Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

5.0%

Principal

Amount

($)

Value

($)

Automobiles

0.3%

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2018-4,

Class

A,

4.06%,

11/15/2030

1,150,000

1,246,177

Hertz

Vehicle

Financing

II

LP,

Series

2016-4A,

Class

A,

2.65%,

7/25/2022(a)

809,881

811,140

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

3,150,000

3,233,115

5,290,432

Home

Equity

0.4%

Aegis

Asset-Backed

Securities

Trust

Mortgage

Pass-

Through

Certificates,

Series

2005-4,

Class

M2,

0.64%,

10/25/2035(b)

2,330,000

2,115,358

Bear

Stearns

Asset-Backed

Securities

I

Trust,

Series

2004-HE7,

Class

M1,

1.07%,

8/25/2034(b)

4,926,306

4,706,979

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-6,

Class

1A1,

0.71%,

12/25/2034(b)

1,062,691

1,002,893

RAAC

Trust,

Series

2005-

SP3,

Class

M2,

0.97%,

12/25/2035(b)

1,370,000

1,357,184

9,182,414

Other

3.8%

Acis

CLO

Ltd.

Series

2014-3A,

Class

A1A,

2.20%,

2/1/2026(a)(b)

366,494

366,246

Series

2014-3A,

Class

A2A,

2.24%,

2/1/2026(a)(b)

64,169

64,169

AGL

CLO

6

Ltd.,

Series

2020-6A,

Class

A1,

0.00%,

7/20/2031(a)(b)

1,460,000

1,460,175

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

1.66%,

1/19/2033(a)(b)

2,500,000

2,473,692

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

1.81%,

11/2/2030(a)(b)

392,000

386,046

Apex

Credit

CLO

2017

Ltd.,

Series

2017-1A,

Class

A1,

1.73%,

4/24/2029(a)(b)

2,267,886

2,249,067

Apidos

CLO

XII,

Series

2013-

12A,

Class

AR,

1.36%,

4/15/2031(a)(b)

1,100,000

1,076,593

Ares

XLIII

CLO

Ltd.,

Series

2017-43A,

Class

A,

1.50%,

10/15/2029(a)(b)

1,415,000

1,396,309

Avery

Point

V

CLO

Ltd.,

Series

2014-5A,

Class

AR,

1.25%,

7/17/2026(a)(b)

872,418

869,797

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Bain

Capital

Credit

CLO,

Series

2020-1A,

Class

A1,

2.46%,

4/18/2033(a)(b)

2,250,000

2,216,027

Ballyrock

CLO

Ltd.,

Series

2019-2A,

Class

A1B,

2.13%,

11/20/2030(a)(b)

1,000,000

992,167

Benefit

Street

Partners

CLO

IV

Ltd.,

Series

2014-IVA,

Class

A1RR,

1.52%,

1/20/2029(a)(b)

1,385,000

1,376,198

BlueMountain

CLO

Ltd.

Series

2012-2A,

Class

AR2,

1.43%,

11/20/2028(a)(b)

2,181,000

2,160,228

Series

2015-3A,

Class

A1R,

1.27%,

4/20/2031(a)(b)

1,215,000

1,179,963

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

A1,

1.36%,

7/15/2031(a)(b)

2,000,000

1,950,096

Canyon

CLO

Ltd.,

Series

2020-1A,

Class

A,

2.32%,

7/15/2028(a)(b)

1,750,000

1,753,731

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2014-1A,

Class

A1R2,

1.24%,

4/17/2031(a)

(b)

1,450,590

1,411,604

Series

2014-3RA,

Class

A1A,

1.29%,

7/27/2031(a)

(b)

743,875

725,560

Carlyle

US

CLO

Ltd.

Series

2017-1A,

Class

A1B,

1.50%,

4/20/2031(a)(b)

1,531,159

1,495,969

Series

2017-1A,

Class

A1A,

1.57%,

4/20/2031(a)(b)

447,417

438,396

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A2,

1.97%,

4/20/2029(a)(b)

1,300,000

1,278,047

CBAM

Ltd.,

Series

2017-

1A,

Class

A1,

1.52%,

7/20/2030(a)(b)

1,050,000

1,041,390

Cumberland

Park

CLO

Ltd.,

Series

2015-2A,

Class

BR,

1.67%,

7/20/2028(a)(b)

760,000

748,761

Denali

Capital

CLO

X

LLC,

Series

2013-1A,

Class

A1LR,

1.29%,

10/26/2027(a)(b)

2,319,961

2,299,209

Dryden

XXV

Senior

Loan

Fund,

Series

2012-25A,

Class

ARR,

1.18%,

10/15/2027(a)(b)

2,246,257

2,230,178

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

A,

1.64%,

5/15/2030(a)(b)

2,340,000

2,309,805

Flatiron

CLO

Ltd.,

Series

2015-1A,

Class

AR,

1.17%,

4/15/2027(a)(b)

1,698,453

1,688,101

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Galaxy

XXVI

CLO

Ltd.,

Series

2018-26A,

Class

A,

1.56%,

11/22/2031(a)(b)

450,000

439,380

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

AR2,

1.38%,

10/29/2029(a)(b)

725,000

716,892

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

A2,

1.28%,

4/15/2031(a)(b)

1,500,000

1,464,310

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

A1R,

1.40%,

1/27/2031(a)(b)

2,250,000

2,206,231

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

1.53%,

1/20/2030(a)(b)

1,850,000

1,831,104

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2017-2A,

Class

A2,

1.97%,

1/17/2030(a)(b)

750,000

719,899

Jackson

Mill

CLO

Ltd.,

Series

2015-1A,

Class

AR,

1.10%,

4/15/2027(a)(b)

1,371,740

1,354,509

JFIN

CLO

2014

Ltd.,

Series

2014-1A,

Class

AR,

1.22%,

4/21/2025(a)(b)

486,729

483,300

KKR

CLO

Ltd.,

Series

21,

Class

A,

1.28%,

4/15/2031(a)(b)

1,160,000

1,123,249

LCM

XIV

LP,

Series

14A,

Class

AR,

1.31%,

7/20/2031(a)(b)

2,000,000

1,948,522

LCM

XVIII

LP,

Series

19A,

Class

AR,

1.51%,

7/15/2027(a)(b)

250,000

249,119

LCM

XXIV

Ltd.,

Series

24A,

Class

A,

1.58%,

3/20/2030(a)(b)

1,250,000

1,231,776

Legacy

Mortgage

Asset

Trust,

Series

2019-GS1,

Class

A1,

4.00%,

1/25/2059(a)(c)

2,913,298

2,918,102

Myers

Park

CLO

Ltd.,

Series

2018-1A,

Class

B1,

1.87%,

10/20/2030(a)(b)

510,000

493,396

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.,

Series

2017-24A,

Class

AR,

1.29%,

4/19/2030(a)(b)

500,000

491,588

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

A1,

1.40%,

10/19/2031(a)(b)

283,333

278,534

Newark

BSL

CLO

2

Ltd.,

Series

2017-1A,

Class

A1,

1.51%,

7/25/2030(a)(b)

835,000

826,109

Ocean

Trails

CLO

IX,

Series

2020-9A,

Class

A1,

0.00%,

10/15/2029(a)(b)

2,250,000

2,250,000

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Octagon

Investment

Partners

45

Ltd.,

Series

2019-

1A,

Class

A,

1.60%,

10/15/2032(a)(b)

1,600,000

1,577,594

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

1.40%,

5/23/2031(a)(b)

500,000

490,421

Recette

CLO

Ltd.,

Series

2015-1A,

Class

AR,

1.19%,

10/20/2027(a)(b)

172,131

170,995

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

AR,

1.35%,

7/20/2028(a)(b)

1,920,000

1,908,303

Romark

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

1.64%,

7/15/2032(a)(b)

2,500,000

2,444,597

Seven

Sticks

CLO

Ltd.,

Series

2016-1A,

Class

A1R,

1.33%,

7/15/2028(a)(b)

994,787

988,515

SoFi

Consumer

Loan

Program

LLC,

Series

2017-4,

Class

B,

3.59%,

5/26/2026(a)(b)

970,000

977,325

Sudbury

Mill

CLO

Ltd.,

Series

2013-1A,

Class

A1R,

1.42%,

1/17/2026(a)(b)

954,422

951,141

Sunnova

Helios

II

Issuer

LLC,

Series

2018-1A,

Class

A,

4.87%,

7/20/2048(a)

2,325,985

2,460,311

Symphony

CLO

XIX

Ltd.,

Series

2018-19A,

Class

A,

1.23%,

4/16/2031(a)(b)

1,750,000

1,704,873

Symphony

CLO

XVIII

Ltd.,

Series

2016-18A,

Class

B,

2.06%,

1/23/2028(a)(b)

750,000

735,144

THL

Credit

Wind

River

CLO

Ltd.,

Series

2017-3A,

Class

A,

1.53%,

10/15/2030(a)(b)

466,489

459,123

Towd

Point

Mortgage

Trust,

Series

2019-HY2,

Class

A1,

1.17%,

5/25/2058(a)(b)

2,139,251

2,139,251

Tralee

CLO

III

Ltd.,

Series

2014-3A,

Class

AR,

1.30%,

10/20/2027(a)(b)

1,339,278

1,328,165

Tralee

Clo

VI

Ltd.,

Series

2019-6A,

Class

AS,

1.54%,

10/25/2032(a)(b)

2,150,000

2,146,418

Tryon

Park

CLO

Ltd.

Series

2013-1A,

Class

A1SR,

1.17%,

4/15/2029(a)

(b)

1,750,000

1,727,771

Series

2013-1A,

Class

A2R,

1.78%,

4/15/2029(a)(b)

1,500,000

1,457,546

Venture

31

CLO

Ltd.,

Series

2018-31A,

Class

A1,

1.30%,

4/20/2031(a)(b)

1,300,000

1,255,660

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Voya

CLO

Ltd.,

Series

2016-

3A,

Class

A1R,

1.46%,

10/18/2031(a)(b)

2,200,000

2,156,944

85,743,641

Student

Loan

0.5%

DRB

Prime

Student

Loan

Trust,

Series

2015-B,

Class

A1,

2.07%,

10/27/2031(a)(b)

880,094

884,256

Earnest

Student

Loan

Program

LLC,

Series

2017-A,

Class

A2,

2.65%,

1/25/2041(a)

745,204

755,280

Navient

Private

Education

Refi

Loan

Trust,

Series

2018-CA,

Class

B,

4.22%,

6/16/2042(a)

3,360,000

3,496,152

SLM

Student

Loan

Trust,

Series

2005-7,

Class

A4,

0.39%,

10/25/2029(b)

477,082

467,747

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

B,

3.50%,

6/17/2041(a)

1,000,000

998,011

SoFi

Professional

Loan

Program

LLC,

Series

2019-

B,

Class

A1FX,

2.78%,

8/17/2048(a)

1,980,814

1,994,706

SoFi

Professional

Loan

Program

Trust,

Series

2020-C,

Class

AFX,

1.95%,

2/15/2046(a)

2,912,900

2,975,943

11,572,095

Total

Asset-Backed

Securities

(cost

$111,416,456)

111,788,582

Collateralized

Mortgage

Obligations

1.8%

Connecticut

Avenue

Securities

Trust,

Series

2019-R07,

Class

1M2,

2.27%,

10/25/2039(a)(b)

770,000

752,151

CSMC

Trust,

Series

2019-

RPL9,

Class

A1,

3.08%,

10/27/2059(a)(b)

2,412,231

2,418,687

Deephaven

Residential

Mortgage

Trust,

Series

2020-2,

Class

A2,

2.59%,

5/25/2065(a)

2,760,000

2,766,326

DSLA

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

1A1B,

0.33%,

4/19/2047(b)

1,201,472

986,143

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA2,

Class

M2,

3.62%,

10/25/2029(b)

1,990,000

2,006,726

Series

2017-DNA3,

Class

M2,

2.67%,

3/25/2030(b)

1,655,000

1,640,368

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

FNMA

Series

2014-C02,

Class

1M2,

2.77%,

5/25/2024(b)

1,810,153

1,340,535

Series

2014-C02,

Class

2M2,

2.77%,

5/25/2024(b)

1,169,491

993,622

Series

2014-C03,

Class

1M2,

3.17%,

7/25/2024(b)

1,073,254

835,184

Series

2016-C02,

Class

1M2,

6.17%,

9/25/2028(b)

1,077,944

1,107,497

Series

2016-C04,

Class

1M2,

4.42%,

1/25/2029(b)

1,302,643

1,312,389

Series

2018-C01,

Class

1M2,

2.42%,

7/25/2030(b)

1,913,659

1,845,367

GNMA

REMICS

Series

2019-123,

Class

A,

3.00%,

10/20/2049

339,554

359,522

Series

2020-H09,

Class

FL,

1.34%,

5/20/2070(b)

700,473

729,888

GSMSC

Resecuritization

Trust,

Series

2015-

7R,

Class

A,

0.32%,

9/26/2037(a)(b)

2,325,549

2,281,397

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2005-

2AR,

Class

A,

0.43%,

4/25/2035(b)

1,974,419

1,945,006

New

Residential

Mortgage

Loan

Trust,

Series

2017-

3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

4,552,067

4,890,211

Residential

Mortgage

Loan

Trust,

Series

2020-2,

Class

A1,

1.65%,

5/25/2060(a)(b)

4,519,270

4,613,755

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-1,

Class

M1,

4.00%,

1/25/2056(a)(b)

3,230,000

3,218,585

Series

2020-1,

Class

M,

4.25%,

8/25/2059(a)(b)

3,130,000

2,798,461

WaMu

Mortgage

Pass-

Through

Trust,

Series

2004-

AR9,

Class

A7,

3.49%,

8/25/2034(b)

2,681,066

2,639,508

Total

Collateralized

Mortgage

Obligations

(cost

$43,128,652)

41,481,328

Commercial

Mortgage-Backed

Securities

2.9%

BAMLL

Commercial

Mortgage

Securities

Trust

,

Series

2018-DSNY,

Class

A,

1.02%,

9/15/2034(a)(b)

2,500,000

2,405,946

BANK

Series

2017-BNK8,

Class

A4,

3.49%,

11/15/2050

1,200,000

1,363,299

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/2054

1,406,400

1,599,119

Series

2017-BNK5,

Class

A5,

3.39%,

6/15/2060

2,000,000

2,243,875

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

BBCMS

Mortgage

Trust

,

Series

2017-DELC,

Class

A,

1.02%,

8/15/2036(a)(b)

2,610,000

2,521,870

BHMS

,

Series

2018-

ATLS,

Class

D,

2.42%,

7/15/2035(a)(b)

3,830,000

3,340,274

BX

Commercial

Mortgage

Trust

,

Series

2019-

IMC,

Class

A,

1.17%,

4/15/2034(a)(b)

4,420,000

4,243,248

BX

Trust

,

Series

2019-

MMP,

Class

A,

1.17%,

8/15/2036(a)(b)

2,020,000

1,992,729

CFK

Trust

Series

2020-MF2,

Class

E,

3.46%,

3/15/2039(a)(b)

2,670,000

2,402,059

Series

2020-MF2,

Class

F,

3.46%,

3/15/2039(a)(b)

1,500,000

1,309,954

CHT

Mortgage

Trust

,

Series

2017-CSMO,

Class

A,

1.10%,

11/15/2036(a)(b)

1,670,000

1,619,000

Citigroup

Commercial

Mortgage

Trust

,

Series

2019-SST2,

Class

A,

1.09%,

12/15/2036(a)(b)

2,350,000

2,302,499

Credit

Suisse

Commercial

Mortgage

Securities

Corp.

,

Series

2019-SKLZ,

Class

A,

1.42%,

1/15/2034(a)(b)

3,700,000

3,553,274

Credit

Suisse

Mortgage

Capital

Certificates

,

Series

2019-ICE4,

Class

A,

1.15%,

5/15/2036(a)(b)

4,260,000

4,249,306

GS

Mortgage

Securities

Corp.

Trust

Series

2019-SOHO,

Class

A,

1.07%,

6/15/2036(a)(b)

4,200,000

4,126,464

Series

2020-DUNE,

Class

A,

1.27%,

12/15/2036(a)(b)

4,500,000

4,197,578

GS

Mortgage

Securities

Trust

Series

2015-GS1,

Class

A3,

3.73%,

11/10/2048

2,000,000

2,221,153

Series

2017-GS8,

Class

A4,

3.47%,

11/10/2050

1,250,000

1,405,707

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-NNN,

Class

FFL,

2.68%,

1/16/2037(a)(b)

3,616,000

3,201,943

Series

2020-NNN,

Class

GFL,

3.18%,

1/16/2037(a)

(b)

3,610,000

2,989,203

Series

2020-NNN,

Class

GFX,

4.69%,

1/16/2037(a)

(b)

3,550,000

3,119,726

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

JPMCC

Commercial

Mortgage

Securities

Trust

,

Series

2017-JP6,

Class

A5,

3.49%,

7/15/2050

2,000,000

2,257,697

Morgan

Stanley

Capital

I

Trust

Series

2019-BPR,

Class

A,

1.57%,

5/15/2036(a)(b)

1,780,000

1,698,834

Series

2018-H4,

Class

XA,

IO,

0.86%,

12/15/2051(b)

21,353,820

1,205,086

Rosslyn

Portfolio

Trust

,

Series

2017-ROSS,

Class

A,

1.94%,

6/15/2033(a)(b)

2,047,593

2,006,637

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2018-C44,

Class

A5,

4.21%,

5/15/2051

2,000,000

2,362,027

Total

Commercial

Mortgage-Backed

Securities

(cost

$67,635,951)

65,938,507

Common

Stocks

57.1%

Shares

Aerospace

&

Defense

0.9%

AAR

Corp.

1,372

23,626

Aerojet

Rocketdyne

Holdings,

Inc.

*

2,909

119,996

AeroVironment

,

Inc.

*

884

67,670

Astronics

Corp.

*

988

8,596

Axon

Enterprise,

Inc.

*

2,435

202,422

Boeing

Co.

(The)

21,527

3,401,266

BWX

Technologies,

Inc.

3,752

204,559

Cubic

Corp.

1,279

53,718

Curtiss-Wright

Corp.

1,648

146,870

Ducommun,

Inc.

*

455

16,357

General

Dynamics

Corp.

10,060

1,476,204

HEICO

Corp.

4,860

407,396

Hexcel

Corp.

3,377

125,962

Howmet

Aerospace,

Inc.

15,504

229,149

Huntington

Ingalls

Industries,

Inc.

1,573

273,246

Kaman

Corp.

1,123

44,347

Kratos

Defense

&

Security

Solutions,

Inc.

*

4,218

75,966

L3Harris

Technologies,

Inc.

8,493

1,429,627

Lockheed

Martin

Corp.

9,836

3,727,549

Maxar

Technologies,

Inc.

2,048

36,434

Mercury

Systems,

Inc.

*

2,092

161,984

Moog,

Inc.,

Class A

1,108

59,522

National

Presto

Industries,

Inc.

211

18,017

Northrop

Grumman

Corp.

6,199

2,014,737

PAE,

Inc.

*(d)

2,540

20,015

Park

Aerospace

Corp.

856

9,228

Parsons

Corp.

*

895

31,173

Raytheon

Technologies

Corp.

57,150

3,239,262

Spirit

AeroSystems

Holdings,

Inc.,

Class A

4,289

83,936

Teledyne

Technologies,

Inc.

*

1,435

440,114

Textron,

Inc.

9,362

327,108

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Aerospace

&

Defense

TransDigm

Group,

Inc.

2,124

916,676

Triumph

Group,

Inc.

2,011

13,635

Vectrus

,

Inc.

*

471

20,719

Virgin

Galactic

Holdings,

Inc.

*

2,387

53,588

19,480,674

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.

*

2,335

56,904

Atlas

Air

Worldwide

Holdings,

Inc.

*

1,003

52,236

CH

Robinson

Worldwide,

Inc.

5,273

494,185

Echo

Global

Logistics,

Inc.

*

920

23,060

Expeditors

International

of

Washington,

Inc.

6,558

554,217

FedEx

Corp.

9,857

1,659,919

Forward

Air

Corp.

1,095

56,929

Hub

Group,

Inc.,

Class A

*

1,263

66,813

Radiant

Logistics,

Inc.

*

1,280

5,440

United

Parcel

Service,

Inc.,

Class B

28,265

4,035,111

XPO

Logistics,

Inc.

*

3,679

275,999

7,280,813

Airlines

0.1%

Alaska

Air

Group,

Inc.

4,914

169,238

Allegiant

Travel

Co.

554

62,065

American

Airlines

Group,

Inc.

(d)

20,437

227,259

Copa

Holdings

SA,

Class A

1,329

55,074

Delta

Air

Lines,

Inc.

26,068

650,918

Hawaiian

Holdings,

Inc.

1,937

23,031

JetBlue

Airways

Corp.

*

10,963

113,357

Mesa

Air

Group,

Inc.

*

876

2,716

SkyWest,

Inc.

1,961

51,594

Southwest

Airlines

Co.

23,952

739,877

Spirit

Airlines,

Inc.

*

3,405

53,833

United

Airlines

Holdings,

Inc.

*

12,046

378,004

2,526,966

Auto

Components

0.1%

Adient

plc

*

3,467

57,691

American

Axle

&

Manufacturing

Holdings,

Inc.

*

4,655

32,864

Aptiv

plc

10,754

836,124

BorgWarner,

Inc.

6,709

245,549

Cooper

Tire

&

Rubber

Co.

2,068

64,232

Cooper-Standard

Holdings,

Inc.

*

634

6,790

Dana,

Inc.

5,937

67,860

Dorman

Products,

Inc.

*

1,080

88,290

Fox

Factory

Holding

Corp.

*

1,476

131,364

Gentex

Corp.

9,792

264,286

Gentherm

,

Inc.

*

1,369

53,076

Goodyear

Tire

&

Rubber

Co.

(The)

9,790

88,208

LCI

Industries

962

121,020

Lear

Corp.

2,390

263,808

Modine

Manufacturing

Co.

*

2,076

11,293

Common

Stocks

Shares

Value

($)

Auto

Components

Motorcar

Parts

of

America,

Inc.

*

784

13,050

Standard

Motor

Products,

Inc.

798

36,293

Stoneridge,

Inc.

*

1,084

22,461

Tenneco,

Inc.,

Class A

*

1,986

14,716

Visteon

Corp.

*

1,112

80,742

Workhorse

Group,

Inc.

*

2,266

35,168

XPEL,

Inc.

Reg.

S*

544

9,156

2,544,041

Automobiles

0.5%

Ford

Motor

Co.

157,016

1,037,876

General

Motors

Co.

50,342

1,253,012

Harley-Davidson,

Inc.

6,235

162,297

Tesla,

Inc.

*

5,891

8,428,607

Thor

Industries,

Inc.

2,236

254,882

Winnebago

Industries,

Inc.

1,244

75,150

11,211,824

Banks

2.1%

1st

Constitution

Bancorp

318

3,930

1st

Source

Corp.

689

22,820

ACNB

Corp.

393

8,096

Allegiance

Bancshares,

Inc.

769

18,756

Altabancorp

649

12,169

Amalgamated

Bank,

Class A

442

5,105

Amerant

Bancorp,

Inc.

*

948

12,656

American

National

Bankshares

,

Inc.

490

10,760

Ameris

Bancorp

2,692

62,118

Ames

National

Corp.

311

5,753

Arrow

Financial

Corp.

556

15,179

Associated

Banc-Corp.

5,940

76,270

Atlantic

Capital

Bancshares,

Inc.

*

927

9,270

Atlantic

Union

Bankshares

Corp.

3,238

73,082

Auburn

National

Bancorp,

Inc.

78

3,549

Banc

of

California,

Inc.

1,991

21,344

BancFirst

Corp.

636

27,704

Bancorp,

Inc.

(The)

*

2,246

21,180

BancorpSouth

Bank

4,180

87,487

Bank

First

Corp.

251

15,615

Bank

of

America

Corp.

318,774

7,931,097

Bank

of

Commerce

Holdings

565

4,266

Bank

of

Hawaii

Corp.

1,661

94,062

Bank

of

Marin

Bancorp

562

17,652

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

2,209

57,500

Bank

of

Princeton

(The)

159

2,860

Bank

OZK

5,193

124,892

Bank7

Corp.

101

1,001

BankFinancial

Corp.

493

3,594

BankUnited

,

Inc.

3,856

77,660

Bankwell

Financial

Group,

Inc.

198

2,950

Banner

Corp.

1,334

47,264

Bar

Harbor

Bankshares

658

13,081

Baycom

Corp.

*

404

4,153

BCB

Bancorp,

Inc.

444

3,574

Berkshire

Hills

Bancorp,

Inc.

1,996

19,880

6

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

BOK

Financial

Corp.

1,248

69,514

Boston

Private

Financial

Holdings,

Inc.

2,798

16,466

Bridge

Bancorp,

Inc.

744

13,459

Brookline

Bancorp,

Inc.

