despite a large sell-off in February. Federal Reserve Board policy and strong earnings contributed to the rebound in the market. Large-capitalization stocks returned 9.10% (as measured by the Russell 1000^® Index), outperforming small-cap stocks (as measured by the Russell 2000^® Index), which returned 6.86% during the reporting period. Large-cap value stocks, as measured by the Russell 1000^® Value Index with a return of 9.79%, outperformed large-cap growth stocks, as measured by the Russell 1000^® Growth Index with a return of 6.36%. The best-performing sectors for the Russell 1000 Index were materials and utilities, while the worst-performing sectors were financials and information technology.

Overall, investors continued to be optimistic because several encouraging signs emerged for the equity markets. The economy seems to be heading for a mild slowdown with no recession. In the first quarter of 2007, the U.S. economy, as measured by gross domestic product (GDP), grew at the slowest rate in four years. The housing slump, high fuel prices, and large trade deficit had a major negative impact on growth. On the positive side, consumer spending kept the expansion continuing. Further, the GDP data showed subtle signs that inflation might be increasing. The Federal Reserve kept interest rates unchanged throughout late 2006 and the first quarter of 2007. In the March statement the Fed changed its language, acknowledging the slowing growth. The Fed’s comments had many investors anticipating an easing in monetary policy.

Mergers and acquisitions have had a great influence on the markets. Globally, almost $2 trillion worth of deals have been announced so far this year, and the activity has been broad-based in terms of industry and geography, helping to push markets higher. Profit growth, particularly in cyclical stocks, continued to be strong throughout the first quarter of 2007. Our quantitative research shows that higher cash flow to price, lower price to earnings, and earnings growth were the strongest factors driving small-cap performance. Dividend yield, dividend payout, and operating margins were the worst-performing factors.

What areas detracted from Fund performance?

Stock selection in the consumer staples and consumer discretionary sectors detracted from Fund performance. Merger-and-acquisition activity hurt Fund performance because several stocks that looked unattractive in our quantitative model were bought at premiums by private equity firms looking to turn these companies into profitable and higher-growth firms. Specifically, we were short on Station Casinos, Inc. because of its poor fundamentals—high valuation and poor earnings revisions; the company received a takeout offer from the founder’s family and a buyout firm. A short position in EchoStar Communications Corp., a consumer discretionary stock, performed poorly for the Fund. The company announced improving company prospects with strong gross subscriber growth.

What areas of investment provided the most positive returns for the Fund?

Several sectors had both long and short positions that contributed positively to Fund performance. The best-performing sectors for the Fund were energy, information technology, and industrials. Fund long holding Tidewater Inc., a provider of offshore supply vessels and services for the oil industry, posted better-than-expected revenues and earnings as demand for oil continued to increase. Cummins, Inc., a maker of high-powered diesel engines, rose because the firm posted profits that beat analysts’ estimates and increased its full-year earnings forecast. Another strong-performing short position for the Fund was Southwest Airlines Co., whose earnings fell short of expectations during its last fiscal quarter because of rising fuel costs.

What is your outlook for the near term?

Although the market’s recent strong advance makes us somewhat cautious about the near term, we remain positive about the market’s longer-term prospects. If the economy continues to soften, we believe the chances are good that the Fed will reduce short-term interest rates in an effort to stimulate growth. Meanwhile, we will maintain our focus on buying stocks that the quantitative model determines are attractive. We also see a possibility of large-cap growth investing outperforming in the coming quarters. As valuation spreads among stocks narrow to historical lows, we believe investors will begin to discriminate among stocks by focusing on growth characteristics. In addition, we will review our short positions for those that are potential candidates to be taken out by private equity firms.

Portfolio Manager: Joseph Cerniglia, CFA

8 Semiannual Report 2007

Nationwide Hedged Core Equity Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

						Gross		Net
		Six				Expense		Expense
		month*		Inception1		Ratio**		Ratio**
Class A	w/o SC6		5.76%		8.40%		3.44%		2.69%
	w/SC3		-0.36%		2.17%
Class B	w/o SC6		5.09%		7.62%		4.19%		3.44%
	w/SC4		0.09%		2.62%
Class C	w/o SC6		5.09%		7.62%		4.19%		3.44%
	w/SC5		4.09%		6.62%
Class R 2			5.36%		7.89%		3.89%		3.14%
Institutional Service Class 2			5.70%		8.34%		3.31%		2.56%
Institutional Class 2			5.79%		8.44%		3.19%		2.44%

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on September 29, 2006.
2	Not subject to any sales charges.
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted because it is charged when you sell Class C shares within the first year after purchase.
6	These returns do not reflect the effects of sales charges (SC).

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in the Class A of the Nationwide Hedged Core Equity Fund, Russell 1000 Index (Russell 1000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 1000 is an unmanaged index of approximately 1,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 9

Nationwide Hedged Core Equity Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Hedged Core Equity Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,057.60	$	13.32		2.61%
	Hypothetical	1	$	1,000.00	$	1,012.06	$	13.10		2.61%
Class B	Actual		$	1,000.00	$	1,050.90	$	16.83		3.31%
	Hypothetical	1	$	1,000.00	$	1,008.59	$	16.62		3.31%
Class C	Actual		$	1,000.00	$	1,050.90	$	16.83		3.31%
	Hypothetical	1	$	1,000.00	$	1,008.59	$	16.62		3.31%
Class R	Actual		$	1,000.00	$	1,053.60	$	15.02		2.95%
	Hypothetical	1	$	1,000.00	$	1,010.37	$	14.81		2.95%
Institutional Service Class	Actual		$	1,000.00	$	1,057.00	$	11.48		2.25%
	Hypothetical	1	$	1,000.00	$	1,013.84	$	11.30		2.25%
Institutional Class	Actual		$	1,000.00	$	1,057.90	$	11.48		2.25%
	Hypothetical	1	$	1,000.00	$	1,013.84	$	11.30		2.25%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

10 Semiannual Report 2007

Nationwide Hedged Core Equity Fund

Portfolio Summary Long Positions                       

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	93.3%
Repurchase Agreements	9.5%
Liabilities in excess of other assets	-2.8%
	100.0%

Top Holdings*
AT&T, Inc.	2.7%
J.P. Morgan Chase & Co.	2.6%
Bank of America Corp.	2.6%
Procter & Gamble Co. (The)	2.2%
Hewlett-Packard Co.	2.1%
Pfizer, Inc.	2.1%
Gilead Sciences, Inc.	1.7%
Morgan Stanley	1.7%
International Business Machines Corp.	1.7%
Northrop Grumman Corp.	1.6%
Other	79.1%
	100.0%

Top Industries
Diversified Financial Services	9.6%
Insurance	8.0%
Pharmaceuticals	5.9%
Oil, Gas & Consumable Fuels	5.9%
Semiconductors & Semiconductor Equipment	4.2%
Aerospace & Defense	3.9%
Health Care Providers & Services	3.7%
Computers & Peripherals	3.7%
Communications Equipment	3.2%
Food & Staples Retailing	2.8%
Other	49.1%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 11

Nationwide Hedged Core Equity Fund

Portfolio Summary Short Positions                       

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	28.5%
Other	71.5%
	100.0%

Top Holdings
3M Co.	1.5%
Valley National Bancorp	1.5%
Coca-Cola Co.	1.2%
People’s United Financial	1.1%
Simon Property Group, Inc.	1.0%
Abbott Laboratories	1.0%
Fannie Mae	1.0%
Medtronic, Inc.	1.0%
ITT Corp.	0.9%
Occidental Petroleum Corp.	0.9%
Other	88.9%
	100.0%

Top Industries
Diversified Financial Services	3.0%
Multiline Retail	2.6%
Banks	2.5%
Oil, Gas & Consumable Fuels	2.5%
Manufacturing	2.4%
Computers & Peripherals	1.7%
Health Care Equipment & Supplies	1.6%
Real Estate Investment Trust	1.1%
Pharmaceutical	1.0%
Diversified Telecommunication Services	0.9%
Other	80.7%
	100.0%

12 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Hedged Core Equity Fund

Common Stocks - Long Positions (93.3%) (a)
	Shares or
	Principal Amount		Value
Aerospace & Defense (3.9%)
B.F. Goodrich Co. (The)		1,100	$	62,524
Northrop Grumman Corp.		1,200		88,332
Raytheon Co.		1,200		64,248
				215,104
Auto Components (0.9%)
Johnson Controls, Inc.		500		51,165
Beverages (0.7%)
Molson Coors Brewing Co.		400		37,712
Biotechnology (0.7%)
Amgen, Inc.*		600		38,484
Capital Markets (1.1%)
Lehman Brothers Holding, Inc.		800		60,224
Commercial Bank (0.7%)
PNC Bank Corp.		500		37,050
Commercial Services & Supplies (1.6%)
Manpower, Inc.		700		56,175
Steelcase, Inc.		1,700		33,184
				89,359
Communications Equipment (3.2%)
Cisco Systems, Inc.*		2,400		64,176
Harris Corp.		1,000		51,350
QUALCOMM, Inc.		1,400		61,320
				176,846
Computers & Peripherals (3.7%)
Hewlett-Packard Co.		2,700		113,778
International Business Machines Corp.		900		91,989
				205,767
Containers & Packaging (2.4%)
Bemis Co.		1,900		63,118
Packaging Corp. of America		2,800		69,328
				132,446
Distributor (0.9%)
ProLogis Trust		800		51,840
Diversified Financial Services (9.6%)
Bank of America Corp.		2,800		142,520
Citigroup, Inc.		1,200		64,344
Goldman Sachs Group, Inc.		400		87,444
J.P. Morgan Chase & Co.		2,800		145,880
Morgan Stanley		1,100		92,411
				532,599
Diversified Telecommunication Services (2.7%)
AT&T, Inc.		3,800		147,136
Electric Utilities (2.4%)
Gilead Sciences, Inc.		2,900		93,293
PPL Corp.		900		39,249
				132,542
Electronic Equipment & Instruments (0.6%)
Jabil Circuit, Inc.		1,400		32,620
Energy Equipment & Services (2.7%)
Halliburton Co.		900		28,593
Helmerich & Payne, Inc.		1,500		48,435
Tidewater, Inc.		1,100		69,531
				146,559
Entertainment (1.0%)
Walt Disney Co. (The)		1,600		55,968
Food & Staples Retailing (2.8%)
CVS/ Caremark Corp.		1,400		50,736
Wal-Mart Stores, Inc.		1,200		57,504
Walgreen Co.		1,100		48,290
				156,530
Food Products (1.8%)
Archer-Daniels Midland Co.		700		27,090
PepsiCo, Inc.		1,100		72,699
				99,789
Health Care Providers & Services (3.7%)
Aetna, Inc.		800		37,504
AmerisourceBergen Corp.		500		24,995
McKesson Corp.		600		35,298
UnitedHealth Group, Inc.		1,000		53,060
WellPoint, Inc.*		700		55,279
				206,136
Hotels, Restaurants & Leisure (0.7%)
Starwood Hotels & Resorts Worldwide, Inc.		600		40,212

2007 Semiannual Report 13

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Hedged Core Equity Fund (Continued)

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
Household Durables (0.7%)
Leggett & Platt, Inc.		1,600	$	37,632
Household Products (2.2%)
Procter & Gamble Co. (The)		1,900		122,189
Insurance (8.0%)
Allstate Corp.		700		43,624
American International Group, Inc.		1,000		69,910
Chubb Corp. (The)		1,300		69,979
HCC Insurance Holdings, Inc.		1,200		36,792
Lincoln National Corp.		600		42,690
MetLife, Inc.		1,300		85,410
Prudential Financial, Inc.		700		66,500
W.R. Berkley Corp.		900		29,241
				444,146
Internet & Catalog Retail (0.5%)
Liberty Media Corp. — Interactive*		1,100		27,533
Internet Software & Services (0.9%)
Google, Inc., Class A*		100		47,138
Leisure Equipment & Products (1.3%)
Time Warner, Inc.		3,500		72,205
Life Sciences Tools & Services (1.3%)
Thermo Fisher Scientific, Inc.*		1,400		72,884
Machinery (1.2%)
Cummins, Inc.		200		18,432
Kennametal, Inc.		700		49,392
				67,824
Media (0.7%)
News Corp.		1,700		38,063
Metals & Mining (0.9%)
Alcoa, Inc.		1,400		49,686
Multi-Utility (1.5%)
Sempra Energy		1,300		82,524
Multiline Retail (1.9%)
J.C. Penney Co., Inc.		700		55,363
Target Corp.		800		47,496
				102,859
Oil, Gas & Consumable Fuels (5.9%)
Chesapeake Energy Corp.		1,600		54,000
ChevronTexaco Corp.		800		62,232
ConocoPhillips		800		55,480
Exxon Mobil Corp.		900		71,442
Marathon Oil Corp.		500		50,775
Williams Cos., Inc. (The)		1,000		29,500
				323,429
Pharmaceuticals (5.9%)
Johnson & Johnson		800		51,376
Merck & Co., Inc.		1,100		56,584
Mylan Laboratories, Inc.		1,500		32,895
Pfizer, Inc.		4,300		113,778
Schering-Plough Corp.		2,200		69,806
				324,439
Real Estate Investment Trust (REIT) (0.8%)
CapitalSource, Inc.		1,800		46,386
Road & Rail (2.7%)
CSX Corp.		800		34,536
Norfolk Southern Corp.		700		37,268
Union Pacific Corp.		700		79,975
				151,779
Semiconductors & Semiconductor Equipment (4.2%)
Applied Materials, Inc.		3,700		71,114
Intersil Corp.		2,400		71,496
KLA-Tencor Corp.		700		38,885
Texas Instruments, Inc.		1,500		51,555
				233,050
Software (1.4%)
Microsoft Corp.		2,600		77,844
Specialty Retail (2.2%)
Nike, Inc.*		1,400		75,404
OfficeMax, Inc.		900		44,298
				119,702
Tobacco (0.7%)
Reynolds American, Inc.		600		38,556

14 Semiannual Report 2007

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
Wireless Telecommunication Services (0.6%)
Telephone & Data Systems, Inc.		600	$	34,170
Total Common Stocks — Long Positions (Cost $4,737,433)				5,160,126
Repurchase Agreements (9.5%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $526,013, collateralized by U.S. Government Agency Mortgages with a market value of $536,457	$	525,938		525,938
Total Investments (Cost $5,263,371) (b) — 102.8%				5,686,064
Liabilities in excess of other assets — (2.8)%				(152,947	)
NET ASSETS — 100.0%			$	5,533,117

*	Denotes a non-income producing security.
(a)	All long positions held as collateral for securities sold short.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements

2007 Semiannual Report 15

Statement of Securities Sold Short

April 30, 2007 (Unaudited)

Nationwide Hedged Core Equity Fund

Common Stocks - Short Positions (28.5%)
	Principal
	Amount		Value
Airline (0.3%)
Southwest Airlines Co.	$	1,300	$	18,655
Auto Components (0.7%)
AutoZone, Inc.*		300		39,912
Automobiles (0.4%)
General Motors Corp.		600		18,738
Banks (2.5%)
People’s United Financial		2,940		58,535
Valley National Bancorp		3,200		81,184
				139,719
Biotechnology (0.5%)
Genzyme Corp.*		400		26,124
Chemicals (0.6%)
Du Pont (E.I.) De Nemours & Co.		700		34,419
Commercial Services & Supplies (0.5%)
Western Union Co.		1,400		29,470
Computers & Peripherals (1.7%)
Adobe Systems, Inc.*		700		29,092
CA, Inc.		900		24,534
Dell, Inc.*		1,600		40,336
				93,962
Diversified Financial Services (3.0%)
Affiliated Managers Group, Inc.*		300		35,289
Fannie Mae		900		53,028
Federated Investors, Inc.		1,200		45,792
Nuveen Investments		600		31,980
				166,089
Diversified Telecommunication Services (0.9%)
Echostar Communications Corp.*		1,000		46,530
Electric Utility (0.8%)
Exelon Corp.		600		45,246
Energy Company (0.5%)
Duke Energy Corp.		1,400		28,728
Entertainment (0.8%)
Regal Entertainment Group		2,100		45,675
Health Care Equipment & Supplies (1.6%)
C.R. Bard, Inc.		400		33,252
Medtronic, Inc.		1,000		52,930
				86,182
Internet Software & Services (0.6%)
Yahoo!, Inc.*		1,100		30,844
Machinery (0.8%)
Pitney Bowes, Inc.		900		43,200
Manufacturing (2.4%)
3M Co.		1,000		82,770
ITT Corp.		800		51,048
				133,818
Multiline Retail (2.6%)
Anheuser-Busch Cos., Inc.		900		44,271
Coca-Cola Co.		1,300		67,847
Jones Apparel Group, Inc.		1,000		33,390
				145,508
Oil, Gas & Consumable Fuels (2.5%)
Apache Corp.		600		43,500
Devon Energy Corp.		600		43,722
Occidental Petroleum Corp.		1,000		50,700
				137,922
Pharmaceutical (1.0%)
Abbott Laboratories		1,000		56,620
Real Estate Investment Trust (REIT) (1.1%)
Simon Property Group, Inc.		500		57,640
Semiconductors & Semiconductor Equipment (0.4%)
Broadcom Corp.*		700		22,785
Software (0.6%)
DST Systems, Inc.*		400		31,220
Telephones (0.4%)
Sprint Nextel Corp.		1,200		24,036
Transportation (0.5%)
Overseas Shipholding Group, Inc.		400		28,320
Wireless Telecommunication Services (0.8%)
Alltel Corp.		700		43,883
Total Common Stocks — Short Positions (Proceeds $1,498,851)				1,575,245
Total Securities Sold Short (Proceeds $1,498,851) (a) — 28.5%			$	1,575,245

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements

16 Semiannual Report 2007

Nationwide Market Neutral Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Market Neutral Fund (Class A at NAV) registered -1.96% versus 2.50% for its benchmark, the Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Equity Market Neutral Funds (consisting of 55 funds as of April 30, 2007) was 2.68%.

Can you describe the market environment during the reporting period?

The market advanced during the reporting period despite a large sell-off in February. Federal Reserve Board policy and strong earnings contributed to the rebound in the market. Large-capitalization stocks returned 8.60% (as measure by the Russell 1000^® Index) outperforming small-cap stocks (as measured by the Russell 2000^® Index), which returned 6.86% during the reporting period. Large-cap value stocks, as measured by the Russell 1000^® Value Index with a return of 9.79%, outperformed large-cap growth stocks as measured by the Russell 1000^® Growth Index with a return of 6.36%. The best-performing sectors for the Russell 1000^® Index were materials and utilities, while the worst-performing sectors were financials and information technology.

Overall, investors continued to be optimistic because several encouraging signs emerged for the equity markets. The economy seems to be heading for a mild slowdown with no recession. In late 2006 and the first quarter of 2007, the U.S. economy, as measured by gross domestic product (GDP), grew at the slowest rate in four years. The housing slump, high fuel prices, and large trade deficit had a major negative impact on growth. On the positive side, consumer spending kept the expansion continuing. Further, the GDP data showed subtle signs that inflation might be increasing. The Federal Reserve kept interest rates unchanged throughout late 2006 and the first quarter of 2007. In the March statement the Fed changed its language, acknowledging the slowing growth. The Fed’s comments had many investors anticipating an easing in monetary policy.

Mergers and acquisitions have had a great influence on the markets. Globally, almost $2 trillion worth of deals have been announced so far this year, and the activity has been broad-based in terms of industry and geography, helping to push markets higher. Profit growth, particularly in cyclical stocks, continued to be strong throughout the first quarter of 2007. Our quantitative research shows that higher cash flow to price, lower price to earnings, and earnings growth were the strongest factors driving small-cap performance. Dividend yield, dividend payout, and operating margins were the worst-performing factors.

What areas detracted from Fund performance?

Stock selection in the information technology, materials, and consumer discretionary sectors detracted from Fund performance. Merger-and-acquisition activity hurt Fund performance because several stocks that looked unattractive in our quantitative model were bought at premiums by private equity firms looking to turn these companies into profitable and higher-growth firms. Specifically, we were short on Station Casinos, Inc. because of its poor fundamentals—high valuation and poor earnings revisions; the company received a takeout offer from the founder’s family and a buyout firm. The multifactor quantitative model used for stock selection had a bias toward value as defined by higher book-to-price factors during the reporting period. This bias caused the model to underperform because higher cash flow to price-and-earnings growth factors outperformed. Fund holding WebMD Health Corp., an information technology company, was a poorly performing short position for the Fund. WebMD looked unattractive because it was trading at a very high valuation as defined by the price-to-earnings ratios compared to the overall market

What areas of investment provided the most positive returns for the Fund?

