0001048702 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member nmf:C000210163Member 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member nmf:C000210164Member 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member nmf:C000210162Member 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member nmf:C000210165Member 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member nmf:MSCIACWIexUSAGrowthIndexTheIndexdoesnotpaysaleschargesfeesexpensesortaxesMember 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member nmf:MSCIACWorldIndexexUSATheIndexdoesnotpaysaleschargesfeesexpensesortaxesMember 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member nmf:C000210163Member rr:AfterTaxesOnDistributionsAndSalesMember 2019-02-26 2019-02-26 0001048702 nmf:S000064917Member nmf:C000210163Member rr:AfterTaxesOnDistributionsMember 2019-02-26 2019-02-26 pure iso4217:USD 2019-02-26 497 2018-09-30 NATIONWIDE MUTUAL FUNDS 0001048702 false 2019-06-03 2019-06-03 FUND SUMMARY: NATIONWIDE ALLIANZGI INTERNATIONAL GROWTH FUND Objective The Nationwide AllianzGI International Growth Fund seeks long-term capital appreciation. Fees and Expenses This table describes the fees and expenses you may pay when buying and holding shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in “Investing with Nationwide Funds” commencing on page 14 of this Prospectus and in “Additional Information on Purchases and Sales” commencing on page 53 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund’s Prospectus. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example This Example is intended to help you to compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses, and any expense limitation or fee waivers that may apply for the periods indicated above under “Fees and Expenses.” Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year of the predecessor fund (September 30, 2018), the portfolio turnover rate was 17% of the average value of its portfolio. See the section entitled “Performance” for more information about the predecessor fund. Principal Investment Strategies The Fund seeks to provide investors with long-term capital appreciation by creating a diversified portfolio of non-U.S. stocks exhibiting long-term growth and quality characteristics. The Fund will normally invest primarily in non-U.S. securities, including emerging market securities, and is not limited in the percentage of its assets that it may invest in any one country, region or geographic area. Emerging market countries typically are developing and low- or middle-income countries. Emerging market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa. The Fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The Fund may invest in initial public offerings (IPOs). The Fund’s subadviser employs a disciplined, bottom-up approach to stock selection that is based on fundamental, company-specific analysis. The subadviser will target investments in companies primarily based on analysis of three criteria: structural growth, quality, and valuation. In identifying issuers likely to benefit from structural growth, the subadviser will seek out issuers with what it believes to be superior business models, best-in-class technology and exposure to secular market growth drivers in order to compound issuers’ earnings and cash flows over the long-term. In evaluating the quality of potential investment targets, the subadviser will consider issuers' balance sheet strength, long-term competitive position and the presence of obstacles that block competitors from entering the same market (e.g., technological challenges, regulations, and patents, etc.) that enable such issuers to defend pricing power over the long-term. The subadviser will apply the valuation criterion by making investments in companies whose potential value it believes is not yet reflected in market valuations, and whose ability to satisfy the Fund’s key investment criteria is likely to be sustainable in the long-term. The subadviser’s investment decisions are not normally guided by sector or geography, or by weightings of the Fund’s performance benchmark or any other index. The Fund may achieve its exposure to non-U.S. securities either directly, including through investments in securities listed outside the U.S. or in U.S.-listed securities of non-U.S. issuers, or through depositary receipts such as American Depositary Receipts (ADRs). Principal Risks The Fund cannot guarantee that it will achieve its investment objective. As with any fund, the value of the Fund’s investments—and therefore, the value of Fund shares—may fluctuate. These changes may occur because of: Equity securities risk – stock markets are volatile. The price of an equity security fluctuates based on changes in a company’s financial condition and overall market and economic conditions. Market and selection risks – market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by the Fund’s subadviser will underperform the markets, the relevant indexes or the securities selected by other funds with similar investment objectives and investment strategies. Foreign securities risk – foreign securities may be more volatile, harder to price and less liquid than U.S. securities. The prices of foreign securities may be further affected by other factors, such as changes in the exchange rates between the U.S. dollar and the currencies in which the securities are traded. Emerging markets risk – emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Since these markets are smaller than developed markets, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. Many emerging markets also have histories of political instability and abrupt changes in policies. Certain emerging markets may also face other significant internal or external risks, including the risk of war, nationalization of assets, and ethnic, religious and racial conflicts. Smaller company risk – smaller companies are usually less stable in price and less liquid than larger, more established companies. Smaller companies are more vulnerable than larger companies to adverse business and economic developments and may have more limited resources. Therefore, they generally involve greater risk. Growth style risk– growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. If the subadviser’s assessment of the prospects for a company’s growth is wrong, or if the subadviser’s judgment of how other investors will value the company’s growth is wrong, then the price of the company’s stock may fall or not approach the value that the subadviser has placed on it. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “value” stocks. Country or sector risk – if the Fund emphasizes one or more countries or economic sectors, it may be more susceptible to the financial, market or economic events affecting the particular issuers and industries in which it invests than funds that do not emphasize particular countries or sectors. Initial public offering risk – availability of IPOs may be limited and the Fund may not be able to buy any shares at the offering price, or may not be able to buy as many shares at the offering price as it would like, which may adversely impact Fund performance. Further, IPO prices often are subject to greater and more unpredictable price changes than more established stocks. Liquidity risk – when there is little or no active trading market for specific types of securities or instruments, it can become more difficult to sell the securities or instruments at or near their perceived value. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that the Fund will experience significant net redemptions of its shares at a time when it cannot find willing buyers for its portfolio securities or instruments or can sell its portfolio securities or instruments only at a material loss. To meet redemption requests, the Fund may be forced to sell other securities or instruments that are more liquid, but at unfavorable times and conditions. Investments in foreign securities tend to have more exposure to liquidity risk than domestic securities. Loss of money is a risk of investing in the Fund. Performance The Fund has adopted the historical performance of the AllianzGI International Growth Fund, a former series of Allianz Funds Multi-Strategy Trust (the “Predecessor Fund”) as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 3, 2019. The Fund and the Predecessor Fund have substantially similar investment goals and strategies. The following bar chart and table can help you evaluate the Fund’s potential risks. The bar chart shows how the Predecessor Fund’s annual total returns have varied from year to year. These returns do not reflect the impact of sales charges. If sales charges are applicable, the annual total returns would be lower than those shown. The table compares the Predecessor Fund’s average annual total returns to the returns of two broad-based securities indexes. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available at no cost by visiting nationwide.com/mutualfunds or by calling 800-848-0920. Annual Total Returns – Class A Shares (Years Ended December 31,) <table style="border-collapse:collapse;empty-cells:show;margin-top:6pt;width:40.59%;" cellpadding="0" cellspacing="0"> <tr style="page-break-inside:avoid;"> <td style="color:#000000;font-style:normal;font-weight:bold;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:bottom;width:37.43%;">Highest Quarter: </td> <td style="color:#000000;font-style:normal;font-weight:bold;line-height:13pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:;width:19.33%;">10.65% </td> <td style="color:#000000;font-style:normal;font-weight:bold;line-height:13pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:;width:5.49%;">– </td> <td style="color:#000000;font-style:normal;font-weight:bold;line-height:13pt;padding-bottom:1.5pt;padding-left:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:bottom;width:36.26%;">1st qtr. of 2017 </td></tr> <tr style="page-break-inside:avoid;"> <td style="color:#000000;font-style:normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:37.43%;">Lowest Quarter: </td> <td style="color:#000000;font-style:normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:;width:19.33%;">-13.95% </td> <td style="color:#000000;font-style:normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:;width:5.49%;">– </td> <td style="color:#000000;font-style:normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:bottom;width:36.26%;">4th qtr. of 2018</td></tr></table> Year-to-date total return as of March 31, 2019: 15.18% After-tax returns are shown for Class A shares only and will vary for other classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-advantaged arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Historical performance for Class A and Class R6 shares is based on the previous performance of Class A and Institutional Class shares, respectively, of the Predecessor Fund. Institutional Service Class and Eagle Class shares had not commenced operations prior to the date of this Prospectus. Pre-inception historical performance for both Institutional Service Class and Eagle Class shares is based on previous performance of Institutional Class shares of the Predecessor Fund. Performance for Institutional Service Class and Eagle Class shares has been adjusted to reflect the higher expenses of Institutional Service Class and Eagle Class shares than those of the Predecessor Fund’s Institutional Class shares. Average Annual Total Returns (For the Periods Ended December 31, 2018) You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. “Other Expenses” is based on estimated amounts for the current fiscal year. June 30, 2022 Loss of money is a risk of investing in the Fund. The bar chart shows how the Predecessor Fund’s annual total returns have varied from year to year. The table compares the Predecessor Fund’s average annual total returns to the returns of two broad-based securities indexes. These returns do not reflect the impact of sales charges. If sales charges are applicable, the annual total returns would be lower than those shown. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. nationwide.com/mutualfunds 800-848-0920 After-tax returns are shown for Class A shares only and will vary for other classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. After-tax returns are not relevant to investors in tax-advantaged arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Institutional Service Class and Eagle Class shares had not commenced operations prior to the date of this Prospectus. 676 890 74 230 99 309 84 262 Year-to-date total return 2019-03-31 <div style="display:none">~ http://www.nationwide.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div> <div style="display:none">~ http://www.nationwide.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> <div style="display:none">~ http://www.nationwide.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <div style="display:none">~ http://www.nationwide.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div> <div style="display:none">~ http://www.nationwide.com/role/ScheduleShareholderFees000012 column period compact * ~</div> N-1A 2015-02-02 2015-02-02 2015-02-02 2015-02-02 2015-02-02 2015-02-02 2015-02-02 2015-02-02 2017-03-31 Lowest Quarter: 2018-12-31 50000 Highest Quarter: 0.1065 0.1518 -0.1395 -0.002 0.387 -0.1447 -0.1918 0.0309 -0.1986 0.0125 -0.1106 0.0168 -0.1425 0.0487 -0.1447 0.046 -0.1434 0.0476 -0.142 0.0178 -0.1443 0.0259 0.17 0.0575 0 0 0 0.007 0.007 0.007 0.007 0.0025 0 0 0 0.0099 0.0091 0.0116 0.0101 0.0194 0.0161 0.0186 0.0171 -0.0089 -0.0089 -0.0089 -0.0089 0.0105 0.0072 0.0097 0.0082 “Other Expenses” is based on estimated amounts for the current fiscal year. Nationwide Mutual Funds (the “Trust”) and Nationwide Fund Advisors (the “Adviser”) have entered into a written contract limiting annual fund operating expenses to 0.72% until at least June 30, 2022. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund’s business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.