3,457

33,170

Bryn

Mawr

Bank

Corp.

805

20,962

Business

First

Bancshares,

Inc.

557

7,597

Byline

Bancorp,

Inc.

1,071

13,880

C&F

Financial

Corp.

112

3,287

Cadence

Bancorp

5,357

41,838

California

Bancorp,

Inc.

*

259

3,395

Cambridge

Bancorp

261

14,144

Camden

National

Corp.

607

19,236

Capital

Bancorp,

Inc.

*

299

3,175

Capital

City

Bank

Group,

Inc.

612

11,524

Capstar

Financial

Holdings,

Inc.

523

5,308

Carter

Bank

&

Trust

1,006

7,092

Cathay

General

Bancorp

3,380

81,728

CB

Financial

Services,

Inc.

164

2,837

CBTX,

Inc.

764

12,064

Central

Pacific

Financial

Corp.

928

14,440

Central

Valley

Community

Bancorp

349

4,586

Century

Bancorp,

Inc.,

Class A

137

9,541

Chemung

Financial

Corp.

113

3,052

ChoiceOne

Financial

Services,

Inc.

230

6,555

CIT

Group,

Inc.

4,182

79,333

Citigroup,

Inc.

85,431

4,272,404

Citizens

&

Northern

Corp.

606

10,726

Citizens

Financial

Group,

Inc.

18,146

450,202

Citizens

Holding

Co.

157

3,385

City

Holding

Co.

658

41,099

Civista

Bancshares,

Inc.

730

9,585

CNB

Financial

Corp.

672

10,974

Coastal

Financial

Corp.

*

273

3,650

Codorus

Valley

Bancorp,

Inc.

292

3,431

Colony

Bankcorp

,

Inc.

240

2,561

Columbia

Banking

System,

Inc.

2,799

80,975

Comerica,

Inc.

5,817

224,071

Commerce

Bancshares,

Inc.

4,149

237,572

Community

Bank

System,

Inc.

2,104

118,308

Community

Bankers

Trust

Corp.

811

4,185

Community

Financial

Corp.

(The)

172

3,873

Community

Trust

Bancorp,

Inc.

701

21,458

ConnectOne

Bancorp,

Inc.

1,586

21,871

County

Bancorp,

Inc.

170

3,155

CrossFirst

Bankshares

,

Inc.

*

2,181

20,000

Cullen/Frost

Bankers,

Inc.

2,298

165,594

Customers

Bancorp,

Inc.

*

1,219

14,445

CVB

Financial

Corp.

5,304

95,843

Delmar

Bancorp

276

1,606

Dime

Community

Bancshares,

Inc.

1,229

14,435

Common

Stocks

Shares

Value

($)

Banks

Eagle

Bancorp

Montana,

Inc.

223

3,445

Eagle

Bancorp,

Inc.

1,372

41,270

East

West

Bancorp,

Inc.

5,939

205,846

Enterprise

Bancorp,

Inc.

431

9,266

Enterprise

Financial

Services

Corp.

1,017

29,554

Equity

Bancshares,

Inc.,

Class A

*

642

9,078

Esquire

Financial

Holdings,

Inc.

*

238

3,701

Evans

Bancorp,

Inc.

173

3,815

Farmers

&

Merchants

Bancorp,

Inc.

483

10,380

Farmers

National

Banc

Corp.

1,136

12,280

FB

Financial

Corp.

764

19,413

Fidelity

D&D

Bancorp,

Inc.

118

5,388

Fifth

Third

Bancorp

30,105

597,885

Financial

Institutions,

Inc.

529

7,813

First

Bancorp,

Inc.

(The)

495

9,969

First

Bancorp/NC

1,178

24,337

First

Bancorp/PR

8,144

44,303

First

Bancshares,

Inc.

(The)

897

17,859

First

Bank

579

3,781

First

Busey

Corp.

2,176

37,210

First

Business

Financial

Services,

Inc.

256

3,807

First

Capital,

Inc.

111

5,940

First

Choice

Bancorp

337

5,099

First

Citizens

BancShares

,

Inc.,

Class A

266

113,281

First

Commonwealth

Financial

Corp.

3,254

25,609

First

Community

Bankshares

,

Inc.

754

14,748

First

Community

Corp.

245

3,283

First

Financial

Bancorp

3,903

54,310

First

Financial

Bankshares

,

Inc.

5,326

159,354

First

Financial

Corp.

589

19,690

First

Foundation,

Inc.

1,668

25,637

First

Guaranty

Bancshares,

Inc.

83

979

First

Hawaiian,

Inc.

5,467

95,016

First

Horizon

National

Corp.

23,405

216,964

First

Internet

Bancorp

303

4,439

First

Interstate

BancSystem

,

Inc.,

Class A

1,775

51,670

First

Merchants

Corp.

2,271

55,481

First

Mid

Bancshares,

Inc.

631

15,403

First

Midwest

Bancorp,

Inc.

4,532

54,996

First

Northwest

Bancorp

316

3,239

First

of

Long

Island

Corp.

(The)

994

14,821

First

Republic

Bank

6,914

777,687

First

Savings

Financial

Group,

Inc.

63

2,678

First

United

Corp.

195

2,108

First

Western

Financial,

Inc.

*

197

2,780

Flushing

Financial

Corp.

1,252

13,872

FNB

Corp.

13,708

101,576

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

Banks

FNCB

Bancorp,

Inc.

1,048

5,858

Franklin

Financial

Network,

Inc.

583

15,391

Franklin

Financial

Services

Corp.

151

3,642

Fulton

Financial

Corp.

6,601

64,030

FVCBankcorp

,

Inc.

*

387

3,816

German

American

Bancorp,

Inc.

953

27,103

Glacier

Bancorp,

Inc.

3,815

134,708

Great

Southern

Bancorp,

Inc.

518

18,684

Great

Western

Bancorp,

Inc.

1,945

25,285

Guaranty

Bancshares,

Inc.

366

9,919

Hancock

Whitney

Corp.

3,652

69,607

Hanmi

Financial

Corp.

984

9,082

HarborOne

Bancorp,

Inc.

(d)

2,177

18,853

Hawthorn

Bancshares,

Inc.

209

3,453

HBT

Financial,

Inc.

317

3,810

Heartland

Financial

USA,

Inc.

1,411

44,080

Heritage

Commerce

Corp.

2,538

17,208

Heritage

Financial

Corp.

1,510

28,562

Hilltop

Holdings,

Inc.

3,009

58,585

Home

BancShares

,

Inc.

6,326

103,304

HomeTrust

Bancshares,

Inc.

689

9,935

Hope

Bancorp,

Inc.

4,993

42,091

Horizon

Bancorp,

Inc.

1,804

18,238

Howard

Bancorp,

Inc.

*

393

3,737

Huntington

Bancshares,

Inc.

43,355

401,901

Independent

Bank

Corp.

2,338

102,062

Independent

Bank

Group,

Inc.

1,563

68,663

International

Bancshares

Corp.

2,286

69,540

Investar

Holding

Corp.

368

4,905

Investors

Bancorp,

Inc.

9,638

78,261

JPMorgan

Chase

&

Co.

124,500

12,031,680

KeyCorp

41,239

495,280

Lakeland

Bancorp,

Inc.

1,984

20,197

Lakeland

Financial

Corp.

1,017

45,012

Landmark

Bancorp,

Inc.

120

2,472

LCNB

Corp.

618

7,737

Level

One

Bancorp,

Inc.

175

2,830

Limestone

Bancorp,

Inc.

*

142

1,502

Live

Oak

Bancshares,

Inc.

1,159

19,715

M&T

Bank

Corp.

5,280

559,416

Macatawa

Bank

Corp.

2,054

14,789

Mackinac

Financial

Corp.

300

2,730

MainStreet

Bancshares,

Inc.

*

218

2,819

Mercantile

Bank

Corp.

591

12,582

Meridian

Corp.

*

172

2,583

Metrocity

Bankshares

,

Inc.

595

8,021

Metropolitan

Bank

Holding

Corp.

*

316

9,347

Mid

Penn

Bancorp,

Inc.

211

4,055

Middlefield

Banc

Corp.

175

3,087

Midland

States

Bancorp,

Inc.

983

13,850

MidWestOne

Financial

Group,

Inc.

615

11,119

MVB

Financial

Corp.

288

3,807

National

Bank

Holdings

Corp.,

Class A

1,184

32,892

Common

Stocks

Shares

Value

($)

Banks

National

Bankshares

,

Inc.

306

7,674

NBT

Bancorp,

Inc.

1,743

51,924

Nicolet

Bankshares

,

Inc.

*

389

21,792

Northeast

Bank

248

4,722

Northrim

Bancorp,

Inc.

334

7,689

Norwood

Financial

Corp.

211

5,110

Oak

Valley

Bancorp

252

3,226

OceanFirst

Financial

Corp.

2,382

36,492

OFG

Bancorp

2,091

27,350

Ohio

Valley

Banc

Corp.

263

5,181

Old

National

Bancorp

6,696

93,677

Old

Second

Bancorp,

Inc.

972

8,087

Origin

Bancorp,

Inc.

893

21,200

Orrstown

Financial

Services,

Inc.

369

5,018

Pacific

Premier

Bancorp,

Inc.

3,338

70,131

PacWest

Bancorp

4,993

91,247

Park

National

Corp.

471

40,393

Parke

Bancorp,

Inc.

374

4,372

PCB

Bancorp

420

3,864

Peapack

-Gladstone

Financial

Corp.

875

14,245

Penns

Woods

Bancorp,

Inc.

218

4,404

Peoples

Bancorp

of

North

Carolina,

Inc.

167

2,764

Peoples

Bancorp,

Inc.

705

14,149

Peoples

Financial

Services

Corp.

310

11,132

People's

United

Financial,

Inc.

17,290

186,559

Pinnacle

Financial

Partners,

Inc.

3,091

122,465

Plumas

Bancorp

132

2,755

PNC

Financial

Services

Group,

Inc.

(The)

17,484

1,865,018

Popular,

Inc.

3,574

132,631

Preferred

Bank

612

22,797

Premier

Financial

Bancorp,

Inc.

415

4,399

Professional

Holding

Corp.,

Class A

*

138

1,561

Prosperity

Bancshares,

Inc.

3,649

202,738

QCR

Holdings,

Inc.

672

20,079

RBB

Bancorp

722

9,242

Red

River

Bancshares,

Inc.

159

6,366

Regions

Financial

Corp.

40,545

440,319

Reliant

Bancorp,

Inc.

498

7,346

Renasant

Corp.

2,220

51,571

Republic

Bancorp,

Inc.,

Class A

411

12,420

Republic

First

Bancorp,

Inc.

*

1,351

3,148

Richmond

Mutual

Bancorp,

Inc.

438

5,050

S&T

Bancorp,

Inc.

1,597

34,336

Salisbury

Bancorp,

Inc.

71

2,585

Sandy

Spring

Bancorp,

Inc.

1,837

42,471

SB

Financial

Group,

Inc.

235

2,919

SB

One

Bancorp

280

5,183

Seacoast

Banking

Corp.

of

Florida

*

1,972

37,231

Select

Bancorp,

Inc.

*

483

3,772

8

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

ServisFirst

Bancshares,

Inc.

2,009

73,509

Shore

Bancshares,

Inc.

395

3,662

Sierra

Bancorp

463

8,140

Signature

Bank

2,134

218,799

Silvergate

Capital

Corp.,

Class A

*

504

6,890

Simmons

First

National

Corp.,

Class A

4,523

75,037

SmartFinancial

,

Inc.

627

8,941

South

Plains

Financial,

Inc.

366

4,890

South

State

Corp.

2,914

138,881

Southern

First

Bancshares,

Inc.

*

355

8,662

Southern

National

Bancorp

of

Virginia,

Inc.

900

7,578

Southside

Bancshares,

Inc.

1,197

33,157

Spirit

of

Texas

Bancshares,

Inc.

*

581

6,769

Sterling

Bancorp

8,035

90,394

Stock

Yards

Bancorp,

Inc.

791

30,920

Summit

Financial

Group,

Inc.

547

8,227

SVB

Financial

Group

*

2,108

472,761

Synovus

Financial

Corp.

6,319

127,328

TCF

Financial

Corp.

6,199

170,411

Texas

Capital

Bancshares,

Inc.

*

2,164

71,888

Tompkins

Financial

Corp.

607

39,170

Towne

Bank

2,801

49,410

TriCo

Bancshares

1,144

32,032

TriState

Capital

Holdings,

Inc.

*

975

12,919

Triumph

Bancorp,

Inc.

*

742

19,440

Truist

Financial

Corp.

56,225

2,106,189

Trustmark

Corp.

2,686

60,489

UMB

Financial

Corp.

1,865

92,877

Umpqua

Holdings

Corp.

9,658

104,789

United

Bankshares

,

Inc.

5,164

135,916

United

Community

Banks,

Inc.

2,675

47,963

United

Security

Bancshares

474

2,967

Unity

Bancorp,

Inc.

289

3,615

Univest

Financial

Corp.

1,187

18,149

US

Bancorp

55,889

2,058,951

Valley

National

Bancorp

16,257

121,440

Veritex

Holdings,

Inc.

1,723

28,809

Washington

Trust

Bancorp,

Inc.

701

23,371

Webster

Financial

Corp.

3,769

102,781

Wells

Fargo

&

Co.

155,922

3,782,668

WesBanco

,

Inc.

2,667

52,887

West

Bancorp,

Inc.

711

11,668

Westamerica

Bancorp

967

58,368

Western

Alliance

Bancorp

4,066

146,173

Wintrust

Financial

Corp.

2,409

103,105

Zions

Bancorp

NA

6,593

214,075

47,742,684

Beverages

0.8%

Boston

Beer

Co.,

Inc.

(The),

Class A

*

325

263,393

Brown-Forman

Corp.,

Class A

8,933

607,934

Common

Stocks

Shares

Value

($)

Beverages

Celsius

Holdings,

Inc.

*

1,202

17,633

Coca-Cola

Co.

(The)

154,500

7,298,580

Coca-Cola

Consolidated,

Inc.

165

37,877

Constellation

Brands,

Inc.,

Class A

6,404

1,141,193

Craft

Brew

Alliance,

Inc.

*(d)

598

8,856

Keurig

Dr

Pepper,

Inc.

13,502

413,026

MGP

Ingredients,

Inc.

537

19,477

Molson

Coors

Beverage

Co.,

Class B

7,092

266,092

Monster

Beverage

Corp.

*

14,580

1,144,238

National

Beverage

Corp.

*

458

29,381

New

Age

Beverages

Corp.

*(d)

3,377

7,666

PepsiCo,

Inc.

54,939

7,562,903

Primo

Water

Corp.

6,346

90,177

18,908,426

Biotechnology

1.7%

89bio,

Inc.

*

83

2,522

AbbVie,

Inc.

70,099

6,653,096

Abeona

Therapeutics,

Inc.

*

1,940

5,529

ACADIA

Pharmaceuticals,

Inc.

*

4,415

183,532

Acceleron

Pharma,

Inc.

*

1,908

189,216

ADMA

Biologics,

Inc.

*

3,290

11,745

Aduro

Biotech,

Inc.

*

2,145

6,049

Adverum

Biotechnologies,

Inc.

*

2,948

49,438

Aeglea

BioTherapeutics

,

Inc.

*

2,121

14,529

Affimed

NV

*

2,264

7,992

Agenus,

Inc.

*

5,703

17,337

Agios

Pharmaceuticals,

Inc.

*

2,436

110,400

Aimmune

Therapeutics,

Inc.

*

1,783

23,553

Akcea

Therapeutics,

Inc.

*

680

7,371

Akebia

Therapeutics,

Inc.

*

5,262

58,777

Akero

Therapeutics,

Inc.

*

380

13,342

Albireo

Pharma,

Inc.

*

555

15,684

Alector

,

Inc.

*

1,854

29,052

Alexion

Pharmaceuticals,

Inc.

*

8,461

867,168

Alkermes

plc

*

6,349

114,345

Allakos

,

Inc.

*(d)

935

70,190

Allogene

Therapeutics,

Inc.

*(d)

1,805

66,189

Alnylam

Pharmaceuticals,

Inc.

*

4,512

657,669

Amgen,

Inc.

23,290

5,698,364

Amicus

Therapeutics,

Inc.

*

10,034

144,991

AnaptysBio

,

Inc.

*

934

16,775

Anavex

Life

Sciences

Corp.

*

1,627

6,866

Anika

Therapeutics,

Inc.

*

581

21,148

Annexon

,

Inc.

*

38

693

Apellis

Pharmaceuticals,

Inc.

*

2,301

59,573

Applied

Genetic

Technologies

Corp.

*

740

3,907

Applied

Molecular

Transport,

Inc.

*

612

13,605

Applied

Therapeutics,

Inc.

*

514

13,261

Aprea

Therapeutics,

Inc.

*

341

9,354

Aptinyx

,

Inc.

*

681

2,567

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Biotechnology

Aravive

,

Inc.

*

401

2,362

Arcturus

Therapeutics

Holdings,

Inc.

*

425

22,198

Arcus

Biosciences,

Inc.

*

1,272

25,033

Arcutis

Biotherapeutics

,

Inc.

*

303

8,090

Ardelyx

,

Inc.

*

3,139

17,735

Arena

Pharmaceuticals,

Inc.

*

2,244

137,759

Arrowhead

Pharmaceuticals,

Inc.

*

3,774

162,546

Assembly

Biosciences,

Inc.

*

1,219

27,062

Atara

Biotherapeutics

,

Inc.

*

2,295

28,435

Athenex

,

Inc.

*

2,915

30,928

Athersys

,

Inc.

*(d)

6,479

16,586

Atreca

,

Inc.,

Class A

*

949

12,290

AVEO

Pharmaceuticals,

Inc.

*

376

1,602

Avid

Bioservices

,

Inc.

*

1,883

13,972

Avrobio

,

Inc.

*

1,109

18,798

Axcella

Health,

Inc.

*

377

1,693

Beam

Therapeutics,

Inc.

*(d)

622

12,029

Beyondspring

,

Inc.

*

653

7,203

BioCryst

Pharmaceuticals,

Inc.

*

6,179

25,149

Biogen,

Inc.

*

6,443

1,769,828

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

*

1,910

122,316

BioMarin

Pharmaceutical,

Inc.

*

7,202

862,872

BioSpecifics

Technologies

Corp.

*

275

17,231

Bioxcel

Therapeutics,

Inc.

*

430

19,505

Black

Diamond

Therapeutics,

Inc.

*

542

15,078

Bluebird

Bio,

Inc.

*

2,598

157,699

Blueprint

Medicines

Corp.

*

2,184

159,825

BrainStorm

Cell

Therapeutics,

Inc.

*

748

10,135

Bridgebio

Pharma,

Inc.

*

2,943

82,816

Cabaletta

Bio,

Inc.

*

410

4,686

Calithera

Biosciences,

Inc.

*

2,253

10,589

Calyxt

,

Inc.

*

373

1,645

CareDx

,

Inc.

*

1,717

57,262

CASI

Pharmaceuticals,

Inc.

*

1,888

3,644

Castle

Biosciences,

Inc.

*

340

13,165

Catabasis

Pharmaceuticals,

Inc.

*

528

3,052

Catalyst

Biosciences,

Inc.

*

638

3,260

Catalyst

Pharmaceuticals,

Inc.

*

4,149

17,841

Cellular

Biomedicine

Group,

Inc.

*

365

4,807

CEL-SCI

Corp.

*(d)

1,398

17,489

Centogene

NV

*

145

1,842

Checkpoint

Therapeutics,

Inc.

*

1,427

3,211

ChemoCentryx

,

Inc.

*

1,725

90,925

Chimerix

,

Inc.

*

1,541

4,793

Cidara

Therapeutics,

Inc.

*

921

3,362

Clovis

Oncology,

Inc.

*(d)

2,564

14,846

Cohbar

,

Inc.

Reg.

S

*

812

1,210

Coherus

Biosciences,

Inc.

*(d)

2,330

40,985

Common

Stocks

Shares

Value

($)

Biotechnology

Concert

Pharmaceuticals,

Inc.

*

1,316

12,199

Constellation

Pharmaceuticals,

Inc.

*

995

26,756

ContraFect

Corp.

*

397

2,207

Corbus

Pharmaceuticals

Holdings,

Inc.

*(d)

2,959

18,553

Cortexyme

,

Inc.

*

598

23,830

Crinetics

Pharmaceuticals,

Inc.

*

1,062

14,741

Cue

Biopharma,

Inc.

*

934

17,662

Cyclerion

Therapeutics,

Inc.

*

956

3,652

Cytokinetics,

Inc.

*

2,251

48,667

CytomX

Therapeutics,

Inc.

*

1,803

12,639

Deciphera

Pharmaceuticals,

Inc.

*

1,554

72,059

Denali

Therapeutics,

Inc.

*

2,658

62,250

DermTech

,

Inc.

*

267

2,828

Dicerna

Pharmaceuticals,

Inc.

*

2,489

53,514

Dyadic

International,

Inc.

*

554

4,809

Dynavax

Technologies

Corp.

*(d)

3,075

24,938

Eagle

Pharmaceuticals,

Inc.

*

408

18,927

Editas

Medicine,

Inc.

*

2,255

66,207

Eidos

Therapeutics,

Inc.

*

456

18,286

Eiger

BioPharmaceuticals

,

Inc.

*

1,120

11,256

Emergent

BioSolutions

,

Inc.

*

1,761

195,894

Enanta

Pharmaceuticals,

Inc.

*

764

35,029

Enochian

Biosciences,

Inc.

*

537

2,067

Epizyme

,

Inc.

*

3,462

47,914

Esperion

Therapeutics,

Inc.

*(d)

1,043

39,248

Evelo

Biosciences,

Inc.

*

409

1,558

Exact

Sciences

Corp.

*

5,923

561,204

Exelixis

,

Inc.

*

12,077

278,858

Exicure

,

Inc.

*

2,007

4,496

Fate

Therapeutics,

Inc.

*

2,398

74,985

Fennec

Pharmaceuticals,

Inc.

*

720

6,080

FibroGen

,

Inc.

*

3,345

135,372

Five

Prime

Therapeutics,

Inc.

*

855

5,045

Flexion

Therapeutics,

Inc.

*

1,467

19,907

Fortress

Biotech,

Inc.

*

1,684

4,673

Frequency

Therapeutics,

Inc.

*(d)

1,221

25,812

G1

Therapeutics,

Inc.

*

1,372

20,127

Galectin

Therapeutics,

Inc.

*

1,037

2,707

Galera

Therapeutics,

Inc.

*

322

2,241

Genprex

,

Inc.

*

909

3,063

Geron

Corp.

*

8,388

13,337

Gilead

Sciences,

Inc.

50,236

3,492,909

Global

Blood

Therapeutics,

Inc.

*

2,311

155,946

GlycoMimetics

,

Inc.

*

1,238

4,878

Gossamer

Bio,

Inc.

*

1,919

22,874

Gritstone

Oncology,

Inc.

*

1,359

4,356

Halozyme

Therapeutics,

Inc.

*

5,296

143,998

Harpoon

Therapeutics,

Inc.

*

334

3,677

10

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Heron

Therapeutics,

Inc.

*

3,415

55,630

Homology

Medicines,

Inc.

*

1,286

16,911

Hookipa

Pharma,

Inc.

*

635

6,134

iBio

,

Inc.

*

1,285

5,705

Ideaya

Biosciences,

Inc.

*

389

4,905

IGM

Biosciences,

Inc.

*

292

14,676

Immunic

,

Inc.

*

138

2,374

ImmunoGen

,

Inc.

*

6,874

28,252

Immunomedics

,

Inc.

*

8,016

338,516

Immunovant

,

Inc.

*

622

14,063

Incyte

Corp.

*

7,301

721,047

Inovio

Pharmaceuticals,

Inc.

*

5,454

106,026

Inozyme

Pharma,

Inc.

*

648

12,668

Insmed

,

Inc.

*

3,854

100,666

Intellia

Therapeutics,

Inc.

*(d)

1,808

32,200

Intercept

Pharmaceuticals,

Inc.

*

999

45,594

Invitae

Corp.

*

4,229

123,487

Ionis

Pharmaceuticals,

Inc.

*

5,157

296,837

Iovance

Biotherapeutics

,

Inc.

*

5,192

150,931

Ironwood

Pharmaceuticals,

Inc.

*

6,060

55,570

iTeos

Therapeutics,

Inc.

*

9

177

IVERIC

bio,

Inc.

*

1,532

6,143

Jounce

Therapeutics,

Inc.

*

510

2,336

Kadmon

Holdings,

Inc.

*

6,501

23,794

KalVista

Pharmaceuticals,

Inc.

*

570

5,603

Karuna

Therapeutics,

Inc.

*

624

51,043

Karyopharm

Therapeutics,

Inc.

*

2,932

47,059

Keros

Therapeutics,

Inc.

*

218

6,998

Kezar

Life

Sciences,

Inc.

*

892

3,898

Kindred

Biosciences,

Inc.

