UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08495

Nationwide Mutual Funds

(Exact name of registrant as specified in charter)

One Nationwide Plaza: Mail Code: 05-02-210R Columbus, OH 43215

(Address of principal executive offices) (Zip code)

Eric E. Miller, Esq.

One Nationwide Plaza

Mail Code: 05-02-210R

Columbus, OH 43215

(Name and address of agent for service)

Registrant’s telephone number, including area code: (614) 435-1795

Date of fiscal year end: October 31, 2019

Date of reporting period: January 31, 2019

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR § 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in §§ 210.12-12 — 12-14 of Regulation S-X [17 CFR §§ 210.12-12 — 12-14]. The schedules need not be audited.

Statement of Investments

January 31, 2019 (Unaudited)

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund

Corporate Bonds 85.1%
	Principal Amount		Value
ARGENTINA 2.3%
Electric Utilities 2.3%
Pampa Energia SA, 7.50%, 1/24/2027(a)	$	1,230,000	$	1,091,625
Stoneway Capital Corp., 10.00%, 3/1/2027(a)		1,768,237		1,662,143
				2,753,768
AUSTRALIA 0.3%
Chemicals 0.3%
Nufarm Australia Ltd., 5.75%, 4/30/2026(a)		410,000		379,250
BRAZIL 4.4%
Banks 0.3%
Banco BTG Pactual SA, 5.50%, 1/31/2023(a)		400,000		396,800
Chemicals 0.7%
Braskem Netherlands Finance BV, 4.50%, 1/10/2028(a)		815,000		793,606
Electric Utilities 1.2%
Light Servicos de Eletricidade SA, 7.25%, 5/3/2023(a)(b)		1,420,000		1,423,121
Health Care Providers & Services 0.6%
Rede D’or Finance Sarl, 4.95%, 1/17/2028(a)		770,000		718,025
Independent Power and Renewable Electricity Producers 0.8%
Cemig Geracao e Transmissao SA, 9.25%, 12/5/2024(a)		860,000		940,195
Metals & Mining 0.3%
Gerdau Trade, Inc., 4.88%, 10/24/2027(a)		380,000		370,500
Oil, Gas & Consumable Fuels 0.5%
Petrobras Global Finance BV, 8.75%, 5/23/2026		465,000		544,864
				5,187,111
CANADA 5.2%
Aerospace & Defense 1.2%
Bombardier, Inc. 6.00%, 10/15/2022(a)		840,000		809,550
6.13%, 1/15/2023(a)		610,000		589,382
				1,398,932
Chemicals 1.2%
NOVA Chemicals Corp. 4.88%, 6/1/2024(a)		925,000		878,750
5.25%, 6/1/2027(a)		585,000		533,813
				1,412,563
Commercial Services & Supplies 0.9%
Tervita Escrow Corp., 7.63%, 12/1/2021(a)		1,131,000		1,111,208
Energy Equipment & Services 0.6%
Calfrac Holdings LP, 8.50%, 6/15/2026(a)		307,000		230,250
Precision Drilling Corp. 6.50%, 12/15/2021		94,693		91,379
7.13%, 1/15/2026(a)		425,000		388,875
				710,504
Hotels, Restaurants & Leisure 0.6%
1011778 BC ULC, 5.00%, 10/15/2025(a)		680,000		656,200
Metals & Mining 0.7%
Teck Resources Ltd., 5.20%, 3/1/2042		865,000		789,313
				6,078,720
CHILE 0.5%
Airlines 0.5%
Latam Finance Ltd., 6.88%, 4/11/2024(a)		645,000		650,805
FRANCE 2.4%
Banks 1.1%
Societe Generale SA, (USD Swap Semi 5 Year + 4.30%), 7.38%, 10/04/2023(a)(c)(d)		1,325,000		1,300,156
Construction & Engineering 0.3%
Novafives SAS, 5.00%, 6/15/2025(a)	EUR	410,000		398,893
Diversified Telecommunication Services 0.2%
Altice France SA, 8.13%, 2/1/2027(a)	$	200,000		196,480
Hotels, Restaurants & Leisure 0.8%
Burger King France SAS, 6.00%, 5/1/2024(a)	EUR	740,000		892,319
				2,787,848
GERMANY 1.6%
Machinery 0.6%
Platin 1426 GmbH, 5.38%, 6/15/2023(a)		685,000		729,332
Pharmaceuticals 0.8%
Nidda BondCo GmbH, 5.00%, 9/30/2025(a)		300,000		315,537
Nidda Healthcare Holding GmbH, 3.50%, 9/30/2024(a)		490,000		546,603
				862,140
Textiles, Apparel & Luxury Goods 0.2%
Takko Luxembourg 2 SCA, 5.38%, 11/15/2023(a)		315,000		262,660
				1,854,132
GREECE 0.3%
Hotels, Restaurants & Leisure 0.3%
Intralot Capital Luxembourg SA, 5.25%, 9/15/2024(a)		440,000		346,354
ITALY 2.2%
Banks 0.7%
Intesa Sanpaolo SpA 5.71%, 1/15/2026(a)		555,000		514,146
3.88%, 7/14/2027(a)		385,000		334,099
				848,245
Chemicals 0.3%
Fire BC SpA, (EURIBOR 3 Month + 4.75%, 4.75% Floor), 4.75%, 9/30/2024(a)(d)		375,000		418,314
Household Durables 0.7%
International Design Group SpA, 6.50%, 11/15/2025(a)		790,000		861,283
Pharmaceuticals 0.5%
Rossini Sarl, 6.75%, 10/30/2025(a)		530,000		620,287
				2,748,129
KAZAKHSTAN 0.4%
Oil, Gas & Consumable Fuels 0.4%
Nostrum Oil & Gas Finance BV, 7.00%, 2/16/2025(a)	$	780,000		511,680
LUXEMBOURG 0.6%
Wireless Telecommunication Services 0.6%
Matterhorn Telecom SA, 4.00%, 11/15/2027(a)	EUR	750,000		795,886
MEXICO 1.7%
Consumer Finance 0.4%
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/2026(a)	$	465,000		465,000
Hotels, Restaurants & Leisure 1.1%
Grupo Posadas SAB de CV, 7.88%, 6/30/2022(a)		1,375,000		1,360,727
Textiles, Apparel & Luxury Goods 0.2%
Grupo Kaltex SA de CV, 8.88%, 4/11/2022(a)		293,000		193,383
				2,019,110
NETHERLANDS 1.2%
Media 0.6%
Ziggo BV, 5.50%, 1/15/2027(a)		800,000		756,000
Professional Services 0.6%
Intertrust Group BV, 3.38%, 11/15/2025(a)	EUR	580,000		663,284
				1,419,284

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
NIGERIA 0.6%
Oil, Gas & Consumable Fuels 0.6%
SEPLAT Petroleum Development Co. plc, 9.25%, 4/1/2023(a)	$	650,000	$	663,000
SINGAPORE 1.2%
Consumer Finance 1.2%
Avation Capital SA, 6.50%, 5/15/2021(a)		1,395,000		1,389,769
SOUTH AFRICA 0.4%
Chemicals 0.4%
SASOL Financing USA LLC, 5.88%, 3/27/2024		475,000		489,957
SPAIN 1.3%
Internet & Direct Marketing Retail 0.5%
eDreams ODIGEO SA, 5.50%, 9/1/2023(a)	EUR	522,000		576,713
Multiline Retail 0.8%
El Corte Ingles SA, 3.00%, 3/15/2024(a)		780,000		908,590
				1,485,303
SWITZERLAND 1.7%
Auto Components 0.4%
Garrett LX I Sarl, 5.13%, 10/15/2026(a)		535,000		530,458
Banks 0.6%
UBS Group Funding Switzerland AG, (USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024(a)(c)(d)	$	665,000		669,156
Capital Markets 0.7%
Credit Suisse Group AG, (USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023(a)(c)(d)		770,000		785,400
				1,985,014
UNITED ARAB EMIRATES 1.9%
Energy Equipment & Services 1.2%
Shelf Drilling Holdings Ltd., 8.25%, 2/15/2025(a)		1,605,000		1,456,538
Marine 0.7%
Topaz Marine SA, 9.13%, 7/26/2022(a)		895,000		890,955
				2,347,493
UNITED KINGDOM 2.5%
Banks 1.5%
Barclays plc, (USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(c)(d)		800,000		797,664
Lloyds Banking Group plc, (USD Swap Semi 5 Year + 4.50%), 7.50%, 9/27/2025(c)(d)		530,000		536,625
Standard Chartered plc, (USD Swap Semi 5 Year + 5.72%), 7.75%, 4/02/2023(a)(c)(d)		425,000		443,063
				1,777,352
Oil, Gas & Consumable Fuels 0.5%
Neptune Energy Bondco plc, 6.63%, 5/15/2025(a)		675,000		652,219
Road & Rail 0.5%
Ashtead Capital, Inc., 4.13%, 8/15/2025(a)		590,000		563,450
				2,993,021
UNITED STATES 51.5%
Auto Components 0.8%
American Axle & Manufacturing, Inc., 6.25%, 3/15/2026		965,000		926,400
Biotechnology 1.0%
Horizon Pharma USA, Inc., 6.63%, 5/1/2023		1,200,000		1,194,000
Chemicals 0.3%
Kraton Polymers LLC, 5.25%, 5/15/2026(a)	EUR	305,000		320,302
Commercial Services & Supplies 2.1%
Covanta Holding Corp., 6.00%, 1/1/2027	$	1,025,000		981,437
Prime Security Services Borrower LLC, 9.25%, 5/15/2023(a)		1,063,000		1,124,123
Waste Pro USA, Inc., 5.50%, 2/15/2026(a)		325,000		315,250
				2,420,810
Communications Equipment 0.0%†
Avaya, Inc., 7.00%, 4/1/2019(e)(f)(g)		2,135,000		0
Containers & Packaging 1.5%
BWAY Holding Co., 4.75%, 4/15/2024(a)	EUR	365,000		415,560
Crown European Holdings SA, 2.88%, 2/1/2026(a)		1,095,000		1,251,645
Greif, Inc., 6.50%, 3/1/2027(a)	$	114,000		114,712
				1,781,917
Diversified Financial Services 0.4%
Verscend Escrow Corp., 9.75%, 8/15/2026(a)		478,000		481,250
Diversified Telecommunication Services 2.3%
Frontier Communications Corp. 7.13%, 1/15/2023		900,000		535,500
8.50%, 4/1/2026(a)		1,170,000		1,061,482
Windstream Services LLC 8.75%, 12/15/2024(a)		974,000		477,260
8.63%, 10/31/2025(a)		734,000		691,795
				2,766,037
Electric Utilities 0.5%
Vistra Operations Co. LLC, 5.63%, 2/15/2027(a)		565,000		567,825
Electronic Equipment, Instruments & Components 1.4%
Belden, Inc. 2.88%, 9/15/2025(a)	EUR	230,000		256,135
3.38%, 7/15/2027(a)		780,000		857,434
3.88%, 3/15/2028(a)		455,000		498,607
				1,612,176
Energy Equipment & Services 2.1%
Exterran Energy Solutions LP, 8.13%, 5/1/2025		945,000		923,737
FTS International, Inc., 6.25%, 5/1/2022		540,000		504,900
Transocean, Inc., 7.25%, 11/1/2025(a)		1,144,000		1,081,080
				2,509,717
Equity Real Estate Investment Trusts (REITs) 1.0%
Equinix, Inc., 2.88%, 2/1/2026		1,070,000		1,204,269
Food & Staples Retailing 0.3%
Albertsons Cos. LLC 5.75%, 3/15/2025	$	280,000		262,150
7.50%, 3/15/2026(a)		135,000		135,337
				397,487
Food Products 3.0%
JBS Investments II GmbH, 7.00%, 1/15/2026(a)		1,035,000		1,050,525
JBS USA LUX SA, 6.75%, 2/15/2028(a)		960,000		981,600
Pilgrim’s Pride Corp., 5.88%, 9/30/2027(a)		790,000		762,350
Simmons Foods, Inc., 5.75%, 11/1/2024(a)		870,000		711,225
				3,505,700
Health Care Providers & Services 2.6%
HCA, Inc. 5.63%, 9/1/2028		155,000		160,279
5.88%, 2/1/2029		110,000		115,225

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Providers & Services (continued)
Quorum Health Corp., 11.63%, 4/15/2023(b)	$	765,000	$	703,800
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/2023(a)		1,005,000		1,060,275
Surgery Center Holdings, Inc., 6.75%, 7/1/2025(a)		735,000		679,875
West Street Merger Sub, Inc., 6.38%, 9/1/2025(a)		405,000		366,525
				3,085,979
Hotels, Restaurants & Leisure 4.9%
Caesars Resort Collection LLC, 5.25%, 10/15/2025(a)		1,150,000		1,076,687
Enterprise Development Authority (The), 12.00%, 7/15/2024(a)		1,550,000		1,460,875
Golden Nugget, Inc., 8.75%, 10/1/2025(a)		1,215,000		1,245,375
International Game Technology plc, 6.25%, 1/15/2027(a)		465,000		471,394
Scientific Games International, Inc., 3.38%, 2/15/2026(a)	EUR	625,000		668,876
VOC Escrow Ltd., 5.00%, 2/15/2028(a)	$	1,018,000		992,448
				5,915,655
Household Durables 1.0%
Lennar Corp., 5.00%, 6/15/2027		1,215,000		1,151,212
Independent Power and Renewable Electricity Producers 0.8%
Clearway Energy Operating LLC, 5.75%, 10/15/2025(a)		340,000		314,075
Talen Energy Supply LLC 9.50%, 7/15/2022(a)(b)		665,000		678,300
10.50%, 1/15/2026(a)		15,000		13,875
				1,006,250
Machinery 2.2%
Cloud Crane LLC, 10.13%, 8/1/2024(a)		1,000,000		1,065,000
EnPro Industries, Inc., 5.75%, 10/15/2026(a)		905,000		900,475
Titan International, Inc., 6.50%, 11/30/2023		680,000		623,900
				2,589,375
Media 1.3%
CSC Holdings LLC, 5.38%, 2/1/2028(a)		460,000		442,175
MDC Partners, Inc., 6.50%, 5/1/2024(a)		950,000		864,785
Salem Media Group, Inc., 6.75%, 6/1/2024(a)		185,000		166,500
				1,473,460
Metals & Mining 3.4%
AK Steel Corp. 6.38%, 10/15/2025		780,000		633,750
7.00%, 3/15/2027		870,000		706,875
Cleveland-Cliffs, Inc., 5.75%, 3/1/2025		1,000,000		967,500
Commercial Metals Co., 5.75%, 4/15/2026		190,000		180,025
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/2022(a)		1,480,000		1,531,578
				4,019,728
Multiline Retail 0.1%
JC Penney Corp., Inc., 8.63%, 3/15/2025(a)		245,000		137,813
Oil, Gas & Consumable Fuels 9.8%
American Midstream Partners LP, 9.50%, 12/15/2021(a)(h)		1,285,000		1,195,050
Blue Racer Midstream LLC, 6.63%, 7/15/2026(a)		830,000		816,512
Centennial Resource Production LLC, 5.38%, 1/15/2026(a)		450,000		434,250
Chaparral Energy, Inc., 8.75%, 7/15/2023(a)		610,000		469,700
Comstock Resources, Inc., 9.75%, 8/15/2026(a)		635,000		587,375
Covey Park Energy LLC, 7.50%, 5/15/2025(a)		910,000		841,750
DCP Midstream Operating LP, 5.38%, 7/15/2025		540,000		550,800
Endeavor Energy Resources LP, 5.75%, 1/30/2028(a)		410,000		435,625
Genesis Energy LP 6.50%, 10/1/2025		830,000		784,350
6.25%, 5/15/2026		865,000		793,097
Halcon Resources Corp., 6.75%, 2/15/2025		885,000		681,450
Indigo Natural Resources LLC, 6.88%, 2/15/2026(a)		880,000		770,000
PBF Holding Co. LLC, 7.25%, 6/15/2025		785,000		781,075
Resolute Energy Corp., 8.50%, 5/1/2020		645,000		646,613
Tapstone Energy LLC, 9.75%, 6/1/2022(a)		985,000		824,937
Targa Resources Partners LP 5.13%, 2/1/2025		1,005,000		987,413
6.50%, 7/15/2027(a)		35,000		36,093
				11,636,090
Paper & Forest Products 0.9%
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/2026(a)		1,055,000		1,012,800
Pharmaceuticals 1.6%
Bausch Health Cos., Inc. Reg. S, 4.50%, 5/15/2023	EUR	490,000		554,614
5.88%, 5/15/2023(a)	$	925,000		905,344
9.00%, 12/15/2025(a)		460,000		490,475
				1,950,433
Real Estate Management & Development 0.7%
Kennedy-Wilson, Inc., 5.88%, 4/1/2024		790,000		772,462
Road & Rail 0.8%
Hertz Corp. (The), 7.63%, 6/1/2022(a)		947,000		942,549
Specialty Retail 0.6%
L Brands, Inc., 5.25%, 2/1/2028		760,000		666,900
Thrifts & Mortgage Finance 1.4%
Freedom Mortgage Corp., 8.13%, 11/15/2024(a)		1,525,000		1,399,188
Nationstar Mortgage Holdings, Inc., 8.13%, 7/15/2023(a)		305,000		308,721
				1,707,909
Trading Companies & Distributors 1.0%
H&E Equipment Services, Inc., 5.63%, 9/1/2025		590,000		576,725
United Rentals North America, Inc., 6.50%, 12/15/2026		645,000		669,188
				1,245,913
Wireless Telecommunication Services 1.7%
Sprint Corp. 7.63%, 2/15/2025		1,355,000		1,416,381
7.63%, 3/1/2026		545,000		566,119
				1,982,500
				60,984,918
ZAMBIA 0.9%
Metals & Mining 0.9%
First Quantum Minerals Ltd., 7.50%, 4/1/2025(a)		1,140,000		1,062,337
Total Corporate Bonds (cost $105,753,854)				100,932,889

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Loan Participations 12.7%
	Principal Amount		Value
UNITED STATES 12.7%
Auto Components 0.6%
Trico Group LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 6.50%), 9.21%, 2/2/2024(d)	$	721,219	$	699,582
Building Products 0.2%
Janus International Group LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 2/12/2025(d)		235,720		225,113
Chemicals 0.4%
New Arclin US Holding Corp., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 8.75%), 11.25%, 2/14/2025(d)		476,000		470,050
Commercial Services & Supplies 0.6%
West Corp., Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 6.50%, 10/10/2024(d)		779,842		714,086
Construction & Engineering 0.4%
Interior Logic Group, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 4.00%), 6.80%, 5/21/2025(d)		473,813		467,298
Consumer Services 0.7%
Intrawest Resorts Holdings, Inc., 1st Lien Term Loan B1, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 7/31/2024(d)		877,045		864,985
Containers & Packaging 0.9%
Crown Americas LLC, Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 4.51%, 4/3/2025(d)		74,055		74,018
Kloeckner Pentaplast, Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 6.75%, 6/30/2022(d)		1,125,750		964,633
				1,038,651
Diversified Telecommunication Services 0.9%
Numericable US LLC, Term Loan B11, (ICE LIBOR USD 1 Month + 2.75%), 5.25%, 7/31/2025(d)		1,149,525		1,057,563
Health Care Providers & Services 0.9%
RegionalCare Hospital Partners Holdings, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 4.50%), 7.13%, 11/16/2025(d)		1,165,000		1,135,584
Hotels, Restaurants & Leisure 0.2%
SMG Holdings, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 1/23/2025(d)		248,125		242,232
Machinery 0.4%
Shape Technologies Group, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 5.78%, 4/19/2025(d)		437,800		429,044
Metals & Mining 1.8%
Aleris International, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 7.25%, 2/27/2023(d)		1,477,575		1,475,728
Big River Steel LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 5.00%), 7.80%, 8/23/2023(d)		612,250		610,719
				2,086,447
Multiline Retail 0.9%
JC Penny Corp., Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 6.96%, 6/23/2023(d)		281,250		242,930
Neiman Marcus Group, Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 5.76%, 10/25/2020(d)		878,442		776,981
				1,019,911
Oil, Gas & Consumable Fuels 0.4%
Delek US Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 4.75%, 3/31/2025(d)		446,625		432,110
MEG Energy Corp., 2017 Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 6.00%, 12/31/2023(d)		33,763		33,467
				465,577
Personal Products 0.8%
Alphabet Holding Company, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 6.00%, 9/26/2024(d)		1,086,763		984,205
Software 0.4%
SS&C Technologies Holdings, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 4.75%, 4/16/2025(d)		141,357		138,393
SS&C Technologies Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 4.75%, 4/16/2025(d)		367,513		359,806
				498,199
Specialty Retail 1.5%
Camping World Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 5.26%, 11/8/2023(d)		1,872,696		1,763,461
Wireless Telecommunication Services 0.7%
Sprint Communications, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 2/2/2024(d)		895,000		881,021
Total Loan Participation (cost $15,639,635)				15,043,009
Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(i)(j)		194,051		194,051
Total Short-Term Investment (cost $194,051)				194,051
Repurchase Agreements 1.6%
	Principal Amount		Value
BNP Paribas Securities Corp. 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $1,929,452, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $1,977,492.(j)	$	1,929,313		1,929,313
Royal Bank of Canada 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $50,435, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $51,440.(j)		50,431		50,431
Total Repurchase Agreements (cost $1,979,744)				1,979,744
Total Investments (cost $123,567,284) — 99.6%				118,149,693
Other assets in excess of liabilities — 0.4%				424,761
NET ASSETS — 100.0%			$	118,574,454

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $75,460,941 which represents 63.64% of net assets.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $2,094,097, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $194,051 and $1,979,744, respectively, a total value of $2,173,795.

(c) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on January 31, 2019. The maturity date reflects the next call date.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(e) Fair valued security.

(f) Illiquid security as deemed by the procedures approved by the Board of Trustees (unaudited).

(g) Value determined using significant unobservable inputs.

(h) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at January 31, 2019.

(i) Represents 7-day effective yield as of January 31, 2019.

(j) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $2,173,795.

† Amount rounds to less than 0.1%.

EURIBOR	Euro Interbank Offered Rate
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
Reg. S	Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

Currency:

EUR	Euro
USD	United States Dollar

Forward foreign currency contracts outstanding as of January 31, 2019

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	USD	14,923,026		EUR	13,041,810	Bank of America NA		2/21/2019		(24,841	)
	Net unrealized depreciation									(24,841	)

Currency:

EUR	Euro
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Corporate Bonds
Aerospace & Defense	$	—	$	1,398,932	$	—	$	1,398,932
Airlines		—		650,805		—		650,805
Auto Components		—		1,456,858		—		1,456,858
Banks		—		4,991,709		—		4,991,709
Biotechnology		—		1,194,000		—		1,194,000
Capital Markets		—		785,400		—		785,400
Chemicals		—		3,813,992		—		3,813,992
Commercial Services & Supplies		—		3,532,018		—		3,532,018
Communications Equipment		—		—		—		—
Construction & Engineering		—		398,893		—		398,893
Consumer Finance		—		1,854,769		—		1,854,769
Containers & Packaging		—		1,781,917		—		1,781,917
Diversified Financial Services		—		481,250		—		481,250
Diversified Telecommunication Services		—		2,962,517		—		2,962,517
Electric Utilities		—		4,744,714		—		4,744,714
Electronic Equipment, Instruments & Components		—		1,612,176		—		1,612,176
Energy Equipment & Services		—		4,676,759		—		4,676,759
Equity Real Estate Investment Trusts (REITs)		—		1,204,269		—		1,204,269
Food & Staples Retailing		—		397,487		—		397,487
Food Products		—		3,505,700		—		3,505,700
Health Care Providers & Services		—		3,804,004		—		3,804,004
Hotels, Restaurants & Leisure		—		9,171,255		—		9,171,255
Household Durables		—		2,012,495		—		2,012,495

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

	Level 1		Level 2			Level 3		Total
Assets: (continued)
Corporate Bonds (continued)
Independent Power and Renewable Electricity Producers	$	—	$	1,946,445		$	—	$	1,946,445
Internet & Direct Marketing Retail		—		576,713			—		576,713
Machinery		—		3,318,707			—		3,318,707
Marine		—		890,955			—		890,955
Media		—		2,229,460			—		2,229,460
Metals & Mining		—		6,241,878			—		6,241,878
Multiline Retail		—		1,046,403			—		1,046,403
Oil, Gas & Consumable Fuels		—		14,007,853			—		14,007,853
Paper & Forest Products		—		1,012,800			—		1,012,800
Pharmaceuticals		—		3,432,860			—		3,432,860
Professional Services		—		663,284			—		663,284
Real Estate Management & Development		—		772,462			—		772,462
Road & Rail		—		1,505,999			—		1,505,999
Specialty Retail		—		666,900			—		666,900
Textiles, Apparel & Luxury Goods		—		456,043			—		456,043
Thrifts & Mortgage Finance		—		1,707,909			—		1,707,909
Trading Companies & Distributors		—		1,245,913			—		1,245,913
Wireless Telecommunication Services		—		2,778,386			—		2,778,386
Total Corporate Bonds	$	—	$	100,932,889		$	—	$	100,932,889
Loan Participations		—		15,043,009			—		15,043,009
Repurchase Agreements		—		1,979,744			—		1,979,744
Short-Term Investment		194,051		—			—		194,051
Total Assets	$	194,051	$	117,955,642		$	—	$	118,149,693
Liabilities:
Forward Foreign Currency Contract	$	—	$	(24,841	)	$	—	$	(24,841	)
Total Liabilities	$	—	$	(24,841	)	$	—	$	(24,841	)
Total	$	194,051	$	117,930,801		$	—	$	118,124,852

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

During the period ended January 31, 2019, the Fund held one corporate bond investment that was categorized as a Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using forward foreign currency contracts.

Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective(s). The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency and/or to manage currency exposures and/or to express a view on a foreign currency vs the U.S. dollar or other foreign currency. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time of the forward foreign currency contract matures or by delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

Liabilities:		Fair Value
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts	$	(24,841	)
Total		$	(24,841	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund

Asset-Backed Securities 13.2%
	Principal Amount		Value
CANADA 0.1%
Airlines 0.1%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/2021(a)	$	64,667	$	65,527
UNITED STATES 13.1%
Automobiles 4.3%
CPS Auto Receivables Trust, Series 2018-A, Class D, 3.66%, 12/15/2023(a)		170,000		170,694
First Investors Auto Owner Trust, Series 2017-2A, Class E, 5.48%, 10/15/2024(a)		350,000		354,594
Foursight Capital Automobile Receivables Trust Series 2018-1, Class E, 5.56%, 1/16/2024(a)		230,000		231,910
Series 2018-1, Class F, 6.82%, 4/15/2025(a)		1,080,000		1,107,223
Tidewater Auto Receivables Trust, Series 2018-AA, Class E, 5.48%, 10/15/2026(a)		750,000		755,496
Westlake Automobile Receivables Trust Series 2018-1A, Class E, 4.53%, 5/15/2023(a)		1,790,000		1,785,317
Series 2018-3A, Class E, 4.90%, 12/15/2023(a)		490,000		493,803
				4,899,037
Home Equity 1.2%
Nationstar HECM Loan Trust, Series 2018-1A, Class M4, 4.70%, 2/25/2028(a)(b)		1,400,000		1,395,520
Other 7.6%
BCC Funding XIV LLC, Series 2018-1A, Class E, 6.00%, 4/21/2025(a)		500,000		502,225
Conn’s Receivables Funding LLC, Series 2018-A, Class C, 6.02%, 1/15/2023(a)		1,608,033		1,614,168
Engs Commercial Finance Trust, Series 2018-1A, Class E, 6.10%, 8/22/2025(a)		930,000		948,465
Progress Residential Trust Series 2015-SFR2, Class F, 5.07%, 6/12/2032(a)		1,200,000		1,199,652
Series 2017-SFR1, Class E, 4.26%, 8/17/2034(a)		310,000		307,546
Series 2017-SFR1, Class F, 5.35%, 8/17/2034(a)		1,200,000		1,213,279
Series 2018-SFR1, Class F, 4.78%, 3/17/2035(a)		900,000		889,867
Series 2018-SFR3, Class F, 5.37%, 10/17/2035(a)		920,000		929,102
Tricon American Homes Trust Series 2016-SFR1, Class F, 5.77%, 11/17/2033(a)		240,000		244,183
Series 2017-SFR2, Class D, 3.67%, 1/17/2036(a)		150,000		146,595
Series 2017-SFR2, Class E, 4.22%, 1/17/2036(a)		475,000		470,466
Series 2017-SFR2, Class F, 5.10%, 1/17/2036(a)		140,000		140,159
				8,605,707
				14,900,264
Total Asset-Backed Securities (cost $14,935,841)				14,965,791
Collateralized Mortgage Obligations 17.5%
	Principal Amount		Value
BERMUDA 1.3%
Bellemeade Re Ltd. Series 2018-1A, Class M1B, 4.11%, 4/25/2028(a)(b)	$	1,020,000	$	1,019,998
Series 2018-2A, Class B1, 5.16%, 8/25/2028(a)(b)		460,000		460,800
				1,480,798
UNITED STATES 16.2%
Angel Oak Mortgage Trust LLC, Series 2017-1, Class B1, 6.27%, 1/25/2047(a)(b)		470,000		473,196
COLT Mortgage Loan Trust, Series 2017-2, Class B1, 4.56%, 10/25/2047(a)(b)		365,000		364,700
Connecticut Avenue Securities Trust, Series 2018-R07, Class 1M2, 4.91%, 4/25/2031(a)(b)		640,000		644,913
Deephaven Residential Mortgage Trust Series 2018-2A, Class M1, 4.38%, 4/25/2058(a)(b)		350,000		351,882
Series 2018-2A, Class B2, 6.04%, 4/25/2058(a)(b)		940,000		939,635
FHLMC REMICS Series 4395, Class TI, IO, 4.00%, 5/15/2026		193,243		15,786
Series 3927, Class AI, IO, 4.50%, 8/15/2026		536,137		42,767
Series 4097, Class CI, IO, 3.00%, 8/15/2027		691,306		56,117
Series 4123, Class DI, IO, 3.00%, 10/15/2027		1,771,919		146,166
Series 4244, Class AI, IO, 4.50%, 8/15/2028		381,615		33,868
FHLMC Stacr Trust Series 2018-HQA2, Class M2, 4.81%, 10/25/2048(a)(b)		360,000		356,225
Series 2018-HQA2, Class B2, 13.51%, 10/25/2048(a)(b)		1,090,000		1,132,503
FHLMC STACR Trust, Series 2019-DNA1, Class B2, 13.26%, 1/25/2049(a)(b)		1,700,000		1,704,275
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ1, Class B, 13.26%, 3/25/2025(b)		407,067		533,780
Series 2015-HQA1, Class B, 11.31%, 3/25/2028(b)		567,318		687,296
Series 2017-HQA1, Class B1, 7.51%, 8/25/2029(b)		1,000,000		1,100,192
Series 2017-DNA2, Class B1, 7.66%, 10/25/2029(b)		1,668,000		1,880,065
FNMA Series 2016-C04, Class 1B, 12.76%, 1/25/2029(b)		199,760		264,499
Series 2017-C07, Class 1B1, 6.51%, 5/25/2030(b)		1,800,000		1,862,148
Series 2018-C06, Class 1M2, 4.51%, 3/25/2031(b)		1,750,000		1,731,104
Series 2018-C06, Class 1B1, 6.26%, 3/25/2031(b)		600,000		579,104
FNMA REMICS Series 2012-130, Class UI, IO, 3.00%, 12/25/2027		857,700		69,582
Series 2012-150, Class BI, IO, 3.00%, 1/25/2028		800,385		65,691
Series 2013-5, Class YI, IO, 3.00%, 2/25/2028		907,799		74,167

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
UNITED STATES (continued)
FNMA REMICS (continued)
Series 2009-31, Class PI, IO, 5.00%, 11/25/2038	$	199,024	$	29,410
GNMA REMICS Series 2011-167, Class , IO, 5.00%, 12/16/2020(c)		21,613		615
Series 2013-84, Class SC, IO, 4.09%, 3/16/2040(b)		157,512		21,512
Series 2011-135, Class QI, IO, 4.50%, 6/16/2041		186,525		25,844
Series 2012-140, Class IC, IO, 3.50%, 11/20/2042		226,159		39,443
Series 2016-5, Class CS, IO, 3.65%, 1/20/2046(b)		309,337		50,493
Series 2016-17, Class JS, IO, 3.60%, 2/20/2046(b)		292,389		41,819
Series 2016-20, Class SB, IO, 3.60%, 2/20/2046(b)		337,995		48,830
Series 2016-81, Class , IO, 4.00%, 6/20/2046		187,731		35,602
Series 2016-88, Class SM, IO, 3.60%, 7/20/2046(b)		299,142		50,237
Series 2016-108, Class QI, IO, 4.00%, 8/20/2046		140,630		30,333
Series 2016-118, Class DS, IO, 3.60%, 9/20/2046(b)		303,678		50,727
Series 2016-145, Class UI, IO, 3.50%, 10/20/2046		212,621		41,399
STACR Trust Series 2018-HRP2, Class B1, 6.71%, 2/25/2047(a)(b)		1,310,000		1,298,231
Series 2018-HRP2, Class B2, 13.01%, 2/25/2047(a)(b)		1,380,000		1,476,598
				18,350,754
Total Collateralized Mortgage Obligations (cost $19,420,660)				19,831,552
Commercial Mortgage-Backed Securities 4.1%
	Principal Amount		Value
UNITED STATES 4.1%
CSAIL Commercial Mortgage Trust , Series 2015-C4, Class D, 3.58%, 11/15/2048(b)		250,000		223,984
GS Mortgage Securities Trust , Series 2016-GS4, Class D, 3.23%, 11/10/2049(a)(b)		1,340,000		1,143,971
JPMBB Commercial Mortgage Securities Trust , Series 2013-C17, Class D, 4.89%, 1/15/2047(a)(b)		1,285,000		1,271,263
Morgan Stanley Bank of America Merrill Lynch Trust , Series 2014-C16, Class D, 4.75%, 6/15/2047(a)(b)		950,000		748,573
Morgan Stanley Capital I Trust , Series 2016-UBS9, Class D, 3.00%, 3/15/2049(a)		785,000		675,090
Wells Fargo Commercial Mortgage Trust , Series 2016-NXS5, Class D, 4.88%, 1/15/2059(b)		125,000		119,898
WFRBS Commercial Mortgage Trust , Series 2013-C12, Class D, 4.42%, 3/15/2048(a)(b)		445,000		413,582
Total Commercial Mortgage-Backed Securities (cost $4,477,010)				4,596,361
Corporate Bonds 48.2%
	Principal Amount		Value
ARGENTINA 1.5%
Electric Utilities 1.5%
Pampa Energia SA, 7.50%, 1/24/2027(a)	$	295,000	$	261,812
Stoneway Capital Corp., 10.00%, 3/1/2027(a)		1,503,243		1,413,048
				1,674,860
BELGIUM 1.1%
Beverages 1.1%
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049		1,201,000		1,254,107
BERMUDA 0.8%
Beverages 0.8%
Bacardi Ltd., 5.30%, 5/15/2048(a)		1,000,000		903,441
BRAZIL 1.1%
Chemicals 0.8%
Braskem Netherlands Finance BV, 4.50%, 1/10/2028(a)		885,000		861,769
Water Utilities 0.3%
Aegea Finance Sarl, 5.75%, 10/10/2024(a)		300,000		291,000
				1,152,769
CANADA 0.8%
Commercial Services & Supplies 0.6%
Tervita Escrow Corp., 7.63%, 12/1/2021(a)		704,000		691,680
Energy Equipment & Services 0.2%
Calfrac Holdings LP, 8.50%, 6/15/2026(a)		269,000		201,750
				893,430
CHILE 0.5%
Metals & Mining 0.5%
Corp. Nacional del Cobre de Chile, 4.38%, 2/5/2049(a)		540,000		515,916
DENMARK 0.4%
Banks 0.4%
Danske Bank A/S, 5.38%, 1/12/2024(a)		448,000		454,358
FRANCE 2.5%
Banks 2.5%
BNP Paribas SA, (USD Swap Semi 5 Year + 1.48%), 4.38%, 3/1/2033(a)(d)		1,825,000		1,731,095
Societe Generale SA, (USD Swap Semi 5 Year + 4.30%), 7.38%, 10/04/2023(a)(d)(e)		1,175,000		1,152,969
				2,884,064
ITALY 2.7%
Banks 1.2%
Intesa Sanpaolo SpA, 3.88%, 7/14/2027(a)		300,000		260,337
UniCredit SpA, (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032(a)(d)		1,260,000		1,125,133
				1,385,470
Chemicals 0.3%
Fire BC SpA, (EURIBOR 3 Month + 4.75%, 4.75% Floor), 4.75%, 9/30/2024(a)(d)	EUR	330,000		368,116
Household Durables 0.7%
International Design Group SpA, 6.50%, 11/15/2025(a)		720,000		784,967
Pharmaceuticals 0.5%
Rossini Sarl, 6.75%, 10/30/2025(a)		475,000		555,918
				3,094,471

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
KAZAKHSTAN 0.2%
Oil, Gas & Consumable Fuels 0.2%
Nostrum Oil & Gas Finance BV, 7.00%, 2/16/2025(a)	$	345,000	$	226,320
MACAU 0.2%
Hotels, Restaurants & Leisure 0.2%
Sands China Ltd., 5.13%, 8/8/2025		300,000		301,563
MEXICO 0.7%
Consumer Finance 0.4%
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/2026(a)		450,000		450,000
Textiles, Apparel & Luxury Goods 0.3%
Grupo Kaltex SA de CV, 8.88%, 4/11/2022(a)		480,000		316,805
				766,805
NETHERLANDS 0.3%
Professional Services 0.3%
Intertrust Group BV, 3.38%, 11/15/2025(a)	EUR	300,000		343,078
SINGAPORE 1.1%
Consumer Finance 1.1%
Avation Capital SA, 6.50%, 5/15/2021(a)	$	1,205,000		1,200,481
SOUTH AFRICA 0.6%
Chemicals 0.6%
SASOL Financing USA LLC, 5.88%, 3/27/2024		625,000		644,681
SPAIN 1.1%
Internet & Direct Marketing Retail 0.4%
eDreams ODIGEO SA, 5.50%, 9/1/2023(a)	EUR	463,000		511,529
Multiline Retail 0.7%
El Corte Ingles SA, 3.00%, 3/15/2024(a)		695,000		809,577
				1,321,106
SWITZERLAND 1.6%
Auto Components 0.4%
Garrett LX I Sarl, 5.13%, 10/15/2026(a)		475,000		470,967
Banks 0.6%
UBS Group Funding Switzerland AG, (USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024(a)(d)(e)	$	640,000		644,000
Capital Markets 0.6%
Credit Suisse Group AG, (USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023(a)(d)(e)		675,000		688,500
				1,803,467
UNITED ARAB EMIRATES 0.5%
Energy Equipment & Services 0.5%
Shelf Drilling Holdings Ltd., 8.25%, 2/15/2025(a)		560,000		508,200
UNITED KINGDOM 1.3%
Banks 1.3%
Barclays plc, (USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(d)(e)		800,000		797,664
HSBC Holdings plc, (USD ICE Swap Rate 5 Year + 3.75%), 6.00%, 5/22/2027(d)(e)		265,000		255,063
Lloyds Banking Group plc, (USD Swap Semi 5 Year + 4.50%), 7.50%, 9/27/2025(d)(e)		470,000		475,875
				1,528,602
UNITED STATES 29.2%
Banks 1.0%
Citigroup, Inc., 4.65%, 7/23/2048		1,025,000		1,065,669
Biotechnology 0.5%
Celgene Corp., 3.90%, 2/20/2028		610,000		604,640
Capital Markets 1.0%
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(d)		1,210,000		1,177,757
Commercial Services & Supplies 0.8%
Covanta Holding Corp., 6.00%, 1/1/2027		910,000		871,325
Consumer Finance 1.0%
General Motors Financial Co., Inc., 5.10%, 1/17/2024		1,140,000		1,158,054
Containers & Packaging 0.4%
BWAY Holding Co., 4.75%, 4/15/2024(a)	EUR	310,000		352,941
Greif, Inc., 6.50%, 3/1/2027(a)	$	110,000		110,688
				463,629
Diversified Financial Services 0.9%
AXA Equitable Holdings, Inc., 4.35%, 4/20/2028		720,000		704,794
Verscend Escrow Corp., 9.75%, 8/15/2026(a)		335,000		337,278
				1,042,072
Diversified Telecommunication Services 1.4%
Frontier Communications Corp. 7.13%, 1/15/2023		750,000		446,250
8.50%, 4/1/2026(a)		265,000		240,421
Windstream Services LLC, 8.63%, 10/31/2025(a)		1,000,000		942,500
				1,629,171
Electric Utilities 0.5%
Vistra Operations Co. LLC, 5.63%, 2/15/2027(a)		540,000		542,700
Electronic Equipment, Instruments & Components 0.9%
Belden, Inc., 3.88%, 3/15/2028(a)	EUR	905,000		991,735
Energy Equipment & Services 0.6%
Transocean, Inc., 7.25%, 11/1/2025(a)	$	769,000		726,705
Equity Real Estate Investment Trusts (REITs) 0.1%
American Homes 4 Rent LP, 4.25%, 2/15/2028		125,000		120,403
Food & Staples Retailing 0.1%
Albertsons Cos. LLC, 7.50%, 3/15/2026(a)		130,000		130,325
Food Products 1.4%
JBS Investments II GmbH, 7.00%, 1/15/2026(a)		925,000		938,875
Pilgrim’s Pride Corp., 5.88%, 9/30/2027(a)		705,000		680,325
				1,619,200
Health Care Providers & Services 0.2%
HCA, Inc. 5.63%, 9/1/2028		150,000		155,109
5.88%, 2/1/2029		105,000		109,987
				265,096

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Hotels, Restaurants & Leisure 1.5%
Enterprise Development Authority (The), 12.00%, 7/15/2024(a)	$	1,175,000	$	1,107,438
Scientific Games International, Inc., 3.38%, 2/15/2026(a)	EUR	135,000		144,477
VOC Escrow Ltd., 5.00%, 2/15/2028(a)	$	440,000		428,956
				1,680,871
Household Durables 0.8%
Lennar Corp., 5.00%, 6/15/2027		910,000		862,225
Independent Power and Renewable Electricity Producers 0.8%
Clearway Energy Operating LLC, 5.75%, 10/15/2025(a)		300,000		277,125
Talen Energy Supply LLC, 10.50%, 1/15/2026(a)		655,000		605,875
				883,000
Insurance 0.5%
Protective Life Corp., 4.30%, 9/30/2028(a)		600,000		605,636
Machinery 0.7%
EnPro Industries, Inc., 5.75%, 10/15/2026(a)		790,000		786,050
Media 0.9%
MDC Partners, Inc., 6.50%, 5/1/2024(a)		1,100,000		1,001,330
Salem Media Group, Inc., 6.75%, 6/1/2024(a)		50,000		45,000
				1,046,330
Multiline Retail 0.2%
JC Penney Corp., Inc., 8.63%, 3/15/2025(a)		335,000		188,438
Oil, Gas & Consumable Fuels 6.0%
Blue Racer Midstream LLC, 6.63%, 7/15/2026(a)		715,000		703,381
Comstock Resources, Inc., 9.75%, 8/15/2026(a)		665,000		615,125
DCP Midstream Operating LP, 5.38%, 7/15/2025		470,000		479,400
Enable Midstream Partners LP, 4.95%, 5/15/2028		445,000		442,609
EQT Corp., 3.90%, 10/1/2027		818,000		740,858
Genesis Energy LP 6.50%, 10/1/2025		880,000		831,600
6.25%, 5/15/2026		425,000		389,672
Kinder Morgan, Inc., 4.30%, 3/1/2028		470,000		473,988
MPLX LP, 4.50%, 4/15/2038		1,220,000		1,119,902
Resolute Energy Corp., 8.50%, 5/1/2020		775,000		776,937
Targa Resources Partners LP, 6.50%, 7/15/2027(a)		235,000		242,341
				6,815,813
Paper & Forest Products 0.8%
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/2026(a)		940,000		902,400
Pharmaceuticals 0.7%
Allergan Funding SCS, 2.63%, 11/15/2028	EUR	250,000		292,448
Bausch Health Cos., Inc., 4.50%, 5/15/2023(a)		495,000		560,273
				852,721
Real Estate Management & Development 0.9%
Kennedy-Wilson, Inc., 5.88%, 4/1/2024	$	1,000,000		977,800
Road & Rail 0.7%
Hertz Corp. (The), 7.63%, 6/1/2022(a)		839,000		835,057
Thrifts & Mortgage Finance 1.4%
Freedom Mortgage Corp. 8.13%, 11/15/2024(a)		1,175,000		1,078,062
8.25%, 4/15/2025(a)		580,000		530,700
				1,608,762
Trading Companies & Distributors 0.5%
United Rentals North America, Inc., 4.88%, 1/15/2028		585,000		555,019
Wireless Telecommunication Services 2.0%
Sprint Corp., 7.63%, 3/1/2026		605,000		628,444
Sprint Spectrum Co. LLC, 5.15%, 3/20/2028(a)		680,000		684,882
T-Mobile USA, Inc., 4.75%, 2/1/2028		955,000		915,606
				2,228,932
				33,237,535
Total Corporate Bonds (cost $56,579,390)				54,709,254
Foreign Government Securities 1.2%
	Principal Amount		Value
OMAN 0.5%
Oman Government Bond, 4.13%, 1/17/2023(a)		575,000		541,731
SAUDI ARABIA 0.7%
Kingdom of Saudi Arabia, 5.00%, 4/17/2049(a)		775,000		767,808
Total Foreign Government Securities (cost $1,331,236)				1,309,539
Loan Participations 12.6%
	Principal Amount		Value
UNITED STATES 12.6%
Auto Components 0.1%
Trico Group LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 6.50%), 9.21%, 2/2/2024(d)		152,094		147,531
Building Products 0.3%
Janus International Group LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 2/12/2025(d)		389,620		372,087
Chemicals 0.1%
New Arclin US Holding Corp., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 8.75%), 11.25%, 2/14/2025(d)		85,000		83,937
Commercial Services & Supplies 0.1%
West Corp., Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 6.50%, 10/10/2024(d)		161,347		147,742
Construction & Engineering 0.4%
Interior Logic Group, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 4.00%), 6.80%, 5/21/2025(d)		413,963		408,271
Consumer Services 0.2%
Intrawest Resorts Holdings, Inc., 1st Lien Term Loan B1, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 7/31/2024(d)		180,896		178,409

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Loan Participations 12.6%(continued)
	Principal Amount		Value
UNITED STATES (continued)
Containers & Packaging 0.3%
Kloeckner Pentaplast, Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 6.75%, 6/30/2022(d)	$	454,250	$	389,238
Diversified Telecommunication Services 0.6%
Numericable US LLC, Term Loan B11, (ICE LIBOR USD 1 Month + 2.75%), 5.25%, 7/31/2025(d)		442,125		406,755
Windstream Corp., Term Loan B, (ICE LIBOR USD 1 Month + 4.00%), 6.51%, 3/29/2021(d)		350,278		325,321
				732,076
Electronic Equipment, Instruments & Components 0.3%
ATS Consolidated, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 2/28/2025(d)		347,375		346,072
Equity Real Estate Investment Trusts (REITs) 0.3%
Iron Mountain, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 1.75%), 4.25%, 1/2/2026(d)		332,488		321,682
Health Care Providers & Services 0.9%
RegionalCare Hospital Partners Holdings, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 4.50%), 7.13%, 11/16/2025(d)		1,065,000		1,038,109
Insurance 0.3%
Pre-Paid Legal Services, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 4/11/2025(d)		321,125		316,308
Internet & Direct Marketing Retail 0.3%
Shutterfly, Inc.,Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 5.25%, 8/17/2024(d)		395,106		385,062
Machinery 0.6%
Shape Technologies Group, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 5.78%, 4/19/2025(d)		671,625		658,193
Metals & Mining 1.2%
Aleris International, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 7.25%, 2/27/2023(d)		1,243,750		1,242,195
Big River Steel LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 5.00%), 7.80%, 8/23/2023(d)		123,438		123,129
				1,365,324
Multiline Retail 1.0%
JC Penny Corp., Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 6.96%, 6/23/2023(d)		187,500		161,953
Neiman Marcus Group, Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 5.76%, 10/25/2020(d)		1,087,899		962,247
				1,124,200
Personal Products 0.7%
Alphabet Holding Company, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 6.00%, 9/26/2024(d)		897,585		812,880
Pharmaceuticals 0.4%
Bausch Health Companies, Inc., (ICE LIBOR USD 1 Month + 3.00%), 5.51%, 6/2/2025(d)		417,476		412,637
Semiconductors & Semiconductor Equipment 0.7%
Microchip Technology, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 4.50%, 5/29/2025(d)		800,335		786,329
Software 0.6%
SS&C Technologies Holdings, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 4.75%, 4/16/2025(d)		195,726		191,621
SS&C Technologies Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 4.75%, 4/16/2025(d)		508,864		498,193
				689,814
Specialty Retail 1.3%
Camping World Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 5.26%, 11/8/2023(d)		1,612,033		1,518,003
Wireless Telecommunication Services 1.9%
SBA Senior Finance II LLC, 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 4.50%, 4/6/2025(d)		1,328,325		1,302,861
Sprint Communications, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 2/2/2024(d)		815,000		802,270
				2,105,131
Total Loan Participation (cost $14,743,873)				14,339,035
Short-Term Investment 0.5%
	Principal Amount		Value
U.S. Treasury Obligation 0.5%
U.S. Treasury Bills, 2.33% 4/4/2019(f)		610,000		607,519
Total Short-Term Investment (cost $607,560)				607,519
Total Investments (cost $112,095,570) — 97.3%				110,359,051
Other assets in excess of liabilities — 2.7%				3,119,084
NET ASSETS — 100.0%			$	113,478,135

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $65,830,570 which represents 58.01% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2019.

(c) Illiquid security as deemed by the procedures approved by the Board of Trustees (unaudited).

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(e) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on January 31, 2019. The maturity date reflects the next call date.

(f) Security or a portion of the security was used to cover the margin requirement for futures contracts.

EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest only
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits

Currency:

EUR	Euro
USD	United States Dollar

Centrally Cleared Credit default swap contracts outstanding - buy protection as of January 31, 2019¹:

Reference Obligation/Index	Financing Rate Paid / (Received) by the Fund (%)		Frequency of Payments Made/Received		Maturity Date		Implied Credit Spread (%)2		Notional Amount3		Upfront Payments (Receipts) ($)4			Unrealized Appreciation (Depreciation) ($)			Value ($)
Markit CDX North America High Yield Index Series 30		5.00		Quarterly		6/20/2023		3.24		USD 13,300,000		(793,349	)		(950,863	)		(157,514	)
Markit CDX North America Investment Grade Index Series 31		1.00		Quarterly		12/20/2023		0.66		USD 22,750,000		(406,446	)		(371,951	)		34,495
												(1,199,795	)		(1,322,814	)		(123,019	)

1 The Fund, as a buyer of credit protection, pays periodic payments and any upfront premium to the protection seller, and is obligated to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of each individual swap contract.

2 Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make a payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

3 The notional amount is the maximum amount that a seller of a credit default swap would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

4 Upfront premiums generally related to payments received or paid at the initiation of the swap agreement to compensate for differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Forward foreign currency contracts outstanding as of January 31, 2019

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	5,042,913		EUR	4,407,197	Bank of America NA		2/21/2019		(8,394	)
Net unrealized depreciation									(8,394	)

Currency:

EUR	Euro
USD	United States Dollar

Futures contracts outstanding as of January 31, 2019:

Description	Number of     Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation     (Depreciation) ($)
Long Contracts
U.S. Treasury 10 Year Note		20			3/2019		USD		2,449,375			28,981
U.S. Treasury 10 Year Ultra Note		22			3/2019		USD		2,875,125			29,168
												58,149
Short Contracts
Euro-Bobl		(7	)		3/2019		EUR		(1,065,062	)		(6,399	)
Euro-Bund		(115	)		3/2019		EUR		(21,806,975	)		(449,647	)
U.S. Treasury 5 Year Note		(91	)		3/2019		USD		(10,452,203	)		(172,278	)
U.S. Treasury Long Bond		(41	)		3/2019		USD		(6,014,187	)		(273,231	)
U.S. Treasury Ultra Bond		(3	)		3/2019		USD		(483,375	)		(5,070	)
USD 10 Year Interest Rate Swap		(21	)		3/2019		USD		(2,160,047	)		(53,495	)
USD 5 Year Interest Rate Swap		(27	)		3/2019		USD		(2,727,633	)		(45,841	)
												(1,005,961	)
												(947,812	)

Currency:

EUR	Euro
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2			Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	14,965,791		$	—	$	14,965,791
Collateralized Mortgage Obligations		—			19,831,552			—		19,831,552
Commercial Mortgage-Backed Securities		—			4,596,361			—		4,596,361
Corporate Bonds		—			54,709,254			—		54,709,254
Foreign Government Securities		—			1,309,539			—		1,309,539
Futures Contracts		58,149			—			—		58,149
Loan Participations		—			14,339,035			—		14,339,035
Short-Term Investment		—			607,519			—		607,519
Total Assets	$	58,149		$	110,359,051		$	—	$	110,417,200
Liabilities:
Swap Contracts*	$	—		$	(1,322,814	)	$	—	$	(1,322,814	)
Forward Foreign Currency Contract		—			(8,394	)		—		(8,394	)
Futures Contracts		(1,005,961	)		—			—		(1,005,961	)
Total Liabilities	$	(1,005,961	)	$	(1,331,208	)	$	—	$	(2,337,169	)
Total	$	(947,812	)	$	109,027,843		$	—	$	108,080,031

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

* Centrally cleared credit default swap contracts are included in the table at unrealized appreciation/(depreciation).

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

Swap Contracts

Credit Default Swaps. The Fund entered into credit default swap contracts during the period ended January 31, 2019. Credit default swap contracts are either privately negotiated agreements between the Fund and a counterparty or traded through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

The Fund uses credit default swap contracts to manage broad credit market spread exposure.The Fund segregates liquid assets to cover its obligations under its credit default swap contracts. Upfront premiums received at the beginning of the initiation period are included under “Payable for variation margin on centrally cleared credit default swap contracts”. These upfront premiums are amortized and accreted daily and are recorded as realized gains or losses upon maturity or termination of the credit default swap contract.

As the protection purchaser in a credit default swap contract, the Fund pays the counterparty a periodic stream of payments over the term of the contract, provided that no credit event or default (or similar event) occurs. However, the Fund is required to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty in the event of a default (or similar event) by a third party, such as a U.S. or foreign issuer, on the debt obligation. If a credit event or default (or similar event) occurs, the Fund either (i) receives from the counterparty an amount equal to the notional amount of the swap and the counterparty takes delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) receives from the counterparty a net settlement amount in the form of cash or securities to the notional amount of the swap and the recovery value of the referenced obligation or underlying securities comprising the referenced index. As the purchaser in a credit default swap contract, the Fund’s investment would generate income only in the event of an actual default (or similar event) by the issuer of the underlying obligation.

Credit default swap contracts are marked-to-market daily based on valuations from independent pricing services. Credit default swap contracts are generally categorized as Level 2 investments within the hierarchy.

Implied credit spreads are utilized in determining the market value of credit default swap agreements on credit indices and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Implied credit spreads utilized in valuing the Fund’s investments as of January 31, 2019 are disclosed in the Statement of Investments. The implied credit spread of a particular referenced entity reflects the cost of selling protection on such entity’s debt, and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting value serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Certain clearinghouses currently offer clearing for limited types of derivatives transactions, such as credit derivatives. In a centrally cleared credit default swap contract, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Statement of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash pledged for centrally cleared credit default swap contracts. The daily change in valuation of centrally cleared credit default swap contracts is recorded as a receivable or payable for variation margin on centrally cleared credit default swap contracts. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses).

Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective(s). The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time of the forward foreign currency contract matures or by delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to and/or hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

		Fair Value
Assets:
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts	$	58,149
Total		$	58,149
Liabilities:
Swap Contracts(a)
Credit risk	Unrealized depreciation on centrally cleared credit default swap contracts	$	(1,322,814	)
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts		(8,394	)
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts		(1,005,961	)
Total		$	(2,337,169	)

(a) Centrally cleared credit default swap contracts are included in the table at unrealized appreciation/(depreciation).

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Bailard Cognitive Value Fund

Common Stocks 98.9%
	Shares		Value
Aerospace & Defense 0.4%
Vectrus, Inc.*		8,300	$	209,077
Air Freight & Logistics 0.2%
Echo Global Logistics, Inc.*		6,100		144,936
Auto Components 2.1%
Dana, Inc.		28,200		496,884
Modine Manufacturing Co.*		16,800		245,784
Tower International, Inc.		17,200		500,348
				1,243,016
Banks 13.4%
Associated Banc-Corp.		17,200		372,380
Bancorp, Inc. (The)*		70,500		597,840
Bank of Commerce Holdings		27,500		293,975
Banner Corp.		7,000		381,780
Civista Bancshares, Inc.		17,100		320,283
Financial Institutions, Inc.		27,700		742,914
First Financial Corp.		14,397		597,044
IBERIABANK Corp.		5,500		406,395
Independent Bank Corp.		19,400		429,904
Mercantile Bank Corp.		9,100		302,120
MidWestOne Financial Group, Inc.		4,000		110,840
Northrim BanCorp, Inc.		9,600		318,048
OFG Bancorp		24,800		480,624
Peoples Bancorp, Inc.		2,400		76,800
Popular, Inc.		9,900		540,639
QCR Holdings, Inc.		2,100		71,946
Republic Bancorp, Inc., Class A		9,700		404,393
Shore Bancshares, Inc.		37,600		560,240
Sierra Bancorp		24,700		657,020
Southern First Bancshares, Inc.*		4,800		172,752
West Bancorporation, Inc.		5,800		124,932
				7,962,869
Beverages 0.2%
Coffee Holding Co., Inc.*		21,203		128,914
Biotechnology 0.3%
BioSpecifics Technologies Corp.*		3,000		194,940
Building Products 1.4%
CSW Industrials, Inc.*		4,700		242,755
Masonite International Corp.*		7,200		411,840
PGT Innovations, Inc.*		9,200		153,088
				807,683
Capital Markets 0.7%
Victory Capital Holdings, Inc., Class A*		36,500		397,850
Chemicals 3.9%
AdvanSix, Inc.*		4,800		151,872
Cabot Corp.		8,500		398,565
FutureFuel Corp.		29,000		530,990
Huntsman Corp.		17,400		382,278
Olin Corp.		14,200		335,262
Tredegar Corp.		33,600		548,016
				2,346,983
Commercial Services & Supplies 2.1%
ACCO Brands Corp.		56,300		497,129
Ennis, Inc.		17,500		347,200
Herman Miller, Inc.		5,600		191,688
SP Plus Corp.*		5,800		191,980
				1,227,997
Communications Equipment 0.9%
Comtech Telecommunications Corp.		5,700		142,329
NETGEAR, Inc.*		7,200		285,192
TESSCO Technologies, Inc.		7,900		126,479
				554,000
Construction & Engineering 2.8%
EMCOR Group, Inc.		6,100		397,903
Granite Construction, Inc.		6,100		263,642
Great Lakes Dredge & Dock Corp.*		34,500		243,915
HC2 Holdings, Inc.*(a)		89,643		305,683
KBR, Inc.		27,700		476,440
				1,687,583
Consumer Finance 1.3%
Enova International, Inc.*		17,100		394,155
Navient Corp.		30,600		348,840
				742,995
Containers & Packaging 0.5%
Graphic Packaging Holding Co.		23,700		286,059
Diversified Consumer Services 2.1%
Adtalem Global Education, Inc.*		7,700		376,530
Carriage Services, Inc.		7,300		141,985
K12, Inc.*		23,700		746,787
				1,265,302
Diversified Financial Services 0.3%
On Deck Capital, Inc.*		19,900		149,648
Electric Utilities 2.0%
Genie Energy Ltd., Class B		22,200		186,924
Portland General Electric Co.		20,600		995,392
				1,182,316
Electrical Equipment 0.6%
Atkore International Group, Inc.*		14,500		336,255
Electronic Equipment, Instruments & Components 5.3%
Anixter International, Inc.*		6,300		382,473
Bel Fuse, Inc., Class B		8,294		191,426
Daktronics, Inc.		23,820		179,365
IEC Electronics Corp.*		20,600		149,350
Insight Enterprises, Inc.*		11,100		509,712
Jabil, Inc.		16,900		450,385
KEMET Corp.		12,200		216,184
PCM, Inc.*		10,200		217,770
ScanSource, Inc.*		11,150		427,156
Vishay Precision Group, Inc.*		13,100		437,933
				3,161,754
Energy Equipment & Services 1.7%
Archrock, Inc.		35,500		335,120
Matrix Service Co.*		17,500		375,375
ProPetro Holding Corp.*		17,300		282,682
				993,177
Equity Real Estate Investment Trusts (REITs) 8.1%
American Assets Trust, Inc.		14,100		605,454
Brandywine Realty Trust		42,150		634,357
CoreSite Realty Corp.		6,100		602,619
Corporate Office Properties Trust		29,500		728,355
Cousins Properties, Inc.		44,200		391,170
CubeSmart		19,600		606,620
First Industrial Realty Trust, Inc.		9,400		307,568
Highwoods Properties, Inc.		12,450		551,784
Independence Realty Trust, Inc.		39,900		416,955
				4,844,882
Food & Staples Retailing 1.0%
Ingles Markets, Inc., Class A		5,100		145,554

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Cognitive Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Food & Staples Retailing (continued)
Performance Food Group Co.*		13,500	$	461,160
				606,714
Food Products 1.0%
Fresh Del Monte Produce, Inc.		13,400		428,532
Simply Good Foods Co. (The)*		7,200		142,488
				571,020
Health Care Equipment & Supplies 1.0%
Apyx Medical Corp.*		25,622		222,143
FONAR Corp.*		16,838		372,120
				594,263
Health Care Providers & Services 2.1%
Civitas Solutions, Inc.*		8,200		145,386
National HealthCare Corp.		4,600		369,518
Premier, Inc., Class A*		8,900		354,131
Tivity Health, Inc.*		17,000		378,420
				1,247,455
Hotels, Restaurants & Leisure 0.8%
Extended Stay America, Inc.		28,800		492,480
Household Durables 0.5%
Hooker Furniture Corp.		5,200		149,604
ZAGG, Inc.*		13,000		145,860
				295,464
Insurance 2.5%
Assurant, Inc.		2,900		279,531
CNO Financial Group, Inc.		10,500		187,740
Employers Holdings, Inc.		13,600		576,232
Protective Insurance Corp., Class B		4,528		83,451
Stewart Information Services Corp.		8,100		360,045
				1,486,999
Interactive Media & Services 0.7%
Meet Group, Inc. (The)*		53,794		310,929
QuinStreet, Inc.*		6,000		114,240
				425,169
Internet & Direct Marketing Retail 0.6%
1-800-Flowers.com, Inc., Class A*		12,200		194,590
Liberty Expedia Holdings, Inc., Class A*		4,200		172,158
				366,748
IT Services 2.0%
Conduent, Inc.*		9,900		126,225
Information Services Group, Inc.*		37,600		155,288
Sykes Enterprises, Inc.*		15,200		419,064
TTEC Holdings, Inc.		15,500		518,165
				1,218,742
Leisure Products 1.0%
Brunswick Corp.		7,400		372,368
Clarus Corp.		13,100		146,589
Escalade, Inc.		6,781		75,676
				594,633
Life Sciences Tools & Services 0.7%
Medpace Holdings, Inc.*		6,400		412,160
Machinery 4.2%
Altra Industrial Motion Corp.		13,300		407,113
Columbus McKinnon Corp.		3,000		108,600
Commercial Vehicle Group, Inc.*		20,000		149,400
Hurco Cos., Inc.		9,519		365,054
Kadant, Inc.		1,700		145,010
Milacron Holdings Corp.*		29,600		410,256
Oshkosh Corp.		4,900		367,745
SPX FLOW, Inc.*		6,700		219,559
Timken Co. (The)		4,500		191,655
Twin Disc, Inc.*		7,100		128,652
				2,493,044
Marine 0.7%
Matson, Inc.		12,800		428,928
Media 0.3%
Townsquare Media, Inc., Class A		25,861		158,528
Mortgage Real Estate Investment Trusts (REITs) 0.9%
Invesco Mortgage Capital, Inc.		33,600		540,960
Multi-Utilities 3.0%
Black Hills Corp.		14,370		975,579
NorthWestern Corp.		12,800		818,048
				1,793,627
Oil, Gas & Consumable Fuels 3.9%
Contura Energy, Inc.*		5,600		360,528
Midstates Petroleum Co., Inc.*		39,200		379,456
Overseas Shipholding Group, Inc., Class A*		30,900		55,929
Par Pacific Holdings, Inc.*		8,800		143,088
PBF Energy, Inc., Class A		13,300		487,046
SandRidge Energy, Inc.*		13,200		109,428
SilverBow Resources, Inc.*		15,620		379,722
Whiting Petroleum Corp.*		13,400		383,642
				2,298,839
Paper & Forest Products 2.2%
Domtar Corp.		9,300		436,170
Schweitzer-Mauduit International, Inc.		12,200		391,132
Verso Corp., Class A*		19,300		476,131
				1,303,433
Pharmaceuticals 0.6%
ANI Pharmaceuticals, Inc.*		2,800		150,472
Prestige Consumer Healthcare, Inc.*		8,200		228,944
				379,416
Professional Services 0.6%
Korn Ferry		8,400		383,040
Semiconductors & Semiconductor Equipment 2.9%
Cabot Microelectronics Corp.		3,600		366,804
inTEST Corp.*		55,740		410,246
Kulicke & Soffa Industries, Inc.		24,400		549,732
Xperi Corp.		17,450		373,954
				1,700,736
Software 1.3%
Digital Turbine, Inc.*(a)		95,300		209,660
NetSol Technologies, Inc.*		29,503		197,965
Progress Software Corp.		10,800		391,284
				798,909
Specialty Retail 1.4%
America’s Car-Mart, Inc.*		2,100		146,916
J. Jill, Inc.*		23,000		136,850
MarineMax, Inc.*		7,000		124,460
Sonic Automotive, Inc., Class A		22,300		341,190
Tilly’s, Inc., Class A		4,600		55,706
				805,122
Technology Hardware, Storage & Peripherals 0.2%
TransAct Technologies, Inc.		13,700		142,206
Textiles, Apparel & Luxury Goods 2.9%
Columbia Sportswear Co.		5,700		508,383
Delta Apparel, Inc.*		7,288		171,632
Rocky Brands, Inc.		15,796		423,491
Steven Madden Ltd.		13,800		450,570

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Cognitive Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Vera Bradley, Inc.*		16,400	$	146,780
				1,700,856
Thrifts & Mortgage Finance 4.9%
BankFinancial Corp.		14,900		223,500
First Defiance Financial Corp.		18,350		517,103
FS Bancorp, Inc.		4,800		233,040
MGIC Investment Corp.*		46,400		579,072
Radian Group, Inc.		26,700		513,708
Riverview Bancorp, Inc.		66,600		496,170
Walker & Dunlop, Inc.		7,600		365,332
				2,927,925
Tobacco 0.8%
Universal Corp.		8,100		467,370
Trading Companies & Distributors 2.6%
Aircastle Ltd.		12,000		250,080
CAI International, Inc.*		13,600		337,552
Titan Machinery, Inc.*		15,700		294,218
Transcat, Inc.*		13,100		293,440
WESCO International, Inc.*		7,300		382,520
				1,557,810
Wireless Telecommunication Services 1.3%
Telephone & Data Systems, Inc.		20,600		746,132
Total Common Stocks (cost $56,205,941)				58,806,964
Short-Term Investment 0.0%†
	Shares		Value
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(b)(c)		28,848		28,848
Total Short-Term Investment (cost $28,848)				28,848
Repurchase Agreements 0.5%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $286,840, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $293,982.(c)	$	286,820		286,820
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $7,498, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $7,647.(c)		7,497		7,497
Total Repurchase Agreements (cost $294,317)				294,317
Total Investments (cost $56,529,106) — 99.4%				59,130,129
Other assets in excess of liabilities — 0.6%				356,586
NET ASSETS — 100.0%			$	59,486,715

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $311,371, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $28,848 and $294,317, respectively, a total value of $323,165.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $323,165.

† Amount rounds to less than 0.1%.

REIT  Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Cognitive Value Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	58,806,964	$	—	$	—	$	58,806,964
Repurchase Agreements		—		294,317		—		294,317
Short-Term Investment		28,848		—		—		28,848
Total	$	58,835,812	$	294,317	$	—	$	59,130,129

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund

Common Stocks 96.5%
	Shares		Value
ARGENTINA 0.7%
Internet & Direct Marketing Retail 0.7%
MercadoLibre, Inc.*		600	$	218,400
BRAZIL 10.5%
Banks 3.2%
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		68,000		438,144
Banco Santander Brasil SA, ADR		33,000		438,901
Itau Unibanco Holding SA, ADR		12,000		127,680
				1,004,725
Capital Markets 0.4%
B3 SA - Brasil Bolsa Balcao*		15,000		129,428
Diversified Consumer Services 1.1%
Estacio Participacoes SA		43,000		366,665
Electric Utilities 0.4%
EDP - Energias do Brasil SA*		25,000		115,088
Insurance 0.7%
IRB Brasil Resseguros S/A		10,000		233,768
Metals & Mining 1.6%
Vale SA, ADR		40,000		497,600
Oil, Gas & Consumable Fuels 2.3%
Petroleo Brasileiro SA, ADR*		45,000		733,500
Wireless Telecommunication Services 0.8%
TIM Participacoes SA, ADR*		15,000		254,100
				3,334,874
CHINA 28.7%
Auto Components 0.4%
Tianneng Power International Ltd.		150,000		139,452
Automobiles 0.4%
BAIC Motor Corp. Ltd., Class H Reg. S(a)		200,000		130,514
Banks 6.4%
Agricultural Bank of China Ltd., Class H		670,000		318,113
China CITIC Bank Corp. Ltd., Class H		440,000		286,650
China Construction Bank Corp., Class H		680,000		614,147
China Merchants Bank Co. Ltd., Class H		70,000		309,298
Industrial & Commercial Bank of China Ltd., Class H		680,000		530,889
				2,059,097
Construction & Engineering 0.3%
Sinopec Engineering Group Co. Ltd., Class H		110,000		109,011
Construction Materials 0.3%
West China Cement Ltd.		600,000		85,915
Diversified Financial Services 0.4%
Far East Horizon Ltd.		125,000		129,993
Diversified Telecommunication Services 1.3%
China Communications Services Corp. Ltd., Class H		325,000		305,558
China Telecom Corp. Ltd., Class H		200,000		108,797
				414,355
Electronic Equipment, Instruments & Components 0.7%
Kingboard Holdings Ltd.		60,000		213,228
Food Products 0.3%
Dali Foods Group Co. Ltd. Reg. S(a)		150,000		102,090
Gas Utilities 0.4%
ENN Energy Holdings Ltd.		12,000		115,508
Health Care Providers & Services 0.4%
Sinopharm Group Co. Ltd., Class H		24,923		112,208
Independent Power and Renewable Electricity Producers 0.7%
China Longyuan Power Group Corp. Ltd., Class H		150,000		112,117
China Resources Power Holdings Co. Ltd.		60,000		120,854
				232,971
Industrial Conglomerates 0.7%
CITIC Ltd.		150,000		226,886
Insurance 0.7%
People’s Insurance Co. Group of China Ltd. (The), Class H		270,000		111,595
Ping An Insurance Group Co. of China Ltd., Class H		12,000		117,274
				228,869
Interactive Media & Services 4.5%
Autohome, Inc., ADR*		1,000		72,380
Baidu, Inc., ADR*		1,000		172,630
Tencent Holdings Ltd.		27,000		1,214,806
				1,459,816
Internet & Direct Marketing Retail 2.9%
Alibaba Group Holding Ltd., ADR*		5,400		909,846
Machinery 1.5%
Sinotruk Hong Kong Ltd.		70,000		131,781
Weichai Power Co. Ltd., Class H		260,000		347,717
				479,498
Oil, Gas & Consumable Fuels 1.6%
China Petroleum & Chemical Corp., Class H		300,000		250,248
China Shenhua Energy Co. Ltd., Class H		100,000		254,943
				505,191
Pharmaceuticals 0.4%
China Resources Pharmaceutical Group Ltd. Reg. S(a)		80,000		114,642
Real Estate Management & Development 1.2%
Guangzhou R&F Properties Co. Ltd., Class H		100,000		199,442
Sino-Ocean Group Holding Ltd.		400,000		198,411
				397,853
Specialty Retail 0.5%
Zhongsheng Group Holdings Ltd.		90,000		161,963
Technology Hardware, Storage & Peripherals 0.8%
Lenovo Group Ltd.		350,000		256,573
Textiles, Apparel & Luxury Goods 0.7%
Li Ning Co. Ltd.*		100,000		123,087
Shenzhou International Group Holdings Ltd.		9,000		107,363
				230,450
Wireless Telecommunication Services 1.2%
China Mobile Ltd.		35,000		367,951
				9,183,880
COLOMBIA 2.7%
Banks 1.4%
Bancolombia SA, ADR		6,500		289,900
Grupo Aval Acciones y Valores SA, ADR		23,000		159,390
				449,290
Oil, Gas & Consumable Fuels 1.3%
Ecopetrol SA, ADR		22,000		414,700
				863,990
EGYPT 2.0%
Banks 2.0%
Commercial International Bank Egypt SAE (Registered), GDR Reg. S		130,000		631,014

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund (Continued)

Common Stocks (continued)

	Shares		Value
HONG KONG 0.7%
Food & Staples Retailing 0.3%
Sun Art Retail Group Ltd.		100,000	$	98,959
Textiles, Apparel & Luxury Goods 0.4%
Bosideng International Holdings Ltd.		700,000		134,223
				233,182
INDIA 10.5%
Airlines 0.3%
InterGlobe Aviation Ltd. Reg. S(a)		6,000		100,850
Automobiles 0.3%
Mahindra & Mahindra Ltd.		10,000		95,694
Banks 1.0%
ICICI Bank Ltd., ADR		30,000		306,300
Consumer Finance 0.6%
Muthoot Finance Ltd.		25,000		175,792
Diversified Financial Services 0.3%
REC Ltd.		60,000		105,296
Electrical Equipment 0.3%
HEG Ltd.		2,500		84,201
Food Products 1.0%
Nestle India Ltd.		2,000		324,567
Gas Utilities 0.7%
GAIL India Ltd.		50,000		233,631
Household Products 0.5%
Hindustan Unilever Ltd.		6,000		148,848
IT Services 2.6%
Infosys Ltd., ADR		32,000		345,599
Tata Consultancy Services Ltd.		10,000		284,293
Tech Mahindra Ltd.		10,000		103,072
Wipro Ltd.		25,000		129,888
				862,852
Metals & Mining 0.5%
Hindalco Industries Ltd.		50,000		146,777
Oil, Gas & Consumable Fuels 1.4%
Hindustan Petroleum Corp. Ltd.		30,000		98,832
Reliance Industries Ltd.		20,000		348,687
				447,519
Pharmaceuticals 1.0%
Dr Reddy’s Laboratories Ltd.		8,000		305,853
				3,338,180
INDONESIA 4.8%
Automobiles 0.7%
Astra International Tbk. PT		350,000		212,206
Banks 1.3%
Bank Negara Indonesia Persero Tbk. PT		200,000		129,964
Bank Rakyat Indonesia Persero Tbk. PT		1,100,000		303,886
				433,850
Diversified Telecommunication Services 0.3%
Telekomunikasi Indonesia Persero Tbk. PT		380,000		105,869
Food Products 1.2%
Charoen Pokphand Indonesia Tbk. PT		380,000		201,184
Indofood CBP Sukses Makmur Tbk. PT		220,000		169,846
				371,030
Gas Utilities 0.5%
Perusahaan Gas Negara Persero Tbk.		900,000		165,647
Media 0.3%
Surya Citra Media Tbk. PT		800,000		107,960
Oil, Gas & Consumable Fuels 0.5%
United Tractors Tbk. PT		80,000		147,117
				1,543,679
MEXICO 2.5%
Banks 0.4%
Grupo Financiero Banorte SAB de CV, Class O		25,000		138,791
Food & Staples Retailing 0.5%
Wal-Mart de Mexico SAB de CV		60,000		157,513
Transportation Infrastructure 0.6%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		4,000		179,280
Wireless Telecommunication Services 1.0%
America Movil SAB de CV, Class L, ADR		20,000		321,000
				796,584
PERU 2.0%
Banks 1.5%
Credicorp Ltd.		2,000		485,560
Metals & Mining 0.5%
Southern Copper Corp.		5,000		168,100
				653,660
RUSSIA 5.0%
Banks 1.3%
Sberbank of Russia PJSC, ADR		15,000		203,826
Sberbank of Russia PJSC, ADR		15,000		203,700
				407,526
Metals & Mining 0.7%
Severstal PJSC, GDR Reg. S		15,000		228,976
Oil, Gas & Consumable Fuels 2.7%
Gazprom PJSC, ADR		35,000		171,100
LUKOIL PJSC, ADR		7,000		561,399
Rosneft Oil Co. PJSC, GDR Reg. S		20,000		125,106
				857,605
Wireless Telecommunication Services 0.3%
Mobile TeleSystems PJSC, ADR		10,000		86,000
				1,580,107
SINGAPORE 0.8%
Entertainment 0.8%
IGG, Inc.		170,000		262,666
SOUTH AFRICA 3.6%
Air Freight & Logistics 0.3%
Imperial Logistics Ltd.		21,000		107,657
Banks 0.7%
Absa Group Ltd.		16,000		223,428
Capital Markets 0.6%
Investec Ltd.		31,000		203,162
Media 1.2%
Naspers Ltd., Class N		1,500		347,106
Metals & Mining 0.8%
Kumba Iron Ore Ltd.		10,000		255,657
				1,137,010
SOUTH KOREA 12.4%
Banks 1.7%
Hana Financial Group, Inc.		10,000		360,521
KB Financial Group, Inc.		4,000		172,092
				532,613
Construction & Engineering 0.7%
Daewoo Engineering & Construction Co. Ltd.*		50,000		233,065
Electronic Equipment, Instruments & Components 0.6%
SFA Engineering Corp.		5,000		184,764
Food Products 0.5%
Orion Holdings Corp.*		10,000		169,594

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund (Continued)

Common Stocks (continued)

	Shares		Value
SOUTH KOREA (continued)
Household Durables 1.1%
LG Electronics, Inc.		6,000	$	360,345
Metals & Mining 0.9%
POSCO		1,200		292,182
Oil, Gas & Consumable Fuels 0.5%
SK Innovation Co. Ltd.		1,000		169,579
Semiconductors & Semiconductor Equipment 0.6%
SK Hynix, Inc.		3,000		200,194
Technology Hardware, Storage & Peripherals 4.4%
Samsung Electronics Co. Ltd.		33,000		1,378,838
Textiles, Apparel & Luxury Goods 0.5%
LF Corp.		7,000		155,169
Wireless Telecommunication Services 0.9%
SK Telecom Co. Ltd.		1,200		277,529
				3,953,872
TAIWAN 7.2%
Capital Markets 0.3%
Yuanta Financial Holding Co. Ltd.		200,000		111,201
Chemicals 0.5%
Grand Pacific Petrochemical		200,000		167,746
Electrical Equipment 0.9%
Walsin Lihwa Corp.		500,000		294,010
Electronic Equipment, Instruments & Components 0.9%
HannStar Display Corp.		800,000		181,843
Zhen Ding Technology Holding Ltd.		40,000		104,309
				286,152
Insurance 1.0%
Cathay Financial Holding Co. Ltd.		220,000		316,474
Semiconductors & Semiconductor Equipment 3.3%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		27,000		1,015,740
Textiles, Apparel & Luxury Goods 0.3%
Ruentex Industries Ltd.*		40,000		107,298
				2,298,621
UNITED KINGDOM 0.7%
Paper & Forest Products 0.7%
Mondi Ltd.		9,000		223,135
UNITED STATES 1.7%
Food Products 1.7%
JBS SA		130,000		537,865
Total Common Stocks (cost $27,785,404)				30,790,719
Exchange Traded Fund 2.0%
	Shares		Value
UNITED STATES 2.0%
VanEck Vectors Vietnam ETF(b)		40,000		633,600
Total Exchange Traded Fund (cost $724,776)				633,600
Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio- Institutional Class, 2.32%(c)(d)		51,049	$	51,049
Total Short-Term Investment (cost $51,049)				51,049
Repurchase Agreements 1.6%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $507,578, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $520,216.(d)	$	507,541		507,541
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $13,268, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $13,532.(d)		13,267		13,267
Total Repurchase Agreements (cost $520,808)				520,808
Total Investments (cost $29,082,037) — 100.3%				31,996,176
Liabilities in excess of other assets — (0.3)%				(107,862	)
NET ASSETS — 100.0%			$	31,888,314

* Denotes a non-income producing security.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $448,096 which represents 1.41% of net assets.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $548,983, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $51,049 and $520,808, respectively, a total value of $571,857.

(c) Represents 7-day effective yield as of January 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $571,857.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	107,657	$	—	$	107,657
Airlines		—		100,850		—		100,850
Auto Components		—		139,452		—		139,452
Automobiles		—		438,414		—		438,414
Banks		2,588,366		4,083,828		—		6,672,194
Capital Markets		129,428		314,363		—		443,791
Chemicals		—		167,746		—		167,746
Construction & Engineering		—		342,076		—		342,076
Construction Materials		—		85,915		—		85,915
Consumer Finance		—		175,792		—		175,792
Diversified Consumer Services		366,665		—		—		366,665
Diversified Financial Services		—		235,289		—		235,289
Diversified Telecommunication Services		—		520,224		—		520,224
Electric Utilities		115,088		—		—		115,088
Electrical Equipment		—		378,211		—		378,211
Electronic Equipment, Instruments & Components		—		684,144		—		684,144
Entertainment		—		262,666		—		262,666
Food & Staples Retailing		157,513		98,959		—		256,472
Food Products		537,865		967,281		—		1,505,146
Gas Utilities		—		514,786		—		514,786
Health Care Providers & Services		—		112,208		—		112,208

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Household Durables	$	—	$	360,345	$	—	$	360,345
Household Products		—		148,848		—		148,848
Independent Power and Renewable Electricity Producers		—		232,971		—		232,971
Industrial Conglomerates		—		226,886		—		226,886
Insurance		233,768		545,343		—		779,111
Interactive Media & Services		245,010		1,214,806		—		1,459,816
Internet & Direct Marketing Retail		1,128,246		—		—		1,128,246
IT Services		345,599		517,253		—		862,852
Machinery		—		479,498		—		479,498
Media		—		455,066		—		455,066
Metals & Mining		665,700		923,592		—		1,589,292
Oil, Gas & Consumable Fuels		1,709,599		1,565,612		—		3,275,211
Paper & Forest Products		—		223,135		—		223,135
Pharmaceuticals		—		420,495		—		420,495
Real Estate Management & Development		—		397,853		—		397,853
Semiconductors & Semiconductor Equipment		1,015,740		200,194		—		1,215,934
Specialty Retail		—		161,963		—		161,963
Technology Hardware, Storage & Peripherals		—		1,635,411		—		1,635,411
Textiles, Apparel & Luxury Goods		—		627,140		—		627,140
Transportation Infrastructure		179,280		—		—		179,280
Wireless Telecommunication Services		661,100		645,480		—		1,306,580
Total Common Stocks	$	10,078,967	$	20,711,752	$	—	$	30,790,719
Exchange Traded Fund	$	633,600	$	—	$	—	$	633,600
Repurchase Agreements		—		520,808		—		520,808
Short-Term Investment		51,049		—		—		51,049
Total	$	10,763,616	$	21,232,560	$	—	$	31,996,176

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Bailard International Equities Fund

Common Stocks 97.7%
	Shares		Value
ARGENTINA 0.6%
Electric Utilities 0.2%
Pampa Energia SA, ADR*		15,000	$	534,750
Software 0.4%
Globant SA*		10,000		676,000
				1,210,750
AUSTRALIA 6.3%
Biotechnology 1.2%
CSL Ltd.		18,000		2,557,498
Capital Markets 1.9%
ASX Ltd.		50,000		2,319,147
Macquarie Group Ltd.		18,000		1,527,980
				3,847,127
Equity Real Estate Investment Trusts (REITs) 1.0%
Goodman Group		265,000		2,248,290
Food & Staples Retailing 0.3%
Woolworths Group Ltd.		35,000		748,060
Metals & Mining 1.7%
BHP Group Ltd.		100,000		2,546,702
Rio Tinto plc		22,000		1,216,742
				3,763,444
Multiline Retail 0.2%
Wesfarmers Ltd.		21,000		491,718
				13,656,137
BRAZIL 1.5%
Metals & Mining 0.7%
Vale SA		131,000		1,634,268
Oil, Gas & Consumable Fuels 0.8%
Petroleo Brasileiro SA*		200,000		1,620,421
				3,254,689
CANADA 0.5%
Insurance 0.2%
Sun Life Financial, Inc.		15,000		541,117
Wireless Telecommunication Services 0.3%
Rogers Communications, Inc., Class B		10,000		540,964
				1,082,081
CHINA 0.4%
Banks 0.4%
BOC Hong Kong Holdings Ltd.		230,000		891,838
COLOMBIA 0.5%
Banks 0.3%
Grupo Aval Acciones y Valores SA, ADR(a)		80,000		554,400
Oil, Gas & Consumable Fuels 0.2%
Ecopetrol SA, ADR		30,000		565,500
				1,119,900
EGYPT 1.1%
Banks 1.1%
Commercial International Bank Egypt SAE (Registered), GDR Reg. S		500,000		2,426,976
FINLAND 3.8%
Construction & Engineering 0.2%
YIT OYJ		75,000		485,028
Insurance 0.6%
Sampo OYJ, Class A		30,000		1,373,202
IT Services 0.5%
Tieto OYJ		41,440		1,187,734
Machinery 0.3%
Valmet OYJ		30,000		675,219
Media 0.5%
Sanoma OYJ		110,883		1,077,057
Multiline Retail 0.2%
Tokmanni Group Corp.		55,000		536,463
Oil, Gas & Consumable Fuels 0.3%
Neste OYJ		6,000		550,039
Paper & Forest Products 1.0%
Stora Enso OYJ, Class R		100,000		1,338,708
UPM-Kymmene OYJ		20,000		578,294
				1,917,002
Trading Companies & Distributors 0.2%
Ramirent OYJ		70,000		479,204
				8,280,948
FRANCE 9.6%
Auto Components 0.6%
Faurecia SA		31,500		1,382,892
Automobiles 1.2%
Peugeot SA		100,000		2,523,190
Construction & Engineering 2.5%
Bouygues SA		52,000		1,842,369
Eiffage SA		35,000		3,281,049
				5,123,418
Diversified Telecommunication Services 0.7%
Orange SA		101,000		1,569,998
Media 1.2%
Lagardere SCA		100,000		2,616,670
Oil, Gas & Consumable Fuels 1.1%
TOTAL SA		45,000		2,469,274
Personal Products 1.4%
L’Oreal SA		12,000		2,890,983
Pharmaceuticals 0.4%
Sanofi		11,100		964,549
Textiles, Apparel & Luxury Goods 0.5%
Kering SA		2,320		1,166,078
				20,707,052
GERMANY 3.9%
Independent Power and Renewable Electricity Producers 0.5%
Uniper SE		40,000		1,157,460
Insurance 1.2%
Allianz SE (Registered)		12,000		2,539,850
IT Services 0.7%
Wirecard AG		9,000		1,490,489
Professional Services 0.5%
Amadeus Fire AG		11,536		1,151,673
Specialty Retail 0.3%
Hornbach Holding AG & Co. KGaA		11,000		571,606
Transportation Infrastructure 0.7%
Hamburger Hafen und Logistik AG		63,628		1,416,712
				8,327,790
HONG KONG 7.0%
Banks 1.3%
Dah Sing Banking Group Ltd.		1,058,800		2,065,121
Hang Seng Bank Ltd.		30,000		692,960
				2,758,081
Consumer Finance 0.3%
Sun Hung Kai & Co. Ltd.		1,200,000		567,524
Diversified Telecommunication Services 0.2%
PCCW Ltd.		690,737		412,287

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)

	Shares		Value
HONG KONG (continued)
Electric Utilities 0.6%
CLP Holdings Ltd.		110,000	$	1,279,754
Hotels, Restaurants & Leisure 0.2%
Cafe de Coral Holdings Ltd.		126,000		341,061
Industrial Conglomerates 1.2%
CK Hutchison Holdings Ltd.		200,000		2,032,348
NWS Holdings Ltd.		250,000		573,642
				2,605,990
Insurance 0.2%
AIA Group Ltd.		60,000		539,199
Multiline Retail 0.5%
Lifestyle International Holdings Ltd.		700,000		1,055,065
Real Estate Management & Development 2.5%
CK Asset Holdings Ltd.		250,000		2,120,763
New World Development Co. Ltd.		1,000,000		1,568,791
Sun Hung Kai Properties Ltd.		40,000		675,832
Swire Pacific Ltd., Class A		50,000		591,007
Wharf Holdings Ltd. (The)		200,000		603,153
				5,559,546
				15,118,507
INDIA 0.5%
IT Services 0.5%
Infosys Ltd., ADR		100,000		1,080,000
INDONESIA 1.0%
Banks 0.4%
Bank Rakyat Indonesia Persero Tbk. PT		2,800,000		773,528
Food Products 0.3%
Indofood CBP Sukses Makmur Tbk. PT		900,000		694,826
Gas Utilities 0.3%
Perusahaan Gas Negara Persero Tbk.		4,300,000		791,422
				2,259,776
ISRAEL 4.0%
Banks 1.5%
Bank Hapoalim BM		150,000		1,016,632
Bank Leumi Le-Israel BM		325,000		2,146,776
				3,163,408
Pharmaceuticals 1.1%
Teva Pharmaceutical Industries Ltd., ADR*		115,000		2,282,750
Software 1.4%
Check Point Software Technologies Ltd.*		10,000		1,119,200
CyberArk Software Ltd.*		12,000		1,053,120
Nice Ltd., ADR*		10,000		1,099,500
				3,271,820
				8,717,978
ITALY 0.5%
Oil, Gas & Consumable Fuels 0.5%
Eni SpA		60,000		1,016,218
JAPAN 22.7%
Auto Components 0.4%
Bridgestone Corp.		20,900		803,878
Automobiles 1.7%
Suzuki Motor Corp.		12,800		667,049
Toyota Motor Corp.		50,000		3,072,458
				3,739,507
Banks 2.9%
Aozora Bank Ltd.		30,000		923,034
Mizuho Financial Group, Inc.		1,000,000		1,651,704
Resona Holdings, Inc.		200,000		1,010,132
Sumitomo Mitsui Financial Group, Inc.		70,000		2,602,695
				6,187,565
Building Products 0.5%
AGC, Inc.		30,000		1,015,381
Capital Markets 0.3%
SBI Holdings, Inc.		35,000		745,438
Chemicals 1.5%
Mitsui Chemicals, Inc.		60,000		1,501,315
Teijin Ltd.		100,000		1,724,796
				3,226,111
Commercial Services & Supplies 0.9%
Kokuyo Co. Ltd.		130,000		1,899,572
Construction & Engineering 0.8%
Obayashi Corp.		175,000		1,660,549
Diversified Financial Services 0.3%
ORIX Corp.		45,000		677,827
Diversified Telecommunication Services 1.3%
Nippon Telegraph & Telephone Corp.		65,000		2,789,857
Electric Utilities 0.6%
Kansai Electric Power Co., Inc. (The)		80,000		1,215,410
Electronic Equipment, Instruments & Components 1.3%
Hitachi Ltd.		90,000		2,824,813
Food & Staples Retailing 0.9%
Seven & i Holdings Co. Ltd.		45,000		1,958,737
Hotels, Restaurants & Leisure 0.8%
Round One Corp.		150,000		1,703,025
Household Durables 1.2%
Haseko Corp.		150,000		1,661,813
Sony Corp.		20,000		1,005,945
				2,667,758
Industrial Conglomerates 0.3%
Toshiba Corp.		20,000		632,806
Oil, Gas & Consumable Fuels 0.4%
JXTG Holdings, Inc.		150,000		812,536
Pharmaceuticals 2.0%
Astellas Pharma, Inc.		200,000		2,958,421
Takeda Pharmaceutical Co. Ltd.		35,000		1,412,113
				4,370,534
Real Estate Management & Development 0.5%
Nomura Real Estate Holdings, Inc.		60,000		1,164,399
Technology Hardware, Storage & Peripherals 1.0%
Canon, Inc.		75,000		2,146,392
Tobacco 0.5%
Japan Tobacco, Inc.		40,000		1,010,235
Trading Companies & Distributors 2.3%
Marubeni Corp.		250,000		1,944,409
Mitsubishi Corp.		35,000		1,022,614
Sumitomo Corp.		132,000		2,038,800
				5,005,823
Wireless Telecommunication Services 0.3%
NTT DOCOMO, Inc.		27,000		646,517
				48,904,670
NETHERLANDS 4.2%
Capital Markets 0.9%
Euronext NV Reg. S(b)		30,000		1,851,954
Food & Staples Retailing 1.0%
Koninklijke Ahold Delhaize NV		80,000		2,109,769
Insurance 1.1%
NN Group NV		60,000		2,540,968

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)

	Shares		Value
NETHERLANDS (continued)
Oil, Gas & Consumable Fuels 1.2%
Royal Dutch Shell plc, Class B		80,000	$	2,488,552
				8,991,243
NEW ZEALAND 0.3%
Diversified Telecommunication Services 0.3%
Spark New Zealand Ltd.		250,000		700,704
NORWAY 3.6%
Banks 0.7%
DNB ASA		80,000		1,419,511
Diversified Telecommunication Services 0.4%
Telenor ASA		50,000		945,947
Food Products 1.2%
MOWI ASA		120,000		2,644,587
Oil, Gas & Consumable Fuels 1.3%
Equinor ASA		120,000		2,737,680
				7,747,725
PORTUGAL 0.8%
Electric Utilities 0.4%
EDP - Energias de Portugal SA		280,000		1,022,738
Oil, Gas & Consumable Fuels 0.4%
Galp Energia SGPS SA		50,000		779,868
				1,802,606
RUSSIA 1.4%
Banks 0.4%
Sberbank of Russia PJSC, ADR		60,000		815,302
Metals & Mining 0.3%
Severstal PJSC, GDR Reg. S		40,000		610,601
Oil, Gas & Consumable Fuels 0.7%
LUKOIL PJSC, ADR		15,000		1,204,017
Rosneft Oil Co. PJSC, GDR Reg. S		80,000		500,422
				1,704,439
				3,130,342
SINGAPORE 2.2%
Banks 0.9%
DBS Group Holdings Ltd.		110,000		1,957,570
Equity Real Estate Investment Trusts (REITs) 0.2%
CapitaLand Mall Trust		300,000		535,098
Real Estate Management & Development 0.3%
CapitaLand Ltd.		225,000		556,823
Road & Rail 0.8%
ComfortDelGro Corp. Ltd.		1,000,000		1,733,029
				4,782,520
SOUTH AFRICA 1.2%
Metals & Mining 1.2%
Anglo American plc(a)		100,000		2,551,943
SWITZERLAND 6.8%
Beverages 0.5%
Coca-Cola HBC AG*		30,000		1,007,453
Capital Markets 0.4%
Partners Group Holding AG		1,300		894,592
Food Products 1.4%
Nestle SA (Registered)		35,000		3,048,515
Insurance 1.0%
Swiss Life Holding AG (Registered)*		5,000		2,062,375
Pharmaceuticals 2.2%
Novartis AG (Registered)		35,000		3,054,582
Roche Holding AG		7,000		1,859,361
				4,913,943
Technology Hardware, Storage & Peripherals 1.3%
Logitech International SA (Registered)		75,000		2,743,722
				14,670,600
UNITED KINGDOM 12.8%
Beverages 2.3%
Diageo plc		60,000		2,287,881
Fevertree Drinks plc		80,000		2,702,734
				4,990,615
Capital Markets 1.7%
3i Group plc		250,000		2,791,053
Man Group plc		500,000		936,675
				3,727,728
Diversified Telecommunication Services 0.4%
BT Group plc		300,000		914,972
Electronic Equipment, Instruments & Components 0.8%
Electrocomponents plc		250,000		1,782,191
Hotels, Restaurants & Leisure 0.7%
InterContinental Hotels Group plc		26,882		1,532,178
Household Durables 0.6%
Persimmon plc		40,000		1,247,322
Insurance 1.1%
Direct Line Insurance Group plc		372,000		1,644,045
Hastings Group Holdings plc Reg. S(b)		250,000		688,635
				2,332,680
Paper & Forest Products 0.4%
Mondi plc		40,000		966,503
Personal Products 0.3%
Unilever plc		11,500		602,481
Pharmaceuticals 1.8%
GlaxoSmithKline plc		200,000		3,885,356
Professional Services 1.3%
Intertek Group plc		30,000		1,932,578
RELX plc		38,000		841,180
				2,773,758
Specialty Retail 0.9%
WH Smith plc		75,000		1,924,145
Tobacco 0.5%
Imperial Brands plc		30,000		994,054
				27,673,983
UNITED STATES 0.5%
Trading Companies & Distributors 0.5%
Ferguson plc		16,000		1,070,394
Total Common Stocks (cost $198,472,862)				211,177,370
Exchange Traded Fund 0.9%
	Shares		Value
UNITED STATES 0.9%
VanEck Vectors Vietnam ETF(a)		120,000		1,900,800
Total Exchange Traded Fund (cost $2,217,415)				1,900,800

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(c)(d)		170,701	$	170,701
Total Short-Term Investment (cost $170,701)				170,701
Repurchase Agreements 0.8%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $1,697,288, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $1,739,548.(d)	$	1,697,166		1,697,166
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $44,366, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $45,250.(d)		44,363		44,363
Total Repurchase Agreements (cost $1,741,529)				1,741,529
Total Investments (cost $202,602,507) — 99.5%				214,990,400
Other assets in excess of liabilities — 0.5%				1,057,105
NET ASSETS — 100.0%			$	216,047,505

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $4,358,979, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $170,701 and $1,741,529, respectively, and by $2,676,867 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $4,589,097.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $2,540,589 which represents 1.18% of net assets.

(c) Represents 7-day effective yield as of January 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $1,912,230.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
Reg. S	Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Auto Components	$	—	$	2,186,770	$	—	$	2,186,770
Automobiles		—		6,262,697		—		6,262,697
Banks		554,400		20,393,779		—		20,948,179
Beverages		—		5,998,068		—		5,998,068
Biotechnology		—		2,557,498		—		2,557,498
Building Products		—		1,015,381		—		1,015,381
Capital Markets		—		11,066,839		—		11,066,839
Chemicals		—		3,226,111		—		3,226,111
Commercial Services & Supplies		—		1,899,572		—		1,899,572
Construction & Engineering		—		7,268,995		—		7,268,995
Consumer Finance		—		567,524		—		567,524
Diversified Financial Services		—		677,827		—		677,827
Diversified Telecommunication Services		700,704		6,633,061		—		7,333,765
Electric Utilities		534,750		3,517,902		—		4,052,652
Electronic Equipment, Instruments & Components		—		4,607,004		—		4,607,004
Equity Real Estate Investment Trusts (REITs)		—		2,783,388		—		2,783,388
Food & Staples Retailing		—		4,816,566		—		4,816,566
Food Products		—		6,387,928		—		6,387,928
Gas Utilities		—		791,422		—		791,422
Hotels, Restaurants & Leisure		—		3,576,264		—		3,576,264
Household Durables		—		3,915,080		—		3,915,080
Independent Power and Renewable Electricity Producers		—		1,157,460		—		1,157,460

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stock (continued)
Industrial Conglomerates	$	—	$	3,238,796	$	—	$	3,238,796
Insurance		541,117		11,388,274		—		11,929,391
IT Services		1,080,000		2,678,223		—		3,758,223
Machinery		—		675,219		—		675,219
Media		—		3,693,727		—		3,693,727
Metals & Mining		1,634,268		6,925,988		—		8,560,256
Multiline Retail		—		2,083,246		—		2,083,246
Oil, Gas & Consumable Fuels		2,185,921		12,558,606		—		14,744,527
Paper & Forest Products		—		2,883,505		—		2,883,505
Personal Products		—		3,493,464		—		3,493,464
Pharmaceuticals		2,282,750		14,134,382		—		16,417,132
Professional Services		—		3,925,431		—		3,925,431
Real Estate Management & Development		—		7,280,768		—		7,280,768
Road & Rail		—		1,733,029		—		1,733,029
Software		3,947,820		–		—		3,947,820
Specialty Retail		—		2,495,751		—		2,495,751
Technology Hardware, Storage & Peripherals		—		4,890,114		—		4,890,114
Textiles, Apparel & Luxury Goods		—		1,166,078		—		1,166,078
Tobacco		—		2,004,289		—		2,004,289
Trading Companies & Distributors		—		6,555,421		—		6,555,421
Transportation Infrastructure		—		1,416,712		—		1,416,712
Wireless Telecommunication Services		540,964		646,517		—		1,187,481
Total Common Stocks	$	14,002,694	$	197,174,676	$	—	$	211,177,370
Exchange Traded Fund	$	1,900,800	$	—	$	—	$	1,900,800
Repurchase Agreements		—		1,741,529		—		1,741,529
Short-Term Investment		170,701		—		—		170,701
Total	$	16,074,195	$	198,916,205	$	—	$	214,990,400

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Bailard Technology & Science Fund

Common Stocks 99.1%
	Shares		Value
Biotechnology 6.9%
Acceleron Pharma, Inc.*		10,400	$	440,960
Apellis Pharmaceuticals, Inc.*		9,000		126,000
Arcus Biosciences, Inc.*		25,000		254,250
Arena Pharmaceuticals, Inc.*		11,000		505,670
Array BioPharma, Inc.*		28,200		526,494
Biogen, Inc.*		900		300,402
BioMarin Pharmaceutical, Inc.*		5,000		490,850
Bluebird Bio, Inc.*		2,000		266,860
Celgene Corp.*		4,000		353,840
Esperion Therapeutics, Inc.*(a)		9,000		418,050
FibroGen, Inc.*		8,000		454,000
Gilead Sciences, Inc.		2,600		182,026
Global Blood Therapeutics, Inc.*		7,900		378,489
Ionis Pharmaceuticals, Inc.*		5,800		336,400
Kura Oncology, Inc.*		30,000		477,000
Marker Therapeutics, Inc.*		21,000		111,090
MEI Pharma, Inc.*		77,792		210,038
Neurocrine Biosciences, Inc.*		4,900		432,278
Proteostasis Therapeutics, Inc.*(a)		25,000		75,500
Sage Therapeutics, Inc.*		1,700		242,403
Sangamo Therapeutics, Inc.*		33,000		385,770
Spark Therapeutics, Inc.*		4,000		191,280
Vertex Pharmaceuticals, Inc.*		2,200		420,002
Viking Therapeutics, Inc.*(a)		24,000		195,840
Xencor, Inc.*		11,000		397,100
				8,172,592
Communications Equipment 4.6%
Cisco Systems, Inc.		114,970		5,436,931
Electronic Equipment, Instruments & Components 6.1%
Flex Ltd.*		161,480		1,553,437
Insight Enterprises, Inc.*		25,200		1,157,184
Orbotech Ltd.*		11,600		711,428
TE Connectivity Ltd.		16,905		1,368,460
Tech Data Corp.*		25,400		2,429,002
				7,219,511
Entertainment 3.9%
Activision Blizzard, Inc.		50,000		2,362,000
Electronic Arts, Inc.*		24,650		2,273,716
				4,635,716
Household Durables 2.0%
Sony Corp., ADR-JP		46,800		2,345,616
Interactive Media & Services 13.9%
Alphabet, Inc., Class A*		5,950		6,699,046
Alphabet, Inc., Class C*		3,136		3,500,936
Facebook, Inc., Class A*		38,565		6,428,400
				16,628,382
Internet & Direct Marketing Retail 4.1%
Amazon.com, Inc.*		2,845		4,889,787
IT Services 13.3%
Booz Allen Hamilton Holding Corp.		47,600		2,338,588
Cognizant Technology Solutions Corp., Class A		39,915		2,781,277
DXC Technology Co.		54,800		3,513,776
Euronet Worldwide, Inc.*		27,800		3,197,278
Fiserv, Inc.*		14,000		1,161,020
Twilio, Inc., Class A*		18,800		2,092,816
Visa, Inc., Class A		5,930		800,610
				15,885,365
Pharmaceuticals 0.5%
Aerie Pharmaceuticals, Inc.*		6,500		305,630
Dermira, Inc.*		45,000		297,000
				602,630
Semiconductors & Semiconductor Equipment 13.3%
Broadcom, Inc.		11,416		3,062,342
KLA-Tencor Corp.		15,090		1,608,141
Lam Research Corp.		9,940		1,685,625
Maxim Integrated Products, Inc.		26,035		1,412,920
NVIDIA Corp.		14,200		2,041,250
NXP Semiconductors NV		20,900		1,818,927
QUALCOMM, Inc.		20,155		998,076
Texas Instruments, Inc.		32,550		3,277,134
				15,904,415
Software 20.1%
Adobe, Inc.*		18,950		4,696,189
HubSpot, Inc.*		16,350		2,588,368
LogMeIn, Inc.		10,130		942,293
Microsoft Corp.		83,200		8,688,576
Nutanix, Inc., Class A*		10,700		548,161
Qualys, Inc.*		28,400		2,457,452
RingCentral, Inc., Class A*		27,700		2,560,588
Varonis Systems, Inc.*		25,900		1,530,172
				24,011,799
Technology Hardware, Storage & Peripherals 10.4%
Apple, Inc.		30,950		5,151,318
HP, Inc.		161,710		3,562,471
NetApp, Inc.		57,500		3,666,775
				12,380,564
Total Common Stocks (cost $53,536,396)				118,113,308
Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(b)(c)		61,862		61,862
Total Short-Term Investment (cost $61,862)				61,862
Repurchase Agreements 0.5%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $615,092, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $630,406.(c)	$	615,047		615,047
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $16,078, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $16,399.(c)		16,077		16,077

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Technology & Science Fund (Continued)

Repurchase Agreements (continued)
	Value
Total Repurchase Agreements (cost $631,124)	$	631,124
Total Investments (cost $54,229,382) — 99.7%		118,806,294
Other assets in excess of liabilities — 0.3%		356,532
NET ASSETS — 100.0%	$	119,162,826

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $682,345, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $61,862 and $631,124, respectively, a total value of $692,986.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $692,986.

ADR	American Depositary Receipt
JP	Japan

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bailard Technology & Science Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	118,113,308	$	—	$	—	$	118,113,308
Repurchase Agreements		—		631,124		—		631,124
Short-Term Investment		61,862		—		—		61,862
Total	$	118,175,170	$	631,124	$	—	$	118,806,294

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Bond Fund

Asset-Backed Securities 21.6%
	Principal Amount		Value
Airlines 2.6%
Air Canada Pass-Through Trust, Series 2015-1, Class B, 3.88%, 3/15/2023(a)	$	3,111,556	$	3,036,879
American Airlines Pass-Through Trust, Series 2013-2, Class B, 5.60%, 7/15/2020(a)		481,625		486,682
British Airways Pass-Through Trust, Series 2013-1, Class B, 5.63%, 6/20/2020(a)		262,824		266,267
Continental Airlines Pass-Through Trust, Series 2007-1, Class B, 6.90%, 4/19/2022		216,278		222,745
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.10%, 4/1/2028		1,661,999		1,646,376
United Airlines Pass-Through Trust Series 2014-1, Class B, 4.75%, 4/11/2022		2,667,620		2,672,421
Series 2016-1, Class B, 3.65%, 1/7/2026		1,371,528		1,301,775
				9,633,145
Automobiles 5.2%
Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.15%, 4/15/2024(a)		2,752,399		2,741,737
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A2, 3.32%, 4/15/2022(a)		1,222,222		1,224,341
NextGear Floorplan Master Owner Trust, Series 2016-2A, Class A2, 2.19%, 9/15/2021(a)		10,000,000		9,941,784
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		3,000,000		3,008,678
United Auto Credit Securitization Trust, Series 2018-2, Class A, 2.89%, 3/10/2021(a)		1,339,454		1,338,205
Westlake Automobile Receivables Trust, Series 2018-3A, Class A1, 2.53%, 9/16/2019(a)		773,373		773,131
				19,027,876
Home Equity 3.0%
Long Beach Mortgage Loan Trust, Series 2005-WL2, Class M2, 3.25%, 8/25/2035(b)		7,101,598		7,102,139
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, 3.76%, 1/25/2036(b)		1,029,000		1,028,217
Soundview Home Loan Trust, Series 2006-WF2, Class M1, 2.73%, 12/25/2036(b)		3,000,000		2,968,588
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-6XS, Class A6, 5.13%, 3/25/2034(c)		3,237		3,235
				11,102,179
Other 10.8%
American Homes 4 Rent Trust, Series 2014-SFR3, Class A, 3.68%, 12/17/2036(a)		906,694		911,382
CCG Receivables Trust Series 2018-2, Class A1, 2.47%, 8/14/2019(a)		1,224,080		1,223,134
Series 2018-2, Class A2, 3.09%, 12/15/2025(a)		3,000,000		3,002,402
Cedar Funding II CLO Ltd., Series 2013-1A, Class BR, 4.52%, 6/9/2030(a)(b)		3,000,000		2,981,358
CVS Pass-Through Trust, 6.94%, 1/10/2030		1,704,137		1,911,311
Golden Bear LLC, Series 2016-1A, Class A, 3.75%, 9/20/2047(a)		2,147,154		2,141,344
Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052(a)		223,348		226,181
HERO Funding Trust Series 2015-2A, Class A, 3.99%, 9/20/2040(a)		357,085		367,044
Series 2015-1A, Class A, 3.84%, 9/21/2040(a)		1,544,921		1,618,917
Invitation Homes Trust, Series 2018-SFR3, Class A, 3.51%, 7/17/2037(a)(b)		1,987,349		1,980,397
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class A, 3.99%, 4/19/2030(a)(b)		2,000,000		1,993,006
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class A, 0.00%, 1/19/2032(a)(b)		500,000		500,000
NRZ Advance Receivables Trust, Series 2016-T5, Class AT5, 3.33%, 12/15/2051(a)		4,000,000		3,981,280
Ocwen Master Advance Receivables Trust Series 2018-T1, Class AT1, 3.30%, 8/15/2049(a)		1,600,000		1,599,552
Series 2016-T2, Class AT2, 2.72%, 8/16/2049(a)		8,150,000		8,122,535
Renew, Series 2018-1, Class A, 3.95%, 9/20/2053(a)		2,353,255		2,396,566
SPS Servicer Advance Receivables Trust, Series 2018-T1, Class AT1, 3.62%, 10/17/2050(a)		800,000		802,943
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class AT2, 2.75%, 11/15/2049(a)		4,200,000		4,190,248
				39,949,600
Total Asset-Backed Securities (cost $79,433,365)				79,712,800

Collateralized Mortgage Obligations 6.4%
	Principal Amount		Value
Alternative Loan Trust, Series 2007-2CB, Class 2A14, 5.75%, 3/25/2037		319,369		264,692
American Home Mortgage Investment Trust, Series 2004-3, Class 6A1, 5.32%, 10/25/2034(c)		31,222		31,324
Chase Mortgage Trust, Series 2016-2, Class M2, 3.75%, 12/25/2045(a)(b)		6,652,530		6,672,557
CHL Mortgage Pass-Through Trust, Series 2005-15, Class A7, 5.50%, 8/25/2035		85,826		74,612
Citigroup Mortgage Loan Trust, Series 2015-RP2, Class A1, 3.50%, 1/25/2053(a)(b)		1,414,377		1,415,381

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
FNMA REMICS Series 2003-33, Class LB, 5.50%, 5/25/2023	$	351,235	$	360,339
Series 2009-42, Class AP, 4.50%, 3/25/2039		106,096		107,819
MASTR Alternative Loan Trust, Series 2005-6, Class 1A5, 5.50%, 12/25/2035		260,228		243,113
New Residential Mortgage Loan Trust Series 2016-3A, Class A1, 3.75%, 9/25/2056(a)(b)		1,819,239		1,818,151
Series 2019-1A, Class A1, 4.00%, 9/25/2057(a)(b)		1,800,000		1,809,528
Series 2018-5A, Class A1, 4.75%, 12/25/2057(a)(b)		3,846,933		3,967,516
Series 2018-2A, Class A1, 4.50%, 2/25/2058(a)(b)		1,858,349		1,894,310
RCO Trust, Series 2018-VFS1, Class A1, 4.27%, 12/26/2053(a)(b)		1,985,405		1,992,567
Sequoia Mortgage Trust Series 2017-CH1, Class A2, 3.50%, 8/25/2047(a)(b)		916,726		906,611
Series 2018-CH4, Class A10, 4.50%, 10/25/2048(a)(b)		1,905,590		1,944,528
Total Collateralized Mortgage Obligations (cost $23,692,724)				23,503,048
Commercial Mortgage-Backed Securities 3.4%
	Principal Amount		Value
Aventura Mall Trust, Series 2013-AVM, Class A, 3.74%, 12/5/2032(a)(b)		590,000		599,115
BBCMS Mortgage Trust, Series 2016-ETC, Class C, 3.39%, 8/14/2036(a)		6,300,000		6,000,780
COMM Mortgage Trust, Series 2014-TWC, Class B, 4.11%, 2/13/2032(a)(b)		1,000,000		999,974
Core Industrial Trust, Series 2015-TEXW, Class B, 3.33%, 2/10/2034(a)		4,980,000		4,977,908
Total Commercial Mortgage-Backed Securities (cost $13,146,410)				12,577,777
Corporate Bonds 37.8%
	Principal Amount		Value
Aerospace & Defense 1.2%
Huntington Ingalls Industries, Inc., 3.48%, 12/1/2027		1,250,000		1,200,250
Lockheed Martin Corp., 3.55%, 1/15/2026		1,250,000		1,266,250
United Technologies Corp., 4.13%, 11/16/2028		2,000,000		2,057,155
				4,523,655
Banks 5.2%
Bank of America Corp., 4.20%, 8/26/2024		1,000,000		1,023,633
Series L, 3.95%, 4/21/2025		1,750,000		1,757,126
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028(d)		2,000,000		1,993,558
Citigroup, Inc., 4.45%, 9/29/2027		2,000,000		2,029,241
Citizens Financial Group, Inc., 3.75%, 7/1/2024		1,500,000		1,467,971
4.35%, 8/1/2025		2,000,000		1,986,752
Cooperatieve Rabobank UA, 5.75%, 12/1/2043		600,000		679,949
HSBC Holdings plc, 4.38%, 11/23/2026		1,000,000		1,003,194
JPMorgan Chase & Co., Series I, (ICE LIBOR USD 3 Month + 3.47%), 6.22%, 4/30/2019(d)(e)		717,000		721,302
3.88%, 9/10/2024		500,000		507,036
4.95%, 6/1/2045		1,500,000		1,607,580
UBS Group Funding Switzerland AG, 2.65%, 2/1/2022(a)		4,500,000		4,400,402
				19,177,744
Beverages 0.5%
Anheuser-Busch Cos. LLC, 3.65%, 2/1/2026(a)		1,000,000		982,503
4.90%, 2/1/2046(a)		1,000,000		953,666
				1,936,169
Biotechnology 0.3%
AbbVie, Inc., 3.20%, 5/14/2026		1,000,000		944,094
Capital Markets 0.6%
FMR LLC, 4.95%, 2/1/2033(a)		1,000,000		1,108,352
S&P Global, Inc., 4.50%, 5/15/2048		1,250,000		1,265,351
				2,373,703
Chemicals 0.8%
Cytec Industries, Inc., 3.95%, 5/1/2025		600,000		594,059
Nutrien Ltd., 5.25%, 1/15/2045		1,250,000		1,261,875
Solvay Finance America LLC, 3.40%, 12/3/2020(a)		1,000,000		999,655
				2,855,589
Commercial Services & Supplies 0.3%
Aramark Services, Inc., 5.00%, 2/1/2028(a)		1,100,000		1,073,875
Containers & Packaging 0.2%
Ball Corp., 4.88%, 3/15/2026		750,000		761,850
Diversified Financial Services 0.7%
HERO Funding Trust, Series 2015-3, Class A, 4.28%, 9/20/2041		1,433,169		1,487,343
Shell International Finance BV, 4.38%, 5/11/2045		1,000,000		1,061,470
				2,548,813
Diversified Telecommunication Services 1.8%
AT&T, Inc., 3.40%, 5/15/2025		500,000		489,114
4.10%, 2/15/2028		1,500,000		1,488,530
4.30%, 2/15/2030		2,081,000		2,062,014

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Diversified Telecommunication Services (continued)
CCO Holdings LLC, 5.75%, 2/15/2026(a)	$	600,000	$	609,000
5.13%, 5/1/2027(a)		2,000,000		1,932,440
				6,581,098
Electric Utilities 3.3%
Appalachian Power Co., 3.40%, 6/1/2025		1,000,000		994,594
Entergy Arkansas LLC, 4.00%, 6/1/2028		2,750,000		2,773,865
Eversource Energy, Series O, 4.25%, 4/1/2029		1,000,000		1,040,642
Indiana Michigan Power Co., 3.85%, 5/15/2028		1,250,000		1,266,933
ITC Holdings Corp., 3.65%, 6/15/2024		3,000,000		2,985,129
Public Service Co. of Colorado, 2.90%, 5/15/2025		3,000,000		2,929,182
				11,990,345
Electrical Equipment 0.3%
Eaton Corp., 8.88%, 6/15/2019		1,000,000		1,020,260
Energy Equipment & Services 0.8%
Helmerich & Payne, Inc., 4.65%, 3/15/2025(a)		1,750,000		1,802,340
Transocean, Inc., 8.37%, 12/15/2021		1,000,000		1,045,000
				2,847,340
Entertainment 0.3%
21st Century Fox America, Inc., 3.70%, 10/15/2025		1,000,000		1,019,132
Equity Real Estate Investment Trusts (REITs) 1.9%
Kite Realty Group LP, 4.00%, 10/1/2026		1,250,000		1,142,602
Liberty Property LP, 3.75%, 4/1/2025		2,000,000		1,979,357
Piedmont Operating Partnership LP, 3.40%, 6/1/2023		1,500,000		1,453,230
4.45%, 3/15/2024		2,500,000		2,526,730
				7,101,919
Food & Staples Retailing 0.2%
CVS Pass-Through Trust, 7.51%, 1/10/2032(a)		767,043		896,109
Food Products 0.5%
Grupo Bimbo SAB de CV, 3.88%, 6/27/2024(a)		1,000,000		987,312
McCormick & Co., Inc., 3.15%, 8/15/2024		900,000		876,912
				1,864,224
Health Care Providers & Services 0.3%
CVS Health Corp., 4.30%, 3/25/2028		1,000,000		1,013,903
Household Durables 0.9%
Newell Brands, Inc., 5.00%, 11/15/2023		560,000		568,339
4.20%, 4/1/2026		3,000,000		2,882,925
				3,451,264
Industrial Conglomerates 0.1%
General Electric Co., 4.65%, 10/17/2021		358,000		366,055
Insurance 2.0%
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(a)		3,000,000		2,974,931
Nuveen Finance LLC, 4.13%, 11/1/2024(a)		3,405,000		3,511,740
Oil Insurance Ltd., (ICE LIBOR USD 3 Month + 2.98%), 5.78%, 3/30/2019(a)(d)(e)		1,000,000		942,500
				7,429,171
Media 0.6%
Charter Communications Operating LLC, 4.91%, 7/23/2025		1,000,000		1,028,044
Comcast Corp., 4.70%, 10/15/2048		1,000,000		1,044,318
				2,072,362
Metals & Mining 0.1%
Compass Minerals International, Inc., 4.88%, 7/15/2024(a)		500,000		465,000
Multi-Utilities 2.2%
Black Hills Corp., 3.95%, 1/15/2026		1,750,000		1,738,889
3.15%, 1/15/2027		1,000,000		930,467
Southern Co. Gas Capital Corp., 3.88%, 11/15/2025		1,250,000		1,245,781
3.25%, 6/15/2026		2,000,000		1,880,125
WEC Energy Group, Inc., 3.55%, 6/15/2025		2,500,000		2,502,073
				8,297,335
Oil, Gas & Consumable Fuels 6.7%
Anadarko Petroleum Corp., 6.60%, 3/15/2046		1,000,000		1,190,570
BP Capital Markets plc, 3.51%, 3/17/2025		2,500,000		2,498,636
Continental Resources, Inc., 4.50%, 4/15/2023		2,103,125		2,142,455
3.80%, 6/1/2024		2,000,000		1,976,124
Enbridge Energy Partners LP, 7.38%, 10/15/2045		625,000		832,346
Energy Transfer LP, 5.50%, 6/1/2027		1,000,000		1,037,500
Energy Transfer Operating LP, 4.20%, 4/15/2027		2,500,000		2,405,329
Kinder Morgan, Inc., 4.30%, 3/1/2028		1,250,000		1,260,605
5.05%, 2/15/2046		700,000		688,958
Marathon Oil Corp., 3.85%, 6/1/2025		3,000,000		2,947,283
MPLX LP, 4.88%, 12/1/2024		1,000,000		1,042,656
Noble Energy, Inc., 3.85%, 1/15/2028		1,000,000		945,214
Petroleos Mexicanos, 6.35%, 2/12/2048		1,391,000		1,168,301

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Sabine Pass Liquefaction LLC, 5.63%, 3/1/2025	$	2,000,000	$	2,155,293
TransCanada PipeLines Ltd., 5.10%, 3/15/2049		750,000		785,371
Williams Cos., Inc. (The), 5.75%, 6/24/2044		1,000,000		1,054,183
WPX Energy, Inc., 6.00%, 1/15/2022		55,000		55,825
5.75%, 6/1/2026		600,000		597,000
				24,783,649
Pharmaceuticals 1.8%
Allergan Funding SCS, 3.85%, 6/15/2024		500,000		501,508
3.80%, 3/15/2025		1,500,000		1,494,777
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/2026		2,000,000		1,862,292
Teva Pharmaceutical Finance Netherlands III BV, 2.80%, 7/21/2023		1,500,000		1,349,813
3.15%, 10/1/2026		1,500,000		1,245,452
				6,453,842
Road & Rail 0.5%
Burlington Northern Santa Fe LLC, 3.00%, 4/1/2025		1,000,000		989,793
4.15%, 4/1/2045		1,000,000		1,005,419
				1,995,212
Semiconductors & Semiconductor Equipment 1.1%
QUALCOMM, Inc., 2.60%, 1/30/2023		4,000,000		3,900,906
Software 0.8%
Microsoft Corp., 3.30%, 2/6/2027		3,000,000		3,040,431
Technology Hardware, Storage & Peripherals 0.2%
Digital Equipment Corp., 7.75%, 4/1/2023		825,000		890,906
Thrifts & Mortgage Finance 1.1%
BPCE SA, 5.70%, 10/22/2023(a)		3,000,000		3,131,529
4.88%, 4/1/2026(a)		750,000		755,014
				3,886,543
Tobacco 0.5%
Reynolds American, Inc., 4.45%, 6/12/2025		2,000,000		2,014,926
Total Corporate Bonds (cost $140,962,215)				139,577,424
Mortgage-Backed Securities 14.5%
	Principal Amount		Value
FNMA Pool
Pool# AM7838 3.56%, 2/1/2035		2,337,106		2,358,142
Pool# AM9070 3.77%, 8/1/2045		2,995,000		2,961,733
Pool# BC0180 4.00%, 1/1/2046		2,480,753		2,548,551
Pool# BC9003 3.00%, 11/1/2046		332,660		326,956
Pool# AS8483 3.00%, 12/1/2046		267,743		263,151
Pool# MA2863 3.00%, 1/1/2047		2,744,588		2,697,525
Pool# AS8810 3.50%, 2/1/2047		10,616,044		10,693,955
Pool# BM2003 4.00%, 10/1/2047		2,617,258		2,683,955
Pool# BM3355 3.50%, 2/1/2048		7,457,830		7,498,698
Pool# CA2208 4.50%, 8/1/2048		9,698,194		10,080,028
Pool# CA2469 4.00%, 10/1/2048		5,917,949		6,061,594
Pool# BN0906 4.00%, 11/1/2048		4,985,635		5,113,135
Total Mortgage-Backed Securities (cost $54,106,056)				53,287,423
Municipal Bonds 0.4%
	Principal Amount		Value
California 0.2%
Northern California Power Agency, RB, Series B, 7.31%, 6/1/2040		500,000		658,435
District of Columbia 0.2%
Metropolitan Washington Airports Authority, RB, Series D, 7.46%, 10/1/2046		600,000		863,808
Total Municipal Bonds (cost $1,337,127)				1,522,243
Purchased Options 0.0%†
	Number of Contracts		Value
Call Options 0.0%†
Future Interest Rate Options 0.0%†
U.S. Treasury 10 Year Note, 2/22/2019 at USD 122.50, American Style, Notional Amount: USD 20,000,000, Exchange Traded*		200		78,125
Total Purchased Options (cost $69,260)				78,125
U.S. Treasury Obligations 15.2%
	Principal Amount		Value
U.S. Treasury Inflation Linked Notes, 0.63%, 1/15/2026(f)	$	25,000,000		26,302,541
U.S. Treasury Notes 1.63%, 10/15/2020(g)		4,000,000		3,942,188

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

U.S. Treasury Obligations (continued)
	Principal Amount		Value
U.S. Treasury Notes (continued)
2.00%, 10/31/2022	$	11,000,000	$	10,828,125
2.00%, 11/30/2022		3,000,000		2,952,187
2.25%, 10/31/2024		3,000,000		2,962,969
2.75%, 2/28/2025		3,500,000		3,549,766
2.88%, 5/31/2025		5,500,000		5,616,875
Total U.S. Treasury Obligations (cost $55,565,922)				56,154,651
Total Investments (cost $368,313,079) — 99.3%				366,413,491
Other assets in excess of liabilities — 0.7%				2,489,834
NET ASSETS — 100.0%			$	368,903,325

* Denotes a non-income producing security.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $123,381,287 which represents 33.45% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2019.

(c) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at January 31, 2019.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(e) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on January 31, 2019. The maturity date reflects the next call date.

(f) Principal amounts are not adjusted for inflation.

(g) Security or a portion of the security was used to cover the margin requirement for futures contracts.

† Amount rounds to less than 0.1%.

CLO	Collateralized Loan Obligations
FNMA	Federal National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
RB	Revenue Bond
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Futures contracts outstanding as of January 31, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury Long Bond		394			3/2019		USD		57,794,875			2,012,398
												2,012,398
Short Contracts
U.S. Treasury 10 Year Note		(155	)		3/2019		USD		(18,982,656	)		(520,094	)
U.S. Treasury 5 Year Note		(678	)		3/2019		USD		(77,874,657	)		(917,009	)
												(1,437,103	)
												575,295

Currency:
USD	United States Dollar

Written Call Options Contracts as of January 31, 2019:

Description

Counterparty

Number of Contracts

Notional Amount

Exercise Price

Expiration Date

Value ($)

U.S. Treasury 10 Year Note

Exchange Traded

200

USD

20,000,000

USD

124.00

2/22/2019

(12,500

)

(12,500

)

Written Put Options Contracts as of January 31, 2019:

Description	Counterparty		Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value ($)
U.S. Treasury 10 Year Note		Exchange Traded		200	USD	20,000,000	USD	120.50		2/22/2019		(3,125	)
												(3,125	)
Total Written Options Contracts (Premiums Paid ($42,730))												(15,625	)

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	79,712,800	$	—	$	79,712,800
Collateralized Mortgage Obligations		—			23,503,048		—		23,503,048
Commercial Mortgage-Backed Securities		—			12,577,777		—		12,577,777
Corporate Bonds		—			139,577,424		—		139,577,424
Futures Contracts		2,012,398			—		—		2,012,398
Mortgage-Backed Securities		—			53,287,423		—		53,287,423
Municipal Bonds		—			1,522,243		—		1,522,243
Purchased Options		78,125			—		—		78,125
U.S. Treasury Obligations		—			56,154,651		—		56,154,651
Total Assets	$	2,090,523		$	366,335,366	$	—	$	368,425,889
Liabilities:
Futures Contracts	$	(1,437,103	)	$	—	$	—	$	(1,437,103	)
Written Options		(15,625	)		—		—		(15,625	)
Total Liabilities	$	(1,452,728	)	$	—	$	—	$	(1,452,728	)
Total	$	637,795		$	366,335,366	$	—	$	366,973,161

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using options and financial futures contracts.

Options

The Fund has long and short positions in options on interest rate futures contracts, which are exchange-traded. Such option investments are utilized to gain exposure to and/or hedge against changes in interest rates. The purchase of put options serves as a short hedge. Writing put options serves as a limited long hedge because increases in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security depreciates to a price lower than the strike price of the put option, it can be expected that the put option will be exercised, and the Fund will be obligated to purchase the security at more than its market value. The Fund segregates liquid assets to cover its obligations under its option contracts.

When the Fund writes an option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds from or offset against amounts paid on the underlying transaction to determine the realized gain or loss on such underlying transaction. When the Fund writes an option, it has no control over whether the option will be exercised, and as a result bears the risk of an unfavorable change in the price of the instrument underlying the written option. Writing options entails the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the average bid/ask price. Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last sale price, if available, and otherwise at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option.

The Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit the Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If the Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by the Fund could cause material losses because the Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by the Fund) expose the Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”) guidelines, the Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or the Fund’s ability to meet redemption requests or other current obligations.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to and/ or hedge against changes in the interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

		Fair Value
Assets:
Purchased Options
Interest rate risk	Investment securities, at value	$	78,125
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts		2,012,398
Total		$	2,090,523
Liabilities:
Written Options
Interest rate risk	Written options, at value	$	(15,625	)
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts		(1,437,103	)
Total		$	(1,452,728	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund

Asset-Backed Securities 0.2%
	Principal Amount		Value
Airlines 0.0%†
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 1/15/2023	$	127,653	$	130,372
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 8/15/2025		194,392		198,086
				328,458
Credit Card 0.2%
Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/2024		625,000		611,100
Citibank Credit Card Issuance Trust, Series 2017-A3, Class A3, 1.92%, 4/7/2022		1,000,000		990,109
				1,601,209
Total Asset-Backed Securities (cost $1,930,034)				1,929,667
Commercial Mortgage-Backed Securities 2.5%
	Principal Amount		Value
BBCMS Mortgage Trust, Series 2017-C1, Class A4, 3.67%, 2/15/2050		450,000		455,000
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class A4, 3.57%, 6/15/2050		850,000		848,402
Citigroup Commercial Mortgage Trust Series 2013-GC17, Class A4, 4.13%, 11/10/2046		650,000		677,820
Series 2014-GC25, Class A4, 3.64%, 10/10/2047		500,000		510,237
COMM Mortgage Trust Series 2013-CR12, Class A4, 4.05%, 10/10/2046		300,000		310,736
Series 2014-CR16, Class A4, 4.05%, 4/10/2047		750,000		778,262
FHLMC Multifamily Structured Pass-Through Certificates REMICS Series K003, Class A5, 5.09%, 3/25/2019		14,843		14,824
Series K713, Class A2, 2.31%, 3/25/2020		486,727		483,927
Series K020, Class A2, 2.37%, 5/25/2022		600,000		592,763
Series K026, Class A2, 2.51%, 11/25/2022		200,000		197,871
Series K031, Class A2, 3.30%, 4/25/2023(a)		100,000		101,716
Series K033, Class A2, 3.06%, 7/25/2023(a)		100,000		100,906
Series K038, Class A1, 2.60%, 10/25/2023		125,279		124,908
Series K037, Class A2, 3.49%, 1/25/2024		200,000		205,172
Series K038, Class A2, 3.39%, 3/25/2024		800,000		817,890
Series K066, Class A2, 3.12%, 6/25/2027		750,000		746,814
FNMA ACES REMICS Series 2014-M6, Class A2, 2.68%, 5/25/2021(a)		128,190		127,437
Series 2014-M2, Class ASV2, 2.78%, 6/25/2021(a)		304,216		303,562
GS Mortgage Securities Corp. II, Series 2015-GC30, Class A4, 3.38%, 5/10/2050		750,000		754,510
GS Mortgage Securities Trust, Series 2015-GC28, Class A2, 2.90%, 2/10/2048		1,000,000		999,207
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A3, 4.17%, 8/15/2046		385,636		393,804
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5, 3.45%, 9/15/2050		750,000		747,756
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A4, 2.92%, 2/15/2046		1,300,000		1,286,363
Series 2013-C10, Class ASB, 3.91%, 7/15/2046(a)		1,203,456		1,226,497
Series 2013-C10, Class A5, 4.08%, 7/15/2046(a)		250,000		259,573
Series 2014-C17, Class A5, 3.74%, 8/15/2047		1,500,000		1,538,124
Morgan Stanley Capital I Trust Series 2016-UBS9, Class A4, 3.59%, 3/15/2049		900,000		909,728
Series 2017-H1, Class A5, 3.53%, 6/15/2050		750,000		750,507
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.79%, 9/15/2048		1,700,000		1,734,141
WFRBS Commercial Mortgage Trust Series 2013-C11, Class A4, 3.04%, 3/15/2045		500,000		498,252
Series 2012-C7, Class A2, 3.43%, 6/15/2045		300,000		302,201
Total Commercial Mortgage-Backed Securities (cost $19,283,872)				18,798,910
Corporate Bonds 25.4%
	Principal Amount		Value
Aerospace & Defense 0.5%
Boeing Co. (The), 4.88%, 2/15/2020		200,000		204,328
3.30%, 3/1/2035		65,000		59,843
General Dynamics Corp., 3.88%, 7/15/2021		150,000		153,502
Harris Corp., 3.83%, 4/27/2025		250,000		248,991
4.85%, 4/27/2035		55,000		56,281
L3 Technologies, Inc., 4.95%, 2/15/2021		250,000		257,070
Lockheed Martin Corp., 3.55%, 1/15/2026		500,000		506,500
3.60%, 3/1/2035		55,000		52,253
4.07%, 12/15/2042		191,000		189,910
Northrop Grumman Corp., 4.75%, 6/1/2043		250,000		262,477
Raytheon Co., 3.13%, 10/15/2020		250,000		251,895
3.15%, 12/15/2024		75,000		74,621
Rockwell Collins, Inc., 3.50%, 3/15/2027		150,000		144,407
Textron, Inc., 4.30%, 3/1/2024		250,000		255,011

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Aerospace & Defense (continued)
United Technologies Corp., 3.65%, 8/16/2023	$	200,000	$	202,983
6.13%, 7/15/2038		150,000		177,035
4.50%, 6/1/2042		250,000		251,174
4.05%, 5/4/2047		100,000		93,351
				3,441,632
Air Freight & Logistics 0.1%
FedEx Corp., 3.25%, 4/1/2026		45,000		43,254
3.30%, 3/15/2027		70,000		66,209
3.88%, 8/1/2042		50,000		42,838
4.55%, 4/1/2046		250,000		233,491
United Parcel Service of America, Inc., 8.38%, 4/1/2020		82,000		87,168
United Parcel Service, Inc., 6.20%, 1/15/2038		205,000		256,811
				729,771
Auto Components 0.0%†
Aptiv Corp., 4.15%, 3/15/2024		150,000		150,084
BorgWarner, Inc., 3.38%, 3/15/2025		70,000		68,079
				218,163
Automobiles 0.1%
Ford Motor Co., 7.45%, 7/16/2031		250,000		253,314
General Motors Co., 4.20%, 10/1/2027		250,000		230,387
5.20%, 4/1/2045		250,000		217,477
Toyota Motor Corp., 3.42%, 7/20/2023		200,000		202,778
				903,956
Banks 4.3%
Banco Santander SA, 4.25%, 4/11/2027		200,000		194,567
Bank of America Corp., (ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022(b)		250,000		248,033
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(b)		500,000		498,256
(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023(b)		500,000		491,764
4.10%, 7/24/2023		250,000		259,092
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(b)		271,000		267,542
3.88%, 8/1/2025		250,000		254,895
4.45%, 3/3/2026		55,000		56,402
3.50%, 4/19/2026		145,000		143,707
4.25%, 10/22/2026		145,000		146,587
3.25%, 10/21/2027		250,000		239,213
Series L, 4.18%, 11/25/2027		100,000		99,889
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(b)		281,000		271,117
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029(b)		250,000		251,167
5.88%, 2/7/2042		250,000		303,858
(ICE LIBOR USD 3 Month + 1.99%), 4.44%, 1/20/2048(b)		250,000		254,773
Bank of Montreal, Series D, 3.10%, 4/13/2021		100,000		100,401
Bank of Nova Scotia (The), 2.15%, 7/14/2020		600,000		594,100
2.70%, 3/7/2022		100,000		98,650
Barclays Bank plc, 5.14%, 10/14/2020		250,000		255,980
Barclays plc, 3.65%, 3/16/2025		200,000		191,047
4.34%, 1/10/2028		250,000		240,687
(ICE LIBOR USD 3 Month + 1.90%), 4.97%, 5/16/2029(b)		250,000		251,025
BB&T Corp., 2.75%, 4/1/2022		250,000		247,165
2.85%, 10/26/2024		250,000		244,889
BNP Paribas SA, 4.25%, 10/15/2024		250,000		250,607
Citigroup, Inc., 2.65%, 10/26/2020		250,000		248,160
3.88%, 10/25/2023		100,000		101,654
3.75%, 6/16/2024		300,000		303,708
3.30%, 4/27/2025		155,000		151,279
5.50%, 9/13/2025		250,000		270,828
3.70%, 1/12/2026		250,000		249,912
4.60%, 3/9/2026		105,000		107,272
3.40%, 5/1/2026		200,000		194,647
4.30%, 11/20/2026		200,000		200,180
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028(b)		250,000		245,147
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(b)		250,000		241,265
6.63%, 6/15/2032		182,000		216,753
4.65%, 7/23/2048		250,000		259,919
Commonwealth Bank of Australia, 2.30%, 3/12/2020		250,000		248,493
Compass Bank, 3.88%, 4/10/2025		250,000		243,086
Cooperatieve Rabobank UA, 5.25%, 5/24/2041		125,000		143,184
5.75%, 12/1/2043		250,000		283,312
Credit Suisse Group Funding Guernsey Ltd., 3.13%, 12/10/2020		250,000		249,249
3.80%, 9/15/2022		250,000		250,387
4.55%, 4/17/2026		250,000		254,011
Discover Bank, 7.00%, 4/15/2020		300,000		312,811
4.20%, 8/8/2023		250,000		253,642
Fifth Third Bancorp, 2.88%, 7/27/2020		250,000		249,692
3.50%, 3/15/2022		300,000		301,844
3.95%, 3/14/2028		250,000		251,540
HSBC Bank USA NA, 5.88%, 11/1/2034		498,000		580,210
HSBC Holdings plc, 3.60%, 5/25/2023		200,000		201,450
4.25%, 3/14/2024		250,000		253,998
4.30%, 3/8/2026		200,000		204,126
3.90%, 5/25/2026		250,000		248,953
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(b)		500,000		506,144
Huntington Bancshares, Inc., 3.15%, 3/14/2021		250,000		250,529
JPMorgan Chase & Co., 2.75%, 6/23/2020		250,000		249,543
2.55%, 3/1/2021		250,000		248,141
3.38%, 5/1/2023		250,000		249,730
3.63%, 5/13/2024		350,000		354,669
3.13%, 1/23/2025		250,000		245,188
3.30%, 4/1/2026		250,000		245,071
4.13%, 12/15/2026		250,000		254,337
(ICE LIBOR USD 3 Month + 1.36%), 3.88%, 7/24/2038(b)		500,000		476,855
5.60%, 7/15/2041		200,000		233,596
4.85%, 2/1/2044		250,000		268,768
(ICE LIBOR USD 3 Month + 1.58%), 4.26%, 2/22/2048(b)		250,000		246,248

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
KeyCorp, 5.10%, 3/24/2021	$	150,000	$	156,302
Korea Development Bank (The), 4.63%, 11/16/2021		200,000		207,802
Kreditanstalt fuer Wiederaufbau, 1.63%, 5/29/2020		405,000		399,806
2.75%, 9/8/2020		300,000		300,742
2.13%, 3/7/2022		2,000,000		1,974,370
2.88%, 4/3/2028		200,000		201,308
Landwirtschaftliche Rentenbank, Series 36, 2.00%, 12/6/2021		500,000		491,987
Lloyds Banking Group plc, 4.50%, 11/4/2024		250,000		244,823
4.65%, 3/24/2026		250,000		243,984
4.34%, 1/9/2048		250,000		214,794
Manufacturers & Traders Trust Co., 2.10%, 2/6/2020		500,000		496,212
Mitsubishi UFJ Financial Group, Inc., 3.76%, 7/26/2023		200,000		203,626
3.85%, 3/1/2026		250,000		252,960
Mizuho Financial Group, Inc., 3.17%, 9/11/2027		250,000		240,024
MUFG Americas Holdings Corp., 3.00%, 2/10/2025		200,000		193,124
National Australia Bank Ltd., 3.38%, 1/14/2026		250,000		245,287
PNC Bank NA, 2.95%, 1/30/2023		350,000		344,237
3.30%, 10/30/2024		250,000		249,395
PNC Financial Services Group, Inc. (The), 5.13%, 2/8/2020		400,000		408,667
Royal Bank of Canada, 2.15%, 3/6/2020		250,000		248,189
2.50%, 1/19/2021		250,000		248,004
Royal Bank of Scotland Group plc, (ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(b)		200,000		195,290
4.80%, 4/5/2026		250,000		250,571
Santander Holdings USA, Inc., 2.65%, 4/17/2020		150,000		148,976
4.40%, 7/13/2027		200,000		195,616
Santander UK Group Holdings plc, 2.88%, 10/16/2020		105,000		104,047
Santander UK plc, 2.38%, 3/16/2020		250,000		248,246
2.50%, 1/5/2021		500,000		491,974
Sumitomo Mitsui Financial Group, Inc., 2.78%, 7/12/2022		750,000		738,631
3.78%, 3/9/2026		500,000		502,812
SunTrust Bank, 2.45%, 8/1/2022		500,000		487,077
Toronto-Dominion Bank (The), 1.80%, 7/13/2021		750,000		730,367
US Bancorp, 4.13%, 5/24/2021		100,000		102,456
Series X, 3.15%, 4/27/2027		250,000		246,267
Wells Fargo & Co., 3.00%, 1/22/2021		500,000		499,291
2.50%, 3/4/2021		240,000		237,511
2.63%, 7/22/2022		250,000		245,268
3.00%, 2/19/2025		60,000		58,523
3.00%, 4/22/2026		250,000		239,619
4.30%, 7/22/2027		200,000		204,138
5.38%, 2/7/2035		118,000		134,590
5.61%, 1/15/2044		333,000		380,018
3.90%, 5/1/2045		150,000		145,619
4.90%, 11/17/2045		250,000		260,952
4.40%, 6/14/2046		100,000		97,707
Westpac Banking Corp., 2.10%, 5/13/2021		100,000		97,916
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031(b)		250,000		242,847
				32,456,916
Beverages 0.9%
Anheuser-Busch Cos. LLC, 3.65%, 2/1/2026(c)		500,000		491,252
4.70%, 2/1/2036(c)		350,000		336,333
4.90%, 2/1/2046(c)		215,000		205,038
Anheuser-Busch InBev Finance, Inc., 2.65%, 2/1/2021		294,000		292,793
Anheuser-Busch InBev Worldwide, Inc., 2.50%, 7/15/2022		250,000		243,616
3.50%, 1/12/2024		100,000		100,350
4.15%, 1/23/2025		500,000		513,532
4.00%, 4/13/2028		100,000		99,118
4.38%, 4/15/2038		100,000		91,413
4.60%, 4/15/2048		150,000		135,787
4.44%, 10/6/2048		130,000		115,140
5.55%, 1/23/2049		350,000		365,477
4.75%, 4/15/2058		150,000		133,438
Coca-Cola Co.(The), 3.15%, 11/15/2020		200,000		202,122
3.20%, 11/1/2023		400,000		408,839
2.90%, 5/25/2027		100,000		97,495
Constellation Brands, Inc., 3.50%, 5/9/2027		400,000		381,531
Diageo Investment Corp., 2.88%, 5/11/2022		500,000		499,174
Keurig Dr Pepper, Inc., 3.20%, 11/15/2021		250,000		248,313
5.09%, 5/25/2048(c)(d)		250,000		248,344
Molson Coors Brewing Co., 3.50%, 5/1/2022		250,000		249,998
3.00%, 7/15/2026		95,000		88,179
PepsiCo, Inc., 1.85%, 4/30/2020		250,000		247,566
3.13%, 11/1/2020		200,000		201,665
3.60%, 3/1/2024		250,000		258,889
2.85%, 2/24/2026		175,000		170,558
3.45%, 10/6/2046		250,000		232,206
				6,658,166
Biotechnology 0.5%
AbbVie, Inc., 2.90%, 11/6/2022		500,000		493,725
3.20%, 5/14/2026		185,000		174,657
4.50%, 5/14/2035		135,000		127,490
4.30%, 5/14/2036		250,000		230,357
4.40%, 11/6/2042		75,000		67,403
Amgen, Inc., 3.45%, 10/1/2020		200,000		201,563
4.56%, 6/15/2048		187,000		183,148
4.66%, 6/15/2051		279,000		275,329
Baxalta, Inc., 4.00%, 6/23/2025		30,000		29,757
Biogen, Inc., 3.63%, 9/15/2022		500,000		508,227
4.05%, 9/15/2025		95,000		96,923
Celgene Corp., 3.25%, 8/15/2022		200,000		199,161
4.63%, 5/15/2044		150,000		142,940
5.00%, 8/15/2045		250,000		252,045
Gilead Sciences, Inc., 4.50%, 4/1/2021		100,000		102,836
3.70%, 4/1/2024		150,000		152,530
3.50%, 2/1/2025		145,000		145,627
3.65%, 3/1/2026		75,000		75,197
4.50%, 2/1/2045		250,000		247,992

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Biotechnology (continued)
Gilead Sciences, Inc., (continued)
4.75%, 3/1/2046	$	150,000	$	154,523
				3,861,430
Building Products 0.1%
Johnson Controls International plc, 4.25%, 3/1/2021		100,000		101,836
3.90%, 2/14/2026		125,000		122,855
4.50%, 2/15/2047		100,000		91,338
Masco Corp., 3.50%, 11/15/2027		100,000		92,429
Owens Corning, 4.30%, 7/15/2047		150,000		112,724
				521,182
Capital Markets 1.4%
Ameriprise Financial, Inc., 5.30%, 3/15/2020		100,000		102,606
4.00%, 10/15/2023		250,000		257,104
Bank of New York Mellon Corp. (The), 2.60%, 8/17/2020		200,000		199,193
2.95%, 1/29/2023		100,000		99,876
Series G, 3.00%, 2/24/2025		105,000		103,142
3.30%, 8/23/2029		250,000		242,462
Brookfield Finance, Inc., 4.25%, 6/2/2026		250,000		246,928
CME Group, Inc., 3.00%, 3/15/2025		250,000		247,229
Credit Suisse USA, Inc., 7.13%, 7/15/2032		195,000		254,057
Deutsche Bank AG, 4.10%, 1/13/2026		250,000		230,900
Franklin Resources, Inc., 2.80%, 9/15/2022		250,000		246,280
Goldman Sachs Group, Inc. (The), Series D, 6.00%, 6/15/2020		500,000		519,638
2.63%, 4/25/2021		500,000		494,397
5.75%, 1/24/2022		250,000		268,261
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023(b)		500,000		489,300
4.00%, 3/3/2024		250,000		255,017
3.75%, 2/25/2026		315,000		311,945
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029(b)		200,000		200,867
6.75%, 10/1/2037		100,000		121,776
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(b)		250,000		234,718
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039(b)		250,000		246,580
6.25%, 2/1/2041		250,000		301,924
Intercontinental Exchange, Inc., 3.45%, 9/21/2023		100,000		100,806
3.75%, 12/1/2025		80,000		81,495
Jefferies Group LLC, 6.88%, 4/15/2021		250,000		265,389
4.15%, 1/23/2030		100,000		87,675
Moody’s Corp., 4.50%, 9/1/2022		100,000		103,564
Morgan Stanley, 2.80%, 6/16/2020		230,000		229,654
5.50%, 7/28/2021		150,000		158,549
4.10%, 5/22/2023		350,000		357,506
4.00%, 7/23/2025		155,000		158,760
3.88%, 1/27/2026		250,000		251,325
3.13%, 7/27/2026		250,000		239,781
4.35%, 9/8/2026		250,000		252,958
3.63%, 1/20/2027		250,000		245,737
3.95%, 4/23/2027		250,000		243,943
7.25%, 4/1/2032		226,000		291,771
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039(b)		250,000		252,159
Northern Trust Corp., 3.38%, 8/23/2021		50,000		50,553
3.65%, 8/3/2028		50,000		51,265
S&P Global, Inc., 4.40%, 2/15/2026		250,000		260,334
State Street Corp., 4.38%, 3/7/2021		300,000		308,480
3.30%, 12/16/2024		155,000		155,862
TD Ameritrade Holding Corp., 2.95%, 4/1/2022		250,000		250,255
3.63%, 4/1/2025		250,000		252,390
UBS AG, 2.35%, 3/26/2020		250,000		248,819
				10,573,230
Chemicals 0.4%
Dow Chemical Co. (The), 4.13%, 11/15/2021		150,000		153,641
3.50%, 10/1/2024		250,000		247,525
4.25%, 10/1/2034		100,000		93,646
4.38%, 11/15/2042		150,000		137,236
DowDuPont, Inc., 4.73%, 11/15/2028		500,000		529,928
Eastman Chemical Co., 3.60%, 8/15/2022		250,000		250,859
Ecolab, Inc., 4.35%, 12/8/2021		81,000		83,919
3.25%, 1/14/2023		250,000		250,660
Lubrizol Corp. (The), 6.50%, 10/1/2034		103,000		131,418
LyondellBasell Industries NV, 6.00%, 11/15/2021		400,000		424,815
4.63%, 2/26/2055		100,000		87,883
Mosaic Co. (The), 5.45%, 11/15/2033		150,000		155,926
Nutrien Ltd., 3.15%, 10/1/2022		50,000		49,114
5.88%, 12/1/2036		125,000		133,739
6.13%, 1/15/2041		100,000		108,966
Praxair, Inc., 4.05%, 3/15/2021		150,000		153,429
3.20%, 1/30/2026		250,000		245,382
Sherwin-Williams Co. (The), 4.50%, 6/1/2047		150,000		141,308
				3,379,394
Commercial Services & Supplies 0.1%
Catholic Health Initiatives, 4.35%, 11/1/2042		50,000		45,290
Republic Services, Inc., 5.25%, 11/15/2021		350,000		369,391
3.20%, 3/15/2025		100,000		98,153
Waste Management, Inc., 3.90%, 3/1/2035		90,000		88,371
				601,205
Communications Equipment 0.1%
Cisco Systems, Inc., 2.50%, 9/20/2026		250,000		238,381
5.50%, 1/15/2040		250,000		302,712
Motorola Solutions, Inc., 4.00%, 9/1/2024		150,000		147,829
7.50%, 5/15/2025		144,000		162,324
				851,246

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Construction Materials 0.0%†
Vulcan Materials Co., 3.90%, 4/1/2027	$	100,000	$	96,033
Consumer Finance 0.8%
AerCap Ireland Capital DAC, 4.25%, 7/1/2020		600,000		601,441
3.65%, 7/21/2027		250,000		224,880
American Express Co., 2.50%, 8/1/2022		1,000,000		977,073
3.63%, 12/5/2024		150,000		150,485
American Honda Finance Corp., 3.45%, 7/14/2023		100,000		100,842
Capital One Financial Corp., 2.50%, 5/12/2020		500,000		496,479
3.75%, 4/24/2024		100,000		100,161
3.30%, 10/30/2024		100,000		97,466
3.75%, 3/9/2027		250,000		241,439
Caterpillar Financial Services Corp., 2.75%, 8/20/2021		500,000		497,462
Ford Motor Credit Co. LLC, 2.43%, 6/12/2020		500,000		488,464
3.34%, 3/18/2021		250,000		242,839
5.88%, 8/2/2021		250,000		256,431
3.66%, 9/8/2024		250,000		222,803
General Motors Financial Co., Inc., 4.38%, 9/25/2021		100,000		100,808
5.25%, 3/1/2026		350,000		348,680
4.00%, 10/6/2026		250,000		230,320
HSBC USA, Inc., 2.75%, 8/7/2020		250,000		248,986
John Deere Capital Corp., 2.65%, 1/6/2022		140,000		139,142
2.70%, 1/6/2023		200,000		197,911
Synchrony Financial, 4.50%, 7/23/2025		190,000		184,901
Toyota Motor Credit Corp., 2.95%, 4/13/2021		200,000		200,623
				6,349,636
Containers & Packaging 0.0%†
International Paper Co., 4.80%, 6/15/2044		250,000		236,556
Diversified Consumer Services 0.1%
Massachusetts Institute of Technology, 4.68%, 7/1/2114		200,000		219,531
Northwestern University, Series 2017, 3.66%, 12/1/2057		12,000		11,677
President & Fellows of Harvard College, 3.15%, 7/15/2046		50,000		44,850
3.30%, 7/15/2056		100,000		89,400
Princeton University, 5.70%, 3/1/2039		200,000		257,526
University of Notre Dame du Lac, Series 2017, 3.39%, 2/15/2048		30,000		27,855
				650,839
Diversified Financial Services 0.3%
AXA Equitable Holdings, Inc., 7.00%, 4/1/2028		92,000		105,486
5.00%, 4/20/2048		150,000		139,467
Bank One Corp., 8.00%, 4/29/2027		202,000		255,292
Berkshire Hathaway, Inc., 2.75%, 3/15/2023		200,000		198,667
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		206,000		201,135
4.42%, 11/15/2035		582,000		519,485
National Rural Utilities Cooperative Finance Corp., 3.40%, 2/7/2028		50,000		49,505
8.00%, 3/1/2032		61,000		84,158
Shell International Finance BV, 4.13%, 5/11/2035		150,000		155,120
6.38%, 12/15/2038		250,000		327,851
4.00%, 5/10/2046		150,000		151,192
3.75%, 9/12/2046		150,000		144,781
Voya Financial, Inc., 3.65%, 6/15/2026		100,000		95,714
				2,427,853
Diversified Telecommunication Services 0.9%
AT&T, Inc., 3.80%, 3/15/2022		500,000		507,800
3.95%, 1/15/2025		350,000		353,279
4.13%, 2/17/2026		250,000		252,286
4.25%, 3/1/2027		250,000		253,022
4.50%, 5/15/2035		310,000		292,813
5.25%, 3/1/2037		250,000		254,513
5.35%, 9/1/2040		175,000		176,716
4.30%, 12/15/2042		267,000		237,666
4.80%, 6/15/2044		150,000		140,643
4.75%, 5/15/2046		250,000		233,871
4.50%, 3/9/2048		160,000		143,445
4.55%, 3/9/2049		100,000		89,919
British Telecommunications plc, 9.63%, 12/15/2030(e)		191,000		266,529
Deutsche Telekom International Finance BV, 8.75%, 6/15/2030(e)		106,000		142,489
Orange SA, 9.00%, 3/1/2031(e)		133,000		187,736
5.50%, 2/6/2044		100,000		109,803
Telefonica Emisiones SAU, 5.46%, 2/16/2021		150,000		156,638
4.57%, 4/27/2023		200,000		208,334
4.10%, 3/8/2027		350,000		348,032
4.90%, 3/6/2048		150,000		140,238
Verizon Communications, Inc., 3.50%, 11/1/2024		400,000		403,689
4.13%, 3/16/2027		250,000		256,451
4.33%, 9/21/2028		254,000		262,780
4.40%, 11/1/2034		300,000		300,336
4.81%, 3/15/2039		269,000		273,415
3.85%, 11/1/2042		250,000		224,089
6.55%, 9/15/2043		250,000		305,598
4.52%, 9/15/2048		250,000		243,618
5.01%, 4/15/2049		95,000		99,742
5.01%, 8/21/2054		150,000		152,962
				7,018,452
Electric Utilities 1.2%
Arizona Public Service Co., 4.20%, 8/15/2048		50,000		49,413
Berkshire Hathaway Energy Co., 4.45%, 1/15/2049		250,000		252,524
CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/2048		150,000		147,120
Cleveland Electric Illuminating Co. (The), 5.50%, 8/15/2024		200,000		218,485
Connecticut Light & Power Co. (The), 4.00%, 4/1/2048		100,000		99,555
DTE Electric Co., 3.65%, 3/15/2024		250,000		255,638
3.70%, 3/15/2045		80,000		76,013
Duke Energy Corp., 3.05%, 8/15/2022		200,000		198,898

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
Duke Energy Corp., (continued)
3.75%, 4/15/2024	$	150,000	$	152,515
3.75%, 9/1/2046		250,000		224,239
Duke Energy Florida LLC, 4.20%, 7/15/2048		50,000		50,393
Duke Energy Indiana LLC, 3.75%, 7/15/2020		100,000		101,272
3.75%, 5/15/2046		250,000		231,786
Duke Energy Ohio, Inc., Series A, 5.40%, 6/15/2033		51,000		56,552
3.70%, 6/15/2046		100,000		92,476
Emera US Finance LP, 3.55%, 6/15/2026		250,000		238,307
Entergy Arkansas LLC, 3.50%, 4/1/2026		100,000		99,054
Entergy Corp., 5.13%, 9/15/2020		300,000		305,283
4.00%, 7/15/2022		200,000		201,485
Evergy, Inc., 4.85%, 6/1/2021		100,000		102,621
Eversource Energy, Series H, 3.15%, 1/15/2025		125,000		121,532
Exelon Corp., 3.50%, 6/1/2022(e)		250,000		248,078
5.63%, 6/15/2035		250,000		276,454
FirstEnergy Corp., Series B, 4.25%, 3/15/2023		500,000		512,392
Florida Power & Light Co., 5.65%, 2/1/2037		200,000		236,398
4.05%, 10/1/2044		100,000		100,420
Georgia Power Co., 4.30%, 3/15/2042		100,000		93,292
Hydro-Quebec, Series HY, 8.40%, 1/15/2022		153,000		175,602
Series GF, 8.88%, 3/1/2026		109,000		147,343
Iberdrola International BV, 5.81%, 3/15/2025		82,000		89,433
Kansas City Power & Light Co., 3.65%, 8/15/2025		100,000		99,590
MidAmerican Energy Co., 5.80%, 10/15/2036		200,000		236,376
Nevada Power Co., 5.45%, 5/15/2041		100,000		110,980
Northern States Power Co., 4.00%, 8/15/2045		85,000		83,998
Ohio Power Co., 4.15%, 4/1/2048		250,000		248,189
Oncor Electric Delivery Co. LLC, 5.30%, 6/1/2042		150,000		174,221
PacifiCorp, 5.25%, 6/15/2035		123,000		136,116
PPL Capital Funding, Inc., 5.00%, 3/15/2044		250,000		259,260
Progress Energy, Inc., 7.75%, 3/1/2031		164,000		218,552
Public Service Co. of Colorado, 3.60%, 9/15/2042		100,000		93,000
Public Service Electric & Gas Co., 3.95%, 5/1/2042		200,000		199,211
South Carolina Electric & Gas Co., 6.05%, 1/15/2038		200,000		240,871
Southern California Edison Co., Series B, 2.40%, 2/1/2022		250,000		238,540
6.00%, 1/15/2034		123,000		136,274
4.00%, 4/1/2047		250,000		218,146
Southern Co. (The), 2.75%, 6/15/2020		300,000		299,002
3.25%, 7/1/2026		210,000		200,452
4.40%, 7/1/2046		250,000		241,755
Virginia Electric & Power Co., Series B, 4.20%, 5/15/2045		120,000		118,074
Wisconsin Electric Power Co., 2.95%, 9/15/2021		250,000		249,538
5.63%, 5/15/2033		41,000		48,019
Xcel Energy, Inc., 6.50%, 7/1/2036		123,000		152,246
				9,156,983
Electrical Equipment 0.1%
ABB Finance USA, Inc., 4.38%, 5/8/2042		100,000		103,589
Eaton Corp., 2.75%, 11/2/2022		250,000		246,201
4.00%, 11/2/2032		150,000		149,280
				499,070
Electronic Equipment, Instruments & Components 0.1%
Arrow Electronics, Inc., 4.50%, 3/1/2023		100,000		101,072
Avnet, Inc., 5.88%, 6/15/2020		250,000		256,919
Corning, Inc., 2.90%, 5/15/2022		365,000		358,378
Tyco Electronics Group SA, 3.50%, 2/3/2022		150,000		150,248
				866,617
Energy Equipment & Services 0.1%
Baker Hughes a GE Co. LLC, 3.20%, 8/15/2021		250,000		249,878
3.34%, 12/15/2027		145,000		136,707
Halliburton Co., 3.80%, 11/15/2025		100,000		100,378
6.70%, 9/15/2038		250,000		304,695
National Oilwell Varco, Inc., 3.95%, 12/1/2042		100,000		81,131
				872,789
Entertainment 0.3%
21st Century Fox America, Inc., 3.70%, 9/15/2024		100,000		102,062
3.70%, 10/15/2025		100,000		101,913
7.28%, 6/30/2028		53,000		66,455
6.55%, 3/15/2033		450,000		574,197
NBCUniversal Media LLC, 5.15%, 4/30/2020		250,000		256,846
5.95%, 4/1/2041		100,000		118,735
Viacom, Inc., 4.38%, 3/15/2043		200,000		171,007
Walt Disney Co. (The), 3.00%, 2/13/2026		50,000		49,380
3.70%, 12/1/2042		100,000		94,928
3.00%, 7/30/2046		60,000		50,556
Warner Media LLC, 2.95%, 7/15/2026		250,000		230,985
4.65%, 6/1/2044		150,000		138,388
				1,955,452
Equity Real Estate Investment Trusts (REITs) 0.6%
American Tower Corp., 2.80%, 6/1/2020		250,000		249,163
5.05%, 9/1/2020		400,000		412,261
4.40%, 2/15/2026		25,000		25,462
AvalonBay Communities, Inc., 3.45%, 6/1/2025		100,000		99,296
Boston Properties LP, 2.75%, 10/1/2026		150,000		138,010
Crown Castle International Corp., 3.70%, 6/15/2026		280,000		271,777

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Digital Realty Trust LP, 5.25%, 3/15/2021	$	250,000	$	258,292
Duke Realty LP, 3.88%, 10/15/2022		250,000		252,463
ERP Operating LP, 2.85%, 11/1/2026		500,000		474,045
GLP Capital LP, 5.38%, 11/1/2023		50,000		51,562
5.30%, 1/15/2029		50,000		50,549
HCP, Inc., 3.40%, 2/1/2025		300,000		289,161
Hospitality Properties Trust, 4.38%, 2/15/2030		100,000		90,351
Host Hotels & Resorts LP, Series D, 3.75%, 10/15/2023		100,000		97,695
Series E, 4.00%, 6/15/2025		190,000		185,867
Kimco Realty Corp., 4.45%, 9/1/2047		100,000		93,613
Omega Healthcare Investors, Inc., 4.50%, 4/1/2027		250,000		243,347
Realty Income Corp., 4.65%, 8/1/2023		250,000		261,003
Simon Property Group LP, 4.75%, 3/15/2042		250,000		267,623
Ventas Realty LP, 4.25%, 3/1/2022		250,000		255,080
Welltower, Inc., 5.25%, 1/15/2022		300,000		312,002
Weyerhaeuser Co., 7.38%, 3/15/2032		100,000		123,341
				4,501,963
Food & Staples Retailing 0.3%
Costco Wholesale Corp., 2.25%, 2/15/2022		85,000		83,560
2.75%, 5/18/2024		200,000		196,789
Kroger Co. (The), 4.00%, 2/1/2024		350,000		354,794
7.50%, 4/1/2031		178,000		218,977
Sysco Corp., 3.75%, 10/1/2025		75,000		75,117
3.30%, 7/15/2026		130,000		125,607
Walgreen Co., 3.10%, 9/15/2022		150,000		147,624
Walgreens Boots Alliance, Inc., 3.45%, 6/1/2026		305,000		293,397
4.50%, 11/18/2034		155,000		152,912
Walmart, Inc., 3.55%, 6/26/2025		100,000		102,860
7.55%, 2/15/2030		82,000		111,486
5.25%, 9/1/2035		92,000		107,645
6.20%, 4/15/2038		198,000		255,566
4.05%, 6/29/2048		250,000		256,897
				2,483,231
Food Products 0.4%
Archer-Daniels-Midland Co., 2.50%, 8/11/2026		500,000		467,937
Campbell Soup Co., 4.25%, 4/15/2021		100,000		101,527
4.15%, 3/15/2028		150,000		143,983
4.80%, 3/15/2048		50,000		44,191
Conagra Brands, Inc., 7.00%, 10/1/2028		154,000		176,933
General Mills, Inc., 3.15%, 12/15/2021		200,000		199,439
4.70%, 4/17/2048		150,000		139,274
JM Smucker Co. (The), 4.25%, 3/15/2035		200,000		183,673
Kellogg Co., 3.25%, 4/1/2026		40,000		37,776
Kraft Heinz Foods Co., 3.00%, 6/1/2026		60,000		55,562
6.88%, 1/26/2039		138,000		156,382
5.20%, 7/15/2045		150,000		141,556
4.38%, 6/1/2046		250,000		215,380
Mead Johnson Nutrition Co., 4.13%, 11/15/2025		110,000		114,543
Tyson Foods, Inc., 4.50%, 6/15/2022		250,000		257,596
4.55%, 6/2/2047		50,000		45,167
Unilever Capital Corp., 2.00%, 7/28/2026		250,000		228,237
5.90%, 11/15/2032		144,000		178,560
				2,887,716
Gas Utilities 0.1%
Atmos Energy Corp., 4.13%, 10/15/2044		100,000		98,313
CenterPoint Energy Resources Corp., 4.50%, 1/15/2021		212,000		216,588
Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020		335,000		332,986
National Fuel Gas Co., 3.75%, 3/1/2023		250,000		247,271
				895,158
Health Care Equipment & Supplies 0.4%
Abbott Laboratories, 3.88%, 9/15/2025		45,000		46,176
3.75%, 11/30/2026		226,000		230,671
5.30%, 5/27/2040		250,000		274,214
Baxter International, Inc., 2.60%, 8/15/2026		230,000		212,993
Becton Dickinson and Co., 3.13%, 11/8/2021		250,000		247,546
3.30%, 3/1/2023		250,000		241,693
4.67%, 6/6/2047		100,000		100,080
Koninklijke Philips NV, 5.00%, 3/15/2042		100,000		107,690
Medtronic, Inc., 3.15%, 3/15/2022		135,000		136,214
3.63%, 3/15/2024		200,000		205,021
4.38%, 3/15/2035		250,000		263,275
4.63%, 3/15/2045		250,000		273,077
Stryker Corp., 3.38%, 11/1/2025		80,000		79,333
3.50%, 3/15/2026		35,000		34,652
4.63%, 3/15/2046		150,000		154,748
Zimmer Biomet Holdings, Inc., 3.38%, 11/30/2021		150,000		149,014
4.25%, 8/15/2035		48,000		43,070
				2,799,467
Health Care Providers & Services 1.0%
Advocate Health & Hospitals Corp., 4.27%, 8/15/2048		21,000		21,595
Aetna, Inc., 6.63%, 6/15/2036		250,000		298,521
AmerisourceBergen Corp., 4.25%, 3/1/2045		100,000		85,590
Anthem, Inc., 3.50%, 8/15/2024		250,000		249,440
4.65%, 8/15/2044		250,000		248,134
Cardinal Health, Inc., 3.20%, 6/15/2022		200,000		197,273
3.75%, 9/15/2025		170,000		166,728
Cigna Corp., 3.40%, 9/17/2021(c)		100,000		100,445

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Providers & Services (continued)
Cigna Corp., (continued)
4.38%, 10/15/2028(c)	$	200,000	$	205,365
Cigna Holding Co., 3.25%, 4/15/2025		250,000		244,165
3.05%, 10/15/2027		100,000		92,634
CVS Health Corp., 3.50%, 7/20/2022		500,000		504,855
3.70%, 3/9/2023		250,000		252,163
4.10%, 3/25/2025		250,000		254,531
4.30%, 3/25/2028		500,000		506,952
4.88%, 7/20/2035		100,000		100,610
4.78%, 3/25/2038		250,000		250,243
5.05%, 3/25/2048		350,000		359,291
Duke University Health System, Inc., Series 2017, 3.92%, 6/1/2047		138,000		135,330
Express Scripts Holding Co., 3.90%, 2/15/2022		250,000		254,092
4.50%, 2/25/2026		100,000		103,281
4.80%, 7/15/2046		150,000		149,248
HCA, Inc., 4.50%, 2/15/2027		500,000		503,750
Humana, Inc., 3.15%, 12/1/2022		250,000		246,179
2.90%, 12/15/2022		250,000		244,160
Laboratory Corp. of America Holdings, 3.75%, 8/23/2022		200,000		201,584
McKesson Corp., 3.95%, 2/16/2028		200,000		196,383
Northwell Healthcare, Inc., 4.26%, 11/1/2047		20,000		19,186
Providence St Joseph Health Obligated Group, Series A, 3.93%, 10/1/2048		15,000		14,317
Stanford Health Care, Series 2018, 3.80%, 11/15/2048		12,000		11,603
Sutter Health, Series 2018, 4.09%, 8/15/2048		36,000		34,913
UnitedHealth Group, Inc., 2.88%, 12/15/2021		500,000		500,206
3.45%, 1/15/2027		250,000		251,286
3.38%, 4/15/2027		250,000		249,273
4.63%, 7/15/2035		25,000		27,303
5.80%, 3/15/2036		417,000		502,805
				7,783,434
Hotels, Restaurants & Leisure 0.2%
Hyatt Hotels Corp., 5.38%, 8/15/2021		100,000		103,926
Marriott International, Inc., Series N, 3.13%, 10/15/2021		250,000		248,509
McDonald’s Corp., 3.70%, 1/30/2026		250,000		251,532
4.88%, 7/15/2040		50,000		51,426
4.88%, 12/9/2045		250,000		259,590
Sands China Ltd., 5.40%, 8/8/2028		200,000		197,523
Starbucks Corp., 3.80%, 8/15/2025		100,000		100,820
				1,213,326
Household Durables 0.1%
Newell Brands, Inc., 4.20%, 4/1/2026		280,000		269,073
Whirlpool Corp., 3.70%, 5/1/2025		250,000		243,865
				512,938
Household Products 0.0%†
Colgate-Palmolive Co., 2.45%, 11/15/2021		100,000		99,432
Kimberly-Clark Corp., 3.20%, 7/30/2046		210,000		183,664
Procter & Gamble Co. (The), 3.50%, 10/25/2047		100,000		97,214
				380,310
Independent Power and Renewable Electricity Producers 0.1%
Exelon Generation Co. LLC, 5.75%, 10/1/2041		150,000		149,743
5.60%, 6/15/2042		200,000		195,597
Southern Power Co., 4.15%, 12/1/2025		250,000		249,046
				594,386
Industrial Conglomerates 0.3%
3M Co., 3.00%, 8/7/2025		250,000		249,357
5.70%, 3/15/2037		50,000		60,133
General Electric Co., 5.30%, 2/11/2021		72,000		73,798
2.70%, 10/9/2022		250,000		239,519
3.38%, 3/11/2024		150,000		145,407
6.75%, 3/15/2032		106,000		116,227
6.15%, 8/7/2037		144,000		149,482
6.88%, 1/10/2039		100,000		110,267
4.50%, 3/11/2044		100,000		86,090
Honeywell International, Inc., 1.85%, 11/1/2021		500,000		488,072
Ingersoll-Rand Global Holding Co. Ltd., 5.75%, 6/15/2043		50,000		57,558
Ingersoll-Rand Luxembourg Finance SA, 3.55%, 11/1/2024		250,000		249,706
				2,025,616
Insurance 1.0%
Aflac, Inc., 3.63%, 11/15/2024		250,000		251,501
Alleghany Corp., 4.95%, 6/27/2022		250,000		261,597
Allstate Corp. (The), (ICE LIBOR USD 3 Month + 2.12%), 6.50%, 5/15/2057(b)		145,000		152,975
American International Group, Inc., 3.30%, 3/1/2021		445,000		448,161
3.90%, 4/1/2026		140,000		138,642
4.80%, 7/10/2045		100,000		98,790
4.75%, 4/1/2048		150,000		146,313
Aon Corp., 5.00%, 9/30/2020		400,000		411,047
Aon plc, 3.88%, 12/15/2025		100,000		100,390
Arch Capital Finance LLC, 4.01%, 12/15/2026		250,000		254,466
Berkshire Hathaway Finance Corp., 4.40%, 5/15/2042		150,000		156,638
4.25%, 1/15/2049		250,000		258,968
Brighthouse Financial, Inc., 3.70%, 6/22/2027		250,000		218,628
Chubb INA Holdings, Inc., 2.70%, 3/13/2023		250,000		246,144
3.35%, 5/3/2026		45,000		44,918
4.35%, 11/3/2045		250,000		264,531
CNA Financial Corp., 5.75%, 8/15/2021		250,000		261,859
Hartford Financial Services Group, Inc. (The), 6.10%, 10/1/2041		100,000		116,330
Lincoln National Corp., 4.85%, 6/24/2021		50,000		51,625

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
Lincoln National Corp., (continued)
6.15%, 4/7/2036	$	160,000	$	185,820
Loews Corp., 4.13%, 5/15/2043		100,000		94,025
Manulife Financial Corp., 4.15%, 3/4/2026		100,000		103,647
Marsh & McLennan Cos., Inc., 4.80%, 7/15/2021		300,000		308,379
4.90%, 3/15/2049		250,000		263,731
MetLife, Inc., 3.05%, 12/15/2022(e)		250,000		250,059
5.70%, 6/15/2035		86,000		100,455
6.40%, 12/15/2036		200,000		214,000
4.60%, 5/13/2046		85,000		88,158
Nationwide Financial Services, Inc., 6.75%, 5/15/2037(f)		75,000		76,500
Principal Financial Group, Inc., 3.30%, 9/15/2022		250,000		248,765
Progressive Corp. (The), 3.75%, 8/23/2021		150,000		151,381
6.25%, 12/1/2032		113,000		140,310
Prudential Financial, Inc., 5.38%, 6/21/2020		250,000		257,933
6.63%, 6/21/2040		100,000		125,777
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043(b)		150,000		155,343
3.91%, 12/7/2047		130,000		120,906
Reinsurance Group of America, Inc., 5.00%, 6/1/2021		100,000		103,667
Travelers Cos., Inc. (The), 4.00%, 5/30/2047		150,000		147,324
Travelers Property Casualty Corp., 6.38%, 3/15/2033		133,000		167,020
Willis Towers Watson plc, 5.75%, 3/15/2021		100,000		104,594
XLIT Ltd., 4.45%, 3/31/2025		150,000		153,169
				7,444,486
Interactive Media & Services 0.0%†
Alphabet, Inc., 3.63%, 5/19/2021		100,000		102,830
Internet & Direct Marketing Retail 0.3%
Alibaba Group Holding Ltd., 3.13%, 11/28/2021		200,000		199,358
4.20%, 12/6/2047		250,000		233,990
Amazon.com, Inc., 3.30%, 12/5/2021		250,000		254,581
2.80%, 8/22/2024		150,000		148,929
3.15%, 8/22/2027		250,000		247,556
4.80%, 12/5/2034		100,000		112,338
3.88%, 8/22/2037		100,000		100,373
4.05%, 8/22/2047		200,000		203,669
eBay, Inc., 3.25%, 10/15/2020		100,000		100,060
3.80%, 3/9/2022		140,000		141,357
Expedia Group, Inc., 5.95%, 8/15/2020		150,000		155,724
QVC, Inc., 4.38%, 3/15/2023		100,000		99,688
				1,997,623
IT Services 0.3%
Broadridge Financial Solutions, Inc., 3.40%, 6/27/2026		80,000		76,708
DXC Technology Co., 4.45%, 9/18/2022		100,000		101,773
Fidelity National Information Services, Inc., 5.00%, 10/15/2025		250,000		264,599
Fiserv, Inc., 4.75%, 6/15/2021		200,000		205,524
International Business Machines Corp., 2.90%, 11/1/2021		150,000		149,201
3.45%, 2/19/2026		250,000		249,456
5.88%, 11/29/2032		250,000		300,442
Mastercard, Inc., 3.95%, 2/26/2048		150,000		153,108
Visa, Inc., 3.15%, 12/14/2025		195,000		196,370
4.15%, 12/14/2035		150,000		158,924
4.30%, 12/14/2045		200,000		215,408
Western Union Co. (The), 6.20%, 11/17/2036		100,000		98,544
				2,170,057
Life Sciences Tools & Services 0.1%
Bio-Rad Laboratories, Inc., 4.88%, 12/15/2020		100,000		102,772
PerkinElmer, Inc., 5.00%, 11/15/2021		100,000		103,153
Thermo Fisher Scientific, Inc., 3.60%, 8/15/2021		250,000		252,792
3.20%, 8/15/2027		250,000		238,440
				697,157
Machinery 0.2%
Caterpillar, Inc., 2.60%, 6/26/2022		250,000		245,688
6.05%, 8/15/2036		123,000		150,051
3.80%, 8/15/2042		97,000		91,514
Deere & Co., 3.90%, 6/9/2042		100,000		98,293
Dover Corp., 5.38%, 3/1/2041		50,000		53,935
IDEX Corp., 4.20%, 12/15/2021		200,000		202,372
Illinois Tool Works, Inc., 4.88%, 9/15/2041		200,000		224,479
Parker-Hannifin Corp., 4.20%, 11/21/2034		250,000		255,439
Stanley Black & Decker, Inc., 2.90%, 11/1/2022		150,000		147,792
				1,469,563
Media 0.7%
CBS Corp., 2.50%, 2/15/2023		250,000		238,640
3.70%, 8/15/2024		250,000		246,094
5.50%, 5/15/2033		82,000		85,754
Charter Communications Operating LLC, 3.75%, 2/15/2028		500,000		463,291
6.83%, 10/23/2055		250,000		269,559
Comcast Corp., 3.00%, 2/1/2024		250,000		247,565
3.15%, 3/1/2026		250,000		243,748
4.25%, 1/15/2033		100,000		101,627
7.05%, 3/15/2033		105,000		134,977
4.20%, 8/15/2034		150,000		151,164
6.50%, 11/15/2035		70,000		86,126
4.00%, 8/15/2047		250,000		231,423
3.97%, 11/1/2047		296,000		276,073
4.70%, 10/15/2048		500,000		522,159
Discovery Communications LLC, 3.45%, 3/15/2025		135,000		128,920
4.90%, 3/11/2026		50,000		51,160
5.00%, 9/20/2037		250,000		234,139

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Media (continued)
Fox Corp., 5.48%, 1/25/2039(c)	$	150,000	$	157,064
Grupo Televisa SAB, 5.00%, 5/13/2045		250,000		228,133
Omnicom Group, Inc., 3.63%, 5/1/2022		50,000		50,312
3.60%, 4/15/2026		250,000		242,808
Time Warner Cable LLC, 5.50%, 9/1/2041		100,000		93,714
4.50%, 9/15/2042		250,000		208,398
WPP Finance 2010, 4.75%, 11/21/2021		100,000		102,197
3.75%, 9/19/2024		250,000		238,606
				5,033,651
Metals & Mining 0.2%
Barrick Gold Corp., 5.25%, 4/1/2042		200,000		208,272
BHP Billiton Finance USA Ltd., 6.42%, 3/1/2026		55,000		64,343
5.00%, 9/30/2043		150,000		172,472
Newmont Mining Corp., 5.88%, 4/1/2035		164,000		182,408
Nucor Corp., 4.00%, 8/1/2023		250,000		256,450
Rio Tinto Alcan, Inc., 5.75%, 6/1/2035		144,000		165,561
Rio Tinto Finance USA plc, 4.13%, 8/21/2042		50,000		51,161
Southern Copper Corp., 6.75%, 4/16/2040		100,000		114,634
5.88%, 4/23/2045		50,000		52,800
Vale Overseas Ltd., 6.88%, 11/21/2036		306,000		339,660
				1,607,761
Multiline Retail 0.1%
Dollar Tree, Inc., 3.70%, 5/15/2023		200,000		197,634
Kohl’s Corp., 3.25%, 2/1/2023		150,000		145,536
Nordstrom, Inc., 4.00%, 10/15/2021		250,000		251,623
Target Corp., 2.50%, 4/15/2026		250,000		239,767
3.90%, 11/15/2047		100,000		96,008
				930,568
Multi-Utilities 0.4%
Ameren Corp., 3.65%, 2/15/2026		250,000		246,255
Ameren Illinois Co., 2.70%, 9/1/2022		350,000		344,851
Berkshire Hathaway Energy Co., 3.50%, 2/1/2025		250,000		251,369
CenterPoint Energy, Inc., 2.50%, 9/1/2022		100,000		96,227
CMS Energy Corp., 3.00%, 5/15/2026		250,000		235,936
Consolidated Edison Co. of New York, Inc., 5.70%, 6/15/2040		150,000		174,650
3.95%, 3/1/2043		250,000		236,812
Dominion Energy, Inc., Series B, 5.95%, 6/15/2035		174,000		197,187
Series C, 4.90%, 8/1/2041		100,000		103,138
NiSource, Inc., 5.95%, 6/15/2041		150,000		170,258
Puget Energy, Inc., 3.65%, 5/15/2025		250,000		244,998
Sempra Energy, 4.05%, 12/1/2023		200,000		202,477
6.00%, 10/15/2039		100,000		112,614
4.00%, 2/1/2048		150,000		130,049
Southern Co. Gas Capital Corp., 4.40%, 6/1/2043		100,000		94,354
WEC Energy Group, Inc., 3.55%, 6/15/2025		100,000		100,083
				2,941,258
Oil, Gas & Consumable Fuels 2.5%
Anadarko Petroleum Corp., 5.55%, 3/15/2026		250,000		268,093
6.45%, 9/15/2036		269,000		305,918
Apache Corp., 3.63%, 2/1/2021		154,000		155,147
4.75%, 4/15/2043		250,000		223,740
BP Capital Markets America, Inc., 4.50%, 10/1/2020		100,000		102,455
BP Capital Markets plc, 2.32%, 2/13/2020		250,000		248,670
3.56%, 11/1/2021		250,000		253,723
3.06%, 3/17/2022		210,000		209,625
3.51%, 3/17/2025		250,000		249,864
Buckeye Partners LP, 4.15%, 7/1/2023		250,000		246,848
Canadian Natural Resources Ltd., 6.25%, 3/15/2038		210,000		242,867
Cenovus Energy, Inc., 5.40%, 6/15/2047		250,000		238,142
Chevron Corp., 2.36%, 12/5/2022		250,000		246,353
2.95%, 5/16/2026		250,000		246,655
Columbia Pipeline Group, Inc., 3.30%, 6/1/2020		350,000		349,899
ConocoPhillips, 5.90%, 10/15/2032		123,000		146,221
6.50%, 2/1/2039		200,000		262,519
Devon Energy Corp., 5.00%, 6/15/2045		200,000		191,307
Ecopetrol SA, 5.88%, 5/28/2045		125,000		123,250
El Paso Natural Gas Co. LLC, 8.38%, 6/15/2032(e)		50,000		62,906
Enable Midstream Partners LP, 5.00%, 5/15/2044(e)		50,000		42,764
Enbridge Energy Partners LP, 5.20%, 3/15/2020		250,000		255,784
5.88%, 10/15/2025		250,000		276,476
Enbridge, Inc., 5.50%, 12/1/2046		150,000		169,976
Encana Corp., 6.50%, 2/1/2038		150,000		165,047
Energy Transfer Operating LP, 4.65%, 6/1/2021		100,000		102,378
5.20%, 2/1/2022		250,000		259,828
5.25%, 4/15/2029		250,000		258,787
6.05%, 6/1/2041		100,000		102,157
6.50%, 2/1/2042		250,000		266,184
Enterprise Products Operating LLC, 6.13%, 10/15/2039		215,000		248,597
4.85%, 8/15/2042		150,000		152,215
4.95%, 10/15/2054		250,000		249,025
EOG Resources, Inc., 4.10%, 2/1/2021		200,000		203,951
Equinor ASA, 2.75%, 11/10/2021		500,000		500,444
2.45%, 1/17/2023		250,000		246,819
3.95%, 5/15/2043		150,000		147,415

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp., 3.18%, 3/15/2024	$	200,000	$	202,544
2.71%, 3/6/2025		250,000		245,825
3.04%, 3/1/2026		75,000		74,601
4.11%, 3/1/2046		100,000		104,844
Hess Corp., 4.30%, 4/1/2027		250,000		241,249
7.30%, 8/15/2031		127,000		142,750
Husky Energy, Inc., 3.95%, 4/15/2022		200,000		202,193
Kinder Morgan Energy Partners LP, 5.80%, 3/15/2035		144,000		151,522
6.38%, 3/1/2041		100,000		110,527
Kinder Morgan, Inc., 4.30%, 6/1/2025		85,000		86,986
5.30%, 12/1/2034		200,000		205,622
5.05%, 2/15/2046		250,000		246,056
Magellan Midstream Partners LP, 4.25%, 9/15/2046		100,000		92,305
Marathon Oil Corp., 6.80%, 3/15/2032		82,000		94,127
Marathon Petroleum Corp., 5.13%, 3/1/2021		300,000		311,092
6.50%, 3/1/2041		100,000		111,005
MPLX LP, 4.50%, 7/15/2023		150,000		155,014
4.13%, 3/1/2027		250,000		244,460
4.70%, 4/15/2048		150,000		135,993
Nexen Energy ULC, 5.88%, 3/10/2035		92,000		106,836
6.40%, 5/15/2037		250,000		308,361
Noble Energy, Inc., 3.90%, 11/15/2024		250,000		245,345
6.00%, 3/1/2041		150,000		154,764
Occidental Petroleum Corp., 3.13%, 2/15/2022		200,000		199,823
3.40%, 4/15/2026		140,000		140,065
3.00%, 2/15/2027		50,000		48,586
4.20%, 3/15/2048		150,000		149,419
ONEOK, Inc., 4.95%, 7/13/2047		250,000		236,810
Petro-Canada, 5.95%, 5/15/2035		189,000		212,819
Petroleos Mexicanos, 6.38%, 2/4/2021		500,000		506,500
4.50%, 1/23/2026		250,000		220,000
6.50%, 3/13/2027		250,000		239,875
6.63%, 6/15/2035		201,000		181,905
5.50%, 6/27/2044		80,000		63,200
6.38%, 1/23/2045		250,000		212,937
5.63%, 1/23/2046		100,000		79,240
6.75%, 9/21/2047		359,000		312,869
Phillips 66, 5.88%, 5/1/2042		150,000		170,753
Phillips 66 Partners LP, 3.75%, 3/1/2028		250,000		237,844
Pioneer Natural Resources Co., 3.95%, 7/15/2022		50,000		50,657
Plains All American Pipeline LP, 4.70%, 6/15/2044		200,000		177,419
Sabine Pass Liquefaction LLC, 6.25%, 3/15/2022		250,000		266,379
5.00%, 3/15/2027		250,000		258,418
Spectra Energy Partners LP, 3.50%, 3/15/2025		250,000		244,669
Suncor Energy, Inc., 3.60%, 12/1/2024		120,000		120,759
Sunoco Logistics Partners Operations LP, 5.35%, 5/15/2045		150,000		139,849
Total Capital International SA, 3.70%, 1/15/2024		500,000		514,968
TransCanada PipeLines Ltd., 3.80%, 10/1/2020		250,000		253,180
4.63%, 3/1/2034		250,000		256,202
5.85%, 3/15/2036		150,000		163,578
Valero Energy Corp., 3.65%, 3/15/2025		205,000		200,154
7.50%, 4/15/2032		82,000		102,283
6.63%, 6/15/2037		100,000		116,290
Western Gas Partners LP, 5.30%, 3/1/2048		150,000		133,705
Williams Cos., Inc. (The), 3.90%, 1/15/2025		250,000		250,054
5.40%, 3/4/2044		250,000		256,145
				18,713,424
Paper & Forest Products 0.0%†
Georgia-Pacific LLC, 8.88%, 5/15/2031		100,000		145,757
Pharmaceuticals 0.9%
Allergan Finance LLC, 3.25%, 10/1/2022		200,000		197,898
Allergan Funding SCS, 3.45%, 3/15/2022		155,000		154,659
3.85%, 6/15/2024		40,000		40,121
4.55%, 3/15/2035		100,000		96,180
4.75%, 3/15/2045		84,000		81,023
AstraZeneca plc, 3.38%, 11/16/2025		250,000		245,457
6.45%, 9/15/2037		140,000		173,528
Bristol-Myers Squibb Co., 2.00%, 8/1/2022		350,000		339,411
Eli Lilly & Co., 2.75%, 6/1/2025		45,000		43,861
3.10%, 5/15/2027		200,000		194,911
GlaxoSmithKline Capital plc, 2.85%, 5/8/2022		250,000		248,551
GlaxoSmithKline Capital, Inc., 5.38%, 4/15/2034		139,000		160,538
Johnson & Johnson, 2.95%, 9/1/2020		100,000		100,439
2.45%, 12/5/2021		250,000		247,513
2.45%, 3/1/2026		75,000		71,843
4.95%, 5/15/2033		287,000		333,705
3.63%, 3/3/2037		250,000		249,656
Merck & Co., Inc., 2.75%, 2/10/2025		220,000		216,194
4.15%, 5/18/2043		250,000		257,260
Mylan NV, 3.15%, 6/15/2021		750,000		733,586
3.95%, 6/15/2026		100,000		94,466
Novartis Capital Corp., 3.40%, 5/6/2024		500,000		510,221
3.00%, 11/20/2025		250,000		248,096
Pfizer, Inc., 3.00%, 12/15/2026		250,000		245,254
7.20%, 3/15/2039		375,000		534,729
Pharmacia LLC, 6.60%, 12/1/2028(e)		123,000		151,259
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/2021		750,000		729,935
3.20%, 9/23/2026		190,000		176,918
Zoetis, Inc., 3.25%, 2/1/2023		50,000		49,639
4.50%, 11/13/2025		115,000		119,201
				7,046,052

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

11

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Professional Services 0.0%†
Thomson Reuters Corp., 3.35%, 5/15/2026	$	140,000	$	131,541
Road & Rail 0.3%
Burlington Northern Santa Fe LLC, 7.95%, 8/15/2030		144,000		196,847
5.05%, 3/1/2041		350,000		391,655
4.70%, 9/1/2045		150,000		162,988
Canadian National Railway Co., 6.90%, 7/15/2028		168,000		212,640
6.20%, 6/1/2036		64,000		79,883
Canadian Pacific Railway Co., 2.90%, 2/1/2025		100,000		96,569
4.80%, 8/1/2045		150,000		159,164
CSX Corp., 5.50%, 4/15/2041		100,000		111,658
3.95%, 5/1/2050		250,000		226,091
Norfolk Southern Corp., 2.90%, 2/15/2023		92,000		90,975
5.59%, 5/17/2025		59,000		65,544
4.84%, 10/1/2041		15,000		15,597
4.45%, 6/15/2045		50,000		50,401
4.05%, 8/15/2052		132,000		121,917
Ryder System, Inc., 2.50%, 5/11/2020		105,000		104,012
Union Pacific Corp., 3.25%, 8/15/2025		250,000		246,802
3.60%, 9/15/2037		250,000		227,487
4.05%, 3/1/2046		105,000		97,753
				2,657,983
Semiconductors & Semiconductor Equipment 0.5%
Applied Materials, Inc., 4.30%, 6/15/2021		300,000		309,656
4.35%, 4/1/2047		100,000		101,090
Broadcom Corp., 3.63%, 1/15/2024		750,000		729,336
Intel Corp., 1.70%, 5/19/2021		500,000		488,709
2.70%, 12/15/2022		250,000		249,433
3.70%, 7/29/2025		150,000		155,126
4.10%, 5/11/2047		100,000		102,280
3.73%, 12/8/2047		207,000		198,565
KLA-Tencor Corp., 4.65%, 11/1/2024		215,000		222,097
Lam Research Corp., 3.80%, 3/15/2025		145,000		143,850
QUALCOMM, Inc., 2.60%, 1/30/2023		70,000		68,266
3.25%, 5/20/2027		250,000		236,603
4.65%, 5/20/2035		250,000		247,733
Texas Instruments, Inc., 1.75%, 5/1/2020		250,000		246,738
				3,499,482
Software 0.6%
Adobe, Inc., 3.25%, 2/1/2025		70,000		70,579
CA, Inc., 4.50%, 8/15/2023		240,000		238,591
Microsoft Corp., 3.00%, 10/1/2020		350,000		352,672
2.00%, 8/8/2023		250,000		242,847
2.88%, 2/6/2024		185,000		186,023
2.40%, 8/8/2026		215,000		205,031
3.30%, 2/6/2027		250,000		253,369
3.50%, 2/12/2035		65,000		64,145
4.45%, 11/3/2045		75,000		83,353
3.70%, 8/8/2046		500,000		496,540
4.25%, 2/6/2047		250,000		271,583
4.50%, 2/6/2057		150,000		167,068
Oracle Corp., 1.90%, 9/15/2021		500,000		489,148
2.40%, 9/15/2023		100,000		97,472
2.65%, 7/15/2026		145,000		137,968
3.25%, 5/15/2030		300,000		290,719
4.30%, 7/8/2034		350,000		366,444
4.00%, 7/15/2046		100,000		96,030
4.00%, 11/15/2047		250,000		241,560
				4,351,142
Specialty Retail 0.3%
AutoZone, Inc., 4.00%, 11/15/2020		200,000		202,162
3.25%, 4/15/2025		165,000		159,401
Home Depot, Inc. (The), 1.80%, 6/5/2020		750,000		740,713
3.35%, 9/15/2025		45,000		45,565
5.88%, 12/16/2036		230,000		281,942
5.95%, 4/1/2041		100,000		124,175
4.40%, 3/15/2045		200,000		208,253
Lowe’s Cos., Inc., 6.50%, 3/15/2029		164,000		193,758
4.25%, 9/15/2044		250,000		229,302
				2,185,271
Technology Hardware, Storage & Peripherals 0.6%
Apple, Inc., 2.30%, 5/11/2022		750,000		739,811
3.45%, 5/6/2024		300,000		307,466
2.50%, 2/9/2025		170,000		164,729
3.25%, 2/23/2026		95,000		95,008
2.45%, 8/4/2026		190,000		179,670
3.00%, 11/13/2027		350,000		340,380
3.85%, 5/4/2043		250,000		243,703
4.38%, 5/13/2045		145,000		152,546
4.65%, 2/23/2046		230,000		252,127
Dell International LLC, 4.42%, 6/15/2021(c)		500,000		508,587
6.02%, 6/15/2026(c)		240,000		251,031
8.35%, 7/15/2046(c)		150,000		176,707
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025(e)		500,000		522,356
NetApp, Inc., 3.38%, 6/15/2021		150,000		150,121
Seagate HDD Cayman, 4.75%, 1/1/2025		200,000		189,221
				4,273,463
Textiles, Apparel & Luxury Goods 0.0%†
Cintas Corp. No. 2, 4.30%, 6/1/2021		100,000		102,427
NIKE, Inc., 3.38%, 11/1/2046		100,000		91,779
VF Corp., 3.50%, 9/1/2021		200,000		202,475
				396,681
Thrifts & Mortgage Finance 0.0%†
BPCE SA, 4.00%, 4/15/2024		250,000		254,348
Tobacco 0.3%
Altria Group, Inc., 2.85%, 8/9/2022		250,000		244,550
4.25%, 8/9/2042		100,000		81,764
5.38%, 1/31/2044		100,000		94,374

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

12

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Tobacco (continued)
BAT Capital Corp., 2.30%, 8/14/2020	$	150,000	$	147,967
2.76%, 8/15/2022		150,000		145,806
3.22%, 8/15/2024		150,000		143,464
4.39%, 8/15/2037		250,000		213,026
4.54%, 8/15/2047		150,000		123,198
Philip Morris International, Inc., 3.60%, 11/15/2023		500,000		507,961
3.25%, 11/10/2024		350,000		344,111
4.88%, 11/15/2043		150,000		150,698
Reynolds American, Inc., 4.45%, 6/12/2025		250,000		251,865
5.70%, 8/15/2035		75,000		75,370
				2,524,154
Trading Companies & Distributors 0.0%†
Air Lease Corp., 3.63%, 12/1/2027		250,000		227,777
Aircastle Ltd., 5.00%, 4/1/2023		50,000		50,758
4.13%, 5/1/2024		100,000		96,265
				374,800
Water Utilities 0.0%†
American Water Capital Corp., 4.30%, 9/1/2045		150,000		150,973
Wireless Telecommunication Services 0.2%
America Movil SAB de CV, 3.13%, 7/16/2022		250,000		247,238
6.38%, 3/1/2035		123,000		148,079
Rogers Communications, Inc., 5.00%, 3/15/2044		250,000		264,135
Vodafone Group plc, 2.95%, 2/19/2023		250,000		244,165
7.88%, 2/15/2030		144,000		182,134
6.15%, 2/27/2037		75,000		82,076
5.25%, 5/30/2048		250,000		243,351
				1,411,178
Total Corporate Bonds (cost $193,002,644)				192,915,319
Foreign Government Securities 1.3%
	Principal Amount		Value
CANADA 0.2%
Province of Alberta Canada, 3.30%, 3/15/2028		100,000		101,462
Province of British Columbia Canada, 2.00%, 10/23/2022		500,000		487,727
Province of New Brunswick Canada, 3.63%, 2/24/2028		100,000		103,201
Province of Ontario, 2.20%, 10/3/2022		500,000		488,802
Province of Quebec, 2.50%, 4/20/2026		200,000		194,284
7.50%, 9/15/2029		200,000		278,403
				1,653,879
COLOMBIA 0.1%
Republic of Colombia, 7.38%, 9/18/2037		250,000		318,125
5.00%, 6/15/2045		350,000		354,728
				672,853
HUNGARY 0.1%
Hungary Government Bond, 5.38%, 3/25/2024		500,000		539,635
INDONESIA 0.0%†
Republic of Indonesia, 4.35%, 1/11/2048		250,000		238,519
ISRAEL 0.0%†
Israel Government Bond, 3.15%, 6/30/2023		250,000		251,317
ITALY 0.0%†
Republic of Italy, 5.38%, 6/15/2033		184,000		193,277
JAPAN 0.1%
Japan Bank for International Cooperation, 2.88%, 6/1/2027		500,000		491,774
MEXICO 0.3%
United Mexican States, 3.63%, 3/15/2022		500,000		500,255
4.13%, 1/21/2026		250,000		248,338
6.75%, 9/27/2034		373,000		436,440
5.55%, 1/21/2045		200,000		210,102
4.60%, 1/23/2046		250,000		230,127
5.75%, 10/12/2110		200,000		196,000
				1,821,262
PANAMA 0.1%
Republic of Panama, 3.88%, 3/17/2028		200,000		203,702
6.70%, 1/26/2036		250,000		316,502
				520,204
PERU 0.0%†
Republic of Peru, 5.63%, 11/18/2050		200,000		243,500
PHILIPPINES 0.1%
Republic of Philippines, 7.75%, 1/14/2031		250,000		344,451
6.38%, 10/23/2034		250,000		322,274
				666,725
POLAND 0.1%
Republic of Poland, 5.13%, 4/21/2021		125,000		130,843
4.00%, 1/22/2024		250,000		258,673
				389,516
SOUTH KOREA 0.1%
Export-Import Bank of Korea, 4.00%, 1/29/2021		350,000		355,696
2.88%, 1/21/2025		350,000		337,452
Republic of Korea, 5.63%, 11/3/2025		200,000		227,860
				921,008
SWEDEN 0.0%†
Svensk Exportkredit AB, 2.88%, 3/14/2023		200,000		201,508
URUGUAY 0.1%
Oriental Republic of Uruguay, 4.50%, 8/14/2024		350,000		362,950

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

13

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
URUGUAY (continued)
Oriental Republic of Uruguay (continued)
4.38%, 10/27/2027	$	250,000	$	257,250
5.10%, 6/18/2050		150,000		154,125
				774,325
Total Foreign Government Securities (cost $9,507,664)				9,579,302
Mortgage-Backed Securities 28.8%
	Principal Amount		Value
FHLMC Gold Pool
Pool# E01604 5.50%, 3/1/2019		75		75
Pool# G18007 6.00%, 7/1/2019		278		279
Pool# B16087 6.00%, 8/1/2019		1,784		1,786
Pool# G18022 5.50%, 11/1/2019		1,329		1,333
Pool# B14288 5.50%, 12/1/2019		1,265		1,267
Pool# J00935 5.00%, 12/1/2020		2,948		2,963
Pool# J00854 5.00%, 1/1/2021		3,554		3,572
Pool# J00855 5.50%, 1/1/2021		3,576		3,611
Pool# J01279 5.50%, 2/1/2021		1,145		1,157
Pool# J01570 5.50%, 4/1/2021		1,834		1,856
Pool# J06015 5.00%, 5/1/2021		5,903		5,932
Pool# J01771 5.00%, 5/1/2021		3,301		3,318
Pool# J05950 5.50%, 5/1/2021		15,816		15,988
Pool# G18122 5.00%, 6/1/2021		3,330		3,363
Pool# J01980 6.00%, 6/1/2021		4,102		4,112
Pool# J03074 5.00%, 7/1/2021		2,126		2,146
Pool# J03028 5.50%, 7/1/2021		748		756
Pool# C00351 8.00%, 7/1/2024		217		233
Pool# D60780 8.00%, 6/1/2025		1,056		1,130
Pool# G30267 5.00%, 8/1/2025		115,897		121,839
Pool# J13883 3.50%, 12/1/2025		354,688		361,669
Pool# J18702 3.00%, 3/1/2027		183,792		184,762
Pool# J18127 3.00%, 3/1/2027		173,204		174,122
Pool# J19106 3.00%, 5/1/2027		76,563		76,968
Pool# J20471 3.00%, 9/1/2027		329,547		331,289
Pool# D82854 7.00%, 10/1/2027		773		817
Pool# G14609 3.00%, 11/1/2027		447,261		449,627
Pool# C00566 7.50%, 12/1/2027		744		831
Pool# G15100 2.50%, 7/1/2028		138,917		137,402
Pool# C18271 7.00%, 11/1/2028		1,585		1,708
Pool# C00678 7.00%, 11/1/2028		1,014		1,132
Pool# C00836 7.00%, 7/1/2029		468		524
Pool# C31285 7.00%, 9/1/2029		1,039		1,126
Pool# C31282 7.00%, 9/1/2029		48		49
Pool# C32914 8.00%, 11/1/2029		740		754
Pool# G18536 2.50%, 1/1/2030		1,650,039		1,631,007
Pool# C37436 8.00%, 1/1/2030		1,488		1,709
Pool# C36429 7.00%, 2/1/2030		465		474
Pool# C36306 7.00%, 2/1/2030		464		475
Pool# C00921 7.50%, 2/1/2030		886		1,012
Pool# G01108 7.00%, 4/1/2030		360		403
Pool# C37703 7.50%, 4/1/2030		516		536
Pool# G18552 3.00%, 5/1/2030		743,833		746,634
Pool# J32243 3.00%, 7/1/2030		672,008		674,331
Pool# J32257 3.00%, 7/1/2030		45,083		45,226
Pool# J32255 3.00%, 7/1/2030		41,272		41,440
Pool# C41561 8.00%, 8/1/2030		1,425		1,471
Pool# C01051 8.00%, 9/1/2030		1,590		1,832
Pool# C43550 7.00%, 10/1/2030		2,311		2,425
Pool# C44017 7.50%, 10/1/2030		334		338
Pool# C43967 8.00%, 10/1/2030		3,764		3,770
Pool# C44957 8.00%, 11/1/2030		1,214		1,271
Pool# C01106 7.00%, 12/1/2030		6,831		7,701
Pool# C01103 7.50%, 12/1/2030		781		917
Pool# C46932 7.50%, 1/1/2031		484		496
Pool# C01116 7.50%, 1/1/2031		476		542
Pool# C47287 7.50%, 2/1/2031		1,041		1,076
Pool# G01217 7.00%, 3/1/2031		6,875		7,795
Pool# C48206 7.50%, 3/1/2031		1,281		1,283
Pool# C91366 4.50%, 4/1/2031		112,519		118,112
Pool# G18601 3.00%, 5/1/2031		43,163		43,233
Pool# G18605 3.00%, 6/1/2031		22,915		22,952
Pool# C91377 4.50%, 6/1/2031		58,252		61,147

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

14

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# C53324 7.00%, 6/1/2031	$	1,179	$	1,226
Pool# C01209 8.00%, 6/1/2031		501		556
Pool# C54792 7.00%, 7/1/2031		1,696		1,747
Pool# C55071 7.50%, 7/1/2031		457		466
Pool# J35107 2.50%, 8/1/2031		47,004		46,236
Pool# G01309 7.00%, 8/1/2031		1,215		1,371
Pool# G01311 7.00%, 9/1/2031		7,242		8,184
Pool# C01222 7.00%, 9/1/2031		843		959
Pool# G01315 7.00%, 9/1/2031		252		285
Pool# J35522 2.50%, 10/1/2031		234,353		230,527
Pool# C58694 7.00%, 10/1/2031		3,236		3,415
Pool# C58647 7.00%, 10/1/2031		173		174
Pool# C60012 7.00%, 11/1/2031		554		566
Pool# C61298 8.00%, 11/1/2031		1,907		1,946
Pool# J35957 2.50%, 12/1/2031		406,116		399,485
Pool# C61105 7.00%, 12/1/2031		4,044		4,232
Pool# C01305 7.50%, 12/1/2031		669		734
Pool# C63171 7.00%, 1/1/2032		4,468		4,955
Pool# V61548 2.50%, 2/1/2032		431,521		424,476
Pool# C64121 7.50%, 2/1/2032		1,438		1,468
Pool# G01391 7.00%, 4/1/2032		12,615		14,329
Pool# C01345 7.00%, 4/1/2032		4,393		4,970
Pool# C01370 8.00%, 4/1/2032		1,623		1,828
Pool# G16285 3.50%, 5/1/2032		34,722		35,365
Pool# C66916 7.00%, 5/1/2032		8,492		9,036
Pool# C01381 8.00%, 5/1/2032		10,681		12,232
Pool# C68300 7.00%, 6/1/2032		2,646		2,814
Pool# C68290 7.00%, 6/1/2032		1,735		1,832
Pool# G01449 7.00%, 7/1/2032		7,964		8,991
Pool# C69908 7.00%, 8/1/2032		18,286		19,980
Pool# C91558 3.50%, 9/1/2032		126,787		129,380
Pool# G16407 2.50%, 1/1/2033		162,652		159,996
Pool# G16408 2.50%, 1/1/2033		95,619		94,058
Pool# G01536 7.00%, 3/1/2033		10,103		11,341
Pool# G30646 3.00%, 5/1/2033		194,701		195,253
Pool# G30642 3.00%, 5/1/2033		85,746		85,990
Pool# K90535 3.00%, 5/1/2033		36,023		36,126
Pool# G18696 3.50%, 7/1/2033		42,720		43,539
Pool# A16419 6.50%, 11/1/2033		11,373		12,403
Pool# A16522 6.50%, 12/1/2033		20,343		22,929
Pool# C01806 7.00%, 1/1/2034		8,956		9,276
Pool# A21356 6.50%, 4/1/2034		35,767		39,792
Pool# C01851 6.50%, 4/1/2034		19,902		22,429
Pool# A24301 6.50%, 5/1/2034		35,975		39,235
Pool# A22067 6.50%, 5/1/2034		24,693		27,335
Pool# A24988 6.50%, 7/1/2034		8,311		9,065
Pool# G01741 6.50%, 10/1/2034		9,043		10,215
Pool# G08023 6.50%, 11/1/2034		18,518		20,751
Pool# A33137 6.50%, 1/1/2035		2,789		3,042
Pool# G08064 6.50%, 4/1/2035		8,513		9,632
Pool# G01947 7.00%, 5/1/2035		9,065		10,293
Pool# G08088 6.50%, 10/1/2035		79,808		89,332
Pool# A39759 5.50%, 11/1/2035		7,844		8,510
Pool# A40376 5.50%, 12/1/2035		7,234		7,847
Pool# A42305 5.50%, 1/1/2036		19,227		20,792
Pool# A41548 7.00%, 1/1/2036		12,325		13,553
Pool# G08111 5.50%, 2/1/2036		24,182		26,266
Pool# A43886 5.50%, 3/1/2036		309,535		335,691
Pool# A43861 5.50%, 3/1/2036		48,538		51,410
Pool# G08116 5.50%, 3/1/2036		25,758		27,972
Pool# A43534 6.50%, 3/1/2036		1,646		1,795
Pool# A48735 5.50%, 5/1/2036		9,660		10,231
Pool# G08136 6.50%, 6/1/2036		10,874		12,111
Pool# A53039 6.50%, 10/1/2036		33,562		36,604
Pool# A53219 6.50%, 10/1/2036		928		1,012
Pool# A57803 6.50%, 2/1/2037		36,548		39,860
Pool# G04251 6.50%, 4/1/2038		4,927		5,639
Pool# A79540 6.50%, 7/1/2038		1,365		1,489
Pool# G04569 6.50%, 8/1/2038		6,551		7,330
Pool# C92013 3.50%, 9/1/2038		488,515		496,107

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

15

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# A84252 6.50%, 1/1/2039	$	19,218	$	21,358
Pool# A84287 6.50%, 1/1/2039		10,829		12,244
Pool# G05535 4.50%, 7/1/2039		866,537		909,985
Pool# A91165 5.00%, 2/1/2040		1,458,234		1,550,807
Pool# G60342 4.50%, 5/1/2042		178,529		187,751
Pool# G60195 4.00%, 6/1/2042		429,702		444,111
Pool# G07158 3.50%, 10/1/2042		265,279		268,830
Pool# Q12051 3.50%, 10/1/2042		166,749		168,982
Pool# G07163 3.50%, 10/1/2042		142,101		144,002
Pool# Q11532 3.50%, 10/1/2042		115,146		116,688
Pool# Q12052 3.50%, 10/1/2042		73,936		74,926
Pool# C09020 3.50%, 11/1/2042		610,619		618,797
Pool# G07264 3.50%, 12/1/2042		291,854		295,749
Pool# Q14292 3.50%, 1/1/2043		57,415		58,184
Pool# Q14881 3.50%, 1/1/2043		55,036		55,773
Pool# Q15884 3.00%, 2/1/2043		589,776		582,840
Pool# V80002 2.50%, 4/1/2043		308,957		295,151
Pool# Q16915 3.00%, 4/1/2043		558,357		551,761
Pool# Q17675 3.50%, 4/1/2043		270,033		273,648
Pool# Q18523 3.50%, 5/1/2043		749,348		759,268
Pool# Q18751 3.50%, 6/1/2043		1,143,472		1,158,786
Pool# G07410 3.50%, 7/1/2043		105,717		107,133
Pool# Q20332 3.50%, 7/1/2043		26,081		26,427
Pool# G07459 3.50%, 8/1/2043		539,809		547,037
Pool# G60038 3.50%, 1/1/2044		799,043		809,740
Pool# Q26869 4.00%, 6/1/2044		844,889		872,298
Pool# G07946 4.00%, 7/1/2044		147,250		152,007
Pool# Q28607 3.50%, 9/1/2044		154,221		156,198
Pool# G61231 3.50%, 9/1/2044		26,052		26,401
Pool# Q30833 4.00%, 1/1/2045		14,118		14,512
Pool# G60400 4.50%, 1/1/2045		145,857		153,219
Pool# Q34165 4.00%, 6/1/2045		268,497		275,963
Pool# V81873 4.00%, 8/1/2045		37,816		38,847
Pool# G08669 4.00%, 9/1/2045		213,756		219,565
Pool# Q38357 4.00%, 1/1/2046		13,536		13,901
Pool# G61365 4.50%, 1/1/2046		148,666		154,961
Pool# Q39434 3.50%, 3/1/2046		59,994		60,615
Pool# Q39440 4.00%, 3/1/2046		19,000		19,511
Pool# G08704 4.50%, 4/1/2046		27,922		29,100
Pool# Q40097 4.50%, 4/1/2046		1,793		1,865
Pool# G60582 3.50%, 5/1/2046		160,408		161,646
Pool# Q40718 3.50%, 5/1/2046		59,806		60,255
Pool# G08707 4.00%, 5/1/2046		265,391		272,532
Pool# G08708 4.50%, 5/1/2046		20,256		21,111
Pool# Q40728 4.50%, 5/1/2046		2,928		3,047
Pool# Q41548 3.00%, 7/1/2046		43,547		42,821
Pool# Q41903 3.50%, 7/1/2046		287,579		290,066
Pool# Q41491 3.50%, 7/1/2046		40,209		40,553
Pool# Q41935 3.50%, 7/1/2046		19,734		19,919
Pool# G61791 4.00%, 7/1/2046		26,000		26,735
Pool# Q41947 4.50%, 7/1/2046		14,482		15,090
Pool# G08715 3.00%, 8/1/2046		387,281		380,826
Pool# Q42596 3.50%, 8/1/2046		265,445		267,686
Pool# Q42393 3.50%, 8/1/2046		53,219		53,663
Pool# Q42203 3.50%, 8/1/2046		40,100		40,506
Pool# G61323 3.00%, 9/1/2046		350,651		346,437
Pool# G08721 3.00%, 9/1/2046		288,780		283,966
Pool# V82617 3.50%, 9/1/2046		166,052		167,454
Pool# G08722 3.50%, 9/1/2046		48,271		48,679
Pool# G60733 4.50%, 9/1/2046		55,884		58,951
Pool# G60722 3.00%, 10/1/2046		503,150		495,386
Pool# Q44035 3.00%, 10/1/2046		349,589		343,761
Pool# G61815 4.00%, 10/1/2046		25,000		25,674
Pool# G61257 3.00%, 11/1/2046		659,701		648,503
Pool# Q44452 3.00%, 11/1/2046		140,587		138,200
Pool# G08732 3.00%, 11/1/2046		45,078		44,313
Pool# Q44473 3.50%, 11/1/2046		38,014		38,309
Pool# Q44223 3.50%, 11/1/2046		33,960		34,217
Pool# G08734 4.00%, 11/1/2046		370,552		380,524
Pool# V82849 3.00%, 12/1/2046		1,805,786		1,779,602

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

16

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# G08737 3.00%, 12/1/2046	$	1,565,331	$	1,539,238
Pool# G60989 3.00%, 12/1/2046		205,657		202,227
Pool# Q45878 3.00%, 12/1/2046		53,332		52,442
Pool# G08738 3.50%, 12/1/2046		1,309,159		1,319,807
Pool# Q45024 3.50%, 12/1/2046		76,639		77,247
Pool# G08741 3.00%, 1/1/2047		366,534		360,315
Pool# G08747 3.00%, 2/1/2047		570,513		560,827
Pool# G08748 3.50%, 2/1/2047		77,111		77,708
Pool# G08749 4.00%, 2/1/2047		659,046		676,776
Pool# G08751 3.50%, 3/1/2047		356,226		358,986
Pool# Q47592 3.50%, 4/1/2047		173,255		174,564
Pool# Q47484 3.50%, 4/1/2047		70,198		70,689
Pool# G60988 3.00%, 5/1/2047		1,094,230		1,077,338
Pool# Q48098 3.50%, 5/1/2047		265,251		267,357
Pool# G61390 3.00%, 6/1/2047		303,716		298,561
Pool# V83270 3.50%, 7/1/2047		132,945		133,795
Pool# G61339 3.00%, 8/1/2047		124,824		122,705
Pool# G08774 3.50%, 8/1/2047		201,298		202,624
Pool# Q49917 3.50%, 8/1/2047		88,311		88,841
Pool# Q53085 3.00%, 9/1/2047		98,751		97,150
Pool# G61295 3.50%, 9/1/2047		190,078		191,858
Pool# G61622 3.00%, 10/1/2047		291,121		286,277
Pool# G08785 4.00%, 10/1/2047		22,116		22,711
Pool# Q52075 4.00%, 11/1/2047		404,716		416,586
Pool# V83598 3.50%, 12/1/2047		116,152		116,826
Pool# G67707 3.50%, 1/1/2048		226,755		229,371
Pool# T65458 3.50%, 2/1/2048		576,450		575,874
Pool# G61311 3.50%, 2/1/2048		426,062		428,533
Pool# Q54460 4.00%, 2/1/2048		186,902		192,105
Pool# G08801 4.00%, 2/1/2048		148,305		152,179
Pool# G61298 4.00%, 2/1/2048		23,581		24,305
Pool# Q54727 3.50%, 3/1/2048		96,206		96,762
Pool# Q55401 5.00%, 4/1/2048		32,326		34,079
Pool# V84237 3.50%, 5/1/2048		427,399		429,854
Pool# G08820 4.50%, 5/1/2048		649,319		675,958
Pool# G67713 4.00%, 6/1/2048		47,815		49,284
Pool# G67712 4.00%, 6/1/2048		23,508		24,326
Pool# G08824 4.00%, 7/1/2048		2,946,220		3,020,204
Pool# G08827 4.50%, 7/1/2048		350,014		364,302
Pool# Q57401 4.50%, 7/1/2048		77,750		81,295
Pool# Q57402 4.50%, 7/1/2048		26,066		27,261
Pool# G08831 4.00%, 8/1/2048		462,215		473,753
Pool# G08836 4.00%, 9/1/2048		1,738,944		1,781,154
Pool# G08843 4.50%, 10/1/2048		93,539		97,329
Pool# G08852 4.00%, 12/1/2048		399,101		408,889
Pool# V85044 4.00%, 12/1/2048		126,000		129,514
Pool# V85082 4.50%, 12/1/2048		1,046,885		1,089,301
Pool# G61846 4.00%, 1/1/2049		178,000		182,361
FHLMC Non Gold Pool
Pool# 1B8478 4.61%, 7/1/2041(a)		90,261		93,826
Pool# 2B0108 4.86%, 1/1/2042(a)		4,741		4,918
FHLMC TBA
3.50%, 7/15/2027		529,000		538,663
2.50%, 3/15/2029		1,032,000		1,014,956
3.00%, 2/15/2033		1,221,000		1,222,908
3.00%, 9/15/2044		221,000		217,212
4.50%, 2/15/2048		1,941,000		2,018,526
3.50%, 2/15/2049		4,326,000		4,349,911
4.00%, 2/15/2049		2,354,754		2,411,737
FNMA Pool
Pool# 969977 5.00%, 5/1/2023		110,673		112,478
Pool# AA2549 4.00%, 4/1/2024		63,770		65,618
Pool# 935348 5.50%, 6/1/2024		10,931		10,949
Pool# AC1374 4.00%, 8/1/2024		76,854		79,274
Pool# AC1529 4.50%, 9/1/2024		31,562		32,469
Pool# AD0244 4.50%, 10/1/2024		25,552		26,289
Pool# AD4089 4.50%, 5/1/2025		256,039		263,453
Pool# 890216 4.50%, 7/1/2025		44,956		46,254
Pool# AH1361 3.50%, 12/1/2025		163,824		167,038
Pool# AH1518 3.50%, 12/1/2025		83,003		84,566
Pool# AE6384 4.00%, 1/1/2026		15,713		16,168
Pool# AL0298 4.00%, 5/1/2026		235,201		242,490
Pool# AB4277 3.00%, 1/1/2027		704,379		708,169
Pool# AP4746 3.00%, 8/1/2027		114,664		115,282
Pool# AP7855 3.00%, 9/1/2027		720,397		724,291

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

17

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FNMA Pool (continued)
Pool# AP4640 3.00%, 9/1/2027	$	75,588	$	75,995
Pool# AQ5096 3.00%, 11/1/2027		157,824		158,675
Pool# AB6887 3.00%, 11/1/2027		121,797		122,453
Pool# AQ4532 3.00%, 11/1/2027		104,795		105,362
Pool# AQ3758 3.00%, 11/1/2027		78,604		79,028
Pool# AQ7406 3.00%, 11/1/2027		76,469		76,881
Pool# AB6886 3.00%, 11/1/2027		60,505		60,831
Pool# AQ2884 3.00%, 12/1/2027		73,373		73,769
Pool# AS0487 2.50%, 9/1/2028		287,975		285,015
Pool# 930998 4.50%, 4/1/2029		34,997		36,447
Pool# MA0243 5.00%, 11/1/2029		19,777		20,824
Pool# BM1507 2.50%, 12/1/2029		110,984		109,713
Pool# AL8077 3.50%, 12/1/2029		23,823		24,310
Pool# MA0268 5.00%, 12/1/2029		16,927		17,822
Pool# AX7727 2.50%, 3/1/2030		455,900		449,799
Pool# AD5655 5.00%, 5/1/2030		37,591		39,580
Pool# MA0443 5.00%, 5/1/2030		23,542		24,788
Pool# AB1038 5.00%, 5/1/2030		23,331		24,565
Pool# AS5412 2.50%, 7/1/2030		64,760		63,893
Pool# AS5420 3.00%, 7/1/2030		94,112		94,303
Pool# AL7152 3.50%, 7/1/2030		587,555		599,130
Pool# AS5702 2.50%, 8/1/2030		490,437		483,872
Pool# AZ4898 2.50%, 8/1/2030		332,516		328,064
Pool# AY8448 3.00%, 8/1/2030		302,799		303,411
Pool# AZ5718 3.00%, 9/1/2030		384,645		385,423
Pool# AZ2953 3.00%, 9/1/2030		371,905		372,657
Pool# MA0559 5.00%, 9/1/2030		8,006		8,430
Pool# AS6060 3.00%, 10/1/2030		420,611		421,208
Pool# AZ9234 3.50%, 10/1/2030		27,339		27,857
Pool# AS6272 2.50%, 12/1/2030		94,310		93,047
Pool# AH1515 4.00%, 12/1/2030		360,464		371,633
Pool# AD0716 6.50%, 12/1/2030		239,314		266,045
Pool# BA6532 2.50%, 1/1/2031		83,919		82,795
Pool# MA0641 4.00%, 2/1/2031		364,301		375,591
Pool# 560868 7.50%, 2/1/2031		494		499
Pool# BC0774 3.00%, 3/1/2031		66,809		67,068
Pool# AS6919 3.50%, 3/1/2031		78,361		79,969
Pool# BC5968 2.50%, 4/1/2031		113,383		111,604
Pool# BC4430 3.00%, 4/1/2031		31,031		31,088
Pool# AL8566 3.00%, 6/1/2031		86,148		86,323
Pool# AL8565 3.00%, 6/1/2031		73,266		73,414
Pool# AL8561 3.50%, 6/1/2031		57,658		58,838
Pool# AS8028 2.50%, 9/1/2031		278,434		274,066
Pool# BM1888 2.50%, 10/1/2031		819,831		811,301
Pool# MA2775 2.50%, 10/1/2031		563,498		554,657
Pool# AS8038 2.50%, 10/1/2031		314,886		309,945
Pool# BC4777 2.50%, 10/1/2031		186,542		183,615
Pool# AS8612 3.00%, 10/1/2031		125,830		126,085
Pool# 607212 7.50%, 10/1/2031		2,634		2,680
Pool# 607632 6.50%, 11/1/2031		77		83
Pool# MA2830 2.50%, 12/1/2031		210,298		206,999
Pool# BM3814 2.50%, 12/1/2031		141,459		139,455
Pool# AS8609 3.00%, 1/1/2032		106,044		106,258
Pool# AL9786 3.00%, 1/1/2032		75,724		75,936
Pool# AL9585 3.50%, 1/1/2032		27,624		28,192
Pool# BM1036 2.50%, 2/1/2032		911,793		897,487
Pool# BM4624 3.00%, 2/1/2032		100,404		100,669
Pool# AS8767 3.00%, 2/1/2032		96,462		96,658
Pool# AL9740 3.00%, 2/1/2032		48,383		48,481
Pool# AL9871 3.00%, 2/1/2032		38,284		38,374
Pool# BM1007 2.50%, 3/1/2032		234,696		231,014
Pool# AL9899 3.00%, 3/1/2032		146,674		146,972
Pool# BM3269 2.50%, 4/1/2032		230,820		227,199
Pool# MA1029 3.50%, 4/1/2032		317,864		324,177
Pool# AS9695 3.50%, 5/1/2032		134,005		136,638
Pool# BM4088 3.00%, 6/1/2032		91,109		91,373
Pool# 890786 3.50%, 6/1/2032		90,757		92,599
Pool# MA1107 3.50%, 7/1/2032		86,917		88,644
Pool# BH6610 3.50%, 7/1/2032		29,080		29,642
Pool# BM1669 3.00%, 8/1/2032		46,214		46,377

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

18

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FNMA Pool (continued)
Pool# BH5355 3.50%, 8/1/2032	$	38,606	$	39,340
Pool# MA1166 3.50%, 9/1/2032		500,706		510,652
Pool# CA0586 2.50%, 10/1/2032		23,377		23,011
Pool# BH9391 3.50%, 10/1/2032		29,623		30,197
Pool# BM3389 3.00%, 11/1/2032		92,177		92,390
Pool# BM3977 3.00%, 12/1/2032		210,320		210,748
Pool# CA0951 3.00%, 12/1/2032		137,892		138,088
Pool# BM4338 2.50%, 1/1/2033		222,833		219,337
Pool# BM3919 3.00%, 2/1/2033		45,392		45,496
Pool# 656559 6.50%, 2/1/2033		25,174		27,283
Pool# 694846 6.50%, 4/1/2033		8,025		8,697
Pool# AB9402 3.00%, 5/1/2033		228,175		228,714
Pool# AB9403 3.00%, 5/1/2033		91,676		91,893
Pool# AB9300 3.00%, 5/1/2033		81,876		82,070
Pool# MA3372 4.00%, 5/1/2033		69,423		71,463
Pool# 254767 5.50%, 6/1/2033		555,365		602,850
Pool# MA1527 3.00%, 8/1/2033		458,908		459,992
Pool# 750229 6.50%, 10/1/2033		21,173		22,947
Pool# 725228 6.00%, 3/1/2034		574,653		629,634
Pool# 725424 5.50%, 4/1/2034		631,301		687,867
Pool# 788027 6.50%, 9/1/2034		17,181		18,620
Pool# 735141 5.50%, 1/1/2035		319,733		348,363
Pool# 735227 5.50%, 2/1/2035		353,567		385,184
Pool# AL4260 5.50%, 9/1/2036		45,430		49,442
Pool# 310104 5.50%, 8/1/2037		343,647		374,431
Pool# 955194 7.00%, 11/1/2037		210,800		242,477
Pool# MA3464 3.50%, 9/1/2038		243,031		246,665
Pool# AC9890 4.00%, 4/1/2040(a)		526,067		547,153
Pool# AB1735 3.50%, 11/1/2040		8,449		8,492
Pool# AB2067 3.50%, 1/1/2041		416,094		420,903
Pool# AB2068 3.50%, 1/1/2041		246,046		248,889
Pool# 932888 3.50%, 1/1/2041		135,982		137,554
Pool# 932891 3.50%, 1/1/2041		26,890		27,201
Pool# AL6521 5.00%, 4/1/2041		857,219		918,072
Pool# AL5863 4.50%, 6/1/2041		550,226		575,030
Pool# AI9920 4.00%, 9/1/2041		17,640		18,201
Pool# AI9851 4.50%, 9/1/2041		57,014		59,822
Pool# AJ1249 4.57%, 9/1/2041(a)		109,411		114,015
Pool# AL0761 5.00%, 9/1/2041		617,511		658,213
Pool# AJ5431 4.50%, 10/1/2041		109,357		114,329
Pool# AL0933 5.00%, 10/1/2041		120,731		128,689
Pool# AJ4861 4.00%, 12/1/2041		227,672		235,036
Pool# AX5316 4.50%, 1/1/2042		21,155		22,236
Pool# AL2499 4.50%, 1/1/2042		9,554		10,029
Pool# AL1437 4.82%, 1/1/2042(a)		54,859		57,327
Pool# AX5297 5.00%, 1/1/2042		27,372		29,176
Pool# AW8167 3.50%, 2/1/2042		564,254		570,773
Pool# AK0714 4.81%, 2/1/2042(a)		12,869		13,321
Pool# AB5185 3.50%, 5/1/2042		388,360		392,852
Pool# AO3575 4.50%, 5/1/2042		61,537		63,961
Pool# 890621 5.00%, 5/1/2042		82,909		88,373
Pool# AO4647 3.50%, 6/1/2042		651,322		658,855
Pool# AO8036 4.50%, 7/1/2042		961,256		1,008,182
Pool# AP1961 2.46%, 8/1/2042(a)		113,980		117,654
Pool# AP2092 4.50%, 8/1/2042		33,080		34,384
Pool# AP6579 3.50%, 9/1/2042		730,956		739,410
Pool# AP7489 4.00%, 9/1/2042		500,225		516,401
Pool# AP6756 4.00%, 9/1/2042		14,965		15,421
Pool# AL2782 4.50%, 9/1/2042		89,756		94,013
Pool# AB6524 3.50%, 10/1/2042		1,284,483		1,299,340
Pool# AB7074 3.00%, 11/1/2042		1,053,085		1,040,196
Pool# AB6786 3.50%, 11/1/2042		425,848		430,774
Pool# AL2677 3.50%, 11/1/2042		190,623		192,828
Pool# AB7362 3.00%, 12/1/2042		567,133		560,133
Pool# MA1273 3.50%, 12/1/2042		307,488		311,471
Pool# AR4210 3.50%, 1/1/2043		263,506		266,553
Pool# AR8213 3.50%, 4/1/2043		255,010		257,959
Pool# AB9238 3.00%, 5/1/2043		713,701		704,818
Pool# AB9237 3.00%, 5/1/2043		502,530		496,302
Pool# AB9236 3.00%, 5/1/2043		116,424		114,975

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

19

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FNMA Pool (continued)
Pool# AB9362 3.50%, 5/1/2043	$	512,409	$	518,572
Pool# AT4145 3.00%, 6/1/2043		245,082		242,019
Pool# AB9814 3.00%, 7/1/2043		670,994		662,642
Pool# AS0203 3.00%, 8/1/2043		297,773		294,052
Pool# AS0255 4.50%, 8/1/2043		225,127		235,203
Pool# AL6951 3.50%, 10/1/2043		460,109		465,428
Pool# AS2276 4.50%, 4/1/2044		384,078		401,304
Pool# AW1006 4.00%, 5/1/2044		169,945		176,415
Pool# AL7767 4.50%, 6/1/2044		13,628		14,323
Pool# AS3161 4.00%, 8/1/2044		498,524		512,176
Pool# CA0688 3.50%, 10/1/2044		263,917		267,489
Pool# BC5090 4.00%, 10/1/2044		71,057		73,025
Pool# AS3946 4.00%, 12/1/2044		618,593		640,699
Pool# BM4384 4.00%, 1/1/2045		174,231		179,139
Pool# BM3611 4.00%, 1/1/2045		119,918		123,789
Pool# BM3804 3.50%, 2/1/2045		48,224		48,789
Pool# AL9555 4.00%, 2/1/2045		1,522,993		1,572,190
Pool# AX9524 4.00%, 2/1/2045		472,748		490,775
Pool# AS4418 4.00%, 2/1/2045		337,027		349,877
Pool# AS4375 4.00%, 2/1/2045		234,171		243,100
Pool# AL6889 4.50%, 2/1/2045		101,007		106,492
Pool# BM3931 3.00%, 3/1/2045		96,745		95,499
Pool# AY1312 3.50%, 3/1/2045		986,640		998,508
Pool# AS4578 4.00%, 3/1/2045		160,840		166,973
Pool# BM3664 3.00%, 5/1/2045		432,329		426,948
Pool# AS4921 3.50%, 5/1/2045		687,727		694,936
Pool# AS5012 4.00%, 5/1/2045		626,770		650,670
Pool# AL7207 4.50%, 8/1/2045		124,814		131,591
Pool# AZ2947 4.00%, 9/1/2045		400,215		411,173
Pool# BA2164 3.00%, 11/1/2045		95,584		94,012
Pool# AS6213 4.00%, 11/1/2045		41,191		42,319
Pool# AS6282 3.50%, 12/1/2045		1,138,639		1,149,342
Pool# AS6311 3.50%, 12/1/2045		891,511		899,477
Pool# BC0326 3.50%, 12/1/2045		207,178		209,061
Pool# AS6362 4.50%, 12/1/2045		26,847		28,187
Pool# AS6474 3.50%, 1/1/2046		151,294		153,229
Pool# AS6539 3.50%, 1/1/2046		135,835		137,572
Pool# AS6527 4.00%, 1/1/2046		138,720		142,504
Pool# BC2667 4.00%, 2/1/2046		45,288		46,518
Pool# AL9781 4.50%, 2/1/2046		209,744		220,434
Pool# BM4621 3.50%, 3/1/2046		125,126		126,688
Pool# BA6972 4.00%, 3/1/2046		51,552		52,915
Pool# BC0823 3.50%, 4/1/2046		213,503		215,268
Pool# AS7026 4.00%, 4/1/2046		267,037		274,280
Pool# AS7251 4.00%, 5/1/2046		339,602		348,796
Pool# AL8833 4.00%, 6/1/2046		167,986		174,078
Pool# AS7593 3.50%, 7/1/2046		814,410		820,974
Pool# AS7594 3.50%, 7/1/2046		753,727		759,802
Pool# AS7545 3.50%, 7/1/2046		329,167		331,786
Pool# AL8824 3.50%, 7/1/2046		95,854		97,026
Pool# BC1452 4.00%, 7/1/2046		942,736		968,535
Pool# MA2705 3.00%, 8/1/2046		552,538		543,063
Pool# BC1489 3.00%, 8/1/2046		48,889		48,157
Pool# BD4890 3.50%, 8/1/2046		700,188		705,687
Pool# AS7760 4.00%, 8/1/2046		217,019		223,340
Pool# AS7648 4.00%, 8/1/2046		192,138		197,300
Pool# AS7795 4.00%, 8/1/2046		146,298		150,228
Pool# BD3911 4.00%, 8/1/2046		23,819		24,459
Pool# BD3923 4.00%, 8/1/2046		18,399		18,889
Pool# AS7770 4.50%, 8/1/2046		26,932		28,052
Pool# AL8947 3.50%, 9/1/2046		30,476		30,731
Pool# AL9263 3.00%, 10/1/2046		104,505		102,842
Pool# BM3932 3.50%, 10/1/2046		218,366		220,088
Pool# AL9234 3.50%, 10/1/2046		54,783		55,447
Pool# BC4766 4.50%, 10/1/2046		37,581		39,127
Pool# AS8154 4.50%, 10/1/2046		24,774		25,767
Pool# BC9003 3.00%, 11/1/2046		146,269		143,760
Pool# MA2806 3.00%, 11/1/2046		117,791		115,771
Pool# AS8369 3.50%, 11/1/2046		604,996		609,747
Pool# BE5067 3.50%, 11/1/2046		450,495		454,939

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

20

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FNMA Pool (continued)
Pool# BE5038 4.00%, 11/1/2046	$	25,717	$	26,760
Pool# MA2833 3.00%, 12/1/2046		2,830,376		2,781,841
Pool# AS8483 3.00%, 12/1/2046		743,194		730,450
Pool# BC9067 3.00%, 12/1/2046		136,354		134,016
Pool# AS8488 3.00%, 12/1/2046		135,608		133,577
Pool# AS8509 3.00%, 12/1/2046		28,026		27,628
Pool# BM1121 3.50%, 12/1/2046		505,104		510,400
Pool# AS8572 3.50%, 12/1/2046		441,561		444,710
Pool# AS8417 3.50%, 12/1/2046		203,232		204,681
Pool# AS8492 3.50%, 12/1/2046		115,268		116,575
Pool# MA2863 3.00%, 1/1/2047		1,184,218		1,163,911
Pool# AS8650 3.00%, 1/1/2047		954,724		938,353
Pool# AL9697 3.00%, 1/1/2047		357,318		351,964
Pool# AS8647 3.00%, 1/1/2047		264,204		260,001
Pool# BE5775 3.00%, 1/1/2047		209,849		206,251
Pool# AS8692 3.50%, 1/1/2047		294,193		296,522
Pool# BM3204 3.50%, 1/1/2047		207,131		209,643
Pool# BD2440 3.50%, 1/1/2047		72,836		73,370
Pool# AL9774 3.50%, 1/1/2047		69,776		70,674
Pool# BE7115 4.50%, 1/1/2047		17,448		18,143
Pool# MA2895 3.00%, 2/1/2047		4,289,260		4,215,674
Pool# BF0203 3.00%, 2/1/2047		447,115		434,508
Pool# BM3688 3.50%, 2/1/2047		470,573		474,705
Pool# BD5046 3.50%, 2/1/2047		84,227		84,828
Pool# AL9859 3.00%, 3/1/2047		627,852		617,080
Pool# AL9848 3.00%, 3/1/2047		370,280		363,927
Pool# AS8966 4.00%, 3/1/2047		79,531		81,644
Pool# AS8979 4.50%, 3/1/2047		50,000		52,493
Pool# AS9463 3.50%, 4/1/2047		385,463		389,207
Pool# AS9451 3.50%, 4/1/2047		378,205		380,668
Pool# BD7122 4.00%, 4/1/2047		708,493		727,287
Pool# AS9467 4.00%, 4/1/2047		21,566		22,205
Pool# AS9470 4.50%, 4/1/2047		173,438		181,935
Pool# AS9562 3.00%, 5/1/2047		67,069		65,918
Pool# BM3237 3.50%, 5/1/2047		261,005		265,314
Pool# AS9577 3.50%, 5/1/2047		207,916		209,271
Pool# AS9586 4.00%, 5/1/2047		1,178,695		1,216,426
Pool# BM1268 4.00%, 5/1/2047		347,840		358,240
Pool# BE3670 3.50%, 6/1/2047		475,638		478,442
Pool# AS9794 3.50%, 6/1/2047		214,924		217,078
Pool# BM3549 4.00%, 6/1/2047		295,945		304,085
Pool# BE3702 4.00%, 6/1/2047		193,652		198,789
Pool# BM1295 4.50%, 6/1/2047		170,891		178,909
Pool# BE9624 4.50%, 6/1/2047		100,301		104,309
Pool# BM3801 3.00%, 7/1/2047		330,627		324,955
Pool# BM1551 3.50%, 7/1/2047		281,790		284,527
Pool# AS9909 3.50%, 7/1/2047		155,781		157,295
Pool# AS9973 4.00%, 7/1/2047		24,498		25,144
Pool# 890673 3.00%, 8/1/2047		264,990		260,492
Pool# MA3087 3.50%, 8/1/2047		571,256		574,623
Pool# BM1658 3.50%, 8/1/2047		272,821		275,048
Pool# BH7375 3.50%, 8/1/2047		161,417		162,368
Pool# CA0123 4.00%, 8/1/2047		349,453		360,802
Pool# BH2597 4.00%, 8/1/2047		247,791		254,325
Pool# CA0407 3.50%, 9/1/2047		448,694		451,061
Pool# CA0265 4.00%, 9/1/2047		793,314		814,205
Pool# BM3556 4.00%, 9/1/2047		47,990		49,706
Pool# CA0487 3.50%, 10/1/2047		814,932		819,068
Pool# BM1959 3.50%, 10/1/2047		287,446		290,594
Pool# CA0493 4.00%, 10/1/2047		575,967		591,001
Pool# CA0549 4.00%, 10/1/2047		159,954		164,160
Pool# CA0623 4.50%, 10/1/2047		47,250		49,135
Pool# CA0693 3.50%, 11/1/2047		649,931		653,230
Pool# BM3358 3.50%, 11/1/2047		73,796		75,088
Pool# CA0696 4.00%, 11/1/2047		553,052		567,381
Pool# CA0808 4.00%, 11/1/2047		171,783		176,234
Pool# BM3191 4.00%, 11/1/2047		71,889		73,820
Pool# BM3379 3.00%, 12/1/2047		444,101		437,880
Pool# BJ1699 4.00%, 12/1/2047		207,082		213,005
Pool# BH7040 4.50%, 12/1/2047		57,677		59,978

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

21

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FNMA Pool (continued)
Pool# CA1015 4.00%, 1/1/2048	$	314,753	$	322,787
Pool# CA1025 4.50%, 1/1/2048		1,118,925		1,163,478
Pool# CA1242 3.50%, 2/1/2048		123,078		124,502
Pool# MA3277 4.00%, 2/1/2048		431,690		442,701
Pool# BK1972 4.50%, 3/1/2048		52,348		54,792
Pool# CA1510 3.50%, 4/1/2048		167,993		168,846
Pool# CA1531 3.50%, 4/1/2048		49,446		50,018
Pool# CA1551 4.00%, 4/1/2048		2,813,531		2,883,670
Pool# CA1560 4.50%, 4/1/2048		113,835		119,219
Pool# BJ2681 5.00%, 4/1/2048		39,226		41,302
Pool# BM4024 3.50%, 5/1/2048		25,514		25,807
Pool# MA3358 4.50%, 5/1/2048		625,461		650,215
Pool# CA1898 4.50%, 6/1/2048		172,451		181,937
Pool# CA1951 4.00%, 7/1/2048		169,792		173,960
Pool# CA1988 4.50%, 7/1/2048		142,603		148,222
Pool# BK6577 4.50%, 7/1/2048		47,810		49,704
Pool# CA2376 4.00%, 9/1/2048		368,715		377,623
Pool# BM4664 4.50%, 10/1/2048		125,207		131,419
Pool# CA2779 4.50%, 12/1/2048		150,000		157,558
Pool# BF0200 3.50%, 11/1/2051		451,778		454,783
FNMA TBA
3.50%, 10/25/2027		365,000		371,815
4.00%, 2/25/2032		350,000		360,021
3.00%, 2/25/2034		504,598		505,288
5.50%, 8/25/2034		23,000		24,420
2.50%, 9/25/2043		25,000		23,873
4.00%, 9/25/2043		339,750		347,766
5.00%, 2/25/2048		12,000		12,624
4.50%, 2/25/2049		888,000		922,930
GNMA I Pool
Pool# 279461 9.00%, 11/15/2019		21		21
Pool# 376510 7.00%, 5/15/2024		627		654
Pool# 457801 7.00%, 8/15/2028		1,795		1,906
Pool# 486936 6.50%, 2/15/2029		944		1,054
Pool# 502969 6.00%, 3/15/2029		2,586		2,778
Pool# 487053 7.00%, 3/15/2029		1,328		1,420
Pool# 781014 6.00%, 4/15/2029		2,189		2,415
Pool# 509099 7.00%, 6/15/2029		2,326		2,365
Pool# 470643 7.00%, 7/15/2029		9,094		9,458
Pool# 434505 7.50%, 8/15/2029		40		40
Pool# 416538 7.00%, 10/15/2029		112		112
Pool# 524269 8.00%, 11/15/2029		4,247		4,254
Pool# 781124 7.00%, 12/15/2029		6,706		7,638
Pool# 507396 7.50%, 9/15/2030		30,575		31,470
Pool# 531352 7.50%, 9/15/2030		1,882		1,923
Pool# 536334 7.50%, 10/15/2030		131		133
Pool# 540659 7.00%, 1/15/2031		600		605
Pool# 486019 7.50%, 1/15/2031		675		693
Pool# 535388 7.50%, 1/15/2031		411		417
Pool# 537406 7.50%, 2/15/2031		262		263
Pool# 528589 6.50%, 3/15/2031		24,176		26,277
Pool# 508473 7.50%, 4/15/2031		2,916		3,063
Pool# 544470 8.00%, 4/15/2031		1,875		1,878
Pool# 781287 7.00%, 5/15/2031		3,188		3,614
Pool# 781319 7.00%, 7/15/2031		963		1,115
Pool# 485879 7.00%, 8/15/2031		6,438		7,111
Pool# 572554 6.50%, 9/15/2031		32,500		35,324
Pool# 781328 7.00%, 9/15/2031		3,140		3,612
Pool# 555125 7.00%, 9/15/2031		475		478
Pool# 550991 6.50%, 10/15/2031		777		845
Pool# 571267 7.00%, 10/15/2031		793		877
Pool# 574837 7.50%, 11/15/2031		1,471		1,494
Pool# 555171 6.50%, 12/15/2031		937		1,019
Pool# 781380 7.50%, 12/15/2031		979		1,149
Pool# 781481 7.50%, 1/15/2032		4,627		5,403
Pool# 580972 6.50%, 2/15/2032		136		148
Pool# 781401 7.50%, 2/15/2032		2,821		3,326
Pool# 781916 6.50%, 3/15/2032		47,286		52,595
Pool# 552474 7.00%, 3/15/2032		3,520		3,919
Pool# 781478 7.50%, 3/15/2032		1,797		2,108
Pool# 781429 8.00%, 3/15/2032		3,128		3,731
Pool# 781431 7.00%, 4/15/2032		11,570		13,442
Pool# 552616 7.00%, 6/15/2032		28,977		32,057
Pool# 570022 7.00%, 7/15/2032		10,770		12,193
Pool# 595077 6.00%, 10/15/2032		6,155		6,806

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

22

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA I Pool (continued)
Pool# 596657 7.00%, 10/15/2032	$	2,961	$	3,012
Pool# 552903 6.50%, 11/15/2032		89,813		97,911
Pool# 552952 6.00%, 12/15/2032		4,042		4,345
Pool# 602102 6.00%, 2/15/2033		11,056		11,881
Pool# 588192 6.00%, 2/15/2033		3,916		4,206
Pool# 553144 5.50%, 4/15/2033		19,034		20,885
Pool# 604243 6.00%, 4/15/2033		8,726		9,643
Pool# 611526 6.00%, 5/15/2033		6,222		6,686
Pool# 553320 6.00%, 6/15/2033		23,563		26,057
Pool# 573916 6.00%, 11/15/2033		24,931		26,786
Pool# 604788 6.50%, 11/15/2033		56,834		62,297
Pool# 781688 6.00%, 12/15/2033		29,180		32,258
Pool# 604875 6.00%, 12/15/2033		23,336		25,755
Pool# 781690 6.00%, 12/15/2033		11,719		12,953
Pool# 781699 7.00%, 12/15/2033		4,483		5,051
Pool# 621856 6.00%, 1/15/2034		24,517		26,343
Pool# 564799 6.00%, 3/15/2034		35,900		38,643
Pool# 630038 6.50%, 8/15/2034		47,406		51,525
Pool# 781804 6.00%, 9/15/2034		33,883		37,469
Pool# 781847 6.00%, 12/15/2034		25,487		28,176
Pool# 486921 5.50%, 2/15/2035		9,063		9,944
Pool# 781902 6.00%, 2/15/2035		26,927		29,719
Pool# 649513 5.50%, 10/15/2035		214,885		233,259
Pool# 649510 5.50%, 10/15/2035		135,142		148,200
Pool# 652207 5.50%, 3/15/2036		31,851		34,016
Pool# 655519 5.00%, 5/15/2036		14,852		15,496
Pool# 652539 5.00%, 5/15/2036		12,583		13,248
Pool# 606308 5.50%, 5/15/2036		21,516		23,616
Pool# 606314 5.50%, 5/15/2036		5,242		5,598
Pool# 656666 6.00%, 6/15/2036		26,556		29,285
Pool# 657912 6.50%, 8/15/2036		3,492		3,796
Pool# 704630 5.50%, 7/15/2039		36,695		39,741
Pool# 757039 4.00%, 12/15/2040		267,810		278,063
Pool# 757038 4.00%, 12/15/2040		211,670		220,350
Pool# 755656 4.00%, 12/15/2040		88,171		91,787
Pool# 757044 4.00%, 12/15/2040		83,753		86,590
Pool# 742235 4.00%, 12/15/2040		77,916		80,671
Pool# 755655 4.00%, 12/15/2040		56,291		58,434
Pool# 757043 4.00%, 12/15/2040		40,252		41,895
Pool# 756631 4.00%, 12/15/2040		23,850		24,828
Pool# 755959 4.00%, 1/15/2041		191,710		199,571
Pool# 742244 4.00%, 1/15/2041		187,602		194,814
Pool# 753826 4.00%, 1/15/2041		79,174		82,227
Pool# 690662 4.00%, 1/15/2041		66,143		68,695
Pool# 719486 4.00%, 1/15/2041		30,982		32,081
Pool# 757557 4.00%, 2/15/2041		43,201		44,843
Pool# 757555 4.00%, 2/15/2041		40,768		42,374
Pool# AD7471 3.50%, 4/15/2043		354,054		360,346
Pool# AD6012 3.50%, 4/15/2043		346,041		352,195
Pool# AA6307 3.50%, 4/15/2043		226,045		230,052
Pool# AD9472 3.50%, 4/15/2043		194,290		197,734
Pool# AD7472 3.50%, 4/15/2043		154,610		156,817
Pool# AB3946 3.50%, 4/15/2043		98,320		99,682
Pool# AA6403 3.00%, 5/15/2043		777,768		775,197
Pool# 783781 3.50%, 6/15/2043		104,505		106,360
Pool# 784015 3.00%, 7/15/2043		42,778		42,571
Pool# 784459 3.00%, 12/15/2046		113,723		112,910
Pool# 784355 4.00%, 12/15/2046		91,966		94,817
Pool# 784500 3.00%, 2/15/2047		162,867		161,772
Pool# 784458 3.50%, 12/15/2047		281,801		286,519
GNMA II Pool
Pool# 3851 5.50%, 5/20/2036		170,621		184,998
Pool# 4559 5.00%, 10/20/2039		268,612		286,672
Pool# 4715 5.00%, 6/20/2040		271,770		293,047
Pool# 4747 5.00%, 7/20/2040		150,332		160,797
Pool# 4771 4.50%, 8/20/2040		456,962		481,083
Pool# 4834 4.50%, 10/20/2040		1,204,424		1,268,003
Pool# 737727 4.00%, 12/20/2040		889,745		921,233
Pool# 737730 4.00%, 12/20/2040		279,972		289,938
Pool# 4923 4.50%, 1/20/2041		173,554		182,721
Pool# 4978 4.50%, 3/20/2041		26,220		27,604

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

23

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA II Pool (continued)
Pool# 5017 4.50%, 4/20/2041	$	285,008	$	300,080
Pool# 5082 4.50%, 6/20/2041		475,202		500,250
Pool# 5175 4.50%, 9/20/2041		343,665		361,738
Pool# 675523 3.50%, 3/20/2042		348,928		353,729
Pool# MA0392 3.50%, 9/20/2042		1,261,245		1,283,701
Pool# MA0534 3.50%, 11/20/2042		713,226		725,919
Pool# MA0698 3.00%, 1/20/2043		420,370		420,732
Pool# MA0852 3.50%, 3/20/2043		774,323		791,445
Pool# MA0934 3.50%, 4/20/2043		908,676		924,833
Pool# AF1001 3.50%, 6/20/2043		262,857		266,702
Pool# MA1376 4.00%, 10/20/2043		776,901		805,216
Pool# AJ9335 3.50%, 10/20/2044		25,447		25,796
Pool# MA2754 3.50%, 4/20/2045		366,210		371,369
Pool# MA2824 2.50%, 5/20/2045		388,024		375,989
Pool# MA2825 3.00%, 5/20/2045		742,193		739,239
Pool# MA2891 3.00%, 6/20/2045		1,951,255		1,943,289
Pool# AO1103 3.50%, 9/20/2045		580,778		588,707
Pool# AO1099 3.50%, 9/20/2045		19,642		19,909
Pool# MA3106 4.00%, 9/20/2045		109,303		112,962
Pool# MA3172 3.00%, 10/20/2045		212,433		211,500
Pool# MA3173 3.50%, 10/20/2045		13,743		13,936
Pool# MA3174 4.00%, 10/20/2045		20,438		21,102
Pool# MA3243 3.00%, 11/20/2045		185,069		184,218
Pool# MA3244 3.50%, 11/20/2045		252,921		256,797
Pool# MA3309 3.00%, 12/20/2045		372,266		370,516
Pool# MA3310 3.50%, 12/20/2045		103,145		104,598
Pool# MA3377 4.00%, 1/20/2046		56,156		57,993
Pool# 784119 3.00%, 2/20/2046		739,757		737,995
Pool# MA3521 3.50%, 3/20/2046		612,050		620,611
Pool# MA3522 4.00%, 3/20/2046		585,972		605,817
Pool# MA3596 3.00%, 4/20/2046		347,975		346,124
Pool# MA3597 3.50%, 4/20/2046		110,237		111,774
Pool# MA3662 3.00%, 5/20/2046		630,347		627,090
Pool# MA3735 3.00%, 6/20/2046		720,709		716,431
Pool# MA3736 3.50%, 6/20/2046		2,123,710		2,152,982
Pool# MA3802 3.00%, 7/20/2046		1,264,385		1,257,073
Pool# MA3804 4.00%, 7/20/2046		53,564		55,316
Pool# MA3873 3.00%, 8/20/2046		1,252,987		1,245,547
Pool# MA3876 4.50%, 8/20/2046		20,365		21,311
Pool# MA3936 3.00%, 9/20/2046		1,101,006		1,094,974
Pool# MA3939 4.50%, 9/20/2046		11,848		12,452
Pool# MA4004 3.50%, 10/20/2046		1,131,158		1,146,518
Pool# MA4126 3.00%, 12/20/2046		2,345,075		2,329,700
Pool# MA4127 3.50%, 12/20/2046		527,553		534,663
Pool# MA4194 2.50%, 1/20/2047		428,122		413,782
Pool# MA4196 3.50%, 1/20/2047		72,083		73,056
Pool# MA4261 3.00%, 2/20/2047		546,204		542,594
Pool# MA4262 3.50%, 2/20/2047		3,788,585		3,839,770
Pool# MA4264 4.50%, 2/20/2047		26,666		28,014
Pool# MA4321 3.50%, 3/20/2047		1,728,546		1,751,903
Pool# MA4382 3.50%, 4/20/2047		568,183		575,863
Pool# AZ1974 3.50%, 4/20/2047		231,731		234,880
Pool# MA4384 4.50%, 4/20/2047		27,759		28,966
Pool# MA4512 4.50%, 6/20/2047		80,662		83,800
Pool# MA4585 3.00%, 7/20/2047		43,068		42,772
Pool# MA4587 4.00%, 7/20/2047		120,595		124,185
Pool# BC1888 3.50%, 8/20/2047		338,113		342,747
Pool# MA4652 3.50%, 8/20/2047		306,054		310,200
Pool# 784471 3.50%, 8/20/2047		264,587		267,988
Pool# MA4653 4.00%, 8/20/2047		44,700		46,003
Pool# 784408 3.50%, 10/20/2047		149,876		152,049
Pool# MA4836 3.00%, 11/20/2047		444,478		441,324
Pool# MA4837 3.50%, 11/20/2047		644,308		653,036
Pool# MA4838 4.00%, 11/20/2047		2,033,532		2,092,818
Pool# MA4899 3.00%, 12/20/2047		453,738		450,494
Pool# MA4900 3.50%, 12/20/2047		699,982		709,423
Pool# 784421 3.50%, 12/20/2047		284,014		288,634
Pool# MA4962 3.50%, 1/20/2048		1,696,325		1,719,051
Pool# MA5078 4.00%, 3/20/2048		1,232,423		1,268,381
Pool# 784480 3.50%, 4/20/2048		117,257		119,003

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

24

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA II Pool (continued)
Pool# 784479 3.50%, 4/20/2048	$	73,863	$	75,074
Pool# 784481 3.50%, 4/20/2048		26,007		26,269
Pool# MA5137 4.00%, 4/20/2048		506,624		521,403
Pool# BD4034 4.00%, 4/20/2048		73,229		75,585
Pool# MA5139 5.00%, 4/20/2048		147,727		154,387
Pool# MA5192 4.00%, 5/20/2048		1,829,704		1,883,170
Pool# MA5194 5.00%, 5/20/2048		75,431		78,831
Pool# MA5265 4.50%, 6/20/2048		1,099,240		1,142,173
Pool# MA5331 4.50%, 7/20/2048		399,608		415,152
Pool# MA5399 4.50%, 8/20/2048		542,232		563,324
Pool# MA5529 4.50%, 10/20/2048		263,165		273,414
Pool# BJ2692 4.00%, 11/20/2048		49,855		51,312
Pool# MA5597 5.00%, 11/20/2048		103,707		108,457
Pool# 784656 4.50%, 12/20/2048		357,640		371,581
Pool# BK2856 4.50%, 12/20/2048		56,000		58,183
Pool# MA5711 4.50%, 1/20/2049		158,360		164,558
GNMA TBA
3.00%, 11/15/2042		155,000		153,837
2.50%, 8/20/2045		35,000		33,824
5.00%, 2/15/2047		111,000		115,913
4.50%, 2/15/2048		533,000		553,404
3.00%, 2/15/2049		41,000		40,699
3.50%, 2/15/2049		1,157,000		1,171,666
4.00%, 2/15/2049		3,339,500		3,435,902
Total Mortgage-Backed Securities (cost $219,896,887)				218,483,749
Municipal Bonds 0.8%
	Principal Amount		Value
California 0.4%
Bay Area Toll Authority, RB Series F-2, 6.26%, 4/1/2049		150,000		205,147
Series S-3, 6.91%, 10/1/2050		100,000		143,967
California State, GO, 7.60%, 11/1/2040		100,000		149,479
East Bay Municipal Utility District, RB, 5.87%, 6/1/2040		100,000		129,118
Los Angeles Community College District, GO, 6.75%, 8/1/2049		100,000		143,766
Los Angeles Unified School District, GO, Series RY, 6.76%, 7/1/2034		100,000		130,739
Los Angeles, Department of Water & Power, RB, Series D, 6.57%, 7/1/2045		210,000		291,142
San Diego County Water Authority, RB, Series B, 6.14%, 5/1/2049		125,000		164,103
Santa Clara Valley Transportation Authority, RB, Series A, 5.88%, 4/1/2032		200,000		236,166
State of California, GO 7.55%, 4/1/2039		125,000		183,449
7.30%, 10/1/2039		200,000		279,812
7.63%, 3/1/2040		320,000		468,502
University of California, RB Series AX, 3.06%, 7/1/2025		50,000		49,528
Series R, 5.77%, 5/15/2043		50,000		61,643
Series AD, 4.86%, 5/15/2112		200,000		206,648
				2,843,209
Connecticut 0.0%†
State of Connecticut, GO, Series D, 5.09%, 10/1/2030		200,000		214,288
Georgia 0.0%†
Municipal Electric Authority of Georgia, Refunding, RB, Series A, 6.66%, 4/1/2057		150,000		170,961
Illinois 0.1%
State of Illinois, GO, 5.10%, 6/1/2033		535,000		511,883
Massachusetts 0.0%†
Commonwealth of Massachusetts, RB, Series A, 5.73%, 6/1/2040		150,000		183,584
New Jersey 0.1%
New Jersey Economic Development Authority, RB, NATL-RE Insured, Series A, 7.43%, 2/15/2029		150,000		181,384
New Jersey Turnpike Authority, RB, Series F, 7.41%, 1/1/2040		265,000		383,201
Rutgers-State University of New Jersey, RB, Series H, 5.67%, 5/1/2040		250,000		295,775
				860,360
New York 0.1%
Metropolitan Transportation Authority, RB, Series C, 7.34%, 11/15/2039		140,000		199,669
New York City Municipal Water Finance Authority, Water and Sewer System Revenue Taxable, Second General Resolution, RB, 5.88%, 6/15/2044		100,000		130,146
New York City Transitional Finance Authority, Future Tax Secured, RB, Series B, 5.57%, 11/1/2038		100,000		117,667
New York Urban Development Corporation, State Personal Income Tax, RB, Series B, 2.10%, 3/15/2022		170,000		167,853
Port Authority of New York & New Jersey, RB 6.04%, 12/1/2029		300,000		365,514
4.46%, 10/1/2062		100,000		106,145
				1,086,994
Oregon 0.0%†
Oregon School Boards Association, Limited Tax Pension, GO, AGM Insured, 5.53%, 6/30/2028		200,000		225,892
Texas 0.1%
Dallas Independent School District, Texas School Building, GO, PSF-GTD, Series C, 6.45%, 2/15/2035		150,000		160,195
Texas State Taxable Build America Bond, GO, 5.52%, 4/1/2039		50,000		61,933
Texas Transportation Commission, RB, Series B, 5.18%, 4/1/2030		100,000		114,976
				337,104

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

25

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Municipal Bonds (continued)
	Principal Amount		Value
Wisconsin 0.0%†
State of Wisconsin Bond, RB, Series C, 3.15%, 5/1/2027	$	20,000	$	19,779
Total Municipal Bonds (cost $5,815,064)				6,454,054
Supranational 1.0%
	Principal Amount		Value
African Development Bank, 1.38%, 2/12/2020		500,000		493,647
Asian Development Bank 1.75%, 6/8/2021		500,000		490,758
2.50%, 11/2/2027		500,000		488,635
2.75%, 1/19/2028		200,000		199,031
European Bank for Reconstruction & Development, 2.75%, 3/7/2023		250,000		251,215
European Investment Bank 1.38%, 6/15/2020		500,000		492,041
1.63%, 6/15/2021		500,000		488,890
1.38%, 9/15/2021		750,000		727,750
2.25%, 3/15/2022		750,000		743,122
2.50%, 10/15/2024		500,000		496,897
Inter-American Development Bank 1.63%, 5/12/2020		250,000		247,103
1.88%, 3/15/2021		250,000		246,480
2.13%, 1/18/2022		500,000		493,690
1.75%, 9/14/2022		250,000		242,844
2.00%, 6/2/2026		200,000		190,936
International Bank for Reconstruction & Development 7.63%, 1/19/2023		677,000		802,756
3.00%, 9/27/2023		250,000		255,539
2.50%, 7/29/2025		250,000		247,411
Total Supranational (cost $7,595,449)				7,598,745
U.S. Government Agency Securities 1.5%
	Principal Amount		Value
FFCB, 2.85%, 09/20/2021		745,000		750,377
FHLB 3.63%, 6/11/2021		1,200,000		1,230,018
3.13%, 6/13/2025		1,075,000		1,094,547
3.25%, 11/16/2028		160,000		163,605
5.50%, 7/15/2036		300,000		386,267
FHLMC 2.38%, 2/16/2021		2,000,000		1,995,244
1.13%, 8/12/2021		1,137,000		1,101,278
2.38%, 1/13/2022		1,650,000		1,645,804
6.75%, 9/15/2029		388,000		515,926
6.75%, 3/15/2031		400,000		544,611
6.25%, 7/15/2032		365,000		488,783
FNMA 2.63%, 1/11/2022		355,000		356,085
6.25%, 5/15/2029		500,000		638,552
Tennessee Valley Authority, 4.88%, 01/15/2048		300,000		368,801
Total U.S. Government Agency Securities (cost $10,900,948)				11,279,898
U.S. Treasury Obligations 38.4%
	Principal Amount		Value
U.S. Treasury Bonds 8.13%, 8/15/2021	$	1,800,000	$	2,048,063
7.13%, 2/15/2023		1,000,000		1,178,320
6.25%, 8/15/2023		869,000		1,009,160
6.00%, 2/15/2026		1,444,500		1,765,958
6.13%, 11/15/2027		1,000,000		1,273,633
5.50%, 8/15/2028		1,000,000		1,239,766
5.25%, 11/15/2028		1,000,000		1,222,773
4.50%, 5/15/2038		500,000		625,684
4.50%, 8/15/2039		185,000		231,640
4.38%, 11/15/2039		280,000		345,002
3.88%, 8/15/2040		600,000		691,992
4.25%, 11/15/2040		500,000		607,148
3.75%, 8/15/2041		1,500,000		1,698,750
3.13%, 11/15/2041		2,000,000		2,056,406
3.13%, 2/15/2042		2,650,000		2,723,703
3.13%, 2/15/2043		1,250,000		1,280,518
3.63%, 8/15/2043		2,000,000		2,222,188
3.75%, 11/15/2043		1,850,000		2,096,715
3.63%, 2/15/2044		800,000		889,375
3.38%, 5/15/2044		1,700,000		1,816,078
3.13%, 8/15/2044		2,400,000		2,457,375
3.00%, 11/15/2044		7,000,000		7,013,125
3.00%, 5/15/2045		800,000		801,406
2.88%, 8/15/2045		2,500,000		2,443,750
3.00%, 11/15/2045		3,200,000		3,203,750
2.50%, 2/15/2046		3,250,000		2,944,170
2.50%, 5/15/2046		2,950,000		2,670,326
2.88%, 11/15/2046		2,700,000		2,635,453
3.00%, 2/15/2047		1,400,000		1,400,273
3.00%, 5/15/2047		1,600,000		1,598,000
2.75%, 8/15/2047		1,000,000		949,883
3.00%, 8/15/2048		1,250,000		1,246,826
U.S. Treasury Notes 3.63%, 2/15/2020		2,610,000		2,638,037
2.25%, 2/29/2020		2,100,000		2,093,437
1.38%, 3/31/2020		5,500,000		5,426,094
2.25%, 3/31/2020		6,000,000		5,979,844
1.13%, 4/30/2020		1,500,000		1,474,629
1.50%, 5/15/2020		2,500,000		2,468,164
3.50%, 5/15/2020		2,000,000		2,024,453
1.50%, 5/31/2020		4,500,000		4,441,289
2.50%, 5/31/2020		3,000,000		2,999,414
1.50%, 7/15/2020		3,500,000		3,449,961
1.38%, 8/31/2020		1,000,000		982,695
2.13%, 8/31/2020		2,000,000		1,988,359
2.63%, 8/31/2020		4,500,000		4,508,613
1.75%, 10/31/2020		5,500,000		5,429,961
2.63%, 11/15/2020		2,360,000		2,365,347
1.63%, 11/30/2020		2,000,000		1,969,141
2.00%, 11/30/2020		2,000,000		1,982,500
1.75%, 12/31/2020		8,000,000		7,894,688
2.38%, 12/31/2020		3,000,000		2,994,492
2.25%, 2/15/2021		6,000,000		5,973,516
3.63%, 2/15/2021		2,500,000		2,557,031
2.25%, 3/31/2021		3,000,000		2,986,289
2.25%, 4/30/2021		2,000,000		1,990,547
3.13%, 5/15/2021		1,250,000		1,268,213
1.38%, 5/31/2021		2,000,000		1,951,016
1.13%, 6/30/2021		2,000,000		1,939,141
2.13%, 6/30/2021		3,500,000		3,472,930
2.88%, 10/15/2021		6,500,000		6,571,348
1.75%, 11/30/2021		2,000,000		1,962,266
2.00%, 12/31/2021		2,000,000		1,976,172
1.50%, 1/31/2022		2,000,000		1,945,859
1.75%, 2/28/2022		3,000,000		2,939,180
1.75%, 3/31/2022		1,000,000		979,141
1.75%, 4/30/2022		2,000,000		1,957,422
1.88%, 4/30/2022		2,000,000		1,965,000
1.75%, 5/15/2022		1,700,000		1,663,277
1.75%, 5/31/2022		2,000,000		1,956,328
1.75%, 6/30/2022		1,000,000		977,812

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

26

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

U.S. Treasury Obligations (continued)
	Principal Amount			Value
U.S. Treasury Notes (continued) 2.13%, 6/30/2022	$	500,000		$	494,941
1.88%, 7/31/2022		4,000,000			3,925,156
2.00%, 7/31/2022		4,500,000			4,434,609
1.63%, 8/15/2022		1,200,000			1,167,234
1.63%, 8/31/2022		5,000,000			4,861,719
1.88%, 8/31/2022		3,500,000			3,432,734
1.75%, 9/30/2022		2,000,000			1,952,187
1.88%, 9/30/2022		2,500,000			2,451,855
2.00%, 11/30/2022		1,400,000			1,377,687
2.13%, 12/31/2022		5,500,000			5,435,547
1.50%, 2/28/2023		1,000,000			963,594
1.50%, 3/31/2023		2,500,000			2,407,031
1.63%, 4/30/2023		2,000,000			1,934,063
1.63%, 5/31/2023		2,000,000			1,932,500
1.38%, 6/30/2023		2,700,000			2,579,449
2.50%, 8/15/2023		3,800,000			3,808,016
1.38%, 8/31/2023		3,700,000			3,529,164
2.75%, 8/31/2023		2,000,000			2,027,109
2.13%, 11/30/2023		3,900,000			3,843,176
2.25%, 1/31/2024		1,000,000			990,586
2.50%, 1/31/2024		1,300,000			1,303,605
2.75%, 2/15/2024		1,500,000			1,520,801
2.13%, 2/29/2024		6,500,000			6,397,676
2.13%, 3/31/2024		1,000,000			983,828
2.00%, 4/30/2024		2,000,000			1,954,687
2.50%, 5/15/2024		1,700,000			1,702,723
2.00%, 5/31/2024		3,500,000			3,419,336
2.00%, 6/30/2024		1,500,000			1,464,668
2.13%, 7/31/2024		1,500,000			1,473,516
1.88%, 8/31/2024		1,000,000			969,531
2.13%, 9/30/2024		2,000,000			1,962,891
2.25%, 10/31/2024		1,000,000			987,656
2.25%, 11/15/2024		3,160,000			3,119,512
2.13%, 11/30/2024		1,200,000			1,176,656
2.50%, 1/31/2025		1,500,000			1,500,586
2.00%, 2/15/2025		2,000,000			1,943,750
2.75%, 2/28/2025		1,500,000			1,521,328
2.13%, 5/15/2025		1,600,000			1,564,000
2.00%, 8/15/2025		2,000,000			1,937,422
3.00%, 10/31/2025		500,000			514,785
2.25%, 11/15/2025		1,500,000			1,474,043
1.63%, 5/15/2026		2,000,000			1,878,438
1.50%, 8/15/2026		4,000,000			3,711,250
2.00%, 11/15/2026		2,700,000			2,591,473
2.25%, 2/15/2027		5,300,000			5,172,055
2.38%, 5/15/2027		4,000,000			3,938,125
2.25%, 8/15/2027		3,500,000			3,405,801
2.25%, 11/15/2027		9,200,000			8,936,937
2.88%, 8/15/2028		3,000,000			3,060,352
Total U.S. Treasury Obligations (cost $293,366,274)					291,666,603
Short-Term Investment 0.0%†
	Shares			Value
Money Market Fund 0.0%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(g)(h)		22,204			22,204
Total Short-Term Investment (cost $22,204)					22,204
Repurchase Agreements 0.0%†
	Principal Amount			Value
BNP Paribas Securities Corp. 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $220,771, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $226,268.(h)	$	220,755		$	220,755
Royal Bank of Canada 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $5,771, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $5,886.(h)		5,770			5,770
Total Repurchase Agreements (cost $226,525)					226,525
Total Investments Before TBA Sale Commitments (cost $761,547,565) — 99.9%					758,954,976
TBA Sale Commitments (0.8)%
	Principal Amount			Value
Mortgage-Backed Securities (0.8)%
FNMA TBA 2.50%, 2/25/2033		(311,000	)		(306,065	)
3.00%, 2/25/2048		(2,498,000	)		(2,453,992	)
3.50%, 2/25/2049		(3,308,000	)		(3,324,346	)
Total TBA Sale Commitments (cost $(6,038,765))					(6,084,403	)
Other assets in excess of liabilities — 0.9%					6,776,469
NET ASSETS — 100.0%				$	759,647,042

(a) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2019.

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(c) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $2,680,166 which represents 0.35% of net assets.

(d) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $245,364, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $22,204 and $226,525, respectively, a total value of $248,729.

(e) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at January 31, 2019.

(f) Investment in affiliate.

(g) Represents 7-day effective yield as of January 31, 2019.

(h) Security or a portion of the security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $248,729.

† Amount rounds to less than 0.1%.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

27

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

ACES	Alternative Credit Enhancement Services
AGM	Assured Guaranty Municipal Corp.
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RB	Revenue Bond
RE	Reinsured
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
TBA	To Be Announced; Security is subject to delayed delivery
Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

28

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2			Level 3		Total
Assets:
Asset-Backed Securities	$	—	$	1,929,667		$	—	$	1,929,667
Commercial Mortgage-Backed Securities		—		18,798,910			—		18,798,910
Corporate Bonds		—		192,915,319			—		192,915,319
Foreign Government Securities		—		9,579,302			—		9,579,302
Mortgage-Backed Securities		—		218,483,749			—		218,483,749
Municipal Bonds		—		6,454,054			—		6,454,054
Repurchase Agreements		—		226,525			—		226,525
Short-Term Investment		22,204		—			—		22,204
Supranational		—		7,598,745			—		7,598,745
U.S. Government Agency Securities		—		11,279,898			—		11,279,898
U.S. Treasury Obligations		—		291,666,603			—		291,666,603
Total Assets	$	22,204	$	758,932,772		$	—	$	758,954,976
Liabilities:
Mortgage-Backed Securities	$	—	$	(6,084,403	)	$	—	$	(6,084,403	)
Total Liabilities	$	—	$	(6,084,403	)	$	—	$	(6,084,403	)
Total	$	22,204	$	752,848,369		$	—	$	752,870,573

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

29

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide California Intermediate Tax Free Bond Fund

Municipal Bonds 99.4%
	Principal Amount		Value
California 85.0%
Atascadero, Unified School District, Election 2010, GO, AGM Insured, Series A, 5.25%, 8/1/2025	$	345,000	$	374,401
California Educational Facilities Authority, Pepperdine University, Prerefunded, RB, 5.00%, 9/1/2024		270,000		302,670
California Educational Facilities Authority, Pepperdine University, Unrefunded Balance, RB, 5.00%, 9/1/2024		185,000		206,086
California Infrastructure & Economic Development Bank, Science Center Phase II Project, RB, Series A, 5.00%, 5/1/2031		910,000		1,058,758
California Municipal Finance Authority, LINXS APM Project, RB, Series A, 5.00%, 12/31/2043		470,000		512,685
California Municipal Finance Authority, Refunding, RB, Series A, 3.00%, 7/1/2028		1,205,000		1,190,359
California Municipal Finance Authority, West Village Student Housing Project, RB, 5.00%, 5/15/2033		500,000		566,955
California State, GO, 5.00%, 11/1/2024		2,000,000		2,113,800
California State, Public Works Board, Lease Revenue, Regents of the University of California, ETM, RB, Series G, 5.00%, 12/1/2021		1,000,000		1,097,890
California State, University, Systemwide, Refunding, RB Series A, 5.00%, 11/1/2025		1,000,000		1,040,850
Series A, 5.00%, 11/1/2026		1,500,000		1,559,955
California Statewide Communities Development Authority, Viamonte Senior Living 1 Project, RB, Series A, 3.50%, 7/1/2034		750,000		762,030
City of Upland, San Antonio Regional Hospital, COP, 5.00%, 1/1/2034		400,000		443,628
Downey California Public Financing Authority, Lease Revenue, RB, 5.00%, 12/1/2030		540,000		643,000
Dublin Unified School District, Election 2016, GO, Series B, 4.00%, 8/1/2043		620,000		638,464
Imperial, Irrigation District, Electric Revenue, Refunding, RB, Series C, 5.00%, 11/1/2026		2,600,000		2,756,306
Long Beach, Harbor Revenue, Refunding, RB, Series B, 5.00%, 5/15/2024		1,845,000		1,923,191
Long Beach, Unified School District, Election 2008, Unrefunded Balance, GO Series B, 5.25%, 8/1/2024		60,000		61,068
Series A, 5.25%, 8/1/2025		100,000		101,780
Los Angeles, Airport Department Revenue, Los Angeles International Airport, RB, Series D, 5.00%, 5/15/2024		1,130,000		1,184,093
Los Angeles, Airport Department Revenue, Los Angeles International Airport, Refunding, RB Series A, 5.25%, 5/15/2022		500,000		505,715
Series A, 5.00%, 5/15/2023		1,000,000		1,048,390
Los Angeles, Harbor Department Revenue, RB, Series A, 5.25%, 8/1/2021		350,000		356,335
Los Angeles, Unified School District, Refunding, GO, Series B, 2.00%, 7/1/2029		1,500,000		1,398,675
Madera, Unified School District, Election 2006, GO, NATL Insured, 0.00%, 8/1/2028(a)		1,500,000		1,142,385
Modesto, Irrigation District, Capital Improvements, COP, Series A, 5.50%, 10/1/2025		1,500,000		1,508,850
Montebello, Unified School District, Election 2016, GO, Series A, 4.00%, 8/1/2046		500,000		509,405
Mount Diablo, Unified School District, Refunding, GO, 5.00%, 8/1/2026		300,000		324,588
Ontario Montclair School District, Refunding, GO, AGM Insured, Series B, 4.00%, 8/1/2033		500,000		537,145
Pioneers Memorial Healthcare District, RB, 5.00%, 10/1/2032		500,000		528,870
Rancho Cucamonga Redevelopment Agency Successor Agency, Refunding, Tax Allocation, NATL Insured, 4.00%, 9/1/2033		1,000,000		1,065,200
San Mateo, Joint Powers Financing Authority, Lease Revenue, San Mateo County, Capital Projects, Refunding, RB, Series A, 5.25%, 7/15/2024		1,000,000		1,035,230
State of California, GO, 5.00%, 11/1/2035		500,000		585,175
State of California, GO, AGM Insured, 5.25%, 8/1/2032		455,000		572,540
				29,656,472
Guam 4.3%
Guam Government Waterworks Authority, Waste Water System Revenue, Refunding, RB 5.00%, 7/1/2028		1,000,000		1,127,040
5.00%, 7/1/2029		315,000		353,049
				1,480,089
Puerto Rico 10.1%
Puerto Rico Commonwealth Highway and Transportation Authority, Unrefunded Balance, RB, AGM Insured, Series D, 5.00%, 7/1/2032		965,000		989,945
Puerto Rico Commonwealth Highway and Transportation Authority, Unrefunded Balance, RB, NATL Insured, Series J, 5.00%, 7/1/2029		1,240,000		1,240,930
Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax, RB, AMBAC Insured, Series A, 0.00%, 7/1/2036(a)		1,185,000		446,082
Puerto Rico Electric Power Authority, Refunding, RB, AGC Insured, Series UU, 5.00%, 7/1/2026		290,000		299,764

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide California Intermediate Tax Free Bond Fund (Continued)

Municipal Bonds (continued)
	Principal Amount		Value
Puerto Rico (continued)
Puerto Rico Municipal Finance Agency, Refunding, RB, AGM Insured, Series A, 5.00%, 8/1/2030	$	540,000	$	554,893
				3,531,614
Total Municipal Bonds (cost $33,992,865)				34,668,175
Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Dreyfus AMT-Free Tax Exempt Cash Management - Institutional Shares, 1.22%(b)		27,572		27,572
Total Short-Term Investment (cost $27,572)				27,572
Total Investments (cost $34,020,437)(c) — 99.5%				34,695,747
Other assets in excess of liabilities — 0.5%				186,370
NET ASSETS — 100.0%			$	34,882,117

(a) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Assured Guaranty Municipal Corp. and National Public Finance Guarantee Corp. have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where an entity has guaranteed, backed, or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. At January 31, 2019, the percentages attributed to Assured Guaranty Municipal Corp. and National Public Finance Guarantee Corp. were 8.73% and 9.94% respectively.