Several sectors had both long and short positions that contributed positively to Fund performance. The best-performing sectors were industrials, health care, and energy. Some of the best-performing long positions were Cummins, Inc. and HLTH Corp. Cummins, a maker of high-powered diesel engines rose because the firm posted profits that beat analysts’ estimates and increased its full-year earnings forecast. HLTH Corp., a health information services company, generated record earnings for the fourth quarter of 2006 as well as for the full year. A few of the best-performing short positions for the Fund were US Airways Group, Inc. and Barr Pharmaceuticals, Inc. US Airways Group’s earnings fell short of expectations during its last fiscal quarter. Barr Pharmaceuticals’ price declined as it reported an unexpected quarterly loss due to costs related to a recent acquisition.

What is your outlook for the near term?

Although the market’s recent strong advance makes us somewhat cautious about the near term, we remain positive about the market’s longer-term prospects. If the economy continues to soften, we believe the chances are good that the Fed will reduce short-term interest rates in an effort to stimulate growth. Meanwhile, we will maintain our focus on buying stocks that the quantitative model determines are attractive. We also see a possibility of large-cap growth investing outperforming in the coming quarters. As valuation spreads among stocks narrow to historical lows, we believe investors will begin to discriminate among stocks by focusing on growth characteristics. In addition, we will review our short positions for those that are potential candidates to be taken out by private equity firms.

Portfolio Manager: Joseph Cerniglia, CFA

2007 Semiannual Report 17

Nationwide Market Neutral Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

						Gross		Net
		Six				Expense		Expense
		Month*		Inception1		Ratio**		Ratio**
Class A	w/o SC6		-1.96%		-1.37%		4.62%		3.90%
	w/SC3		-7.57%		-7.04%
Class B	w/o SC6		-2.07%		-1.58%		5.37%		4.65%
	w/SC4		-6.95%		-6.48%
Class C	w/o SC6		-2.07%		-1.58%		5.37%		4.65%
	w/SC5		-3.05%		-2.56%
Class R 2			-1.90%		-1.41%		5.07%		4.35%
Institutional Service Class 2			-1.57%		-0.98%		4.37%		3.65%
Institutional Class 2			-1.67%		-1.08%		4.37%		3.65%

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on September 29, 2006.
2	Not subject to any sales charges.
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted because it is charged when you sell Class C shares within the first year after purchase.
6	These returns do not reflect the effects of sales charges (SC).

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Market Neutral Fund, Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index representative of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

18 Semiannual Report 2007

Nationwide Market Neutral Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
Nationwide Market Neutral Fund			11/1/06		04/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	980.40	$	22.00		4.48%
	Hypothetical	1	$	1,000.00	$	1,002.78	$	22.49		4.48%
Class B	Actual		$	1,000.00	$	979.30	$	22.87		4.66%
	Hypothetical	1	$	1,000.00	$	1,001.89	$	23.40		4.66%
Class C	Actual		$	1,000.00	$	979.30	$	22.87		4.66%
	Hypothetical	1	$	1,000.00	$	1,001.89	$	23.40		4.66%
Class R	Actual		$	1,000.00	$	981.00	$	21.12		4.30%
	Hypothetical	1	$	1,000.00	$	1,003.68	$	21.59		4.30%
Institutional Service Class	Actual		$	1,000.00	$	984.30	$	17.61		3.58%
	Hypothetical	1	$	1,000.00	$	1,007.25	$	17.97		3.58%
Institutional Class	Actual		$	1,000.00	$	983.30	$	17.75		3.61%
	Hypothetical	1	$	1,000.00	$	1,007.09	$	18.13		3.61%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 19

Nationwide Market Neutral Fund

Portfolio Summary Long Positions                   

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	95.0%
Repurchase Agreements	14.3%
Liabilities in excess of other assets	-9.3%
	100.0%

Top Holdings*
B.F. Goodrich Co. (The)	2.0%
Morgan Stanley	1.7%
McKesson Corp.	1.6%
Hewlett-Packard Co.	1.6%
Gilead Sciences, Inc.	1.6%
Manpower, Inc.	1.5%
Telephone & Data Systems, Inc.	1.5%
Safeco Corp.	1.4%
CenterPoint Energy, Inc.	1.4%
Lehman Brothers Holding, Inc.	1.4%
Other	70.0%
	100.0%

Top Industries
Insurance	7.0%
Health Care Providers & Services	5.9%
Oil, Gas & Consumable Fuels	5.3%
Multi-Utilities	5.2%
Machinery	5.0%
Diversified Financial Services	4.8%
Energy Equipment & Services	4.5%
Computers & Peripherals	4.0%
Aerospace & Defense	3.8%
Commercial Services & Supplies	3.7%
Other	50.8%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

20 Semiannual Report 2007

Nationwide Market Neutral Fund

Portfolio Summary Short Positions                  

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	94.9%
Other	5.1%
	100.0%

Top Holdings
Equitable Resources, Inc.	1.9%
Embarq Corp.	1.9%
Clorox Co.	1.9%
Exelon Corp.	1.9%
Public Storage, Inc.	1.8%
Pitney Bowes, Inc.	1.8%
Dun & Bradstreet Corp.	1.8%
ChoicePoint, Inc.	1.8%
People’s United Financial	1.7%
Questar Corp.	1.6%
Other	81.9%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	10.5%
Gas Distribution	6.1%
Banks	5.3%
Real Estate Investment Trusts	4.1%
Diversified Telecommunication Services	3.8%
Commercial Services & Supplies	3.8%
Service Companies	3.7%
Diversified Financial Services	3.7%
Pharmaceuticals	3.6%
Electric Utilities	3.0%
Other	52.4%
	100.0%

2007 Semiannual Report 21

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Market Neutral Fund

Common Stocks - Long Positions (95.0%) (a)
	Shares or
	Principal Amount		Value
Aerospace & Defense (3.8%)
B.F. Goodrich Co. (The)		4,200	$	238,728
Lockheed Martin Corp.		1,000		96,140
Raytheon Co.		2,400		128,496
				463,364
Air Freight & Logistics (0.2%)
C.H. Robinson Worldwide, Inc.		500		26,730
Auto Components (1.0%)
Autoliv, Inc.		1,300		75,595
Goodyear Tire & Rubber Co.*		400		13,304
Johnson Controls, Inc.		300		30,699
				119,598
Automobiles (0.6%)
Ford Motor Co.		8,500		68,340
Beverages (0.4%)
Pepsi Bottling Group, Inc. (The)		1,600		52,496
Biotechnology (0.4%)
Cephalon, Inc.*		600		47,766
Capital Markets (2.7%)
Bear Stearns Cos., Inc. (The)		1,000		155,700
Lehman Brothers Holding, Inc.		2,250		169,380
				325,080
Chemicals (0.8%)
Rohm & Haas Co.		800		40,936
Valspar Corp.		2,300		62,192
				103,128
Commercial Bank (1.2%)
PNC Bank Corp.		2,000		148,200
Commercial Services & Supplies (3.7%)
Avery-Dennison Corp.		700		43,540
Corporate Executive Board Co.		500		31,820
Emdeon Corp.*		6,900		111,366
Manpower, Inc.		2,300		184,575
Robert Half International, Inc.		800		26,640
Steelcase, Inc.		2,800		54,656
				452,597
Communications Equipment (0.6%)
Harris Corp.		1,400		71,890
Computers & Peripherals (4.0%)
Diebold, Inc.		700		33,369
Hewlett-Packard Co.		4,600		193,844
International Business Machines Corp.		1,400		143,094
Lexmark International Group, Inc.*		1,600		87,200
Western Digital Corp.*		1,800		31,824
				489,331
Construction Materials (0.2%)
Eagle Materials, Inc.		600		26,766
Containers & Packaging (2.0%)
Bemis Co.		3,400		112,948
Packaging Corp. of America		5,300		131,228
				244,176
Distributor (0.5%)
ProLogis Trust		1,000		64,800
Diversified Financial Services (4.8%)
Blackrock, Inc.		500		74,850
CIT Group, Inc.		800		47,720
Goldman Sachs Group, Inc.		500		109,305
J.P. Morgan Chase & Co.		1,200		62,520
Merrill Lynch & Co., Inc.		1,000		90,230
Morgan Stanley		2,400		201,624
				586,249
Diversified Telecommunication Services (0.8%)
AT&T, Inc.		900		34,848
CenturyTel, Inc.		1,300		59,865
Qwest Communications International, Inc.*		700		6,216
				100,929
Electric Utilities (2.5%)
Gilead Sciences, Inc.		6,000		193,020
Mirant Corp.*		1,800		80,766
Sierra Pacific Resources*		1,500		27,390
				301,176
Electronic Equipment & Instruments (2.4%)
AVX Corp.		2,300		38,272
Jabil Circuit, Inc.		2,300		53,590
Mettler Toledo International, Inc.*		500		48,810
National Instruments Corp.		2,000		55,720
Spansion, Inc., Class A*		9,500		93,290
				289,682

22 Semiannual Report 2007

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
Energy Equipment & Services (4.5%)
BJ Services Co.		1,100	$	31,526
FMC Technologies, Inc.*		1,600		113,408
Halliburton Co.		1,700		54,009
Helmerich & Payne, Inc.		2,500		80,725
Smith International, Inc.		2,500		131,100
Tidewater, Inc.		2,200		139,062
				549,830
Entertainment (0.5%)
Walt Disney Co. (The)		1,600		55,968
Food & Staples Retailing (0.5%)
Kroger Co.		2,100		61,971
Food Products (0.3%)
Archer-Daniels Midland Co.		1,000		38,700
Gas Utilities (1.6%)
Oneok, Inc.		3,000		145,230
UGI Corp.		1,900		53,884
				199,114
Health Care Equipment & Supplies (0.3%)
Hillenbrand Industry, Inc.		600		36,690
Health Care Providers & Services (5.9%)
Aetna, Inc.		800		37,504
AmerisourceBergen Corp.		2,200		109,978
CIGNA Corp.		700		108,913
Express Scripts, Inc., Class A*		400		38,220
Manor Care, Inc.		1,600		103,824
McKesson Corp.		3,300		194,139
UnitedHealth Group, Inc.		1,500		79,590
WellPoint, Inc.*		500		39,485
				711,653
Hotels, Restaurants & Leisure (1.0%)
Darden Restaurants, Inc.		900		37,332
McDonald’s Corp.		1,100		53,108
Starwood Hotels & Resorts Worldwide, Inc.		500		33,510
				123,950
Household Durables (1.7%)
Leggett & Platt, Inc.		3,900		91,728
Newell Rubbermaid, Inc.		2,600		79,742
Snap-on, Inc.		600		32,700
				204,170
Industrial Conglomerate (1.1%)
Carlisle Cos., Inc.		3,100		127,658
Insurance (7.0%)
Allstate Corp.		1,000		62,320
American Financial Group, Inc.		2,550		89,939
Assurant, Inc.		1,400		80,542
Chubb Corp. (The)		3,100		166,873
CNA Financial Corp.*		800		37,336
MetLife, Inc.		2,400		157,680
Progressive Corp. (The)		2,000		46,140
Safeco Corp.		2,600		173,524
Travelers Cos., Inc. (The)		600		32,460
				846,814
Internet & Catalog Retail (0.6%)
Liberty Media Corp. — Interactive*		2,900		72,587
IT Services (0.6%)
Convergys Corp.*		2,700		68,202
Leisure Equipment & Products (0.3%)
Time Warner, Inc.		1,700		35,071
Life Sciences Tools & Services (0.8%)
Thermo Fisher Scientific, Inc.*		1,500		78,090
Valhi, Inc.		1,000		16,780
				94,870
Machinery (5.0%)
Cummins, Inc.		1,100		101,376
Eaton Corp.		1,100		98,131
Gardner Denver, Inc.*		700		26,460
Harsco Corp.		2,500		127,500
Kennametal, Inc.		500		35,280
Lincoln Electric Holdings, Inc.		1,100		70,103
Parker Hannifin Corp.		1,200		110,568
Trinity Industries, Inc.		700		32,480
				601,898
Media (1.4%)
CBS Corp., Class B		3,400		108,018
R.H. Donnelley Corp.*		400		31,236
Sirius Satellite Radio, Inc.*		9,900		29,304
				168,558
Metals & Mining (1.0%)
Alcoa, Inc.		1,400		49,686
Reliance Steel & Aluminum Co.		700		41,580
U.S. Steel Corp.		300		30,462
				121,728

2007 Semiannual Report 23

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Market Neutral Fund (Continued)

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
Multi-Utilities (5.2%)
Alliant Energy Corp.		2,300	$	100,740
CenterPoint Energy, Inc.		9,200		173,236
Oklahoma Gas & Electric Co.		3,400		130,696
Puget Energy, Inc.		1,800		46,476
Sempra Energy		1,900		120,612
Xcel Energy, Inc.		2,300		55,407
				627,167
Multiline Retail (2.4%)
Dillard’s, Inc.		900		31,167
Dollar Tree Stores, Inc.*		1,300		51,116
Family Dollar Stores, Inc.		1,100		35,024
J.C. Penney Co., Inc.		1,300		102,817
Sears Holdings Corp.*		400		76,364
				296,488
Oil, Gas & Consumable Fuels (5.3%)
Chesapeake Energy Corp.		2,700		91,125
Exxon Mobil Corp.		1,800		142,884
Global Industries Ltd.*		5,200		107,952
Marathon Oil Corp.		1,200		121,860
Patterson-UTI Energy, Inc.		1,200		29,268
Sunoco, Inc.		400		30,212
Williams Cos., Inc. (The)		2,100		61,950
XTO Energy, Inc.		1,000		54,270
				639,521
Personal Products (1.3%)
Alberto-Culver Co.		6,500		157,885
Pharmaceuticals (2.5%)
King Pharmaceuticals, Inc.*		1,800		36,810
Millennium Pharmaceuticals, Inc.*		2,800		31,024
Mylan Laboratories, Inc.		1,200		26,316
Schering-Plough Corp.		1,500		47,595
Watson Pharmaceutical, Inc.		7,700		132,440
Wyeth		500		27,750
				301,935
Real Estate Investment Trusts (REITs) (2.5%)
CapitalSource, Inc.		3,400		87,618
Health Care REIT, Inc.		1,700		76,908
Rayonier, Inc.		3,100		134,447
				298,973
Road & Rail (1.5%)
Ryder System, Inc.		1,800		94,752
Union Pacific Corp.		800		91,400
				186,152
Semiconductors & Semiconductor Equipment (1.9%)
Applied Materials, Inc.		3,100		59,582
Intersil Corp.		2,400		71,496
Novellus Systems*		1,900		61,503
Teradyne, Inc.*		2,000		34,900
				227,481
Specialty Retail (2.3%)
Nike, Inc.*		900		48,474
Office Depot, Inc.*		900		30,258
OfficeMax, Inc.		2,100		103,362
Sherwin Williams Co.		800		51,016
TJX Cos., Inc.		1,800		50,202
				283,312
Telephones (0.4%)
Level 3 Communications, Inc.*		7,700		42,812
Textiles, Apparel & Luxury Goods (0.3%)
V.F. Corp.		400		35,124
Transportation (1.2%)
SEACOR Holdings, Inc.*		1,500		142,920
Wireless Telecommunication Services (1.5%)
Telephone & Data Systems, Inc.		3,100		176,545
Total Common Stocks — Long positions (Cost $10,940,573)				11,518,045
Repurchase Agreements (14.3%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $1,732,108, collateralized by U.S. Government Agency Mortgages with a market value of $1,766,500	$	1,731,863		1,731,863
Total Investments (Cost $12,672,436) (b) — 109.3%				13,249,908
Liabilities in excess of other assets — (9.3)%				(1,131,830	)
NET ASSETS — 100.0%			$	12,118,078

*	Denotes a non-income producing security.
(a)	All long positions held as collateral for securities sold short.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

REIT Real Estate Investment Trust

24 Semiannual Report 2007

Statement of Securities Sold Short

April 30, 2007 (Unaudited)

Nationwide Market Neutral Fund

Common Stocks - Short Positions (94.9%)
	Principal
	Amount		Value
Aerospace & Defense (0.5%)
Alliant Techsystems, Inc.*	$	700	$	65,191
Airlines (0.5%)
AMR Corp.*		1,000		26,090
Southwest Airlines Co.		2,000		28,700
U.S. Airways Group, Inc.*		300		11,082
				65,872
Auto Components (1.0%)
AutoZone, Inc.*		100		13,304
Copart, Inc.*		2,900		84,042
O’Reilly Automotive, Inc.*		800		28,480
				125,826
Automobiles (1.6%)
International Speedway Corp.		3,900		192,660
Banks (5.3%)
Bank of Hawaii Corp.		400		21,160
First Citizens Bancshares, Inc.		500		101,450
Hudson City Bancorp, Inc.		8,100		107,892
People’s United Financial		10,290		204,874
PNC Financial Services Group, Inc.		753		55,806
Sovereign Bancorp, Inc.		3,700		89,799
SunTrust Banks, Inc.		500		42,210
Unionbancal Corp.		300		18,444
				641,635
Beverages (2.0%)
Brown-Forman Corp.		1,700		108,681
Coca-Cola Enterprises, Inc.		5,300		116,282
Hansen Natural Corp.*		400		15,280
				240,243
Biotechnology (0.2%)
Genzyme Corp.*		300		19,593
Building Products (0.4%)
Shaw Group, Inc.*		1,600		51,888
Capital Markets (0.4%)
Janus Capital Group, Inc.		1,800		45,036
Chemicals (2.4%)
Chemtura Corp.		2,700		29,781
Cytec Industries, Inc.		300		16,470
FMC Corp.		400		30,772
Huntsman Corp.		1,400		27,440
Monsanto Co.		500		29,495
Mosaic Co., Inc.*		5,300		156,350
				290,308
Commercial Services & Supplies (3.8%)
ChoicePoint, Inc.*		5,700		216,429
Cintas Corp.		1,100		41,217
Equifax, Inc.		1,200		47,760
Western Union Co.		7,300		153,665
				459,071
Communications Equipment (0.2%)
Juniper Networks, Inc.*		900		20,124
Computers & Peripherals (1.1%)
Adobe Systems, Inc.*		1,200		49,872
Dell, Inc.*		2,500		63,025
Matercard, Inc.		200		22,336
				135,233
Construction & engineering (0.1%)
Terex Corp.*		200		15,570
Construction Materials (0.7%)
Martin Marietta Materials, Inc.		600		87,492
Consumer Finance (2.2%)
Dun & Bradstreet Corp.		2,400		216,720
H&R Block, Inc.		2,000		45,220
				261,940
Consumer Goods (2.1%)
Clorox Co.		3,400		228,072
Kinetic Concepts, Inc.*		400		20,000
Wrigley (Wm.) Jr. Co.		100		5,888
				253,960
Containers & Packaging (1.0%)
Owens-Illinois, Inc.*		4,000		120,360
Diversified Financial Services (3.7%)
City National Corp.		2,000		146,440
Eaton Vance Corp.		1,500		57,330
Federated Investors, Inc.		4,000		152,640
Legg Mason, Inc.		500		49,595
Nuveen Investments		800		42,640
				448,645
Diversified Telecommunication Services (3.8%)
American Tower Corp.*		300		11,400
Avaya, Inc.*		1,500		19,380
Cablevision Systems New York Group*		1,300		42,614
Echostar Communications Corp.*		3,000		139,590
Embarq Corp.		1,900		114,076
NII Holdings, Inc.*		400		30,700
SBA Communications Corp.*		2,100		61,782
Tellabs, Inc.*		3,400		36,108
				455,650

2007 Semiannual Report 25

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Market Neutral Fund (Continued)