*

1,508

4,961

Kiniksa

Pharmaceuticals

Ltd.,

Class A

*

847

16,533

Kodiak

Sciences,

Inc.

*

1,132

52,446

Krystal

Biotech,

Inc.

*

482

19,902

Kura

Oncology,

Inc.

*

2,006

32,979

La

Jolla

Pharmaceutical

Co.

*

631

2,511

Lexicon

Pharmaceuticals,

Inc.

*

2,105

4,084

Ligand

Pharmaceuticals,

Inc.

*

564

66,090

LogicBio

Therapeutics,

Inc.

*

355

2,783

MacroGenics

,

Inc.

*

1,966

49,936

Madrigal

Pharmaceuticals,

Inc.

*

346

35,503

Magenta

Therapeutics,

Inc.

*

855

6,002

MannKind

Corp.

*

10,533

16,431

Marker

Therapeutics,

Inc.

*

976

1,962

MediciNova

,

Inc.

*

1,570

9,765

MEI

Pharma,

Inc.

*

4,875

13,528

MeiraGTx

Holdings

plc

*

852

11,067

Mersana

Therapeutics,

Inc.

*

1,632

32,444

Minerva

Neurosciences,

Inc.

*

1,434

4,997

Mirati

Therapeutics,

Inc.

*

1,479

179,417

Mirum

Pharmaceuticals,

Inc.

*

190

4,195

Moderna

,

Inc.

*(d)

10,651

789,239

Molecular

Templates,

Inc.

*

1,108

12,155

Common

Stocks

Shares

Value

($)

Biotechnology

Momenta

Pharmaceuticals,

Inc.

*

4,729

139,458

Morphic

Holding,

Inc.

*

435

9,792

Mustang

Bio,

Inc.

*

912

2,809

Myriad

Genetics,

Inc.

*

2,863

34,556

NantKwest

,

Inc.

*

886

9,905

Natera

,

Inc.

*

2,718

130,518

Neoleukin

Therapeutics,

Inc.

*

1,004

9,719

Neubase

Therapeutics,

Inc.

*

573

4,260

NeuroBo

Pharmaceuticals,

Inc.

*

97

622

Neurocrine

Biosciences,

Inc.

*

3,595

432,694

NextCure

,

Inc.

*

681

6,075

Novavax

,

Inc.

*

2,367

338,718

Nurix

Therapeutics,

Inc.

*

19

368

Nymox

Pharmaceutical

Corp.

*

1,194

3,845

Oncocyte

Corp.

*

1,463

1,975

OPKO

Health,

Inc.

*(d)

14,725

75,834

Organogenesis

Holdings,

Inc.

*

755

2,778

Orgenesis

,

Inc.

*

604

3,334

ORIC

Pharmaceuticals,

Inc.

*(d)

367

7,366

Ovid

therapeutics,

Inc.

*

1,328

8,566

Oyster

Point

Pharma,

Inc.

*

167

3,736

Pandion

Therapeutics,

Inc.

*

595

10,127

Passage

Bio,

Inc.

*

627

9,806

PDL

BioPharma

,

Inc.

*

5,114

16,263

Pfenex

,

Inc.

*

1,420

10,068

PhaseBio

Pharmaceuticals,

Inc.

*

409

1,636

Pieris

Pharmaceuticals,

Inc.

*

1,484

3,814

Poseida

Therapeutics,

Inc.

*

57

740

Precigen

,

Inc.

*(d)

2,896

12,192

Precision

BioSciences

,

Inc.

*

1,538

9,782

Prevail

Therapeutics,

Inc.

*

447

6,692

Principia

Biopharma,

Inc.

*

1,124

93,966

Protagonist

Therapeutics,

Inc.

*

994

15,636

Protara

Therapeutics,

Inc.

*

65

1,621

Prothena

Corp.

plc

*

1,457

17,834

PTC

Therapeutics,

Inc.

*

2,449

113,462

Puma

Biotechnology,

Inc.

*

1,113

11,475

Radius

Health,

Inc.

*

1,831

22,979

RAPT

Therapeutics,

Inc.

*

392

8,467

Regeneron

Pharmaceuticals,

Inc.

*

3,857

2,437,894

REGENXBIO,

Inc.

*

1,356

44,884

Relay

Therapeutics,

Inc.

*

12

426

Replimune

Group,

Inc.

*

793

15,836

Retrophin

,

Inc.

*

1,607

31,947

REVOLUTION

Medicines,

Inc.

*

670

16,160

Rhythm

Pharmaceuticals,

Inc.

*

1,319

25,351

Rigel

Pharmaceuticals,

Inc.

*

7,017

16,139

Rocket

Pharmaceuticals,

Inc.

*

1,354

31,860

Rubius

Therapeutics,

Inc.

*

1,574

7,728

Sage

Therapeutics,

Inc.

*

2,056

93,692

Sangamo

Therapeutics,

Inc.

*

4,755

51,497

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

Shares

Value

($)

Biotechnology

Sarepta

Therapeutics,

Inc.

*

2,937

450,888

Savara

,

Inc.

*

1,633

3,250

Scholar

Rock

Holding

Corp.

*

955

10,782

Seattle

Genetics,

Inc.

*

4,803

798,595

Selecta

Biosciences,

Inc.

*

1,953

4,648

Seres

Therapeutics,

Inc.

*

1,413

5,285

Soleno

Therapeutics,

Inc.

*

1,028

1,768

Solid

Biosciences,

Inc.

*

903

2,375

Sorrento

Therapeutics,

Inc.

*(d)

6,830

60,924

Spectrum

Pharmaceuticals,

Inc.

*

4,860

14,531

Spero

Therapeutics,

Inc.

*

519

6,072

SpringWorks

Therapeutics,

Inc.

*

911

38,836

Stoke

Therapeutics,

Inc.

*

561

14,132

Sutro

Biopharma,

Inc.

*

597

4,639

Syndax

Pharmaceuticals,

Inc.

*

1,260

17,779

Syros

Pharmaceuticals,

Inc.

*

1,852

17,575

TCR2

Therapeutics,

Inc.

*

553

9,263

TG

Therapeutics,

Inc.

*

3,710

72,642

Translate

Bio,

Inc.

*

2,278

34,603

Turning

Point

Therapeutics,

Inc.

*

1,094

64,798

Twist

Bioscience

Corp.

*

1,173

65,735

Tyme

Technologies,

Inc.

*

2,198

2,616

Ultragenyx

Pharmaceutical,

Inc.

*

2,194

171,483

United

Therapeutics

Corp.

*

1,724

192,174

UNITY

Biotechnology,

Inc.

*

1,523

14,362

UroGen

Pharma

Ltd.

*(d)

816

18,025

Vanda

Pharmaceuticals,

Inc.

*

2,083

20,997

Vaxart

,

Inc.

*

854

8,019

Vaxcyte

,

Inc.

*

465

14,606

VBI

Vaccines,

Inc.

*

5,420

22,059

Veracyte

,

Inc.

*

2,030

72,410

Verastem

,

Inc.

*

5,403

7,240

Vericel

Corp.

*

1,784

29,418

Vertex

Pharmaceuticals,

Inc.

*

10,443

2,840,496

Viela

Bio,

Inc.

*(d)

893

32,693

Viking

Therapeutics,

Inc.

*(d)

2,718

19,080

Vir

Biotechnology,

Inc.

*

1,800

85,968

Voyager

Therapeutics,

Inc.

*

1,077

11,922

vTv

Therapeutics,

Inc.,

Class A

*

401

942

X4

Pharmaceuticals,

Inc.

*

536

3,977

XBiotech

,

Inc.

*(d)

515

7,488

Xencor

,

Inc.

*

2,206

66,379

XOMA

Corp.

*

198

3,307

Y-

mAbs

Therapeutics,

Inc.

*

1,177

41,348

Zentalis

Pharmaceuticals,

Inc.

*

490

16,905

ZIOPHARM

Oncology,

Inc.

*(d)

8,392

24,924

38,520,486

Building

Products

0.3%

A

O

Smith

Corp.

5,194

250,039

AAON,

Inc.

1,670

98,948

Common

Stocks

Shares

Value

($)

Building

Products

Advanced

Drainage

Systems,

Inc.

2,006

98,294

Allegion

plc

3,613

359,349

Alpha

Pro

Tech

Ltd.

*

354

7,707

American

Woodmark

Corp.

*

657

52,967

Apogee

Enterprises,

Inc.

1,091

23,555

Armstrong

World

Industries,

Inc.

1,883

134,145

Builders

FirstSource

,

Inc.

*

4,580

108,500

Caesarstone

Ltd.

989

11,344

Carrier

Global

Corp.

34,672

944,465

Cornerstone

Building

Brands,

Inc.

*

1,468

8,324

CSW

Industrials,

Inc.

587

39,206

Fortune

Brands

Home

&

Security,

Inc.

5,611

429,242

Gibraltar

Industries,

Inc.

*

1,270

65,684

Griffon

Corp.

1,484

33,939

Insteel

Industries,

Inc.

811

15,117

JELD-WEN

Holding,

Inc.

*

2,685

52,626

Johnson

Controls

International

plc

29,728

1,143,933

Lennox

International,

Inc.

1,369

367,084

Masco

Corp.

10,418

595,493

Masonite

International

Corp.

*

913

77,012

Owens

Corning

4,241

256,453

Patrick

Industries,

Inc.

855

54,677

PGT

Innovations,

Inc.

*

2,276

38,851

Quanex

Building

Products

Corp.

1,364

19,164

Resideo

Technologies,

Inc.

*

5,158

68,498

Simpson

Manufacturing

Co.,

Inc.

1,718

165,890

Trane

Technologies

plc

9,532

1,066,345

Trex

Co.,

Inc.

*

2,257

314,468

UFP

Industries,

Inc.

2,447

142,464

7,043,783

Capital

Markets

1.5%

Affiliated

Managers

Group,

Inc.

1,925

132,421

Ameriprise

Financial,

Inc.

5,007

769,225

Apollo

Global

Management,

Inc.

6,981

342,767

Ares

Management

Corp.

4,168

166,470

Artisan

Partners

Asset

Management,

Inc.,

Class A

2,365

85,684

Assetmark

Financial

Holdings,

Inc.

*

740

20,609

Associated

Capital

Group,

Inc.,

Class A

184

7,441

B.

Riley

Financial,

Inc.

813

20,740

Bank

of

New

York

Mellon

Corp.

(The)

32,962

1,181,688

BGC

Partners,

Inc.,

Class A

12,747

35,309

BlackRock,

Inc.

4,830

2,777,298

Blucora

,

Inc.

*

2,063

24,323

Brightsphere

Investment

Group,

Inc.

2,654

35,670

Carlyle

Group,

Inc.

(The)

5,076

144,514

12

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Capital

Markets

Cboe

Global

Markets,

Inc.

4,467

391,756

Charles

Schwab

Corp.

(The)

47,642

1,579,332

CME

Group,

Inc.

14,255

2,368,896

Cohen

&

Steers,

Inc.

1,079

64,934

Cowen,

Inc.,

Class A

1,117

18,397

Diamond

Hill

Investment

Group,

Inc.

145

16,534

Donnelley

Financial

Solutions,

Inc.

*

1,371

11,859

E*TRADE

Financial

Corp.

9,092

461,601

Eaton

Vance

Corp.

4,729

170,906

Evercore

,

Inc.,

Class A

1,688

93,346

FactSet

Research

Systems,

Inc.

1,515

524,645

Federated

Hermes,

Inc.,

Class B

4,215

111,107

Focus

Financial

Partners,

Inc.,

Class A

*

1,262

46,631

Franklin

Resources,

Inc.

11,322

238,328

GAMCO

Investors,

Inc.,

Class A

215

2,535

Goldman

Sachs

Group,

Inc.

(The)

13,931

2,757,781

Greenhill

&

Co.,

Inc.

736

8,817

Hamilton

Lane,

Inc.,

Class A

1,036

74,841

Houlihan

Lokey

,

Inc.

1,879

102,969

Interactive

Brokers

Group,

Inc.,

Class A

2,917

144,683

Intercontinental

Exchange,

Inc.

21,645

2,094,803

Invesco

Ltd.

15,711

157,738

KKR

&

Co.,

Inc.

21,902

774,674

Lazard

Ltd.,

Class A

3,342

97,987

Legg

Mason,

Inc.

3,363

168,116

LPL

Financial

Holdings,

Inc.

3,242

256,183

MarketAxess

Holdings,

Inc.

1,477

763,166

Moelis

&

Co.,

Class A

2,294

68,338

Moody's

Corp.

6,565

1,846,735

Morgan

Stanley

40,942

2,001,245

Morningstar,

Inc.

925

155,437

MSCI,

Inc.

3,347

1,258,405

Nasdaq,

Inc.

4,689

615,713

Northern

Trust

Corp.

7,861

615,909

Oppenheimer

Holdings,

Inc.,

Class A

673

14,261

Piper

Sandler

Cos.

789

48,847

PJT

Partners,

Inc.,

Class A

1,010

54,065

Pzena

Investment

Management,

Inc.,

Class A

647

3,390

Raymond

James

Financial,

Inc.

5,138

356,988

S&P

Global,

Inc.

9,641

3,376,760

Safeguard

Scientifics,

Inc.

621

3,534

Sculptor

Capital

Management,

Inc.

803

9,981

SEI

Investments

Co.

4,749

248,515

Siebert

Financial

Corp.

*

348

1,204

Silvercrest

Asset

Management

Group,

Inc.,

Class A

791

8,701

State

Street

Corp.

14,803

944,283

Common

Stocks

Shares

Value

($)

Capital

Markets

Stifel

Financial

Corp.

2,941

142,580

StoneX

Group,

Inc.

*

670

35,162

T.

Rowe

Price

Group,

Inc.

9,239

1,275,906

TD

Ameritrade

Holding

Corp.

10,700

384,023

Tradeweb

Markets,

Inc.,

Class A

3,379

182,703

Value

Line,

Inc.

36

887

Virtu

Financial,

Inc.,

Class A

2,456

60,909

Virtus

Investment

Partners,

Inc.

346

47,028

Waddell

&

Reed

Financial,

Inc.,

Class A

2,730

39,831

Westwood

Holdings

Group,

Inc.

386

4,385

WisdomTree

Investments,

Inc.

7,541

27,148

33,079,597

Chemicals

1.0%

Advanced

Emissions

Solutions,

Inc.

425

1,768

AdvanSix

,

Inc.

*

1,183

14,728

AgroFresh

Solutions,

Inc.

*

1,028

2,508

Air

Products

&

Chemicals,

Inc.

8,742

2,505,720

Albemarle

Corp.

4,190

345,507

American

Vanguard

Corp.

1,261

16,973

Amyris

,

Inc.

*

2,141

9,164

Ashland

Global

Holdings,

Inc.

2,215

167,188

Avient

Corp.

3,589

85,777

Axalta

Coating

Systems

Ltd.

*

8,324

184,793

Balchem

Corp.

1,257

126,027

Cabot

Corp.

2,330

84,998

Celanese

Corp.

4,665

453,438

CF

Industries

Holdings,

Inc.

8,449

264,707

Chase

Corp.

305

30,671

Chemours

Co.

(The)

6,636

122,965

Corteva

,

Inc.

30,232

863,426

Dow,

Inc.

29,829

1,224,779

DuPont

de

Nemours,

Inc.

29,871

1,597,501

Eastman

Chemical

Co.

5,445

406,360

Ecolab,

Inc.

9,945

1,860,511

Element

Solutions,

Inc.

*

9,083

98,641

Ferro

Corp.

*

3,475

40,623

FMC

Corp.

5,217

553,263

FutureFuel

Corp.

1,141

15,038

GCP

Applied

Technologies,

Inc.

*

2,026

46,233

Hawkins,

Inc.

402

20,715

HB

Fuller

Co.

1,978

89,683

Huntsman

Corp.

8,053

148,981

Ingevity

Corp.

*

1,732

101,287

Innospec

,

Inc.

966

72,614

International

Flavors

&

Fragrances,

Inc.

(d)

4,243

534,406

Intrepid

Potash,

Inc.

*

4,026

3,648

Koppers

Holdings,

Inc.

*

846

21,294

Kraton

Corp.

*

1,306

17,174

Kronos

Worldwide,

Inc.

979

11,004

Linde

plc

20,943

5,133,339

Livent

Corp.

*(d)

5,987

37,539

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Chemicals

LyondellBasell

Industries

NV,

Class A

10,254

641,080

Marrone

Bio

Innovations,

Inc.

*

1,782

1,978

Minerals

Technologies,

Inc.

1,322

61,975

Mosaic

Co.

(The)

13,860

186,694

NewMarket

Corp.

259

97,076

Olin

Corp.

5,853

65,788

Orion

Engineered

Carbons

SA

2,568

26,194

PPG

Industries,

Inc.

9,399

1,011,802

PQ

Group

Holdings,

Inc.

*

1,649

20,233

Quaker

Chemical

Corp.

497

96,418

Rayonier

Advanced

Materials,

Inc.

*

2,486

7,234

RPM

International,

Inc.

5,102

416,272

Scotts

Miracle-

Gro

Co.

(The)

1,586

251,492

Sensient

Technologies

Corp.

1,714

89,488

Sherwin-Williams

Co.

(The)

3,290

2,131,657

Stepan

Co.

832

90,854

Trecora

Resources

*

716

4,117

Tredegar

Corp.

1,091

17,325

Trinseo

SA

1,361

29,534

Tronox

Holdings

plc,

Class A

3,053

23,264

Valvoline,

Inc.

7,211

147,970

W

R

Grace

&

Co.

2,233

103,008

Westlake

Chemical

Corp.

1,406

76,627

22,913,071

Commercial

Services

&

Supplies

0.3%

ABM

Industries,

Inc.

2,526

90,683

ACCO

Brands

Corp.

3,384

22,064

ADT,

Inc.

4,690

40,381

Advanced

Disposal

Services,

Inc.

*

2,721

82,065

Brady

Corp.,

Class A

1,986

91,296

BrightView

Holdings,

Inc.

*

1,246

15,102

Brink's

Co.

(The)

1,980

87,813

Casella

Waste

Systems,

Inc.,

Class A

*

1,741

96,469

CECO

Environmental

Corp.

*

1,380

9,246

Cimpress

plc

*

711

71,100

Cintas

Corp.

3,518

1,061,979

Clean

Harbors,

Inc.

*

2,050

122,180

CompX

International,

Inc.

68

940

Copart

,

Inc.

*

8,072

752,714

Covanta

Holding

Corp.

4,860

47,822

Deluxe

Corp.

1,738

49,064

Ennis,

Inc.

1,036

17,923

Harsco

Corp.

*

2,930

46,763

Healthcare

Services

Group,

Inc.

3,041

79,644

Heritage-Crystal

Clean,

Inc.

*

669

9,319

Herman

Miller,

Inc.

2,250

52,717

HNI

Corp.

1,776

52,747

IAA,

Inc.

*

4,386

190,133

Interface,

Inc.

2,340

18,673

KAR

Auction

Services,

Inc.

5,360

81,097

Kimball

International,

Inc.,

Class B

1,487

16,268

Knoll,

Inc.

2,042

23,912

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Matthews

International

Corp.,

Class A

1,242

26,827

McGrath

RentCorp

1,000

58,020

Montrose

Environmental

Group,

Inc.

*

544

11,832

MSA

Safety,

Inc.

1,430

169,498

NL

Industries,

Inc.

307

1,124

PICO

Holdings,

Inc.

*

508

4,125

Pitney

Bowes,

Inc.

6,522

21,783

Quad/Graphics,

Inc.

1,470

4,572

Republic

Services,

Inc.

8,208

716,148

Rollins,

Inc.

5,775

302,610

SP

Plus

Corp.

*

951

15,111

Steelcase,

Inc.,

Class A

3,550

38,092

Stericycle,

Inc.

*

3,696

223,368

Team,

Inc.

*

1,229

4,855

Tetra

Tech,

Inc.

2,112

187,229

UniFirst

Corp.

583

108,718

US

Ecology,

Inc.

1,155

40,055

Viad

Corp.

851

12,305

VSE

Corp.

418

11,758

Waste

Management,

Inc.

16,612

1,820,675

7,008,819

Communications

Equipment

0.5%

Acacia

Communications,

Inc.

*

1,543

104,893

ADTRAN,

Inc.

1,916

23,797

Applied

Optoelectronics,

Inc.

*

628

8,924

Arista

Networks,

Inc.

*

2,311

600,328

CalAmp

Corp.

*

1,336

10,528

Calix,

Inc.

*

2,068

42,415

Cambium

Networks

Corp.

*

150

1,815

Casa

Systems,

Inc.

*

982

5,509

Ciena

Corp.

*

6,053

360,214

Cisco

Systems,

Inc.

168,068

7,916,003

Clearfield,

Inc.

*

364

6,785

CommScope

Holding

Co.,

Inc.

*

7,814

72,514

Comtech

Telecommunications

Corp.

1,049

17,225

DASAN

Zhone

Solutions,

Inc.

*

348

3,518

Digi

International,

Inc.

*

1,215

14,726

EchoStar

Corp.,

Class A

*

2,001

54,627

Extreme

Networks,

Inc.

*

4,884

22,222

F5

Networks,

Inc.

*

2,395

325,480

Genasys

,

Inc.

*

1,086

4,561

Harmonic,

Inc.

*

3,619

20,194

Infinera

Corp.

*

6,334

49,975

Inseego

Corp.

*(d)

2,627

35,412

InterDigital

,

Inc.

1,287

77,246

Juniper

Networks,

Inc.

12,938

328,366

KVH

Industries,

Inc.

*

490

3,979

Lumentum

Holdings,

Inc.

*

2,914

270,507

Motorola

Solutions,

Inc.

6,784

948,403

NETGEAR,

Inc.

*

1,228

37,761

NetScout

Systems,

Inc.

*

2,668

67,927

PCTEL,

Inc.

*

585

3,832

Plantronics,

Inc.

1,366

27,306

Resonant,

Inc.

*

1,523

4,203

14

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Communications

Equipment

Ribbon

Communications,

Inc.

*

3,028

13,323

Ubiquiti,

Inc.

333

61,705

ViaSat

,

Inc.

*

2,259

85,752

Viavi

Solutions,

Inc.

*

9,090

125,715

11,757,690

Construction

&

Engineering

0.1%

AECOM

*

5,973

216,163

Aegion

Corp.

*

1,328

20,478

Ameresco

,

Inc.,

Class A

*

997

27,597

API

Group

Corp.

Reg.

S

*(a)

5,748

80,070

Arcosa

,

Inc.

1,984

83,764

Argan

,

Inc.

619

26,555

Comfort

Systems

USA,

Inc.

1,336

66,413

Concrete

Pumping

Holdings,

Inc.

*

859

3,213

Construction

Partners,

Inc.,

Class A

*

848

14,034

Dycom

Industries,

Inc.

*

1,250

53,537

EMCOR

Group,

Inc.

2,144

146,864

Fluor

Corp.

5,419

55,220

Granite

Construction,

Inc.

1,926

32,665

Great

Lakes

Dredge

&

Dock

Corp.

*

2,614

21,853

HC2

Holdings,

Inc.

*

1,401

3,797

IES

Holdings,

Inc.

*

266

6,339

Jacobs

Engineering

Group,

Inc.

4,977

424,787

MasTec

,

Inc.

*

2,266

90,141

MYR

Group,

Inc.

*

563

20,645

Northwest

Pipe

Co.

*

346

8,598

NV5

Global,

Inc.

*

434

24,625

Primoris

Services

Corp.

1,840

29,495

Quanta

Services,

Inc.

5,456

218,076

Sterling

Construction

Co.,

Inc.

*

1,190

12,257

Tutor

Perini

Corp.

*

1,640

19,303

Valmont

Industries,

Inc.

802

97,202

WillScot

Mobile

Mini

Holdings

Corp.

*

7,162

107,860

1,911,551

Construction

Materials

0.1%

Eagle

Materials,

Inc.

1,691

135,669

Forterra

,

Inc.

*

626

8,132

Martin

Marietta

Materials,

Inc.

2,500

517,950

Summit

Materials,

Inc.,

Class A

*

4,885

71,907

United

States

Lime

&

Minerals,

Inc.

69

6,224

US

Concrete,

Inc.

*

702

17,424

Vulcan

Materials

Co.

5,333

626,201

1,383,507

Consumer

Finance

0.3%

Ally

Financial,

Inc.

15,613

313,821

American

Express

Co.

27,018

2,521,320

Atlanticus

Holdings

Corp.

*

151

1,234

Capital

One

Financial

Corp.

19,286

1,230,447

Credit

Acceptance

Corp.

*

407

190,451

Common

Stocks

Shares

Value

($)

Consumer

Finance

Curo

Group

Holdings

Corp.

623

4,355

Discover

Financial

Services

12,840

634,681

Encore

Capital

Group,

Inc.

*

1,259

45,991

Enova

International,

Inc.

*

1,287

20,708

EZCORP,

Inc.,

Class A

*

2,054

11,749

FirstCash

,

Inc.