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
COP	Certificates of Participation
ETM	Escrowed to Maturity
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide California Intermediate Tax Free Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	34,668,175	$	—	$	34,668,175
Short-Term Investment		27,572		—		—		27,572
Total	$	27,572	$	34,668,175	$	—	$	34,695,747

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund

Asset-Backed Securities 0.5%
	Principal Amount		Value
Airlines 0.1%
United Airlines Pass-Through Trust, Series 2016-1, Class B, 3.65%, 1/7/2026	$	914,352	$	867,850
Other 0.4%
SBA Tower Trust, 3.87%, 10/8/2024(a)		5,000,000		5,055,395
Total Asset-Backed Securities (cost $5,840,022)				5,923,245
Collateralized Mortgage Obligations 1.3%
	Principal Amount		Value
FHLMC REMICS Series 4039, Class ME, 2.00%, 12/15/2040		774,388		758,218
Series 4026, Class WJ, 2.75%, 8/15/2041		2,537,122		2,521,413
JP Morgan Mortgage Trust, Series 2017-5, Class A1A, 3.00%, 10/26/2048(a)(b)		11,859,912		11,780,110
Total Collateralized Mortgage Obligations (cost $15,205,874)				15,059,741
Commercial Mortgage-Backed Security 0.8%
	Principal Amount		Value
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class A4, 3.72%, 12/15/2048		8,500,000		8,639,258
Total Commercial Mortgage-Backed Security (cost $8,741,319)				8,639,258
Corporate Bonds 56.3%
	Principal Amount		Value
Aerospace & Defense 1.2%
Bombardier, Inc., 8.75%, 12/1/2021(a)		120,000		127,386
DynCorp International, Inc., 10.37%, 11/30/2020(c)		127,832		131,182
Rockwell Collins, Inc., 3.20%, 3/15/2024		5,000,000		4,880,393
4.35%, 4/15/2047		8,450,000		8,043,485
				13,182,446
Air Freight & Logistics 1.0%
FedEx Corp., 4.05%, 2/15/2048		6,910,000		5,992,508
United Parcel Service of America, Inc., 8.38%, 4/1/2020		2,500,000		2,657,557
XPO Logistics, Inc., 6.50%, 6/15/2022(a)		1,000,000		1,021,250
6.13%, 9/1/2023(a)		1,190,000		1,208,588
				10,879,903
Airlines 0.1%
United Continental Holdings, Inc., 4.25%, 10/1/2022		1,420,000		1,402,250
Auto Components 1.3%
American Axle & Manufacturing, Inc., 6.63%, 10/15/2022		2,056,000		2,089,410
Cooper Tire & Rubber Co., 8.00%, 12/15/2019		1,550,000		1,594,562
Dana Financing Luxembourg Sarl, 5.75%, 4/15/2025(a)		70,000		68,425
Icahn Enterprises LP, 6.00%, 8/1/2020		4,830,000		4,872,263
Lear Corp., 3.80%, 9/15/2027		7,063,000		6,530,404
Tenneco, Inc., 5.38%, 12/15/2024		75,000		67,875
				15,222,939
Banks 4.9%
Bank of America Corp., Series V, (ICE LIBOR USD 3 Month + 3.39%), 5.13%, 6/17/2019(d)(e)		150,000		149,250
Capital One NA, 2.65%, 8/8/2022		6,500,000		6,315,647
Citigroup, Inc., 5.38%, 8/9/2020		860,000		890,773
2.90%, 12/8/2021		2,675,000		2,658,209
2.75%, 4/25/2022		5,000,000		4,937,024
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(d)(e)		75,000		74,813
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026(d)(e)		5,000,000		5,175,000
Comerica, Inc., 3.70%, 7/31/2023		6,730,000		6,792,824
ING Groep NV, 4.10%, 10/2/2023		6,000,000		6,074,642
JPMorgan Chase & Co., Series V, (ICE LIBOR USD 3 Month + 3.32%), 5.00%, 7/01/2019(d)(e)		140,000		139,300
Landwirtschaftliche Rentenbank, 3.13%, 11/14/2023		10,400,000		10,640,061
National Westminster Bank plc, Series C, (ICE LIBOR USD 3 Month + 0.25%), 3.00%, 2/28/2019(d)(e)		130,000		101,400
People’s United Financial, Inc., 3.65%, 12/6/2022		3,740,000		3,725,467
Simmons First National Corp., (ICE LIBOR USD 3 Month + 2.15%), 5.00%, 4/1/2028(e)		6,000,000		5,989,627
Standard Chartered plc, (ICE LIBOR USD 3 Month + 1.51%), 4.26%, 1/30/2027(a)(d)(e)		100,000		77,250
Wells Fargo & Co., 3.75%, 1/24/2024		1,500,000		1,526,174
				55,267,461
Biotechnology 1.5%
Amgen, Inc., 5.15%, 11/15/2041		3,875,000		4,052,619
5.38%, 5/15/2043		1,320,000		1,408,735
Biogen, Inc., 5.20%, 9/15/2045		5,650,000		6,111,416

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Biotechnology (continued)
Gilead Sciences, Inc., 3.65%, 3/1/2026	$	4,860,000	$	4,872,795
				16,445,565
Building Products 0.1%
BMC East LLC, 5.50%, 10/1/2024(a)		1,172,000		1,117,795
Builders FirstSource, Inc., 5.63%, 9/1/2024(a)		131,000		124,941
				1,242,736
Capital Markets 2.9%
BGC Partners, Inc., 5.38%, 7/24/2023		5,000,000		5,091,262
FMR LLC, 4.95%, 2/1/2033(a)		3,400,000		3,768,396
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 0.78%), 3.52%, 10/31/2022(e)		10,000,000		9,909,200
(ICE LIBOR USD 3 Month + 1.00%), 3.78%, 7/24/2023(e)		5,000,000		4,959,464
Morgan Stanley, Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 7/15/2019(d)(e)		150,000		150,188
7.25%, 4/1/2032		5,600,000		7,229,717
MSCI, Inc., 5.25%, 11/15/2024(a)		2,000,000		2,035,000
Trident Merger Sub, Inc., 6.63%, 11/1/2025(a)		50,000		46,500
				33,189,727
Chemicals 1.9%
Blue Cube Spinco LLC, 9.75%, 10/15/2023		2,765,000		3,082,975
Chevron Phillips Chemical Co. LLC, 3.40%, 12/1/2026(a)		6,365,000		6,306,289
Cornerstone Chemical Co., 6.75%, 8/15/2024(a)		1,000,000		942,500
FXI Holdings, Inc., 7.88%, 11/1/2024(a)		11,500,000		10,867,500
Kraton Polymers LLC, 7.00%, 4/15/2025(a)		70,000		68,250
NOVA Chemicals Corp., 5.25%, 6/1/2027(a)		125,000		114,063
WR Grace & Co.-Conn, 5.63%, 10/1/2024(a)		50,000		52,000
				21,433,577
Commercial Services & Supplies 1.4%
Cimpress NV, 7.00%, 6/15/2026(a)		5,000,000		4,875,000
Harland Clarke Holdings Corp., 8.38%, 8/15/2022(a)		150,000		140,625
Pitney Bowes, Inc., 4.38%, 5/15/2022(f)		7,000,000		6,546,750
Prime Security Services Borrower LLC, 9.25%, 5/15/2023(a)		2,867,000		3,031,853
Steelcase, Inc., 5.13%, 1/18/2029		975,000		988,441
				15,582,669
Communications Equipment 0.0%†
CommScope Technologies LLC, 6.00%, 6/15/2025(a)		130,000		122,525
Construction & Engineering 0.0%†
AECOM, 5.88%, 10/15/2024		65,000		67,665
5.13%, 3/15/2027		75,000		70,688
Michael Baker International LLC, 8.75%, 3/1/2023(a)		85,000		83,300
Tutor Perini Corp., 6.88%, 5/1/2025(a)		60,000		59,341
				280,994
Consumer Finance 0.9%
American Express Co., 3.00%, 10/30/2024		5,512,000		5,355,275
Credit Acceptance Corp., 7.38%, 3/15/2023		60,000		61,575
Enova International, Inc., 8.50%, 9/1/2024(a)		40,000		36,300
Ford Motor Credit Co. LLC, 5.60%, 1/7/2022		4,000,000		4,053,043
Navient Corp., 8.00%, 3/25/2020		65,000		67,681
Springleaf Finance Corp., 8.25%, 12/15/2020		190,000		202,825
SquareTwo Financial Corp., 0.00%, 5/24/2019(g)(h)(i)(j)		132,417		0
				9,776,699
Containers & Packaging 0.5%
International Paper Co., 5.00%, 9/15/2035		5,400,000		5,403,857
Distributors 0.2%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/2023(a)		1,650,000		1,695,375
5.88%, 5/15/2026(a)		500,000		501,075
				2,196,450
Diversified Consumer Services 0.4%
Princeton University, 4.95%, 3/1/2019		3,446,000		3,450,329
Service Corp. International, 5.38%, 5/15/2024		1,099,000		1,122,354
				4,572,683
Diversified Financial Services 1.2%
Block Financial LLC, 4.13%, 10/1/2020		2,385,000		2,412,812
5.25%, 10/1/2025		7,300,000		7,381,253
Jefferies Finance LLC, 7.25%, 8/15/2024(a)		3,950,000		3,757,438
VFH Parent LLC, 6.75%, 6/15/2022(a)		65,000		65,975
				13,617,478
Diversified Telecommunication Services 0.4%
Altice France SA, 7.38%, 5/1/2026(a)		400,000		385,496

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Diversified Telecommunication Services (continued)
CCO Holdings LLC, 5.13%, 2/15/2023	$	1,350,000	$	1,363,500
5.88%, 4/1/2024(a)		200,000		205,048
5.75%, 2/15/2026(a)		50,000		50,750
5.50%, 5/1/2026(a)		220,000		219,450
5.13%, 5/1/2027(a)		5,000		4,831
5.00%, 2/1/2028(a)		75,000		71,250
Level 3 Financing, Inc., 5.38%, 5/1/2025		75,000		74,063
Sprint Capital Corp., 8.75%, 3/15/2032		50,000		54,875
Verizon Communications, Inc., (ICE LIBOR USD 3 Month + 0.55%), 3.20%, 5/22/2020(e)		2,000,000		2,006,520
				4,435,783
Electric Utilities 0.3%
Kansas City Power & Light Co., 4.20%, 3/15/2048		2,760,000		2,695,009
MidAmerican Energy Co., 4.25%, 7/15/2049		1,000,000		1,026,925
				3,721,934
Electrical Equipment 0.2%
Emerson Electric Co., 4.88%, 10/15/2019		1,933,000		1,961,132
Electronic Equipment, Instruments & Components 1.0%
CDW LLC, 5.50%, 12/1/2024		75,000		77,588
Corning, Inc., 7.25%, 8/15/2036		9,932,000		11,113,025
				11,190,613
Energy Equipment & Services 0.3%
Bristow Group, Inc., 8.75%, 3/1/2023(a)(k)		3,500,000		2,926,875
Transocean Phoenix 2 Ltd., 7.75%, 10/15/2024(a)		48,000		49,860
				2,976,735
Entertainment 0.0%†
Netflix, Inc., 5.88%, 2/15/2025		70,000		72,516
4.38%, 11/15/2026		50,000		47,344
				119,860
Equity Real Estate Investment Trusts (REITs) 0.3%
Crown Castle International Corp., 5.20%, 2/15/2049		2,000,000		1,990,354
Equinix, Inc., 5.38%, 4/1/2023		60,000		60,675
5.38%, 5/15/2027		85,000		85,213
MGM Growth Properties Operating Partnership LP, 4.50%, 9/1/2026		70,000		66,325
Vornado Realty LP, 3.50%, 1/15/2025		1,000,000		965,434
				3,168,001
Food & Staples Retailing 1.1%
Sysco Corp., 3.55%, 3/15/2025		2,600,000		2,575,281
4.85%, 10/1/2045		3,000,000		3,089,496
4.45%, 3/15/2048		7,000,000		6,803,078
				12,467,855
Food Products 0.4%
JBS USA LUX SA, 7.25%, 6/1/2021(a)		225,000		227,119
Tyson Foods, Inc., 5.10%, 9/28/2048		4,600,000		4,536,011
				4,763,130
Health Care Equipment & Supplies 0.0%†
DJO Finance LLC, 8.13%, 6/15/2021(a)		65,000		67,548
Hill-Rom Holdings, Inc., 5.75%, 9/1/2023(a)		75,000		77,063
				144,611
Health Care Providers & Services 1.3%
Anthem, Inc., 5.10%, 1/15/2044		4,680,000		4,901,652
HCA, Inc., 7.50%, 2/15/2022		200,000		219,000
5.88%, 3/15/2022		2,500,000		2,650,000
5.00%, 3/15/2024		50,000		52,025
5.38%, 2/1/2025		115,000		118,702
5.25%, 6/15/2026		125,000		131,172
4.50%, 2/15/2027		6,135,000		6,181,012
Molina Healthcare, Inc., 4.88%, 6/15/2025(a)		60,000		58,800
MPH Acquisition Holdings LLC, 7.13%, 6/1/2024(a)		85,000		84,405
				14,396,768
Hotels, Restaurants & Leisure 2.1%
Caesars Resort Collection LLC, 5.25%, 10/15/2025(a)		75,000		70,219
Hilton Grand Vacations Borrower LLC, 6.13%, 12/1/2024		75,000		75,937
Hyatt Hotels Corp., 4.38%, 9/15/2028		3,500,000		3,446,204
International Game Technology plc, 6.25%, 2/15/2022(a)		1,000,000		1,035,000
6.50%, 2/15/2025(a)		200,000		208,160
Jack Ohio Finance LLC, 6.75%, 11/15/2021(a)		80,000		82,600
Jacobs Entertainment, Inc., 7.88%, 2/1/2024(a)		65,000		68,270
McDonald’s Corp., 4.60%, 5/26/2045		3,000,000		2,994,906
4.88%, 12/9/2045		5,000,000		5,191,803
Nathan’s Famous, Inc., 6.63%, 11/1/2025(a)		1,500,000		1,455,000
NCL Corp. Ltd., 4.75%, 12/15/2021(a)		57,000		57,356
Penn National Gaming, Inc., 5.63%, 1/15/2027(a)		60,000		56,400
Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027		1,973,000		2,313,368

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Destinations, Inc., 6.35%, 10/1/2025(f)	$	7,272,000	$	7,253,820
				24,309,043
Household Durables 0.6%
M/I Homes, Inc., 5.63%, 8/1/2025		75,000		69,000
NVR, Inc., 3.95%, 9/15/2022		1,994,000		1,990,068
PulteGroup, Inc., 5.50%, 3/1/2026		4,260,000		4,281,300
Shea Homes LP, 5.88%, 4/1/2023(a)		45,000		42,750
6.13%, 4/1/2025(a)		10,000		9,250
				6,392,368
Household Products 0.3%
Central Garden & Pet Co., 6.13%, 11/15/2023		3,694,000		3,777,115
Independent Power and Renewable Electricity Producers 0.0%†
Vistra Energy Corp., 7.38%, 11/1/2022		140,000		145,600
8.00%, 1/15/2025(a)		125,000		133,438
8.13%, 1/30/2026(a)		100,000		108,000
				387,038
Industrial Conglomerates 0.9%
General Electric Co., (ICE LIBOR USD 3 Month + 1.00%), 3.79%, 3/15/2023(e)		10,000,000		9,444,000
Ingersoll-Rand Global Holding Co. Ltd., 4.30%, 2/21/2048		1,000,000		953,801
				10,397,801
Insurance 2.8%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024(k)		3,625,000		3,767,778
Brighthouse Financial, Inc., 3.70%, 6/22/2027		3,000,000		2,623,543
Fidelity National Financial, Inc., 4.50%, 8/15/2028(a)		4,500,000		4,470,558
Markel Corp., 5.00%, 3/30/2043		1,230,000		1,210,762
4.30%, 11/1/2047		2,976,000		2,621,060
Navigators Group, Inc. (The), 5.75%, 10/15/2023		5,000,000		5,251,935
RenRe North America Holdings, Inc., 5.75%, 3/15/2020		2,350,000		2,401,476
Sompo International Holdings Ltd., 4.70%, 10/15/2022		4,052,000		4,121,993
Torchmark Corp., 7.88%, 5/15/2023		2,975,000		3,456,564
Trinity Acquisition plc, 4.40%, 3/15/2026		2,238,000		2,238,518
				32,164,187
Interactive Media & Services 0.1%
Tencent Holdings Ltd., 3.60%, 1/19/2028(a)		1,000,000		972,661
Internet & Direct Marketing Retail 1.4%
eBay, Inc., 3.60%, 6/5/2027		12,425,000		11,825,502
Expedia Group, Inc., 4.50%, 8/15/2024		3,750,000		3,800,012
				15,625,514
IT Services 0.0%†
Booz Allen Hamilton, Inc., 5.13%, 5/1/2025(a)		65,000		63,700
Zayo Group LLC, 5.75%, 1/15/2027(a)		160,000		154,590
				218,290
Machinery 0.9%
BCD Acquisition, Inc., 9.63%, 9/15/2023(a)		5,372,000		5,680,890
Cloud Crane LLC, 10.13%, 8/1/2024(a)		160,000		170,400
Meritor, Inc., 6.25%, 2/15/2024		1,890,000		1,899,450
SPX FLOW, Inc., 5.63%, 8/15/2024(a)		125,000		122,500
Tennant Co., 5.63%, 5/1/2025		60,000		59,250
Wabtec Corp., (ICE LIBOR USD 3 Month + 1.05%), 3.84%, 9/15/2021(e)		2,000,000		1,999,483
				9,931,973
Media 0.9%
Cablevision Systems Corp., 5.88%, 9/15/2022		75,000		75,375
CBS Radio, Inc., 7.25%, 11/1/2024(a)(k)		125,000		117,812
Clear Channel Worldwide Holdings, Inc., Series A, 6.50%, 11/15/2022		75,000		76,688
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022		4,050,000		4,964,581
Comcast Cable Holdings LLC, 9.88%, 6/15/2022		1,165,000		1,404,468
Omnicom Group, Inc., 3.60%, 4/15/2026		3,416,000		3,317,723
Sirius XM Radio, Inc., 5.38%, 4/15/2025(a)		125,000		126,562
5.38%, 7/15/2026(a)		75,000		74,344
TEGNA, Inc., 6.38%, 10/15/2023		120,000		121,800
				10,279,353
Metals & Mining 0.5%
Alcoa Nederland Holding BV, 6.75%, 9/30/2024(a)		20,000		20,833
Allegheny Technologies, Inc., 5.95%, 1/15/2021		5,000,000		5,067,600
Northwest Acquisitions ULC, 7.13%, 11/1/2022(a)		35,000		34,867
				5,123,300
Multiline Retail 0.4%
Dillard’s, Inc., 7.75%, 7/15/2026		4,595,000		4,714,411

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Multi-Utilities 0.5%
Berkshire Hathaway Energy Co., 3.80%, 7/15/2048	$	2,000,000	$	1,835,155
Dominion Energy, Inc., Series B, 2.75%, 1/15/2022		4,200,000		4,102,219
				5,937,374
Oil, Gas & Consumable Fuels 7.6%
Boardwalk Pipelines LP, 4.95%, 12/15/2024		4,500,000		4,556,501
Cheniere Energy Partners LP, 5.63%, 10/1/2026(a)		1,000,000		1,002,360
CITGO Petroleum Corp., 6.25%, 8/15/2022(a)		4,000,000		3,940,000
Crestwood Midstream Partners LP, 5.75%, 4/1/2025		75,000		73,522
DCP Midstream Operating LP, 6.75%, 9/15/2037(a)		25,000		25,500
Delek Logistics Partners LP, 6.75%, 5/15/2025		65,000		64,350
Energy Transfer LP, 5.50%, 6/1/2027		70,000		72,625
Eni SpA, Series X-R, 4.00%, 9/12/2023(a)		5,000,000		5,043,269
Enterprise Products Operating LLC, 3.75%, 2/15/2025		5,000,000		5,061,156
Enviva Partners LP, 8.50%, 11/1/2021		10,650,000		11,095,915
EP Energy LLC, 8.00%, 11/29/2024(a)		50,000		40,000
Genesis Energy LP, 5.63%, 6/15/2024		130,000		119,600
HollyFrontier Corp., 5.88%, 4/1/2026		11,300,000		11,711,325
NGPL PipeCo LLC, 4.88%, 8/15/2027(a)		70,000		69,300
ONEOK Partners LP, 6.85%, 10/15/2037		3,793,000		4,270,562
Parsley Energy LLC, 6.25%, 6/1/2024(a)		2,525,000		2,587,792
PBF Holding Co. LLC, 7.00%, 11/15/2023		5,390,000		5,401,858
7.25%, 6/15/2025		3,000,000		2,985,000
PBF Logistics LP, 6.88%, 5/15/2023		35,000		35,656
Phillips 66, 4.65%, 11/15/2034		4,000,000		4,140,539
4.88%, 11/15/2044		2,000,000		2,071,017
Summit Midstream Holdings LLC, 5.50%, 8/15/2022		80,000		77,200
Sunoco Logistics Partners Operations LP, 5.35%, 5/15/2045		4,500,000		4,195,471
Targa Resources Partners LP, 5.13%, 2/1/2025		90,000		88,425
5.00%, 1/15/2028		80,000		75,150
Tengizchevroil Finance Co. International Ltd., 4.00%, 8/15/2026(a)		3,000,000		2,887,500
Texas Eastern Transmission LP, 4.15%, 1/15/2048(a)		1,750,000		1,591,119
TransCanada PipeLines Ltd., 6.20%, 10/15/2037		5,815,000		6,707,512
Valero Energy Corp., 8.75%, 6/15/2030		2,500,000		3,292,683
7.50%, 4/15/2032		2,641,000		3,294,250
				86,577,157
Paper & Forest Products 0.5%
Boise Cascade Co., 5.63%, 9/1/2024(a)		75,000		72,562
Louisiana-Pacific Corp., 4.88%, 9/15/2024		6,200,000		6,083,750
				6,156,312
Pharmaceuticals 0.8%
Merck & Co., Inc., 3.88%, 1/15/2021		5,921,000		6,053,179
Pfizer, Inc., 3.60%, 9/15/2028		3,070,000		3,141,694
				9,194,873
Real Estate Management & Development 0.8%
Hunt Cos., Inc., 6.25%, 2/15/2026(a)		7,000,000		6,300,000
Ohana Military Communities LLC, 5.78%, 10/1/2036(a)		1,000,000		1,170,542
WeWork Cos., Inc., 7.88%, 5/1/2025(a)		2,000,000		1,810,240
				9,280,782
Road & Rail 1.5%
Ashtead Capital, Inc., 5.63%, 10/1/2024(a)		3,500,000		3,587,500
Burlington Northern Santa Fe LLC, 4.90%, 4/1/2044		3,000,000		3,349,799
4.05%, 6/15/2048		1,500,000		1,485,387
Penske Truck Leasing Co. LP, 4.45%, 1/29/2026(a)		1,500,000		1,511,414
SMBC Aviation Capital Finance DAC, 3.00%, 7/15/2022(a)		7,500,000		7,297,428
				17,231,528
Semiconductors & Semiconductor Equipment 0.6%
Broadcom Corp., 3.50%, 1/15/2028		7,100,000		6,308,101
Software 0.3%
Change Healthcare Holdings LLC, 5.75%, 3/1/2025(a)		70,000		67,025
Citrix Systems, Inc., 4.50%, 12/1/2027		4,000,000		3,835,608
				3,902,633
Specialty Retail 2.6%
Advance Auto Parts, Inc., 4.50%, 12/1/2023		4,085,000		4,184,931
Best Buy Co., Inc., 4.45%, 10/1/2028		4,250,000		4,043,481
Foot Locker, Inc., 8.50%, 1/15/2022		8,415,000		9,130,275
L Brands, Inc., 6.69%, 1/15/2027		1,800,000		1,710,000
6.95%, 3/1/2033		5,800,000		4,669,000

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Specialty Retail (continued)
Rent-A-Center, Inc., 6.63%, 11/15/2020	$	6,015,000	$	5,969,888
				29,707,575
Technology Hardware, Storage & Peripherals 1.4%
Apple, Inc., 2.85%, 5/11/2024		4,501,000		4,482,891
Dell International LLC, 7.13%, 6/15/2024(a)		100,000		105,506
6.02%, 6/15/2026(a)		75,000		78,447
8.10%, 7/15/2036(a)		5,941,000		6,842,237
Seagate HDD Cayman, 4.25%, 3/1/2022		3,000,000		2,967,939
Xerox Corp., 3.62%, 3/15/2023		2,000,000		1,905,000
				16,382,020
Textiles, Apparel & Luxury Goods 1.1%
Michael Kors USA, Inc., 4.00%, 11/1/2024(a)		7,000,000		6,565,954
Tapestry, Inc., 4.13%, 7/15/2027		5,820,000		5,462,675
				12,028,629
Thrifts & Mortgage Finance 0.0%†
Ladder Capital Finance Holdings LLLP, 5.25%, 10/1/2025(a)		115,000		106,662
Provident Funding Associates LP, 6.38%, 6/15/2025(a)		155,000		136,788
				243,450
Tobacco 0.8%
Altria Group, Inc., 4.50%, 5/2/2043		5,735,000		4,836,259
Vector Group Ltd., 6.13%, 2/1/2025(a)		5,000,000		4,381,250
				9,217,509
Trading Companies & Distributors 1.6%
Air Lease Corp., 3.25%, 3/1/2025		7,200,000		6,731,636
Aircastle Ltd., 4.40%, 9/25/2023		3,000,000		2,970,290
Beacon Roofing Supply, Inc., 6.38%, 10/1/2023		60,000		61,799
4.88%, 11/1/2025(a)		2,000,000		1,862,500
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/2022(a)		4,000,000		4,012,440
United Rentals North America, Inc., 4.63%, 7/15/2023		2,000,000		2,023,100
				17,661,765
Wireless Telecommunication Services 0.5%
Crown Castle Towers LLC, 4.24%, 7/15/2028(a)		5,000,000		5,013,338
Sprint Corp., 7.25%, 9/15/2021		75,000		78,750
7.88%, 9/15/2023		250,000		265,625
7.63%, 2/15/2025		125,000		130,663
				5,488,376
Total Corporate Bonds (cost $654,011,371)				638,777,519
Mortgage-Backed Securities 20.9%
	Principal Amount		Value
FHLMC Gold Pool
Pool# J14732 4.00%, 3/1/2026		35		36
Pool# C91768 3.50%, 7/1/2034		6,176,421		6,302,781
Pool# G30692 3.50%, 8/1/2034		7,315,444		7,465,034
Pool# G30782 3.50%, 2/1/2035		2,291,984		2,338,896
Pool# C91846 3.00%, 9/1/2035		2,174,972		2,181,157
Pool# C91859 3.50%, 12/1/2035		2,282,809		2,318,265
Pool# C91868 3.50%, 4/1/2036		5,599,552		5,686,534
Pool# A95406 4.00%, 12/1/2040		1,112,248		1,149,576
Pool# Q06025 4.00%, 2/1/2042		1,535,462		1,588,413
Pool# Q10392 3.50%, 8/1/2042		3,370,004		3,415,140
Pool# G08541 3.50%, 8/1/2043		4,902,309		4,967,200
Pool# G08554 3.50%, 10/1/2043		2,811,082		2,848,149
Pool# G08588 4.00%, 5/1/2044		2,468,833		2,537,948
Pool# C09071 4.00%, 2/1/2045		4,337,668		4,458,678
Pool# G08702 3.50%, 4/1/2046		13,787,470		13,910,978
Pool# G08721 3.00%, 9/1/2046		8,209,849		8,072,995
Pool# G08726 3.00%, 10/1/2046		12,021,906		11,821,508
Pool# Q46283 4.00%, 2/1/2047		7,755,854		7,956,798
Pool# G08758 4.00%, 4/1/2047		11,996,513		12,319,260
Pool# G08793 4.00%, 12/1/2047		11,336,621		11,639,439
FNMA Pool
Pool# MA0848 3.50%, 9/1/2026		4,021,770		4,097,492
Pool# AL4235 3.50%, 1/1/2027		4,894,708		4,986,865
Pool# AL4180 3.50%, 9/1/2028		2,356,876		2,401,252
Pool# MA2124 3.00%, 12/1/2029		1,170,731		1,173,097
Pool# AL6591 3.00%, 9/1/2033		5,537,200		5,550,267

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FNMA Pool (continued)
Pool# MA1608 3.50%, 10/1/2033	$	7,003,861	$	7,143,046
Pool# MA2610 3.00%, 5/1/2036		9,341,709		9,311,793
Pool# AE0311 3.50%, 8/1/2040		5,841,048		5,906,737
Pool# AB1845 4.00%, 11/1/2040		6,329,290		6,533,946
Pool# AH0315 4.00%, 12/1/2040		8,778,222		9,062,057
Pool# AJ9278 3.50%, 12/1/2041		6,290,764		6,363,515
Pool# AW8165 4.00%, 1/1/2042		4,644,837		4,794,946
Pool# AJ8414 4.00%, 2/1/2042		3,546,793		3,661,461
Pool# AB4696 4.00%, 3/1/2042		2,149,657		2,224,474
Pool# AU2592 3.50%, 8/1/2043		3,410,228		3,449,664
Pool# AX4312 3.50%, 2/1/2045		3,268,906		3,302,669
Pool# AZ7353 3.50%, 11/1/2045		5,217,615		5,265,854
Pool# AS6408 3.50%, 1/1/2046		8,082,488		8,153,461
Pool# AL8289 2.42%, 4/1/2046(b)		11,432,968		11,452,666
Pool# MA3058 4.00%, 7/1/2047		10,381,802		10,656,796
Pool# BN4180 4.00%, 12/1/2048		8,895,909		9,108,430
Total Mortgage-Backed Securities (cost $240,551,048)				237,579,273
U.S. Treasury Obligations 18.9%
	Principal Amount		Value
U.S. Treasury Inflation Linked Notes 0.13%, 4/15/2022(l)		11,000,000		11,159,344
0.38%, 7/15/2027(l)		5,000,000		5,000,253
U.S. Treasury Notes 1.63%, 3/15/2020		5,000,000		4,949,414
1.50%, 5/31/2020		10,000,000		9,869,531
2.63%, 8/15/2020		10,000,000		10,018,359
1.38%, 8/31/2020		17,500,000		17,197,168
2.38%, 12/31/2020		20,000,000		19,963,281
2.00%, 8/31/2021		20,000,000		19,773,438
2.00%, 12/31/2021		26,620,000		26,302,848
2.00%, 10/31/2022		10,000,000		9,843,750
2.38%, 1/31/2023		5,000,000		4,988,086
1.75%, 5/15/2023		9,000,000		8,745,117
2.88%, 11/30/2023		9,000,000		9,180,000
2.75%, 2/15/2024		7,500,000		7,604,004
2.38%, 8/15/2024		9,500,000		9,450,645
2.75%, 2/28/2025		7,825,000		7,936,262
3.00%, 9/30/2025		15,000,000		15,442,383
2.63%, 12/31/2025		4,650,000		4,680,334
2.38%, 5/15/2027		10,000,000		9,845,312
2.88%, 5/15/2028		2,425,000		2,473,784
Total U.S. Treasury Obligations (cost $214,300,940)				214,423,313
Preferred Stocks 0.9%
	Shares		Value
Consumer Finance 0.0%†
SquareTwo Financial Corp., 0.00%*(g)(h)(i)(j)(m)		355		0
Insurance 0.5%
Enstar Group Ltd., 7.00%, 3/1/2024*(m)		140,000		3,605,000
Maiden Holdings North America Ltd., 7.75%, 12/1/2043(m)		75,000		1,372,500
PartnerRe Ltd., 7.25%, 4/29/2021(m)		31,383		852,676
				5,830,176
Mortgage Real Estate Investment Trusts (REITs) 0.4%
Two Harbors Investment Corp., (ICE LIBOR USD 3 Month + 5.35%), 7.63%, 7/27/2027(e)(m)		180,000		4,478,400
Thrifts & Mortgage Finance 0.0%†
FHLMC, (ICE LIBOR USD 3 Month + 4.16%, 7.88% Floor), 8.38%, 12/31/2022*(e)(m)		35,000		311,500
Total Preferred Stocks (cost $11,567,324)				10,620,076
Short-Term Investments 0.4%
	Shares		Value
Money Market Fund 0.0%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(n)(o)		527,981		527,981
	Principal Amount		Value
U.S. Treasury Obligations 0.4%
U.S. Treasury Bills, 2.36%, 2/28/2019	$	4,000,000		3,992,910
Total Short-Term Investments (cost $4,520,931)				4,520,891
Repurchase Agreements 0.5%
	Principal Amount		Value
BNP Paribas Securities Corp. 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $5,249,737, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $5,380,448.(o)		5,249,361		5,249,361

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $137,225, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $139,960.(o)	$	137,215	$	137,215
Total Repurchase Agreements (cost $5,386,576)				5,386,576
Total Investments (cost $1,160,125,405) — 100.5%				1,140,929,892
Liabilities in excess of other assets — (0.5)%				(5,173,847	)
NET ASSETS — 100.0%			$	1,135,756,045

* Denotes a non-income producing security.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $147,023,773 which represents 12.95% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2019.

(c) PIK — Payment-in-kind security. Income may be paid in cash or additional notes, at the discretion of the issuer. The rate disclosed is the blend rate.

(d) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on January 31, 2019. The maturity date reflects the next call date.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(f) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at January 31, 2019.

(g) Fair valued security.

(h) Illiquid security as deemed by the procedures approved by the Board of Trustees (unaudited).

(i) Value determined using significant unobservable inputs.

(j) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

(k) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $5,703,017, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $527,981 and $5,386,576, respectively, a total value of $5,914,557.

(l) Principal amounts are not adjusted for inflation.

(m) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of January 31, 2019.

(n) Represents 7-day effective yield as of January 31, 2019.

(o) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $5,914,557.

† Amount rounds to less than 0.1%.

FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—	$	5,923,245	$	—	$	5,923,245
Collateralized Mortgage Obligations		—		15,059,741		—		15,059,741
Commercial Mortgage-Backed Security		—		8,639,258		—		8,639,258
Corporate Bonds
Aerospace & Defense		—		13,182,446		—		13,182,446
Air Freight & Logistics		—		10,879,903		—		10,879,903
Airlines		—		1,402,250		—		1,402,250
Auto Components		—		15,222,939		—		15,222,939
Banks		—		55,267,461		—		55,267,461
Biotechnology		—		16,445,565		—		16,445,565
Building Products		—		1,242,736		—		1,242,736
Capital Markets		—		33,189,727		—		33,189,727
Chemicals		—		21,433,577		—		21,433,577
Commercial Services & Supplies		—		15,582,669		—		15,582,669
Communications Equipment		—		122,525		—		122,525
Construction & Engineering		—		280,994		—		280,994
Consumer Finance		—		9,776,699		—		9,776,699
Containers & Packaging		—		5,403,857		—		5,403,857
Distributors		—		2,196,450		—		2,196,450
Diversified Consumer Services		—		4,572,683		—		4,572,683
Diversified Financial Services		—		13,617,478		—		13,617,478
Diversified Telecommunication Services		—		4,435,783		—		4,435,783
Electric Utilities		—		3,721,934		—		3,721,934
Electrical Equipment		—		1,961,132		—		1,961,132
Electronic Equipment, Instruments & Components		—		11,190,613		—		11,190,613
Energy Equipment & Services		—		2,976,735		—		2,976,735
Entertainment		—		119,860		—		119,860
Equity Real Estate Investment Trusts (REITs)		—		3,168,001		—		3,168,001

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Corporate Bonds (continued)
Food & Staples Retailing	$	—	$	12,467,855	$	—	$	12,467,855
Food Products		—		4,763,130		—		4,763,130
Health Care Equipment & Supplies		—		144,611		—		144,611
Health Care Providers & Services		—		14,396,768		—		14,396,768
Hotels, Restaurants & Leisure		—		24,309,043		—		24,309,043
Household Durables		—		6,392,368		—		6,392,368
Household Products		—		3,777,115		—		3,777,115
Independent Power and Renewable Electricity Producers		—		387,038		—		387,038
Industrial Conglomerates		—		10,397,801		—		10,397,801
Insurance		—		32,164,187		—		32,164,187
Interactive Media & Services		—		972,661		—		972,661
Internet & Direct Marketing Retail		—		15,625,514		—		15,625,514
IT Services		—		218,290		—		218,290
Machinery		—		9,931,973		—		9,931,973
Media		—		10,279,353		—		10,279,353
Metals & Mining		—		5,123,300		—		5,123,300
Multiline Retail		—		4,714,411		—		4,714,411
Multi-Utilities		—		5,937,374		—		5,937,374
Oil, Gas & Consumable Fuels		—		86,577,157		—		86,577,157
Paper & Forest Products		—		6,156,312		—		6,156,312
Pharmaceuticals		—		9,194,873		—		9,194,873
Real Estate Management & Development		—		9,280,782		—		9,280,782
Road & Rail		—		17,231,528		—		17,231,528
Semiconductors & Semiconductor Equipment		—		6,308,101		—		6,308,101
Software		—		3,902,633		—		3,902,633
Specialty Retail		—		29,707,575		—		29,707,575
Technology Hardware, Storage & Peripherals		—		16,382,020		—		16,382,020
Textiles, Apparel & Luxury Goods		—		12,028,629		—		12,028,629
Thrifts & Mortgage Finance		—		243,450		—		243,450
Tobacco		—		9,217,509		—		9,217,509
Trading Companies & Distributors		—		17,661,765		—		17,661,765
Wireless Telecommunication Services		—		5,488,376		—		5,488,376
Total Corporate Bonds	$	—	$	638,777,519	$	—	$	638,777,519
Mortgage-Backed Securities		—		237,579,273		—		237,579,273
Preferred Stocks
Consumer Finance		—		—		—		—
Insurance		5,830,176		—		—		5,830,176
Mortgage Real Estate Investment Trusts (REITs)		4,478,400		—		—		4,478,400
Thrifts & Mortgage Finance		311,500		—		—		311,500
Total Preferred Stocks	$	10,620,076	$	—	$	—	$	10,620,076
Repurchase Agreements		—		5,386,576		—		5,386,576
Short-Term Investments		527,981		3,992,910		—		4,520,891
U.S. Treasury Obligations		—		214,423,313		—		214,423,313
Total	$	11,148,057	$	1,129,781,835	$	—	$	1,140,929,892

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31 2019, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

During the period ended January 31, 2019, the Fund held one preferred stock investment that was categorized as a Level 3 investment which was valued at $0.

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Corporate Bonds			Total
Balance as of 10/31/2018	$	—		$	—
Accrued Accretion/(Amortization)		—			—
Realized Gains (Losses)		—			—
Purchases		—			—
Change in Unrealized Appreciation/Depreciation		(11,772	)		(11,772	)
Sales		—			—
Transfers Into Level 3		11,772			11,772
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	—		$	—
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 1/31/2019	$	(11,772	)	$	(11,772	)

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

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

11

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2010 Fund

Investment Companies 77.5%
	Shares		Value
Alternative Assets 5.4%
Nationwide Amundi Strategic Income Fund, Class R6(a)		96,018	$	966,903
Total Alternative Assets (cost $999,644)				966,903
Equity Funds 43.2%
Nationwide International Index Fund, Class R6(a)		282,119		2,079,217
Nationwide Mid Cap Market Index Fund, Class R6(a)		35,488		515,286
Nationwide Multi-Cap Portfolio, Class R6(a)		301,289		3,097,254
Nationwide S&P 500 Index Fund, Class R6(a)		136,303		1,932,775
Nationwide Small Cap Index Fund, Class R6(a)		9,706		93,376
Total Equity Funds (cost $8,089,867)				7,717,908
Fixed Income Funds 28.9%
Nationwide Bond Index Fund, Class R6(a)		227,329		2,448,331
Nationwide Core Plus Bond Fund, Class R6(a)		159,701		1,582,639
Nationwide Inflation-Protected Securities Fund, Class R6(a)		118,468		1,137,293
Total Fixed Income Funds (cost $5,264,527)				5,168,263
Total Investment Companies (cost $14,354,038)				13,853,074
Exchange Traded Fund 1.1%
	Shares		Value
Equity Fund 1.1%
iShares Core MSCI Emerging Markets ETF		3,622		187,185
Total Exchange Traded Fund (cost $210,151)				187,185
Investment Contract 18.4%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(b)(c)(d)	$	3,298,225		3,298,225
Total Investment Contract (cost $3,298,225)				3,298,225
Total Investments (cost $17,862,414) — 97.0%				17,338,484
Other assets in excess of liabilities — 3.0%				543,175
NET ASSETS — 100.0%			$	17,881,659

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(c) Value determined using significant unobservable inputs.

(d) Fair valued security.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2010 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	187,185	$	—	$	—	$	187,185
Investment Companies		13,853,074		—		—		13,853,074
Investment Contract		—		—		3,298,225		3,298,225
Total	$	14,040,259	$	—	$	3,298,225	$	17,338,484

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2010 Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	3,514,732		$	3,514,732
Purchases*		177,571			177,571
Sales		(394,078	)		(394,078	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	3,298,225		$	3,298,225

Amounts designated as “—” are zero or have been rounded to zero

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2015 Fund

Investment Companies 79.2%
	Shares		Value
Alternative Assets 5.4%
Nationwide Amundi Strategic Income Fund, Class R6(a)		365,885	$	3,684,460
Total Alternative Assets (cost $3,814,580)				3,684,460
Equity Funds 48.0%
Nationwide International Index Fund, Class R6(a)		1,401,690		10,330,458
Nationwide Mid Cap Market Index Fund, Class R6(a)		147,233		2,137,821
Nationwide Multi-Cap Portfolio, Class R6(a)		1,183,216		12,163,460
Nationwide S&P 500 Index Fund, Class R6(a)		544,582		7,722,169
Nationwide Small Cap Index Fund, Class R6(a)		54,797		527,146
Total Equity Funds (cost $34,109,047)				32,881,054
Fixed Income Funds 25.8%
Nationwide Bond Index Fund, Class R6(a)		711,902		7,667,189
Nationwide Core Plus Bond Fund, Class R6(a)		608,532		6,030,551
Nationwide Inflation-Protected Securities Fund, Class R6(a)		417,034		4,003,531
Total Fixed Income Funds (cost $18,039,827)				17,701,271
Total Investment Companies (cost $55,963,454)				54,266,785
Exchange Traded Fund 2.1%
	Shares		Value
Equity Fund 2.1%
iShares Core MSCI Emerging Markets ETF		28,050		1,449,624
Total Exchange Traded Fund (cost $1,483,490)				1,449,624
Investment Contract 15.5%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(b)(c)(d)	$	10,583,735		10,583,735
Total Investment Contract (cost $10,583,735)				10,583,735
Total Investments (cost $68,030,679) — 96.8%				66,300,144
Other assets in excess of liabilities — 3.2%				2,180,106
NET ASSETS — 100.0%			$	68,480,250

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(c) Value determined using significant unobservable inputs.

(d) Fair valued security.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2015 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	1,449,624	$	—	$	—	$	1,449,624
Investment Companies		54,266,785		—		—		54,266,785
Investment Contract		—		—		10,583,735		10,583,735
Total	$	55,716,409	$	—	$	10,583,735	$	66,300,144

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2015 Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	11,372,582		$	11,372,582
Purchases*		276,225			276,225
Sales		(1,065,072	)		(1,065,072	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	10,583,735		$	10,583,735

Amounts designated as “—” are zero or have been rounded to zero

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2020 Fund

Investment Companies 84.7%
	Shares		Value
Alternative Assets 3.9%
Nationwide Amundi Strategic Income Fund, Class R6(a)		798,063	$	8,036,497
Total Alternative Assets (cost $8,321,304)				8,036,497
Equity Funds 55.0%
Nationwide International Index Fund, Class R6(a)		4,767,431		35,135,970
Nationwide Mid Cap Market Index Fund, Class R6(a)		552,920		8,028,392
Nationwide Multi-Cap Portfolio, Class R6(a)		4,061,134		41,748,454
Nationwide S&P 500 Index Fund, Class R6(a)		1,856,989		26,332,107
Nationwide Small Cap Index Fund, Class R6(a)		219,952		2,115,937
Total Equity Funds (cost $118,107,151)				113,360,860
Fixed Income Funds 25.8%
Nationwide Bond Index Fund, Class R6(a)		2,600,275		28,004,959
Nationwide Core Plus Bond Fund, Class R6(a)		1,622,001		16,074,028
Nationwide Inflation-Protected Securities Fund, Class R6(a)		937,453		8,999,551
Total Fixed Income Funds (cost $54,249,500)				53,078,538
Total Investment Companies (cost $180,677,955)				174,475,895
Exchange Traded Fund 2.6%
	Shares		Value
Equity Fund 2.6%
iShares Core MSCI Emerging Markets ETF		104,485		5,399,785
Total Exchange Traded Fund (cost $5,620,952)				5,399,785
Investment Contract 10.6%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(b)(c)(d)	$	21,830,555		21,830,555
Total Investment Contract (cost $21,830,555)				21,830,555
Total Investments (cost $208,129,462) — 97.9%				201,706,235
Other assets in excess of liabilities — 2.1%				4,247,290
NET ASSETS — 100.0%			$	205,953,525

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(c) Value determined using significant unobservable inputs.

(d) Fair valued security.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2020 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	5,399,785	$	—	$	—	$	5,399,785
Investment Companies		174,475,895		—		—		174,475,895
Investment Contract		—		—		21,830,555		21,830,555
Total	$	179,875,680	$	—	$	21,830,555	$	201,706,235

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2020 Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	23,680,455		$	23,680,455
Purchases*		393,050			393,050
Sales		(2,242,950	)		(2,242,950	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	21,830,555		$	21,830,555

Amounts designated as “—” are zero or have been rounded to zero

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2025 Fund

Investment Companies 85.2%
	Shares		Value
Alternative Assets 3.4%
Nationwide Amundi Strategic Income Fund, Class R6(a)		969,995	$	9,767,847
Total Alternative Assets (cost $10,103,948)				9,767,847
Equity Funds 61.4%
Nationwide International Index Fund, Class R6(a)		7,397,046		54,516,231
Nationwide Mid Cap Market Index Fund, Class R6(a)		817,450		11,869,376
Nationwide Multi-Cap Portfolio, Class R6(a)		6,279,937		64,557,749
Nationwide S&P 500 Index Fund, Class R6(a)		2,783,922		39,476,013
Nationwide Small Cap Index Fund, Class R6(a)		610,567		5,873,651
Total Equity Funds (cost $184,269,191)				176,293,020
Fixed Income Funds 20.4%
Nationwide Bond Index Fund, Class R6(a)		3,094,215		33,324,694
Nationwide Core Plus Bond Fund, Class R6(a)		1,971,459		19,537,154
Nationwide Inflation-Protected Securities Fund, Class R6(a)		578,351		5,552,172
Total Fixed Income Funds (cost $59,675,860)				58,414,020
Total Investment Companies (cost $254,048,999)				244,474,887
Exchange Traded Fund 4.1%
	Shares		Value
Equity Fund 4.1%
iShares Core MSCI Emerging Markets ETF		230,904		11,933,119
Total Exchange Traded Fund (cost $12,516,030)				11,933,119
Investment Contract 8.2%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(b)(c)(d)	$	23,436,310		23,436,310
Total Investment Contract (cost $23,436,310)				23,436,310
Total Investments (cost $290,001,339) — 97.5%				279,844,316
Other assets in excess of liabilities — 2.5%				7,210,245
NET ASSETS — 100.0%			$	287,054,561

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(c) Value determined using significant unobservable inputs.

(d) Fair valued security.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2025 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	11,933,119	$	—	$	—	$	11,933,119
Investment Companies		244,474,887		—		—		244,474,887
Investment Contract		—		—		23,436,310		23,436,310
Total	$	256,408,006	$	—	$	23,436,310	$	279,844,316

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2025 Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	25,371,866		$	25,371,866
Purchases*		522,603			522,603
Sales		(2,458,159	)		(2,458,159	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	23,436,310		$	23,436,310

Amounts designated as “—” are zero or have been rounded to zero

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2030 Fund

Investment Companies 90.0%
	Shares		Value
Alternative Assets 2.4%
Nationwide Amundi Strategic Income Fund, Class R6(a)		697,397	$	7,022,790
Total Alternative Assets (cost $7,261,509)				7,022,790
Equity Funds 68.3%
Nationwide International Index Fund, Class R6(a)		8,032,800		59,201,735
Nationwide Mid Cap Market Index Fund, Class R6(a)		1,029,203		14,944,026
Nationwide Multi-Cap Portfolio, Class R6(a)		7,041,049		72,381,980
Nationwide S&P 500 Index Fund, Class R6(a)		3,164,697		44,875,397
Nationwide Small Cap Index Fund, Class R6(a)		691,856		6,655,650
Total Equity Funds (cost $207,860,658)				198,058,788
Fixed Income Funds 19.3%
Nationwide Bond Index Fund, Class R6(a)		3,373,659		36,334,307
Nationwide Core Plus Bond Fund, Class R6(a)		1,700,904		16,855,957
Nationwide Inflation-Protected Securities Fund, Class R6(a)		291,277		2,796,258
Total Fixed Income Funds (cost $57,099,664)				55,986,522
Total Investment Companies (cost $272,221,831)				261,068,100
Exchange Traded Funds 6.2%
	Shares		Value
Equity Fund 5.7%
iShares Core MSCI Emerging Markets ETF		318,737		16,472,328
Fixed Income Fund 0.5%
iShares iBoxx $ High Yield Corporate Bond ETF(b)		16,695		1,420,912
Total Exchange Traded Funds (cost $19,075,673)				17,893,240
Investment Contract 3.8%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(c)(d)(e)	$	11,099,391		11,099,391
Total Investment Contract (cost $11,099,391)				11,099,391
Short-Term Investment 0.0%†
	Shares		Value
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(f)(g)		127,977	$	127,977
Total Short-Term Investment (cost $127,977)				127,977
Repurchase Agreements 0.5%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $1,272,485, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $1,304,168.(g)	$	1,272,393		1,272,393
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $33,262, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $33,925.(g)		33,260		33,260
Total Repurchase Agreements (cost $1,305,653)				1,305,653
Total Investments (cost $303,830,525) — 100.5%				291,494,361
Liabilities in excess of other assets — (0.5)%				(1,496,550	)
NET ASSETS — 100.0%			$	289,997,811

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $1,406,528, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $127,977 and $1,305,653, respectively, a total value of $1,433,630.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Value determined using significant unobservable inputs.

(e) Fair valued security.

(f) Represents 7-day effective yield as of January 31, 2019.

(g) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $1,433,630.

† Amount rounds to less than 0.1%.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2030 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	17,893,240	$	—	$	—	$	17,893,240
Investment Companies		261,068,100		—		—		261,068,100
Investment Contract		—		—		11,099,391		11,099,391
Repurchase Agreements		—		1,305,653		—		1,305,653
Short-Term Investment		127,977		—		—		127,977
Total	$	279,089,317	$	1,305,653	$	11,099,391	$	291,494,361

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2030 Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	12,145,531		$	12,145,531
Purchases*		214,901			214,901
Sales		(1,261,041	)		(1,261,041	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	11,099,391		$	11,099,391

Amounts designated as “—” are zero or have been rounded to zero

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2035 Fund

Investment Companies 89.5%
	Shares		Value
Alternative Assets 2.4%
Nationwide Amundi Strategic Income Fund, Class R6(a)		598,919	$	6,031,110
Total Alternative Assets (cost $6,233,028)				6,031,110
Equity Funds 74.1%
Nationwide International Index Fund, Class R6(a)		7,234,316		53,316,912
Nationwide Mid Cap Market Index Fund, Class R6(a)		971,973		14,113,055
Nationwide Multi-Cap Portfolio, Class R6(a)		6,600,788		67,856,099
Nationwide S&P 500 Index Fund, Class R6(a)		3,029,146		42,953,290
Nationwide Small Cap Index Fund, Class R6(a)		726,038		6,984,488
Total Equity Funds (cost $194,408,289)				185,223,844
Fixed Income Funds 13.0%
Nationwide Bond Index Fund, Class R6(a)		2,340,197		25,203,919
Nationwide Core Plus Bond Fund, Class R6(a)		730,372		7,237,984
Total Fixed Income Funds (cost $33,074,529)				32,441,903
Total Investment Companies (cost $233,715,846)				223,696,857
Exchange Traded Funds 7.6%
	Shares		Value
Equity Fund 6.6%
iShares Core MSCI Emerging Markets ETF		321,985		16,640,185
Fixed Income Fund 1.0%
iShares iBoxx $ High Yield Corporate Bond ETF(b)		28,545		2,429,465
Total Exchange Traded Funds (cost $20,329,571)				19,069,650
Investment Contract 2.9%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(c)(d)(e)	$	7,149,425		7,149,425
Total Investment Contract (cost $7,149,425)				7,149,425
Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(f)(g)		218,838	$	218,838
Total Short-Term Investment (cost $218,838)				218,838
Repurchase Agreements 0.9%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $2,175,913, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $2,230,090.(g)	$	2,175,757		2,175,757
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $56,877, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $58,010.(g)		56,873		56,873
Total Repurchase Agreements (cost $2,232,630)				2,232,630
Total Investments (cost $263,646,310) — 101.0%				252,367,400
Liabilities in excess of other assets — (1.0)%				(2,525,772	)
NET ASSETS — 100.0%			$	249,841,628

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $2,405,123, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $218,838 and $2,232,630, respectively, a total value of $2,451,468.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Value determined using significant unobservable inputs.

(e) Fair valued security.

(f) Represents 7-day effective yield as of January 31, 2019.

(g) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $2,451,468.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2035 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	19,069,650	$	—	$	—	$	19,069,650
Investment Companies		223,696,857		—		—		223,696,857
Investment Contract		—		—		7,149,425		7,149,425
Repurchase Agreements		—		2,232,630		—		2,232,630
Short-Term Investment		218,838		—		—		218,838
Total	$	242,985,345	$	2,232,630	$	7,149,425	$	252,367,400

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2035 Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	7,939,336		$	7,939,336
Purchases*		223,238			223,238
Sales		(1,013,149	)		(1,013,149	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	7,149,425		$	7,149,425

Amounts designated as “—” are zero or have been rounded to zero

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2040 Fund

Investment Companies 89.5%
	Shares		Value
Equity Funds 79.9%
Nationwide International Index Fund, Class R6(a)		5,934,626	$	43,738,193
Nationwide Mid Cap Market Index Fund, Class R6(a)		1,014,873		14,735,951
Nationwide Multi-Cap Portfolio, Class R6(a)		6,022,462		61,910,910
Nationwide S&P 500 Index Fund, Class R6(a)		2,704,318		38,347,227
Nationwide Small Cap Index Fund, Class R6(a)		595,618		5,729,841
Total Equity Funds (cost $172,528,354)				164,462,122
Fixed Income Funds 9.6%
Nationwide Bond Index Fund, Class R6(a)		1,279,839		13,783,863
Nationwide Core Plus Bond Fund, Class R6(a)		599,154		5,937,618
Total Fixed Income Funds (cost $20,076,319)				19,721,481
Total Investment Companies (cost $192,604,673)				184,183,603
Exchange Traded Funds 8.6%
	Shares		Value
Equity Fund 6.6%
iShares Core MSCI Emerging Markets ETF		264,119		13,649,671
Fixed Income Fund 2.0%
iShares iBoxx $ High Yield Corporate Bond ETF(b)		46,831		3,985,786
Total Exchange Traded Funds (cost $18,704,375)				17,635,457
Investment Contract 1.9%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(c)(d)(e)	$	3,909,902		3,909,902
Total Investment Contract (cost $3,909,902)				3,909,902
Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(f)(g)		359,028		359,028
Total Short-Term Investment (cost $359,028)				359,028
Repurchase Agreements 1.8%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $3,569,825, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $3,658,709.(g)	$	3,569,569		3,569,569
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $93,313, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $95,173.(g)		93,306		93,306
Total Repurchase Agreements (cost $3,662,875)				3,662,875
Total Investments (cost $219,240,853) — 102.0%				209,750,865
Liabilities in excess of other assets — (2.0)%				(4,057,826	)
NET ASSETS — 100.0%			$	205,693,039

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $3,945,870, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $359,028 and $3,662,875, respectively, a total value of $4,021,903.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Value determined using significant unobservable inputs.

(e) Fair valued security.

(f) Represents 7-day effective yield as of January 31, 2019.

(g) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $4,021,903.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2040 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	17,635,457	$	—	$	—	$	17,635,457
Investment Companies		184,183,603		—		—		184,183,603
Investment Contract		—		—		3,909,902		3,909,902
Repurchase Agreements		—		3,662,875		—		3,662,875
Short-Term Investment		359,028		—		—		359,028
Total	$	202,178,088	$	3,662,875	$	3,909,902	$	209,750,865

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2040 Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	4,283,686		$	4,283,686
Purchases*		137,388			137,388
Sales		(511,172	)		(511,172	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	3,909,902		$	3,909,902

Amounts designated as “—” are zero or have been rounded to zero

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2045 Fund

Investment Companies 90.9%
	Shares		Value
Equity Funds 82.3%
Nationwide International Index Fund, Class R6(a)		4,759,197	$	35,075,281
Nationwide Mid Cap Market Index Fund, Class R6(a)		767,047		11,137,524
Nationwide Multi-Cap Portfolio, Class R6(a)		4,958,089		50,969,150
Nationwide S&P 500 Index Fund, Class R6(a)		2,176,756		30,866,404
Nationwide Small Cap Index Fund, Class R6(a)		509,266		4,899,135
Total Equity Funds (cost $139,034,079)				132,947,494
Fixed Income Funds 8.6%
Nationwide Bond Index Fund, Class R6(a)		1,002,923		10,801,484
Nationwide Core Plus Bond Fund, Class R6(a)		313,017		3,102,003
Total Fixed Income Funds (cost $14,168,533)				13,903,487
Total Investment Companies (cost $153,202,612)				146,850,981
Exchange Traded Funds 9.1%
	Shares		Value
Equity Fund 7.2%
iShares Core MSCI Emerging Markets ETF		224,192		11,586,243
Fixed Income Fund 1.9%
iShares iBoxx $ High Yield Corporate Bond ETF(b)		36,914		3,141,750
Total Exchange Traded Funds (cost $15,594,939)				14,727,993
Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(c)(d)		282,997		282,997
Total Short-Term Investment (cost $282,997)				282,997
Repurchase Agreements 1.8%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $2,813,850, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $2,883,910.(d)	$	2,813,648		2,813,648
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $73,552, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $75,018.(d)		73,547		73,547
Total Repurchase Agreements (cost $2,887,195)				2,887,195
Total Investments (cost $171,967,743) — 102.0%				164,749,166
Liabilities in excess of other assets — (2.0)%				(3,172,227	)
NET ASSETS — 100.0%			$	161,576,939

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $3,110,260, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $282,997 and $2,887,195, respectively, a total value of $3,170,192.

(c) Represents 7-day effective yield as of January 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $3,170,192.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2045 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	14,727,993	$	—	$	—	$	14,727,993
Investment Companies		146,850,981		—		—		146,850,981
Repurchase Agreements		—		2,887,195		—		2,887,195
Short-Term Investment		282,997		—		—		282,997
Total	$	161,861,971	$	2,887,195	$	—	$	164,749,166

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2050 Fund

Investment Companies 90.9%
	Shares		Value
Equity Funds 84.2%
Nationwide International Index Fund, Class R6(a)		3,985,507	$	29,373,183
Nationwide Mid Cap Market Index Fund, Class R6(a)		721,060		10,469,792
Nationwide Multi-Cap Portfolio, Class R6(a)		4,091,987		42,065,622
Nationwide S&P 500 Index Fund, Class R6(a)		1,805,723		25,605,157
Nationwide Small Cap Index Fund, Class R6(a)		416,973		4,011,276
Total Equity Funds (cost $117,033,072)				111,525,030
Fixed Income Funds 6.7%
Nationwide Bond Index Fund, Class R6(a)		703,945		7,581,489
Nationwide Core Plus Bond Fund, Class R6(a)		128,161		1,270,079
Total Fixed Income Funds (cost $9,020,731)				8,851,568
Total Investment Companies (cost $126,053,803)				120,376,598
Exchange Traded Funds 9.1%
	Shares		Value
Equity Fund 7.2%
iShares Core MSCI Emerging Markets ETF		182,883		9,451,394
Fixed Income Fund 1.9%
iShares iBoxx $ High Yield Corporate Bond ETF(b)		30,107		2,562,407
Total Exchange Traded Funds (cost $12,716,861)				12,013,801
Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(c)(d)		230,810		230,810
Total Short-Term Investment (cost $230,810)				230,810
Repurchase Agreements 1.8%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $2,294,954, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $2,352,095.(d)	$	2,294,789		2,294,789
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $59,989, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $61,184.(d)		59,984		59,984
Total Repurchase Agreements (cost $2,354,773)				2,354,773
Total Investments (cost $141,356,247) — 102.0%				134,975,982
Liabilities in excess of other assets — (2.0)%				(2,600,946	)
NET ASSETS — 100.0%			$	132,375,036

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $2,536,704, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $230,810 and $2,354,773, respectively, a total value of $2,585,583.

(c) Represents 7-day effective yield as of January 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $2,585,583.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2050 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	12,013,801	$	—	$	—	$	12,013,801
Investment Companies		120,376,598		—		—		120,376,598
Repurchase Agreements		—		2,354,773		—		2,354,773
Short-Term Investment		230,810		—		—		230,810
Total	$	132,621,209	$	2,354,773	$	—	$	134,975,982

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2055 Fund

Investment Companies 91.7%
	Shares		Value
Equity Funds 86.0%
Nationwide International Index Fund, Class R6(a)		2,276,456	$	16,777,481
Nationwide Mid Cap Market Index Fund, Class R6(a)		415,806		6,037,505
Nationwide Multi-Cap Portfolio, Class R6(a)		2,340,716		24,062,563
Nationwide S&P 500 Index Fund, Class R6(a)		1,022,026		14,492,331
Nationwide Small Cap Index Fund, Class R6(a)		252,370		2,427,803
Total Equity Funds (cost $66,862,792)				63,797,683
Fixed Income Funds 5.7%
Nationwide Bond Index Fund, Class R6(a)		327,851		3,530,952
Nationwide Core Plus Bond Fund, Class R6(a)		71,625		709,801
Total Fixed Income Funds (cost $4,310,058)				4,240,753
Total Investment Companies (cost $71,172,850)				68,038,436
Exchange Traded Funds 8.0%
	Shares		Value
Equity Fund 7.1%
iShares Core MSCI Emerging Markets ETF		101,283		5,234,305
Fixed Income Fund 0.9%
iShares iBoxx $ High Yield Corporate Bond ETF(b)		8,339		709,732
Total Exchange Traded Funds (cost $6,316,390)				5,944,037
Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(c)(d)		63,927		63,927
Total Short-Term Investment (cost $63,927)				63,927
Repurchase Agreements 0.9%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $635,626, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $651,452.(d)	$	635,581		635,581
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $16,615, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $16,946.(d)		16,614		16,614
Total Repurchase Agreements (cost $652,195)				652,195
Total Investments (cost $78,205,362) — 100.7%				74,698,595
Liabilities in excess of other assets — (0.7)%				(539,606	)
NET ASSETS — 100.0%			$	74,158,989

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $702,583, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $63,927 and $652,195, respectively, a total value of $716,122.

(c) Represents 7-day effective yield as of January 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $716,122.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2055 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	5,944,037	$	—	$	—	$	5,944,037
Investment Companies		68,038,436		—		—		68,038,436
Repurchase Agreements		—		652,195		—		652,195
Short-Term Investment		63,927		—		—		63,927
Total	$	74,046,400	$	652,195	$	—	$	74,698,595

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Destination 2060 Fund

Investment Companies 92.0%
	Shares		Value
Equity Funds 86.3%
Nationwide International Index Fund, Class R6(a)		579,014	$	4,267,330
Nationwide Mid Cap Market Index Fund, Class R6(a)		105,771		1,535,802
Nationwide Multi-Cap Portfolio, Class R6(a)		595,380		6,120,506
Nationwide S&P 500 Index Fund, Class R6(a)		259,959		3,686,222
Nationwide Small Cap Index Fund, Class R6(a)		64,192		617,529
Total Equity Funds (cost $17,162,033)				16,227,389
Fixed Income Funds 5.7%
Nationwide Bond Index Fund, Class R6(a)		83,374		897,940
Nationwide Core Plus Bond Fund, Class R6(a)		18,215		180,510
Total Fixed Income Funds (cost $1,086,859)				1,078,450
Total Investment Companies (cost $18,248,892)				17,305,839
Exchange Traded Funds 8.0%
	Shares		Value
Equity Fund 7.1%
iShares Core MSCI Emerging Markets ETF		25,710		1,328,694
Fixed Income Fund 0.9%
iShares iBoxx $ High Yield Corporate Bond ETF(b)		1,969		167,581
Total Exchange Traded Funds (cost $1,579,262)				1,496,275
Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(c)(d)		15,093		15,093
Total Short-Term Investment (cost $15,093)				15,093
Repurchase Agreements 0.8%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $150,071, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $153,807.(d)	$	150,060		150,060
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $3,923, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $4,001.(d)		3,922		3,922
Total Repurchase Agreements (cost $153,982)				153,982
Total Investments (cost $19,997,229) — 100.9%				18,971,189
Liabilities in excess of other assets — (0.9)%				(170,897	)
NET ASSETS — 100.0%			$	18,800,292

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $165,879, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $15,093 and $153,982, respectively, a total value of $169,075.

(c) Represents 7-day effective yield as of January 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $169,075.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Destination 2060 Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	1,496,275	$	—	$	—	$	1,496,275
Investment Companies		17,305,839		—		—		17,305,839
Repurchase Agreements		—		153,982		—		153,982
Short-Term Investment		15,093		—		—		15,093
Total	$	18,817,207	$	153,982	$	—	$	18,971,189

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Diamond Hill Large Cap Concentrated Fund

Common Stocks 98.3%
	Shares		Value
Aerospace & Defense 4.9%
United Technologies Corp.		9,796	$	1,156,614
Auto Components 3.6%
BorgWarner, Inc.		20,852		852,847
Banks 13.3%
Citigroup, Inc.		31,670		2,041,448
JPMorgan Chase & Co.		10,586		1,095,651
				3,137,099
Beverages 4.0%
PepsiCo, Inc.		8,431		949,921
Consumer Finance 5.6%
Discover Financial Services		19,485		1,315,042
Diversified Financial Services 5.8%
Berkshire Hathaway, Inc., Class B*		6,643		1,365,402
Health Care Equipment & Supplies 7.8%
Abbott Laboratories		25,455		1,857,706
Health Care Providers & Services 4.2%
CVS Health Corp.		15,011		983,971
Household Durables 3.5%
NVR, Inc.*		307		816,620
Household Products 4.1%
Procter & Gamble Co. (The)		10,142		978,399
Insurance 5.9%
MetLife, Inc.		30,448		1,390,560
Interactive Media & Services 10.6%
Alphabet, Inc., Class A*		1,326		1,492,930
Facebook, Inc., Class A*		6,078		1,013,142
				2,506,072
Media 3.2%
Comcast Corp., Class A		20,684		756,414
Oil, Gas & Consumable Fuels 3.4%
Cimarex Energy Co.		10,799		813,597
Pharmaceuticals 4.4%
Pfizer, Inc.		24,567		1,042,869
Software 4.4%
Microsoft Corp.		10,005		1,044,822
Specialty Retail 4.9%
TJX Cos., Inc. (The)		23,544		1,170,843
Tobacco 4.7%
Philip Morris International, Inc.		14,506		1,112,900
Total Investments (cost $23,441,087) — 98.3%				23,251,698
Other assets in excess of liabilities — 1.7%				411,211
NET ASSETS — 100.0%			$	23,662,909

* Denotes a non-income producing security.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Diamond Hill Large Cap Concentrated Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At January 31, 2019, 100% of the market value of the Fund was determined based on Level 1 inputs.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund

Common Stocks 79.1%
	Shares		Value
Aerospace & Defense 2.1%
Arconic, Inc.		3,133	$	58,963
Boeing Co. (The)		3,838		1,480,010
General Dynamics Corp.		1,994		341,313
Harris Corp.		836		128,058
Huntington Ingalls Industries, Inc.		298		61,522
L3 Technologies, Inc.		549		108,087
Lockheed Martin Corp.		1,802		522,021
Northrop Grumman Corp.		1,247		343,611
Raytheon Co.		2,043		336,605
Textron, Inc.		1,737		92,461
TransDigm Group, Inc.*		340		132,940
United Technologies Corp.		5,850		690,709
				4,296,300
Air Freight & Logistics 0.5%
CH Robinson Worldwide, Inc.		1,027		89,113
Expeditors International of Washington, Inc.		1,288		89,258
FedEx Corp.		1,743		309,504
United Parcel Service, Inc., Class B		5,029		530,057
				1,017,932
Airlines 0.4%
Alaska Air Group, Inc.		909		58,131
American Airlines Group, Inc.		2,872		102,731
Delta Air Lines, Inc.		4,499		222,386
Southwest Airlines Co.		3,681		208,934
United Continental Holdings, Inc.*		1,631		142,337
				734,519
Auto Components 0.1%
Aptiv plc		1,952		154,462
BorgWarner, Inc.		1,536		62,822
Goodyear Tire & Rubber Co. (The)		1,768		37,464
				254,748
Automobiles 0.3%
Ford Motor Co.		28,010		246,488
General Motors Co.		9,395		366,593
Harley-Davidson, Inc.		1,228		45,264
				658,345
Banks 4.6%
Bank of America Corp.		66,106		1,882,038
BB&T Corp.		5,541		270,401
Citigroup, Inc.		17,709		1,141,522
Citizens Financial Group, Inc.		3,386		114,853
Comerica, Inc.		1,267		99,764
Fifth Third Bancorp		4,742		127,180
First Republic Bank		1,185		114,506
Huntington Bancshares, Inc.		8,147		107,866
JPMorgan Chase & Co.		24,069		2,491,141
KeyCorp		7,491		123,377
M&T Bank Corp.		1,026		168,818
People’s United Financial, Inc.		2,505		41,032
PNC Financial Services Group, Inc. (The)		3,328		408,246
Regions Financial Corp.		7,848		119,054
SunTrust Banks, Inc.		3,292		195,611
SVB Financial Group*		390		91,018
US Bancorp		10,985		561,993
Wells Fargo & Co.		30,701		1,501,586
Zions Bancorp NA		1,339		63,723
				9,623,729
Beverages 1.4%
Brown-Forman Corp., Class B		1,178		55,661
Coca-Cola Co. (The)		27,715		1,333,923
Constellation Brands, Inc., Class A		1,200		208,392
Molson Coors Brewing Co., Class B		1,364		90,856
Monster Beverage Corp.*		2,835		162,275
PepsiCo, Inc.		10,212		1,150,586
				3,001,693
Biotechnology 2.0%
AbbVie, Inc.		10,871		872,833
Alexion Pharmaceuticals, Inc.*		1,591		195,629
Amgen, Inc.		4,647		869,500
Biogen, Inc.*		1,467		489,655
Celgene Corp.*		5,039		445,750
Gilead Sciences, Inc.		9,407		658,584
Incyte Corp.*		1,297		104,525
Regeneron Pharmaceuticals, Inc.*		553		237,386
Vertex Pharmaceuticals, Inc.*		1,829		349,175
				4,223,037
Building Products 0.2%
Allegion plc		701		60,188
AO Smith Corp.		1,070		51,210
Fortune Brands Home & Security, Inc.		1,076		48,743
Johnson Controls International plc		6,609		223,186
Masco Corp.		2,289		74,186
				457,513
Capital Markets 2.2%
Affiliated Managers Group, Inc.		400		41,980
Ameriprise Financial, Inc.		1,010		127,866
Bank of New York Mellon Corp. (The)		6,441		336,993
BlackRock, Inc.		880		365,270
Cboe Global Markets, Inc.		829		77,321
Charles Schwab Corp. (The)		8,616		402,970
CME Group, Inc.		2,588		471,741
E*TRADE Financial Corp.		1,813		84,595
Franklin Resources, Inc.		2,114		62,596
Goldman Sachs Group, Inc. (The)		2,519		498,787
Intercontinental Exchange, Inc.		4,105		315,100
Invesco Ltd.		3,029		55,188
Moody’s Corp.		1,191		188,785
Morgan Stanley		9,505		402,062
MSCI, Inc.		657		111,867
Nasdaq, Inc.		861		75,802
Northern Trust Corp.		1,642		145,251
Raymond James Financial, Inc.		957		77,039
S&P Global, Inc.		1,801		345,162
State Street Corp.		2,709		192,068
T. Rowe Price Group, Inc.		1,785		166,826
				4,545,269
Chemicals 1.6%
Air Products & Chemicals, Inc.		1,569		257,928
Albemarle Corp.		751		60,628
Celanese Corp.		966		92,504
CF Industries Holdings, Inc.		1,721		75,122
DowDuPont, Inc.		16,565		891,363
Eastman Chemical Co.		981		79,088
Ecolab, Inc.		1,819		287,711
FMC Corp.		992		79,161
International Flavors & Fragrances, Inc.		710		100,664
Linde plc		3,987		649,921
LyondellBasell Industries NV, Class A		2,280		198,292
Mosaic Co. (The)		2,586		83,476
PPG Industries, Inc.		1,727		182,095
Sherwin-Williams Co. (The)		588		247,854
				3,285,807

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Commercial Services & Supplies 0.3%
Cintas Corp.		612	$	114,756
Copart, Inc.*		1,413		71,540
Republic Services, Inc.		1,549		118,824
Rollins, Inc.		991		36,905
Waste Management, Inc.		2,821		269,885
				611,910
Communications Equipment 0.9%
Arista Networks, Inc.*		374		80,328
Cisco Systems, Inc.		32,560		1,539,762
F5 Networks, Inc.*		451		72,589
Juniper Networks, Inc.		2,574		66,770
Motorola Solutions, Inc.		1,196		139,824
				1,899,273
Construction & Engineering 0.1%
Fluor Corp.		1,037		37,923
Jacobs Engineering Group, Inc.		888		57,543
Quanta Services, Inc.		1,103		38,980
				134,446
Construction Materials 0.1%
Martin Marietta Materials, Inc.		464		81,979
Vulcan Materials Co.		975		99,109
				181,088
Consumer Finance 0.5%
American Express Co.		5,064		520,073
Capital One Financial Corp.		3,425		276,021
Discover Financial Services		2,445		165,013
Synchrony Financial		4,854		145,814
				1,106,921
Containers & Packaging 0.2%
Avery Dennison Corp.		649		67,788
Ball Corp.		2,415		126,256
International Paper Co.		2,911		138,069
Packaging Corp. of America		696		65,647
Sealed Air Corp.		1,189		46,965
Westrock Co.		1,891		76,983
				521,708
Distributors 0.1%
Genuine Parts Co.		1,082		108,005
LKQ Corp.*		2,348		61,565
				169,570
Diversified Consumer Services 0.0%†
H&R Block, Inc.		1,543		36,399
Diversified Financial Services 1.4%
Berkshire Hathaway, Inc., Class B*		14,107		2,899,553
Jefferies Financial Group, Inc.		1,953		40,642
				2,940,195
Diversified Telecommunication Services 1.6%
AT&T, Inc.		52,652		1,582,719
CenturyLink, Inc.		6,770		103,716
Verizon Communications, Inc.		29,894		1,645,964
				3,332,399
Electric Utilities 1.6%
Alliant Energy Corp.		1,707		75,911
American Electric Power Co., Inc.		3,526		278,977
Duke Energy Corp.		5,192		455,754
Edison International		2,402		136,842
Entergy Corp.		1,333		118,890
Evergy, Inc.		2,000		114,640
Eversource Energy		2,336		162,142
Exelon Corp.		7,049		336,660
FirstEnergy Corp.		3,561		139,591
NextEra Energy, Inc.		3,457		618,734
Pinnacle West Capital Corp.		825		72,699
PPL Corp.		5,154		161,423
Southern Co. (The)		7,442		361,681
Xcel Energy, Inc.		3,772		197,502
				3,231,446
Electrical Equipment 0.4%
AMETEK, Inc.		1,708		124,513
Eaton Corp. plc		3,096		236,070
Emerson Electric Co.		4,500		294,615
Rockwell Automation, Inc.		878		148,839
				804,037
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp., Class A		2,145		188,588
Corning, Inc.		5,782		192,309
FLIR Systems, Inc.		1,012		49,467
IPG Photonics Corp.*		277		36,841
Keysight Technologies, Inc.*		1,354		100,223
TE Connectivity Ltd.		2,488		201,404
				768,832
Energy Equipment & Services 0.4%
Baker Hughes a GE Co.		3,655		86,148
Halliburton Co.		6,289		197,223
Helmerich & Payne, Inc.		802		44,904
National Oilwell Varco, Inc.		2,816		83,016
Schlumberger Ltd.		10,091		446,123
TechnipFMC plc		2,966		68,100
				925,514
Entertainment 1.7%
Activision Blizzard, Inc.		5,463		258,072
Electronic Arts, Inc.*		2,178		200,899
Netflix, Inc.*		3,155		1,071,123
Take-Two Interactive Software, Inc.*		797		84,123
Twenty-First Century Fox, Inc., Class A		7,646		377,024
Twenty-First Century Fox, Inc., Class B		3,473		170,386
Viacom, Inc., Class B		2,603		76,580
Walt Disney Co. (The)		10,770		1,201,070
				3,439,277
Equity Real Estate Investment Trusts (REITs) 2.4%
Alexandria Real Estate Equities, Inc.		781		102,866
American Tower Corp.		3,206		554,125
Apartment Investment & Management Co., Class A		1,160		57,443
AvalonBay Communities, Inc.		987		190,412
Boston Properties, Inc.		1,138		150,068
Crown Castle International Corp.		2,971		347,785
Digital Realty Trust, Inc.		1,519		164,569
Duke Realty Corp.		2,633		76,989
Equinix, Inc.		582		229,308
Equity Residential		2,628		190,688
Essex Property Trust, Inc.		487		132,074
Extra Space Storage, Inc.		902		88,946
Federal Realty Investment Trust		540		71,588
HCP, Inc.		3,464		109,255
Host Hotels & Resorts, Inc.		5,466		98,716
Iron Mountain, Inc.		2,075		77,190
Kimco Realty Corp.		3,133		53,292
Macerich Co. (The)		800		36,928
Mid-America Apartment Communities, Inc.		839		84,974
Prologis, Inc.		4,506		311,635
Public Storage		1,071		227,609
Realty Income Corp.		2,144		147,271

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Regency Centers Corp.		1,231	$	80,015
SBA Communications Corp.*		849		154,968
Simon Property Group, Inc.		2,255		410,681
SL Green Realty Corp.		652		60,264
UDR, Inc.		1,973		86,319
Ventas, Inc.		2,627		169,415
Vornado Realty Trust		1,275		89,135
Welltower, Inc.		2,756		213,562
Weyerhaeuser Co.		5,582		146,472
				4,914,562
Food & Staples Retailing 1.2%
Costco Wholesale Corp.		3,170		680,377
Kroger Co. (The)		5,685		161,056
Sysco Corp.		3,420		218,367
Walgreens Boots Alliance, Inc.		5,839		421,926
Walmart, Inc.		10,305		987,528
				2,469,254
Food Products 0.9%
Archer-Daniels-Midland Co.		3,997		179,465
Campbell Soup Co.		1,418		50,240
Conagra Brands, Inc.		3,373		72,992
General Mills, Inc.		4,256		189,137
Hershey Co. (The)		1,030		109,283
Hormel Foods Corp.		1,991		84,259
JM Smucker Co. (The)		837		87,784
Kellogg Co.		1,872		110,467
Kraft Heinz Co. (The)		4,448		213,771
Lamb Weston Holdings, Inc.		1,059		76,566
McCormick & Co., Inc. (Non-Voting)		894		110,534
Mondelez International, Inc., Class A		10,513		486,331
Tyson Foods, Inc., Class A		2,195		135,914
				1,906,743
Health Care Equipment & Supplies 2.7%
Abbott Laboratories		12,706		927,284
ABIOMED, Inc.*		330		115,853
Align Technology, Inc.*		540		134,433
Baxter International, Inc.		3,553		257,557
Becton Dickinson and Co.		1,941		484,202
Boston Scientific Corp.*		10,094		385,086
Cooper Cos., Inc. (The)		361		100,632
Danaher Corp.		4,463		495,036
Dentsply Sirona, Inc.		1,677		70,350
Edwards Lifesciences Corp.*		1,496		254,948
Hologic, Inc.*		2,013		89,377
IDEXX Laboratories, Inc.*		641		136,392
Intuitive Surgical, Inc.*		826		432,527
Medtronic plc		9,696		857,030
ResMed, Inc.		1,053		100,214
Stryker Corp.		2,265		402,196
Teleflex, Inc.		302		82,597
Varian Medical Systems, Inc.*		675		89,120
Zimmer Biomet Holdings, Inc.		1,499		164,231
				5,579,065
Health Care Providers & Services 2.5%
AmerisourceBergen Corp.		1,136		94,708
Anthem, Inc.		1,864		564,792
Cardinal Health, Inc.		2,169		108,385
Centene Corp.*		1,466		191,416
Cigna Corp.		2,755		550,477
CVS Health Corp.		9,355		613,220
DaVita, Inc.*		870		48,833
HCA Healthcare, Inc.		1,931		269,239
Henry Schein, Inc.*		1,136		88,267
Humana, Inc.		987		304,973
Laboratory Corp. of America Holdings*		717		99,914
McKesson Corp.		1,425		182,756
Quest Diagnostics, Inc.		1,001		87,438
UnitedHealth Group, Inc.		6,960		1,880,592
Universal Health Services, Inc., Class B		596		78,988
WellCare Health Plans, Inc.*		365		100,915
				5,264,913
Health Care Technology 0.1%
Cerner Corp.*		2,423		133,047
Hotels, Restaurants & Leisure 1.4%
Carnival Corp.		2,875		165,543
Chipotle Mexican Grill, Inc.*		181		95,860
Darden Restaurants, Inc.		913		95,801
Hilton Worldwide Holdings, Inc.		2,190		163,111
Marriott International, Inc., Class A		2,060		235,932
McDonald’s Corp.		5,571		995,983
MGM Resorts International		3,777		111,195
Norwegian Cruise Line Holdings Ltd.*		1,524		78,379
Royal Caribbean Cruises Ltd.		1,219		146,341
Starbucks Corp.		9,030		615,304
Wynn Resorts Ltd.		711		87,460
Yum! Brands, Inc.		2,267		213,053
				3,003,962
Household Durables 0.3%
DR Horton, Inc.		2,532		97,355
Garmin Ltd.		885		61,224
Leggett & Platt, Inc.		968		39,649
Lennar Corp., Class A		2,143		101,621
Mohawk Industries, Inc.*		467		60,145
Newell Brands, Inc.		3,289		69,760
PulteGroup, Inc.		1,937		53,868
Whirlpool Corp.		476		63,313
				546,935
Household Products 1.3%
Church & Dwight Co., Inc.		1,819		117,526
Clorox Co. (The)		912		135,322
Colgate-Palmolive Co.		6,217		402,116
Kimberly-Clark Corp.		2,488		277,113
Procter & Gamble Co. (The)		18,025		1,738,872
				2,670,949
Independent Power and Renewable Electricity Producers 0.1%
AES Corp.		4,876		79,918
NRG Energy, Inc.		2,206		90,247
				170,165
Industrial Conglomerates 1.2%
3M Co.		4,211		843,463
General Electric Co.		63,287		642,996
Honeywell International, Inc.		5,381		772,873
Roper Technologies, Inc.		738		209,046
				2,468,378
Insurance 1.9%
Aflac, Inc.		5,490		261,873
Allstate Corp. (The)		2,475		217,478
American International Group, Inc.		6,356		274,770
Aon plc		1,737		271,372
Arthur J Gallagher & Co.		1,344		100,410
Assurant, Inc.		391		37,689
Brighthouse Financial, Inc.*		883		32,971
Chubb Ltd.		3,321		441,859
Cincinnati Financial Corp.		1,102		89,394
Everest Re Group Ltd.		302		66,153

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Hartford Financial Services Group, Inc. (The)		2,641	$	123,916
Lincoln National Corp.		1,514		88,554
Loews Corp.		2,043		97,860
Marsh & McLennan Cos., Inc.		3,616		318,895
MetLife, Inc.		7,121		325,216
Principal Financial Group, Inc.		1,964		98,337
Progressive Corp. (The)		4,173		280,801
Prudential Financial, Inc.		2,984		274,946
Torchmark Corp.		778		65,165
Travelers Cos., Inc. (The)		1,915		240,409
Unum Group		1,631		56,694
Willis Towers Watson plc		931		151,557
				3,916,319
Interactive Media & Services 3.9%
Alphabet, Inc., Class A*		2,163		2,435,300
Alphabet, Inc., Class C*		2,226		2,485,040
Facebook, Inc., Class A*		17,381		2,897,239
TripAdvisor, Inc.*		790		45,330
Twitter, Inc.*		5,265		176,693
				8,039,602
Internet & Direct Marketing Retail 2.9%
Amazon.com, Inc.*		2,977		5,116,659
Booking Holdings, Inc.*		335		613,992
eBay, Inc.*		6,640		223,436
Expedia Group, Inc.		845		100,766
				6,054,853
IT Services 3.8%
Accenture plc, Class A		4,599		706,176
Akamai Technologies, Inc.*		1,181		76,883
Alliance Data Systems Corp.		326		57,894
Automatic Data Processing, Inc.		3,190		446,090
Broadridge Financial Solutions, Inc.		813		81,975
Cognizant Technology Solutions Corp., Class A		4,152		289,311
DXC Technology Co.		2,004		128,497
Fidelity National Information Services, Inc.		2,351		245,750
Fiserv, Inc.*		2,894		239,999
FleetCor Technologies, Inc.*		622		125,526
Gartner, Inc.*		673		91,454
Global Payments, Inc.		1,125		126,315
International Business Machines Corp.		6,552		880,720
Jack Henry & Associates, Inc.		558		74,521
Mastercard, Inc., Class A		6,595		1,392,402
Paychex, Inc.		2,357		166,876
PayPal Holdings, Inc.*		8,494		753,927
Total System Services, Inc.		1,224		109,683
VeriSign, Inc.*		783		132,538
Visa, Inc., Class A		12,764		1,723,268
Western Union Co. (The)		3,061		55,863
				7,905,668
Leisure Products 0.1%
Hasbro, Inc.		863		78,154
Mattel, Inc.*		2,536		30,026
				108,180
Life Sciences Tools & Services 0.8%
Agilent Technologies, Inc.		2,359		179,402
Illumina, Inc.*		1,053		294,619
IQVIA Holdings, Inc.*		1,194		154,038
Mettler-Toledo International, Inc.*		176		112,316
PerkinElmer, Inc.		815		73,757
Thermo Fisher Scientific, Inc.		2,913		715,637
Waters Corp.*		540		124,859
				1,654,628
Machinery 1.2%
Caterpillar, Inc.		4,262		567,528
Cummins, Inc.		1,070		157,408
Deere & Co.		2,346		384,744
Dover Corp.		1,029		90,377
Flowserve Corp.		965		42,498
Fortive Corp.		2,139		160,404
Illinois Tool Works, Inc.		2,208		303,180
Ingersoll-Rand plc		1,750		175,070
PACCAR, Inc.		2,594		169,959
Parker-Hannifin Corp.		980		161,514
Pentair plc		1,197		49,304
Snap-on, Inc.		417		69,218
Stanley Black & Decker, Inc.		1,088		137,567
Xylem, Inc.		1,326		94,491
				2,563,262
Media 1.0%
CBS Corp. (Non-Voting), Class B		2,411		119,248
Charter Communications, Inc., Class A*		1,280		423,744
Comcast Corp., Class A		32,841		1,200,995
Discovery, Inc., Class A*		1,151		32,665
Discovery, Inc., Class C*		2,646		70,516
DISH Network Corp., Class A*		1,688		51,771
Interpublic Group of Cos., Inc. (The)		2,842		64,656
News Corp., Class A		2,825		36,245
News Corp., Class B		898		11,611
Omnicom Group, Inc.		1,578		122,895
				2,134,346
Metals & Mining 0.2%
Freeport-McMoRan, Inc.		10,629		123,721
Newmont Mining Corp.		3,751		127,947
Nucor Corp.		2,345		143,608
				395,276
Multiline Retail 0.4%
Dollar General Corp.		1,897		218,971
Dollar Tree, Inc.*		1,753		169,743
Kohl’s Corp.		1,166		80,093
Macy’s, Inc.		2,258		59,385
Nordstrom, Inc.		866		40,191
Target Corp.		3,769		275,137
				843,520
Multi-Utilities 0.8%
Ameren Corp.		1,796		124,535
CenterPoint Energy, Inc.		3,624		112,054
CMS Energy Corp.		2,083		108,608
Consolidated Edison, Inc.		2,291		177,896
Dominion Energy, Inc.		5,452		382,948
DTE Energy Co.		1,338		157,549
NiSource, Inc.		2,663		72,647
Public Service Enterprise Group, Inc.		3,609		196,871
Sempra Energy		1,954		228,579
WEC Energy Group, Inc.		2,326		169,868
				1,731,555
Oil, Gas & Consumable Fuels 3.9%
Anadarko Petroleum Corp.		3,659		173,180
Apache Corp.		2,817		92,454
Cabot Oil & Gas Corp.		3,058		76,297
Chevron Corp.		13,824		1,584,922
Cimarex Energy Co.		704		53,039
Concho Resources, Inc.*		1,430		171,371

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips		8,336	$	564,264
Devon Energy Corp.		3,577		95,327
Diamondback Energy, Inc.		1,115		114,979
EOG Resources, Inc.		4,227		419,318
Exxon Mobil Corp.		30,630		2,244,566
Hess Corp.		1,787		96,498
HollyFrontier Corp.		1,121		63,157
Kinder Morgan, Inc.		13,567		245,563
Marathon Oil Corp.		6,290		99,319
Marathon Petroleum Corp.		4,996		331,035
Newfield Exploration Co.*		1,472		26,908
Noble Energy, Inc.		3,572		79,799
Occidental Petroleum Corp.		5,479		365,888
ONEOK, Inc.		2,936		188,521
Phillips 66		3,058		291,764
Pioneer Natural Resources Co.		1,216		173,061
Valero Energy Corp.		3,059		268,641
Williams Cos., Inc. (The)		8,641		232,702
				8,052,573
Personal Products 0.1%
Coty, Inc., Class A		3,486		27,051
Estee Lauder Cos., Inc. (The), Class A		1,602		218,545
				245,596
Pharmaceuticals 3.8%
Allergan plc		2,286		329,138
Bristol-Myers Squibb Co.		11,808		582,961
Eli Lilly & Co.		6,860		822,240
Johnson & Johnson		19,403		2,582,151
Merck & Co., Inc.		18,843		1,402,485
Mylan NV*		3,800		113,810
Nektar Therapeutics*		1,266		53,603
Perrigo Co. plc		865		40,179
Pfizer, Inc.		41,852		1,776,617
Zoetis, Inc.		3,450		297,252
				8,000,436
Professional Services 0.2%
Equifax, Inc.		887		94,927
IHS Markit Ltd.*		2,626		136,342
Nielsen Holdings plc		2,617		67,204
Robert Half International, Inc.		911		58,696
Verisk Analytics, Inc.*		1,211		142,183
				499,352
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A*		2,328		106,506
Road & Rail 0.8%
CSX Corp.		5,847		384,148
JB Hunt Transport Services, Inc.		646		69,148
Kansas City Southern		708		74,871
Norfolk Southern Corp.		2,005		336,318
Union Pacific Corp.		5,355		851,820
				1,716,305
Semiconductors & Semiconductor Equipment 2.9%
Advanced Micro Devices, Inc.*		6,322		154,320
Analog Devices, Inc.		2,656		262,572
Applied Materials, Inc.		7,028		274,654
Broadcom, Inc.		3,002		805,286
Intel Corp.		33,126		1,560,897
KLA-Tencor Corp.		1,150		122,555
Lam Research Corp.		1,124		190,608
Maxim Integrated Products, Inc.		2,003		108,703
Microchip Technology, Inc.		1,733		139,281
Micron Technology, Inc.*		8,303		317,341
NVIDIA Corp.		4,413		634,369
Qorvo, Inc.*		932		60,916
QUALCOMM, Inc.		8,719		431,765
Skyworks Solutions, Inc.		1,256		91,738
Texas Instruments, Inc.		6,976		702,344
Xilinx, Inc.		1,868		209,104
				6,066,453
Software 4.8%
Adobe, Inc.*		3,547		879,018
ANSYS, Inc.*		620		101,897
Autodesk, Inc.*		1,562		229,926
Cadence Design Systems, Inc.*		2,079		99,854
Citrix Systems, Inc.		949		97,311
Fortinet, Inc.*		1,067		81,700
Intuit, Inc.		1,878		405,310
Microsoft Corp.		56,022		5,850,377
Oracle Corp.		18,615		935,031
Red Hat, Inc.*		1,267		225,323
salesforce.com, Inc.*		5,534		841,002
Symantec Corp.		4,583		96,335
Synopsys, Inc.*		1,099		102,592
				9,945,676
Specialty Retail 1.8%
Advance Auto Parts, Inc.		546		86,923
AutoZone, Inc.*		188		159,300
Best Buy Co., Inc.		1,808		107,106
CarMax, Inc.*		1,228		72,182
Foot Locker, Inc.		871		48,680
Gap, Inc. (The)		1,600		40,704
Home Depot, Inc. (The)		8,219		1,508,433
L Brands, Inc.		1,556		43,319
Lowe’s Cos., Inc.		5,817		559,363
O’Reilly Automotive, Inc.*		575		198,180
Ross Stores, Inc.		2,694		248,171
Tiffany & Co.		799		70,895
TJX Cos., Inc. (The)		8,994		447,272
Tractor Supply Co.		900		76,860
Ulta Beauty, Inc.*		398		116,184
				3,783,572
Technology Hardware, Storage & Peripherals 3.0%
Apple, Inc.		32,654		5,434,932
Hewlett Packard Enterprise Co.		10,494		163,601
HP, Inc.		11,322		249,424
NetApp, Inc.		1,847		117,783
Seagate Technology plc		1,808		80,058
Western Digital Corp.		2,028		91,240
Xerox Corp.		1,577		44,487
				6,181,525
Textiles, Apparel & Luxury Goods 0.6%
Capri Holdings Ltd.*		1,105		46,940
Hanesbrands, Inc.		2,657		39,829
NIKE, Inc., Class B		9,189		752,395
PVH Corp.		575		62,738
Ralph Lauren Corp.		410		47,617
Tapestry, Inc.		2,122		82,143
Under Armour, Inc., Class A*(a)		1,371		28,434
Under Armour, Inc., Class C*		1,388		26,289
VF Corp.		2,321		195,359
				1,281,744
Tobacco 0.7%
Altria Group, Inc.		13,534		667,903
Philip Morris International, Inc.		11,246		862,793
				1,530,696
Trading Companies & Distributors 0.1%
Fastenal Co.		2,085		126,059

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Trading Companies & Distributors (continued)
United Rentals, Inc.*		571	$	71,524
WW Grainger, Inc.		318		93,934
				291,517
Water Utilities 0.1%
American Water Works Co., Inc.		1,269		121,405
Total Common Stocks (cost $164,241,733)				164,500,445
Purchased Options 1.3%
	Number of Contracts		Value
Call Options 1.0%
Future Equity Index Options 1.0%
S&P 500 E-Mini Index, 2/15/2019 at USD 2,700.00 Vanilla, European Style, Notional Amount: USD 20,686,365, Exchange Traded*		153		253,980
S&P 500 E-Mini Index, 3/15/2019 at USD 2,500.00, American Style, Notional Amount: USD 21,362,390, Exchange Traded*		158		1,702,450
				1,956,430
Call Options 0.3%
Future Interest Rate Options 0.3%
U.S. Treasury 30 Year Bond, 3/22/2019 at USD 143.00, American Style, Notional Amount: USD 18,900,000, Exchange Traded*		189		646,734
Total Purchased Options (cost $2,395,730)				2,603,164
Short-Term Investments 11.3%
	Shares		Value
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(b)(c) (cost $2,495)		2,495		2,495
	Principal Amount		Value
U.S. Treasury Obligations 11.3%
U.S. Treasury Bills, 2.31%, 3/14/2019	$	21,155,000		21,098,502
2.34%, 3/7/2019(d)		2,405,000		2,399,662
Total U.S. Treasury Obligations (cost $23,499,497)				23,498,164
Total Short-Term Investments (cost $23,501,992)				23,500,659
Repurchase Agreements 0.0%†
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $24,808, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $25,426.(c)	$	24,807	$	24,807
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $648, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $661.(c)		648		648
Total Repurchase Agreements (cost $25,455)				25,455
Total Investments (cost $190,164,910) — 91.7%				190,629,723
Other assets in excess of liabilities — 8.3%				17,271,101
NET ASSETS — 100.0%			$	207,900,824

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $26,962, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $2,495 and $25,455, respectively, a total value of $27,950.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $27,950.

(d) Security or a portion of the security was used to cover the margin requirement for futures contracts.

† Amount rounds to less than 0.1%.

REIT	Real Estate Investment Trust
Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Futures contracts outstanding as of January 31, 2019:
Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		274		3/2019		USD		37,051,650		1,924,051
U.S. Treasury Long Bond		218		3/2019		USD		31,977,875		1,380,059
										3,304,110

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	164,500,445	$	—	$	—	$	164,500,445
Futures Contracts		3,304,110		—		—		3,304,110
Purchased Options		2,603,164		—		—		2,603,164
Repurchase Agreements		—		25,455		—		25,455
Short-Term Investments		2,495		23,498,164		—		23,500,659
Total	$	170,410,214	$	23,523,619	$	—	$	193,933,833

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using options and financial futures contracts.

Options

The Fund has long positions in options on equity index futures contracts and bond treasury futures contracts, which are exchange-traded. Such option investments are utilized to gain exposure to the value of equities and bonds. The purchase of call options provides a measure of downside risk control.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the average bid/ask price. Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option.

The Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit the Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If the Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by the Fund could cause material losses because the Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by the Fund) expose the Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”), guidelines, the Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or the Fund’s ability to meet redemption requests or other current obligations.

Futures Contracts

The Fund is subject to equity price and interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities and to gain exposure to and/or hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

		Fair Value
Assets:
Purchased Options
Equity risk	Investment securities, at value	$	1,956,430
Interest rate risk	Investment securities, at value		646,734
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts		1,924,051
Interest rate risk	Unrealized appreciation from futures contracts		1,380,059
Total		$	5,907,274

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund

Asset-Backed Security 0.6%
	Principal Amount		Value
CHILE 0.6%
Airlines 0.6%
Latam Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 11/15/2027	$	479,606	$	464,930
Total Asset-Backed Securities (cost $462,171)				464,930
Corporate Bonds 30.8%
	Principal Amount		Value
ARGENTINA 2.1%
Media 1.1%
Cablevision SA, Reg. S, 6.50%, 6/15/2021		810,000		790,762
Oil, Gas & Consumable Fuels 1.0%
Transportadora de Gas del Sur SA, 6.75%, 5/2/2025(a)		800,000		745,840
				1,536,602
BAHRAIN 0.8%
Energy Equipment & Services 0.8%
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/7/2024(a)		580,000		615,347
BRAZIL 2.1%
Building Products 1.1%
Votorantim Cimentos International SA, Reg. S, 7.25%, 4/5/2041		780,000		819,211
Food Products 0.4%
MARB BondCo plc, Reg. S, 6.88%, 1/19/2025		332,000		317,229
Road & Rail 0.6%
Rumo Luxembourg Sarl, 5.88%, 1/18/2025(a)		447,000		443,382
				1,579,822
CHINA 2.2%
Automobiles 0.9%
Geely Automobile Holdings Ltd., Reg. S, 3.63%, 1/25/2023		700,000		676,199
Real Estate Management & Development 1.3%
Shimao Property Holdings Ltd., Reg. S, 8.38%, 2/10/2022		900,000		941,502
				1,617,701
COLOMBIA 0.9%
Oil, Gas & Consumable Fuels 0.6%
Transportadora de Gas Internacional SA ESP, 5.55%, 11/1/2028(a)		400,000		420,820
Wireless Telecommunication Services 0.3%
Millicom International Cellular SA, 6.63%, 10/15/2026(a)		200,000		204,500
				625,320
CONGO, DEMOCRATIC REPUBLIC OF THE 0.6%
Communications Equipment 0.6%
HTA Group Ltd., Reg. S, 9.13%, 3/8/2022		390,000		401,778
DOMINICAN REPUBLIC 1.0%
Electric Utilities 1.0%
AES Andres BV, Reg. S, 7.95%, 5/11/2026		700,000		725,900
GHANA 0.5%
Oil, Gas & Consumable Fuels 0.5%
Tullow Oil plc, Reg. S, 6.25%, 4/15/2022		367,000		361,792
INDIA 1.9%
Electric Utilities 0.6%
Adani Transmission Ltd., 4.00%, 8/3/2026(a)		500,000		443,908
Metals & Mining 1.3%
Vedanta Resources plc, 6.38%, 7/30/2022(a)		1,000,000		965,500
				1,409,408
INDONESIA 0.9%
Electric Utilities 0.9%
Perusahaan Listrik Negara PT, 6.25%, 1/25/2049(a)		620,000		670,189
JAMAICA 0.2%
Wireless Telecommunication Services 0.2%
Digicel Group One Ltd., 8.25%, 12/30/2022(a)		200,000		165,000
MAURITIUS 0.5%
Diversified Telecommunication Services 0.5%
Liquid Telecommunications Financing plc, Reg. S, 8.50%, 7/13/2022		365,000		372,160
MEXICO 5.1%
Banks 0.5%
BBVA Bancomer SA, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033(b)		420,000		379,050
Chemicals 0.5%
Mexichem SAB de CV, Reg. S, 5.50%, 1/15/2048		425,000		382,500
Consumer Finance 1.1%
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/2026(a)		370,000		370,000
Unifin Financiera SAB de CV SOFOM ENR, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.31%), 8.88%, 1/29/2025(a)(b)(c)		499,000		427,893
				797,893
Equity Real Estate Investment Trusts (REITs) 0.5%
Trust F/1401, Reg. S, 6.95%, 1/30/2044		375,000		375,750
Oil, Gas & Consumable Fuels 1.5%
Petroleos Mexicanos Reg. S, 7.19%, 9/12/2024	MXN	11,891,200		488,153
6.75%, 9/21/2047	$	767,000		668,441
				1,156,594
Wireless Telecommunication Services 1.0%
Sixsigma Networks Mexico SA de CV, 7.50%, 5/2/2025(a)		800,000		762,000
				3,853,787
NIGERIA 1.1%
Banks 0.6%
Access Bank plc, Reg. S, 10.50%, 10/19/2021		400,000		431,580
Communications Equipment 0.5%
IHS Netherlands Holdco BV, Reg. S, 9.50%, 10/27/2021		390,000		401,568
				833,148
POLAND 1.1%
Banks 1.1%
Powszechna Kasa Oszczednosci Bank Polski SA, Reg. S, 4.63%, 9/26/2022		800,000		826,752

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
RUSSIA 0.9%
Consumer Finance 0.9%
GTLK Europe DAC, Reg. S, 5.13%, 5/31/2024	$	740,000	$	704,249
SINGAPORE 1.1%
Oil, Gas & Consumable Fuels 1.1%
Puma International Financing SA, 5.00%, 1/24/2026(a)		1,000,000		830,228
SOUTH AFRICA 1.5%
Chemicals 0.5%
SASOL Financing USA LLC, 5.88%, 3/27/2024		307,000		316,667
Electric Utilities 1.0%
Eskom Holdings SOC Ltd., 7.50%, 9/15/2033	ZAR	13,000,000		748,969
				1,065,636
THAILAND 0.8%
Oil, Gas & Consumable Fuels 0.8%
PTTEP Treasury Center Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 4.60%, 7/17/2022(a)(b)(c)	$	600,000		567,821
TUNISIA 1.6%
Banks 1.6%
Banque Centrale de Tunisie International Bond
6.75%, 10/31/2023(a)	EUR	508,000		568,475
Reg. S, 5.75%, 1/30/2025	$	711,000		616,733
				1,185,208
TURKEY 1.1%
Banks 1.1%
Turkiye Garanti Bankasi A/S, Reg. S, 5.88%, 3/16/2023		800,000		770,166
UKRAINE 1.2%
Food Products 0.8%
MHP Lux SA, 6.95%, 4/3/2026(a)		644,000		576,380
Metals & Mining 0.4%
Metinvest BV, 8.50%, 4/23/2026(a)		338,000		319,410
				895,790
UNITED ARAB EMIRATES 1.1%
Airlines 0.8%
Zahidi Ltd., Reg. S, 4.50%, 3/22/2028		571,519		560,592
Multi-Utilities 0.3%
Abu Dhabi National Energy Co. PJSC, 4.88%, 4/23/2030(a)		200,000		207,696
				768,288
VENEZUELA, BOLIVARIAN REPUBLIC OF 0.2%
Oil, Gas & Consumable Fuels 0.2%
Petroleos de Venezuela SA, Reg. S, 5.50%, 4/12/2037(d)		560,000		141,680
ZAMBIA 0.3%
Metals & Mining 0.3%
First Quantum Minerals Ltd., Reg. S, 7.25%, 5/15/2022		200,000		197,000
Total Corporate Bonds (cost $23,365,385)				22,720,772
Foreign Government Securities 64.5%
	Principal Amount		Value
ALBANIA 0.5%
Republic of Albania, 3.50%, 10/9/2025(a)	EUR	304,000		350,568
ARGENTINA 2.1%
Provincia de Buenos Aires, (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.83%, 15.00% Floor), 50.19%, 5/31/2022(b)	ARS	12,960,000		332,581
Republic of Argentina (ARLLMONP + 0.00%), 28.97%, 6/21/2020(b)		27,498,470		818,149
7.50%, 4/22/2026	$	487,000		431,730
				1,582,460
ARMENIA 0.3%
Republic of Armenia, Reg. S, 7.15%, 3/26/2025		200,000		216,283
BAHAMAS 1.0%
Commonwealth of the Bahamas, 6.00%, 11/21/2028(a)		752,000		768,168
BELIZE 0.5%
Republic of Belize, Reg. S, 4.94%, 2/20/2034(e)		685,400		380,397
BRAZIL 6.8%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2023	BRL	11,194,000		3,256,172
Federative Republic of Brazil, 10.00%, 1/1/2025		6,069,000		1,770,777
				5,026,949
COLOMBIA 3.9%
Republic of Colombia, 7.50%, 8/26/2026	COP	1,053,700,000		360,732
Titulos de Tesoreria, 7.75%, 9/18/2030		7,441,400,000		2,555,918
				2,916,650
COSTA RICA 1.2%
Republic of Costa Rica Reg. S, 7.00%, 4/4/2044	$	983,000		877,426
Reg. S, 7.16%, 3/12/2045		21,000		18,979
				896,405
CROATIA 1.4%
Republic of Croatia, Reg. S, 5.50%, 4/4/2023		946,000		1,009,855
DOMINICAN REPUBLIC 1.9%
Dominican Republic Bond 16.95%, 2/4/2022(a)	DOP	29,700,000		701,000
Reg. S, 5.50%, 1/27/2025	$	705,000		715,575
				1,416,575
ECUADOR 2.3%
Republic of Ecuador Reg. S, 10.75%, 3/28/2022		752,000		794,638
Reg. S, 8.75%, 6/2/2023		440,000		435,908
10.75%, 1/31/2029(a)		450,000		457,875
				1,688,421
EGYPT 1.5%
Arab Republic of Egypt 6.13%, 1/31/2022(a)		388,000		386,891
5.63%, 4/16/2030(a)	EUR	668,000		691,957
				1,078,848
EL SALVADOR 0.8%
Republic of El Salvador Reg. S, 5.88%, 1/30/2025	$	626,000		595,689
GABON 1.3%
Republic of Gabon, Reg. S, 6.38%, 12/12/2024		971,000		927,888
GEORGIA 1.3%
Republic of Georgia, Reg. S, 6.88%, 4/12/2021		911,000		961,469

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
GHANA 0.6%
Ghana Government Bond, 8.63%, 6/16/2049(a)	$	467,000	$	433,945
INDONESIA 3.5%
Republic of Indonesia 8.38%, 3/15/2024	IDR	8,352,000,000		606,712
8.38%, 9/15/2026		11,666,000,000		839,975
6.63%, 5/15/2033		12,831,000,000		777,803
8.38%, 3/15/2034		5,055,000,000		357,798
				2,582,288
MALAYSIA 0.9%
Malaysia Government Bond 3.84%, 4/15/2033	MYR	1,507,000		344,960
4.64%, 11/7/2033		1,320,000		330,288
				675,248
MEXICO 5.0%
Mexican Bonos 7.50%, 6/3/2027	MXN	16,504,600		814,404
8.50%, 11/18/2038		15,968,200		814,249
United Mexican States 10.00%, 12/5/2024		4,210,700		237,608
5.75%, 3/5/2026		40,426,600		1,818,772
				3,685,033
NIGERIA 1.2%
Nigeria Government Bond 7.14%, 2/23/2030(a)	$	297,000		284,995
7.63%, 11/28/2047(a)		616,000		577,968
				862,963
OMAN 1.0%
Oman Government Bond, 6.75%, 1/17/2048(a)		833,000		709,768
PAPUA NEW GUINEA 1.2%
Papua New Guinea Government International Bond 8.38%, 10/4/2028(a)		400,000		428,000
Reg. S, 8.38%, 10/4/2028		400,000		428,000
				856,000
PERU 2.8%
Republic of Peru Reg. S, 8.20%, 8/12/2026	PEN	2,066,000		730,285
Reg. S, 5.94%, 2/12/2029(a)		3,664,000		1,125,329
Reg. S, 6.90%, 8/12/2037		713,000		230,017
				2,085,631
PHILIPPINES 2.4%
Republic of Philippines 6.25%, 3/22/2028	PHP	15,700,000		298,115
6.88%, 1/10/2029		36,000,000		714,539
6.25%, 1/14/2036		10,000,000		197,160
6.75%, 1/24/2039		31,000,000		596,381
				1,806,195
QATAR 2.1%
Qatar Government Bond, 4.50%, 4/23/2028(a)	$	1,450,000		1,530,939
RUSSIA 2.2%
Russian Federal Bond - OFZ 7.00%, 12/15/2021	RUB	24,728,000		372,036
7.10%, 10/16/2024		86,952,000		1,282,944
				1,654,980
SAUDI ARABIA 3.8%
Kingdom of Saudi Arabia Reg. S, 3.63%, 3/4/2028		1,481,000		1,430,501
4.38%, 4/16/2029(a)		443,000		451,107
Reg. S, 4.63%, 10/4/2047		957,000		900,719
				2,782,327
SENEGAL 1.3%
Republic of Senegal, 6.25%, 5/23/2033(a)		380,000		352,255
Senegal Government Bond, Reg. S, 4.75%, 3/13/2028	EUR	573,000		627,392
				979,647
SERBIA 0.8%
Republic of Serbia, Reg. S, 7.25%, 9/28/2021	$	534,000		580,100
SOUTH AFRICA 1.9%
Republic of South Africa 7.75%, 2/28/2023	ZAR	6,287,000		474,022
8.25%, 3/31/2032		2,475,000		170,989
6.25%, 3/31/2036		5,000,000		276,068
8.50%, 1/31/2037		6,978,000		478,899
				1,399,978
THAILAND 2.6%
Kingdom of Thailand, Reg. S, 1.25%, 3/12/2028(f)	THB	65,902,746		1,948,171
TURKEY 1.6%
Republic of Turkey 9.20%, 9/22/2021	TRY	1,141,957		188,092
7.10%, 3/8/2023		1,340,000		197,629
3.00%, 8/2/2023(f)		4,166,162		809,582
				1,195,303
UKRAINE 1.4%
Ukraine Government Bond Reg. S, 7.75%, 9/1/2023	$	515,000		490,666
Reg. S, 7.38%, 9/25/2032		600,000		510,658
				1,001,324
VENEZUELA, BOLIVARIAN REPUBLIC OF 0.2%
Bolivarian Republic of Venezuela, Reg. S, 11.75%, 10/21/2026(d)		445,000		147,607
VIETNAM 1.2%
Socialist Republic of Vietnam Reg. S, 6.75%, 1/29/2020		670,000		691,607
Reg. S, 4.80%, 11/19/2024		195,000		203,911
				895,518
Total Foreign Government Securities (cost $49,608,526)				47,629,590

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Purchased Options 0.1%
	Number of Contracts		Value
Call Options 0.1%
Foreign Exchange Currency Options 0.1%
Foreign Exchange KRW/USD, 7/22/2019 at USD 1,125.00, Vanilla, American Style, Notional Amount: USD 3,650,000, Over the counter*		3,650,000	$	57,005
Total Purchased Options (cost $84,863)				57,005
Total Investments (cost $73,520,945) — 96.0%				70,872,297
Other assets in excess of liabilities — 4.0%				2,980,203
NET ASSETS — 100.0%			$	73,852,500

* Denotes a non-income producing security.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $18,555,154 which represents 25.12% of net assets.

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(c) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on January 31, 2019. The maturity date reflects the next call date.

(d) Security in default.

(e) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at January 31, 2019.

(f) Principal amounts are not adjusted for inflation.

Reg. S	Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust
Currency:
ARS	Argentina Peso
BRL	Brazilian Real
COP	Colombian Peso
DOP	Dominican Peso
EUR	Euro
IDR	Indonesian Rupiah
KRW	Korean Won
MYR	Malaysia Ringgit
MXN	Mexican Peso
PEN	Peru Nuevo Sol
PHP	Philippines Peso
RUB	Russia Ruble
THB	Thailand Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South Africa Rand

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Forward foreign currency contracts outstanding as of January 31, 2019

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
INR	113,500,000	USD	1,575,557	Barclays Bank plc**		4/25/2019		5,577
PHP	30,300,000	USD	571,267	JPMorgan Chase Bank**		4/25/2019		6,710
PLN	2,800,000	USD	745,624	Credit Lyonnais SA		4/25/2019		8,346
TRY	9,460,000	USD	1,675,740	HSBC Bank plc		4/25/2019		77,444
USD	596,619	MXN	11,530,000	JPMorgan Chase Bank		4/25/2019		931
USD	1,097,315	PEN	3,650,000	Calyon Financial, Inc.**		4/25/2019		3,300
EGP	14,324,836	USD	780,177	JPMorgan Chase Bank**		4/30/2019		9,848
Total unrealized appreciation								112,156
CZK	58,437,057	USD	2,612,977	HSBC Bank plc		4/25/2019		(10,015	)
USD	2,673,981	BRL	10,075,000	Barclays Bank plc**		4/25/2019		(73,499	)
USD	1,732,838	EUR	1,507,528	Deutsche Bank Securities, Inc.		4/25/2019		(4,684	)
USD	2,361,342	PHP	125,000,000	HSBC Bank plc**		4/25/2019		(23,050	)
USD	1,958,938	THB	62,000,000	Credit Lyonnais SA		4/25/2019		(29,867	)
USD	1,255,124	ZAR	17,550,000	HSBC Bank plc		4/25/2019		(55,634	)
Total unrealized depreciation								(196,749	)
Net unrealized depreciation								(84,593	)

** Non-deliverable forward.

Currency:
BRL	Brazilian Real
CZK	Czech Koruna
EGP	Egyptian Pound
EUR	Euro
INR	Indian Rupee
MXN	Mexican Peso
PEN	Peru Nuevo Sol
PHP	Philippine Peso
PLN	Poland New Zloty
THB	Thailand Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South Africa Rand

OTC Interest rate swap contracts outstanding as of January 31, 2019:

Floating Rate Index

Fixed Rate

Pay/ Receive Floating Rate

Counterparty

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)*

Unrealized Appreciation (Depreciation) ($)

Value ($)

1 Day CLICP semi-annually

4.02% semi-annually

Pay

Deutsche Bank Securities, Inc.

9/12/2027

CLP  2,080,000,000

—

28,634

28,634

—

28,634

28,634

Centrally Cleared Interest rate swap contracts outstanding as of January 31, 2019:

Floating Rate Index

Fixed Rate

Pay/ Receive Floating Rate

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)*

Unrealized Appreciation (Depreciation) ($)

Value ($)

6 Month PRIBOR semi-annually

1.01% annually

Receive

5/4/2022

CZK 22,000,000

—

26,103

26,103

6 Month PRIBOR semi-annually

1.83% annually

Receive

6/28/2023

CZK 68,500,000

—

(24,566

)

(24,566

)

—

1,537

1,537

* There are no upfront payments (receipts) on the swap contracts listed above.

At January 31, 2019, the Fund had $66,816 segregated as collateral for interest rate swap contracts.

Currency:
CLP	Chilean Peso
CZK	Czech Republic Koruna

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At January 31, 2019, 100% of the market value of the Fund was determined based on Level 2 inputs.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using options, swap contracts and forward foreign currency contracts.

Options

The Fund has long positions in options on foreign currency futures contracts. Such option investments are utilized to manage currency exposures and/or hedge against movements in the values of the foreign currencies in which the portfolio securities are denominated. The purchase of put options serves as a short hedge.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the average bid/ask price. Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option.

The Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit the Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If the Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by the Fund could cause material losses because the Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by the Fund) expose the Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”) guidelines, the Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or the Fund’s ability to meet redemption requests or other current obligations.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Swap Contracts

Interest Rate Swap Contracts. The Fund entered into interest rate swap contracts to hedge against investment risks, to manage portfolio duration, to obtain exposure to the investment characteristics of certain bonds or groups of bonds, and/or to otherwise increase returns. Interest rate swap contracts are swaps contracts in which the parties exchange their rights to receive payments on a security or other reference rate. For example, the parties might swap the right to receive floating rate payments for the right to receive fixed rate payments. The Fund has segregated liquid assets to cover its obligations under the interest rate swap contract.

Interest rate swap contracts are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swap contracts may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated. The use of interest rate swap contracts involves the risk that the investment adviser will not accurately predict anticipated changes in interest rates, which may result in losses to the Fund. Interest rate swap contracts also involve the possible failure of a counterparty to perform in accordance with the terms of the swap agreement. If a counterparty defaults on its obligations under a swap agreement, the Fund may lose any amount it expected to receive from the counterparty, potentially including amounts in excess of the Fund’s initial investment. Interest rate swap contracts are marked-to-market daily based on valuations from an independent pricing service. Interest rate swap contracts are generally categorized as Level 2 investments within the hierarchy.

Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective(s). The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency, to express a view on a foreign currency vs the U.S. dollar or other foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward foreign currency contract matures or at the time of delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

		Fair Value
Assets:
Purchased Options
Currency risk	Investment securities, at value	$	57,005
Swap Contracts(a)
Interest rate risk	Swap contracts, at value		28,634
Interest rate risk	Unrealized appreciation on centrally cleared interest rate swap contracts		26,103
Forward Foreign Currency Contracts
Currency risk	Unrealized appreciation on forward foreign currency contracts		112,156
Total		$	223,898
Liabilities:
Swap Contracts(a)
Interest rate risk	Unrealized depreciation on centrally cleared interest rate swap contracts	$	(24,566	)
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts		(196,749	)
Total		$	(221,315	)

(a) Interest rate swap contracts are included in the table at value. Centrally cleared interest rate swap contracts are included in the table at unrealized appreciation/(depreciation).

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Fund

Common Stocks 98.5%
	Shares		Value
Aerospace & Defense 4.1%
Boeing Co. (The)		44,344	$	17,099,934
General Dynamics Corp.		41,431		7,091,744
Harris Corp.		35,818		5,486,601
Lockheed Martin Corp.		36,478		10,567,312
				40,245,591
Airlines 0.4%
Southwest Airlines Co.		67,482		3,830,278
Banks 3.5%
Bank of America Corp.		1,183,498		33,694,188
Beverages 2.0%
Coca-Cola Co. (The)		294,276		14,163,504
Monster Beverage Corp.*		94,952		5,435,052
				19,598,556
Biotechnology 1.6%
Alnylam Pharmaceuticals, Inc.*		9,507		794,120
Biogen, Inc.*		6,338		2,115,498
Celgene Corp.*		31,272		2,766,321
Incyte Corp.*		19,009		1,531,935
Regeneron Pharmaceuticals, Inc.*		2,109		905,330
Seattle Genetics, Inc.*		31,662		2,419,927
Vertex Pharmaceuticals, Inc.*		27,075		5,168,888
				15,702,019
Capital Markets 2.4%
Northern Trust Corp.		74,317		6,574,082
Raymond James Financial, Inc.		56,629		4,558,634
TD Ameritrade Holding Corp.		219,660		12,289,977
				23,422,693
Chemicals 2.1%
Celanese Corp.		46,628		4,465,097
DowDuPont, Inc.		120,996		6,510,795
FMC Corp.		32,407		2,586,079
Linde plc		20,579		3,354,583
PPG Industries, Inc.		30,674		3,234,266
				20,150,820
Commercial Services & Supplies 0.8%
Waste Management, Inc.		77,736		7,437,003
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		16,156		1,046,909
Construction Materials 0.1%
Vulcan Materials Co.		5,945		604,309
Consumer Finance 0.5%
American Express Co.		50,590		5,195,593
Containers & Packaging 0.9%
Ball Corp.		73,603		3,847,965
Crown Holdings, Inc.*		47,135		2,403,885
International Paper Co.		62,361		2,957,782
				9,209,632
Diversified Financial Services 1.0%
AXA Equitable Holdings, Inc.		123,121		2,282,663
Berkshire Hathaway, Inc., Class B*		37,224		7,651,021
				9,933,684
Diversified Telecommunication Services 1.9%
Verizon Communications, Inc.		331,987		18,279,204
Electric Utilities 2.1%
Edison International		99,631		5,675,978
Exelon Corp.		143,892		6,872,282
NextEra Energy, Inc.		39,249		7,024,786
PG&E Corp.*		62,662		814,606
				20,387,652
Electrical Equipment 0.3%
AMETEK, Inc.		39,989		2,915,198
Electronic Equipment, Instruments & Components 0.5%
Flex Ltd.*		517,691		4,980,187
Energy Equipment & Services 0.6%
Baker Hughes a GE Co.		112,420		2,649,740
Halliburton Co.		112,612		3,531,512
				6,181,252
Entertainment 2.1%
Electronic Arts, Inc.*		48,700		4,492,088
Liberty Media Corp-Liberty Formula One, Class C*		53,384		1,674,656
Netflix, Inc.*		17,368		5,896,436
Spotify Technology SA*		8,452		1,144,823
Twenty-First Century Fox, Inc., Class A		75,665		3,731,041
Viacom, Inc., Class B		40,855		1,201,954
Walt Disney Co. (The)		20,649		2,302,777
				20,443,775
Equity Real Estate Investment Trusts (REITs) 3.3%
Alexandria Real Estate Equities, Inc.		25,559		3,366,376
American Tower Corp.		78,845		13,627,570
Equinix, Inc.		8,885		3,500,690
Essex Property Trust, Inc.		17,873		4,847,157
Public Storage		12,038		2,558,316
Simon Property Group, Inc.		24,032		4,376,708
				32,276,817
Food & Staples Retailing 0.6%
Sysco Corp.		96,469		6,159,546
Food Products 0.4%
Archer-Daniels-Midland Co.		43,286		1,943,541
Mondelez International, Inc., Class A		45,049		2,083,967
				4,027,508
Health Care Equipment & Supplies 4.5%
Abbott Laboratories		118,376		8,639,080
Baxter International, Inc.		52,981		3,840,593
Boston Scientific Corp.*		319,806		12,200,599
Danaher Corp.		57,677		6,397,533
Medtronic plc		149,228		13,190,263
				44,268,068
Health Care Providers & Services 3.0%
HCA Healthcare, Inc.		35,093		4,893,017
UnitedHealth Group, Inc.		88,929		24,028,616
				28,921,633
Hotels, Restaurants & Leisure 1.6%
Hilton Worldwide Holdings, Inc.		48,313		3,598,352
McDonald’s Corp.		52,257		9,342,507
MGM Resorts International		75,055		2,209,619
				15,150,478
Household Products 0.8%
Procter & Gamble Co. (The)		80,900		7,804,423
Independent Power and Renewable Electricity Producers 0.8%
NRG Energy, Inc.		193,841		7,930,035
Industrial Conglomerates 0.8%
3M Co.		19,026		3,810,908
General Electric Co.		380,433		3,865,199
				7,676,107
Insurance 4.0%
Allstate Corp. (The)		33,256		2,922,205
American International Group, Inc.		181,923		7,864,531
Athene Holding Ltd., Class A*		136,339		5,848,943
Hartford Financial Services Group, Inc. (The)		126,037		5,913,656

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Fund (Continued)

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Marsh & McLennan Cos., Inc.		84,138	$	7,420,130
Progressive Corp. (The)		46,820		3,150,518
Prudential Financial, Inc.		64,003		5,897,237
				39,017,220
Interactive Media & Services 5.7%
Alphabet, Inc., Class A*		29,986		33,760,937
Facebook, Inc., Class A*		132,239		22,042,919
				55,803,856
Internet & Direct Marketing Retail 5.7%
Amazon.com, Inc.*		26,108		44,872,603
Booking Holdings, Inc.*		2,071		3,795,750
Expedia Group, Inc.		55,417		6,608,477
				55,276,830
IT Services 5.0%
FleetCor Technologies, Inc.*		34,421		6,946,502
Global Payments, Inc.		84,641		9,503,492
GoDaddy, Inc., Class A*		67,253		4,615,573
PayPal Holdings, Inc.*		79,451		7,052,071
Total System Services, Inc.		26,302		2,356,922
VeriSign, Inc.*		27,949		4,730,927
Visa, Inc., Class A		100,389		13,553,519
				48,759,006
Life Sciences Tools & Services 1.1%
Thermo Fisher Scientific, Inc.		41,664		10,235,595
Machinery 1.7%
Caterpillar, Inc.		26,494		3,527,941
Deere & Co.		17,232		2,826,048
Fortive Corp.		33,693		2,526,638
Illinois Tool Works, Inc.		33,517		4,602,219
Ingersoll-Rand plc		29,949		2,996,098
				16,478,944
Media 2.5%
Charter Communications, Inc., Class A*		19,440		6,435,612
Comcast Corp., Class A		450,771		16,484,696
Interpublic Group of Cos., Inc. (The)		62,227		1,415,664
				24,335,972
Metals & Mining 0.2%
Alcoa Corp.*		7,663		227,438
Freeport-McMoRan, Inc.		28,863		335,965
Nucor Corp.		20,436		1,251,501
Southern Copper Corp.		13,930		468,326
				2,283,230
Multi-Utilities 1.1%
Sempra Energy		87,495		10,235,165
Oil, Gas & Consumable Fuels 4.9%
Chevron Corp.		67,941		7,789,436
Concho Resources, Inc.*		13,057		1,564,751
ConocoPhillips		5,700		385,833
Devon Energy Corp.		14,469		385,599
Diamondback Energy, Inc.		7,918		816,504
Encana Corp.		196,621		1,352,752
EOG Resources, Inc.		3,840		380,928
Exxon Mobil Corp.		252,893		18,531,999
Marathon Petroleum Corp.		85,086		5,637,798
Noble Energy, Inc.		45,628		1,019,329
Occidental Petroleum Corp.		8,519		568,899
ONEOK, Inc.		35,957		2,308,799
Pioneer Natural Resources Co.		8,408		1,196,627
TransCanada Corp.		146,613		6,233,985
				48,173,239
Personal Products 1.2%
Unilever NV, NYRS-UK		210,441		11,260,698
Pharmaceuticals 4.6%
Allergan plc		79,554		11,454,185
AstraZeneca plc, ADR-UK		269,791		9,868,955
Bristol-Myers Squibb Co.		261,224		12,896,629
Eli Lilly & Co.		28,195		3,379,453
Mylan NV*		135,426		4,056,009
Teva Pharmaceutical Industries Ltd., ADR-IL*		166,330		3,301,650
				44,956,881
Professional Services 1.1%
Equifax, Inc.		20,989		2,246,243
IHS Markit Ltd.*		153,014		7,944,487
				10,190,730
Road & Rail 2.3%
JB Hunt Transport Services, Inc.		27,334		2,925,831
Norfolk Southern Corp.		86,140		14,449,124
Union Pacific Corp.		29,741		4,730,901
				22,105,856
Semiconductors & Semiconductor Equipment 3.1%
Advanced Micro Devices, Inc.*		212,297		5,182,170
Broadcom, Inc.		3,576		959,262
Intel Corp.		141,538		6,669,271
KLA-Tencor Corp.		21,244		2,263,973
Marvell Technology Group Ltd.		118,944		2,204,032
Micron Technology, Inc.*		80,608		3,080,838
NVIDIA Corp.		9,700		1,394,375
Texas Instruments, Inc.		50,930		5,127,632
Xilinx, Inc.		32,272		3,612,528
				30,494,081
Software 6.7%
Adobe, Inc.*		16,854		4,176,758
Autodesk, Inc.*		10,143		1,493,050
Microsoft Corp.		317,085		33,113,187
salesforce.com, Inc.*		46,801		7,112,348
ServiceNow, Inc.*		10,222		2,249,044
Splunk, Inc.*		10,437		1,302,955
SS&C Technologies Holdings, Inc.		236,228		12,163,380
Workday, Inc., Class A*		19,845		3,602,463
				65,213,185
Specialty Retail 2.1%
Lowe’s Cos., Inc.		107,549		10,341,912
Ross Stores, Inc.		38,448		3,541,830
TJX Cos., Inc. (The)		138,272		6,876,266
				20,760,008
Technology Hardware, Storage & Peripherals 1.4%
Apple, Inc.		83,082		13,828,168
Western Digital Corp.		4,100		184,459
				14,012,627
Textiles, Apparel & Luxury Goods 0.8%
NIKE, Inc., Class B		71,744		5,874,399
Tapestry, Inc.		38,914		1,506,361
				7,380,760
Tobacco 0.5%
Philip Morris International, Inc.		66,604		5,109,859
Total Common Stocks (cost $893,515,894)				959,556,900

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Fund (Continued)

Exchange Traded Fund 1.1%
	Shares		Value
Equity Fund 1.1%
SPDR S&P 500 ETF Trust		40,653	$	10,973,464
Total Exchange Traded Fund (cost $10,421,602)				10,973,464
Total Investments (cost $903,937,496) — 99.6%				970,530,364
Other assets in excess of liabilities — 0.4%				4,293,362
NET ASSETS — 100.0%			$	974,823,726

* Denotes a non-income producing security.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
IL	Israel
NYRS	New York Registry Shares
REIT	Real Estate Investment Trust
UK	United Kingdom

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	959,556,900	$	—	$	—	$	959,556,900
Exchange Traded Fund		10,973,464		—		—		10,973,464
Total	$	970,530,364	$	—	$	—	$	970,530,364

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Geneva Mid Cap Growth Fund

Common Stocks 97.8%
	Shares		Value
Banks 3.2%
East West Bancorp, Inc.		237,099	$	11,930,822
Signature Bank		69,263		8,817,872
				20,748,694
Biotechnology 1.1%
Ligand Pharmaceuticals, Inc.*		58,710		6,933,651
Building Products 1.1%
Fortune Brands Home & Security, Inc.		160,765		7,282,654
Capital Markets 4.5%
Intercontinental Exchange, Inc.		198,853		15,263,956
Raymond James Financial, Inc.		167,201		13,459,681
				28,723,637
Commercial Services & Supplies 2.3%
Copart, Inc.*		295,103		14,941,065
Distributors 3.0%
LKQ Corp.*		222,952		5,845,801
Pool Corp.		90,691		13,595,488
				19,441,289
Diversified Consumer Services 1.5%
Grand Canyon Education, Inc.*		103,338		9,604,234
Electronic Equipment, Instruments & Components 7.4%
Amphenol Corp., Class A		207,245		18,220,980
Cognex Corp.		172,259		7,837,785
National Instruments Corp.		215,408		9,525,342
Trimble, Inc.*		304,690		11,474,625
				47,058,732
Health Care Equipment & Supplies 14.4%
ABIOMED, Inc.*		47,690		16,742,528
Align Technology, Inc.*		42,161		10,495,981
Cooper Cos., Inc. (The)		50,493		14,075,429
IDEXX Laboratories, Inc.*		77,239		16,434,914
STERIS plc		132,605		15,124,926
Teleflex, Inc.		35,451		9,695,849
Varian Medical Systems, Inc.*		71,916		9,495,070
				92,064,697
Health Care Providers & Services 1.4%
HealthEquity, Inc.*		61,840		3,855,106
Henry Schein, Inc.*		62,103		4,825,403
				8,680,509
Health Care Technology 3.0%
Cerner Corp.*		105,788		5,808,819
Medidata Solutions, Inc.*		185,335		13,151,372
				18,960,191
Hotels, Restaurants & Leisure 1.8%
Texas Roadhouse, Inc.		186,228		11,330,112
Household Products 2.6%
Church & Dwight Co., Inc.		253,786		16,397,113
Industrial Conglomerates 1.9%
Roper Technologies, Inc.		43,410		12,296,317
IT Services 9.5%
Broadridge Financial Solutions, Inc.		158,622		15,993,856
EPAM Systems, Inc.*		29,117		4,119,473
Fiserv, Inc.*		222,245		18,430,778
Gartner, Inc.*		93,520		12,708,433
Global Payments, Inc.		82,008		9,207,858
				60,460,398
Leisure Products 1.3%
Hasbro, Inc.		93,131		8,433,943
Machinery 4.5%
IDEX Corp.		106,972		14,747,160
Snap-on, Inc.		42,046		6,979,216
WABCO Holdings, Inc.*		60,388		6,898,121
				28,624,497
Professional Services 5.2%
CoStar Group, Inc.*		45,812		17,900,581
Verisk Analytics, Inc.*		130,813		15,358,754
				33,259,335
Road & Rail 1.5%
JB Hunt Transport Services, Inc.		92,385		9,888,890
Semiconductors & Semiconductor Equipment 1.6%
Microchip Technology, Inc.(a)		124,618		10,015,549
Software 16.1%
ANSYS, Inc.*		88,148		14,487,124
Intuit, Inc.		89,485		19,312,652
RealPage, Inc.*		235,362		13,126,139
Red Hat, Inc.*		89,145		15,853,547
SS&C Technologies Holdings, Inc.		223,910		11,529,126
Tyler Technologies, Inc.*		83,823		15,858,473
Ultimate Software Group, Inc. (The)*		46,497		12,696,936
				102,863,997
Specialty Retail 5.2%
Burlington Stores, Inc.*		74,558		12,802,354
O’Reilly Automotive, Inc.*		45,230		15,588,972
Ulta Beauty, Inc.*		16,344		4,771,140
				33,162,466
Textiles, Apparel & Luxury Goods 1.3%
Carter’s, Inc.		103,491		8,579,404
Trading Companies & Distributors 2.4%
Fastenal Co.		115,294		6,970,675
Watsco, Inc.		58,946		8,693,356
				15,664,031
Total Common Stocks (cost $471,372,511)				625,415,405
Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(b)(c)		466,853		466,853
Total Short-Term Investment (cost $466,853)				466,853
Repurchase Agreements 0.7%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $4,641,939, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $4,757,517.(c)	$	4,641,607		4,641,607

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Geneva Mid Cap Growth Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $121,337, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $123,755.(c)	$	121,329	$	121,329
Total Repurchase Agreements (cost $4,762,936)				4,762,936
Total Investments (cost $476,602,300) — 98.6%				630,645,194
Other assets in excess of liabilities — 1.4%				9,028,147
NET ASSETS — 100.0%			$	639,673,341

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $5,118,765, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $466,853 and $4,762,936, respectively, a total value of $5,229,789.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $5,229,789.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Geneva Mid Cap Growth Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	625,415,405	$	—	$	—	$	625,415,405
Repurchase Agreements		—		4,762,936		—		4,762,936
Short-Term Investment		466,853		—		—		466,853
Total	$	625,882,258	$	4,762,936	$	—	$	630,645,194

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Geneva Small Cap Growth Fund

Common Stocks 96.4%
	Shares		Value
Airlines 1.7%
Allegiant Travel Co.		123,400	$	16,042,000
Auto Components 3.8%
Dorman Products, Inc.*		192,113		16,512,112
Fox Factory Holding Corp.*		349,373		20,728,300
				37,240,412
Banks 2.7%
Pacific Premier Bancorp, Inc.*(a)		433,387		12,893,263
Texas Capital Bancshares, Inc.*		224,557		13,084,937
				25,978,200
Biotechnology 1.1%
Ligand Pharmaceuticals, Inc.*		94,498		11,160,214
Building Products 3.1%
AAON, Inc.		363,824		13,439,659
Trex Co., Inc.*		239,433		16,702,846
				30,142,505
Capital Markets 2.4%
MarketAxess Holdings, Inc.		109,374		23,490,254
Chemicals 2.9%
Balchem Corp.		182,620		15,161,112
Sensient Technologies Corp.		199,055		12,496,673
				27,657,785
Commercial Services & Supplies 1.8%
Healthcare Services Group, Inc.(a)		404,060		17,625,097
Diversified Consumer Services 2.8%
Bright Horizons Family Solutions, Inc.*		238,157		27,576,199
Electronic Equipment, Instruments & Components 2.2%
ePlus, Inc.*		191,546		15,174,274
Novanta, Inc.*		93,733		6,531,316
				21,705,590
Food Products 2.1%
J&J Snack Foods Corp.		128,925		19,899,574
Health Care Equipment & Supplies 11.2%
Cantel Medical Corp.		255,584		20,809,649
Globus Medical, Inc., Class A*		339,881		15,311,639
LeMaitre Vascular, Inc.		302,762		7,217,846
Masimo Corp.*		200,755		24,971,915
Neogen Corp.*		303,753		18,501,595
Tactile Systems Technology, Inc.*		325,572		21,676,584
				108,489,228
Health Care Providers & Services 2.5%
HealthEquity, Inc.*		269,326		16,789,783
PetIQ, Inc.*		242,691		7,382,660
				24,172,443
Health Care Technology 6.1%
Medidata Solutions, Inc.*		299,503		21,252,733
Omnicell, Inc.*		323,305		21,056,855
Vocera Communications, Inc.*		422,336		17,239,755
				59,549,343
Hotels, Restaurants & Leisure 1.9%
Texas Roadhouse, Inc.		301,203		18,325,190
Insurance 1.6%
Kinsale Capital Group, Inc.		260,117		15,086,786
IT Services 1.5%
ExlService Holdings, Inc.*		252,892		14,541,290
Life Sciences Tools & Services 2.5%
Bio-Techne Corp.		138,984		24,247,149
Machinery 8.4%
Barnes Group, Inc.		244,816		14,463,729
Donaldson Co., Inc.		381,392		18,032,214
Middleby Corp. (The)*		77,497		9,115,197
Proto Labs, Inc.*		134,876		16,744,856
RBC Bearings, Inc.*		169,303		23,604,224
				81,960,220
Multiline Retail 2.1%
Ollie’s Bargain Outlet Holdings, Inc.*		255,300		19,956,801
Pharmaceuticals 1.2%
Supernus Pharmaceuticals, Inc.*		294,120		11,214,796
Professional Services 2.4%
Exponent, Inc.		469,231		23,442,781
Road & Rail 2.5%
Genesee & Wyoming, Inc., Class A*		156,977		12,325,834
Marten Transport Ltd.		628,617		12,163,739
				24,489,573
Semiconductors & Semiconductor Equipment 2.6%
Inphi Corp.*(a)		257,284		10,147,281
Monolithic Power Systems, Inc.		117,449		14,864,345
				25,011,626
Software 20.1%
Alarm.com Holdings, Inc.*		365,383		22,993,552
Blackbaud, Inc.		247,508		17,721,573
Blackline, Inc.*		167,461		7,967,794
Bottomline Technologies DE, Inc.*		381,959		19,728,182
Descartes Systems Group, Inc. (The)*		463,139		14,385,097
Ellie Mae, Inc.*(a)		138,984		10,534,987
Envestnet, Inc.*		322,880		17,516,240
Fair Isaac Corp.*		110,082		24,790,467
Paycom Software, Inc.*		181,629		26,924,683
Q2 Holdings, Inc.*		191,404		11,375,140
Tyler Technologies, Inc.*		85,147		16,108,961
Ultimate Software Group, Inc. (The)*		18,985		5,184,234
				195,230,910
Specialty Retail 0.7%
At Home Group, Inc.*		303,753		6,694,716
Thrifts & Mortgage Finance 1.1%
Axos Financial, Inc.*		356,315		10,817,723
Trading Companies & Distributors 1.4%
Beacon Roofing Supply, Inc.*		178,654		6,490,500
SiteOne Landscape Supply, Inc.*		126,375		6,735,787
				13,226,287
Total Common Stocks (cost $759,877,431)				934,974,692
Short-Term Investment 0.3%
	Shares		Value
Money Market Fund 0.3%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(b)(c)		2,585,368		2,585,368
Total Short-Term Investment (cost $2,585,368)				2,585,368
Repurchase Agreements 2.7%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $25,706,404, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $26,346,457.(c)	$	25,704,562		25,704,562

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Geneva Small Cap Growth Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $671,949, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $685,340.(c)	$	671,902	$	671,902
Total Repurchase Agreements (cost $26,376,464)				26,376,464
Total Investments (cost $788,839,263) — 99.4%				963,936,524
Other assets in excess of liabilities — 0.6%				6,143,849
NET ASSETS — 100.0%			$	970,080,373

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $29,463,376, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $2,585,368 and $26,376,464, respectively, and by $734,118 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $29,695,950.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $28,961,832.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Geneva Small Cap Growth Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	934,974,692	$	—	$	—	$	934,974,692
Repurchase Agreements		—		26,376,464		—		26,376,464
Short-Term Investment		2,585,368		—		—		2,585,368
Total	$	937,560,060	$	26,376,464	$	—	$	963,936,524

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Global Sustainable Equity Fund

Common Stocks 98.8%
	Shares		Value
AUSTRALIA 1.9%
Commercial Services & Supplies 1.9%
Brambles Ltd.		127,183	$	984,967
CHINA 3.2%
Chemicals 0.0%†
Tianhe Chemicals Group Ltd. Reg. S*(a)(b)(c)(d)		2,702,000		0
Entertainment 0.8%
Tencent Music Entertainment Group, ADR*(e)		25,900		387,205
Insurance 1.3%
Ping An Insurance Group Co. of China Ltd., Class H		75,000		732,958
Wireless Telecommunication Services 1.1%
China Mobile Ltd.		52,000		546,670
				1,666,833
DENMARK 1.3%
Marine 1.3%
AP Moller - Maersk A/S, Class B		511		680,173
FINLAND 1.3%
Banks 1.3%
Nordea Bank Abp		71,012		645,112
FRANCE 0.8%
Banks 0.8%
Credit Agricole SA		35,237		402,653
GERMANY 3.8%
Chemicals 0.4%
LANXESS AG		3,563		195,822
Diversified Telecommunication Services 1.0%
Deutsche Telekom AG (Registered)		31,399		510,062
Machinery 1.4%
Jungheinrich AG (Preference)		16,289		493,571
KION Group AG		4,319		249,284
				742,855
Software 1.0%
SAP SE		4,929		509,106
				1,957,845
INDIA 2.0%
Banks 2.0%
Axis Bank Ltd., GDR Reg. S*		20,196		1,029,476
JAPAN 8.8%
Banks 1.1%
Sumitomo Mitsui Financial Group, Inc.		14,800		550,284
Chemicals 1.0%
Shin-Etsu Chemical Co. Ltd.		5,900		497,920
Household Durables 1.0%
Sony Corp.		10,100		508,002
Machinery 2.6%
Makita Corp.		21,600		764,517
MINEBEA MITSUMI, Inc.		16,000		262,346
Nabtesco Corp.		12,400		326,682
				1,353,545
Personal Products 1.5%
Kao Corp.		11,200		789,281
Pharmaceuticals 1.6%
Takeda Pharmaceutical Co. Ltd.		20,659		833,510
				4,532,542
NETHERLANDS 2.4%
Chemicals 1.3%
Koninklijke DSM NV		6,938		649,995
Semiconductors & Semiconductor Equipment 1.1%
NXP Semiconductors NV		6,470		563,084
				1,213,079
NORWAY 2.4%
Diversified Telecommunication Services 1.1%
Telenor ASA		29,455		557,258
Oil, Gas & Consumable Fuels 1.3%
Equinor ASA		29,246		667,218
				1,224,476
SOUTH AFRICA 1.2%
Media 1.2%
Naspers Ltd., Class N		2,719		629,189
SWITZERLAND 4.6%
Insurance 1.9%
Zurich Insurance Group AG*		3,247		1,019,912
Pharmaceuticals 1.7%
Novartis AG (Registered)		9,754		851,269
Textiles, Apparel & Luxury Goods 1.0%
Cie Financiere Richemont SA (Registered)		7,276		501,984
				2,373,165
TAIWAN 0.5%
Semiconductors & Semiconductor Equipment 0.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,200		270,864
UNITED KINGDOM 11.6%
Chemicals 1.9%
Linde plc		6,041		984,743
Electronic Equipment, Instruments & Components 1.4%
Spectris plc		21,620		738,170
Multi-Utilities 1.5%
Centrica plc		435,516		779,551
Personal Products 2.5%
Unilever NV, CVA		23,098		1,233,976
Pharmaceuticals 1.0%
GlaxoSmithKline plc		26,836		521,337
Software 1.9%
Sage Group plc (The)		118,989		976,879
Trading Companies & Distributors 1.4%
Ashtead Group plc		28,740		728,373
				5,963,029
UNITED STATES 53.0%
Airlines 1.1%
Southwest Airlines Co.		10,389		589,680
Auto Components 1.1%
Aptiv plc		6,991		553,198
Banks 3.2%
Investors Bancorp, Inc.		43,597		529,268
Pinnacle Financial Partners, Inc.		11,757		632,173
US Bancorp		9,673		494,871
				1,656,312
Biotechnology 2.3%
Alnylam Pharmaceuticals, Inc.*		3,400		284,002
Incyte Corp.*		6,750		543,982
Ironwood Pharmaceuticals, Inc.*		22,077		301,572

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Global Sustainable Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Biotechnology (continued)
Lexicon Pharmaceuticals, Inc.*(e)		9,949	$	47,059
				1,176,615
Capital Markets 1.7%
T. Rowe Price Group, Inc.		9,450		883,197
Chemicals 2.4%
Ecolab, Inc.		7,819		1,236,731
Entertainment 3.4%
Electronic Arts, Inc.*		7,205		664,589
Walt Disney Co. (The)		9,946		1,109,178
				1,773,767
Equity Real Estate Investment Trusts (REITs) 1.7%
Simon Property Group, Inc.		4,688		853,779
Food & Staples Retailing 1.0%
Costco Wholesale Corp.		2,428		521,122
Health Care Equipment & Supplies 0.6%
LivaNova plc*		3,600		332,352
Health Care Providers & Services 3.4%
Laboratory Corp. of America Holdings*		3,781		526,882
UnitedHealth Group, Inc.		4,520		1,221,304
				1,748,186
Household Products 1.4%
Procter & Gamble Co. (The)		7,493		722,850
Insurance 4.0%
Marsh & McLennan Cos., Inc.		14,905		1,314,472
MetLife, Inc.		15,264		697,107
				2,011,579
Internet & Direct Marketing Retail 3.4%
Amazon.com, Inc.*		1,013		1,741,073
IT Services 1.5%
Visa, Inc., Class A		5,618		758,486
Life Sciences Tools & Services 1.2%
Bio-Rad Laboratories, Inc., Class A*		2,547		636,419
Machinery 2.4%
AGCO Corp.		11,016		707,227
Gardner Denver Holdings, Inc.*		22,334		550,980
				1,258,207
Media 1.0%
Comcast Corp., Class A		13,969		510,846
Oil, Gas & Consumable Fuels 2.9%
EOG Resources, Inc.		6,236		618,611
Hess Corp.		15,870		856,980
				1,475,591
Pharmaceuticals 5.6%
Allergan plc		6,262		901,603
Eli Lilly & Co.		5,997		718,800
Johnson & Johnson		7,752		1,031,637
Medicines Co. (The)*(e)		8,744		202,074
				2,854,114
Semiconductors & Semiconductor Equipment 1.1%
Micron Technology, Inc.*		15,068		575,899
Software 3.1%
Adobe, Inc.*		2,507		621,285
Microsoft Corp.		9,579		1,000,335
				1,621,620
Specialty Retail 2.4%
TJX Cos., Inc. (The)		25,177		1,252,052
Technology Hardware, Storage & Peripherals 1.1%
Western Digital Corp.		13,111		589,864
				27,333,539
Total Common Stocks (cost $45,908,293)				50,906,942
Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(f)(g)		54,876		54,876
Total Short-Term Investment (cost $54,876)				54,876
Repurchase Agreements 1.1%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $545,632, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $559,217.(g)	$	545,593		545,593
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $14,262, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $14,547.(g)		14,261		14,261
Total Repurchase Agreements (cost $559,854)				559,854
Total Investments (cost $46,523,023) — 100.0%				51,521,672
Other assets in excess of liabilities — 0.0%†				7,058
NET ASSETS — 100.0%			$	51,528,730

* Denotes a non-income producing security.