Common Stocks - Short Positions (continued)
	Principal
	Amount		Value
Electric Power (0.4%)
Quanta Services, Inc.*	$	1,800	$	49,482
Electric Utilities (3.0%)
Exelon Corp.		3,000		226,230
General Electric Co.		3,200		117,952
NRG Energy, Inc.*		200		15,792
				359,974
Electrical Equipment (0.5%)
Eastman Kodak Co.		2,600		64,766
Electronic Equipment & Instruments (0.6%)
Cadence Design Systems, Inc.*		1,500		33,300
RadioShack Corp.		1,200		34,884
				68,184
Entertainment (1.6%)
Boyd Gaming Corp.		300		13,650
DreamWorks Animation SKG, Inc.*		6,300		184,464
				198,114
Food Products (2.4%)
Dean Foods Co.*		700		25,501
Hershey Co. (The)		3,000		164,880
Sara Lee Corp.		2,600		42,666
Tyson Foods, Inc.		2,500		52,400
				285,447
Gaming (0.6%)
Scientific Games Corp.*		2,100	$	69,909
Gas Distribution (6.1%)
Energen Corp.		3,100		173,755
Energizer Holdings, Inc.*		300		29,154
Equitable Resources, Inc.		4,500		234,045
National Fuel Gas Co.		2,400		112,824
Questar Corp.		2,000		194,260
				744,038
Health Care Equipment & Supplies (1.7%)
Bausch & Lomb, Inc.		2,000		117,660
Boston Scientific Corp.*		1,100		16,984
Pediatrix Medical Group, Inc.*		1,300		74,165
				208,809
Health Care Providers & Services (0.4%)
Saint Jude Medical, Inc.*		800		34,232
Zimmer Holdings, Inc.*		200		18,096
				52,328
Hotels, Restaurants & Leisure (1.4%)
Choice Hotels International, Inc.		1,800		67,752
Panera Bread Co.*		500		27,845
Tim Hortons, Inc.		500		15,765
Wendy’s International, Inc.		1,500		56,550
				167,912
Independent Power Producers & Energy Traders (0.1%)
Dynegy, Inc.*		1,100		10,351
Insurance (2.3%)
Alleghany Corp.*		100		35,780
American National Insurance Co.		800		104,416
Conseco, Inc.*		3,700		65,453
Leucadia National Corp.		500		15,070
MGIC Investment Corp.		400		24,644
PMI Group, Inc.		700		33,929
				279,292
Internet Software & Services (0.7%)
Yahoo!, Inc.*		3,000		84,120
Life Sciences Tools & Services (1.2%)
Medimmune, Inc.*		2,300		130,364
Valhi, Inc.		900		15,102
				145,466
Machinery (1.8%)
Pitney Bowes, Inc.		4,600		220,800
Manufacturing (0.4%)
Goodyear Tire & Rubber Co.*		1,300		43,238
Media (1.3%)
Discovery Holding Co.		3,700		80,475
Hearst — Argyle Television		2,800		74,564
				155,039
Metals & Mining (1.6%)
Carpenter Technology Corp.		400		48,548
Crown Holdings, Inc.*		4,300		103,931
Massey Energy Co.		500		13,465
Titanium Metals Corp.*		929		32,078
				198,022
Multiline Retail (1.4%)
Chico’s FAS, Inc.*		900		23,724
Jones Apparel Group, Inc.		2,500		83,475
Saks, Inc.		3,100		64,914
				172,113
Oil, Gas & Consumable Fuels (10.5%)
Apache Corp.		1,500		108,750
Cimarex Energy Co.		2,900		114,260
CMS Energy Corp.		2,500		46,300
CNX Gas Corp.*		1,000		28,060
Devon Energy Corp.		300		21,861

26 Semiannual Report 2007

Common Stocks - Short Positions (continued)
	Principal
	Amount		Value
Oil, Gas & Consumable Fuels (continued)
Diamond Offshore Drilling, Inc.	$	1,400	$	119,840
Dresser-Rand Group, Inc.*		3,400		108,494
Ensco International, Inc.		400		22,552
Forest Oil Corp.*		3,700		130,388
Newfield Exploration Co.*		800		35,000
Noble Energy, Inc.		300		17,643
Occidental Petroleum Corp.		200		10,140
Pride International, Inc.*		1,600		52,496
Quicksilver Resources, Inc.*		1,200		50,232
Range Resources Corp.		2,200		80,410
Rowan Cos., Inc.		2,400		87,936
Southern Union Co.		4,300		130,978
Southwestern Energy Co.*		2,600		109,200
				1,274,540
Paper & Forest Products (0.2%)
Smurfit-Stone Container Corp.*		1,600		19,280
Personal Products (1.9%)
Avon Products, Inc.		1,500		59,700
Weight Watchers International, Inc.		3,543		170,029
				229,729
Pharmaceuticals (3.6%)
Abbott Laboratories		1,300		73,606
Abraxis Bioscience, Inc.*		1,100		30,261
Allergan, Inc.		500		60,600
Bare Escentuals, Inc.*		2,800		113,204
Barr Pharmaceuticals, Inc.*		700		33,852
Biogen Idec, Inc.*		400		18,884
Celgene Corp.*		100		6,116
Endo Pharmaceuticals Holdings, Inc.*		1,400		43,316
Hospira, Inc.*		1,500		60,825
				440,664
Real Estate Investment Trusts (REITs) (4.1%)
Boston Properties, Inc.		200		23,512
General Growth Properties, Inc.		2,600		166,010
Public Storage, Inc.		1,200		111,984
Regency Centers Corp.		700		57,680
SL Green Realty Corp.		1,000		140,900
				500,086
Semiconductors & Semiconductor Equipment (1.2%)
Broadcom Corp.*		300		9,765
Linear Technology Corp.		2,200		82,324
Microchip Technology, Inc.		1,300		52,442
				144,531
Service Companies (3.7%)
Career Education Corp.*		1,500		44,310
Clear Channel Outdoor Holdings, Inc.*		2,400		68,520
Gannett Co., Inc.		200		11,412
Getty Images, Inc.*		600		31,200
McClatchy Co.		500		14,450
Monster Worldwide, Inc.*		2,700		113,535
New York Times Co.		7,100		166,140
				449,567
Software (0.9%)
DST Systems, Inc.*		600		46,830
Navteq Corp.*		600		21,216
Novell, Inc.*		3,100		22,630
Salesforce.Com, Inc.*		400		16,800
				107,476
Specialty Retail (1.7%)
BJ’s Wholesale Club, Inc.*		600		20,718
Fastenal Co.		3,100		127,472
Urban Outfitters, Inc.*		2,400		61,824
				210,014
Technology (0.6%)
Stericycle, Inc.*		800		69,712
Telephones (0.1%)
Windstream Corp.		600		8,772
Textiles, Apparel & Luxury Goods (1.4%)
Hanesbrands, Inc*		3,500		93,065
Newmont Mining Corp.		1,700		70,890
				163,955
Transportation (1.4%)
Expeditors International of Washington, Inc.		1,300		54,340
Overseas Shipholding Group, Inc.		700		49,560
YRC Worldwide, Inc.		1,700		67,643
				171,543
Water Utility (0.9%)
Aqua America, Inc.		5,200		114,972
Wireless Telecommunication Services (0.2%)
Alltel Corp.		400		25,076
Total Common Stocks — Short Positions (Proceeds $10,857,287)				11,503,618
Total Securities Sold Short (Proceeds $10,857,287)(a) — 94.9%				11,503,618

*	Denotes a non-income producing security. All long positions held as collateral for securities sold short.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

REIT    Real Estate Investment Trust

2007 Semiannual Report 27

Nationwide Small Cap Core Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Small Cap Core Fund (Class A at NAV) returned 3.85% versus 6.86% for its benchmark, the Russell 2000^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Value Funds (consisting of 281 funds as of April 30, 2007) was 8.91%.

Can you describe the market environment during the reporting period?

The market advanced during the reporting period despite a large sell-off in February. Federal Reserve Board policy and strong earnings contributed to the rebound in the market. Small-cap stocks (as measured by the Russell 2000 Index) returned 6.86%, underperforming large-cap stocks (as measured by the Russell 1000^® Index), which returned 9.10% during the reporting period. Small-cap growth stocks, as measured by the Russell 2000^® Growth Index with a return of 7.42%, outperformed small-cap value stocks as measured by the Russell 2000^® Value Index with a return of 6.36%. The best-performing sectors for the Russell 2000^® Index were energy and industrials, while the worst-performing sector was utilities.

Overall, investors continued to be optimistic because several encouraging signs emerged for the equity markets. The economy seems to be heading for a mild slowdown with no recession. In the first quarter of 2007, the U.S. economy, as measured by gross domestic product (GDP) grew at the slowest rate in four years. The housing slump, high fuel prices, and large trade deficit had a major negative impact on growth. On the positive side, consumer spending kept the expansion continuing. Further, GDP data showed subtle signs that inflation might be increasing.

The Federal Reserve kept interest rates unchanged throughout the first quarter of 2007 and changed its language in the March statement, acknowledging the slowing growth. The Fed’s comments had many investors anticipating an easing in monetary policy. Profit growth, particularly in cyclical stocks, continued to be strong throughout the first quarter of 2007.

What areas detracted from Fund performance?

Stock selection in the information technology, materials, and consumer discretionary sectors detracted from Fund performance. Within technology, stock selection in the software industry was disappointing. Specifically, Rogers Corp., a manufacturer of materials used in wireless communication devices and computers, declined when its long-term growth rate on earnings was unexpectedly reduced. Fund holding PolyOne Corp., a chemical-plastics company, declined when the company announced lower sales and earnings due to falling demand for products it manufactures for use in cars and buildings. The multifactor quantitative model used for the Fund’s stock selection had a bias toward value factors during the reporting period. This bias caused the model to underperform, because growth factors and momentum outperformed most value factors.

What areas of investment provided the most positive returns for the Fund?

The Fund had good stock selection in several sectors, namely financials, telecommunication services, and energy. In financials, Fund holding FelCor Lodging Trust, Inc, a hotel real estate trust, performed strongly; market sentiment was positive for real estate investment trusts with the announcement of several buyouts in the industry. Fund holding CT Communications, Inc., a provider of local telephone service, reported strong earnings growth for the fourth quarter of 2006.

What is your outlook for the near term?

Although the market’s recent strong advance makes us somewhat cautious about the near term, we remain positive about the market’s longer-term prospects. If the economy continues to soften, we believe the chances are good that the Fed will reduce short-term interest rates in an effort to stimulate growth. Meanwhile, we will maintain our focus on buying stocks that the quantitative model determines are attractive. We also see growth investing continuing to outperform. With valuation spreads among stocks narrow to historical lows, we believe investors will begin to discriminate among stocks by focusing on growth characteristics.

Portfolio Manager: Joseph Cerniglia, CFA

28 Semiannual Report 2007

Nationwide Small Cap Core Fund

Fund Performance

Average Annual Total Return

(For periods ended April 30, 2007)

							Gross		Net
			Six				Expense		Expense
			Month*		Inception1		Ratio**		Ratio**
Class A		w/o SC6		3.85%		7.90%		2.42%		1.52%
		w/SC3		-2.08%		1.70%
Class B		w/o SC6		3.37%		7.30%		3.15%		2.25%
		w/SC4		-1.63%		2.30%
	Class C	w/o SC6		3.37%		7.30%		3.15%		2.25%
		w/SC5		2.37%		6.30%
Class R2				3.46%		7.50%		2.85%		1.95%
Institutional Service Class 2				3.86%		7.91%		2.17%		1.27%
Institutional Class2				3.96%		8.01%		2.15%		1.25%

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on September 29, 2006.
2	Not subject to any sales charges.
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted because it is charged when you sell Class C shares within the first year after purchase.
6	These returns do not reflect the effects of sales charges (SC).

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in the Class A of the Nationwide Small Cap Core Fund, Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 29

Nationwide Small Cap Core Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Small Cap Core Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,038.50	$	7.83		1.55%
	Hypothetical	1	$	1,000.00	$	1,017.31	$	7.78		1.55%
Class B	Actual		$	1,000.00	$	1,033.70	$	11.35		2.25%
	Hypothetical	1	$	1,000.00	$	1,013.84	$	11.30		2.25%
Class C	Actual		$	1,000.00	$	1,033.70	$	11.35		2.25%
	Hypothetical	1	$	1,000.00	$	1,013.84	$	11.30		2.25%
Class R	Actual		$	1,000.00	$	1,034.60	$	9.79		1.94%
	Hypothetical	1	$	1,000.00	$	1,015.38	$	9.74		1.94%
Institutional Service Class	Actual		$	1,000.00	$	1,038.60	$	6.37		1.26%
	Hypothetical	1	$	1,000.00	$	1,018.75	$	6.33		1.26%
Institutional Class	Actual		$	1,000.00	$	1,039.60	$	6.32		1.25%
	Hypothetical	1	$	1,000.00	$	1,018.80	$	6.28		1.25%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

30 Semiannual Report 2007

Nationwide Small Cap Core Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	98.4%
Repurchase Agreements	1.4%
Other Assets in excess of liabilities	0.2%
	100.0%

Top Holdings*
Commerce Group, Inc.	1.7%
Westar Energy, Inc.	1.6%
Extra Space Storage, Inc.	1.2%
Longs Drug Stores Corp.	1.1%
Cash America International, Inc.	1.0%
IDACORP, Inc.	1.0%
Strategic Hotel Capital, Inc.	0.9%
Quest Software, Inc.	0.9%
Mueller Industries, Inc.	0.9%
Asbury Automotive Group, Inc.	0.9%
Other	88.8%
	100.0%

Top Industries
Semiconductors & Semiconductor Equipment	6.7%
Commercial Banks	6.2%
Real Estate Investment Trusts	5.7%
Specialty Retail	5.4%
Biotechnology	3.9%
Hotels, Restaurants & Leisure	3.5%
Machinery	3.3%
Health Care Equipment & Supplies	3.1%
Internet Software & Services	3.1%
Insurance	3.1%
Other	56.0%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 31

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Small Cap Core Fund

Common Stocks (98.4%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (1.4%)
Ceradyne, Inc.*		600	$	35,310
Triumph Group, Inc.		800		48,648
				83,958
Airlines (0.9%)
Alaska Air Group, Inc.*		700		20,720
JetBlue Airways Corp.*		1,400		13,874
Republic Airways Holdings, Inc.*		1,000		21,260
				55,854
Biotechnology (3.9%)
Bio-Rad Laboratories, Inc., Class A*		500		35,385
Biomarin Pharmaceutical, Inc.*		1,700		27,472
Celera Genomics Group*		2,700		37,800
Enzon Pharmaceuticals, Inc.*		3,600		30,528
Exelixis, Inc.*		3,100		33,294
FEI Co.*		600		22,320
Medarex, Inc.*		1,900		26,011
United Therapeutics Corp.*		400		22,364
				235,174
Capital Markets (2.3%)
Greenhill & Co., Inc.		500		31,625
Knight Capital Group, Inc., Class A*		2,500		40,500
optionsXpress Holdings, Inc.		1,300		32,084
SWS Group, Inc.		1,450		37,685
				141,894
Chemicals (2.0%)
Arch Chemicals, Inc.		900		27,198
Fuller (H. B.) Co.		1,300		33,241
Sensient Technologies Corp.		1,500		39,270
W.R. Grace & Co.*		800		21,280
				120,989
Commercial Banks (6.2%)
Centerstate Banks of Florida, Inc.		2,400		42,072
Farmers Capital Bank Corp.		1,200		34,380
First Community Bankshares, Inc.		1,000		32,870
Greene County Bancshares, Inc.		900		30,258
Home Bancshares, Inc.		1,100		24,222
MetroCorp Bancshares, Inc.		1,100		22,099
Omega Financial Corp.		1,200		33,660
Preferred Bank		800		29,280
Prosperity Bancshares, Inc.		700		24,283
SCBT Financial Corp.		700		25,795
Security Bank Corp.		1,500		29,655
Western Alliance Bancorp*		1,600		51,584
				380,158
Commercial Services & Supplies (2.8%)
Clean Harbors, Inc.*		500		23,260
Herman Miller, Inc.		700		24,087
IKON Office Solutions, Inc.		1,900		28,424
Kelly Services, Inc.		700		20,090
Layne Christensen Co.*		600		22,722
Volt Information Sciences, Inc.*		1,000		25,560
Watson Wyatt Worldwide, Inc.		600		28,278
				172,421
Communications Equipment (1.6%)
Arris Group, Inc.*		2,000		29,640
Avocent Corp.*		800		22,408
CommScope, Inc.*		1,000		46,650
				98,698
Computers & Peripherals (1.3%)
Hutchinson Technology, Inc.*		1,200		22,800
Imation Corp.		800		29,528
Integral Systems, Inc.		1,000		23,640
				75,968
Construction Materials (0.4%)
Headwaters, Inc.*		1,100		23,837
Consumer Finance (1.0%)
Cash America International, Inc.		1,400		60,424
Consumer Goods (0.5%)
Central Garden & Pet Co.*		2,100		30,072
Containers & Packaging (0.6%)
Greif, Inc.		600		33,360
Diversified Consumer Services (1.3%)
Capella Education Co.*		1,200		41,940
Prepaid Depot, Inc.*		600		34,230
				76,170
Diversified Financial Services (0.3%)
Nasdaq Stock Market, Inc.*		600		19,536
Electric Utilities (2.6%)
IDACORP, Inc.		1,700		58,565
Westar Energy, Inc.		3,600		97,992
				156,557

32 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Electrical Equipment (2.0%)
Energy Conversion Devices, Inc.*		700	$	24,787
General Cable Corp.*		600		34,464
Genlyte Group, Inc.*		400		31,204
Regal-Beloit Corp.		700		32,284
				122,739
Electronic Equipment & Instruments (2.7%)
Benchmark Electrical Components & Equipment, Inc.*		1,700		36,006
Coherent, Inc.*		1,000		31,390
Insight Enterprises, Inc.*		1,000		19,820
Newport Corp.*		1,800		28,242
Rogers Corp.*		600		27,204
Synnex Corp.*		1,200		23,460
				166,122
Energy Equipment & Services (2.6%)
Hercules Offshore, Inc.*		1,000		31,430
Oil States International, Inc.*		1,600		54,288
Parker Drilling Co.*		3,600		39,096
W-H Energy Services, Inc.*		600		32,466
				157,280
Food & Staples Retailing (2.7%)
Andersons, Inc. (The)		500		23,225
Longs Drug Stores Corp.		1,200		65,688
Pantry, Inc.*		500		22,495
Weis Markets, Inc.		1,200		51,648
				163,056
Health Care Equipment & Supplies (3.1%)
Arthrocare Corp.*		800		33,008
Greatbatch, Inc.*		1,000		29,030
ICU Medical, Inc.*		600		25,050
Inverness Medical Innovations, Inc.*		700		28,035
Nuvasive, Inc.*		1,000		25,770
West Pharmaceutical Services, Inc.		1,000		49,770
				190,663
Health Care Providers & Services (2.4%)
Amerigroup Corp.*		800		22,504
Amsurg Corp.*		1,200		27,540
InVentiv Health, Inc.*		700		26,565
Magellan Health Services, Inc.*		700		30,030
Res-Care, Inc.*		2,200		39,380
				146,019
Health Care Technology (0.4%)
Digene Corp.*		500		22,925
Hotels, Restaurants & Leisure (3.5%)
BJ’s Restaurants, Inc.*		1,500		30,885
CKE Restaurants, Inc.		1,600		32,496
Gaylord Entertainment Co.*		700		38,360
Jack in the Box, Inc.*		700		46,634
Pinnacle Entertainment, Inc.*		1,400		39,312
WMS Industries, Inc.*		700		27,902
				215,589
Household Durables (0.5%)
Cavco Industries, Inc.*		800		30,048
Independent Power Producers & Energy Traders (0.3%)
Ormat Technologies, Inc.		500		18,245
Insurance (3.1%)
Commerce Group, Inc.		3,100		101,091
Delphi Financial Group, Inc., Class A		900		38,430
ProAssurance Corp.*		900		48,456
				187,977
Internet & Catalog Retail (0.9%)
Gaiam, Inc.*		1,500		22,815
Netflix, Inc.*		1,500		33,255
				56,070
Internet Software & Services (3.1%)
aQuantive, Inc.*		1,100		33,671
Blue Coat Systems, Inc.*		600		21,036
Digital River, Inc.*		400		23,412
EarthLink, Inc.*		6,200		47,492
RealNetworks, Inc. (a)*		2,700		20,385
United Online, Inc.		3,000		43,290
				189,286
IT Services (1.3%)
Exlservice Holdings, Inc.*		1,400		29,120
Heartland Payment Systems, Inc.		1,000		24,930
MPS Group, Inc.*		1,800		24,642
				78,692
Leisure Equipment & Products (0.6%)
K2, Inc.*		2,200		33,198
Life Sciences Tools & Services (0.6%)
PAREXEL International Corp.*		900		35,352