1,725

99,429

Green

Dot

Corp.,

Class A

*

1,965

99,606

LendingClub

Corp.

*

2,907

15,174

LendingTree,

Inc.

*

324

112,198

Navient

Corp.

8,327

66,283

Nelnet,

Inc.,

Class A

697

40,426

OneMain

Holdings,

Inc.

2,799

80,331

Oportun

Financial

Corp.

*

661

9,452

PRA

Group,

Inc.

*

1,864

73,740

Regional

Management

Corp.

*

422

6,410

Santander

Consumer

USA

Holdings,

Inc.

(d)

3,197

58,697

SLM

Corp.

15,134

102,457

Synchrony

Financial

24,174

534,971

World

Acceptance

Corp.

*

219

16,272

6,290,203

Containers

&

Packaging

0.2%

Amcor

plc

64,889

668,357

AptarGroup,

Inc.

2,540

292,608

Ardagh

Group

SA

852

11,596

Avery

Dennison

Corp.

3,331

377,535

Ball

Corp.

12,720

936,574

Berry

Global

Group,

Inc.

*

5,251

262,497

Crown

Holdings,

Inc.

*

5,176

370,498

Graphic

Packaging

Holding

Co.

10,666

148,684

Greif,

Inc.,

Class A

1,152

41,451

International

Paper

Co.

15,690

545,855

Myers

Industries,

Inc.

1,532

23,072

O-I

Glass,

Inc.

6,707

70,021

Packaging

Corp.

of

America

3,681

353,818

Ranpak

Holdings

Corp.

*

931

7,606

Sealed

Air

Corp.

6,187

220,752

Silgan

Holdings,

Inc.

3,151

120,526

Sonoco

Products

Co.

4,028

208,409

UFP

Technologies,

Inc.

*

310

13,373

Westrock

Co.

10,171

273,193

4,946,425

Distributors

0.1%

Core-Mark

Holding

Co.,

Inc.

1,811

48,028

Funko

,

Inc.,

Class A

*

859

4,759

Genuine

Parts

Co.

5,643

508,716

Greenlane

Holdings,

Inc.,

Class A

*

288

1,111

LKQ

Corp.

*

12,010

338,562

Pool

Corp.

1,530

484,551

Weyco

Group,

Inc.

197

3,629

1,389,356

Diversified

Consumer

Services

0.1%

Adtalem

Global

Education,

Inc.

*

2,164

74,312

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

American

Public

Education,

Inc.

*

594

17,291

Aspen

Group,

Inc.

*

651

5,729

Bright

Horizons

Family

Solutions,

Inc.

*

2,317

248,475

Carriage

Services,

Inc.

750

16,583

Chegg

,

Inc.

*

4,760

385,417

Collectors

Universe,

Inc.

289

10,999

Franchise

Group,

Inc.

906

22,197

frontdoor

,

Inc.

*

3,392

142,447

Graham

Holdings

Co.,

Class B

169

67,325

Grand

Canyon

Education,

Inc.

*

1,841

163,370

H&R

Block,

Inc.

7,916

114,782

Houghton

Mifflin

Harcourt

Co.

*

4,050

11,988

K12,

Inc.

*

1,578

72,257

Laureate

Education,

Inc.,

Class A

*

4,407

55,881

OneSpaWorld

Holdings

Ltd.

(d)

1,808

10,052

Perdoceo

Education

Corp.

*

2,742

39,485

Regis

Corp.

*

1,063

8,164

Service

Corp.

International

7,084

307,162

ServiceMaster

Global

Holdings,

Inc.

*

5,117

209,234

Strategic

Education,

Inc.

867

109,424

Universal

Technical

Institute,

Inc.

*

982

7,296

Vivint

Smart

Home,

Inc.

*

2,848

43,717

WW

International,

Inc.

*

1,887

48,647

2,192,234

Diversified

Financial

Services

0.7%

Alerus

Financial

Corp.

506

9,806

A-Mark

Precious

Metals,

Inc.

*

156

3,758

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

1,267

14,786

Berkshire

Hathaway,

Inc.,

Class B

*

77,781

15,227,964

Cannae

Holdings,

Inc.

*

3,219

121,292

Equitable

Holdings,

Inc.

17,183

351,564

GWG

Holdings,

Inc.

*

120

816

Jefferies

Financial

Group,

Inc.

9,051

146,626

Marlin

Business

Services

Corp.

274

2,011

Morgan

Group

Holding

Co.

*

4

51

SWK

Holdings

Corp.

*

143

1,805

Voya

Financial,

Inc.

5,489

271,157

16,151,636

Diversified

Telecommunication

Services

0.9%

Alaska

Communications

Systems

Group,

Inc.

1,852

4,223

Anterix

,

Inc.

*

536

23,359

AT&T,

Inc.

285,148

8,434,678

ATN

International,

Inc.

458

26,394

Bandwidth,

Inc.,

Class A

*

756

109,454

CenturyLink,

Inc.

44,882

433,111

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Cincinnati

Bell,

Inc.

*

1,564

23,476

Cogent

Communications

Holdings,

Inc.

1,623

146,248

Consolidated

Communications

Holdings,

Inc.

*

3,004

21,929

GCI

Liberty,

Inc.,

Class A

*

3,942

309,013

IDT

Corp.,

Class B

*

464

3,021

Iridium

Communications,

Inc.

*

4,811

131,773

Liberty

Latin

America

Ltd.,

Class A

*

6,640

68,025

Ooma

,

Inc.

*

633

9,584

ORBCOMM,

Inc.

*

3,071

12,929

Verizon

Communications,

Inc.

166,012

9,542,370

Vonage

Holdings

Corp.

*

9,479

113,274

19,412,861

Electric

Utilities

1.0%

ALLETE,

Inc.

2,044

121,209

Alliant

Energy

Corp.

9,894

532,792

American

Electric

Power

Co.,

Inc.

19,902

1,729,086

Avangrid

,

Inc.

2,272

113,123

Duke

Energy

Corp.

29,445

2,495,169

Edison

International

14,089

784,335

Entergy

Corp.

7,998

840,830

Evergy

,

Inc.

8,859

574,329

Eversource

Energy

13,381

1,205,227

Exelon

Corp.

39,041

1,507,373

FirstEnergy

Corp.

21,452

622,108

Genie

Energy

Ltd.,

Class B

399

3,244

Hawaiian

Electric

Industries,

Inc.

4,303

156,027

IDACORP,

Inc.

2,001

186,593

MGE

Energy,

Inc.

1,394

92,464

NextEra

Energy,

Inc.

19,558

5,489,931

NRG

Energy,

Inc.

9,746

329,512

OGE

Energy

Corp.

8,097

266,391

Otter

Tail

Corp.

1,637

62,615

PG&E

Corp.

*

25,008

233,825

Pinnacle

West

Capital

Corp.

4,499

373,777

PNM

Resources,

Inc.

3,149

132,982

Portland

General

Electric

Co.

3,534

155,955

PPL

Corp.

30,991

824,980

Southern

Co.

(The)

42,169

2,302,849

Spark

Energy,

Inc.,

Class A

425

3,209

Xcel

Energy,

Inc.

21,039

1,452,533

22,592,468

Electrical

Equipment

0.3%

Acuity

Brands,

Inc.

1,572

155,785

Allied

Motion

Technologies,

Inc.

335

12,629

American

Superconductor

Corp.

*

669

6,222

AMETEK,

Inc.

9,060

844,845

Atkore

International

Group,

Inc.

*

1,876

50,033

AZZ,

Inc.

1,061

33,506

Bloom

Energy

Corp.,

Class A

*

3,303

40,164

Eaton

Corp.

plc

15,918

1,482,443

16

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Emerson

Electric

Co.

23,785

1,474,908

Encore

Wire

Corp.

805

40,403

EnerSys

1,654

111,248

FuelCell

Energy,

Inc.

*(d)

7,486

16,694

Generac

Holdings,

Inc.

*

2,394

377,247

GrafTech

International

Ltd.

2,770

16,814

Hubbell,

Inc.

2,156

290,995

LSI

Industries,

Inc.

898

5,262

nVent

Electric

plc

6,147

111,630

Orion

Energy

Systems,

Inc.

*

895

3,544

Plug

Power,

Inc.

*(d)

13,182

101,633

Powell

Industries,

Inc.

395

10,487

Preformed

Line

Products

Co.

99

4,877

Regal

Beloit

Corp.

1,611

148,164

Rockwell

Automation,

Inc.

4,614

1,006,498

Sensata

Technologies

Holding

plc

*

6,134

232,969

Sunrun

,

Inc.

*

4,581

168,077

Thermon

Group

Holdings,

Inc.

*

1,395

18,902

TPI

Composites,

Inc.

*

1,231

31,489

Ultralife

Corp.

*

265

1,882

Vertiv

Holdings

Co.

*

8,140

118,030

Vicor

Corp.

*

727

59,229

Vivint

Solar,

Inc.

*

1,599

32,524

7,009,133

Electronic

Equipment,

Instruments

&

Components

0.4%

Akoustis

Technologies,

Inc.

*

934

7,416

Amphenol

Corp.,

Class A

11,502

1,216,452

Arlo

Technologies,

Inc.

*

3,073

12,968

Arrow

Electronics,

Inc.

*

3,002

215,003

Avnet,

Inc.

3,856

103,032

Badger

Meter,

Inc.

1,123

70,300

Bel

Fuse,

Inc.,

Class B

317

3,867

Belden,

Inc.

1,783

56,343

Benchmark

Electronics,

Inc.

1,503

30,601

CDW

Corp.

5,634

654,952

Cognex

Corp.

6,549

437,932

Coherent,

Inc.

*

940

130,500

Corning,

Inc.

29,947

928,357

CTS

Corp.

1,257

24,964

Daktronics,

Inc.

1,212

5,054

Dolby

Laboratories,

Inc.,

Class A

2,546

177,202

ePlus

,

Inc.

*

526

39,208

Fabrinet

*

1,473

106,984

FARO

Technologies,

Inc.

*

721

43,137

Fitbit,

Inc.,

Class A

*

9,644

63,072

FLIR

Systems,

Inc.

5,168

215,299

II-VI,

Inc.

*

3,571

181,121

Insight

Enterprises,

Inc.

*

1,425

71,022

Intellicheck

,

Inc.

*

529

3,872

IPG

Photonics

Corp.

*

1,380

247,034

Iteris

,

Inc.

*

1,259

5,842

Itron

,

Inc.

*

1,660

115,470

Jabil,

Inc.

5,805

202,362

Keysight

Technologies,

Inc.

*

7,515

750,673

Kimball

Electronics,

Inc.

*

1,014

13,466

Knowles

Corp.

*

3,615

55,165

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Littelfuse

,

Inc.

908

161,306

Luna

Innovations,

Inc.

*

970

5,500

Methode

Electronics,

Inc.

1,498

42,244

MTS

Systems

Corp.

765

14,191

Napco

Security

Technologies,

Inc.

*

501

13,216

National

Instruments

Corp.

5,137

182,363

nLight

,

Inc.

*

1,396

32,345

Novanta

,

Inc.

*

1,329

137,791

OSI

Systems,

Inc.

*

691

49,033

PAR

Technology

Corp.

*(d)

654

20,117

PC

Connection,

Inc.

472

20,626

Plexus

Corp.

*

1,147

85,211

Powerfleet

,

Inc.

*

804

3,602

Research

Frontiers,

Inc.

*

807

2,728

Rogers

Corp.

*

705

84,029

Sanmina

Corp.

*

2,545

75,536

ScanSource

,

Inc.

*

1,017

23,340

SYNNEX

Corp.

1,453

181,247

Trimble,

Inc.

*

9,957

443,186

TTM

Technologies,

Inc.

*

3,882

47,787

Vishay

Intertechnology

,

Inc.

5,383

84,459

Vishay

Precision

Group,

Inc.

*

488

12,420

Wrap

Technologies,

Inc.

*

411

4,028

Zebra

Technologies

Corp.,

Class A

*

2,078

583,399

8,498,374

Energy

Equipment

&

Services

0.1%

Archrock

,

Inc.

4,755

31,668

Aspen

Aerogels,

Inc.

*

683

4,337

Baker

Hughes

Co.

26,305

407,464

Bristow

Group,

Inc.

*

216

3,458

Cactus,

Inc.,

Class A

1,928

43,611

ChampionX

Corp.

*

7,564

71,934

DMC

Global,

Inc.

605

17,775

Dril

-Quip,

Inc.

*

1,436

47,804

Exterran

Corp.

*

1,218

6,054

Frank's

International

NV

*

6,068

13,835

Halliburton

Co.

35,646

510,807

Helix

Energy

Solutions

Group,

Inc.

*

6,014

25,199

Helmerich

&

Payne,

Inc.

4,212

75,100

Liberty

Oilfield

Services,

Inc.,

Class A

2,620

14,803

Matrix

Service

Co.

*

1,093

9,569

Nabors

Industries

Ltd.

280

11,875

National

Energy

Services

Reunited

Corp.

*

700

4,683

National

Oilwell

Varco,

Inc.

15,816

182,042

Newpark

Resources,

Inc.

*

3,424

6,471

NexTier

Oilfield

Solutions,

Inc.

*

6,738

16,980

Oceaneering

International,

Inc.

*

4,203

23,621

Oil

States

International,

Inc.

*

2,307

10,335

Patterson-UTI

Energy,

Inc.

6,701

25,966

ProPetro

Holding

Corp.

*

3,243

17,415

RPC,

Inc.

*

2,514

7,467

Schlumberger

Ltd.

56,803

1,030,406

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

SEACOR

Holdings,

Inc.

*

799

23,235

Select

Energy

Services,

Inc.,

Class A

*

2,640

11,722

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

1,210

8,785

Tidewater,

Inc.

*

1,655

10,294

Transocean

Ltd.

*(d)

23,015

46,951

US

Silica

Holdings,

Inc.

(d)

2,959

10,445

2,732,111

Entertainment

1.1%

Activision

Blizzard,

Inc.

30,126

2,489,311

AMC

Entertainment

Holdings,

Inc.,

Class A

(d)

2,065

8,343

Cinemark

Holdings,

Inc.

4,301

50,881

Electronic

Arts,

Inc.

*

11,286

1,598,323

Eros

International

plc

*(d)

3,061

8,693

Gaia,

Inc.

*

360

3,305

Glu

Mobile,

Inc.

*

4,977

46,983

IMAX

Corp.

*

2,016

22,761

Liberty

Media

Corp.-Liberty

Braves,

Class C

*

1,443

26,912

Liberty

Media

Corp.-Liberty

Formula

One,

Class A

*

1,056

34,943

Liberty

Media

Corp-Liberty

Braves,

Class A

*

313

5,919

Liberty

Media

Corp-Liberty

Formula

One,

Class C

*

7,849

278,168

Lions

Gate

Entertainment

Corp.,

Class A

*

6,838

49,894

Live

Nation

Entertainment,

Inc.

*

5,571

260,778

LiveXLive

Media,

Inc.

*

899

2,724

Madison

Square

Garden

Entertainment

Corp.

*

752

53,287

Madison

Square

Garden

Sports

Corp.,

Class A

*

756

116,190

Marcus

Corp.

(The)

878

12,125

Netflix,

Inc.

*

17,083

8,351,537

Roku,

Inc.

*

3,995

618,785

Spotify

Technology

SA

*

5,212

1,343,758

Take-Two

Interactive

Software,

Inc.

*

4,404

722,344

Walt

Disney

Co.

(The)

72,453

8,472,654

Warner

Music

Group

Corp.,

Class A

*

387

11,668

World

Wrestling

Entertainment,

Inc.,

Class A

1,829

85,250

Zynga,

Inc.,

Class A

*

35,054

344,581

25,020,117

Equity

Real

Estate

Investment

Trusts

(REITs)

1.9%

Acadia

Realty

Trust

3,248

39,106

Agree

Realty

Corp.

2,015

134,945

Alexander

&

Baldwin,

Inc.

2,840

33,569

Alexander's,

Inc.

84

21,150

Alexandria

Real

Estate

Equities,

Inc.

4,975

883,311

Alpine

Income

Property

Trust,

Inc.

247

3,468

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

American

Assets

Trust,

Inc.

2,011

54,297

American

Campus

Communities,

Inc.

5,481

195,343

American

Finance

Trust,

Inc.

4,370

31,923

American

Homes

4

Rent,

Class A

10,144

294,176

American

Tower

Corp.

17,382

4,543,481

Americold

Realty

Trust

7,957

321,065

Apartment

Investment

&

Management

Co.,

Class A

5,798

225,078

Apple

Hospitality

REIT,

Inc.

8,322

73,400

Armada

Hoffler

Properties,

Inc.

2,210

21,304

AvalonBay

Communities,

Inc.

5,592

856,247

Bluerock

Residential

Growth

REIT,

Inc.

967

7,001

Boston

Properties,

Inc.

6,127

545,854

Brandywine

Realty

Trust

6,880

74,510

Brixmor

Property

Group,

Inc.

11,705

134,725

Brookfield

Property

REIT,

Inc.,

Class A

1,896

22,013

BRT

Apartments

Corp.

281

2,900

Camden

Property

Trust

3,703

336,269

CareTrust

REIT,

Inc.

3,829

68,999

CatchMark

Timber

Trust,

Inc.,

Class A

1,970

19,227

Chatham

Lodging

Trust

1,971

10,269

CIM

Commercial

Trust

Corp.

725

7,395

City

Office

REIT,

Inc.

1,812

15,674

Clipper

Realty,

Inc.

525

3,507

Colony

Capital,

Inc.

20,486

39,333

Columbia

Property

Trust,

Inc.

4,619

55,243

Community

Healthcare

Trust,

Inc.

872

39,877

CoreCivic

,

Inc.

4,966

44,247

CorEnergy

Infrastructure

Trust,

Inc.

583

5,107

CorePoint

Lodging,

Inc.

1,628

9,100

CoreSite

Realty

Corp.

1,598

206,222

Corporate

Office

Properties

Trust

4,342

114,976

Cousins

Properties,

Inc.

5,974

183,521

Crown

Castle

International

Corp.

16,586

2,764,886

CubeSmart

7,661

227,302

CyrusOne

,

Inc.

4,582

382,230

DiamondRock

Hospitality

Co.

7,719

35,662

Digital

Realty

Trust,

Inc.

10,377

1,665,924

Diversified

Healthcare

Trust

9,224

35,927

Douglas

Emmett,

Inc.

6,369

185,593

Duke

Realty

Corp.

14,454

580,906

Easterly

Government

Properties,

Inc.

3,042

74,377

EastGroup

Properties,

Inc.

1,512

200,582

Empire

State

Realty

Trust,

Inc.,

Class A

5,125

33,825

EPR

Properties

3,108

88,982

Equinix

,

Inc.

3,498

2,747,609

Equity

Commonwealth

4,511

142,412

18

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Equity

LifeStyle

Properties,

Inc.

6,780

463,210

Equity

Residential

14,759

791,525

Essential

Properties

Realty

Trust,

Inc.

3,698

59,538

Essex

Property

Trust,

Inc.

2,576

568,626

Extra

Space

Storage,

Inc.

4,991

515,770

Farmland

Partners,

Inc.

872

6,025

Federal

Realty

Investment

Trust

2,954

225,390

First

Industrial

Realty

Trust,

Inc.

4,924

216,262

Four

Corners

Property

Trust,

Inc.

2,854

71,921

Franklin

Street

Properties

Corp.

4,367

22,927

Front

Yard

Residential

Corp.

2,029

17,591

Gaming

and

Leisure

Properties,

Inc.

8,277

299,710

GEO

Group,

Inc.

(The)

4,309

45,805

Getty

Realty

Corp.

1,463

43,349

Gladstone

Commercial

Corp.

1,296

23,587

Gladstone

Land

Corp.

636

10,227

Global

Medical

REIT,

Inc.

1,522

18,097

Global

Net

Lease,

Inc.

3,654

60,839

Healthcare

Realty

Trust,

Inc.

5,264

154,235

Healthcare

Trust

of

America,

Inc.,

Class A

8,621

238,026

Healthpeak

Properties,

Inc.

21,417

584,470

Hersha

Hospitality

Trust

1,333

6,345

Highwoods

Properties,

Inc.

4,082

156,504

Host

Hotels

&

Resorts,

Inc.

27,571

297,215

Hudson

Pacific

Properties,

Inc.

5,757

135,692

Independence

Realty

Trust,

Inc.

3,756

43,194

Industrial

Logistics

Properties

Trust

2,563

54,105

Innovative

Industrial

Properties,

Inc.

612

63,789

Investors

Real

Estate

Trust

464

33,547

Invitation

Homes,

Inc.

21,605

644,261

Iron

Mountain,

Inc.

11,157

314,516

iStar

,

Inc.

2,900

33,669

JBG

SMITH

Properties

4,949

143,570

Jernigan

Capital,

Inc.

764

10,704

Kilroy

Realty

Corp.

4,542

264,662

Kimco

Realty

Corp.

16,262

181,321

Kite

Realty

Group

Trust

3,381

33,370

Lamar

Advertising

Co.,

Class A

3,442

226,243

Lexington

Realty

Trust

10,193

118,239

Life

Storage,

Inc.

1,830

179,578

LTC

Properties,

Inc.

1,521

56,505

Macerich

Co.

(The)

5,659

43,178

Mack-Cali

Realty

Corp.

3,676

53,008

Medical

Properties

Trust,

Inc.

20,553

413,732

Mid-America

Apartment

Communities,

Inc.

4,723

562,934

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Monmouth

Real

Estate

Investment

Corp.

3,906

56,364

National

Health

Investors,

Inc.

1,723

106,826

National

Retail

Properties,

Inc.

6,823

241,875

National

Storage

Affiliates

Trust

2,511

77,389

New

Senior

Investment

Group,

Inc.

3,445

11,713

NexPoint

Residential

Trust,

Inc.

883

33,757

Office

Properties

Income

Trust

1,779

44,742

Omega

Healthcare

Investors,

Inc.

8,711

282,062

One

Liberty

Properties,

Inc.

727

12,337

Outfront

Media,

Inc.

5,951

85,754

Paramount

Group,

Inc.

7,910

56,398

Park

Hotels

&

Resorts,

Inc.

9,681

80,062

Pebblebrook

Hotel

Trust

5,272

55,883

Physicians

Realty

Trust

7,785

140,441

Piedmont

Office

Realty

Trust,

Inc.,

Class A

5,042

81,731

Plymouth

Industrial

REIT,

Inc.

515

6,834

PotlatchDeltic

Corp.

2,713

116,144

Preferred

Apartment

Communities,

Inc.,

Class A

1,972

14,258

Prologis,

Inc.

29,383

3,097,556

PS

Business

Parks,

Inc.

809

111,602

Public

Storage

6,040

1,207,275

QTS

Realty

Trust,

Inc.,

Class A

2,387

171,745

Rayonier,

Inc.

5,461

151,707

Realty

Income

Corp.

13,624

818,121

Regency

Centers

Corp.

6,721

275,763

Retail

Opportunity

Investments

Corp.

4,577

49,752

Retail

Properties

of

America,

Inc.,

Class A

8,083

51,408

Retail

Value,

Inc.

724

9,166

Rexford

Industrial

Realty,

Inc.

3,654

171,482

RLJ

Lodging

Trust

6,855

54,909

RPT

Realty

3,049

18,965

Ryman

Hospitality

Properties,

Inc.

2,011

64,392

Sabra

Health

Care

REIT,

Inc.

8,192

120,750

Safehold

,

Inc.

653

32,931

Saul

Centers,

Inc.

490

15,048

SBA

Communications

Corp.

4,327

1,348,034

Seritage

Growth

Properties,

Class A

*

1,375

12,801

Service

Properties

Trust

6,563

43,972

Simon

Property

Group,

Inc.

12,312

767,653

SITE

Centers

Corp.

5,935

43,504

SL

Green

Realty

Corp.

3,109

144,568

Spirit

Realty

Capital,

Inc.

4,129

142,285

STAG

Industrial,

Inc.

5,809

189,373

STORE

Capital

Corp.

8,982

212,784

Summit

Hotel

Properties,

Inc.

3,292

17,053

Sun

Communities,

Inc.

3,869

580,079

Sunstone

Hotel

Investors,

Inc.

8,828

66,033

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Tanger

Factory

Outlet

Centers,

Inc.

3,654

23,495

Taubman

Centers,

Inc.

2,268

87,817

Terreno

Realty

Corp.

2,662

161,743

UDR,

Inc.

11,304

409,205

UMH

Properties,

Inc.

1,220

15,006

Uniti

Group,

Inc.

6,992

69,221

Universal

Health

Realty

Income

Trust

513

35,695

Urban

Edge

Properties

4,847

50,797

Urstadt

Biddle

Properties,

Inc.,

Class A

1,300

12,753

Ventas,

Inc.

14,779

566,922

VEREIT,

Inc.

44,125

287,254

VICI

Properties,

Inc.