(a) Fair valued security.

(b) Illiquid security as deemed by the procedures approved by the Board of Trustees (unaudited).

(c) Value determined using significant unobservable inputs.

(d) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $0 which represents 0.0% of net assets.

(e) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $609,373, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $54,876 and $559,854, respectively, a total value of $614,730.

(f) Represents 7-day effective yield as of January 31, 2019.

(g) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $614,730.

† Amount rounds to less than 0.1%.Asset Types

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Global Sustainable Equity Fund (Continued)

ADR	American Depositary Receipt
CVA	Dutch Certification
GDR	Global Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Global Sustainable Equity Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1(a)		Level 2(a)		Level 3		Total
Assets:
Common Stocks
Airlines	$	589,680	$	—	$	—	$	589,680
Auto Components		553,198		—		—		553,198
Banks		1,656,312		2,627,525		—		4,283,837
Biotechnology		1,176,615		—		—		1,176,615
Capital Markets		883,197		—		—		883,197
Chemicals		2,221,474		1,343,737		—		3,565,211
Commercial Services & Supplies		—		984,967		—		984,967
Diversified Telecommunication Services		—		1,067,320		—		1,067,320
Electronic Equipment, Instruments & Components		—		738,170		—		738,170
Entertainment		2,160,972		—		—		2,160,972
Equity Real Estate Investment Trusts (REITs)		853,779		—		—		853,779
Food & Staples Retailing		521,122		—		—		521,122
Health Care Equipment & Supplies		332,352		—		—		332,352
Health Care Providers & Services		1,748,186		—		—		1,748,186
Household Durables		—		508,002		—		508,002
Household Products		722,850		—		—		722,850
Insurance		2,011,579		1,752,870		—		3,764,449
Internet & Direct Marketing Retail		1,741,073		—		—		1,741,073
IT Services		758,486		—		—		758,486
Life Sciences Tools & Services		636,419		—		—		636,419

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Global Sustainable Equity Fund (Continued)

	Level 1(a)		Level 2(a)		Level 3		Total
Assets: (continued)
Common Stock (continued)
Machinery	$	1,258,207	$	2,096,400	$	—	$	3,354,607
Marine		—		680,173		—		680,173
Media		510,846		629,189		—		1,140,035
Multi-Utilities		—		779,551		—		779,551
Oil, Gas & Consumable Fuels		1,475,591		667,218		—		2,142,809
Personal Products		—		2,023,257		—		2,023,257
Pharmaceuticals		2,854,114		2,206,116		—		5,060,230
Semiconductors & Semiconductor Equipment		1,409,847		—		—		1,409,847
Software		1,621,620		1,485,985		—		3,107,605
Specialty Retail		1,252,052		—		—		1,252,052
Technology Hardware, Storage & Peripherals		589,864		—		—		589,864
Textiles, Apparel & Luxury Goods		—		501,984		—		501,984
Trading Companies & Distributors		—		728,373		—		728,373
Wireless Telecommunication Services		—		546,670		—		546,670
Total Common Stocks	$	29,539,435	$	21,367,507	$	—	$	50,906,942
Repurchase Agreements	$	—	$	559,854	$	—	$	559,854
Short-Term Investment		54,876		—		—		54,876
Total	$	29,594,311	$	21,927,361	$	—	$	51,521,672

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

(a) During the period ended January 31 2019, there was a transfer an international common stock from Level 1 to Level 2. The market value at the time of the transfer was $647,564. The investment was previously valued using the last quoted sales price from the local exchange on which it traded, resulting in the Level 1 classification. At January 31 2019, the Fund valued this security using the last quoted sales price and applied a fair value factor received from an independent fair value pricing service, resulting in the Level 2 classification.

During the period ended January 31, 2019, the Fund held one common stock investment that was categorized as Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Government Money Market Fund

U.S. Government Agency Securities 38.8%
	Principal Amount		Value
FFCB (ICE LIBOR USD 1 Month - 0.05%), 2.46%, 2/21/2019(a)	$	600,000	$	599,999
(ICE LIBOR USD 1 Month + 0.15%), 2.67%, 3/1/2019(a)		1,500,000		1,500,243
(ICE LIBOR USD 1 Month - 0.04%), 2.47%, 3/13/2019(a)		2,000,000		1,999,995
(ICE LIBOR USD 1 Month - 0.04%), 2.47%, 3/15/2019(a)		750,000		749,999
(ICE LIBOR USD 1 Month - 0.09%), 2.44%, 5/1/2019(a)		3,250,000		3,249,975
(ICE LIBOR USD 1 Month - 0.09%), 2.42%, 5/15/2019(a)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.03%), 2.49%, 6/24/2019(a)		2,400,000		2,399,976
(ICE LIBOR USD 1 Month - 0.07%), 2.44%, 7/29/2019(a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.08%), 2.43%, 9/26/2019(a)		2,750,000		2,750,000
(ICE LIBOR USD 1 Month - 0.08%), 2.43%, 11/13/2019(a)		1,250,000		1,249,951
(ICE LIBOR USD 1 Month - 0.06%), 2.45%, 12/4/2019(a)		2,000,000		1,999,956
(ICE LIBOR USD 1 Month - 0.08%), 2.42%, 1/27/2020(a)		1,500,000		1,499,941
(ICE LIBOR USD 1 Month - 0.03%), 2.48%, 4/9/2020(a)		500,000		500,000
(ICE LIBOR USD 1 Month + 0.00%), 2.51%, 4/14/2020(a)		3,500,000		3,500,000
(ICE LIBOR USD 1 Month + 0.01%), 2.51%, 9/4/2020(a)		2,500,000		2,499,901
(ICE LIBOR USD 1 Month + 0.00%), 2.51%, 11/13/2020(a)		2,500,000		2,500,000
(ICE LIBOR USD 1 Month + 0.01%), 2.51%, 11/27/2020(a)		1,250,000		1,249,944
FFCB Discount Notes 2.62%, 8/23/2019		1,500,000		1,478,177
2.65%, 11/4/2019		400,000		392,027
2.73%, 12/9/2019		1,000,000		976,934
FHLB (ICE LIBOR USD 1 Month - 0.05%), 2.48%, 2/1/2019(a)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.28%), 2.30%, 2/4/2019(a)		10,000,000		10,000,000
(ICE LIBOR USD 1 Month - 0.05%), 2.47%, 2/7/2019(a)		350,000		350,000
(ICE LIBOR USD 1 Month - 0.05%), 2.47%, 3/6/2019(a)		4,000,000		3,999,968
(ICE LIBOR USD 1 Month - 0.08%), 2.42%, 3/19/2019(a)		5,750,000		5,750,000
(ICE LIBOR USD 3 Month - 0.34%), 2.46%, 4/9/2019(a)		3,000,000		3,000,000
(ICE LIBOR USD 3 Month - 0.21%), 2.59%, 4/9/2019(a)		5,000,000		5,000,000
(ICE LIBOR USD 1 Month - 0.12%), 2.40%, 4/25/2019(a)		4,000,000		4,000,000
(ICE LIBOR USD 1 Month - 0.05%), 2.46%, 5/3/2019(a)		5,500,000		5,500,000
(ICE LIBOR USD 1 Month - 0.14%), 2.38%, 5/9/2019(a)		4,500,000		4,500,000
(ICE LIBOR USD 3 Month - 0.28%), 2.34%, 5/10/2019(a)		3,500,000		3,500,000
(ICE LIBOR USD 3 Month - 0.19%), 2.43%, 5/10/2019(a)		750,000		750,000
2.50%, 5/20/2019		4,500,000		4,499,630
(ICE LIBOR USD 1 Month - 0.13%), 2.38%, 5/21/2019(a)		2,500,000		2,500,000
2.50%, 5/23/2019		1,500,000		1,499,780
(ICE LIBOR USD 3 Month - 0.16%), 2.52%, 5/24/2019(a)		1,500,000		1,500,066
FHLB (ICE LIBOR USD 3 Month - 0.16%), 2.55%, 5/28/2019(a)		3,250,000		3,249,738
(ICE LIBOR USD 1 Month - 0.13%), 2.38%, 6/4/2019(a)		5,400,000		5,400,000
(ICE LIBOR USD 1 Month - 0.12%), 2.39%, 6/4/2019(a)		4,000,000		4,000,000
(ICE LIBOR USD 1 Month - 0.13%), 2.39%, 6/14/2019(a)		3,000,000		3,000,000
(SOFRRATE + 0.04%), 2.43%, 6/21/2019(a)		3,000,000		3,000,000
(ICE LIBOR USD 1 Month - 0.05%), 2.46%, 6/28/2019(a)		3,000,000		3,000,000
(ICE LIBOR USD 3 Month - 0.30%), 2.51%, 7/3/2019(a)		3,000,000		3,000,000
(ICE LIBOR USD 3 Month - 0.30%), 2.50%, 7/5/2019(a)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.30%), 2.48%, 7/10/2019(a)		3,000,000		3,000,000
(ICE LIBOR USD 1 Month - 0.13%), 2.39%, 7/16/2019(a)		2,200,000		2,200,000
(ICE LIBOR USD 3 Month - 0.30%), 2.48%, 7/16/2019(a)		2,200,000		2,200,000
(ICE LIBOR USD 3 Month - 0.26%), 2.52%, 7/16/2019(a)		4,000,000		4,000,000
(SOFRRATE + 0.02%), 2.41%, 7/17/2019(a)		3,500,000		3,500,000
(ICE LIBOR USD 1 Month - 0.11%), 2.40%, 7/19/2019(a)		6,900,000		6,900,000
(ICE LIBOR USD 3 Month - 0.28%), 2.50%, 7/22/2019(a)		6,700,000		6,700,000
(ICE LIBOR USD 3 Month - 0.27%), 2.49%, 7/29/2019(a)		6,000,000		6,000,000
(ICE LIBOR USD 3 Month - 0.28%), 2.31%, 8/7/2019(a)		4,600,000		4,600,000
(ICE LIBOR USD 1 Month - 0.09%), 2.43%, 9/9/2019(a)		10,000,000		10,000,000
(ICE LIBOR USD 1 Month - 0.06%), 2.46%, 9/11/2019(a)		1,950,000		1,950,000
(ICE LIBOR USD 1 Month - 0.06%), 2.45%, 9/18/2019(a)		3,500,000		3,500,000
(ICE LIBOR USD 1 Month - 0.08%), 2.42%, 9/26/2019(a)		4,000,000		4,000,000
2.40%, 10/11/2019(b)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.07%), 2.44%, 10/18/2019(a)		1,300,000		1,300,000
2.48%, 11/4/2019(b)		4,000,000		4,000,000
(ICE LIBOR USD 1 Month - 0.10%), 2.41%, 11/21/2019(a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.05%), 2.46%, 12/4/2019(a)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.05%), 2.46%, 12/5/2019(a)		2,000,000		2,000,000
(ICE LIBOR USD 3 Month - 0.14%), 2.66%, 12/19/2019(a)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.06%), 2.45%, 12/20/2019(a)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.14%), 2.68%, 12/26/2019(a)		850,000		850,362
(ICE LIBOR USD 1 Month - 0.05%), 2.46%, 1/17/2020(a)		3,000,000		3,000,000
(ICE LIBOR USD 3 Month - 0.15%), 2.63%, 1/22/2020(a)		1,250,000		1,250,000
(ICE LIBOR USD 1 Month - 0.03%), 2.48%, 4/20/2020(a)		2,000,000		2,000,000
FHLB Discount Notes 2.44%, 2/27/2019		2,000,000		1,996,484

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Government Money Market Fund (Continued)

U.S. Government Agency Securities (continued)
	Principal Amount		Value
FHLB Discount Notes (continued)
2.42%, 3/6/2019	$	2,500,000	$	2,494,477
2.41%, 3/25/2019		2,500,000		2,491,333
2.37%, 4/5/2019		4,000,000		3,983,487
2.47%, 5/3/2019		1,500,000		1,490,711
2.46%, 5/17/2019		3,000,000		2,978,650
FHLMC, 0.88%, 7/19/2019		1,100,000		1,091,102
FNMA (SOFRRATE + 0.12%), 2.51%, 7/30/2019(a)		2,250,000		2,250,000
(SOFRRATE + 0.16%), 2.55%, 1/30/2020(a)		1,400,000		1,400,000
Total U.S. Government Agency Securities (cost $219,722,806)				219,722,806
U.S. Treasury Obligations 9.7%
	Principal Amount		Value
U.S. Treasury Bills
2.18%, 2/7/2019		10,500,000		10,496,185
2.18%, 2/14/2019		6,500,000		6,494,883
2.25%, 3/7/2019		5,000,000		4,989,417
2.32%, 3/21/2019		4,000,000		3,987,675
2.34%, 4/4/2019		1,500,000		1,493,974
2.43%, 4/18/2019		5,400,000		5,372,469
U.S. Treasury Notes
1.38%, 2/28/2019		1,000,000		999,321
1.50%, 2/28/2019		2,000,000		1,998,792
3.63%, 8/15/2019		5,300,000		5,329,254
1.50%, 10/31/2019		2,250,000		2,230,384
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.44%, 4/30/2020(a)		1,500,000		1,500,148
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.45%, 10/31/2020(a)		7,250,000		7,244,249
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.52%, 1/31/2021(a)		3,000,000		3,000,000
Total U.S. Treasury Obligations (cost $55,136,751)				55,136,751
Investment Companies 0.4%
	Shares		Value
Asset Management 0.4%
Federated Government Obligations Fund, Premier Shares, 2.30%(c)		1,000,000		1,000,000
Federated Treasury Obligations Fund, Institutional Shares, 2.28%(c)		1,000,000		1,000,000
Total Investment Companies (cost $2,000,000)				2,000,000
Repurchase Agreements 51.4%
	Principal Amount		Value
ABN Amro Bank NV, 2.60%, dated 1/31/2019, due 2/1/2019, repurchase price $50,003,611, collateralized by U.S. Government Agency Securities, ranging from 2.30% - 4.00%, maturing 11/1/2026 - 3/16/2057; total market value $51,429,804.		50,000,000		50,000,000
BNP Paribas SA, 2.47%, dated 12/27/2018, due 3/27/2019, repurchase price $13,080,275, collateralized by U.S. Government Agency Securities, ranging from 2.50% - 7.00%, maturing 12/1/2027 - 1/1/2049; total market value $13,342,074.(d)		13,000,000		13,000,000
BNP Paribas SA, 2.45%, dated 1/9/2019, due 3/11/2019, repurchase price $15,062,271, collateralized by U.S. Government Agency and Treasury Securities, ranging from 2.96% - 6.50%, maturing 3/25/2032 - 2/15/2049; total market value $15,363,854.(d)		15,000,000		15,000,000
ING Financial Markets LLC, 2.59%, dated 1/31/2019, due 2/1/2019, repurchase price $96,686,956, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 7.00%, maturing 1/30/2020 - 1/1/2049; total market value $98,638,029.		96,680,000		96,680,000
Natixis Financial Products LLC, 2.45%, dated 1/17/2019, due 4/17/2019, repurchase price $12,073,500, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 7.88%, maturing 4/15/2019 - 8/15/2041; total market value $12,314,972.(d)		12,000,000		12,000,000
Natixis Financial Products LLC, 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $25,001,792, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 7.63%, maturing 11/15/2022 - 7/1/2048; total market value $25,501,828.		25,000,000		25,000,000
Wells Fargo Securities LLC, 2.59%, dated 1/31/2019, due 2/1/2019, repurchase price $80,005,756, collateralized by U.S. Government Agency Securities, ranging from 2.15% - 9.00%, maturing 2/20/2019 - 1/1/2049; total market value $81,695,164.		80,000,000		80,000,000
Total Repurchase Agreements (cost $291,680,000)				291,680,000
Total Investments (cost $568,539,557) — 100.3%				568,539,557
Liabilities in excess of other assets — (0.3)%				(1,760,024	)
NET ASSETS — 100.0%			$	566,779,533

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Government Money Market Fund (Continued)

(a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(b) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at January 31, 2019.

(c) Represents 7-day effective yield as of January 31, 2019.

(d) Illiquid security as deemed by the procedures approved by the Board of Trustees (unaudited).

FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Government Money Market Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

•    Level 1	—	Quoted prices in active markets for identical assets
•    Level 2	—	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
•    Level 3	—	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	2,000,000	$	—	$	—	$	2,000,000
Repurchase Agreements		—		291,680,000		—		291,680,000
U.S. Government Agency Securities		—		219,722,806		—		219,722,806
U.S. Treasury Obligations		—		55,136,751		—		55,136,751
Total	$	2,000,000	$	566,539,557	$	—	$	568,539,557

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Inflation-Protected Securities Fund

Collateralized Mortgage Obligations 1.1%
	Principal Amount		Value
FHLMC REMICS Series 1684, Class I, 6.50%, 3/15/2024	$	156,088	$	170,078
Series 2296, Class H, 6.50%, 3/15/2031		14,665		15,153
FNMA REMICS Series 1990-7, Class B, 8.50%, 1/25/2020		927		941
Series 1993-16, Class Z, 7.50%, 2/25/2023		9,285		9,740
Series 1993-226, Class PK, 6.00%, 12/25/2023		73,840		77,567
Series 1998-73, Class MZ, 6.30%, 10/17/2038		159,396		159,578
Series 2013-59, Class MX, 2.50%, 9/25/2042		2,178,084		2,138,650
Total Collateralized Mortgage Obligations (cost $2,625,530)				2,571,707
Corporate Bond 0.9%
	Principal Amount		Value
Diversified Financial Services 0.9%
Private Export Funding Corp., Series HH, 1.45%, 8/15/2019		2,000,000		1,987,314
Total Corporate Bond (cost $2,001,177)				1,987,314
Foreign Government Security 0.8%
	Principal Amount		Value
UNITED STATES 0.8%
Ukraine Government AID Bond, 1.47%, 9/29/2021		2,000,000		1,944,370
Total Foreign Government Security (cost $2,000,000)				1,944,370
Mortgage-Backed Securities 1.7%
	Principal Amount		Value
FNMA Pool
Pool# 874982 6.81%, 11/1/2025		1,483,734		1,640,711
Pool# 387114 5.62%, 9/1/2034		944,232		955,050
Pool# 773298 4.14%, 4/1/2035(a)		627,999		657,111
Pool# 813605 4.10%, 7/1/2036(a)		127,691		132,748
Pool# 745769 4.26%, 7/1/2036(a)		531,720		555,703
Total Mortgage-Backed Securities (cost $3,765,720)				3,941,323
U.S. Government Agency Securities 4.7%
	Principal Amount		Value
FFCB, 2.43%, 09/13/2027		3,000,000		2,864,613
FHLB 5.37%, 9/9/2024		2,615,000		2,966,935
3.00%, 3/12/2027		2,000,000		1,995,860
Tennessee Valley Authority, 2.25%, 03/15/2020		3,000,000		2,991,399
Total U.S. Government Agency Securities (cost $11,038,380)				10,818,807
U.S. Treasury Obligations 89.8%
	Principal Amount		Value
U.S. Treasury Inflation Linked Bonds 2.38%, 1/15/2025(b)		11,300,000		16,573,570
1.75%, 1/15/2028(b)		4,800,000		6,247,768
3.63%, 4/15/2028(b)		5,000,000		9,726,225
2.50%, 1/15/2029(b)		4,750,000		6,476,449
3.88%, 4/15/2029(b)		3,300,000		6,558,857
2.13%, 2/15/2041(b)		12,050,000		16,791,497
0.75%, 2/15/2042(b)		7,600,000		7,914,955
0.63%, 2/15/2043(b)		13,050,000		12,907,192
0.88%, 2/15/2047(b)		5,000,000		4,945,132
U.S. Treasury Inflation Linked Notes 0.13%, 4/15/2019(b)		7,250,000		7,749,912
1.38%, 1/15/2020(b)		2,700,000		3,151,548
0.13%, 4/15/2020(b)		7,800,000		8,283,367
0.13%, 4/15/2021(b)		10,500,000		10,979,230
0.63%, 7/15/2021(b)		11,300,000		12,639,305
0.13%, 1/15/2022(b)(c)		7,000,000		7,651,669
0.13%, 7/15/2022(b)		10,550,000		11,370,836
0.13%, 7/15/2024(b)		13,650,000		14,096,078
0.25%, 1/15/2025(b)		5,000,000		5,176,141
0.38%, 7/15/2025(b)		12,000,000		12,518,739
0.13%, 7/15/2026(b)		6,000,000		6,042,749
0.38%, 1/15/2027(b)		10,250,000		10,369,210
0.38%, 7/15/2027(b)		9,250,000		9,250,468
Total U.S. Treasury Obligations (cost $214,231,722)				207,420,897
Total Investments (cost $235,662,529) — 99.0%				228,684,418
Other assets in excess of liabilities — 1.0%				2,230,248
NET ASSETS — 100.0%			$	230,914,666

(a) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2019.

(b) Principal amounts are not adjusted for inflation.

(c) Security or a portion of the security was used to cover the margin requirement for futures contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Inflation-Protected Securities Fund (Continued)

AID	Agency for International Development
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
REMICS	Real Estate Mortgage Investment Conduits

Futures contracts outstanding as of January 31, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 10 Year Ultra Note		93			3/2019		USD		12,153,938			356,458
U.S. Treasury Ultra Bond		40			3/2019		USD		6,445,000			358,648
												715,106
Short Contracts
U.S. Treasury 5 Year Note		(25	)		3/2019		USD		(2,871,484	)		(2,798	)
U.S. Treasury Long Bond		(155	)		3/2019		USD		(22,736,563	)		(1,141,411	)
												(1,144,209	)
												(429,103	)

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Inflation-Protected Securities Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

•     Level 1	—	Quoted prices in active markets for identical assets
•     Level 2	—	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
•     Level 3	—	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Collateralized Mortgage Obligations	$	—		$	2,571,707	$	—	$	2,571,707
Corporate Bond		—			1,987,314		—		1,987,314
Foreign Government Security		—			1,944,370		—		1,944,370
Futures Contracts		715,106			—		—		715,106
Mortgage-Backed Securities		—			3,941,323		—		3,941,323
U.S. Government Agency Securities		—			10,818,807		—		10,818,807
U.S. Treasury Obligations		—			207,420,897		—		207,420,897
Total Assets	$	715,106		$	228,684,418	$	—	$	229,399,524
Liabilities:
Futures Contracts	$	(1,144,209	)	$	—	$	—	$	(1,144,209	)
Total Liabilities	$	(1,144,209	)	$	—	$	—	$	(1,144,209	)
Total	$	(429,103	)	$	228,684,418	$	—	$	228,255,315

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to and/ or hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Inflation-Protected Securities Fund (Continued)

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

Assets:		Fair Value
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts		$715,106
Total			$715,106

Liabilities:		Fair Value
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts	$(1,144,209)
Total		$(1,144,209)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide International Index Fund

Common Stocks 98.9%
	Shares		Value
AUSTRALIA 7.7%
Banks 1.9%
Australia & New Zealand Banking Group Ltd.		305,122	$	5,563,902
Bank of Queensland Ltd.		40,530		299,417
Bendigo & Adelaide Bank Ltd.		55,343		433,802
Commonwealth Bank of Australia		186,473		9,494,650
National Australia Bank Ltd.		291,092		5,058,041
Westpac Banking Corp.		363,419		6,498,112
				27,347,924
Beverages 0.1%
Coca-Cola Amatil Ltd.		47,888		292,911
Treasury Wine Estates Ltd.		76,730		861,917
				1,154,828
Biotechnology 0.5%
CSL Ltd.		47,965		6,815,021
Capital Markets 0.3%
ASX Ltd.		21,149		980,953
Macquarie Group Ltd.		34,000		2,886,183
				3,867,136
Chemicals 0.1%
Incitec Pivot Ltd.		161,079		388,290
Orica Ltd.		39,314		491,094
				879,384
Commercial Services & Supplies 0.1%
Brambles Ltd.		166,050		1,285,972
Construction & Engineering 0.0%†
CIMIC Group Ltd.		10,081		329,170
Construction Materials 0.0%†
Boral Ltd.		122,521		441,800
Containers & Packaging 0.1%
Amcor Ltd.		119,309		1,185,579
Diversified Financial Services 0.1%
AMP Ltd.		317,927		523,582
Challenger Ltd.		56,970		300,580
				824,162
Diversified Telecommunication Services 0.1%
Telstra Corp. Ltd.		452,524		1,024,338
TPG Telecom Ltd.		32,780		166,820
				1,191,158
Electric Utilities 0.0%†
AusNet Services		181,656		218,072
Energy Equipment & Services 0.0%†
WorleyParsons Ltd.		34,567		350,010
Equity Real Estate Investment Trusts (REITs) 0.5%
Dexus		106,681		891,816
Goodman Group		175,645		1,490,192
GPT Group (The)		188,194		793,909
Mirvac Group		379,444		662,628
Scentre Group		553,770		1,601,768
Stockland		263,806		725,763
Vicinity Centres		349,408		664,614
				6,830,690
Food & Staples Retailing 0.3%
Coles Group Ltd.*		122,504		1,114,478
Woolworths Group Ltd.		139,641		2,984,569
				4,099,047
Gas Utilities 0.1%
APA Group		129,288		863,800
Health Care Equipment & Supplies 0.1%
Cochlear Ltd.		6,329		889,964
Health Care Providers & Services 0.1%
Ramsay Health Care Ltd.		14,660		605,319
Sonic Healthcare Ltd.		43,185		723,497
				1,328,816
Hotels, Restaurants & Leisure 0.2%
Aristocrat Leisure Ltd.		59,882		1,074,669
Crown Resorts Ltd.		35,525		308,980
Domino’s Pizza Enterprises Ltd.		5,159		170,912
Flight Centre Travel Group Ltd.		6,272		196,476
Tabcorp Holdings Ltd.		209,426		709,232
				2,460,269
Insurance 0.3%
Insurance Australia Group Ltd.		247,230		1,276,568
Medibank Pvt Ltd.		283,846		541,381
QBE Insurance Group Ltd.		145,366		1,136,416
Suncorp Group Ltd.		139,451		1,318,037
				4,272,402
Interactive Media & Services 0.0%†
REA Group Ltd.		5,448		300,476
IT Services 0.0%†
Computershare Ltd.		48,342		625,528
Metals & Mining 1.9%
Alumina Ltd.		280,582		495,709
BHP Group Ltd.		313,668		7,988,190
BHP Group plc		225,283		5,000,201
BlueScope Steel Ltd.		59,844		543,677
Fortescue Metals Group Ltd.		173,687		713,450
Newcrest Mining Ltd.		80,730		1,438,082
Rio Tinto Ltd.		39,335		2,494,251
Rio Tinto plc		124,976		6,911,979
South32 Ltd.		528,489		1,360,011
				26,945,550
Multiline Retail 0.2%
Harvey Norman Holdings Ltd.		59,475		145,939
Wesfarmers Ltd.		119,574		2,799,841
				2,945,780
Multi-Utilities 0.1%
AGL Energy Ltd.		68,664		1,069,164
Oil, Gas & Consumable Fuels 0.4%
Caltex Australia Ltd.		29,293		572,120
Oil Search Ltd.		150,730		854,837
Origin Energy Ltd.*		187,895		975,172
Santos Ltd.		194,494		917,203
Washington H Soul Pattinson & Co. Ltd.		11,597		221,814
Woodside Petroleum Ltd.		97,485		2,429,683
				5,970,829
Professional Services 0.0%†
SEEK Ltd.		37,325		461,972
Real Estate Management & Development 0.0%†
LendLease Group		62,205		553,061
Road & Rail 0.0%†
Aurizon Holdings Ltd.		212,347		680,174
Transportation Infrastructure 0.2%
Sydney Airport		119,722		571,388
Transurban Group		277,663		2,458,769
				3,030,157
				109,217,895

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
AUSTRIA 0.2%
Banks 0.1%
Erste Group Bank AG*		32,107	$	1,118,274
Raiffeisen Bank International AG		15,470		409,171
				1,527,445
Electric Utilities 0.0%†
Verbund AG		7,331		374,751
Machinery 0.0%†
ANDRITZ AG		7,659		378,135
Metals & Mining 0.0%†
voestalpine AG		11,804		376,721
Oil, Gas & Consumable Fuels 0.1%
OMV AG		16,251		806,666
				3,463,718
BELGIUM 1.0%
Banks 0.1%
KBC Group NV		27,118		1,840,609
Beverages 0.4%
Anheuser-Busch InBev SA/NV		80,639		6,157,205
Chemicals 0.1%
Solvay SA		7,766		845,515
Umicore SA(a)		22,207		937,022
				1,782,537
Diversified Financial Services 0.1%
Groupe Bruxelles Lambert SA		8,836		832,879
Diversified Telecommunication Services 0.0%†
Proximus SADP		15,816		424,117
Food & Staples Retailing 0.1%
Colruyt SA		6,227		447,268
Insurance 0.1%
Ageas		18,919		878,933
Media 0.0%†
Telenet Group Holding NV		5,670		262,500
Pharmaceuticals 0.1%
UCB SA		12,885		1,115,742
				13,741,790
CHILE 0.0%†
Metals & Mining 0.0%†
Antofagasta plc		39,306		449,344
CHINA 0.2%
Auto Components 0.0%†
Minth Group Ltd.		76,000		264,765
Banks 0.1%
BOC Hong Kong Holdings Ltd.		384,100		1,489,369
Biotechnology 0.1%
BeiGene Ltd., ADR*		3,512		454,734
Machinery 0.0%†
Yangzijiang Shipbuilding Holdings Ltd.		239,666		249,775
				2,458,643
COLOMBIA 0.0%†
Wireless Telecommunication Services 0.0%†
Millicom International Cellular SA, SDR		7,135		447,511
DENMARK 1.7%
Banks 0.1%
Danske Bank A/S		75,463		1,396,292
Beverages 0.1%
Carlsberg A/S, Class B		11,452		1,310,039
Biotechnology 0.1%
Genmab A/S*		6,564		953,064
Chemicals 0.2%
Chr Hansen Holding A/S		10,794		1,023,538
Novozymes A/S, Class B		23,046		962,528
				1,986,066
Commercial Services & Supplies 0.0%†
ISS A/S		17,464		494,085
Electric Utilities 0.1%
Orsted A/S Reg. S(b)		19,781		1,423,917
Electrical Equipment 0.1%
Vestas Wind Systems A/S		20,541		1,694,337
Health Care Equipment & Supplies 0.1%
Coloplast A/S, Class B		12,353		1,128,377
William Demant Holding A/S*		11,494		362,948
				1,491,325
Insurance 0.0%†
Tryg A/S		13,375		341,270
Marine 0.1%
AP Moller - Maersk A/S, Class A		393		491,134
AP Moller - Maersk A/S, Class B		696		926,420
				1,417,554
Pharmaceuticals 0.7%
H Lundbeck A/S		7,229		317,035
Novo Nordisk A/S, Class B		192,468		9,026,343
				9,343,378
Road & Rail 0.1%
DSV A/S		20,083		1,601,252
Textiles, Apparel & Luxury Goods 0.0%†
Pandora A/S		11,907		516,528
				23,969,107
FINLAND 1.3%
Auto Components 0.0%†
Nokian Renkaat OYJ		13,450		446,788
Banks 0.2%
Nordea Bank Abp		321,347		2,919,295
Communications Equipment 0.3%
Nokia OYJ		598,489		3,772,612
Diversified Telecommunication Services 0.0%†
Elisa OYJ		14,418		603,414
Electric Utilities 0.1%
Fortum OYJ		45,724		1,037,789
Insurance 0.2%
Sampo OYJ, Class A		48,109		2,202,113
Machinery 0.2%
Kone OYJ, Class B		35,881		1,742,195
Metso OYJ		10,758		315,464
Wartsila OYJ Abp		46,953		764,191
				2,821,850
Oil, Gas & Consumable Fuels 0.1%
Neste OYJ		13,398		1,228,236
Paper & Forest Products 0.2%
Stora Enso OYJ, Class R		55,833		747,441

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
FINLAND (continued)
Paper & Forest Products (continued)
UPM-Kymmene OYJ		57,883	$	1,673,668
				2,421,109
Pharmaceuticals 0.0%†
Orion OYJ, Class B		11,702		413,385
				17,866,591
FRANCE 10.6%
Aerospace & Defense 0.9%
Airbus SE		61,729		7,101,658
Dassault Aviation SA		260		387,296
Safran SA		35,467		4,660,770
Thales SA		11,538		1,279,333
				13,429,057
Air Freight & Logistics 0.0%†
Bollore SA		98,051		404,963
Auto Components 0.2%
Cie Generale des Etablissements Michelin SCA		17,786		1,935,488
Faurecia SA		7,868		345,416
Valeo SA		26,346		825,701
				3,106,605
Automobiles 0.2%
Peugeot SA		64,074		1,616,708
Renault SA		20,687		1,467,666
				3,084,374
Banks 0.7%
BNP Paribas SA		118,917		5,588,551
Credit Agricole SA		119,471		1,365,194
Societe Generale SA		80,480		2,505,327
				9,459,072
Beverages 0.3%
Pernod Ricard SA		22,572		3,749,200
Remy Cointreau SA		2,632		306,172
				4,055,372
Building Products 0.1%
Cie de Saint-Gobain		51,963		1,795,176
Capital Markets 0.1%
Amundi SA Reg. S(b)		6,265		361,015
Natixis SA		98,929		507,639
				868,654
Chemicals 0.4%
Air Liquide SA		45,175		5,487,773
Arkema SA		7,199		685,450
				6,173,223
Commercial Services & Supplies 0.1%
Edenred		26,304		1,068,056
Societe BIC SA		2,829		283,729
				1,351,785
Construction & Engineering 0.5%
Bouygues SA		23,984		849,757
Eiffage SA		8,346		782,390
Vinci SA		54,128		4,771,871
				6,404,018
Construction Materials 0.0%†
Imerys SA		3,788		199,999
Diversified Financial Services 0.1%
Eurazeo SE		4,818		358,420
Wendel SA		3,036		370,795
				729,215
Diversified Telecommunication Services 0.3%
Iliad SA		2,730		313,419
Orange SA		210,634		3,274,208
				3,587,627
Electric Utilities 0.1%
Electricite de France SA		63,492		1,050,260
Electrical Equipment 0.4%
Legrand SA		27,868		1,654,085
Schneider Electric SE		58,334		4,155,972
				5,810,057
Electronic Equipment, Instruments & Components 0.0%†
Ingenico Group SA		6,277		342,754
Entertainment 0.3%
Ubisoft Entertainment SA*		8,202		729,873
Vivendi SA		109,965		2,803,474
				3,533,347
Equity Real Estate Investment Trusts (REITs) 0.3%
Covivio		4,179		427,617
Gecina SA		4,740		696,688
ICADE		3,900		328,746
Klepierre SA		22,418		770,120
Unibail-Rodamco-Westfield		14,560		2,625,940
				4,849,111
Food & Staples Retailing 0.1%
Carrefour SA		62,111		1,229,398
Casino Guichard Perrachon SA		6,181		304,510
				1,533,908
Food Products 0.3%
Danone SA		64,851		4,716,646
Health Care Equipment & Supplies 0.0%†
BioMerieux		4,293		303,937
Hotels, Restaurants & Leisure 0.1%
Accor SA		20,794		905,818
Sodexo SA(a)		9,875		1,029,149
				1,934,967
Household Durables 0.0%†
SEB SA		2,560		393,101
Insurance 0.4%
AXA SA		204,267		4,740,074
CNP Assurances		18,627		423,645
SCOR SE		17,244		725,288
				5,889,007
IT Services 0.2%
Atos SE		10,148		929,223
Capgemini SE		16,721		1,853,257
				2,782,480
Life Sciences Tools & Services 0.0%†
Sartorius Stedim Biotech		2,977		328,426
Machinery 0.1%
Alstom SA*		16,994		685,419
Media 0.1%
Eutelsat Communications SA		18,790		398,294
JCDecaux SA		8,113		240,908
Publicis Groupe SA		22,308		1,362,060
				2,001,262
Multi-Utilities 0.3%
Engie SA		192,593		3,088,263
Suez		38,270		490,539

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Multi-Utilities (continued)
Veolia Environnement SA		58,337	$	1,231,795
				4,810,597
Oil, Gas & Consumable Fuels 1.0%
TOTAL SA		254,195		13,948,382
Personal Products 0.5%
L’Oreal SA		26,804		6,457,492
Pharmaceuticals 0.8%
Ipsen SA		3,931		495,267
Sanofi		119,423		10,377,417
				10,872,684
Professional Services 0.1%
Bureau Veritas SA		28,111		625,561
Teleperformance		5,960		1,025,095
				1,650,656
Software 0.1%
Dassault Systemes SE		14,115		1,775,364
Textiles, Apparel & Luxury Goods 1.4%
EssilorLuxottica SA		30,477		3,858,450
Hermes International		3,331		2,003,225
Kering SA		8,019		4,030,508
LVMH Moet Hennessy Louis Vuitton SE		29,429		9,451,989
				19,344,172
Trading Companies & Distributors 0.0%†
Rexel SA		33,835		386,037
Transportation Infrastructure 0.1%
Aeroports de Paris		2,930		561,490
Getlink SE		50,777		743,329
				1,304,819
				151,354,025
GERMANY 8.7%
Aerospace & Defense 0.1%
MTU Aero Engines AG		5,416		1,166,548
Air Freight & Logistics 0.2%
Deutsche Post AG (Registered)		104,131		3,070,381
Airlines 0.0%†
Deutsche Lufthansa AG (Registered)		24,348		614,842
Auto Components 0.1%
Continental AG		11,523		1,815,470
Automobiles 1.0%
Bayerische Motoren Werke AG		34,846		2,929,903
Bayerische Motoren Werke AG (Preference)		5,822		429,489
Daimler AG (Registered)		96,037		5,678,557
Porsche Automobil Holding SE (Preference)		16,675		1,084,119
Volkswagen AG		3,212		558,815
Volkswagen AG (Preference)		19,598		3,333,781
				14,014,664
Banks 0.1%
Commerzbank AG*		109,675		785,837
Capital Markets 0.3%
Deutsche Bank AG (Registered)		212,228		1,881,017
Deutsche Boerse AG		20,392		2,713,959
				4,594,976
Chemicals 0.7%
BASF SE		97,644		7,133,848
Covestro AG Reg. S(b)		21,008		1,158,635
Evonik Industries AG		15,952		435,724
Fuchs Petrolub SE (Preference)		7,939		371,887
LANXESS AG		9,789		538,001
Symrise AG		12,781		1,062,201
				10,700,296
Construction & Engineering 0.0%†
Hochtief AG		2,169		324,010
Construction Materials 0.1%
HeidelbergCement AG		16,253		1,123,060
Diversified Telecommunication Services 0.5%
Deutsche Telekom AG (Registered)		353,196		5,737,500
Telefonica Deutschland Holding AG		84,749		296,896
United Internet AG (Registered)		12,944		512,302
				6,546,698
Electrical Equipment 0.0%†
OSRAM Licht AG		10,307		437,893
Food & Staples Retailing 0.0%†
METRO AG		18,069		304,939
Health Care Equipment & Supplies 0.1%
Sartorius AG (Preference)		3,728		558,847
Siemens Healthineers AG Reg. S*(b)		15,912		626,976
				1,185,823
Health Care Providers & Services 0.3%
Fresenius Medical Care AG & Co. KGaA		23,214		1,711,859
Fresenius SE & Co. KGaA		44,113		2,285,341
				3,997,200
Hotels, Restaurants & Leisure 0.0%†
TUI AG		46,014		697,212
Household Products 0.2%
Henkel AG & Co. KGaA		11,229		1,028,032
Henkel AG & Co. KGaA (Preference)		18,761		1,823,166
				2,851,198
Independent Power and Renewable Electricity Producers 0.0%†
Uniper SE		22,312		645,631
Industrial Conglomerates 0.6%
Siemens AG (Registered)		81,072		8,888,617
Insurance 1.0%
Allianz SE (Registered)		45,577		9,646,560
Hannover Rueck SE		6,583		948,233
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		15,760		3,507,064
				14,101,857
Internet & Direct Marketing Retail 0.1%
Delivery Hero SE Reg. S*(b)		9,642		355,542
Zalando SE Reg. S*(b)		11,628		354,801
				710,343
IT Services 0.1%
Wirecard AG		12,355		2,046,110
Machinery 0.1%
GEA Group AG		16,466		452,680
KION Group AG		7,439		429,363
				882,043
Media 0.1%
Axel Springer SE		5,054		308,831
ProSiebenSat.1 Media SE		25,056		447,928
				756,759

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Metals & Mining 0.1%
thyssenkrupp AG*		46,053	$	815,424
Multi-Utilities 0.3%
E.ON SE		232,251		2,573,805
Innogy SE*		15,576		666,777
RWE AG		56,268		1,392,117
				4,632,699
Personal Products 0.1%
Beiersdorf AG		10,963		1,095,202
Pharmaceuticals 0.6%
Bayer AG (Registered)		99,135		7,510,671
Merck KGaA		13,606		1,426,440
				8,937,111
Real Estate Management & Development 0.4%
Aroundtown SA		83,236		735,842
Deutsche Wohnen SE		38,504		1,921,490
Vonovia SE		51,401		2,576,061
				5,233,393
Semiconductors & Semiconductor Equipment 0.2%
Infineon Technologies AG		121,702		2,704,455
Software 0.8%
SAP SE		104,199		10,762,502
Textiles, Apparel & Luxury Goods 0.4%
adidas AG		19,826		4,713,260
HUGO BOSS AG		6,962		499,129
Puma SE		870		484,477
				5,696,866
Trading Companies & Distributors 0.1%
Brenntag AG		16,369		772,985
Transportation Infrastructure 0.0%†
Fraport AG Frankfurt Airport Services Worldwide		4,796		378,547
Wireless Telecommunication Services 0.0%†
1&1 Drillisch AG		5,496		227,972
				123,519,563
HONG KONG 3.5%
Banks 0.2%
Bank of East Asia Ltd. (The)		131,750		446,117
Hang Seng Bank Ltd.		80,500		1,859,443
				2,305,560
Capital Markets 0.3%
Hong Kong Exchanges & Clearing Ltd.		127,600		3,971,903
Diversified Telecommunication Services 0.1%
HKT Trust & HKT Ltd.		380,420		560,873
PCCW Ltd.		467,000		278,743
				839,616
Electric Utilities 0.3%
CK Infrastructure Holdings Ltd.		66,500		537,095
CLP Holdings Ltd.		172,000		2,001,069
HK Electric Investments & HK Electric Investments Ltd. Reg. S		277,000		282,082
Power Assets Holdings Ltd.		141,300		954,836
				3,775,082
Equity Real Estate Investment Trusts (REITs) 0.2%
Link REIT		223,051		2,446,158
Food & Staples Retailing 0.0%†
Dairy Farm International Holdings Ltd.		35,400		319,740
Food Products 0.1%
WH Group Ltd. Reg. S(b)		965,000		841,685
Gas Utilities 0.1%
Hong Kong & China Gas Co. Ltd.		975,483		2,118,062
Hotels, Restaurants & Leisure 0.0%†
Melco Resorts & Entertainment Ltd., ADR		25,962		560,260
Shangri-La Asia Ltd.		123,333		160,106
				720,366
Household Durables 0.0%†
Techtronic Industries Co. Ltd.		142,000		826,593
Industrial Conglomerates 0.4%
CK Hutchison Holdings Ltd.		285,386		2,900,018
Jardine Matheson Holdings Ltd.		22,400		1,484,896
Jardine Matheson Holdings Ltd.		1,200		80,311
Jardine Strategic Holdings Ltd.		21,700		828,072
Jardine Strategic Holdings Ltd.		1,700		65,150
NWS Holdings Ltd.		178,645		409,913
				5,768,360
Insurance 0.8%
AIA Group Ltd.		1,280,400		11,506,497
Real Estate Management & Development 0.9%
CK Asset Holdings Ltd.		272,386		2,310,665
Hang Lung Group Ltd.		84,000		246,290
Hang Lung Properties Ltd.		212,000		462,293
Henderson Land Development Co. Ltd.		145,957		834,381
Hongkong Land Holdings Ltd.		113,800		812,532
Hongkong Land Holdings Ltd.		8,700		62,473
Hysan Development Co. Ltd.		65,673		343,240
Kerry Properties Ltd.		76,500		318,640
New World Development Co. Ltd.		670,829		1,052,391
Sino Land Co. Ltd.		354,200		635,168
Sun Hung Kai Properties Ltd.		167,200		2,824,978
Swire Pacific Ltd., Class A		52,000		614,647
Swire Properties Ltd.		132,000		517,101
Wharf Holdings Ltd. (The)		126,270		380,801
Wharf Real Estate Investment Co. Ltd.		134,270		925,930
Wheelock & Co. Ltd.		91,000		589,115
				12,930,645
Road & Rail 0.1%
MTR Corp. Ltd.		169,714		947,780
Semiconductors & Semiconductor Equipment 0.0%†
ASM Pacific Technology Ltd.		32,900		353,524
Textiles, Apparel & Luxury Goods 0.0%†
Yue Yuen Industrial Holdings Ltd.		82,500		281,881
				49,953,452
IRELAND 0.6%
Airlines 0.0%†
Ryanair Holdings plc*		14,664		184,734
Banks 0.1%
AIB Group plc		93,278		416,745
Bank of Ireland Group plc		106,584		639,082
				1,055,827
Building Products 0.0%†
Kingspan Group plc		16,487		673,988
Construction Materials 0.2%
CRH plc		88,043		2,535,010
James Hardie Industries plc CHDI		49,556		553,044
				3,088,054

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
IRELAND (continued)
Containers & Packaging 0.1%
Smurfit Kappa Group plc		24,979	$	720,627
Food Products 0.1%
Kerry Group plc, Class A		16,506		1,687,262
Hotels, Restaurants & Leisure 0.1%
Paddy Power Betfair plc		9,034		739,176
Trading Companies & Distributors 0.0%†
AerCap Holdings NV*		13,437		635,033
				8,784,701
ISRAEL 0.6%
Aerospace & Defense 0.0%†
Elbit Systems Ltd.		2,679		330,939
Banks 0.2%
Bank Hapoalim BM		109,778		744,026
Bank Leumi Le-Israel BM		149,996		990,793
Mizrahi Tefahot Bank Ltd.		14,257		265,219
				2,000,038
Chemicals 0.0%†
Israel Chemicals Ltd.		74,024		429,526
Diversified Telecommunication Services 0.0%†
Bezeq The Israeli Telecommunication Corp. Ltd.		247,834		198,845
IT Services 0.0%†
Wix.com Ltd.*		4,685		512,305
Pharmaceuticals 0.2%
Teva Pharmaceutical Industries Ltd., ADR*		104,605		2,076,409
Real Estate Management & Development 0.0%†
Azrieli Group Ltd.		4,017		213,916
Software 0.2%
Check Point Software Technologies Ltd.*		13,569		1,518,643
Nice Ltd.*		6,465		711,154
				2,229,797
				7,991,775
ITALY 2.0%
Aerospace & Defense 0.0%†
Leonardo SpA		37,717		365,304
Auto Components 0.0%†
Pirelli & C SpA Reg. S*(b)		41,930		273,861
Automobiles 0.1%
Ferrari NV		12,767		1,587,656
Banks 0.5%
Intesa Sanpaolo SpA		1,587,954		3,628,655
Mediobanca Banca di Credito Finanziario SpA		65,147		566,816
UniCredit SpA		213,337		2,465,733
				6,661,204
Beverages 0.0%†
Davide Campari-Milano SpA		60,191		540,610
Diversified Telecommunication Services 0.1%
Telecom Italia SpA*		1,892,470		1,007,246
Electric Utilities 0.4%
Enel SpA		857,253		5,169,670
Terna Rete Elettrica Nazionale SpA		155,241		954,745
				6,124,415
Electrical Equipment 0.1%
Prysmian SpA		27,519		589,680
Insurance 0.2%
Assicurazioni Generali SpA		123,270		2,159,105
Poste Italiane SpA Reg. S(b)		52,848		454,765
				2,613,870
Oil, Gas & Consumable Fuels 0.4%
Eni SpA		271,262		4,594,355
Snam SpA		247,249		1,180,614
				5,774,969
Pharmaceuticals 0.0%†
Recordati SpA		10,928		395,818
Textiles, Apparel & Luxury Goods 0.1%
Moncler SpA		18,755		706,401
Transportation Infrastructure 0.1%
Atlantia SpA		51,938		1,227,250
				27,868,284
JAPAN 24.4%
Air Freight & Logistics 0.1%
SG Holdings Co. Ltd.		10,100		271,344
Yamato Holdings Co. Ltd.		33,800		899,935
				1,171,279
Airlines 0.1%
ANA Holdings, Inc.		11,500		423,455
Japan Airlines Co. Ltd.		12,874		468,753
				892,208
Auto Components 0.7%
Aisin Seiki Co. Ltd.		17,000		669,919
Bridgestone Corp.		64,300		2,473,176
Denso Corp.		45,900		2,104,704
Koito Manufacturing Co. Ltd.		11,400		684,005
NGK Spark Plug Co. Ltd.		16,800		360,861
Stanley Electric Co. Ltd.		14,700		426,379
Sumitomo Electric Industries Ltd.		82,300		1,169,143
Sumitomo Rubber Industries Ltd.		18,400		255,016
Toyoda Gosei Co. Ltd.		6,700		146,032
Toyota Industries Corp.		15,400		759,598
Yokohama Rubber Co. Ltd. (The)		11,300		239,152
				9,287,985
Automobiles 2.0%
Honda Motor Co. Ltd.		173,400		5,175,100
Isuzu Motors Ltd.		56,400		837,285
Mazda Motor Corp.		62,660		690,746
Mitsubishi Motors Corp.		71,399		441,414
Nissan Motor Co. Ltd.		243,100		2,069,233
Subaru Corp.		66,500		1,558,802
Suzuki Motor Corp.		36,000		1,876,076
Toyota Motor Corp.		242,120		14,878,070
Yamaha Motor Co. Ltd.		29,300		626,085
				28,152,811
Banks 1.6%
Aozora Bank Ltd.		12,400		381,521
Bank of Kyoto Ltd. (The)		5,300		225,379
Chiba Bank Ltd. (The)		63,400		385,495
Concordia Financial Group Ltd.		114,700		471,972
Fukuoka Financial Group, Inc.		16,320		360,365
Japan Post Bank Co. Ltd.		43,500		506,132
Mebuki Financial Group, Inc.		80,630		225,875
Mitsubishi UFJ Financial Group, Inc.		1,239,084		6,667,449
Mizuho Financial Group, Inc.		2,571,719		4,247,718

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Banks (continued)
Resona Holdings, Inc.		225,801	$	1,140,444
Seven Bank Ltd.		64,100		190,863
Shinsei Bank Ltd.		16,800		227,139
Shizuoka Bank Ltd. (The)		45,000		376,939
Sumitomo Mitsui Financial Group, Inc.		141,005		5,242,757
Sumitomo Mitsui Trust Holdings, Inc.		34,376		1,302,989
Yamaguchi Financial Group, Inc.		21,000		213,501
				22,166,538
Beverages 0.3%
Asahi Group Holdings Ltd.		38,100		1,591,223
Coca-Cola Bottlers Japan Holdings, Inc.		14,000		431,615
Kirin Holdings Co. Ltd.		86,000		2,046,814
Suntory Beverage & Food Ltd.		14,100		623,649
				4,693,301
Building Products 0.3%
AGC, Inc.		20,420		691,136
Daikin Industries Ltd.		26,200		2,832,052
LIXIL Group Corp.		28,700		421,952
TOTO Ltd.		15,400		596,791
				4,541,931
Capital Markets 0.3%
Daiwa Securities Group, Inc.		171,200		854,702
Japan Exchange Group, Inc.		54,500		956,705
Nomura Holdings, Inc.		363,300		1,476,068
SBI Holdings, Inc.		24,370		519,038
				3,806,513
Chemicals 1.0%
Air Water, Inc.		17,300		288,129
Asahi Kasei Corp.		136,300		1,492,459
Daicel Corp.		29,000		303,812
Hitachi Chemical Co. Ltd.		9,700		159,355
JSR Corp.		20,700		333,915
Kaneka Corp.		4,700		183,631
Kansai Paint Co. Ltd.		17,800		312,483
Kuraray Co. Ltd.		31,600		484,989
Mitsubishi Chemical Holdings Corp.		139,600		1,196,509
Mitsubishi Gas Chemical Co., Inc.		18,600		293,025
Mitsui Chemicals, Inc.		19,420		485,926
Nippon Paint Holdings Co. Ltd.		16,400		548,392
Nissan Chemical Corp.		12,700		674,243
Nitto Denko Corp.		17,010		959,533
Shin-Etsu Chemical Co. Ltd.		38,500		3,249,137
Showa Denko KK		14,500		485,003
Sumitomo Chemical Co. Ltd.		151,700		789,488
Taiyo Nippon Sanso Corp.		13,700		216,423
Teijin Ltd.		17,760		306,324
Toray Industries, Inc.		150,300		1,113,890
Tosoh Corp.		29,300		415,272
				14,291,938
Commercial Services & Supplies 0.2%
Dai Nippon Printing Co. Ltd.		26,850		620,446
Park24 Co. Ltd.		12,700		303,404
Secom Co. Ltd.		22,000		1,838,802
Sohgo Security Services Co. Ltd.		7,900		343,937
Toppan Printing Co. Ltd.		25,000		409,288
				3,515,877
Construction & Engineering 0.2%
JGC Corp.		23,200		353,802
Kajima Corp.		49,600		704,872
Obayashi Corp.		67,900		644,293
Shimizu Corp.		61,100		519,406
Taisei Corp.		21,900		1,027,954
				3,250,327
Construction Materials 0.0%†
Taiheiyo Cement Corp.		12,700		433,923
Consumer Finance 0.0%†
Acom Co. Ltd.		38,600		135,603
AEON Financial Service Co. Ltd.		12,300		238,031
Credit Saison Co. Ltd.		17,000		223,301
				596,935
Containers & Packaging 0.0%†
Toyo Seikan Group Holdings Ltd.		17,600		395,387
Diversified Consumer Services 0.0%†
Benesse Holdings, Inc.		6,900		180,138
Diversified Financial Services 0.2%
Mitsubishi UFJ Lease & Finance Co. Ltd.		37,300		190,631
ORIX Corp.		138,700		2,089,212
Tokyo Century Corp.		4,500		210,004
				2,489,847
Diversified Telecommunication Services 0.2%
Nippon Telegraph & Telephone Corp.		73,408		3,150,736
Electric Utilities 0.3%
Chubu Electric Power Co., Inc.		65,300		1,031,404
Chugoku Electric Power Co., Inc. (The)		28,100		383,703
Kansai Electric Power Co., Inc. (The)		76,300		1,159,197
Kyushu Electric Power Co., Inc.		39,800		491,921
Tohoku Electric Power Co., Inc.		47,000		635,355
Tokyo Electric Power Co. Holdings, Inc.*		152,100		934,468
				4,636,048
Electrical Equipment 0.4%
Fuji Electric Co. Ltd.		12,240		376,766
Mitsubishi Electric Corp.		191,200		2,398,585
Nidec Corp.		23,700		2,841,288
				5,616,639
Electronic Equipment, Instruments & Components 1.3%
Alps Alpine Co. Ltd.		21,500		452,268
Hamamatsu Photonics KK		14,900		532,473
Hirose Electric Co. Ltd.		3,465		371,151
Hitachi High-Technologies Corp.		7,900		284,483
Hitachi Ltd.		101,760		3,193,922
Keyence Corp.		10,336		5,310,003
Kyocera Corp.		34,800		1,954,473
Murata Manufacturing Co. Ltd.		18,900		2,677,866
Nippon Electric Glass Co. Ltd.		10,200		282,982
Omron Corp.		20,100		821,745
Shimadzu Corp.		23,300		534,146
TDK Corp.		13,300		1,047,194
Yaskawa Electric Corp.		24,500		688,914
Yokogawa Electric Corp.		24,800		460,673
				18,612,293
Entertainment 0.4%
DeNA Co. Ltd.		11,700		206,487
Konami Holdings Corp.		10,400		478,517
Nexon Co. Ltd.*		48,800		746,087
Nintendo Co. Ltd.		11,900		3,698,505
Toho Co. Ltd.		11,100		404,151
				5,533,747
Equity Real Estate Investment Trusts (REITs) 0.3%
Daiwa House REIT Investment Corp.		197		463,443

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Equity Real Estate Investment Trusts (REITs) (continued)
Japan Prime Realty Investment Corp.		89	$	362,539
Japan Real Estate Investment Corp.		144		843,633
Japan Retail Fund Investment Corp.		291		596,089
Nippon Building Fund, Inc.		138		892,121
Nippon Prologis REIT, Inc.		190		414,453
Nomura Real Estate Master Fund, Inc.		406		581,286
United Urban Investment Corp.		330		526,425
				4,679,989
Food & Staples Retailing 0.5%
Aeon Co. Ltd.		63,300		1,287,470
FamilyMart UNY Holdings Co. Ltd.		6,800		796,300
Lawson, Inc.		5,700		351,191
Seven & i Holdings Co. Ltd.		80,000		3,482,199
Sundrug Co. Ltd.		8,200		261,827
Tsuruha Holdings, Inc.		3,700		342,216
Welcia Holdings Co. Ltd.		5,100		193,507
				6,714,710
Food Products 0.4%
Ajinomoto Co., Inc.		48,000		829,172
Calbee, Inc.		9,100		291,857
Kikkoman Corp.		15,800		837,830
MEIJI Holdings Co. Ltd.		12,698		981,141
NH Foods Ltd.		10,200		403,489
Nisshin Seifun Group, Inc.		20,652		415,768
Nissin Foods Holdings Co. Ltd.		6,900		438,066
Toyo Suisan Kaisha Ltd.		9,500		340,781
Yakult Honsha Co. Ltd.		12,900		856,775
Yamazaki Baking Co. Ltd.		12,500		244,668
				5,639,547
Gas Utilities 0.2%
Osaka Gas Co. Ltd.		39,180		772,805
Toho Gas Co. Ltd.		7,200		307,933
Tokyo Gas Co. Ltd.		40,880		1,073,072
				2,153,810
Health Care Equipment & Supplies 0.5%
Asahi Intecc Co. Ltd.		10,500		457,312
Hoya Corp.		40,300		2,333,441
Olympus Corp.		31,300		1,289,594
Sysmex Corp.		18,100		1,007,270
Terumo Corp.		32,000		1,824,896
				6,912,513
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		20,500		564,759
Medipal Holdings Corp.		19,000		438,744
Suzuken Co. Ltd.		7,180		377,164
				1,380,667
Health Care Technology 0.0%†
M3, Inc.		44,200		639,496
Hotels, Restaurants & Leisure 0.2%
McDonald’s Holdings Co. Japan Ltd.		7,024		310,727
Oriental Land Co. Ltd.		21,000		2,146,765
				2,457,492
Household Durables 0.9%
Casio Computer Co. Ltd.		19,300		256,720
Iida Group Holdings Co. Ltd.		15,600		284,005
Nikon Corp.		35,000		599,812
Panasonic Corp.		231,102		2,256,851
Rinnai Corp.		3,500		231,455
Sekisui Chemical Co. Ltd.		40,300		626,842
Sekisui House Ltd.		65,200		973,667
Sharp Corp.		19,700		208,716
Sony Corp.		134,600		6,770,010
				12,208,078
Household Products 0.2%
Lion Corp.		24,000		499,080
Pigeon Corp.		12,400		485,769
Unicharm Corp.		42,200		1,301,021
				2,285,870
Independent Power and Renewable Electricity Producers 0.0%†
Electric Power Development Co. Ltd.		15,600		389,462
Industrial Conglomerates 0.2%
Keihan Holdings Co. Ltd.		9,800		403,863
Seibu Holdings, Inc.		25,000		433,251
Toshiba Corp.		70,070		2,217,037
				3,054,151
Insurance 0.8%
Dai-ichi Life Holdings, Inc.		113,600		1,836,121
Japan Post Holdings Co. Ltd.		166,600		2,045,374
MS&AD Insurance Group Holdings, Inc.		49,555		1,471,759
Sompo Holdings, Inc.		34,625		1,299,442
Sony Financial Holdings, Inc.		19,800		375,194
T&D Holdings, Inc.		60,900		753,288
Tokio Marine Holdings, Inc.		71,100		3,471,100
				11,252,278
Interactive Media & Services 0.1%
Kakaku.com, Inc.		14,600		255,626
LINE Corp.*(a)		7,500		262,418
Yahoo Japan Corp.		307,500		830,826
				1,348,870
Internet & Direct Marketing Retail 0.1%
Rakuten, Inc.		93,400		702,673
ZOZO, Inc.		21,200		427,244
				1,129,917
IT Services 0.3%
Fujitsu Ltd.		20,310		1,357,017
Nomura Research Institute Ltd.		11,818		482,041
NTT Data Corp.		69,200		824,470
Obic Co. Ltd.		7,100		670,552
Otsuka Corp.		11,500		372,362
				3,706,442
Leisure Products 0.2%
Bandai Namco Holdings, Inc.		21,049		926,983
Sankyo Co. Ltd.		4,900		189,467
Sega Sammy Holdings, Inc.		19,300		271,216
Shimano, Inc.		7,700		1,076,365
Yamaha Corp.		14,500		634,460
				3,098,491
Machinery 1.3%
Amada Holdings Co. Ltd.		35,600		357,129
Daifuku Co. Ltd.		10,200		510,650
FANUC Corp.		20,400		3,440,970
Hino Motors Ltd.		28,800		288,619
Hitachi Construction Machinery Co. Ltd.		11,500		290,345
Hoshizaki Corp.		6,000		427,106
IHI Corp.		16,600		524,360
JTEKT Corp.		22,900		296,398
Kawasaki Heavy Industries Ltd.		14,320		359,752
Komatsu Ltd.		96,900		2,461,974
Kubota Corp.		104,300		1,642,304
Kurita Water Industries Ltd.		9,400		238,329
Makita Corp.		23,500		831,767
MINEBEA MITSUMI, Inc.		42,300		693,577

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Machinery (continued)
MISUMI Group, Inc.		30,600	$	698,035
Mitsubishi Heavy Industries Ltd.		33,020		1,275,511
Nabtesco Corp.		11,700		308,240
NGK Insulators Ltd.		28,600		438,694
NSK Ltd.		40,300		392,025
SMC Corp.		6,000		1,969,830
Sumitomo Heavy Industries Ltd.		12,600		425,439
THK Co. Ltd.		13,300		315,468
				18,186,522
Marine 0.0%†
Mitsui OSK Lines Ltd.		12,800		318,898
Nippon Yusen KK		15,140		253,029
				571,927
Media 0.1%
CyberAgent, Inc.		10,600		343,096
Dentsu, Inc.		23,361		1,107,965
Hakuhodo DY Holdings, Inc.		26,200		402,290
				1,853,351
Metals & Mining 0.3%
Hitachi Metals Ltd.		24,400		273,219
JFE Holdings, Inc.		53,900		948,827
Kobe Steel Ltd.		35,000		279,950
Maruichi Steel Tube Ltd.		5,800		185,913
Mitsubishi Materials Corp.		11,800		337,057
Nippon Steel & Sumitomo Metal Corp.		79,106		1,461,988
Sumitomo Metal Mining Co. Ltd.		24,400		702,940
				4,189,894
Multiline Retail 0.2%
Isetan Mitsukoshi Holdings Ltd.		35,978		369,620
J Front Retailing Co. Ltd.		22,600		258,638
Marui Group Co. Ltd.		20,400		413,293
Pan Pacific International Holdings Corp.		13,200		767,209
Ryohin Keikaku Co. Ltd.		2,500		592,439
Takashimaya Co. Ltd.		15,000		203,347
				2,604,546
Oil, Gas & Consumable Fuels 0.3%
Idemitsu Kosan Co. Ltd.		14,200		498,701
Inpex Corp.		110,900		1,059,135
JXTG Holdings, Inc.		339,717		1,840,215
Showa Shell Sekiyu KK		22,300		329,382
				3,727,433
Paper & Forest Products 0.0%†
Oji Holdings Corp.		94,000		543,636
Personal Products 0.5%
Kao Corp.		52,700		3,713,850
Kobayashi Pharmaceutical Co. Ltd.		5,200		329,808
Kose Corp.		3,200		470,147
Pola Orbis Holdings, Inc.		9,600		286,155
Shiseido Co. Ltd.		40,000		2,379,376
				7,179,336
Pharmaceuticals 1.5%
Astellas Pharma, Inc.		196,800		2,911,087
Chugai Pharmaceutical Co. Ltd.		23,500		1,385,655
Daiichi Sankyo Co. Ltd.		59,700		2,066,807
Eisai Co. Ltd.		26,300		2,040,212
Hisamitsu Pharmaceutical Co., Inc.		6,500		331,443
Kyowa Hakko Kirin Co. Ltd.		27,800		531,065
Mitsubishi Tanabe Pharma Corp.		28,200		440,788
Ono Pharmaceutical Co. Ltd.		39,900		868,890
Otsuka Holdings Co. Ltd.		40,600		1,665,940
Santen Pharmaceutical Co. Ltd.		40,000		551,142
Shionogi & Co. Ltd.		28,800		1,768,563
Sumitomo Dainippon Pharma Co. Ltd.		17,700		416,785
Taisho Pharmaceutical Holdings Co. Ltd.		3,970		401,545
Takeda Pharmaceutical Co. Ltd.		157,797		6,366,491
				21,746,413
Professional Services 0.2%
Persol Holdings Co. Ltd.		18,400		326,835
Recruit Holdings Co. Ltd.		117,000		3,131,083
				3,457,918
Real Estate Management & Development 0.7%
Aeon Mall Co. Ltd.		11,250		186,990
Daito Trust Construction Co. Ltd.		7,700		1,071,301
Daiwa House Industry Co. Ltd.		61,000		1,977,290
Hulic Co. Ltd.		33,700		310,436
Mitsubishi Estate Co. Ltd.		124,500		2,201,711
Mitsui Fudosan Co. Ltd.		93,600		2,268,462
Nomura Real Estate Holdings, Inc.		13,000		252,287
Sumitomo Realty & Development Co. Ltd.		38,000		1,449,277
Tokyu Fudosan Holdings Corp.		58,600		319,649
				10,037,403
Road & Rail 1.0%
Central Japan Railway Co.		15,200		3,280,433
East Japan Railway Co.		32,490		3,005,151
Hankyu Hanshin Holdings, Inc.		25,200		898,425
Keikyu Corp.		25,500		433,793
Keio Corp.		11,180		640,199
Keisei Electric Railway Co. Ltd.		13,400		424,603
Kintetsu Group Holdings Co. Ltd.		18,550		808,315
Kyushu Railway Co.		16,700		568,969
Nagoya Railroad Co. Ltd.		19,000		500,600
Nippon Express Co. Ltd.		7,850		496,395
Odakyu Electric Railway Co. Ltd.		30,150		676,992
Tobu Railway Co. Ltd.		19,100		538,541
Tokyu Corp.		51,650		882,315
West Japan Railway Co.		17,000		1,238,019
				14,392,750
Semiconductors & Semiconductor Equipment 0.3%
Disco Corp.		3,000		443,271
Renesas Electronics Corp.*		87,800		503,903
Rohm Co. Ltd.		9,400		659,977
SUMCO Corp.		24,300		336,038
Tokyo Electron Ltd.		16,400		2,358,872
				4,302,061
Software 0.1%
Oracle Corp. Japan		4,100		298,457
Trend Micro, Inc.		12,100		642,982
				941,439
Specialty Retail 0.4%
ABC-Mart, Inc.		3,800		217,712
Fast Retailing Co. Ltd.		6,100		2,794,079
Hikari Tsushin, Inc.		2,300		368,325
Nitori Holdings Co. Ltd.		8,500		1,105,476
Shimamura Co. Ltd.		2,400		207,416
USS Co. Ltd.		24,000		419,757
Yamada Denki Co. Ltd.		63,600		313,024
				5,425,789
Technology Hardware, Storage & Peripherals 0.5%
Brother Industries Ltd.		23,700		398,921
Canon, Inc.		107,400		3,073,633
FUJIFILM Holdings Corp.		40,500		1,736,424
Konica Minolta, Inc.		49,700		498,963

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Technology Hardware, Storage & Peripherals (continued)
NEC Corp.		28,400	$	951,994
Ricoh Co. Ltd.		68,400		727,932
Seiko Epson Corp.		28,400		450,701
				7,838,568
Textiles, Apparel & Luxury Goods 0.0%†
Asics Corp.		18,500		266,820
Tobacco 0.2%
Japan Tobacco, Inc.		115,900		2,927,155
Trading Companies & Distributors 1.0%
ITOCHU Corp.		148,700		2,720,145
Marubeni Corp.		169,500		1,318,309
Mitsubishi Corp.		143,800		4,201,482
Mitsui & Co. Ltd.		175,100		2,861,542
MonotaRO Co. Ltd.		13,500		286,947
Sumitomo Corp.		117,800		1,819,475
Toyota Tsusho Corp.		23,300		741,184
				13,949,084
Transportation Infrastructure 0.0%†
Japan Airport Terminal Co. Ltd.		5,600		214,188
Kamigumi Co. Ltd.		12,500		276,459
				490,647
Wireless Telecommunication Services 1.2%
KDDI Corp.		188,600		4,719,456
NTT DOCOMO, Inc.		140,800		3,371,467
Softbank Corp.*		177,400		2,187,268
SoftBank Group Corp.		87,500		6,865,985
				17,144,176
				348,245,052
LUXEMBOURG 0.3%
Energy Equipment & Services 0.1%
Tenaris SA		52,219		653,600
Life Sciences Tools & Services 0.0%†
Eurofins Scientific SE		1,225		494,609
Media 0.1%
RTL Group SA		4,240		231,844
SES SA, FDR		37,507		765,302
				997,146
Metals & Mining 0.1%
ArcelorMittal		72,114		1,674,207
				3,819,562
MACAU 0.3%
Hotels, Restaurants & Leisure 0.3%
Galaxy Entertainment Group Ltd.		254,000		1,787,496
MGM China Holdings Ltd.		94,000		181,493
Sands China Ltd.		248,700		1,188,990
SJM Holdings Ltd.		238,000		249,774
Wynn Macau Ltd.		170,000		422,254
				3,830,007
MALTA 0.0%†
Capital Markets 0.0%†
BGP Holdings plc*(c)(d)(e)		1,554,139		0
MEXICO 0.0%†
Metals & Mining 0.0%†
Fresnillo plc		22,841		301,316
NETHERLANDS 4.6%
Banks 0.4%
ABN AMRO Group NV, CVA Reg. S(b)		43,814		1,092,009
ING Groep NV		413,775		4,900,150
				5,992,159
Beverages 0.2%
Heineken Holding NV		11,955		1,039,411
Heineken NV		27,765		2,495,598
				3,535,009
Chemicals 0.3%
Akzo Nobel NV		23,472		2,028,782
Koninklijke DSM NV		19,018		1,781,724
				3,810,506
Diversified Financial Services 0.0%†
EXOR NV		11,029		704,846
Diversified Telecommunication Services 0.1%
Koninklijke KPN NV		361,945		1,115,140
Food & Staples Retailing 0.2%
Koninklijke Ahold Delhaize NV		133,032		3,508,335
Health Care Equipment & Supplies 0.3%
Koninklijke Philips NV		100,142		3,941,510
Insurance 0.2%
Aegon NV		189,916		977,219
NN Group NV		32,630		1,381,862
				2,359,081
Oil, Gas & Consumable Fuels 1.9%
Koninklijke Vopak NV		6,967		354,893
Royal Dutch Shell plc, Class A		487,208		15,112,054
Royal Dutch Shell plc, Class B		396,434		12,331,835
				27,798,782
Professional Services 0.2%
Randstad NV		12,905		623,846
Wolters Kluwer NV		31,013		1,932,469
				2,556,315
Semiconductors & Semiconductor Equipment 0.8%
ASML Holding NV		43,551		7,668,074
NXP Semiconductors NV		36,401		3,167,979
				10,836,053
				66,157,736
NEW ZEALAND 0.2%
Construction Materials 0.0%†
Fletcher Building Ltd.*		98,306		339,746
Diversified Telecommunication Services 0.1%
Spark New Zealand Ltd.		199,005		557,774
Food Products 0.1%
a2 Milk Co. Ltd.*		76,684		670,500
Health Care Equipment & Supplies 0.0%†
Fisher & Paykel Healthcare Corp. Ltd.		56,363		492,401
Health Care Providers & Services 0.0%†
Ryman Healthcare Ltd.		43,017		311,606
Independent Power and Renewable Electricity Producers 0.0%†
Meridian Energy Ltd.		143,934		350,656
Transportation Infrastructure 0.0%†
Auckland International Airport Ltd.		99,568		505,837
				3,228,520
NORWAY 0.7%
Banks 0.1%
DNB ASA		102,464		1,818,110

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
NORWAY (continued)
Chemicals 0.1%
Yara International ASA		18,267	$	755,229
Diversified Telecommunication Services 0.1%
Telenor ASA		79,983		1,513,194
Food Products 0.1%
MOWI ASA		45,657		1,006,199
Orkla ASA		82,124		661,743
				1,667,942
Insurance 0.0%†
Gjensidige Forsikring ASA		19,306		333,041
Media 0.0%†
Schibsted ASA, Class B		10,371		329,243
Metals & Mining 0.1%
Norsk Hydro ASA		140,216		647,553
Oil, Gas & Consumable Fuels 0.2%
Aker BP ASA		11,325		376,094
Equinor ASA		123,087		2,808,106
				3,184,200
				10,248,512
PORTUGAL 0.2%
Electric Utilities 0.1%
EDP - Energias de Portugal SA		280,422		1,024,279
Food & Staples Retailing 0.0%†
Jeronimo Martins SGPS SA		26,204		371,183
Oil, Gas & Consumable Fuels 0.1%
Galp Energia SGPS SA		51,115		797,259
				2,192,721
SINGAPORE 1.3%
Aerospace & Defense 0.0%†
Singapore Technologies Engineering Ltd.		164,200		454,145
Airlines 0.0%†
Singapore Airlines Ltd.		56,413		404,808
Banks 0.6%
DBS Group Holdings Ltd.		192,750		3,430,197
Oversea-Chinese Banking Corp. Ltd.		340,789		2,918,227
United Overseas Bank Ltd.		143,562		2,690,564
				9,038,988
Capital Markets 0.0%†
Singapore Exchange Ltd.		83,700		475,465
Distributors 0.0%†
Jardine Cycle & Carriage Ltd.		11,226		315,318
Diversified Telecommunication Services 0.2%
Singapore Telecommunications Ltd.		861,503		1,935,619
Electronic Equipment, Instruments & Components 0.0%†
Venture Corp. Ltd.		28,600		346,350
Equity Real Estate Investment Trusts (REITs) 0.1%
Ascendas REIT		286,175		582,773
CapitaLand Commercial Trust		259,886		363,161
CapitaLand Mall Trust		267,800		477,664
Suntec REIT		211,000		302,705
				1,726,303
Food Products 0.1%
Golden Agri-Resources Ltd.		737,871		139,959
Wilmar International Ltd.		201,358		499,135
				639,094
Hotels, Restaurants & Leisure 0.1%
Genting Singapore Ltd.		649,217		531,757
Industrial Conglomerates 0.1%
Keppel Corp. Ltd.		145,100		657,611
Sembcorp Industries Ltd.		103,843		199,737
				857,348
Media 0.0%†
Singapore Press Holdings Ltd.		170,700		318,598
Real Estate Management & Development 0.1%
CapitaLand Ltd.		257,845		638,107
City Developments Ltd.		44,799		305,994
UOL Group Ltd.		52,313		258,158
				1,202,259
Road & Rail 0.0%†
ComfortDelGro Corp. Ltd.		235,920		408,856
Transportation Infrastructure 0.0%†
SATS Ltd.		74,500		267,733
				18,922,641
SOUTH AFRICA 0.2%
Capital Markets 0.0%†
Investec plc		76,139		489,371
Metals & Mining 0.2%
Anglo American plc(a)		111,018		2,833,116
				3,322,487
SPAIN 3.0%
Banks 1.1%
Banco Bilbao Vizcaya Argentaria SA		710,013		4,206,379
Banco de Sabadell SA		611,625		700,547
Banco Santander SA		1,718,371		8,138,236
Bankia SA		129,915		378,177
Bankinter SA		73,697		574,880
CaixaBank SA		385,701		1,457,712
				15,455,931
Biotechnology 0.1%
Grifols SA		31,036		809,147
Construction & Engineering 0.2%
ACS Actividades de Construccion y Servicios SA		26,144		1,081,606
Ferrovial SA		50,168		1,124,660
				2,206,266
Diversified Telecommunication Services 0.3%
Telefonica SA		493,179		4,234,824
Electric Utilities 0.5%
Endesa SA		35,178		879,111
Iberdrola SA		660,206		5,444,749
Red Electrica Corp. SA		46,906		1,079,534
				7,403,394
Electrical Equipment 0.0%†
Siemens Gamesa Renewable Energy SA*		24,915		353,433
Gas Utilities 0.1%
Naturgy Energy Group SA		36,924		1,029,936
Insurance 0.0%†
Mapfre SA		114,197		317,610
IT Services 0.2%
Amadeus IT Group SA		46,657		3,389,725

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

11

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SPAIN (continued)
Oil, Gas & Consumable Fuels 0.2%
Enagas SA		21,065	$	613,463
Repsol SA		149,079		2,618,521
				3,231,984
Specialty Retail 0.2%
Industria de Diseno Textil SA		116,339		3,244,930
Transportation Infrastructure 0.1%
Aena SME SA Reg. S(b)		7,282		1,257,548
				42,934,728
SWEDEN 2.4%
Banks 0.4%
Skandinaviska Enskilda Banken AB, Class A		170,936		1,792,282
Svenska Handelsbanken AB, Class A		163,701		1,777,756
Swedbank AB, Class A		96,003		2,177,271
				5,747,309
Building Products 0.1%
Assa Abloy AB, Class B		108,238		2,016,890
Commercial Services & Supplies 0.0%†
Securitas AB, Class B		33,671		541,544
Communications Equipment 0.2%
Telefonaktiebolaget LM Ericsson, Class B		325,272		2,897,069
Construction & Engineering 0.0%†
Skanska AB, Class B		35,543		621,758
Diversified Financial Services 0.2%
Industrivarden AB, Class C		18,168		374,405
Investor AB, Class B		48,097		2,112,694
Kinnevik AB, Class B		24,215		591,268
L E Lundbergforetagen AB, Class B		8,662		267,310
				3,345,677
Diversified Telecommunication Services 0.1%
Telia Co. AB		294,997		1,285,771
Electronic Equipment, Instruments & Components 0.1%
Hexagon AB, Class B		27,047		1,319,834
Food & Staples Retailing 0.0%†
ICA Gruppen AB(a)		7,862		276,533
Household Durables 0.1%
Electrolux AB Series B		24,933		591,017
Husqvarna AB, Class B		43,383		330,850
				921,867
Household Products 0.1%
Essity AB, Class B		65,706		1,817,582
Machinery 0.7%
Alfa Laval AB		30,336		687,363
Atlas Copco AB, Class A*		70,493		1,833,870
Atlas Copco AB, Class B*		42,295		1,009,688
Epiroc AB, Class A*		70,698		680,120
Epiroc AB, Class B*		42,295		379,592
Sandvik AB		118,617		1,891,085
SKF AB, Class B		42,452		712,193
Volvo AB, Class B		164,656		2,365,614
				9,559,525
Metals & Mining 0.1%
Boliden AB*		28,585		716,420
Oil, Gas & Consumable Fuels 0.0%†
Lundin Petroleum AB		18,331		585,717
Specialty Retail 0.1%
Hennes & Mauritz AB, Class B(a)		94,970		1,476,315
Tobacco 0.1%
Swedish Match AB		18,453		826,472
Wireless Telecommunication Services 0.1%
Tele2 AB, Class B		52,379		654,066
				34,610,349
SWITZERLAND 9.0%
Beverages 0.0%†
Coca-Cola HBC AG*		21,178		711,195
Building Products 0.1%
Geberit AG (Registered)		3,852		1,505,827
Capital Markets 0.8%
Credit Suisse Group AG (Registered)*		270,785		3,281,922
Julius Baer Group Ltd.*		22,992		923,978
Partners Group Holding AG		1,851		1,273,761
UBS Group AG (Registered)*		407,167		5,277,422
				10,757,083
Chemicals 0.4%
Clariant AG (Registered)*		20,877		415,120
EMS-Chemie Holding AG (Registered)		883		441,481
Givaudan SA (Registered)		994		2,411,154
Sika AG (Registered)(a)		13,649		1,802,610
				5,070,365
Construction Materials 0.2%
LafargeHolcim Ltd. (Registered)*		50,923		2,395,196
Diversified Financial Services 0.0%†
Pargesa Holding SA		4,425		349,448
Diversified Telecommunication Services 0.1%
Swisscom AG (Registered)		2,699		1,293,692
Electrical Equipment 0.3%
ABB Ltd. (Registered)		196,096		3,747,118
Food Products 2.1%
Barry Callebaut AG (Registered)		237		403,086
Chocoladefabriken Lindt & Spruengli AG		117		744,893
Chocoladefabriken Lindt & Spruengli AG (Registered)		10		733,899
Nestle SA (Registered)		324,747		28,285,605
				30,167,483
Health Care Equipment & Supplies 0.1%
Sonova Holding AG (Registered)		5,911		1,107,727
Straumann Holding AG (Registered)		1,112		806,561
				1,914,288
Insurance 0.7%
Baloise Holding AG (Registered)		5,226		808,559
Swiss Life Holding AG (Registered)*		3,656		1,508,008
Swiss Re AG		32,086		3,077,703
Zurich Insurance Group AG*		16,170		5,079,144
				10,473,414
Life Sciences Tools & Services 0.1%
Lonza Group AG (Registered)*		7,818		2,065,974
Machinery 0.1%
Schindler Holding AG		4,118		876,470
Schindler Holding AG (Registered)		2,152		454,981
				1,331,451

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

12

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Marine 0.1%
Kuehne + Nagel International AG (Registered)		5,993	$	811,410
Metals & Mining 0.3%
Glencore plc*		1,210,548		4,920,839
Pharmaceuticals 2.8%
Novartis AG (Registered)		229,860		20,060,756
Roche Holding AG		74,488		19,785,723
Vifor Pharma AG		5,095		647,870
				40,494,349
Professional Services 0.2%
Adecco Group AG (Registered)		16,435		823,079
SGS SA (Registered)		553		1,334,738
				2,157,817
Real Estate Management & Development 0.0%†
Swiss Prime Site AG (Registered)*		8,230		697,175
Semiconductors & Semiconductor Equipment 0.1%
STMicroelectronics NV		74,655		1,184,505
Software 0.1%
Temenos AG (Registered)*		6,636		897,243
Specialty Retail 0.0%†
Dufry AG (Registered)*		3,455		345,758
Textiles, Apparel & Luxury Goods 0.4%
Cie Financiere Richemont SA (Registered)(a)		55,491		3,828,425
Swatch Group AG (The)		3,327		956,998
Swatch Group AG (The) (Registered)		5,834		325,442
				5,110,865
				128,402,495
UNITED ARAB EMIRATES 0.0%†
Health Care Providers & Services 0.0%†
NMC Health plc		10,900		368,590
UNITED KINGDOM 14.0%
Aerospace & Defense 0.3%
BAE Systems plc		333,962		2,243,556
Meggitt plc		78,513		531,710
Rolls-Royce Holdings plc*		180,336		2,094,918
				4,870,184
Air Freight & Logistics 0.0%†
Royal Mail plc		96,681		340,301
Airlines 0.1%
easyJet plc		16,834		279,287
International Consolidated Airlines Group SA		66,483		562,434
				841,721
Automobiles 0.1%
Fiat Chrysler Automobiles NV*		115,507		1,973,273
Banks 2.2%
Barclays plc		1,818,696		3,777,727
HSBC Holdings plc		2,110,563		17,707,592
Lloyds Banking Group plc		7,557,024		5,751,843
Royal Bank of Scotland Group plc		501,944		1,587,760
Standard Chartered plc		293,900		2,369,898
				31,194,820
Beverages 0.8%
Coca-Cola European Partners plc		23,756		1,130,311
Diageo plc		260,772		9,943,588
				11,073,899
Capital Markets 0.3%
3i Group plc		103,298		1,153,241
Hargreaves Lansdown plc		28,891		619,787
London Stock Exchange Group plc		32,683		1,964,872
Schroders plc		13,717		470,295
St James’s Place plc		58,267		717,770
				4,925,965
Chemicals 0.1%
Croda International plc		13,717		868,491
Johnson Matthey plc		20,761		828,678
				1,697,169
Commercial Services & Supplies 0.0%†
Babcock International Group plc		27,134		189,040
G4S plc		169,604		435,378
				624,418
Diversified Financial Services 0.1%
Standard Life Aberdeen plc		258,082		852,854
Diversified Telecommunication Services 0.2%
BT Group plc		893,015		2,723,611
Electric Utilities 0.1%
SSE plc		105,770		1,624,344
Electrical Equipment 0.1%
Melrose Industries plc		531,199		1,177,777
Energy Equipment & Services 0.0%†
John Wood Group plc		71,066		504,018
Equity Real Estate Investment Trusts (REITs) 0.2%
British Land Co. plc (The)		101,816		766,250
Hammerson plc		75,922		370,579
Land Securities Group plc		78,048		886,697
Segro plc		109,321		928,268
				2,951,794
Food & Staples Retailing 0.3%
J Sainsbury plc		191,638		717,188
Tesco plc		1,035,133		3,030,215
Wm Morrison Supermarkets plc		230,505		708,627
				4,456,030
Food Products 0.1%
Associated British Foods plc		38,672		1,211,677
Health Care Equipment & Supplies 0.1%
ConvaTec Group plc Reg. S(b)		143,788		269,497
Smith & Nephew plc		91,374		1,721,202
				1,990,699
Hotels, Restaurants & Leisure 0.5%
Compass Group plc		168,480		3,604,692
GVC Holdings plc		57,623		507,954
InterContinental Hotels Group plc		17,847		1,017,192
Merlin Entertainments plc Reg. S(b)		81,080		359,776
Whitbread plc		19,466		1,248,633
				6,738,247
Household Durables 0.2%
Barratt Developments plc		112,080		791,897
Berkeley Group Holdings plc		13,549		667,569
Persimmon plc		34,207		1,066,679
Taylor Wimpey plc		326,529		708,000
				3,234,145
Household Products 0.4%
Reckitt Benckiser Group plc		71,386		5,494,345
Industrial Conglomerates 0.1%
DCC plc		10,644		869,950

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

13

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Industrial Conglomerates (continued)
Smiths Group plc		40,000	$	758,695
				1,628,645
Insurance 0.8%
Admiral Group plc		22,413		609,339
Aviva plc		413,116		2,246,275
Direct Line Insurance Group plc		145,090		641,222
Legal & General Group plc		623,081		2,122,145
Prudential plc		273,787		5,341,719
RSA Insurance Group plc		103,117		694,314
				11,655,014
Interactive Media & Services 0.0%†
Auto Trader Group plc Reg. S(b)		104,909		629,417
Machinery 0.1%
CNH Industrial NV		109,681		1,075,620
Weir Group plc (The)		27,515		544,188
				1,619,808
Media 0.3%
Informa plc		135,558		1,203,310
ITV plc		385,761		654,818
Pearson plc		80,583		958,395
WPP plc		130,791		1,493,558
				4,310,081
Multiline Retail 0.1%
Marks & Spencer Group plc		178,552		676,739
Next plc		15,369		977,178
				1,653,917
Multi-Utilities 0.4%
Centrica plc		594,307		1,063,778
National Grid plc		363,684		3,953,664
				5,017,442
Oil, Gas & Consumable Fuels 1.0%
BP plc		2,118,097		14,434,934
Paper & Forest Products 0.1%
Mondi plc		39,105		944,877
Personal Products 1.1%
Unilever NV, CVA		163,456		8,732,383
Unilever plc		119,208		6,245,269
				14,977,652
Pharmaceuticals 1.4%
AstraZeneca plc		134,307		9,729,524
GlaxoSmithKline plc		525,873		10,216,020
				19,945,544
Professional Services 0.6%
Experian plc		97,097		2,434,302
Intertek Group plc		17,297		1,114,260
RELX plc		209,505		4,638,128
				8,186,690
Software 0.1%
Micro Focus International plc		46,036		877,956
Sage Group plc (The)		114,511		940,116
				1,818,072
Specialty Retail 0.1%
Kingfisher plc		235,043		686,606
Textiles, Apparel & Luxury Goods 0.1%
Burberry Group plc		44,642		1,056,497
Tobacco 0.8%
British American Tobacco plc		244,500		8,626,566
Imperial Brands plc		101,065		3,348,801
				11,975,367
Trading Companies & Distributors 0.2%
Ashtead Group plc		51,970		1,317,103
Bunzl plc		36,504		1,150,107
				2,467,210
Water Utilities 0.1%
Severn Trent plc		25,630		672,073
United Utilities Group plc		69,084		753,228
				1,425,301
Wireless Telecommunication Services 0.4%
Vodafone Group plc		2,828,307		5,151,780
				200,086,145
UNITED STATES 0.2%
Hotels, Restaurants & Leisure 0.1%
Carnival plc		18,157		1,025,598
Life Sciences Tools & Services 0.0%†
QIAGEN NV*		24,288		895,499
Trading Companies & Distributors 0.1%
Ferguson plc		24,030		1,607,598
				3,528,695
Total Common Stocks (cost $1,246,619,749)				1,411,285,955
Rights 0.0%†
	Number of Rights		Value
SPAIN 0.0%†
Construction & Engineering 0.0%†
ACS Actividades de Construccion y Servicios SA, expiring at an exercise price of $0.00 on 2/6/2019*		26,144		14,349
Total Rights (cost $13,595)				14,349
Short-Term Investment 0.0%†
	Shares		Value
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32% (f)(g)		156,130		156,130
Total Short-Term Investment (cost $156,130)				156,130
Repurchase Agreements 0.1%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $1,552,406, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $1,591,059.(g)	$	1,552,295		1,552,295
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $40,579, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $41,388.(g)		40,576		40,576

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

14

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Repurchase Agreements (continued)
	Value
Total Repurchase Agreements (cost $1,592,871)	$	1,592,871
Total Investments (cost $1,248,382,345) — 99.0%		1,413,049,305
Other assets in excess of liabilities — 1.0%		14,491,240
NET ASSETS — 100.0%	$	1,427,540,545

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $11,692,612, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $156,130 and $1,592,871, respectively, and by $12,555,960 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $14,304,961.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $9,459,444 which represents 0.66% of net assets.

(c) Fair valued security.

(d) Illiquid security as deemed by the procedures approved by the Board of Trustees (unaudited).

(e) Value determined using significant unobservable inputs.

(f) Represents 7-day effective yield as of January 31, 2019.

(g) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $1,749,001.

† Amount rounds to less than 0.1%. Asset Types

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certification
FDR	Fiduciary Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

15

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Futures contracts outstanding as of January 31, 2019:
Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index		170		3/2019		EUR		6,133,224		203,393
FTSE 100 Index		41		3/2019		GBP		3,711,861		49,380
SGX Nikkei 225 Index		37		3/2019		JPY		3,523,365		136,046
SPI 200 Index		16		3/2019		AUD		1,687,571		52,444
										441,263

At January 31, 2019, the Fund has $818,717 segregated in foreign currency as collateral with the broker for open futures contract.

Currency:
AUD	Australian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

16

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	—	$	20,616,177	$	—	$	20,616,177
Air Freight & Logistics		—		4,986,924		—		4,986,924
Airlines		—		2,938,313		—		2,938,313
Auto Components		—		15,195,474		—		15,195,474
Automobiles		—		48,812,778		—		48,812,778
Banks		—		150,202,327		—		150,202,327
Beverages		1,130,311		32,101,147		—		33,231,458
Biotechnology		454,734		8,577,232		—		9,031,966
Building Products		—		10,533,812		—		10,533,812
Capital Markets		—		33,757,066		—		33,757,066
Chemicals		—		47,576,239		—		47,576,239
Commercial Services & Supplies		—		7,813,681		—		7,813,681
Communications Equipment		—		6,669,681		—		6,669,681
Construction & Engineering		—		13,135,549		—		13,135,549
Construction Materials		339,746		7,682,032		—		8,021,778
Consumer Finance		—		596,935		—		596,935
Containers & Packaging		—		2,301,593		—		2,301,593
Distributors		—		315,318		—		315,318
Diversified Consumer Services		—		180,138		—		180,138
Diversified Financial Services		—		10,128,928		—		10,128,928
Diversified Telecommunication Services		557,774		31,651,308		—		32,209,082
Electric Utilities		—		28,692,351		—		28,692,351

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

17

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Electrical Equipment	$	—	$	19,426,934	$	—	$	19,426,934
Electronic Equipment, Instruments & Components		—		20,621,231		—		20,621,231
Energy Equipment & Services		—		1,507,628		—		1,507,628
Entertainment		—		9,067,094		—		9,067,094
Equity Real Estate Investment Trusts (REITs)		—		23,484,045		—		23,484,045
Food & Staples Retailing		—		22,031,693		—		22,031,693
Food Products		670,500		46,571,336		—		47,241,836
Gas Utilities		—		6,165,608		—		6,165,608
Health Care Equipment & Supplies		—		19,122,460		—		19,122,460
Health Care Providers & Services		311,606		7,075,273		—		7,386,879
Health Care Technology		—		639,496		—		639,496
Hotels, Restaurants & Leisure		560,260		20,574,831		—		21,135,091
Household Durables		—		17,583,784		—		17,583,784
Household Products		—		12,448,995		—		12,448,995
Independent Power and Renewable Electricity Producers		—		1,385,749		—		1,385,749
Industrial Conglomerates		2,312,968		17,884,153		—		20,197,121
Insurance		—		78,196,387		—		78,196,387
Interactive Media & Services		—		2,278,763		—		2,278,763
Internet & Direct Marketing Retail		—		1,840,260		—		1,840,260
IT Services		512,305		12,550,285		—		13,062,590
Leisure Products		—		3,098,491		—		3,098,491
Life Sciences Tools & Services		—		3,784,508		—		3,784,508
Machinery		—		35,714,528		—		35,714,528
Marine		—		2,800,891		—		2,800,891
Media		—		10,828,940		—		10,828,940
Metals & Mining		—		43,870,384		—		43,870,384
Multiline Retail		—		7,204,243		—		7,204,243
Multi-Utilities		—		15,529,902		—		15,529,902
Oil, Gas & Consumable Fuels		—		81,489,391		—		81,489,391
Paper & Forest Products		—		3,909,622		—		3,909,622
Personal Products		—		29,709,682		—		29,709,682
Pharmaceuticals		2,076,409		113,264,424		—		115,340,833
Professional Services		—		18,471,368		—		18,471,368
Real Estate Management & Development		812,532		30,055,320		—		30,867,852
Road & Rail		—		18,030,812		—		18,030,812
Semiconductors & Semiconductor Equipment		3,167,979		16,212,619		—		19,380,598
Software		1,518,643		16,905,774		—		18,424,417
Specialty Retail		—		11,179,398		—		11,179,398
Technology Hardware, Storage & Peripherals		—		7,838,568		—		7,838,568
Textiles, Apparel & Luxury Goods		—		32,980,030		—		32,980,030
Tobacco		—		15,728,994		—		15,728,994
Trading Companies & Distributors		635,033		19,182,914		—		19,817,947
Transportation Infrastructure		505,837		7,956,701		—		8,462,538
Water Utilities		—		1,425,301		—		1,425,301
Wireless Telecommunication Services		2,187,268		21,438,237		—		23,625,505
Total Common Stocks	$	17,753,905	$	1,393,532,050	$	—	$	1,411,285,955
Futures Contracts		441,263		—		—		441,263
Repurchase Agreements		—		1,592,871		—		1,592,871
Rights		14,349		—		—		14,349
Short-Term Investment		156,130		—		—		156,130
Total	$	18,365,647	$	1,395,124,921	$	—	$	1,413,490,568

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31 2019, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

During the period ended January 31, 2019, the Fund held one international common stock investment that was categorized as Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

18

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Futures Contracts

The Fund is subject to equity price and interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities and foreign currencies. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019.

Assets:		Fair Value
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts	$	441,263
Total		$	441,263

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

19

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund

Common Stocks 94.2%
	Shares		Value
AUSTRALIA 4.0%
Capital Markets 0.2%
IOOF Holdings Ltd.(a)		250,459	$	917,650
Chemicals 0.4%
Nufarm Ltd.		358,942		1,631,014
Containers & Packaging 0.7%
Orora Ltd.		1,404,172		3,228,040
Insurance 0.8%
AUB Group Ltd.		368,782		3,174,121
Oil, Gas & Consumable Fuels 0.6%
Beach Energy Ltd.		170,470		222,141
FAR Ltd.*(a)		3,708,239		156,356
Karoon Energy Ltd.*(a)		554,768		341,483
Viva Energy Group Ltd. Reg. S*(b)		191,731		256,992
Whitehaven Coal Ltd.		365,504		1,318,810
				2,295,782
Software 0.9%
Bravura Solutions Ltd.		1,181,958		3,610,081
WiseTech Global Ltd.		29,808		443,840
				4,053,921
Trading Companies & Distributors 0.1%
Seven Group Holdings Ltd.		21,776		250,790
Transportation Infrastructure 0.3%
Atlas Arteria Ltd.		118,903		575,690
Qube Holdings Ltd.		280,187		548,896
				1,124,586
				16,675,904
AUSTRIA 0.8%
Air Freight & Logistics 0.1%
Oesterreichische Post AG		6,668		250,754
Banks 0.5%
BAWAG Group AG Reg. S(b)		44,345		1,876,975
Construction Materials 0.1%
Wienerberger AG		24,147		542,029
Electrical Equipment 0.1%
Zumtobel Group AG*		62,535		565,203
				3,234,961
BELGIUM 2.0%
Biotechnology 0.8%
Galapagos NV*		33,907		3,497,098
Equity Real Estate Investment Trusts (REITs) 0.9%
Warehouses De Pauw CVA, CVA		24,297		3,547,936
Media 0.3%
Telenet Group Holding NV		22,306		1,032,685
				8,077,719
BRAZIL 1.1%
Chemicals 0.3%
Braskem SA (Preference), Class A		92,500		1,325,414
IT Services 0.6%
Pagseguro Digital Ltd., Class A*(a)		78,778		1,699,242
StoneCo Ltd., Class A*		26,126		577,907
				2,277,149
Water Utilities 0.2%
Cia de Saneamento do Parana		41,800		848,217
				4,450,780
CANADA 2.7%
Biotechnology 0.3%
Clementia Pharmaceuticals, Inc.*		82,550		1,121,855
Chemicals 0.2%
EcoSynthetix, Inc.*		498,862		694,789
Equity Real Estate Investment Trusts (REITs) 0.2%
Dream Global REIT		95,311		940,815
Gas Utilities 1.5%
AltaGas Canada, Inc.		521,499		6,509,062
Metals & Mining 0.4%
ERO Copper Corp.*		149,200		1,463,669
Oil, Gas & Consumable Fuels 0.1%
Arrow Exploration Corp.*		16,126		5,891
Gran Tierra Energy, Inc.*		103,768		244,030
				249,921
				10,980,111
CHINA 1.3%
Containers & Packaging 0.4%
AMVIG Holdings Ltd.		6,455,875		1,471,886
Independent Power and Renewable Electricity Producers 0.3%
China Longyuan Power Group Corp. Ltd., Class H		1,415,245		1,057,825
Huaneng Renewables Corp. Ltd., Class H		1,700,000		492,708
				1,550,533
Interactive Media & Services 0.2%
Wise Talent Information Technology Co. Ltd. Reg. S*		210,600		706,217
Machinery 0.2%
Precision Tsugami China Corp. Ltd. Reg. S		803,572		739,405
Marine 0.1%
SITC International Holdings Co. Ltd.		367,000		339,646
Semiconductors & Semiconductor Equipment 0.1%
Silergy Corp.		23,740		361,165
				5,168,852
COLOMBIA 0.7%
Construction Materials 0.2%
CEMEX Latam Holdings SA*		537,794		755,163
Oil, Gas & Consumable Fuels 0.1%
Canacol Energy Ltd.*		110,671		363,864
Wireless Telecommunication Services 0.4%
Millicom International Cellular SA, SDR		31,247		1,959,827
				3,078,854
DENMARK 0.4%
Biotechnology 0.0%†
Zealand Pharma A/S*(a)		38,475		557,379
Building Products 0.1%
Rockwool International A/S, Class B		1,567		419,528
Construction & Engineering 0.1%
FLSmidth & Co. A/S(a)		7,556		353,959
Machinery 0.1%
Nilfisk Holding A/S *		5,968		221,309
Marine 0.1%
Dfds A/S		6,198		292,653
				1,844,828
FINLAND 0.7%
Chemicals 0.2%
Kemira OYJ		78,332		951,656
Diversified Telecommunication Services 0.2%
DNA OYJ		36,693		772,235

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
FINLAND (continued)
Machinery 0.3%
Cargotec OYJ, Class B		24,760	$	827,810
Konecranes OYJ		12,326		426,128
				1,253,938
				2,977,829
FRANCE 2.6%
Airlines 0.1%
Air France-KLM *		33,304		420,168
Gas Utilities 0.0%†
Rubis SCA		97		5,784
Health Care Equipment & Supplies 0.6%
BioMerieux		38,442		2,721,628
Household Durables 0.4%
Kaufman & Broad SA		36,740		1,482,581
Media 0.5%
Television Francaise 1		253,963		2,062,756
Road & Rail 0.1%
ALD SA Reg. S(b)		17,742		257,799
Semiconductors & Semiconductor Equipment 0.2%
SOITEC*		9,531		734,938
Specialty Retail 0.7%
Maisons du Monde SA Reg. S(b)		125,100		3,229,169
				10,914,823
GERMANY 3.4%
Biotechnology 0.2%
Affimed NV*		271,818		932,336
Electrical Equipment 0.0%†
SGL Carbon SE*		16,231		133,238
Health Care Equipment & Supplies 0.8%
Sartorius AG (Preference)		11,409		1,710,269
STRATEC SE		16,574		1,136,973
				2,847,242
Industrial Conglomerates 0.6%
Rheinmetall AG		23,867		2,474,920
Internet & Direct Marketing Retail 0.6%
Delivery Hero SE Reg. S*(b)		68,268		2,517,331
Machinery 0.1%
Stabilus SA		4,548		283,793
Metals & Mining 0.3%
Aurubis AG		23,750		1,297,550
Real Estate Management & Development 0.5%
LEG Immobilien AG		18,203		2,135,372
Road & Rail 0.0%†
Sixt SE		2,154		195,529
Semiconductors & Semiconductor Equipment 0.3%
Siltronic AG		13,759		1,365,093
				14,182,404
GHANA 0.3%
Oil, Gas & Consumable Fuels 0.3%
Kosmos Energy Ltd. *		63,266		324,555
Tullow Oil plc *		412,385		1,105,218
				1,429,773
GREECE 0.4%
Diversified Telecommunication Services 0.4%
Hellenic Telecommunications Organization SA		135,943		1,704,096
HONG KONG 1.2%
Equity Real Estate Investment Trusts (REITs) 0.2%
Champion REIT		1,174,000		890,336
IT Services 0.4%
SUNeVision Holdings Ltd.(a)		2,966,611		1,888,179
Machinery 0.3%
Singamas Container Holdings Ltd.		9,611,427		1,302,202
Marine 0.2%
Pacific Basin Shipping Ltd.		3,775,000		748,111
Transportation Infrastructure 0.1%
Hutchison Port Holdings Trust		947,800		237,118
				5,065,946
INDIA 0.3%
Aerospace & Defense 0.2%
Bharat Electronics Ltd.		724,420		852,899
Communications Equipment 0.1%
Tejas Networks Ltd. Reg. S*(b)		154,895		350,583
				1,203,482
INDONESIA 0.2%
Diversified Telecommunication Services 0.2%
Link Net Tbk. PT		3,244,435		1,015,134
IRELAND 2.4%
Containers & Packaging 1.2%
Smurfit Kappa Group plc		166,561		4,805,173
Marine 0.4%
Irish Continental Group plc		283,558		1,548,389
				1,548,389
Media 0.8%
Tarsus Group plc		1,021,453		3,390,852
				9,744,414
ISRAEL 0.8%
IT Services 0.5%
Wix.com Ltd.*		18,028		1,971,362
Oil, Gas & Consumable Fuels 0.1%
Paz Oil Co. Ltd.		2,215		330,667
Pharmaceuticals 0.2%
MediWound Ltd.*		203,797		990,453
				3,292,482
ITALY 6.6%
Capital Markets 0.8%
Anima Holding SpA Reg. S(b)		411,992		1,694,102
Banca Generali SpA		64,378		1,518,817
				3,212,919
Construction Materials 0.6%
Buzzi Unicem SpA(a)		139,862		2,669,582
Diversified Financial Services 1.0%
Banca Farmafactoring SpA Reg. S(b)		475,417		2,787,108
Cerved Group SpA		151,048		1,329,869
				4,116,977
Gas Utilities 0.8%
Italgas SpA		528,945		3,200,341
Health Care Equipment & Supplies 1.3%
DiaSorin SpA		56,995		5,217,002
Hotels, Restaurants & Leisure 0.4%
Autogrill SpA		202,267		1,818,098
Independent Power and Renewable Electricity Producers 0.1%
ERG SpA		13,425		262,913
Machinery 0.9%
Gima TT SpA Reg. S(b)		231,623		1,864,875
Interpump Group SpA		59,191		1,906,218
				3,771,093

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
ITALY (continued)
Textiles, Apparel & Luxury Goods 0.6%
OVS SpA Reg. S*(a)(b)		844,761	$	1,289,448
Salvatore Ferragamo SpA		58,491		1,171,355
				2,460,803
Transportation Infrastructure 0.1%
Enav SpA Reg. S(b)		60,454		309,335
Societa Iniziative Autostradali e Servizi SpA		18,135		278,872
				588,207
				27,317,935
JAPAN 22.9%
Banks 0.7%
Bank of Kyoto Ltd. (The)		38,116		1,620,856
San-In Godo Bank Ltd. (The)		182,643		1,324,517
				2,945,373
Capital Markets 0.7%
Jafco Co. Ltd.		78,000		2,732,872
Chemicals 0.9%
Daicel Corp.		113,061		1,184,460
JSR Corp.		69,107		1,114,775
Tokyo Ohka Kogyo Co. Ltd.		53,530		1,502,556
				3,801,791
Commercial Services & Supplies 0.3%
Aeon Delight Co. Ltd.		18,400		681,949
Raksul, Inc.*(a)		14,400		381,818
				1,063,767
Construction & Engineering 0.8%
SHO-BOND Holdings Co. Ltd.		45,277		3,198,140
Construction Materials 0.5%
Sumitomo Osaka Cement Co. Ltd.		23,349		1,033,556
Taiheiyo Cement Corp.		28,509		974,071
				2,007,627
Consumer Finance 0.6%
Acom Co. Ltd.		685,400		2,407,832
Diversified Financial Services 0.5%
Tokyo Century Corp.		44,100		2,058,045
Electric Utilities 0.5%
Kyushu Electric Power Co., Inc.		151,200		1,868,807
Entertainment 0.8%
DeNA Co. Ltd.		33,300		587,695
Square Enix Holdings Co. Ltd.		31,300		1,035,252
Toei Co. Ltd.		12,390		1,525,967
				3,148,914
Equity Real Estate Investment Trusts (REITs) 3.0%
Advance Residence Investment Corp.		506		1,497,522
Comforia Residential REIT, Inc.		525		1,392,101
Hoshino Resorts REIT, Inc.		220		1,082,688
Ichigo Office REIT Investment		968		900,637
Invincible Investment Corp.		2,091		909,072
Japan Hotel REIT Investment Corp.		1,524		1,168,538
Kenedix Office Investment Corp.		156		1,070,163
LaSalle Logiport REIT		672		670,688
Nippon Accommodations Fund, Inc.		344		1,829,272
Orix JREIT, Inc.		704		1,230,091
Sekisui House Reit, Inc.		1,388		971,415
				12,722,187
Food & Staples Retailing 0.4%
Create SD Holdings Co. Ltd.		68,400		1,723,665
Food Products 1.3%
Ajinomoto Co., Inc.		244,430		4,222,384
Itoham Yonekyu Holdings, Inc.		196,700		1,251,659
				5,474,043
Gas Utilities 0.0%†
Nippon Gas Co. Ltd.		4,400		161,556
Health Care Equipment & Supplies 0.1%
CYBERDYNE, Inc.*(a)		80,125		513,170
Health Care Technology 0.1%
Medical Data Vision Co. Ltd.*(a)		35,750		317,325
Household Durables 0.1%
Token Corp.		8,700		512,193
Interactive Media & Services 0.4%
Dip Corp.(a)		101,100		1,840,706
Internet & Direct Marketing Retail 0.7%
Yume No Machi Souzou Iinkai Co. Ltd.(a)		183,000		2,458,003
ZOZO, Inc.		25,400		511,886
				2,969,889
IT Services 2.2%
GMO Payment Gateway, Inc.		83,930		4,363,969
NET One Systems Co. Ltd.		23,100		483,813
Obic Co. Ltd.		39,270		3,708,815
TechMatrix Corp.		26,500		445,042
				9,001,639
Machinery 0.8%
Daifuku Co. Ltd.		18,774		939,896
Fuji Corp.		88,274		1,150,227
Nabtesco Corp.		36,360		957,915
Tocalo Co. Ltd.		51,500		440,091
				3,488,129
Marine 0.3%
Nippon Yusen KK		64,836		1,083,581
Media 1.3%
Hakuhodo DY Holdings, Inc.		158,954		2,440,670
Nippon Television Holdings, Inc.		176,773		2,774,705
				5,215,375
Multiline Retail 0.4%
H2O Retailing Corp.		105,815		1,487,024
Oil, Gas & Consumable Fuels 0.2%
Idemitsu Kosan Co. Ltd.		26,700		937,698
Japan Petroleum Exploration Co. Ltd.		3,600		67,321
				1,005,019
Professional Services 1.9%
BayCurrent Consulting, Inc.		24,700		757,042
Outsourcing, Inc.		170,600		1,954,303
Persol Holdings Co. Ltd.		131,490		2,335,628
SMS Co. Ltd.		23,600		388,965
TechnoPro Holdings, Inc.		44,600		2,339,183
				7,775,121
Real Estate Management & Development 0.9%
Ichigo, Inc.		260,600		901,062
Kenedix, Inc.		381,472		2,008,540
Open House Co. Ltd.		16,800		700,069
				3,609,671
Road & Rail 0.4%
Hitachi Transport System Ltd.		8,700		242,307
Nikkon Holdings Co. Ltd.		12,035		302,833
Sankyu, Inc.		10,600		516,023

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Road & Rail (continued)
Seino Holdings Co. Ltd.		29,645	$	408,872
				1,470,035
Semiconductors & Semiconductor Equipment 0.9%
Inter Action Corp.		37,195		813,035
Lasertec Corp.		24,170		790,857
SCREEN Holdings Co. Ltd.		9,851		420,104
SUMCO Corp.		102,303		1,414,719
Tazmo Co. Ltd.		60,800		436,929
				3,875,644
Software 0.5%
Infomart Corp.		137,650		1,465,795
Money Forward, Inc.*		7,800		220,654
Systena Corp.		31,500		347,389
				2,033,838
Specialty Retail 0.6%
Adastria Co. Ltd.		86,930		1,593,239
United Arrows Ltd.		21,825		773,033
				2,366,272
Transportation Infrastructure 0.1%
Mitsubishi Logistics Corp.		10,900		278,481
				94,157,731
JERSEY 0.3%
Capital Markets 0.3%
Sanne Group plc		210,986		1,385,105
KAZAKHSTAN 1.3%
Metals & Mining 0.9%
KAZ Minerals plc		440,414		3,428,337
Oil, Gas & Consumable Fuels 0.4%
NAC Kazatomprom JSC, GDR Reg. S*		129,408		1,844,326
				5,272,663
MALAYSIA 0.8%
Electronic Equipment, Instruments & Components 0.2%
Inari Amertron Bhd.		2,313,795		851,062
Hotels, Restaurants & Leisure 0.4%
Genting Malaysia Bhd.		2,489,700		2,001,785
Semiconductors & Semiconductor Equipment 0.2%
Pentamaster International Ltd. Reg. S*		5,008,000		598,669
ViTrox Corp. Bhd.		22,200		36,323
				634,992
				3,487,839
MEXICO 0.3%
Chemicals 0.3%
Mexichem SAB de CV		469,641		1,254,521
NETHERLANDS 3.5%
Air Freight & Logistics 0.1%
PostNL NV		92,130		238,892
Biotechnology 0.4%
Merus NV*(a)		127,849		1,561,036
Chemicals 1.0%
Corbion NV		156,314		4,430,074
Construction & Engineering 0.1%
Boskalis Westminster		15,905		419,844
Hotels, Restaurants & Leisure 0.6%
DP Eurasia NV Reg. S*(b)		1,368,371		2,285,305
IT Services 0.4%
InterXion Holding NV*		25,122		1,508,325
Trading Companies & Distributors 0.9%
IMCD NV		53,463		3,921,526
				14,365,002
NEW ZEALAND 1.0%
Airlines 0.1%
Air New Zealand Ltd.		112,291		218,254
Health Care Equipment & Supplies 0.5%
Fisher & Paykel Healthcare Corp. Ltd.		272,866		2,383,823
Oil, Gas & Consumable Fuels 0.4%
New Zealand Refining Co. Ltd. (The)		910,073		1,466,985
Software 0.0%†
Xero Ltd.*		6,179		195,720
				4,264,782
NORWAY 0.8%
Banks 0.7%
SpareBank 1 SMN		295,520		3,035,784
Construction & Engineering 0.1%
Veidekke ASA		19,830		216,051
				3,251,835
PHILIPPINES 0.2%
Construction Materials 0.2%
CEMEX Holdings Philippines, Inc. Reg. S*(b)		16,434,664		839,952
PORTUGAL 0.3%
Media 0.3%
NOS SGPS SA		196,777		1,276,670
SINGAPORE 0.9%
Air Freight & Logistics 0.1%
Singapore Post Ltd.		309,840		226,771
Electronic Equipment, Instruments & Components 0.2%
Venture Corp. Ltd.		54,063		654,710
Equity Real Estate Investment Trusts (REITs) 0.5%
Keppel REIT		1,189,713		1,043,806
Mapletree Industrial Trust		972,301		1,445,126
				2,488,932
Machinery 0.0%†
Sembcorp Marine Ltd.		162,800		194,216
Semiconductors & Semiconductor Equipment 0.1%
Kulicke & Soffa Industries, Inc.		15,226		343,042
				3,907,671
SOUTH AFRICA 0.4%
Construction Materials 0.2%
PPC Ltd.*		1,706,751		715,008
Containers & Packaging 0.2%
Nampak Ltd.*		712,915		751,987
				1,466,995
SOUTH KOREA 1.3%
Diversified Telecommunication Services 0.5%
LG Uplus Corp.		138,180		1,876,147
Hotels, Restaurants & Leisure 0.6%
Hana Tour Service, Inc.		40,765		2,606,601
IT Services 0.1%
Cafe24 Corp.*		4,412		439,417
Software 0.1%
Douzone Bizon Co. Ltd.		11,430		424,340
				5,346,505

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
SPAIN 3.0%
Air Freight & Logistics 0.1%
Cia de Distribucion Integral Logista Holdings SA		9,587	$	247,454
Banks 0.7%
Liberbank SA*		3,275,852		1,621,612
Unicaja Banco SA Reg. S(b)		1,323,772		1,555,451
				3,177,063
Commercial Services & Supplies 0.3%
Atento SA*		322,142		1,272,461
Construction & Engineering 0.1%
Fomento de Construcciones y Contratas SA*		14,770		218,383
Diversified Telecommunication Services 0.9%
Cellnex Telecom SA Reg. S(b)		142,694		4,018,871
Equity Real Estate Investment Trusts (REITs) 0.2%
Arima Real Estate SOCIMI SA*		89,900		942,560
Food Products 0.6%
Ebro Foods SA		48,726		1,003,656
Viscofan SA		25,199		1,404,111
				2,407,767
Machinery 0.1%
Zardoya Otis SA		35,219		278,945
				12,563,504
SWEDEN 5.8%
Aerospace & Defense 0.1%
Saab AB, Class B(a)		13,266		458,511
Building Products 0.1%
Nibe Industrier AB, Class B		53,269		606,581
Capital Markets 0.6%
Vostok Emerging Finance Ltd., SDR*(a)		11,731,521		2,532,455
Commercial Services & Supplies 0.1%
Bravida Holding AB Reg. S(b)		40,566		297,425
Construction & Engineering 0.1%
NCC AB, Class B(a)		15,769		238,425
Sweco AB, Class B(a)		13,336		273,733
				512,158
Containers & Packaging 0.4%
BillerudKorsnas AB(a)		115,167		1,453,024
Food Products 1.1%
Cloetta AB, Class B		1,765,151		4,687,624
Hotels, Restaurants & Leisure 0.2%
SkiStar AB		81,230		985,108
Machinery 0.5%
Trelleborg AB, Class B		126,146		2,121,837
Oil, Gas & Consumable Fuels 0.1%
Lundin Petroleum AB		11,631		371,637
Real Estate Management & Development 2.3%
Catena AB		117,761		3,173,358
Fastighets AB Balder, Class B*		122,559		3,862,030
Hembla AB*(a)		110,353		2,011,386
				9,046,774
Trading Companies & Distributors 0.2%
Ahlsell AB Reg. S(b)		62,883		379,302
Indutrade AB		17,375		436,182
				815,484
				23,888,618
SWITZERLAND 3.9%
Air Freight & Logistics 0.1%
Panalpina Welttransport Holding AG (Registered)		3,314		582,313
Commercial Services & Supplies 0.1%
IWG plc		126,810		372,591
Life Sciences Tools & Services 1.4%
Tecan Group AG (Registered)		30,025		6,060,724
Machinery 0.9%
Bucher Industries AG (Registered)		1,375		419,807
Conzzeta AG (Registered)		296		257,401
OC Oerlikon Corp. AG (Registered)*		159,369		2,060,783
SFS Group AG*		3,482		279,727
VAT Group AG Reg. S*(a)(b)		5,082		526,482
				3,544,200
Real Estate Management & Development 0.5%
PSP Swiss Property AG (Registered)		20,589		2,116,693
Software 0.5%
Temenos AG (Registered)*(a)		13,779		1,863,036
Specialty Retail 0.4%
Dufry AG (Registered)*		14,495		1,450,584
				15,990,141
TAIWAN 2.2%
Electrical Equipment 0.2%
Bizlink Holding, Inc.		77,304		456,210
Voltronic Power Technology Corp.		26,571		459,674
				915,884
Electronic Equipment, Instruments & Components 0.6%
Chroma ATE, Inc.		182,658		732,241
Elite Material Co. Ltd.		261,886		706,147
Kingpak Technology, Inc.		58,000		357,467
Walsin Technology Corp.		87,753		507,788
Yageo Corp.		26,188		284,245
				2,587,888
Machinery 0.3%
Airtac International Group		100,000		1,192,566
Semiconductors & Semiconductor Equipment 0.9%
Globalwafers Co. Ltd.		146,790		1,460,283
LandMark Optoelectronics Corp.		22,000		194,837
Sino-American Silicon Products, Inc.*		550,960		1,202,542
Vanguard International Semiconductor Corp.		299,000		673,384
				3,531,046
Technology Hardware, Storage & Peripherals 0.2%
Getac Technology Corp.		449,315		678,290
				8,905,674
THAILAND 0.0%†
Marine 0.0%†
Precious Shipping PCL*		466,500		122,611
TURKEY 0.3%
Oil, Gas & Consumable Fuels 0.3%
Tupras Turkiye Petrol Rafinerileri A/S		40,225		1,082,228
UKRAINE 0.0%†
Metals & Mining 0.0%†
Ferrexpo plc		38,956		134,041
UNITED KINGDOM 11.5%
Aerospace & Defense 0.3%
Cobham plc*		418,864		593,008
QinetiQ Group plc		101,375		402,719

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Aerospace & Defense (continued)
Ultra Electronics Holdings plc		12,904	$	217,529
				1,213,256
Airlines 0.0%†
Dart Group plc		18,265		190,306
Capital Markets 0.5%
Intermediate Capital Group plc		83,304		1,111,567
XPS Pensions Group plc Reg. S		441,732		854,879
				1,966,446
Commercial Services & Supplies 0.3%
Aggreko plc		49,634		451,151
Rentokil Initial plc		165,796		733,691
				1,184,842
Construction & Engineering 0.2%
Balfour Beatty plc		149,668		538,459
John Laing Group plc Reg. S(b)		87,499		407,609
				946,068
Electronic Equipment, Instruments & Components 0.8%
Halma plc		189,983		3,492,252
Equity Real Estate Investment Trusts (REITs) 2.3%
Derwent London plc		71,631		3,044,720
Safestore Holdings plc		293,805		2,224,390
UNITE Group plc (The)		302,620		3,615,197
				8,884,307
Hotels, Restaurants & Leisure 1.8%
Domino’s Pizza Group plc		536,121		1,863,473
Restaurant Group plc (The)		2,098,536		4,104,565
SSP Group plc		137,241		1,200,550
				7,168,588
Insurance 1.3%
Hiscox Ltd.		115,215		2,144,623
Sabre Insurance Group plc Reg. S(b)		894,879		3,335,144
				5,479,767
Internet & Direct Marketing Retail 0.6%
Just Eat plc*		278,071		2,539,486
Machinery 1.6%
IMI plc		47,631		598,334
Rotork plc		804,246		2,897,292
Spirax-Sarco Engineering plc		33,541		2,816,799
				6,312,425
Multiline Retail 0.6%
B&M European Value Retail SA		614,151		2,612,748
Oil, Gas & Consumable Fuels 0.1%
Cairn Energy plc*		239,971		587,987
Professional Services 0.1%
Capita plc*		297,520		453,802
Real Estate Management & Development 0.3%
Grainger plc		362,755		1,086,742
Road & Rail 0.3%
Firstgroup plc*		366,609		444,947
National Express Group plc		118,619		613,537
				1,058,484
Trading Companies & Distributors 0.3%
Grafton Group plc		48,172		464,412
Travis Perkins plc		44,263		711,482
				1,175,894
Transportation Infrastructure 0.1%
BBA Aviation plc		185,038		575,139
				46,928,539
UNITED STATES 1.0%
Biotechnology 0.9%
Nightstar Therapeutics plc, ADR*(a)		84,299		1,148,995
UroGen Pharma Ltd.*(a)		64,925		2,689,194
				3,838,189
Building Products 0.1%
Reliance Worldwide Corp. Ltd.(a)		128,141		449,204
				4,287,393
URUGUAY 0.6%
Hotels, Restaurants & Leisure 0.6%
Arcos Dorados Holdings, Inc., Class A		287,934		2,640,355
Total Common Stocks (cost $397,905,123)				389,180,702
Exchange Traded Fund 4.9%
	Shares		Market Value
UNITED STATES 4.9%
iShares MSCI EAFE Small-Cap ETF(a)		358,742		20,093,140
Total Exchange Traded Fund (cost $20,445,330)				20,093,140
Short-Term Investment 0.5%
	Shares		Value
Money Market Fund 0.5%
Money Market Fund 0.5%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%,(c)(d)		1,884,026		1,884,026
Total Short-Term Investment (cost $1,884,026)				1,884,026
Repurchase Agreements 4.7%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $18,732,942, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $19,199,365.(d)	$	18,731,599		18,731,599
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $489,667, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $499,426.(d)		489,633		489,633
Total Repurchase Agreements (cost $19,221,232)				19,221,232
Total Investments (cost $439,455,711) — 104.3%				430,379,100
Liabilities in excess of other assets — (4.3)%				(17,680,089	)
NET ASSETS — 100.0%			$	412,699,011

* Denotes a non-income producing security.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $24,906,508, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,884,026 and $19,221,232, respectively, and by $5,817,449 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $26,922,707.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $30,079,258 which represents 7.29% of net assets.

(c) Represents 7-day effective yield as of January 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $21,105,258.

† Amount rounds to less than 0.1%. Types

ADR	American Depositary Receipt
CVA	Dutch Certification
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt
SOCIMI	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	—	$	2,524,666	$	—	$	2,524,666
Air Freight & Logistics		—		1,546,184		—		1,546,184
Airlines		—		828,728		—		828,728
Banks		—		11,035,195		—		11,035,195
Biotechnology		7,453,416		4,054,477		—		11,507,893
Building Products		—		1,475,313		—		1,475,313
Capital Markets		—		12,747,447		—		12,747,447
Chemicals		3,274,724		10,814,535		—		14,089,259
Commercial Services & Supplies		1,272,461		2,918,625		—		4,191,086
Communications Equipment		—		350,583		—		350,583
Construction & Engineering		—		5,864,603		—		5,864,603
Construction Materials		755,163		6,774,198		—		7,529,361
Consumer Finance		—		2,407,832		—		2,407,832
Containers & Packaging		—		11,710,110		—		11,710,110
Diversified Financial Services		—		6,175,022		—		6,175,022
Diversified Telecommunication Services		—		9,386,483		—		9,386,483
Electric Utilities		—		1,868,807		—		1,868,807
Electrical Equipment		—		1,614,325		—		1,614,325
Electronic Equipment, Instruments & Components		—		7,585,912		—		7,585,912
Entertainment		—		3,148,914		—		3,148,914

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs)	$	1,883,375	$	28,533,698	$	—	$	30,417,073
Food & Staples Retailing		—		1,723,665		—		1,723,665
Food Products		—		12,569,434		—		12,569,434
Gas Utilities		6,509,062		3,367,681		—		9,876,743
Health Care Equipment & Supplies		—		13,682,865		—		13,682,865
Health Care Technology		—		317,325		—		317,325
Hotels, Restaurants & Leisure		2,640,355		16,865,485		—		19,505,840
Household Durables		—		1,994,774		—		1,994,774
Independent Power and Renewable Electricity Producers		—		1,813,446		—		1,813,446
Industrial Conglomerates		—		2,474,920		—		2,474,920
Insurance		—		8,653,888		—		8,653,888
Interactive Media & Services		—		2,546,923		—		2,546,923
Internet & Direct Marketing Retail		—		8,026,706		—		8,026,706
IT Services		5,756,836		11,329,235		—		17,086,071
Life Sciences Tools & Services		—		6,060,724		—		6,060,724
Machinery		—		24,704,058		—		24,704,058
Marine		—		4,134,991		—		4,134,991
Media		—		12,978,338		—		12,978,338
Metals & Mining		1,463,669		4,859,928		—		6,323,597
Multiline Retail		—		4,099,772		—		4,099,772
Oil, Gas & Consumable Fuels		938,340		10,089,849		—		11,028,189
Pharmaceuticals		990,453		—		—		990,453
Professional Services		—		8,228,923		—		8,228,923
Real Estate Management & Development		—		17,995,252		—		17,995,252
Road & Rail		—		2,981,847		—		2,981,847
Semiconductors & Semiconductor Equipment		343,042		10,502,878		—		10,845,920
Software		—		8,570,855		—		8,570,855
Specialty Retail		—		7,046,025		—		7,046,025
Technology Hardware, Storage & Peripherals		—		678,290		—		678,290
Textiles, Apparel & Luxury Goods		—		2,460,803		—		2,460,803
Trading Companies & Distributors		—		6,163,694		—		6,163,694
Transportation Infrastructure		—		2,803,531		—		2,803,531
Water Utilities		848,217		—		—		848,217
Wireless Telecommunication Services		—		1,959,827		—		1,959,827
Total Common Stocks	$	34,129,113	$	355,051,589	$	—	$	389,180,702
Exchange Traded Fund	$	20,093,140	$	—	$	—	$	20,093,140
Repurchase Agreements		—		19,221,232		—		19,221,232
Short-Term Investment		1,884,026		—		—		1,884,026
Total	$	56,106,279	$	374,272,821	$	—	$	430,379,100

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Aggressive Fund

Investment Companies 92.9%
	Shares		Value
Alternative Assets 2.0%
Nationwide Amundi Global High Yield Fund, Class R6(a)		977,833	$	9,201,412
Nationwide Emerging Markets Debt Fund, Class R6(a)		982,677		9,188,034
Total Alternative Assets (cost $19,623,463)				18,389,446
Equity Funds 89.0%
Nationwide International Index Fund, Class R6(a)		31,642,125		233,202,462
Nationwide International Small Cap Fund, Class R6(a)		4,226,061		37,611,944
Nationwide Loomis All Cap Growth Fund, Class R6(a)		3,441,993		38,206,121
Nationwide Mid Cap Market Index Fund, Class R6(a)		7,846,425		113,930,091
Nationwide Multi-Cap Portfolio, Class R6(a)		26,225,709		269,600,293
Nationwide S&P 500 Index Fund, Class R6(a)		9,887,516		140,204,979
Nationwide Small Cap Index Fund, Class R6(a)		1,191,947		11,466,531
Total Equity Funds (cost $865,392,858)				844,222,421
Fixed Income Funds 1.9%
Nationwide Bond Index Fund, Class R6(a)		1,257,235		13,540,424
Nationwide Core Plus Bond Fund, Class R6(a)		457,770		4,536,498
Total Fixed Income Funds (cost $18,515,732)				18,076,922
Total Investment Companies (cost $903,532,053)				880,688,789
Exchange Traded Fund 7.2%
	Shares		Value
Equity Fund 7.2%
iShares Core MSCI Emerging Markets ETF		1,317,038		68,064,524
Total Exchange Traded Fund (cost $71,983,578)				68,064,524
Total Investments (cost $975,515,631) — 100.1%				948,753,313
Liabilities in excess of other assets — (0.1)%				(572,164	)
NET ASSETS — 100.0%			$	948,181,149

(a) Investment in affiliate.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Aggressive Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

At January 31, 2019, 100% of the market value of the Fund was determined based on Level 1 inputs.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Conservative Fund

Investment Companies 72.8%
	Shares		Value
Alternative Assets 6.0%
Nationwide Amundi Global High Yield Fund, Class R6(a)		1,397,357	$	13,149,134
Nationwide Amundi Strategic Income Fund, Class R6(a)		1,931,219		19,447,374
Nationwide Emerging Markets Debt Fund, Class R6(a)		702,094		6,564,581
Total Alternative Assets (cost $41,161,533)				39,161,089
Equity Funds 21.3%
Nationwide International Index Fund, Class R6(a)		5,425,919		39,989,020
Nationwide Mid Cap Market Index Fund, Class R6(a)		950,278		13,798,040
Nationwide Multi-Cap Portfolio, Class R6(a)		5,475,698		56,290,178
Nationwide S&P 500 Index Fund, Class R6(a)		1,915,858		27,166,869
Nationwide Small Cap Index Fund, Class R6(a)		180,941		1,740,656
Total Equity Funds (cost $145,709,938)				138,984,763
Fixed Income Funds 45.5%
Nationwide Bond Index Fund, Class R6(a)		10,784,924		116,153,629
Nationwide Core Plus Bond Fund, Class R6(a)		5,887,411		58,344,242
Nationwide Inflation-Protected Securities Fund, Class R6(a)		3,360,726		32,262,969
Nationwide Loomis Short Term Bond Fund, Class R6(a)		9,168,812		90,404,488
Total Fixed Income Funds (cost $303,570,561)				297,165,328
Total Investment Companies (cost $490,442,032)				475,311,180
Exchange Traded Fund 1.6%
	Shares		Value
Equity Fund 1.6%
iShares Core MSCI Emerging Markets ETF		202,133		10,446,234
Total Exchange Traded Fund (cost $11,070,540)				10,446,234
Investment Contract 23.5%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(b)(c)(d)	$	153,739,648		153,739,648
Total Investment Contract (cost $153,739,648)				153,739,648
Total Investments (cost $655,252,220) — 97.9%				639,497,062
Other assets in excess of liabilities — 2.1%				13,726,238
NET ASSETS — 100.0%			$	653,223,300

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(c) Value determined using significant unobservable inputs.

(d) Fair valued security.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Conservative Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	10,446,234	$	—	$	—	$	10,446,234
Investment Companies		475,311,180		—		—		475,311,180
Investment Contract		—		—		153,739,648		153,739,648
Total	$	485,757,414	$	—	$	153,739,648	$	639,497,062

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Conservative Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	165,332,384		$	165,332,384
Purchases*		1,659,256			1,659,256
Sales		(13,251,992	)		(13,251,992	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	153,739,648		$	153,739,648

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

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Moderate Fund

Investment Companies 84.8%
	Shares		Value
Alternative Assets 6.4%
Nationwide Amundi Global High Yield Fund, Class R6(a)		3,853,627	$	36,262,629
Nationwide Amundi Strategic Income Fund, Class R6(a)		1,781,293		17,937,624
Nationwide Emerging Markets Debt Fund, Class R6(a)		2,581,884		24,140,611
Total Alternative Assets (cost $82,640,892)				78,340,864
Equity Funds 62.4%
Nationwide International Index Fund, Class R6(a)		26,602,325		196,059,135
Nationwide International Small Cap Fund, Class R6(a)		2,775,790		24,704,530
Nationwide Loomis All Cap Growth Fund, Class R6(a)		2,260,742		25,094,236
Nationwide Mid Cap Market Index Fund, Class R6(a)		4,583,580		66,553,582
Nationwide Multi-Cap Portfolio, Class R6(a)		26,876,865		276,294,177
Nationwide S&P 500 Index Fund, Class R6(a)		11,892,024		168,628,908
Nationwide Small Cap Index Fund, Class R6(a)		917,282		8,824,256
Total Equity Funds (cost $799,573,742)				766,158,824
Fixed Income Funds 16.0%
Nationwide Bond Index Fund, Class R6(a)		7,162,472		77,139,824
Nationwide Core Plus Bond Fund, Class R6(a)		6,013,984		59,598,578
Nationwide Inflation-Protected Securities Fund, Class R6(a)		1,235,819		11,863,867
Nationwide Loomis Short Term Bond Fund, Class R6(a)		4,813,345		47,459,577
Total Fixed Income Funds (cost $201,591,346)				196,061,846
Total Investment Companies (cost $1,083,805,980)				1,040,561,534
Exchange Traded Fund 3.6%
	Shares		Value
Equity Fund 3.6%
iShares Core MSCI Emerging Markets ETF		865,099		44,708,316
Total Exchange Traded Fund (cost $46,826,936)				44,708,316
Investment Contract 10.6%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(b)(c)(d)	$	129,504,280		129,504,280
Total Investment Contract (cost $129,504,280)				129,504,280
Total Investments (cost $1,260,137,196) — 99.0%				1,214,774,130
Other assets in excess of liabilities — 1.0%				12,546,483
NET ASSETS — 100.0%			$	1,227,320,613

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(c) Value determined using significant unobservable inputs.

(d) Fair valued security.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Moderate Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	44,708,316	$	—	$	—	$	44,708,316
Investment Companies		1,040,561,534		—		—		1,040,561,534
Investment Contract		—		—		129,504,280		129,504,280
Total	$	1,085,269,850	$	—	$	129,504,280	$	1,214,774,130

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Moderate Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	139,314,583		$	139,314,583
Purchases*		1,409,650			1,409,650
Sales		(11,219,953	)		(11,219,953	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	129,504,280		$	129,504,280

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

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Moderately Aggressive Fund

Investment Companies 95.9%
	Shares		Value
Alternative Assets 6.3%
Nationwide Amundi Global High Yield Fund, Class R6(a)		4,675,673	$	43,998,082
Nationwide Amundi Strategic Income Fund, Class R6(a)		2,154,164		21,692,429
Nationwide Emerging Markets Debt Fund, Class R6(a)		3,132,657		29,290,347
Total Alternative Assets (cost $100,213,813)				94,980,858
Equity Funds 78.5%
Nationwide International Index Fund, Class R6(a)		43,372,603		319,656,081
Nationwide International Small Cap Fund, Class R6(a)		5,893,736		52,454,251
Nationwide Loomis All Cap Growth Fund, Class R6(a)		4,114,432		45,670,196
Nationwide Mid Cap Market Index Fund, Class R6(a)		8,478,578		123,108,950
Nationwide Multi-Cap Portfolio, Class R6(a)		38,470,338		395,475,074
Nationwide S&P 500 Index Fund, Class R6(a)		16,026,134		227,250,584
Nationwide Small Cap Index Fund, Class R6(a)		1,583,163		15,230,032
Total Equity Funds (cost $1,211,057,604)				1,178,845,168
Fixed Income Funds 11.1%
Nationwide Bond Index Fund, Class R6(a)		8,683,838		93,524,937
Nationwide Core Plus Bond Fund, Class R6(a)		5,837,592		57,850,532
Nationwide Inflation-Protected Securities Fund, Class R6(a)		1,499,502		14,395,218
Total Fixed Income Funds (cost $170,371,829)				165,770,687
Total Investment Companies (cost $1,481,643,246)				1,439,596,713
Exchange Traded Fund 4.1%
	Shares		Value
Equity Fund 4.1%
iShares Core MSCI Emerging Markets ETF		1,198,430		61,934,862
Total Exchange Traded Fund (cost $64,256,574)				61,934,862
Total Investments (cost $1,545,899,820) — 100.0%				1,501,531,575
Liabilities in excess of other assets — 0.0%†				(635,553	)
NET ASSETS — 100.0%			$	1,500,896,022

(a) Investment in affiliate.