2007 Semiannual Report 33

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Core Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Machinery (3.3%)
Barnes Group, Inc.		1,300	$	31,590
Commercial Vehicle Group, Inc.*		1,500		29,490
Mueller Industries, Inc.		1,700		55,760
Wabtec Corp.		900		33,435
Watts Industries, Inc.		1,300		52,650
				202,925
Media (0.5%)
Playboy Enterprises, Inc.*		2,800		27,412
Metals & Mining (1.8%)
Chaparral Steel		400		28,200
Metal Management, Inc.		800		38,456
Quanex Corp.		1,000		43,030
				109,686
Multiline Retail (0.3%)
Bon-Ton Stores, Inc.		400		19,868
Oil, Gas & Consumable Fuels (2.9%)
ATP Oil & Gas Corp.*		1,000		43,460
Bill Barrett Corp.*		700		25,830
Clayton Williams Energy, Inc.*		800		21,488
Hornbeck Offshore Services, Inc.*		1,100		34,793
Swift Energy Co.*		1,300		52,845
				178,416
Other Financial (0.5%)
Pinnacle Financial Partners, Inc.*		1,000		29,270
Pharmaceuticals (1.5%)
Adams Respiratory Therapeutics, Inc.*		800		30,008
Atherogenics, Inc.*		4,800		16,080
MGI Pharma, Inc.*		1,200		26,424
Replidyne, Inc.*		3,600		18,648
				91,160
Real Estate Investment Trusts (REITs) (5.7%)
Deerfield Triarc Capital Corp.		2,000		32,380
Extra Space Storage, Inc.		3,900		72,969
Felcor Lodging Trust, Inc.		2,100		53,613
KKR Financial Corp.		1,600		42,736
Northstar Realty Finance Corp.		2,000		29,600
Redwood Trust, Inc.		700		35,147
Strategic Hotel Capital, Inc.		2,700		58,455
Winthrop Realty Trust		3,600		23,868
				348,768
Road & Rail (1.4%)
Arkansas Best Corp.		600		23,640
Old Dominion Freight Line, Inc.*		1,300		38,428
P.A.M. Transportation Services, Inc.*		1,300		24,791
				86,859
Semiconductors & Semiconductor Equipment (6.7%)
Advanced Energy Industries, Inc.*		1,100		26,950
Brooks Automation, Inc.*		1,800		31,446
Diodes, Inc.*		1,100		40,612
Eagle Test Systems, Inc.*		2,000		34,540
Entegris, Inc.*		3,000		35,160
MKS Instruments, Inc.*		1,200		32,340
Photronics, Inc.*		2,500		37,625
Semtech Corp.*		2,000		28,840
Silicon Image, Inc.*		3,100		27,156
Standard Microsystems Corp.*		1,000		32,060
Tessera Technologies, Inc.*		1,100		47,069
Zoran Corp.*		1,600		31,776
				405,574
Software (2.4%)
Mentor Graphics Corp.*		1,400		22,652
Quest Software, Inc.*		3,400		57,834
Sybase, Inc.*		1,600		38,704
Tibco Software, Inc.*		3,200		29,184
				148,374
Specialty Retail (5.4%)
Asbury Automotive Group, Inc.		1,900		54,663
Cabela’s, Inc.*		1,300		30,836
Children’s Place Retail Store, Inc. (The)*		400		21,148
Group 1 Automotive, Inc.		800		32,800
Guess?, Inc.		600		23,640
Men’s Wearhouse, Inc.		1,000		43,270
Rent-A-Center, Inc.*		1,000		27,840
Select Comfort Corp.*		1,700		31,518
Sonic Automotive, Inc.		1,200		34,308
Tween Brands, Inc.*		800		31,328
				331,351
Textiles, Apparel & Luxury Goods (2.2%)
Brown Shoe Co., Inc.		800		21,584
Cole (Kenneth) Productions, Inc.		900		22,779
Phillips-Van Heusen Corp.		900		50,310
Skechers U.S.A., Inc.*		600		18,840
Steven Madden Ltd.		700		20,825
				134,338

34 Semiannual Report 2007

Common Stock (continued)
	Shares or
	Principal Amount		Value
Thrifts & Mortgage Finance (1.4%)
City Bank		800	$	24,968
Downey Financial Corp.		300		20,085
Ocwen Financial Corp.*		3,000		42,780
				87,833
Trading Companies & Distributors (2.2%)
Applied Industrial Technologies, Inc.		900		24,183
Rush Enterprises, Inc., Class A*		1,700		35,360
Watsco, Inc.		700		37,219
Williams Scotsman International, Inc.*		1,600		35,248
				132,010
Wireless Telecommunication Services (1.3%)
Dobson Communications Corp., Class A*		4,400		40,084
iPCS, Inc.*		800		40,080
				80,164
Total Common Stocks (Cost $5,862,073)				5,992,339
Repurchase Agreements (1.4%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $83,409, collateralized by U.S. Government Agency Mortgages with a market value of $85,065	$	83,397		83,397
Total Investments (Cost $5,945,470) (a) — 99.8%				6,075,736
Other assets in excess of liabilities — 0.2%				11,826
NET ASSETS — 100.0%			$	6,087,560

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements

2007 Semiannual Report 35

Nationwide Small Cap Growth

Opportunities Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Small Cap Growth Opportunities Fund (Class A at NAV) returned 12.93%, versus 7.42% for the Fund’s benchmark, the Russell 2000 Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Growth Funds (consisting of 567 funds as of April 30, 2007) was 9.16%.

Can you describe the market environment during the reporting period?

Small-cap growth stocks enjoyed a relatively strong period of performance, with the benchmark advancing in four out of six months during the period. Near the end of February, a sudden plunge in the Chinese stock market spread to other global markets, producing one-day losses exceeding 3% in most widely followed U.S. indexes. The markets regained their footing with little delay, however, and resumed their upward march, enabling the benchmark to end the period near its all-time high. Small-cap stocks trailed their large-cap and especially their mid-cap counterparts, while growth modestly outdistanced value in the small-cap space. By far, the strongest absolute performance in the benchmark came from the materials sector, where metals and mining stocks were standouts. Information technology was strong as well, along with utilities, which has a negligible benchmark weighting. Financials and telecommunication services, the weakest sectors, ended the period with marginal gains.

What areas of investment provided the most positive returns for the Fund?

Favorable stock picking added value in a number of sectors, most notably health care, financials, materials, and information technology. Among individual Fund holdings, WebEx Communications Inc., was a standout. Webix, the provider of Internet conferencing, accepted a lucrative buyout offer from Cisco Systems Inc. Gigamedia Ltd. was another strong technology holding. The company’s business of providing online non-gambling games enjoyed healthy demand, particularly from Asia. Also aiding Fund performance was Force Protection Inc., which makes armored combat vehicles. Securing some lucrative government contracts enabled the company’s earnings growth to accelerate during the period. The best contributor to Fund performance in health care was HMS Holdings Corp., an independent processor and auditor of Medicaid claims. Strong demand from the federal government kept the company’s earnings on a solid growth track.

What areas detracted from Fund performance?

Conversely, Arcadia Resources Inc. was one of the Fund’s biggest detractors. The distributor of surgical supplies and prosthetics, Arcadia saw its share price drop sharply after failing to win some anticipated contracts. Another detractor to Fund performance was Shuffle Master Inc., a supplier of automatic card shufflers and other products for the casino industry. A profit warning near the end of February hampered the stock. Syntax-Brillian Corp., a maker of flat panel televisions, hurt Fund results as well. Problems with assimilating a recent acquisition and overly aggressive profit expectations were factors derailing this stock.

What is your outlook for the near term?

Over the short term, small-cap returns— and indeed the returns for the entire U.S. stock market— could be limited by the market’s recent strong gains, seasonal sluggishness and a slowing economy. Barring a recession, however, we think the market is capable of further upward progress once the recent gains have been digested. Valuations remain acceptable, if not outstanding, and we are still finding compelling opportunities at the individual company level. Additionally, a significant amount of private equity money continues to flow into the market, which could help to cushion any pullbacks.

Portfolio Managers: Jayne Stevlingson, CFA

36 Semiannual Report 2007

Fund Performance Nationwide Small Cap Growth Opportunities Fund

Average Annual Total Return

(For periods ended April 30, 2007)

						Gross		Net
		Six				Expense		Expense
		month*		Inception1		Ratio**		Ratio**
Class A	w/o SC6		12.93%		20.38%		2.40%		1.60%
	w/SC3		6.44%		13.46%
Class B	w/o SC6		12.56%		19.88%		3.15%		2.35%
	w/SC4		7.56%		14.88%
Class C	w/o SC6		12.66%		19.98%		3.15%		2.35%
	w/SC5		11.66%		18.98%
Class R 2			12.74%		20.18%		2.85%		2.05%
Institutional Service Class 2			13.17%		20.64%		2.20%		1.40%
Institutional Class 2			13.17%		20.64%		2.15%		1.35%

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on September 29, 2006.
2	Not subject to any sales charges.
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted because it is charged when you sell Class C shares within the first year after purchase.
6	These returns do not reflect the effects of sales charges (SC).

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in the Class A of the Nationwide Small Cap Growth Opportunities Fund, Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2007 Semiannual Report 37

Nationwide Small Cap Growth Opportunities Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending		Expenses Paid		Annualized
Nationwide Small Cap Growth			Account Value,		Account Value,		During Period*		Expense Ratio*
Opportunities Fund			11/1/06		4/30/07
Class A	Actual		$	1,000.00	$	1,129.30	$	8.66		1.64%
	Hypothetical	1	$	1,000.00	$	1,016.87	$	8.23		1.64%
Class B	Actual		$	1,000.00	$	1,125.60	$	12.39		2.35%
	Hypothetical	1	$	1,000.00	$	1,013.35	$	11.80		2.35%
Class C	Actual		$	1,000.00	$	1,126.60	$	12.39		2.35%
	Hypothetical	1	$	1,000.00	$	1,013.35	$	11.80		2.35%
Class R	Actual		$	1,000.00	$	1,127.40	$	10.71		2.03%
	Hypothetical	1	$	1,000.00	$	1,014.93	$	10.19		2.03%
Institutional Service Class	Actual		$	1,000.00	$	1,131.70	$	6.82		1.29%
	Hypothetical	1	$	1,000.00	$	1,018.60	$	6.48		1.29%
Institutional Class	Actual		$	1,000.00	$	1,131.70	$	7.14		1.35%
	Hypothetical	1	$	1,000.00	$	1,018.31	$	6.78		1.35%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

38 Semiannual Report 2007

Nationwide Small Cap Growth Opportunities Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	95.3%
Repurchase Agreements	4.5%
Other Assets in excess of liabilities	0.2%
	100.0%

Top Holdings*
Sun Healthcare Group, Inc.	1.7%
TriZetto Group, Inc. (The)	1.4%
QIAGEN N.V. ADR — NL	1.4%
SBA Communications Corp.	1.3%
Icon PLC — Sponsored ADR — IE	1.3%
InVentiv Health, Inc.	1.2%
Sunrise Senior Living, Inc.	1.2%
Aspen Technology, Inc.	1.1%
GigaMedia Ltd.	1.1%
RPC Energy Services, Inc.	1.1%
Other	87.2%
	100.0%

Top Industries
Health Care Providers & Services	8.7%
Software	6.2%
Internet Software & Services	6.1%
Commercial Services & Supplies	5.3%
Oil, Gas & Consumable Fuels	5.3%
Semiconductors & Semiconductor Equipment	5.3%
Machinery	5.0%
Real Estate Investment Trusts	4.5%
Health Care Equipment & Supplies	3.5%
Hotels, Restaurants & Leisure	3.3%
Other	46.8%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 39

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Small Cap Growth Opportunities Fund

Common Stocks (95.3%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (2.6%)
AAR Corp.*		1,170	$	35,732
BE Aerospace, Inc.*		1,430		52,410
DRS Technologies, Inc.		553		27,821
Teledyne Technologies, Inc.*		1,093		48,212
				164,175
Airlines (0.6%)
AirTran Holdings, Inc.*		3,119		34,340
Automobiles (0.8%)
Midas, Inc.*		2,393		52,287
Biotechnology (3.1%)
Array BioPharma, Inc.*		2,144		29,909
Cepheid, Inc.*		2,880		32,659
Omrix Biopharmaceuticals, Inc.*		549		19,490
OSI Pharmaceuticals, Inc.*		553		19,189
Pharmion Corp.*		1,160		35,136
Progenics Pharmaceuticals, Inc.*		1,100		26,620
SONUS Pharmaceuticals, Inc.*		5,892		32,642
				195,645
Building Products (1.4%)
Ameron International Corp.		720		49,781
Goodman Global, Inc.*		2,156		40,209
				89,990
Capital Markets (0.5%)
Highland Distressed Opportunities, Inc.*		2,177		32,285
Chemicals (1.0%)
W.R. Grace & Co.*		2,350		62,510
Commercial Banks (1.4%)
First Midwest Bancorp, Inc.		1,127		40,504
Security Capital Assurance Ltd.		1,476		47,380
				87,884
Commercial Services & Supplies (5.3%)
American Ecology Corp.		1,629		36,408
American Reprographics Co.*		1,535		50,962
FTI Consulting, Inc.*		1,807		66,444
Kenexa Corp.*		1,327		41,084
Mobile Mini, Inc.*		1,625		48,701
On Assignment, Inc.*		4,994		55,833
Sirva, Inc.*		12,975		33,216
				332,648
Communications Equipment (2.2%)
Airspan Networks, Inc.*		8,094		31,162
CommScope, Inc.*		421		19,640
Foundry Networks, Inc.*		2,829		42,774
NeuStar, Inc.*		1,551		44,607
				138,183
Computers & Peripherals (0.8%)
LivePerson, Inc.*		1,754		12,278
Smart Modular Technologies*		2,798		37,213
				49,491
Consumer Finance (0.4%)
Lazard Ltd.		499		27,021
Containers & Packaging (0.8%)
Jarden Corp.*		1,158		48,798
Diversified Financial Services (1.5%)
GFI Group, Inc.*		538		37,256
International Securities Exchange Holdings, Inc.		382		25,476
Investment Technology Group, Inc.*		812		30,726
				93,458
Electrical Equipment (0.8%)
Encore Wire Corp.		1,815		50,275
Electronic Equipment & Instruments (0.5%)
DTS, Inc.*		1,312		29,363
Energy Equipment & Services (2.3%)
RPC Energy Services, Inc.		4,088		67,411
T-3 Energy Services, Inc.*		1,649		42,049
TETRA Technologies, Inc.*		1,330		35,232
				144,692
Food & Staples Retailing (1.6%)
Andersons, Inc. (The)		424		19,695
Central European Distribution Corp.*		1,818		54,085
Longs Drug Stores Corp.		463		25,345
				99,125
Health Care Equipment & Supplies (3.5%)
Align Technology, Inc.*		2,087		47,291
Cambridge Heart, Inc.*		8,710		28,351
Hologic, Inc.*		429		24,689
IRIS International, Inc.*		1,700		23,052
Kyphon, Inc.*		506		23,585
Matria Healthcare, Inc.*		842		24,401

40 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Health Care Equipment & Supplies (continued)
ResMed, Inc.*		515	$	21,764
West Pharmaceutical Services, Inc.		556		27,672
				220,805
Health Care Providers & Services (8.7%)
American Dental Partners*		1,530		32,711
Arcadia Resources, Inc.*		7,189		9,849
Dialysis Corporation of America*		1,090		12,698
Five Star Quality Care, Inc.*		5,280		58,133
HealthExtras, Inc.*		1,606		49,706
HMS Holdings Corp.*		2,893		64,109
InVentiv Health, Inc.*		1,983		75,255
Psychiatric Solutions, Inc.*		911		31,949
Sun Healthcare Group, Inc.*		8,529		106,954
Sunrise Senior Living, Inc.*		1,897		72,636
VCA Antech, Inc.*		666		26,260
				540,260
Health Care Technology (2.1%)
Digene Corp.*		471		21,596
Phase Forward*		1,381		21,930
TriZetto Group, Inc. (The)*		4,573		89,082
				132,608
Hotels, Restaurants & Leisure (3.3%)
Bob Evans Farms, Inc.		503		18,460
CKE Restaurants, Inc.		1,801		36,578
Gaylord Entertainment Co.*		819		44,881
Isle of Capri Casinos, Inc.*		1,176		28,742
Morton’s Restaurant Group, Inc.*		2,378		40,022
Shuffle Master, Inc.*		2,276		38,760
				207,443
Household Durables (1.0%)
La-Z-Boy, Inc.		2,546		29,763
Syntax-Brillian Corp.*		4,247		30,323
				60,086
Internet & Catalog Retail (0.7%)
dELiA*s, Inc.*		4,958		42,688
Internet Software & Services (6.1%)
Aladdin Knowledge Systems ADR — IL*		1,581		33,106
Ariba, Inc.*		3,312		29,212
CNET Networks, Inc.*		3,506		29,556
ECOLLEGE.COM, Inc.*		2,335		43,244
GigaMedia Ltd.*		4,817		67,823
Global Crossing Ltd.*		1,528		44,067
Internap Network Services*		2,224		34,161
LookSmart, Ltd.*		2,600		10,660
Opsware, Inc.*		5,958		47,843
Website Pros, Inc.*		4,546		41,323
				380,995
IT Services (0.7%)
Gartner, Inc. *		997		25,154
Lionbridge Technologies, Inc.*		3,520		17,882
				43,036
Leisure Equipment & Products (1.5%)
Callaway Golf Co.		2,699		48,474
RC2 Corp.*		1,158		46,158
				94,632
Life Sciences Tools & Services (3.3%)
Advanced Magnetics, Inc.*		583		38,362
Icon PLC — Sponsored ADR — IE*		1,727		81,048
QIAGEN N.V. ADR — NL*		4,821		85,476
				204,886
Machinery (5.0%)
Barnes Group, Inc.		894		21,724
Clarcor, Inc.		938		29,585
Columbus McKinnon Corp.*		1,240		30,702
ESCO Technologies, Inc.*		1,202		54,763
Flow International Corp.*		1,767		20,568
Force Protection, Inc.*		2,534		54,988
Gardner Denver, Inc.*		1,020		38,556
Trinity Industries, Inc.		1,303		60,459
				311,345
Media (2.6%)
Gray Television, Inc.		1,797		19,174
Lin TV Corp., Class A*		2,404		38,368
Martha Stewart Living Omnimedia, Inc.		2,892		54,977
Regal Entertainment Group, Class A		2,303		50,090
				162,609
Metals & Mining (2.3%)
Chaparral Steel		710		50,055
Haynes International, Inc.*		598		46,620
Northwest Pipe Co.*		1,219		43,579
				140,254

2007 Semiannual Report 41

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Growth Opportunities Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Multiline Retail (0.5%)
99 Cents Only Stores*		2,169	$	31,017
Oil, Gas & Consumable Fuels (5.3%)
Comstock Resources, Inc.*		1,164		33,000
Evergreen Energy, Inc.*		4,397		26,514
Frontier Oil Corp.		897		31,691
Global Industries Ltd.*		2,418		50,198
Hornbeck Offshore Services, Inc.*		1,148		36,311
Parallel Petroleum Corp.*		2,558		59,115
Petrohawk Energy Corp.*		4,156		60,054
W&T Offshore, Inc.		1,142		34,660
				331,543
Personal Products (0.3%)
Chattem, Inc.*		363		20,742
Pharmaceuticals (0.2%)
Santarus, Inc.*		1,896		14,485
Real Estate Investment Trusts (REITs) (4.5%)
Digital Reality Trust, Inc.		1,169		47,286
HFF, Inc., Class A*		1,983		31,689
Highland Hospitality Corp.		3,506		66,789
JER Investors Trust, Inc.		2,224		39,165
Redwood Trust, Inc.		963		48,352
Supertel Hospitality, Inc.		5,500		44,220
				277,501
Semiconductors & Semiconductor Equipment (5.3%)
Applied Micro Circuits Corp.*		11,231		31,559
Eagle Test Systems, Inc.*		1,719		29,687
RF Micro Devices, Inc.*		7,180		44,875
Silicon Motion Technology Corp. ADR — KY*		1,520		36,875
SiRF Technology Holdings, Inc.*		2,094		50,800
SRS Labs, Inc.*		4,513		59,572
Tessera Technologies, Inc.*		545		23,321
Zoran Corp.*		2,690		53,423
				330,112
Service Companies (0.5%)
24/7 Real Media, Inc.*		3,140		31,243
Software (6.2%)
Agile Software*		3,941		28,336
Aspen Technology, Inc.*		5,013		68,076
Glu Mobile, Inc.*		3,948		44,356
I2 Technologies, Inc.*		1,672		42,569
Informatica Corp.*		1,437		21,153
JDA Software Group, Inc.*		1,725		30,705
MICROS Systems, Inc.*		631		34,579
Parametric Technology Corp.*		2,009		35,700
Sybase, Inc.*		1,074		25,980
Tibco Software, Inc.*		4,116		37,538
Wind River Systems, Inc.*		1,869		18,372
				387,364
Specialty Retail (1.0%)
Blockbuster, Inc.*		8,282		51,348
Pier 1 Imports, Inc.		1,647		12,435
				63,783
Trading Companies & Distributors (1.8%)
Aircastle Ltd.		1,017		33,968
Houston Wire & Cable Co.*		791		23,319
MSC Industrial Direct Co., Class A		1,088		53,029
				110,316
Wireless Telecommunication Services (1.3%)
SBA Communications Corp.*		2,824		83,082
Total Common Stocks (Cost $5,464,135)				5,955,005
Repurchase Agreements (4.5%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $279,556, collateralized by U.S. Government Agency Mortgages with a market value of $285,106	$	279,516		279,516
Total Investments (Cost $5,743,651) (a) — 99.8%				6,234,521
Other assets in excess of liabilities — 0.2%				11,313
NET ASSETS — 100.0%			$	6,245,834

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
IE	Ireland
IL	Israel
KY	Cayman Islands
NL	Netherlands

See accompanying notes to financial statements

42 Semiannual Report 2007

Nationwide Small Cap Value Fund

How has the Fund performed during the six-month period ended April 30, 2007?