18,950

411,404

Vornado

Realty

Trust

7,108

245,368

Washington

REIT

3,299

73,766

Weingarten

Realty

Investors

4,750

81,035

Welltower

,

Inc.

16,417

879,294

Weyerhaeuser

Co.

30,897

859,246

Whitestone

REIT

1,611

10,633

WP

Carey,

Inc.

6,781

483,960

Xenia

Hotels

&

Resorts,

Inc.

4,729

37,643

43,648,598

Food

&

Staples

Retailing

0.8%

Andersons,

Inc.

(The)

1,280

18,202

BJ's

Wholesale

Club

Holdings,

Inc.

*

5,302

212,345

Casey's

General

Stores,

Inc.

1,442

229,552

Chefs'

Warehouse,

Inc.

(The)

*

996

11,484

Costco

Wholesale

Corp.

17,503

5,697,752

Grocery

Outlet

Holding

Corp.

*

2,689

118,289

HF

Foods

Group,

Inc.

*

1,277

11,314

Ingles

Markets,

Inc.,

Class A

590

23,747

Kroger

Co.

(The)

30,110

1,047,527

Natural

Grocers

by

Vitamin

Cottage,

Inc.

296

4,686

Performance

Food

Group

Co.

*

5,265

147,525

PriceSmart

,

Inc.

869

56,807

Rite

Aid

Corp.

*(d)

2,200

33,352

SpartanNash

Co.

1,396

29,351

Sprouts

Farmers

Market,

Inc.

*

4,594

121,190

Sysco

Corp.

19,663

1,039,190

United

Natural

Foods,

Inc.

*

1,870

37,119

US

Foods

Holding

Corp.

*

9,021

183,126

Village

Super

Market,

Inc.,

Class A

257

6,489

Walgreens

Boots

Alliance,

Inc.

29,341

1,194,472

Walmart,

Inc.

55,092

7,128,905

Weis

Markets,

Inc.

398

19,828

17,372,252

Food

Products

0.6%

Alico

,

Inc.

168

5,070

Archer-Daniels-Midland

Co.

22,193

950,526

B&G

Foods,

Inc.

2,311

66,811

Beyond

Meat,

Inc.

*(d)

2,011

253,185

Bridgford

Foods

Corp.

*

61

982

Common

Stocks

Shares

Value

($)

Food

Products

Bunge

Ltd.

5,619

244,089

Calavo

Growers,

Inc.

675

38,995

Cal-Maine

Foods,

Inc.

*

1,263

55,503

Campbell

Soup

Co.

6,958

344,908

Conagra

Brands,

Inc.

19,509

730,612

Darling

Ingredients,

Inc.

*

6,357

177,551

Farmer

Bros

Co.

*

726

3,615

Flowers

Foods,

Inc.

7,816

177,814

Fresh

Del

Monte

Produce,

Inc.

1,205

27,209

Freshpet

,

Inc.

*

1,574

151,183

General

Mills,

Inc.

24,018

1,519,619

Hain

Celestial

Group,

Inc.

(The)

*

3,327

113,051

Hershey

Co.

(The)

5,896

857,337

Hormel

Foods

Corp.

11,023

560,630

Hostess

Brands,

Inc.

*

4,824

61,168

Ingredion,

Inc.

2,639

228,274

J

&

J

Snack

Foods

Corp.

618

76,094

J

M

Smucker

Co.

(The)

4,399

481,031

John

B

Sanfilippo

&

Son,

Inc.

362

31,918

Kellogg

Co.

10,033

692,177

Kraft

Heinz

Co.

(The)

26,163

899,484

Lamb

Weston

Holdings,

Inc.

5,866

352,429

Lancaster

Colony

Corp.

758

120,211

Landec

Corp.

*

801

7,561

Limoneira

Co.

694

9,355

McCormick

&

Co.,

Inc.

(Non-Voting)

4,864

947,994

Mondelez

International,

Inc.,

Class A

55,980

3,106,330

Pilgrim's

Pride

Corp.

*

2,109

32,373

Post

Holdings,

Inc.

*

2,448

217,236

Sanderson

Farms,

Inc.

750

83,621

Seaboard

Corp.

11

29,736

Seneca

Foods

Corp.,

Class A

*

205

8,032

Simply

Good

Foods

Co.

(The)

*

3,388

81,448

Tootsie

Roll

Industries,

Inc.

(d)

652

20,668

TreeHouse

Foods,

Inc.

*

2,183

95,659

Tyson

Foods,

Inc.,

Class A

11,496

706,429

Vital

Farms,

Inc.

*

52

1,834

14,569,752

Gas

Utilities

0.1%

Atmos

Energy

Corp.

4,824

511,296

Brookfield

Infrastructure

Corp.,

Class A

1,337

61,021

Chesapeake

Utilities

Corp.

652

55,087

National

Fuel

Gas

Co.

3,183

129,134

New

Jersey

Resources

Corp.

3,831

118,991

Northwest

Natural

Holding

Co.

1,200

64,188

ONE

Gas,

Inc.

2,072

156,850

RGC

Resources,

Inc.

245

5,684

South

Jersey

Industries,

Inc.

3,714

86,648

Southwest

Gas

Holdings,

Inc.

2,170

151,119

Spire,

Inc.

1,922

118,511

UGI

Corp.

8,212

273,788

1,732,317

20

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

2.1%

Abbott

Laboratories

68,885

6,932,586

ABIOMED,

Inc.

*

1,743

522,795

Accelerate

Diagnostics,

Inc.

*

1,186

17,233

Accuray

,

Inc.

*

4,134

9,219

Align

Technology,

Inc.

*

3,063

899,971

Alphatec

Holdings,

Inc.

*

1,524

7,574

AngioDynamics

,

Inc.

*

1,505

12,431

Antares

Pharma,

Inc.

*

5,713

14,911

Apyx

Medical

Corp.

*

1,133

5,087

Aspira

Women's

Health,

Inc.

*

1,468

6,562

AtriCure

,

Inc.

*

1,544

63,011

Atrion

Corp.

60

37,206

Avanos

Medical,

Inc.

*

1,981

60,757

Axogen

,

Inc.

*

1,387

15,770

Axonics

Modulation

Technologies,

Inc.

*

1,116

47,274

Baxter

International,

Inc.

20,238

1,748,158

Becton

Dickinson

and

Co.

10,601

2,982,485

Bellerophon

Therapeutics,

Inc.

*

75

963

Beyond

Air,

Inc.

*

388

2,410

BioLife

Solutions,

Inc.

*

243

4,697

BioSig

Technologies,

Inc.

*

669

6,034

Boston

Scientific

Corp.

*

55,847

2,154,019

Cantel

Medical

Corp.

1,550

73,238

Cardiovascular

Systems,

Inc.

*

1,420

43,282

Cerus

Corp.

*

6,237

44,470

Chembio

Diagnostics,

Inc.

*

582

3,218

Co-Diagnostics,

Inc.

*

1,128

27,072

CONMED

Corp.

1,034

85,346

Cooper

Cos.,

Inc.

(The)

1,929

545,772

CryoLife

,

Inc.

*

1,455

28,242

CryoPort

,

Inc.

*

1,292

42,817

Cutera

,

Inc.

*

686

9,762

CytoSorbents

Corp.

*

1,497

14,334

Danaher

Corp.

24,848

5,064,022

Dentsply

Sirona,

Inc.

8,545

381,107

DexCom

,

Inc.

*

3,629

1,580,575

Edwards

Lifesciences

Corp.

*

24,497

1,920,810

Electromed

,

Inc.

*

251

4,164

Envista

Holdings

Corp.

*

6,234

136,338

FONAR

Corp.

*

200

4,924

GenMark

Diagnostics,

Inc.

*

2,824

50,437

Glaukos

Corp.

*

1,649

72,061

Globus

Medical,

Inc.,

Class A

*

2,950

142,131

Haemonetics

Corp.

*

1,971

172,778

Heska

Corp.

*

290

27,904

Hill-Rom

Holdings,

Inc.

2,591

251,897

Hologic

,

Inc.

*

10,280

717,338

ICU

Medical,

Inc.

*

770

141,472

IDEXX

Laboratories,

Inc.

*

3,319

1,320,132

Inogen

,

Inc.

*

737

22,626

Insulet

Corp.

*

2,503

509,010

Integer

Holdings

Corp.

*

1,321

86,882

Integra

LifeSciences

Holdings

Corp.

*

2,799

133,652

IntriCon

Corp.

*

295

3,186

Intuitive

Surgical,

Inc.

*

4,616

3,163,991

Invacare

Corp.

1,705

12,003

iRadimed

Corp.

*

168

3,743

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

iRhythm

Technologies,

Inc.

*

1,080

134,438

Lantheus

Holdings,

Inc.

*

2,796

37,690

LeMaitre

Vascular,

Inc.

699

20,502

LivaNova

plc

*

1,940

90,288

Masimo

Corp.

*

1,899

418,008

Medtronic

plc

53,114

5,124,439

Meridian

Bioscience,

Inc.

*

1,705

41,755

Merit

Medical

Systems,

Inc.

*

2,195

98,160

Mesa

Laboratories,

Inc.

162

38,384

Milestone

Scientific,

Inc.

*

1,487

2,870

Misonix

,

Inc.

*

472

5,867

Natus

Medical,

Inc.

*

1,288

23,931

Nemaura

Medical,

Inc.

*

193

1,224

Neogen

Corp.

*

2,067

158,684

Nevro

Corp.

*

1,323

175,906

Novocure

Ltd.

*

3,916

296,794

NuVasive

,

Inc.

*

2,031

116,051

OraSure

Technologies,

Inc.

*

2,541

46,119

Orthofix

Medical,

Inc.

*

734

22,541

OrthoPediatrics

Corp.

*

489

20,631

PAVmed

,

Inc.

*

1,277

2,541

Penumbra,

Inc.

*

1,286

285,376

Pulse

Biosciences,

Inc.

*

453

4,643

Quidel

Corp.

*

1,428

403,367

Quotient

Ltd.

*

2,753

21,584

Repro-Med

Systems,

Inc.

*

758

7,906

ResMed

,

Inc.

5,624

1,138,916

Retractable

Technologies,

Inc.

*

422

5,051

Rockwell

Medical,

Inc.

*

2,031

3,493

SeaSpine

Holdings

Corp.

*

881

8,255

Shockwave

Medical,

Inc.

*

1,044

51,490

SI-BONE,

Inc.

*

1,073

18,348

Sientra

,

Inc.

*

1,472

5,594

Silk

Road

Medical,

Inc.

*

1,354

62,907

Soliton,

Inc.

*

233

1,501

STAAR

Surgical

Co.

*

1,825

106,197

Stereotaxis

,

Inc.

*

1,434

5,521

STERIS

plc

3,321

530,131

Stryker

Corp.

13,786

2,664,834

Surgalign

Holdings,

Inc.

*

2,621

7,365

Surmodics

,

Inc.

*

555

26,246

Tactile

Systems

Technology,

Inc.

*

713

29,219

Tandem

Diabetes

Care,

Inc.

*

2,286

238,796

Tela

Bio,

Inc.

*

202

2,351

Teleflex,

Inc.

1,851

690,608

TransMedics

Group,

Inc.

*

871

15,730

Utah

Medical

Products,

Inc.

159

12,959

Vapotherm

,

Inc.

*

676

35,314

Varex

Imaging

Corp.

*

1,539

24,132

Varian

Medical

Systems,

Inc.

*

3,636

518,930

Venus

Concept,

Inc.

*

684

1,956

ViewRay

,

Inc.

*

4,375

12,119

VolitionRX

Ltd.

*

718

2,319

West

Pharmaceutical

Services,

Inc.

2,931

788,058

Wright

Medical

Group

NV

*

5,048

151,541

Zimmer

Biomet

Holdings,

Inc.

8,193

1,104,908

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Zynex

,

Inc.

*

743

14,206

48,270,583

Health

Care

Providers

&

Services

1.5%

1Life

Healthcare,

Inc.

*(d)

843

24,961

Acadia

Healthcare

Co.,

Inc.

*

3,409

101,622

AdaptHealth

Corp.

*

268

5,221

Addus

HomeCare

Corp.

*

530

51,097

Amedisys

,

Inc.

*

1,226

287,080

American

Renal

Associates

Holdings,

Inc.

*

510

3,289

AmerisourceBergen

Corp.

5,759

576,994

AMN

Healthcare

Services,

Inc.

*

1,897

104,221

Anthem,

Inc.

10,000

2,738,000

Apollo

Medical

Holdings,

Inc.

*

296

4,958

Avalon

GloboCare

Corp.

*

512

829

BioTelemetry

,

Inc.

*

1,369

58,265

Brookdale

Senior

Living,

Inc.

*

7,864

21,783

Cardinal

Health,

Inc.

11,584

632,718

Centene

Corp.

*

23,342

1,523,065

Chemed

Corp.

605

297,775

Cigna

Corp.

14,279

2,465,840

Community

Health

Systems,

Inc.

*

2,720

13,546

CorVel

Corp.

*

372

29,570

Covetrus

,

Inc.

*

3,771

83,565

Cross

Country

Healthcare,

Inc.

*

1,596

10,350

CVS

Health

Corp.

52,079

3,277,852

DaVita,

Inc.

*

3,289

287,426

Encompass

Health

Corp.

3,863

262,993

Ensign

Group,

Inc.

(The)

1,968

90,508

Enzo

Biochem

,

Inc.

*

1,302

3,099

Exagen

,

Inc.

*

171

2,129

Five

Star

Senior

Living,

Inc.

*

837

3,800

Fulgent

Genetics,

Inc.

*

291

7,668

Guardant

Health,

Inc.

*

2,994

255,029

Hanger,

Inc.

*

1,593

27,814

HCA

Healthcare,

Inc.

10,540

1,334,786

HealthEquity

,

Inc.

*

2,782

143,440

Henry

Schein,

Inc.

*

5,637

387,431

Humana,

Inc.

5,229

2,052,121

InfuSystem

Holdings,

Inc.

*

493

6,020

Joint

Corp.

(The)

*

618

8,924

Laboratory

Corp.

of

America

Holdings

*

3,787

730,588

LHC

Group,

Inc.

*

1,185

231,205

Magellan

Health,

Inc.

*

904

67,050

McKesson

Corp.

6,442

967,331

MEDNAX,

Inc.

*

3,447

68,871

Molina

Healthcare,

Inc.

*

2,332

430,720

National

HealthCare

Corp.

501

29,719

National

Research

Corp.

543

31,054

Ontrak

,

Inc.

*

279

10,675

Option

Care

Health,

Inc.

*

1,357

15,985

Owens

&

Minor,

Inc.

2,245

36,100

Patterson

Cos.,

Inc.

3,365

89,374

Pennant

Group,

Inc.

(The)

*

1,054

26,413

PetIQ

,

Inc.

*(d)

744

27,149

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Premier,

Inc.,

Class A

*

2,439

85,292

Progyny

,

Inc.

*

958

25,507

Providence

Service

Corp.

(The)

*

484

39,209

Quest

Diagnostics,

Inc.

5,173

657,333

R1

RCM,

Inc.

*

4,179

57,127

RadNet

,

Inc.

*

1,749

27,792

Select

Medical

Holdings

Corp.

*

4,127

78,578

Sharps

Compliance

Corp.

*

517

3,955

Surgery

Partners,

Inc.

*

720

10,994

Tenet

Healthcare

Corp.

*

4,213

111,392

Tivity

Health,

Inc.

*

1,663

21,819

Triple-S

Management

Corp.,

Class B

*

947

18,429

UnitedHealth

Group,

Inc.

37,779

11,438,726

Universal

Health

Services,

Inc.,

Class B

2,884

316,952

US

Physical

Therapy,

Inc.

513

42,610

Viemed

Healthcare,

Inc.

*

1,137

12,325

32,896,063

Health

Care

Technology

0.2%

Allscripts

Healthcare

Solutions,

Inc.

*

6,674

60,066

Cerner

Corp.

12,161

844,581

Change

Healthcare,

Inc.

*

9,609

112,041

Computer

Programs

&

Systems,

Inc.

542

13,377

Evolent

Health,

Inc.,

Class A

*

3,019

35,171

Health

Catalyst,

Inc.

*(d)

1,251

43,660

HealthStream

,

Inc.

*

1,052

23,097

HMS

Holdings

Corp.

*

3,323

107,998

iCAD

,

Inc.

*

647

5,965

Inovalon

Holdings,

Inc.,

Class A

*

2,894

68,096

Inspire

Medical

Systems,

Inc.

*

1,064

105,719

Livongo

Health,

Inc.

*

2,057

261,753

NantHealth

,

Inc.

*

841

3,785

NextGen

Healthcare,

Inc.

*

2,193

32,062

Omnicell

,

Inc.

*

1,659

116,611

OptimizeRx

Corp.

*

442

6,254

Phreesia

,

Inc.

*

1,130

33,968

Schrodinger,

Inc.

*

567

41,040

Simulations

Plus,

Inc.

532

37,453

Tabula

Rasa

HealthCare,

Inc.

*(d)

862

48,444

Teladoc

Health,

Inc.

*

2,953

701,721

Veeva

Systems,

Inc.,

Class A

*

5,265

1,392,961

Vocera

Communications,

Inc.

*

1,120

34,462

4,130,285

Hotels,

Restaurants

&

Leisure

0.9%

Accel

Entertainment,

Inc.

*

1,357

10,842

Aramark

9,130

192,826

BBX

Capital

Corp.

443

6,167

Biglari

Holdings,

Inc.,

Class B

*

38

2,467

BJ's

Restaurants,

Inc.

688

13,801

Bloomin

'

Brands,

Inc.

3,346

38,546

22

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Bluegreen

Vacations

Corp.

210

1,512

Boyd

Gaming

Corp.

3,315

78,466

Brinker

International,

Inc.

1,826

49,101

Caesars

Entertainment,

Inc.

*

3,812

118,363

Carnival

Corp.

(d)

18,975

263,373

Carrols

Restaurant

Group,

Inc.

*

1,522

9,345

Century

Casinos,

Inc.

*

1,306

5,263

Cheesecake

Factory,

Inc.

(The)

(d)

1,692

40,608

Chipotle

Mexican

Grill,

Inc.

*

1,109

1,281,072

Choice

Hotels

International,

Inc.

1,289

108,328

Churchill

Downs,

Inc.

1,517

210,135

Chuy's

Holdings,

Inc.

*

741

11,789

Cracker

Barrel

Old

Country

Store,

Inc.

1,002

110,691

Darden

Restaurants,

Inc.

5,279

400,676

Dave

&

Buster's

Entertainment,

Inc.

1,924

23,742

Del

Taco

Restaurants,

Inc.

*

1,293

9,891

Denny's

Corp.

*

2,195

19,503

Dine

Brands

Global,

Inc.

667

30,302

Domino's

Pizza,

Inc.

1,534

593,060

Dunkin'

Brands

Group,

Inc.

3,280

225,434

El

Pollo

Loco

Holdings,

Inc.

*

554

10,947

Everi

Holdings,

Inc.

*

3,044

17,290

Extended

Stay

America,

Inc.

7,192

82,061

Fiesta

Restaurant

Group,

Inc.

*

1,025

6,642

GAN

Ltd.

*

238

4,605

Golden

Entertainment,

Inc.

*

622

5,318

Hilton

Grand

Vacations,

Inc.

*

3,433

69,690

Hilton

Worldwide

Holdings,

Inc.

10,958

822,398

Hyatt

Hotels

Corp.,

Class A

1,496

71,808

International

Game

Technology

plc

3,843

37,892

Jack

in

the

Box,

Inc.

859

70,532

Kura

Sushi

USA,

Inc.,

Class A

*

134

1,392

Las

Vegas

Sands

Corp.

13,403

584,907

Lindblad

Expeditions

Holdings,

Inc.

*

999

7,243

Marriott

International,

Inc.,

Class A

10,883

912,267

Marriott

Vacations

Worldwide

Corp.

1,603

135,710

McDonald's

Corp.

29,677

5,765,648

MGM

Resorts

International

19,450

312,950

Monarch

Casino

&

Resort,

Inc.

*

505

18,276

Nathan's

Famous,

Inc.

88

4,482

Noodles

&

Co.

*

1,023

7,110

Norwegian

Cruise

Line

Holdings

Ltd.

*(d)

10,490

143,084

Papa

John's

International,

Inc.

1,311

124,112

Penn

National

Gaming,

Inc.

*

5,180

175,343

Planet

Fitness,

Inc.,

Class A

*

3,098

161,716

PlayAGS

,

Inc.

*

1,088

3,677

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

RCI

Hospitality

Holdings,

Inc.

440

5,315

Red

Robin

Gourmet

Burgers,

Inc.

*

518

4,527

Red

Rock

Resorts,

Inc.,

Class A

2,793

30,611

Royal

Caribbean

Cruises

Ltd.

6,918

336,976

Ruth's

Hospitality

Group,

Inc.

1,160

7,766

Scientific

Games

Corp.

*

2,266

39,814

SeaWorld

Entertainment,

Inc.

*

2,106

30,474

Shake

Shack,

Inc.,

Class A

*

1,424

69,135

Six

Flags

Entertainment

Corp.

3,174

55,196

Starbucks

Corp.

46,950

3,593,084

Target

Hospitality

Corp.

*

1,611

2,304

Texas

Roadhouse,

Inc.

2,617

147,049

Twin

River

Worldwide

Holdings,

Inc.

782

16,860

Vail

Resorts,

Inc.

1,619

310,897

Wendy's

Co.

(The)

7,110

164,810

Wingstop

,

Inc.

1,155

180,469

Wyndham

Destinations,

Inc.

3,488

92,781

Wyndham

Hotels

&

Resorts,

Inc.

3,720

164,275

Wynn

Resorts

Ltd.

3,999

289,648

Yum

China

Holdings,

Inc.

14,285

731,963

Yum!

Brands,

Inc.

11,997

1,092,327

20,778,684

Household

Durables

0.3%

Beazer

Homes

USA,

Inc.

*

988

11,056

Casper

Sleep,

Inc.

*

223

2,058

Cavco

Industries,

Inc.

*

359

71,918

Century

Communities,

Inc.

*

1,202

42,815

DR

Horton,

Inc.

13,248

876,488

Ethan

Allen

Interiors,

Inc.

975

11,544

Garmin

Ltd.

5,896

581,287

GoPro,

Inc.,

Class A

*

5,299

28,032

Green

Brick

Partners,

Inc.

*

792

10,930

Hamilton

Beach

Brands

Holding

Co.,

Class A

183

2,782

Helen

of

Troy

Ltd.

*

976

183,732

Hooker

Furniture

Corp.

564

12,070

Installed

Building

Products,

Inc.

*

860

68,035

iRobot

Corp.

*

1,107

80,468

KB

Home

3,583

120,532

La-Z-Boy,

Inc.

1,879

53,476

Legacy

Housing

Corp.

*

282

3,875

Leggett

&

Platt,

Inc.

5,253

210,593

Lennar

Corp.,

Class A

11,397

812,468

LGI

Homes,

Inc.

*

892

101,786

Lifetime

Brands,

Inc.

325

2,291

Lovesac

Co.

(The)

*

285

9,057

M/I

Homes,

Inc.

*

1,136

47,292

MDC

Holdings,

Inc.

2,051

91,946

Meritage

Homes

Corp.

*

1,481

146,886

Mohawk

Industries,

Inc.

*

2,326

185,731

Newell

Brands,

Inc.

15,254

250,166

NVR,

Inc.

*

138

542,361

PulteGroup,

Inc.

10,679

465,604

Purple

Innovation,

Inc.

*

488

11,892

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Household

Durables

Skyline

Champion

Corp.

*

2,139

60,384

Sonos

,

Inc.

*

2,942

47,072

Taylor

Morrison

Home

Corp.

*

4,982

116,828

Tempur

Sealy

International,

Inc.

*

1,845

149,353

Toll

Brothers,

Inc.

4,487

171,403

TopBuild

Corp.

*

1,291

170,309

TRI

Pointe

Group,

Inc.

*

5,022

83,968

Tupperware

Brands

Corp.

(d)

2,024

31,230

Turtle

Beach

Corp.

*

459

8,418

Universal

Electronics,

Inc.

*

547

25,200

VOXX

International

Corp.

*

645

4,205

Whirlpool

Corp.

2,402

391,814

6,299,355

Household

Products

0.9%

Central

Garden

&

Pet

Co.

*

1,989

69,917

Church

&

Dwight

Co.,

Inc.

9,640

928,621

Clorox

Co.

(The)

4,926

1,165,048

Colgate-Palmolive

Co.

33,295

2,570,374

Energizer

Holdings,

Inc.

2,387

119,660

Kimberly-Clark

Corp.

13,361

2,031,407

Oil-

Dri

Corp.

of

America

175

6,085

Procter

&

Gamble

Co.

(The)

96,973

12,715,100

Reynolds

Consumer

Products,

Inc.

1,932

65,804

Spectrum

Brands

Holdings,

Inc.

1,742

94,347

WD-40

Co.