† Amount rounds to less than 0.1%.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Moderately Aggressive Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

At January 31, 2019, 100% of the market value of the fund was determined based on Level 1 inputs.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Moderately Conservative Fund

Investment Companies 80.9%
	Shares		Value
Alternative Assets 5.5%
Nationwide Amundi Global High Yield Fund, Class R6(a)		1,384,218	$	13,025,491
Nationwide Amundi Strategic Income Fund, Class R6(a)		639,874		6,443,534
Nationwide Emerging Markets Debt Fund, Class R6(a)		463,710		4,335,693
Total Alternative Assets (cost $25,066,168)				23,804,718
Equity Funds 43.6%
Nationwide International Index Fund, Class R6(a)		7,467,189		55,033,184
Nationwide International Small Cap Fund, Class R6(a)		251,685		2,239,996
Nationwide Mid Cap Market Index Fund, Class R6(a)		1,412,974		20,516,378
Nationwide Multi-Cap Portfolio, Class R6(a)		6,894,285		70,873,250
Nationwide S&P 500 Index Fund, Class R6(a)		2,767,863		39,248,295
Nationwide Small Cap Index Fund, Class R6(a)		236,606		2,276,154
Total Equity Funds (cost $199,390,771)				190,187,257
Fixed Income Funds 31.8%
Nationwide Bond Index Fund, Class R6(a)		5,733,505		61,749,846
Nationwide Core Plus Bond Fund, Class R6(a)		3,024,531		29,973,105
Nationwide Inflation-Protected Securities Fund, Class R6(a)		1,331,934		12,786,567
Nationwide Loomis Short Term Bond Fund, Class R6(a)		3,458,211		34,097,957
Total Fixed Income Funds (cost $142,099,899)				138,607,475
Total Investment Companies (cost $366,556,838)				352,599,450
Exchange Traded Fund 1.6%
	Shares		Value
Equity Fund 1.6%
iShares Core MSCI Emerging Markets ETF		132,544		6,849,874
Total Exchange Traded Fund (cost $7,223,294)				6,849,874
Investment Contract 16.5%
	Principal Amount		Value
Nationwide Contract, 2.65%(a)(b)(c)(d)	$	71,860,119		71,860,119
Total Investment Contract (cost $71,860,119)				71,860,119
Total Investments (cost $445,640,251) — 99.0%				431,309,443
Other assets in excess of liabilities — 1.0%				4,447,464
NET ASSETS — 100.0%			$	435,756,907

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate changes quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(c) Value determined using significant unobservable inputs.

(d) Fair valued security.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Moderately Conservative Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	6,849,874	$	—	$	—	$	6,849,874
Investment Companies		352,599,450		—		—		352,599,450
Investment Contract		—		—		71,860,119		71,860,119
Total	$	359,449,324	$	—	$	71,860,119	$	431,309,443

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

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Investor Destinations Moderately Conservative Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 10/31/2018	$	75,523,896		$	75,523,896
Purchases*		1,886,109			1,886,109
Sales		(5,549,886	)		(5,549,886	)
Change in Net Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	71,860,119		$	71,860,119

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

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions	daily
		Interest Rate	2.65%
		Redemption Feature	daily
		Non Assignment Feature	daily
		Termination Feature	daily

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the issuer has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Long/Short Equity Fund

Long Positions 101.0%
Common Stocks 101.0%
	Shares		Value
Automobiles 4.2%
General Motors Co.		24,936	$	973,003
Banks 6.0%
JPMorgan Chase & Co.		6,714		694,899
Wells Fargo & Co.		14,304		699,609
				1,394,508
Beverages 1.1%
Constellation Brands, Inc., Class A		1,518		263,616
Biotechnology 3.7%
AbbVie, Inc.		5,214		418,632
Amgen, Inc.		2,348		439,334
				857,966
Building Products 2.2%
Lennox International, Inc.		1,544		354,008
PGT Innovations, Inc.*		9,450		157,248
				511,256
Capital Markets 1.4%
S&P Global, Inc.		1,695		324,847
Chemicals 4.1%
Ecolab, Inc.		2,806		443,825
Sherwin-Williams Co. (The)		1,215		512,147
				955,972
Communications Equipment 2.1%
Cisco Systems, Inc.		10,095		477,393
Diversified Telecommunication Services 3.9%
AT&T, Inc.		29,939		899,966
Electronic Equipment, Instruments & Components 1.2%
Littelfuse, Inc.		1,585		278,516
Entertainment 1.0%
Electronic Arts, Inc.*		2,515		231,984
Food Products 3.9%
Kraft Heinz Co. (The)		18,834		905,162
Health Care Equipment & Supplies 4.0%
Align Technology, Inc.*		2,053		511,094
Masimo Corp. *		3,380		420,438
				931,532
Health Care Providers & Services 2.7%
BioTelemetry, Inc.*		3,275		235,210
UnitedHealth Group, Inc.		1,465		395,843
				631,053
Hotels, Restaurants & Leisure 1.4%
Starbucks Corp.		4,759		324,278
Insurance 2.8%
Marsh & McLennan Cos., Inc.		3,802		335,299
Primerica, Inc.		2,863		321,715
				657,014
Interactive Media & Services 2.7%
Alphabet, Inc., Class A*		210		236,437
Facebook, Inc., Class A*		2,288		381,387
				617,824
Internet & Direct Marketing Retail 2.2%
Amazon.com, Inc. *		295		507,025
IT Services 13.8%
Broadridge Financial Solutions, Inc.		3,848		387,994
Cognizant Technology Solutions Corp., Class A		4,800		334,464
EPAM Systems, Inc. *		2,150		304,182
Fiserv, Inc. *		6,577		545,431
Global Payments, Inc.		3,008		337,738
International Business Machines Corp.		3,740		502,731
Mastercard, Inc., Class A		3,724		786,248
				3,198,788
Machinery 1.6%
Caterpillar, Inc.		2,848		379,240
Oil, Gas & Consumable Fuels 7.8%
Chevron Corp.		7,876		902,984
Royal Dutch Shell plc, Class B, ADR-NL		14,188		891,006
				1,793,990
Pharmaceuticals 4.0%
Pfizer, Inc.		10,376		440,461
Zoetis, Inc.		5,500		473,880
				914,341
Professional Services 1.9%
Verisk Analytics, Inc.*		3,753		440,640
Real Estate Management & Development 2.1%
CBRE Group, Inc., Class A*		10,761		492,316
Road & Rail 2.1%
CSX Corp.		7,369		484,143
Semiconductors & Semiconductor Equipment 3.9%
Broadcom, Inc.		2,053		550,717
ON Semiconductor Corp.*		17,229		345,269
				895,986
Software 1.8%
Paycom Software, Inc.*		2,818		417,740
Specialty Retail 5.0%
Five Below, Inc.*		5,146		636,715
Home Depot, Inc. (The)		2,859		524,712
				1,161,427
Technology Hardware, Storage & Peripherals 2.7%
Apple, Inc.		3,790		630,808
Tobacco 3.7%
Philip Morris International, Inc.		11,184		858,036
Total Common Stocks (cost $21,140,710)				23,410,370
Total Investments (cost $21,140,710) — 101.0%				23,410,370
Liabilities in excess of other assets — (1.0)%				(235,945	)
NET ASSETS — 100.0%			$	23,174,425
Short Positions 36.4%
Common Stocks 20.9%
	Shares		Value
Auto Components 1.1%
Dorman Products, Inc.*		3,000		257,850
Electronic Equipment, Instruments & Components 1.0%
Coherent, Inc.*		2,000		236,400
Health Care Technology 1.9%
Cerner Corp.*		8,200		450,262
Household Durables 2.1%
Leggett & Platt, Inc.		12,000		491,520
Machinery 4.3%
Deere & Co.		3,300		541,200
Snap-on, Inc.		2,700		448,173
				989,373

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Long/Short Equity Fund (Continued)

Short Positions (continued)
Common Stocks (continued)
	Shares		Value
Multiline Retail 1.7%
Dollar Tree, Inc.*		4,000	$	387,320
Semiconductors & Semiconductor Equipment 1.1%
Universal Display Corp.		2,500		259,575
Specialty Retail 1.1%
Party City Holdco, Inc.*		22,000		242,880
Textiles, Apparel & Luxury Goods 6.6%
Carter’s, Inc.		2,600		215,540
Hanesbrands, Inc.		30,000		449,700
Oxford Industries, Inc.		5,820		445,696
Wolverine World Wide, Inc.		12,000		411,720
				1,522,656
Total Common Stocks (proceeds $4,630,782)				4,837,836
Exchange Traded Funds 15.5%
	Shares		Value
Equity Funds 15.5%
iShares Russell 2000 ETF		17,045		2,540,728
SPDR S&P 500 ETF Trust		3,910		1,055,426
Total Exchange Traded Funds (proceeds $3,469,791)				3,596,154
TOTAL SECURITIES SOLD SHORT (proceeds $8,100,573) — 36.4%			$	8,433,990

* Denotes a non-income producing security.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
NL	Netherlands

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Long/Short Equity Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

At January 31, 2019, 100% of the market value of the Fund was determined based on Level 1 inputs.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Loomis All Cap Growth Fund

Common Stocks 99.6%
	Shares		Value
Air Freight & Logistics 3.8%
Expeditors International of Washington, Inc.		100,554	$	6,968,392
Beverages 6.3%
Coca-Cola Co. (The)		61,966		2,982,424
Monster Beverage Corp.*		151,818		8,690,062
				11,672,486
Biotechnology 7.1%
Amgen, Inc.		11,285		2,111,536
BioMarin Pharmaceutical, Inc.*		41,034		4,028,308
Regeneron Pharmaceuticals, Inc.*		16,418		7,047,755
				13,187,599
Capital Markets 6.0%
FactSet Research Systems, Inc.		15,701		3,432,710
MSCI, Inc.		20,667		3,518,970
SEI Investments Co.		86,220		4,098,899
				11,050,579
Communications Equipment 2.6%
Cisco Systems, Inc.		101,043		4,778,324
Consumer Finance 1.2%
American Express Co.		21,502		2,208,255
Energy Equipment & Services 1.8%
Schlumberger Ltd.		75,038		3,317,430
Food Products 2.0%
Danone SA, ADR-FR		253,353		3,691,353
Health Care Equipment & Supplies 1.8%
Varian Medical Systems, Inc.*		24,839		3,279,493
Health Care Technology 2.3%
Cerner Corp.*		77,126		4,234,989
Hotels, Restaurants & Leisure 7.6%
Starbucks Corp.		81,077		5,524,587
Yum China Holdings, Inc.		155,616		5,672,203
Yum! Brands, Inc.		30,303		2,847,876
				14,044,666
Household Products 3.1%
Colgate-Palmolive Co.		42,954		2,778,265
Procter & Gamble Co. (The)		31,558		3,044,400
				5,822,665
Interactive Media & Services 10.3%
Alphabet, Inc., Class A*		3,954		4,451,769
Alphabet, Inc., Class C*		3,953		4,413,010
Facebook, Inc., Class A*		60,375		10,063,909
				18,928,688
Internet & Direct Marketing Retail 12.6%
Alibaba Group Holding Ltd., ADR-CN*		63,125		10,635,931
Amazon.com, Inc.*		7,340		12,615,478
				23,251,409
IT Services 5.5%
Automatic Data Processing, Inc.		12,716		1,778,205
Visa, Inc., Class A		61,668		8,325,797
				10,104,002
Machinery 2.5%
Deere & Co.		27,636		4,532,304
Pharmaceuticals 4.7%
Merck & Co., Inc.		17,322		1,289,277
Novartis AG, ADR-CH		29,292		2,563,636
Novo Nordisk A/S, ADR-DK		101,069		4,752,264
				8,605,177
Semiconductors & Semiconductor Equipment 4.1%
NVIDIA Corp.		25,765		3,703,719
QUALCOMM, Inc.		76,842		3,805,216
				7,508,935
Software 11.7%
Autodesk, Inc.*		55,527		8,173,575
Microsoft Corp.		37,535		3,919,780
Oracle Corp.		190,410		9,564,294
				21,657,649
Textiles, Apparel & Luxury Goods 2.6%
Under Armour, Inc., Class A*(a)		232,356		4,819,063
Total Common Stocks (cost $166,316,939)				183,663,458
Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32% (b)(c)		439,757		439,757
Total Short-Term Investment (cost $439,757)				439,757
Repurchase Agreements 2.4%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $4,372,520, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $4,481,390.(c)	$	4,372,207		4,372,207
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $114,295, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $116,573.(c)		114,287		114,287
Total Repurchase Agreements (cost $4,486,494)				4,486,494
Total Investments (cost $171,243,190) — 102.2%				188,589,709
Liabilities in excess of other assets — (2.2)%				(4,090,674	)
NET ASSETS — 100.0%			$	184,499,035

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $4,760,307, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $439,757 and $4,486,494, respectively, a total value of $4,926,251.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $4,926,251.

ADR	American Depositary Receipt
CH	Switzerland
CN	China
DK	Denmark
FR	France

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis All Cap Growth Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	183,663,458	$	—	$	—	$	183,663,458
Repurchase Agreements		—		4,486,494		—		4,486,494
Short-Term Investment		439,757		—		—		439,757
Total	$	184,103,215	$	4,486,494	$	—	$	188,589,709

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund

Asset-Backed Securities 9.0%
	Principal Amount		Value
Airlines 0.7%
Continental Airlines Pass-Through Trust, Series 2010-1, Class A, 4.75%, 1/12/2021	$	1,319,747	$	1,343,843
Delta Air Lines Pass-Through Trust, Series 2011-1, Class A, 5.30%, 4/15/2019		1,226,352		1,230,644
				2,574,487
Automobiles 5.1%
ACC Trust, Series 2018-1, Class A, 3.70%, 12/21/2020(a)		172,085		172,207
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class A, 2.97%, 3/20/2024(a)		750,000		737,835
CPS Auto Receivables Trust Series 2018-D, Class B, 3.61%, 11/15/2022(a)		1,145,000		1,152,437
Series 2018-A, Class C, 3.05%, 12/15/2023(a)		235,000		233,550
Credit Acceptance Auto Loan Trust, Series 2018-2A, Class A, 3.47%, 5/17/2027(a)		1,295,000		1,299,229
Drive Auto Receivables Trust, Series 2018-1, Class B, 2.88%, 2/15/2022		745,000		744,398
DT Auto Owner Trust Series 2018-3A, Class B, 3.56%, 9/15/2022(a)		1,385,000		1,392,354
Series 2018-2A, Class C, 3.67%, 3/15/2024(a)		1,175,000		1,177,568
Exeter Automobile Receivables Trust Series 2018-1A, Class B, 2.75%, 4/15/2022(a)		800,000		797,189
Series 2018-2A, Class B, 3.27%, 5/16/2022(a)		1,220,000		1,220,211
Flagship Credit Auto Trust Series 2018-2, Class B, 3.56%, 5/15/2023(a)		1,550,000		1,554,372
Series 2018-4, Class B, 3.88%, 10/16/2023(a)		380,000		384,575
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/2031(a)		1,900,000		1,875,327
GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.78%, 8/15/2023(a)		650,000		653,512
NextGear Floorplan Master Owner Trust Series 2018-1A, Class A2, 3.22%, 2/15/2023(a)		1,060,000		1,060,035
Series 2018-2A, Class A2, 3.69%, 10/16/2023(a)		845,000		852,560
Santander Drive Auto Receivables Trust Series 2018-1, Class B, 2.63%, 7/15/2022		1,235,000		1,228,994
Series 2018-2, Class B, 3.03%, 9/15/2022		1,430,000		1,429,252
Series 2018-5, Class C, 3.81%, 12/16/2024		340,000		342,670
Westlake Automobile Receivables Trust, Series 2018-1A, Class B, 2.67%, 5/17/2021(a)		1,505,000		1,497,617
				19,805,892
Other 2.8%
Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.92%, 12/20/2029(a)		1,710,000		1,690,546
Onemain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, 3/14/2029(a)		3,585,000		3,586,267
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, 9/5/2048(a)		1,511,213		1,535,392
SCF Equipment Leasing LLC, Series 2018-1A, Class A2, 3.63%, 10/20/2024(a)		1,378,452		1,381,948
Sofi Consumer Loan Program Trust Series 2018-1, Class A2, 3.14%, 2/25/2027(a)		755,000		752,117
Series 2018-2, Class A2, 3.35%, 4/26/2027(a)		2,210,000		2,206,285
				11,152,555
Student Loan 0.4%
Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.85%, 5/25/2033		913,772		928,282
Sofi Professional Loan Program LLC, Series 2018-A, Class A2B, 2.95%, 2/25/2042(a)		700,000		686,618
				1,614,900
Total Asset-Backed Securities (cost $35,122,423)				35,147,834
Collateralized Mortgage Obligations 12.9%
	Principal Amount		Value
Federal Agricultural Mortgage Corp., Series 2017-1, Class A2, 3.73%, 3/25/2047(a)(b)(c)(d)		584,392		582,932
FHLMC REMICS Series 1666, Class J, 6.25%, 1/15/2024		222,450		232,821
Series 3747, Class CY, 4.50%, 10/15/2040		1,000,000		1,091,900
Series 3934, Class KB, 5.00%, 10/15/2041		1,000,000		1,124,611
Series 4030, Class BE, 4.00%, 4/15/2042		2,511,000		2,626,061
FNMA REMICS Series 2010-92, Class B, 4.50%, 8/25/2030		1,500,000		1,627,046
Series 2017-82, Class FG, 2.76%, 11/25/2032(c)		20,827,410		20,846,540
Series 2004-29, Class PS, IO, 5.09%, 5/25/2034(c)		2,420,516		472,124
Series 2004-37, Class AL, 4.50%, 6/25/2034		1,100,000		1,191,149
Series 2016-32, Class SA, IO, 3.59%, 10/25/2034(c)		13,116,185		1,773,137
Series 2010-57, Class SA, IO, 3.94%, 6/25/2040(c)		3,651,373		563,711
Series 2010-63, Class SA, IO, 3.99%, 6/25/2040(c)		3,205,549		495,362
Series 2010-118, Class SN, IO, 4.09%, 10/25/2040(c)		15,360,673		2,817,728
Series 2013-18, Class FB, 2.86%, 10/25/2041(c)		2,056,263		2,060,553
Series 2016-40, Class GA, 4.41%, 7/25/2046(c)		988,606		1,028,507
GNMA REMICS Series 2009-61, Class ZQ, 6.00%, 8/16/2039		2,891,156		3,679,777
Series 2012-H20, Class PT, 3.51%, 7/20/2062(c)		848,315		853,903

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
GNMA REMICS (continued)
Series 2018-H02, Class ZJ, 4.56%, 10/20/2064(c)	$	469,329	$	492,791
Series 2017-H12, Class EZ, 5.25%, 6/20/2066(c)		546,114		594,407
Series 2017-H13, Class JZ, 5.24%, 5/20/2067(c)		596,103		628,341
Series 2017-H22, Class FD, 2.55%, 11/20/2067(c)		2,282,716		2,278,176
Series 2017-H25, Class FD, 2.50%, 12/20/2067(c)		3,043,114		3,034,740
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1, 4.90%, 12/25/2033(c)		178,830		183,137
Total Collateralized Mortgage Obligations (cost $50,066,642)				50,279,454
Commercial Mortgage-Backed Securities 7.3%
	Principal Amount		Value
COMM Mortgage Trust, Series 2013-CR6, Class A4, 3.10%, 3/10/2046		4,450,000		4,453,955
GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.07%, 1/10/2047		4,139,865		4,289,998
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.16%, 8/5/2034(a)		2,015,000		2,011,876
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.14%, 8/15/2046(c)		1,130,000		1,174,415
Starwood Retail Property Trust, Series 2014-STAR, Class A, 3.73%, 11/15/2027(a)(c)		669,846		663,576
UBS-Barclays Commercial Mortgage Trust Series 2013-C5, Class A4, 3.18%, 3/10/2046		6,270,000		6,285,715
Series 2013-C6, Class A4, 3.24%, 4/10/2046		4,440,000		4,461,880
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.22%, 7/15/2046(c)		1,505,000		1,565,318
WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.10%, 3/15/2047		3,490,000		3,639,520
Total Commercial Mortgage-Backed Securities (cost $29,126,113)				28,546,253
Corporate Bonds 49.8%
	Principal Amount		Value
Aerospace & Defense 0.3%
Spirit AeroSystems, Inc., 4.60%, 6/15/2028		270,000		264,447
United Technologies Corp., 4.50%, 6/1/2042		835,000		838,922
				1,103,369
Automobiles 1.3%
BMW US Capital LLC, 1.85%, 9/15/2021(a)		1,090,000		1,050,672
General Motors Co., 5.00%, 10/1/2028		1,180,000		1,145,855
Hyundai Capital America, 3.95%, 2/1/2022(a)		1,320,000		1,326,115
Volkswagen Group of America Finance LLC, 4.75%, 11/13/2028(a)		1,385,000		1,369,529
				4,892,171
Banks 11.0%
ABN AMRO Bank NV, 2.65%, 1/19/2021(a)		2,390,000		2,366,208
AIB Group plc, 4.75%, 10/12/2023(a)		1,030,000		1,032,116
Bank of Ireland Group plc, 4.50%, 11/25/2023(a)		1,040,000		1,030,455
Banque Federative du Credit Mutuel SA, 3.75%, 7/20/2023(a)		1,525,000		1,532,782
Barclays plc, (ICE LIBOR USD 3 Month + 1.90%), 4.97%, 5/16/2029(e)		1,425,000		1,430,841
BB&T Corp., 3.75%, 12/6/2023		1,205,000		1,238,405
BNP Paribas SA, 3.38%, 1/9/2025(a)		1,565,000		1,507,310
(ICE LIBOR USD 3 Month + 2.57%), 5.20%, 1/10/2030(a)(e)		595,000		618,631
Citigroup, Inc., (ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(e)		1,280,000		1,271,313
Citizens Bank NA, 2.25%, 3/2/2020		1,075,000		1,066,024
Comerica, Inc., 3.70%, 7/31/2023		1,135,000		1,145,595
Cooperatieve Rabobank UA, 2.75%, 1/10/2023		460,000		451,191
Credit Agricole SA, 3.75%, 4/24/2023(a)		2,040,000		2,026,259
Danske Bank A/S, 3.88%, 9/12/2023(a)		1,910,000		1,828,324
5.38%, 1/12/2024(a)		1,045,000		1,059,831
HSBC Holdings plc, (ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(e)		1,005,000		1,017,349
ING Groep NV, 4.63%, 1/6/2026(a)		1,970,000		2,024,024
KeyCorp, 4.15%, 10/29/2025		660,000		679,657
Lloyds Banking Group plc, 4.05%, 8/16/2023		1,440,000		1,451,356
Mitsubishi UFJ Financial Group, Inc., 3.76%, 7/26/2023		1,955,000		1,990,443
National Australia Bank Ltd., 3.70%, 11/4/2021		1,675,000		1,693,113
Royal Bank of Scotland Group plc, (ICE LIBOR USD 3 Month + 1.91%), 5.08%, 1/27/2030(e)		520,000		524,343
Santander Holdings USA, Inc., 3.70%, 3/28/2022		3,080,000		3,076,211
Santander UK Group Holdings plc, (ICE LIBOR USD 3 Month + 1.57%), 4.80%, 11/15/2024(e)		1,620,000		1,642,258
Santander UK plc, 2.50%, 1/5/2021		1,735,000		1,707,148
(ICE LIBOR USD 3 Month + 0.62%), 3.36%, 6/1/2021(e)		425,000		423,550
Sumitomo Mitsui Financial Group, Inc., 2.78%, 7/12/2022		2,155,000		2,122,334

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
SunTrust Banks, Inc., 4.00%, 5/1/2025	$	1,020,000	$	1,039,763
Svenska Handelsbanken AB, 3.90%, 11/20/2023		1,035,000		1,059,573
UniCredit SpA, 3.75%, 4/12/2022(a)		1,730,000		1,682,362
US Bancorp, 3.95%, 11/17/2025		575,000		596,428
Westpac Banking Corp., 2.80%, 1/11/2022		525,000		522,301
				42,857,498
Beverages 1.0%
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/2029		735,000		762,792
4.60%, 4/15/2048		180,000		162,944
5.55%, 1/23/2049		970,000		1,012,893
Bacardi Ltd., 5.30%, 5/15/2048(a)		1,210,000		1,093,164
Brown-Forman Corp., 3.50%, 4/15/2025		785,000		792,244
				3,824,037
Building Products 0.5%
CRH America Finance, Inc., 4.50%, 4/4/2048(a)		805,000		711,781
Fortune Brands Home & Security, Inc., 4.00%, 9/21/2023		1,135,000		1,133,947
				1,845,728
Capital Markets 1.9%
Deutsche Bank AG, 3.30%, 11/16/2022		390,000		364,713
4.10%, 1/13/2026		1,465,000		1,353,075
E*TRADE Financial Corp., 2.95%, 8/24/2022		1,075,000		1,046,041
Lehman Brothers Holdings, Inc., 5.63%, 1/24/2013(f)		4,000,000		74,400
Macquarie Group Ltd., (ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030(a)(e)		1,465,000		1,488,754
Northern Trust Corp., (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032(e)		2,155,000		2,056,803
State Street Corp., (ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023(e)		1,080,000		1,061,355
				7,445,141
Chemicals 0.8%
DowDuPont, Inc., 4.49%, 11/15/2025		240,000		252,010
5.42%, 11/15/2048		490,000		534,789
Eastman Chemical Co., 3.80%, 3/15/2025		330,000		323,936
4.50%, 12/1/2028		660,000		674,291
Methanex Corp., 5.65%, 12/1/2044		1,030,000		931,356
Syngenta Finance NV, 5.18%, 4/24/2028(a)		500,000		476,219
				3,192,601
Commercial Services & Supplies 0.2%
Steelcase, Inc., 5.13%, 1/18/2029		945,000		958,028
Construction & Engineering 0.1%
Fluor Corp., 4.25%, 9/15/2028		290,000		280,356
Consumer Finance 3.6%
American Express Co., 3.70%, 8/3/2023		1,005,000		1,020,108
American Honda Finance Corp., 3.63%, 10/10/2023		1,525,000		1,553,397
Capital One Financial Corp., 3.90%, 1/29/2024		1,325,000		1,334,408
Caterpillar Financial Services Corp., 2.55%, 11/29/2022		730,000		716,034
3.65%, 12/7/2023		1,285,000		1,316,349
Discover Financial Services, 4.50%, 1/30/2026		1,345,000		1,359,269
Ford Motor Credit Co. LLC, 2.98%, 8/3/2022		1,600,000		1,484,714
3.81%, 1/9/2024		555,000		504,016
General Motors Financial Co., Inc., 4.15%, 6/19/2023		1,360,000		1,339,217
3.50%, 11/7/2024		155,000		144,050
5.25%, 3/1/2026		180,000		179,321
Harley-Davidson Financial Services, Inc., 4.05%, 2/4/2022(a)		400,000		399,652
3.35%, 2/15/2023(a)		1,435,000		1,400,008
Toyota Motor Credit Corp., 3.65%, 1/8/2029		1,430,000		1,453,041
				14,203,584
Containers & Packaging 0.3%
Westrock Co., 4.65%, 3/15/2026(a)		1,070,000		1,101,927
Distributors 0.3%
Ferguson Finance plc, 4.50%, 10/24/2028(a)		995,000		984,482
Diversified Financial Services 1.8%
AXA Equitable Holdings, Inc., 5.00%, 4/20/2048		855,000		794,963
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		2,155,000		1,923,524
Mitsubishi UFJ Lease & Finance Co. Ltd., 2.65%, 9/19/2022(a)		2,155,000		2,081,491
National Rural Utilities Cooperative Finance Corp., 4.30%, 3/15/2049		940,000		958,433
ORIX Corp., 3.25%, 12/4/2024		1,265,000		1,233,245
				6,991,656
Diversified Telecommunication Services 0.8%
AT&T, Inc., (ICE LIBOR USD 3 Month + 1.18%), 3.96%, 6/12/2024(e)		775,000		767,307
British Telecommunications plc, 4.50%, 12/4/2023		1,205,000		1,240,481
Deutsche Telekom International Finance BV, 4.75%, 6/21/2038(a)		1,020,000		998,907
				3,006,695
Electric Utilities 3.0%
Alliant Energy Finance LLC, 4.25%, 6/15/2028(a)		1,335,000		1,329,485

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
American Electric Power Co., Inc., Series J, 4.30%, 12/1/2028	$	1,560,000	$	1,613,720
CenterPoint Energy Houston Electric LLC, Series AC, 4.25%, 2/1/2049		960,000		987,970
Cleveland Electric Illuminating Co. (The), 4.55%, 11/15/2030(a)		435,000		442,293
Duke Energy Corp., 2.65%, 9/1/2026		450,000		419,571
Electricite de France SA, 5.00%, 9/21/2048(a)		1,450,000		1,368,368
Enel Finance International NV, 4.63%, 9/14/2025(a)		1,165,000		1,150,425
Entergy Texas, Inc., 3.45%, 12/1/2027		415,000		395,608
MidAmerican Energy Co., 4.25%, 7/15/2049		835,000		857,483
Niagara Mohawk Power Corp., 4.28%, 12/15/2028(a)		440,000		457,345
Southwestern Public Service Co., Series 6, 4.40%, 11/15/2048		995,000		1,025,609
Tampa Electric Co., 4.45%, 6/15/2049		500,000		501,465
Tucson Electric Power Co., 4.85%, 12/1/2048		630,000		663,905
Virginia Electric & Power Co., 4.60%, 12/1/2048		540,000		565,619
				11,778,866
Electronic Equipment, Instruments & Components 0.0%†
Trimble, Inc., 4.15%, 6/15/2023		120,000		119,783
Energy Equipment & Services 0.1%
Baker Hughes a GE Co. LLC, 4.08%, 12/15/2047		440,000		387,873
Entertainment 0.3%
Viacom, Inc., 6.88%, 4/30/2036		1,075,000		1,223,081
Equity Real Estate Investment Trusts (REITs) 1.4%
American Homes 4 Rent LP, 4.90%, 2/15/2029		1,355,000		1,356,744
Boston Properties LP, 4.13%, 5/15/2021		1,475,000		1,496,300
4.50%, 12/1/2028		585,000		604,516
Brixmor Operating Partnership LP, 3.65%, 6/15/2024		1,605,000		1,564,744
Omega Healthcare Investors, Inc., 4.50%, 1/15/2025		405,000		402,302
				5,424,606
Food & Staples Retailing 1.0%
Alimentation Couche-Tard, Inc., 2.70%, 7/26/2022(a)		2,155,000		2,097,558
Kroger Co. (The), 5.40%, 1/15/2049		945,000		952,709
Sysco Corp., 3.55%, 3/15/2025		1,000,000		990,492
				4,040,759
Food Products 0.8%
Archer-Daniels-Midland Co., 4.50%, 3/15/2049		590,000		621,910
Bunge Ltd. Finance Corp., 4.35%, 3/15/2024		1,445,000		1,422,172
Kraft Heinz Foods Co., 4.00%, 6/15/2023		1,240,000		1,262,380
				3,306,462
Health Care Equipment & Supplies 0.4%
Abbott Laboratories, 3.40%, 11/30/2023		1,508,000		1,526,995
Health Care Providers & Services 1.5%
Cigna Corp., 3.75%, 7/15/2023(a)		1,050,000		1,064,052
Express Scripts Holding Co., 4.75%, 11/15/2021		2,135,000		2,212,480
3.00%, 7/15/2023		925,000		905,235
McKesson Corp., 4.75%, 5/30/2029		1,565,000		1,618,851
				5,800,618
Hotels, Restaurants & Leisure 0.9%
Marriott International, Inc., Series Z, 4.15%, 12/1/2023		980,000		995,786
Series AA, 4.65%, 12/1/2028		325,000		335,643
Royal Caribbean Cruises Ltd., 2.65%, 11/28/2020		2,170,000		2,139,253
				3,470,682
Household Durables 0.3%
DR Horton, Inc., 2.55%, 12/1/2020		1,080,000		1,061,449
Independent Power and Renewable Electricity Producers 0.9%
Exelon Generation Co. LLC, 4.25%, 6/15/2022		2,155,000		2,203,403
PSEG Power LLC, 3.85%, 6/1/2023		1,400,000		1,409,446
				3,612,849
Industrial Conglomerates 0.3%
Roper Technologies, Inc., 3.65%, 9/15/2023		980,000		980,517
Insurance 3.0%
Aflac, Inc., 4.75%, 1/15/2049		355,000		380,348
American Financial Group, Inc., 3.50%, 8/15/2026		1,075,000		1,020,001
American International Group, Inc., 3.30%, 3/1/2021		1,560,000		1,571,082
Assurant, Inc., 4.20%, 9/27/2023		565,000		567,441
Athene Holding Ltd., 4.13%, 1/12/2028		370,000		345,474
Berkshire Hathaway Finance Corp., 4.25%, 1/15/2049		1,340,000		1,388,067
Brighthouse Financial, Inc., 3.70%, 6/22/2027		1,115,000		975,084
4.70%, 6/22/2047		805,000		625,620
Jackson National Life Global Funding, 3.88%, 6/11/2025(a)		390,000		397,254
Marsh & McLennan Cos., Inc., 4.38%, 3/15/2029		465,000		480,964
4.20%, 3/1/2048		685,000		647,362
4.90%, 3/15/2049		730,000		770,095
Reliance Standard Life Global Funding II, 3.85%, 9/19/2023(a)		1,725,000		1,725,803

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
Willis North America, Inc., 5.05%, 9/15/2048	$	1,045,000	$	1,016,071
				11,910,666
Internet & Direct Marketing Retail 0.4%
Expedia Group, Inc., 3.80%, 2/15/2028		1,580,000		1,489,535
IT Services 0.6%
IBM Credit LLC, 2.20%, 9/8/2022		1,075,000		1,034,227
Western Union Co. (The), 4.25%, 6/9/2023		1,240,000		1,252,411
				2,286,638
Machinery 1.1%
Kennametal, Inc., 4.63%, 6/15/2028		1,210,000		1,177,048
Nvent Finance SARL, 4.55%, 4/15/2028		1,055,000		1,030,327
Timken Co. (The), 4.50%, 12/15/2028		660,000		642,077
Wabtec Corp., (ICE LIBOR USD 3 Month + 1.05%), 3.84%, 9/15/2021(e)		420,000		419,892
4.70%, 9/15/2028		1,005,000		956,447
				4,225,791
Media 0.9%
Cox Communications, Inc., 3.15%, 8/15/2024(a)		1,075,000		1,043,316
Fox Corp., 5.58%, 1/25/2049(a)		250,000		265,337
Interpublic Group of Cos., Inc. (The), 3.50%, 10/1/2020		310,000		311,611
Time Warner Cable LLC, 8.25%, 4/1/2019		2,000,000		2,016,441
				3,636,705
Metals & Mining 0.2%
Corp. Nacional del Cobre de Chile, 4.38%, 2/5/2049(a)		810,000		773,874
Multi-Utilities 0.2%
San Diego Gas & Electric Co., 4.15%, 5/15/2048		825,000		788,177
Oil, Gas & Consumable Fuels 2.3%
Apache Corp., 4.38%, 10/15/2028		740,000		726,947
Enbridge Energy Partners LP, 4.38%, 10/15/2020		2,685,000		2,730,378
Enterprise Products Operating LLC, 3.75%, 2/15/2025		330,000		334,037
4.15%, 10/16/2028		445,000		453,636
Kinder Morgan, Inc., 7.80%, 8/1/2031		1,600,000		1,994,619
MPLX LP, 4.90%, 4/15/2058		1,405,000		1,252,859
Petroleos Mexicanos, 6.38%, 2/4/2021		1,320,000		1,337,160
				8,829,636
Pharmaceuticals 0.7%
Bayer US Finance II LLC, 3.38%, 7/15/2024(a)		605,000		583,717
Pfizer, Inc., 3.20%, 9/15/2023		1,010,000		1,024,905
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/2023(a)		1,245,000		1,281,739
				2,890,361
Professional Services 0.2%
Experian Finance plc, 4.25%, 2/1/2029(a)		880,000		887,448
Road & Rail 1.3%
Canadian National Railway Co., 3.65%, 2/3/2048		690,000		654,429
CSX Corp., 4.30%, 3/1/2048		450,000		438,105
Penske Truck Leasing Co. LP, 4.13%, 8/1/2023(a)		1,315,000		1,322,308
4.45%, 1/29/2026(a)		970,000		977,381
Ryder System, Inc., 3.75%, 6/9/2023		670,000		673,109
3.88%, 12/1/2023		1,055,000		1,058,585
				5,123,917
Semiconductors & Semiconductor Equipment 0.3%
Marvell Technology Group Ltd., 4.20%, 6/22/2023		940,000		938,623
Microchip Technology, Inc., 3.92%, 6/1/2021(a)		355,000		351,317
				1,289,940
Specialty Retail 0.6%
AutoNation, Inc., 3.50%, 11/15/2024		800,000		744,366
4.50%, 10/1/2025		675,000		653,838
Best Buy Co., Inc., 4.45%, 10/1/2028		1,000,000		951,407
				2,349,611
Technology Hardware, Storage & Peripherals 0.9%
Hewlett Packard Enterprise Co., 3.50%, 10/5/2021		475,000		478,849
4.90%, 10/15/2025(g)		1,540,000		1,608,857
Seagate HDD Cayman, 4.88%, 3/1/2024		685,000		655,249
Xerox Corp., 3.62%, 3/15/2023		650,000		619,125
				3,362,080
Textiles, Apparel & Luxury Goods 0.3%
Ralph Lauren Corp., 3.75%, 9/15/2025		1,160,000		1,161,776
Thrifts & Mortgage Finance 0.3%
Nationwide Building Society, (ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024(a)(e)		1,310,000		1,314,103
Trading Companies & Distributors 1.5%
Air Lease Corp., 3.50%, 1/15/2022		125,000		124,000
3.88%, 7/3/2023		1,260,000		1,242,520
Aircastle Ltd., 4.40%, 9/25/2023		835,000		826,731
Aviation Capital Group LLC, 3.88%, 5/1/2023(a)		835,000		822,888
4.38%, 1/30/2024(a)		1,010,000		1,010,353

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Trading Companies & Distributors (continued)
GATX Corp., 4.35%, 2/15/2024	$	1,045,000	$	1,060,974
4.70%, 4/1/2029		840,000		847,484
				5,934,950
Wireless Telecommunication Services 0.2%
SK Telecom Co. Ltd., 3.75%, 4/16/2023(a)		560,000		563,479
Vodafone Group plc, 4.13%, 5/30/2025		365,000		365,774
				929,253
Total Corporate Bonds (cost $199,295,341)				194,606,274
Foreign Government Securities 0.9%
	Principal Amount		Value
CANADA 0.3%
Province of Saskatchewan, 9.38%, 12/15/2020		1,000,000		1,113,462
COLOMBIA 0.2%
Republic of Colombia, 5.20%, 5/15/2049		945,000		977,602
MEXICO 0.4%
Mexican Bonos, 4.50%, 4/22/2029		1,385,000		1,388,463
Total Foreign Government Securities (cost $3,327,075)				3,479,527
Mortgage-Backed Securities 13.9%
	Principal Amount		Value
FNMA Pool
Pool# 292234 8.00%, 8/1/2024		767		768
Pool# 293495 8.00%, 9/1/2024		43		43
Pool# 303300 8.50%, 5/1/2025		3,567		3,817
Pool# 342718 6.50%, 5/1/2026		13,112		14,210
Pool# 250764 7.50%, 12/1/2026		35,045		38,001
Pool# 402854 6.00%, 12/1/2027		6,829		7,365
Pool# 251497 6.00%, 12/1/2027		332		358
Pool# 415652 6.50%, 3/1/2028		3,402		3,687
Pool# 432037 6.00%, 7/1/2028		36,563		39,437
Pool# 437979 6.00%, 8/1/2028		10,932		11,791
Pool# 446099 6.00%, 10/1/2028		5,592		6,032
Pool# 450653 6.00%, 12/1/2028		51,575		55,630
Pool# 440738 6.00%, 12/1/2028		44,319		47,884
Pool# 453865 6.00%, 12/1/2028		37,561		40,514
Pool# 252212 6.50%, 1/1/2029		85,161		94,710
Pool# 504076 6.50%, 6/1/2029		33,989		37,534
Pool# 484939 6.50%, 6/1/2029		10,018		10,857
Pool# 252570 6.50%, 7/1/2029		35,657		39,520
Pool# 506638 6.50%, 8/1/2029		15,004		16,261
Pool# 535300 6.50%, 5/1/2030		44,011		48,807
Pool# 539932 7.00%, 5/1/2030		6,020		6,020
Pool# AN3476 4.03%, 11/1/2031		4,103,075		4,353,713
Pool# 725027 5.00%, 11/1/2033		591,207		635,130
Pool# 725205 5.00%, 3/1/2034		199,557		214,103
Pool# AM6492 3.76%, 8/1/2034		2,346,906		2,384,689
Pool# AB8610 3.00%, 3/1/2043		3,155,786		3,116,998
Pool# AL5080 3.00%, 6/1/2043		8,736,121		8,630,566
Pool# AL8256 3.00%, 8/1/2043		5,527,967		5,460,898
Pool# AL7259 3.00%, 9/1/2043		6,974,209		6,887,054
Pool# MA3209 3.00%, 12/1/2047		5,435,447		5,342,186
Pool# MA3275 3.00%, 2/1/2048		5,451,019		5,355,871
GNMA I Pool
Pool# 348637 7.50%, 5/15/2023		9,151		9,521
Pool# 354696 6.50%, 12/15/2023		5,723		6,220
Pool# 369270 6.50%, 12/15/2023		2,008		2,183
Pool# 368677 7.50%, 1/15/2024		6,967		7,222
Pool# 359986 7.50%, 1/15/2024		561		561
Pool# 362734 7.50%, 1/15/2024		198		198
Pool# 371909 6.50%, 2/15/2024		16,529		17,965
Pool# 392055 7.00%, 4/15/2024		4,511		4,516
Pool# 442138 8.00%, 11/15/2026		30,162		32,439
Pool# 439463 8.00%, 12/15/2026		1,765		1,775
Pool# 399109 7.50%, 2/15/2027		7,847		8,207
Pool# 435777 7.50%, 2/15/2027		2,927		2,945
Pool# 445661 7.50%, 7/15/2027		3,106		3,155
Pool# 443887 7.50%, 8/15/2027		5,259		5,339
Pool# 455381 7.50%, 8/15/2027		3,909		4,193

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA I Pool (continued)
Pool# 450591 7.50%, 8/15/2027	$	694	$	710
Pool# 453295 7.50%, 8/15/2027		409		420
Pool# 446699 6.00%, 8/15/2028		21,488		23,083
Pool# 482748 6.00%, 9/15/2028		34,742		37,330
Pool# 460906 6.00%, 9/15/2028		9,258		9,944
Pool# 476969 6.50%, 1/15/2029		27,840		30,259
Pool# 781029 6.50%, 5/15/2029		102,771		114,675
Pool# 503106 6.50%, 6/15/2029		11,566		12,571
GNMA II Pool
Pool# 767673 4.64%, 4/20/2064(c)		1,234,056		1,305,214
Pool# BA7614 4.54%, 5/20/2067(c)		978,817		1,040,800
Pool# BC3943 4.45%, 6/20/2067(c)		4,072,101		4,344,647
Pool# BB0088 4.70%, 7/20/2067(c)		4,009,256		4,342,992
Total Mortgage-Backed Securities (cost $55,731,096)				54,273,538
U.S. Treasury Obligations 3.3%
	Principal Amount		Value
U.S. Treasury Bonds 4.25%, 5/15/2039		190,000		230,442
4.38%, 11/15/2039		2,400,000		2,957,156
3.00%, 8/15/2048		4,820,000		4,807,762
3.38%, 11/15/2048		4,695,000		5,035,387
Total U.S. Treasury Obligations (cost $12,615,473)				13,030,747
Short-Term Investments 2.1%
	Principal Amount		Value
U.S. Treasury Obligations 2.1%
U.S. Treasury Bills 2.49%, 5/23/2019	$	1,425,000	$	1,414,587
2.50%, 6/27/2019		1,305,000		1,292,364
2.54%, 7/18/2019		1,530,000		1,512,859
2.42%, 8/15/2019		1,000,000		986,919
2.55%, 9/12/2019		500,000		492,536
2.56%, 1/2/2020		2,315,000		2,262,009
Total Short-Term Investments (cost $7,958,985)				7,961,274
Total Investments (cost $393,243,148) — 99.2%				387,324,901
Other assets in excess of liabilities — 0.8%				3,250,617
NET ASSETS — 100.0%			$	390,575,518

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $83,578,981 which represents 21.40% of net assets.

(b) Fair valued security.

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2019.

(d) Value determined using significant unobservable inputs.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(f) Security in default.

(g) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at January 31, 2019.

† Amount rounds to less than 0.1%. Asset Types

FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest only
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Futures contracts outstanding as of January 31, 2019:

Description	Number of     Contracts			Expiration     Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation     (Depreciation) ($)
Long Contracts
U.S. Treasury Ultra Bond		74			3/2019		USD		11,923,250			665,276
												665,276
Short Contracts
U.S. Treasury 10 Year Note		(199	)		3/2019		USD		(24,371,281	)		(611,503	)
U.S. Treasury 10 Year Ultra Note		(20	)		3/2019		USD		(2,613,750	)		(977	)
												(612,480	)
												52,796

At January 31, 2019, the Fund had $365,000 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	35,147,834	$	—	$	35,147,834
Collateralized Mortgage Obligations		—			49,696,522		582,932		50,279,454
Commercial Mortgage-Backed Securities		—			28,546,253		—		28,546,253
Corporate Bonds		—			194,606,274		—		194,606,274
Foreign Government Securities		—			3,479,527		—		3,479,527
Futures Contracts		665,276			—		—		665,276
Mortgage-Backed Securities		—			54,273,538		—		54,273,538
Short-Term Investments		—			7,961,274		—		7,961,274
U.S. Treasury Obligations		—			13,030,747		—		13,030,747
Total Assets	$	665,276		$	386,741,969	$	582,932	$	387,990,177
Liabilities:
Futures Contracts	$	(612,480	)	$	—	$	—	$	(612,480	)
Total Liabilities	$	(612,480	)	$	—	$	—	$	(612,480	)
Total	$	52,796		$	386,741,969	$	582,932	$	387,377,697

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31 2019, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Collateralized Mortgage Obligation			Total
Balance as of 10/31/2018	$	—		$	—
Accrued Accretion/(Amortization)		(40	)		(40	)
Realized Gains (Losses)		(136	)		(136	)
Purchases		—			—
Change in Unrealized Appreciation/Depreciation		9,490			9,490
Sales		(10,079	)		(10,079	)
Transfers Into Level 3		583,697			583,697
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	582,932		$	582,932
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 1/31/2019	$	9,490		$	9,490

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

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to and/or hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

Assets:		Fair Value
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts	$	665,276
Total		$	665,276
Liabilities:
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts	$	(612,480	)
Total		$	(612,480	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund

Asset-Backed Securities 16.8%
	Principal Amount		Value
Airlines 0.4%
Delta Air Lines Pass-Through Trust, Series 2011-1, Class A, 5.30%, 4/15/2019	$	1,004,018	$	1,007,532
Automobiles 11.0%
ACC Trust, Series 2018-1, Class A, 3.70%, 12/21/2020(a)		134,675		134,771
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class A, 2.97%, 3/20/2024(a)		400,000		393,512
CPS Auto Receivables Trust Series 2018-D, Class B, 3.61%, 11/15/2022(a)		1,010,000		1,016,560
Series 2018-A, Class C, 3.05%, 12/15/2023(a)		120,000		119,260
Credit Acceptance Auto Loan Trust, Series 2018-2A, Class A, 3.47%, 5/17/2027(a)		800,000		802,613
Drive Auto Receivables Trust, Series 2018-1, Class B, 2.88%, 2/15/2022		1,930,000		1,928,440
DT Auto Owner Trust Series 2018-3A, Class B, 3.56%, 9/15/2022(a)		950,000		955,044
Series 2018-2A, Class C, 3.67%, 3/15/2024(a)		755,000		756,650
Exeter Automobile Receivables Trust Series 2018-1A, Class B, 2.75%, 4/15/2022(a)		410,000		408,559
Series 2018-2A, Class B, 3.27%, 5/16/2022(a)		800,000		800,138
First Investors Auto Owner Trust, Series 2018-2A, Class A1, 3.19%, 12/15/2022(a)		658,427		659,499
Flagship Credit Auto Trust Series 2018-2, Class B, 3.56%, 5/15/2023(a)		995,000		997,807
Series 2018-3, Class B, 3.59%, 12/16/2024(a)		460,000		462,012
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A3, 3.64%, 5/15/2023(a)		770,000		776,343
GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.78%, 8/15/2023(a)		430,000		432,323
Hyundai Auto Receivables Trust, Series 2016-B, Class A3, 1.29%, 4/15/2021		2,157,035		2,139,629
NextGear Floorplan Master Owner Trust Series 2018-1A, Class A2, 3.22%, 2/15/2023(a)		610,000		610,020
Series 2018-2A, Class A2, 3.69%, 10/16/2023(a)		580,000		585,189
Nissan Auto Receivables Owner Trust, Series 2017-B, Class A3, 1.75%, 10/15/2021		4,600,000		4,556,255
Santander Drive Auto Receivables Trust Series 2018-1, Class B, 2.63%, 7/15/2022		630,000		626,937
Series 2018-2, Class B, 3.03%, 9/15/2022		820,000		819,571
Series 2018-4, Class B, 3.27%, 1/17/2023		530,000		531,125
Toyota Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.73%, 2/16/2021		2,903,699		2,887,116
United Auto Credit Securitization Trust, Series 2018-1, Class B, 2.76%, 10/13/2020(a)		1,535,000		1,531,770
Westlake Automobile Receivables Trust Series 2018-1A, Class B, 2.67%, 5/17/2021(a)		765,000		761,247
Series 2018-3A, Class A2A, 2.98%, 1/18/2022(a)		850,000		850,008
World Omni Automobile Lease Securitization Trust, Series 2018-A, Class A3, 2.83%, 7/15/2021		805,000		804,398
				27,346,796
Credit Card 1.8%
American Express Credit Account Master Trust, Series 2017-3, Class A, 1.77%, 11/15/2022		4,675,000		4,619,832
Other 3.2%
Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.70%, 1/21/2031(a)		477,210		481,636
Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.92%, 12/20/2029(a)		890,000		879,875
Onemain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, 3/14/2029(a)		1,965,000		1,965,694
SCF Equipment Leasing LLC, Series 2018-1A, Class A2, 3.63%, 10/20/2024(a)		880,550		882,783
Sofi Consumer Loan Program Trust Series 2018-1, Class A2, 3.14%, 2/25/2027(a)		415,000		413,416
Series 2018-2, Class A2, 3.35%, 4/26/2027(a)		1,240,000		1,237,915
SoFi Consumer Loan Program Trust, Series 2018-4, Class A, 3.54%, 11/26/2027(a)		1,567,732		1,572,604
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/2023		445,000		448,478
				7,882,401
Student Loan 0.4%
Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.85%, 5/25/2033		605,975		615,598
Sofi Professional Loan Program LLC, Series 2018-A, Class A1, 2.86%, 2/25/2042(a)(b)		480,992		481,109
				1,096,707
Total Asset-Backed Securities (cost $42,074,407)				41,953,268
Collateralized Mortgage Obligations 5.8%
	Principal Amount		Value
FHLMC REMICS Series 3755, Class AL, 1.50%, 11/15/2020		22,291		21,993
Series 3645, Class EH, 3.00%, 12/15/2020		3,522		3,510
Series 3852, Class EA, 4.50%, 12/15/2021		7,994		8,021
Series 4060, Class EA, 1.75%, 6/15/2022		169,254		165,751
Series 2611, Class HD, 5.00%, 5/15/2023		93,448		95,315
Series 3585, Class LA, 3.50%, 10/15/2024		21,440		21,630

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
FHLMC REMICS (continued)
Series 3609, Class LE, 3.00%, 12/15/2024	$	2,908	$	2,898
Series 3718, Class BC, 2.00%, 2/15/2025		51,434		50,904
Series 3721, Class PE, 3.50%, 9/15/2040		118,254		120,741
FNMA REMICS Series 2010-95, Class BK, 1.50%, 2/25/2020		14,745		14,622
Series 2012-99, Class TC, 1.50%, 9/25/2022		225,427		220,906
Series 2012-100, Class WA, 1.50%, 9/25/2027		329,535		313,495
Series 2012-93, Class DP, 1.50%, 9/25/2027		302,514		290,958
Series 2010-66, Class QA, 4.50%, 8/25/2039		9,600		9,643
GNMA REMICS Series 2004-76, Class QA, 4.00%, 1/20/2034		14,732		14,738
Series 2009-66, Class LG, 2.25%, 5/16/2039		8,535		8,512
Series 2009-104, Class KE, 2.50%, 8/16/2039		53,524		52,449
Series 2010-4, Class JC, 3.00%, 8/16/2039		26,501		26,511
Series 2009-88, Class QE, 3.00%, 9/16/2039		130,449		130,672
Series 2011-39, Class NE, 3.50%, 9/16/2039		133,874		135,352
Series 2010-H22, Class FE, 2.70%, 5/20/2059(b)		297,631		297,308
Series 2010-H02, Class FA, 3.19%, 2/20/2060(b)		592,884		595,789
Series 2011-H11, Class FA, 2.85%, 3/20/2061(b)		299,360		299,878
Series 2011-H23, Class HA, 3.00%, 12/20/2061		200,543		200,038
Series 2012-H18, Class NA, 2.87%, 8/20/2062(b)		153,478		153,804
Series 2013-H02, Class FD, 2.69%, 12/20/2062(b)		1,754,933		1,751,416
Series 2013-H14, Class FC, 2.82%, 6/20/2063(b)		1,660,200		1,661,740
Series 2016-H13, Class FT, 2.93%, 5/20/2066(b)		174,627		174,988
Series 2017-H14, Class FK, 2.90%, 5/20/2067(b)		1,553,026		1,547,248
Series 2017-H24, Class FJ, 2.60%, 10/20/2067(b)		3,118,968		3,114,568
Series 2017-H25, Class FD, 2.50%, 12/20/2067(b)		2,333,792		2,327,370
Series 2019-H01, Class FJ, 2.80%, 9/20/2068(b)		650,000		649,013
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1, 4.90%, 12/25/2033(b)		61,912		63,403
Total Collateralized Mortgage Obligations (cost $14,632,073)				14,545,184
Commercial Mortgage-Backed Securities 1.5%
	Principal Amount		Value
FNMA ACES REMICS, Series 2012-M8, Class A1, 1.54%, 5/25/2022		9,633		9,544
Starwood Retail Property Trust, Series 2014-STAR, Class A, 3.73%, 11/15/2027(a)(b)		343,975		340,755
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/2046		2,440,000		2,446,116
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.22%, 7/15/2046(b)		1,015,000		1,055,680
Total Commercial Mortgage-Backed Securities (cost $3,941,876)				3,852,095
Corporate Bonds 68.5%
	Principal Amount		Value
Aerospace & Defense 0.4%
Spirit AeroSystems, Inc., 4.60%, 6/15/2028		175,000		171,401
United Technologies Corp., 3.65%, 8/16/2023		705,000		715,515
				886,916
Airlines 0.6%
Delta Air Lines, Inc., 2.60%, 12/4/2020		1,620,000		1,599,339
Automobiles 2.8%
BMW US Capital LLC, 3.45%, 4/12/2023(a)		750,000		756,025
Daimler Finance North America LLC, 1.75%, 10/30/2019(a)		1,160,000		1,149,477
3.70%, 5/4/2023(a)		380,000		380,918
Hyundai Capital America, 2.55%, 4/3/2020(a)		1,670,000		1,650,059
Nissan Motor Acceptance Corp., 2.15%, 9/28/2020(a)		1,735,000		1,697,993
Volkswagen Group of America Finance LLC, 4.25%, 11/13/2023(a)		1,300,000		1,314,859
				6,949,331
Banks 18.4%
AIB Group plc, 4.75%, 10/12/2023(a)		685,000		686,407
ANZ New Zealand Int’l Ltd., 2.75%, 1/22/2021(a)		1,560,000		1,545,878
Bank of Ireland Group plc, 4.50%, 11/25/2023(a)		760,000		753,025
Banque Federative du Credit Mutuel SA, 3.75%, 7/20/2023(a)		1,000,000		1,005,103
Barclays plc, (ICE LIBOR USD 3 Month + 1.38%), 4.01%, 5/16/2024(c)		1,455,000		1,412,574
BNP Paribas SA, 3.50%, 3/1/2023(a)		775,000		768,355
3.38%, 1/9/2025(a)		235,000		226,337
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025(a)(c)		545,000		556,340
Canadian Imperial Bank of Commerce, 2.70%, 2/2/2021		210,000		209,002
Citibank NA, 2.10%, 6/12/2020		500,000		494,350
Citigroup, Inc., (ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(c)		650,000		645,589

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Citizens Bank NA, 2.20%, 5/26/2020	$	2,250,000	$	2,221,041
Comerica, Inc., 3.70%, 7/31/2023		745,000		751,954
Commonwealth Bank of Australia, 3.45%, 3/16/2023(a)		680,000		683,801
Credit Agricole SA, 3.75%, 4/24/2023(a)		1,195,000		1,186,951
Danske Bank A/S, 3.88%, 9/12/2023(a)		1,225,000		1,172,616
5.38%, 1/12/2024(a)		685,000		694,722
Fifth Third Bank, 3.35%, 7/26/2021		1,370,000		1,378,764
HSBC Holdings plc, (ICE LIBOR USD 3 Month + 1.38%), 4.16%, 9/12/2026(c)		1,395,000		1,395,391
ING Groep NV, 4.10%, 10/2/2023		1,330,000		1,346,545
4.63%, 1/6/2026(a)		625,000		642,140
JPMorgan Chase & Co., 4.25%, 10/15/2020		5,000,000		5,100,675
KeyBank NA, 3.30%, 2/1/2022		500,000		502,726
KeyCorp, 4.15%, 10/29/2025		440,000		453,105
Lloyds Banking Group plc, 4.05%, 8/16/2023		935,000		942,373
Mitsubishi UFJ Financial Group, Inc., 2.67%, 7/25/2022		685,000		670,865
3.76%, 7/26/2023		1,295,000		1,318,478
Mizuho Financial Group, Inc., (ICE LIBOR USD 3 Month + 1.00%), 3.92%, 9/11/2024(c)		1,380,000		1,404,562
National Australia Bank Ltd., 3.70%, 11/4/2021		1,125,000		1,137,166
National Bank of Canada, 2.15%, 6/12/2020		2,000,000		1,973,895
Santander Holdings USA, Inc., 3.70%, 3/28/2022		1,800,000		1,797,786
Santander UK Group Holdings plc, (ICE LIBOR USD 3 Month + 1.57%), 4.80%, 11/15/2024(c)		1,070,000		1,084,702
Santander UK plc, 2.50%, 1/5/2021		880,000		865,873
(ICE LIBOR USD 3 Month + 0.62%), 3.36%, 6/1/2021(c)		545,000		543,141
Societe Generale SA, 3.25%, 1/12/2022(a)		1,770,000		1,750,092
SunTrust Bank, (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021(c)		1,545,000		1,538,131
(ICE LIBOR USD 3 Month + 0.50%), 3.53%, 10/26/2021(c)		1,045,000		1,049,923
Svenska Handelsbanken AB, 3.90%, 11/20/2023		685,000		701,263
Toronto-Dominion Bank (The), 3.25%, 6/11/2021		1,450,000		1,459,899
Westpac Banking Corp., 2.65%, 1/25/2021		1,445,000		1,438,164
2.80%, 1/11/2022		325,000		323,329
				45,833,033
Beverages 2.6%
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/2029		970,000		1,006,678
Bacardi Ltd., 4.45%, 5/15/2025(a)		1,025,000		1,012,806
Constellation Brands, Inc., 3.20%, 2/15/2023		1,635,000		1,607,697
Molson Coors Brewing Co., 2.25%, 3/15/2020		2,970,000		2,938,300
				6,565,481
Biotechnology 0.7%
Amgen, Inc., 2.20%, 5/11/2020		1,665,000		1,650,135
Building Products 0.3%
American Woodmark Corp., 4.88%, 3/15/2026(a)		95,000		88,112
Fortune Brands Home & Security, Inc., 4.00%, 9/21/2023		755,000		754,300
				842,412
Capital Markets 2.4%
Bank of New York Mellon Corp. (The), (ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(c)		1,770,000		1,747,911
Deutsche Bank AG, 2.70%, 7/13/2020		890,000		870,095
Lehman Brothers Holdings, Inc., 5.63%, 1/24/2013(d)		500,000		9,300
State Street Corp., 1.95%, 5/19/2021		1,700,000		1,661,093
UBS AG, 2.20%, 6/8/2020(a)		1,770,000		1,747,542
				6,035,941
Consumer Finance 6.3%
American Express Co., 3.70%, 11/5/2021		1,310,000		1,330,506
3.70%, 8/3/2023		665,000		674,997
American Honda Finance Corp., 2.00%, 2/14/2020		1,670,000		1,655,181
3.63%, 10/10/2023		1,010,000		1,028,807
Capital One Financial Corp., 3.90%, 1/29/2024		855,000		861,071
Caterpillar Financial Services Corp., 3.15%, 9/7/2021		490,000		492,618
3.65%, 12/7/2023		845,000		865,614
Discover Financial Services, 4.50%, 1/30/2026		865,000		874,177
General Motors Financial Co., Inc., 3.55%, 4/9/2021		840,000		836,492
4.15%, 6/19/2023		1,005,000		989,642
Harley-Davidson Financial Services, Inc., 4.05%, 2/4/2022(a)		230,000		229,800
3.35%, 2/15/2023(a)		955,000		931,713
Navient Corp., 7.25%, 1/25/2022		890,000		923,375
6.75%, 6/15/2026		305,000		287,456
Springleaf Finance Corp., 5.25%, 12/15/2019		1,120,000		1,127,000
Toyota Motor Credit Corp., 3.05%, 1/8/2021		1,235,000		1,243,835
3.35%, 1/8/2024		1,240,000		1,255,338
				15,607,622
Containers & Packaging 0.3%
Westrock Co., 4.65%, 3/15/2026(a)		715,000		736,334

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Diversified Telecommunication Services 0.5%
AT&T, Inc., (ICE LIBOR USD 3 Month + 1.18%), 3.96%, 6/12/2024(c)	$	515,000	$	509,888
British Telecommunications plc, 4.50%, 12/4/2023		805,000		828,703
				1,338,591
Electric Utilities 3.5%
Alliant Energy Finance LLC, 3.75%, 6/15/2023(a)		820,000		825,203
American Electric Power Co., Inc., 2.15%, 11/13/2020		1,635,000		1,608,774
Edison International, 2.13%, 4/15/2020		1,735,000		1,680,716
Electricite de France SA, 4.50%, 9/21/2028(a)		1,375,000		1,377,551
Enel Finance International NV, 4.63%, 9/14/2025(a)		775,000		765,304
Eversource Energy, Series N, 3.80%, 12/1/2023		1,155,000		1,173,335
Korea Southern Power Co. Ltd., 3.00%, 1/29/2021(a)		1,270,000		1,264,704
				8,695,587
Electronic Equipment, Instruments & Components 0.0%†
Trimble, Inc., 4.15%, 6/15/2023		80,000		79,855
Equity Real Estate Investment Trusts (REITs) 2.0%
Digital Realty Trust LP, 2.75%, 2/1/2023		1,235,000		1,185,311
GLP Capital LP, 5.25%, 6/1/2025		1,010,000		1,032,250
iStar, Inc., 4.63%, 9/15/2020		1,235,000		1,225,738
MGM Growth Properties Operating Partnership LP, 5.75%, 2/1/2027(a)		505,000		509,343
Simon Property Group LP, 2.63%, 6/15/2022		1,165,000		1,143,513
				5,096,155
Food Products 1.2%
Bunge Ltd. Finance Corp., 4.35%, 3/15/2024		960,000		944,834
Conagra Brands, Inc., (ICE LIBOR USD 3 Month + 0.50%), 3.30%, 10/9/2020(c)		200,000		198,348
Kraft Heinz Foods Co., 4.00%, 6/15/2023		830,000		844,980
Pilgrim’s Pride Corp., 5.75%, 3/15/2025(a)		1,070,000		1,048,600
				3,036,762
Gas Utilities 0.3%
CenterPoint Energy Resources Corp., 3.55%, 4/1/2023		750,000		754,483
Health Care Equipment & Supplies 1.1%
Becton Dickinson and Co., (ICE LIBOR USD 3 Month + 0.88%), 3.68%, 12/29/2020(c)		1,440,000		1,433,651
Zimmer Biomet Holdings, Inc., (ICE LIBOR USD 3 Month + 0.75%), 3.55%, 3/19/2021(c)		1,395,000		1,389,649
				2,823,300
Health Care Providers & Services 3.8%
Cigna Corp., 3.75%, 7/15/2023(a)		925,000		937,379
CVS Health Corp., 3.70%, 3/9/2023		2,295,000		2,314,854
Express Scripts Holding Co., 4.75%, 11/15/2021		1,665,000		1,725,424
McKesson Corp., 3.65%, 11/30/2020		1,270,000		1,278,479
MEDNAX, Inc., 6.25%, 1/15/2027(a)		740,000		745,550
UnitedHealth Group, Inc., 3.50%, 6/15/2023		1,425,000		1,456,870
3.50%, 2/15/2024		910,000		925,457
				9,384,013
Hotels, Restaurants & Leisure 1.1%
Marriott International, Inc., Series Y, (ICE LIBOR USD 3 Month + 0.60%), 3.23%, 12/1/2020(c)		1,280,000		1,277,065
Royal Caribbean Cruises Ltd., 2.65%, 11/28/2020		1,460,000		1,439,313
				2,716,378
Household Durables 0.4%
DR Horton, Inc., 2.55%, 12/1/2020		720,000		707,633
William Lyon Homes, Inc., 6.00%, 9/1/2023		340,000		310,250
				1,017,883
Household Products 0.1%
Energizer Holdings, Inc., 7.75%, 1/15/2027(a)		115,000		118,490
Independent Power and Renewable Electricity Producers 0.7%
Clearway Energy Operating LLC, 5.75%, 10/15/2025(a)		940,000		868,325
PSEG Power LLC, 3.85%, 6/1/2023		900,000		906,072
				1,774,397
Industrial Conglomerates 0.3%
Roper Technologies, Inc., 3.65%, 9/15/2023		650,000		650,343
Insurance 3.0%
American International Group, Inc., 2.30%, 7/16/2019		2,500,000		2,493,813
Assurant, Inc., 4.20%, 9/27/2023		305,000		306,318
AXA Equitable Holdings, Inc., 3.90%, 4/20/2023		1,170,000		1,170,314
Marsh & McLennan Cos., Inc., 3.50%, 12/29/2020		645,000		651,418
Metropolitan Life Global Funding I, 2.05%, 6/12/2020(a)		1,770,000		1,748,660
Reliance Standard Life Global Funding II, 3.85%, 9/19/2023(a)		1,150,000		1,150,535
				7,521,058

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Interactive Media & Services 0.4%
Baidu, Inc., 3.88%, 9/29/2023	$	1,030,000	$	1,028,287
Internet & Direct Marketing Retail 0.7%
eBay, Inc., 2.15%, 6/5/2020		1,670,000		1,650,007
IT Services 1.3%
DXC Technology Co., 2.88%, 3/27/2020		1,700,000		1,689,740
IBM Credit LLC, 2.20%, 9/8/2022		620,000		596,485
Western Union Co. (The), 4.25%, 6/9/2023		825,000		833,257
				3,119,482
Machinery 0.2%
Wabtec Corp., (ICE LIBOR USD 3 Month + 1.05%), 3.84%, 9/15/2021(c)		400,000		399,897
Media 2.3%
Comcast Corp., 3.45%, 10/1/2021		1,350,000		1,365,669
CSC Holdings LLC, 6.50%, 2/1/2029(a)		745,000		754,778
DISH DBS Corp., 5.00%, 3/15/2023		990,000		861,300
Fox Corp., 4.03%, 1/25/2024(a)		890,000		907,849
Interpublic Group of Cos., Inc. (The), 3.50%, 10/1/2020		295,000		296,533
Lamar Media Corp., 5.75%, 2/1/2026(a)		165,000		170,874
Time Warner Cable LLC, 8.25%, 4/1/2019		1,445,000		1,456,879
				5,813,882
Metals & Mining 0.3%
Commercial Metals Co., 5.75%, 4/15/2026		755,000		715,362
Mortgage Real Estate Investment Trusts (REITs) 0.1%
Starwood Property Trust, Inc., 3.63%, 2/1/2021		240,000		236,549
Oil, Gas & Consumable Fuels 3.5%
Cheniere Energy Partners LP, 5.63%, 10/1/2026(a)		585,000		586,381
Enbridge Energy Partners LP, 4.38%, 10/15/2020		2,285,000		2,323,618
Enterprise Products Operating LLC, 3.75%, 2/15/2025		215,000		217,630
4.15%, 10/16/2028		300,000		305,822
EQM Midstream Partners LP, 4.75%, 7/15/2023		1,430,000		1,450,269
Kinder Morgan Energy Partners LP, 2.65%, 2/1/2019		1,580,000		1,580,000
MPLX LP, 3.38%, 3/15/2023		780,000		773,772
Phillips 66, (ICE LIBOR USD 3 Month + 0.60%), 3.29%, 2/26/2021(c)		1,215,000		1,212,224
Targa Resources Partners LP, 6.50%, 7/15/2027(a)		345,000		355,778
				8,805,494
Pharmaceuticals 2.8%
AstraZeneca plc, 3.50%, 8/17/2023		1,390,000		1,399,893
Bayer US Finance II LLC, 3.38%, 7/15/2024(a)		385,000		371,456
Mylan NV, 2.50%, 6/7/2019		687,000		685,529
Pfizer, Inc., 3.20%, 9/15/2023		675,000		684,961
Shire Acquisitions Investments Ireland DAC, 1.90%, 9/23/2019		2,535,000		2,515,278
Takeda Pharmaceutical Co. Ltd., 4.00%, 11/26/2021(a)		1,270,000		1,292,841
				6,949,958
Road & Rail 0.8%
Penske Truck Leasing Co. LP, 4.13%, 8/1/2023(a)		845,000		849,696
Ryder System, Inc., 3.75%, 6/9/2023		425,000		426,972
3.88%, 12/1/2023		700,000		702,379
				1,979,047
Semiconductors & Semiconductor Equipment 0.3%
Marvell Technology Group Ltd., 4.20%, 6/22/2023		600,000		599,121
Microchip Technology, Inc., 3.92%, 6/1/2021(a)		230,000		227,614
				826,735
Technology Hardware, Storage & Peripherals 0.1%
Hewlett Packard Enterprise Co., 3.50%, 10/5/2021		325,000		327,634
Thrifts & Mortgage Finance 0.4%
Nationwide Building Society, (ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024(a)(c)		990,000		993,101
Tobacco 0.7%
BAT Capital Corp., 2.76%, 8/15/2022		1,770,000		1,720,516
Trading Companies & Distributors 1.5%
Air Lease Corp., 3.50%, 1/15/2022		1,380,000		1,368,957
Aircastle Ltd., 4.40%, 9/25/2023		555,000		549,504
Aviation Capital Group LLC, 3.88%, 5/1/2023(a)		515,000		507,530
4.38%, 1/30/2024(a)		680,000		680,238
GATX Corp., 4.35%, 2/15/2024		690,000		700,547
				3,806,776
Wireless Telecommunication Services 0.3%
SK Telecom Co. Ltd., 3.75%, 4/16/2023(a)		315,000		316,957

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Wireless Telecommunication Services (continued)
Vodafone Group plc, 4.13%, 5/30/2025	$	480,000	$	481,018
				797,975
Total Corporate Bonds (cost $171,659,616)				170,884,541
Foreign Government Security 0.7%
	Principal Amount		Value
JAPAN 0.7%
Japan Bank for International Cooperation, 2.13%, 11/16/2020		1,636,000		1,618,460
Total Foreign Government Security (cost $1,632,596)				1,618,460
Mortgage-Backed Securities 4.5%
	Principal Amount		Value
FHLMC Gold Pool
Pool# G11712 4.50%, 7/1/2020		32,775		33,348
Pool# G18065 5.00%, 7/1/2020		3,986		4,050
Pool# G11723 5.50%, 7/1/2020		9,108		9,212
Pool# G14780 2.50%, 7/1/2023		1,275,128		1,265,252
Pool# G14899 3.00%, 11/1/2023		272,208		275,369
Pool# G13746 4.50%, 1/1/2025		144,423		148,848
Pool# J11719 4.00%, 2/1/2025		48,313		49,752
Pool# G13888 5.00%, 6/1/2025		43,099		44,731
Pool# J12635 4.00%, 7/1/2025		140,794		144,987
Pool# J12604 4.00%, 7/1/2025		134,899		138,917
Pool# G13908 4.00%, 10/1/2025		33,126		34,112
Pool# J19197 3.00%, 5/1/2027		394,841		396,929
Pool# G18437 3.00%, 6/1/2027		478,917		481,447
Pool# C00748 6.00%, 4/1/2029		12,421		13,607
Pool# C01418 5.50%, 10/1/2032		71,648		77,571
Pool# G01740 5.50%, 12/1/2034		40,875		44,400
Pool# G04342 6.00%, 4/1/2038		49,953		54,658
FHLMC Non Gold Pool
Pool# 972136 4.80%, 1/1/2034(b)		89,986		94,602
Pool# 848191 4.54%, 12/1/2034(b)		301,337		317,535
FNMA Pool
Pool# AB4251 2.50%, 1/1/2022		49,849		49,207
Pool# AQ6703 2.50%, 11/1/2022		795,739		790,082
Pool# 981257 5.00%, 5/1/2023		64,701		65,757
Pool# MA1519 3.00%, 7/1/2023		1,063,023		1,075,121
Pool# MA1577 2.50%, 9/1/2023		943,478		936,739
Pool# MA1892 3.00%, 5/1/2024		2,717,816		2,748,334
Pool# 931892 4.50%, 9/1/2024		478,748		492,625
Pool# AL0802 4.50%, 4/1/2025		117,555		121,291
Pool# AB2518 4.00%, 3/1/2026		88,490		91,043
Pool# AB4998 3.00%, 4/1/2027		692,516		696,245
Pool# MA1174 3.00%, 9/1/2027		98,154		98,684
Pool# 190307 8.00%, 6/Su1/2030		1,023		1,213
Pool# 253516 8.00%, 11/1/2030		684		789
Pool# 725773 5.50%, 9/1/2034		88,046		95,850
Pool# 815323 4.29%, 1/1/2035(b)		87,316		90,090
Pool# 811773 5.50%, 1/1/2035		82,540		89,858
GNMA II Pool
Pool# 5080, 4.00%, 6/20/2026		111,072		114,647
Total Mortgage-Backed Securities (cost $11,326,174)				11,186,902
Total Investments (cost $245,266,742) — 97.8%				244,040,450
Other assets in excess of liabilities — 2.2%				5,369,905
NET ASSETS — 100.0%			$	249,410,355

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $64,051,254 which represents 25.68% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2019.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(d) Security in default.

† Amount rounds to less than 0.1%. Types

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

ACES	Alternative Credit Enhancement Services
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Futures contracts outstanding as of January 31, 2019 :

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
U.S. Treasury 10 Year Note		(162	)		3/2019		USD		(19,839,938	)		(440,064	)
												(440,064	)

At January 31, 2019, the Fund had $207,000 segregated as collateral with the broker for open futures contracts.

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	41,953,268	$	—	$	41,953,268
Collateralized Mortgage Obligations		—			14,545,184		—		14,545,184
Commercial Mortgage-Backed Securities		—			3,852,095		—		3,852,095
Corporate Bonds		—			170,884,541		—		170,884,541
Foreign Government Security		—			1,618,460		—		1,618,460
Mortgage-Backed Securities		—			11,186,902		—		11,186,902
Total Assets	$	—		$	244,040,450	$	—	$	244,040,450
Liabilities:
Futures Contracts	$	(440,064	)	$	—	$	—	$	(440,064	)
Total Liabilities	$	(440,064	)	$	—	$	—	$	(440,064	)
Total	$	(440,064	)	$	244,040,450	$	—	$	243,600,386

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to/hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

		Fair Value
Liabilities:
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts	$	(440,064	)
Total		$	(440,064	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund

Common Stocks 96.5%
	Shares		Value
Aerospace & Defense 1.0%
Curtiss-Wright Corp.		22,255	$	2,526,388
Esterline Technologies Corp.*		13,502		1,643,193
Teledyne Technologies, Inc.*		18,336		4,111,298
				8,280,879
Airlines 0.3%
JetBlue Airways Corp.*		154,902		2,786,687
Auto Components 0.8%
Adient plc		44,144		871,402
Dana, Inc.		73,522		1,295,458
Delphi Technologies plc		44,974		805,484
Gentex Corp.		133,216		2,821,515
Visteon Corp.*		14,693		1,129,745
				6,923,604
Automobiles 0.2%
Thor Industries, Inc.		25,496		1,660,299
Banks 7.3%
Associated Banc-Corp.		84,256		1,824,142
BancorpSouth Bank		46,099		1,345,169
Bank of Hawaii Corp.		21,220		1,640,943
Bank OZK		61,438		1,864,029
Cathay General Bancorp		39,145		1,453,062
Chemical Financial Corp.		36,311		1,614,387
Commerce Bancshares, Inc.		50,452		3,017,030
Cullen/Frost Bankers, Inc.		32,498		3,161,405
East West Bancorp, Inc.		73,673		3,707,225
First Horizon National Corp.		164,638		2,416,886
FNB Corp.		164,817		1,920,118
Fulton Financial Corp.		89,498		1,436,443
Hancock Whitney Corp.		43,284		1,778,107
Home BancShares, Inc.		80,858		1,480,510
International Bancshares Corp.		27,906		989,826
MB Financial, Inc.		42,812		1,899,997
PacWest Bancorp		61,887		2,388,219
Pinnacle Financial Partners, Inc.		37,211		2,000,836
Prosperity Bancshares, Inc.		33,720		2,398,841
Signature Bank		27,130		3,453,920
Sterling Bancorp		114,061		2,194,534
Synovus Financial Corp.		84,128		2,979,814
TCF Financial Corp.		84,776		1,878,636
Texas Capital Bancshares, Inc.*		25,504		1,486,118
Trustmark Corp.		34,096		1,075,047
UMB Financial Corp.		22,814		1,468,309
Umpqua Holdings Corp.		111,933		1,978,975
United Bankshares, Inc.		52,441		1,854,838
Valley National Bancorp		168,475		1,703,282
Webster Financial Corp.		46,878		2,525,787
Wintrust Financial Corp.		28,660		2,038,872
				62,975,307
Beverages 0.1%
Boston Beer Co., Inc. (The), Class A*		4,372		1,089,327
Biotechnology 0.9%
Exelixis, Inc.*		151,953		3,581,533
Ligand Pharmaceuticals, Inc.*		10,802		1,275,716
United Therapeutics Corp.*		22,152		2,554,790
				7,412,039
Building Products 0.6%
Lennox International, Inc.		18,426		4,224,714
Resideo Technologies, Inc.*		62,496		1,370,537
				5,595,251
Capital Markets 2.8%
Eaton Vance Corp.		59,223		2,281,270
Evercore, Inc., Class A		20,569		1,839,897
FactSet Research Systems, Inc.		19,332		4,226,555
Federated Investors, Inc., Class B		48,519		1,267,802
Interactive Brokers Group, Inc., Class A		38,160		1,923,264
Janus Henderson Group plc		84,799		1,851,162
Legg Mason, Inc.		43,468		1,295,346
MarketAxess Holdings, Inc.		19,106		4,103,396
SEI Investments Co.		66,402		3,156,751
Stifel Financial Corp.		36,599		1,751,994
				23,697,437
Chemicals 2.6%
Ashland Global Holdings, Inc.		31,758		2,410,432
Cabot Corp.		30,509		1,430,567
Chemours Co. (The)		86,951		3,108,498
Minerals Technologies, Inc.		17,921		1,049,633
NewMarket Corp.		4,521		1,813,328
Olin Corp.		84,791		2,001,916
PolyOne Corp.		40,567		1,313,154
RPM International, Inc.		67,451		3,855,499
Scotts Miracle-Gro Co. (The)		19,964		1,484,324
Sensient Technologies Corp.		21,485		1,348,828
Valvoline, Inc.		95,630		2,114,379
				21,930,558
Commercial Services & Supplies 1.4%
Brink’s Co. (The)		25,725		1,904,936
Clean Harbors, Inc.*		25,902		1,533,657
Deluxe Corp.		23,535		1,105,439
Healthcare Services Group, Inc.(a)		37,506		1,636,012
Herman Miller, Inc.		30,156		1,032,240
HNI Corp.		22,271		865,674
MSA Safety, Inc.		17,790		1,782,202
Pitney Bowes, Inc.		95,355		687,510
Stericycle, Inc.*		43,281		1,907,826
				12,455,496
Communications Equipment 1.4%
ARRIS International plc*		83,059		2,607,222
Ciena Corp.*		72,474		2,760,535
InterDigital, Inc.		17,200		1,252,332
Lumentum Holdings, Inc.*		37,429		1,830,652
NetScout Systems, Inc.*		35,543		921,630
Plantronics, Inc.		16,791		651,323
ViaSat, Inc.*(a)		28,497		1,786,477
				11,810,171
Construction & Engineering 1.2%
AECOM*		79,463		2,432,363
Dycom Industries, Inc.*(a)		15,906		923,343
EMCOR Group, Inc.		29,254		1,908,238
Granite Construction, Inc.		23,835		1,030,149
KBR, Inc.		71,599		1,231,503
MasTec, Inc.*		32,390		1,437,468
Valmont Industries, Inc.		11,226		1,448,154
				10,411,218
Construction Materials 0.2%
Eagle Materials, Inc.		23,830		1,691,930
Consumer Finance 0.6%
Green Dot Corp., Class A*		24,035		1,779,071
Navient Corp.		116,685		1,330,209
SLM Corp.*		221,417		2,371,376
				5,480,656
Containers & Packaging 1.3%
AptarGroup, Inc.		31,924		3,164,307
Bemis Co., Inc.		46,258		2,259,241
Greif, Inc., Class A		13,184		514,176
Owens-Illinois, Inc.		80,656		1,618,766
Silgan Holdings, Inc.		39,354		1,086,957

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Containers & Packaging (continued)
Sonoco Products Co.		50,726	$	2,920,803
				11,564,250
Distributors 0.4%
Pool Corp.		20,463		3,067,608
Diversified Consumer Services 1.0%
Adtalem Global Education, Inc.*		29,856		1,459,958
Graham Holdings Co., Class B		2,205		1,466,325
Service Corp. International		91,965		3,947,138
Sotheby’s*		16,712		674,998
Weight Watchers International, Inc.*		19,702		630,464
				8,178,883
Electric Utilities 1.4%
ALLETE, Inc.		26,136		2,010,904
Hawaiian Electric Industries, Inc.		55,336		2,057,946
IDACORP, Inc.		25,611		2,497,072
OGE Energy Corp.		101,510		4,156,835
PNM Resources, Inc.		40,483		1,724,171
				12,446,928
Electrical Equipment 1.3%
Acuity Brands, Inc.		20,374		2,463,420
EnerSys		21,421		1,826,355
Hubbell, Inc.		27,804		3,039,811
nVent Electric plc		82,983		2,076,235
Regal Beloit Corp.		21,926		1,683,040
				11,088,861
Electronic Equipment, Instruments & Components 3.9%
Arrow Electronics, Inc.*		44,304		3,364,889
Avnet, Inc.		56,529		2,328,995
Belden, Inc.		20,484		1,098,147
Cognex Corp.		87,513		3,981,841
Coherent, Inc.*(a)		12,390		1,464,498
Jabil, Inc.		73,068		1,947,262
Littelfuse, Inc.		12,786		2,246,756
National Instruments Corp.		57,211		2,529,870
SYNNEX Corp.		21,061		2,037,862
Tech Data Corp.*		18,966		1,813,719
Trimble, Inc.*		127,641		4,806,960
Vishay Intertechnology, Inc.		67,147		1,309,367
Zebra Technologies Corp., Class A*		27,345		4,747,092
				33,677,258
Energy Equipment & Services 1.3%
Apergy Corp.*		39,307		1,321,501
Core Laboratories NV		22,470		1,515,826
Diamond Offshore Drilling, Inc.(a)		32,829		358,821
Dril-Quip, Inc.*(a)		18,183		680,771
Ensco plc, Class A(a)		222,148		977,451
McDermott International, Inc.*		91,778		809,482
Oceaneering International, Inc.*		50,078		785,724
Patterson-UTI Energy, Inc.		110,497		1,340,329
Rowan Cos. plc, Class A*		64,580		787,230
Transocean Ltd.*		257,136		2,203,656
				10,780,791
Entertainment 0.9%
Cinemark Holdings, Inc.		54,030		2,210,908
Live Nation Entertainment, Inc.*		70,288		3,761,111
World Wrestling Entertainment, Inc., Class A		22,065		1,816,832
				7,788,851
Equity Real Estate Investment Trusts (REITs) 9.1%
Alexander & Baldwin, Inc.*		34,410		792,806
American Campus Communities, Inc.		69,643		3,204,971
Camden Property Trust		47,334		4,589,031
CoreCivic, Inc.		60,317		1,198,499
CoreSite Realty Corp.		18,652		1,842,631
Corporate Office Properties Trust		55,323		1,365,925
Cousins Properties, Inc.		213,652		1,890,820
CyrusOne, Inc.		53,788		2,915,310
Douglas Emmett, Inc.		82,050		3,103,951
EPR Properties		37,781		2,760,280
First Industrial Realty Trust, Inc.		64,194		2,100,428
GEO Group, Inc. (The)		61,901		1,395,868
Healthcare Realty Trust, Inc.		63,649		2,055,226
Highwoods Properties, Inc.		52,596		2,331,055
Hospitality Properties Trust		83,575		2,228,110
JBG SMITH Properties		55,308		2,137,654
Kilroy Realty Corp.		51,203		3,607,763
Lamar Advertising Co., Class A		43,243		3,219,441
Liberty Property Trust		75,127		3,541,487
Life Storage, Inc.		23,684		2,327,427
Mack-Cali Realty Corp.		45,903		945,602
Medical Properties Trust, Inc.		185,475		3,375,645
National Retail Properties, Inc.		80,880		4,263,185
Omega Healthcare Investors, Inc.		102,001		4,099,420
Pebblebrook Hotel Trust		65,062		2,085,237
PotlatchDeltic Corp.		34,343		1,266,570
Rayonier, Inc.		65,800		2,002,952
Sabra Health Care REIT, Inc.		90,610		1,861,129
Senior Housing Properties Trust		120,822		1,663,719
Tanger Factory Outlet Centers, Inc.		47,726		1,085,767
Taubman Centers, Inc.		31,035		1,545,543
Uniti Group, Inc.		90,964		1,811,093
Urban Edge Properties		58,094		1,186,279
Weingarten Realty Investors		60,654		1,740,163
				77,540,987
Food & Staples Retailing 0.5%
Casey’s General Stores, Inc.		18,604		2,393,963
Sprouts Farmers Market, Inc.*		64,852		1,555,151
				3,949,114
Food Products 1.7%
Flowers Foods, Inc.		93,250		1,833,295
Hain Celestial Group, Inc. (The)*		45,484		833,722
Ingredion, Inc.		35,934		3,557,466
Lancaster Colony Corp.		9,919		1,577,815
Post Holdings, Inc.*		33,889		3,145,577
Sanderson Farms, Inc.		10,214		1,257,344
Tootsie Roll Industries, Inc. (a)		9,422		326,472
TreeHouse Foods, Inc.*		28,459		1,660,867
				14,192,558
Gas Utilities 2.3%
Atmos Energy Corp.		59,391		5,798,343
National Fuel Gas Co.		43,690		2,503,437
New Jersey Resources Corp.		44,981		2,181,578
ONE Gas, Inc.		26,695		2,192,994
Southwest Gas Holdings, Inc.		26,936		2,109,628
UGI Corp.		88,355		5,038,886
				19,824,866
Health Care Equipment & Supplies 3.6%
Avanos Medical, Inc.*		24,104		1,097,937
Cantel Medical Corp.		18,447		1,501,955
Globus Medical, Inc., Class A*		38,636		1,740,552
Haemonetics Corp.*		26,267		2,598,069
Hill-Rom Holdings, Inc.		34,195		3,420,184
ICU Medical, Inc.*		8,435		2,098,628
Inogen, Inc.*		8,970		1,356,354
Integra LifeSciences Holdings Corp.*		35,932		1,701,739

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
LivaNova plc*		24,743	$	2,284,274
Masimo Corp.*		24,780		3,082,384
NuVasive, Inc.*		26,134		1,310,359
STERIS plc		42,946		4,898,421
West Pharmaceutical Services, Inc.		37,650		4,076,365
				31,167,221
Health Care Providers & Services 1.9%
Acadia Healthcare Co., Inc.*(a)		44,854		1,227,205
Chemed Corp.		8,138		2,424,636
Encompass Health Corp.		50,278		3,360,581
HealthEquity, Inc.*		27,586		1,719,711
MEDNAX, Inc.*		45,446		1,641,055
Molina Healthcare, Inc.*		31,708		4,216,530
Patterson Cos., Inc.(a)		41,985		935,846
Tenet Healthcare Corp.*		42,195		927,868
				16,453,432
Health Care Technology 0.4%
Allscripts Healthcare Solutions, Inc.*		88,795		1,046,893
Medidata Solutions, Inc.*		31,099		2,206,785
				3,253,678
Hotels, Restaurants & Leisure 3.9%
Boyd Gaming Corp.		41,059		1,121,732
Brinker International, Inc.(a)		19,618		794,921
Cheesecake Factory, Inc. (The)		21,197		951,321
Churchill Downs, Inc.		18,210		1,674,956
Cracker Barrel Old Country Store, Inc.(a)		12,215		2,043,325
Domino’s Pizza, Inc.		21,140		5,998,052
Dunkin’ Brands Group, Inc.		41,978		2,870,876
Eldorado Resorts, Inc.*		33,039		1,540,278
International Speedway Corp., Class A		12,423		539,779
Jack in the Box, Inc.		13,083		1,059,069
Marriott Vacations Worldwide Corp.		20,798		1,841,455
Papa John’s International, Inc.(a)		11,382		481,345
Penn National Gaming, Inc.*		54,970		1,332,473
Scientific Games Corp.*		27,965		700,803
Six Flags Entertainment Corp.		36,469		2,246,126
Texas Roadhouse, Inc.		33,818		2,057,487
Wendy’s Co. (The)		95,063		1,646,491
Wyndham Destinations, Inc.		49,529		2,087,152
Wyndham Hotels & Resorts, Inc.		50,408		2,474,529
				33,462,170
Household Durables 1.5%
Helen of Troy Ltd.*		13,418		1,557,025
KB Home		43,807		937,908
NVR, Inc.*		1,727		4,593,820
Tempur Sealy International, Inc.*		23,266		1,233,563
Toll Brothers, Inc.		68,903		2,545,277
TRI Pointe Group, Inc.*(a)		72,272		972,058
Tupperware Brands Corp.		24,690		673,296
				12,512,947
Household Products 0.2%
Energizer Holdings, Inc.		32,361		1,533,911
Industrial Conglomerates 0.4%
Carlisle Cos., Inc.		30,263		3,260,233
Insurance 4.7%
Alleghany Corp.		7,541		4,762,594
American Financial Group, Inc.		34,724		3,312,322
Aspen Insurance Holdings Ltd.		30,341		1,266,130
Brown & Brown, Inc.		119,204		3,237,581
CNO Financial Group, Inc.		83,680		1,496,198
First American Financial Corp.		55,172		2,763,014
Genworth Financial, Inc., Class A*		254,501		1,231,785
Hanover Insurance Group, Inc. (The)		21,515		2,453,570
Kemper Corp.		30,026		2,257,355
Mercury General Corp.		13,782		712,529
Old Republic International Corp.		144,584		2,913,368
Primerica, Inc.		20,764		2,333,251
Reinsurance Group of America, Inc.		31,904		4,608,533
RenaissanceRe Holdings Ltd.		20,464		2,824,646
WR Berkley Corp.		49,033		3,770,147
				39,943,023
Interactive Media & Services 0.3%
Cars.com, Inc.*(a)		32,061		875,586
Yelp, Inc.*		38,848		1,414,844
				2,290,430
IT Services 2.5%
CACI International, Inc., Class A*		12,629		2,111,316
CoreLogic, Inc.*		40,944		1,486,267
Leidos Holdings, Inc.		76,113		4,414,554
LiveRamp Holdings, Inc.*		34,568		1,501,634
MAXIMUS, Inc.		32,594		2,285,817
Perspecta, Inc.		71,885		1,441,294
Sabre Corp.		139,923		3,215,431
Science Applications International Corp.		25,847		1,735,368
WEX, Inc.*		21,906		3,534,095
				21,725,776
Leisure Products 0.5%
Brunswick Corp.		44,084		2,218,307
Polaris Industries, Inc.		29,515		2,475,718
				4,694,025
Life Sciences Tools & Services 1.6%
Bio-Rad Laboratories, Inc., Class A*		10,234		2,557,170
Bio-Techne Corp.		19,194		3,348,585
Charles River Laboratories International, Inc.*		24,444		3,011,256
PRA Health Sciences, Inc.*		29,720		3,149,429
Syneos Health, Inc.*		30,953		1,579,841
				13,646,281
Machinery 4.9%
AGCO Corp.		33,421		2,145,628
Crane Co.		25,682		2,125,442
Donaldson Co., Inc.		64,998		3,073,105
Graco, Inc.		84,589		3,665,241
IDEX Corp.		38,986		5,374,610
ITT, Inc.		44,521		2,340,024
Kennametal, Inc.		41,727		1,568,101
Lincoln Electric Holdings, Inc.		32,753		2,831,169
Nordson Corp.		26,598		3,448,165
Oshkosh Corp.		36,539		2,742,252
Terex Corp.		32,962		1,012,263
Timken Co. (The)		35,157		1,497,337
Toro Co. (The)		53,463		3,181,048
Trinity Industries, Inc.		74,354		1,738,397
Wabtec Corp.(a)		43,701		3,022,361
Woodward, Inc.		28,260		2,567,421
				42,332,564
Marine 0.2%
Kirby Corp.*		27,383		2,051,261
Media 1.1%
AMC Networks, Inc., Class A*		22,893		1,440,886
Cable One, Inc.		2,522		2,230,306
John Wiley & Sons, Inc., Class A		22,989		1,190,370
Meredith Corp.(a)		20,268		1,099,944

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Media (continued)
New York Times Co. (The), Class A		71,745	$	1,844,564
TEGNA, Inc.		109,423		1,284,626
				9,090,696
Metals & Mining 2.1%
Allegheny Technologies, Inc.*		63,877		1,749,591
Carpenter Technology Corp.		24,075		1,137,785
Commercial Metals Co.		59,784		1,043,231
Compass Minerals International, Inc.		17,205		898,961
Reliance Steel & Aluminum Co.		35,796		2,930,976
Royal Gold, Inc.		33,294		2,908,897
Steel Dynamics, Inc.		116,666		4,268,809
United States Steel Corp.		90,094		2,030,719
Worthington Industries, Inc.		20,448		771,503
				17,740,472
Multiline Retail 0.4%
Big Lots, Inc.		20,503		646,664
Dillard’s, Inc., Class A(a)		9,391		627,225
Ollie’s Bargain Outlet Holdings, Inc.*		26,206		2,048,523
				3,322,412
Multi-Utilities 1.1%
Black Hills Corp.		27,433		1,862,427
MDU Resources Group, Inc.		99,623		2,561,307
NorthWestern Corp.		25,575		1,634,498
Vectren Corp.		42,224		3,056,173
				9,114,405
Oil, Gas & Consumable Fuels 2.6%
Callon Petroleum Co.*		115,664		941,505
Chesapeake Energy Corp.*(a)		530,126		1,510,859
CNX Resources Corp.*		103,476		1,256,199
EQT Corp.		129,307		2,517,607
Equitrans Midstream Corp.*		103,382		2,152,413
Matador Resources Co.*(a)		52,621		1,026,110
Murphy Oil Corp.		82,675		2,261,161
Oasis Petroleum, Inc.*		135,944		818,383
PBF Energy, Inc., Class A		60,932		2,231,330
QEP Resources, Inc.*		120,335		995,170
Range Resources Corp.		105,249		1,160,897
SM Energy Co.		52,435		1,028,775
Southwestern Energy Co.*		295,424		1,291,003
World Fuel Services Corp.		34,169		850,466
WPX Energy, Inc.*		200,789		2,461,673
				22,503,551
Paper & Forest Products 0.4%
Domtar Corp.		31,969		1,499,346
Louisiana-Pacific Corp.		71,751		1,749,289
				3,248,635
Personal Products 0.3%
Edgewell Personal Care Co.*		27,465		1,083,494
Nu Skin Enterprises, Inc., Class A		28,232		1,853,431
				2,936,925
Pharmaceuticals 0.5%
Catalent, Inc.*		73,883		2,728,499
Mallinckrodt plc*		42,342		925,596
Prestige Consumer Healthcare, Inc.*(a)		26,295		734,157
				4,388,252
Professional Services 1.0%
ASGN, Inc.*		26,670		1,679,943
Dun & Bradstreet Corp. (The)		18,871		2,731,389
Insperity, Inc.		19,337		2,062,871
ManpowerGroup, Inc.		31,425		2,483,518
				8,957,721
Real Estate Management & Development 0.5%
Jones Lang LaSalle, Inc.		23,159		3,321,232
Realogy Holdings Corp.(a)		60,050		1,065,888
				4,387,120
Road & Rail 1.7%
Avis Budget Group, Inc.*(a)		33,020		879,653
Genesee & Wyoming, Inc., Class A*		29,676		2,330,160
Knight-Swift Transportation Holdings, Inc.(a)		63,869		2,027,841
Landstar System, Inc.		20,895		2,122,514
Old Dominion Freight Line, Inc.		33,238		4,518,041
Ryder System, Inc.		26,981		1,562,470
Werner Enterprises, Inc.		22,433		738,494
				14,179,173
Semiconductors & Semiconductor Equipment 3.0%
Cirrus Logic, Inc.*		30,415		1,129,917
Cree, Inc.*		52,124		2,628,613
Cypress Semiconductor Corp.		183,954		2,551,442
First Solar, Inc.*		38,355		1,940,379
Integrated Device Technology, Inc.*		65,580		3,203,583
MKS Instruments, Inc.		27,437		2,239,682
Monolithic Power Systems, Inc.		19,831		2,509,811
Silicon Laboratories, Inc.*		21,929		1,677,569
Synaptics, Inc.*		17,594		700,241
Teradyne, Inc.		91,101		3,278,725
Universal Display Corp.(a)		21,544		2,236,914
Versum Materials, Inc.		55,415		2,037,610
				26,134,486
Software 3.8%
ACI Worldwide, Inc.*		58,945		1,742,414
Blackbaud, Inc.		24,684		1,767,374
CDK Global, Inc.		65,447		3,201,013
CommVault Systems, Inc.*		19,761		1,305,609
Fair Isaac Corp.*		14,716		3,314,043
j2 Global, Inc.		23,797		1,788,583
LogMeIn, Inc.		26,002		2,418,706
Manhattan Associates, Inc.*(a)		33,227		1,620,481
PTC, Inc.*		54,283		4,602,656
Teradata Corp.*		60,073		2,666,040
Tyler Technologies, Inc.*		19,731		3,732,908
Ultimate Software Group, Inc. (The)*		15,892		4,339,628
				32,499,455
Specialty Retail 2.0%
Aaron’s, Inc.		34,862		1,745,192
American Eagle Outfitters, Inc.		85,636		1,808,632
AutoNation, Inc.*		29,250		1,133,438
Bed Bath & Beyond, Inc.(a)		70,162		1,058,745
Dick’s Sporting Goods, Inc.(a)		37,488		1,323,701
Five Below, Inc.*		28,339		3,506,384
Michaels Cos., Inc. (The)*		45,683		633,166
Murphy USA, Inc.*		15,239		1,120,828
Sally Beauty Holdings, Inc.*		61,061		1,051,470
Signet Jewelers Ltd.		26,383		642,690
Urban Outfitters, Inc.*(a)		38,295		1,236,929
Williams-Sonoma, Inc.(a)		40,737		2,217,315
				17,478,490
Technology Hardware, Storage & Peripherals 0.2%
NCR Corp.*		60,073		1,606,953
Textiles, Apparel & Luxury Goods 0.7%
Carter’s, Inc.		23,302		1,931,736
Deckers Outdoor Corp.*		14,801		1,901,188
Skechers U.S.A., Inc., Class A*(a)		68,042		1,848,701
				5,681,625

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance 0.6%
LendingTree, Inc.*		3,781	$	1,120,461
New York Community Bancorp, Inc.		249,206		2,895,774
Washington Federal, Inc.		41,418		1,204,850
				5,221,085
Trading Companies & Distributors 0.8%
GATX Corp.		19,110		1,446,245
MSC Industrial Direct Co., Inc., Class A		23,077		1,926,699
NOW, Inc.*		55,103		745,543
Watsco, Inc.		16,323		2,407,316
				6,525,803
Water Utilities 0.4%
Aqua America, Inc.		90,435		3,169,747
Wireless Telecommunication Services 0.2%
Telephone & Data Systems, Inc.		47,243		1,711,141
Total Common Stocks (cost $732,999,936)				826,526,913
Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.32% (b)(c)		1,616,260		1,616,260
Total Short-Term Investment (cost $1,616,260)				1,616,260
Repurchase Agreements 1.9%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $16,070,526, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $16,470,659. (c)	$	16,069,374		16,069,374
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $420,073, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $428,445. (c)		420,044		420,044
Total Repurchase Agreements (cost $16,489,418)				16,489,418
Total Investments (cost $751,105,614) — 98.6%				844,632,591
Other assets in excess of liabilities — 1.4%				11,605,266
NET ASSETS — 100.0%			$	856,237,857

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $27,694,165, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,616,260 and $16,489,418, respectively, and by $10,241,081 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $28,346,759.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $18,105,678.

REIT Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Futures contracts outstanding as of January 31, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Midcap 400 E-Mini Index		160		3/2019		USD		29,377,600		2,571,398
										2,571,398

At January 31, 2019, the Fund has $1,325,800 segregated as collateral with the broker for open futures contracts.

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

•    Level 1	—	Quoted prices in active markets for identical assets
•    Level 2	—	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
•    Level 3	—	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	826,526,913	$	—	$	—	$	826,526,913
Futures Contracts		2,571,398		—		—		2,571,398
Repurchase Agreements		—		16,489,418		—		16,489,418
Short-Term Investment		1,616,260		—		—		1,616,260
Total	$	830,714,571	$	16,489,418	$	—	$	847,203,989

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

Assets:		Fair Value
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts	$	2,571,398
Total		$	2,571,398

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio

Asset-Backed Securities 4.8%
	Principal Amount		Value
Automobiles 0.3%
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class A, 2.97%, 3/20/2024(a)	$	2,000,000	$	1,967,560
Ford Credit Floorplan Master Owner Trust, Series 2018-4, Class A, 4.06%, 11/15/2030		1,280,000		1,299,554
Hertz Vehicle Financing II LP, Series 2016-4A, Class A, 2.65%, 7/25/2022(a)		1,200,000		1,177,281
				4,444,395
Home Equity 0.7%
CWABS, Inc. Trust, Series 2004-6, Class 1A1, 3.05%, 12/25/2034(b)		1,346,797		1,319,368
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-OP1, Class M1, 3.38%, 11/25/2034(b)		1,309,171		1,298,254
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1, 4.00%, 4/25/2057(a)(b)		3,837,249		3,898,201
New Residential Mortgage Trust, Series 2018-1A, Class A1A, 4.00%, 12/25/2057(a)(b)		3,875,357		3,930,013
				10,445,836
Other 2.4%
AMMC CLO 21 Ltd., Series 2017-21A, Class A, 3.81%, 11/2/2030(a)(b)		392,000		391,436
Apidos CLO XII, Series 2013-12A, Class AR, 3.87%, 4/15/2031(a)(b)		1,500,000		1,486,804
Avery Point V CLO Ltd., Series 2014-5A, Class AR, 3.75%, 7/17/2026(a)(b)		1,048,696		1,045,680
Babson CLO Ltd., Series 2015-IA, Class AR, 3.75%, 1/20/2031(a)(b)		1,500,000		1,483,007
BlueMountain CLO Ltd., Series 2015-3A, Class A1R, 3.76%, 4/20/2031(a)(b)		1,215,000		1,199,499
Burnham Park CLO Ltd., Series 2016-1A, Class A, 4.19%, 10/20/2029(a)(b)		1,500,000		1,502,250
Carlyle US CLO Ltd., Series 2017-1A, Class A1A, 4.06%, 4/20/2031(a)(b)		450,000		449,544
CBAM Ltd., Series 2017-1A, Class A1, 4.01%, 7/20/2030(a)(b)		300,000		298,777
Cumberland Park CLO Ltd., Series 2015-2A, Class BR, 4.16%, 7/20/2028(a)(b)		510,000		504,979
Cutwater Ltd., Series 2014-1A, Class A1AR, 4.04%, 7/15/2026(a)(b)		2,102,714		2,100,497
Dryden 71 CLO Ltd., Series 2018-71A, Class A, 3.84%, 1/15/2029(a)(b)		2,500,000		2,506,750
Flatiron CLO 17 Ltd., Series 2017-1A, Class A, 3.87%, 5/15/2030(a)(b)		2,000,000		1,995,514
JFIN CLO 2014 Ltd., Series 2014-1A, Class AR, 3.71%, 4/21/2025(a)(b)		1,644,302		1,638,915
Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, 1/25/2059(a)(c)		3,900,000		3,900,000
Midocean Credit CLO VII, Series 2017-7A, Class B, 4.69%, 7/15/2029(a)(b)		1,000,000		997,223
SoFi Consumer Loan Program Trust, Series 2017-2, Class A, 3.28%, 2/25/2026(a)		4,777,934		4,770,632
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A, 4.87%, 7/20/2048(a)		2,477,043		2,537,163
TCI-Cent CLO Income Note Issuer Ltd., Series 2017-1A, Class A1, 4.04%, 7/25/2030(a)(b)		835,000		831,946
TCI-Cent CLO Ltd., Series 2016-1A, Class A2, 4.96%, 12/21/2029(a)(b)		1,500,000		1,499,510
THL Credit Wind River CLO Ltd. Series 2017-1A, Class A, 4.12%, 4/18/2029(a)(b)		2,000,000		2,001,896
Series 2017-3A, Class A, 4.04%, 10/15/2030(a)(b)		466,489		465,159
Tryon Park CLO Ltd. Series 2013-1A, Class A1SR, 3.68%, 4/15/2029(a)(b)		1,425,000		1,407,793
Series 2013-1A, Class A2R, 4.29%, 4/15/2029(a)(b)		1,500,000		1,475,010
				36,489,984
Student Loan 1.4%
DRB Prime Student Loan Trust, Series 2015-B, Class A1, 4.41%, 10/27/2031(a)(b)		2,066,555		2,101,890
Navient Student Loan Trust Series 2015-1, Class A2, 3.11%, 4/25/2040(b)		1,983,785		1,968,935
Series 2017-3A, Class A2, 3.11%, 7/26/2066(a)(b)		4,000,000		4,004,829
Nelnet Student Loan Trust, Series 2006-2, Class A6, 3.15%, 4/25/2031(a)(b)		4,800,000		4,800,001
SLM Private Education Loan Trust, Series 2011-B, Class A2, 3.74%, 2/15/2029(a)		2,938,204		2,941,300
SLM Student Loan Trust, Series 2005-7, Class A4, 2.92%, 10/25/2029(b)		682,061		677,432
SMB Private Education Loan Trust Series 2015-C, Class A3, 4.46%, 8/16/2032(a)(b)		3,220,000		3,314,008
Series 2017-A, Class B, 3.50%, 6/17/2041(a)		1,000,000		953,933
				20,762,328
Total Asset-Backed Securities (cost $71,937,999)				72,142,543
Collateralized Mortgage Obligations 1.6%
	Principal Amount		Value
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 1A1B, 2.65%, 4/19/2047(b)		1,457,499		1,301,270
FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M2, 5.01%, 3/25/2030(b)		1,200,000		1,232,600
FNMA Series 2014-C02, Class 1M2, 5.11%, 5/25/2024(b)		2,215,000		2,313,767
Series 2014-C02, Class 2M2, 5.11%, 5/25/2024(b)		652,001		677,929
Series 2016-C02, Class 1M2, 8.51%, 9/25/2028(b)		1,731,600		1,985,783
Series 2017-C03, Class 1M1, 3.46%, 10/25/2029(b)		3,269,216		3,274,462
GSMSC Resecuritization Trust, Series 2015-7R, Class A, 2.67%, 9/26/2037(a)(b)		3,506,430		3,427,174

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
Morgan Stanley Mortgage Loan Trust, Series 2005-2AR, Class A, 2.77%, 4/25/2035(b)	$	3,427,791	$	3,349,662
Seasoned Credit Risk Transfer Trust, Series 2017-1, Class M1, 4.00%, 1/25/2056(a)(b)		3,230,000		3,158,068
WaMu Mortgage Pass-Through Trust, Series 2004-AR9, Class A7, 4.18%, 8/25/2034(b)		3,791,733		3,842,613
Total Collateralized Mortgage Obligations (cost $24,537,452)				24,563,328
Commercial Mortgage-Backed Securities 2.7%
	Principal Amount		Value
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 3.36%, 9/15/2034(a)(b)		2,500,000		2,472,572
BANK Series 2017-BNK8, Class A4, 3.49%, 11/15/2050		1,200,000		1,195,039
Series 2017-BNK9, Class A4, 3.54%, 11/15/2054		1,406,400		1,408,712
Series 2017-BNK5, Class A5, 3.39%, 6/15/2060		2,000,000		1,986,735
BBCMS Mortgage Trust, Series 2017-DELC, Class A, 3.36%, 8/15/2036(a)(b)		2,610,000		2,588,715
BX Trust Series 2017-IMC, Class A, 3.56%, 10/15/2032(a)(b)		2,000,000		1,988,042
Series 2018-MCSF, Class A, 3.09%, 4/15/2035(a)(b)		2,660,000		2,596,653
CHT Mortgage Trust, Series 2017-CSMO, Class A, 3.44%, 11/15/2036(a)(b)		2,070,000		2,060,911
Cold Storage Trust, Series 2017-ICE3, Class A, 3.51%, 4/15/2036(a)(b)		2,380,000		2,370,245
Great Wolf Trust, Series 2017-WOLF, Class A, 3.51%, 9/15/2034(a)(b)		3,650,000		3,636,212
GS Mortgage Securities Trust Series 2015-GS1, Class A3, 3.73%, 11/10/2048		2,000,000		2,036,987
Series 2017-GS8, Class A4, 3.47%, 11/10/2050		1,250,000		1,244,732
Hospitality Mortgage Trust, Series 2017-HIT, Class A, 3.37%, 5/8/2030(a)(b)		2,000,000		1,991,818
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/2048		3,510,000		3,597,975
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A5, 3.49%, 7/15/2050		2,000,000		2,001,616
Morgan Stanley Capital I Trust, Series 2018-H4, Class XA, IO, 0.87%, 12/15/2051(b)		21,500,000		1,407,506
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A, 3.46%, 6/15/2033(a)(b)		2,400,000		2,396,994
Wells Fargo Commercial Mortgage Trust Series 2018-C44, Class A5, 4.21%, 5/15/2051		2,000,000		2,094,257
Series 2016-C36, Class A4, 3.07%, 11/15/2059		2,500,000		2,426,395
Total Commercial Mortgage-Backed Securities (cost $41,182,822)				41,502,116
Common Stocks 63.6%
	Shares		Value
Aerospace & Defense 1.5%
AAR Corp.(d)		1,162	$	43,784
Aerojet Rocketdyne Holdings, Inc.*(d)		2,480		97,886
Aerovironment, Inc.*(d)		723		56,148
Arconic, Inc.(d)		15,197		286,008
Astronics Corp.*(d)		841		25,794
Axon Enterprise, Inc.*(d)		2,103		107,274
Boeing Co. (The)(d)		19,260		7,427,041
BWX Technologies, Inc.(d)		3,635		168,737
Cubic Corp.(d)		927		59,578
Curtiss-Wright Corp.(d)		1,559		176,978
Ducommun, Inc.*(d)		317		12,480
Esterline Technologies Corp.*(d)		918		111,721
General Dynamics Corp.(d)		9,174		1,570,314
Harris Corp.(d)		4,251		651,168
HEICO Corp.(d)		4,019		300,667
Hexcel Corp.(d)		3,066		207,599
Huntington Ingalls Industries, Inc.(d)		1,507		311,120
KeyW Holding Corp. (The)*(d)		2,258		16,212
Kratos Defense & Security Solutions, Inc.*(d)		3,059		47,384
L3 Technologies, Inc.(d)		2,807		552,642
Lockheed Martin Corp.(d)		8,851		2,564,046
Maxar Technologies, Inc.(d)		2,225		12,505
Mercury Systems, Inc.*(d)		1,645		96,446
Moog, Inc., Class A(d)		1,124		100,564
National Presto Industries, Inc.(d)		148		17,704
Northrop Grumman Corp.(d)		5,716		1,575,044
Raytheon Co.(d)		10,471		1,725,202
Sparton Corp.*(d)		288		5,296
Spirit AeroSystems Holdings, Inc., Class A(d)		3,711		309,497
Teledyne Technologies, Inc.*(d)		1,233		276,463
Textron, Inc.(d)		8,651		460,493
TransDigm Group, Inc.*(d)		1,709		668,219
Triumph Group, Inc.(d)		1,934		34,522
United Technologies Corp.(d)		29,100		3,435,837
Vectrus, Inc.*(d)		328		8,262
Wesco Aircraft Holdings, Inc.*(d)		2,183		19,079
				23,539,714
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*(d)		2,118		50,302
Atlas Air Worldwide Holdings, Inc.*(d)		859		45,716
CH Robinson Worldwide, Inc.(d)		4,881		423,524
Echo Global Logistics, Inc.*(d)		843		20,030
Expeditors International of Washington, Inc.(d)		6,096		422,453
FedEx Corp.(d)		8,692		1,543,438
Forward Air Corp.(d)		1,071		62,686
Hub Group, Inc., Class A*(d)		1,201		53,456
Radiant Logistics, Inc.*(d)		1,140		5,632
United Parcel Service, Inc., Class B(d)		23,572		2,484,489
XPO Logistics, Inc.*(d)		4,528		275,212
				5,386,938
Airlines 0.3%
Alaska Air Group, Inc.(d)		4,394		280,996
Allegiant Travel Co.(d)		438		56,940
American Airlines Group, Inc.(d)		14,837		530,720
Copa Holdings SA, Class A(d)		1,114		105,663
Delta Air Lines, Inc.(d)		22,975		1,135,654
Hawaiian Holdings, Inc.(d)		1,713		54,850
JetBlue Airways Corp.*(d)		11,059		198,951
Mesa Air Group, Inc.*(d)		337		2,949
SkyWest, Inc.(d)		1,832		93,340
Southwest Airlines Co.(d)		18,572		1,054,147
Spirit Airlines, Inc.*(d)		2,429		142,874
United Continental Holdings, Inc.*(d)		8,634		753,489
				4,410,573
Auto Components 0.2%
Adient plc(d)		3,345		66,030
American Axle & Manufacturing Holdings, Inc.*(d)		3,930		58,085

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Auto Components (continued)
Aptiv plc(d)		8,805	$	696,740
BorgWarner, Inc.(d)		7,410		303,069
Cooper Tire & Rubber Co.(d)		1,780		62,656
Cooper-Standard Holdings, Inc.*(d)		630		48,170
Dana, Inc.(d)		5,268		92,822
Dorman Products, Inc.*(d)		947		81,395
Fox Factory Holding Corp.*(d)		1,285		76,239
Garrett Motion, Inc.*(d)		2,829		45,179
Gentex Corp.(d)		9,809		207,755
Gentherm, Inc.*(d)		1,251		53,243
Goodyear Tire & Rubber Co. (The)(d)		8,295		175,771
LCI Industries(d)		899		74,114
Lear Corp.(d)		2,256		347,266
Modine Manufacturing Co.*(d)		1,464		21,418
Motorcar Parts of America, Inc.*(d)		567		11,340
Shiloh Industries, Inc.*(d)		434		2,600
Standard Motor Products, Inc.(d)		771		37,902
Stoneridge, Inc.*(d)		1,083		28,277
Superior Industries International, Inc.(d)		722		3,718
Tenneco, Inc., Class A(d)		1,858		64,435
Tower International, Inc.(d)		598		17,396
Visteon Corp.*(d)		1,053		80,965
				2,656,585
Automobiles 0.3%
Ford Motor Co.(d)		138,823		1,221,642
General Motors Co.(d)		46,921		1,830,858
Harley-Davidson, Inc.(d)		5,773		212,793
Tesla, Inc.*(d)		4,920		1,510,538
Thor Industries, Inc.(d)		1,798		117,086
Winnebago Industries, Inc.(d)		1,193		34,120
				4,927,037
Banks 3.9%
1st Constitution Bancorp(d)		223		4,331
1st Source Corp.(d)		702		31,871
Access National Corp.(d)		474		11,191
ACNB Corp.(d)		204		7,426
Allegiance Bancshares, Inc.*(d)		357		12,823
Amalgamated Bank, Class A(d)		377		6,763
American National Bankshares, Inc.(d)		251		8,203
Ameris Bancorp(d)		1,639		62,200
Ames National Corp.(d)		258		6,486
Arrow Financial Corp.(d)		367		11,689
Associated Banc-Corp.(d)		6,057		131,134
Atlantic Capital Bancshares, Inc.*(d)		780		14,102
Auburn National Bancorporation, Inc.(d)		71		2,312
Banc of California, Inc.(d)		1,822		26,565
BancFirst Corp.(d)		729		39,133
Bancorp, Inc. (The)*(d)		1,546		13,110
BancorpSouth Bank(d)		3,501		102,159
Bank of America Corp.(d)		337,038		9,595,472
Bank of Commerce Holdings(d)		473		5,056
Bank of Hawaii Corp.(d)		1,458		112,747
Bank of Marin Bancorp(d)		409		17,153
Bank of NT Butterfield & Son Ltd. (The)		292		10,235
Bank of Princeton (The)(d)		173		5,110
Bank OZK(d)		4,523		137,228
BankUnited, Inc.(d)		3,897		131,758
Bankwell Financial Group, Inc.(d)		185		5,346
Banner Corp.(d)		985		53,722
Bar Harbor Bankshares(d)		460		11,008
Baycom Corp.*(d)		309		6,674
BB&T Corp.(d)		27,999		1,366,351
BCB Bancorp, Inc.(d)		403		4,731
Berkshire Hills Bancorp, Inc.(d)		1,576		42,946
Blue Hills Bancorp, Inc.(d)		692		16,359
BOK Financial Corp.(d)		1,214		100,896
Boston Private Financial Holdings, Inc.(d)		2,601		30,172
Bridge Bancorp, Inc.(d)		501		15,426
Brookline Bancorp, Inc.(d)		3,236		48,119
Bryn Mawr Bank Corp.(d)		857		31,700
Business First Bancshares, Inc.(d)		322		7,429
Byline Bancorp, Inc.*(d)		493		9,313
C&F Financial Corp.(d)		100		4,998
Cadence Bancorp(d)		4,710		88,312
Cambridge Bancorp(d)		108		8,219
Camden National Corp.(d)		463		18,761
Capital Bancorp, Inc.*(d)		193		2,268
Capital City Bank Group, Inc.(d)		342		8,208
Capstar Financial Holdings, Inc.(d)		236		3,764
Carolina Financial Corp.(d)		867		30,016
Cathay General Bancorp(d)		2,849		105,755
CB Financial Services, Inc.(d)		141		3,405
CBTX, Inc.(d)		559		18,028
CenterState Bank Corp.(d)		3,367		83,502
Central Pacific Financial Corp.(d)		861		24,650
Central Valley Community Bancorp(d)		347		6,860
Century Bancorp, Inc., Class A(d)		85		6,599
Chemical Financial Corp.(d)		2,645		117,597
Chemung Financial Corp.(d)		98		4,108
CIT Group, Inc.(d)		4,029		186,100
Citigroup, Inc.(d)		87,763		5,657,203
Citizens & Northern Corp.(d)		354		8,875
Citizens Financial Group, Inc.(d)		17,351		588,546
City Holding Co.(d)		626		44,872
Civista Bancshares, Inc.(d)		419		7,848
CNB Financial Corp.(d)		436		11,018
Coastal Financial Corp.*(d)		192		2,855
Codorus Valley Bancorp, Inc.(d)		277		6,122
Columbia Banking System, Inc.(d)		2,643		97,130
Comerica, Inc.(d)		6,041		475,668
Commerce Bancshares, Inc.(d)		3,746		224,011
Community Bank System, Inc.(d)		1,810		108,509
Community Bankers Trust Corp.*(d)		643		4,797
Community Financial Corp. (The)(d)		146		4,314
Community Trust Bancorp, Inc.(d)		659		26,762
ConnectOne Bancorp, Inc.(d)		926		18,520
County Bancorp, Inc.(d)		155		2,652
Cullen/Frost Bankers, Inc.(d)		2,152		209,347
Customers Bancorp, Inc.*(d)		907		17,841
CVB Financial Corp.(d)		4,715		103,306
Eagle Bancorp, Inc.*(d)		1,180		64,758
East West Bancorp, Inc.(d)		5,284		265,891
Enterprise Bancorp, Inc.(d)		298		9,640
Enterprise Financial Services Corp.(d)		908		40,070
Equity Bancshares, Inc., Class A*(d)		409		12,986
Esquire Financial Holdings, Inc.*(d)		180		3,911
Evans Bancorp, Inc.(d)		141		4,935
Farmers & Merchants Bancorp, Inc.(d)		405		12,770
Farmers National Banc Corp.(d)		766		9,935
FB Financial Corp.(d)		503		16,639
Fidelity D&D Bancorp, Inc.(d)		85		5,016
Fidelity Southern Corp.(d)		659		20,073
Fifth Third Bancorp(d)		23,619		633,462
Financial Institutions, Inc.(d)		462		12,391
First Bancorp(d)		1,123		41,293
First Bancorp, Inc.(d)		305		7,890
First Bancorp/PR(d)		7,748		82,516
First Bancshares, Inc. (The)(d)		374		12,121
First Bank(d)		483		5,429
First Busey Corp.(d)		1,834		45,410
First Business Financial Services, Inc.(d)		248		5,119
First Choice Bancorp(d)		265		5,727
First Citizens BancShares, Inc., Class A(d)		281		114,516
First Commonwealth Financial Corp.(d)		3,041		41,358
First Community Bancshares, Inc.(d)		481		16,498
First Community Corp.(d)		225		4,612
First Financial Bancorp(d)		3,543		93,287
First Financial Bankshares, Inc.(d)		2,343		143,157
First Financial Corp.(d)		385		15,966
First Financial Northwest, Inc.(d)		249		3,772
First Foundation, Inc.*(d)		1,163		16,898
First Guaranty Bancshares, Inc.(d)		143		3,107
First Hawaiian, Inc.(d)		3,841		98,829
First Horizon National Corp.(d)		11,815		173,444
First Internet Bancorp(d)		295		5,900

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
First Interstate BancSystem, Inc., Class A(d)		1,309	$	50,946
First Merchants Corp.(d)		1,893		69,341
First Mid-Illinois Bancshares, Inc.(d)		388		12,641
First Midwest Bancorp, Inc.(d)		3,910		86,098
First Northwest Bancorp(d)		286		4,367
First of Long Island Corp. (The)(d)		740		15,333
First Republic Bank(d)		5,809		561,324
First Savings Financial Group, Inc.(d)		54		2,707
First United Corp.(d)		204		3,305
Flushing Financial Corp.(d)		826		18,321
FNB Corp.(d)		11,894		138,565
Franklin Financial Network, Inc.*(d)		400		12,748
Fulton Financial Corp.(d)		6,423		103,089
FVCBankcorp, Inc.*(d)		56		980
German American Bancorp, Inc.(d)		948		27,729
Glacier Bancorp, Inc.(d)		2,601		109,710
Great Southern Bancorp, Inc.(d)		332		17,709
Great Western Bancorp, Inc.(d)		1,818		64,157
Guaranty Bancshares, Inc.(d)		229		6,870
Hancock Whitney Corp.(d)		3,178		130,552
Hanmi Financial Corp.(d)		988		21,667
HarborOne Bancorp, Inc.*(d)		435		6,603
Heartland Financial USA, Inc.(d)		1,217		55,203
Heritage Commerce Corp.(d)		1,207		16,017
Heritage Financial Corp.(d)		1,478		45,788
Hilltop Holdings, Inc.(d)		2,764		50,885
Home BancShares, Inc.(d)		5,857		107,242
HomeTrust Bancshares, Inc.(d)		531		14,337
Hope Bancorp, Inc.(d)		4,961		70,992
Horizon Bancorp, Inc.(d)		1,121		18,093
Howard Bancorp, Inc.*(d)		374		4,798
Huntington Bancshares, Inc.(d)		38,470		509,343
IBERIABANK Corp.(d)		2,047		151,253
Independent Bank Corp.(d)		1,672		95,132
Independent Bank Group, Inc.(d)		1,203		63,470
International Bancshares Corp.(d)		1,979		70,195
Investar Holding Corp.(d)		268		6,180
Investors Bancorp, Inc.(d)		8,628		104,744
JPMorgan Chase & Co.(d)		119,549		12,373,321
KeyCorp(d)		37,330		614,825
Lakeland Bancorp, Inc.(d)		1,372		21,472
Lakeland Financial Corp.(d)		1,113		50,118
LCNB Corp.(d)		268		4,422
LegacyTexas Financial Group, Inc.(d)		1,826		72,748
Level One Bancorp, Inc.(d)		147		3,572
Live Oak Bancshares, Inc.(d)		778		10,814
M&T Bank Corp.(d)		5,113		841,293
Macatawa Bank Corp.(d)		781		7,623
MB Financial, Inc.(d)		2,983		132,386
MBT Financial Corp.(d)		554		5,546
Mercantile Bank Corp.(d)		493		16,368
Metropolitan Bank Holding Corp.*(d)		205		7,175
Mid Penn Bancorp, Inc.(d)		143		3,310
Middlefield Banc Corp.(d)		92		3,934
Midland States Bancorp, Inc.(d)		648		15,623
MidSouth Bancorp, Inc.(d)		445		5,082
MidWestOne Financial Group, Inc.(d)		336		9,311
MutualFirst Financial, Inc.(d)		173		5,017
MVB Financial Corp.(d)		255		4,294
National Bank Holdings Corp., Class A(d)		1,094		34,964
National Bankshares, Inc.(d)		210		7,293
National Commerce Corp.*(d)		726		29,559
NBT Bancorp, Inc.(d)		1,714		61,053
Nicolet Bankshares, Inc.*(d)		251		13,727
Northeast Bancorp(d)		231		4,555
Northrim BanCorp, Inc.(d)		202		6,692
Norwood Financial Corp.(d)		172		5,043
Oak Valley Bancorp(d)		206		3,636
OFG Bancorp(d)		1,736		33,644
Ohio Valley Banc Corp.(d)		121		4,341
Old Line Bancshares, Inc.(d)		476		12,857
Old National Bancorp(d)		5,688		91,804
Old Second Bancorp, Inc.(d)		891		12,501
Opus Bank(d)		607		12,686
Origin Bancorp, Inc.(d)		724		24,667
Orrstown Financial Services, Inc.(d)		227		4,274
Pacific City Financial Corp.(d)		344		5,659
Pacific Mercantile Bancorp*(d)		468		3,678
Pacific Premier Bancorp, Inc.*(d)		1,760		52,360
PacWest Bancorp(d)		4,484		173,038
Park National Corp.(d)		533		50,113
Parke Bancorp, Inc.(d)		208		4,081
Peapack Gladstone Financial Corp.(d)		560		14,946
Penns Woods Bancorp, Inc.(d)		138		4,876
Peoples Bancorp of North Carolina, Inc.(d)		138		3,588
Peoples Bancorp, Inc.(d)		538		17,216
Peoples Financial Services Corp.(d)		206		8,495
People’s United Financial, Inc.(d)		14,225		233,005
People’s Utah Bancorp(d)		463		13,612
Pinnacle Financial Partners, Inc.(d)		2,766		148,728
PNC Financial Services Group, Inc. (The)(d)		16,924		2,076,067
Popular, Inc.(d)		3,697		201,893
Preferred Bank(d)		587		27,331
Premier Financial Bancorp, Inc.(d)		356		5,080
Prosperity Bancshares, Inc.(d)		2,586		183,968
QCR Holdings, Inc.(d)		393		13,464
RBB Bancorp(d)		424		7,908
Regions Financial Corp.(d)		38,187		579,297
Reliant Bancorp, Inc.(d)		305		6,557
Renasant Corp.(d)		1,906		67,701
Republic Bancorp, Inc., Class A(d)		287		11,965
Republic First Bancorp, Inc.*(d)		1,326		7,823
S&T Bancorp, Inc.(d)		1,366		52,482
Sandy Spring Bancorp, Inc.(d)		1,335		43,534
SB One Bancorp(d)		215		4,708
Seacoast Banking Corp. of Florida*(d)		1,391		38,280
Select Bancorp, Inc.*(d)		477		5,772
ServisFirst Bancshares, Inc.(d)		1,817		61,324
Shore Bancshares, Inc.(d)		383		5,707
Sierra Bancorp(d)		424		11,278
Signature Bank(d)		1,950		248,254
Simmons First National Corp., Class A(d)		3,411		84,388
SmartFinancial, Inc.*(d)		339		6,543
South State Corp.(d)		1,356		89,971
Southern First Bancshares, Inc.*(d)		217		7,810
Southern National Bancorp of Virginia, Inc.(d)		586		8,837
Southside Bancshares, Inc.(d)		1,342		44,273
Spirit of Texas Bancshares, Inc.*(d)		273		6,011
Sterling Bancorp(d)		8,120		156,229
Stock Yards Bancorp, Inc.(d)		790		27,310
Summit Financial Group, Inc.(d)		318		7,483
SunTrust Banks, Inc.(d)		16,430		976,271
SVB Financial Group*(d)		1,941		452,991
Synovus Financial Corp.(d)		5,949		210,714
TCF Financial Corp.(d)		5,930		131,409
Texas Capital Bancshares, Inc.*(d)		1,883		109,722
Tompkins Financial Corp.(d)		583		42,874
Towne Bank(d)		2,413		62,641
TriCo Bancshares(d)		1,023		38,588
TriState Capital Holdings, Inc.*(d)		788		16,044
Triumph Bancorp, Inc.*(d)		949		28,907
Trustmark Corp.(d)		2,610		82,293
UMB Financial Corp.(d)		1,630		104,907
Umpqua Holdings Corp.(d)		8,028		141,935
Union Bankshares Corp.(d)		2,467		77,859
Union Bankshares, Inc.(d)		119		5,670
United Bankshares, Inc.(d)		3,646		128,959
United Community Banks, Inc.(d)		2,422		62,294
United Security Bancshares(d)		393		4,032
Unity Bancorp, Inc.(d)		235		4,655
Univest Financial Corp.(d)		1,250		29,363
US Bancorp(d)		54,430		2,784,639
Valley National Bancorp(d)		11,998		121,300

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Veritex Holdings, Inc.*(d)		1,369	$	36,226
Washington Trust Bancorp, Inc.(d)		652		33,930
Webster Financial Corp.(d)		3,362		181,145
Wells Fargo & Co.(d)		155,100		7,585,941
WesBanco, Inc.(d)		1,984		80,570
West Bancorporation, Inc.(d)		483		10,404
Westamerica Bancorp(d)		996		62,409
Western Alliance Bancorp*(d)		3,612		159,939
Wintrust Financial Corp.(d)		2,203		156,721
Zions Bancorp NA(d)		7,152		340,364
				59,165,464
Beverages 1.0%
Boston Beer Co., Inc. (The), Class A*(d)		290		72,256
Brown-Forman Corp., Class A(d)		11,881		560,930
Castle Brands, Inc.*(d)		2,699		2,281
Celsius Holdings, Inc.*(d)		654		2,675
Coca-Cola Co. (The)(d)		135,183		6,506,358
Coca-Cola Consolidated, Inc.(d)		171		36,902
Constellation Brands, Inc., Class A(d)		5,465		949,052
Craft Brew Alliance, Inc.*(d)		378		6,222
Keurig Dr Pepper, Inc.(d)		6,189		168,465
MGP Ingredients, Inc.(d)		512		36,756
Molson Coors Brewing Co., Class B(d)		6,182		411,783
Monster Beverage Corp.*(d)		14,105		807,370
National Beverage Corp.(d)		439		36,806
PepsiCo, Inc.(d)		49,958		5,628,768
Primo Water Corp.*(d)		972		12,665
				15,239,289
Biotechnology 1.9%
AbbVie, Inc.(d)		52,985		4,254,166
Abeona Therapeutics, Inc.*(d)		918		6,233
ACADIA Pharmaceuticals, Inc.*(d)		3,504		79,821
Acceleron Pharma, Inc.*(d)		1,380		58,512
Achaogen, Inc.*(d)		1,058		1,598
Achillion Pharmaceuticals, Inc.*(d)		4,077		8,929
Acorda Therapeutics, Inc.*(d)		1,682		27,972
Adamas Pharmaceuticals, Inc.*(d)		661		5,949
ADMA Biologics, Inc.*(d)		595		1,755
Aduro Biotech, Inc.*(d)		1,844		5,495
Adverum Biotechnologies, Inc.*(d)		1,621		5,155
Aeglea BioTherapeutics, Inc.*(d)		480		4,387
Agenus, Inc.*(d)		2,671		9,001
AgeX Therapeutics, Inc.*(d)		269		1,041
Agios Pharmaceuticals, Inc.*(d)		1,782		95,515
Aimmune Therapeutics, Inc.*(d)		1,568		36,879
Akebia Therapeutics, Inc.*(d)		3,356		18,492
Albireo Pharma, Inc.*(d)		270		7,020
Alder Biopharmaceuticals, Inc.*(d)		2,210		31,117
Aldeyra Therapeutics, Inc.*(d)		1,194		10,519
Alexion Pharmaceuticals, Inc.*(d)		7,541		927,241
Alkermes plc*(d)		5,514		181,245
Allakos, Inc.*(d)		249		9,948
Allena Pharmaceuticals, Inc.*(d)		365		2,559
Allogene Therapeutics, Inc.*(d)		831		25,204
Alnylam Pharmaceuticals, Inc.*(d)		3,130		261,449
AMAG Pharmaceuticals, Inc.*(d)		1,317		21,559
Amgen, Inc.(d)		22,544		4,218,208
Amicus Therapeutics, Inc.*(d)		6,757		81,354
AnaptysBio, Inc.*(d)		736		48,812
Apellis Pharmaceuticals, Inc.*(d)		1,450		20,300
Aptinyx, Inc.*(d)		397		2,120
Arbutus Biopharma Corp.*(d)		1,066		3,934
Arcus Biosciences, Inc.*(d)		859		8,736
Ardelyx, Inc.*(d)		1,298		2,726
Arena Pharmaceuticals, Inc.*(d)		1,733		79,666
ArQule, Inc.*(d)		3,146		11,640
Array BioPharma, Inc.*(d)		7,278		135,880
Arrowhead Pharmaceuticals, Inc.*(d)		3,019		42,628
Arsanis, Inc.*(d)		152		415
Atara Biotherapeutics, Inc.*(d)		1,455		55,290
Athenex, Inc.*(d)		1,289		15,146
Athersys, Inc.*(d)		3,333		5,299
Audentes Therapeutics, Inc.*(d)		1,382		34,274
AVEO Pharmaceuticals, Inc.*(d)		7,459		5,217
Avid Bioservices, Inc.*(d)		1,491		5,740
Avrobio, Inc.*(d)		194		2,417
Bellicum Pharmaceuticals, Inc.*(d)		1,148		3,788
BioCryst Pharmaceuticals, Inc.*(d)		4,098		35,571
Biogen, Inc.*(d)		7,113		2,374,177
Biohaven Pharmaceutical Holding Co. Ltd.*(d)		1,051		40,033
BioMarin Pharmaceutical, Inc.*(d)		6,189		607,574
BioSpecifics Technologies Corp.*(d)		171		11,112
BioTime, Inc.*(d)		2,698		3,804
Bluebird Bio, Inc.*(d)		1,915		255,518
Blueprint Medicines Corp.*(d)		1,466		105,684
Calithera Biosciences, Inc.*(d)		920		4,103
Calyxt, Inc.*(d)		172		2,282
Cara Therapeutics, Inc.*(d)		967		14,747
CareDx, Inc.*(d)		1,259		35,290
CASI Pharmaceuticals, Inc.*(d)		1,545		5,346
Catalyst Biosciences, Inc.*(d)		343		3,015
Catalyst Pharmaceuticals, Inc.*(d)		2,792		7,036
Celcuity, Inc.*(d)		170		3,777
Celgene Corp.*(d)		25,113		2,221,496
Cellular Biomedicine Group, Inc.*(d)		339		6,024
ChemoCentryx, Inc.*(d)		681		8,335
Chimerix, Inc.*(d)		1,347		3,138
Clovis Oncology, Inc.*(d)		1,715		43,492
Cohbar, Inc. Reg. S,*(d)		691		2,266
Coherus Biosciences, Inc.*(d)		2,162		29,101
Concert Pharmaceuticals, Inc.*(d)		648		9,169
Constellation Pharmaceuticals, Inc.*(d)		119		860
Corbus Pharmaceuticals Holdings, Inc.*(d)		2,240		16,934
Corvus Pharmaceuticals, Inc.*(d)		408		1,628
Crinetics Pharmaceuticals, Inc.*(d)		204		5,361
CTI BioPharma Corp.*(d)		1,513		1,800
Cue Biopharma, Inc.*(d)		546		2,790
Cytokinetics, Inc.*(d)		1,358		9,547
CytomX Therapeutics, Inc.*(d)		1,681		28,543
Deciphera Pharmaceuticals, Inc.*(d)		261		7,013
Denali Therapeutics, Inc.*(d)		1,668		31,792
Dicerna Pharmaceuticals, Inc.*(d)		2,000		20,620
Dynavax Technologies Corp.*(d)		2,505		27,605
Eagle Pharmaceuticals, Inc.*(d)		447		18,890
Editas Medicine, Inc.*(d)		1,644		35,724
Eidos Therapeutics, Inc.*(d)		225		2,747
Emergent BioSolutions, Inc.*(d)		1,602		99,949
Enanta Pharmaceuticals, Inc.*(d)		592		47,023
Epizyme, Inc.*(d)		2,527		25,826
Equillium, Inc.*(d)		149		1,310
Esperion Therapeutics, Inc.*(d)		809		37,578
Evelo Biosciences, Inc.*(d)		417		3,745
Exact Sciences Corp.*(d)		4,209		379,147
Exelixis, Inc.*(d)		10,365		244,303
Fate Therapeutics, Inc.*(d)		2,185		33,081
Fennec Pharmaceuticals, Inc.*(d)		343		2,295
FibroGen, Inc.*(d)		2,691		152,714
Five Prime Therapeutics, Inc.*(d)		999		11,239
Flexion Therapeutics, Inc.*(d)		1,381		20,287
Fortress Biotech, Inc.*(d)		753		1,559
Forty Seven, Inc.*(d)		245		3,599
G1 Therapeutics, Inc.*(d)		892		19,080
Genomic Health, Inc.*(d)		746		56,554
Geron Corp.*(d)		4,545		5,227
Gilead Sciences, Inc.(d)		46,138		3,230,121
Global Blood Therapeutics, Inc.*(d)		1,768		84,705
GlycoMimetics, Inc.*(d)		1,003		11,234
Gritstone Oncology, Inc.*(d)		198		2,534
GTx, Inc.*(d)		183		199
Halozyme Therapeutics, Inc.*(d)		4,503		72,859
Heron Therapeutics, Inc.*(d)		2,453		65,986
Homology Medicines, Inc.*(d)		504		10,216
Idera Pharmaceuticals, Inc.*(d)		575		1,455
Immune Design Corp.*(d)		945		1,474