For the semiannual period ended April 30, 2007, the Nationwide Small Cap Value Fund (Class A at NAV) returned 5.53% versus 6.36% for the Fund’s benchmark, the Russell 2000 Value Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds (consisting of 748 funds as of April 30, 2007) was 8.48%.

Can you describe the market environment during the reporting period?

Small-cap stocks enjoyed a relatively strong period of performance, with the benchmark advancing in five out of six months during the period. February recorded the lone loss. Near the end of that month, a sudden plunge in the Chinese stock market spread to other global markets, producing one-day losses exceeding 3% in most widely followed U.S. indexes. The markets regained their footing with little delay, however, and resumed their upward march, enabling the benchmark to end the period near its all-time highs. Small-cap stocks trailed their large-cap and especially their mid-cap counterparts, while growth modestly outdistanced value in the small-cap space. By far, the strongest absolute performance in the benchmark came from the materials sector, where metals and mining stocks were standouts. Consumer staples were strong as well. Financials was the only benchmark sector to record a loss during the period.

What areas detracted from Fund performance?

On the negative side, stock selection in the information technology and consumer discretionary sectors detracted from Fund performance. In technology, the share price of marketing database company info USA Inc. was sidetracked by disappointing earnings. Likewise, in consumer discretionary, Fund holding Papa John’s International Inc., operator of a chain of pizzerias, reported lower-than-expected earnings and the stock was punished for it. Meanwhile, Directed Electronics Inc., an auto aftermarket supplier of auto security and audio equipment, was hurt by slackening demand for Sirius satellite radio, for which it is a key hardware partner.

What areas of investment provided the most positive returns for the Fund?

Industrials was the sector that added the most to Fund performance. Favorable stock selection was the primary driving force, and an overweighting was beneficial as well. A major contributor to Fund performance in industrials was Omega Navigation Enterprises, a provider of double-hull tankers for the oil industry. Aided by a double-digit dividend yield and robust demand for transportation of refined petroleum products, the stock advanced smartly in April. Fund holding Continental Airlines also performed well. In that case, we sold the stock into strength after it had rallied and energy prices began to creep back up. Several Fund holdings in the financials sector benefited our results, including Genesis Lease Ltd., an aircraft leasing company. The stock was helped by robust demand for commercial aircraft and tight supply of aircraft for sale, prompting higher leasing activity.

What is your outlook for the near term?

Over the short term, small-cap returns— and indeed the returns for the entire U.S. stock market—could be limited by the market’s recent strong gains, seasonal sluggishness and a slowing economy. Barring a recession, however, we think the market is capable of further upward progress once the recent gains have been consolidated. Valuations remain acceptable, if not outstanding, and we are still finding compelling opportunities at the individual company level.

Portfolio Managers: Gary Haubold, CFA, William Gerlach, CFA, and Charles Purcell, CFA

2007 Semiannual Report 43

Fund Performance Nationwide Small Cap Value Fund

Average Annual Total Return

(For periods ended April 30, 2007)

						Gross		Net
		Six				Expense		Expense
		month*		Inception1		Ratio**		Ratio**
Class A	w/o SC6		5.53%		10.28%		2.45%		1.60%
	w/SC3		-0.56%		3.94%
Class B	w/o SC6		5.21%		9.84%		3.20%		2.35%
	w/SC4		0.21%		4.84%
Class C	w/o SC6		5.29%		9.92%		3.20%		2.35%
	w/SC5		4.29%		8.92%
Class R2			5.30%		10.04%		2.90%		2.05%
Institutional Service Class 2			5.69%		10.45%		2.26%		1.41%
Institutional Class2			5.69%		10.45%		2.20%		1.35%

* Not annualized

** As of October 31, 2006. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2008. Please see the Fund’s most recent prospectus for details.

1	Fund commenced operations on September 29, 2006.
2	Not subject to any sales charges.
3	A 5.75% front-end sales charge was deducted.
4	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
5	A CDSC of 1.00% was deducted because it is charged when you sell Class C shares within the first year after purchase.
6	These returns do not reflect the effects of sales charges (SC).

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in the Class A of the Nationwide Small Cap Value Fund, Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a)	The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
(b)	The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

44 Semiannual Report 2007

Nationwide Small Cap Value Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2006 and continued to hold your shares at the end of the reporting period, April 30, 2007.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(April 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Nationwide Small Cap Value Fund			11/1/06		4/30/07		During Period*		Expense Ratio*
Class A	Actual		$	1,000.00	$	1,055.30	$	8.41		1.65%
	Hypothetical	1	$	1,000.00	$	1,016.82	$	8.28		1.65%
Class B	Actual		$	1,000.00	$	1,052.10	$	12.06		2.37%
	Hypothetical	1	$	1,000.00	$	1,013.25	$	11.90		2.37%
Class C	Actual		$	1,000.00	$	1,052.90	$	11.96		2.35%
	Hypothetical	1	$	1,000.00	$	1,013.35	$	11.80		2.35%
Class R	Actual		$	1,000.00	$	1,053.00	$	10.44		2.05%
	Hypothetical	1	$	1,000.00	$	1,014.83	$	10.29		2.05%
Institutional Service Class	Actual		$	1,000.00	$	1,056.90	$	6.88		1.35%
	Hypothetical	1	$	1,000.00	$	1,018.31	$	6.78		1.35%
Institutional Class	Actual		$	1,000.00	$	1,056.90	$	6.88		1.35%
	Hypothetical	1	$	1,000.00	$	1,018.31	$	6.78		1.35%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

2007 Semiannual Report 45

Nationwide Small Cap Value Fund

Portfolio Summary

April 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stocks	95.9%
Repurchase Agreements	5.7%
Liabilities in excess of other assets	-1.6%
	100.0%

Top Holdings*
Ashford Hospitality Trust	2.6%
Agrium, Inc.	2.4%
Omega Navigation Enterprises, Inc.	2.2%
First Industrial Realty Trust	1.9%
Genesis Lease Ltd. ADR — IE	1.8%
CBRE Realty Finance, Inc.	1.7%
infoUSA, Inc.	1.4%
Lexington Corporate Properties Trust	1.4%
Bell Microproducts, Inc.	1.4%
Toro Co.	1.3%
Other	81.9%
	100.0%

Top Industries
Real Estate Investment Trusts	18.5%
Commercial Banks	6.0%
Machinery	5.5%
Chemicals	5.2%
Oil, Gas & Consumable Fuels	4.3%
Specialty Retail	4.0%
Textiles, Apparel & Luxury Goods	3.7%
Media	3.1%
Energy Equipment & Services	2.8%
Metals & Mining	2.6%
Other	44.3%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

46 Semiannual Report 2007

Statement of Investments

April 30, 2007 (Unaudited)

Nationwide Small Cap Value Fund

Common Stocks (95.9%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (0.7%)
AAR Corp.*		1,400	$	42,756
Auto Components (0.4%)
Modine Manufacturing Co.		1,000		23,130
Building Products (0.5%)
Lennox International, Inc.		930		31,443
Capital Markets (0.4%)
MCG Capital Corp.		1,200		21,144
Chemicals (5.2%)
Agrium, Inc.		3,820		147,949
Albemarle Corp.		400		16,980
CF Industries Holdings, Inc.		400		15,876
Cytec Industries, Inc.		800		43,920
Fuller (H. B.) Co.		1,100		28,127
Terra Industries, Inc.*		2,300		40,572
Westlake Chemical Corp.		800		23,352
				316,776
Commercial Banks (6.0%)
Bank of Granite		3,500		56,455
Chittenden Corp.		900		26,154
Commercial Bankshares, Inc.		200		9,832
First Commonwealth Financial Corp.		3,000		33,390
Great Southern Bancorp, Inc.		1,000		27,380
Hanmi Financial Corp.		1,300		21,333
Horizon Financial Corp.		1,100		23,111
NBT Bancorp, Inc.		2,790		61,241
Sterling Financial Corp. (Spokane)		700		20,636
Trico Bancshares		1,300		27,859
Trustmark Corp.		900		23,949
United Community Banks, Inc.		300		8,868
WesBanco, Inc.		900		26,397
				366,605
Commercial Services & Supplies (1.8%)
Kelly Services, Inc.		800		22,960
Korn/ Ferry International*		800		18,856
Watson Wyatt Worldwide, Inc.		1,440		67,867
				109,683
Communications Equipment (1.7%)
C&D Technologies, Inc.*		8,830		44,415
Polycom, Inc.*		1,800		59,940
				104,355
Computers & Peripherals (0.4%)
Quantum Corp.*		9,700		26,675
Diversified Consumer Services (0.4%)
Regis Corp.		600		22,938
Diversified Telecommunication Services (0.7%)
Fairpoint Communications, Inc.		2,200		41,272
Electric Utilities (2.6%)
Allete, Inc.		600		29,046
IDACORP, Inc.		1,100		37,895
Sierra Pacific Resources*		2,800		51,128
Westar Energy, Inc.		1,500		40,830
				158,899
Electronic Equipment & Instruments (2.5%)
Bell Microproducts, Inc.*		12,100		82,280
Technitrol, Inc.		2,500		67,075
				149,355
Energy Equipment & Services (2.8%)
Allis-Chalmers Energy, Inc.*		800		15,480
Carbo Ceramics, Inc.		500		21,725
Complete Production Services*		1,200		28,884
RPC Energy Services, Inc.		2,100		34,629
Superior Well Services, Inc.*		1,760		44,528
W-H Energy Services, Inc.*		500		27,055
				172,301
Food Products (0.9%)
Corn Products International, Inc.		700		27,874
Flowers Foods, Inc.		900		28,071
				55,945
Gas Distribution (1.0%)
Piedmont Natural Gas Co., Inc.		2,300		60,697
Gas Utilities (2.1%)
New Jersey Resources Corp.		300		16,110
Southwest Gas Corp.		800		30,312
The Laclede Group, Inc.		880		27,623
UGI Corp.		1,800		51,048
				125,093
Health Care Equipment & Supplies (1.3%)
Cutera, Inc.*		900		26,352
DJ Orthopedics, Inc.*		1,300		50,778
				77,130

2007 Semiannual Report 47

Statement of Investments (Continued)

April 30, 2007 (Unaudited)

Nationwide Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Health Care Providers & Services (0.9%)
Healthspring, Inc.*		600	$	14,112
Hythiam, Inc.*		5,720		39,754
				53,866
Household Durables (0.3%)
Directed Electronics, Inc.*		300		3,006
Ryland Group, Inc. (The)		400		17,720
				20,726
Insurance (2.3%)
CNA Surety Corp.*		2,200		45,408
Commerce Group, Inc.		1,500		48,915
Hilb, Rogal & Hamilton Co.		300		13,035
Infinity Property & Casualty Corp.		700		32,557
				139,915
Internet Software & Services (0.9%)
Ariba, Inc.*		1,500		13,230
Blue Coat Systems, Inc.*		700		24,542
Vignette Corp.*		1,000		18,520
				56,292
IT Services (2.1%)
infoUSA, Inc.		9,000		84,510
Ness Technologies, Inc.*		3,250		43,355
				127,865
Machinery (5.5%)
Actuant Corp.		900		47,700
Astec Industries, Inc.*		60		2,442
Cascade Corp.		300		18,591
Columbus McKinnon Corp.*		1,800		44,568
Enpro Industries, Inc.*		660		24,856
Hardinge, Inc.		1,330		36,987
Harsco Corp.		900		45,900
Nordson Corp.		400		18,332
Robbins & Myers, Inc.		300		11,529
Toro Co.		1,600		80,400
				331,305
Manufacturing (2.5%)
Darling International, Inc.*		9,000		69,030
Gerber Scientific, Inc.*		1,000		10,010
L.B. Foster Co.*		3,180		73,076
				152,116
Marine (2.2%)
Omega Navigation Enterprises, Inc.		6,900		136,413
Media (3.1%)
Courier Corp.		400		15,920
DreamWorks Animation SKG, Inc., Class A*		1,600		46,848
Emmis Communications Corp.		1,800		17,982
Morningstar, Inc.*		1,100		57,277
Regal Entertainment Group, Class A		890		19,358
Scholastic Corp.*		1,000		30,870
				188,255
Metals & Mining (2.6%)
A. M. Castle & Co.		830		28,137
Commercial Metals Co.		800		26,824
Grupo Simec, SA de C.V. ADR — MX*		3,190		40,385
IAMGOLD Corp.		2,100		17,052
Reliance Steel & Aluminum Co.		800		47,520
				159,918
Multi-Utilities (2.2%)
Avista Corp.		1,100		25,949
PNM, Inc.		1,900		61,845
Vectren Corp.		1,600		46,512
				134,306
Multiline Retail (1.1%)
Big Lots, Inc.*		1,100		35,420
Bon-Ton Stores, Inc.		600		29,802
				65,222
Oil, Gas & Consumable Fuels (4.3%)
Atmos Energy Corp.		1,300		41,236
Aurora Oil & Gas Corp.*		18,200		47,866
Bois d’Arc Energy, Inc.*		800		11,976
Cabot Oil & Gas Corp.		500		18,210
Encore Acquisition Co.*		1,000		26,710
Evergreen Energy, Inc.*		3,100		18,693
Giant Industries, Inc.*		400		29,988
Rossetta Resources, Inc.*		1,100		23,661
St. Mary Land & Exploration Co.		400		14,648
Stone Energy Corp.*		1,020		30,223
				263,211
Personal Products (1.4%)
Physicians Formula Holdings, Inc.*		2,560		53,811
Prestige Brands Holdings, Inc.*		2,300		29,923
				83,734

48 Semiannual Report 2007

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Pharmaceuticals (0.3%)
Perrigo Co.		1,100	$	20,900
Real Estate Investment Trusts (REITs) (18.5%)
American Home Mortgage Investment Corp.		2,300		56,994
Ashford Hospitality Trust		13,100		157,200
CBL & Associates Properties, Inc.		700		31,815
CBRE Realty Finance, Inc.		8,000		103,600
Cedarshopping Centers, Inc.		3,100		49,507
Equity Inns, Inc.		1,300		22,230
First Industrial Realty Trust		2,700		118,233
Hersha Hospitality Trust		6,580		78,170
Hospitality Properties Trust		400		18,212
Investors Real Estate Trust		4,100		43,255
Lasalle Hotel Properties		300		13,929
Lexington Corporate Properties Trust		3,970		82,933
LTC Properties, Inc.		800		20,056
Mack-Cali Realty Corp.		1,100		53,867
Medical Properties Trust, Inc.		3,300		46,992
National Retail Properties, Inc.		1,800		43,110
Nationwide Health Properties, Inc.		1,100		35,266
Omega Health Care Products & Services Investors, Inc.		2,100		35,280
Quadra Realty Trust, Inc.*		5,050		70,549
Urstadt Biddle Properties		2,300		41,722
				1,122,920
Real Estate Management & Development (0.8%)
SonomaWest Holdings, Inc.*		1,900		48,450
Semiconductors & Semiconductor Equipment (0.5%)
MKS Instruments, Inc.*		1,100		29,645
Software (2.2%)
Agile Software*		3,200		23,008
Henry (Jack) & Associates, Inc.		800		19,000
Sybase, Inc.*		1,100		26,609
Tibco Software, Inc.*		6,900		62,928
				131,545
Specialty Retail (4.0%)
Cache, Inc.*		1,100		18,986
DSW Inc., Class A*		1,400		54,264
Finish Line, Inc., Class A (The)		1,000		13,190
Group 1 Automotive, Inc.		900		36,900
Hibbett Sports, Inc.*		1,100		32,065
J Crew Group, Inc.*		300		12,147
MarineMax, Inc.*		1,600		31,728
Talbots, Inc.		1,800		42,300
				241,580
Textiles, Apparel & Luxury Goods (3.7%)
Hartmarx Corp.*		3,200		21,056
Kellwood Co.		1,600		45,088
Phillips-Van Heusen Corp.		700		39,130
UniFirst Corp.		760		31,981
Warnaco Group, Inc. (The)*		1,900		53,732
Wolverine World Wide, Inc.		1,200		34,296
				225,283
Thrifts & Mortgage Finance (0.5%)
Tierone Corp.		1,300		31,577
Trading Companies & Distributors (0.8%)
Interline Brands, Inc.*		2,000		43,720
MSC Industrial Direct Co., Class A		120		5,849
				49,569
Transportation (1.8%)
Genesis Lease Ltd. Sponsored ADR — IE*		4,100		110,700
Total Common Stocks (Cost $5,894,698)				5,831,510
Repurchase Agreements (5.7%)
Nomura Securities, 5.10%, dated 04/30/07, due 05/01/07, repurchase price $350,610, collateralized by U.S. Government Agency Mortgages with a market value of $357,572	$	350,560		350,560
Total Investments (Cost $6,245,258) (a) — 101.6%				6,182,070
Liabilities in excess of other assets — (1.6)%				(99,428	)
NET ASSETS — 100.0%			$	6,082,642

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
IE	Ireland
MX	Mexico

See accompanying notes to financial statements

2007 Semiannual Report 49

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

										Nationwide
										Small Cap
			Nationwide		Nationwide			Nationwide		Growth			Nationwide
			Hedged Core		Market			Small Cap		Opportunities			Small
			Equity Fund		Neutral Fund			Core Fund		Fund			Cap Value Fund
Assets:
Investments, at value (Cost $4,737,433; $10,940,573; $5,862,073; $5,464,135 and $5,894,698)			$	5,160,126	$	11,518,045		$	5,992,339	$	5,955,005		$	5,831,510
Repurchase agreements, at cost and value				525,938		1,731,863			83,397		279,516			350,560
Total Investments				5,686,064		13,249,908			6,075,736		6,234,521			6,182,070
Deposits with broker for securities sold short				1,417,311		10,378,264			–		–			–
Interest and dividends receivable				9,122		48,549			1,321		1,805			6,386
Receivable for capital shares issued				–		6,448			–		2,000			–
Receivable for investments sold				–		–			–		104,049			526,961
Receivable from adviser				–		–			411		644			–
Prepaid expenses and other assets				80		16			11,436		397			15,123
		Total Assets		7,112,577		23,683,185			6,088,904		6,343,416			6,730,540
Liabilities:
Payable to custodian				–		–			–		890			–
Payable for investments purchased				–		–			–		86,136			646,323
Payable for capital shares redeemed				–		44,120			–		–			–
Securities sold short, at value (Proceeds $1,498,851; $10,857,287; $0; $0 and $0 )				1,575,245		11,503,618			–		–			–
Accrued expenses and other payables:
	Investment advisory fees			670		8,503			–		–			281
	Fund administration and transfer agent fees			210		6			451		1,195			709
	Distribution fees			24		7			279		76			230
	Administrative servicing fees			2		2			52		7			30
	Compliance program fees			20		43			22		23			22
	Other			3,289		8,808			540		9,255			303
		Total Liabilities		1,579,460		11,565,107			1,344		97,582			647,898
Net Assets			$	5,533,117	$	12,118,078		$	6,087,560	$	6,245,834		$	6,082,642
Represented by:
Capital			$	5,141,164	$	12,271,205		$	5,679,090	$	5,277,883		$	5,757,353
Accumulated net investment income (loss)				870		26,697			2,497		(16,181	)		14,048
Accumulated net realized gains (losses) on investment transactions				44,784		(110,965	)		275,707		493,262			374,429
Net unrealized appreciation (depreciation) on investments				346,299		(68,859	)		130,266		490,870			(63,188	)
Net Assets			$	5,533,117	$	12,118,078		$	6,087,560	$	6,245,834		$	6,082,642

See accompanying notes to financial statements.