537

105,547

19,871,910

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

26,420

402,377

Atlantic

Power

Corp.

*

3,137

6,149

Clearway

Energy,

Inc.,

Class A

4,596

110,479

Ormat

Technologies,

Inc.

1,567

93,236

Sunnova

Energy

International,

Inc.

*

1,360

34,014

TerraForm

Power,

Inc.,

Class A

∞

3,390

65,596

Vistra

Corp.

19,868

370,737

1,082,588

Industrial

Conglomerates

0.5%

3M

Co.

22,368

3,365,713

Carlisle

Cos.,

Inc.

2,075

247,091

General

Electric

Co.

349,940

2,124,136

Honeywell

International,

Inc.

28,097

4,196,849

Raven

Industries,

Inc.

1,479

31,961

Roper

Technologies,

Inc.

4,146

1,792,938

11,758,688

Insurance

1.2%

Aflac,

Inc.

28,741

1,022,317

Alleghany

Corp.

565

295,111

Allstate

Corp.

(The)

12,498

1,179,686

Ambac

Financial

Group,

Inc.

*

1,879

24,051

American

Equity

Investment

Life

Holding

Co.

3,584

91,213

Common

Stocks

Shares

Value

($)

Insurance

American

Financial

Group,

Inc.

2,951

179,332

American

International

Group,

Inc.

35,442

1,139,106

American

National

Group,

Inc.

321

23,642

AMERISAFE,

Inc.

627

39,789

Aon

plc,

Class A

9,622

1,974,627

Arch

Capital

Group

Ltd.

*

15,771

484,958

Argo

Group

International

Holdings

Ltd.

1,371

45,942

Arthur

J

Gallagher

&

Co.

7,526

808,970

Assurant,

Inc.

2,421

260,185

Assured

Guaranty

Ltd.

3,510

76,623

Athene

Holding

Ltd.,

Class A

*

4,700

151,575

Axis

Capital

Holdings

Ltd.

3,364

134,964

Benefytt

Technologies,

Inc.,

Class A

*

370

11,440

Brighthouse

Financial,

Inc.

*

4,078

115,571

Brown

&

Brown,

Inc.

9,474

430,783

BRP

Group,

Inc.,

Class A

*

757

13,210

Chubb

Ltd.

18,086

2,301,263

Cincinnati

Financial

Corp.

6,000

467,580

Citizens,

Inc.

*(d)

2,059

11,819

CNA

Financial

Corp.

1,213

40,393

CNO

Financial

Group,

Inc.

5,679

85,753

Crawford

&

Co.,

Class A

552

4,046

Donegal

Group,

Inc.,

Class A

359

5,019

eHealth,

Inc.

*

1,043

72,113

Employers

Holdings,

Inc.

969

31,512

Enstar

Group

Ltd.

*

495

83,135

Erie

Indemnity

Co.,

Class A

996

209,280

Everest

Re

Group

Ltd.

1,600

350,064

FBL

Financial

Group,

Inc.,

Class A

435

15,129

FedNat

Holding

Co.

446

4,175

Fidelity

National

Financial,

Inc.

10,882

352,142

First

American

Financial

Corp.

4,286

218,629

Genworth

Financial,

Inc.,

Class A

*

20,533

41,887

Global

Indemnity

Ltd.

291

6,649

Globe

Life,

Inc.

4,269

339,812

GoHealth

,

Inc.,

Class A

*

240

4,260

Goosehead

Insurance,

Inc.,

Class A

*

495

51,148

Greenlight

Capital

Re

Ltd.,

Class A

*

1,339

8,650

Hanover

Insurance

Group,

Inc.

(The)

1,538

156,691

Hartford

Financial

Services

Group,

Inc.

(The)

14,539

615,291

HCI

Group,

Inc.

291

12,984

Heritage

Insurance

Holdings,

Inc.

1,064

12,630

Horace

Mann

Educators

Corp.

1,732

65,089

Independence

Holding

Co.

140

4,628

Investors

Title

Co.

65

7,480

James

River

Group

Holdings

Ltd.

1,148

53,175

Kemper

Corp.

2,437

191,353

Kinsale

Capital

Group,

Inc.

840

163,716

24

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Insurance

Lincoln

National

Corp.

7,986

297,638

Loews

Corp.

9,669

352,048

Markel

Corp.

*

548

572,408

Marsh

&

McLennan

Cos.,

Inc.

20,135

2,347,741

MBIA,

Inc.

*

3,020

24,190

Mercury

General

Corp.

1,132

48,574

MetLife,

Inc.

31,337

1,186,106

National

General

Holdings

Corp.

2,603

88,476

National

Western

Life

Group,

Inc.,

Class A

107

20,843

NI

Holdings,

Inc.

*

268

4,417

Old

Republic

International

Corp.

11,615

186,653

Palomar

Holdings,

Inc.

*

745

68,048

Primerica,

Inc.

1,629

194,926

Principal

Financial

Group,

Inc.

10,919

463,293

ProAssurance

Corp.

2,088

30,694

Progressive

Corp.

(The)

23,286

2,103,657

ProSight

Global,

Inc.

*

319

2,507

Protective

Insurance

Corp.,

Class B

275

3,520

Prudential

Financial,

Inc.

16,183

1,025,517

Reinsurance

Group

of

America,

Inc.

2,713

231,283

RenaissanceRe

Holdings

Ltd.

1,957

353,004

RLI

Corp.

1,578

139,069

Safety

Insurance

Group,

Inc.

563

42,602

Selective

Insurance

Group,

Inc.

2,373

128,949

State

Auto

Financial

Corp.

562

8,717

Stewart

Information

Services

Corp.

927

38,888

Third

Point

Reinsurance

Ltd.

*

3,472

27,047

Tiptree,

Inc.

833

4,207

Travelers

Cos.,

Inc.

(The)

10,227

1,170,173

Trean

Insurance

Group,

Inc.

*

745

11,622

Trupanion

,

Inc.

*

1,226

61,999

United

Fire

Group,

Inc.

901

22,858

United

Insurance

Holdings

Corp.

903

6,682

Universal

Insurance

Holdings,

Inc.

949

16,617

Unum

Group

8,407

144,853

Vericity

,

Inc.

88

739

W

R

Berkley

Corp.

5,647

348,702

Watford

Holdings

Ltd.

*

718

11,782

White

Mountains

Insurance

Group

Ltd.

119

104,736

Willis

Towers

Watson

plc

5,144

1,080,291

27,466,666

Interactive

Media

&

Services

2.9%

Alphabet,

Inc.,

Class A

*

24,088

35,781,984

Cargurus

,

Inc.

*

3,468

100,191

Cars.com,

Inc.

*

3,148

25,562

DHI

Group,

Inc.

*

1,409

3,522

Eventbrite,

Inc.,

Class A

*(d)

2,414

20,567

EverQuote

,

Inc.,

Class A

*

568

30,928

Facebook,

Inc.,

Class A

*

98,692

25,035,200

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

IAC/InterActiveCorp

*

5,269

697,721

Liberty

TripAdvisor

Holdings,

Inc.,

Class A

*

3,151

7,814

Match

Group,

Inc.

*

15,511

1,592,980

Meet

Group,

Inc.

(The)

*

2,548

15,874

Pinterest,

Inc.,

Class A

*

16,195

555,327

QuinStreet

,

Inc.

*

1,889

22,054

TripAdvisor,

Inc.

4,011

81,143

TrueCar

,

Inc.

*

4,074

15,318

Twitter,

Inc.

*

31,207

1,135,935

Yelp,

Inc.

*

2,926

73,091

Zillow

Group,

Inc.,

Class A

*

7,918

540,817

65,736,028

Internet

&

Direct

Marketing

Retail

2.6%

1-800-Flowers.com,

Inc.,

Class A

*

1,024

28,928

Amazon.com,

Inc.

*

16,685

52,802,686

Booking

Holdings,

Inc.

*

1,655

2,750,825

CarParts.com,

Inc.

*

673

9,250

Duluth

Holdings,

Inc.,

Class B

*

409

3,023

eBay,

Inc.

25,625

1,416,550

Etsy,

Inc.

*

4,540

537,445

Expedia

Group,

Inc.

5,484

444,259

Groupon,

Inc.

*

921

14,137

Grubhub

,

Inc.

*

3,629

262,159

Lands'

End,

Inc.

*

360

3,103

Liquidity

Services,

Inc.

*

954

4,913

Magnite

,

Inc.

*

4,139

24,855

Overstock.com,

Inc.

*

244

18,444

PetMed

Express,

Inc.

(d)

832

25,958

Quotient

Technology,

Inc.

*

3,390

27,154

Qurate

Retail,

Inc. Series

A,*

14,713

160,519

RealReal

,

Inc.

(The)

*

2,453

33,459

Shutterstock,

Inc.

810

44,015

Stamps.com,

Inc.

*

601

156,428

Stitch

Fix,

Inc.,

Class A

*

2,144

47,490

Waitr

Holdings,

Inc.

*(d)

3,145

16,794

Wayfair,

Inc.,

Class A

*(d)

2,550

678,530

59,510,924

IT

Services

3.1%

Accenture

plc,

Class A

25,480

5,727,394

Akamai

Technologies,

Inc.

*

6,204

697,578

Alliance

Data

Systems

Corp.

1,859

82,465

Amdocs

Ltd.

5,237

325,218

Automatic

Data

Processing,

Inc.

17,123

2,275,818

Black

Knight,

Inc.

*

5,700

427,044

Booz

Allen

Hamilton

Holding

Corp.

5,388

440,523

Brightcove

,

Inc.

*

1,632

17,267

Broadridge

Financial

Solutions,

Inc.

4,505

605,202

CACI

International,

Inc.,

Class A

*

980

203,664

Cardtronics

plc,

Class A

*

1,439

32,133

Cass

Information

Systems,

Inc.

590

21,140

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

IT

Services

Cognizant

Technology

Solutions

Corp.,

Class A

21,451

1,465,532

Conduent

,

Inc.

*

6,660

12,721

CSG

Systems

International,

Inc.

1,217

51,272

DXC

Technology

Co.

10,256

183,685

Endurance

International

Group

Holdings,

Inc.

*

2,791

15,825

EPAM

Systems,

Inc.

*

2,112

612,649

Euronet

Worldwide,

Inc.

*

2,037

195,837

EVERTEC,

Inc.

2,444

75,886

Evo

Payments,

Inc.,

Class A

*

1,589

36,054

ExlService

Holdings,

Inc.

*

1,382

88,531

Fastly

,

Inc.,

Class A

*

2,770

267,277

Fidelity

National

Information

Services,

Inc.

24,399

3,569,818

Fiserv,

Inc.

*

22,230

2,218,332

FleetCor

Technologies,

Inc.

*

3,302

853,798

Gartner,

Inc.

*

3,433

427,889

Genpact

Ltd.

7,448

296,579

Global

Payments,

Inc.

11,956

2,128,407

GoDaddy

,

Inc.,

Class A

*

6,639

466,589

GreenSky

,

Inc.,

Class A

*

2,049

11,567

Grid

Dynamics

Holdings,

Inc.

*

709

4,736

GTT

Communications,

Inc.

*(d)

1,353

8,524

Hackett

Group,

Inc.

(The)

1,024

14,121

I3

Verticals,

Inc.,

Class A

*

613

14,822

Information

Services

Group,

Inc.

*

953

1,954

International

Business

Machines

Corp.

35,630

4,380,352

International

Money

Express,

Inc.

*

404

5,446

Jack

Henry

&

Associates,

Inc.

2,996

534,187

KBR,

Inc.

5,493

122,164

Leidos

Holdings,

Inc.

5,340

508,154

Limelight

Networks,

Inc.

*

4,187

26,252

LiveRamp

Holdings,

Inc.

*

2,652

120,852

ManTech

International

Corp.,

Class A

1,106

76,955

Mastercard

,

Inc.,

Class A

35,196

10,859,022

MAXIMUS,

Inc.

2,385

176,991

MoneyGram

International,

Inc.

*

2,109

7,339

MongoDB,

Inc.

*

1,658

379,815

NIC,

Inc.

2,678

58,702

Okta

,

Inc.

*

4,558

1,007,227

Paychex,

Inc.

12,733

915,757

PayPal

Holdings,

Inc.

*

46,508

9,118,824

Paysign

,

Inc.

*(d)

1,390

12,983

Perficient

,

Inc.

*

1,320

51,757

Perspecta

,

Inc.

5,556

118,898

PFSweb

,

Inc.

*

418

3,315

Priority

Technology

Holdings,

Inc.

*

431

948

Repay

Holdings

Corp.

*

1,531

33,881

Sabre

Corp.

11,343

85,753

Science

Applications

International

Corp.

2,287

182,914

Common

Stocks

Shares

Value

($)

IT

Services

ServiceSource

International,

Inc.

*

2,811

4,385

Square,

Inc.,

Class A

*

14,200

1,843,870

StarTek

,

Inc.

*

617

3,011

StoneCo

Ltd.,

Class A

*

6,343

302,624

Switch,

Inc.,

Class A

3,502

63,001

Sykes

Enterprises,

Inc.

*

1,565

42,975

TTEC

Holdings,

Inc.

705

33,459

Tucows

,

Inc.,

Class A

*

328

19,847

Twilio

,

Inc.,

Class A

*

5,026

1,394,313

Unisys

Corp.

*

2,521

29,975

VeriSign,

Inc.

*

4,033

853,705

Verra

Mobility

Corp.

*

5,183

53,022

Virtusa

Corp.

*

1,195

48,517

Visa,

Inc.,

Class A

67,324

12,818,490

Western

Union

Co.

(The)

16,256

394,696

WEX,

Inc.

*

1,751

277,306

70,849,535

Leisure

Products

0.1%

Acushnet

Holdings

Corp.

1,397

53,156

Brunswick

Corp.

3,151

211,054

Callaway

Golf

Co.

3,765

71,723

Clarus

Corp.

721

8,638

Escalade,

Inc.

258

3,960

Hasbro,

Inc.

5,020

365,255

Johnson

Outdoors,

Inc.,

Class A

220

19,263

Malibu

Boats,

Inc.,

Class A

*

843

49,552

Marine

Products

Corp.

219

2,810

MasterCraft

Boat

Holdings,

Inc.

*

813

16,829

Mattel,

Inc.

*

13,876

154,162

Nautilus,

Inc.

*

917

9,564

Peloton

Interactive,

Inc.,

Class A

*

4,222

288,025

Polaris,

Inc.

2,323

240,732

Smith

&

Wesson

Brands,

Inc.

*

2,181

52,104

Sturm

Ruger

&

Co.,

Inc.

664

54,030

Vista

Outdoor,

Inc.

*

2,318

39,754

YETI

Holdings,

Inc.

*

2,917

142,612

1,783,223

Life

Sciences

Tools

&

Services

0.8%

10X

Genomics,

Inc.,

Class A

*

2,162

212,676

Adaptive

Biotechnologies

Corp.

*

2,851

106,399

Agilent

Technologies,

Inc.

12,356

1,190,254

Avantor

,

Inc.

*

16,223

358,204

Bio-Rad

Laboratories,

Inc.,

Class A

*

842

441,957

Bio-

Techne

Corp.

1,514

416,592

Bruker

Corp.

4,137

184,593

Champions

Oncology,

Inc.

*

211

1,844

Charles

River

Laboratories

International,

Inc.

*

1,950

388,031

ChromaDex

Corp.

*

1,303

6,593

Codexis

,

Inc.

*

2,078

24,583

Fluidigm

Corp.

*

2,780

19,571

Harvard

Bioscience,

Inc.

*

1,343

4,177

26

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Illumina,

Inc.

*

5,863

2,240,604

IQVIA

Holdings,

Inc.

*

7,560

1,197,428

Luminex

Corp.

1,700

61,880

Medpace

Holdings,

Inc.

*

1,054

125,795

Mettler

-Toledo

International,

Inc.

*

937

876,095

NanoString

Technologies,

Inc.

*

1,499

54,129

NeoGenomics

,

Inc.

*

4,128

157,813

Pacific

Biosciences

of

California,

Inc.

*

5,651

21,078

PerkinElmer,

Inc.

4,462

530,576

Personalis

,

Inc.

*

648

11,282

PPD,

Inc.

*

2,426

71,252

PRA

Health

Sciences,

Inc.

*

2,516

268,105

QIAGEN

NV

*

8,830

436,644

Quanterix

Corp.

*

714

23,069

Repligen

Corp.

*

2,065

311,629

Syneos

Health,

Inc.

*

2,449

152,793

Thermo

Fisher

Scientific,

Inc.

15,640

6,474,178

Waters

Corp.

*

2,444

520,939

16,890,763

Machinery

1.0%

AGCO

Corp.

2,442

160,268

Alamo

Group,

Inc.

414

42,688

Albany

International

Corp.,

Class A

1,244

59,812

Allison

Transmission

Holdings,

Inc.

4,395

164,197

Altra

Industrial

Motion

Corp.

2,636

90,230

Astec

Industries,

Inc.

940

41,821

Barnes

Group,

Inc.

1,903

70,164

Blue

Bird

Corp.

*

688

8,621

Caterpillar,

Inc.

21,655

2,877,516

Chart

Industries,

Inc.

*

1,296

88,815

CIRCOR

International,

Inc.

*

807

21,160

Colfax

Corp.

*

4,005

116,465

Columbus

McKinnon

Corp.

926

30,678

Crane

Co.

1,930

109,180

Cummins,

Inc.

5,871

1,134,629

Deere

&

Co.

11,312

1,994,419

Donaldson

Co.,

Inc.

4,935

238,558

Douglas

Dynamics,

Inc.

919

32,487

Dover

Corp.

5,681

584,745

Eastern

Co.

(The)

162

2,642

Energy

Recovery,

Inc.

*

1,609

12,212

Enerpac

Tool

Group

Corp.

2,094

39,577

EnPro

Industries,

Inc.

841

40,141

ESCO

Technologies,

Inc.

1,021

87,745

Evoqua

Water

Technologies

Corp.

*

3,304

63,536

ExOne

Co.

(The)

*

343

3,005

Federal

Signal

Corp.

2,464

76,162

Flowserve

Corp.

5,250

146,317

Fortive

Corp.

11,976

840,595

Franklin

Electric

Co.,

Inc.

1,812

97,939

Gates

Industrial

Corp.

plc

*

1,887

19,889

Gencor

Industries,

Inc.

*

261

3,124

Gorman-Rupp

Co.

(The)

726

21,969

Common

Stocks

Shares

Value

($)

Machinery

Graco

,

Inc.

6,585

350,585

Graham

Corp.

319

4,198

Greenbrier

Cos.,

Inc.

(The)

1,267

32,600

Helios

Technologies,

Inc.

1,194

45,169

Hillenbrand,

Inc.

3,059

89,415

Hurco

Cos.,

Inc.

223

6,186

Hyster

-Yale

Materials

Handling,

Inc.

404

15,073

IDEX

Corp.

2,953

486,713

Illinois

Tool

Works,

Inc.

12,501

2,312,560

Ingersoll

Rand,

Inc.

*

13,841

437,237

ITT,

Inc.

3,422

197,552

John

Bean

Technologies

Corp.

1,269

118,981

Kadant

,

Inc.

447

48,504

Kennametal,

Inc.

3,427

92,392

L

B

Foster

Co.,

Class A

*

492

6,918

Lincoln

Electric

Holdings,

Inc.

2,303

208,168

Lindsay

Corp.

421

40,824

Luxfer

Holdings

plc

1,199

15,227

Lydall

,

Inc.

*

794

12,863

Manitowoc

Co.,

Inc.

(The)

*

1,444

15,393

Mayville

Engineering

Co.,

Inc.

*

266

2,019

Meritor,

Inc.

*

2,743

62,403

Middleby

Corp.

(The)

*

2,195

182,317

Miller

Industries,

Inc.

474

13,438

Mueller

Industries,

Inc.

2,291

64,056

Mueller

Water

Products,

Inc.,

Class A

6,399

64,758

Navistar

International

Corp.

*

1,831

58,647

NN,

Inc.

1,803

9,484

Nordson

Corp.

2,287

442,832

Omega

Flex,

Inc.

98

11,932

Oshkosh

Corp.

2,667

209,946

Otis

Worldwide

Corp.

16,329

1,024,481

PACCAR,

Inc.

13,460

1,145,177

Parker-Hannifin

Corp.

5,121

916,249

Park-Ohio

Holdings

Corp.

369

5,321

Pentair

plc

6,553

280,796

Proto

Labs,

Inc.

*

1,033

124,084

RBC

Bearings,

Inc.

*

1,012

123,889

REV

Group,

Inc.

1,095

7,118

Rexnord

Corp.

4,160

120,515

Shyft

Group,

Inc.

(The)

1,461

27,584

Snap-on,

Inc.

2,095

305,598

SPX

Corp.

*

1,722

72,324

SPX

FLOW,

Inc.

*

1,726

69,178

Standex

International

Corp.

481

25,758

Stanley

Black

&

Decker,

Inc.

6,116

937,705

Tennant

Co.

705

46,967

Terex

Corp.

2,747

51,781

Timken

Co.

(The)

2,493

113,830

Toro

Co.

(The)

4,196

299,385

TriMas

Corp.

*

1,708

39,967

Trinity

Industries,

Inc.

3,445

67,281

Wabash

National

Corp.

2,190

24,944

Watts

Water

Technologies,

Inc.,

Class A

1,096

91,943

Welbilt

,

Inc.

*

5,315

32,315

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Machinery

Westinghouse

Air

Brake

Technologies

Corp.

7,302

454,111

Woodward,

Inc.

2,223

166,592

Xylem,

Inc.

7,060

515,239

22,069,828

Marine

0.0%

†

Costamare

,

Inc.

1,663

7,567

Eagle

Bulk

Shipping,

Inc.

*

1,299

3,157

Genco

Shipping

&

Trading

Ltd.

631

4,285

Kirby

Corp.

*

2,383

110,190

Matson,

Inc.

1,734

63,152

Pangaea

Logistics

Solutions

Ltd.

380

775

Safe

Bulkers,

Inc.

*

1,586

2,109

Scorpio

Bulkers,

Inc.

279

4,090

195,325

Media

0.8%

Altice

USA,

Inc.,

Class A

*

12,665

341,828

AMC

Networks,

Inc.,

Class A

*

1,579

36,475

Boston

Omaha

Corp.,

Class A

*

386

6,137

Cable

One,

Inc.

201

366,335

Cardlytics,

Inc.

*

1,059

70,339

Central

European

Media

Enterprises

Ltd.,

Class A

*

3,700

14,726

Charter

Communications,

Inc.,

Class A

*

5,948

3,449,840

Comcast

Corp.,

Class A

179,839

7,697,109

comScore,

Inc.

*

2,543

7,629

Daily

Journal

Corp.

*

53

15,052

Discovery,

Inc.,

Class A

*

19,438

380,771

DISH

Network

Corp.,

Class A

*

9,875

317,086

Emerald

Holding,

Inc.

1,035

2,815

Entercom

Communications

Corp.,

Class A

5,015

7,021

Entravision

Communications

Corp.,

Class A

2,087

2,755

EW

Scripps

Co.

(The),

Class A

2,324

26,447

Fluent,

Inc.

*

1,132

2,060

Fox

Corp.,

Class A

20,117

518,415

Gannett

Co.,

Inc.

5,678

8,403

Gray

Television,

Inc.

*

3,803

54,535

Hemisphere

Media

Group,

Inc.

*

541

4,761

iHeartMedia

,

Inc.,

Class A

*

1,984

16,586

Interpublic

Group

of

Cos.,

Inc.

(The)

15,575

281,129

John

Wiley

&

Sons,

Inc.,

Class A

1,775

60,048

Liberty

Broadband

Corp.,

Class A

*

5,230

715,619

Liberty

Media

Corp-Liberty

SiriusXM

,

Class A

*

10,523

367,521

Loral

Space

&

Communications,

Inc.

541

9,830

Meredith

Corp.

1,685

24,197

MSG

Networks,

Inc.,

Class A

*

1,317

12,551

National

CineMedia

,

Inc.

3,075

7,595

Common

Stocks

Shares

Value

($)

Media

New

York

Times

Co.

(The),

Class A

6,566

302,955

News

Corp.,

Class A

20,822

265,061

Nexstar

Media

Group,

Inc.,

Class A

1,760

154,264

Omnicom

Group,

Inc.

8,456

454,341

Saga

Communications,

Inc.,

Class A

114

2,665

Scholastic

Corp.

985

23,571

Sinclair

Broadcast

Group,

Inc.,

Class A

(d)

1,943

40,026

Sirius

XM

Holdings,

Inc.

47,727

280,635

TechTarget

,

Inc.

*

946

34,330

TEGNA,

Inc.

8,438

99,400

Tribune

Publishing

Co.

529

5,158

ViacomCBS

,

Inc.

22,421

585,217

WideOpenWest

,

Inc.

*

1,771

9,670

17,082,908

Metals

&

Mining

0.2%

Alcoa

Corp.

*

7,439

96,707

Allegheny

Technologies,

Inc.