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
ImmunoGen, Inc.*(d)		5,449	$	28,607
Immunomedics, Inc.*(d)		5,135		75,947
Incyte Corp.*(d)		6,223		501,512
Inovio Pharmaceuticals, Inc.*(d)		2,497		12,510
Insmed, Inc.*(d)		2,802		68,117
Insys Therapeutics, Inc.*(d)		796		2,754
Intellia Therapeutics, Inc.*(d)		1,384		19,570
Intercept Pharmaceuticals, Inc.*(d)		759		91,596
Intrexon Corp.*(d)		2,953		22,620
Invitae Corp.*(d)		2,471		34,792
Ionis Pharmaceuticals, Inc.*(d)		4,370		253,460
Iovance Biotherapeutics, Inc.*(d)		3,796		34,733
Ironwood Pharmaceuticals, Inc.*(d)		4,924		67,262
Jounce Therapeutics, Inc.*(d)		443		1,856
Kadmon Holdings, Inc.*(d)		2,856		6,883
Karyopharm Therapeutics, Inc.*(d)		1,976		16,737
Kezar Life Sciences, Inc.*(d)		153		2,740
Kindred Biosciences, Inc.*(d)		927		9,131
Kiniksa Pharmaceuticals Ltd., Class A*(d)		420		7,350
Kodiak Sciences, Inc.*(d)		289		2,220
Kura Oncology, Inc.*(d)		830		13,197
La Jolla Pharmaceutical Co.*(d)		621		3,751
Lexicon Pharmaceuticals, Inc.*(d)		1,252		5,922
Ligand Pharmaceuticals, Inc.*(d)		737		87,040
LogicBio Therapeutics, Inc.*(d)		245		2,166
Loxo Oncology, Inc.*(d)		949		222,635
MacroGenics, Inc.*(d)		1,565		18,357
Madrigal Pharmaceuticals, Inc.*(d)		265		30,676
Magenta Therapeutics, Inc.*(d)		123		862
MannKind Corp.*(d)		4,061		5,117
MediciNova, Inc.*(d)		1,758		15,963
MeiraGTx Holdings plc*(d)		86		1,065
Mersana Therapeutics, Inc.*(d)		367		1,681
Minerva Neurosciences, Inc.*(d)		868		5,711
Miragen Therapeutics, Inc.*(d)		767		2,194
Mirati Therapeutics, Inc.*(d)		761		50,287
Molecular Templates, Inc.*(d)		351		1,664
Momenta Pharmaceuticals, Inc.*(d)		2,875		34,097
Mustang Bio, Inc.*(d)		441		1,641
Myriad Genetics, Inc.*(d)		2,474		69,742
NantKwest, Inc.*(d)		847		915
Natera, Inc.*(d)		1,000		13,590
Neon Therapeutics, Inc.*(d)		187		793
Neurocrine Biosciences, Inc.*(d)		3,137		276,746
NewLink Genetics Corp.*(d)		835		1,244
Novavax, Inc.*(d)		14,043		32,861
Nymox Pharmaceutical Corp.*(d)		940		2,077
OPKO Health, Inc.*(d)		11,615		42,743
Organovo Holdings, Inc.*(d)		3,468		3,503
Ovid therapeutics, Inc.*(d)		399		1,129
Palatin Technologies, Inc.*(d)		6,071		4,199
PDL BioPharma, Inc.*(d)		4,307		13,696
Pfenex, Inc.*(d)		801		3,156
Pieris Pharmaceuticals, Inc.*(d)		1,415		4,061
PolarityTE, Inc.*(d)		297		5,263
Portola Pharmaceuticals, Inc.*(d)		2,415		65,446
Principia Biopharma, Inc.*(d)		165		5,001
Progenics Pharmaceuticals, Inc.*(d)		2,524		11,181
Prothena Corp. plc*(d)		1,712		20,116
PTC Therapeutics, Inc.*(d)		1,576		49,061
Puma Biotechnology, Inc.*(d)		1,141		31,811
Ra Pharmaceuticals, Inc.*(d)		417		8,561
Radius Health, Inc.*(d)		1,629		29,762
Recro Pharma, Inc.*(d)		508		4,211
Regeneron Pharmaceuticals, Inc.*(d)		2,807		1,204,961
REGENXBIO, Inc.*(d)		1,117		49,103
Repligen Corp.*(d)		1,376		78,446
Replimune Group, Inc.*(d)		212		2,567
Retrophin, Inc.*(d)		1,531		33,008
Rhythm Pharmaceuticals, Inc.*(d)		446		11,864
Rigel Pharmaceuticals, Inc.*(d)		5,058		10,925
Rocket Pharmaceuticals, Inc.*(d)		609		8,757
Rubius Therapeutics, Inc.*(d)		356		4,874
Sage Therapeutics, Inc.*(d)		1,564		223,011
Sangamo Therapeutics, Inc.*(d)		3,648		42,645
Sarepta Therapeutics, Inc.*(d)		2,271		317,281
Savara, Inc.*(d)		839		6,368
Scholar Rock Holding Corp.*(d)		179		2,705
Seattle Genetics, Inc.*(d)		3,829		292,650
Selecta Biosciences, Inc.*(d)		578		907
Seres Therapeutics, Inc.*(d)		610		3,758
Solid Biosciences, Inc.*(d)		367		9,237
Sorrento Therapeutics, Inc.*(d)		3,427		7,060
Spark Therapeutics, Inc.*(d)		1,114		53,271
Spectrum Pharmaceuticals, Inc.*(d)		3,650		40,880
Spero Therapeutics, Inc.*(d)		238		2,504
Spring Bank Pharmaceuticals, Inc.*(d)		424		4,592
Stemline Therapeutics, Inc.*(d)		831		9,191
Surface Oncology, Inc.*(d)		336		1,932
Sutro Biopharma, Inc.*(d)		196		2,074
Syndax Pharmaceuticals, Inc.*(d)		401		2,246
Synergy Pharmaceuticals, Inc.*(d)		7,444		2,385
Synlogic, Inc.*(d)		477		3,854
Syros Pharmaceuticals, Inc.*(d)		745		4,463
T2 Biosystems, Inc.*(d)		940		3,290
TG Therapeutics, Inc.*(d)		1,969		8,073
Tocagen, Inc.*(d)		524		5,900
Translate Bio, Inc.*(d)		289		1,642
Tyme Technologies, Inc.*(d)		3,154		8,484
Ultragenyx Pharmaceutical, Inc.*(d)		1,703		83,992
United Therapeutics Corp.*(d)		1,537		177,262
UNITY Biotechnology, Inc.*(d)		731		8,363
Unum Therapeutics, Inc.*(d)		553		2,389
Vanda Pharmaceuticals, Inc.*(d)		1,858		50,408
Veracyte, Inc.*(d)		837		15,225
Verastem, Inc.*(d)		2,013		6,603
Vericel Corp.*(d)		1,655		28,466
Vertex Pharmaceuticals, Inc.*(d)		9,013		1,720,672
Viking Therapeutics, Inc.*(d)		1,807		14,745
Vital Therapies, Inc.*(d)		726		160
Voyager Therapeutics, Inc.*(d)		664		6,965
Xencor, Inc.*(d)		1,585		57,218
XOMA Corp.*(d)		187		2,257
Y-mAbs Therapeutics, Inc.*(d)		201		4,137
Zafgen, Inc.*(d)		874		3,881
ZIOPHARM Oncology, Inc.*(d)		3,566		7,988
				28,672,524
Building Products 0.3%
AAON, Inc.(d)		1,447		53,452
Advanced Drainage Systems, Inc.(d)		1,342		34,221
Allegion plc(d)		3,318		284,883
American Woodmark Corp.*(d)		524		36,654
AO Smith Corp.(d)		5,179		247,867
Apogee Enterprises, Inc.(d)		1,040		35,433
Armstrong Flooring, Inc.*(d)		625		8,450
Armstrong World Industries, Inc.(d)		1,526		103,829
Builders FirstSource, Inc.*(d)		3,998		52,853
Caesarstone Ltd.(d)		678		10,428
Continental Building Products, Inc.*(d)		1,365		35,954
CSW Industrials, Inc.*(d)		599		30,938
Fortune Brands Home & Security, Inc.(d)		4,970		225,141
Gibraltar Industries, Inc.*(d)		1,145		40,819
Griffon Corp.(d)		934		14,860
Insteel Industries, Inc.(d)		541		11,951
JELD-WEN Holding, Inc.*(d)		2,425		43,262
Johnson Controls International plc(d)		32,453		1,095,938
Lennox International, Inc.(d)		1,238		283,849
Masco Corp.(d)		10,699		346,755
Masonite International Corp.*(d)		944		53,997
NCI Building Systems, Inc.*(d)		1,992		16,255
Owens Corning(d)		3,789		198,506
Patrick Industries, Inc.*(d)		905		36,109
PGT Innovations, Inc.*(d)		2,032		33,812
Quanex Building Products Corp.(d)		1,009		15,791
Resideo Technologies, Inc.*(d)		4,293		94,145
Simpson Manufacturing Co., Inc.(d)		1,441		88,449

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Building Products (continued)
Trex Co., Inc.*(d)		2,035	$	141,962
Universal Forest Products, Inc.(d)		2,110		65,030
USG Corp.(d)		3,012		129,968
				3,871,561
Capital Markets 1.7%
Affiliated Managers Group, Inc.(d)		1,884		197,726
Ameriprise Financial, Inc.(d)		4,814		609,452
Arlington Asset Investment Corp., Class A(d)		899		7,749
Artisan Partners Asset Management, Inc., Class A(d)		1,773		41,346
Ashford, Inc.(d)		20		1,300
Associated Capital Group, Inc., Class A(d)		69		2,925
B. Riley Financial, Inc.(d)		601		9,165
Bank of New York Mellon Corp. (The)(d)		33,078		1,730,641
BGC Partners, Inc., Class A(d)		10,028		62,073
BlackRock, Inc.(d)		4,314		1,790,655
Blucora, Inc.*(d)		1,702		50,226
BrightSphere Investment Group plc(d)		3,074		38,025
Cboe Global Markets, Inc.(d)		4,061		378,770
Charles Schwab Corp. (The)(d)		43,269		2,023,691
CME Group, Inc.(d)		12,552		2,287,979
Cohen & Steers, Inc.(d)		849		31,948
Cowen, Inc.*(d)		824		13,324
Diamond Hill Investment Group, Inc.(d)		98		15,190
Donnelley Financial Solutions, Inc.*(d)		1,386		20,291
E*TRADE Financial Corp.(d)		9,289		433,425
Eaton Vance Corp.(d)		4,065		156,584
Evercore, Inc., Class A(d)		1,445		129,255
FactSet Research Systems, Inc.(d)		1,334		291,652
Federated Investors, Inc., Class B(d)		3,393		88,659
Focus Financial Partners, Inc., Class A*(d)		575		16,169
Franklin Resources, Inc.(d)		10,720		317,419
GAIN Capital Holdings, Inc.(d)		817		5,286
GAMCO Investors, Inc., Class A(d)		137		2,733
Goldman Sachs Group, Inc. (The)(d)		12,694		2,513,539
Greenhill & Co., Inc.(d)		840		21,050
Hamilton Lane, Inc., Class A(d)		500		18,135
Houlihan Lokey, Inc.(d)		1,255		55,521
Interactive Brokers Group, Inc., Class A(d)		2,571		129,578
Intercontinental Exchange, Inc.(d)		20,095		1,542,492
INTL. FCStone, Inc.*(d)		454		17,356
Invesco Ltd.(d)		14,745		268,654
Investment Technology Group, Inc.(d)		1,204		36,433
Ladenburg Thalmann Financial Services, Inc.(d)		3,029		8,724
Lazard Ltd., Class A(d)		3,550		141,255
Legg Mason, Inc.(d)		2,848		84,870
LPL Financial Holdings, Inc.(d)		3,039		213,854
MarketAxess Holdings, Inc.(d)		1,302		279,631
Moelis & Co., Class A(d)		1,609		70,394
Moody’s Corp.(d)		5,895		934,417
Morgan Stanley(d)		43,772		1,851,556
Morningstar, Inc.(d)		633		78,587
MSCI, Inc.(d)		2,998		510,470
Nasdaq, Inc.(d)		4,056		357,090
Northern Trust Corp.(d)		7,321		647,616
Oppenheimer Holdings, Inc., Class A(d)		288		7,756
Piper Jaffray Cos.(d)		550		37,967
PJT Partners, Inc., Class A(d)		768		33,393
Pzena Investment Management, Inc., Class A(d)		519		4,547
Raymond James Financial, Inc.(d)		4,775		384,388
S&P Global, Inc.(d)		8,899		1,705,493
Safeguard Scientifics, Inc.*(d)		575		5,457
SEI Investments Co.(d)		4,752		225,910
Siebert Financial Corp.*(d)		222		2,455
Silvercrest Asset Management Group, Inc., Class A(d)		247		3,290
State Street Corp.(d)		13,481		955,803
Stifel Financial Corp.(d)		2,521		120,680
T. Rowe Price Group, Inc.(d)		8,223		768,522
TD Ameritrade Holding Corp.(d)		10,036		561,514
Value Line, Inc.(d)		34		729
Virtu Financial, Inc., Class A(d)		1,500		38,325
Virtus Investment Partners, Inc.(d)		290		26,091
Waddell & Reed Financial, Inc., Class A(d)		2,770		47,422
Westwood Holdings Group, Inc.(d)		249		9,118
WisdomTree Investments, Inc.(d)		4,491		30,090
				25,503,830
Chemicals 1.3%
Advanced Emissions Solutions, Inc.(d)		553		6,265
AdvanSix, Inc.*(d)		1,165		36,861
AgroFresh Solutions, Inc.*(d)		948		3,811
Air Products & Chemicals, Inc.(d)		7,791		1,280,762
Albemarle Corp.(d)		3,707		299,266
American Vanguard Corp.(d)		869		15,225
Amyris, Inc.*(d)		851		2,885
Ashland Global Holdings, Inc.(d)		2,216		168,194
Axalta Coating Systems Ltd.*(d)		7,491		191,919
Balchem Corp.(d)		1,138		94,477
Cabot Corp.(d)		2,140		100,345
Celanese Corp.(d)		4,855		464,915
CF Industries Holdings, Inc.(d)		8,132		354,962
Chase Corp.(d)		283		28,532
Chemours Co. (The)(d)		6,107		218,325
DowDuPont, Inc.(d)		88,024		4,736,571
Eastman Chemical Co.(d)		5,116		412,452
Ecolab, Inc.(d)		9,013		1,425,586
Ferro Corp.*(d)		2,958		49,310
Flotek Industries, Inc.*(d)		1,676		4,291
FMC Corp.(d)		4,837		385,993
FutureFuel Corp.(d)		1,111		20,342
GCP Applied Technologies, Inc.*(d)		2,593		65,344
Hawkins, Inc.(d)		288		11,949
HB Fuller Co.(d)		1,817		89,742
Huntsman Corp.(d)		7,961		174,903
Ingevity Corp.*(d)		1,477		138,941
Innophos Holdings, Inc.(d)		580		17,342
Innospec, Inc.(d)		876		61,557
International Flavors & Fragrances, Inc.(d)		3,565		505,446
Intrepid Potash, Inc.*(d)		2,964		9,218
Koppers Holdings, Inc.*(d)		629		14,335
Kraton Corp.*(d)		1,222		34,460
Kronos Worldwide, Inc.(d)		684		9,008
Linde plc(d)		19,669		3,206,244
Livent Corp.*(d)		686		8,685
LSB Industries, Inc.*(d)		636		4,738
LyondellBasell Industries NV, Class A(d)		11,280		981,022
Marrone Bio Innovations, Inc.*(d)		1,598		2,445
Minerals Technologies, Inc.(d)		1,304		76,375
Mosaic Co. (The)(d)		12,493		403,274
NewMarket Corp.(d)		272		109,096
Olin Corp.(d)		6,052		142,888
OMNOVA Solutions, Inc.*(d)		1,291		11,503
Platform Specialty Products Corp.*(d)		7,897		88,762
PolyOne Corp.(d)		2,880		93,226
PPG Industries, Inc.(d)		8,593		906,046
PQ Group Holdings, Inc.*(d)		1,070		16,103
Quaker Chemical Corp.(d)		460		94,052
Rayonier Advanced Materials, Inc.(d)		1,970		28,526
RPM International, Inc.(d)		4,665		266,651
Scotts Miracle-Gro Co. (The)(d)		1,404		104,387
Sensient Technologies Corp.(d)		1,495		93,856
Sherwin-Williams Co. (The)(d)		2,859		1,205,126
Stepan Co.(d)		712		62,606
Trecora Resources*(d)		622		5,393
Tredegar Corp.(d)		776		12,657
Trinseo SA(d)		1,510		74,065
Tronox Ltd., Class A(d)		3,651		31,983
Valhi, Inc.(d)		768		2,557

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
Valvoline, Inc.(d)		6,783	$	149,972
Westlake Chemical Corp.(d)		1,323		97,770
WR Grace & Co.(d)		2,424		172,128
				19,885,670
Commercial Services & Supplies 0.4%
ABM Industries, Inc.(d)		2,383		81,475
ACCO Brands Corp.(d)		4,087		36,088
ADT, Inc.(d)		4,089		29,523
Advanced Disposal Services, Inc.*(d)		2,592		65,318
Brady Corp., Class A(d)		1,694		75,739
BrightView Holdings, Inc.*(d)		721		10,678
Brink’s Co. (The)(d)		1,757		130,106
Casella Waste Systems, Inc., Class A*(d)		1,416		42,650
CECO Environmental Corp.*(d)		900		6,192
Charah Solutions, Inc.*(d)		217		1,554
Cimpress NV*(d)		1,002		83,336
Cintas Corp.(d)		3,073		576,218
Clean Harbors, Inc.*(d)		1,829		108,295
CompX International, Inc.(d)		51		727
Copart, Inc.*(d)		7,235		366,308
Covanta Holding Corp.(d)		4,267		68,699
Deluxe Corp.(d)		1,700		79,849
Ennis, Inc.(d)		772		15,317
Healthcare Services Group, Inc.(d)		2,578		112,452
Heritage-Crystal Clean, Inc.*(d)		439		11,238
Herman Miller, Inc.(d)		2,143		73,355
HNI Corp.(d)		1,569		60,987
Interface, Inc.(d)		2,210		36,266
KAR Auction Services, Inc.(d)		4,858		252,665
Kimball International, Inc., Class B(d)		1,065		15,048
Knoll, Inc.(d)		1,819		36,671
LSC Communications, Inc.(d)		985		7,811
Matthews International Corp., Class A(d)		1,169		52,009
McGrath RentCorp(d)		856		43,142
Mobile Mini, Inc.(d)		1,585		59,897
MSA Safety, Inc.(d)		1,196		119,815
Multi-Color Corp.(d)		412		19,179
NL Industries, Inc.*(d)		249		944
PICO Holdings, Inc.*(d)		608		5,904
Pitney Bowes, Inc.(d)		6,698		48,293
Quad/Graphics, Inc.(d)		936		12,645
Republic Services, Inc.(d)		7,761		595,346
Rollins, Inc.(d)		5,217		194,281
RR Donnelley & Sons Co.(d)		2,093		10,674
SP Plus Corp.*(d)		675		22,343
Steelcase, Inc., Class A(d)		3,020		49,830
Stericycle, Inc.*(d)		2,970		130,918
Team, Inc.*(d)		878		12,591
Tetra Tech, Inc.(d)		1,821		100,501
UniFirst Corp.(d)		547		75,721
US Ecology, Inc.(d)		814		51,827
Viad Corp.(d)		746		39,314
VSE Corp.(d)		260		8,484
Waste Management, Inc.(d)		15,087		1,443,373
				5,481,596
Communications Equipment 0.8%
Acacia Communications, Inc.*(d)		965		41,987
ADTRAN, Inc.(d)		1,439		20,981
Aerohive Networks, Inc.*(d)		1,003		3,831
Applied Optoelectronics, Inc.*(d)		560		9,733
Arista Networks, Inc.*(d)		2,037		437,507
ARRIS International plc*(d)		5,786		181,623
CalAmp Corp.*(d)		1,003		14,453
Calix, Inc.*(d)		1,339		14,568
Casa Systems, Inc.*(d)		766		8,916
Ciena Corp.*(d)		5,067		193,002
Cisco Systems, Inc.(d)		160,483		7,589,241
Clearfield, Inc.*(d)		328		3,861
CommScope Holding Co., Inc.*(d)		6,775		141,665
Comtech Telecommunications Corp.(d)		920		22,972
DASAN Zhone Solutions, Inc.*(d)		173		2,311
Digi International, Inc.*(d)		786		9,322
EchoStar Corp., Class A*(d)		1,720		70,486
Extreme Networks, Inc.*(d)		4,608		34,836
F5 Networks, Inc.*(d)		2,199		353,929
Finisar Corp.*(d)		3,963		90,277
Harmonic, Inc.*(d)		3,617		19,134
Infinera Corp.*(d)		5,740		25,256
InterDigital, Inc.(d)		1,275		92,833
Juniper Networks, Inc.(d)		12,000		311,280
KVH Industries, Inc.*(d)		480		5,366
Lumentum Holdings, Inc.*(d)		2,545		124,476
Motorola Solutions, Inc.(d)		5,793		677,260
NETGEAR, Inc.*(d)		1,109		43,928
NetScout Systems, Inc.*(d)		2,638		68,403
Palo Alto Networks, Inc.*(d)		3,227		693,224
Plantronics, Inc.(d)		1,174		45,539
Quantenna Communications, Inc.*(d)		996		14,880
Ribbon Communications, Inc.*(d)		1,613		9,001
Ubiquiti Networks, Inc.(d)		547		59,191
ViaSat, Inc.*(d)		1,952		122,371
Viavi Solutions, Inc.*(d)		8,040		89,405
				11,647,048
Construction & Engineering 0.1%
AECOM*(d)		5,487		167,957
Aegion Corp.*(d)		945		17,152
Ameresco, Inc., Class A*(d)		555		8,286
Arcosa, Inc.(d)		1,707		50,237
Argan, Inc.(d)		578		24,403
Comfort Systems USA, Inc.(d)		1,311		62,889
Dycom Industries, Inc.*(d)		1,063		61,707
EMCOR Group, Inc.(d)		1,991		129,873
Fluor Corp.(d)		4,907		179,449
Granite Construction, Inc.(d)		1,556		67,250
Great Lakes Dredge & Dock Corp.*(d)		2,493		17,626
HC2 Holdings, Inc.*(d)		1,271		4,334
IES Holdings, Inc.*(d)		246		4,118
Infrastructure and Energy Alternatives, Inc.*(d)		510		4,228
Jacobs Engineering Group, Inc.(d)		4,473		289,850
KBR, Inc.(d)		4,934		84,865
MasTec, Inc.*(d)		2,222		98,612
MYR Group, Inc.*(d)		668		20,354
Northwest Pipe Co.*(d)		282		6,497
NV5 Global, Inc.*(d)		275		19,462
Orion Group Holdings, Inc.*(d)		842		3,553
Primoris Services Corp.(d)		1,545		30,823
Quanta Services, Inc.(d)		5,174		182,849
Sterling Construction Co., Inc.*(d)		794		10,513
Tutor Perini Corp.*(d)		1,104		19,000
Valmont Industries, Inc.(d)		785		101,265
WillScot Corp.*(d)		1,071		10,978
				1,678,130
Construction Materials 0.1%
Eagle Materials, Inc.(d)		1,650		117,150
Forterra, Inc.*(d)		546		2,801
Martin Marietta Materials, Inc.(d)		2,219		392,053
Summit Materials, Inc., Class A*(d)		4,055		61,879
United States Lime & Minerals, Inc.(d)		60		4,141
US Concrete, Inc.*(d)		661		23,532
Vulcan Materials Co.(d)		4,607		468,301
				1,069,857
Consumer Finance 0.5%
Ally Financial, Inc.(d)		15,404		401,428
American Express Co.(d)		25,356		2,604,061
Capital One Financial Corp.(d)		17,023		1,371,884
Credit Acceptance Corp.*(d)		414		164,780
Curo Group Holdings Corp.*(d)		344		4,300
Discover Financial Services(d)		12,110		817,304
Elevate Credit, Inc.*(d)		614		2,732
Encore Capital Group, Inc.*(d)		1,004		29,658
Enova International, Inc.*(d)		1,345		31,002
EZCORP, Inc., Class A*(d)		1,486		13,850

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Consumer Finance (continued)
FirstCash, Inc.(d)		1,581	$	130,322
Green Dot Corp., Class A*(d)		1,715		126,944
LendingClub Corp.*(d)		11,753		37,492
Navient Corp.(d)		9,515		108,471
Nelnet, Inc., Class A(d)		689		36,241
OneMain Holdings, Inc.*(d)		2,734		81,719
PRA Group, Inc.*(d)		1,609		47,482
Regional Management Corp.*(d)		276		7,585
Santander Consumer USA Holdings, Inc.(d)		4,191		79,881
SLM Corp.*(d)		16,010		171,467
Synchrony Financial(d)		26,609		799,334
World Acceptance Corp.*(d)		246		25,508
				7,093,445
Containers & Packaging 0.3%
AptarGroup, Inc.(d)		2,158		213,901
Ardagh Group SA(d)		550		6,666
Avery Dennison Corp.(d)		3,042		317,737
Ball Corp.(d)		11,864		620,250
Bemis Co., Inc.(d)		3,273		159,853
Berry Global Group, Inc.*(d)		4,826		237,680
Crown Holdings, Inc.*(d)		4,470		227,970
Graphic Packaging Holding Co.(d)		10,966		132,360
Greif, Inc., Class A(d)		1,097		43,816
International Paper Co.(d)		14,464		686,028
Myers Industries, Inc.(d)		1,417		23,040
Owens-Illinois, Inc.(d)		5,631		113,014
Packaging Corp. of America(d)		3,237		305,314
Sealed Air Corp.(d)		5,537		218,712
Silgan Holdings, Inc.(d)		2,703		74,657
Sonoco Products Co.(d)		3,559		204,927
UFP Technologies, Inc.*(d)		199		6,567
Westrock Co.(d)		8,963		364,884
				3,957,376
Distributors 0.1%
Core-Mark Holding Co., Inc.(d)		1,634		45,556
Funko, Inc., Class A*(d)		313		5,431
Genuine Parts Co.(d)		5,109		509,980
LKQ Corp.*(d)		11,382		298,436
Pool Corp.(d)		1,392		208,675
Weyco Group, Inc.(d)		185		4,971
				1,073,049
Diversified Consumer Services 0.1%
Adtalem Global Education, Inc.*(d)		2,071		101,272
American Public Education, Inc.*(d)		479		14,174
Bright Horizons Family Solutions, Inc.*(d)		1,981		229,380
Career Education Corp.*(d)		2,541		32,804
Carriage Services, Inc.(d)		531		10,328
Chegg, Inc.*(d)		3,779		133,096
frontdoor, Inc.*(d)		2,411		71,655
Graham Holdings Co., Class B(d)		146		97,090
Grand Canyon Education, Inc.*(d)		1,649		153,258
H&R Block, Inc.(d)		7,871		185,677
Houghton Mifflin Harcourt Co.*(d)		3,729		39,043
K12, Inc.*(d)		1,369		43,137
Laureate Education, Inc., Class A*(d)		3,257		52,112
Regis Corp.*(d)		1,334		24,879
Service Corp. International(d)		6,201		266,147
ServiceMaster Global Holdings, Inc.*(d)		4,971		193,819
Sotheby’s*(d)		1,260		50,891
Strategic Education, Inc.(d)		734		80,300
Weight Watchers International, Inc.*(d)		1,327		42,464
				1,821,526
Diversified Financial Services 1.0%
AXA Equitable Holdings, Inc.(d)		7,113		131,875
Banco Latinoamericano de Comercio Exterior SA, Class E(d)		913		17,146
Berkshire Hathaway, Inc., Class B*(d)		68,737		14,128,203
Cannae Holdings, Inc.*(d)		2,486		48,079
FGL Holdings*(d)		5,610		44,375
Jefferies Financial Group, Inc.(d)		10,363		215,654
Marlin Business Services Corp.(d)		261		5,792
On Deck Capital, Inc.*(d)		2,450		18,424
Voya Financial, Inc.(d)		5,554		257,872
				14,867,420
Diversified Telecommunication Services 1.1%
AT&T, Inc.(d)		256,123		7,699,057
ATN International, Inc.(d)		399		29,757
CenturyLink, Inc.(d)		33,755		517,127
Cincinnati Bell, Inc.*(d)		1,326		11,059
Cogent Communications Holdings, Inc.(d)		1,525		73,886
Consolidated Communications Holdings, Inc.(d)		2,672		28,537
Frontier Communications Corp.*(d)		3,037		6,074
Intelsat SA*(d)		1,925		46,835
Iridium Communications, Inc.*(d)		3,381		65,524
Ooma, Inc.*(d)		554		8,371
ORBCOMM, Inc.*(d)		2,156		17,550
pdvWireless, Inc.*(d)		275		11,093
Verizon Communications, Inc.(d)		145,222		7,995,923
Vonage Holdings Corp.*(d)		7,914		72,097
Windstream Holdings, Inc.*(d)		1,196		3,600
Zayo Group Holdings, Inc.*(d)		8,164		224,102
				16,810,592
Electric Utilities 1.1%
ALLETE, Inc.(d)		1,789		137,646
Alliant Energy Corp.(d)		8,513		378,573
American Electric Power Co., Inc.(d)		17,176		1,358,965
Avangrid, Inc.(d)		1,975		98,493
Duke Energy Corp.(d)		25,006		2,195,027
Edison International(d)		11,166		636,127
El Paso Electric Co.(d)		1,446		75,944
Entergy Corp.(d)		6,345		565,910
Evergy, Inc.(d)		9,402		538,923
Eversource Energy(d)		11,081		769,132
Exelon Corp.(d)		33,935		1,620,736
FirstEnergy Corp.(d)		17,189		673,809
Hawaiian Electric Industries, Inc.(d)		4,151		154,376
IDACORP, Inc.(d)		1,775		173,062
MGE Energy, Inc.(d)		1,251		80,452
NextEra Energy, Inc.(d)		16,748		2,997,557
OGE Energy Corp.(d)		7,236		296,314
Otter Tail Corp.(d)		1,392		67,442
PG&E Corp.*(d)		19,354		251,602
Pinnacle West Capital Corp.(d)		3,993		351,863
PNM Resources, Inc.(d)		2,843		121,083
Portland General Electric Co.(d)		3,090		149,309
PPL Corp.(d)		25,520		799,286
Southern Co. (The)(d)		36,543		1,775,990
Spark Energy, Inc., Class A(d)		343		2,847
Xcel Energy, Inc.(d)		17,688		926,144
				17,196,612
Electrical Equipment 0.4%
Acuity Brands, Inc.(d)		1,376		166,372
Allied Motion Technologies, Inc.(d)		208		8,769
AMETEK, Inc.(d)		8,208		598,363
Atkore International Group, Inc.*(d)		1,463		33,927
AZZ, Inc.(d)		935		41,841
Babcock & Wilcox Enterprises, Inc.*(d)		848		498
Eaton Corp. plc(d)		15,155		1,155,569
Emerson Electric Co.(d)		22,458		1,470,325
Encore Wire Corp.(d)		749		40,371
Energous Corp.*(d)		711		5,304
EnerSys(d)		1,470		125,332
Enphase Energy, Inc.*(d)		2,483		17,952
FuelCell Energy, Inc.*(d)		2,872		1,474
Generac Holdings, Inc.*(d)		2,130		112,741
GrafTech International Ltd.(d)		2,347		31,004
Hubbell, Inc.(d)		1,955		213,740

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Electrical Equipment (continued)
nVent Electric plc(d)		5,667	$	141,788
Plug Power, Inc.*(d)		6,348		8,697
Powell Industries, Inc.(d)		261		7,285
Preformed Line Products Co.(d)		91		5,051
Regal Beloit Corp.(d)		1,637		125,656
Rockwell Automation, Inc.(d)		4,338		735,378
Sensata Technologies Holding plc*(d)		5,736		272,460
Sunrun, Inc.*(d)		3,281		43,637
Thermon Group Holdings, Inc.*(d)		1,281		29,540
TPI Composites, Inc.*(d)		425		12,865
Vicor Corp.*(d)		679		26,746
Vivint Solar, Inc.*(d)		883		3,876
				5,436,561
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A(d)		10,627		934,326
Anixter International, Inc.*(d)		1,044		63,381
Arlo Technologies, Inc.*(d)		2,560		18,406
Arrow Electronics, Inc.*(d)		3,125		237,344
Avnet, Inc.(d)		3,923		161,628
AVX Corp.(d)		1,840		32,660
Badger Meter, Inc.(d)		1,016		53,635
Bel Fuse, Inc., Class B(d)		291		6,716
Belden, Inc.(d)		1,422		76,233
Benchmark Electronics, Inc.(d)		1,599		40,647
CDW Corp.(d)		5,246		436,834
Cognex Corp.(d)		5,791		263,491
Coherent, Inc.*(d)		856		101,179
Control4 Corp.*(d)		1,075		21,360
Corning, Inc.(d)		27,970		930,282
CTS Corp.(d)		1,215		34,470
Daktronics, Inc.(d)		1,076		8,102
Dolby Laboratories, Inc., Class A(d)		2,094		135,335
Electro Scientific Industries, Inc.*(d)		1,198		35,940
ePlus, Inc.*(d)		497		39,372
Fabrinet *(d)		1,241		70,538
FARO Technologies, Inc.*(d)		658		27,978
Fitbit, Inc., Class A*(d)		7,782		48,015
FLIR Systems, Inc.(d)		4,706		230,029
II-VI, Inc.*(d)		1,978		75,085
Insight Enterprises, Inc.*(d)		1,244		57,124
IPG Photonics Corp.*(d)		1,278		169,974
Iteris, Inc.*(d)		755		2,907
Itron, Inc.*(d)		1,208		65,993
Jabil, Inc.(d)		5,569		148,414
KEMET Corp.(d)		2,439		43,219
Keysight Technologies, Inc.*(d)		6,551		484,905
Kimball Electronics, Inc.*(d)		767		12,402
Knowles Corp.*(d)		3,146		49,078
Littelfuse, Inc.(d)		832		146,199
Maxwell Technologies, Inc.*(d)		1,227		3,656
Mesa Laboratories, Inc.(d)		132		29,902
Methode Electronics, Inc.(d)		1,356		34,917
MTS Systems Corp.(d)		681		34,091
Napco Security Technologies, Inc.*(d)		353		5,546
National Instruments Corp.(d)		3,797		167,903
nLight, Inc.*(d)		653		12,766
Novanta, Inc.*(d)		1,136		79,156
OSI Systems, Inc.*(d)		601		53,904
PAR Technology Corp.*(d)		336		8,376
Park Electrochemical Corp.(d)		567		12,916
PC Connection, Inc.(d)		335		11,099
Plexus Corp.*(d)		1,109		62,237
Rogers Corp.*(d)		639		81,096
Sanmina Corp.*(d)		2,449		76,458
ScanSource, Inc.*(d)		935		35,820
SYNNEX Corp.(d)		1,471		142,334
Tech Data Corp.*(d)		1,333		127,475
Trimble, Inc.*(d)		8,739		329,111
TTM Technologies, Inc.*(d)		3,493		40,100
Vishay Intertechnology, Inc.(d)		4,643		90,539
Vishay Precision Group, Inc.*(d)		302		10,096
Zebra Technologies Corp., Class A*(d)		1,837		318,903
				7,031,602
Energy Equipment & Services 0.4%
Apergy Corp.*(d)		2,783		93,564
Archrock, Inc.(d)		4,685		44,226
Baker Hughes a GE Co.(d)		18,401		433,712
Basic Energy Services, Inc.*(d)		597		2,836
Bristow Group, Inc.*(d)		1,036		3,408
C&J Energy Services, Inc.*(d)		2,395		38,488
Cactus, Inc., Class A*(d)		1,364		44,766
CARBO Ceramics, Inc.*(d)		671		2,704
Covia Holdings Corp.*(d)		946		4,427
Dawson Geophysical Co.*(d)		630		2,463
Diamond Offshore Drilling, Inc.*(d)		2,603		28,451
Dril-Quip, Inc.*(d)		1,342		50,244
Era Group, Inc.*(d)		608		5,727
Exterran Corp.*(d)		962		16,700
Forum Energy Technologies, Inc.*(d)		2,440		11,980
Frank’s International NV*(d)		2,232		12,700
FTS International, Inc.*(d)		971		7,914
Halliburton Co.(d)		31,345		982,979
Helix Energy Solutions Group, Inc.*(d)		5,374		36,704
Helmerich & Payne, Inc.(d)		3,814		213,546
Independence Contract Drilling, Inc.*(d)		1,430		4,891
ION Geophysical Corp.*(d)		326		2,924
Keane Group, Inc.*(d)		1,537		15,493
Key Energy Services, Inc.*(d)		327		546
KLX Energy Services Holdings, Inc.*(d)		591		15,401
Liberty Oilfield Services, Inc., Class A(d)		1,760		26,770
Mammoth Energy Services, Inc.(d)		384		8,498
Matrix Service Co.*(d)		797		17,096
McDermott International, Inc.*(d)		6,502		57,348
Nabors Industries Ltd.(d)		13,112		38,812
National Oilwell Varco, Inc.(d)		13,844		408,121
Natural Gas Services Group, Inc.*(d)		377		6,224
NCS Multistage Holdings, Inc.*(d)		294		1,664
Newpark Resources, Inc.*(d)		3,430		28,503
Nine Energy Service, Inc.*(d)		445		10,671
Noble Corp. plc*(d)		9,370		30,921
Nuverra Environmental Solutions, Inc.*(d)		39		527
Oceaneering International, Inc.*(d)		3,604		56,547
Oil States International, Inc.*(d)		2,231		38,418
Patterson-UTI Energy, Inc.(d)		7,713		93,559
PHI, Inc. (Non-Voting)*(d)		355		1,164
Pioneer Energy Services Corp.*(d)		2,177		3,222
Profire Energy, Inc.*(d)		719		1,201
ProPetro Holding Corp.*(d)		2,577		42,108
Quintana Energy Services, Inc.*(d)		190		920
RigNet, Inc.*(d)		416		5,558
Rowan Cos. plc, Class A*(d)		4,644		56,610
RPC, Inc.(d)		1,696		18,300
Schlumberger Ltd.(d)		50,484		2,231,898
SEACOR Holdings, Inc.*(d)		684		28,311
SEACOR Marine Holdings, Inc.*(d)		497		6,585
Select Energy Services, Inc., Class A*(d)		1,352		11,492
Smart Sand, Inc.*(d)		633		1,608
Solaris Oilfield Infrastructure, Inc., Class A(d)		1,224		18,409
Superior Energy Services, Inc.*(d)		4,443		17,372
TETRA Technologies, Inc.*(d)		3,683		7,845
Tidewater, Inc.*(d)		857		18,443
Transocean Ltd.*(d)		18,641		159,753
Unit Corp.*(d)		1,996		31,856
US Silica Holdings, Inc.(d)		2,943		39,672
Weatherford International plc*(d)		41,326		26,796
				5,629,596
Entertainment 1.2%
Activision Blizzard, Inc.(d)		26,425		1,248,317
AMC Entertainment Holdings, Inc., Class A(d)		1,960		28,714
Cinemark Holdings, Inc.(d)		3,895		159,383
Electronic Arts, Inc.*(d)		10,332		953,024
Eros International plc*(d)		1,699		16,192
Glu Mobile, Inc.*(d)		4,115		40,080
IMAX Corp.*(d)		1,956		40,626

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Entertainment (continued)
Liberty Media Corp.-Liberty Braves, Class C*(d)		1,332	$	35,911
Liberty Media Corp.-Liberty Formula One, Class A*(d)		725		22,185
Liberty Media Corp-Liberty Braves, Class A*(d)		296		8,033
Liberty Media Corp-Liberty Formula One, Class C*(d)		6,935		217,551
Lions Gate Entertainment Corp., Class A(d)		5,261		93,810
Live Nation Entertainment, Inc.*(d)		4,804		257,062
LiveXLive Media, Inc.*(d)		829		5,049
Madison Square Garden Co. (The), Class A*(d)		651		180,913
Marcus Corp. (The)(d)		739		32,937
Netflix, Inc.*(d)		14,860		5,044,970
Pandora Media, Inc.*(d)		8,958		75,068
Reading International, Inc., Class A*(d)		503		7,947
Rosetta Stone, Inc.*(d)		913		13,841
Take-Two Interactive Software, Inc.*(d)		3,934		415,234
Twenty-First Century Fox, Inc., Class A(d)		54,629		2,689,455
Viacom, Inc., Class A(d)		12,586		371,722
Walt Disney Co. (The)(d)		52,810		5,889,371
World Wrestling Entertainment, Inc., Class A(d)		1,505		123,922
Zynga, Inc., Class A*(d)		27,038		121,130
				18,092,447
Equity Real Estate Investment Trusts (REITs) 2.5%
Acadia Realty Trust(d)		2,918		83,834
Agree Realty Corp.(d)		1,161		76,661
Alexander & Baldwin, Inc.*(d)		2,529		58,268
Alexander’s, Inc.(d)		89		29,642
Alexandria Real Estate Equities, Inc.(d)		3,675		484,034
American Assets Trust, Inc.(d)		1,614		69,305
American Campus Communities, Inc.(d)		4,803		221,034
American Homes 4 Rent, Class A(d)		9,149		202,284
American Tower Corp.(d)		15,493		2,677,810
Americold Realty Trust(d)		3,020		88,546
Apartment Investment & Management Co., Class A(d)		5,574		276,025
Apple Hospitality REIT, Inc.(d)		7,575		124,306
Armada Hoffler Properties, Inc.(d)		1,925		28,914
Ashford Hospitality Trust, Inc.(d)		2,572		12,731
AvalonBay Communities, Inc.(d)		4,907		946,658
Bluerock Residential Growth REIT, Inc.(d)		719		7,463
Boston Properties, Inc.(d)		5,461		720,142
Braemar Hotels & Resorts, Inc.(d)		868		9,652
Brandywine Realty Trust(d)		7,133		107,352
Brixmor Property Group, Inc.(d)		10,677		182,897
Brookfield Property REIT, Inc., Class A(d)		4,650		84,630
BRT Apartments Corp.(d)		269		3,500
Camden Property Trust(d)		3,104		300,933
CareTrust REIT, Inc.(d)		2,990		65,720
CatchMark Timber Trust, Inc., Class A(d)		1,445		13,280
CBL & Associates Properties, Inc.(d)		4,959		12,348
Cedar Realty Trust, Inc.(d)		2,595		9,057
Chatham Lodging Trust(d)		1,826		36,903
Chesapeake Lodging Trust(d)		2,209		62,912
City Office REIT, Inc.(d)		1,146		13,248
Clipper Realty, Inc.(d)		447		5,789
Colony Capital, Inc.(d)		16,873		102,419
Columbia Property Trust, Inc.(d)		4,347		95,938
Community Healthcare Trust, Inc.(d)		517		17,071
CoreCivic, Inc.(d)		4,167		82,798
CorEnergy Infrastructure Trust, Inc.(d)		355		12,713
CorePoint Lodging, Inc.(d)		1,240		15,178
CoreSite Realty Corp.(d)		1,277		126,155
Corporate Office Properties Trust(d)		3,713		91,674
Cousins Properties, Inc.(d)		14,988		132,644
Crown Castle International Corp.(d)		14,748		1,726,401
CubeSmart(d)		6,732		208,355
CyrusOne, Inc.(d)		3,739		202,654
DiamondRock Hospitality Co.(d)		7,523		76,434
Digital Realty Trust, Inc.(d)		7,242		784,598
Douglas Emmett, Inc.(d)		5,933		224,445
Duke Realty Corp.(d)		12,966		379,126
Easterly Government Properties, Inc.(d)		2,419		43,445
EastGroup Properties, Inc.(d)		1,224		126,635
Empire State Realty Trust, Inc., Class A(d)		5,189		80,222
EPR Properties(d)		2,579		188,422
Equinix, Inc.(d)		2,811		1,107,534
Equity Commonwealth(d)		4,357		140,993
Equity LifeStyle Properties, Inc.(d)		2,936		310,864
Equity Residential(d)		12,691		920,859
Essential Properties Realty Trust, Inc.(d)		1,064		16,918
Essex Property Trust, Inc.(d)		2,303		624,574
Extra Space Storage, Inc.(d)		4,329		426,883
Farmland Partners, Inc.(d)		897		5,032
Federal Realty Investment Trust(d)		2,562		339,644
First Industrial Realty Trust, Inc.(d)		4,327		141,579
Four Corners Property Trust, Inc.(d)		2,453		69,273
Franklin Street Properties Corp.(d)		4,157		30,845
Front Yard Residential Corp.(d)		1,442		15,602
Gaming and Leisure Properties, Inc.(d)		6,994		262,275
GEO Group, Inc. (The)(d)		4,200		94,710
Getty Realty Corp.(d)		1,226		39,306
Gladstone Commercial Corp.(d)		857		17,097
Gladstone Land Corp.(d)		384		4,639
Global Medical REIT, Inc.(d)		572		5,486
Global Net Lease, Inc.(d)		2,700		52,353
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(d)		1,881		42,492
HCP, Inc.(d)		16,569		522,586
Healthcare Realty Trust, Inc.(d)		4,398		142,011
Healthcare Trust of America, Inc., Class A(d)		7,228		205,420
Hersha Hospitality Trust(d)		1,064		19,716
Highwoods Properties, Inc.(d)		3,599		159,508
Hospitality Properties Trust(d)		5,734		152,868
Host Hotels & Resorts, Inc.(d)		25,865		467,122
Hudson Pacific Properties, Inc.(d)		5,419		175,955
Independence Realty Trust, Inc.(d)		4,214		44,036
Industrial Logistics Properties Trust(d)		2,203		47,342
InfraREIT, Inc.(d)		1,656		34,942
Innovative Industrial Properties, Inc.(d)		269		16,657
Investors Real Estate Trust(d)		358		21,075
Invitation Homes, Inc.(d)		10,547		237,202
Iron Mountain, Inc.(d)		9,896		368,131
iStar, Inc.(d)		1,951		18,710
JBG SMITH Properties(d)		3,689		142,580
Jernigan Capital, Inc.(d)		540		11,707
Kilroy Realty Corp.(d)		3,477		244,989
Kimco Realty Corp.(d)		14,812		251,952
Kite Realty Group Trust(d)		3,147		52,335
Lamar Advertising Co., Class A(d)		2,954		219,925
Lexington Realty Trust(d)		7,640		73,420
Liberty Property Trust(d)		5,158		243,148
Life Storage, Inc.(d)		1,593		156,544
LTC Properties, Inc.(d)		1,423		67,507
Macerich Co. (The)(d)		4,852		223,968
Mack-Cali Realty Corp.(d)		3,238		66,703
MedEquities Realty Trust, Inc.(d)		1,413		16,348
Medical Properties Trust, Inc.(d)		13,227		240,731
Mid-America Apartment Communities, Inc.(d)		4,196		424,971
Monmouth Real Estate Investment Corp.(d)		3,169		43,542
National Health Investors, Inc.(d)		1,430		119,062
National Retail Properties, Inc.(d)		5,513		290,590
National Storage Affiliates Trust(d)		2,039		59,335
New Senior Investment Group, Inc.(d)		2,194		11,892
NexPoint Residential Trust, Inc.(d)		737		27,571
NorthStar Realty Europe Corp.(d)		1,758		29,517

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

11

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Office Properties Income Trust(d)		1,580	$	50,607
Omega Healthcare Investors, Inc.(d)		7,068		284,063
One Liberty Properties, Inc.(d)		451		12,267
Outfront Media, Inc.(d)		4,919		102,069
Paramount Group, Inc.(d)		7,585		109,831
Park Hotels & Resorts, Inc.(d)		7,048		211,933
Pebblebrook Hotel Trust(d)		4,803		153,936
Pennsylvania REIT(d)		2,113		15,573
Physicians Realty Trust(d)		6,391		115,741
Piedmont Office Realty Trust, Inc., Class A(d)		4,806		93,044
PotlatchDeltic Corp.(d)		2,333		86,041
Preferred Apartment Communities, Inc., Class A(d)		1,196		19,016
Prologis, Inc.(d)		22,101		1,528,505
PS Business Parks, Inc.(d)		747		108,457
Public Storage(d)		5,255		1,116,793
QTS Realty Trust, Inc., Class A(d)		1,794		75,545
Rayonier, Inc.(d)		4,463		135,854
Realty Income Corp.(d)		10,466		718,910
Regency Centers Corp.(d)		5,378		349,570
Retail Opportunity Investments Corp.(d)		4,607		80,945
Retail Properties of America, Inc., Class A(d)		7,724		97,631
Retail Value, Inc.(d)		458		13,928
Rexford Industrial Realty, Inc.(d)		3,260		109,536
RLJ Lodging Trust(d)		6,125		113,619
RPT Realty(d)		2,936		38,432
Ryman Hospitality Properties, Inc.(d)		1,564		125,667
Sabra Health Care REIT, Inc.(d)		6,243		128,231
Safety Income & Growth, Inc.(d)		240		4,234
Saul Centers, Inc.(d)		360		19,066
SBA Communications Corp.*(d)		3,947		720,446
Senior Housing Properties Trust(d)		8,325		114,635
Seritage Growth Properties, Class A(d)		1,188		47,769
Simon Property Group, Inc.(d)		10,957		1,995,489
SITE Centers Corp.(d)		5,586		73,009
SL Green Realty Corp.(d)		2,905		268,509
Spirit MTA REIT(d)		1,278		9,994
Spirit Realty Capital, Inc.(d)		3,036		120,590
STAG Industrial, Inc.(d)		3,631		100,107
STORE Capital Corp.(d)		6,991		225,949
Summit Hotel Properties, Inc.(d)		3,818		42,647
Sun Communities, Inc.(d)		2,967		326,103
Sunstone Hotel Investors, Inc.(d)		8,105		115,902
Tanger Factory Outlet Centers, Inc.(d)		3,273		74,461
Taubman Centers, Inc.(d)		2,128		105,974
Terreno Realty Corp.(d)		2,111		85,158
Tier REIT, Inc.(d)		2,006		47,141
UDR, Inc.(d)		9,684		423,675
UMH Properties, Inc.(d)		1,007		14,128
Uniti Group, Inc.(d)		6,176		122,964
Universal Health Realty Income Trust(d)		479		33,396
Urban Edge Properties(d)		4,092		83,559
Urstadt Biddle Properties, Inc., Class A(d)		875		18,743
Ventas, Inc.(d)		12,578		811,155
VEREIT, Inc.(d)		34,258		276,805
VICI Properties, Inc.(d)		14,156		304,779
Vornado Realty Trust(d)		6,021		420,928
Washington Prime Group, Inc.(d)		6,712		38,124
Washington REIT(d)		3,239		82,109
Weingarten Realty Investors(d)		4,226		121,244
Welltower, Inc.(d)		13,110		1,015,894
Weyerhaeuser Co.(d)		26,604		698,089
Whitestone REIT(d)		1,145		16,236
WP Carey, Inc.(d)		5,652		423,278
Xenia Hotels & Resorts, Inc.(d)		4,053		76,075
				37,527,889
Food & Staples Retailing 0.9%
Andersons, Inc. (The)(d)		1,028		36,031
BJ’s Wholesale Club Holdings, Inc.*(d)		2,598		68,353
Casey’s General Stores, Inc.(d)		1,301		167,413
Chefs’ Warehouse, Inc. (The)*(d)		841		27,013
Costco Wholesale Corp.(d)		15,582		3,344,365
Ingles Markets, Inc., Class A(d)		412		11,758
Kroger Co. (The)(d)		28,305		801,881
Natural Grocers by Vitamin Cottage, Inc.*(d)		263		3,593
Performance Food Group Co.*(d)		3,600		122,976
PriceSmart, Inc.(d)		814		49,858
Rite Aid Corp.*(d)		39,583		31,797
Smart & Final Stores, Inc.*(d)		708		4,269
SpartanNash Co.(d)		1,367		28,365
Sprouts Farmers Market, Inc.*(d)		4,436		106,375
Sysco Corp.(d)		16,951		1,082,321
United Natural Foods, Inc.*(d)		2,088		27,353
US Foods Holding Corp.*(d)		7,679		258,936
Village Super Market, Inc., Class A(d)		246		6,615
Walgreens Boots Alliance, Inc.(d)		28,644		2,069,815
Walmart, Inc.(d)		50,237		4,814,212
Weis Markets, Inc.(d)		286		13,877
				13,077,176
Food Products 0.7%
Alico, Inc.(d)		97		2,871
Archer-Daniels-Midland Co.(d)		19,924		894,588
B&G Foods, Inc.(d)		2,290		61,051
Bunge Ltd.(d)		4,926		271,275
Calavo Growers, Inc.(d)		564		45,887
Cal-Maine Foods, Inc.(d)		1,127		47,537
Campbell Soup Co.(d)		6,344		224,768
Conagra Brands, Inc.(d)		17,058		369,135
Darling Ingredients, Inc.*(d)		5,724		121,749
Dean Foods Co.(d)		3,920		16,346
Farmer Brothers Co.*(d)		301		7,405
Flowers Foods, Inc.(d)		6,213		122,148
Fresh Del Monte Produce, Inc.(d)		1,101		35,210
Freshpet, Inc.*(d)		967		34,783
General Mills, Inc.(d)		20,985		932,573
Hain Celestial Group, Inc. (The)*(d)		3,348		61,369
Hershey Co. (The)(d)		5,029		533,577
Hormel Foods Corp.(d)		9,455		400,136
Hostess Brands, Inc.*(d)		3,512		40,353
Ingredion, Inc.(d)		2,482		245,718
J&J Snack Foods Corp.(d)		524		80,879
JM Smucker Co. (The)(d)		3,890		407,983
John B Sanfilippo & Son, Inc.(d)		244		16,653
Kellogg Co.(d)		8,753		516,514
Kraft Heinz Co. (The)(d)		21,134		1,015,700
Lamb Weston Holdings, Inc.(d)		5,256		380,009
Lancaster Colony Corp.(d)		678		107,849
Landec Corp.*(d)		804		10,203
Limoneira Co.(d)		441		9,715
McCormick & Co., Inc. (Non-Voting)(d)		4,200		519,288
Mondelez International, Inc., Class A(d)		48,996		2,266,555
Pilgrim’s Pride Corp.*(d)		1,951		39,527
Post Holdings, Inc.*(d)		2,273		210,980
Sanderson Farms, Inc.(d)		706		86,909
Seaboard Corp.(d)		9		34,778
Seneca Foods Corp., Class A*(d)		218		6,235
Simply Good Foods Co. (The)*(d)		2,106		41,678
Tootsie Roll Industries, Inc.(d)		483		16,736
TreeHouse Foods, Inc.*(d)		1,903		111,059
Tyson Foods, Inc., Class A(d)		10,424		645,454
				10,993,183
Gas Utilities 0.1%
Atmos Energy Corp.(d)		3,803		371,287
Chesapeake Utilities Corp.(d)		606		54,885
National Fuel Gas Co.(d)		2,904		166,399
New Jersey Resources Corp.(d)		3,071		148,943
Northwest Natural Holding Co.(d)		1,084		67,858
ONE Gas, Inc.(d)		1,830		150,335
RGC Resources, Inc.(d)		223		6,273
South Jersey Industries, Inc.(d)		3,065		91,276
Southwest Gas Holdings, Inc.(d)		1,708		133,771
Spire, Inc.(d)		1,748		138,739
UGI Corp.(d)		6,039		344,404
				1,674,170

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

12

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies 2.1%
Abbott Laboratories(d)		60,612	$	4,423,464
ABIOMED, Inc.*(d)		1,449		508,700
Accuray, Inc.*(d)		4,104		18,058
Align Technology, Inc.*(d)		2,698		671,667
AngioDynamics, Inc.*(d)		1,397		29,477
Anika Therapeutics, Inc.*(d)		412		15,652
Antares Pharma, Inc.*(d)		6,159		18,600
AtriCure, Inc.*(d)		1,297		40,142
Atrion Corp.(d)		51		38,038
Avanos Medical, Inc.*(d)		1,646		74,975
AxoGen, Inc.*(d)		1,238		20,427
Axonics Modulation Technologies, Inc.*(d)		204		2,978
Baxter International, Inc.(d)		17,726		1,284,958
Becton Dickinson and Co.(d)		9,376		2,338,937
Boston Scientific Corp.*(d)		48,489		1,849,855
Cantel Medical Corp.(d)		1,288		104,869
Cardiovascular Systems, Inc.*(d)		1,213		37,761
Cerus Corp.*(d)		5,022		29,931
CONMED Corp.(d)		911		64,089
Cooper Cos., Inc. (The)(d)		1,694		472,219
CryoLife, Inc.*(d)		1,303		36,367
CryoPort, Inc.*(d)		769		8,067
Cutera, Inc.*(d)		391		5,615
CytoSorbents Corp.*(d)		868		6,501
Danaher Corp.(d)		21,860		2,424,711
Dentsply Sirona, Inc.(d)		7,731		324,316
DexCom, Inc.*(d)		3,137		442,411
Edwards Lifesciences Corp.*(d)		7,403		1,261,619
ElectroCore, Inc.*(d)		166		1,109
Endologix, Inc.*(d)		3,081		2,334
FONAR Corp.*(d)		180		3,978
GenMark Diagnostics, Inc.*(d)		1,514		10,053
Glaukos Corp.*(d)		1,168		74,507
Globus Medical, Inc., Class A*(d)		2,543		114,562
Haemonetics Corp.*(d)		1,794		177,445
Helius Medical Technologies, Inc.*(d)		542		3,989
Heska Corp.*(d)		200		19,720
Hill-Rom Holdings, Inc.(d)		2,338		233,847
Hologic, Inc.*(d)		9,612		426,773
ICU Medical, Inc.*(d)		543		135,098
IDEXX Laboratories, Inc.*(d)		3,037		646,213
Inogen, Inc.*(d)		625		94,506
Insulet Corp.*(d)		1,985		161,162
Integer Holdings Corp.*(d)		1,089		88,198
Integra LifeSciences Holdings Corp.*(d)		2,447		115,890
IntriCon Corp.*(d)		226		5,858
Intuitive Surgical, Inc.*(d)		3,923		2,054,240
Invacare Corp.(d)		1,023		5,258
iRadimed Corp.*(d)		101		2,769
iRhythm Technologies, Inc.*(d)		855		72,675
Lantheus Holdings, Inc.*(d)		1,446		24,322
LeMaitre Vascular, Inc.(d)		474		11,300
LivaNova plc*(d)		1,651		152,420
Masimo Corp.*(d)		1,667		207,358
Medtronic plc(d)		47,666		4,213,198
Meridian Bioscience, Inc.(d)		1,605		26,306
Merit Medical Systems, Inc.*(d)		1,827		103,280
Natus Medical, Inc.*(d)		1,192		40,218
Neogen Corp.*(d)		1,762		107,323
Neuronetics, Inc.*(d)		188		3,219
Nevro Corp.*(d)		1,040		50,502
Novocure Ltd.*(d)		2,527		123,823
NuVasive, Inc.*(d)		1,752		87,845
Nuvectra Corp.*(d)		522		7,308
NxStage Medical, Inc.*(d)		2,380		69,187
OraSure Technologies, Inc.*(d)		2,339		30,056
Orthofix Medical, Inc.*(d)		641		34,685
OrthoPediatrics Corp.*(d)		202		7,327
Oxford Immunotec Global plc*(d)		747		10,861
Penumbra, Inc.*(d)		1,074		156,278
Pulse Biosciences, Inc.*(d)		307		4,102
Quidel Corp.*(d)		1,181		68,533
ResMed, Inc.(d)		5,000		475,850
Rockwell Medical, Inc.*(d)		1,373		4,284
RTI Surgical, Inc.*(d)		1,653		7,257
SeaSpine Holdings Corp.*(d)		429		6,559
Senseonics Holdings, Inc.*(d)		2,455		6,162
SI-BONE, Inc.*(d)		243		4,369
Sientra, Inc.*(d)		683		7,595
STAAR Surgical Co.*(d)		1,507		53,845
STERIS plc(d)		2,947		336,135
Stryker Corp.(d)		12,237		2,172,924
Surmodics, Inc.*(d)		464		26,573
Tactile Systems Technology, Inc.*(d)		647		43,077
Tandem Diabetes Care, Inc.*(d)		1,752		76,177
Teleflex, Inc.(d)		1,600		437,600
TransEnterix, Inc.*(d)		4,806		13,072
Utah Medical Products, Inc.(d)		102		9,582
Varex Imaging Corp.*(d)		1,417		40,370
Varian Medical Systems, Inc.*(d)		3,267		431,342
ViewRay, Inc.*(d)		1,772		12,741
West Pharmaceutical Services, Inc.(d)		2,593		280,744
Wright Medical Group NV*(d)		4,387		130,908
Zimmer Biomet Holdings, Inc.(d)		7,253		794,639
				31,915,844
Health Care Providers & Services 1.8%
AAC Holdings, Inc.*(d)		381		922
Acadia Healthcare Co., Inc.*(d)		3,054		83,557
Addus HomeCare Corp.*(d)		384		23,098
Amedisys, Inc.*(d)		922		120,929
American Renal Associates Holdings, Inc.*(d)		385		4,666
AmerisourceBergen Corp.(d)		5,235		436,442
AMN Healthcare Services, Inc.*(d)		1,620		104,960
Anthem, Inc.(d)		9,230		2,796,690
Apollo Medical Holdings, Inc.*(d)		93		1,816
BioScrip, Inc.*(d)		3,691		13,398
BioTelemetry, Inc.*(d)		1,122		80,582
Brookdale Senior Living, Inc.*(d)		6,757		55,070
Capital Senior Living Corp.*(d)		745		5,193
Cardinal Health, Inc.(d)		10,376		518,489
Centene Corp.*(d)		7,240		945,327
Chemed Corp.(d)		567		168,932
Cigna Corp.(d)		13,247		2,646,883
Civitas Solutions, Inc.*(d)		800		14,184
Community Health Systems, Inc.*(d)		2,473		9,744
CorVel Corp.*(d)		269		16,804
Cross Country Healthcare, Inc.*(d)		1,034		9,957
CVS Health Corp.(d)		45,634		2,991,309
DaVita, Inc.*(d)		4,522		253,820
Diplomat Pharmacy, Inc.*(d)		2,076		30,102
Encompass Health Corp.(d)		3,536		236,346
Ensign Group, Inc. (The)(d)		1,729		75,333
Genesis Healthcare, Inc.*(d)		1,661		2,608
Guardant Health, Inc.*(d)		421		16,983
HCA Healthcare, Inc.(d)		9,671		1,348,428
HealthEquity, Inc.*(d)		1,928		120,191
Henry Schein, Inc.*(d)		5,351		415,773
Humana, Inc.(d)		4,913		1,518,068
Laboratory Corp. of America Holdings*(d)		3,568		497,201
LHC Group, Inc.*(d)		1,022		108,056
Magellan Health, Inc.*(d)		741		48,284
McKesson Corp.(d)		6,803		872,485
MEDNAX, Inc.*(d)		3,121		112,699
Molina Healthcare, Inc.*(d)		2,182		290,162
National HealthCare Corp.(d)		451		36,229
National Research Corp.(d)		328		13,113
Owens & Minor, Inc.(d)		1,792		13,565
Patterson Cos., Inc.(d)		2,883		64,262
PetIQ, Inc.*(d)		686		20,868
Premier, Inc., Class A*(d)		1,838		73,134

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

13

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services (continued)
Providence Service Corp. (The)*(d)		432	$	27,708
Quest Diagnostics, Inc.(d)		4,844		423,123
Quorum Health Corp.*(d)		873		2,558
R1 RCM, Inc.*(d)		3,809		30,929
RadNet, Inc.*(d)		1,159		15,820
Select Medical Holdings Corp.*(d)		3,838		59,950
Surgery Partners, Inc.*(d)		549		7,181
Tenet Healthcare Corp.*(d)		2,920		64,211
Tivity Health, Inc.*(d)		1,439		32,032
Triple-S Management Corp., Class B*(d)		663		13,366
UnitedHealth Group, Inc.(d)		34,185		9,236,787
Universal Health Services, Inc., Class B(d)		2,926		387,783
US Physical Therapy, Inc.(d)		451		47,756
Vapotherm, Inc.*(d)		137		2,306
WellCare Health Plans, Inc.*(d)		1,764		487,711
				28,055,883
Health Care Technology 0.1%
Allscripts Healthcare Solutions, Inc.*(d)		6,179		72,850
athenahealth, Inc.*(d)		1,411		190,118
Castlight Health, Inc., Class B*(d)		2,274		6,754
Cerner Corp.*(d)		11,267		618,671
Computer Programs & Systems, Inc.(d)		340		8,922
Evolent Health, Inc., Class A*(d)		2,391		42,273
HealthStream, Inc.(d)		763		19,197
HMS Holdings Corp.*(d)		2,875		86,221
Inovalon Holdings, Inc., Class A*(d)		2,551		36,454
Inspire Medical Systems, Inc.*(d)		475		25,474
Medidata Solutions, Inc.*(d)		1,993		141,423
NantHealth, Inc.*(d)		624		331
NextGen Healthcare Information Systems LLC*(d)		1,983		35,060
Omnicell, Inc.*(d)		1,321		86,037
Simulations Plus, Inc.(d)		339		6,529
Tabula Rasa HealthCare, Inc.*(d)		588		35,445
Teladoc Health, Inc.*(d)		2,302		147,788
Veeva Systems, Inc., Class A*(d)		4,284		467,213
Vocera Communications, Inc.*(d)		1,059		43,228
				2,069,988
Hotels, Restaurants & Leisure 1.3%
Aramark(d)		8,733		287,752
BBX Capital Corp.(d)		1,952		12,044
Belmond Ltd., Class A*(d)		3,175		79,121
Biglari Holdings, Inc., Class A*(d)		3		1,950
BJ’s Restaurants, Inc.(d)		757		37,721
Bloomin’ Brands, Inc.(d)		2,975		54,829
Bluegreen Vacations Corp.(d)		219		2,935
Boyd Gaming Corp.(d)		2,852		77,917
Brinker International, Inc.(d)		1,397		56,606
Caesars Entertainment Corp.*(d)		20,290		185,451
Carnival Corp.(d)		14,283		822,415
Carrols Restaurant Group, Inc.*(d)		1,053		9,087
Century Casinos, Inc.*(d)		804		6,167
Cheesecake Factory, Inc. (The)(d)		1,511		67,814
Chipotle Mexican Grill, Inc.*(d)		872		461,820
Choice Hotels International, Inc.(d)		1,212		95,942
Churchill Downs, Inc.(d)		1,242		114,239
Chuy’s Holdings, Inc.*(d)		493		11,201
Cracker Barrel Old Country Store, Inc.(d)		668		111,743
Darden Restaurants, Inc.(d)		4,474		469,457
Dave & Buster’s Entertainment, Inc.(d)		1,402		72,133
Del Frisco’s Restaurant Group, Inc.*(d)		994		7,872
Del Taco Restaurants, Inc.*(d)		912		9,476
Denny’s Corp.*(d)		2,240		39,626
Dine Brands Global, Inc.(d)		589		44,923
Domino’s Pizza, Inc.(d)		1,441		408,855
Drive Shack, Inc.*(d)		3,093		13,022
Dunkin’ Brands Group, Inc.(d)		2,918		199,562
El Pollo Loco Holdings, Inc.*(d)		634		10,455
Eldorado Resorts, Inc.*(d)		2,280		106,294
Empire Resorts, Inc.*(d)		107		1,284
Extended Stay America, Inc.(d)		6,587		112,638
Fiesta Restaurant Group, Inc.*(d)		1,056		15,692
Golden Entertainment, Inc.*(d)		863		16,138
Habit Restaurants, Inc. (The), Class A*(d)		614		6,275
Hilton Grand Vacations, Inc.*(d)		3,459		104,946
Hilton Worldwide Holdings, Inc.(d)		9,956		741,523
Hyatt Hotels Corp., Class A(d)		1,460		102,069
International Game Technology plc(d)		3,478		56,900
International Speedway Corp., Class A(d)		882		38,323
J Alexander’s Holdings, Inc.*(d)		382		3,285
Jack in the Box, Inc.(d)		976		79,007
Las Vegas Sands Corp.(d)		12,880		751,677
Lindblad Expeditions Holdings, Inc.*(d)		649		7,976
Marriott International, Inc., Class A(d)		9,928		1,137,054
Marriott Vacations Worldwide Corp.(d)		1,371		121,388
McDonald’s Corp.(d)		27,851		4,979,202
MGM Resorts International(d)		17,258		508,075
Monarch Casino & Resort, Inc.*(d)		333		14,399
Nathan’s Famous, Inc.(d)		85		5,737
Noodles & Co.*(d)		422		3,038
Norwegian Cruise Line Holdings Ltd.*(d)		7,674		394,674
OBH, Inc.*(d)		26		3,404
Papa John’s International, Inc.(d)		809		34,213
Penn National Gaming, Inc.*(d)		5,027		121,854
Planet Fitness, Inc., Class A*(d)		3,093		179,147
PlayAGS, Inc.*(d)		644		16,139
Potbelly Corp.*(d)		687		5,956
RCI Hospitality Holdings, Inc.(d)		271		6,046
Red Lion Hotels Corp.*(d)		480		4,440
Red Robin Gourmet Burgers, Inc.*(d)		392		12,536
Red Rock Resorts, Inc., Class A(d)		2,457		62,359
Royal Caribbean Cruises Ltd.(d)		6,006		721,020
Ruth’s Hospitality Group, Inc.(d)		1,164		26,888
Scientific Games Corp.*(d)		2,055		51,498
SeaWorld Entertainment, Inc.*(d)		1,958		51,006
Shake Shack, Inc., Class A*(d)		895		42,745
Six Flags Entertainment Corp.(d)		2,497		153,790
Speedway Motorsports, Inc.(d)		338		5,455
Starbucks Corp.(d)		42,555		2,899,698
Texas Roadhouse, Inc.(d)		2,399		145,955
Town Sports International Holdings, Inc.*(d)		421		2,539
Vail Resorts, Inc.(d)		1,406		264,694
Wendy’s Co. (The)(d)		6,573		113,844
Wingstop, Inc.(d)		1,023		67,160
Wyndham Destinations, Inc.(d)		3,539		149,133
Wyndham Hotels & Resorts, Inc.(d)		3,457		169,704
Wynn Resorts Ltd.(d)		3,558		437,670
Yum China Holdings, Inc.(d)		13,010		474,214
Yum! Brands, Inc.(d)		11,106		1,043,742
				20,346,578
Household Durables 0.3%
Bassett Furniture Industries, Inc.(d)		304		5,797
Beazer Homes USA, Inc.*(d)		910		11,402
Cavco Industries, Inc.*(d)		293		48,723
Century Communities, Inc.*(d)		753		17,665
DR Horton, Inc.(d)		12,010		461,785
Ethan Allen Interiors, Inc.(d)		691		13,115
Flexsteel Industries, Inc.(d)		218		5,443
Garmin Ltd.(d)		4,067		281,355
GoPro, Inc., Class A*(d)		3,317		16,353
Green Brick Partners, Inc.*(d)		718		6,074
Hamilton Beach Brands Holding Co., Class A(d)		193		5,045
Helen of Troy Ltd.*(d)		925		107,337
Hooker Furniture Corp.(d)		341		9,811
Hovnanian Enterprises, Inc., Class A*(d)		3,545		2,503
Installed Building Products, Inc.*(d)		841		35,415
iRobot Corp.*(d)		953		85,570
KB Home(d)		3,037		65,022
La-Z-Boy, Inc.(d)		1,680		49,762
Leggett & Platt, Inc.(d)		4,638		189,973

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

14

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Household Durables (continued)
Lennar Corp., Class A(d)		10,446	$	491,090
LGI Homes, Inc.*(d)		714		42,340
Lifetime Brands, Inc.(d)		359		3,493
Lovesac Co. (The)*(d)		167		3,988
M/I Homes, Inc.*(d)		782		20,715
MDC Holdings, Inc.(d)		1,563		51,470
Meritage Homes Corp.*(d)		1,317		59,370
Mohawk Industries, Inc.*(d)		2,218		285,656
New Home Co., Inc. (The)*(d)		392		2,713
Newell Brands, Inc.(d)		15,157		321,480
NVR, Inc.*(d)		104		276,640
PulteGroup, Inc.(d)		9,001		250,318
Purple Innovation, Inc.*(d)		126		721
Roku, Inc.*(d)		1,512		67,964
Skyline Champion Corp.(d)		1,170		21,130
Sonos, Inc.*(d)		458		5,436
Taylor Morrison Home Corp., Class A*(d)		4,214		79,645
Tempur Sealy International, Inc.*(d)		1,649		87,430
Toll Brothers, Inc.(d)		4,710		173,987
TopBuild Corp.*(d)		1,234		65,168
TRI Pointe Group, Inc.*(d)		5,029		67,640
Tupperware Brands Corp.(d)		1,762		48,050
Turtle Beach Corp.*(d)		228		3,395
Universal Electronics, Inc.*(d)		394		11,099
Vuzix Corp.*(d)		679		2,872
Whirlpool Corp.(d)		2,211		294,085
William Lyon Homes, Class A*(d)		922		12,226
ZAGG, Inc.*(d)		819		9,189
				4,177,460
Household Products 0.9%
Central Garden & Pet Co.*(d)		1,825		66,119
Church & Dwight Co., Inc.(d)		8,673		560,363
Clorox Co. (The)(d)		4,548		674,832
Colgate-Palmolive Co.(d)		30,125		1,948,485
Energizer Holdings, Inc.(d)		2,032		96,317
Kimberly-Clark Corp.(d)		12,124		1,350,371
Oil-Dri Corp. of America(d)		146		3,875
Procter & Gamble Co. (The)(d)		87,627		8,453,377
Spectrum Brands Holdings, Inc.(d)		1,417		79,182
WD-40 Co.(d)		482		87,603
				13,320,524
Independent Power and Renewable Electricity Producers 0.1%
AES Corp.(d)		23,296		381,821
Atlantic Power Corp.*(d)		3,209		8,055
Clearway Energy, Inc., Class A(d)		3,806		57,035
NRG Energy, Inc.(d)		10,115		413,805
Ormat Technologies, Inc.(d)		1,395		80,505
Pattern Energy Group, Inc., Class A(d)		2,913		61,989
TerraForm Power, Inc., Class A(d)		2,730		32,432
Vistra Energy Corp.*(d)		14,102		354,101
				1,389,743
Industrial Conglomerates 0.8%
3M Co.(d)		20,266		4,059,280
Carlisle Cos., Inc.(d)		2,054		221,277
General Electric Co.(d)		275,516		2,799,243
Honeywell International, Inc.(d)		26,510		3,807,631
Raven Industries, Inc.(d)		1,287		47,606
Roper Technologies, Inc.(d)		3,625		1,026,818
				11,961,855
Insurance 1.5%
Aflac, Inc.(d)		26,959		1,285,944
Alleghany Corp.(d)		516		325,885
Allstate Corp. (The)(d)		12,346		1,084,843
Ambac Financial Group, Inc.*(d)		1,677		31,729
American Equity Investment Life Holding Co.(d)		3,190		99,911
American Financial Group, Inc.(d)		2,580		246,106
American International Group, Inc.(d)		31,780		1,373,849
American National Insurance Co.(d)		321		44,680
AMERISAFE, Inc.(d)		576		34,220
Aon plc(d)		8,531		1,332,798
Arch Capital Group Ltd.*(d)		14,035		411,927
Argo Group International Holdings Ltd.(d)		1,202		80,221
Arthur J Gallagher & Co.(d)		6,447		481,655
Aspen Insurance Holdings Ltd.(d)		2,156		89,970
Assurant, Inc.(d)		1,849		178,225
Assured Guaranty Ltd.(d)		3,728		151,208
Athene Holding Ltd., Class A*(d)		5,755		246,890
Axis Capital Holdings Ltd.(d)		3,074		164,613
Brighthouse Financial, Inc.*(d)		4,366		163,026
Brown & Brown, Inc.(d)		8,495		230,724
Chubb Ltd.(d)		2,539		337,814
Cincinnati Financial Corp.(d)		5,423		439,914
Citizens, Inc.*(d)		1,471		10,429
CNA Financial Corp.(d)		1,038		47,603
CNO Financial Group, Inc.(d)		6,124		109,497
Crawford & Co., Class B(d)		350		3,378
Donegal Group, Inc., Class A(d)		284		3,740
eHealth, Inc.*(d)		744		45,503
EMC Insurance Group, Inc.(d)		275		9,042
Employers Holdings, Inc.(d)		964		40,845
Enstar Group Ltd.*(d)		445		79,210
Erie Indemnity Co., Class A(d)		894		130,864
Everest Re Group Ltd.(d)		1,481		324,413
FBL Financial Group, Inc., Class A(d)		417		29,282
FedNat Holding Co.(d)		346		6,266
Fidelity National Financial, Inc.(d)		9,426		340,844
First American Financial Corp.(d)		3,254		162,960
Genworth Financial, Inc., Class A*(d)		17,800		86,152
Global Indemnity Ltd.(d)		408		13,423
Goosehead Insurance, Inc., Class A*(d)		291		8,363
Greenlight Capital Re Ltd., Class A*(d)		876		9,084
Hallmark Financial Services, Inc.*(d)		388		3,764
Hanover Insurance Group, Inc. (The)(d)		1,493		170,262
Hartford Financial Services Group, Inc. (The)(d)		12,870		603,860
HCI Group, Inc.(d)		219		10,376
Health Insurance Innovations, Inc., Class A*(d)		583		22,352
Heritage Insurance Holdings, Inc.(d)		603		8,756
Horace Mann Educators Corp.(d)		1,596		66,473
Independence Holding Co.(d)		136		4,863
Investors Title Co.(d)		41		7,082
James River Group Holdings Ltd.(d)		975		37,606
Kemper Corp.(d)		1,699		127,731
Kingstone Cos., Inc.(d)		276		4,540
Kinsale Capital Group, Inc.(d)		749		43,442
Lincoln National Corp.(d)		7,641		446,922
Loews Corp.(d)		10,008		479,383
Maiden Holdings Ltd.(d)		1,765		2,277
Markel Corp.*(d)		482		507,792
Marsh & McLennan Cos., Inc.(d)		17,668		1,558,141
MBIA, Inc.*(d)		3,394		32,616
Mercury General Corp.(d)		965		49,891
MetLife, Inc.(d)		30,150		1,376,951
National General Holdings Corp.(d)		2,308		55,738
National Western Life Group, Inc., Class A(d)		91		27,600
Navigators Group, Inc. (The)(d)		765		53,397
NI Holdings, Inc.*(d)		292		4,380
Old Republic International Corp.(d)		10,045		202,407
Primerica, Inc.(d)		1,272		142,935
Principal Financial Group, Inc.(d)		9,915		496,444
ProAssurance Corp.(d)		1,924		82,078
Progressive Corp. (The)(d)		20,710		1,393,576
Protective Insurance Corp., Class B(d)		281		5,179
Prudential Financial, Inc.(d)		14,748		1,358,881
Reinsurance Group of America, Inc.(d)		2,212		319,523
RenaissanceRe Holdings Ltd.(d)		1,473		203,318
RLI Corp.(d)		1,450		95,715
Safety Insurance Group, Inc.(d)		526		43,295

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

15

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Selective Insurance Group, Inc.(d)		1,751	$	106,671
State Auto Financial Corp.(d)		502		17,068
Stewart Information Services Corp.(d)		888		39,472
Third Point Reinsurance Ltd.*(d)		2,410		25,329
Tiptree, Inc.(d)		798		4,748
Torchmark Corp.(d)		3,714		311,085
Travelers Cos., Inc. (The)(d)		9,515		1,194,513
Trupanion, Inc.*(d)		1,009		26,789
United Fire Group, Inc.(d)		772		40,144
United Insurance Holdings Corp.(d)		614		10,021
Universal Insurance Holdings, Inc.(d)		1,132		42,699
Unum Group(d)		7,245		251,836
White Mountains Insurance Group Ltd.(d)		111		99,187
Willis Towers Watson plc(d)		4,641		755,508
WR Berkley Corp.(d)		3,419		262,887
				23,534,553
Interactive Media & Services 2.6%
Alphabet, Inc., Class A*(d)		21,140		23,699,679
Care.com, Inc.*(d)		573		13,620
Cargurus, Inc.*(d)		1,721		73,607
Cars.com, Inc.*(d)		2,498		68,220
Facebook, Inc., Class A*(d)		77,095		12,850,966
IAC/InterActiveCorp*(d)		2,598		548,905
Liberty TripAdvisor Holdings, Inc., Class A*(d)		2,524		42,050
Match Group, Inc.(d)		1,795		96,015
Meet Group, Inc. (The)*(d)		2,011		11,624
QuinStreet, Inc.*(d)		1,660		31,606
Travelzoo*(d)		141		1,734
TripAdvisor, Inc.*(d)		3,628		208,175
TrueCar, Inc.*(d)		3,456		32,417
Twitter, Inc.*(d)		24,708		829,201
Yelp, Inc.*(d)		2,841		103,469
Zillow Group, Inc., Class A*(d)		6,138		214,821
				38,826,109
Internet & Direct Marketing Retail 2.0%
1-800-Flowers.com, Inc., Class A*(d)		670		10,687
Amazon.com, Inc.*(d)		14,122		24,271,905
Booking Holdings, Inc.*(d)		1,679		3,077,288
Duluth Holdings, Inc., Class B*(d)		240		5,731
eBay, Inc.*(d)		33,218		1,117,786
Etsy, Inc.*(d)		4,172		228,000
Expedia Group, Inc.(d)		4,291		511,702
Gaia, Inc.*(d)		322		3,787
Groupon, Inc.*(d)		16,007		60,346
GrubHub, Inc.*(d)		3,206		257,762
Lands’ End, Inc.*(d)		313		5,603
Leaf Group Ltd.*(d)		489		3,756
Liberty Expedia Holdings, Inc., Class A*(d)		1,938		79,439
Liquidity Services, Inc.*(d)		768		6,428
Nutrisystem, Inc.(d)		1,047		45,450
Overstock.com, Inc.*(d)		1,100		19,085
PetMed Express, Inc.(d)		596		14,113
Quotient Technology, Inc.*(d)		2,954		29,540
Qurate Retail, Inc.*(d)		14,771		321,269
Remark Holdings, Inc.*(d)		772		1,544
Shutterfly, Inc.*(d)		1,195		54,922
Shutterstock, Inc.(d)		748		29,927
Stamps.com, Inc.*(d)		608		113,137
Wayfair, Inc., Class A*(d)		2,009		219,905
				30,489,112
IT Services 3.0%
Accenture plc, Class A(d)		22,880		3,513,224
Akamai Technologies, Inc.*(d)		5,641		367,229
Alliance Data Systems Corp.(d)		1,685		299,239
Amdocs Ltd.(d)		5,074		283,535
Automatic Data Processing, Inc.(d)		15,666		2,190,733
Black Knight, Inc.*(d)		5,109		251,312
Booz Allen Hamilton Holding Corp.(d)		4,839		237,740
Brightcove, Inc.*(d)		1,039		8,333
Broadridge Financial Solutions, Inc.(d)		4,124		415,823
CACI International, Inc., Class A*(d)		831		138,927
Carbonite, Inc.*(d)		1,204		34,483
Cardtronics plc, Class A*(d)		1,460		39,522
Cass Information Systems, Inc.(d)		560		27,490
Cognizant Technology Solutions Corp., Class A(d)		20,775		1,447,602
Conduent, Inc.*(d)		6,742		85,961
CoreLogic, Inc.*(d)		2,879		104,508
CSG Systems International, Inc.(d)		1,194		43,211
DXC Technology Co.(d)		10,036		643,508
Endurance International Group Holdings, Inc.*(d)		2,131		17,261
EPAM Systems, Inc.*(d)		1,808		255,796
Euronet Worldwide, Inc.*(d)		1,742		200,347
Everi Holdings, Inc.*(d)		1,937		12,881
EVERTEC, Inc.(d)		2,184		60,431
Evo Payments, Inc., Class A*(d)		719		18,083
Exela Technologies, Inc.*(d)		1,380		5,437
ExlService Holdings, Inc.*(d)		1,192		68,540
Fidelity National Information Services, Inc.(d)		11,675		1,220,388
First Data Corp., Class A*(d)		19,519		481,143
Fiserv, Inc.*(d)		14,381		1,192,616
FleetCor Technologies, Inc.*(d)		3,160		637,720
Gartner, Inc.*(d)		3,107		422,210
Genpact Ltd.(d)		5,244		156,429
Global Payments, Inc.(d)		5,754		646,059
GoDaddy, Inc., Class A*(d)		5,592		383,779
GTT Communications, Inc.*(d)		1,660		42,496
Hackett Group, Inc. (The)(d)		718		12,917
I3 Verticals, Inc., Class A*(d)		224		5,540
Information Services Group, Inc.*(d)		1,016		4,196
Internap Corp.*(d)		702		3,798
International Business Machines Corp.(d)		32,841		4,414,487
Jack Henry & Associates, Inc.(d)		2,760		368,598
Leidos Holdings, Inc.(d)		5,014		290,812
Limelight Networks, Inc.*(d)		3,107		9,694
LiveRamp Holdings, Inc.*(d)		2,702		117,375
ManTech International Corp., Class A(d)		938		52,875
Mastercard, Inc., Class A(d)		31,738		6,700,844
MAXIMUS, Inc.(d)		2,231		156,460
MoneyGram International, Inc.*(d)		918		1,955
NIC, Inc.(d)		2,214		36,310
Okta, Inc.*(d)		2,926		241,190
Paychex, Inc.(d)		11,528		816,182
PayPal Holdings, Inc.*(d)		43,924		3,898,694
Perficient, Inc.*(d)		1,251		31,913
Perspecta, Inc.(d)		5,049		101,232
PFSweb, Inc.*(d)		449		2,734
Presidio, Inc.(d)		1,069		17,029
PRGX Global, Inc.*(d)		618		5,661
Sabre Corp.(d)		9,724		223,458
Science Applications International Corp.(d)		1,747		117,294
ServiceSource International, Inc.*(d)		2,242		2,690
Square, Inc., Class A*(d)		10,266		732,479
Switch, Inc., Class A(d)		1,099		9,166
Sykes Enterprises, Inc.*(d)		1,457		40,170
Total System Services, Inc.(d)		6,487		581,300
Travelport Worldwide Ltd.(d)		4,576		71,660
TTEC Holdings, Inc.(d)		425		14,208
Tucows, Inc., Class A*(d)		282		20,761
Twilio, Inc., Class A*(d)		2,489		277,075
Unisys Corp.*(d)		1,498		19,594
VeriSign, Inc.*(d)		3,737		632,562
Virtusa Corp.*(d)		1,012		49,102
Visa, Inc., Class A(d)		63,706		8,600,947
Western Union Co. (The)(d)		15,815		288,624
WEX, Inc.*(d)		1,452		234,251
Worldpay, Inc., Class A*(d)		10,931		912,520
				46,072,353

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

16

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Leisure Products 0.1%
Acushnet Holdings Corp.(d)		1,358	$	31,220
American Outdoor Brands Corp.*(d)		2,083		25,142
Brunswick Corp.(d)		3,136		157,803
Callaway Golf Co.(d)		3,387		55,174
Clarus Corp.(d)		625		6,994
Escalade, Inc.(d)		320		3,571
Hasbro, Inc.(d)		4,210		381,258
Johnson Outdoors, Inc., Class A(d)		148		9,272
Malibu Boats, Inc., Class A*(d)		792		32,116
Marine Products Corp.(d)		223		3,167
MasterCraft Boat Holdings, Inc.*(d)		553		12,072
Mattel, Inc.*(d)		12,594		149,113
Nautilus, Inc.*(d)		919		6,902
Polaris Industries, Inc.(d)		2,106		176,651
Sturm Ruger & Co., Inc.(d)		629		34,268
Vista Outdoor, Inc.*(d)		2,237		22,325
YETI Holdings, Inc.*(d)		506		8,607
				1,115,655
Life Sciences Tools & Services 0.6%
Accelerate Diagnostics, Inc.*(d)		781		14,222
Agilent Technologies, Inc.(d)		11,334		861,951
Bio-Rad Laboratories, Inc., Class A*(d)		767		191,650
Bio-Techne Corp.(d)		1,324		230,985
Bruker Corp.(d)		3,589		125,830
Cambrex Corp.*(d)		1,219		53,209
Charles River Laboratories International, Inc.*(d)		1,681		207,082
ChromaDex Corp.*(d)		1,145		3,813
Codexis, Inc.*(d)		1,880		35,382
Enzo Biochem, Inc.*(d)		1,315		4,945
Fluidigm Corp.*(d)		779		6,738
Harvard Bioscience, Inc.*(d)		1,057		3,626
Illumina, Inc.*(d)		5,101		1,427,209
IQVIA Holdings, Inc.*(d)		5,796		747,742
Luminex Corp.(d)		1,493		41,640
Medpace Holdings, Inc.*(d)		780		50,232
Mettler-Toledo International, Inc.*(d)		881		562,219
NanoString Technologies, Inc.*(d)		735		16,346
NeoGenomics, Inc.*(d)		2,434		40,453
Pacific Biosciences of California, Inc.*(d)		4,943		34,206
PerkinElmer, Inc.(d)		3,896		352,588
PRA Health Sciences, Inc.*(d)		2,040		216,179
QIAGEN NV*(d)		7,967		295,018
Quanterix Corp.*(d)		235		4,949
Syneos Health, Inc.*(d)		2,194		111,982
Thermo Fisher Scientific, Inc.(d)		14,378		3,532,243
Waters Corp.*(d)		2,670		617,357
				9,789,796
Machinery 1.2%
Actuant Corp., Class A(d)		2,237		51,205
AGCO Corp.(d)		2,311		148,366
Alamo Group, Inc.(d)		378		32,557
Albany International Corp., Class A(d)		1,025		70,377
Allison Transmission Holdings, Inc.(d)		4,139		201,445
Altra Industrial Motion Corp.(d)		2,146		65,689
Astec Industries, Inc.(d)		890		32,948
Barnes Group, Inc.(d)		1,682		99,373
Blue Bird Corp.*(d)		403		8,008
Briggs & Stratton Corp.(d)		1,238		15,945
Caterpillar, Inc.(d)		20,272		2,699,420
Chart Industries, Inc.*(d)		1,087		81,199
CIRCOR International, Inc.*(d)		483		13,355
Colfax Corp.*(d)		3,081		76,255
Columbus McKinnon Corp.(d)		881		31,892
Commercial Vehicle Group, Inc.*(d)		902		6,738
Crane Co.(d)		1,752		144,996
Cummins, Inc.(d)		5,308		780,860
Deere & Co.(d)		11,465		1,880,260
DMC Global, Inc.(d)		427		14,740
Donaldson Co., Inc.(d)		4,639		219,332
Douglas Dynamics, Inc.(d)		843		29,842
Dover Corp.(d)		5,127		450,304
Eastern Co. (The)(d)		166		4,512
Energy Recovery, Inc.*(d)		1,085		8,246
EnPro Industries, Inc.(d)		737		48,679
ESCO Technologies, Inc.(d)		915		59,576
Evoqua Water Technologies Corp.*(d)		2,953		31,922
Federal Signal Corp.(d)		2,152		47,301
Flowserve Corp.(d)		4,620		203,465
Fortive Corp.(d)		10,318		773,747
Franklin Electric Co., Inc.(d)		1,587		75,827
FreightCar America, Inc.*(d)		357		2,542
Gardner Denver Holdings, Inc.*(d)		4,458		109,979
Gates Industrial Corp. plc*(d)		1,331		19,845
Gencor Industries, Inc.*(d)		270		3,742
Global Brass & Copper Holdings, Inc.(d)		639		19,323
Gorman-Rupp Co. (The)(d)		512		17,690
Graco, Inc.(d)		5,940		257,380
Graham Corp.(d)		284		6,362
Greenbrier Cos., Inc. (The)(d)		1,130		47,923
Harsco Corp.*(d)		2,817		60,002
Hillenbrand, Inc.(d)		2,255		95,612
Hurco Cos., Inc.(d)		182		6,980
Hyster-Yale Materials Handling, Inc.(d)		309		21,503
IDEX Corp.(d)		2,737		377,323
Illinois Tool Works, Inc.(d)		11,742		1,612,294
Ingersoll-Rand plc(d)		8,799		880,252
ITT, Inc.(d)		3,064		161,044
John Bean Technologies Corp.(d)		1,099		87,305
Kadant, Inc.(d)		405		34,547
Kennametal, Inc.(d)		2,895		108,794
LB Foster Co., Class A*(d)		299		5,343
Lincoln Electric Holdings, Inc.(d)		2,219		191,810
Lindsay Corp.(d)		391		33,579
Lydall, Inc.*(d)		508		13,472
Manitex International, Inc.*(d)		432		3,028
Manitowoc Co., Inc. (The)*(d)		1,065		16,209
Meritor, Inc.*(d)		2,929		60,572
Middleby Corp. (The)*(d)		1,991		234,181
Milacron Holdings Corp.*(d)		2,590		35,897
Miller Industries, Inc.(d)		328		9,856
Mueller Industries, Inc.(d)		2,030		52,597
Mueller Water Products, Inc., Class A(d)		5,568		55,012
Navistar International Corp.*(d)		1,741		57,174
NN, Inc.(d)		1,272		11,613
Nordson Corp.(d)		2,076		269,133
Omega Flex, Inc.(d)		87		5,507
Oshkosh Corp.(d)		2,577		193,404
PACCAR, Inc.(d)		12,053		789,713
Parker-Hannifin Corp.(d)		4,744		781,859
Park-Ohio Holdings Corp.(d)		265		8,607
Pentair plc(d)		5,507		226,833
Proto Labs, Inc.*(d)		949		117,818
RBC Bearings, Inc.*(d)		837		116,695
REV Group, Inc.(d)		872		7,246
Rexnord Corp.*(d)		3,588		93,826
Snap-on, Inc.(d)		2,005		332,810
Spartan Motors, Inc.(d)		1,708		14,381
SPX Corp.*(d)		1,610		47,898
SPX FLOW, Inc.*(d)		1,547		50,695
Standex International Corp.(d)		486		36,246
Stanley Black & Decker, Inc.(d)		5,281		667,730
Sun Hydraulics Corp.(d)		1,040		36,837
Tennant Co.(d)		653		38,351
Terex Corp.(d)		2,365		72,629
Timken Co. (The)(d)		2,443		104,047
Titan International, Inc.(d)		1,486		8,351
Toro Co. (The)(d)		3,603		214,379
TriMas Corp.* (d)		1,690		48,993
Trinity Industries, Inc.(d)		5,118		119,659
Twin Disc, Inc.*(d)		279		5,055
Wabash National Corp.(d)		2,192		30,556
WABCO Holdings, Inc.*(d)		1,829		208,927
Wabtec Corp.(d)		3,010		208,172

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

17

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Watts Water Technologies, Inc., Class A(d)		999	$	74,795
Welbilt, Inc.*(d)		4,623		64,814
Woodward, Inc.(d)		1,806		164,075
Xylem, Inc.(d)		6,465		460,696
				18,739,903
Marine 0.0%†
Costamare, Inc.(d)		1,461		7,422
Eagle Bulk Shipping, Inc.*(d)		1,404		5,770
Genco Shipping & Trading Ltd.*(d)		285		2,101
Kirby Corp.*(d)		2,025		151,693
Matson, Inc.(d)		1,494		50,064
Safe Bulkers, Inc.*(d)		1,528		2,368
Scorpio Bulkers, Inc.(d)		1,690		7,639
				227,057
Media 0.8%
Altice USA, Inc., Class A		785		15,417
AMC Networks, Inc., Class A*(d)		1,526		96,046
Beasley Broadcast Group, Inc., Class A(d)		240		1,085
Boston Omaha Corp., Class A*(d)		152		3,844
Cable One, Inc.(d)		149		131,767
Cardlytics, Inc.*(d)		175		3,061
CBS Corp. (Non-Voting), Class B(d)		11,465		567,059
Central European Media Enterprises Ltd., Class A*(d)		2,641		7,949
Charter Communications, Inc., Class A*(d)		5,537		1,833,024
Clear Channel Outdoor Holdings, Inc., Class A*(d)		1,073		5,976
Comcast Corp., Class A(d)		158,874		5,810,022
Daily Journal Corp.*(d)		33		7,297
Discovery, Inc., Class A*(d)		17,211		467,614
DISH Network Corp., Class A*(d)		7,682		235,607
Emerald Expositions Events, Inc.(d)		734		10,423
Entercom Communications Corp., Class A(d)		4,861		35,631
Entravision Communications Corp., Class A(d)		1,918		7,557
EW Scripps Co. (The), Class A(d)		1,783		33,485
Fluent, Inc.*(d)		963		4,545
Gannett Co., Inc.(d)		4,109		45,569
GCI Liberty, Inc., Class A*(d)		3,254		165,628
Gray Television, Inc.*(d)		2,815		47,039
Hemisphere Media Group, Inc.*(d)		532		7,054
Interpublic Group of Cos., Inc. (The)(d)		13,573		308,786
John Wiley & Sons, Inc., Class A(d)		1,558		80,673
Liberty Broadband Corp., Class A*(d)		4,137		351,524
Liberty Latin America Ltd., Class A*(d)		5,258		91,837
Liberty Media Corp-Liberty SiriusXM*(d)		8,659		345,486
Loral Space & Communications, Inc.*(d)		371		13,397
MDC Partners, Inc., Class A*(d)		1,702		5,055
Meredith Corp.(d)		1,411		76,575
MSG Networks, Inc., Class A*(d)		2,093		46,883
National CineMedia, Inc.(d)		3,068		21,200
New Media Investment Group, Inc.(d)		2,347		32,083
New York Times Co. (The), Class A(d)		4,634		119,140
News Corp., Class A(d)		17,906		230,234
Nexstar Media Group, Inc., Class A(d)		1,578		131,716
Omnicom Group, Inc.(d)		7,923		617,043
Saga Communications, Inc., Class A(d)		113		3,822
Scholastic Corp.(d)		1,026		42,774
Sinclair Broadcast Group, Inc., Class A(d)		2,423		74,653
Sirius XM Holdings, Inc.(d)		44,535		259,639
TechTarget, Inc.*(d)		610		8,845
TEGNA, Inc.(d)		7,763		91,138
Tribune Media Co., Class A(d)		3,081		141,449
Tribune Publishing Co.*(d)		520		6,224
WideOpenWest, Inc.*(d)		873		6,600
				12,649,475
Metals & Mining 0.3%
AK Steel Holding Corp.*(d)		11,597		34,211
Alcoa Corp.*(d)		6,724		199,568
Allegheny Technologies, Inc.*(d)		4,474		122,543
Carpenter Technology Corp.(d)		1,596		75,427
Century Aluminum Co.*(d)		2,129		19,587
Cleveland-Cliffs, Inc.(d)		10,621		113,751
Coeur Mining, Inc.*(d)		7,159		36,869
Commercial Metals Co.(d)		4,203		73,342
Compass Minerals International, Inc.(d)		1,192		62,282
Freeport-McMoRan, Inc.(d)		50,244		584,840
Gold Resource Corp.(d)		1,591		7,144
Haynes International, Inc.(d)		370		12,136
Hecla Mining Co.(d)		15,829		42,738
Kaiser Aluminum Corp.(d)		552		55,404
Materion Corp.(d)		749		35,151
Newmont Mining Corp.(d)		18,867		643,553
Nucor Corp.(d)		10,958		671,068
Olympic Steel, Inc.(d)		271		5,222
Ramaco Resources, Inc.*(d)		176		1,067
Reliance Steel & Aluminum Co.(d)		2,499		204,618
Royal Gold, Inc.(d)		2,250		196,583
Ryerson Holding Corp.*(d)		467		3,283
Schnitzer Steel Industries, Inc., Class A(d)		1,027		24,854
Southern Copper Corp.(d)		2,868		96,422
Steel Dynamics, Inc.(d)		7,846		287,085
SunCoke Energy, Inc.*(d)		1,936		21,761
Synalloy Corp.(d)		244		3,855
Tahoe Resources, Inc.*(d)		11,132		42,190
TimkenSteel Corp.*(d)		1,177		14,983
United States Steel Corp.(d)		6,337		142,836
Universal Stainless & Alloy Products, Inc.*(d)		243		4,357
Warrior Met Coal, Inc.(d)		1,555		44,675
Worthington Industries, Inc.(d)		1,532		57,802
				3,941,207
Mortgage Real Estate Investment Trusts (REITs) 0.2%
AG Mortgage Investment Trust, Inc.(d)		841		15,155
AGNC Investment Corp.(d)		19,083		341,776
Annaly Capital Management, Inc.(d)		49,572		517,532
Anworth Mortgage Asset Corp.(d)		2,930		13,097
Apollo Commercial Real Estate Finance, Inc.(d)		4,372		79,570
Arbor Realty Trust, Inc.(d)		1,939		23,190
Ares Commercial Real Estate Corp.(d)		796		11,462
ARMOUR Residential REIT, Inc.(d)		1,627		34,200
Blackstone Mortgage Trust, Inc., Class A(d)		3,869		133,442
Capstead Mortgage Corp.(d)		2,688		19,811
Cherry Hill Mortgage Investment Corp.(d)		476		8,806
Chimera Investment Corp.(d)		6,474		123,200
Colony Credit Real Estate, Inc.(d)		2,987		49,913
Dynex Capital, Inc.(d)		1,723		10,372
Exantas Capital Corp.(d)		910		9,619
Granite Point Mortgage Trust, Inc.(d)		1,796		35,058
Great Ajax Corp.(d)		481		6,210
Invesco Mortgage Capital, Inc.(d)		4,316		69,488
KKR Real Estate Finance Trust, Inc.(d)		634		13,073
Ladder Capital Corp.(d)		3,282		56,811
MFA Financial, Inc.(d)		16,133		118,255
New Residential Investment Corp.(d)		12,824		217,751
New York Mortgage Trust, Inc.(d)		6,253		39,269
Orchid Island Capital, Inc.(d)		1,572		10,910
PennyMac Mortgage Investment Trust(d)		2,090		42,302
Ready Capital Corp.(d)		523		8,180
Redwood Trust, Inc.(d)		3,307		53,342
Starwood Property Trust, Inc.(d)		9,401		207,574
TPG RE Finance Trust, Inc.(d)		1,043		20,683
Two Harbors Investment Corp.(d)		8,567		124,992
Western Asset Mortgage Capital Corp.(d)		1,402		13,403
				2,428,446

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

18

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Multiline Retail 0.3%
Big Lots, Inc.(d)		1,429	$	45,071
Dillard’s, Inc., Class A(d)		461		30,790
Dollar General Corp.(d)		9,440		1,089,659
Dollar Tree, Inc.*(d)		8,378		811,242
JC Penney Co., Inc.*(d)		9,018		11,904
Kohl’s Corp.(d)		5,974		410,354
Macy’s, Inc.(d)		10,838		285,039
Nordstrom, Inc.(d)		4,138		192,044
Ollie’s Bargain Outlet Holdings, Inc.*(d)		1,722		134,609
Target Corp.(d)		18,704		1,365,392
				4,376,104
Multi-Utilities 0.6%
Ameren Corp.(d)		8,464		586,894
Avista Corp.(d)		2,296		96,088
Black Hills Corp.(d)		1,846		125,325
CenterPoint Energy, Inc.(d)		17,707		547,500
CMS Energy Corp.(d)		10,140		528,700
Consolidated Edison, Inc.(d)		10,912		847,317
Dominion Energy, Inc.(d)		26,833		1,884,750
DTE Energy Co.(d)		6,335		745,946
MDU Resources Group, Inc.(d)		6,897		177,322
NiSource, Inc.(d)		12,865		350,957
NorthWestern Corp.(d)		1,793		114,591
Public Service Enterprise Group, Inc.(d)		17,689		964,935
Sempra Energy(d)		9,688		1,133,302
Unitil Corp.(d)		580		30,427
Vectren Corp.(d)		2,953		213,738
WEC Energy Group, Inc.(d)		11,111		811,436
				9,159,228
Oil, Gas & Consumable Fuels 2.9%
Abraxas Petroleum Corp.*(d)		4,788		5,698
Adams Resources & Energy, Inc.(d)		64		2,536
Alta Mesa Resources, Inc., Class A*(d)		2,972		2,847
Anadarko Petroleum Corp.(d)		18,188		860,838
Antero Resources Corp.*(d)		8,767		88,196
Apache Corp.(d)		13,814		453,375
Approach Resources, Inc.*(d)		1,320		1,272
Arch Coal, Inc., Class A(d)		618		54,464
Ardmore Shipping Corp.*(d)		990		5,613
Berry Petroleum Corp.(d)		387		4,563
Bonanza Creek Energy, Inc.*(d)		574		13,231
Cabot Oil & Gas Corp.(d)		15,841		395,233
California Resources Corp.*(d)		1,667		33,590
Callon Petroleum Co.*(d)		8,177		66,561
Carrizo Oil & Gas, Inc.*(d)		3,146		38,633
Centennial Resource Development, Inc., Class A*(d)		6,529		85,987
Cheniere Energy, Inc.*(d)		8,358		548,703
Chesapeake Energy Corp.*(d)		32,247		91,904
Chevron Corp.(d)		67,331		7,719,499
Cimarex Energy Co.(d)		3,349		252,314
Clean Energy Fuels Corp.*(d)		4,098		7,786
Cloud Peak Energy, Inc.*(d)		2,346		875
CNX Resources Corp.*(d)		7,591		92,155
Concho Resources, Inc.*(d)		6,952		833,128
ConocoPhillips(d)		40,233		2,723,372
CONSOL Energy, Inc.*(d)		1,052		37,378
Continental Resources, Inc.*(d)		3,126		144,327
CVR Energy, Inc.(d)		539		21,641
Delek US Holdings, Inc.(d)		2,833		92,101
Denbury Resources, Inc.*(d)		16,862		34,230
Devon Energy Corp.(d)		16,873		449,665
DHT Holdings, Inc.(d)		2,725		11,036
Diamondback Energy, Inc.(d)		5,491		566,232
Dorian LPG Ltd.*(d)		818		4,483
Earthstone Energy, Inc., Class A*(d)		567		3,419
Eclipse Resources Corp.*(d)		2,623		3,016
Energy Fuels, Inc.*(d)		2,567		7,342
EOG Resources, Inc.(d)		20,594		2,042,925
EP Energy Corp., Class A*(d)		1,278		881
EQT Corp.(d)		9,178		178,696
Equitrans Midstream Corp.*(d)		7,570		157,607
Evolution Petroleum Corp.(d)		757		5,655
Extraction Oil & Gas, Inc.*(d)		4,649		18,317
Exxon Mobil Corp.(d)		150,837		11,053,335
Frontline Ltd.*(d)		2,376		12,236
GasLog Ltd.(d)		1,582		28,365
Golar LNG Ltd.(d)		3,360		74,827
Goodrich Petroleum Corp.*(d)		269		3,680
Green Plains, Inc.(d)		1,178		16,739
Gulfport Energy Corp.*(d)		6,237		52,328
Halcon Resources Corp.*(d)		4,028		6,606
Hallador Energy Co.(d)		513		2,906
Hess Corp.(d)		9,175		495,450
HighPoint Resources Corp.*(d)		3,238		9,066
HollyFrontier Corp.(d)		5,634		317,420
International Seaways, Inc.*(d)		642		11,633
Isramco, Inc.*(d)		22		2,449
Jagged Peak Energy, Inc.*(d)		1,925		20,270
Kinder Morgan, Inc.(d)		68,228		1,234,927
Kosmos Energy Ltd.*(d)		8,815		45,221
Laredo Petroleum, Inc.*(d)		4,702		17,868
Lilis Energy, Inc.*(d)		1,220		2,647
Marathon Oil Corp.(d)		29,783		470,274
Marathon Petroleum Corp.(d)		23,533		1,559,297
Matador Resources Co.*(d)		3,806		74,217
Midstates Petroleum Co., Inc.*(d)		454		4,395
Murphy Oil Corp.(d)		5,839		159,697
NACCO Industries, Inc., Class A(d)		114		3,885
Newfield Exploration Co.*(d)		7,113		130,026
NextDecade Corp.*(d)		248		905
Noble Energy, Inc.(d)		17,200		384,248
Nordic American Tankers Ltd.(d)		4,095		8,395
Northern Oil and Gas, Inc.*(d)		7,979		20,187
Oasis Petroleum, Inc.*(d)		9,686		58,310
Occidental Petroleum Corp.(d)		27,060		1,807,067
ONEOK, Inc.(d)		14,765		948,061
Overseas Shipholding Group, Inc., Class A*(d)		1,718		3,110
Panhandle Oil and Gas, Inc., Class A(d)		467		7,472
Par Pacific Holdings, Inc.*(d)		939		15,268
Parsley Energy, Inc., Class A*(d)		9,365		174,002
PBF Energy, Inc., Class A(d)		4,108		150,435
PDC Energy, Inc.*(d)		2,425		78,982
Peabody Energy Corp.(d)		2,755		98,353
Penn Virginia Corp.*(d)		478		25,076
Phillips 66(d)		14,701		1,402,622
Pioneer Natural Resources Co.(d)		6,060		862,459
QEP Resources, Inc.*(d)		8,642		71,469
Range Resources Corp.(d)		7,757		85,560
Renewable Energy Group, Inc.*(d)		1,361		39,333
Resolute Energy Corp.*(d)		864		28,279
REX American Resources Corp.*(d)		169		12,325
Ring Energy, Inc.*(d)		1,709		10,049
Rosehill Resources, Inc.*(d)		67		233
Sanchez Energy Corp.*(d)		2,397		628
SandRidge Energy, Inc.*(d)		934		7,743
Scorpio Tankers, Inc.(d)		1,792		33,564
SemGroup Corp., Class A(d)		3,051		48,877
Ship Finance International Ltd.(d)		3,076		37,404
SilverBow Resources, Inc.*(d)		213		5,178
SM Energy Co.(d)		4,096		80,364
Southwestern Energy Co.*(d)		21,336		93,238
SRC Energy, Inc.*(d)		8,837		43,478
Talos Energy, Inc.*(d)		625		11,937
Targa Resources Corp.(d)		8,087		347,822
Teekay Corp.(d)		2,032		7,132
Teekay Tankers Ltd., Class A(d)		5,700		5,700
Tellurian, Inc.*(d)		3,352		33,520
Ultra Petroleum Corp.*(d)		4,669		3,362
Uranium Energy Corp.*(d)		5,130		6,669
Valero Energy Corp.(d)		14,624		1,284,280
W&T Offshore, Inc.*(d)		3,944		19,878
Whiting Petroleum Corp.*(d)		3,226		92,360
WildHorse Resource Development Corp.*(d)		821		13,932

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

19

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc. (The)(d)		43,207	$	1,163,564
World Fuel Services Corp.(d)		2,397		59,661
WPX Energy, Inc.*(d)		14,194		174,018
Zion Oil & Gas, Inc.*(d)		1,716		835
				43,838,432
Paper & Forest Products 0.0%†
Boise Cascade Co.(d)		1,429		39,255
Clearwater Paper Corp.*(d)		698		23,537
Domtar Corp.(d)		2,215		103,883
Louisiana-Pacific Corp.(d)		5,176		126,191
Neenah, Inc.(d)		603		42,011
PH Glatfelter Co.(d)		1,307		16,703
Schweitzer-Mauduit International, Inc.(d)		1,181		37,863
Verso Corp., Class A*(d)		1,320		32,564
				422,007
Personal Products 0.1%
Coty, Inc., Class A(d)		15,675		121,638
Edgewell Personal Care Co.*(d)		1,920		75,744
elf Beauty, Inc.*(d)		651		5,468
Estee Lauder Cos., Inc. (The), Class A(d)		7,540		1,028,607
Herbalife Nutrition Ltd.*(d)		3,780		225,666
Inter Parfums, Inc.(d)		638		42,402
Medifast, Inc.(d)		411		52,296
Natural Health Trends Corp.(d)		225		3,688
Nature’s Sunshine Products, Inc.*(d)		261		2,088
Nu Skin Enterprises, Inc., Class A(d)		1,899		124,669
Revlon, Inc., Class A*(d)		237		6,209
USANA Health Sciences, Inc.*(d)		439		51,407
				1,739,882
Pharmaceuticals 2.7%
Aclaris Therapeutics, Inc.*(d)		1,050		7,319
Aerie Pharmaceuticals, Inc.*(d)		1,303		61,267
Akcea Therapeutics, Inc.*(d)		392		10,419
Akorn, Inc.*(d)		4,419		16,615
Allergan plc(d)		12,032		1,732,367
Amneal Pharmaceuticals, Inc.*(d)		2,997		36,803
Amphastar Pharmaceuticals, Inc.*(d)		1,373		31,249
Ampio Pharmaceuticals, Inc.*(d)		2,867		1,434
ANI Pharmaceuticals, Inc.*(d)		236		12,683
Aquestive Therapeutics, Inc.*(d)		175		1,073
Aratana Therapeutics, Inc.*(d)		1,347		5,967
Arvinas, Inc.*(d)		230		4,004
Assembly Biosciences, Inc.*(d)		842		19,181
Assertio Therapeutics, Inc.*(d)		1,722		7,680
Bristol-Myers Squibb Co.(d)		57,912		2,859,115
Catalent, Inc.*(d)		5,058		186,792
Clearside Biomedical, Inc.*(d)		837		988
Collegium Pharmaceutical, Inc.*(d)		873		13,977
Corcept Therapeutics, Inc.*(d)		3,480		38,906
Cymabay Therapeutics, Inc.*(d)		2,389		20,784
Dermira, Inc.*(d)		1,042		6,877
Dova Pharmaceuticals, Inc.*(d)		350		2,688
Durect Corp.*(d)		4,652		2,815
Elanco Animal Health, Inc.*(d)		2,631		76,773
Eli Lilly & Co.(d)		32,968		3,951,544
Eloxx Pharmaceuticals, Inc.*(d)		651		7,851
Endo International plc*(d)		7,695		75,026
Evolus, Inc.*(d)		270		4,415
Horizon Pharma plc*(d)		5,792		124,470
Innovate Biopharmaceuticals, Inc.*(d)		595		1,398
Innoviva, Inc.*(d)		2,725		46,598
Intersect ENT, Inc.*(d)		1,094		32,459
Intra-Cellular Therapies, Inc.*(d)		1,761		21,202
Jazz Pharmaceuticals plc*(d)		2,061		259,459
Johnson & Johnson(d)		94,430		12,566,744
Kala Pharmaceuticals, Inc.*(d)		460		2,544
Lannett Co., Inc.*(d)		880		6,565
Liquidia Technologies, Inc.*(d)		147		2,115
Mallinckrodt plc*(d)		2,880		62,957
Marinus Pharmaceuticals, Inc.*(d)		1,062		3,526
Medicines Co. (The)*(d)		2,437		56,319
Melinta Therapeutics, Inc.*(d)		1,055		891
Menlo Therapeutics, Inc.*(d)		290		1,552
Merck & Co., Inc.(d)		91,507		6,810,866
Mylan NV*(d)		18,465		553,027
MyoKardia, Inc.*(d)		1,196		49,490
Nektar Therapeutics*(d)		5,496		232,701
Neos Therapeutics, Inc.*(d)		1,421		3,041
Ocular Therapeutix, Inc.*(d)		983		3,716
Odonate Therapeutics, Inc.*(d)		198		3,281
Omeros Corp.*(d)		1,763		24,047
Optinose, Inc.*(d)		551		3,548
Osmotica Pharmaceuticals plc*(d)		328		2,572
Pacira Pharmaceuticals, Inc.*(d)		1,433		58,294
Paratek Pharmaceuticals, Inc.*(d)		924		6,232
Perrigo Co. plc(d)		4,485		208,328
Pfizer, Inc.(d)		204,113		8,664,597
Phibro Animal Health Corp., Class A(d)		807		25,195
Prestige Consumer Healthcare, Inc.*(d)		1,849		51,624
Reata Pharmaceuticals, Inc., Class A*(d)		661		52,728
resTORbio, Inc.*(d)		220		1,954
Revance Therapeutics, Inc.*(d)		1,310		22,624
scPharmaceuticals, Inc.*(d)		197		768
Sienna Biopharmaceuticals, Inc.*(d)		408		1,093
SIGA Technologies, Inc.*(d)		1,471		9,973
Supernus Pharmaceuticals, Inc.*(d)		1,698		64,745
Teligent, Inc.*(d)		1,233		2,096
Tetraphase Pharmaceuticals, Inc.*(d)		1,486		1,828
TherapeuticsMD, Inc.*(d)		6,984		36,666
Theravance Biopharma, Inc.*(d)		1,511		39,362
Tricida, Inc.*(d)		331		7,262
Verrica Pharmaceuticals, Inc.*(d)		177		2,119
WaVe Life Sciences Ltd.*(d)		651		24,250
Xeris Pharmaceuticals, Inc.*(d)		207		2,873
Zoetis, Inc.(d)		17,193		1,481,349
Zogenix, Inc.*(d)		1,458		63,788
Zomedica Pharmaceuticals Corp.*(d)		1,333		1,066
				40,902,514
Professional Services 0.3%
Acacia Research Corp.*(d)		1,448		4,402
ASGN, Inc.*(d)		1,788		112,626
Barrett Business Services, Inc.(d)		213		13,344
BG Staffing, Inc.(d)		239		6,159
CBIZ, Inc.*(d)		1,943		38,083
CoStar Group, Inc.*(d)		1,247		487,253
CRA International, Inc.(d)		235		9,809
Dun & Bradstreet Corp. (The)(d)		1,311		189,754
Equifax, Inc.(d)		4,252		455,049
Exponent, Inc.(d)		1,871		93,475
Forrester Research, Inc.(d)		305		13,698
Franklin Covey Co.*(d)		293		7,137
FTI Consulting, Inc.*(d)		1,336		91,275
GP Strategies Corp.*(d)		361		5,429
Heidrick & Struggles International, Inc.(d)		554		18,310
Huron Consulting Group, Inc.*(d)		799		38,632
ICF International, Inc.(d)		665		43,837
IHS Markit Ltd.*(d)		13,686		710,577
InnerWorkings, Inc.*(d)		1,273		5,843
Insperity, Inc.(d)		1,335		142,418
Kelly Services, Inc., Class A(d)		931		20,854
Kforce, Inc.(d)		915		30,021
Korn Ferry(d)		2,017		91,975
ManpowerGroup, Inc.(d)		2,159		170,626
Mistras Group, Inc.*(d)		515		7,576
Navigant Consulting, Inc.(d)		1,543		39,995
Nielsen Holdings plc(d)		12,760		327,677
Resources Connection, Inc.(d)		889		14,855
Robert Half International, Inc.(d)		4,216		271,637
TransUnion(d)		6,530		397,155
TriNet Group, Inc.*(d)		1,536		70,134
TrueBlue, Inc.*(d)		1,482		36,146
Upwork, Inc.*(d)		368		7,106
Verisk Analytics, Inc.*(d)		5,767		677,103

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

20

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Professional Services (continued)
WageWorks, Inc.*(d)		1,417	$	44,706
Willdan Group, Inc.*(d)		289		9,725
				4,704,401
Real Estate Management & Development 0.1%
Altisource Portfolio Solutions SA*(d)		289		6,843
American Realty Investors, Inc.*(d)		61		798
CBRE Group, Inc., Class A*(d)		11,369		520,132
Consolidated-Tomoka Land Co.(d)		114		6,962
Cushman & Wakefield plc*(d)		1,736		29,929
Forestar Group, Inc.*(d)		312		4,995
FRP Holdings, Inc.*(d)		211		10,702
Griffin Industrial Realty, Inc.(d)		24		807
HFF, Inc., Class A(d)		1,326		54,923
Howard Hughes Corp. (The)*(d)		1,370		152,125
Jones Lang LaSalle, Inc.(d)		1,601		229,599
Kennedy-Wilson Holdings, Inc.(d)		4,510		90,155
Marcus & Millichap, Inc.*(d)		776		30,730
Maui Land & Pineapple Co., Inc.*(d)		198		2,364
Newmark Group, Inc., Class A(d)		5,222		54,570
RE/MAX Holdings, Inc., Class A(d)		698		29,120
Realogy Holdings Corp.(d)		4,265		75,704
Redfin Corp.*(d)		2,800		50,092
RMR Group, Inc. (The), Class A(d)		212		13,994
St Joe Co. (The)*(d)		1,035		16,105
Stratus Properties, Inc.*(d)		174		4,124
Tejon Ranch Co.*(d)		626		11,781
Transcontinental Realty Investors, Inc.*(d)		48		1,610
Trinity Place Holdings, Inc.*(d)		539		2,237
				1,400,401
Road & Rail 0.6%
AMERCO(d)		246		89,214
ArcBest Corp.(d)		1,017		38,260
Avis Budget Group, Inc.*(d)		2,391		63,696
Covenant Transportation Group, Inc., Class A*(d)		379		8,937
CSX Corp.(d)		28,882		1,897,547
Daseke, Inc.*(d)		1,174		4,896
Genesee & Wyoming, Inc., Class A*(d)		2,120		166,462
Heartland Express, Inc.(d)		1,805		36,118
Hertz Global Holdings, Inc.*(d)		2,071		34,358
JB Hunt Transport Services, Inc.(d)		3,142		336,320
Kansas City Southern(d)		3,732		394,659
Knight-Swift Transportation Holdings, Inc.(d)		4,677		148,495
Landstar System, Inc.(d)		1,496		151,964
Marten Transport Ltd.(d)		1,187		22,968
Norfolk Southern Corp.(d)		9,778		1,640,162
Old Dominion Freight Line, Inc.(d)		2,372		322,426
PAM Transportation Services, Inc.*(d)		66		3,244
Ryder System, Inc.(d)		1,852		107,249
Saia, Inc.*(d)		951		57,031
Schneider National, Inc., Class B(d)		1,818		38,614
Union Pacific Corp.(d)		26,779		4,259,736
Universal Logistics Holdings, Inc.(d)		244		4,973
US Xpress Enterprises, Inc., Class A*(d)		622		4,590
USA Truck, Inc.*(d)		244		4,358
Werner Enterprises, Inc.(d)		1,762		58,005
YRC Worldwide, Inc.*(d)		978		6,103
				9,900,385
Semiconductors & Semiconductor Equipment 2.3%
ACM Research, Inc., Class A*(d)		250		2,327
Adesto Technologies Corp.*(d)		733		3,614
Advanced Energy Industries, Inc.*(d)		1,388		71,191
Advanced Micro Devices, Inc.*(d)		31,534		769,745
Alpha & Omega Semiconductor Ltd.*(d)		588		7,003
Ambarella, Inc.*(d)		1,127		42,826
Amkor Technology, Inc.*(d)		3,962		31,696
Analog Devices, Inc.(d)		13,296		1,314,443
Applied Materials, Inc.(d)		35,102		1,371,786
Aquantia Corp.*(d)		644		5,674
Axcelis Technologies, Inc.*(d)		952		19,830
AXT, Inc.*(d)		1,092		4,488
Broadcom, Inc.(d)		14,778		3,964,198
Brooks Automation, Inc.(d)		2,449		76,237
Cabot Microelectronics Corp.(d)		1,006		102,501
CEVA, Inc.*(d)		655		18,628
Cirrus Logic, Inc.*(d)		2,167		80,504
Cohu, Inc.(d)		1,581		27,731
Cree, Inc.*(d)		3,364		169,647
Cypress Semiconductor Corp.(d)		12,754		176,898
Diodes, Inc.*(d)		1,429		48,057
Entegris, Inc.(d)		5,054		167,035
First Solar, Inc.*(d)		2,853		144,333
FormFactor, Inc.*(d)		2,642		39,683
Ichor Holdings Ltd.*(d)		659		13,556
Impinj, Inc.*(d)		463		7,093
Inphi Corp.*(d)		1,526		60,185
Integrated Device Technology, Inc.*(d)		4,665		227,885
Intel Corp.(d)		166,636		7,851,888
KLA-Tencor Corp.(d)		5,317		566,633
Kopin Corp.*(d)		1,642		2,266
Lam Research Corp.(d)		5,509		934,216
Lattice Semiconductor Corp.*(d)		4,558		35,552
MACOM Technology Solutions Holdings, Inc.*(d)		1,744		31,444
Marvell Technology Group Ltd.(d)		19,330		358,185
Maxim Integrated Products, Inc.(d)		9,969		541,018
MaxLinear, Inc.*(d)		2,261		44,361
Microchip Technology, Inc.(d)		8,087		649,952
Micron Technology, Inc.*(d)		40,018		1,529,488
MKS Instruments, Inc.(d)		1,885		153,873
Monolithic Power Systems, Inc.(d)		1,431		181,107
Nanometrics, Inc.*(d)		680		20,801
NeoPhotonics Corp.*(d)		1,011		7,299
NVE Corp.(d)		142		13,531
NVIDIA Corp.(d)		20,005		2,875,719
NXP Semiconductors NV(d)		12,347		1,074,559
ON Semiconductor Corp.*(d)		14,689		294,368
PDF Solutions, Inc.*(d)		823		8,650
Photronics, Inc.*(d)		1,998		21,359
Power Integrations, Inc.(d)		1,043		68,838
Qorvo, Inc.*(d)		4,409		288,172
QUALCOMM, Inc.(d)		43,555		2,156,844
Rambus, Inc.*(d)		4,265		38,470
Rudolph Technologies, Inc.*(d)		1,218		26,455
Semtech Corp.*(d)		2,264		109,940
Silicon Laboratories, Inc.*(d)		1,541		117,887
Skyworks Solutions, Inc.(d)		6,325		461,978
SMART Global Holdings, Inc.*(d)		297		7,369
SunPower Corp.*(d)		2,814		16,349
Synaptics, Inc.*(d)		1,237		49,233
Teradyne, Inc.(d)		6,354		228,680
Texas Instruments, Inc.(d)		34,549		3,478,393
Ultra Clean Holdings, Inc.*(d)		1,130		13,402
Universal Display Corp.(d)		1,565		162,494
Veeco Instruments, Inc.*(d)		2,126		20,856
Versum Materials, Inc.(d)		3,906		143,624
Xilinx, Inc.(d)		9,105		1,019,214
Xperi Corp.(d)		1,831		39,238
				34,612,499
Software 4.0%
2U, Inc.*(d)		1,944		110,516
8x8, Inc.*(d)		3,403		59,927
A10 Networks, Inc.*(d)		1,558		10,579
ACI Worldwide, Inc.*(d)		3,984		117,767
Adobe, Inc.*(d)		17,219		4,267,213
Agilysys, Inc.*(d)		468		8,284
Alarm.com Holdings, Inc.*(d)		1,087		68,405
Altair Engineering, Inc., Class A*(d)		977		31,635
Alteryx, Inc., Class A*(d)		1,082		76,984
Amber Road, Inc.*(d)		698		6,080
American Software, Inc., Class A(d)		856		9,467
Anaplan, Inc.*(d)		749		23,511

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

21

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Software (continued)
ANSYS, Inc.*(d)		2,927	$	481,052
Appfolio, Inc., Class A*(d)		566		35,833
Aspen Technology, Inc.*(d)		2,525		243,991
Asure Software, Inc.*(d)		380		2,018
Atlassian Corp. plc, Class A*(d)		3,404		334,954
Autodesk, Inc.*(d)		7,752		1,141,094
Avalara, Inc.*(d)		260		10,366
Avaya Holdings Corp.*(d)		3,701		62,584
Benefitfocus, Inc.*(d)		791		44,256
Blackbaud, Inc.(d)		1,686		120,718
Blackline, Inc.*(d)		1,262		60,046
Bottomline Technologies DE, Inc.*(d)		1,470		75,925
Box, Inc., Class A*(d)		4,323		90,437
Cadence Design Systems, Inc.*(d)		9,734		467,524
Carbon Black, Inc.*(d)		1,133		17,550
CDK Global, Inc.(d)		4,543		222,198
Ceridian HCM Holding, Inc.*(d)		1,233		50,812
ChannelAdvisor Corp.*(d)		765		8,224
Cision Ltd.*(d)		2,512		31,149
Citrix Systems, Inc.(d)		4,821		494,345
Cloudera, Inc.*(d)		6,986		94,311
CommVault Systems, Inc.*(d)		1,417		93,621
Cornerstone OnDemand, Inc.*(d)		1,903		109,118
Coupa Software, Inc.*(d)		1,816		157,919
Digimarc Corp.*(d)		330		6,432
DocuSign, Inc.*(d)		2,566		126,889
Domo, Inc., Class B*(d)		230		6,210
Ebix, Inc.(d)		875		49,980
eGain Corp.*(d)		525		3,759
Elastic NV*(d)		235		19,975
Ellie Mae, Inc.*(d)		1,213		91,945
Envestnet, Inc.*(d)		1,567		85,010
Everbridge, Inc.*(d)		958		59,262
Fair Isaac Corp.*(d)		1,018		229,254
FireEye, Inc.*(d)		6,829		120,737
Five9, Inc.*(d)		1,957		100,061
ForeScout Technologies, Inc.*(d)		1,121		34,190
Fortinet, Inc.*(d)		4,850		371,364
Fusion Connect, Inc.*(d)		642		1,284
Guidewire Software, Inc.*(d)		2,830		245,304
HubSpot, Inc.*(d)		1,270		201,054
Instructure, Inc.*(d)		1,092		43,167
Intuit, Inc.(d)		8,625		1,861,448
j2 Global, Inc.(d)		1,633		122,736
LivePerson, Inc.*(d)		2,089		49,029
LogMeIn, Inc.(d)		1,779		165,483
Majesco*(d)		174		1,479
Manhattan Associates, Inc.*(d)		2,304		112,366
Microsoft Corp.(d)		273,971		28,610,792
MicroStrategy, Inc., Class A*(d)		343		43,523
MINDBODY, Inc., Class A*(d)		1,580		57,607
Mitek Systems, Inc.*(d)		979		10,798
MobileIron, Inc.*(d)		2,172		10,534
Model N, Inc.*(d)		762		11,057
Monotype Imaging Holdings, Inc.(d)		1,621		26,909
New Relic, Inc.*(d)		1,531		155,626
Nuance Communications, Inc.*(d)		9,973		158,272
Nutanix, Inc., Class A*(d)		4,826		247,236
OneSpan, Inc.*(d)		921		13,437
Oracle Corp.(d)		90,898		4,565,807
Park City Group, Inc.*(d)		398		3,447
Paycom Software, Inc.*(d)		1,723		255,418
Paylocity Holding Corp.*(d)		1,008		71,598
Pegasystems, Inc.(d)		1,332		74,978
Pluralsight, Inc., Class A*(d)		913		27,372
Progress Software Corp.(d)		1,574		57,026
Proofpoint, Inc.*(d)		1,784		181,736
PROS Holdings, Inc.*(d)		1,152		39,859
PTC, Inc.*(d)		4,207		356,712
Q2 Holdings, Inc.*(d)		1,329		78,982
QAD, Inc., Class A(d)		309		13,027
Qualys, Inc.*(d)		1,166		100,894
Rapid7, Inc.*(d)		1,300		52,234
RealPage, Inc.*(d)		2,509		139,927
Red Hat, Inc.*(d)		6,294		1,119,325
Rimini Street, Inc.*(d)		306		1,622
RingCentral, Inc., Class A*(d)		2,347		216,957
SailPoint Technologies Holding, Inc.*(d)		2,335		66,664
salesforce.com, Inc.*(d)		25,193		3,828,580
SecureWorks Corp., Class A*(d)		248		5,684
SendGrid, Inc.*(d)		970		52,458
ServiceNow, Inc.*(d)		5,758		1,266,875
ShotSpotter, Inc.*(d)		218		10,499
SolarWinds Corp.*(d)		747		13,110
Splunk, Inc.*(d)		5,157		643,800
SPS Commerce, Inc.*(d)		606		53,728
SS&C Technologies Holdings, Inc.(d)		7,207		371,088
SVMK, Inc.*(d)		514		6,687
Symantec Corp.(d)		22,692		476,986
Synopsys, Inc.*(d)		5,266		491,581
Tableau Software, Inc., Class A*(d)		2,584		330,339
Telaria, Inc.*(d)		1,307		4,169
Telenav, Inc.*(d)		916		4,058
Tenable Holdings, Inc.*(d)		364		10,076
Teradata Corp.*(d)		4,207		186,707
TiVo Corp.(d)		4,471		49,762
Trade Desk, Inc. (The), Class A*(d)		1,134		161,799
Tyler Technologies, Inc.*(d)		1,372		259,569
Ultimate Software Group, Inc. (The)*(d)		1,084		296,008
Upland Software, Inc.*(d)		447		13,964
Varonis Systems, Inc.*(d)		1,014		59,907
Verint Systems, Inc.*(d)		2,320		112,218
Veritone, Inc.*(d)		260		1,386
VirnetX Holding Corp.*(d)		1,603		8,175
VMware, Inc., Class A(d)		2,483		375,107
Workday, Inc., Class A*(d)		4,968		901,841
Workiva, Inc.*(d)		1,007		42,193
Yext, Inc.*(d)		2,899		45,195
Zendesk, Inc.*(d)		3,607		243,581
Zix Corp.*(d)		2,539		18,078
Zscaler, Inc.*(d)		2,009		97,175
				60,560,590
Specialty Retail 1.4%
Aaron’s, Inc.(d)		2,429		121,596
Abercrombie & Fitch Co., Class A(d)		2,377		51,510
Advance Auto Parts, Inc.(d)		2,462		391,950
American Eagle Outfitters, Inc.(d)		5,744		121,313
America’s Car-Mart, Inc.*(d)		174		12,173
Asbury Automotive Group, Inc.*(d)		707		49,950
Ascena Retail Group, Inc.*(d)		5,278		12,931
At Home Group, Inc.*(d)		1,674		36,895
AutoNation, Inc.*(d)		1,966		76,183
AutoZone, Inc.*(d)		912		772,774
Barnes & Noble Education, Inc.*(d)		1,164		6,658
Barnes & Noble, Inc.(d)		2,491		15,021
Bed Bath & Beyond, Inc.(d)		4,804		72,492
Best Buy Co., Inc.(d)		8,382		496,550
Big 5 Sporting Goods Corp.(d)		593		2,040
Boot Barn Holdings, Inc.*(d)		1,137		26,640
Buckle, Inc. (The)(d)		1,163		20,201
Burlington Stores, Inc.*(d)		2,347		403,003
Caleres, Inc.(d)		1,496		44,641
Camping World Holdings, Inc., Class A(d)		1,368		19,398
CarMax, Inc.*(d)		6,226		365,964
Carvana Co.*(d)		1,154		42,871
Cato Corp. (The), Class A(d)		1,051		15,607
Chico’s FAS, Inc.(d)		4,794		27,805
Children’s Place, Inc. (The)(d)		567		54,863
Citi Trends, Inc.(d)		364		7,458
Conn’s, Inc.*(d)		852		17,841
Container Store Group, Inc. (The)*(d)		466		3,337
Dick’s Sporting Goods, Inc.(d)		2,606		92,018
DSW, Inc., Class A(d)		2,455		66,899
Express, Inc.*(d)		3,210		17,013
Five Below, Inc.*(d)		1,888		233,602

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

22

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Floor & Decor Holdings, Inc., Class A*(d)		1,695	$	58,122
Foot Locker, Inc.(d)		4,089		228,534
Francesca’s Holdings Corp.*(d)		949		838
GameStop Corp., Class A(d)		3,563		40,404
Gap, Inc. (The)(d)		7,610		193,598
Genesco, Inc.*(d)		767		34,653
GNC Holdings, Inc., Class A*(d)		2,367		7,219
Group 1 Automotive, Inc.(d)		692		42,233
Guess?, Inc.(d)		2,069		40,366
Haverty Furniture Cos., Inc.(d)		555		11,305
Hibbett Sports, Inc.*(d)		916		14,968
Home Depot, Inc. (The)(d)		40,757		7,480,132
Hudson Ltd., Class A*(d)		1,585		20,415
J. Jill, Inc.*(d)		503		2,993
Kirkland’s, Inc.*(d)		460		4,701
L Brands, Inc.(d)		8,021		223,305
Lithia Motors, Inc., Class A(d)		797		70,893
Lowe’s Cos., Inc.(d)		28,834		2,772,678
Lumber Liquidators Holdings, Inc.*(d)		841		10,109
MarineMax, Inc.*(d)		912		16,215
Michaels Cos., Inc. (The)*(d)		3,502		48,538
Monro, Inc.(d)		1,140		81,692
Murphy USA, Inc.*(d)		1,141		83,921
National Vision Holdings, Inc.*(d)		2,213		70,285
Office Depot, Inc.(d)		19,583		57,770
O’Reilly Automotive, Inc.*(d)		2,815		970,218
Party City Holdco, Inc.*(d)		2,188		24,156
Penske Automotive Group, Inc.(d)		1,284		60,194
Pier 1 Imports, Inc.*(d)		2,601		2,122
Rent-A-Center, Inc.*(d)		1,664		29,120
RH*(d)		701		95,245
Ross Stores, Inc.(d)		13,042		1,201,429
RTW RetailWinds, Inc.*(d)		862		2,672
Sally Beauty Holdings, Inc.*(d)		4,212		72,531
Shoe Carnival, Inc.(d)		320		11,802
Signet Jewelers Ltd.(d)		1,899		46,260
Sleep Number Corp.*(d)		1,173		42,228
Sonic Automotive, Inc., Class A(d)		713		10,909
Sportsman’s Warehouse Holdings, Inc.*(d)		1,093		5,618
Tailored Brands, Inc.(d)		1,956		24,704
Tiffany & Co.(d)		4,321		383,402
Tile Shop Holdings, Inc.(d)		1,182		8,971
Tilly’s, Inc., Class A(d)		611		7,399
TJX Cos., Inc. (The)(d)		44,020		2,189,115
Tractor Supply Co.(d)		4,438		379,005
Ulta Beauty, Inc.*(d)		1,995		582,380
Urban Outfitters, Inc.*(d)		2,648		85,530
Williams-Sonoma, Inc.(d)		2,789		151,805
Winmark Corp.(d)		74		11,407
Zumiez, Inc.*(d)		556		14,128
				21,727,434
Technology Hardware, Storage & Peripherals 2.1%
3D Systems Corp.*(d)		3,796		48,437
Apple, Inc.(d)		167,161		27,822,277
Avid Technology, Inc.*(d)		790		3,760
Cray, Inc.*(d)		1,480		32,471
Dell Technologies, Inc., Class C*(d)		5,215		253,402
Diebold Nixdorf, Inc.(d)		2,242		9,528
Eastman Kodak Co.*(d)		511		1,487
Electronics For Imaging, Inc.*(d)		1,539		40,645
Hewlett Packard Enterprise Co.(d)		52,549		819,239
HP, Inc.(d)		56,574		1,246,325
Immersion Corp.*(d)		1,361		12,916
NCR Corp.*(d)		4,221		112,912
NetApp, Inc.(d)		9,246		589,617
Pure Storage, Inc., Class A*(d)		5,801		103,896
Stratasys Ltd.*(d)		1,815		46,337
USA Technologies, Inc.*(d)		1,705		10,077
Western Digital Corp.(d)		10,214		459,528
Xerox Corp.(d)		7,443		209,967
				31,822,821
Textiles, Apparel & Luxury Goods 0.5%
Capri Holdings Ltd.*(d)		5,137		218,220
Carter’s, Inc.(d)		1,636		135,624
Columbia Sportswear Co.(d)		1,080		96,325
Crocs, Inc.*(d)		2,339		67,176
Culp, Inc.(d)		331		6,322
Deckers Outdoor Corp.*(d)		1,033		132,689
Fossil Group, Inc.*(d)		1,770		30,019
G-III Apparel Group Ltd.*(d)		1,556		54,258
Hanesbrands, Inc.(d)		12,900		193,371
Lululemon Athletica, Inc.*(d)		3,415		504,771
Movado Group, Inc.(d)		478		15,272
NIKE, Inc., Class B(d)		44,706		3,660,527
Oxford Industries, Inc.(d)		623		47,709
PVH Corp.(d)		2,749		299,943
Ralph Lauren Corp.(d)		1,948		226,241
Rocky Brands, Inc.(d)		208		5,577
Skechers U.S.A., Inc., Class A*(d)		4,854		131,883
Steven Madden Ltd.(d)		3,127		102,097
Superior Group of Cos., Inc.(d)		274		4,869
Tapestry, Inc.(d)		10,139		392,481
Under Armour, Inc., Class A*(d)		13,513		267,996
Unifi, Inc.*(d)		462		9,882
Vera Bradley, Inc.*(d)		686		6,140
VF Corp.(d)		11,654		980,917
Wolverine World Wide, Inc.(d)		3,306		113,429
				7,703,738
Thrifts & Mortgage Finance 0.1%
Axos Financial, Inc.*(d)		2,153		65,365
Bank7 Corp.*(d)		104		1,621
BankFinancial Corp.(d)		411		6,165
Beneficial Bancorp, Inc.(d)		2,801		43,668
Bridgewater Bancshares, Inc.*(d)		707		7,883
BSB Bancorp, Inc.*(d)		260		8,388
Capitol Federal Financial, Inc.(d)		4,855		62,484
Columbia Financial, Inc.*(d)		2,037		30,168
Dime Community Bancshares, Inc.(d)		943		18,596
Entegra Financial Corp.*(d)		199		4,649
ESSA Bancorp, Inc.(d)		286		4,307
Essent Group Ltd.*(d)		3,351		133,202
Federal Agricultural Mortgage Corp., Class C(d)		356		25,187
First Defiance Financial Corp.(d)		604		17,021
Flagstar Bancorp, Inc.*(d)		1,125		34,706
FS Bancorp, Inc.(d)		113		5,486
Greene County Bancorp, Inc.(d)		92		2,803
Hingham Institution for Savings(d)		40		7,396
Home Bancorp, Inc.(d)		237		8,380
HomeStreet, Inc.*(d)		753		18,426
Impac Mortgage Holdings, Inc.*(d)		317		1,113
Kearny Financial Corp.(d)		3,691		47,392
LendingTree, Inc.*(d)		279		82,679
Luther Burbank Corp.(d)		625		5,906
Malvern Bancorp, Inc.*(d)		234		4,895
Merchants Bancorp(d)		521		10,196
Meridian Bancorp, Inc.(d)		2,055		32,541
Meta Financial Group, Inc.(d)		861		20,277
MGIC Investment Corp.*(d)		13,269		165,597
Mr. Cooper Group, Inc.*(d)		2,797		43,046
New York Community Bancorp, Inc.(d)		16,839		195,669
NMI Holdings, Inc., Class A*(d)		2,245		49,390
Northfield Bancorp, Inc.(d)		1,295		18,531
Northwest Bancshares, Inc.(d)		3,697		65,215
OceanFirst Financial Corp.(d)		1,856		44,563
Oconee Federal Financial Corp.(d)		54		1,412
Ocwen Financial Corp.*(d)		3,571		5,999
OP Bancorp*(d)		375		3,413
Oritani Financial Corp.(d)		1,211		20,417
PCSB Financial Corp.(d)		497		10,094
PDL Community Bancorp*(d)		264		3,414
PennyMac Financial Services, Inc.(d)		597		12,346
Provident Bancorp, Inc.*(d)		133		3,007
Provident Financial Services, Inc.(d)		2,296		56,734
Prudential Bancorp, Inc.(d)		265		4,834