50 Semiannual Report 2007

Statements of Assets and Liabilities (Continued)

										Nationwide
										Small Cap
	Nationwide			Nationwide			Nationwide			Growth			Nationwide
	Hedged Core			Market			Small Cap			Opportunities			Small
	Equity Fund			Neutral Fund			Core Fund			Fund			Cap Value Fund
Net Assets:
Class A Shares	$	108,833		$	81,973		$	433,539		$	118,944		$	332,786
Class B Shares		1,077			984			20,967			4,217			1,098
Class C Shares		1,077			984			230,846			88,440			222,260
Class R Shares		1,079			986			1,075			1,201			1,100
Institutional Service Class Shares		1,084			990			1,080			1,207			1,105
Institutional Class Shares		5,419,967			12,032,161			5,400,053			6,031,825			5,524,293
Total	$	5,533,117		$	12,118,078		$	6,087,560		$	6,245,834		$	6,082,642
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		10,099			8,385			40,232			10,018			31,390
Class B Shares		100			100			1,953			357			104
Class C Shares		100			100			21,509			7,475			20,996
Class R Shares		100			101			100			101			104
Institutional Service Class Shares		101			101			100			101			104
Institutional Class Shares		503,428			1,227,613			500,533			507,304			520,482
Total		513,928			1,236,400			564,427			525,356			573,180
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	10.78		$	9.78		$	10.78		$	11.87		$	10.60
Class B Shares (a)	$	10.74	(c)	$	9.80	(c)	$	10.73	(c)	$	11.82	(c)	$	10.59	(c)
Class C Shares (b)	$	10.74	(c)	$	9.80	(c)	$	10.73		$	11.83		$	10.59
Class R Shares	$	10.75	(c)	$	9.80	(c)	$	10.75		$	11.85	(c)	$	10.60	(c)
Institutional Service Class Shares	$	10.76	(c)	$	9.81	(c)	$	10.78	(c)	$	11.89	(c)	$	10.61	(c)
Institutional Class Shares	$	10.77		$	9.80		$	10.79		$	11.89		$	10.61
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.44		$	10.38		$	11.44		$	12.59		$	11.25
Maximum Sales Charge:
Class A		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%

(a)	For Class B shares, the redemption price per share varies by the length of time shares are held.
(b)	For Class C shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
(c)	The NAV reported above represents the traded NAV at April 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.

See accompanying notes to financial statements.

2007 Semiannual Report 51

Statements of Operations

For the six months ended April 30, 2007 (Unaudited)

											Nationwide
											Small Cap
		Nationwide			Nationwide			Nationwide			Growth			Nationwide
		Hedged Core			Market			Small Cap			Opportunities			Small Cap
		Equity Fund			Neutral Fund			Core Fund			Fund			Value Fund
INVESTMENT INCOME:
Interest income		$	40,165		$	227,169		$	3,626		$	6,142		$	3,178
Dividend income			49,101			57,115			34,592			16,555			62,855
	Total Income		89,266			284,284			38,218			22,697			66,033
Expenses:
Investment advisory fees			32,827			60,300			23,612			27,393			26,349
Fund administration and transfer agent fees			2,047			5,204			3,861			4,337			3,800
Distribution fees Class A			72			9			263			29			152
Distribution fees Class B			5			5			34			7			5
Distribution fees Class C			5			5			325			68			195
Distribution fees Class R			2			2			2			2			2
Administrative servicing fees Class A			—			—			49			5			28
Administrative servicing fees Class R			2			2			2			2			2
	Dividend expense for securities sold short		15,899			94,365			—			—			—
Registration and filing fees			23,194			22,994			25,746			25,244			25,288
Trustee fees			4			101			66			69			67
Compliance program fees (Note 3)			43			69			45			47			45
Custodian fees			211			246			312			314			480
Other			6,778			5,664			4,284			5,756			4,371
	Total expenses before reimbursed expenses		81,089			188,966			58,601			63,273			60,784
Earnings credit (Note 5)			(105	)		(123	)		(156	)		(157	)		(140	)
Expenses reimbursed			(21,604	)		(14,757	)		(22,979	)		(24,182	)		(22,777	)
Expenses voluntarily waived by administrator			(51	)		(107	)		(54	)		(56	)		(54	)
	Net expenses		59,329			173,979			35,412			38,878			37,813
Net Investment Income (Loss)			29,937			110,305			2,806			(16,181	)		28,220
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) on investment transactions			52,801			(100,726	)		275,707			493,262			375,499
Change in unrealized appreciation/(depreciation) on investments			216,983			(93,086	)		(65,518	)		236,839			(89,694	)
Net realized/unrealized gains (losses) from investments			269,784			(193,812	)		210,189			730,101			285,805
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	299,721		$	(83,507	)	$	212,995		$	713,920		$	314,025

See accompanying notes to financial statements.

52 Semiannual Report 2007

Statements of Changes in Net Assets

		Nationwide Hedged Core						Nationwide Market
		Equity Fund						Neutral Fund
		Six Months Ended			Year Ended			Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006 (a)			April 30, 2007			October 31, 2006 (a)
		(Unaudited)						(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	29,937		$	2,284		$	110,305		$	15,285
Net realized gains (losses) from investments transactions			52,801			(7,229	)		(100,726	)		(9,976	)
Net change in unrealized appreciation/(depreciation) investments			216,983			129,316			(93,086	)		24,227
Change in net assets from operations			299,721			124,371			(83,507	)		29,536
Distributions to Shareholders:
From net investment income:
	Class A		(287	)		–			(86	)		–
	Class B		(2	)		–			(4	)		–
	Class C		(2	)		–			(4	)		–
	Class R		(4	)		–			(6	)		–
	Institutional Service Class		(7	)		–			(9	)		–
	Institutional Class		(35,909	)		–			(103,119	)		–
Change in net assets from shareholder distributions			(36,211	)		–			(103,228	)		–
Change in net assets from capital transactions			140,236			5,005,000			7,270,277			5,005,000
Change in net assets			403,746			5,129,371			7,083,542			5,034,536
Net Assets:
Beginning of period			5,129,371			–			5,034,536			–
End of period		$	5,533,117		$	5,129,371		$	12,118,078		$	5,034,536
Accumulated net investment income at end of period		$	870		$	7,144		$	26,697		$	19,620

(a) For the period from September 29, 2006 (commencement of operations) through October 31, 2006.

See accompanying notes to financial statements.

2007 Semiannual Report 53

Statements of Changes in Net Assets (Continued)

		Nationwide Hedged Core				Nationwide Market
		Equity Fund				Neutral Fund
		Six Months Ended		Year Ended		Six Months Ended			Year Ended
		April 30, 2007		October 31, 2006 (a)		April 30, 2007			October 31, 2006 (a)
		(Unaudited)				(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	104,296	$	1,000	$	104,280		$	1,000
	Dividends reinvested		17		–		86			–
	Cost of shares redeemed (b)		–		–		(23,459	)		–
Total Class A			104,313		1,000		80,907			1,000
Class B Shares
	Proceeds from shares issued		–		1,000		–			1,000
	Dividends reinvested		2		–		4			–
Total Class B			2		1,000		4			1,000
Class C Shares
	Proceeds from shares issued		–		1,000		–			1,000
	Dividends reinvested		2		–		4			–
Total Class C			2		1,000		4			1,000
Class R Shares
	Proceeds from shares issued		–		1,000		–			1,000
	Dividends reinvested		4		–		6			–
Total Class R			4		1,000		6			1,000
Institutional Service Class Shares
	Proceeds from shares issued		–		1,000		–			1,000
	Dividends reinvested		7		–		9			–
Total Institutional Service Class			7		1,000		9			1,000
Institutional Class Shares
	Proceeds from shares issued		–		5,000,000		7,328,260			5,000,000
	Dividends reinvested		35,908		–		103,118			–
	Cost of shares redeemed (b)		–		–		(242,031	)		–
Total Institutional Class			35,908		5,000,000		7,189,347			5,000,000
Change in net assets from capital transactions:		$	140,236	$	5,005,000	$	7,270,277		$	5,005,000

(a)	For the period from September 29, 2006 (commencement of operations) through October 31, 2006.
(b)	Includes redemption fees, if any.

See accompanying notes to financial statements.

54 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Hedged Core					Nationwide Market
		Equity Fund					Neutral Fund
		Six Months Ended			Year Ended		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006 (a)		April 30, 2007			October 31, 2006 (a)
		(Unaudited)					(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued	$	9,997		$	100	$	10,667		$	100
	Reinvested		2			–		9			–
	Redeemed		–			–		(2,391	)		–
Total Class A Shares			9,999			100		8,285			100
Class B Shares
	Issued		–			100		–			100
	Reinvested		–	(b)		–		–	(b)		–
Total Class B Shares			–			100		–			100
Class C Shares
	Issued		–			100		–			100
	Reinvested		–	(b)		–		–	(b)		–
Total Class C Shares			–			100		–			100
Class R Shares
	Issued		–			100		–			100
	Reinvested		–	(b)		–		1			–
Total Class R Shares			–			100		1			100
Institutional Service Class Shares
	Issued		–			100		–			100
	Reinvested		1			–		1			–
Total Institutional Service Class Shares			1			100		1			100
Institutional Class Shares
	Issued		–			500,000		741,749			500,000
	Reinvested		3,428			–		10,455			–
	Redeemed		–			–		(24,591	)		–
Total Institutional Class Shares			3,428			500,000		727,613			500,000
Change in shares:			13,428			500,500		735,900			500,500

(a)	For the period from September 29, 2006 (commencement of operations) through October 31, 2006.
(b)	Amount is less than 1 share.

See accompanying notes to financial statements.

2007 Semiannual Report 55

Statements of Changes in Net Assets (Continued)

		Nationwide Small					Nationwide Small Cap Growth
		Cap Core Fund					Opportunities Fund
		Six Months Ended			Year Ended		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006 (a)		April 30, 2007			October 31, 2006 (a)
		(Unaudited)					(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	2,806		$	926	$	(16,181	)	$	(1,946	)
Net realized gains on investment transactions			275,707			–		493,262			80,108
Net change in unrealized appreciation/(depreciation) investments			(65,518	)		195,784		236,839			254,031
Change in net assets from operations			212,995			196,710		713,920			332,193
Distributions to Shareholders from:
Net investment income:
	Class A		(16	)		–		–			–
	Institutional Service Class		(1	)		–		(1	)		–
	Institutional Class		(5,742	)		–		(2,577	)		–
Net realized gains:
	Class A		–			–		(16	)		–
	Class B		–			–		(16	)		–
	Class C		–			–		(16	)		–
	Class R		–			–		(16	)		–
	Institutional Service Class		–			–		(16	)		–
	Institutional Class		–			–		(80,028	)		–
Change in net assets from shareholder distributions			(5,759	)		–		(82,686	)		–
Change in net assets from capital transactions			678,614			5,005,000		177,407			5,105,000
Change in net assets			885,850			5,201,710		808,641			5,437,193
Net Assets:
Beginning of period			5,201,710			–		5,437,193			–
End of period		$	6,087,560		$	5,201,710	$	6,245,834		$	5,437,193
Accumulated net investment income (loss) at end of period		$	2,497		$	5,450	$	(16,181	)	$	2,578

(a) For the period from September 29, 2006 (commencement of operations) through October 31, 2006.

See accompanying notes to financial statements.

56 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Small					Nationwide Small Cap Growth
		Cap Core Fund					Opportunities Fund
		Six Months Ended			Year Ended		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006 (a)		April 30, 2007			October 31, 2006 (a)
		(Unaudited)					(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	444,222		$	1,000	$	114,983		$	–
	Dividends reinvested		16			–		16			–
	Cost of shares redeemed (b)		(17,367	)		–		(5	)		–
Total Class A			426,871			1,000		114,994			1,000
Class B Shares
	Proceeds from shares issued		19,495			1,000		3,000			1,000
	Dividends reinvested		–			–		16			–
Total Class B			19,495			1,000		3,016			1,000
Class C Shares
	Proceeds from shares issued		325,827			1,000		85,957			1,000
	Dividends reinvested		–			–		16			–
	Cost of shares redeemed (b)		(99,675	)		–		–			–
Total Class C			226,152			1,000		85,973			1,000
Class R Shares
	Proceeds from shares issued		–			1,000		–			1,000
	Dividends reinvested		–			–		16			–
Total Class R			–			1,000		16			1,000
Institutional Service Class Shares
	Proceeds from shares issued		–			1,000		–			1,000
	Dividends reinvested		1			–		16			–
Total Institutional Service Class			1			1,000		16			1,000
Institutional Class Shares
	Proceeds from shares issued		401			5,000,000		–			5,100,000
	Dividends reinvested		5,742			–		82,606			–
	Cost of shares redeemed (b)		(48	)		–		(109,214	)		–
Total Institutional Class			6,095			5,000,000		(26,608	)		5,100,000
Change in net assets from capital transactions:		$	678,614		$	5,005,000	$	177,407		$	5,105,000

(a)	For the period from September 29, 2006 (commencement of operations) through October 31, 2006.
(b)	Includes redemption fees, if any.

See accompanying notes to financial statements.

2007 Semiannual Report 63

Statements of Changes in Net Assets (Continued)

		Nationwide Small					Nationwide Small Cap Growth
		Cap Core Fund					Opportunities Fund
		Six Months Ended			Year Ended		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006 (a)		April 30, 2007			October 31, 2006 (a)
		(Unaudited)					(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued	$	41,734		$	100	$	9,917		$	100
	Reinvested		1			–		1			–
	Redeemed		(1,603	)		–		–			–
Total Class A Shares			40,132			100		9,918			100
Class B Shares
	Issued		1,853			100		256			100
	Reinvested		–			–		1			–
Total Class B Shares			1,853			100		257			100
Class C Shares
	Issued		30,550			100		7,374			100
	Reinvested		–			–		1			–
	Redeemed		(9,141	)		–		–			–
Total Class C Shares			21,409			100		7,375			100
Class R Shares
	Issued		–			100		–			100
	Reinvested		–			–		1			–
Total Class R Shares			–			100		1			100
Institutional Service Class Shares
	Issued		–			100		–			100
	Reinvested		–			–		1			–
Total Institutional Service Class Shares			–			100		1			100
Institutional Class Shares
	Issued		–			500,000		–			509,434
	Reinvested		533			–		7,442			–
	Redeemed		–			–		(9,572	)		–
Total Institutional Class Shares			533			500,000		(2,130	)		509,434
Change in shares:			63,927			500,500		15,422			509,934

(a) For the period from September 29, 2006 (commencement of operations) through October 31, 2006.

See accompanying notes to financial statements.

64 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Small Cap Value Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006 (a)
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	28,220		$	1,240
Net realized gains on investment transactions			375,499			197,902
Net change in unrealized appreciation/(depreciation) investments			(89,694	)		26,506
Change in net assets from operations			314,025			225,648
Distributions to Shareholders:
From net investment income:
	Class A		(145	)		—
	Class B		–	(b)
	Class C		(14	)		—
	Class R		(1	)		—
	Institutional Service Class		(4	)		—
	Institutional Class		(19,771	)		—
Net realized gains:
	Class A		(250	)		—
	Class B		(39	)		—
	Class C		(39	)		—
	Class R		(39	)		—
	Institutional Service Class		(39	)		—
	Institutional Class		(198,566	)		–
Change in net assets from shareholder distributions			(218,907	)		–
Change in net assets from capital transactions			656,876			5,105,000
Change in net assets			751,994			5,330,648
Net Assets:
Beginning of period			5,330,648			–
End of period		$	6,082,642		$	5,330,648
Accumulated net investment income at end of period		$	14,048		$	5,763

(a)	For the period from September 29, 2006 (commencement of operations) through October 31, 2006.
(b)	Amount is less than $1.

See accompanying notes to financial statements.

2007 Semiannual Report 65

Statements of Changes in Net Assets (Continued)

		Nationwide Small Cap Value Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006 (a)
		(Unaudited)
CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	352,155		$	1,000
	Dividends reinvested		157			–
	Cost of shares redeemed(b)		(31,193	)		–
Total Class A			321,119			1,000
Class B Shares
	Proceeds from shares issued		—			1,000
	Dividends reinvested		39			—
Total Class B			39			1,000
Class C Shares
	Proceeds from shares issued		216,023			1,000
	Dividends reinvested		44			—
Total Class C			216,067			1,000
Class R Shares
	Proceeds from shares issued		—			1,000
	Dividends reinvested		40			—
Total Class R			40			1,000
Institutional Service Class Shares
	Proceeds from shares issued		—			1,000
	Dividends reinvested		43			—
Total Institutional Service Class			43			1,000
Institutional Class Shares
	Proceeds from shares issued		588			5,100,000
	Dividends reinvested		218,336			—
	Cost of shares redeemed (b)		(99,356	)		—
Total Institutional Class			119,568			5,100,000
Change in net assets from capital transactions:		$	656,876		$	5,105,000

(a)	For the period from September 29, 2006 (commencement of operations) through October 31, 2006.
(b)	Includes redemption fees, if any.

See accompanying notes to financial statements.

66 Semiannual Report 2007

Statements of Changes in Net Assets (Continued)

		Nationwide Small Cap Value Fund
		Six Months Ended			Year Ended
		April 30, 2007			October 31, 2006 (a)
		(Unaudited)
SHARE TRANSACTIONS:
Class A Shares
	Issued	$	34,292		$	100
	Reinvested		15			—
	Redeemed		(3,017	)		—
Total Class A Shares			31,290			100
Class B Shares
	Issued		—			100
	Reinvested		4			—
Total Class B Shares			4			100
Class C Shares
	Issued		20,892			100
	Reinvested		4			—
Total Class C Shares			20,896			100
Class R Shares
	Issued		—			100
	Reinvested		4			—
Total Class R Shares			4			100
Institutional Service Class Shares
	Issued		—			100
	Reinvested		4			—
Total Institutional Service Class Shares			4			100
Institutional Class Shares
	Issued		—			509,461
	Reinvested		20,858			—
	Redeemed		(9,837	)		—
Total Institutional Class Shares			11,021			509,461
Change in shares:			63,219			509,961

(a) For the period from September 29, 2006 (commencement of operations) through October 31, 2006.

See accompanying notes to financial statements.

2007 Semiannual Report 61

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Hedged Core Equity Fund

										Distributions
			Investment Activities
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from		Net
	Beginning		Income			Gains on		Investment		Investment			Total
	of Period		(Loss)			Investments		Activities		Income			Distributions
Class A Shares
Period Ended October 31, 2006 (g)	$	10.00		—(h	)		0.25		0.25		–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.25		0.04			0.55		0.59		(0.06	)		(0.06	)
Class B Shares
Period Ended October 31, 2006 (g)	$	10.00		(0.01	)		0.25		0.24		–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.24		0.01			0.51		0.52		(0.02	)		(0.02	)
Class C Shares
Period Ended October 31, 2006 (g)	$	10.00		(0.01	)		0.25		0.24		–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.24		0.01			0.51		0.52		(0.02	)		(0.02	)
Class R Shares
Period Ended October 31, 2006 (g)	$	10.00		–(h	)		0.24		0.24		–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.24		0.03			0.52		0.55		(0.04	)		(0.04	)
Institutional Service Class Shares
Period Ended October 31, 2006 (g)	$	10.00		–(h	)		0.25		0.25		–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.25		0.06			0.52		0.58		(0.07	)		(0.07	)
Institutional Class Shares
Period Ended October 31, 2006 (g)	$	10.00		–(h	)		0.25		0.25		–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.25		0.06			0.53		0.59		(0.07	)		(0.07	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

					Ratios / Supplemental Data
												Ratio of
									Ratio of Net			Expenses
	Net Asset				Net Assets		Ratio of		Investment			(Prior to
	Value,				at End of		Expenses		Income (Loss)			Reimbursements)
	End		Total		Period		to Average		to Average			to Average Net
	of Period		Return (a) (b)		(000’s)		Net Assets (c)		Net Assets (c)			Assets (c) (d)
Class A Shares
Period Ended October 31, 2006 (g)	$	10.25		2.50%	$	1		2.30%		0.32%			2.85%
Six Months Ended April 30, 2007 (Unaudited)	$	10.78		5.76%	$	109		2.61%		0.58%			3.57%
Class B Shares
Period Ended October 31, 2006 (g)	$	10.24		2.40%	$	1		3.59%		(0.62%	)		4.62%
Six Months Ended April 30, 2007 (Unaudited)	$	10.74		5.09%	$	1		3.31%		0.08%			4.32%
Class C Shares
Period Ended October 31, 2006 (g)	$	10.24		2.40%	$	1		3.59%		(0.62%	)		4.69%
Six Months Ended April 30, 2007 (Unaudited)	$	10.74		5.09%	$	1		3.31%		0.08%			4.32%
Class R Shares
Period Ended October 31, 2006 (g)	$	10.24		2.40%	$	1		3.23%		(0.25%	)		4.01%
Six Months Ended April 30, 2007 (Unaudited)	$	10.75		5.36%	$	1		2.95%		0.45%			3.77%
Institutional Service Class Shares
Period Ended October 31, 2006 (g)	$	10.25		2.50%	$	1		2.51%		0.47%			3.61%
Six Months Ended April 30, 2007 (Unaudited)	$	10.76		5.70%	$	1		2.25%		1.14%			3.26%
Institutional Class Shares
Period Ended October 31, 2006 (g)	$	10.25		2.50%	$	5,124		2.39%		0.50%			3.34%
Six Months Ended April 30, 2007 (Unaudited)	$	10.77		5.79%	$	5,420		2.25%		1.15%			3.08%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
	Ratio of
	Investment
	Income (Prior to
	Reimbursements)
	to Average			Dividend		Portfolio
	Net Assets (c) (d)			Expense (e) (c)		Turnover (f)
Class A Shares
Period Ended October 31, 2006 (g)		(0.23%	)		0.79%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		(0.38%	)		0.61%		92.01%
Class B Shares
Period Ended October 31, 2006 (g)		(1.65%	)		0.79%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		(0.93%	)		0.61%		92.01%
Class C Shares
Period Ended October 31, 2006 (g)		(1.72%	)		0.79%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		(0.93%	)		0.61%		92.01%
Class R Shares
Period Ended October 31, 2006 (g)		(1.03%	)		0.79%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		(0.37%	)		0.61%		92.01%
Institutional Service Class Shares
Period Ended October 31, 2006 (g)		(0.63%	)		0.79%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		0.13%			0.61%		92.01%
Institutional Class Shares
Period Ended October 31, 2006 (g)		(0.45%	)		0.79%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		0.32%			0.61%		92.01%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Indicates the dividend expense charged for the period to average net assets.
(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 September 29, 2006 (commencement of operations) through October 31, 2006.
(h)	The amount is less than $0.005.