*

5,120

44,493

Arconic

Corp.

*

4,062

66,170

Caledonia

Mining

Corp.

plc

318

7,292

Carpenter

Technology

Corp.

1,970

44,049

Century

Aluminum

Co.

*

2,270

19,772

Cleveland-Cliffs,

Inc.

(d)

15,448

80,021

Coeur

Mining,

Inc.

*

9,442

74,875

Commercial

Metals

Co.

4,873

100,774

Compass

Minerals

International,

Inc.

1,380

70,297

Freeport-McMoRan,

Inc.

57,809

746,892

Gold

Resource

Corp.

2,114

9,280

Haynes

International,

Inc.

537

9,859

Hecla

Mining

Co.

20,901

115,373

Kaiser

Aluminum

Corp.

539

33,391

Materion

Corp.

795

45,649

Newmont

Corp.

31,471

2,177,793

Novagold

Resources,

Inc.

*

9,529

86,904

Nucor

Corp.

12,069

506,295

Olympic

Steel,

Inc.

280

2,962

Reliance

Steel

&

Aluminum

Co.

2,543

249,875

Royal

Gold,

Inc.

2,586

361,859

Ryerson

Holding

Corp.

*

541

3,046

Schnitzer

Steel

Industries,

Inc.,

Class A

1,071

19,706

Southern

Copper

Corp.

3,308

144,593

Steel

Dynamics,

Inc.

8,356

229,038

SunCoke

Energy,

Inc.

3,461

11,041

TimkenSteel

Corp.

*

2,066

7,582

United

States

Steel

Corp.

8,589

57,203

Warrior

Met

Coal,

Inc.

2,093

33,321

Worthington

Industries,

Inc.

1,581

59,161

5,515,273

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

AGNC

Investment

Corp.

23,002

312,827

Annaly

Capital

Management,

Inc.

57,341

424,897

28

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Anworth

Mortgage

Asset

Corp.

4,811

8,708

Apollo

Commercial

Real

Estate

Finance,

Inc.

6,209

57,744

Arbor

Realty

Trust,

Inc.

4,202

42,818

Ares

Commercial

Real

Estate

Corp.

1,356

12,380

Arlington

Asset

Investment

Corp.,

Class A

1,586

4,314

ARMOUR

Residential

REIT,

Inc.

2,696

25,181

Blackstone

Mortgage

Trust,

Inc.,

Class A

5,364

129,111

Broadmark

Realty

Capital,

Inc.

5,565

51,309

Capstead

Mortgage

Corp.

4,259

26,193

Cherry

Hill

Mortgage

Investment

Corp.

667

6,156

Chimera

Investment

Corp.

7,769

69,843

Colony

Credit

Real

Estate,

Inc.

3,027

19,070

Dynex

Capital,

Inc.

698

10,784

Ellington

Financial,

Inc.

1,595

18,757

Ellington

Residential

Mortgage

REIT

283

3,127

Granite

Point

Mortgage

Trust,

Inc.

2,292

15,563

Great

Ajax

Corp.

654

5,637

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

2,805

98,259

Invesco

Mortgage

Capital,

Inc.

7,368

22,620

KKR

Real

Estate

Finance

Trust,

Inc.

1,110

18,481

Ladder

Capital

Corp.

4,252

33,038

MFA

Financial,

Inc.

18,941

49,815

New

Residential

Investment

Corp.

16,878

133,843

New

York

Mortgage

Trust,

Inc.

14,996

39,290

Orchid

Island

Capital,

Inc.

3,220

16,551

PennyMac

Mortgage

Investment

Trust

3,902

73,553

Ready

Capital

Corp.

1,521

12,198

Redwood

Trust,

Inc.

4,750

33,868

Starwood

Property

Trust,

Inc.

11,143

166,588

TPG

RE

Finance

Trust,

Inc.

2,414

20,954

Two

Harbors

Investment

Corp.

11,259

61,136

Western

Asset

Mortgage

Capital

Corp.

1,797

3,792

2,028,405

Multiline

Retail

0.3%

Big

Lots,

Inc.

1,250

49,175

Dillard's,

Inc.,

Class A

(d)

322

7,583

Dollar

General

Corp.

9,874

1,880,010

Dollar

Tree,

Inc.

*

9,157

854,806

Kohl's

Corp.

6,318

120,295

Macy's,

Inc.

(d)

12,267

74,338

Nordstrom,

Inc.

(d)

4,395

60,167

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

2,003

210,515

Common

Stocks

Shares

Value

($)

Multiline

Retail

Target

Corp.

19,758

2,487,137

5,744,026

Multi-Utilities

0.5%

Ameren

Corp.

9,939

797,505

Avista

Corp.

2,739

101,699

Black

Hills

Corp.

2,489

144,014

CenterPoint

Energy,

Inc.

20,166

383,356

CMS

Energy

Corp.

11,238

721,255

Consolidated

Edison,

Inc.

13,161

1,011,160

Dominion

Energy,

Inc.

33,507

2,715,072

DTE

Energy

Co.

7,615

880,522

MDU

Resources

Group,

Inc.

7,939

166,560

NiSource,

Inc.

15,268

373,303

NorthWestern

Corp.

2,036

114,545

Public

Service

Enterprise

Group,

Inc.

20,304

1,135,806

Sempra

Energy

11,681

1,453,817

Unitil

Corp.

531

22,913

WEC

Energy

Group,

Inc.

12,600

1,200,276

11,221,803

Oil,

Gas

&

Consumable

Fuels

1.2%

Adams

Resources

&

Energy,

Inc.

68

1,440

Antero

Midstream

Corp.

11,845

67,161

Antero

Resources

Corp.

*(d)

10,543

31,207

Apache

Corp.

15,267

234,348

Arch

Resources,

Inc.

652

20,225

Ardmore

Shipping

Corp.

1,668

6,855

Berry

Corp.

2,764

13,005

Bonanza

Creek

Energy,

Inc.

*

870

15,825

Brigham

Minerals,

Inc.,

Class A

1,153

12,775

Cabot

Oil

&

Gas

Corp.

15,581

291,365

Cheniere

Energy,

Inc.

*

9,355

462,885

Chevron

Corp.

75,517

6,338,897

Cimarex

Energy

Co.

4,113

100,604

Clean

Energy

Fuels

Corp.

*

5,719

13,611

CNX

Resources

Corp.

*

7,702

74,324

Comstock

Resources,

Inc.

*

700

3,752

Concho

Resources,

Inc.

7,875

413,753

ConocoPhillips

43,378

1,621,903

CONSOL

Energy,

Inc.

*

1,131

6,650

Contango

Oil

&

Gas

Co.

*

3,119

5,552

Continental

Resources,

Inc.

2,892

50,003

CVR

Energy,

Inc.

1,209

23,213

Delek

US

Holdings,

Inc.

2,580

45,098

Devon

Energy

Corp.

15,654

164,210

DHT

Holdings,

Inc.

4,443

25,236

Diamond

S

Shipping,

Inc.

*

1,179

10,352

Diamondback

Energy,

Inc.

6,489

258,652

Dorian

LPG

Ltd.

*

1,196

10,214

Earthstone

Energy,

Inc.,

Class A

*

690

1,815

Energy

Fuels,

Inc.

*

5,140

8,789

EOG

Resources,

Inc.

23,429

1,097,649

EQT

Corp.

10,523

152,794

Equitrans

Midstream

Corp.

16,635

160,528

Evolution

Petroleum

Corp.

739

1,936

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Exxon

Mobil

Corp.

170,925

7,192,524

Falcon

Minerals

Corp.

1,848

4,638

Frontline

Ltd.

(d)

4,611

36,888

Golar

LNG

Ltd.

*

3,801

28,508

Goodrich

Petroleum

Corp.

*

285

2,123

Green

Plains,

Inc.

*

1,496

19,343

Gulfport

Energy

Corp.

*

6,620

6,686

Hess

Corp.

11,118

547,117

HollyFrontier

Corp.

6,030

165,825

International

Seaways,

Inc.

1,057

18,254

Kinder

Morgan,

Inc.

78,651

1,108,979

Kosmos

Energy

Ltd.

15,325

24,673

Magnolia

Oil

&

Gas

Corp.,

Class A

*

4,951

29,607

Marathon

Oil

Corp.

32,189

176,718

Marathon

Petroleum

Corp.

26,426

1,009,473

Matador

Resources

Co.

*(d)

4,566

39,633

Montage

Resources

Corp.

*

805

3,453

Murphy

Oil

Corp.

6,052

79,947

NACCO

Industries,

Inc.,

Class A

131

2,861

NextDecade

Corp.

*

861

1,335

Noble

Energy,

Inc.

19,480

194,605

Nordic

American

Tankers

Ltd.

5,432

24,716

Occidental

Petroleum

Corp.

33,323

524,504

ONEOK,

Inc.

17,965

501,403

Overseas

Shipholding

Group,

Inc.,

Class A

*

2,026

4,680

Ovintiv

,

Inc.

(d)

10,774

104,400

Par

Pacific

Holdings,

Inc.

*

1,643

12,175

Parsley

Energy,

Inc.,

Class A

12,264

134,659

PBF

Energy,

Inc.,

Class A

3,404

29,547

PDC

Energy,

Inc.

*

4,002

57,069

Peabody

Energy

Corp.

2,611

8,146

Penn

Virginia

Corp.

*

633

6,273

Phillips

66

17,509

1,085,908

Pioneer

Natural

Resources

Co.

6,608

640,447

PrimeEnergy

Resources

Corp.

*

13

926

Range

Resources

Corp.

8,918

57,610

Renewable

Energy

Group,

Inc.

*

1,489

41,067

REX

American

Resources

Corp.

*

233

15,879

Scorpio

Tankers,

Inc.

2,054

27,154

SFL

Corp.

Ltd.

3,802

31,595

SM

Energy

Co.

4,526

13,352

Southwestern

Energy

Co.

*

20,549

49,934

Talos

Energy,

Inc.

*

516

3,514

Targa

Resources

Corp.

9,671

176,786

Tellurian,

Inc.

*(d)

5,280

4,709

Uranium

Energy

Corp.

*

5,374

5,204

Valero

Energy

Corp.

16,236

912,950

W&T

Offshore,

Inc.

*

4,165

9,413

Whiting

Petroleum

Corp.

*

3,132

2,443

Williams

Cos.,

Inc.

(The)

49,352

944,104

World

Fuel

Services

Corp.

2,620

61,649

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

WPX

Energy,

Inc.

*

16,554

98,827

28,030,859

Paper

&

Forest

Products

0.0%

†

Boise

Cascade

Co.

1,555

72,447

Clearwater

Paper

Corp.

*

689

25,438

Domtar

Corp.

2,186

45,884

Louisiana-Pacific

Corp.

4,448

140,868

Neenah,

Inc.

696

31,049

P

H

Glatfelter

Co.

1,821

29,009

Schweitzer-Mauduit

International,

Inc.

1,240

40,337

Verso

Corp.,

Class A

1,394

17,021

402,053

Personal

Products

0.1%

BellRing

Brands,

Inc.,

Class A

*

1,526

30,322

Coty,

Inc.,

Class A

12,001

44,524

Edgewell

Personal

Care

Co.

*

2,176

65,041

elf

Beauty,

Inc.

*

1,103

19,700

Estee

Lauder

Cos.,

Inc.

(The),

Class A

8,749

1,728,277

Herbalife

Nutrition

Ltd.

*

3,956

202,705

Inter

Parfums

,

Inc.

678

27,723

Lifevantage

Corp.

*

462

5,932

Medifast

,

Inc.

436

72,869

Nature's

Sunshine

Products,

Inc.

*

337

3,205

Nu

Skin

Enterprises,

Inc.,

Class A

1,972

88,444

Revlon,

Inc.,

Class A

*

200

1,264

USANA

Health

Sciences,

Inc.

*

475

38,560

Veru

,

Inc.

*

1,785

5,052

2,333,618

Pharmaceuticals

2.2%

AcelRx

Pharmaceuticals,

Inc.

*

2,250

2,452

Aerie

Pharmaceuticals,

Inc.

*

1,476

17,063

Agile

Therapeutics,

Inc.

*

2,367

5,917

Allovir

,

Inc.

*

1,865

46,438

AMAG

Pharmaceuticals,

Inc.

*(d)

1,404

13,415

Amneal

Pharmaceuticals,

Inc.

*

3,805

16,476

Amphastar

Pharmaceuticals,

Inc.

*

1,446

28,949

ANI

Pharmaceuticals,

Inc.

*

414

12,259

Aquestive

Therapeutics,

Inc.

*

555

2,919

Arvinas

,

Inc.

*

1,089

34,303

Avenue

Therapeutics,

Inc.

*

179

1,813

Axsome

Therapeutics,

Inc.

*

972

69,333

Aytu

BioScience

,

Inc.

*

612

851

BioDelivery

Sciences

International,

Inc.

*

3,786

15,863

Bristol-Myers

Squibb

Co.

90,662

5,318,233

Cara

Therapeutics,

Inc.

*(d)

1,607

26,419

Cassava

Sciences,

Inc.

*

618

1,959

Catalent

,

Inc.

*

6,126

535,045

Cerecor

,

Inc.

*

769

2,099

30

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Chiasma,

Inc.

*

1,195

5,222

Collegium

Pharmaceutical,

Inc.

*

1,418

22,376

Corcept

Therapeutics,

Inc.

*

3,818

57,079

CorMedix,

Inc.

*

811

3,609

Cymabay

Therapeutics,

Inc.

*

2,966

10,529

Durect

Corp.

*

6,827

13,381

Elanco

Animal

Health,

Inc.

*

16,277

384,626

Eli

Lilly

&

Co.

33,471

5,030,357

Eloxx

Pharmaceuticals,

Inc.

*

943

2,631

Endo

International

plc

*

9,013

31,365

Eton

Pharmaceuticals,

Inc.

*

476

3,180

Evofem

Biosciences,

Inc.

*

1,771

5,295

Evolus

,

Inc.

*(d)

752

2,452

Fulcrum

Therapeutics,

Inc.

*

404

6,411

Harrow

Health,

Inc.

*

738

4,044

Horizon

Therapeutics

plc

*

7,388

452,072

IMARA,

Inc.

*

158

3,190

Innoviva

,

Inc.

*

2,505

33,930

Intersect

ENT,

Inc.

*

1,246

21,419

Intra-Cellular

Therapies,

Inc.

*

2,225

44,111

Jazz

Pharmaceuticals

plc

*

2,114

228,841

Johnson

&

Johnson

105,028

15,308,881

Kala

Pharmaceuticals,

Inc.

*

1,286

11,252

Kaleido

Biosciences,

Inc.

*

268

1,600

Lannett

Co.,

Inc.

*

1,149

6,837

Liquidia

Technologies,

Inc.

*

695

3,843

Lyra

Therapeutics,

Inc.

*

165

2,211

Mallinckrodt

plc

*

3,702

8,255

Marinus

Pharmaceuticals,

Inc.

*

2,570

4,318

Menlo

Therapeutics,

Inc.

*

3,659

5,891

Merck

&

Co.,

Inc.

100,730

8,082,575

Mylan

NV

*

20,689

333,300

MyoKardia

,

Inc.

*

1,981

178,548

Nektar

Therapeutics

*

6,838

151,530

NGM

Biopharmaceuticals,

Inc.

*

1,034

18,912

Ocular

Therapeutix

,

Inc.

*

2,378

18,644

Odonate

Therapeutics,

Inc.

*

530

19,276

Omeros

Corp.

*(d)

2,145

27,520

Optinose

,

Inc.

*

1,033

5,263

Osmotica

Pharmaceuticals

plc

*

442

2,365

Pacira

BioSciences

,

Inc.

*

1,696

89,227

Paratek

Pharmaceuticals,

Inc.

*

1,197

5,231

Perrigo

Co.

plc

5,413

286,997

Pfizer,

Inc.

222,892

8,576,884

Phathom

Pharmaceuticals,

Inc.

*

446

14,834

Phibro

Animal

Health

Corp.,

Class A

858

19,901

Pliant

Therapeutics,

Inc.

*

505

11,761

Prestige

Consumer

Healthcare,

Inc.

*

1,907

70,921

Provention

Bio,

Inc.

*

1,404

14,588

Reata

Pharmaceuticals,

Inc.,

Class A

*

933

137,804

Recro

Pharma,

Inc.

*

620

2,536

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Relmada

Therapeutics,

Inc.

*

467

16,985

Revance

Therapeutics,

Inc.

*

2,099

49,285

Royalty

Pharma

plc,

Class A

*

253

10,892

Satsuma

Pharmaceuticals,

Inc.

*

332

7,839

scPharmaceuticals

,

Inc.

*

127

953

SIGA

Technologies,

Inc.

*

2,389

15,337

Strongbridge

Biopharma

plc

*

1,230

4,145

Supernus

Pharmaceuticals,

Inc.

*

2,002

44,575

TherapeuticsMD

,

Inc.

*(d)

9,539

17,647

Theravance

Biopharma,

Inc.

*

1,817

35,286

Tricida

,

Inc.

*

1,095

14,651

Verrica

Pharmaceuticals,

Inc.

*

408

2,676

WaVe

Life

Sciences

Ltd.

*(d)

742

6,515

Xeris

Pharmaceuticals,

Inc.

*(d)

1,490

4,261

Zoetis,

Inc.

18,955

2,875,094

Zogenix

,

Inc.

*

2,119

50,411

49,096,183

Professional

Services

0.3%

Acacia

Research

Corp.

*

1,512

5,988

Akerna

Corp.

*

304

1,985

ASGN,

Inc.

*

2,007

137,399

Barrett

Business

Services,

Inc.

308

16,226

BG

Staffing,

Inc.

305

2,769

CBIZ,

Inc.

*

2,019

48,819

CoreLogic

,

Inc.

2,567

174,967

CoStar

Group,

Inc.

*

1,528

1,298,433

CRA

International,

Inc.

246

10,275

Equifax,

Inc.

4,796

779,638

Exponent,

Inc.

2,004

168,456

Forrester

Research,

Inc.

*

462

16,221

Franklin

Covey

Co.

*

527

9,533

FTI

Consulting,

Inc.

*

1,343

160,408

GP

Strategies

Corp.

*

374

2,779

Heidrick

&

Struggles

International,

Inc.

787

15,921

Huron

Consulting

Group,

Inc.

*

899

42,900

ICF

International,

Inc.

751

50,775

IHS

Markit

Ltd.

15,616

1,260,680

Insperity

,

Inc.

1,367

91,398

Kelly

Services,

Inc.,

Class A

1,415

20,956

Kforce

,

Inc.

845

24,370

Korn

Ferry

2,240

62,944

ManpowerGroup

,

Inc.

2,306

158,630

Mastech

Digital,

Inc.

*

121

2,602

Mistras

Group,

Inc.

*

536

1,892

Nielsen

Holdings

plc

14,382

207,532

Red

Violet,

Inc.

*

231

3,537

Resources

Connection,

Inc.

1,302

14,713

Robert

Half

International,

Inc.

4,360

221,793

TransUnion

7,587

679,568

TriNet

Group,

Inc.

*

1,635

107,910

TrueBlue

,

Inc.

*

1,431

22,080

Upwork

,

Inc.

*

3,302

49,596

Verisk

Analytics,

Inc.

6,237

1,176,984

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Professional

Services

Willdan

Group,

Inc.

*

440

10,850

7,061,527

Real

Estate

Management

&

Development

0.1%

Altisource

Portfolio

Solutions

SA

*

136

1,826

CBRE

Group,

Inc.,

Class A

*

13,302

582,761

CTO

Realty

Growth,

Inc.

217

8,602

Cushman

&

Wakefield

plc

*

4,488

48,022

eXp

World

Holdings,

Inc.

*

736

14,624

Forestar

Group,

Inc.

*

528

9,140

FRP

Holdings,

Inc.

*

305

11,932

Griffin

Industrial

Realty,

Inc.

87

4,280

Howard

Hughes

Corp.

(The)

*

1,477

78,562

Jones

Lang

LaSalle,

Inc.

2,000

197,820

Kennedy-Wilson

Holdings,

Inc.

5,012

74,378

Marcus

&

Millichap,

Inc.

*

978

26,641

Maui

Land

&

Pineapple

Co.,

Inc.

*

184

1,915

Newmark

Group,

Inc.,

Class A

6,121

24,912

Rafael

Holdings,

Inc.,

Class B

*

424

5,923

RE/MAX

Holdings,

Inc.,

Class A

753

24,375

Realogy

Holdings

Corp.

4,447

40,290

Redfin

Corp.

*

3,858

160,416

RMR

Group,

Inc.

(The),

Class A

597

17,170

St

Joe

Co.

(The)

*

1,228

25,309

Stratus

Properties,

Inc.

*

162

3,094

Tejon

Ranch

Co.

*

918

13,173

Transcontinental

Realty

Investors,

Inc.

*

57

1,339

1,376,504

Road

&

Rail

0.6%

AMERCO

357

113,430

ArcBest

Corp.

1,007

30,603

Avis

Budget

Group,

Inc.

*

2,172

56,255

Covenant

Logistics

Group,

Inc.,

Class A

*

377

6,352

CSX

Corp.

30,581

2,181,648

Daseke

,

Inc.

*

1,300

5,421

Heartland

Express,

Inc.

1,801

36,533

Hertz

Global

Holdings,

Inc.

*

3,406

4,939

JB

Hunt

Transport

Services,

Inc.

3,290

425,726

Kansas

City

Southern

3,754

645,125

Knight-Swift

Transportation

Holdings,

Inc.

4,840

210,492

Landstar

System,

Inc.

1,510

183,888

Lyft,

Inc.,

Class A

*

9,566

279,614

Marten

Transport

Ltd.

1,508

40,143

Norfolk

Southern

Corp.

10,232

1,966,693

Old

Dominion

Freight

Line,

Inc.

3,874

708,245

PAM

Transportation

Services,

Inc.

*

61

1,712

Ryder

System,

Inc.

1,989

72,857

Saia,

Inc.

*

1,049

125,303

Common

Stocks

Shares

Value

($)

Road

&

Rail

Schneider

National,

Inc.,

Class B

2,257

56,718

Uber

Technologies,

Inc.

*

55,090

1,667,023

Union

Pacific

Corp.

27,226

4,719,627

Universal

Logistics

Holdings,

Inc.

236

4,335

US

Xpress

Enterprises,

Inc.,

Class A

*

663

6,073

Werner

Enterprises,

Inc.

2,333

102,617

13,651,372

Semiconductors

&

Semiconductor

Equipment

2.5%

Advanced

Energy

Industries,

Inc.

*

1,501

110,429

Advanced

Micro

Devices,

Inc.

*

46,331

3,587,409

Alpha

&

Omega

Semiconductor

Ltd.

*

660

7,187

Ambarella

,

Inc.

*

1,380

62,486

Amkor

Technology,

Inc.

*

4,134

56,202

Analog

Devices,

Inc.

13,852

1,590,902

Applied

Materials,

Inc.

36,611

2,355,186

Atomera

,

Inc.

*

477

5,075

Axcelis

Technologies,

Inc.

*

1,359

39,982

AXT,

Inc.

*

1,289

6,174

Broadcom,

Inc.

15,444

4,891,887

Brooks

Automation,

Inc.

2,935

159,811

Cabot

Microelectronics

Corp.

1,140

171,821

CEVA,

Inc.

*

897

36,059

Cirrus

Logic,

Inc.

*

2,355

161,388

Cohu

,

Inc.

1,716

32,312

Cree,

Inc.

*

4,386

302,283

CyberOptics

Corp.

*

220

8,657

Diodes,

Inc.

*

1,710

87,979

DSP

Group,

Inc.

*

943

14,004

Enphase

Energy,

Inc.

*

4,135

249,589

Entegris

,

Inc.

5,370

386,157

First

Solar,

Inc.

*

3,298

196,396

FormFactor

,

Inc.

*

2,966

85,539

GSI

Technology,

Inc.

*

552

3,157

Ichor

Holdings

Ltd.

*

915

30,030

Impinj

,

Inc.

*

683

16,119

Inphi

Corp.

*

1,894

247,470

Intel

Corp.

168,503

8,042,648

KLA

Corp.

6,139

1,226,756

Lam

Research

Corp.

5,796

2,186,019

Lattice

Semiconductor

Corp.

*

5,365

166,798

MACOM

Technology

Solutions

Holdings,

Inc.

*

1,987

83,971

Marvell

Technology

Group

Ltd.

26,104

952,013

Maxim

Integrated

Products,

Inc.

10,575

720,052

MaxLinear

,

Inc.

*

2,768

70,169

Microchip

Technology,

Inc.

9,332

949,344

Micron

Technology,

Inc.

*

44,289

2,216,886

MKS

Instruments,

Inc.

2,178

277,564

Monolithic

Power

Systems,

Inc.

1,727

457,672

NeoPhotonics

Corp.

*

2,142

19,514

NVE

Corp.

200

10,848

32

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

NVIDIA

Corp.