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

23

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
Radian Group, Inc.(d)		7,632	$	146,840
Riverview Bancorp, Inc.(d)		638		4,753
SI Financial Group, Inc.(d)		343		4,418
Southern Missouri Bancorp, Inc.(d)		212		7,465
Sterling Bancorp, Inc.(d)		675		5,805
Territorial Bancorp, Inc.(d)		232		6,399
TFS Financial Corp.(d)		1,961		31,984
Timberland Bancorp, Inc.(d)		194		5,455
TrustCo Bank Corp.(d)		4,311		33,453
United Community Financial Corp.(d)		1,460		13,841
United Financial Bancorp, Inc.(d)		2,026		30,005
Walker & Dunlop, Inc.(d)		992		47,685
Washington Federal, Inc.(d)		3,147		91,546
Waterstone Financial, Inc.(d)		802		12,591
Western New England Bancorp, Inc.(d)		790		7,308
WSFS Financial Corp.(d)		1,141		48,116
				1,912,245
Tobacco 0.5%
22nd Century Group, Inc.*(d)		3,556		7,965
Altria Group, Inc.(d)		66,743		3,293,767
Philip Morris International, Inc.(d)		53,994		4,142,420
Pyxus International, Inc.*(d)		225		3,652
Turning Point Brands, Inc.(d)		232		8,215
Universal Corp.(d)		886		51,122
Vector Group Ltd.(d)		3,773		41,503
				7,548,644
Trading Companies & Distributors 0.2%
Air Lease Corp.(d)		3,452		130,969
Aircastle Ltd.(d)		2,035		42,409
Applied Industrial Technologies, Inc.(d)		1,362		80,372
Beacon Roofing Supply, Inc.*(d)		2,402		87,265
BlueLinx Holdings, Inc.*(d)		253		7,375
BMC Stock Holdings, Inc.*(d)		2,438		41,836
CAI International, Inc.*(d)		750		18,615
DXP Enterprises, Inc.*(d)		461		15,171
EVI Industries, Inc.(d)		111		3,874
Fastenal Co.(d)		10,064		608,469
Foundation Building Materials, Inc.*(d)		442		4,040
GATX Corp.(d)		1,334		100,957
General Finance Corp.*(d)		322		3,111
GMS, Inc.*(d)		987		18,684
H&E Equipment Services, Inc.(d)		1,202		32,178
HD Supply Holdings, Inc.*(d)		6,458		270,849
Herc Holdings, Inc.*(d)		950		35,197
Kaman Corp.(d)		979		57,878
Lawson Products, Inc.*(d)		200		5,920
MRC Global, Inc.*(d)		3,117		48,688
MSC Industrial Direct Co., Inc., Class A(d)		1,579		131,831
Nexeo Solutions, Inc.*(d)		970		9,118
NOW, Inc.*(d)		3,946		53,389
Rush Enterprises, Inc., Class A(d)		1,282		49,125
SiteOne Landscape Supply, Inc.*(d)		1,458		77,711
Systemax, Inc.(d)		363		8,472
Textainer Group Holdings Ltd.*(d)		809		10,533
Titan Machinery, Inc.*(d)		565		10,588
Triton International Ltd.(d)		1,842		66,220
United Rentals, Inc.*(d)		2,961		370,895
Univar, Inc.*(d)		4,066		84,695
Veritiv Corp.*(d)		553		18,885
Watsco, Inc.(d)		1,106		163,113
WESCO International, Inc.*(d)		1,633		85,569
Willis Lease Finance Corp.*(d)		92		3,522
WW Grainger, Inc.(d)		1,621		478,827
				3,236,350
Transportation Infrastructure 0.0%†
Macquarie Infrastructure Corp.(d)		2,808		121,221
Water Utilities 0.1%
American States Water Co.(d)		1,302		88,171
American Water Works Co., Inc.(d)		6,407		612,958
Aqua America, Inc.(d)		6,393		224,075
AquaVenture Holdings Ltd.*(d)		323		6,793
Artesian Resources Corp., Class A(d)		237		8,387
Cadiz, Inc.*(d)		675		6,952
California Water Service Group(d)		1,702		84,283
Connecticut Water Service, Inc.(d)		460		31,206
Consolidated Water Co. Ltd.(d)		435		5,677
Global Water Resources, Inc.(d)		319		3,072
Middlesex Water Co.(d)		593		33,326
Pure Cycle Corp.*(d)		510		5,187
SJW Group(d)		624		37,409
York Water Co. (The)(d)		384		12,634
				1,160,130
Wireless Telecommunication Services 0.1%
Boingo Wireless, Inc.*(d)		1,497		36,108
Gogo, Inc.*(d)		1,709		7,058
NII Holdings, Inc.*(d)		3,787		18,367
Shenandoah Telecommunications Co.(d)		1,604		76,398
Spok Holdings, Inc.(d)		540		7,474
Sprint Corp.*(d)		22,883		142,790
Telephone & Data Systems, Inc.(d)		3,459		125,285
T-Mobile US, Inc.*(d)		10,866		756,491
United States Cellular Corp.*(d)		513		29,538
				1,199,509
Total Common Stocks (cost $938,098,545)				964,518,536
Corporate Bonds 13.1%
	Principal Amount		Value
Aerospace & Defense 0.4%
Northrop Grumman Corp., 2.08%, 10/15/2020	$	2,500,000		2,470,745
United Technologies Corp., 1.90%, 5/4/2020		500,000		493,273
(ICE LIBOR USD 3 Month + 0.65%), 3.28%, 8/16/2021(e)		2,500,000		2,500,045
				5,464,063
Automobiles 0.2%
BMW US Capital LLC, 2.15%, 4/6/2020(a)		2,500,000		2,477,301
Banks 3.1%
ABN AMRO Bank NV, (ICE LIBOR USD 3 Month + 0.57%), 3.26%, 8/27/2021(a)(e)		2,000,000		1,995,476
Banco Santander Chile, 2.50%, 12/15/2020(a)		1,200,000		1,178,184
Banco Santander SA, (ICE LIBOR USD 3 Month + 1.09%), 3.77%, 2/23/2023(e)		2,400,000		2,361,328
Bank of America Corp., 2.63%, 10/19/2020		2,000,000		1,990,867
2.63%, 4/19/2021		3,000,000		2,978,304
3.30%, 1/11/2023		2,400,000		2,412,121
(ICE LIBOR USD 3 Month + 0.79%), 3.54%, 3/5/2024(e)		1,000,000		990,000
BNP Paribas SA, 2.38%, 5/21/2020		2,400,000		2,383,481
Citigroup, Inc., 2.70%, 3/30/2021		5,000,000		4,966,101
Credit Agricole SA, (ICE LIBOR USD 3 Month + 0.97%), 3.74%, 6/10/2020(a)(e)		1,200,000		1,208,525
HSBC Holdings plc, 3.60%, 5/25/2023		2,500,000		2,518,121
Intesa Sanpaolo SpA, 3.13%, 7/14/2022(a)		2,000,000		1,879,400

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

24

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
JPMorgan Chase & Co., (ICE LIBOR USD 3 Month + 1.00%), 4.02%, 12/5/2024(e)	$	4,520,000	$	4,631,354
Manufacturers & Traders Trust Co., 2.05%, 8/17/2020		2,500,000		2,463,856
MUFG Bank Ltd., 2.30%, 3/5/2020(a)		1,200,000		1,189,209
Nordea Bank Abp, 4.88%, 5/13/2021(a)		500,000		511,576
Royal Bank of Canada, 2.13%, 3/2/2020		2,000,000		1,986,473
(ICE LIBOR USD 3 Month + 0.66%), 3.45%, 10/5/2023(e)		2,400,000		2,373,618
Santander UK Group Holdings plc, 3.57%, 1/10/2023		500,000		489,640
Toronto-Dominion Bank (The), 3.25%, 6/11/2021		2,000,000		2,013,654
Wells Fargo & Co., Series N, 2.15%, 1/30/2020		2,000,000		1,986,361
Series N, (ICE LIBOR USD 3 Month + 0.68%), 3.43%, 1/30/2020(e)		1,500,000		1,507,620
(ICE LIBOR USD 3 Month + 1.23%), 3.97%, 10/31/2023(e)		1,000,000		1,010,513
				47,025,782
Beverages 0.2%
Anheuser-Busch InBev Finance, Inc., 2.65%, 2/1/2021		2,000,000		1,991,787
Anheuser-Busch InBev Worldwide, Inc., (ICE LIBOR USD 3 Month + 0.74%), 3.54%, 1/12/2024(e)		1,500,000		1,462,401
				3,454,188
Biotechnology 0.5%
AbbVie, Inc., 2.90%, 11/6/2022		2,700,000		2,666,115
Amgen, Inc., 2.13%, 5/1/2020		1,000,000		991,803
Celgene Corp., 2.88%, 8/15/2020		2,000,000		1,996,277
2.25%, 8/15/2021		345,000		337,830
Gilead Sciences, Inc., 2.55%, 9/1/2020		1,000,000		994,334
				6,986,359
Capital Markets 0.7%
Bank of New York Mellon Corp. (The), (ICE LIBOR USD 3 Month + 0.87%), 3.51%, 8/17/2020(e)		1,000,000		1,011,671
Credit Suisse AG, 3.63%, 9/9/2024		2,830,000		2,840,952
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 1.36%), 4.13%, 4/23/2021(e)		4,950,000		5,018,062
Morgan Stanley, 5.50%, 1/26/2020		1,200,000		1,234,579
				10,105,264
Chemicals 0.1%
Equate Petrochemical BV, 3.00%, 3/3/2022(a)		1,300,000		1,269,164
Consumer Finance 0.4%
AerCap Ireland Capital DAC, 4.50%, 5/15/2021		1,500,000		1,517,759
American Express Co., (ICE LIBOR USD 3 Month + 0.60%), 3.20%, 11/5/2021(e)		2,500,000		2,505,035
General Motors Financial Co., Inc., 3.70%, 11/24/2020		1,500,000		1,500,377
				5,523,171
Diversified Financial Services 0.5%
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		2,500,000		2,440,955
Shell International Finance BV, (ICE LIBOR USD 3 Month + 0.45%), 3.07%, 5/11/2020(e)		3,000,000		3,014,845
(ICE LIBOR USD 3 Month + 0.40%), 3.02%, 11/13/2023(e)		1,500,000		1,486,804
				6,942,604
Diversified Telecommunication Services 0.3%
AT&T, Inc., (ICE LIBOR USD 3 Month + 1.18%), 3.96%, 6/12/2024(e)		3,500,000		3,465,256
Verizon Communications, Inc., 1.75%, 8/15/2021		1,101,000		1,068,516
				4,533,772
Electric Utilities 0.5%
Duke Energy Corp., 3.55%, 9/15/2021		2,300,000		2,315,459
FirstEnergy Corp., Series A, 2.85%, 7/15/2022		2,855,000		2,783,557
Georgia Power Co., Series C, 2.00%, 9/8/2020		1,000,000		985,392
Perusahaan Listrik Negara PT, 5.45%, 5/21/2028(a)		1,200,000		1,258,338
				7,342,746
Energy Equipment & Services 0.0%†
Halliburton Co., 3.25%, 11/15/2021		767,000		769,037
Food & Staples Retailing 0.3%
Walmart, Inc., (ICE LIBOR USD 3 Month + 0.23%), 3.05%, 6/23/2021(e)		5,080,000		5,089,897
Food Products 0.2%
JM Smucker Co. (The), 2.50%, 3/15/2020		1,000,000		993,617
Kraft Heinz Foods Co., 2.80%, 7/2/2020		1,000,000		996,762
Mondelez International Holdings Netherlands BV, 1.63%, 10/28/2019(a)		225,000		222,692
Tyson Foods, Inc., 2.25%, 8/23/2021		1,000,000		974,556
				3,187,627
Health Care Equipment & Supplies 0.4%
Becton Dickinson and Co., 2.40%, 6/5/2020		2,097,000		2,070,977
(ICE LIBOR USD 3 Month + 0.88%), 3.68%, 12/29/2020(e)		912,000		907,979
Medtronic, Inc., 2.50%, 3/15/2020		2,500,000		2,494,657
				5,473,613
Health Care Providers & Services 1.0%
Anthem, Inc., 2.50%, 11/21/2020		2,200,000		2,177,755
Cigna Corp., (ICE LIBOR USD 3 Month + 0.65%), 3.44%, 9/17/2021(a)(e)		1,500,000		1,490,929
(ICE LIBOR USD 3 Month + 0.89%), 3.68%, 7/15/2023(a)(e)		1,200,000		1,184,509
CVS Health Corp., 2.25%, 8/12/2019		1,500,000		1,495,070
(ICE LIBOR USD 3 Month + 0.72%), 3.49%, 3/9/2021(e)		3,500,000		3,506,161
3.70%, 3/9/2023		2,280,000		2,299,724

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

25

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Providers & Services (continued)
Humana, Inc., 2.63%, 10/1/2019	$	1,200,000	$	1,197,090
2.50%, 12/15/2020		610,000		602,943
UnitedHealth Group, Inc., 2.88%, 12/15/2021		1,000,000		1,000,413
				14,954,594
Industrial Conglomerates 0.3%
3M Co., 2.25%, 3/15/2023		2,000,000		1,952,742
(ICE LIBOR USD 3 Month + 0.30%), 2.91%, 2/14/2024(e)		600,000		593,589
General Electric Co., 3.15%, 9/7/2022		2,000,000		1,951,951
				4,498,282
Interactive Media & Services 0.1%
Tencent Holdings Ltd., Reg. S, 2.99%, 1/19/2023		1,300,000		1,272,739
Internet & Direct Marketing Retail 0.1%
Amazon.com, Inc., 1.90%, 8/21/2020		1,500,000		1,484,858
IT Services 0.3%
Visa, Inc., 2.20%, 12/14/2020		4,000,000		3,974,048
Media 0.5%
Charter Communications Operating LLC, (ICE LIBOR USD 3 Month + 1.65%), 4.19%, 2/1/2024(e)		3,700,000		3,663,049
Comcast Corp., (ICE LIBOR USD 3 Month + 0.33%), 3.13%, 10/1/2020(e)		1,500,000		1,501,609
(ICE LIBOR USD 3 Month + 0.63%), 3.42%, 4/15/2024(e)		2,700,000		2,661,957
Time Warner Cable LLC, 5.00%, 2/1/2020		500,000		507,373
				8,333,988
Metals & Mining 0.2%
Glencore Finance Canada Ltd., 4.25%, 10/25/2022(a)(c)		1,000,000		1,013,350
Glencore Funding LLC, 3.00%, 10/27/2022(a)		1,240,000		1,199,588
Southern Copper Corp., 3.88%, 4/23/2025		1,200,000		1,188,093
Vale Overseas Ltd., 4.38%, 1/11/2022		150,000		149,925
6.88%, 11/21/2036		300,000		333,000
				3,883,956
Multi-Utilities 0.1%
Consolidated Edison, Inc., 2.00%, 5/15/2021		600,000		585,279
Dominion Energy, Inc., 2.58%, 7/1/2020		700,000		693,860
				1,279,139
Oil, Gas & Consumable Fuels 1.6%
Apache Corp., 3.25%, 4/15/2022		1,000,000		990,271
BP Capital Markets plc, 2.32%, 2/13/2020		1,200,000		1,193,617
3.56%, 11/1/2021		1,200,000		1,217,871
Chevron Corp., 1.99%, 3/3/2020		700,000		694,983
2.10%, 5/16/2021		320,000		315,947
Cimarex Energy Co., 4.38%, 6/1/2024		2,300,000		2,331,645
CNOOC Finance 2015 USA LLC, 4.38%, 5/2/2028		1,200,000		1,240,662
Ecopetrol SA, 5.88%, 9/18/2023		660,000		700,425
Enterprise Products Operating LLC, 2.80%, 2/15/2021		4,780,000		4,776,051
KazMunayGas National Co. JSC, 3.88%, 4/19/2022(a)		2,500,000		2,487,500
4.75%, 4/24/2025(a)		500,000		516,250
Lukoil International Finance BV, 4.75%, 11/2/2026(a)		1,200,000		1,191,950
Occidental Petroleum Corp., Series 1, 4.10%, 2/1/2021		3,200,000		3,278,163
Petrobras Global Finance BV, 6.13%, 1/17/2022		800,000		841,160
5.30%, 1/27/2025		150,000		149,902
5.75%, 2/1/2029		300,000		294,240
Petroleos del Peru SA, 4.75%, 6/19/2032(a)		1,300,000		1,288,625
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 4/10/2024(a)		1,400,000		1,442,200
				24,951,462
Paper & Forest Products 0.1%
Suzano Austria GmbH, 5.75%, 7/14/2026(a)		1,300,000		1,361,750
Pharmaceuticals 0.1%
AstraZeneca plc, (ICE LIBOR USD 3 Month + 0.67%), 3.31%, 8/17/2023(e)		1,186,000		1,160,474
Elanco Animal Health, Inc., 3.91%, 8/27/2021(a)		666,000		666,859
Eli Lilly & Co., 2.35%, 5/15/2022		400,000		393,288
				2,220,621
Semiconductors & Semiconductor Equipment 0.1%
QUALCOMM, Inc., (ICE LIBOR USD 3 Month + 0.73%), 3.48%, 1/30/2023(e)		1,500,000		1,486,705
Software 0.1%
Microsoft Corp., 1.85%, 2/6/2020		1,000,000		992,636
Specialty Retail 0.2%
Lowe’s Cos., Inc., 3.12%, 4/15/2022		2,500,000		2,490,673
Technology Hardware, Storage & Peripherals 0.2%
Apple, Inc., 1.55%, 8/4/2021		2,400,000		2,336,536
Dell International LLC, 3.48%, 6/1/2019(a)		1,500,000		1,500,504
				3,837,040
Thrifts & Mortgage Finance 0.1%
BPCE SA, 3.00%, 5/22/2022(a)		1,770,000		1,728,131
Tobacco 0.2%
BAT Capital Corp., 2.76%, 8/15/2022		2,000,000		1,944,086
Philip Morris International, Inc., 1.88%, 11/1/2019		1,000,000		993,293
Reynolds American, Inc., 3.25%, 6/12/2020		500,000		500,043
				3,437,422

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

26

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Trading Companies & Distributors 0.0%†
International Lease Finance Corp., 5.88%, 8/15/2022	$	600,000	$	626,516
Wireless Telecommunication Services 0.0%†
Vodafone Group plc, (ICE LIBOR USD 3 Month + 0.99%), 3.77%, 1/16/2024(e)		600,000		593,277
Total Corporate Bonds (cost $197,347,979)				199,052,425
Exchange Traded Funds 1.1%
	Shares		Value
Equity Funds 1.1%
iShares Russell 3000 ETF		104,862		16,713,954
SPDR S&P 500 ETF Trust		737		198,939
Total Exchange Traded Funds (cost $16,578,733)				16,912,893
Foreign Government Securities 1.3%
	Principal Amount		Value
ARGENTINA 0.2%
Provincia de Buenos Aires, 6.50%, 2/15/2023(a)	$	800,000		692,000
Republic of Argentina, 5.63%, 1/26/2022		2,000,000		1,815,000
				2,507,000
COLOMBIA 0.1%
Republic of Colombia, 4.38%, 7/12/2021		2,000,000		2,047,000
ECUADOR 0.1%
Republic of Ecuador, 8.75%, 6/2/2023(a)		1,000,000		990,700
EGYPT 0.0%†
Arab Republic of Egypt, Reg. S, 6.59%, 2/21/2028		800,000		742,413
INDONESIA 0.2%
Republic of Indonesia, 3.75%, 4/25/2022(a)		1,200,000		1,205,468
2.95%, 1/11/2023		1,200,000		1,169,303
				2,374,771
KUWAIT 0.1%
Kuwait Government Bond, 2.75%, 3/20/2022(a)		900,000		887,400
3.50%, 3/20/2027(a)		500,000		500,950
				1,388,350
MEXICO 0.2%
Mexican Bonos, 8.00%, 11/7/2047		MXN 35,000,000		1,679,070
United Mexican States, 4.00%, 10/2/2023	$	2,000,000		2,022,700
				3,701,770
QATAR 0.1%
Qatar Government Bond, 2.38%, 6/2/2021(a)		500,000		490,437
Reg. S, 3.88%, 4/23/2023		1,000,000		1,018,750
				1,509,187
SAUDI ARABIA 0.1%
Kingdom of Saudi Arabia, 4.50%, 4/17/2030(a)		970,000		988,304
SENEGAL 0.1%
Republic of Senegal, 6.25%, 5/23/2033(a)		830,000		769,400
UNITED ARAB EMIRATES 0.1%
Abu Dhabi Government Bond, 2.50%, 10/11/2022(a)		1,400,000		1,372,000
4.13%, 10/11/2047(a)		800,000		789,520
				2,161,520
Total Foreign Government Securities (cost $18,625,624)				19,180,415
Mortgage-Backed Securities 3.2%
	Principal Amount		Value
FHLMC Gold Pool
Pool# G67701, 3.00%, 10/1/2046		2,350,206		2,316,130
FNMA TBA
4.00%, 9/25/2043		12,400,000		12,692,562
3.50%, 2/25/2049		19,200,000		19,294,875
GNMA II Pool
Pool# MA5529, 4.50%, 10/20/2048		7,149,500		7,427,925
GNMA TBA
5.00%, 2/15/2047		4,800,000		5,012,475
4.50%, 2/15/2048		900,000		934,453
4.00%, 2/15/2049		1,100,000		1,131,754
Total Mortgage-Backed Securities (cost $48,511,133)				48,810,174
Purchased Options 0.0%
	Number of Contracts		Value
Call Options 0.0%†
Future Interest Rate Options 0.0%†
U.S. Treasury 30 Year Bond 2/22/2019 at USD 146.50, American Style, Notional Amount: USD 1,500,000 Exchange Traded*		15		15,234
Put Options 0.0%†
Future Equity Index Options 0.0%†
S&P 500 Index 2/15/2019 at USD 1,400.00, European Style, Notional Amount: USD 51,552,025 Exchange Traded*		175		2,625
S&P 500 Index 2/1/2019 at USD 1,300.00, European Style, Notional Amount: USD 80,715,742 Exchange Traded*		274		4,110
S&P 500 Index 1/31/2019 at USD 1,450.00, European Style, Notional Amount: USD 40,357,871 Exchange Traded*		137		68,500

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

27

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Purchased Options (continued)
	Number of Contracts		Value
Put Options (continued)
Future Equity Index Options (continued)
S&P 500 Index 2/4/2019 at USD 1,500.00, European Style, Notional Amount: USD 44,187,450 Exchange Traded*		150	$	1,500
S&P 500 Index 2/8/2019 at USD 1,500.00, European Style, Notional Amount: USD 58,916,600 Exchange Traded*		200		2,500
S&P 500 Index 2/11/2019 at USD 1,500.00, European Style, Notional Amount: USD 58,916,600 Exchange Traded*		200		2,500
S&P 500 Index 2/22/2019 at USD 1,500.00, European Style, Notional Amount: USD 55,676,187 Exchange Traded*		189		3,307
S&P 500 Index 2/25/2019 at USD 1,600.00, European Style, Notional Amount: USD 19,442,478 Exchange Traded*		66		1,155
S&P 500 Index 2/28/2019 at USD 1,600.00, European Style, Notional Amount: USD 9,721,239 Exchange Traded*		33		660
				86,857
Total Purchased Options (cost $45,260)				102,091
U.S. Treasury Obligations 1.5%
	Principal Amount		Value
U.S. Treasury Bonds, 3.38%, 11/15/2048	$	2,490,000		2,670,525
U.S. Treasury Inflation Linked Bonds, 1.38%, 2/15/2044(f)		1,910,000		2,194,304
U.S. Treasury Notes 2.50%, 1/31/2021		13,520,000		13,529,506
2.63%, 12/31/2025		3,550,000		3,573,159
Total U.S. Treasury Obligations (cost $21,830,254)				21,967,494
Total Investments (cost $1,378,695,801) — 92.9%				1,408,752,016
Other assets in excess of liabilities — 7.1%				108,518,703
NET ASSETS — 100.0%			$	1,517,270,719

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

28

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at January 31, 2019 was $133,214,593 which represents 8.79% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2019.

(c) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at January 31, 2019.

(d) Security or a portion of the security was used as collateral for option contracts written.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2019.

(f) Principal amounts are not adjusted for inflation.

CLO	Collateralized Loan Obligations
ETF	Exchange Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest only
LIBOR	London Interbank Offered Rate
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust
TBA	To Be Announced; Security is subject to delayed delivery

Forward foreign currency contracts outstanding as of January 31, 2019:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
BRL	16,870,000		USD	4,503,591	JPMorgan Chase Bank**		4/17/2019		99,214
CAD	6,064,252		USD	4,535,597	JPMorgan Chase Bank		4/17/2019		87,512
Net unrealized appreciation									186,726

** Non-deliverable forward.

Currency:

BRL	Brazilian Real
CAD	Canadian Dollar
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

29

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Futures contracts outstanding as of January 31, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Russell 2000 E-Mini Index		2			3/2019		USD		150,020			2,244
S&P 500 E-Mini Index		1			3/2019		USD		135,225			13,010
U.S. Treasury Long Bond		1			3/2019		USD		146,688			311
U.S. Treasury Ultra Bond		8			3/2019		USD		1,289,000			(7,623	)
3 Month Eurodollar		474			12/2019		USD		115,407,150			283,692
3 Month Eurodollar		115			6/2020		USD		28,039,875			101,821
3 Month Eurodollar		96			12/2020		USD		23,415,600			88,599
												482,054
Short Contracts
U.S. Treasury 10 Year Note		(664	)		3/2019		USD		(81,319,250	)		(1,185,820	)
U.S. Treasury 2 Year Note		(489	)		3/2019		USD		(103,828,453	)		(202,299	)
U.S. Treasury 5 Year Note		(550	)		3/2019		USD		(63,172,656	)		(431,392	)
												(1,819,511	)
												(1,337,457	)

At January 31, 2019, the Fund had $1,452,531 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

Centrally Cleared Interest rate swap contracts outstanding as of January 31, 2019:

Floating Rate Index

Fixed Rate

Pay/Receive Floating Rate

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)

Unrealized Appreciation (Depreciation) ($)

Value ($)

3 Month LIBOR quarterly

2.85% semi-annually

Pay

8/31/2022

USD  814,000

3,200

11,522

14,722

3,200

11,522

14,722

Currency:

USD United States Dollar

At January 31, 2019, the Fund has $616,000 segregated as collateral for interest rate swap contracts.

OTC Total return swap contracts outstanding as of January 31, 2019:

Reference Entity

Payments Made by Fund

Payments Received by Fund

Frequency of Payments Made/Received

Counterparty

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)*

Unrealized Appreciation (Depreciation) ($)

Value ($)

Russell 3000 Total Return Index

2.52% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

JPMorgan Chase Bank

12/17/2019

USD  518,122,531

—

26,141,035

26,141,035

—

26,141,035

26,141,035

Currency:

USD United States Dollar

* There are no upfront payments (receipts) on the swap contracts listed above.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

30

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Written Call Options Contracts as of January 31, 2019:

Description	Counterparty	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value ($)
CBOE Volatility Index	Exchange Traded		572	USD	750,464	USD	25.00		2/20/2019		(15,730	)
CBOE Volatility Index	Exchange Traded		536	USD	703,232	USD	26.00		2/27/2019		(16,616	)
U.S. Treasury 10 Year Note	Exchange Traded		24	USD	2,400,000	USD	122.00		2/22/2019		(16,125	)
U.S. Treasury 10 Year Note	Exchange Traded		20	USD	2,000,000	USD	123.50		2/22/2019		(2,188	)
U.S. Treasury 5 Year Note	Exchange Traded		42	USD	4,200,000	USD	114.00		2/22/2019		(37,078	)
											(87,737	)

Written Put Options Contracts as of January 31, 2019:

Description	Counterparty	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value ($)
S&P 500 Index	Exchange Traded		6	USD	1,767,498	USD	2,000.00		12/31/2019		(14,520	)
S&P 500 Index	Exchange Traded		6	USD	1,767,498	USD	2,000.00		1/17/2020		(15,360	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,020.00		3/29/2019		(5,120	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,040.00		3/15/2019		(3,600	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,050.00		3/15/2019		(3,760	)
S&P 500 Index	Exchange Traded		9	USD	2,651,247	USD	2,050.00		9/30/2019		(16,965	)
S&P 500 Index	Exchange Traded		9	USD	2,651,247	USD	2,075.00		9/30/2019		(18,360	)
S&P 500 Index	Exchange Traded		6	USD	1,767,498	USD	2,075.00		1/17/2020		(19,140	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,080.00		3/29/2019		(6,320	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,105.00		3/29/2019		(6,960	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,125.00		3/29/2019		(7,600	)
S&P 500 Index	Exchange Traded		13	USD	3,829,579	USD	2,140.00		6/28/2019		(16,315	)
S&P 500 Index	Exchange Traded		14	USD	4,124,162	USD	2,145.00		2/28/2019		(1,190	)
S&P 500 Index	Exchange Traded		8	USD	2,356,664	USD	2,150.00		9/30/2019		(20,760	)
S&P 500 Index	Exchange Traded		14	USD	4,124,162	USD	2,160.00		2/28/2019		(1,260	)
S&P 500 Index	Exchange Traded		13	USD	3,829,579	USD	2,160.00		6/28/2019		(17,615	)
S&P 500 Index	Exchange Traded		28	USD	8,248,324	USD	2,170.00		2/1/2019		(490	)
S&P 500 Index	Exchange Traded		14	USD	4,124,162	USD	2,185.00		2/28/2019		(1,400	)
S&P 500 Index	Exchange Traded		34	USD	10,015,822	USD	2,200.00		3/29/2019		(11,050	)
S&P 500 Index	Exchange Traded		28	USD	8,248,324	USD	2,215.00		2/1/2019		(490	)
S&P 500 Index	Exchange Traded		64	USD	18,853,312	USD	2,215.00		4/18/2019		(36,480	)
S&P 500 Index	Exchange Traded		28	USD	8,248,324	USD	2,220.00		2/1/2019		(490	)
S&P 500 Index	Exchange Traded		64	USD	18,853,312	USD	2,220.00		4/18/2019		(37,440	)
S&P 500 Index	Exchange Traded		12	USD	3,534,996	USD	2,250.00		4/18/2019		(8,100	)
S&P 500 Index	Exchange Traded		16	USD	4,713,328	USD	2,255.00		3/1/2019		(2,360	)
S&P 500 Index	Exchange Traded		28	USD	8,248,324	USD	2,260.00		2/1/2019		(490	)
S&P 500 Index	Exchange Traded		12	USD	3,534,996	USD	2,260.00		4/18/2019		(8,580	)
S&P 500 Index	Exchange Traded		13	USD	3,829,579	USD	2,265.00		6/28/2019		(26,000	)
S&P 500 Index	Exchange Traded		24	USD	7,069,992	USD	2,275.00		4/30/2019		(22,920	)
S&P 500 Index	Exchange Traded		76	USD	22,388,308	USD	2,280.00		4/18/2019		(59,660	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,290.00		3/15/2019		(10,080	)
S&P 500 Index	Exchange Traded		8	USD	2,356,664	USD	2,290.00		3/29/2019		(3,960	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,300.00		3/8/2019		(8,160	)
S&P 500 Index	Exchange Traded		7	USD	2,062,081	USD	2,300.00		3/29/2019		(3,675	)
S&P 500 Index	Exchange Traded		12	USD	3,534,996	USD	2,315.00		4/18/2019		(11,160	)
S&P 500 Index	Exchange Traded		7	USD	2,062,081	USD	2,320.00		3/29/2019		(4,095	)
S&P 500 Index	Exchange Traded		7	USD	2,062,081	USD	2,330.00		3/29/2019		(4,375	)
S&P 500 Index	Exchange Traded		4	USD	1,178,332	USD	2,340.00		3/29/2019		(2,620	)
S&P 500 Index	Exchange Traded		32	USD	9,426,656	USD	2,350.00		3/15/2019		(13,920	)
S&P 500 Index	Exchange Traded		7	USD	2,062,081	USD	2,360.00		3/29/2019		(5,110	)
S&P 500 Index	Exchange Traded		12	USD	3,534,996	USD	2,360.00		4/30/2019		(17,040	)
S&P 500 Index	Exchange Traded		30	USD	8,837,490	USD	2,375.00		2/11/2019		(975	)
S&P 500 Index	Exchange Traded		14	USD	4,124,162	USD	2,375.00		2/19/2019		(1,645	)
S&P 500 Index	Exchange Traded		30	USD	8,837,490	USD	2,390.00		2/11/2019		(1,125	)
S&P 500 Index	Exchange Traded		14	USD	4,124,162	USD	2,390.00		2/20/2019		(2,065	)
S&P 500 Index	Exchange Traded		30	USD	8,837,490	USD	2,415.00		2/15/2019		(3,450	)
S&P 500 Index	Exchange Traded		6	USD	1,767,498	USD	2,415.00		4/5/2019		(7,230	)
S&P 500 Index	Exchange Traded		14	USD	4,124,162	USD	2,420.00		2/22/2019		(3,115	)
S&P 500 Index	Exchange Traded		7	USD	2,062,081	USD	2,420.00		2/27/2019		(2,118	)
S&P 500 Index	Exchange Traded		14	USD	4,124,162	USD	2,425.00		2/25/2019		(3,675	)
S&P 500 Index	Exchange Traded		30	USD	8,837,490	USD	2,435.00		2/15/2019		(3,975	)
S&P 500 Index	Exchange Traded		14	USD	4,124,162	USD	2,465.00		2/22/2019		(4,305	)
U.S. Treasury 10 Year Note	Exchange Traded		64	USD	6,400,000	USD	121.00		2/22/2019		(3,000	)
U.S. Treasury 10 Year Note	Exchange Traded		32	USD	3,200,000	USD	121.50		2/22/2019		(3,000	)
U.S. Treasury 30 Year Bond	Exchange Traded		53	USD	5,300,000	USD	144.00		2/22/2019		(8,281	)
U.S. Treasury 5 Year Note	Exchange Traded		112	USD	11,200,000	USD	114.25		2/22/2019		(5,250	)
											(528,199	)
Total Written Options Contracts (Premiums Received ($1,791,472))											(615,936	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

31

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	72,142,543	$	—	$	72,142,543
Collateralized Mortgage Obligations		—			24,563,328		—		24,563,328
Commercial Mortgage-Backed Securities		—			41,502,116		—		41,502,116
Common Stocks		964,518,536			—		—		964,518,536
Corporate Bonds		—			199,052,425		—		199,052,425
Exchange Traded Funds		16,912,893			—		—		16,912,893
Foreign Government Securities		—			19,180,415		—		19,180,415
Forward Foreign Currency Contracts		—			186,726		—		186,726
Futures Contracts		489,677			—		—		489,677
Interest Rate Swaps*		—			11,522		—		11,522
Mortgage-Backed Securities		—			48,810,175		—		48,810,175
Purchased Options		102,091			—		—		102,091
Total Return Swaps*		—			26,141,035		—		26,141,035
U.S. Treasury Obligations		—			21,967,494		—		21,967,494
Total Assets	$	982,023,197		$	453,557,779	$	—	$	1,435,580,976
Liabilities:
Futures Contracts	$	(1,827,134	)	$	—	$	—	$	(1,827,134	)
Written Options		(615,936	)		—		—		(615,936	)
Total Liabilities	$	(2,443,070	)	$	—	$	—	$	(2,443,070	)
Total	$	979,580,127		$	453,557,779	$	—	$	1,433,137,906

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

* Total return swap contracts are included in the table at value. Centrally cleared interest rate swap contracts are included in the table at unrealized appreciation/(depreciation).

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

32

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using options, swap contracts, forward foreign currency contracts and financial futures contracts.

Options

The Fund purchased and wrote put options on futures contracts has long positions in options on foreign currency futures contracts, which are exchange-traded. Such option investments are utilized to gain exposure to and/or hedge against changes in interest rates. The purchase of put options serves as a short hedge.

Writing put options serves as a limited long hedge because increases in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security depreciates to a price lower than the strike price of the put option, it can be expected that the put option will be exercised, and the Fund will be obligated to purchase the security at more than its market value. The Fund segregates liquid assets to cover its obligations under its option contracts.

When the Fund writes an option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds from or offset against amounts paid on the underlying transaction to determine the realized gain or loss on such underlying transaction. When the Fund writes an option, it has no control over whether the option will be exercised, and as a result bears the risk of an unfavorable change in the price of the instrument underlying the written option. Writing options entails the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the average bid/ask price. Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option. The Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit the Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If the Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by the Fund could cause material losses because the Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by the Fund) expose the Fund to counterparty risk. To the extent required by {Securities and Exchange Commission (“SEC”) guidelines, the Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or the Fund’s ability to meet redemption requests or other current obligations.

Swap Contracts

Total Return Swaps. The Fund entered into total return swap contracts to obtain exposure to a foreign market and/or foreign index without owning such securities or investing directly in that foreign market and/or foreign index. Total return swap contracts are agreements in which the Fund and the counterparty each agree to pay the other party the difference between the relative investment performance that would have been achieved if the notional amount of the total return swap contract had been invested in the particular foreign market and/or foreign indices and the return for payments equal to the fixed or floating rate of interest. The counterparty to a total return swap contract is a financial institution. The Fund has segregated liquid assets to cover its obligations under the total return swap contract.

The Fund entered into total return swaps on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments are made at the conclusion of a total return swap contract or periodically during its term. Total return swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to total return swaps is normally limited to the net amount of payments that the Fund is contractually obligated to make. If the counterparty to a total return swap defaults, the Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Total return swaps are marked-to-market daily based on valuations from an independent pricing service. An independent pricing service can utilize daily swap curves and models that incorporate a number of market data factors, such as, but not limited to, discounted cash flows, trades, and values of the underlying reference instruments, such as the foreign market and/or foreign index. Total return swaps are generally categorized as Level 2 investments within the hierarchy.

Interest Rate Swaps. The Fund entered into interest rate swap contracts to hedge against investment risks, to manage portfolio duration, to obtain exposure to the investment characteristics of certain bonds or groups of bonds, and/or to otherwise increase returns. Interest rate swap contracts are swaps contracts in which the parties exchange their rights to receive payments on a security or other reference rate. For example, the parties might swap the right to receive floating rate payments for the right to receive fixed rate payments. The Fund has segregated liquid assets to cover its obligations under the interest rate swap contract.

Interest rate swap contracts are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swap contracts may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated. The use of interest rate swap contracts involves the risk that the investment adviser will not accurately predict anticipated changes in interest rates, which may result in losses to the Fund. Interest rate swap contracts also involve the possible failure of a counterparty to perform in accordance with the terms of the swap agreement. If a counterparty defaults on its obligations under a swap agreement, the Fund may lose any amount it expected to receive from the counterparty, potentially including amounts in excess of the Fund’s initial investment. Interest rate swap contracts are marked-to-market daily based on valuations from an independent pricing service. Interest rate swap contracts are generally categorized as Level 2 investments within the hierarchy.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

33

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Forward Foreign Currency Contracts

The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency, to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency, or to enhance returns. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time of the forward foreign currency contract matures or by delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract.

Futures Contracts

The Fund is subject to equity price and interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) gain exposure to/hedge against changes in the value of equities/the value of fixed-income securities/interest rates/foreign currencies. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

		Fair Value
Assets:
Purchased Options
Equity risk	Investment securities, at value	$	86,857
Interest rate risk	Investment securities, at value		15,234
Swap Contracts(a)
Equity risk	Swap contracts, at value		26,141,035
Interest rate risk	Unrealized appreciation on centrally cleared interest rate contracts		11,522
Forward Foreign Currency Contracts
Currency risk	Unrealized appreciation on forward foreign currency contracts		186,726
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts		15,254
Interest rate risk	Unrealized appreciation from futures contracts		474,423
Total		$	26,931,051
Liabilities:
Written Options
Equity risk	Written options, at value	$	(541,014	)
Interest rate risk	Written options, at value		(74,922	)
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts		(1,827,134	)
Total		$	($2,443,070	)

(a) Centrally cleared credit default swap contracts are included in the table at unrealized appreciation/(depreciation).

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

34

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund

Common Stocks 99.7%
	Shares		Value
Aerospace & Defense 2.6%
Arconic, Inc.		35,290	$	664,158
Boeing Co. (The)		43,045		16,599,013
General Dynamics Corp.		22,689		3,883,676
Harris Corp.		9,647		1,477,728
Huntington Ingalls Industries, Inc.		3,501		722,781
L3 Technologies, Inc.		6,431		1,266,135
Lockheed Martin Corp.		20,147		5,836,384
Northrop Grumman Corp.		14,134		3,894,624
Raytheon Co.		23,194		3,821,443
Textron, Inc.		19,802		1,054,061
TransDigm Group, Inc.*		3,975		1,554,225
United Technologies Corp.		66,147		7,809,976
				48,584,204
Air Freight & Logistics 0.6%
CH Robinson Worldwide, Inc.		11,121		964,969
Expeditors International of Washington, Inc.		14,067		974,843
FedEx Corp.		19,759		3,508,606
United Parcel Service, Inc., Class B		56,620		5,967,748
				11,416,166
Airlines 0.4%
Alaska Air Group, Inc.		10,049		642,633
American Airlines Group, Inc.		33,079		1,183,236
Delta Air Lines, Inc.		50,851		2,513,565
Southwest Airlines Co.		41,247		2,341,180
United Continental Holdings, Inc.*		18,547		1,618,597
				8,299,211
Auto Components 0.1%
Aptiv plc		21,474		1,699,238
BorgWarner, Inc.		16,872		690,065
Goodyear Tire & Rubber Co. (The)		18,991		402,419
				2,791,722
Automobiles 0.4%
Ford Motor Co.		318,625		2,803,900
General Motors Co.		106,903		4,171,355
Harley-Davidson, Inc.		13,575		500,375
				7,475,630
Banks 5.8%
Bank of America Corp.		743,898		21,178,776
BB&T Corp.		62,752		3,062,298
Citigroup, Inc.		199,043		12,830,312
Citizens Financial Group, Inc.		38,136		1,293,573
Comerica, Inc.		13,179		1,037,714
Fifth Third Bancorp		53,435		1,433,127
First Republic Bank		13,448		1,299,480
Huntington Bancshares, Inc.		86,518		1,145,498
JPMorgan Chase & Co.		271,032		28,051,812
KeyCorp		84,442		1,390,760
M&T Bank Corp.		11,433		1,881,186
People’s United Financial, Inc.		31,468		515,446
PNC Financial Services Group, Inc. (The)		37,570		4,608,712
Regions Financial Corp.		77,979		1,182,941
SunTrust Banks, Inc.		36,564		2,172,633
SVB Financial Group*		4,369		1,019,637
US Bancorp		123,700		6,328,492
Wells Fargo & Co.		345,291		16,888,183
Zions Bancorp NA		15,617		743,213
				108,063,793
Beverages 1.8%
Brown-Forman Corp., Class B		13,494		637,591
Coca-Cola Co. (The)		312,228		15,027,534
Constellation Brands, Inc., Class A		13,520		2,347,883
Molson Coors Brewing Co., Class B		15,367		1,023,596
Monster Beverage Corp.*		32,215		1,843,987
PepsiCo, Inc.		115,048		12,962,458
				33,843,049
Biotechnology 2.6%
AbbVie, Inc.		122,599		9,843,474
Alexion Pharmaceuticals, Inc.*		18,086		2,223,855
Amgen, Inc.		51,936		9,717,745
Biogen, Inc.*		16,405		5,475,661
Celgene Corp.*		56,940		5,036,912
Gilead Sciences, Inc.		105,434		7,381,434
Incyte Corp.*		14,396		1,160,174
Regeneron Pharmaceuticals, Inc.*		6,326		2,715,562
Vertex Pharmaceuticals, Inc.*		20,829		3,976,464
				47,531,281
Building Products 0.3%
Allegion plc		7,700		661,122
AO Smith Corp.		11,668		558,430
Fortune Brands Home & Security, Inc.		11,525		522,083
Johnson Controls International plc		75,255		2,541,361
Masco Corp.		25,244		818,158
				5,101,154
Capital Markets 2.8%
Affiliated Managers Group, Inc.		4,391		460,836
Ameriprise Financial, Inc.		11,279		1,427,921
Bank of New York Mellon Corp. (The)		74,065		3,875,081
BlackRock, Inc.		9,898		4,108,462
Cboe Global Markets, Inc.		9,140		852,488
Charles Schwab Corp. (The)		97,959		4,581,542
CME Group, Inc.		29,160		5,315,285
E*TRADE Financial Corp.		20,910		975,661
Franklin Resources, Inc.		24,238		717,687
Goldman Sachs Group, Inc. (The)		28,195		5,582,892
Intercontinental Exchange, Inc.		46,375		3,559,745
Invesco Ltd.		33,525		610,826
Moody’s Corp.		13,511		2,141,629
Morgan Stanley		106,551		4,507,107
MSCI, Inc.		7,175		1,221,687
Nasdaq, Inc.		9,254		814,722
Northern Trust Corp.		18,098		1,600,949
Raymond James Financial, Inc.		10,510		846,055
S&P Global, Inc.		20,449		3,919,051
State Street Corp.		30,907		2,191,306
T. Rowe Price Group, Inc.		19,614		1,833,124
				51,144,056
Chemicals 2.0%
Air Products & Chemicals, Inc.		17,893		2,941,430
Albemarle Corp.		8,558		690,887
Celanese Corp.		10,902		1,043,975
CF Industries Holdings, Inc.		18,810		821,056
DowDuPont, Inc.		186,989		10,061,878
Eastman Chemical Co.		11,414		920,197
Ecolab, Inc.		20,698		3,273,803
FMC Corp.		10,975		875,805
International Flavors & Fragrances, Inc.		8,170		1,158,343
Linde plc		44,965		7,329,745
LyondellBasell Industries NV, Class A		25,641		2,229,998
Mosaic Co. (The)		29,261		944,545
PPG Industries, Inc.		19,557		2,062,090
Sherwin-Williams Co. (The)		6,704		2,825,870
				37,179,622
Commercial Services & Supplies 0.4%
Cintas Corp.		7,068		1,325,321
Copart, Inc.*		16,782		849,673
Republic Services, Inc.		17,897		1,372,879
Rollins, Inc.		12,005		447,066

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Commercial Services & Supplies (continued)
Waste Management, Inc.		31,935	$	3,055,221
				7,050,160
Communications Equipment 1.1%
Arista Networks, Inc.*		4,242		911,097
Cisco Systems, Inc.		366,436		17,328,758
F5 Networks, Inc.*		4,941		795,254
Juniper Networks, Inc.		28,308		734,310
Motorola Solutions, Inc.		13,328		1,558,176
				21,327,595
Construction & Engineering 0.1%
Fluor Corp.		11,703		427,979
Jacobs Engineering Group, Inc.		9,949		644,695
Quanta Services, Inc.		11,902		420,617
				1,493,291
Construction Materials 0.1%
Martin Marietta Materials, Inc.		5,173		913,966
Vulcan Materials Co.		10,859		1,103,817
				2,017,783
Consumer Finance 0.7%
American Express Co.		57,035		5,857,495
Capital One Financial Corp.		38,565		3,107,953
Discover Financial Services		27,394		1,848,821
Synchrony Financial		53,893		1,618,946
				12,433,215
Containers & Packaging 0.3%
Avery Dennison Corp.		6,958		726,763
Ball Corp.		27,799		1,453,332
International Paper Co.		33,011		1,565,712
Packaging Corp. of America		7,676		724,000
Sealed Air Corp.		12,790		505,205
Westrock Co.		20,665		841,272
				5,816,284
Distributors 0.1%
Genuine Parts Co.		11,961		1,193,947
LKQ Corp.*		26,473		694,122
				1,888,069
Diversified Consumer Services 0.0%†
H&R Block, Inc.		17,240		406,692
Diversified Financial Services 1.8%
Berkshire Hathaway, Inc., Class B*		158,556		32,589,600
Jefferies Financial Group, Inc.		23,433		487,641
				33,077,241
Diversified Telecommunication Services 2.0%
AT&T, Inc.		593,182		17,831,051
CenturyLink, Inc.		77,041		1,180,268
Verizon Communications, Inc.		336,773		18,542,721
				37,554,040
Electric Utilities 1.9%
Alliant Energy Corp.		19,499		867,121
American Electric Power Co., Inc.		40,157		3,177,222
Duke Energy Corp.		58,058		5,096,331
Edison International		26,750		1,523,948
Entergy Corp.		14,848		1,324,293
Evergy, Inc.		21,433		1,228,540
Eversource Energy		26,017		1,805,840
Exelon Corp.		78,815		3,764,204
FirstEnergy Corp.(a)		39,891		1,563,727
NextEra Energy, Inc.		38,954		6,971,987
Pinnacle West Capital Corp.		9,135		804,976
PPL Corp.		58,422		1,829,777
Southern Co. (The)		83,824		4,073,846
Xcel Energy, Inc.		41,797		2,188,491
				36,220,303
Electrical Equipment 0.5%
AMETEK, Inc.		18,918		1,379,122
Eaton Corp. plc		35,293		2,691,091
Emerson Electric Co.		51,034		3,341,196
Rockwell Automation, Inc.		9,865		1,672,315
				9,083,724
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A		24,659		2,168,019
Corning, Inc.		65,167		2,167,454
FLIR Systems, Inc.		11,211		547,994
IPG Photonics Corp.*		2,898		385,434
Keysight Technologies, Inc.*		15,388		1,139,020
TE Connectivity Ltd.		27,921		2,260,205
				8,668,126
Energy Equipment & Services 0.6%
Baker Hughes a GE Co.		41,741		983,835
Halliburton Co.		71,341		2,237,254
Helmerich & Payne, Inc.		8,872		496,743
National Oilwell Varco, Inc.		31,414		926,085
Schlumberger Ltd.		112,866		4,989,806
TechnipFMC plc		34,678		796,207
				10,429,930
Entertainment 2.1%
Activision Blizzard, Inc.		62,191		2,937,903
Electronic Arts, Inc.*		24,620		2,270,949
Netflix, Inc.*		35,542		12,066,509
Take-Two Interactive Software, Inc.*		9,192		970,216
Twenty-First Century Fox, Inc., Class A		86,147		4,247,908
Twenty-First Century Fox, Inc., Class B		39,466		1,936,202
Viacom, Inc., Class B		28,806		847,472
Walt Disney Co. (The)(a)		121,332		13,530,945
				38,808,104
Equity Real Estate Investment Trusts (REITs) 3.0%
Alexandria Real Estate Equities, Inc.		8,764		1,154,306
American Tower Corp.		35,901		6,205,129
Apartment Investment & Management Co., Class A		12,976		642,571
AvalonBay Communities, Inc.		11,266		2,173,437
Boston Properties, Inc.		12,678		1,671,848
Crown Castle International Corp.		33,782		3,954,521
Digital Realty Trust, Inc.		16,705		1,809,820
Duke Realty Corp.		29,194		853,633
Equinix, Inc.		6,528		2,572,032
Equity Residential		29,974		2,174,913
Essex Property Trust, Inc.		5,352		1,451,462
Extra Space Storage, Inc.		10,311		1,016,768
Federal Realty Investment Trust		6,116		810,798
HCP, Inc.		38,574		1,216,624
Host Hotels & Resorts, Inc.		60,893		1,099,728
Iron Mountain, Inc.		23,328		867,802
Kimco Realty Corp.		34,345		584,208
Macerich Co. (The)		8,898		410,732
Mid-America Apartment Communities, Inc.		9,278		939,676
Prologis, Inc.		51,267		3,545,626

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Public Storage		12,222	$	2,597,419
Realty Income Corp.		23,813		1,635,715
Regency Centers Corp.		13,810		897,650
SBA Communications Corp.*		9,154		1,670,880
Simon Property Group, Inc.		25,184		4,586,510
SL Green Realty Corp.		6,871		635,086
UDR, Inc.		22,458		982,537
Ventas, Inc.		29,264		1,887,235
Vornado Realty Trust		14,213		993,631
Welltower, Inc.		30,544		2,366,855
Weyerhaeuser Co.		61,103		1,603,343
				55,012,495
Food & Staples Retailing 1.5%
Costco Wholesale Corp.		35,715		7,665,510
Kroger Co. (The)		65,408		1,853,009
Sysco Corp.		38,975		2,488,554
Walgreens Boots Alliance, Inc.		65,522		4,734,620
Walmart, Inc.		116,026		11,118,771
				27,860,464
Food Products 1.2%
Archer-Daniels-Midland Co.		45,507		2,043,264
Campbell Soup Co.		15,644		554,267
Conagra Brands, Inc.		39,581		856,533
General Mills, Inc.		48,500		2,155,340
Hershey Co. (The)		11,430		1,212,723
Hormel Foods Corp.		22,323		944,709
JM Smucker Co. (The)		9,272		972,447
Kellogg Co.		20,500		1,209,705
Kraft Heinz Co. (The)		50,688		2,436,065
Lamb Weston Holdings, Inc.		11,937		863,045
McCormick & Co., Inc. (Non-Voting)		9,957		1,231,084
Mondelez International, Inc., Class A		118,383		5,476,398
Tyson Foods, Inc., Class A		23,987		1,485,275
				21,440,855
Health Care Equipment & Supplies 3.4%
Abbott Laboratories		143,147		10,446,868
ABIOMED, Inc.*		3,684		1,293,342
Align Technology, Inc.*		5,892		1,466,813
Baxter International, Inc.		40,297		2,921,130
Becton Dickinson and Co.		21,844		5,449,204
Boston Scientific Corp.*		112,707		4,299,772
Cooper Cos., Inc. (The)		4,005		1,116,434
Danaher Corp.		50,271		5,576,059
Dentsply Sirona, Inc.		18,138		760,889
Edwards Lifesciences Corp.*		17,046		2,904,979
Hologic, Inc.*		21,957		974,891
IDEXX Laboratories, Inc.*		7,014		1,492,439
Intuitive Surgical, Inc.*		9,308		4,874,041
Medtronic plc		109,463		9,675,435
ResMed, Inc.		11,614		1,105,304
Stryker Corp.		25,289		4,490,568
Teleflex, Inc.		3,746		1,024,531
Varian Medical Systems, Inc.*		7,426		980,455
Zimmer Biomet Holdings, Inc.		16,706		1,830,309
				62,683,463
Health Care Providers & Services 3.2%
AmerisourceBergen Corp.		12,644		1,054,130
Anthem, Inc.		21,081		6,387,543
Cardinal Health, Inc.		24,386		1,218,568
Centene Corp.*		16,738		2,185,481
Cigna Corp.		31,035		6,201,103
CVS Health Corp.		105,400		6,908,970
DaVita, Inc.*		10,236		574,547
HCA Healthcare, Inc.		21,854		3,047,103
Henry Schein, Inc.*		12,325		957,653
Humana, Inc.		11,181		3,454,817
Laboratory Corp. of America Holdings*		8,224		1,146,014
McKesson Corp.		15,901		2,039,303
Quest Diagnostics, Inc.		11,090		968,712
UnitedHealth Group, Inc.		78,409		21,186,112
Universal Health Services, Inc., Class B		6,949		920,951
WellCare Health Plans, Inc.*		4,104		1,134,674
				59,385,681
Health Care Technology 0.1%
Cerner Corp.*		26,700		1,466,097
Hotels, Restaurants & Leisure 1.8%
Carnival Corp.		32,639		1,879,354
Chipotle Mexican Grill, Inc.*		2,009		1,063,986
Darden Restaurants, Inc.		10,186		1,068,817
Hilton Worldwide Holdings, Inc.		24,262		1,807,034
Marriott International, Inc., Class A		23,077		2,643,009
McDonald’s Corp.		62,832		11,233,105
MGM Resorts International		40,779		1,200,534
Norwegian Cruise Line Holdings Ltd.*		17,927		921,985
Royal Caribbean Cruises Ltd.		14,069		1,688,983
Starbucks Corp.		101,113		6,889,840
Wynn Resorts Ltd.		7,976		981,128
Yum! Brands, Inc.		25,437		2,390,569
				33,768,344
Household Durables 0.3%
DR Horton, Inc.		28,172		1,083,213
Garmin Ltd.		9,801		678,033
Leggett & Platt, Inc.		10,630		435,405
Lennar Corp., Class A		23,843		1,130,635
Mohawk Industries, Inc.*		5,140		661,981
Newell Brands, Inc.		35,002		742,392
PulteGroup, Inc.		21,060		585,679
Whirlpool Corp.		5,320		707,613
				6,024,951
Household Products 1.6%
Church & Dwight Co., Inc.		20,148		1,301,762
Clorox Co. (The) (a)		10,404		1,543,746
Colgate-Palmolive Co.		70,690		4,572,229
Kimberly-Clark Corp.		28,196		3,140,471
Procter & Gamble Co. (The)		203,058		19,589,005
				30,147,213
Independent Power and Renewable Electricity Producers 0.1%
AES Corp.		53,166		871,391
NRG Energy, Inc.		23,524		962,367
				1,833,758
Industrial Conglomerates 1.5%
3M Co.		47,458		9,505,837
General Electric Co.		708,926		7,202,688
Honeywell International, Inc.		60,336		8,666,060
Roper Technologies, Inc.		8,430		2,387,882
				27,762,467

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Insurance 2.4%
Aflac, Inc.		61,984	$	2,956,637
Allstate Corp. (The)		28,045		2,464,314
American International Group, Inc.		72,039		3,114,246
Aon plc		19,606		3,063,045
Arthur J Gallagher & Co.		14,993		1,120,127
Assurant, Inc.		4,248		409,465
Brighthouse Financial, Inc.*		9,666		360,928
Chubb Ltd.		37,557		4,996,959
Cincinnati Financial Corp.		12,419		1,007,429
Everest Re Group Ltd.		3,354		734,694
Hartford Financial Services Group, Inc. (The)		29,238		1,371,847
Lincoln National Corp.		17,410		1,018,311
Loews Corp.		22,452		1,075,451
Marsh & McLennan Cos., Inc.		41,018		3,617,377
MetLife, Inc.		80,355		3,669,813
Principal Financial Group, Inc.		21,315		1,067,242
Progressive Corp. (The)		47,486		3,195,333
Prudential Financial, Inc.		33,661		3,101,524
Torchmark Corp.		8,331		697,805
Travelers Cos., Inc. (The)		21,589		2,710,283
Unum Group		17,767		617,581
Willis Towers Watson plc		10,620		1,728,830
				44,099,241
Interactive Media & Services 4.9%
Alphabet, Inc., Class A*		24,367		27,434,561
Alphabet, Inc., Class C*		25,075		27,992,978
Facebook, Inc., Class A*		195,809		32,639,402
TripAdvisor, Inc.*		8,536		489,796
Twitter, Inc.*		58,942		1,978,094
				90,534,831
Internet & Direct Marketing Retail 3.7%
Amazon.com, Inc.*		33,476		57,536,205
Booking Holdings, Inc.*		3,776		6,920,691
eBay, Inc.*		73,660		2,478,659
Expedia Group, Inc.		9,553		1,139,195
				68,074,750
IT Services 4.8%
Accenture plc, Class A		51,905		7,970,013
Akamai Technologies, Inc.*		13,408		872,861
Alliance Data Systems Corp.		3,775		670,402
Automatic Data Processing, Inc.		35,645		4,984,597
Broadridge Financial Solutions, Inc.		9,550		962,927
Cognizant Technology Solutions Corp., Class A		47,193		3,288,408
DXC Technology Co.		22,777		1,460,461
Fidelity National Information Services, Inc.		26,691		2,790,010
Fiserv, Inc.*		32,477		2,693,318
FleetCor Technologies, Inc.*		7,257		1,464,535
Gartner, Inc.*		7,456		1,013,196
Global Payments, Inc.		12,987		1,458,180
International Business Machines Corp.		74,070		9,956,490
Jack Henry & Associates, Inc.		6,342		846,974
Mastercard, Inc., Class A		74,056		15,635,443
Paychex, Inc.		26,047		1,844,128
PayPal Holdings, Inc.*		96,040		8,524,510
Total System Services, Inc.		13,779		1,234,736
VeriSign, Inc.*		8,654		1,464,863
Visa, Inc., Class A		143,221		19,336,267
Western Union Co. (The)(a)		35,429		646,579
				89,118,898
Leisure Products 0.1%
Hasbro, Inc.		9,486		859,052
Mattel, Inc.*(a)		28,835		341,407
				1,200,459
Life Sciences Tools & Services 1.0%
Agilent Technologies, Inc.		26,171		1,990,305
Illumina, Inc.*		11,981		3,352,164
IQVIA Holdings, Inc.*		12,889		1,662,810
Mettler-Toledo International, Inc.*		2,041		1,302,485
PerkinElmer, Inc.		9,066		820,473
Thermo Fisher Scientific, Inc.		32,811		8,060,678
Waters Corp.*		6,246		1,444,200
				18,633,115
Machinery 1.5%
Caterpillar, Inc.		48,096		6,404,463
Cummins, Inc.		12,039		1,771,057
Deere & Co.		26,194		4,295,816
Dover Corp.		11,927		1,047,548
Flowserve Corp.		10,950		482,238
Fortive Corp.		23,959		1,796,685
Illinois Tool Works, Inc.		24,879		3,416,136
Ingersoll-Rand plc		20,140		2,014,806
PACCAR, Inc.		28,494		1,866,927
Parker-Hannifin Corp.		10,787		1,777,806
Pentair plc		12,773		526,120
Snap-on, Inc.(a)		4,538		753,263
Stanley Black & Decker, Inc.		12,325		1,558,373
Xylem, Inc.		14,747		1,050,871
				28,762,109
Media 1.3%
CBS Corp. (Non-Voting), Class B		27,429		1,356,638
Charter Communications, Inc., Class A*		14,366		4,755,864
Comcast Corp., Class A		370,031		13,532,034
Discovery, Inc., Class A*		13,000		368,940
Discovery, Inc., Class C*		29,680		790,972
DISH Network Corp., Class A*		18,808		576,841
Interpublic Group of Cos., Inc. (The)		31,509		716,830
News Corp., Class A		32,501		416,988
News Corp., Class B		10,258		132,636
Omnicom Group, Inc.		18,421		1,434,628
				24,082,371
Metals & Mining 0.2%
Freeport-McMoRan, Inc.		118,101		1,374,696
Newmont Mining Corp.		43,305		1,477,133
Nucor Corp.		25,378		1,554,149
				4,405,978
Multiline Retail 0.5%
Dollar General Corp.		21,417		2,472,164
Dollar Tree, Inc.*		19,250		1,863,977
Kohl’s Corp.		13,459		924,499
Macy’s, Inc.		25,203		662,839
Nordstrom, Inc.		9,273		430,360
Target Corp.		42,531		3,104,763
				9,458,602
Multi-Utilities 1.0%
Ameren Corp.		19,911		1,380,629
CenterPoint Energy, Inc.		40,849		1,263,051

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Multi-Utilities (continued)
CMS Energy Corp.		23,256	$	1,212,568
Consolidated Edison, Inc.		25,386		1,971,223
Dominion Energy, Inc.		61,281		4,304,377
DTE Energy Co.		14,828		1,745,997
NiSource, Inc.		29,532		805,633
Public Service Enterprise Group, Inc.		41,158		2,245,169
Sempra Energy		22,304		2,609,122
WEC Energy Group, Inc.		25,906		1,891,915
				19,429,684
Oil, Gas & Consumable Fuels 4.9%
Anadarko Petroleum Corp.		41,051		1,942,944
Apache Corp.		31,403		1,030,646
Cabot Oil & Gas Corp.		34,769		867,486
Chevron Corp.		155,735		17,855,018
Cimarex Energy Co.		7,761		584,714
Concho Resources, Inc.*		16,285		1,951,594
ConocoPhillips		93,830		6,351,353
Devon Energy Corp.		38,107		1,015,551
Diamondback Energy, Inc.		12,671		1,306,633
EOG Resources, Inc.		47,264		4,688,589
Exxon Mobil Corp.		345,070		25,286,730
Hess Corp.		20,256		1,093,824
HollyFrontier Corp.		12,993		732,026
Kinder Morgan, Inc.		154,696		2,799,998
Marathon Oil Corp.		67,655		1,068,272
Marathon Petroleum Corp.		56,301		3,730,504
Newfield Exploration Co.*		16,758		306,336
Noble Energy, Inc.		38,853		867,976
Occidental Petroleum Corp.		61,470		4,104,967
ONEOK, Inc.		33,455		2,148,145
Phillips 66		34,541		3,295,557
Pioneer Natural Resources Co.		13,893		1,977,252
Valero Energy Corp.		34,545		3,033,742
Williams Cos., Inc. (The)		98,663		2,656,995
				90,696,852
Personal Products 0.1%
Coty, Inc., Class A		38,187		296,331
Estee Lauder Cos., Inc. (The), Class A		17,896		2,441,372
				2,737,703
Pharmaceuticals 4.9%
Allergan plc		25,811		3,716,268
Bristol-Myers Squibb Co.		133,030		6,567,691
Eli Lilly & Co.		76,841		9,210,162
Johnson & Johnson		218,590		29,089,957
Merck & Co., Inc.		211,940		15,774,694
Mylan NV*		42,026		1,258,679
Nektar Therapeutics*		14,343		607,283
Perrigo Co. plc		10,187		473,186
Pfizer, Inc.		471,129		19,999,426
Zoetis, Inc.		39,119		3,370,493
				90,067,839
Professional Services 0.3%
Equifax, Inc.		9,886		1,058,000
IHS Markit Ltd.*		29,234		1,517,829
Nielsen Holdings plc		28,932		742,974
Robert Half International, Inc.		9,901		637,921
Verisk Analytics, Inc.*		13,417		1,575,290
				5,532,014
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A*		25,945		1,186,984
Road & Rail 1.0%
CSX Corp.		65,382		4,295,597
JB Hunt Transport Services, Inc.		7,119		762,018
Kansas City Southern		8,289		876,562
Norfolk Southern Corp.		22,197		3,723,325
Union Pacific Corp.		60,051		9,552,312
				19,209,814
Semiconductors & Semiconductor Equipment 3.7%
Advanced Micro Devices, Inc.*		71,923		1,755,640
Analog Devices, Inc.		30,138		2,979,443
Applied Materials, Inc.		80,057		3,128,628
Broadcom, Inc.		33,697		9,039,220
Intel Corp.		371,982		17,527,792
KLA-Tencor Corp.		12,455		1,327,329
Lam Research Corp.		12,686		2,151,292
Maxim Integrated Products, Inc.		22,582		1,225,525
Microchip Technology, Inc.(a)		19,340		1,554,356
Micron Technology, Inc.*		91,148		3,483,677
NVIDIA Corp.		49,717		7,146,819
Qorvo, Inc.*		10,180		665,365
QUALCOMM, Inc.		98,795		4,892,328
Skyworks Solutions, Inc.		14,317		1,045,714
Texas Instruments, Inc.		78,205		7,873,679
Xilinx, Inc.		20,765		2,324,434
				68,121,241
Software 6.0%
Adobe, Inc.*		39,785		9,859,519
ANSYS, Inc.*		6,810		1,119,223
Autodesk, Inc.*		17,949		2,642,093
Cadence Design Systems, Inc.*		22,797		1,094,940
Citrix Systems, Inc.		10,434		1,069,902
Fortinet, Inc.*		11,803		903,756
Intuit, Inc.		21,153		4,565,240
Microsoft Corp.		629,933		65,783,903
Oracle Corp.		207,682		10,431,867
Red Hat, Inc.*		14,422		2,564,808
salesforce.com, Inc.*		62,350		9,475,330
Symantec Corp.		52,062		1,094,343
Synopsys, Inc.*		12,199		1,138,777
				111,743,701
Specialty Retail 2.3%
Advance Auto Parts, Inc.		5,935		944,852
AutoZone, Inc.*		2,055		1,741,284
Best Buy Co., Inc.		19,081		1,130,358
CarMax, Inc.*		14,084		827,857
Foot Locker, Inc.		9,114		509,381
Gap, Inc. (The)		17,030		433,243
Home Depot, Inc. (The)		92,060		16,895,772
L Brands, Inc.		18,744		521,833
Lowe’s Cos., Inc.		65,444		6,293,095
O’Reilly Automotive, Inc.*		6,518		2,246,494
Ross Stores, Inc.		30,406		2,801,001
Tiffany & Co.		8,834		783,841
TJX Cos., Inc. (The)		100,863		5,015,917
Tractor Supply Co.		9,949		849,645
Ulta Beauty, Inc.*		4,540		1,325,317
				42,319,890
Technology Hardware, Storage & Peripherals 3.7%
Apple, Inc.		367,428		61,154,716
Hewlett Packard Enterprise Co.		116,271		1,812,665

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
HP, Inc.		128,879	$	2,839,204
NetApp, Inc.		20,372		1,299,122
Seagate Technology plc		21,227		939,932
Western Digital Corp.		23,589		1,061,269
Xerox Corp.		16,560		467,158
				69,574,066
Textiles, Apparel & Luxury Goods 0.8%
Capri Holdings Ltd.*		12,562		533,634
Hanesbrands, Inc.		30,410		455,846
NIKE, Inc., Class B		103,759		8,495,787
PVH Corp.		6,173		673,536
Ralph Lauren Corp.		4,548		528,205
Tapestry, Inc.		23,619		914,291
Under Armour, Inc., Class A*(a)		15,735		326,344
Under Armour, Inc., Class C*		15,434		292,320
VF Corp.		26,691		2,246,581
				14,466,544
Tobacco 0.9%
Altria Group, Inc.		153,149		7,557,903
Philip Morris International, Inc.		126,699		9,720,347
				17,278,250
Trading Companies & Distributors 0.2%
Fastenal Co.		23,396		1,414,522
United Rentals, Inc.*		6,597		826,340
WW Grainger, Inc.		3,733		1,102,691
				3,343,553
Water Utilities 0.1%
American Water Works Co., Inc.		14,719		1,408,167
Total Common Stocks (cost $1,348,848,343)				1,850,576,889
Short-Term Investment 0.0%
	Shares		Value
Money Market Fund 0.0%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.32%(b)(c)		168,067		168,067
Total Short-Term Investment (cost $168,067)				168,067
Repurchase Agreements 0.1%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $1,671,100, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $1,712,708.(c)	$	1,670,980		1,670,980
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $43,681, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $44,552.(c)		43,678		43,678
Total Repurchase Agreements (cost $1,714,658)			$	1,714,658
Total Investments (cost $1,350,731,068) — 99.8%				1,852,459,614
Other assets in excess of liabilities — 0.2%				3,991,998
NET ASSETS — 100.0%			$	1,856,451,612

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $10,766,698, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $168,067 and $1,714,658, respectively, and by $9,143,664 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $11,026,389.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $1,882,725.

† Amount rounds to less than 0.1%. & Asset Types

REIT Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Futures contracts outstanding as of January 31, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		52		3/2019		USD		7,031,700		379,237
										379,237

At January 31, 2019, the Fund has $291,200 segregated as collateral with the broker for open futures contracts.

Currency:

USD — United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	1,850,576,889	$	—	$	—	$	1,850,576,889
Futures Contracts		379,237		—		—		379,237
Repurchase Agreements		—		1,714,658		—		1,714,658
Short-Term Investment		168,067		—		—		168,067
Total	$	1,851,124,193	$	1,714,658	$	—	$	1,852,838,851

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

Assets:		Fair Value
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts	$	379,237
Total		$	379,237

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund

Common Stocks 95.9%
	Shares		Value
Aerospace & Defense 1.2%
AAR Corp.		5,586	$	210,481
Aerojet Rocketdyne Holdings, Inc.*		12,471		492,230
Aerovironment, Inc.*		3,634		282,217
Astronics Corp.*		3,642		111,700
Axon Enterprise, Inc.*		10,009		510,559
Cubic Corp.		4,356		279,960
Ducommun, Inc.*		1,901		74,842
Esterline Technologies Corp.*		4,550		553,735
KeyW Holding Corp.(The)*		8,719		62,602
Kratos Defense & Security Solutions, Inc.*		15,107		234,008
Maxar Technologies, Inc.(a)		9,702		54,525
Mercury Systems, Inc.*		8,268		484,753
Moog, Inc., Class A		5,511		493,069
National Presto Industries, Inc.(a)		861		102,993
Sparton Corp.*		1,548		28,468
Triumph Group, Inc.		8,396		149,869
Vectrus, Inc.*		1,802		45,392
Wesco Aircraft Holdings, Inc.*		9,568		83,624
				4,255,027
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*		10,029		238,189
Atlas Air Worldwide Holdings, Inc.*		4,074		216,818
Echo Global Logistics, Inc.*		4,855		115,355
Forward Air Corp.		5,160		302,015
Hub Group, Inc., Class A*		5,621		250,191
Radiant Logistics, Inc.*		6,092		30,094
				1,152,662
Airlines 0.5%
Allegiant Travel Co.		2,220		288,600
Hawaiian Holdings, Inc.		8,312		266,150
Mesa Air Group, Inc.*		1,740		15,225
SkyWest, Inc.		8,715		444,029
Spirit Airlines, Inc.*		11,935		702,017
				1,716,021
Auto Components 1.0%
American Axle & Manufacturing Holdings, Inc.*		19,053		281,603
Cooper Tire & Rubber Co.		9,015		317,328
Cooper-Standard Holdings, Inc.*		3,102		237,179
Dana, Inc.		24,990		440,324
Dorman Products, Inc.*		4,604		395,714
Fox Factory Holding Corp.*		6,317		374,788
Gentherm, Inc.*		5,979		254,466
LCI Industries		4,147		341,879
Modine Manufacturing Co.*		8,494		124,267
Motorcar Parts of America, Inc.*		3,367		67,340
Shiloh Industries, Inc.*		2,339		14,011
Standard Motor Products, Inc.		3,638		178,844
Stoneridge, Inc.*		4,708		122,926
Superior Industries International, Inc.		4,324		22,268
Tenneco, Inc., Class A		8,618		298,872
Tower International, Inc.		3,409		99,168
				3,570,977
Automobiles 0.0%†
Winnebago Industries, Inc.		5,313		151,952
Banks 9.1%
1st Constitution Bancorp		1,120		21,750
1st Source Corp.		2,537		115,180
Access National Corp.		2,681		63,298
ACNB Corp.		1,250		45,500
Allegiance Bancshares, Inc.*		2,083		74,821
Amalgamated Bank, Class A		1,889		33,889
American National Bankshares, Inc.		1,517		49,576
Ameris Bancorp		7,494		284,397
Ames National Corp.		1,412		35,498
Arrow Financial Corp.		2,202		70,134
Atlantic Capital Bancshares, Inc.*		4,494		81,252
Auburn National Bancorporation, Inc.		378		12,308
Banc of California, Inc.		7,533		109,831
BancFirst Corp.		3,165		169,897
Bancorp, Inc.(The)*		8,767		74,344
BancorpSouth Bank		16,386		478,144
Bank of Commerce Holdings		2,563		27,399
Bank of Marin Bancorp		2,373		99,524
Bank of NT Butterfield & Son Ltd.(The)		9,595		336,305
Bank of Princeton (The)		946		27,945
Bankwell Financial Group, Inc.		981		28,351
Banner Corp.		5,182		282,626
Bar Harbor Bankshares		2,700		64,611
Baycom Corp.*		1,646		35,554
BCB Bancorp, Inc.		2,261		26,544
Berkshire Hills Bancorp, Inc.		7,167		195,301
Blue Hills Bancorp, Inc.		3,850		91,014
Boston Private Financial Holdings, Inc.		13,455		156,078
Bridge Bancorp, Inc.		2,993		92,155
Brookline Bancorp, Inc.		13,706		203,808
Bryn Mawr Bank Corp.		3,555		131,499
Business First Bancshares, Inc.		1,978		45,632
Byline Bancorp, Inc.*		2,957		55,858
C&F Financial Corp.		636		31,787
Cadence Bancorp		20,280		380,250
Cambridge Bancorp (a)		645		49,085
Camden National Corp.		2,712		109,890
Capital Bancorp, Inc.*		951		11,174
Capital City Bank Group, Inc.		2,118		50,832
Capstar Financial Holdings, Inc.		1,402		22,362
Carolina Financial Corp.		3,761		130,206
Cathay General Bancorp		12,962		481,149
CB Financial Services, Inc.		735		17,750
CBTX, Inc.		3,243		104,587
CenterState Bank Corp.		16,073		398,610
Central Pacific Financial Corp.		4,290		122,823
Central Valley Community Bancorp		1,958		38,710
Century Bancorp, Inc., Class A		480		37,262
Chemical Financial Corp.		12,430		552,638
Chemung Financial Corp.		532		22,301
Citizens & Northern Corp.		2,224		55,756
City Holding Co.		2,609		187,013
Civista Bancshares, Inc.		2,134		39,970
CNB Financial Corp.		2,648		66,915
Coastal Financial Corp.*		804		11,956
Codorus Valley Bancorp, Inc.		1,470		32,487
Columbia Banking System, Inc.		12,684		466,137
Community Bank System, Inc.		8,667		519,587
Community Bankers Trust Corp.*		3,551		26,490
Community Financial Corp.(The)		846		24,999
Community Trust Bancorp, Inc.		2,766		112,327
ConnectOne Bancorp, Inc.		5,272		105,440
County Bancorp, Inc.		777		13,295
Customers Bancorp, Inc.*		5,078		99,884
CVB Financial Corp.		19,412		425,317

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Eagle Bancorp, Inc.*		5,508	$	302,279
Enterprise Bancorp, Inc.		1,759		56,904
Enterprise Financial Services Corp.		3,983		175,770
Equity Bancshares, Inc., Class A*		2,331		74,009
Esquire Financial Holdings, Inc.*		1,150		24,990
Evans Bancorp, Inc.		755		26,425
Farmers & Merchants Bancorp, Inc.		1,615		50,921
Farmers National Banc Corp.		4,190		54,344
FB Financial Corp.		2,918		96,527
Fidelity D&D Bancorp, Inc.(a)		498		29,387
Fidelity Southern Corp.		3,887		118,398
Financial Institutions, Inc.		2,791		74,855
First Bancorp		5,037		185,211
First Bancorp, Inc.		1,934		50,033
First Bancorp/PR		36,699		390,844
First Bancshares, Inc.(The)		2,164		70,135
First Bank		2,767		31,101
First Busey Corp.		7,802		193,178
First Business Financial Services, Inc.		1,330		27,451
First Choice Bancorp (a)		1,576		34,057
First Commonwealth Financial Corp.		16,802		228,507
First Community Bancshares, Inc.		2,863		98,201
First Community Corp.		1,126		23,083
First Financial Bancorp		16,563		436,104
First Financial Bankshares, Inc.		11,268		688,475
First Financial Corp.		2,204		91,400
First Financial Northwest, Inc.		1,219		18,468
First Foundation, Inc.*		6,499		94,430
First Guaranty Bancshares, Inc.		857		18,623
First Internet Bancorp		1,664		33,280
First Interstate BancSystem, Inc., Class A		5,755		223,985
First Merchants Corp.		8,617		315,641
First Mid-Illinois Bancshares, Inc.		2,393		77,964
First Midwest Bancorp, Inc.		17,768		391,251
First Northwest Bancorp		1,606		24,524
First of Long Island Corp.(The)		4,336		89,842
First Savings Financial Group, Inc.		351		17,596
First United Corp.		1,077		17,447
Flushing Financial Corp.		4,842		107,396
Franklin Financial Network, Inc.*		2,292		73,046
Fulton Financial Corp.		30,006		481,596
FVCBankcorp, Inc.*		502		8,785
German American Bancorp, Inc.		3,713		108,605
Glacier Bancorp, Inc.		14,631		617,136
Great Southern Bancorp, Inc.		1,982		105,720
Great Western Bancorp, Inc.		10,277		362,675
Guaranty Bancshares, Inc.		1,247		37,410
Hancock Whitney Corp.		14,517		596,358
Hanmi Financial Corp.		5,159		113,137
HarborOne Bancorp, Inc.*		2,591		39,331
Heartland Financial USA, Inc.		4,840		219,542
Heritage Commerce Corp.		6,967		92,452
Heritage Financial Corp.		6,177		191,363
Hilltop Holdings, Inc.		12,173		224,105
Home BancShares, Inc.		27,647		506,217
HomeTrust Bancshares, Inc.		3,034		81,918
Hope Bancorp, Inc.		21,243		303,987
Horizon Bancorp, Inc.		6,452		104,135
Howard Bancorp, Inc.*		2,095		26,879
IBERIABANK Corp.		9,654		713,334
Independent Bank Corp.		8,637		463,650
Independent Bank Group, Inc.		5,553		292,976
International Bancshares Corp.		9,242		327,814
Investar Holding Corp.		1,620		37,357
Investors Bancorp, Inc.		41,308		501,479
Lakeland Bancorp, Inc.		7,988		125,012
Lakeland Financial Corp.		3,905		175,842
LCNB Corp.		1,484		24,486
LegacyTexas Financial Group, Inc.		8,389		334,218
Level One Bancorp, Inc.		801		19,464
Live Oak Bancshares, Inc.		4,417		61,396
Macatawa Bank Corp.		4,387		42,817
MB Financial, Inc.		14,399		639,028
MBT Financial Corp.		2,931		29,339
Mercantile Bank Corp.		2,876		95,483
Metropolitan Bank Holding Corp.*		1,067		37,345
Mid Penn Bancorp, Inc.		833		19,284
Middlefield Banc Corp.		575		24,587
Midland States Bancorp, Inc.		3,638		87,712
MidSouth Bancorp, Inc.		2,346		26,791
MidWestOne Financial Group, Inc.		2,035		56,390
MutualFirst Financial, Inc.		1,018		29,522
MVB Financial Corp.		1,271		21,404
National Bank Holdings Corp., Class A		4,992		159,544
National Bankshares, Inc.		1,108		38,481
National Commerce Corp.*		3,224		131,265
NBT Bancorp, Inc.		7,396		263,446
Nicolet Bankshares, Inc.*		1,449		79,246
Northeast Bancorp		1,195		23,565
Northrim BanCorp, Inc.		1,279		42,373
Norwood Financial Corp.		950		27,854
Oak Valley Bancorp		1,244		21,957
OFG Bancorp		7,569		146,687
Ohio Valley Banc Corp.		672		24,111
Old Line Bancshares, Inc.		2,728		73,683
Old National Bancorp		25,655		414,072
Old Second Bancorp, Inc.		5,181		72,689
Opus Bank		3,500		73,150
Origin Bancorp, Inc.		3,212		109,433
Orrstown Financial Services, Inc.		1,161		21,862
Pacific City Financial Corp.		1,825		30,021
Pacific Mercantile Bancorp*		2,618		20,578
Pacific Premier Bancorp, Inc.* (a)		7,701		229,105
Park National Corp.		2,375		223,298
Parke Bancorp, Inc.		1,248		24,486
Peapack Gladstone Financial Corp.		3,251		86,769
Penns Woods Bancorp, Inc.		756		26,710
Peoples Bancorp of North Carolina, Inc.		739		19,214
Peoples Bancorp, Inc.		3,109		99,488
Peoples Financial Services Corp.		1,293		53,323
People’s Utah Bancorp		2,678		78,733
Preferred Bank		2,434		113,327
Premier Financial Bancorp, Inc.		1,960		27,969
QCR Holdings, Inc.		2,287		78,353
RBB Bancorp		2,220		41,403
Reliant Bancorp, Inc.		1,602		34,443
Renasant Corp.		8,035		285,403
Republic Bancorp, Inc., Class A		1,566		65,287
Republic First Bancorp, Inc.*		7,969		47,017
S&T Bancorp, Inc.		5,975		229,560
Sandy Spring Bancorp, Inc.		6,004		195,790
SB One Bancorp		1,128		24,703
Seacoast Banking Corp. of Florida*		7,976		219,500
Select Bancorp, Inc.*		2,790		33,759

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
ServisFirst Bancshares, Inc.		7,826	$	264,128
Shore Bancshares, Inc.		2,047		30,500
Sierra Bancorp		2,552		67,883
Simmons First National Corp., Class A		15,700		388,418
SmartFinancial, Inc.*		1,808		34,894
South State Corp.		6,238		413,891
Southern First Bancshares, Inc.*		1,256		45,203
Southern National Bancorp of Virginia, Inc.		3,452		52,056
Southside Bancshares, Inc.		5,567		183,655
Spirit of Texas Bancshares, Inc.*		1,512		33,294
Stock Yards Bancorp, Inc.		3,950		136,552
Summit Financial Group, Inc.		1,774		41,742
Tompkins Financial Corp.		2,636		193,851
Towne Bank		11,639		302,148
TriCo Bancshares		4,552		171,701
TriState Capital Holdings, Inc.*		4,263		86,795
Triumph Bancorp, Inc.*		4,127		125,708
Trustmark Corp.		11,692		368,649
UMB Financial Corp.		7,887		507,607
Union Bankshares Corp.		11,427		360,636
Union Bankshares, Inc.(a)		643		30,639
United Bankshares, Inc.		16,962		599,946
United Community Banks, Inc.		12,662		325,667
United Security Bancshares		2,039		20,920
Unity Bancorp, Inc.		1,272		25,198
Univest Financial Corp.		5,050		118,625
Valley National Bancorp		55,779		563,926
Veritex Holdings, Inc.*		7,785		205,991
Washington Trust Bancorp, Inc.		2,705		140,768
WesBanco, Inc.		9,138		371,094
West Bancorporation, Inc.		2,907		62,617
Westamerica Bancorp		4,474		280,341
				32,479,875
Beverages 0.3%
Boston Beer Co., Inc.(The), Class A*		1,417		353,060
Castle Brands, Inc.*		12,929		10,929
Celsius Holdings, Inc.* (a)		3,668		15,002
Coca-Cola Consolidated, Inc.		815		175,877
Craft Brew Alliance, Inc.*		2,062		33,941
MGP Ingredients, Inc.(a)		2,271		163,035
National Beverage Corp.		2,030		170,195
Primo Water Corp.*		5,435		70,818
				992,857
Biotechnology 6.1%
Abeona Therapeutics, Inc.*		5,547		37,664
ACADIA Pharmaceuticals, Inc.* (a)		17,013		387,556
Acceleron Pharma, Inc.*		6,847		290,313
Achaogen, Inc.* (a)		4,899		7,397
Achillion Pharmaceuticals, Inc.*		23,750		52,012
Acorda Therapeutics, Inc.*		7,685		127,802
Adamas Pharmaceuticals, Inc.*		3,912		35,208
ADMA Biologics, Inc.* (a)		3,051		9,000
Aduro Biotech, Inc.*		10,377		30,923
Adverum Biotechnologies, Inc.*		8,792		27,959
Aeglea BioTherapeutics, Inc.*		2,632		24,056
Agenus, Inc.* (a)		16,955		57,138
AgeX Therapeutics, Inc.* (a)		1,984		7,678
Aimmune Therapeutics, Inc.*		7,464		175,553
Akebia Therapeutics, Inc.*		15,425		84,992
Albireo Pharma, Inc.*		1,478		38,428
Alder Biopharmaceuticals, Inc.*		10,017		141,039
Aldeyra Therapeutics, Inc.*		3,721		32,782
Allakos, Inc.*		1,546		61,763
Allena Pharmaceuticals, Inc.*		1,884		13,207
Allogene Therapeutics, Inc.* (a)		3,659		110,977
AMAG Pharmaceuticals, Inc.*		5,998		98,187
Amicus Therapeutics, Inc.*		32,422		390,361
AnaptysBio, Inc.*		3,633		240,941
Apellis Pharmaceuticals, Inc.*		6,268		87,752
Aptinyx, Inc.*		2,187		11,679
Arbutus Biopharma Corp.*		5,695		21,015
Arcus Biosciences, Inc.*		5,418		55,101
Ardelyx, Inc.*		8,358		17,552
Arena Pharmaceuticals, Inc.*		8,517		391,526
ArQule, Inc.*		17,901		66,234
Array BioPharma, Inc.*		35,609		664,820
Arrowhead Pharmaceuticals, Inc.*		14,918		210,642
Arsanis, Inc.*		642		1,753
Atara Biotherapeutics, Inc.*		7,349		279,262
Athenex, Inc.* (a)		7,270		85,423
Athersys, Inc.*		19,019		30,240
Audentes Therapeutics, Inc.*		6,400		158,720
AVEO Pharmaceuticals, Inc.*		21,882		15,304
Avid Bioservices, Inc.*		8,394		32,317
Avrobio, Inc.*		979		12,198
Bellicum Pharmaceuticals, Inc.*		6,438		21,245
BioCryst Pharmaceuticals, Inc.*		18,606		161,500
Biohaven Pharmaceutical Holding Co. Ltd.*		5,037		191,859
BioSpecifics Technologies Corp.*		1,104		71,738
BioTime, Inc.* (a)		16,328		23,022
Blueprint Medicines Corp.*		7,260		523,373
Calithera Biosciences, Inc.*		4,932		21,997
Calyxt, Inc.*		713		9,462
Cara Therapeutics, Inc.*		5,986		91,287
CareDx, Inc.*		6,031		169,049
CASI Pharmaceuticals, Inc.*		8,051		27,856
Catalyst Biosciences, Inc.*		1,924		16,912
Catalyst Pharmaceuticals, Inc.*		15,892		40,048
Celcuity, Inc.*		943		20,953
Cellular Biomedicine Group, Inc.*		2,035		36,162
ChemoCentryx, Inc.*		4,085		50,000
Chimerix, Inc.*		7,520		17,522
Clovis Oncology, Inc.*		8,181		207,470
Cohbar, Inc.Reg. S*		3,586		11,762
Coherus Biosciences, Inc.*		8,730		117,506
Concert Pharmaceuticals, Inc.*		3,469		49,086
Constellation Pharmaceuticals, Inc.*		182		1,316
Corbus Pharmaceuticals Holdings, Inc.* (a)		7,797		58,945
Corvus Pharmaceuticals, Inc.*		2,238		8,930
Crinetics Pharmaceuticals, Inc.* (a)		1,124		29,539
CTI BioPharma Corp.*		8,202		9,760
Cue Biopharma, Inc.*		2,860		14,615
Cytokinetics, Inc.*		7,565		53,182
CytomX Therapeutics, Inc.*		8,118		137,844
Deciphera Pharmaceuticals, Inc.*		1,384		37,188
Denali Therapeutics, Inc.* (a)		7,709		146,934
Dicerna Pharmaceuticals, Inc.*		9,236		95,223
Dynavax Technologies Corp.* (a)		10,723		118,167
Eagle Pharmaceuticals, Inc.*		1,801		76,110
Editas Medicine, Inc.*		7,850		170,581
Eidos Therapeutics, Inc.*		1,062		12,967
Emergent BioSolutions, Inc.*		7,794		486,268
Enanta Pharmaceuticals, Inc.*		2,880		228,758

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Epizyme, Inc.*		10,742	$	109,783
Equillium, Inc.*		902		7,929
Esperion Therapeutics, Inc.* (a)		3,937		182,874
Evelo Biosciences, Inc.*		2,351		21,112
Fate Therapeutics, Inc.*		10,415		157,683
Fennec Pharmaceuticals, Inc.*		1,822		12,189
FibroGen, Inc.*		13,096		743,198
Five Prime Therapeutics, Inc.*		5,503		61,909
Flexion Therapeutics, Inc.* (a)		5,815		85,422
Fortress Biotech, Inc.* (a)		5,024		10,400
Forty Seven, Inc.*		1,259		18,495
G1 Therapeutics, Inc.*		3,778		80,811
Genomic Health, Inc.*		3,572		270,793
Geron Corp.*		27,701		31,856
Global Blood Therapeutics, Inc.*		8,565		410,349
GlycoMimetics, Inc.*		5,941		66,539
Gritstone Oncology, Inc.*		1,173		15,014
GTx, Inc.*		746		813
Halozyme Therapeutics, Inc.*		21,374		345,831
Heron Therapeutics, Inc.*		12,073		324,764
Homology Medicines, Inc.*		2,965		60,101
Idera Pharmaceuticals, Inc.*		2,840		7,185
Immune Design Corp.*		6,032		9,410
ImmunoGen, Inc.*		23,981		125,900
Immunomedics, Inc.* (a)		25,327		374,586
Inovio Pharmaceuticals, Inc.*		14,662		73,457
Insmed, Inc.*		13,144		319,531
Insys Therapeutics, Inc.* (a)		4,798		16,601
Intellia Therapeutics, Inc.*		5,716		80,824
Intercept Pharmaceuticals, Inc.*		3,835		462,808
Intrexon Corp.* (a)		12,816		98,171
Invitae Corp.*		11,003		154,922
Iovance Biotherapeutics, Inc.*		18,216		166,676
Ironwood Pharmaceuticals, Inc.*		24,375		332,963
Jounce Therapeutics, Inc.*		2,336		9,788
Kadmon Holdings, Inc.*		16,230		39,114
Karyopharm Therapeutics, Inc.*		8,352		70,741
Kezar Life Sciences, Inc.*		793		14,203
Kindred Biosciences, Inc.*		5,475		53,929
Kiniksa Pharmaceuticals Ltd., Class A*		930		16,275
Kodiak Sciences, Inc.*		1,612		12,380
Kura Oncology, Inc.*		5,115		81,329
La Jolla Pharmaceutical Co.* (a)		3,818		23,061
Lexicon Pharmaceuticals, Inc.* (a)		7,678		36,317
Ligand Pharmaceuticals, Inc.*		3,658		432,010
LogicBio Therapeutics, Inc.*		1,418		12,535
Loxo Oncology, Inc.*		4,694		1,101,212
MacroGenics, Inc.*		6,792		79,670
Madrigal Pharmaceuticals, Inc.* (a)		1,174		135,902
Magenta Therapeutics, Inc.* (a)		987		6,919
MannKind Corp.* (a)		23,016		29,000
MediciNova, Inc.* (a)		6,810		61,835
MeiraGTx Holdings plc*		1,009		12,491
Mersana Therapeutics, Inc.*		2,020		9,252
Minerva Neurosciences, Inc.*		5,116		33,663
Miragen Therapeutics, Inc.* (a)		4,166		11,915
Mirati Therapeutics, Inc.* (a)		3,375		223,020
Molecular Templates, Inc.*		1,476		6,996
Momenta Pharmaceuticals, Inc.*		13,159		156,066
Mustang Bio, Inc.*		2,448		9,107
Myriad Genetics, Inc.*		12,060		339,971
NantKwest, Inc.*		4,768		5,149
Natera, Inc.*		5,519		75,003
Neon Therapeutics, Inc.*		1,340		5,682
NewLink Genetics Corp.*		4,676		6,967
Novavax, Inc.* (a)		67,504		157,959
Nymox Pharmaceutical Corp.* (a)		5,581		12,334
OPKO Health, Inc.*		55,162		202,996
Organovo Holdings, Inc.*		25,311		25,564
Ovid therapeutics, Inc.*		2,085		5,901
Palatin Technologies, Inc.*		36,785		25,444
PDL BioPharma, Inc.*		24,587		78,187
Pfenex, Inc.*		5,914		23,301
Pieris Pharmaceuticals, Inc.*		8,398		24,102
PolarityTE, Inc.* (a)		1,577		27,944
Portola Pharmaceuticals, Inc.* (a)		11,176		302,870
Principia Biopharma, Inc.*		974		29,522
Progenics Pharmaceuticals, Inc.*		14,169		62,769
Proteostasis Therapeutics, Inc.* (a)		6,245		18,860
Prothena Corp. plc*		7,531		88,489
PTC Therapeutics, Inc.*		7,765		241,724
Puma Biotechnology, Inc.* (a)		5,013		139,762
Ra Pharmaceuticals, Inc.*		2,301		47,240
Radius Health, Inc.* (a)		7,006		128,000
Recro Pharma, Inc.*		3,346		27,738
REGENXBIO, Inc.*		5,534		243,275
Repligen Corp.*		6,692		381,511
Replimune Group, Inc.*		1,185		14,350
Retrophin, Inc.*		6,921		149,217
Rhythm Pharmaceuticals, Inc.*		2,497		66,420
Rigel Pharmaceuticals, Inc.*		29,457		63,627
Rocket Pharmaceuticals, Inc.*		3,733		53,681
Rubius Therapeutics, Inc.*		1,940		26,559
Sangamo Therapeutics, Inc.* (a)		17,398		203,383
Savara, Inc.*		5,063		38,428
Scholar Rock Holding Corp.*		915		13,826
Selecta Biosciences, Inc.*		2,910		4,569
Seres Therapeutics, Inc.*		3,297		20,310
Solid Biosciences, Inc.*		2,042		51,397
Sorrento Therapeutics, Inc.* (a)		18,168		37,426
Spark Therapeutics, Inc.*		5,400		258,228
Spectrum Pharmaceuticals, Inc.*		17,752		198,822
Spero Therapeutics, Inc.*		1,342		14,118
Spring Bank Pharmaceuticals, Inc.*		2,612		28,288
Stemline Therapeutics, Inc.*		5,507		60,907
Surface Oncology, Inc.*		2,400		13,800
Sutro Biopharma, Inc.*		1,088		11,511
Syndax Pharmaceuticals, Inc.*		2,150		12,040
Synergy Pharmaceuticals, Inc.*		43,930		14,075
Synlogic, Inc.*		2,491		20,127
Syros Pharmaceuticals, Inc.*		3,967		23,762
T2 Biosystems, Inc.*		5,954		20,839
TG Therapeutics, Inc.* (a)		12,195		50,000
Tocagen, Inc.*		2,876		32,384
Translate Bio, Inc.*		1,245		7,072
Twist Bioscience Corp.*		863		19,961
Tyme Technologies, Inc.* (a)		17,868		48,065
Ultragenyx Pharmaceutical, Inc.*		8,273		408,024
UNITY Biotechnology, Inc.* (a)		4,290		49,078
Unum Therapeutics, Inc.*		3,248		14,031
Vanda Pharmaceuticals, Inc.*		8,875		240,779
Veracyte, Inc.*		4,949		90,022
Verastem, Inc.* (a)		11,370		37,294
Vericel Corp.*		7,486		128,759
Viking Therapeutics, Inc.* (a)		10,280		83,885
Vital Therapies, Inc.*		4,909		1,080
Voyager Therapeutics, Inc.*		3,834		40,219

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Xencor, Inc.*		7,941	$	286,670
XOMA Corp.* (a)		1,079		13,024
Y-mAbs Therapeutics, Inc.*		1,182		24,326
Zafgen, Inc.*		4,994		22,173
ZIOPHARM Oncology, Inc.* (a)		21,136		47,345
				21,902,404
Building Products 1.2%
AAON, Inc.		7,082		261,609
Advanced Drainage Systems, Inc.		6,408		163,404
American Woodmark Corp.*		2,432		170,118
Apogee Enterprises, Inc.		4,758		162,105
Armstrong Flooring, Inc.*		3,491		47,198
Builders FirstSource, Inc.*		19,377		256,164
Caesarstone Ltd.(a)		4,070		62,597
Continental Building Products, Inc.*		6,374		167,891
CSW Industrials, Inc.*		2,710		139,971
Gibraltar Industries, Inc.*		5,458		194,578
Griffon Corp.		6,349		101,013
Insteel Industries, Inc.		3,129		69,120
JELD-WEN Holding, Inc.*		12,178		217,255
Masonite International Corp.*		4,509		257,915
NCI Building Systems, Inc.*		7,328		59,796
Patrick Industries, Inc.*		4,084		162,952
PGT Innovations, Inc.*		9,695		161,325
Quanex Building Products Corp.		6,061		94,855
Simpson Manufacturing Co., Inc.		7,126		437,394
Trex Co., Inc.*		10,281		717,202
Universal Forest Products, Inc.		10,227		315,196
				4,219,658
Capital Markets 1.2%
Arlington Asset Investment Corp., Class A		5,078		43,772
Artisan Partners Asset Management, Inc., Class A		8,417		196,284
Ashford, Inc.		137		8,905
Associated Capital Group, Inc., Class A		292		12,378
B. Riley Financial, Inc.		3,362		51,270
Blucora, Inc.*		8,392		247,648
BrightSphere Investment Group plc		14,237		176,112
Cohen & Steers, Inc.		3,966		149,241
Cowen, Inc.*		4,663		75,401
Diamond Hill Investment Group, Inc.		538		83,390
Donnelley Financial Solutions, Inc.*		5,782		84,648
Federated Investors, Inc., Class B		16,569		432,948
Focus Financial Partners, Inc., Class A*		3,471		97,605
GAIN Capital Holdings, Inc.(a)		4,543		29,393
GAMCO Investors, Inc., Class A		1,070		21,347
Greenhill & Co., Inc.		3,011		75,456
Hamilton Lane, Inc., Class A		2,655		96,297
Houlihan Lokey, Inc.		5,912		261,547
INTL. FCStone, Inc.*		2,720		103,986
Investment Technology Group, Inc.		5,657		171,181
Ladenburg Thalmann Financial Services, Inc.		18,905		54,446
Moelis & Co., Class A		7,659		335,081
Oppenheimer Holdings, Inc., Class A		1,812		48,797
Piper Jaffray Cos.		2,423		167,260
PJT Partners, Inc., Class A		3,470		150,876
Pzena Investment Management, Inc., Class A		2,750		24,090
Safeguard Scientifics, Inc.*		3,272		31,051
Siebert Financial Corp.*		1,094		12,100
Silvercrest Asset Management Group, Inc., Class A		1,635		21,778
Stifel Financial Corp.		11,792		564,483
Value Line, Inc.		325		6,971
Virtus Investment Partners, Inc.		1,156		104,005
Waddell & Reed Financial, Inc., Class A (a)		13,561		232,164
Westwood Holdings Group, Inc.		1,547		56,651
WisdomTree Investments, Inc.		20,852		139,708
				4,368,270
Chemicals 1.8%
Advanced Emissions Solutions, Inc.(a)		1,037		11,749
AdvanSix, Inc.*		5,263		166,521
AgroFresh Solutions, Inc.*		5,100		20,502
American Vanguard Corp.		5,013		87,828
Amyris, Inc.*		5,482		18,584
Balchem Corp.		5,586		463,750
Chase Corp.		1,251		126,126
Ferro Corp.*		14,251		237,564
Flotek Industries, Inc.*		8,914		22,820
FutureFuel Corp.		4,772		87,375
GCP Applied Technologies, Inc.*		12,242		308,499
Hawkins, Inc.		1,749		72,566
HB Fuller Co.		8,579		423,717
Ingevity Corp.*		7,361		692,449
Innophos Holdings, Inc.		3,357		100,374
Innospec, Inc.		4,104		288,388
Intrepid Potash, Inc.*		17,972		55,893
Koppers Holdings, Inc.*		3,573		81,429
Kraton Corp.*		5,301		149,488
Kronos Worldwide, Inc.		4,041		53,220
Livent Corp.* (a)		3,790		47,981
LSB Industries, Inc.*		3,511		26,157
Marrone Bio Innovations, Inc.* (a)		8,613		13,178
Minerals Technologies, Inc.		5,993		351,010
OMNOVA Solutions, Inc.*		6,965		62,058
PolyOne Corp.		13,629		441,171
PQ Group Holdings, Inc.*		6,356		95,658
Quaker Chemical Corp.		2,277		465,556
Rayonier Advanced Materials, Inc.		8,784		127,192
Sensient Technologies Corp.		7,383		463,505
Stepan Co.		3,604		316,900
Trecora Resources*		3,766		32,651
Tredegar Corp.		4,549		74,194
Trinseo SA		7,478		366,796
Tronox Ltd., Class A		16,058		140,668
Valhi, Inc.		3,680		12,254
				6,505,771
Commercial Services & Supplies 2.4%
ABM Industries, Inc.		11,250		384,637
ACCO Brands Corp.		18,264		161,271
Advanced Disposal Services, Inc.*		12,325		310,590
Brady Corp., Class A		8,213		367,203
BrightView Holdings, Inc.*		3,884		57,522
Brink’s Co.(The)		8,605		637,200
Casella Waste Systems, Inc., Class A*		6,797		204,726
CECO Environmental Corp.*		4,810		33,093
Charah Solutions, Inc.*		1,894		13,561
Cimpress NV*		3,838		319,206

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Commercial Services & Supplies (continued)
Covanta Holding Corp.		20,185	$	324,979
Deluxe Corp.		7,866		369,466
Ennis, Inc.		4,424		87,772
Healthcare Services Group, Inc.(a)		12,854		560,691
Heritage-Crystal Clean, Inc.*		2,663		68,173
Herman Miller, Inc.		10,409		356,300
HNI Corp.		7,471		290,398
Interface, Inc.		10,199		167,366
Kimball International, Inc., Class B		6,363		89,909
Knoll, Inc.		8,372		168,780
LSC Communications, Inc.		6,254		49,594
Matthews International Corp., Class A		5,370		238,911
McGrath RentCorp		4,323		217,879
Mobile Mini, Inc.		7,591		286,864
MSA Safety, Inc.		5,837		584,751
Multi-Color Corp.		2,403		111,860
NL Industries, Inc.*		969		3,673
PICO Holdings, Inc.*		3,581		34,772
Pitney Bowes, Inc.		32,322		233,042
Quad/Graphics, Inc.		5,728		77,385
RR Donnelley & Sons Co.		12,802		65,290
SP Plus Corp.*		3,902		129,156
Steelcase, Inc., Class A		14,758		243,507
Team, Inc.*(a)		5,069		72,689
Tetra Tech, Inc.		9,638		531,921
UniFirst Corp.		2,665		368,916
US Ecology, Inc.		3,774		240,291
Viad Corp.		3,483		183,554
VSE Corp.		1,397		45,584
				8,692,482
Communications Equipment 1.6%
Acacia Communications, Inc.*		4,705		204,715
ADTRAN, Inc.		8,287		120,824
Aerohive Networks, Inc.*		5,146		19,658
Applied Optoelectronics, Inc.*		3,226		56,068
CalAmp Corp.*		6,022		86,777
Calix, Inc.*		7,920		86,170
Casa Systems, Inc.*		4,356		50,704
Ciena Corp.*		24,587		936,519
Clearfield, Inc.*		1,870		22,010
Comtech Telecommunications Corp.		3,940		98,382
DASAN Zhone Solutions, Inc.*		922		12,318
Digi International, Inc.*		4,277		50,725
Extreme Networks, Inc.*		20,112		152,047
Finisar Corp.*		20,421		465,190
Harmonic, Inc.*		14,281		75,546
Infinera Corp.*		25,564		112,482
InterDigital, Inc.		5,968		434,530
KVH Industries, Inc.*		2,541		28,408
Lumentum Holdings, Inc.*		12,772		624,678
NETGEAR, Inc.*		5,555		220,034
NetScout Systems, Inc.*		12,908		334,704
Plantronics, Inc.		5,684		220,482
Quantenna Communications, Inc.*		5,869		87,683
Ribbon Communications, Inc.*		8,744		48,792
ViaSat, Inc.*(a)		9,665		605,899
Viavi Solutions, Inc.*		39,827		442,876
				5,598,221
Construction & Engineering 1.0%
Aegion Corp.*		5,520		100,188
Ameresco, Inc., Class A*		3,302		49,299
Argan, Inc.		2,541		107,281
Comfort Systems USA, Inc.		6,277		301,108
Dycom Industries, Inc.*(a)		5,182		300,815
EMCOR Group, Inc.		9,790		638,602
Granite Construction, Inc.		7,551		326,354
Great Lakes Dredge & Dock Corp.*		10,622		75,097
HC2 Holdings, Inc.*(a)		6,718		22,908
IES Holdings, Inc.*		1,568		26,248
Infrastructure and Energy Alternatives, Inc.*		2,760		22,880
KBR, Inc.		24,571		422,621
MasTec, Inc.*		10,872		482,499
MYR Group, Inc.*		2,831		86,261
Northwest Pipe Co.*		1,556		35,850
NV5 Global, Inc.*		1,557		110,189
Orion Group Holdings, Inc.*		4,453		18,792
Primoris Services Corp.		7,183		143,301
Sterling Construction Co., Inc.*		4,669		61,818
Tutor Perini Corp.*(a)		6,513		112,089
WillScot Corp.*		5,851		59,973
				3,504,173
Construction Materials 0.1%
Forterra, Inc.*		3,006		15,421
Summit Materials, Inc., Class A*		19,040		290,551
United States Lime & Minerals, Inc.		332		22,911
US Concrete, Inc.* (a)		2,782		99,039
				427,922
Consumer Finance 0.7%
Curo Group Holdings Corp.*		1,895		23,688
Elevate Credit, Inc.*		3,353		14,921
Encore Capital Group, Inc.*(a)		4,516		133,403
Enova International, Inc.*		5,712		131,662
EZCORP, Inc., Class A*		8,878		82,743
FirstCash, Inc.		7,540		621,522
Green Dot Corp., Class A*		8,385		620,658
LendingClub Corp.*		54,516		173,906
Nelnet, Inc., Class A		3,184		167,478
PRA Group, Inc.*		7,997		235,991
Regional Management Corp.*		1,648		45,287
World Acceptance Corp.*		1,080		111,985
				2,363,244
Containers & Packaging 0.1%
Greif, Inc., Class A		4,251		165,789
Greif, Inc., Class B		1,135		51,245
Myers Industries, Inc.		5,866		95,381
UFP Technologies, Inc.*		1,059		34,947
				347,362
Distributors 0.1%
Core-Mark Holding Co., Inc.		7,820		218,022
Funko, Inc., Class A*		1,836		31,855
Weyco Group, Inc.		1,012		27,192
				277,069
Diversified Consumer Services 0.9%
Adtalem Global Education, Inc.*		10,042		491,054
American Public Education, Inc.*		2,816		83,325
Career Education Corp.*		11,662		150,556
Carriage Services, Inc.		2,911		56,619
Chegg, Inc.*		18,634		656,289
Houghton Mifflin Harcourt Co.*		17,859		186,984
K12, Inc.*		6,445		203,082
Laureate Education, Inc., Class A*		16,185		258,960
Regis Corp.*		6,089		113,560
Sotheby’s*		6,058		244,683
Strategic Education, Inc.		3,578		391,433

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Diversified Consumer Services (continued)
Weight Watchers International, Inc.*		6,707	$	214,624
				3,051,169
Diversified Financial Services 0.2%
Banco Latinoamericano de Comercio Exterior SA, Class E		5,203		97,712
Cannae Holdings, Inc.*		11,778		227,787
FGL Holdings*		25,529		201,934
Marlin Business Services Corp.		1,421		31,532
On Deck Capital, Inc.*		8,827		66,379
				625,344
Diversified Telecommunication Services 0.5%
ATN International, Inc.		1,802		134,393
Cincinnati Bell, Inc.*		7,686		64,101
Cogent Communications Holdings, Inc.		7,101		344,044
Consolidated Communications Holdings, Inc.(a)		12,070		128,908
Frontier Communications Corp.*(a)		19,807		39,614
Intelsat SA*		9,670		235,271
Iridium Communications, Inc.*		16,895		327,425
Ooma, Inc.*		3,214		48,564
ORBCOMM, Inc.*		12,592		102,499
pdvWireless, Inc.*		1,539		62,083
Vonage Holdings Corp.*		38,511		350,835
Windstream Holdings, Inc.*(a)		6,902		20,775
				1,858,512
Electric Utilities 1.1%
ALLETE, Inc.		8,870		682,458
El Paso Electric Co.		6,997		367,482
IDACORP, Inc.		8,718		850,005
MGE Energy, Inc.		6,082		391,133
Otter Tail Corp.		6,801		329,509
PNM Resources, Inc.		13,719		584,292
Portland General Electric Co.		15,327		740,601
Spark Energy, Inc., Class A		1,777		14,749
				3,960,229
Electrical Equipment 0.7%
Allied Motion Technologies, Inc.		1,234		52,025
Atkore International Group, Inc.*		6,752		156,579
AZZ, Inc.		4,446		198,959
Babcock & Wilcox Enterprises, Inc.*		5,294		3,108
Encore Wire Corp.		3,509		189,135
Energous Corp.*(a)		3,761		28,057
EnerSys		7,221		615,662
Enphase Energy, Inc.*(a)		15,501		112,072
FuelCell Energy, Inc.*(a)		13,049		6,697
Generac Holdings, Inc.*		10,395		550,207
Plug Power, Inc.* (a)		36,903		50,557
Powell Industries, Inc.		1,416		39,521
Preformed Line Products Co.		499		27,695
Sunrun, Inc.*		17,036		226,579
Thermon Group Holdings, Inc.*		5,570		128,444
TPI Composites, Inc.*		2,367		71,649
Vicor Corp.*		2,986		117,619
Vivint Solar, Inc.*		4,967		21,805
				2,596,370
Electronic Equipment, Instruments & Components 2.5%
Anixter International, Inc.*		5,053		306,768
Arlo Technologies, Inc.*(a)		12,869		92,528
AVX Corp.		8,127		144,254
Badger Meter, Inc.		4,886		257,932
Bel Fuse, Inc., Class B		1,560		36,005
Belden, Inc.		6,902		370,016
Benchmark Electronics, Inc.		7,545		191,794
Control4 Corp.*		4,470		88,819
CTS Corp.		5,581		158,333
Daktronics, Inc.		5,721		43,079
Electro Scientific Industries, Inc.*		5,484		164,520
ePlus, Inc.*		2,374		188,068
Fabrinet*		6,171		350,760
FARO Technologies, Inc.*		2,887		122,755
Fitbit, Inc., Class A*		37,402		230,770
II-VI, Inc.*		10,837		411,373
Insight Enterprises, Inc.*		6,028		276,806
Iteris, Inc.*		3,795		14,611
Itron, Inc.*		5,819		317,892
KEMET Corp.		9,521		168,712
Kimball Electronics, Inc.*		4,314		69,757
Knowles Corp.*		14,997		233,953
Maxwell Technologies, Inc.*(a)		5,821		17,347
Mesa Laboratories, Inc.		572		129,575
Methode Electronics, Inc.		6,188		159,341
MTS Systems Corp.		3,075		153,934
Napco Security Technologies, Inc.*		2,278		35,787
nLight, Inc.*(a)		3,886		75,971
Novanta, Inc.*		5,745		400,312
OSI Systems, Inc.*		2,882		258,487
PAR Technology Corp.*		1,820		45,373
Park Electrochemical Corp.		3,455		78,705
PC Connection, Inc.		2,098		69,507
Plexus Corp.*		5,331		299,176
Rogers Corp.*		3,129		397,101
Sanmina Corp.*		11,989		374,297
ScanSource, Inc.*		4,298		164,656
SYNNEX Corp.		7,146		691,447
Tech Data Corp.*		6,664		637,278
TTM Technologies, Inc.*		16,002		183,703
Vishay Intertechnology, Inc.		22,678		442,221
Vishay Precision Group, Inc.*		1,817		60,742
				8,914,465
Energy Equipment & Services 1.3%
Archrock, Inc.		21,848		206,245
Basic Energy Services, Inc.*		3,669		17,428
Bristow Group, Inc.*(a)		6,715		22,092
C&J Energy Services, Inc.*		11,112		178,570
Cactus, Inc., Class A*		6,333		207,849
CARBO Ceramics, Inc.*		3,698		14,903
Covia Holdings Corp.*(a)		5,121		23,966
Dawson Geophysical Co.*		3,300		12,903
Diamond Offshore Drilling, Inc.*(a)		11,145		121,815
Dril-Quip, Inc.*(a)		6,085		227,822
Era Group, Inc.*		3,189		30,040
Exterran Corp.*		5,582		96,904
Forum Energy Technologies, Inc.*		13,964		68,563
Frank’s International NV*		12,745		72,519
FTS International, Inc.*		5,776		47,074
Helix Energy Solutions Group, Inc.*		24,105		164,637
Independence Contract Drilling, Inc.*		6,585		22,521
ION Geophysical Corp.*		1,715		15,384
Keane Group, Inc.*		9,507		95,831
Key Energy Services, Inc.*		1,691		2,824

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services (continued)
KLX Energy Services Holdings, Inc.*		3,451	$	89,933
Liberty Oilfield Services, Inc., Class A(a)		7,744		117,786
Mammoth Energy Services, Inc.		2,368		52,404
Matrix Service Co.*		4,599		98,649
McDermott International, Inc.*		31,323		276,269
Natural Gas Services Group, Inc.*		2,034		33,581
NCS Multistage Holdings, Inc.*		1,724		9,758
Newpark Resources, Inc.*		15,093		125,423
Nine Energy Service, Inc.*		2,649		63,523
Noble Corp. plc*		42,274		139,504
Oceaneering International, Inc.*		17,364		272,441
Oil States International, Inc.*		10,235		176,247
PHI, Inc.(Non-Voting)*(a)		1,919		6,294
Pioneer Energy Services Corp.*		12,292		18,192
Profire Energy, Inc.*		3,776		6,306
ProPetro Holding Corp.*		12,165		198,776
Quintana Energy Services, Inc.*		960		4,646
RigNet, Inc.* (a)		2,161		28,871
Rowan Cos. plc, Class A*		22,540		274,763
SEACOR Holdings, Inc.*		2,934		121,438
SEACOR Marine Holdings, Inc.*		2,616		34,662
Select Energy Services, Inc., Class A*		7,891		67,074
Smart Sand, Inc.*(a)		3,525		8,954
Solaris Oilfield Infrastructure, Inc., Class A(a)		4,675		70,312
Superior Energy Services, Inc.*		26,351		103,032
TETRA Technologies, Inc.*		20,087		42,785
Tidewater, Inc.*		4,763		102,500
Unit Corp.*		9,003		143,688
US Silica Holdings, Inc.(a)		14,084		189,852
				4,527,553
Entertainment 0.5%
AMC Entertainment Holdings, Inc., Class A(a)		9,012		132,026
Eros International plc*(a)		6,185		58,943
Glu Mobile, Inc.*		19,151		186,531
IMAX Corp.*		9,491		197,128
Liberty Media Corp.-Liberty Braves, Class C*		6,178		166,559
Liberty Media Corp-Liberty Braves, Class A*		1,604		43,533
LiveXLive Media, Inc.*		5,050		30,754
Marcus Corp.(The)		3,292		146,724
Reading International, Inc., Class A*		2,743		43,339
Rosetta Stone, Inc.*		3,191		48,376
World Wrestling Entertainment, Inc., Class A		7,485		616,315
				1,670,228
Equity Real Estate Investment Trusts (REITs) 6.6%
Acadia Realty Trust		14,227		408,742
Agree Realty Corp.		5,687		375,513
Alexander & Baldwin, Inc.*		11,806		272,010
Alexander’s, Inc.		384		127,895
American Assets Trust, Inc.		6,568		282,030
Americold Realty Trust		14,980		439,214
Armada Hoffler Properties, Inc.		8,525		128,045
Ashford Hospitality Trust, Inc.		14,949		73,998
Bluerock Residential Growth REIT, Inc.		4,460		46,295
Braemar Hotels & Resorts, Inc.		4,959		55,144
BRT Apartments Corp.		1,326		17,251
CareTrust REIT, Inc.		13,579		298,466
CatchMark Timber Trust, Inc., Class A		8,490		78,023
CBL & Associates Properties, Inc.		29,189		72,681
Cedar Realty Trust, Inc.		15,923		55,571
Chatham Lodging Trust		7,850		158,648
Chesapeake Lodging Trust		10,255		292,062
City Office REIT, Inc.		6,762		78,169
Clipper Realty, Inc.		2,564		33,204
Community Healthcare Trust, Inc.		3,012		99,456
CoreCivic, Inc.		20,654		410,395
CorEnergy Infrastructure Trust, Inc.		2,149		76,956
CorePoint Lodging, Inc.		7,038		86,145
Cousins Properties, Inc.		72,914		645,289
DiamondRock Hospitality Co.		35,369		359,349
Easterly Government Properties, Inc.		10,441		187,520
EastGroup Properties, Inc.		6,106		631,727
Essential Properties Realty Trust, Inc.		6,614		105,163
Farmland Partners, Inc.		5,091		28,560
First Industrial Realty Trust, Inc.		21,528		704,396
Four Corners Property Trust, Inc.		11,752		331,876
Franklin Street Properties Corp.		18,106		134,346
Front Yard Residential Corp.		8,589		92,933
GEO Group, Inc.(The)		20,928		471,926
Getty Realty Corp.		5,574		178,702
Gladstone Commercial Corp.		4,783		95,421
Gladstone Land Corp.		2,094		25,295
Global Medical REIT, Inc.		2,940		28,195
Global Net Lease, Inc.		12,305		238,594
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		8,785		198,453
Healthcare Realty Trust, Inc.		21,704		700,822
Hersha Hospitality Trust		6,230		115,442
Independence Realty Trust, Inc.		15,098		157,774
Industrial Logistics Properties Trust		11,282		242,450
InfraREIT, Inc.		7,621		160,803
Innovative Industrial Properties, Inc.		1,037		64,211
Investors Real Estate Trust		1,944		114,443
iStar, Inc.		11,852		113,661
Jernigan Capital, Inc.		3,155		68,400
Kite Realty Group Trust		14,397		239,422
Lexington Realty Trust		36,052		346,460
LTC Properties, Inc.		6,662		316,045
Mack-Cali Realty Corp.		15,610		321,566
MedEquities Realty Trust, Inc.		4,644		53,731
Monmouth Real Estate Investment Corp.		14,937		205,234
National Health Investors, Inc.		6,920		576,159
National Storage Affiliates Trust		10,007		291,204
New Senior Investment Group, Inc.		13,360		72,411
NexPoint Residential Trust, Inc.		3,072		114,924
NorthStar Realty Europe Corp.		7,892		132,507
Office Properties Income Trust		7,741		247,944
One Liberty Properties, Inc.		2,614		71,101
Pebblebrook Hotel Trust		23,411		750,323
Pennsylvania REIT		11,884		87,585
Physicians Realty Trust		31,833		576,496
Piedmont Office Realty Trust, Inc., Class A		21,650		419,144
PotlatchDeltic Corp.		11,557		426,222
Preferred Apartment Communities, Inc., Class A		6,771		107,659
PS Business Parks, Inc.		3,437		499,018

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
QTS Realty Trust, Inc., Class A		8,743	$	368,168
Retail Opportunity Investments Corp.		19,211		337,537
Rexford Industrial Realty, Inc.		15,801		530,914
RLJ Lodging Trust		30,234		560,841
RPT Realty		13,732		179,752
Ryman Hospitality Properties, Inc.		7,682		617,249
Sabra Health Care REIT, Inc.		30,931		635,323
Safety Income & Growth, Inc.		1,279		22,562
Saul Centers, Inc.		1,985		105,126
Seritage Growth Properties, Class A		5,545		222,964
Spirit MTA REIT		7,946		62,138
STAG Industrial, Inc.		16,354		450,880
Summit Hotel Properties, Inc.		17,815		198,994
Sunstone Hotel Investors, Inc.		39,658		567,109
Tanger Factory Outlet Centers, Inc.		15,940		362,635
Terreno Realty Corp.		10,097		407,313
Tier REIT, Inc.		9,162		215,307
UMH Properties, Inc.		5,500		77,165
Universal Health Realty Income Trust		2,244		156,452
Urban Edge Properties		19,423		396,618
Urstadt Biddle Properties, Inc., Class A		5,194		111,255
Washington Prime Group, Inc.		32,103		182,345
Washington REIT		14,172		359,260
Whitestone REIT		6,632		94,042
Xenia Hotels & Resorts, Inc.		19,216		360,684
				23,599,452
Food & Staples Retailing 0.6%
Andersons, Inc.(The)		4,673		163,789
BJ’s Wholesale Club Holdings, Inc.*		12,480		328,349
Chefs’ Warehouse, Inc.(The)*		3,790		121,735
Ingles Markets, Inc., Class A		2,491		71,093
Natural Grocers by Vitamin Cottage, Inc.*		1,734		23,686
Performance Food Group Co.*		17,778		607,296
PriceSmart, Inc.		3,810		233,362
Rite Aid Corp.*		180,303		144,837
Smart & Final Stores, Inc.*		3,686		22,227
SpartanNash Co.		6,112		126,824
United Natural Foods, Inc.*		8,646		113,263
Village Super Market, Inc., Class A		1,279		34,392
Weis Markets, Inc.		1,707		82,824
				2,073,677
Food Products 1.1%
Alico, Inc.		476		14,090
B&G Foods, Inc.(a)		11,611		309,549
Calavo Growers, Inc.		2,723		221,543
Cal-Maine Foods, Inc.		5,361		226,127
Darling Ingredients, Inc.*		28,045		596,517
Dean Foods Co.		15,790		65,844
Farmer Brothers Co.*		1,647		40,516
Fresh Del Monte Produce, Inc.		5,233		167,351
Freshpet, Inc.*		4,524		162,728
Hostess Brands, Inc.*		16,877		193,917
J&J Snack Foods Corp.		2,610		402,854
John B Sanfilippo & Son, Inc.		1,495		102,034
Lancaster Colony Corp.		3,269		520,000
Landec Corp.*		4,358		55,303
Limoneira Co.		2,813		61,970
Sanderson Farms, Inc.		3,497		430,481
Seneca Foods Corp., Class A*		1,139		32,576
Simply Good Foods Co.(The)*		10,327		204,371
Tootsie Roll Industries, Inc.(a)		2,817		97,609
				3,905,380
Gas Utilities 1.1%
Chesapeake Utilities Corp.		2,733		247,528
New Jersey Resources Corp.		15,001		727,548
Northwest Natural Holding Co.		4,843		303,172
ONE Gas, Inc.		8,971		736,968
RGC Resources, Inc.		1,474		41,463
South Jersey Industries, Inc.		14,674		436,992
Southwest Gas Holdings, Inc.		8,435		660,629
Spire, Inc.		8,472		672,423
				3,826,723
Health Care Equipment & Supplies 3.5%
Accuray, Inc.*		15,042		66,185
AngioDynamics, Inc.*		6,238		131,622
Anika Therapeutics, Inc.*		2,511		95,393
Antares Pharma, Inc.*		25,266		76,303
AtriCure, Inc.*		6,296		194,861
Atrion Corp.(a)		251		187,206
Avanos Medical, Inc.*		8,200		373,510
AxoGen, Inc.*		5,703		94,099
Axonics Modulation Technologies, Inc.*		1,173		17,126
Cardiovascular Systems, Inc.*		5,921		184,321
Cerus Corp.*		24,176		144,089
CONMED Corp.		4,325		304,264
CryoLife, Inc.*		6,089		169,944
CryoPort, Inc.*		5,049		52,964
Cutera, Inc.*		2,367		33,990
CytoSorbents Corp.*		5,452		40,835
ElectroCore, Inc.*		814		5,438
Endologix, Inc.*		13,226		10,019
FONAR Corp.*		1,008		22,277
GenMark Diagnostics, Inc.*		9,303		61,772
Glaukos Corp.*		5,846		372,916
Globus Medical, Inc., Class A*		12,642		569,522
Haemonetics Corp.*		8,902		880,497
Helius Medical Technologies, Inc.*(a)		2,987		21,984
Heska Corp.*		1,159		114,277
Inogen, Inc.*		3,073		464,668
Integer Holdings Corp.*		5,328		431,515
IntriCon Corp.*		1,303		33,774
Invacare Corp.		5,726		29,432
iRadimed Corp.*		581		15,931
iRhythm Technologies, Inc.*		4,268		362,780
Lantheus Holdings, Inc.*		6,564		110,406
LeMaitre Vascular, Inc.		2,624		62,556
LivaNova plc*		8,464		781,396
Meridian Bioscience, Inc.		7,271		119,172
Merit Medical Systems, Inc.*		9,110		514,988
Natus Medical, Inc.*		5,540		186,920
Neogen Corp.*		8,750		532,963
Neuronetics, Inc.*		980		16,778
Nevro Corp.*		4,992		242,412
Novocure Ltd.*		12,639		619,311
NuVasive, Inc.*		8,942		448,352
Nuvectra Corp.*		2,956		41,384
NxStage Medical, Inc.*		11,433		332,357
OraSure Technologies, Inc.*		10,344		132,920
Orthofix Medical, Inc.*		3,007		162,709
OrthoPediatrics Corp.*		1,122		40,695
Oxford Immunotec Global plc*		4,078		59,294
Pulse Biosciences, Inc.*(a)		1,925		25,718

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
Quidel Corp.*		5,972	$	346,555
Rockwell Medical, Inc.*(a)		7,733		24,127
RTI Surgical, Inc.*		8,882		38,992
SeaSpine Holdings Corp.*		2,511		38,393
Senseonics Holdings, Inc.*(a)		13,970		35,065
SI-BONE, Inc.*		1,435		25,801
Sientra, Inc.*		4,112		45,725
STAAR Surgical Co.*		7,671		274,085
Surmodics, Inc.*		2,226		127,483
Tactile Systems Technology, Inc.*		2,971		197,809
Tandem Diabetes Care, Inc.*		8,929		388,233
TransEnterix, Inc.*(a)		26,618		72,401
Utah Medical Products, Inc.		561		52,700
Varex Imaging Corp.*		6,548		186,553
ViewRay, Inc.*(a)		11,540		82,973
Wright Medical Group NV*		21,672		646,692
				12,577,432
Health Care Providers & Services 1.8%
AAC Holdings, Inc.*		2,280		5,518
Addus HomeCare Corp.*		1,688		101,533
Amedisys, Inc.*		4,658		610,943
American Renal Associates Holdings, Inc.*		2,126		25,767
AMN Healthcare Services, Inc.*		8,088		524,022
Apollo Medical Holdings, Inc.*		433		8,456
BioScrip, Inc.*		21,324		77,406
BioTelemetry, Inc.*		5,567		399,822
Brookdale Senior Living, Inc.*		32,077		261,428
Capital Senior Living Corp.*		3,948		27,518
Civitas Solutions, Inc.*		2,587		45,867
Community Health Systems, Inc.*(a)		13,674		53,876
CorVel Corp.*		1,513		94,517
Cross Country Healthcare, Inc.*		5,718		55,064
Diplomat Pharmacy, Inc.*		9,730		141,085
Ensign Group, Inc.(The)		8,672		377,839
Genesis Healthcare, Inc.*		9,332		14,651
Guardant Health, Inc.*		2,486		100,285
HealthEquity, Inc.*		9,425		587,554
LHC Group, Inc.*		5,053		534,254
Magellan Health, Inc.*		3,984		259,597
National HealthCare Corp.		2,126		170,782
National Research Corp.		1,983		79,280
Owens & Minor, Inc.		10,514		79,591
Patterson Cos., Inc.(a)		14,295		318,636
PetIQ, Inc.*		2,700		82,134
Providence Service Corp.(The)*		1,956		125,458
Quorum Health Corp.*		4,570		13,390
R1 RCM, Inc.*		17,581		142,758
RadNet, Inc.*		7,040		96,096
Select Medical Holdings Corp.*		18,538		289,564
Surgery Partners, Inc.*(a)		3,039		39,750
Tenet Healthcare Corp.*		14,301		314,479
Tivity Health, Inc.*		6,887		153,305
Triple-S Management Corp., Class B*		3,826		77,132
US Physical Therapy, Inc.		2,151		227,769
Vapotherm, Inc.*		803		13,514
				6,530,640
Health Care Technology 1.1%
Allscripts Healthcare Solutions, Inc.*		30,487		359,442
Castlight Health, Inc., Class B*		12,516		37,173
Computer Programs & Systems, Inc.		1,828		47,967
Evolent Health, Inc., Class A*		12,002		212,195
HealthStream, Inc.		4,514		113,572
HMS Holdings Corp.*		14,447		433,266
Inovalon Holdings, Inc., Class A*(a)		11,858		169,451
Inspire Medical Systems, Inc.*		2,045		109,673
Medidata Solutions, Inc.*		10,062		714,000
NantHealth, Inc.*		3,066		1,625
NextGen Healthcare Information Systems LLC*		9,111		161,083
Omnicell, Inc.*		6,611		430,574
Simulations Plus, Inc.		2,173		41,852
Tabula Rasa HealthCare, Inc.*		2,962		178,549
Teladoc Health, Inc.*(a)		11,685		750,177
Vocera Communications, Inc.*		5,026		205,161
				3,965,760
Hotels, Restaurants & Leisure 2.9%
BBX Capital Corp.		10,569		65,211
Belmond Ltd., Class A*		15,367		382,946
Biglari Holdings, Inc., Class A*		20		13,000
BJ’s Restaurants, Inc.		3,681		183,424
Bloomin’ Brands, Inc.		14,173		261,208
Bluegreen Vacations Corp.		1,194		16,000
Boyd Gaming Corp.		14,234		388,873
Brinker International, Inc.(a)		6,601		267,472
Carrols Restaurant Group, Inc.*		6,039		52,117
Century Casinos, Inc.*		4,601		35,290
Cheesecake Factory, Inc.(The)		7,450		334,356
Churchill Downs, Inc.		6,147		565,401
Chuy’s Holdings, Inc.*		2,960		67,251
Cracker Barrel Old Country Store, Inc.(a)		3,325		556,206
Dave & Buster’s Entertainment, Inc.		6,942		357,166
Del Frisco’s Restaurant Group, Inc.*		6,519		51,630
Del Taco Restaurants, Inc.*		5,313		55,202
Denny’s Corp.*		10,651		188,416
Dine Brands Global, Inc.		2,876		219,353
Drive Shack, Inc.*		10,006		42,125
El Pollo Loco Holdings, Inc.*		3,893		64,196
Eldorado Resorts, Inc.*		11,458		534,172
Empire Resorts, Inc.*		691		8,292
Fiesta Restaurant Group, Inc.*		4,143		61,565
Golden Entertainment, Inc.*(a)		3,302		61,747
Habit Restaurants, Inc.(The), Class A*		3,974		40,614
International Speedway Corp., Class A		4,157		180,622
J Alexander’s Holdings, Inc.*		2,124		18,266
Jack in the Box, Inc.		4,779		386,860
Lindblad Expeditions Holdings, Inc.*		3,795		46,641
Marriott Vacations Worldwide Corp.		6,813		603,223
Monarch Casino & Resort, Inc.*		2,022		87,431
Nathan’s Famous, Inc.		466		31,455
Noodles & Co.*		2,818		20,290
OBH, Inc.*		171		22,387
Papa John’s International, Inc.(a)		3,665		154,993
Penn National Gaming, Inc.*		18,721		453,797
Planet Fitness, Inc., Class A*		15,202		880,500
PlayAGS, Inc.*		4,072		102,044
Potbelly Corp.*		3,706		32,131
RCI Hospitality Holdings, Inc.		1,476		32,930
Red Lion Hotels Corp.*		2,679		24,781

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Red Robin Gourmet Burgers, Inc.*		2,297	$	73,458
Red Rock Resorts, Inc., Class A		12,030		305,321
Ruth’s Hospitality Group, Inc.		4,988		115,223
Scientific Games Corp.*		9,417		235,990
SeaWorld Entertainment, Inc.*		9,424		245,495
Shake Shack, Inc., Class A*		4,231		202,073
Speedway Motorsports, Inc.		1,891		30,521
Texas Roadhouse, Inc.		11,766		715,843
Town Sports International Holdings, Inc.*		2,324		14,014
Wingstop, Inc.		4,968		326,149
				10,215,671
Household Durables 1.5%
Bassett Furniture Industries, Inc.		1,646		31,389
Beazer Homes USA, Inc.*		5,649		70,782
Cavco Industries, Inc.*		1,463		243,282
Century Communities, Inc.*		4,411		103,482
Ethan Allen Interiors, Inc.		4,005		76,015
Flexsteel Industries, Inc.		1,239		30,938
GoPro, Inc., Class A*(a)		19,912		98,166
Green Brick Partners, Inc.*		3,917		33,138
Hamilton Beach Brands Holding Co., Class A		1,049		27,421
Helen of Troy Ltd.*		4,606		534,480
Hooker Furniture Corp.		1,996		57,425
Hovnanian Enterprises, Inc., Class A*		19,862		14,025
Installed Building Products, Inc.*		3,776		159,007
iRobot Corp.*(a)		4,649		417,434
KB Home		14,710		314,941
La-Z-Boy, Inc.		8,011		237,286
LGI Homes, Inc.*(a)		3,165		187,684
Lifetime Brands, Inc.		2,255		21,941
Lovesac Co. (The)*		1,022		24,405
M/I Homes, Inc.*		4,746		125,722
MDC Holdings, Inc.		7,768		255,800
Meritage Homes Corp.*		6,654		299,962
New Home Co., Inc. (The)*		2,005		13,875
Purple Innovation, Inc.*(a)		894		5,114
Roku, Inc.*(a)		7,551		339,417
Skyline Champion Corp.		4,878		88,097
Sonos, Inc.*(a)		3,152		37,414
Taylor Morrison Home Corp., Class A*		20,191		381,610
TopBuild Corp.*		6,291		332,228
TRI Pointe Group, Inc.*(a)		24,474		329,175
Tupperware Brands Corp.		8,390		228,795
Turtle Beach Corp.*(a)		1,277		19,015
Universal Electronics, Inc.*		2,278		64,171
Vuzix Corp.*(a)		3,781		15,994
William Lyon Homes, Class A*		5,570		73,858
ZAGG, Inc.*		4,858		54,507
				5,347,995
Household Products 0.2%
Central Garden & Pet Co.*		2,075		81,361
Central Garden & Pet Co., Class A*		6,844		243,783
Oil-Dri Corp. of America		826		21,922
WD-40 Co.		2,337		424,750
				771,816
Independent Power and Renewable Electricity Producers 0.3%
Atlantic Power Corp.*		18,604		46,696
Clearway Energy, Inc., Class A		5,916		86,965
Clearway Energy, Inc., Class C		12,656		190,979
Ormat Technologies, Inc.		7,028		405,586
Pattern Energy Group, Inc., Class A		13,872		295,196
TerraForm Power, Inc., Class A		12,589		149,558
				1,174,980
Industrial Conglomerates 0.1%
Raven Industries, Inc.		6,179		228,561
Insurance 2.6%
Ambac Financial Group, Inc.*		7,733		146,308
American Equity Investment Life Holding Co.		15,538		486,650
AMERISAFE, Inc.		2,950		175,259
Argo Group International Holdings Ltd.		5,695		380,084
Citizens, Inc.*		8,674		61,499
CNO Financial Group, Inc.		28,638		512,047
Crawford & Co., Class B		1,964		18,953
Donegal Group, Inc., Class A		1,969		25,932
eHealth, Inc.*		3,292		201,339
EMC Insurance Group, Inc.		1,533		50,405
Employers Holdings, Inc.		5,208		220,663
Enstar Group Ltd.*		2,094		372,732
FBL Financial Group, Inc., Class A		1,903		133,629
FedNat Holding Co.		2,180		39,480
Genworth Financial, Inc., Class A*		86,740		419,822
Global Indemnity Ltd.		1,379		45,369
Goosehead Insurance, Inc., Class A*(a)		1,835		52,738
Greenlight Capital Re Ltd., Class A*		5,148		53,385
Hallmark Financial Services, Inc.*		2,620		25,414
HCI Group, Inc.		1,270		60,173
Health Insurance Innovations, Inc., Class A*(a)		2,267		86,917
Heritage Insurance Holdings, Inc.		3,489		50,660
Horace Mann Educators Corp.		6,904		287,552
Independence Holding Co.		918		32,828
Investors Title Co.		270		46,637
James River Group Holdings Ltd.		4,507		173,835
Kemper Corp.		8,767		659,103
Kingstone Cos., Inc.		1,899		31,239
Kinsale Capital Group, Inc.		3,433		199,114
Maiden Holdings Ltd.		11,274		14,543
MBIA, Inc.*		15,259		146,639
National General Holdings Corp.		11,143		269,103
National Western Life Group, Inc., Class A		395		119,803
Navigators Group, Inc. (The)		3,491		243,672
NI Holdings, Inc.*		2,284		34,260
Primerica, Inc.		6,892		774,454
ProAssurance Corp.		9,210		392,899
Protective Insurance Corp., Class B		1,986		36,602
RLI Corp.		6,807		449,330
Safety Insurance Group, Inc.		2,418		199,026
Selective Insurance Group, Inc.		9,808		597,503
State Auto Financial Corp.		3,063		104,142
Stewart Information Services Corp.		4,063		180,600
Third Point Reinsurance Ltd.*		13,222		138,963
Tiptree, Inc.		5,119		30,458
Trupanion, Inc.*(a)		4,544		120,643
United Fire Group, Inc.		3,701		192,452
United Insurance Holdings Corp.		3,803		62,065
Universal Insurance Holdings, Inc.		5,477		206,592
				9,363,515
Interactive Media & Services 0.5%
Care.com, Inc.*		3,744		88,995