See accompanying notes to financial statements.

62 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Market Neutral Fund

			Investment Activities								Distributions
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment			Total
	of Period		Income		Investments			Activities			Income			Distributions
Class A Shares
Period Ended October 31, 2006 (g)	$	10.00		0.03		0.03			0.06			–			–
Six Months Ended April 30, 2007 (Unaudited) (h)	$	10.06		0.07		(0.27	)		(0.20	)		(0.08	)		(0.08	)
Class B Shares
Period Ended October 31, 2006 (g)	$	10.00		0.02		0.03			0.05			–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.05		0.06		(0.27	)		(0.21	)		(0.04	)		(0.04	)
Class C Shares
Period Ended October 31, 2006 (g)	$	10.00		0.02		0.03			0.05			–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.05		0.06		(0.27	)		(0.21	)		(0.04	)		(0.04	)
Class R Shares
Period Ended October 31, 2006 (g)	$	10.00		0.02		0.03			0.05			–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.05		0.09		(0.28	)		(0.19	)		(0.06	)		(0.06	)
Institutional Service Class Shares
Period Ended October 31, 2006 (g)	$	10.00		0.03		0.03			0.06			–			–
Six Months Ended April 30, 2007 (Unaudited)	$	10.06		0.12		(0.28	)		(0.16	)		(0.09	)		(0.09	)
Institutional Class Shares
Period Ended October 31, 2006 (g)	$	10.00		0.03		0.03			0.06			–			–
Six Months Ended April 30, 2007 (Unaudited) (h)	$	10.06		0.12		(0.29	)		(0.17	)		(0.09	)		(0.09	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Ratios/Supplemental Data
										Ratio of
								Ratio of		Net
						Net Assets		Expenses		Investment
	Net Asset					at End of		to Average		Income to
	Value, End		Total			Period		Net		Average
	of Period		Return (a) (b)			(000’s)		Assets (c)		Net Assets (c)
Class A Shares
Period Ended October 31, 2006 (g)	$	10.06		0.60%		$	1		2.23%		3.56%
Six Months Ended April 30, 2007 (Unaudited) (h)	$	9.78		(1.96%	)	$	82		4.48%		1.42%
Class B Shares
Period Ended October 31, 2006 (g)	$	10.05		0.50%		$	1		3.45%		2.10%
Six Months Ended April 30, 2007 (Unaudited)	$	9.80		(2.07%	)	$	1		4.66%		1.39%
Class C Shares
Period Ended October 31, 2006 (g)	$	10.05		0.50%		$	1		3.45%		2.10%
Six Months Ended April 30, 2007 (Unaudited)	$	9.80		(2.07%	)	$	1		4.66%		1.39%
Class R Shares
Period Ended October 31, 2006 (g)	$	10.05		0.50%		$	1		3.09%		2.46%
Six Months Ended April 30, 2007 (Unaudited)	$	9.80		(1.90%	)	$	1		4.30%		1.75%
Institutional Service Class Shares
Period Ended October 31, 2006 (g)	$	10.06		0.60%		$	1		2.36%		3.19%
Six Months Ended April 30, 2007 (Unaudited)	$	9.81		(1.57%	)	$	1		3.58%		2.47%
Institutional Class Shares
Period Ended October 31, 2006 (g)	$	10.06		0.60%		$	5,030		2.24%		3.37%
Six Months Ended April 30, 2007 (Unaudited) (h)	$	9.80		(1.67%	)	$	12,032		3.61%		2.29%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
	Ratio of		Ratio of
	Expenses		Investment
	(Prior to		Income (Prior to
	Reimbursements)		Reimbursements)
	to Average Net		to Average			Dividend		Portfolio
	Assets (c) (d)		Net Assets (c) (d)			Expense (e) (c)		Turnover (f)
Class A Shares
Period Ended October 31, 2006 (g)		2.82%		2.97%			0.64%		0.00%
Six Months Ended April 30, 2007 (Unaudited) (h)		5.99%		(0.09%	)		1.96%		154.81%
Class B Shares
Period Ended October 31, 2006 (g)		4.48%		1.07%			0.64%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		6.06%		(0.01%	)		1.96%		154.81%
Class C Shares
Period Ended October 31, 2006 (g)		4.53%		1.02%			0.64%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		6.07%		(0.02%	)		1.96%		154.81%
Class R Shares
Period Ended October 31, 2006 (g)		3.89%		1.65%			0.64%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		5.77%		0.28%			1.96%		154.81%
Institutional Service Class Shares
Period Ended October 31, 2006 (g)		3.45%		2.10%			0.64%		0.00%
Six Months Ended April 30, 2007 (Unaudited)		5.05%		0.99%			1.96%		154.81%
Institutional Class Shares
Period Ended October 31, 2006 (g)		3.21%		2.40%			0.64%		0.00%
Six Months Ended April 30, 2007 (Unaudited) (h)		3.92%		1.98%			1.96%		154.81%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Indicates the dividend expense charged for the period to average net assets.
(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 September 29, 2006 (commencement of operations) through October 31, 2006.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2007 Semiannual Report 63

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Small Cap Core Fund

			Investment Activities
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from
	Beginning		Income			Gains on		Investment
	of Period		(Loss)			Investments		Activities
Class A Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.39		0.39
Six Months Ended April 30, 2007 (Unaudited)	$	10.39		(0.01	)		0.41		0.40
Class B Shares
Period Ended October 31, 2006 (f)	$	10.00		(0.01	)		0.39		0.38
Six Months Ended April 30, 2007 (Unaudited)	$	10.38		(0.03	)		0.38		0.35
Class C Shares
Period Ended October 31, 2006 (f)	$	10.00		(0.01	)		0.39		0.38
Six Months Ended April 30, 2007 (Unaudited)	$	10.38		(0.03	)		0.38		0.35
Class R Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.39		0.39
Six Months Ended April 30, 2007 (Unaudited)	$	10.39		(0.03	)		0.39		0.36
Institutional Service Class Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.39		0.39
Six Months Ended April 30, 2007 (Unaudited)	$	10.39		0.01			0.39		0.40
Institutional Class Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.39		0.39
Six Months Ended April 30, 2007 (Unaudited)	$	10.39		0.01			0.40		0.41

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios / Supplemental Data
											Net Assets		Ratio of
	Net						Net Asset				at End of		Expenses
	Investment			Total			Value, End		Total		Period		to Average
	Income			Distributions			of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2006 (f)		–			–		$	10.39		3.90%	$	1		1.52%
Six Months Ended April 30, 2007 (Unaudited)		(0.01	)		(0.01	)	$	10.78		3.85%	$	434		1.55%
Class B Shares
Period Ended October 31, 2006 (f)		–			–		$	10.38		3.80%	$	1		2.25%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.73		3.37%	$	21		2.25%
Class C Shares
Period Ended October 31, 2006 (f)		–			–		$	10.38		3.80%	$	1		2.25%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.73		3.37%	$	231		2.25%
Class R Shares
Period Ended October 31, 2006 (f)		–			–		$	10.39		3.90%	$	1		1.99%
Six Months Ended April 30, 2007 (Unaudited)		–			–		$	10.75		3.46%	$	1		1.94%
Institutional Service Class Shares
Period Ended October 31, 2006 (f)		–			–		$	10.39		3.90%	$	1		1.27%
Six Months Ended April 30, 2007 (Unaudited)		(0.01	)		(0.01	)	$	10.78		3.86%	$	1		1.26%
Institutional Class Shares
Period Ended October 31, 2006 (f)		–			–		$	10.39		3.90%	$	5,197		1.25%
Six Months Ended April 30, 2007 (Unaudited)		(0.01	)		(0.01	)	$	10.79		3.96%	$	5,400		1.25%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income (Loss)		Reimbursements)		Reimbursements)
	to Average		to Average Net		to Average		Portfolio
	Net Assets (c)		Assets (c) (d)		Net Assets (c) (d)		Turnover (e)
Class A Shares
Period Ended October 31, 2006 (f)		(0.38%)		2.56%		(1.42%)		0.00%
Six Months Ended April 30, 2007 (Unaudited)		(0.46%)		2.38%		(1.29%)		156.12%
Class B Shares
Period Ended October 31, 2006 (f)		(0.81%)		3.17%		(1.73%)		0.00%
Six Months Ended April 30, 2007 (Unaudited)		(1.16%)		3.11%		(2.02%)		156.12%
Class C Shares
Period Ended October 31, 2006 (f)		(0.81%)		3.17%		(1.73%)		0.00%
Six Months Ended April 30, 2007 (Unaudited)		(1.23%)		3.10%		(2.08%)		156.12%
Class R Shares
Period Ended October 31, 2006 (f)		(0.45%)		3.07%		(1.53%)		0.00%
Six Months Ended April 30, 2007 (Unaudited)		(0.57%)		3.03%		(1.66%)		156.12%
Institutional Service Class Shares
Period Ended October 31, 2006 (f)		0.26%		2.52%		(0.98%)		0.00%
Six Months Ended April 30, 2007 (Unaudited)		0.11%		2.35%		(0.98%)		156.12%
Institutional Class Shares
Period Ended October 31, 2006 (f)		0.20%		2.27%		(0.82%)		0.00%
Six Months Ended April 30, 2007 (Unaudited)		0.14%		2.08%		(0.69%)		156.12%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 29, 2006 (commencement of operations) through October 31, 2006.
(g)	The amount is less than $0.005.

See accompanying notes to financial statements.

64 Semiannual Report 2007

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Small Cap Growth Opportunities Fund

			Investment Activities							Distributions
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from		Net
	Beginning		Income			Gains on		Investment		Investment
	of Period		(Loss)			Investments		Activities		Income
Class A Shares
Period Ended October 31, 2006 (f)	$	10.00		(0.01	)		0.67		0.66		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.66		(0.01	)		1.38		1.37		–
Class B Shares
Period Ended October 31, 2006 (f)	$	10.00		(0.01	)		0.66		0.65		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.65		(0.04	)		1.37		1.33		–
Class C Shares
Period Ended October 31, 2006 (f)	$	10.00		(0.01	)		0.66		0.65		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.65		(0.02	)		1.36		1.34		–
Class R Shares
Period Ended October 31, 2006 (f)	$	10.00		(0.01	)		0.67		0.66		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.66		(0.07	)		1.42		1.35		–
Institutional Service Class Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.66		0.66		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.66		(0.03	)		1.43		1.40		(0.01	)
Institutional Class Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.66		0.66		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.66		(0.03	)		1.43		1.40		(0.01	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
											Net Assets		Ratio of
	Net						Net Asset				at End of		Expenses
	Realized			Total			Value, End		Total		Period		to Average
	Gains			Distributions			of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2006 (f)		–			–		$	10.66		6.60%	$	1		1.44%
Six Months Ended April 30, 2007 (Unaudited)		(0.16	)		(0.16	)	$	11.87		12.93%	$	119		1.64%
Class B Shares
Period Ended October 31, 2006 (f)		–			–		$	10.65		6.50%	$	1		2.35%
Six Months Ended April 30, 2007 (Unaudited)		(0.16	)		(0.16	)	$	11.82		12.56%	$	4		2.35%
Class C Shares
Period Ended October 31, 2006 (f)		–			–		$	10.65		6.50%	$	1		2.35%
Six Months Ended April 30, 2007 (Unaudited)		(0.16	)		(0.16	)	$	11.83		12.66%	$	88		2.35%
Class R Shares
Period Ended October 31, 2006 (f)		–			–		$	10.66		6.60%	$	1		2.11%
Six Months Ended April 30, 2007 (Unaudited)		(0.16	)		(0.16	)	$	11.85		12.74%	$	1		2.03%
Institutional Service Class Shares
Period Ended October 31, 2006 (f)		–			–		$	10.66		6.60%	$	1		1.40%
Six Months Ended April 30, 2007 (Unaudited)		(0.16	)		(0.17	)	$	11.89		13.17%	$	1		1.29%
Institutional Class Shares
Period Ended October 31, 2006 (f)		–			–		$	10.66		6.60%	$	5,432		1.35%
Six Months Ended April 30, 2007 (Unaudited)		(0.16	)		(0.17	)	$	11.89		13.17%	$	6,032		1.35%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average Net			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Assets (c) (d)			Turnover (e)
Class A Shares
Period Ended October 31, 2006 (f)		(0.54%	)		2.15%		(1.25%	)		37.38%
Six Months Ended April 30, 2007 (Unaudited)		(0.40%	)		2.69%		(1.45%	)		128.76%
Class B Shares
Period Ended October 31, 2006 (f)		(1.53%	)		3.40%		(2.58%	)		37.38%
Six Months Ended April 30, 2007 (Unaudited)		(1.32%	)		3.19%		(2.16%	)		128.76%
Class C Shares
Period Ended October 31, 2006 (f)		(1.53%	)		3.40%		(2.58%	)		37.38%
Six Months Ended April 30, 2007 (Unaudited)		(1.23%	)		3.37%		(2.26%	)		128.76%
Class R Shares
Period Ended October 31, 2006 (f)		(1.18%	)		3.02%		(2.09%	)		37.38%
Six Months Ended April 30, 2007 (Unaudited)		(1.24%	)		2.71%		(1.91%	)		128.76%
Institutional Service Class Shares
Period Ended October 31, 2006 (f)		(0.47%	)		2.46%		(1.53%	)		37.38%
Six Months Ended April 30, 2007 (Unaudited)		(0.50%	)		2.23%		(1.44%	)		128.76%
Institutional Class Shares
Period Ended October 31, 2006 (f)		(0.41%	)		2.35%		(1.41%	)		37.38%
Six Months Ended April 30, 2007 (Unaudited)		(0.56%	)		2.19%		(1.40%	)		128.76%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 29, 2006 (commencement of operations) through October 31, 2006.
(g)	The amount is less than $0.005.

See accompanying notes to financial statements.

2007 Semiannual Report 65

Financial Highlights

Selected Data for Each Share of Capital Outstanding throughout the Periods Indicated

Nationwide Small Cap Value Fund

			Investment Activities							Distributions
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from		Net
	Beginning		Income			Gains on		Investment		Investment
	of Period		(Loss)			Investments		Activities		Income
Class A Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.45		0.45		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.45		0.04			0.53		0.57		(0.03	)
Class B Shares
Period Ended October 31, 2006 (f)	$	10.00		(0.01	)		0.45		0.44		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.44		–	(g)		0.54		0.54		–	(g)
Class C Shares
Period Ended October 31, 2006 (f)	$	10.00		(0.01	)		0.45		0.44		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.44		0.02			0.53		0.55		(0.01	)
Class R Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.45		0.45		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.45		0.02			0.53		0.55		(0.01	)
Institutional Service Class Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.45		0.45		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.45		0.05			0.54		0.59		(0.04	)
Institutional Class Shares
Period Ended October 31, 2006 (f)	$	10.00		–	(g)		0.45		0.45		–
Six Months Ended April 30, 2007 (Unaudited)	$	10.45		0.06			0.53		0.59		(0.04	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
											Net Assets		Ratio of
	Net						Net Asset				at End of		Expenses
	Realized			Total			Value, End		Total		Period		to Average
	Gains			Distributions			of Period		Return (a) (b)		(000’s)		Net Assets (c)
Class A Shares
Period Ended October 31, 2006 (f)		–			–		$	10.45		4.50%	$	1		1.40%
Six Months Ended April 30, 2007 (Unaudited)		(0.39	)		(0.42	)	$	10.60		5.53%	$	333		1.65%
Class B Shares
Period Ended October 31, 2006 (f)		–			–		$	10.44		4.40%	$	1		2.35%
Six Months Ended April 30, 2007 (Unaudited)		(0.39	)		(0.39	)	$	10.59		5.21%	$	1		2.37%
Class C Shares
Period Ended October 31, 2006 (f)		–			–		$	10.44		4.40%	$	1		2.35%
Six Months Ended April 30, 2007 (Unaudited)		(0.39	)		(0.40	)	$	10.59		5.29%	$	222		2.35%
Class R Shares
Period Ended October 31, 2006 (f)		–			–		$	10.45		4.50%	$	1		2.11%
Six Months Ended April 30, 2007 (Unaudited)		(0.39	)		(0.40	)	$	10.60		5.30%	$	1		2.05%
Institutional Service Class Shares
Period Ended October 31, 2006 (f)		–			–		$	10.45		4.50%	$	1		1.41%
Six Months Ended April 30, 2007 (Unaudited)		(0.39	)		(0.43	)	$	10.61		5.69%	$	1		1.35%
Institutional Class Shares
Period Ended October 31, 2006 (f)		–			–		$	10.45		4.50%	$	5,325		1.35%
Six Months Ended April 30, 2007 (Unaudited)		(0.39	)		(0.43	)	$	10.61		5.69%	$	5,524		1.35%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average Net			Portfolio
	Net Assets (c)			Net Assets (c) (d)		Assets (c) (d)			Turnover (e)
Class A Shares
Period Ended October 31, 2006 (f)		0.13%			2.08%		(0.56%	)		194.16%
Six Months Ended April 30, 2007 (Unaudited)		1.26%			2.53%		0.38%			426.58%
Class B Shares
Period Ended October 31, 2006 (f)		(0.82%	)		3.40%		(1.87%	)		194.16%
Six Months Ended April 30, 2007 (Unaudited)		(0.02%	)		3.21%		(0.85%	)		426.58%
Class C Shares
Period Ended October 31, 2006 (f)		(0.82%	)		3.40%		(1.87%	)		194.16%
Six Months Ended April 30, 2007 (Unaudited)		0.42%			3.25%		(0.48%	)		426.58%
Class R Shares
Period Ended October 31, 2006 (f)		(0.47%	)		3.10%		(1.46%	)		194.16%
Six Months Ended April 30, 2007 (Unaudited)		0.31%			2.71%		(0.35%	)		426.58%
Institutional Service Class Shares
Period Ended October 31, 2006 (f)		0.22%			2.47%		(0.83%	)		194.16%
Six Months Ended April 30, 2007 (Unaudited)		1.00%			2.32%		0.03%			426.58%
Institutional Class Shares
Period Ended October 31, 2006 (f)		0.26%			2.35%		(0.73%	)		194.16%
Six Months Ended April 30, 2007 (Unaudited)		1.02%			2.18%		0.19%			426.58%

(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from September 29, 2006 (commencement of operations) through October 31, 2006.
(g)	The amount is less than $0.005.

See accompanying notes to financial statements.

66 Semiannual Report 2007

Notes to Financial Statements

April 30, 2007 (Unaudited)

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Mutual Funds”. Prior to January 25, 2002 the Trust was named Nationwide Mutual Funds. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust, dated as of October 30, 1997, as subsequently amended, and redomesticated as a Delaware Statutory Trust on February 28, 2005: the redomestication was a change in statutory status and did not affect the operations of the Trust. The trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of April 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-nine (49) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the five (5) funds listed below (individually, a “Fund”; collectively, the “Funds”):

-  Nationwide Hedged Core Equity Fund (“Hedged Core Equity,” formerly, “Gartmore Hedged Core Equity Fund”)

-  Nationwide Market Neutral Fund (“Market Neutral,” formerly, “Gartmore Market Neutral Fund”)

-  Nationwide Small Cap Core Fund (“Small Cap Core,” formerly, “Gartmore Small Cap Core Fund”)

-  Nationwide Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities,” formerly, “Gartmore Small Cap Growth Opportunities Fund”)

-  Nationwide Small Cap Value Fund (“Small Cap Value,” formerly, “Gartmore Small Cap Value Fund”)

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). 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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a

2007 Semiannual Report 67

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” or example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Funds holding foreign equity securities (the “Foreign Equity Funds”) value foreign securities at fair value in the circumstances described below. 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 Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty of Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

Certain Funds may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

68 Semiannual Report 2007

(e) Futures Contracts

Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities that the Funds intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value/market value of the underlying hedged assets.

(f) Short Sales

During the period, the Hedged Core Equity Fund and the Market Neutral Fund engaged in short-selling of portfolio securities. The Funds are authorized to engage in short-selling of portfolio securities, which obligates the Funds to replace any security that the Funds have borrowed by purchasing the security at current market value sometime in the future. The Funds will incur a loss if the price of the security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds generally will realize a gain if the price of the security declines between these dates. Until the Funds replace the borrowed security, the Funds will maintain a segregated account with cash, U.S. government securities and/or securities held long to sufficiently cover the Funds’ short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date. The collateral for securities sold short includes the deposits with brokers and securities held long as shown in the Statements of Investments for the Funds.

(g) Securities Lending

To generate additional income, each of the Funds may lend their respective portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Funds’ investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks.

Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of April 30, 2007, the Funds did not have any securities on loan.

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes,

2007 Semiannual Report 69

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i) Distributions to Shareholders

Distributions from net investment income, if any, is declared and paid quarterly. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with American Institute of Certified Public Accountants (the “AICPA”) Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of April 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

								Net
								Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Hedged Core Equity	$	5,266,239	$	459,380	$	(115,949	)	$	343,431
Market Neutral		12,749,666		816,771		(962,860	)		(146,089	)
Small Cap Core		5,958,850		341,323		(224,437	)		116,886
Small Cap Growth Opportunities		5,751,153		632,633		(149,265	)		483,368
Small Cap Value		6,274,095		141,325		(233,350	)		(92,025	)

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. The method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, “Gartmore Mutual Fund Capital Trust” (“GMF”)) (“NFA” or the “Adviser”) manages the investment of the assets and supervises the daily business affairs of the Funds (as shown in the table below). As of May 1, 2007, NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

70 Semiannual Report 2007

Under the terms of the Investment Advisory Agreements, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding the investment advisory fees for NFA is as follows for the six months ended April 30, 2007:

Fund	Fee Schedule	Fees
Hedged Core Equity and Market Neutral	All Assets		1.25%
Small Cap Core	Up to $500 million		0.85%
	$500 million up to $2 billion		0.75%
	$2 billion and more		0.70%
Small Cap Growth Opportunities and	Up to $500 million		0.95%
Small Cap Value	$500 million up to $2 billion		0.85%
	$2 billion and more		0.80%

NFA and the Funds have entered into written contracts (“Expense Limitation Agreements”) that limit operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative service 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 non-routine expenses not incurred in the ordinary course of the Funds’ business) from exceeding the amounts listed in the table below until at least February 28, 2008:

Fund	Expense Caps		Amount
Hedged Core Equity		All Classes		1.65%
Market Neutral		All Classes		1.65%
Small Cap Core		All Classes		1.25%
Small Cap Growth Opportunities		All Classes		1.35%
Small Cap Value		All Classes		1.35%

NFA may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a later date not to exceed (i) three years from the fiscal year in which the corresponding reimbursement to the Fund was made, if the 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 set forth above. No reimbursement will be made unless: (i) the 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 approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of the six months ended April 30, 2007, the cumulative potential reimbursements of the following Funds (unless otherwise indicated), based on reimbursements within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA would be:

	Amount		Amount
	Period Ended		Six Months Ended
Fund	October 31, 2006		April 30, 2007
Hedged Core Equity	$	4,363	$	21,604
Market Neutral		4,379		14,757
Small Cap Core		4,711		22,979
Small Cap Growth Opportunities		4,690		24,182
Small Cap Value		4,691		22,777

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (formerly Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of Class A, Class B, Class C, and Class R shares

2007 Semiannual Report 71

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

of the Funds. NFD is a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”). These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed 0.25% for Class A shares, 1.00% for Class B and Class C shares, and 0.50% for Class R shares.

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A shares. These fees are deducted from and are not included in proceeds from sales of Class A shares. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of the purchase. Class C shares have a CDSC of 1% imposed on redemptions of Class C shares made within one year of purchase. For the six months ended April 30, 2007, NFD received $1,494 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Funds, of which $1,494 was re-allowed to affiliated broker-dealers of the Funds.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFSDI, provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each Fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.26%
$1 billion up to $3 billion	0.19%
$3 billion up to $4 billion	0.15%
$4 billion up to $5 billion	0.08%
$5 billion up to $10 billion	0.05%
$10 billion up to $12 billion	0.03%
$12 billion or more	0.02%

*  The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Optimal Allocations Fund: Defensive, Nationwide Optimal Allocations Fund: Moderate, Nationwide Optimal Allocations Fund: Moderate Growth, Nationwide Optimal Allocations Fund: Growth, and Nationwide Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Funds.

NFA and BISYS have agreed to designate certain sub-transfer agency agreements NFA enters into with respect to the Funds as “Qualifying Sub-TA Agreements.” With respect to Qualifying Sub-TA Agreements, BISYS will credit to NFA an amount equal to the lesser of (i) the actual amount NFA is charged by the sub-transfer agent under the applicable Qualifying Sub-TA Agreement or (ii) $10 per investor account; however, the aggregate amount paid with regard to all Qualifying Sub-TA Agreements, regardless of whether option (i) or (ii) applies, shall not exceed $200,000 per annum. BISYS will calculate and credit such amounts to NFA’s fees on a monthly basis. All amounts will be credited to each applicable Fund on a monthly basis.

72 Semiannual Report 2007

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Class A, Class R, and Institutional Service Class shares of each of the Funds.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended April 30, 2007, the Funds portion of such costs amounted to $249.

As of April 30, 2007, NFA or its affiliates directly held the percentage indicated below of the shares outstanding of the applicable Fund:

	% of Shares
	Outstanding
Fund	Owned
Hedged Core Equity		98%
Market Neutral		41%
Small Cap Core		89%
Small Cap Growth Opportunities		97%
Small Cap Value		91%

4. Short-Term Trading Fees

The Funds assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within 90 calendar days of purchase. The redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

For the six months ended April 30, 2007, the Funds had contributions to capital due to collection of redemption fees:

Fund	Amount
Market Neutral	$	468
Small Cap Core		345
Small Cap Value		622

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Funds’ custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 26, 2007, with a commitment fee of 0.08% per year on $100,000,000. There were no borrowings outstanding under this line of credit during the six months ended April 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credits) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

2007 Semiannual Report 73

Notes to Financial Statements (Continued)

April 30, 2007 (Unaudited)

6. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2007 are summarized as follows:

Fund	Purchases		Sales
Hedged Core Equity	$	4,429,737	$	4,668,503
Market Neutral		18,253,279		12,291,093
Small Cap Core		9,224,402		8,435,851
Small Cap Growth Opportunities		7,353,146		7,172,139
Small Cap Value		23,608,804		23,176,360

7. Portfolio Investment Risks

Credit and Market Risk. Funds that invest in high yield and emerging markets instruments are subject to certain additional credit and market risks. The yields of high yield and emerging markets debt obligations reflect, among other things, perceived credit risk. The Funds’ investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Funds.

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and a high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund is required to implement FIN 48 in its net asset value per share (NAV) calculation on October 30, 2007. At this time, management is evaluating the implications of FIN 48. Its impact to the financial statements has not yet been determined.

74 Semiannual Report 2007

Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

2007 Semiannual Report 75

Management Information (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Year of Birth	Time Served1	Five Years	by Trustee		or Nominee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association – College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	Mr. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

76 Semiannual Report 2007

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust,2 . From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for Nationwide Funds Group.3		N/A	N/A

2007 Semiannual Report 77

Management Information (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds as of

April 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Nationwide Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen by		Held by Trustee
and Year of Birth	Time Served1	Five Years	Trustee		or Nominee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005)3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC.3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	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.
3	This position is held with an affiliated person or principal underwriter of the Trust.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Enhanced Income Fund, Nationwide Large Cap Value Fund, Nationwide Mid Cap Growth Fund, Nationwide Mid Gap Growth Leaders Fund, Nationwide Value Opportunities Fund and NorthPointe Small Cap Growth Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Enhanced Income Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”)) (With respect to Nationwide Mid Cap Growth Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC (“NorthPointe”)). (With respect to Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund and Northpointe Small Cap Growth Fund, the amended subadvisory agreement is between Nationwide Fund Advisors and NorthPointe.) (With respect to Nationwide Mid Cap Growth Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Nationwide Separate Accounts, LLC.)

78 Semiannual Report 2007

Supplemental Information (Unaudited)

A. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Enhanced Income Fund, Nationwide Large Cap Value Fund, Nationwide Mid Cap Growth Fund, Nationwide Mid Gap Growth Leaders Fund, Nationwide Value Opportunities Fund and NorthPointe Small Cap Growth Fund were asked: *

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Enhanced Income Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”)) (With respect to Nationwide Mid Cap Growth Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC (“NorthPointe”)). (With respect to Nationwide Large Cap Value Fund, Nationwide Value Opportunities Fund and Northpointe Small Cap Growth Fund, the amended subadvisory agreement is between Nationwide Fund Advisors and NorthPointe.) (With respect to Nationwide Mid Cap Growth Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Nationwide Separate Accounts, LLC.)

Voting Results

The voting results of each of the Funds on Proposal 1 is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Enhanced Income Fund		40,821,130.029		0.00		17.945		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,202,766.122		9,246.817		339,963.381		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,340,509.175		10,496.530		11,545.880		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,073.672		26,219.717		24,462.450		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880
The voting results of each of the Funds on Proposal 2 is presented below:
Nationwide Enhanced Income Fund		40,820,112.409		0.00		1,035.565		0.00		40,821,147.974
Nationwide Large Cap Value Fund		1,203,007.960		10,824.817		338,143.543		0.00		1,551,976.320
Nationwide Mid Cap Growth Fund		323,554.732		0.00		1,565.320		0.00		325,120.052
Nationwide Mid Gap Growth Leaders Fund		1,338,622.785		9,481.750		14,510.050		0.00		1,362,551.585
Nationwide Value Opportunities Fund		558,652.732		26,219.717		23,883.390		0.00		608,755.839
NorthPointe Small Cap Growth Fund		4,040,197.880		0.00		0.00		0.00		4,040,197.880

*  This meeting was previously adjourned on April 23, 2007.

On April 25, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Bond Fund, Nationwide Bond Index Fund, Nationwide Emerging Markets Fund, Nationwide Global Financial Services Fund, Nationwide Global Health Sciences Fund, Nationwide Global Natural Resources Fund, Nationwide Global Technology and Communications Fund, Nationwide Global Utilities Fund, Nationwide Government Bond Fund, Nationwide Hedged Core Equity Fund, Nationwide International Growth Fund, Nationwide International Index Fund, Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Market Neutral Fund, Nationwide Mid Cap Market Index Fund, Nationwide Fund, Nationwide Leaders Fund, Nationwide Optimal Allocations Fund: Defensive, Nationwide S&P 500 Index Fund, Nationwide Small Cap Core Fund,

2007 Semiannual Report 79

Supplemental Information (Unaudited) (Continued)

Nationwide Small Cap Growth Opportunities Fund, Nationwide Small Cap Index Fund, Nationwide Small Cap Value Fund and Nationwide Tax-Free Income Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Bond Fund		5,218,564.322		81,566.635		273,001.134		0.00		5,573,132.091
Nationwide Bond Index Fund		208,792,760.157		24,347.719		35,026.844		0.00		208,852,134.720
Nationwide Emerging Markets Fund		2,110,101.855		10,081.391		24,931.760		0.00		2,145,115.006
Nationwide Global Financial Services Fund		2,030,384.848		14,978.340		12,217.583		0.00		2,057,580.771
Nationwide Global Health Sciences Fund		1,840,724.716		1,157.540		119,085.974		0.00		1,960,968.230
Nationwide Global Natural Resources Fund		1,269,313.120		12,765.120		25,473.760		0.00		1,307,552.000
Nationwide Global Technology and Communications Fund		3,334,211.460		4,262.770		2,868.000		0.00		3,341,342.230
Nationwide Global Utilities Fund		1,187,626.660		3,058.000		12,745.270		0.00		1,203,429.930
Nationwide Government Bond Fund		6,290,315.081		35,494.549		463,741.994		0.00		6,789,551.624
Nationwide Hedged Core Equity Fund		511,476.260		0.00		0.00		0.00		511,476.260
Nationwide International Growth Fund		2,933,870.260		20,794.666		48,792.633		0.00		3,003,457.559
Nationwide International Index Fund		202,160,342.794		83,946.437		743,731.497		0.00		202,988,020.728
Nationwide Investor Destinations Aggressive Fund		41,154,156.373		239,630.543		5,359,040.546		0.00		46,752,827.462
Nationwide Investor Destinations Moderately Aggressive Fund		65,350,205.390		490,145.648		7,212,491.082		0.00		73,052,842.120
Nationwide Market Neutral Fund		1,113,910.940		0.00		0.00		0.00		1,113,910.940
Nationwide Mid Cap Market Index Fund		84,223,226.122		95,271.232		254,729.872		0.00		84,573,227.226
Nationwide Fund		36,434,428.689		933,224.322		2,413,402.432		0.00		39,781,055.443
Nationwide Leaders Fund		685,935.097		2,855.930		3,994.130		0.00		692,785.157

80 Semiannual Report 2007

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Optimal Allocations Fund: Defensive		102,743.060		0.00		0.00		0.00		102,743.060
Nationwide S&P 500 Index Fund		261,136,337.727		380,161.400		1,239,967.560		0.00		262,756,466.687
Nationwide Small Cap Core Fund		501,478.650		0.00		0.00		0.00		501,478.650
Nationwide Small Cap Growth Opportunities Fund		507,304.180		0.00		0.00		0.00		507,304.180
Nationwide Small Cap Index Fund		49,448,961.560		256,547.642		1,348,275.570		0.00		51,053,784.772
Nationwide Small Cap Value Fund		519,898.320		0.00		0.00		0.00		519,898.320
Nationwide Tax-Free Income Fund		7,610,933.230		160,286.360		614,470.740		0.00		8,385,690.330

*  This meeting was previously adjourned on April 23, 2007.

On April 27, 2007, a Special Meeting of Shareholders was held at which the shareholders of Nationwide Growth Fund and Nationwide Money Market Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

Voting Results

The voting results of each of the Funds on this Proposal is presented below:

			Shares
	Shares		Voted		Shares		Broker
Fund	Voted For		Against		Abstained		Non-Votes		Total
Nationwide Growth Fund		808,891,299.919		18,580,718.168		40,472,590.866		0.00		868,944,608.953
Nationwide Money Market Fund		11,752,499.756		505,731.299		778,074.060		0.00		13,036,305.115

*  This meeting was previously adjourned twice—first on April 23, 2007 and again on April 25, 2007.

On April 30, 2007, a Special Meeting of Shareholders of NorthPointe Small Cap Value Fund was held at which the shareholders of the Fund were asked:*

1. To approve a new investment advisory agreement between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of the Fund.

2. To approve an amended subadvisory agreement with NorthPointe Capital LLC, on behalf of the Fund.

Voting Results

The voting results of the Fund on Proposal 1 and 2 is presented below:

			Shares
	Shares		Voted		Shares		Broker
	Voted For		Against		Abstained		Non-Votes		Total
Proposal 1		1,636,031.300		0.00		0.00		0.00		1,636,031.300
Proposal 2		1,636,031.300		0.00		0.00		0.00		1,636,031.300

*  This meeting was previously adjourned three times—first on April 23, 2007, then on April 25, 2007, and again on April 27, 2007.

2007 Semiannual Report 81

Supplemental Information (Unaudited) (Continued)

A Special Meeting of the Shareholders of Nationwide Micro Cap Equity Fund, Nationwide Short Duration Bond Fund and Nationwide Small Cap Leaders Fund was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

2. To approve a subadvisory agreement. (With respect to Nationwide Micro Cap Equity Fund and Nationwide Small Cap Leaders Fund, the new subadvisory agreement is between Nationwide Fund Advisors and NorthPointe Capital LLC) (With respect to Nationwide Short Duration Bond Fund, the new subadvisory agreement is between Nationwide Fund Advisors and Morley Capital Management, Inc. (formerly “Gartmore Morley Capital Management, Inc.”))

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

A Special Meeting of the Shareholders of Nationwide China Opportunities Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Conservative Fund, Nationwide Investor Destinations Moderately Conservative Fund, Nationwide Small Cap Fund, Nationwide Worldwide Leaders Fund, Nationwide U.S. Growth Leaders Fund, Nationwide U.S. Growth Leaders Long-Short Fund, Nationwide Optimal Allocations Fund: Specialty, and Nationwide Optimal Allocations Fund: Growth was originally scheduled to be held on April 23, 2007 for the following purposes:

1. To approve a new investment advisory between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) and Nationwide Mutual Funds (formerly “Gartmore Mutual Funds”), on behalf of their Fund.

The meeting was adjourned on April 23, 2007, April 25, 2007, April 27, 2007 and again on April 30, 2007 to permit the solicitation of additional votes.

82 Semiannual Report 2007

Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

Not applicable – The information required by this item is required only in an annual report on the Form N-CSR.

Item 3. Audit Committee Financial Expert.

(a)(1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i)	Has at least one audit committee financial expert serving on its audit committee; or
(ii)	Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i)	Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii)	Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. § 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable – The information required by this item is required only in an annual report on the Form N-CSR.

Item 4. Principal Accountant Fees and Services.

     (a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

     (b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of
Regulation S-X.

          (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

     (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

     (g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under

common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

     (h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable – The information required by this item is required only in an annual report on the Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable. The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

Item 6. Schedule of Investments.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

This schedule is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

     A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. § 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 8. Portfolio Managers of Closed-End Management Investment Company.

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 C.F.R. § 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. § 781).

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 C.F.R. § 240.14a-101), or this Item.

The Independent Trustees and the Board of Trustees of the registrant adopted a formal, written “Policy Regarding Shareholder Submission of Trustee Candidates,” as well as a formal, written “Statement of Policy On Criteria For Selecting Trustees,” on June 9, 2005, and June 10, 2005, respectively. Neither this policy nor this statement of policy has been materially changed since the Board of Trustees adoption of the policy and the statement of policy, respectively. The Nominating and Fund Governance Committee of the Board of Trustees (the “NFGC”) and the Board of Trustees, however, on November 11, 2005, and January 12, 2006, respectively, approved amendments to this policy; these amendments to the policy, though, concern the criteria for selecting candidates for Trustees and the characteristics expected of candidates for Trustees, as set forth in the Exhibit A, “Statement of Policy On Criteria For Selecting Trustees,” to the policy and, arguably, may not be deemed to be material changes to the policy.

Item 11. Controls and Procedures.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 C.F.R. § 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 C.F.R. § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 C.F.R. § 240.13a-15(b) or § 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within ninety (90) days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i) accumulated and communicated to the investment company’s management, including the investment company’s certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 C.F.R. § 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable – The information required by this item is required only in an annual report on the Form N-CSR.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 C.F.R. § 270.30a-2).

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 C.F.R. § 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference.

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	NATIONWIDE MUTUAL FUNDS
By (Signature and Title)	/s/ GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	July 6, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ JOHN H. GRADY
	Name:	John H. Grady
	Title:	President & Principal Executive Officer
	Date:	July 6, 2007
By (Signature and Title)	/s/ GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	July 6, 2007