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

11

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Interactive Media & Services (continued)
Cargurus, Inc.*		8,697	$	371,971
Cars.com, Inc.*(a)		12,256		334,711
Liberty TripAdvisor Holdings, Inc., Class A*		12,443		207,300
Meet Group, Inc. (The)*		12,615		72,915
QuinStreet, Inc.*		7,617		145,028
Travelzoo*		786		9,668
TrueCar, Inc.*		15,739		147,632
Yelp, Inc.*		14,101		513,558
				1,891,778
Internet & Direct Marketing Retail 1.0%
1-800-Flowers.com, Inc., Class A*		4,312		68,776
Duluth Holdings, Inc., Class B*		1,485		35,462
Etsy, Inc.*		20,548		1,122,948
Gaia, Inc.*		1,783		20,968
Groupon, Inc.*		75,715		285,446
Lands’ End, Inc.*		1,705		30,519
Leaf Group Ltd.*		2,431		18,670
Liberty Expedia Holdings, Inc., Class A*		9,321		382,068
Liquidity Services, Inc.*		4,122		34,501
Nutrisystem, Inc.		5,078		220,436
Overstock.com, Inc.*(a)		4,310		74,779
PetMed Express, Inc.(a)		3,435		81,341
Quotient Technology, Inc.*		13,705		137,050
Remark Holdings, Inc.*		4,423		8,846
Shutterfly, Inc.*		5,657		259,996
Shutterstock, Inc.		3,240		129,632
Stamps.com, Inc.*		3,060		569,405
				3,480,843
IT Services 2.0%
Brightcove, Inc.*		6,960		55,819
CACI International, Inc., Class A*		4,207		703,326
Carbonite, Inc.*		5,568		159,468
Cardtronics plc, Class A*		6,797		183,995
Cass Information Systems, Inc.		2,500		122,725
CSG Systems International, Inc.		5,731		207,405
Endurance International Group Holdings, Inc.*		12,157		98,472
Everi Holdings, Inc.*		11,350		75,478
EVERTEC, Inc.		10,463		289,511
Evo Payments, Inc., Class A*		4,068		102,310
Exela Technologies, Inc.*		7,560		29,786
ExlService Holdings, Inc.*		5,842		335,915
GTT Communications, Inc.*(a)		7,459		190,950
Hackett Group, Inc. (The)		4,181		75,216
I3 Verticals, Inc., Class A*		1,624		40,162
Information Services Group, Inc.*		4,611		19,043
Internap Corp.*		3,269		17,685
Limelight Networks, Inc.*		19,126		59,673
LiveRamp Holdings, Inc.*		13,352		580,011
ManTech International Corp., Class A		4,533		255,525
MAXIMUS, Inc.		11,083		777,251
MoneyGram International, Inc.*		4,688		9,986
NIC, Inc.		11,109		182,188
Perficient, Inc.*		5,442		138,825
Perspecta, Inc.		25,032		501,892
PFSweb, Inc.*		2,438		14,847
Presidio, Inc.		6,168		98,256
PRGX Global, Inc.*		3,296		30,191
Science Applications International Corp.		8,771		588,885
ServiceSource International, Inc.*		12,395		14,874
Sykes Enterprises, Inc.*		6,821		188,055
Travelport Worldwide Ltd.		21,473		336,267
TTEC Holdings, Inc.		2,548		85,180
Tucows, Inc., Class A*(a)		1,582		116,467
Unisys Corp.*(a)		8,663		113,312
Virtusa Corp.*		4,827		234,206
				7,033,157
Leisure Products 0.3%
Acushnet Holdings Corp.		5,935		136,446
American Outdoor Brands Corp.*		9,508		114,761
Callaway Golf Co.		16,070		261,780
Clarus Corp.		3,335		37,319
Escalade, Inc.		1,669		18,626
Johnson Outdoors, Inc., Class A		859		53,816
Malibu Boats, Inc., Class A*		3,507		142,209
Marine Products Corp.		1,596		22,663
MasterCraft Boat Holdings, Inc.*		3,253		71,013
Nautilus, Inc.*		4,876		36,619
Sturm Ruger & Co., Inc.		2,908		158,428
Vista Outdoor, Inc.*		9,787		97,674
YETI Holdings, Inc.*		2,891		49,176
				1,200,530
Life Sciences Tools & Services 0.6%
Accelerate Diagnostics, Inc.*(a)		4,526		82,418
Cambrex Corp.*		5,652		246,710
ChromaDex Corp.*(a)		6,196		20,633
Codexis, Inc.*		8,774		165,127
Enzo Biochem, Inc.*		6,680		25,117
Fluidigm Corp.*		4,332		37,472
Harvard Bioscience, Inc.*		6,540		22,432
Luminex Corp.		7,107		198,214
Medpace Holdings, Inc.*		3,852		248,069
NanoString Technologies, Inc.*		4,490		99,857
NeoGenomics, Inc.*		11,103		184,532
Pacific Biosciences of California, Inc.*		23,542		162,911
Quanterix Corp.*		1,331		28,031
Syneos Health, Inc.*		10,608		541,432
				2,062,955
Machinery 3.6%
Actuant Corp., Class A		10,462		239,475
Alamo Group, Inc.		1,665		143,406
Albany International Corp., Class A		4,926		338,219
Altra Industrial Motion Corp.		10,579		323,823
Astec Industries, Inc.		3,934		145,637
Barnes Group, Inc.		8,360		493,909
Blue Bird Corp.*		2,367		47,032
Briggs & Stratton Corp.		7,152		92,118
Chart Industries, Inc.*		5,269		393,594
CIRCOR International, Inc.*		2,645		73,134
Columbus McKinnon Corp.		3,786		137,053
Commercial Vehicle Group, Inc.*		5,041		37,656
DMC Global, Inc.		2,488		85,886
Douglas Dynamics, Inc.		3,816		135,086
Eastern Co. (The)		917		24,924
Energy Recovery, Inc.*(a)		5,846		44,430
EnPro Industries, Inc.		3,581		236,525
ESCO Technologies, Inc.		4,350		283,229
Evoqua Water Technologies Corp.*		12,971		140,217
Federal Signal Corp.		10,128		222,613
Franklin Electric Co., Inc.		7,913		378,083
FreightCar America, Inc.*		1,965		13,991
Gencor Industries, Inc.*		1,346		18,656

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

12

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Global Brass & Copper Holdings, Inc.		3,711	$	112,221
Gorman-Rupp Co. (The)		3,072		106,138
Graham Corp.		1,544		34,586
Greenbrier Cos., Inc. (The)		5,658		239,956
Harsco Corp.*		13,768		293,258
Hillenbrand, Inc.		10,763		456,351
Hurco Cos., Inc.		996		38,197
Hyster-Yale Materials Handling, Inc.		1,822		126,793
John Bean Technologies Corp.		5,452		433,107
Kadant, Inc.		1,877		160,108
Kennametal, Inc.		13,938		523,790
LB Foster Co., Class A*		1,637		29,253
Lindsay Corp.		1,856		159,393
Lydall, Inc.*		2,936		77,863
Manitex International, Inc.*		2,296		16,095
Manitowoc Co., Inc. (The)*		6,104		92,903
Meritor, Inc.*		14,480		299,446
Milacron Holdings Corp.*		11,920		165,211
Miller Industries, Inc.		1,793		53,880
Mueller Industries, Inc.		9,747		252,545
Mueller Water Products, Inc., Class A		26,570		262,512
Navistar International Corp.*		8,396		275,725
NN, Inc.		7,178		65,535
Omega Flex, Inc.		478		30,257
Park-Ohio Holdings Corp.		1,432		46,511
Proto Labs, Inc.*		4,638		575,808
RBC Bearings, Inc.*		4,094		570,785
REV Group, Inc.(a)		4,927		40,943
Rexnord Corp.*		17,889		467,797
Spartan Motors, Inc.		6,036		50,823
SPX Corp.*		7,421		220,775
SPX FLOW, Inc.*		7,467		244,694
Standex International Corp.		2,256		168,252
Sun Hydraulics Corp.		4,914		174,054
Tennant Co.		3,064		179,949
Titan International, Inc.		9,060		50,917
TriMas Corp.*		7,903		229,108
Twin Disc, Inc.*		1,382		25,042
Wabash National Corp.		9,865		137,518
Watts Water Technologies, Inc., Class A		4,746		355,333
Woodward, Inc.		9,319		846,631
				12,738,759
Marine 0.1%
Costamare, Inc.		8,112		41,209
Eagle Bulk Shipping, Inc.*		7,570		31,113
Genco Shipping & Trading Ltd.*		1,462		10,775
Matson, Inc.		7,520		251,995
Safe Bulkers, Inc.*		7,941		12,308
Scorpio Bulkers, Inc.		9,457		42,746
				390,146
Media 1.4%
Beasley Broadcast Group, Inc., Class A		2,412		10,902
Boston Omaha Corp., Class A*		812		20,536
Cardlytics, Inc.*		957		16,738
Central European Media Enterprises Ltd., Class A*		15,408		46,378
Clear Channel Outdoor Holdings, Inc., Class A*		5,995		33,392
Daily Journal Corp.*		186		41,126
Emerald Expositions Events, Inc.		4,017		57,041
Entercom Communications Corp., Class A		21,980		161,113
Entravision Communications Corp., Class A		10,666		42,024
EW Scripps Co. (The), Class A		7,979		149,846
Fluent, Inc.*		4,483		21,160
Gannett Co., Inc.		19,428		215,457
Gray Television, Inc.*		13,683		228,643
Hemisphere Media Group, Inc.*		2,954		39,170
Liberty Latin America Ltd., Class A*		7,469		130,222
Liberty Latin America Ltd., Class C*		20,033		350,177
Loral Space & Communications, Inc.*		2,271		82,006
MDC Partners, Inc., Class A*		9,170		27,235
Meredith Corp.(a)		6,771		367,462
MSG Networks, Inc., Class A*		10,343		231,683
National CineMedia, Inc.		13,346		92,221
New Media Investment Group, Inc.		10,215		139,639
New York Times Co. (The), Class A		22,465		577,575
Nexstar Media Group, Inc., Class A		7,679		640,966
Saga Communications, Inc., Class A		593		20,055
Scholastic Corp.		5,059		210,910
Sinclair Broadcast Group, Inc., Class A		11,582		356,841
TechTarget, Inc.*		3,486		50,547
TEGNA, Inc.		37,115		435,730
Tribune Publishing Co.*		2,814		33,684
WideOpenWest, Inc.*		4,958		37,483
				4,867,962
Metals & Mining 1.2%
AK Steel Holding Corp.*(a)		54,003		159,309
Allegheny Technologies, Inc.*		21,392		585,927
Carpenter Technology Corp.		8,154		385,358
Century Aluminum Co.*		8,724		80,261
Cleveland-Cliffs, Inc.(a)		51,727		553,996
Coeur Mining, Inc.*		31,801		163,775
Commercial Metals Co.		19,707		343,887
Compass Minerals International, Inc.		6,039		315,538
Gold Resource Corp.		8,450		37,941
Haynes International, Inc.		2,209		72,455
Hecla Mining Co.		77,962		210,498
Kaiser Aluminum Corp.		2,801		281,136
Materion Corp.		3,441		161,486
Olympic Steel, Inc.		1,482		28,558
Ramaco Resources, Inc.*		1,308		7,927
Ryerson Holding Corp.*		2,473		17,385
Schnitzer Steel Industries, Inc., Class A		4,566		110,497
SunCoke Energy, Inc.*		11,201		125,899
Synalloy Corp.		1,308		20,667
Tahoe Resources, Inc.*		53,215		201,685
TimkenSteel Corp.*		7,026		89,441
Universal Stainless & Alloy Products, Inc.*		1,554		27,863
Warrior Met Coal, Inc.		7,529		216,308
Worthington Industries, Inc.		7,347		277,202
				4,474,999
Mortgage Real Estate Investment Trusts (REITs) 1.1%
AG Mortgage Investment Trust, Inc.		5,139		92,605
Anworth Mortgage Asset Corp.		17,261		77,157

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

13

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Apollo Commercial Real Estate Finance, Inc.		21,184	$	385,549
Arbor Realty Trust, Inc.		9,842		117,710
Ares Commercial Real Estate Corp.		5,053		72,763
ARMOUR Residential REIT, Inc.		7,286		153,152
Blackstone Mortgage Trust, Inc., Class A		19,178		661,449
Capstead Mortgage Corp.		15,920		117,330
Cherry Hill Mortgage Investment Corp.		2,880		53,280
Colony Credit Real Estate, Inc.		14,469		241,777
Dynex Capital, Inc.		9,775		58,846
Exantas Capital Corp.		4,839		51,148
Granite Point Mortgage Trust, Inc.		7,346		143,394
Great Ajax Corp.		2,617		33,785
Invesco Mortgage Capital, Inc.		19,503		313,998
KKR Real Estate Finance Trust, Inc.		3,131		64,561
Ladder Capital Corp.		15,877		274,831
New York Mortgage Trust, Inc.		26,271		164,982
Orchid Island Capital, Inc.		8,983		62,342
PennyMac Mortgage Investment Trust		10,127		204,970
Ready Capital Corp.		2,875		44,965
Redwood Trust, Inc.		14,605		235,579
TPG RE Finance Trust, Inc.		5,803		115,074
Western Asset Mortgage Capital Corp.		7,525		71,939
				3,813,186
Multiline Retail 0.3%
Big Lots, Inc.		7,066		222,862
Dillard’s, Inc., Class A		2,031		135,650
JC Penney Co., Inc.*(a)		55,097		72,728
Ollie’s Bargain Outlet Holdings, Inc.*		8,694		679,610
				1,110,850
Multi-Utilities 0.5%
Avista Corp.		11,410		477,508
Black Hills Corp.		9,185		623,570
NorthWestern Corp.		8,704		556,273
Unitil Corp.		2,528		132,619
				1,789,970
Oil, Gas & Consumable Fuels 2.3%
Abraxas Petroleum Corp.*		28,446		33,851
Adams Resources & Energy, Inc.		407		16,129
Alta Mesa Resources, Inc., Class A*(a)		17,016		16,301
Approach Resources, Inc.*(a)		6,985		6,729
Arch Coal, Inc., Class A		2,999		264,302
Ardmore Shipping Corp.*		5,458		30,947
Berry Petroleum Corp.		2,319		27,341
Bonanza Creek Energy, Inc.*		3,309		76,272
California Resources Corp.*		7,744		156,042
Callon Petroleum Co.*		38,745		315,384
Carrizo Oil & Gas, Inc.*		15,343		188,412
Clean Energy Fuels Corp.*		24,672		46,877
Cloud Peak Energy, Inc.*		11,939		4,454
CONSOL Energy, Inc.*		4,815		171,077
CVR Energy, Inc.		3,058		122,779
Delek US Holdings, Inc.		13,975		454,327
Denbury Resources, Inc.*		81,623		165,695
DHT Holdings, Inc.		15,337		62,115
Dorian LPG Ltd.*		4,567		25,027
Earthstone Energy, Inc., Class A*		3,580		21,587
Eclipse Resources Corp.*(a)		14,202		16,332
Energy Fuels, Inc.*(a)		15,137		43,292
EP Energy Corp., Class A*		7,430		5,122
Evolution Petroleum Corp.		4,162		31,090
Frontline Ltd.*(a)		13,835		71,250
GasLog Ltd.		7,025		125,958
Golar LNG Ltd.		16,200		360,774
Goodrich Petroleum Corp.*		1,313		17,962
Green Plains, Inc.		6,813		96,813
Gulfport Energy Corp.*		29,962		251,381
Halcon Resources Corp.*(a)		23,082		37,855
Hallador Energy Co.		2,995		16,967
HighPoint Resources Corp.*		19,004		53,211
International Seaways, Inc.*		3,852		69,798
Isramco, Inc.*		122		13,579
Jagged Peak Energy, Inc.*(a)		11,033		116,178
Laredo Petroleum, Inc.*		26,888		102,174
Lilis Energy, Inc.*		6,956		15,095
Matador Resources Co.*(a)		18,444		359,658
Midstates Petroleum Co., Inc.*		2,408		23,309
NACCO Industries, Inc., Class A		665		22,663
NextDecade Corp.*(a)		1,222		4,460
Nordic American Tankers Ltd.(a)		23,352		47,872
Northern Oil and Gas, Inc.*		31,536		79,786
Oasis Petroleum, Inc.*		47,215		284,234
Overseas Shipholding Group, Inc., Class A*		9,165		16,589
Panhandle Oil and Gas, Inc., Class A		2,579		41,264
Par Pacific Holdings, Inc.*		5,094		82,828
PDC Energy, Inc.*		11,337		369,246
Peabody Energy Corp.		13,632		486,662
Penn Virginia Corp.*		2,131		111,792
Petrocorp, Inc.* (b)(c)(d)		1,500		0
Renewable Energy Group, Inc.*		6,411		185,278
Resolute Energy Corp.*(a)		3,790		124,047
REX American Resources Corp.*		949		69,211
Ring Energy, Inc.*		9,868		58,024
Sanchez Energy Corp.*(a)		11,327		2,968
SandRidge Energy, Inc.*		5,017		41,591
Scorpio Tankers, Inc.		7,864		147,293
SemGroup Corp., Class A		13,607		217,984
Ship Finance International Ltd.		14,018		170,459
SilverBow Resources, Inc.*		1,151		27,981
Southwestern Energy Co.*		102,597		448,349
SRC Energy, Inc.*		41,461		203,988
Talos Energy, Inc.*		3,370		64,367
Teekay Corp.(a)		12,146		42,632
Teekay Tankers Ltd., Class A		32,757		32,757
Tellurian, Inc.*(a)		15,358		153,580
Ultra Petroleum Corp.*(a)		25,871		18,627
Uranium Energy Corp.*(a)		26,758		34,785
W&T Offshore, Inc.*		16,446		82,888
WildHorse Resource Development Corp.*(a)		4,767		80,896
World Fuel Services Corp.		11,503		286,310
Zion Oil & Gas, Inc.*		8,468		4,120
				8,078,977
Paper & Forest Products 0.4%
Boise Cascade Co.		6,677		183,417
Clearwater Paper Corp.*		2,861		96,473
Louisiana-Pacific Corp.		24,291		592,214
Neenah, Inc.		2,898		201,904
PH Glatfelter Co.		7,460		95,339
Schweitzer-Mauduit International, Inc.		5,303		170,014

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

14

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Paper & Forest Products (continued)
Verso Corp., Class A*		5,894	$	145,405
				1,484,766
Personal Products 0.3%
Edgewell Personal Care Co.*		9,210		363,334
elf Beauty, Inc.*		3,712		31,181
Inter Parfums, Inc.		2,987		198,516
Medifast, Inc.		2,007		255,371
Natural Health Trends Corp.		1,252		20,520
Nature’s Sunshine Products, Inc.*		1,606		12,848
Revlon, Inc., Class A*(a)		1,315		34,453
USANA Health Sciences, Inc.*		2,177		254,927
				1,171,150
Pharmaceuticals 1.8%
Aclaris Therapeutics, Inc.*		6,071		42,315
Aerie Pharmaceuticals, Inc.*		6,110		287,292
Akcea Therapeutics, Inc.*(a)		2,070		55,021
Akorn, Inc.*		16,019		60,231
Amneal Pharmaceuticals, Inc.*		15,429		189,468
Amphastar Pharmaceuticals, Inc.*		6,032		137,288
Ampio Pharmaceuticals, Inc.*		12,745		6,372
ANI Pharmaceuticals, Inc.*		1,431		76,902
Aquestive Therapeutics, Inc.*		731		4,481
Aratana Therapeutics, Inc.*		8,175		36,215
Arvinas, Inc.*		1,353		23,556
Assembly Biosciences, Inc.*		3,882		88,432
Assertio Therapeutics, Inc.*		10,395		46,362
Clearside Biomedical, Inc.*		4,528		5,343
Collegium Pharmaceutical, Inc.*		5,221		83,588
Corcept Therapeutics, Inc.*(a)		16,754		187,310
Cymabay Therapeutics, Inc.*		10,141		88,227
Dermira, Inc.*		6,288		41,501
Dova Pharmaceuticals, Inc.*(a)		1,910		14,669
Durect Corp.*		25,301		15,312
Eloxx Pharmaceuticals, Inc.*		3,473		41,884
Endo International plc*		38,952		379,782
Evolus, Inc.*		1,463		23,920
Horizon Pharma plc*		28,846		619,901
Innovate Biopharmaceuticals, Inc.*(a)		2,984		7,012
Innoviva, Inc.*		11,908		203,627
Intersect ENT, Inc.*		5,089		150,991
Intra-Cellular Therapies, Inc.*		7,702		92,732
Kala Pharmaceuticals, Inc.*		2,151		11,895
Lannett Co., Inc.*(a)		6,251		46,632
Liquidia Technologies, Inc.*		693		9,972
Mallinckrodt plc*		14,432		315,484
Marinus Pharmaceuticals, Inc.*		5,867		19,478
Medicines Co. (The)*(a)		12,162		281,064
Melinta Therapeutics, Inc.*		5,781		4,880
Menlo Therapeutics, Inc.*		2,049		10,962
MyoKardia, Inc.*		5,940		245,797
Neos Therapeutics, Inc.*		8,827		18,890
Ocular Therapeutix, Inc.*		5,636		21,304
Odonate Therapeutics, Inc.*		1,177		19,503
Omeros Corp.*(a)		7,875		107,415
Optinose, Inc.*(a)		3,458		22,270
Osmotica Pharmaceuticals plc*		1,610		12,622
Pacira Pharmaceuticals, Inc.*		6,844		278,414
Paratek Pharmaceuticals, Inc.*(a)		5,125		34,568
Phibro Animal Health Corp., Class A		3,448		107,647
Prestige Consumer Healthcare, Inc.*(a)		8,842		246,869
Reata Pharmaceuticals, Inc., Class A*		3,318		264,677
Pharmaceuticals (continued)resTORbio, Inc.*(a)		1,602		14,226
Revance Therapeutics, Inc.*		5,684		98,163
scPharmaceuticals, Inc.*		917		3,576
Sienna Biopharmaceuticals, Inc.*		2,777		7,442
SIGA Technologies, Inc.*		9,304		63,081
Supernus Pharmaceuticals, Inc.*		8,401		320,330
Teligent, Inc.*		6,623		11,259
Tetraphase Pharmaceuticals, Inc.*		7,938		9,764
TherapeuticsMD, Inc.*(a)		33,006		173,282
Theravance Biopharma, Inc.*(a)		7,381		192,275
Tricida, Inc.*		1,930		42,344
Verrica Pharmaceuticals, Inc.*		761		9,109
WaVe Life Sciences Ltd.*		3,032		112,942
Xeris Pharmaceuticals, Inc.*		1,058		14,685
Zogenix, Inc.*		7,350		321,563
Zomedica Pharmaceuticals Corp.*(a)		4,643		3,713
				6,487,831
Professional Services 1.4%
Acacia Research Corp.*		8,015		24,366
ASGN, Inc.*		8,829		556,139
Barrett Business Services, Inc.		1,269		79,503
BG Staffing, Inc.		1,594		41,077
CBIZ, Inc.*		8,812		172,715
CRA International, Inc.		1,421		59,313
Exponent, Inc.		8,994		449,340
Forrester Research, Inc.		1,804		81,018
Franklin Covey Co.*		1,569		38,221
FTI Consulting, Inc.*		6,613		451,800
GP Strategies Corp.*		2,030		30,531
Heidrick & Struggles International, Inc.		3,201		105,793
Huron Consulting Group, Inc.*		3,800		183,730
ICF International, Inc.		3,095		204,022
InnerWorkings, Inc.*		7,454		34,214
Insperity, Inc.		6,650		709,422
Kelly Services, Inc., Class A		5,373		120,355
Kforce, Inc.		3,963		130,026
Korn Ferry		9,991		455,590
Mistras Group, Inc.*		2,805		41,262
Navigant Consulting, Inc.		7,190		186,365
Resources Connection, Inc.		5,202		86,925
TriNet Group, Inc.*		7,443		339,847
TrueBlue, Inc.*		7,135		174,023
Upwork, Inc.*		2,123		40,995
WageWorks, Inc.*		6,828		215,423
Willdan Group, Inc.*		1,539		51,787
				5,063,802
Real Estate Management & Development 0.6%
Altisource Portfolio Solutions SA*		1,738		41,156
American Realty Investors, Inc.*		467		6,108
Consolidated-Tomoka Land Co.		634		38,718
Cushman & Wakefield plc*		7,922		136,575
Forestar Group, Inc.*		1,694		27,121
FRP Holdings, Inc.*		1,187		60,205
Griffin Industrial Realty, Inc.		177		5,953
HFF, Inc., Class A		6,435		266,538
Kennedy-Wilson Holdings, Inc.		21,551		430,805
Marcus & Millichap, Inc.*		3,390		134,244
Maui Land & Pineapple Co., Inc.*		1,226		14,638
Newmark Group, Inc., Class A		25,922		270,885
RE/MAX Holdings, Inc., Class A		3,077		128,372
Redfin Corp.*(a)		14,043		251,229
RMR Group, Inc. (The), Class A		1,227		80,994

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

15

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Real Estate Management & Development (continued)
St Joe Co. (The)*		5,970	$	92,893
Stratus Properties, Inc.*		971		23,013
Tejon Ranch Co.*		3,381		63,630
Transcontinental Realty Investors, Inc.*		321		10,770
Trinity Place Holdings, Inc.*		2,360		9,794
				2,093,641
Road & Rail 0.5%
ArcBest Corp.		4,409		165,867
Avis Budget Group, Inc.*(a)		11,663		310,702
Covenant Transportation Group, Inc., Class A*		2,192		51,687
Daseke, Inc.*		6,584		27,455
Heartland Express, Inc.		8,297		166,023
Hertz Global Holdings, Inc.*(a)		9,410		156,112
Marten Transport Ltd.		6,765		130,903
PAM Transportation Services, Inc.*		361		17,743
Saia, Inc.*		4,366		261,829
Universal Logistics Holdings, Inc.		1,376		28,043
US Xpress Enterprises, Inc., Class A*		3,163		23,343
USA Truck, Inc.*		1,280		22,861
Werner Enterprises, Inc.		7,959		262,010
YRC Worldwide, Inc.*		5,322		33,209
				1,657,787
Semiconductors & Semiconductor Equipment 2.6%
ACM Research, Inc., Class A*(a)		1,301		12,112
Adesto Technologies Corp.*		4,825		23,787
Advanced Energy Industries, Inc.*		6,501		333,436
Alpha & Omega Semiconductor Ltd.*		3,222		38,374
Ambarella, Inc.*(a)		5,568		211,584
Amkor Technology, Inc.*		17,601		140,808
Aquantia Corp.*		3,415		30,086
Axcelis Technologies, Inc.*		5,648		117,648
AXT, Inc.*		7,943		32,646
Brooks Automation, Inc.		12,261		381,685
Cabot Microelectronics Corp.		4,859		495,084
CEVA, Inc.*		3,850		109,494
Cirrus Logic, Inc.*		10,285		382,088
Cohu, Inc.		6,753		118,448
Cree, Inc.*		17,517		883,382
Diodes, Inc.*		6,786		228,213
Entegris, Inc.		24,296		802,983
FormFactor, Inc.*		12,550		188,501
Ichor Holdings Ltd.*(a)		3,895		80,120
Impinj, Inc.*		2,675		40,981
Inphi Corp.*(a)		7,442		293,512
Integrated Device Technology, Inc.*		22,315		1,090,088
Kopin Corp.*		9,908		13,673
Lattice Semiconductor Corp.*		19,987		155,899
MACOM Technology Solutions Holdings, Inc.*		7,777		140,219
MaxLinear, Inc.*(a)		10,704		210,012
Nanometrics, Inc.*		3,883		118,781
NeoPhotonics Corp.*		6,155		44,439
NVE Corp.		847		80,711
PDF Solutions, Inc.*		4,495		47,242
Photronics, Inc.*		11,576		123,747
Power Integrations, Inc.		4,920		324,720
Rambus, Inc.*		18,227		164,408
Rudolph Technologies, Inc.*		5,405		117,397
Semtech Corp.*		11,362		551,739
Silicon Laboratories, Inc.*		7,361		563,117
SMART Global Holdings, Inc.*		1,647		40,862
SunPower Corp.*(a)		10,759		62,510
Synaptics, Inc.*		5,970		237,606
Ultra Clean Holdings, Inc.*		6,347		75,275
Veeco Instruments, Inc.*		8,582		84,189
Xperi Corp.		8,424		180,526
				9,372,132
Software 5.3%
8x8, Inc.*		16,179		284,912
A10 Networks, Inc.*		8,050		54,659
ACI Worldwide, Inc.*		19,617		579,879
Agilysys, Inc.*		2,407		42,604
Alarm.com Holdings, Inc.*		5,284		332,522
Altair Engineering, Inc., Class A*		4,279		138,554
Alteryx, Inc., Class A*		4,990		355,038
Amber Road, Inc.*		3,971		34,587
American Software, Inc., Class A		4,878		53,951
Anaplan, Inc.*		3,106		97,497
Appfolio, Inc., Class A*		2,717		172,013
Asure Software, Inc.*		1,596		8,475
Avalara, Inc.*		1,451		57,851
Avaya Holdings Corp.*		17,962		303,737
Benefitfocus, Inc.*		3,968		222,010
Blackbaud, Inc.		8,409		602,084
Blackline, Inc.*		6,373		303,227
Bottomline Technologies DE, Inc.*		7,248		374,359
Box, Inc., Class A*		21,118		441,789
Carbon Black, Inc.*		6,613		102,435
ChannelAdvisor Corp.*		4,691		50,428
Cision Ltd.*		11,509		142,712
Cloudera, Inc.*		34,859		470,596
CommVault Systems, Inc.*		6,910		456,544
Cornerstone OnDemand, Inc.*		9,367		537,104
Coupa Software, Inc.*		9,308		809,424
Digimarc Corp.*		1,893		36,895
Domo, Inc., Class B*		1,399		37,773
Ebix, Inc.(a)		4,132		236,020
eGain Corp.*		2,838		20,320
Ellie Mae, Inc.*(a)		5,972		452,678
Envestnet, Inc.*		7,761		421,034
Everbridge, Inc.*		4,486		277,504
Five9, Inc.*		9,708		496,370
ForeScout Technologies, Inc.*		5,375		163,937
Fusion Connect, Inc.*		3,364		6,728
HubSpot, Inc.*		6,345		1,004,477
Instructure, Inc.*		5,365		212,078
j2 Global, Inc.		8,150		612,554
LivePerson, Inc.*		10,267		240,966
Majesco*		1,228		10,438
MicroStrategy, Inc., Class A*		1,643		208,480
MINDBODY, Inc., Class A*		7,788		283,950
Mitek Systems, Inc.*		5,896		65,033
MobileIron, Inc.*		13,620		66,057
Model N, Inc.*		4,252		61,697
Monotype Imaging Holdings, Inc.		7,192		119,387
New Relic, Inc.*		7,737		786,466
OneSpan, Inc.*		5,536		80,770
Park City Group, Inc.*		2,081		18,021
Paylocity Holding Corp.*		4,986		354,156
Progress Software Corp.		7,788		282,159
PROS Holdings, Inc.*		5,571		192,757
Q2 Holdings, Inc.*		6,509		386,830
QAD, Inc., Class A		1,775		74,834

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

16

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Software (continued)
Qualys, Inc.*		5,892	$	509,835
Rapid7, Inc.*		6,188		248,634
Rimini Street, Inc.*		1,393		7,383
SailPoint Technologies Holding, Inc.*		11,978		341,972
SecureWorks Corp., Class A*(a)		1,625		37,245
ShotSpotter, Inc.*(a)		1,162		55,962
SPS Commerce, Inc.*		2,901		257,203
SVMK, Inc.*		2,960		38,510
Telaria, Inc.*		7,019		22,391
Telenav, Inc.*		4,648		20,591
Tenable Holdings, Inc.*		2,167		59,983
TiVo Corp.		21,555		239,907
Trade Desk, Inc. (The), Class A*		5,731		817,699
Upland Software, Inc.*		2,756		86,097
Varonis Systems, Inc.*		4,834		285,593
Verint Systems, Inc.*		11,213		542,373
Veritone, Inc.*(a)		1,157		6,167
VirnetX Holding Corp.*		8,346		42,565
Workiva, Inc.*		5,040		211,176
Yext, Inc.*		13,889		216,529
Zix Corp.*		8,689		61,866
Zscaler, Inc.*(a)		10,476		506,724
				18,855,765
Specialty Retail 2.9%
Aaron’s, Inc.		11,833		592,360
Abercrombie & Fitch Co., Class A		11,647		252,390
American Eagle Outfitters, Inc.		27,573		582,342
America’s Car-Mart, Inc.*		978		68,421
Asbury Automotive Group, Inc.*		3,329		235,194
Ascena Retail Group, Inc.*		29,964		73,412
At Home Group, Inc.*		7,812		172,176
Barnes & Noble Education, Inc.*		6,162		35,247
Barnes & Noble, Inc.		9,576		57,743
Bed Bath & Beyond, Inc.(a)		23,571		355,686
Big 5 Sporting Goods Corp.(a)		3,210		11,042
Boot Barn Holdings, Inc.*		5,066		118,696
Buckle, Inc. (The)		4,971		86,346
Caleres, Inc.		7,208		215,087
Camping World Holdings, Inc., Class A		5,632		79,862
Carvana Co.*(a)		5,718		212,424
Cato Corp. (The), Class A		4,283		63,603
Chico’s FAS, Inc.		21,940		127,252
Children’s Place, Inc. (The)		2,726		263,768
Citi Trends, Inc.		2,151		44,074
Conn’s, Inc.*		3,411		71,426
Container Store Group, Inc. (The)*		2,910		20,836
DSW, Inc., Class A		11,778		320,950
Express, Inc.*		12,614		66,854
Five Below, Inc.*		9,396		1,162,567
Francesca’s Holdings Corp.*		5,955		5,259
GameStop Corp., Class A(a)		17,292		196,091
Genesco, Inc.*		3,337		150,766
GNC Holdings, Inc., Class A*(a)		13,237		40,373
Group 1 Automotive, Inc.		3,161		192,916
Guess?, Inc.		9,867		192,505
Haverty Furniture Cos., Inc.		3,035		61,823
Hibbett Sports, Inc.*		3,258		53,236
Hudson Ltd., Class A*		6,850		88,228
J. Jill, Inc.*		2,561		15,238
Kirkland’s, Inc.*		2,929		29,934
Lithia Motors, Inc., Class A		3,818		339,611
Lumber Liquidators Holdings, Inc.*(a)		4,978		59,836
MarineMax, Inc.*		3,482		61,910
Monro, Inc.		5,465		391,622
Murphy USA, Inc.*		5,149		378,709
National Vision Holdings, Inc.*		10,939		347,423
Office Depot, Inc.		95,315		281,179
Party City Holdco, Inc.*(a)		10,175		112,332
Pier 1 Imports, Inc.*		12,878		10,505
Rent-A-Center, Inc.*		8,093		141,628
RH*(a)		3,400		461,958
RTW RetailWinds, Inc.*		4,624		14,334
Sally Beauty Holdings, Inc.*		20,981		361,293
Shoe Carnival, Inc.(a)		1,854		68,376
Signet Jewelers Ltd.		8,937		217,705
Sleep Number Corp.*		5,582		200,952
Sonic Automotive, Inc., Class A		4,063		62,164
Sportsman’s Warehouse Holdings, Inc.*		5,845		30,043
Tailored Brands, Inc.		8,510		107,481
Tile Shop Holdings, Inc.		6,405		48,614
Tilly’s, Inc., Class A		3,483		42,179
Winmark Corp.		411		63,356
Zumiez, Inc.*		3,234		82,176
				10,201,513
Technology Hardware, Storage & Peripherals 0.3%
3D Systems Corp.*(a)		18,691		238,497
Avid Technology, Inc.*		5,259		25,033
Cray, Inc.*		6,952		152,527
Diebold Nixdorf, Inc.(a)		12,339		52,441
Eastman Kodak Co.*(a)		2,633		7,662
Electronics For Imaging, Inc.*		7,542		199,184
Immersion Corp.*		4,131		39,203
Stratasys Ltd.*		9,183		234,442
USA Technologies, Inc.*		9,949		58,799
				1,007,788
Textiles, Apparel & Luxury Goods 0.8%
Crocs, Inc.*		11,583		332,664
Culp, Inc.		1,786		34,112
Deckers Outdoor Corp.*		5,017		644,434
Fossil Group, Inc.*(a)		7,809		132,441
G-III Apparel Group Ltd.*		7,694		268,290
Movado Group, Inc.		2,703		86,361
Oxford Industries, Inc.		2,883		220,780
Rocky Brands, Inc.		1,115		29,893
Steven Madden Ltd.		14,874		485,636
Superior Group of Cos., Inc.		1,375		24,434
Unifi, Inc.*		2,731		58,416
Vera Bradley, Inc.*		3,760		33,652
Wolverine World Wide, Inc.		15,839		543,436
				2,894,549
Thrifts & Mortgage Finance 2.3%
Axos Financial, Inc.*		10,159		308,427
Bank7 Corp.*		558		8,699
BankFinancial Corp.		2,351		35,265
Beneficial Bancorp, Inc.		11,896		185,459
Bridgewater Bancshares, Inc.*		3,736		41,656
BSB Bancorp, Inc.*		1,365		44,035
Capitol Federal Financial, Inc.		22,489		289,433
Columbia Financial, Inc.*		8,744		129,499
Dime Community Bancshares, Inc.		5,645		111,319
Entegra Financial Corp.*		1,114		26,023
ESSA Bancorp, Inc.		1,458		21,957
Essent Group Ltd.*		16,623		660,764
Federal Agricultural Mortgage Corp., Class C		1,597		112,988

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

17

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
First Defiance Financial Corp.		3,467	$	97,700
Flagstar Bancorp, Inc.*		5,102		157,397
FS Bancorp, Inc.		723		35,102
Greene County Bancorp, Inc.		600		18,282
Hingham Institution for Savings		266		49,183
Home Bancorp, Inc.		1,428		50,494
HomeStreet, Inc.*		4,095		100,205
Impac Mortgage Holdings, Inc.*		1,940		6,809
Kearny Financial Corp.		15,740		202,102
LendingTree, Inc.*(a)		1,394		413,098
Luther Burbank Corp.		3,514		33,207
Malvern Bancorp, Inc.*		1,055		22,071
Merchants Bancorp		2,899		56,733
Meridian Bancorp, Inc.		8,386		132,792
Meta Financial Group, Inc.		4,826		113,652
MGIC Investment Corp.*		62,667		782,084
Mr. Cooper Group, Inc.*		12,777		196,638
NMI Holdings, Inc., Class A*		10,690		235,180
Northfield Bancorp, Inc.		7,814		111,818
Northwest Bancshares, Inc.		16,595		292,736
OceanFirst Financial Corp.		8,192		196,690
Ocwen Financial Corp.*		20,740		34,843
OP Bancorp*		1,845		16,790
Oritani Financial Corp.		7,304		123,145
PCSB Financial Corp.		2,918		59,265
PDL Community Bancorp*		1,345		17,391
PennyMac Financial Services, Inc.		3,385		70,002
Provident Bancorp, Inc.*		734		16,596
Provident Financial Services, Inc.		10,877		268,771
Prudential Bancorp, Inc.		1,311		23,913
Radian Group, Inc.		37,478		721,077
Riverview Bancorp, Inc.		3,454		25,732
SI Financial Group, Inc.		1,611		20,750
Southern Missouri Bancorp, Inc.		1,309		46,090
Sterling Bancorp, Inc.		3,730		32,078
Territorial Bancorp, Inc.		1,251		34,503
Timberland Bancorp, Inc.		1,245		35,009
TrustCo Bank Corp.		14,930		115,857
United Community Financial Corp.		7,986		75,707
United Financial Bancorp, Inc.		8,825		130,698
Walker & Dunlop, Inc.		4,743		227,996
Washington Federal, Inc.		14,481		421,252
Waterstone Financial, Inc.		4,570		71,749
Western New England Bancorp, Inc.		4,527		41,875
WSFS Financial Corp.		5,205		219,495
				8,130,081
Tobacco 0.2%
22nd Century Group, Inc.*(a)		18,728		41,951
Pyxus International, Inc.*(a)		1,364		22,138
Turning Point Brands, Inc.		1,579		55,912
Universal Corp.		4,240		244,648
Vector Group Ltd.		17,726		194,986
				559,635
Trading Companies & Distributors 1.2%
Aircastle Ltd.		9,281		193,416
Applied Industrial Technologies, Inc.		6,550		386,515
Beacon Roofing Supply, Inc.*		11,976		435,088
BlueLinx Holdings, Inc.*(a)		1,444		42,093
BMC Stock Holdings, Inc.*		11,559		198,352
CAI International, Inc.*		3,177		78,853
DXP Enterprises, Inc.*		2,738		90,107
EVI Industries, Inc.(a)		693		24,186
Foundation Building Materials, Inc.*		2,391		21,854
GATX Corp.		6,429		486,547
General Finance Corp.*		1,542		14,896
GMS, Inc.*		5,591		105,838
H&E Equipment Services, Inc.		5,470		146,432
Herc Holdings, Inc.*		4,123		152,757
Kaman Corp.		4,727		279,460
Lawson Products, Inc.*		1,218		36,053
MRC Global, Inc.*		14,409		225,068
Nexeo Solutions, Inc.*(a)		6,293		59,154
NOW, Inc.*		18,486		250,116
Rush Enterprises, Inc., Class A		5,061		193,583
Rush Enterprises, Inc., Class B		898		34,950
SiteOne Landscape Supply, Inc.*		6,970		371,501
Systemax, Inc.		2,061		48,104
Textainer Group Holdings Ltd.*		4,892		63,694
Titan Machinery, Inc.*		2,993		56,089
Triton International Ltd.		8,976		322,687
Veritiv Corp.*		2,018		68,915
Willis Lease Finance Corp.*		553		21,169
				4,407,477
Water Utilities 0.4%
American States Water Co.		6,317		427,787
AquaVenture Holdings Ltd.*		1,872		39,368
Artesian Resources Corp., Class A		1,571		55,598
Cadiz, Inc.*(a)		4,404		45,361
California Water Service Group		8,261		409,085
Connecticut Water Service, Inc.		2,070		140,429
Consolidated Water Co. Ltd.		2,404		31,372
Global Water Resources, Inc.		2,191		21,099
Middlesex Water Co.		2,741		154,044
Pure Cycle Corp.*		2,603		26,473
SJW Group		2,955		177,152
York Water Co. (The)		2,279		74,979
				1,602,747
Wireless Telecommunication Services 0.2%
Boingo Wireless, Inc.*		6,950		167,634
Gogo, Inc.*(a)		11,335		46,814
NII Holdings, Inc.*(a)		15,603		75,675
Shenandoah Telecommunications Co.		8,005		381,278
Spok Holdings, Inc.		3,222		44,592
				715,993
Total Common Stocks (cost $328,515,813)				341,952,188
Rights 0.1%
	Number of Rights		Value
Food Products 0.1%
Schuman, Inc., CVR*(b)		5,162		9,859
Pharmaceuticals 0.0%†
Corium International, Inc., CVR*(b)		5,244		0
Total Rights (cost $–)				9,859

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

18

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Short-Term Investment 0.4%
	Shares		Value
Money Market Fund 0.4%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.32% (e)(f)		1,582,088	$	1,582,088
Total Short-Term Investment (cost $1,582,088)				1,582,088
Repurchase Agreements 4.5%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $15,730,756, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $16,122,430.(f)	$	15,729,629		15,729,629
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $411,192, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $419,386.(f)		411,163		411,163
Total Repurchase Agreements (cost $16,140,792)				16,140,792
Total Investments (cost $346,238,693) — 100.9%				359,684,927
Liabilities in excess of other assets — (0.9)%				(3,114,227	)
NET ASSETS — 100.0%			$	356,570,700

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $19,022,725, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,582,088 and $16,140,792, respectively, and by $1,608,302 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $19,331,182.

(b) Fair valued security.

(c) Illiquid security as deemed by the procedures approved by the Board of Trustees (unaudited).

(d) Value determined using significant unobservable inputs.

(e) Represents 7-day effective yield as of January 31, 2019.

(f) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $17,722,880.

† Amount rounds to less than 0.1%. Asset Types

CVR	Contingent Value Rights
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

19

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Futures contracts outstanding as of January 31, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Russell 2000 E-Mini Index		202		3/2019		USD		15,152,020		1,170,761
										1,170,761

At January 31, 2019, the Fund has $681,600 segregated as collateral with the broker for open futures contracts.

Currency:

USD — United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

20

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	4,255,027	$	—	$	—	$	4,255,027
Air Freight & Logistics		1,152,662		—		—		1,152,662
Airlines		1,716,021		—		—		1,716,021
Auto Components		3,570,977		—		—		3,570,977
Automobiles		151,952		—		—		151,952
Banks		32,479,875		—		—		32,479,875
Beverages		992,857		—		—		992,857
Biotechnology		21,902,404		—		—		21,902,404
Building Products		4,219,658		—		—		4,219,658
Capital Markets		4,368,270		—		—		4,368,270
Chemicals		6,505,771		—		—		6,505,771
Commercial Services & Supplies		8,692,482		—		—		8,692,482
Communications Equipment		5,598,221		—		—		5,598,221
Construction & Engineering		3,504,173		—		—		3,504,173
Construction Materials		427,922		—		—		427,922
Consumer Finance		2,363,244		—		—		2,363,244
Containers & Packaging		347,362		—		—		347,362
Distributors		277,069		—		—		277,069
Diversified Consumer Services		3,051,169		—		—		3,051,169
Diversified Financial Services		625,344		—		—		625,344
Diversified Telecommunication Services		1,858,512		—		—		1,858,512

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

21

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Electric Utilities	$	3,960,229	$	—	$	—	$	3,960,229
Electrical Equipment		2,596,370		—		—		2,596,370
Electronic Equipment, Instruments & Components		8,914,465		—		—		8,914,465
Energy Equipment & Services		4,527,553		—		—		4,527,553
Entertainment		1,670,228		—		—		1,670,228
Equity Real Estate Investment Trusts (REITs)		23,599,452		—		—		23,599,452
Food & Staples Retailing		2,073,677		—		—		2,073,677
Food Products		3,905,380		—		—		3,905,380
Gas Utilities		3,826,723		—		—		3,826,723
Health Care Equipment & Supplies		12,577,432		—		—		12,577,432
Health Care Providers & Services		6,530,640		—		—		6,530,640
Health Care Technology		3,965,760		—		—		3,965,760
Hotels, Restaurants & Leisure		10,215,671		—		—		10,215,671
Household Durables		5,347,995		—		—		5,347,995
Household Products		771,816		—		—		771,816
Independent Power and Renewable Electricity Producers		1,174,980		—		—		1,174,980
Industrial Conglomerates		228,561		—		—		228,561
Insurance		9,363,515		—		—		9,363,515
Interactive Media & Services		1,891,778		—		—		1,891,778
Internet & Direct Marketing Retail		3,480,843		—		—		3,480,843
IT Services		7,033,157		—		—		7,033,157
Leisure Products		1,200,530		—		—		1,200,530
Life Sciences Tools & Services		2,062,955		—		—		2,062,955
Machinery		12,738,759		—		—		12,738,759
Marine		390,146		—		—		390,146
Media		4,867,962		—		—		4,867,962
Metals & Mining		4,474,999		—		—		4,474,999
Mortgage Real Estate Investment Trusts (REITs)		3,813,186		—		—		3,813,186
Multiline Retail		1,110,850		—		—		1,110,850
Multi-Utilities		1,789,970		—		—		1,789,970
Oil, Gas & Consumable Fuels		8,078,977		—		—		8,078,977
Paper & Forest Products		1,484,766		—		—		1,484,766
Personal Products		1,171,150		—		—		1,171,150
Pharmaceuticals		6,487,831		—		—		6,487,831
Professional Services		5,063,802		—		—		5,063,802
Real Estate Management & Development		2,093,641		—		—		2,093,641
Road & Rail		1,657,787		—		—		1,657,787
Semiconductors & Semiconductor Equipment		9,372,132		—		—		9,372,132
Software		18,855,765		—		—		18,855,765
Specialty Retail		10,201,513		—		—		10,201,513
Technology Hardware, Storage & Peripherals		1,007,788		—		—		1,007,788
Textiles, Apparel & Luxury Goods		2,894,549		—		—		2,894,549
Thrifts & Mortgage Finance		8,130,081		—		—		8,130,081
Tobacco		559,635		—		—		559,635
Trading Companies & Distributors		4,407,477		—		—		4,407,477
Water Utilities		1,602,747		—		—		1,602,747
Wireless Telecommunication Services		715,993		—		—		715,993
Total Common Stocks	$	341,952,188	$	—	$	—	$	341,952,188
Futures Contracts	$	1,170,761	$	—	$	—	$	1,170,761
Repurchase Agreements		—		16,140,792		—		16,140,792
Rights		—		9,859		—		9,859
Short-Term Investment		1,582,088		—		—		1,582,088
Total	$	344,705,037	$	16,150,651	$	—	$	360,855,688

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

During the period ended January 31, 2019, the Fund held one Common Stocks that was categorized as Level 3 investments which were each valued at $0.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

22

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

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 or amount 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. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2019

Assets:		Fair Value
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts	$	1,170,761
Total		$	1,170,761

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

23

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Small Company Growth Fund

Common Stocks 96.6%
	Shares		Value
Biotechnology 1.8%
Incyte Corp.*		14,737	$	1,187,655
Ironwood Pharmaceuticals, Inc.*		315,511		4,309,880
				5,497,535
Chemicals 3.9%
Balchem Corp.		139,684		11,596,566
Communications Equipment 1.4%
NetScout Systems, Inc.*		159,614		4,138,791
Electronic Equipment, Instruments & Components 4.5%
Cognex Corp.		297,099		13,518,005
Health Care Equipment & Supplies 22.6%
ABIOMED, Inc.*		33,636		11,808,590
Cantel Medical Corp.		119,469		9,727,166
Cardiovascular Systems, Inc.*		138,956		4,325,700
Endologix, Inc.*		211,540		160,241
Glaukos Corp.*		74,202		4,733,346
Inogen, Inc.*		62,546		9,457,581
iRhythm Technologies, Inc.*		39,696		3,374,160
Meridian Bioscience, Inc.		79,371		1,300,891
Neogen Corp.*		183,781		11,194,101
Quidel Corp.*		191,341		11,103,518
				67,185,294
Health Care Technology 13.7%
Medidata Solutions, Inc.*		130,850		9,285,116
NextGen Healthcare Information Systems LLC*		288,844		5,106,762
Veeva Systems, Inc., Class A*		120,820		13,176,629
Vocera Communications, Inc.*		320,646		13,088,770
				40,657,277
IT Services 0.4%
NIC, Inc.		67,916		1,113,822
Life Sciences Tools & Services 3.9%
Bio-Techne Corp.		66,955		11,680,969
Machinery 8.5%
DMC Global, Inc.		90,797		3,134,312
Proto Labs, Inc.*		104,094		12,923,270
Sun Hydraulics Corp.		255,987		9,067,060
				25,124,642
Software 35.9%
ACI Worldwide, Inc.*		72,306		2,137,365
Alarm.com Holdings, Inc.*		87,662		5,516,570
Alteryx, Inc., Class A*(a)		62,222		4,427,095
American Software, Inc., Class A		161,125		1,782,042
ANSYS, Inc.*		54,134		8,896,923
Blackbaud, Inc.		134,325		9,617,670
Ellie Mae, Inc.*(a)		134,606		10,203,135
Guidewire Software, Inc.*		109,482		9,489,900
Manhattan Associates, Inc.*		277,789		13,547,770
Paycom Software, Inc.*		94,118		13,952,052
PROS Holdings, Inc.*		300,732		10,405,327
Q2 Holdings, Inc.*		90,390		5,371,878
Tyler Technologies, Inc.*		60,237		11,396,238
				106,743,965
Total Common Stocks (cost $212,624,084)				287,256,866
Short-Term Investment 0.4%
	Shares		Value
Money Market Fund 0.4%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.32% (b)(c)		1,051,158	$	1,051,158
Total Short-Term Investment (cost $1,051,158)				1,051,158
Repurchase Agreements 3.6%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $10,451,699, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $10,711,932. (c)	$	10,450,950		10,450,950
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $273,201, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $278,645. (c)		273,182		273,182
Total Repurchase Agreements (cost $10,724,132)				10,724,132
Total Investments (cost $224,399,374) — 100.6%				299,032,156
Liabilities in excess of other assets — (0.6)%				(1,702,032	)
NET ASSETS — 100.0%			$	297,330,124

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $11,806,935, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,051,158 and $10,724,132, respectively, a total value of $11,775,290.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $11,775,290.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

24

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Small Company Growth Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

•  Level 1 —	Quoted prices in active markets for identical assets
•  Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
•  Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	287,256,866	$	—	$	—	$	287,256,866
Repurchase Agreements		—		10,724,132		—		10,724,132
Short-Term Investment		1,051,158		—		—		1,051,158
Total	$	288,308,024	$	10,724,132	$	—	$	299,032,156

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

25

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund

Common Stocks 99.6%
	Shares		Value
Aerospace & Defense 1.2%
AAR Corp.		5,734	$	216,057
Aerovironment, Inc.*		1,831		142,195
Arotech Corp.*		6,700		23,115
Astronics Corp.*		1,178		36,129
Astronics Corp., Class B*		176		5,412
CPI Aerostructures, Inc.*		1,172		8,216
Cubic Corp.		3,316		213,119
Ducommun, Inc.*		2,970		116,929
Esterline Technologies Corp.*		4,483		545,581
KeyW Holding Corp. (The)*		7,966		57,196
Mercury Systems, Inc.*		2,286		134,028
Moog, Inc., Class A		3,674		328,713
National Presto Industries, Inc.(a)		801		95,816
SIFCO Industries, Inc.*		425		1,339
Triumph Group, Inc.		3,850		68,723
Vectrus, Inc.*		2,092		52,697
Wesco Aircraft Holdings, Inc.*		12,785		111,741
				2,157,006
Air Freight & Logistics 0.4%
Air Transport Services Group, Inc.*		4,170		99,038
Atlas Air Worldwide Holdings, Inc.*		4,349		231,454
Echo Global Logistics, Inc.*		4,411		104,805
Forward Air Corp.		1,257		73,572
Hub Group, Inc., Class A*		5,677		252,683
Radiant Logistics, Inc.*		5,361		26,483
				788,035
Airlines 1.4%
Alaska Air Group, Inc.		10,658		681,579
Copa Holdings SA, Class A		1,310		124,254
Hawaiian Holdings, Inc.		534		17,099
JetBlue Airways Corp.*		43,803		788,016
SkyWest, Inc.		7,710		392,824
Spirit Airlines, Inc.*		8,798		517,498
				2,521,270
Auto Components 1.7%
Adient plc		7,975		157,427
American Axle & Manufacturing Holdings, Inc.*		18,129		267,947
BorgWarner, Inc.		11,610		474,849
Cooper Tire & Rubber Co.		8,427		296,630
Cooper-Standard Holdings, Inc.*		2,266		173,258
Gentex Corp.		15,770		334,009
Gentherm, Inc.*		2,789		118,700
Goodyear Tire & Rubber Co. (The)		24,293		514,769
Horizon Global Corp.*(a)		1,344		2,822
Modine Manufacturing Co.*		10,671		156,117
Motorcar Parts of America, Inc.*		3,290		65,800
Shiloh Industries, Inc.*		3,700		22,163
Standard Motor Products, Inc.		4,269		209,864
Stoneridge, Inc.*		3,092		80,732
Strattec Security Corp.		442		15,249
Superior Industries International, Inc.		4,675		24,076
Tenneco, Inc., Class A		1,132		39,258
Tower International, Inc.		3,892		113,218
VOXX International Corp.*		5,943		30,963
				3,097,851
Automobiles 0.1%
Winnebago Industries, Inc.		2,948		84,313
Banks 15.8%
1st Source Corp.		4,229		191,997
Access National Corp.		2,051		48,424
Allegiance Bancshares, Inc.*		1,395		50,108
American National Bankshares, Inc.		1,663		54,347
Ameris Bancorp		2,483		94,230
AmeriServ Financial, Inc.		1,800		7,434
Arrow Financial Corp.		1,655		52,712
Associated Banc-Corp.		27,506		595,505
Atlantic Capital Bancshares, Inc.*		2,398		43,356
Banc of California, Inc.		6,828		99,552
BancFirst Corp.		3,740		200,763
Bancorp, Inc. (The)*		11,406		96,723
BancorpSouth Bank		5,040		147,067
Bank of Commerce Holdings		1,636		17,489
Bank of Marin Bancorp		1,634		68,530
Bank OZK		10,254		311,106
BankUnited, Inc.		14,933		504,885
Banner Corp.		5,248		286,226
Bar Harbor Bankshares		1,137		27,208
Baycom Corp.*		825		17,820
BCB Bancorp, Inc.		754		8,852
Berkshire Hills Bancorp, Inc.		6,787		184,946
Blue Hills Bancorp, Inc.		2,983		70,518
Boston Private Financial Holdings, Inc.		10,941		126,916
Bridge Bancorp, Inc.		1,913		58,901
Brookline Bancorp, Inc.		13,801		205,221
Bryn Mawr Bank Corp.		2,696		99,725
C&F Financial Corp.		391		19,542
Cadence Bancorp		5,935		111,281
Camden National Corp.		2,176		88,171
Capital City Bank Group, Inc.		2,801		67,224
Carolina Financial Corp.		2,314		80,111
CenterState Bank Corp.		6,407		158,894
Central Pacific Financial Corp.		4,036		115,551
Central Valley Community Bancorp		600		11,862
Century Bancorp, Inc., Class A		429		33,303
Chemical Financial Corp.		9,486		421,748
CIT Group, Inc.		15,529		717,284
Citizens & Northern Corp.		1,281		32,115
City Holding Co.		977		70,031
Civista Bancshares, Inc.		457		8,560
CNB Financial Corp.		1,639		41,418
Columbia Banking System, Inc.		7,446		273,640
Community Bank System, Inc.		2,986		179,011
Community Bankers Trust Corp.*		300		2,238
Community Trust Bancorp, Inc.		2,713		110,175
ConnectOne Bancorp, Inc.		5,101		102,020
Customers Bancorp, Inc.*		5,561		109,385
Eagle Bancorp, Inc.*		1,792		98,345
Enterprise Bancorp, Inc.		843		27,271
Enterprise Financial Services Corp.		1,967		86,804
Equity Bancshares, Inc., Class A*		1,317		41,815
Farmers National Banc Corp.		3,278		42,516
FB Financial Corp.		1,300		43,004
Fidelity Southern Corp.		4,129		125,769
Financial Institutions, Inc.		3,043		81,613
First Bancorp		3,569		131,232
First Bancorp, Inc.		1,541		39,866
First Bancorp/PR		36,613		389,928
First Bancshares, Inc. (The)		851		27,581
First Bank		980		11,015
First Busey Corp.		3,530		87,403
First Business Financial Services, Inc.		1,233		25,449
First Commonwealth Financial Corp.		16,327		222,047
First Community Bancshares, Inc.		3,566		122,314
First Financial Bancorp		12,302		323,912
First Financial Corp.		1,964		81,447
First Financial Northwest, Inc.		1,754		26,573
First Foundation, Inc.*		5,283		76,762

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
First Hawaiian, Inc.		7,603	$	195,625
First Horizon National Corp.		36,322		533,207
First Internet Bancorp		800		16,000
First Interstate BancSystem, Inc., Class A		4,105		159,767
First Merchants Corp.		6,505		238,278
First Mid-Illinois Bancshares, Inc.		1,457		47,469
First Midwest Bancorp, Inc.		14,047		309,315
First Northwest Bancorp		900		13,743
First of Long Island Corp. (The)		2,776		57,519
Flushing Financial Corp.		5,137		113,939
FNB Corp.		45,377		528,642
Franklin Financial Network, Inc.*		1,644		52,394
Fulton Financial Corp.		24,548		393,995
German American Bancorp, Inc.		2,829		82,748
Great Southern Bancorp, Inc.		2,228		118,841
Great Western Bancorp, Inc.		9,184		324,103
Hancock Whitney Corp.		10,910		448,183
Hanmi Financial Corp.		5,805		127,304
HarborOne Bancorp, Inc.*		808		12,265
Heartland Financial USA, Inc.		2,678		121,474
Heritage Commerce Corp.		6,247		82,898
Heritage Financial Corp.		5,474		169,584
Hilltop Holdings, Inc.		13,855		255,071
Home BancShares, Inc.		4,500		82,395
HomeTrust Bancshares, Inc.		3,132		84,564
Hope Bancorp, Inc.		21,007		300,610
Horizon Bancorp, Inc.		5,116		82,572
IBERIABANK Corp.		7,817		577,598
Independent Bank Corp.		5,253		253,542
Independent Bank Group, Inc.		4,254		224,441
International Bancshares Corp.		10,868		385,488
Investors Bancorp, Inc.		44,063		534,925
Lakeland Bancorp, Inc.		5,974		93,493
Lakeland Financial Corp.		1,578		71,057
LCNB Corp.		700		11,550
LegacyTexas Financial Group, Inc.		5,940		236,650
Live Oak Bancshares, Inc.		1,011		14,053
Macatawa Bank Corp.		3,062		29,885
MB Financial, Inc.		5,415		240,318
MBT Financial Corp.		2,346		23,483
Mercantile Bank Corp.		1,874		62,217
Midland States Bancorp, Inc.		2,218		53,476
MidSouth Bancorp, Inc.		1,470		16,787
MidWestOne Financial Group, Inc.		866		23,997
National Bank Holdings Corp., Class A		4,383		140,081
National Commerce Corp.*		342		13,925
NBT Bancorp, Inc.		5,830		207,665
Nicolet Bankshares, Inc.*		349		19,087
Northeast Bancorp		528		10,412
Northrim BanCorp, Inc.		746		24,715
OFG Bancorp		10,783		208,975
Ohio Valley Banc Corp.		475		17,043
Old Line Bancshares, Inc.		1,980		53,480
Old National Bancorp		23,379		377,337
Old Second Bancorp, Inc.		2,264		31,764
Opus Bank		5,252		109,767
Pacific Premier Bancorp, Inc.*		2,490		74,077
PacWest Bancorp		17,406		671,698
Park National Corp.		1,724		162,090
Peapack Gladstone Financial Corp.		2,910		77,668
Penns Woods Bancorp, Inc.		343		12,118
Peoples Bancorp of North Carolina, Inc.		709		18,434
Peoples Bancorp, Inc.		3,205		102,560
People’s United Financial, Inc.		52,065		852,825
People’s Utah Bancorp		1,321		38,837
Pinnacle Financial Partners, Inc.		10,708		575,769
Popular, Inc.		13,620		743,788
Preferred Bank		872		40,600
Premier Financial Bancorp, Inc.		1,453		20,734
Prosperity Bancshares, Inc.		9,596		682,659
QCR Holdings, Inc.		1,503		51,493
Renasant Corp.		6,723		238,801
Republic Bancorp, Inc., Class A		3,317		138,286
S&T Bancorp, Inc.		5,402		207,545
Sandy Spring Bancorp, Inc.		4,456		145,310
Seacoast Banking Corp. of Florida*		2,593		71,359
Shore Bancshares, Inc.		1,088		16,211
Sierra Bancorp		3,169		84,295
Simmons First National Corp., Class A		12,396		306,677
SmartFinancial, Inc.*		1,179		22,755
South State Corp.		4,576		303,618
Southern First Bancshares, Inc.*		254		9,141
Southern National Bancorp of Virginia, Inc.		3,865		58,284
Southside Bancshares, Inc.		2,701		89,106
Sterling Bancorp		30,887		594,266
Stock Yards Bancorp, Inc.		1,918		66,305
Synovus Financial Corp.		5,924		209,828
TCF Financial Corp.		15,613		345,984
Texas Capital Bancshares, Inc.*		486		28,319
Tompkins Financial Corp.		911		66,995
Towne Bank		8,160		211,834
TriCo Bancshares		3,516		132,623
TriState Capital Holdings, Inc.*		3,525		71,769
Triumph Bancorp, Inc.*		1,828		55,681
Trustmark Corp.		11,021		347,492
UMB Financial Corp.		744		47,884
Umpqua Holdings Corp.		31,549		557,786
Union Bankshares Corp.		7,821		246,831
United Bankshares, Inc.		14,715		520,470
United Community Banks, Inc.		9,343		240,302
United Security Bancshares		303		3,109
Univest Financial Corp.		4,791		112,541
Valley National Bancorp		47,052		475,696
Veritex Holdings, Inc.*		5,729		151,589
Washington Trust Bancorp, Inc.		1,498		77,956
WesBanco, Inc.		8,067		327,601
West Bancorporation, Inc.		1,635		35,218
Wintrust Financial Corp.		2,733		194,426
				28,495,750
Beverages 0.0%†
Craft Brew Alliance, Inc.*		4,854		79,897
Biotechnology 0.9%
Achillion Pharmaceuticals, Inc.*		32,833		71,904
Acorda Therapeutics, Inc.*		5,438		90,434
Aduro Biotech, Inc.*		6,403		19,081
Adverum Biotechnologies, Inc.*		7,361		23,408
AMAG Pharmaceuticals, Inc.*		3,751		61,404
Applied Genetic Technologies Corp.*		3,020		8,939
Aptevo Therapeutics, Inc.*		4,392		7,027
Aravive, Inc.*		823		3,308
Ardelyx, Inc.*		2,126		4,465
Chimerix, Inc.*		11,049		25,744
Concert Pharmaceuticals, Inc.*		2,723		38,530

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Emergent BioSolutions, Inc.*		3,530	$	220,237
Five Prime Therapeutics, Inc.*		3,392		38,160
Immune Design Corp.*		3,067		4,785
Merrimack Pharmaceuticals, Inc.*		1,009		5,600
Myriad Genetics, Inc.*		7,487		211,059
PDL BioPharma, Inc.*		24,722		78,616
Prothena Corp. plc*		2,413		28,353
United Therapeutics Corp.*		4,970		573,190
Zafgen, Inc.*		2,450		10,878
				1,525,122
Building Products 1.0%
Alpha Pro Tech Ltd.*		4,000		16,000
American Woodmark Corp.*		1,430		100,029
Apogee Enterprises, Inc.		4,255		144,968
Armstrong Flooring, Inc.*		5,118		69,195
CSW Industrials, Inc.*		1,555		80,316
Gibraltar Industries, Inc.*		5,286		188,446
Griffon Corp.		8,229		130,923
Insteel Industries, Inc.		2,585		57,103
Masonite International Corp.*		3,100		177,320
Owens Corning		6,649		348,341
Quanex Building Products Corp.		7,527		117,798
Resideo Technologies, Inc.*		1,933		42,391
Simpson Manufacturing Co., Inc.		2,159		132,519
Universal Forest Products, Inc.		8,442		260,182
				1,865,531
Capital Markets 1.3%
Blucora, Inc.*		8,815		260,131
Cowen, Inc.*		5,698		92,137
GAIN Capital Holdings, Inc.(a)		5,725		37,041
INTL. FCStone, Inc.*		2,328		88,999
Invesco Ltd.		21,093		384,314
Investment Technology Group, Inc.		5,660		171,272
Janus Henderson Group plc		16,903		368,992
Legg Mason, Inc.		12,809		381,708
Oppenheimer Holdings, Inc., Class A		2,162		58,223
Stifel Financial Corp.		6,908		330,686
Virtus Investment Partners, Inc.		728		65,498
Waddell & Reed Financial, Inc., Class A(a)		8,698		148,910
				2,387,911
Chemicals 2.1%
AdvanSix, Inc.*		3,964		125,421
AgroFresh Solutions, Inc.*		3,582		14,400
American Vanguard Corp.		5,335		93,469
Ashland Global Holdings, Inc.		8,815		669,058
Core Molding Technologies, Inc.		1,940		16,878
Flotek Industries, Inc.*		9,242		23,660
FutureFuel Corp.		8,088		148,091
Hawkins, Inc.		1,432		59,414
HB Fuller Co.		6,707		331,259
Huntsman Corp.		28,771		632,099
Innophos Holdings, Inc.		2,371		70,893
Innospec, Inc.		3,301		231,961
Intrepid Potash, Inc.*		16,455		51,175
Kraton Corp.*		4,678		131,920
LSB Industries, Inc.*		3,802		28,325
Minerals Technologies, Inc.		4,309		252,378
Olin Corp.		9,372		221,273
Platform Specialty Products Corp.*		28,836		324,117
PQ Group Holdings, Inc.*		4,555		68,553
Rayonier Advanced Materials, Inc.		1,457		21,097
Stepan Co.		1,399		123,014
Trecora Resources*		3,453		29,937
Tredegar Corp.		3,224		52,583
Tronox Ltd., Class A		8,235		72,139
				3,793,114
Commercial Services & Supplies 1.9%
ABM Industries, Inc.		10,288		351,747
ACCO Brands Corp.		15,314		135,223
Acme United Corp.		200		3,342
Advanced Disposal Services, Inc.*		10,762		271,203
AMREP Corp.*		216		1,359
ARC Document Solutions, Inc.*		6,278		15,256
Brady Corp., Class A		5,007		223,863
CECO Environmental Corp.*		8,373		57,606
Civeo Corp.*		25,762		65,178
Clean Harbors, Inc.*		4,988		295,340
Deluxe Corp.		200		9,394
Ennis, Inc.		3,361		66,682
Heritage-Crystal Clean, Inc.*		2,727		69,811
Knoll, Inc.		5,039		101,586
LSC Communications, Inc.		5,068		40,189
Matthews International Corp., Class A		3,629		161,454
McGrath RentCorp		3,946		198,879
Mobile Mini, Inc.		6,839		258,446
Multi-Color Corp.		237		11,032
NL Industries, Inc.*		2,541		9,630
PICO Holdings, Inc.*		4,992		48,472
Quad/Graphics, Inc.		3,004		40,584
SP Plus Corp.*		3,641		120,517
Steelcase, Inc., Class A		9,764		161,106
Stericycle, Inc.*		1,139		50,207
Team, Inc.*(a)		5,447		78,110
Tetra Tech, Inc.		3,965		218,828
UniFirst Corp.		428		59,248
Viad Corp.		3,896		205,319
Virco Manufacturing Corp.		1,500		6,360
VSE Corp.		2,192		71,525
				3,407,496
Communications Equipment 1.7%
ADTRAN, Inc.		12,546		182,921
ARRIS International plc*		25,852		811,494
Aviat Networks, Inc.*		639		8,595
BK Technologies, Inc.		2,881		11,668
Calix, Inc.*		1,597		17,375
Clearfield, Inc.*		800		9,416
CommScope Holding Co., Inc.*		990		20,701
Communications Systems, Inc.		2,369		5,567
Comtech Telecommunications Corp.		5,010		125,100
Digi International, Inc.*		6,264		74,291
EchoStar Corp., Class A*		7,774		318,578
EMCORE Corp.*		3,875		17,011
Finisar Corp.*		14,914		339,741
Harmonic, Inc.*		19,612		103,747
Infinera Corp.*		3,824		16,826
InterDigital, Inc.		4,179		304,273
KVH Industries, Inc.*		2,877		32,165
NETGEAR, Inc.*		4,606		182,444
NetScout Systems, Inc.*		12,045		312,327
Network-1 Technologies, Inc.		3,171		8,340
Optical Cable Corp.*		300		1,068
PC-Tel, Inc.*		1,200		6,348
Ribbon Communications, Inc.*		10,618		59,248
TESSCO Technologies, Inc.		1,910		30,579
Viavi Solutions, Inc.*		3,727		41,444
				3,041,267

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Construction & Engineering 2.2%
AECOM*		29,725	$	909,882
Aegion Corp.*		5,747		104,308
Ameresco, Inc., Class A*		4,900		73,157
Arcosa, Inc.		7,152		210,483
Argan, Inc.		2,646		111,714
EMCOR Group, Inc.		2,496		162,814
Fluor Corp.		564		20,626
Goldfield Corp. (The)*		6,069		16,568
Granite Construction, Inc.		5,233		226,170
Great Lakes Dredge & Dock Corp.*		18,191		128,610
IES Holdings, Inc.*		1,273		21,310
KBR, Inc.		16,493		283,680
MasTec, Inc.*		6,864		304,624
MYR Group, Inc.*		2,963		90,283
Northwest Pipe Co.*		2,416		55,665
NV5 Global, Inc.*		1,142		80,819
Orion Group Holdings, Inc.*		7,050		29,751
Primoris Services Corp.		5,844		116,588
Quanta Services, Inc.		21,970		776,420
Sterling Construction Co., Inc.*		6,611		87,530
Tutor Perini Corp.*(a)		8,542		147,008
Valmont Industries, Inc.		555		71,595
				4,029,605
Construction Materials 0.0%†
United States Lime & Minerals, Inc.		750		51,757
Consumer Finance 1.4%
Asta Funding, Inc.		267		1,138
Atlanticus Holdings Corp.*		1,995		7,501
Consumer Portfolio Services, Inc.*		1,523		5,848
Encore Capital Group, Inc.*(a)		2,812		83,067
Enova International, Inc.*		4,481		103,287
EZCORP, Inc., Class A*		10,724		99,948
Navient Corp.		39,150		446,310
Nelnet, Inc., Class A		4,820		253,532
OneMain Holdings, Inc.*		16,470		492,288
PRA Group, Inc.*		5,102		150,560
Regional Management Corp.*		2,948		81,011
Santander Consumer USA Holdings, Inc.		35,599		678,517
World Acceptance Corp.*		1,131		117,273
				2,520,280
Containers & Packaging 0.5%
Graphic Packaging Holding Co.		37,331		450,585
Greif, Inc., Class A		4,541		177,099
Sonoco Products Co.		5,651		325,385
UFP Technologies, Inc.*		423		13,959
				967,028
Distributors 0.1%
Core-Mark Holding Co., Inc.		3,305		92,143
Weyco Group, Inc.		2,056		55,245
				147,388
Diversified Consumer Services 0.9%
Adtalem Global Education, Inc.*		8,712		426,017
American Public Education, Inc.*		4,019		118,922
Bridgepoint Education, Inc.*		1,950		15,853
Carriage Services, Inc.		3,713		72,218
Graham Holdings Co., Class B		701		466,165
Houghton Mifflin Harcourt Co.*		4,089		42,812
K12, Inc.*		8,000		252,080
Laureate Education, Inc., Class A*		7,079		113,264
Liberty Tax, Inc., Class A		1,516		18,056
Regis Corp.*		8,534		159,159
				1,684,546
Diversified Financial Services 0.6%
Cannae Holdings, Inc.*		7,998		154,682
Marlin Business Services Corp.		1,601		35,526
On Deck Capital, Inc.*		6,287		47,278
Voya Financial, Inc.		16,730		776,774
				1,014,260
Diversified Telecommunication Services 0.3%
ATN International, Inc.		2,354		175,561
Cincinnati Bell, Inc.*		1,048		8,740
Consolidated Communications Holdings, Inc.(a)		7,288		77,836
Frontier Communications Corp.*(a)		10,982		21,964
Iridium Communications, Inc.*		13,904		269,460
				553,561
Electrical Equipment 0.8%
Acuity Brands, Inc.		1,330		160,810
AZZ, Inc.		5,446		243,708
Broadwind Energy, Inc.*		2,432		3,648
Encore Wire Corp.		3,606		194,363
EnerSys		983		83,811
FuelCell Energy, Inc.*(a)		4,647		2,385
LSI Industries, Inc.		4,939		16,151
Powell Industries, Inc.		2,855		79,683
Preformed Line Products Co.		824		45,732
Regal Beloit Corp.		6,323		485,353
Sunrun, Inc.*		2,400		31,920
Thermon Group Holdings, Inc.*		5,276		121,665
Ultralife Corp.*		3,374		26,992
				1,496,221
Electronic Equipment, Instruments & Components 5.4%
Anixter International, Inc.*		4,681		284,184
Arlo Technologies, Inc.*		9,121		65,580
Arrow Electronics, Inc.*		15,843		1,203,276
Avnet, Inc.		20,075		827,090
AVX Corp.		22,418		397,919
Bel Fuse, Inc., Class B		2,729		62,985
Belden, Inc.		3,848		206,291
Benchmark Electronics, Inc.		5,889		149,698
CTS Corp.		4,948		140,375
Daktronics, Inc.		8,464		63,734
Electro Scientific Industries, Inc.*		2,466		73,980
ePlus, Inc.*		1,463		115,899
Fabrinet*		5,205		295,852
FARO Technologies, Inc.*		2,559		108,809
Flex Ltd.*		27,639		265,887
Frequency Electronics, Inc.*		900		11,934
II-VI, Inc.*		7,821		296,885
Insight Enterprises, Inc.*		5,645		259,218
Jabil, Inc.		24,105		642,398
KEMET Corp.		6,837		121,152
Key Tronic Corp.*		2,680		19,430
Kimball Electronics, Inc.*		5,843		94,481
Knowles Corp.*		14,892		232,315
Methode Electronics, Inc.		3,912		100,734
MTS Systems Corp.		1,181		59,121
OSI Systems, Inc.*		2,417		216,781
PAR Technology Corp.*		1,700		42,381
Park Electrochemical Corp.		2,247		51,187
PC Connection, Inc.		3,343		110,754
PCM, Inc.*		3,273		69,879
Plexus Corp.*		5,296		297,212
RF Industries Ltd.		443		3,624
Richardson Electronics Ltd.		2,700		19,899
Rogers Corp.*		2,420		307,122
Sanmina Corp.*		12,441		388,408

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components (continued)
ScanSource, Inc.*		4,682	$	179,367
SMTC Corp.*		2,918		14,327
SYNNEX Corp.		6,359		615,297
Tech Data Corp.*		5,697		544,804
TTM Technologies, Inc.*		16,634		190,958
Vishay Intertechnology, Inc.		22,196		432,822
Vishay Precision Group, Inc.*		2,246		75,084
Wayside Technology Group, Inc.		200		2,100
Wireless Telecom Group, Inc.*		5,122		8,810
				9,670,043
Energy Equipment & Services 2.8%
Archrock, Inc.		15,206		143,545
Basic Energy Services, Inc.*		3,935		18,691
Bristow Group, Inc.*(a)		8,504		27,978
CARBO Ceramics, Inc.*		3,900		15,717
Dawson Geophysical Co.*		5,839		22,830
Diamond Offshore Drilling, Inc.*(a)		10,434		114,044
Dril-Quip, Inc.*(a)		5,939		222,356
Ensco plc, Class A (a)		59,813		263,177
Era Group, Inc.*		5,757		54,231
Exterran Corp.*		6,251		108,517
Forum Energy Technologies, Inc.*		17,299		84,938
Frank’s International NV*		3,139		17,861
Geospace Technologies Corp.*		1,817		27,310
Gulf Island Fabrication, Inc.*		3,273		31,061
Helix Energy Solutions Group, Inc.*		25,935		177,136
Helmerich & Payne, Inc.		14,412		806,928
Hornbeck Offshore Services, Inc.*		6,751		8,911
Independence Contract Drilling, Inc.*		8,702		29,761
Keane Group, Inc.*		8,846		89,168
KLX Energy Services Holdings, Inc.*		2,935		76,486
Mammoth Energy Services, Inc.		402		8,896
Matrix Service Co.*		5,085		109,073
McDermott International, Inc.*		15,813		139,471
Mitcham Industries, Inc.*		4,242		16,883
Nabors Industries Ltd.		48,942		144,868
Natural Gas Services Group, Inc.*		3,260		53,823
NCS Multistage Holdings, Inc.*		1,277		7,228
Newpark Resources, Inc.*		19,127		158,945
Noble Corp. plc*		35,962		118,675
Oceaneering International, Inc.*		15,513		243,399
Oil States International, Inc.*		9,810		168,928
Patterson-UTI Energy, Inc.		28,153		341,496
PHI, Inc. (Non-Voting)*(a)		2,915		9,561
Pioneer Energy Services Corp.*		17,077		25,274
ProPetro Holding Corp.*		6,574		107,419
RigNet, Inc.*		1,237		16,526
Rowan Cos. plc, Class A*		20,669		251,955
SEACOR Holdings, Inc.*		2,969		122,887
SEACOR Marine Holdings, Inc.*		2,919		38,677
Select Energy Services, Inc., Class A*		829		7,047
Smart Sand, Inc.*(a)		1,795		4,559
Superior Energy Services, Inc.*		25,826		100,980
TETRA Technologies, Inc.*		17,259		36,762
Tidewater, Inc.*		2,800		60,256
Unit Corp.*		10,139		161,818
US Silica Holdings, Inc.(a)		11,125		149,965
				4,946,017
Entertainment 0.6%
AMC Entertainment Holdings, Inc., Class A(a)		8,355		122,401
Ballantyne Strong, Inc.*		3,325		4,655
Cinemark Holdings, Inc.		3,593		147,026
Eros International plc*(a)		1,900		18,107
IMAX Corp.*		6,547		135,981
Lions Gate Entertainment Corp., Class A		10,971		201,537
Lions Gate Entertainment Corp., Class B		13,198		231,361
Marcus Corp. (The)		2,900		129,253
Reading International, Inc., Class A*		3,433		54,241
				1,044,562
Equity Real Estate Investment Trusts (REITs) 0.0%†
Alexander & Baldwin, Inc.*		2,250		51,840
Food & Staples Retailing 1.2%
Andersons, Inc. (The)		5,129		179,771
Casey’s General Stores, Inc.		1,146		147,467
Chefs’ Warehouse, Inc. (The)*		3,005		96,521
Ingles Markets, Inc., Class A		3,457		98,663
Natural Grocers by Vitamin Cottage, Inc.*		4,116		56,225
Performance Food Group Co.*		1,409		48,131
PriceSmart, Inc.		3,061		187,486
Smart & Final Stores, Inc.*		5,016		30,246
SpartanNash Co.		6,313		130,995
United Natural Foods, Inc.*		8,040		105,324
US Foods Holding Corp.*		25,980		876,046
Village Super Market, Inc., Class A		2,253		60,583
Weis Markets, Inc.		3,700		179,524
				2,196,982
Food Products 2.5%
Alico, Inc.		847		25,071
Bunge Ltd.		8,577		472,336
Darling Ingredients, Inc.*		24,731		526,028
Dean Foods Co.		16,013		66,774
Farmer Brothers Co.*		2,830		69,618
Fresh Del Monte Produce, Inc.		8,506		272,022
Hostess Brands, Inc.*		13,739		157,861
Ingredion, Inc.		5,824		576,576
John B Sanfilippo & Son, Inc.		1,084		73,983
Landec Corp.*		4,091		51,915
Limoneira Co.		1,674		36,878
Post Holdings, Inc.*		9,033		838,443
Sanderson Farms, Inc.		3,553		437,374
Sanderson Farms, Inc.*(b)(c)(d)		200		0
Seaboard Corp.		115		444,380
Seneca Foods Corp., Class A*		1,991		56,943
TreeHouse Foods, Inc.*		6,386		372,687
				4,478,889
Health Care Equipment & Supplies 1.1%
AngioDynamics, Inc.*		6,548		138,163
Anika Therapeutics, Inc.*		2,476		94,063
Avanos Medical, Inc.*		7,218		328,780
CONMED Corp.		3,554		250,024
CryoLife, Inc.*		3,675		102,569
FONAR Corp.*		951		21,017
Haemonetics Corp.*		1,344		132,935
Integer Holdings Corp.*		4,932		399,443
Invacare Corp.		7,501		38,555
Kewaunee Scientific Corp.		92		2,962
Merit Medical Systems, Inc.*		4,593		259,642
Natus Medical, Inc.*		1,100		37,114
Orthofix Medical, Inc.*		1,141		61,740

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
RTI Surgical, Inc.*		12,630	$	55,446
SeaSpine Holdings Corp.*		2,130		32,568
				1,955,021
Health Care Providers & Services 1.8%
AAC Holdings, Inc.*		1,294		3,132
Acadia Healthcare Co., Inc.*		12,893		352,753
Aceto Corp.		5,812		7,033
Addus HomeCare Corp.*		2,887		173,653
Brookdale Senior Living, Inc.*		26,649		217,189
Community Health Systems, Inc.*(a)		6,764		26,650
Cross Country Healthcare, Inc.*		5,129		49,392
Digirad Corp.		4,028		2,842
Diplomat Pharmacy, Inc.*		5,200		75,400
Ensign Group, Inc. (The)		3,242		141,254
Five Star Senior Living, Inc.*		2,367		1,775
LHC Group, Inc.*		5,458		577,074
Magellan Health, Inc.*		3,844		250,475
MedCath Corp.*(b)(c)(d)		2,115		0
MEDNAX, Inc.*		7,555		272,811
National HealthCare Corp.		2,776		222,996
Owens & Minor, Inc.		8,102		61,332
Patterson Cos., Inc.		7,331		163,408
Premier, Inc., Class A*		1,770		70,428
Providence Service Corp. (The)*		2,000		128,280
Quorum Health Corp.*		1,182		3,463
Select Medical Holdings Corp.*		17,983		280,895
Surgery Partners, Inc.*(a)		979		12,805
Triple-S Management Corp., Class B*		4,740		95,559
				3,190,599
Health Care Technology 0.4%
Allscripts Healthcare Solutions, Inc.*		29,290		345,329
Evolent Health, Inc., Class A*		6,447		113,983
HealthStream, Inc.		4,884		122,881
HMS Holdings Corp.*		5,105		153,099
Micron Solutions, Inc.*		200		500
NextGen Healthcare Information Systems LLC*		3,097		54,755
				790,547
Hotels, Restaurants & Leisure 1.0%
Ark Restaurants Corp.		318		5,883
BBX Capital Corp.		6,955		42,912
Belmond Ltd., Class A*		17,989		448,286
Biglari Holdings, Inc., Class A*		17		11,050
Carrols Restaurant Group, Inc.*		3,980		34,347
Chuy’s Holdings, Inc.*		3,186		72,386
Del Frisco’s Restaurant Group, Inc.*		5,584		44,225
Del Taco Restaurants, Inc.*		8,750		90,913
Dover Motorsports, Inc.		1,000		1,990
El Pollo Loco Holdings, Inc.*		5,917		97,571
Eldorado Resorts, Inc.*		1,630		75,991
Fiesta Restaurant Group, Inc.*		1,776		26,391
International Game Technology plc(a)		10,422		170,504
J Alexander’s Holdings, Inc.*		2,426		20,864
Luby’s, Inc.*		3,390		5,085
Marriott Vacations Worldwide Corp.		3,019		267,302
Monarch Casino & Resort, Inc.*		870		37,619
OBH, Inc.*		176		23,042
Playa Hotels & Resorts NV*		4,027		31,733
Potbelly Corp.*		4,608		39,951
RCI Hospitality Holdings, Inc.		1,853		41,340
Red Lion Hotels Corp.*		3,236		29,933
Red Robin Gourmet Burgers, Inc.*		2,257		72,179
Speedway Motorsports, Inc.		6,911		111,544
				1,803,041
Household Durables 2.7%
Bassett Furniture Industries, Inc.		1,614		30,779
Cavco Industries, Inc.*		1,171		194,726
Century Communities, Inc.*		4,918		115,376
CSS Industries, Inc.		1,000		8,730
Ethan Allen Interiors, Inc.		4,316		81,918
Flexsteel Industries, Inc.		1,648		41,151
Green Brick Partners, Inc.*		8,441		71,411
Hamilton Beach Brands Holding Co., Class A		799		20,886
Helen of Troy Ltd.*		2,722		315,861
Hooker Furniture Corp.		2,384		68,588
KB Home		12,671		271,286
La-Z-Boy, Inc.		7,709		228,341
Libbey, Inc.		1,488		7,470
Lifetime Brands, Inc.		3,756		36,546
M/I Homes, Inc.*		5,099		135,072
MDC Holdings, Inc.		7,213		237,524
Meritage Homes Corp.*		7,800		351,624
New Home Co., Inc. (The)*		2,958		20,469
Orleans Homebuilders, Inc.*(b)(c)(d)		1,500		0
PulteGroup, Inc.		21,552		599,361
Taylor Morrison Home Corp., Class A*		14,249		269,306
Toll Brothers, Inc.		24,027		887,557
TopBuild Corp.*		5,498		290,349
TRI Pointe Group, Inc.*		25,182		338,698
Universal Electronics, Inc.*		1,319		37,156
William Lyon Homes, Class A*		5,959		79,016
ZAGG, Inc.*		2,669		29,946
				4,769,147
Household Products 0.2%
Central Garden & Pet Co.*		2,100		82,341
Central Garden & Pet Co., Class A*		5,569		198,368
Oil-Dri Corp. of America		461		12,235
Orchids Paper Products Co.*		943		990
				293,934
Independent Power and Renewable Electricity Producers 0.1%
Ormat Technologies, Inc.		3,973		229,282
TerraForm Power, Inc., Class A		1,830		21,740
				251,022
Industrial Conglomerates 0.0%†
Carlisle Cos., Inc.		649		69,917
Insurance 6.5%
Ambac Financial Group, Inc.(c)*		6,425		121,561
American Equity Investment Life Holding Co.		13,321		417,214
American National Insurance Co.		3,462		481,876
AMERISAFE, Inc.		1,076		63,925
Argo Group International Holdings Ltd.		4,838		322,888
Aspen Insurance Holdings Ltd.		10,104		421,640
Assurant, Inc.		8,703		838,882
Assured Guaranty Ltd.		16,643		675,040
Athene Holding Ltd., Class A*		12,591		540,154
Atlas Financial Holdings, Inc.*		2,387		21,220
Axis Capital Holdings Ltd.		4,148		222,125

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Blue Capital Reinsurance Holdings Ltd.		695	$	4,747
Citizens, Inc.*		2,376		16,846
CNO Financial Group, Inc.		26,729		477,915
Donegal Group, Inc., Class A		4,202		55,340
eHealth, Inc.*		507		31,008
EMC Insurance Group, Inc.		3,160		103,901
Employers Holdings, Inc.		5,084		215,409
Enstar Group Ltd.*		1,785		317,730
FBL Financial Group, Inc., Class A		2,726		191,420
FedNat Holding Co.		3,276		59,328
First American Financial Corp.		6,203		310,646
Genworth Financial, Inc., Class A*		26,992		130,641
Global Indemnity Ltd.		2,452		80,671
Greenlight Capital Re Ltd., Class A*		5,532		57,367
Hallmark Financial Services, Inc.*		3,425		33,222
Hanover Insurance Group, Inc. (The)		3,186		363,331
HCI Group, Inc.		1,529		72,444
Heritage Insurance Holdings, Inc.		4,846		70,364
Horace Mann Educators Corp.		5,225		217,621
Independence Holding Co.		2,090		74,738
Investors Title Co.		330		57,001
James River Group Holdings Ltd.		1,769		68,230
Kemper Corp.		4,163		312,974
Kingstone Cos., Inc.		739		12,157
Maiden Holdings Ltd.		15,509		20,007
MBIA, Inc.*		16,219		155,865
Mercury General Corp.		1,545		79,876
National General Holdings Corp.		7,786		188,032
National Western Life Group, Inc., Class A		409		124,050
Navigators Group, Inc. (The)		4,010		279,898
Old Republic International Corp.		40,258		811,199
ProAssurance Corp.		3,046		129,942
Protective Insurance Corp., Class B		1,193		21,987
RenaissanceRe Holdings Ltd.		1,135		156,664
Safety Insurance Group, Inc.		1,899		156,307
Selective Insurance Group, Inc.		5,006		304,966
State Auto Financial Corp.		4,807		163,438
Stewart Information Services Corp.		3,244		144,196
Third Point Reinsurance Ltd.*		15,356		161,392
United Fire Group, Inc.		4,126		214,552
United Insurance Holdings Corp.		2,171		35,431
Universal Insurance Holdings, Inc.		378		14,258
Unum Group		24,448		849,812
White Mountains Insurance Group Ltd.		231		206,417
				11,679,865
Interactive Media & Services 0.3%
Cars.com, Inc.*		8,846		241,584
DHI Group, Inc.*		6,813		13,353
Liberty TripAdvisor Holdings, Inc., Class A*		9,604		160,003
Meet Group, Inc. (The)*		13,286		76,793
				491,733
Internet & Direct Marketing Retail 0.2%
1-800-Flowers.com, Inc., Class A*		7,399		118,014
FTD Cos., Inc.*		6,539		16,805
Liberty Expedia Holdings, Inc., Class A*		5,999		245,899
Liquidity Services, Inc.*		7,122		59,611
				440,329
IT Services 1.3%
Alithya Group, Inc., Class A*		477		1,321
CACI International, Inc., Class A*		2,247		375,653
Computer Task Group, Inc.*		2,911		12,372
Conduent, Inc.*		23,170		295,417
LiveRamp Holdings, Inc.*		11,152		484,443
Luxoft Holding, Inc.*		2,392		138,808
ManTech International Corp., Class A		4,310		242,955
Perficient, Inc.*		6,653		169,718
Perspecta, Inc.		11,720		234,986
Presidio, Inc.		2,473		39,395
PRGX Global, Inc.*		338		3,096
Science Applications International Corp.		2,698		181,144
Sykes Enterprises, Inc.*		7,529		207,575
				2,386,883
Leisure Products 0.4%
Acushnet Holdings Corp.		9,262		212,933
American Outdoor Brands Corp.*		8,100		97,767
Callaway Golf Co.		15,276		248,846
Clarus Corp.		3,100		34,689
Escalade, Inc.		1,700		18,972
JAKKS Pacific, Inc.*		744		1,399
Johnson Outdoors, Inc., Class A		1,064		66,660
Nautilus, Inc.*		3,248		24,393
Vista Outdoor, Inc.*		7,134		71,197
				776,856
Life Sciences Tools & Services 0.5%
Bio-Rad Laboratories, Inc., Class A*		2,315		578,449
Harvard Bioscience, Inc.*		8,872		30,431
Luminex Corp.		5,758		160,591
Syneos Health, Inc.*		886		45,221
				814,692
Machinery 3.7%
Actuant Corp., Class A		6,367		145,741
AGCO Corp.		10,092		647,906
Alamo Group, Inc.		2,702		232,723
Albany International Corp., Class A		412		28,288
Astec Industries, Inc.		4,281		158,483
Barnes Group, Inc.		4,403		260,129
Briggs & Stratton Corp.		7,426		95,647
Chart Industries, Inc.*		6,610		493,767
CIRCOR International, Inc.*		1,910		52,811
Colfax Corp.*		17,385		430,279
Columbus McKinnon Corp.		3,789		137,162
Eastern Co. (The)		399		10,845
EnPro Industries, Inc.		1,625		107,331
ESCO Technologies, Inc.		3,963		258,031
Federal Signal Corp.		7,769		170,763
Franklin Electric Co., Inc.		4,034		192,744
FreightCar America, Inc.*		2,266		16,134
Gencor Industries, Inc.*		1,501		20,804
Gorman-Rupp Co. (The)		3,700		127,835
Graham Corp.		1,887		42,269
Greenbrier Cos., Inc. (The)		4,948		209,845
Hurco Cos., Inc.		1,343		51,504
Hyster-Yale Materials Handling, Inc.		1,542		107,308
ITT, Inc.		6,818		358,354
Kadant, Inc.		653		55,701
Kennametal, Inc.		3,388		127,321
LB Foster Co., Class A*		2,592		46,319
LS Starrett Co. (The), Class A*		690		4,347
Lydall, Inc.*		1,818		48,213

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Manitowoc Co., Inc. (The)*		4,921	$	74,898
Milacron Holdings Corp.*		2,528		35,038
Miller Industries, Inc.		3,399		102,140
NN, Inc.		6,648		60,696
Oshkosh Corp.		1,533		115,052
Park-Ohio Holdings Corp.		1,819		59,081
Perma-Pipe International Holdings, Inc.*		700		6,090
Rexnord Corp.*		3,305		86,426
Spartan Motors, Inc.		6,355		53,509
SPX FLOW, Inc.*		1,433		46,959
Standex International Corp.		1,332		99,340
Timken Co. (The)		9,078		386,632
Titan International, Inc.		10,236		57,526
Trinity Industries, Inc.		21,458		501,688
Twin Disc, Inc.*		800		14,496
Wabash National Corp.		7,650		106,641
Watts Water Technologies, Inc., Class A		3,209		240,258
				6,685,074
Marine 0.6%
Costamare, Inc.		16,158		82,083
Eagle Bulk Shipping, Inc.*		9,269		38,096
Genco Shipping & Trading Ltd.*		5,148		37,941
Golden Ocean Group Ltd.		4,045		20,508
Kirby Corp.*		8,387		628,270
Matson, Inc.		5,577		186,885
Scorpio Bulkers, Inc.		6,481		29,294
				1,023,077
Media 2.1%
AH Belo Corp., Class A		5,287		21,359
Entercom Communications Corp., Class A		14,491		106,219
Entravision Communications Corp., Class A		12,688		49,991
EW Scripps Co. (The), Class A		11,366		213,453
Gannett Co., Inc.		14,836		164,531
Gray Television, Inc.*		11,439		191,146
John Wiley & Sons, Inc., Class A		5,041		261,023
Liberty Latin America Ltd., Class A*		7,602		132,541
Liberty Latin America Ltd., Class C*		10,747		187,857
Marchex, Inc., Class B		5,787		23,148
Meredith Corp.		5,590		303,369
New Media Investment Group, Inc.		9,422		128,799
News Corp., Class A		41,368		530,752
News Corp., Class B		26,170		338,378
Nexstar Media Group, Inc., Class A		5,767		481,372
Saga Communications, Inc., Class A		533		18,026
Salem Media Group, Inc.		4,000		11,240
Scholastic Corp.		4,995		208,242
Sinclair Broadcast Group, Inc., Class A		694		21,382
TEGNA, Inc.		16,919		198,629
Townsquare Media, Inc., Class A		2,500		15,325
Tribune Media Co., Class A		2,121		97,375
Tribune Publishing Co.*		2,693		32,235
				3,736,392
Metals & Mining 2.1%
Alcoa Corp.*		14,428		428,223
Allegheny Technologies, Inc.*		7,359		201,563
Ampco-Pittsburgh Corp.*		2,015		7,012
Carpenter Technology Corp.		7,417		350,527
Coeur Mining, Inc.*		7,245		37,312
Commercial Metals Co.		16,768		292,602
Friedman Industries, Inc.		1,708		13,169
Gold Resource Corp.		2,355		10,574
Haynes International, Inc.		2,492		81,738
Hecla Mining Co.		68,127		183,943
Kaiser Aluminum Corp.		193		19,371
Materion Corp.		3,969		186,265
Nexa Resources SA*		1,172		10,384
Olympic Steel, Inc.		2,883		55,555
Reliance Steel & Aluminum Co.		10,150		831,082
Schnitzer Steel Industries, Inc., Class A		5,942		143,796
SunCoke Energy, Inc.*		11,920		133,981
Synalloy Corp.		400		6,320
TimkenSteel Corp.*		9,702		123,506
United States Steel Corp.		17,445		393,210
Universal Stainless & Alloy Products, Inc.*		2,462		44,144
Worthington Industries, Inc.		6,994		263,884
				3,818,161
Multiline Retail 0.2%
Dillard’s, Inc., Class A(a)		5,244		350,247
Fred’s, Inc., Class A*(a)		9,105		25,312
JC Penney Co., Inc.*(a)		23,712		31,300
Tuesday Morning Corp.*		7,030		13,919
				420,778
Oil, Gas & Consumable Fuels 5.2%
Abraxas Petroleum Corp.*		9,300		11,067
Adams Resources & Energy, Inc.		928		36,777
Antero Resources Corp.*		44,087		443,515
Arch Coal, Inc., Class A		2,839		250,201
Ardmore Shipping Corp.*		4,393		24,908
Bonanza Creek Energy, Inc.*		2,516		57,994
Callon Petroleum Co.*		31,130		253,398
Centennial Resource Development, Inc., Class A*		15,382		202,581
Clean Energy Fuels Corp.*		29,689		56,409
Cloud Peak Energy, Inc.*		12,663		4,725
CNX Resources Corp.*		32,688		396,832
CONSOL Energy, Inc.*		3,921		139,313
Contango Oil & Gas Co.*		5,570		21,055
Delek US Holdings, Inc.		8,650		281,211
Denbury Resources, Inc.*		42,868		87,022
DHT Holdings, Inc.		19,979		80,915
Dorian LPG Ltd.*		9,618		52,707
Earthstone Energy, Inc., Class A*		2,838		17,113
Eclipse Resources Corp.*(a)		27,639		31,785
EnLink Midstream LLC(a)		19,971		217,284
EP Energy Corp., Class A*		5,079		3,501
Extraction Oil & Gas, Inc.*		13,257		52,233
GasLog Ltd.		6,928		124,219
Green Plains, Inc.		6,261		88,969
Gulfport Energy Corp.*		23,763		199,372
Halcon Resources Corp.*		13,727		22,512
Hallador Energy Co.		7,101		40,227
HighPoint Resources Corp.*		28,896		80,909
International Seaways, Inc.*		3,598		65,196
Laredo Petroleum, Inc.*		18,531		70,418
Lonestar Resources US, Inc., Class A*		3,464		17,320
Matador Resources Co.*		4,298		83,811
Midstates Petroleum Co., Inc.*		1,497		14,491
Murphy Oil Corp.		24,117		659,600
NACCO Industries, Inc., Class A		939		32,001

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Oasis Petroleum, Inc.*		44,684	$	268,998
Overseas Shipholding Group, Inc., Class A*		10,848		19,635
Pacific Ethanol, Inc.*		8,749		11,199
Panhandle Oil and Gas, Inc., Class A		1,332		21,312
Par Pacific Holdings, Inc.*		3,365		54,715
Parsley Energy, Inc., Class A*		11,087		205,996
PBF Energy, Inc., Class A		15,951		584,126
PDC Energy, Inc.*		6,357		207,047
Peabody Energy Corp.		15,096		538,927
Penn Virginia Corp.*		1,473		77,274
QEP Resources, Inc.*		32,096		265,434
Range Resources Corp.		35,172		387,947
Renewable Energy Group, Inc.*		9,795		283,076
REX American Resources Corp.*		783		57,104
Ring Energy, Inc.*		5,773		33,945
SandRidge Energy, Inc.*		4,977		41,259
Scorpio Tankers, Inc.		3,443		64,487
SemGroup Corp., Class A		11,529		184,695
Ship Finance International Ltd.		15,095		183,555
SilverBow Resources, Inc.*		479		11,644
SM Energy Co.		16,262		319,060
Southwestern Energy Co.*		74,456		325,373
SRC Energy, Inc.*		32,838		161,563
Talos Energy, Inc.*		1,888		36,061
Teekay Tankers Ltd., Class A		13,319		13,319
Whiting Petroleum Corp.*		7,852		224,803
WildHorse Resource Development Corp.*(a)		5,987		101,599
World Fuel Services Corp.		9,327		232,149
WPX Energy, Inc.*		18,029		221,036
				9,358,929
Paper & Forest Products 1.0%
Boise Cascade Co.		5,347		146,882
Clearwater Paper Corp.*		2,391		80,625
Domtar Corp.		8,723		409,109
Louisiana-Pacific Corp.		17,948		437,572
Mercer International, Inc.		12,600		186,102
PH Glatfelter Co.		5,201		66,469
Resolute Forest Products, Inc.		16,440		128,232
Schweitzer-Mauduit International, Inc.		3,833		122,886
Verso Corp., Class A*		5,226		128,925
				1,706,802
Personal Products 0.4%
Coty, Inc., Class A		45,310		351,605
Edgewell Personal Care Co.*		7,426		292,956
Inter Parfums, Inc.		936		62,206
Mannatech, Inc.		180		3,424
				710,191
Pharmaceuticals 0.7%
Amphastar Pharmaceuticals, Inc.*		7,223		164,395
Assertio Therapeutics, Inc.*		7,526		33,566
Cumberland Pharmaceuticals, Inc.*		3,851		20,603
Endo International plc*		7,881		76,840
Intra-Cellular Therapies, Inc.*		1,275		15,351
Mallinckrodt plc*		11,425		249,751
Perrigo Co. plc		10,469		486,285
Prestige Consumer Healthcare, Inc.*		4,711		131,531
Taro Pharmaceutical Industries Ltd.		169		16,079
Tetraphase Pharmaceuticals, Inc.*		3,410		4,194
				1,198,595
Professional Services 1.6%
Acacia Research Corp.*		12,146		36,924
ASGN, Inc.*		1,232		77,604
CBIZ, Inc.*		9,806		192,198
CRA International, Inc.		2,000		83,480
Franklin Covey Co.*		269		6,553
FTI Consulting, Inc.*		5,744		392,430
GP Strategies Corp.*		1,197		18,003
Heidrick & Struggles International, Inc.		2,983		98,588
Hill International, Inc.*		2,901		9,805
Hudson Global, Inc.*		3,050		4,453
Huron Consulting Group, Inc.*		3,418		165,260
ICF International, Inc.		3,247		214,042
InnerWorkings, Inc.*		9,233		42,379
Kelly Services, Inc., Class A		6,651		148,982
Korn Ferry		7,348		335,069
ManpowerGroup, Inc.		6,483		512,352
Mistras Group, Inc.*		4,648		68,372
Navigant Consulting, Inc.		9,014		233,643
RCM Technologies, Inc.*		400		1,560
Resources Connection, Inc.		8,465		141,450
TrueBlue, Inc.*		4,454		108,633
				2,891,780
Real Estate Management & Development 0.5%
Consolidated-Tomoka Land Co.		732		44,703
Forestar Group, Inc.*		940		15,049
FRP Holdings, Inc.*		634		32,156
Griffin Industrial Realty, Inc.		535		17,992
Howard Hughes Corp. (The)*		1,249		138,689
Jones Lang LaSalle, Inc.		207		29,686
Kennedy-Wilson Holdings, Inc.		2,907		58,111
Rafael Holdings, Inc., Class B*		2,237		34,495
RE/MAX Holdings, Inc., Class A		1,401		58,450
Realogy Holdings Corp.(a)		17,910		317,903
Tejon Ranch Co.*		3,720		70,010
				817,244
Road & Rail 2.2%
AMERCO		2,086		756,509
ArcBest Corp.		4,535		170,607
Covenant Transportation Group, Inc., Class A*		3,493		82,365
Genesee & Wyoming, Inc., Class A*		8,513		668,441
Heartland Express, Inc.		9,191		183,912
Hertz Global Holdings, Inc.*(a)		12,794		212,252
Knight-Swift Transportation Holdings, Inc.(a)		16,184		513,842
Marten Transport Ltd.		10,396		201,163
PAM Transportation Services, Inc.*		559		27,475
Patriot Transportation Holding, Inc.*		156		3,029
Ryder System, Inc.		7,508		434,788
Saia, Inc.*		2,915		174,812
Schneider National, Inc., Class B		10,990		233,428
USA Truck, Inc.*		1,450		25,897
Werner Enterprises, Inc.		10,074		331,636
				4,020,156
Semiconductors & Semiconductor Equipment 1.6%
Alpha & Omega Semiconductor Ltd.*		3,313		39,458
Amkor Technology, Inc.*		39,407		315,256
Amtech Systems, Inc.*		2,835		14,260
Axcelis Technologies, Inc.*		3,847		80,133
AXT, Inc.*		7,813		32,111

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Brooks Automation, Inc.		4,736	$	147,432
Cirrus Logic, Inc.*		2,971		110,373
Cohu, Inc.		7,277		127,639
CyberOptics Corp.*		1,654		34,883
Diodes, Inc.*		8,319		279,768
First Solar, Inc.*		7,299		369,256
FormFactor, Inc.*		4,362		65,517
GSI Technology, Inc.*		2,857		22,027
Ichor Holdings Ltd.*(a)		1,024		21,064
inTEST Corp.*		3,095		22,779
Kulicke & Soffa Industries, Inc.		10,787		243,031
MKS Instruments, Inc.		1,297		105,874
Nanometrics, Inc.*		3,440		105,230
NeoPhotonics Corp.*		9,705		70,070
PDF Solutions, Inc.*		4,599		48,336
Photronics, Inc.*		12,094		129,285
Rambus, Inc.*		13,270		119,695
Rudolph Technologies, Inc.*		6,218		135,055
Synaptics, Inc.*		2,011		80,038
Ultra Clean Holdings, Inc.*		6,312		74,860
Veeco Instruments, Inc.*		8,083		79,294
Xperi Corp.		2,428		52,032
				2,924,756
Software 0.4%
Aware, Inc.*		1,965		6,917
BroadVision, Inc.*		530		901
BSQUARE Corp.*		700		1,498
MicroStrategy, Inc., Class A*		555		70,424
Monotype Imaging Holdings, Inc.		1,244		20,651
OneSpan, Inc.*		5,324		77,677
RealNetworks, Inc.*		2,449		6,465
Rubicon Project, Inc. (The)*		5,600		24,976
Seachange International, Inc.*		5,075		8,069
Synchronoss Technologies, Inc.*		4,983		35,728
TiVo Corp.		27,371		304,639
Verint Systems, Inc.*		2,981		144,191
				702,136
Specialty Retail 3.9%
Aaron’s, Inc.		6,556		328,193
Abercrombie & Fitch Co., Class A		10,614		230,005
American Eagle Outfitters, Inc.		20,344		429,665
America’s Car-Mart, Inc.*		1,715		119,981
Ascena Retail Group, Inc.*		28,140		68,943
At Home Group, Inc.*		474		10,447
AutoNation, Inc.*		12,490		483,988
Barnes & Noble Education, Inc.*		9,518		54,443
Barnes & Noble, Inc.		14,795		89,214
Bed Bath & Beyond, Inc.		17,199		259,533
Big 5 Sporting Goods Corp.(a)		1,914		6,584
Boot Barn Holdings, Inc.*		3,908		91,564
Build-A-Bear Workshop, Inc.*		3,938		18,627
Caleres, Inc.		6,256		186,679
Cato Corp. (The), Class A		3,177		47,178
Chico’s FAS, Inc.		15,371		89,152
Citi Trends, Inc.		2,575		52,762
Conn’s, Inc.*		3,259		68,244
Container Store Group, Inc. (The)*		3,665		26,241
Destination XL Group, Inc.*		1,161		2,995
Dick’s Sporting Goods, Inc.		9,443		333,432
DSW, Inc., Class A		11,932		325,147
Express, Inc.*		10,468		55,480
Foot Locker, Inc.		9,862		551,187
Francesca’s Holdings Corp.*		3,070		2,711
GameStop Corp., Class A(a)		15,591		176,802
Genesco, Inc.*		3,198		144,486
Group 1 Automotive, Inc.		2,915		177,902
Guess?, Inc.		11,998		234,081
Haverty Furniture Cos., Inc.		3,162		64,410
Hibbett Sports, Inc.*		3,975		64,952
Kirkland’s, Inc.*		2,678		27,369
Lithia Motors, Inc., Class A		2,584		229,847
MarineMax, Inc.*		5,333		94,821
Monro, Inc.		1,827		130,923
Office Depot, Inc.		67,532		199,219
Party City Holdco, Inc.*(a)		7,707		85,085
Penske Automotive Group, Inc.		10,725		502,788
Pier 1 Imports, Inc.*		17,911		14,610
RTW RetailWinds, Inc.*		7,295		22,615
Shoe Carnival, Inc.(a)		2,703		99,687
Signet Jewelers Ltd.		7,856		191,372
Sonic Automotive, Inc., Class A		4,342		66,433
Tandy Leather Factory, Inc.*		1,309		7,488
Tile Shop Holdings, Inc.		2,300		17,457
Tilly’s, Inc., Class A		2,890		34,998
Trans World Entertainment Corp.*		2,150		1,303
TravelCenters of America LLC*		2,265		11,370
Urban Outfitters, Inc.*		9,950		321,385
Vitamin Shoppe, Inc.*		3,466		16,013
Zumiez, Inc.*		5,382		136,757
				7,006,568
Technology Hardware, Storage & Peripherals 0.9%
AstroNova, Inc.		765		15,285
Cray, Inc.*		3,795		83,262
Electronics For Imaging, Inc.*		6,468		170,820
Intevac, Inc.*		3,894		21,650
Stratasys Ltd.*		8,324		212,512
Super Micro Computer, Inc.*		8,178		123,488
Xerox Corp.		33,844		954,739
				1,581,756
Textiles, Apparel & Luxury Goods 0.8%
Culp, Inc.		2,016		38,506
Deckers Outdoor Corp.*		2,723		349,769
Delta Apparel, Inc.*		158		3,721
Fossil Group, Inc.*(a)		1,915		32,478
G-III Apparel Group Ltd.*		5,927		206,675
Lakeland Industries, Inc.*		1,538		17,195
Movado Group, Inc.		3,380		107,991
Oxford Industries, Inc.		816		62,489
PVH Corp.		4,108		448,224
Rocky Brands, Inc.		1,932		51,797
Sequential Brands Group, Inc.*		9,001		9,811
Skechers U.S.A., Inc., Class A*		1,399		38,011
Superior Group of Cos., Inc.		1,724		30,635
Unifi, Inc.*		2,451		52,427
Vera Bradley, Inc.*		6,088		54,488
				1,504,217
Thrifts & Mortgage Finance 3.0%
Axos Financial, Inc.*		3,555		107,930
BankFinancial Corp.		3,508		52,620
Beneficial Bancorp, Inc.		9,723		151,582
Capitol Federal Financial, Inc.		20,599		265,109
Dime Community Bancshares, Inc.		7,053		139,085
ESSA Bancorp, Inc.		1,116		16,807
Federal Agricultural Mortgage Corp., Class C		1,904		134,708
First Defiance Financial Corp.		3,452		97,277
First Place Financial Corp.*(b)(c)(d)		367		0
Flagstar Bancorp, Inc.*		8,942		275,861
FS Bancorp, Inc.		194		9,419

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
Hingham Institution for Savings		29	$	5,362
Home Bancorp, Inc.		1,283		45,367
HomeStreet, Inc.*		4,550		111,338
HopFed Bancorp, Inc.		12		235
Kearny Financial Corp.		17,568		225,573
Malvern Bancorp, Inc.*		490		10,251
Meridian Bancorp, Inc.		6,397		101,296
Meta Financial Group, Inc.		3,006		70,791
Mr. Cooper Group, Inc.*		4,130		63,561
New York Community Bancorp, Inc.		53,986		627,317
NMI Holdings, Inc., Class A*		9,977		219,494
Northeast Community Bancorp, Inc.		300		3,615
Northfield Bancorp, Inc.		10,139		145,089
Northwest Bancshares, Inc.		15,617		275,484
OceanFirst Financial Corp.		5,597		134,384
Ocwen Financial Corp.*		19,045		31,996
Oritani Financial Corp.		8,569		144,473
PCSB Financial Corp.		1,168		23,722
Provident Financial Holdings, Inc.		1,703		28,951
Provident Financial Services, Inc.		10,403		257,058
Radian Group, Inc.		26,324		506,474
Riverview Bancorp, Inc.		5,811		43,292
SI Financial Group, Inc.		1,087		14,001
Southern Missouri Bancorp, Inc.		598		21,056
Territorial Bancorp, Inc.		1,453		40,074
Timberland Bancorp, Inc.		690		19,403
TrustCo Bank Corp.		11,491		89,170
United Community Financial Corp.		10,202		96,715
United Financial Bancorp, Inc.		9,052		134,060
Walker & Dunlop, Inc.		3,708		178,244
Washington Federal, Inc.		7,833		227,862
Waterstone Financial, Inc.		5,437		85,361
Western New England Bancorp, Inc.		4,598		42,531
WSFS Financial Corp.		3,389		142,914
				5,416,912
Tobacco 0.2%
Pyxus International, Inc.*(a)		2,540		41,224
Universal Corp.		4,260		245,802
				287,026
Trading Companies & Distributors 2.4%
Air Lease Corp.		20,990		796,361
Aircastle Ltd.		12,987		270,649
Beacon Roofing Supply, Inc.*		6,399		232,476
BMC Stock Holdings, Inc.*		8,076		138,584
CAI International, Inc.*		4,096		101,663
DXP Enterprises, Inc.*		2,900		95,439
GATX Corp.		5,511		417,072
Houston Wire & Cable Co.*		5,159		32,347
Kaman Corp.		3,460		204,555
Lawson Products, Inc.*		1,501		44,430
MRC Global, Inc.*		1,120		17,494
MSC Industrial Direct Co., Inc., Class A		624		52,098
Nexeo Solutions, Inc.*(a)		2,222		20,887
NOW, Inc.*		17,901		242,200
Rush Enterprises, Inc., Class A		6,135		234,664
Textainer Group Holdings Ltd.*		3,597		46,833
Titan Machinery, Inc.*		5,064		94,899
Triton International Ltd.		12,229		439,633
Univar, Inc.*		17,185		357,963
Veritiv Corp.*		3,125		106,719
WESCO International, Inc.*		7,163		375,341
Willis Lease Finance Corp.*		606		23,198
				4,345,505
Transportation Infrastructure 0.3%
Macquarie Infrastructure Corp.		12,084		521,666
Water Utilities 0.0%†
AquaVenture Holdings Ltd.*		1,200		25,236
Wireless Telecommunication Services 0.5%
Spok Holdings, Inc.		5,414		74,930
Telephone & Data Systems, Inc.		15,861		574,485
United States Cellular Corp.*		4,903		282,315
				931,730
Total Common Stocks (cost $173,638,490)				179,445,815
Rights 0.0%†
	Number of Rights		Value
Diversified Financial Services 0.0%†
NewStar Financial, Inc., CVR*(b)(c)(d)		8,788		1,711
Media 0.0%†
Media General, Inc., CVR*(b)(c)(d)		5,993		0
Total Rights (cost $9,239)				1,711
Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(e)(f)		327,052		327,052
Total Short-Term Investment (cost $327,052)				327,052
Repurchase Agreements 1.9%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $3,251,891, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $3,332,859.(f)	$	3,251,658		3,251,658
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $85,002, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $86,696.(f)		84,997		84,997

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

11

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Repurchase Agreements (continued)
	Value
Total Repurchase Agreements (cost $3,336,655)	$	3,336,655
Total Investments (cost $177,311,436) — 101.7%		183,111,233
Liabilities in excess of other assets — (1.7)%		(3,046,506	)
NET ASSETS — 100.0%	$	180,064,727

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $3,764,072, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $327,052 and $3,336,655, respectively, and by $214,467 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $3,878,174.

(b) Fair valued security.

(c) Illiquid security as deemed by the procedures approved by the Board of Trustees (unaudited).

(d) Value determined using significant unobservable inputs.

(e) Represents 7-day effective yield as of January 31, 2019.

(f) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $3,663,707.

† Amount rounds to less than 0.1%.POI - Ind & Asset Types

CVR	Contingent Value Rights
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

12

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	2,157,006	$	—	$	—	$	2,157,006
Air Freight & Logistics		788,035		—		—		788,035
Airlines		2,521,270		—		—		2,521,270
Auto Components		3,097,851		—		—		3,097,851
Automobiles		84,313		—		—		84,313
Banks		28,495,750		—		—		28,495,750
Beverages		79,897		—		—		79,897
Biotechnology		1,525,122		—		—		1,525,122
Building Products		1,865,531		—		—		1,865,531
Capital Markets		2,387,911		—		—		2,387,911
Chemicals		3,793,114		—		—		3,793,114
Commercial Services & Supplies		3,407,496		—		—		3,407,496
Communications Equipment		3,041,267		—		—		3,041,267
Construction & Engineering		4,029,605		—		—		4,029,605
Construction Materials		51,757		—		—		51,757
Consumer Finance		2,520,280		—		—		2,520,280
Containers & Packaging		967,028		—		—		967,028
Distributors		147,388		—		—		147,388
Diversified Consumer Services		1,684,546		—		—		1,684,546
Diversified Financial Services		1,014,260		—		—		1,014,260
Diversified Telecommunication Services		553,561		—		—		553,561

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

13

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Electrical Equipment	$	1,496,221	$	—	$	—	$	1,496,221
Electronic Equipment, Instruments & Components		9,670,043		—		—		9,670,043
Energy Equipment & Services		4,946,017		—		—		4,946,017
Entertainment		1,044,562		—		—		1,044,562
Equity Real Estate Investment Trusts (REITs)		51,840		—		—		51,840
Food & Staples Retailing		2,196,982		—		—		2,196,982
Food Products		4,478,889		—		—		4,478,889
Health Care Equipment & Supplies		1,955,021		—		—		1,955,021
Health Care Providers & Services		3,190,599		—		—		3,190,599
Health Care Technology		790,547		—		—		790,547
Hotels, Restaurants & Leisure		1,803,041		—		—		1,803,041
Household Durables		4,769,147		—		—		4,769,147
Household Products		293,934		—		—		293,934
Independent Power and Renewable Electricity Producers		251,022		—		—		251,022
Industrial Conglomerates		69,917		—		—		69,917
Insurance		11,679,865		—		—		11,679,865
Interactive Media & Services		491,733		—		—		491,733
Internet & Direct Marketing Retail		440,329		—		—		440,329
IT Services		2,386,883		—		—		2,386,883
Leisure Products		776,856		—		—		776,856
Life Sciences Tools & Services		814,692		—		—		814,692
Machinery		6,685,074		—		—		6,685,074
Marine		1,023,077		—		—		1,023,077
Media		3,736,392		—		—		3,736,392
Metals & Mining		3,818,161		—		—		3,818,161
Multiline Retail		420,778		—		—		420,778
Oil, Gas & Consumable Fuels		9,358,929		—		—		9,358,929
Paper & Forest Products		1,706,802		—		—		1,706,802
Personal Products		710,191		—		—		710,191
Pharmaceuticals		1,198,595		—		—		1,198,595
Professional Services		2,891,780		—		—		2,891,780
Real Estate Management & Development		817,244		—		—		817,244
Road & Rail		4,020,156		—		—		4,020,156
Semiconductors & Semiconductor Equipment		2,924,756		—		—		2,924,756
Software		702,136		—		—		702,136
Specialty Retail		7,006,568		—		—		7,006,568
Technology Hardware, Storage & Peripherals		1,581,756		—		—		1,581,756
Textiles, Apparel & Luxury Goods		1,504,217		—		—		1,504,217
Thrifts & Mortgage Finance		5,416,912		—		—		5,416,912
Tobacco		287,026		—		—		287,026
Trading Companies & Distributors		4,345,505		—		—		4,345,505
Transportation Infrastructure		521,666		—		—		521,666
Water Utilities		25,236		—		—		25,236
Wireless Telecommunication Services		931,730		—		—		931,730
Total Common Stocks	$	179,445,815	$	—	$	—	$	179,445,815
Repurchase Agreements	$	—	$	3,336,655	$	—	$	3,336,655
Rights		—		—		1,711		1,711
Short-Term Investment		327,052		—		—		327,052
Total	$	179,772,867	$	3,336,655	$	1,711	$	183,111,233

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

During the period ended January 31, 2019, the Fund held four Common Stocks and one Rights investment that were categorized as Level 3 investments which were each valued at $0.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

14

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Rights			Total
Balance as of 10/31/2018	$	—		$	—
Accrued Accretion/(Amortization)		—			—
Realized Gains (Losses)		—			—
Purchases		—			—
Change in Unrealized Appreciation/Depreciation		(570	)		(570	)
Sales		—			—
Transfers Into Level 3		2,281			2,281
Transfers Out of Level 3		—			—
Balance as of 1/31/2019	$	1,711		$	1,711
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 1/31/2019	$	(570	)	$	(570	)

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

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and sub adviser recommendations.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

15

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide WCM Focused Small Cap Fund

Common Stocks 91.6%
	Shares		Value
Auto Components 2.5%
Dorman Products, Inc.*		15,148	$	1,301,971
Building Products 1.6%
American Woodmark Corp.*		12,413		868,289
Capital Markets 3.0%
Virtus Investment Partners, Inc.		17,351		1,561,069
Commercial Services & Supplies 9.4%
SP Plus Corp.*		72,670		2,405,377
UniFirst Corp.		18,188		2,517,765
				4,923,142
Construction & Engineering 5.7%
Dycom Industries, Inc.*(a)		31,202		1,811,276
EMCOR Group, Inc.		17,986		1,173,227
				2,984,503
Electrical Equipment 7.4%
EnerSys		25,441		2,169,099
Thermon Group Holdings, Inc.*		75,747		1,746,726
				3,915,825
Electronic Equipment, Instruments & Components 3.4%
Control4 Corp.*		26,637		529,277
ePlus, Inc.*		6,779		537,033
FLIR Systems, Inc.		14,948		730,658
				1,796,968
Food Products 1.7%
John B Sanfilippo & Son, Inc.		12,978		885,749
Health Care Equipment & Supplies 3.6%
Natus Medical, Inc.*		56,043		1,890,891
Health Care Providers & Services 2.2%
Addus HomeCare Corp.*		19,113		1,149,647
Insurance 6.9%
Brown & Brown, Inc.		71,964		1,954,542
Enstar Group Ltd.*		9,458		1,683,524
				3,638,066
IT Services 4.9%
Cass Information Systems, Inc.		52,101		2,557,638
Machinery 4.4%
Crane Co.		20,314		1,681,187
Graco, Inc.		14,737		638,554
				2,319,741
Media 5.4%
Emerald Expositions Events, Inc.		115,001		1,633,014
Hemisphere Media Group, Inc.*		89,941		1,192,618
				2,825,632
Real Estate Management & Development 6.9%
HFF, Inc., Class A		32,178		1,332,813
Jones Lang LaSalle, Inc.		16,035		2,299,579
				3,632,392
Semiconductors & Semiconductor Equipment 6.4%
Cabot Microelectronics Corp.		13,981		1,424,524
Versum Materials, Inc.		53,404		1,963,665
				3,388,189
Software 4.8%
Manhattan Associates, Inc.*		51,793		2,525,945
Specialty Retail 5.7%
America’s Car-Mart, Inc.*		42,760		2,991,490
Trading Companies & Distributors 5.7%
Beacon Roofing Supply, Inc.*		41,720		1,515,687
WESCO International, Inc.*		28,237		1,479,619
				2,995,306
Total Investments (cost $48,467,865) — 91.6%				48,152,453
Other assets in excess of liabilities — 8.4%				4,442,681
NET ASSETS — 100.0%			$	52,595,134

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $248,860, which was collateralized by $251,938 in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide WCM Focused Small Cap Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	48,152,453	$	—	$	—	$	48,152,453
Total	$	48,152,453	$	—	$	—	$	48,152,453

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Ziegler Equity Income Fund

Common Stocks 98.6%
	Shares		Value
Airlines 1.1%
Copa Holdings SA, Class A		37,632	$	3,569,395
Banks 14.7%
Bank of America Corp.		241,957		6,888,516
BB&T Corp.		204,199		9,964,911
JPMorgan Chase & Co.		100,306		10,381,671
PNC Financial Services Group, Inc. (The)		70,971		8,706,012
US Bancorp		126,077		6,450,099
Wells Fargo & Co.		82,727		4,046,178
				46,437,387
Biotechnology 2.1%
AbbVie, Inc.		50,039		4,017,631
Gilead Sciences, Inc.		39,487		2,764,485
				6,782,116
Capital Markets 1.1%
Lazard Ltd., Class A		83,835		3,335,795
Chemicals 2.2%
DowDuPont, Inc.		71,312		3,837,299
LyondellBasell Industries NV, Class A		34,221		2,976,200
				6,813,499
Communications Equipment 3.4%
Cisco Systems, Inc.		229,280		10,842,651
Consumer Finance 2.1%
Discover Financial Services		98,358		6,638,181
Containers & Packaging 1.0%
International Paper Co.		67,288		3,191,470
Diversified Telecommunication Services 3.6%
Verizon Communications, Inc.		209,659		11,543,825
Electric Utilities 5.4%
Edison International		71,922		4,097,396
FirstEnergy Corp.(a)		149,473		5,859,342
PPL Corp.		132,744		4,157,542
Southern Co. (The)		58,397		2,838,094
				16,952,374
Electrical Equipment 2.0%
Eaton Corp. plc		83,371		6,357,039
Energy Equipment & Services 1.4%
Helmerich & Payne, Inc.		79,587		4,456,076
Equity Real Estate Investment Trusts (REITs) 3.3%
Apartment Investment & Management Co., Class A		50,144		2,483,131
Duke Realty Corp.		162,112		4,740,155
Host Hotels & Resorts, Inc.		187,320		3,382,999
				10,606,285
Food & Staples Retailing 3.5%
Walmart, Inc.		114,719		10,993,522
Food Products 2.3%
Archer-Daniels-Midland Co.		55,377		2,486,427
Nestle SA, ADR-CH		53,389		4,657,657
				7,144,084
Health Care Equipment & Supplies 0.8%
Abbott Laboratories		34,375		2,508,687
Health Care Providers & Services 0.8%
CVS Health Corp.		40,473		2,653,005
Hotels, Restaurants & Leisure 1.6%
Carnival Corp.		45,171		2,600,946
McDonald’s Corp.		13,933		2,490,942
				5,091,888
Household Products 1.0%
Procter & Gamble Co. (The)		31,568		3,045,365
Insurance 4.8%
Aflac, Inc.		112,933		5,386,904
American Financial Group, Inc.		42,274		4,032,517
MetLife, Inc.		124,881		5,703,315
				15,122,736
IT Services 0.8%
Leidos Holdings, Inc.		44,315		2,570,270
Machinery 2.3%
Caterpillar, Inc.		32,553		4,334,757
Cummins, Inc.		19,798		2,912,484
				7,247,241
Media 1.4%
Comcast Corp., Class A		117,856		4,309,994
Mortgage Real Estate Investment Trusts (REITs) 0.9%
Chimera Investment Corp.		150,002		2,854,538
Multiline Retail 2.3%
Kohl’s Corp.		53,402		3,668,183
Target Corp.		49,414		3,607,222
				7,275,405
Multi-Utilities 2.0%
Ameren Corp.		93,483		6,482,111
Oil, Gas & Consumable Fuels 9.3%
Chevron Corp.		67,953		7,790,812
Exxon Mobil Corp.		134,526		9,858,065
Royal Dutch Shell plc, Class B, ADR-NL(a)		101,929		6,401,141
Valero Energy Corp.		60,777		5,337,436
				29,387,454
Pharmaceuticals 10.0%
Eli Lilly & Co.		37,926		4,545,810
GlaxoSmithKline plc, ADR-UK		125,381		4,914,935
Johnson & Johnson		67,850		9,029,478
Merck & Co., Inc.		78,863		5,869,773
Pfizer, Inc.		174,510		7,407,950
				31,767,946
Road & Rail 2.1%
Union Pacific Corp.		42,687		6,790,221
Semiconductors & Semiconductor Equipment 2.4%
Intel Corp.		104,387		4,918,716
Maxim Integrated Products, Inc.		48,457		2,629,761
				7,548,477
Software 1.9%
Microsoft Corp.		59,169		6,179,019
Specialty Retail 0.8%
Williams-Sonoma, Inc.(a)		48,520		2,640,944
Technology Hardware, Storage & Peripherals 1.7%
Hewlett Packard Enterprise Co.		212,707		3,316,102
Seagate Technology plc		48,964		2,168,126
				5,484,228
Textiles, Apparel & Luxury Goods 1.4%
Tapestry, Inc.		114,081		4,416,076
Trading Companies & Distributors 1.1%
GATX Corp.		45,501		3,443,516
Total Common Stocks (cost $260,128,993)				312,482,820
Exchange Traded Fund 0.6%
	Shares		Value
Equity Fund 0.6%
Vanguard Value ETF(a)		20,605		2,158,580
Total Exchange Traded Fund (cost $1,939,020)				2,158,580

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Ziegler Equity Income Fund (Continued)

Short-Term Investment 0.3%
	Shares		Value
Money Market Fund 0.3%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(b)(c)		828,142	$	828,142
Total Short-Term Investment (cost $828,142)				828,142
Repurchase Agreements 2.7%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $8,234,241, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $8,439,262.(c)	$	8,233,650		8,233,650
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $215,238, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $219,527.(c)		215,223		215,223
Total Repurchase Agreements (cost $8,448,873)				8,448,873
Total Investments (cost $271,345,028) — 102.2%				323,918,415
Liabilities in excess of other assets — (2.2)%				(7,122,689	)
NET ASSETS — 100.0%			$	316,795,726

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $11,412,348, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $828,142 and $8,448,873, respectively, and by $2,091,134 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $11,368,149.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $9,277,015.

ADR	American Depositary Receipt
CH	Switzerland
ETF	Exchange Traded Fund
NL	Netherlands
REIT	Real Estate Investment Trust
UK	United Kingdom

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Ziegler Equity Income Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	312,482,820	$	—	$	—	$	312,482,820
Exchange Traded Fund		2,158,580		—		—		2,158,580
Repurchase Agreements		—		8,448,873		—		8,448,873
Short-Term Investment		828,142		—		—		828,142
Total	$	315,469,542	$	8,448,873	$	—	$	323,918,415

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments

January 31, 2019 (Unaudited)

Nationwide Ziegler NYSE Arca Tech 100 Index Fund

Common Stocks 98.5%
	Shares		Value
Aerospace & Defense 11.4%
Boeing Co. (The)		60,002	$	23,137,971
Harris Corp.		60,002		9,191,106
Lockheed Martin Corp.		60,002		17,381,980
Raytheon Co.		60,002		9,885,930
United Technologies Corp.		60,002		7,084,436
				66,681,423
Biotechnology 6.3%
Amgen, Inc.		60,002		11,226,974
Biogen, Inc.*		60,002		20,027,468
Gilead Sciences, Inc.		60,002		4,200,740
Myriad Genetics, Inc.*		60,002		1,691,456
				37,146,638
Chemicals 0.5%
DowDuPont, Inc.		60,002		3,228,708
Communications Equipment 6.3%
ARRIS International plc*		60,002		1,883,463
Ciena Corp.*		60,002		2,285,476
Cisco Systems, Inc.		60,002		2,837,494
F5 Networks, Inc.*		60,002		9,657,322
InterDigital, Inc.		60,002		4,368,746
Juniper Networks, Inc.		60,002		1,556,452
Motorola Solutions, Inc.		60,002		7,014,834
Nokia OYJ, ADR-FI(a)		60,002		381,013
Ubiquiti Networks, Inc.(a)		60,002		6,492,816
Viavi Solutions, Inc.*		60,002		667,222
				37,144,838
Diversified Telecommunication Services 0.3%
AT&T, Inc.		60,002		1,803,660
Electronic Equipment, Instruments & Components 1.8%
Amphenol Corp., Class A		60,002		5,275,376
Corning, Inc.		60,002		1,995,666
FLIR Systems, Inc.		60,002		2,932,898
LG Display Co. Ltd., ADR-KR(a)		60,002		507,617
				10,711,557
Energy Equipment & Services 1.1%
Halliburton Co.		60,002		1,881,663
National Oilwell Varco, Inc.		60,002		1,768,859
Schlumberger Ltd.		60,002		2,652,688
				6,303,210
Entertainment 0.5%
Activision Blizzard, Inc.		60,002		2,834,495
Health Care Equipment & Supplies 3.2%
Baxter International, Inc.		60,002		4,349,545
Boston Scientific Corp.*		60,002		2,289,076
Danaher Corp.		60,002		6,655,422
Medtronic plc		60,002		5,303,577
				18,597,620
Health Care Technology 1.8%
Medidata Solutions, Inc.*		60,002		4,257,742
Veeva Systems, Inc., Class A*		60,002		6,543,818
				10,801,560
Household Durables 1.6%
Garmin Ltd.		60,002		4,150,938
iRobot Corp.*(a)		60,002		5,387,580
				9,538,518
Industrial Conglomerates 1.5%
Honeywell International, Inc.		60,002		8,618,087
Interactive Media & Services 2.3%
Facebook, Inc., Class A*		60,002		10,001,733
SINA Corp.*		60,002		3,685,323
				13,687,056
Internet & Direct Marketing Retail 2.1%
Alibaba Group Holding Ltd., ADR-CN*		60,002		10,109,737
eBay, Inc.*		60,002		2,019,067
				12,128,804
IT Services 10.4%
Akamai Technologies, Inc.*		60,002		3,906,130
Amdocs Ltd.		60,002		3,352,912
Automatic Data Processing, Inc.		60,002		8,390,680
DXC Technology Co.		60,002		3,847,328
International Business Machines Corp.		60,002		8,065,469
LiveRamp Holdings, Inc.*		60,002		2,606,487
Mastercard, Inc., Class A		60,002		12,668,222
VeriSign, Inc.*		60,002		10,156,538
Visa, Inc., Class A		60,002		8,100,870
				61,094,636
Life Sciences Tools & Services 6.2%
Agilent Technologies, Inc.		60,002		4,563,152
Illumina, Inc.*		60,002		16,787,960
Thermo Fisher Scientific, Inc.		60,002		14,740,691
				36,091,803
Pharmaceuticals 2.0%
AstraZeneca plc, ADR-UK		60,002		2,194,873
Bausch Health Cos., Inc.*		60,002		1,473,049
Bristol-Myers Squibb Co.		60,002		2,962,299
Novartis AG, ADR-CH		60,002		5,251,375
				11,881,596
Semiconductors & Semiconductor Equipment 16.5%
Analog Devices, Inc.		60,002		5,931,798
Applied Materials, Inc.		60,002		2,344,878
ASML Holding NV (Registered), NYRS-NL		60,002		10,502,150
Broadcom, Inc.		60,002		16,095,537
Cypress Semiconductor Corp.		60,002		832,228
Intel Corp.		60,002		2,827,294
KLA-Tencor Corp.		60,002		6,394,413
Lam Research Corp.		60,002		10,175,139
Microchip Technology, Inc.(a)		60,002		4,822,361
Micron Technology, Inc.*		60,002		2,293,276
NVIDIA Corp.		60,002		8,625,288
NXP Semiconductors NV		60,002		5,221,974
ON Semiconductor Corp.*		60,002		1,202,440
QUALCOMM, Inc.		60,002		2,971,299
Teradyne, Inc.		60,002		2,159,472
Texas Instruments, Inc.		60,002		6,041,001
Xilinx, Inc.		60,002		6,716,624
Xperi Corp.		60,002		1,285,843
				96,443,015
Software 18.5%
Adobe, Inc.*		60,002		14,869,696
Check Point Software Technologies Ltd.*		60,002		6,715,424
Citrix Systems, Inc.		60,002		6,152,605
Intuit, Inc.		60,002		12,949,632
j2 Global, Inc.		60,002		4,509,750
Microsoft Corp.		60,002		6,266,009
Open Text Corp.		60,002		2,138,471
Oracle Corp.		60,002		3,013,900
Progress Software Corp.		60,002		2,173,872
PTC, Inc.*		60,002		5,087,569

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Ziegler NYSE Arca Tech 100 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Software (continued)
Red Hat, Inc.*		60,002	$	10,670,756
salesforce.com, Inc.*		60,002		9,118,504
SAP SE, ADR-DE		60,002		6,205,407
Symantec Corp.		60,002		1,261,242
Synopsys, Inc.*		60,002		5,601,187
Teradata Corp.*		60,002		2,662,889
VMware, Inc., Class A		60,002		9,064,502
				108,461,415
Technology Hardware, Storage & Peripherals 3.8%
Apple, Inc.		60,002		9,986,733
HP, Inc.		60,002		1,321,844
NetApp, Inc.		60,002		3,826,328
Seagate Technology plc		60,002		2,656,889
Western Digital Corp.		60,002		2,699,490
Xerox Corp.		60,002		1,692,656
				22,183,940
Wireless Telecommunication Services 0.4%
Telephone & Data Systems, Inc.		60,002		2,173,272
Total Common Stocks (cost $288,162,092)				577,555,851
Exchange Traded Fund 0.5%
	Shares		Value
Equity Fund 0.5%
Invesco QQQ Trust		17,530		2,947,845
Total Exchange Traded Fund (cost $2,497,182)				2,947,845
Short-Term Investment 0.3%
	Shares		Value
Money Market Fund 0.3%
Fidelity Investments Money Market Government Portfolio - Institutional Class, 2.32%(b)(c)		1,488,916		1,488,916
Total Short-Term Investment (cost $1,488,916)				1,488,916
Repurchase Agreements 2.6%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.58%, dated 1/31/2019, due 2/1/2019, repurchase price $14,804,348, collateralized by U.S. Treasury Note, 2.25%, maturing 11/15/2027; total market value $15,172,955.(c)	$	14,803,287		14,803,287
Royal Bank of Canada, 2.53%, dated 1/31/2019, due 2/1/2019, repurchase price $386,976, collateralized by U.S. Treasury Note, 2.63%, maturing 1/31/2026; total market value $394,688.(c)		386,949		386,949
Total Repurchase Agreements (cost $15,190,236)				15,190,236
Total Investments (cost $307,338,426) — 101.9%				597,182,848
Liabilities in excess of other assets — (1.9)%				(11,040,421	)
NET ASSETS — 100.0%			$	586,142,427

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at January 31, 2019. The total value of securities on loan at January 31, 2019 was $16,258,581, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,488,916 and $15,190,236, respectively, and by $8,510 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 2/28/2019 – 2/15/2047; a total value of $16,687,662.

(b) Represents 7-day effective yield as of January 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2019 was $16,679,152.

ADR	American Depositary Receipt
CH	Switzerland
CN	China
DE	Germany
FI	Finland
KR	South Korea
NL	Netherlands
NYRS	New York Registry Shares
UK	United Kingdom

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued)

January 31, 2019 (Unaudited)

Nationwide Ziegler NYSE Arca Tech 100 Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Mutual Funds’ (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 —	Quoted prices in active markets for identical assets
• Level 2 —	Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (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 combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	577,555,851	$	—	$	—	$	577,555,851
Exchange Traded Fund		2,947,845		—		—		2,947,845
Repurchase Agreements		—		15,190,236		—		15,190,236
Short-Term Investment		1,488,916		—		—		1,488,916
Total	$	581,992,612	$	15,190,236	$	—	$	597,182,848

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Transfers between levels are recognized as of the beginning of the reporting period.

During the period ended January 31, 2019, there were no transfers into or out of Level 1, Level 2 or Level 3.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Item 2. 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 CFR § 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 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act (17 CFR § 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 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-Q is 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 CFR § 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely materially to 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 registrant’s most-recent fiscal quarter that have materially affected, or are reasonably likely materially to affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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 CFR § 270.30a-2(a)).

Certifications pursuant to Rule 30a-2(a) 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/ Joseph A. Finelli
	Name:	Joseph A. Finelli
	Title:	Principal Financial Officer
	Date:	March 21, 2019

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.

(Registrant)	NATIONWIDE MUTUAL FUNDS
By (Signature and Title)	/s/ Michael S. Spangler
	Name:	Michael S. Spangler
	Title:	Principal Executive Officer
	Date:	March 21, 2019
(Registrant)	NATIONWIDE MUTUAL FUNDS
By (Signature and Title)	/s/ Joseph A. Finelli
	Name:	Joseph A. Finelli
	Title:	Principal Financial Officer
	Date:	March 21, 2019