23,791

10,101,421

ON

Semiconductor

Corp.

*

16,200

333,720

Onto

Innovation,

Inc.

*

1,863

70,459

PDF

Solutions,

Inc.

*

1,184

29,103

Photronics

,

Inc.

*

2,648

31,458

Pixelworks

,

Inc.

*

1,186

3,783

Power

Integrations,

Inc.

1,169

142,653

Qorvo

,

Inc.

*

4,590

588,208

QUALCOMM,

Inc.

44,683

4,718,972

Rambus,

Inc.

*

4,685

69,151

Semtech

Corp.

*

2,547

141,944

Silicon

Laboratories,

Inc.

*

1,714

172,274

SiTime

Corp.

*

168

8,929

Skyworks

Solutions,

Inc.

6,632

965,487

SMART

Global

Holdings,

Inc.

*

480

13,387

SolarEdge

Technologies,

Inc.

*

1,988

348,099

SunPower

Corp.

*(d)

3,060

28,550

Synaptics

,

Inc.

*

1,384

110,748

Teradyne,

Inc.

6,643

590,961

Texas

Instruments,

Inc.

36,588

4,666,799

Ultra

Clean

Holdings,

Inc.

*

1,606

48,325

Universal

Display

Corp.

1,719

299,880

Veeco

Instruments,

Inc.

*

2,042

27,608

Xilinx,

Inc.

9,813

1,053,426

56,847,289

Software

5.3%

2U,

Inc.

*

2,354

110,862

8x8,

Inc.

*

4,062

64,586

A10

Networks,

Inc.

*

2,634

21,283

ACI

Worldwide,

Inc.

*

4,492

120,341

Adobe,

Inc.

*

19,165

8,515,393

Agilysys

,

Inc.

*

740

15,510

Alarm.com

Holdings,

Inc.

*

1,767

123,761

Altair

Engineering,

Inc.,

Class A

*

1,693

68,228

Alteryx,

Inc.,

Class A

*

2,104

369,231

American

Software,

Inc.,

Class A

1,208

19,896

Anaplan,

Inc.

*

5,205

236,359

ANSYS,

Inc.

*

3,412

1,059,767

Appfolio

,

Inc.,

Class A

*

625

87,012

Appian

Corp.

*(d)

1,316

66,945

Aspen

Technology,

Inc.

*

2,627

255,502

Asure

Software,

Inc.

*

456

2,941

Atlassian

Corp.

plc,

Class A

*

4,931

871,061

Autodesk,

Inc.

*

8,649

2,044,883

Avalara,

Inc.

*

3,092

415,719

Avaya

Holdings

Corp.

*

3,477

44,019

Benefitfocus

,

Inc.

*

1,197

14,017

Bill.com

Holdings,

Inc.

*

628

58,473

Blackbaud

,

Inc.

1,940

121,328

Blackline,

Inc.

*

1,974

175,508

Bottomline

Technologies

DE,

Inc.

*

1,792

86,482

Box,

Inc.,

Class A

*

5,426

97,397

Cadence

Design

Systems,

Inc.

*

10,837

1,183,942

CDK

Global,

Inc.

4,685

212,980

Cerence

,

Inc.

*

1,430

56,714

Common

Stocks

Shares

Value

($)

Software

Ceridian

HCM

Holding,

Inc.

*

4,246

332,419

ChannelAdvisor

Corp.

*

912

18,577

Citrix

Systems,

Inc.

4,837

690,530

Cloudera,

Inc.

*

7,955

89,653

Cloudflare

,

Inc.,

Class A

*

4,302

179,049

CommVault

Systems,

Inc.

*

1,659

73,129

Cornerstone

OnDemand

,

Inc.

*

2,431

86,325

Coupa

Software,

Inc.

*

2,584

791,867

Crowdstrike

Holdings,

Inc.,

Class A

*

4,815

545,058

Datadog

,

Inc.,

Class A

*

6,137

576,019

Digimarc

Corp.

*

470

6,608

Digital

Turbine,

Inc.

*

3,388

47,025

DocuSign,

Inc.

*

6,829

1,480,732

Domo,

Inc.,

Class B

*

952

30,635

Dropbox,

Inc.,

Class A

*

9,828

223,587

Dynatrace

,

Inc.

*

6,011

251,440

Ebix

,

Inc.

(d)

1,030

22,717

eGain

Corp.

*

674

6,679

Elastic

NV

*

2,177

209,406

Envestnet

,

Inc.

*

2,064

167,597

Everbridge

,

Inc.

*

1,338

191,066

Fair

Isaac

Corp.

*

1,102

483,987

FireEye,

Inc.

*

9,002

135,930

Five9,

Inc.

*

2,418

292,143

Forescout

Technologies,

Inc.

*

1,891

54,820

Fortinet,

Inc.

*

5,252

726,352

GlobalSCAPE

,

Inc.

447

4,260

Globant

SA

*

1,465

253,357

GTY

Technology

Holdings,

Inc.

*

1,674

5,440

Guidewire

Software,

Inc.

*

3,259

383,454

HubSpot

,

Inc.

*

1,622

380,537

Intelligent

Systems

Corp.

*

244

7,398

Intuit,

Inc.

9,965

3,052,977

J2

Global,

Inc.

*

1,804

102,323

LivePerson

,

Inc.

*

2,194

94,298

LogMeIn,

Inc.

1,900

163,039

Majesco

*

266

3,471

Manhattan

Associates,

Inc.

*

2,473

236,889

Medallia

,

Inc.

*

3,188

97,967

Microsoft

Corp.

297,900

61,072,479

MicroStrategy

,

Inc.,

Class A

*

311

38,539

Mimecast

Ltd.

*

2,271

106,578

Mitek

Systems,

Inc.

*

1,257

12,897

MobileIron

,

Inc.

*

3,891

24,241

Model

N,

Inc.

*

1,348

51,844

New

Relic,

Inc.

*

1,993

141,324

NortonLifeLock

,

Inc.

21,922

470,227

Nuance

Communications,

Inc.

*

11,073

302,847

Nutanix

,

Inc.,

Class A

*

7,077

157,039

OneSpan

,

Inc.

*

1,327

41,323

Oracle

Corp.

78,271

4,340,127

PagerDuty

,

Inc.

*

2,687

81,900

Palo

Alto

Networks,

Inc.

*

3,876

991,946

Park

City

Group,

Inc.

*

374

1,634

Paycom

Software,

Inc.

*

1,976

561,915

Paylocity

Holding

Corp.

*

1,341

178,621

Pegasystems

,

Inc.

1,567

183,167

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Software

Ping

Identity

Holding

Corp.

*

720

24,739

Pluralsight

,

Inc.,

Class A

*

3,804

80,531

Progress

Software

Corp.

1,643

57,275

Proofpoint

,

Inc.

*

2,208

255,399

PROS

Holdings,

Inc.

*

1,558

50,837

PTC,

Inc.

*

4,130

353,363

Q2

Holdings,

Inc.

*

1,944

182,833

QAD,

Inc.,

Class A

486

19,202

Qualys

,

Inc.

*

1,347

166,328

Rapid7,

Inc.

*

2,000

119,140

RealPage

,

Inc.

*

3,414

215,116

Rimini

Street,

Inc.

*

627

3,317

RingCentral,

Inc.,

Class A

*

2,960

859,199

Rosetta

Stone,

Inc.

*

884

23,665

SailPoint

Technologies

Holdings,

Inc.

*

3,494

110,061

salesforce.com,

Inc.

*

34,565

6,734,990

Sapiens

International

Corp.

NV

1,087

33,219

SeaChange

International,

Inc.

*

1,272

1,997

SecureWorks

Corp.,

Class A

*

263

3,145

ServiceNow

,

Inc.

*

7,536

3,309,811

ShotSpotter,

Inc.

*

327

7,534

Slack

Technologies,

Inc.,

Class A

*

14,637

432,523

Smartsheet

,

Inc.,

Class A

*

4,389

209,531

Smith

Micro

Software,

Inc.

*

1,069

4,415

SolarWinds

Corp.

*

1,867

34,278

Splunk

,

Inc.

*

6,219

1,304,871

Sprout

Social,

Inc.,

Class A

*

255

7,367

SPS

Commerce,

Inc.

*

1,427

107,268

SS&C

Technologies

Holdings,

Inc.

8,905

512,037

SVMK,

Inc.

*

4,861

116,567

Synchronoss

Technologies,

Inc.

*

1,924

6,349

Synopsys,

Inc.

*

5,858

1,167,031

Telenav

,

Inc.

*

1,587

8,229

Tenable

Holdings,

Inc.

*

2,558

86,793

Teradata

Corp.

*

4,434

93,114

Trade

Desk,

Inc.

(The),

Class A

*

1,594

719,404

Tyler

Technologies,

Inc.

*

1,540

550,165

Upland

Software,

Inc.

*

927

31,907

Varonis

Systems,

Inc.

*

1,259

136,413

Verint

Systems,

Inc.

*

2,545

114,245

Veritone

,

Inc.

*

1,076

12,180

Vertex,

Inc.,

Class A

*

48

1,131

VirnetX

Holding

Corp.

(d)

2,569

13,282

VMware,

Inc.,

Class A

*(d)

3,096

434,090

Workday,

Inc.,

Class A

*

6,774

1,225,552

Workiva

,

Inc.

*

1,535

85,806

Xperi

Holding

Corp.

4,270

78,739

Yext

,

Inc.

*

4,029

67,768

Zendesk

,

Inc.

*

4,448

405,435

Zix

Corp.

*

2,149

15,290

Zoom

Video

Communications,

Inc.,

Class A

*

6,678

1,695,611

Zscaler

,

Inc.

*

3,046

395,523

Common

Stocks

Shares

Value

($)

Software

Zuora

,

Inc.,

Class A

*

3,879

45,152

120,507,315

Specialty

Retail

1.3%

Aaron's,

Inc.

2,636

137,547

Abercrombie

&

Fitch

Co.,

Class A

2,251

21,677

Advance

Auto

Parts,

Inc.

2,669

400,724

American

Eagle

Outfitters,

Inc.

5,742

57,420

America's

Car-Mart,

Inc.

*

250

23,790

Asbury

Automotive

Group,

Inc.

*

730

73,110

At

Home

Group,

Inc.

*(d)

1,829

22,716

AutoNation,

Inc.

*

2,328

119,520

AutoZone,

Inc.

*

919

1,109,619

Bed

Bath

&

Beyond,

Inc.

4,724

51,114

Best

Buy

Co.,

Inc.

8,862

882,567

Boot

Barn

Holdings,

Inc.

*

1,179

22,825

Buckle,

Inc.

(The)

1,193

19,124

Burlington

Stores,

Inc.

*

2,612

491,056

Caleres

,

Inc.

1,566

9,881

Camping

World

Holdings,

Inc.,

Class A

1,129

41,344

CarMax,

Inc.

*

6,565

636,608

Carvana

Co.

*

2,091

324,000

Cato

Corp.

(The),

Class A

819

5,889

Chico's

FAS,

Inc.

4,971

6,313

Children's

Place,

Inc.

(The)

(d)

584

14,255

Citi

Trends,

Inc.

360

6,199

Conn's,

Inc.

*

599

5,966

Container

Store

Group,

Inc.

(The)

*

662

2,284

Designer

Brands,

Inc.,

Class A

2,541

15,017

Dick's

Sporting

Goods,

Inc.

2,426

110,674

Envela

Corp.

*

201

850

Express,

Inc.

*

3,070

3,101

Five

Below,

Inc.

*

2,177

237,097

Floor

&

Decor

Holdings,

Inc.,

Class A

*

3,219

212,132

Foot

Locker,

Inc.

4,297

126,289

GameStop

Corp.,

Class A

*

2,354

9,440

Gap,

Inc.

(The)

5,689

76,062

Genesco,

Inc.

*

498

7,744

Group

1

Automotive,

Inc.

644

54,109

GrowGeneration

Corp.

*

991

8,364

Guess?,

Inc.

(d)

1,536

15,882

Haverty

Furniture

Cos.,

Inc.

764

10,864

Hibbett

Sports,

Inc.

*

686

15,908

Home

Depot,

Inc.

(The)

42,502

11,283,856

Hudson

Ltd.,

Class A

*

1,279

5,602

L

Brands,

Inc.

8,964

218,811

Lithia

Motors,

Inc.,

Class A

855

195,923

Lowe's

Cos.,

Inc.

29,867

4,447,495

Lumber

Liquidators

Holdings,

Inc.

*

1,211

27,030

MarineMax

,

Inc.

*

697

19,335

Michaels

Cos.,

Inc.

(The)

*(d)

2,930

21,037

Monro

,

Inc.

1,332

74,992

Murphy

USA,

Inc.

*

1,093

144,724

National

Vision

Holdings,

Inc.

*

3,169

101,376

34

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Specialty

Retail

ODP

Corp.

(The)

2,224

49,084

OneWater

Marine,

Inc.,

Class A

*

170

4,250

O'Reilly

Automotive,

Inc.

*

2,884

1,376,764

Penske

Automotive

Group,

Inc.

1,326

59,431

Rent-A-Center,

Inc.

1,869

54,051

Restoration

Hardware

Holdings,

Inc.

*

649

186,542

Ross

Stores,

Inc.

13,623

1,221,574

Sally

Beauty

Holdings,

Inc.

*

4,089

47,473

Shoe

Carnival,

Inc.

457

11,219

Signet

Jewelers

Ltd.

(d)

2,070

22,232

Sleep

Number

Corp.

*

1,067

49,616

Sonic

Automotive,

Inc.,

Class A

983

37,472

Sportsman's

Warehouse

Holdings,

Inc.

*

1,410

22,687

Tiffany

&

Co.

4,779

599,095

Tilly's,

Inc.,

Class A

725

4,357

TJX

Cos.,

Inc.

(The)

47,667

2,478,207

Tractor

Supply

Co.

4,590

655,177

Ulta

Beauty,

Inc.

*

2,149

414,736

Urban

Outfitters,

Inc.

*

2,735

45,237

Williams-Sonoma,

Inc.

3,018

262,928

Winmark

Corp.

117

18,601

Zumiez

,

Inc.

*

840

19,404

29,569,399

Technology

Hardware,

Storage

&

Peripherals

3.2%

3D

Systems

Corp.

*(d)

4,785

31,533

Apple,

Inc.

162,905

69,241,141

Avid

Technology,

Inc.

*

1,381

11,366

Dell

Technologies,

Inc.,

Class C

*

5,905

353,296

Diebold

Nixdorf,

Inc.

*

2,315

16,136

Eastman

Kodak

Co.

*

413

9,024

Hewlett

Packard

Enterprise

Co.

51,612

509,410

HP,

Inc.

56,731

997,331

Immersion

Corp.

*

604

4,077

Intevac,

Inc.

*

698

4,132

NCR

Corp.

*

5,271

97,144

NetApp,

Inc.

8,479

375,620

Pure

Storage,

Inc.,

Class A

*

9,444

168,670

Quantum

Corp.

*

936

4,072

Super

Micro

Computer,

Inc.

*

1,822

55,216

Western

Digital

Corp.

12,072

520,303

Xerox

Holdings

Corp.

7,336

122,144

72,520,615

Textiles,

Apparel

&

Luxury

Goods

0.4%

Capri

Holdings

Ltd.

*

5,715

85,611

Carter's,

Inc.

1,714

134,926

Columbia

Sportswear

Co.

1,113

84,410

Crocs,

Inc.

*

2,725

97,936

Deckers

Outdoor

Corp.

*

1,111

232,477

Fossil

Group,

Inc.

*

2,002

6,627

G-III

Apparel

Group

Ltd.

*

1,829

18,089

Hanesbrands,

Inc.

14,031

198,258

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Kontoor

Brands,

Inc.

2,014

38,588

Lakeland

Industries,

Inc.

*

250

5,915

Lululemon

Athletica,

Inc.

*

4,503

1,466,132

Movado

Group,

Inc.

709

6,835

NIKE,

Inc.,

Class B

50,007

4,881,183

Oxford

Industries,

Inc.

664

28,512

PVH

Corp.

2,749

133,766

Ralph

Lauren

Corp.

1,860

132,618

Rocky

Brands,

Inc.

205

4,664

Skechers

USA,

Inc.,

Class A

*

5,317

155,682

Steven

Madden

Ltd.

3,342

70,783

Superior

Group

of

Cos.,

Inc.

333

6,410

Tapestry,

Inc.

10,916

145,838

Under

Armour

,

Inc.,

Class A

*

14,895

148,620

Unifi,

Inc.

*

623

7,451

Vera

Bradley,

Inc.

*

1,033

4,530

VF

Corp.

13,250

799,770

Wolverine

World

Wide,

Inc.

3,212

77,216

8,972,847

Thrifts

&

Mortgage

Finance

0.1%

Axos

Financial,

Inc.

*

2,193

49,145

Bogota

Financial

Corp.

*

230

1,815

Bridgewater

Bancshares,

Inc.

*

1,062

9,866

Capitol

Federal

Financial,

Inc.

5,511

53,181

Columbia

Financial,

Inc.

*

2,193

26,382

ESSA

Bancorp,

Inc.

282

3,553

Essent

Group

Ltd.

4,376

156,792

Federal

Agricultural

Mortgage

Corp.,

Class C

462

27,494

Flagstar

Bancorp,

Inc.

1,428

44,811

FS

Bancorp,

Inc.

136

5,168

Greene

County

Bancorp,

Inc.

93

2,002

Hingham

Institution

for

Savings

67

11,792

Home

Bancorp,

Inc.

343

8,019

HomeStreet

,

Inc.

954

25,224

Kearny

Financial

Corp.

3,199

25,720

Luther

Burbank

Corp.

1,038

9,934

Merchants

Bancorp

286

5,271

Meridian

Bancorp,

Inc.

1,853

21,134

Meta

Financial

Group,

Inc.

1,110

20,713

MGIC

Investment

Corp.

13,940

115,284

MMA

Capital

Holdings,

Inc.

*

167

4,138

Mr.

Cooper

Group,

Inc.

*

3,079

50,280

New

York

Community

Bancorp,

Inc.

18,282

192,509

NMI

Holdings,

Inc.,

Class A

*

2,781

43,161

Northfield

Bancorp,

Inc.

1,850

17,779

Northwest

Bancshares,

Inc.

4,718

46,472

Oconee

Federal

Financial

Corp.

35

889

OP

Bancorp

444

2,762

PCSB

Financial

Corp.

675

7,506

PDL

Community

Bancorp

*

198

1,802

PennyMac

Financial

Services,

Inc.

1,490

71,907

Pioneer

Bancorp,

Inc.

*

330

2,871

Premier

Financial

Corp.

1,351

23,886

Provident

Bancorp,

Inc.

253

1,986

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Provident

Financial

Holdings,

Inc.

227

2,769

Provident

Financial

Services,

Inc.

2,470

33,716

Prudential

Bancorp,

Inc.

257

2,878

Radian

Group,

Inc.

7,908

117,987

Riverview

Bancorp,

Inc.

775

3,782

Security

National

Financial

Corp.,

Class A

*

292

1,796

Southern

Missouri

Bancorp,

Inc.

369

8,048

Standard

AVB

Financial

Corp.

122

2,447

Sterling

Bancorp,

Inc.

628

1,915

Territorial

Bancorp,

Inc.

261

5,734

TFS

Financial

Corp.

2,024

29,308

Timberland

Bancorp,

Inc.

229

3,815

TrustCo

Bank

Corp.

3,677

21,290

Walker

&

Dunlop,

Inc.

1,187

59,837

Washington

Federal,

Inc.

3,057

71,350

Waterstone

Financial,

Inc.

1,002

15,311

Western

New

England

Bancorp,

Inc.

759

3,825

WSFS

Financial

Corp.

2,136

60,940

1,537,996

Tobacco

0.4%

Altria

Group,

Inc.

74,387

3,061,025

Philip

Morris

International,

Inc.

62,113

4,770,899

Turning

Point

Brands,

Inc.

361

11,870

Universal

Corp.

981

41,359

Vector

Group

Ltd.

5,132

45,264

7,930,417

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

4,164

109,180

Alta

Equipment

Group,

Inc.

*

570

4,332

Applied

Industrial

Technologies,

Inc.

1,494

94,301

Beacon

Roofing

Supply,

Inc.

*

2,236

69,674

BMC

Stock

Holdings,

Inc.

*

2,791

71,450

CAI

International,

Inc.

*

633

10,894

DXP

Enterprises,

Inc.

*

658

11,107

EVI

Industries,

Inc.

*

171

4,323

Fastenal

Co.

22,715

1,068,514

Foundation

Building

Materials,

Inc.

*

869

11,931

GATX

Corp.

1,398

85,264

General

Finance

Corp.

*

323

1,899

GMS,

Inc.

*

1,656

38,800

H&E

Equipment

Services,

Inc.

1,268

22,304

HD

Supply

Holdings,

Inc.

*

6,414

225,132

Herc

Holdings,

Inc.

*

989

33,171

Lawson

Products,

Inc.

*

152

4,542

MRC

Global,

Inc.

*

3,268

19,445

MSC

Industrial

Direct

Co.,

Inc.,

Class A

1,757

115,980

Nesco

Holdings,

Inc.

*

431

1,448

NOW,

Inc.

*

4,516

35,586

Rush

Enterprises,

Inc.,

Class A

1,248

58,205

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

SiteOne

Landscape

Supply,

Inc.

*

1,646

210,737

Systemax,

Inc.

569

12,751

Textainer

Group

Holdings

Ltd.

*

2,131

17,986

Titan

Machinery,

Inc.

*

780

8,475

Transcat

,

Inc.

*

211

5,887

Triton

International

Ltd.

1,984

62,437

United

Rentals,

Inc.

*

2,860

444,358

Univar

Solutions,

Inc.

*

6,849

121,022

Veritiv

Corp.

*

598

9,155

Watsco

,

Inc.

1,262

297,920

WESCO

International,

Inc.

*

2,074

80,616

Willis

Lease

Finance

Corp.

*

86

1,677

WW

Grainger,

Inc.

1,763

602,117

3,972,620

Transportation

Infrastructure

0.0%

†

Macquarie

Infrastructure

Corp.

2,907

87,094

Water

Utilities

0.1%

American

States

Water

Co.

1,439

110,630

American

Water

Works

Co.,

Inc.

7,061

1,039,873

Artesian

Resources

Corp.,

Class A

250

8,770

Cadiz,

Inc.

*

669

7,105

California

Water

Service

Group

1,892

88,678

Consolidated

Water

Co.

Ltd.

599

7,350

Essential

Utilities,

Inc.

8,758

397,175

Global

Water

Resources,

Inc.

376

3,907

Middlesex

Water

Co.

675

43,241

Pure

Cycle

Corp.

*

646

5,833

SJW

Group

1,005

62,772

York

Water

Co.

(The)

503

23,294

1,798,628

Wireless

Telecommunication

Services

0.1%

Boingo

Wireless,

Inc.

*

1,755

25,360

Gogo

,

Inc.

*

2,029

5,905

Shenandoah

Telecommunications

Co.

1,997

100,389

Spok

Holdings,

Inc.

906

9,078

Telephone

and

Data

Systems,

Inc.

3,885

75,447

T-Mobile

US,

Inc.

*

16,911

1,815,903

United

States

Cellular

Corp.

*

614

18,217

2,050,299

Total

Common

Stocks

(cost

$1,054,515,977)

1,285,801,267

36

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Convertible

Bond

0.0%

†

Principal

Amount

($)

Value

($)

Pharmaceuticals

0.0%

†

Dermira

,

Inc.,

3.00%,

5/15/2022

480,000

491,640

Total

Convertible

Bond

(cost

$490,800)

491,640

Corporate

Bonds

20.1%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

4.88%,

5/1/2025

3,150,000

3,402,148

General

Dynamics

Corp.

,

3.25%,

4/1/2025

1,957,000

2,187,763

3.50%,

5/15/2025

2,050,000

2,316,554

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

4,370,000

4,757,306

Raytheon

Technologies

Corp.

,

3.15%,

12/15/2024(a)

150,000

163,202

12,826,973

Automobiles

0.0%

†

General

Motors

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.90%),

1.21%,

9/10/2021(e)

230,000

229,218

5.40%,

10/2/2023

130,000

143,348

6.13%,

10/1/2025

280,000

326,430

698,996

Banks

4.4%

Banco

Santander

Chile

,

2.50%,

12/15/2020(a)

1,880,000

1,886,937

Banco

Santander

SA

,

2.75%,

5/28/2025

4,400,000

4,655,442

Bank

of

America

Corp.

,

2.63%,

4/19/2021

4,000,000

4,067,817

(ICE

LIBOR

USD

3

Month

+

0.79%),

1.12%,

3/5/2024(e)

2,000,000

2,007,600

(SOFR

+

1.15%),

1.32%,

6/19/2026(e)

410,000

415,186

Bank

of

Montreal

,

2.50%,

6/28/2024

1,360,000

1,455,827

Bank

of

Nova

Scotia

(The)

,

1.30%,

6/11/2025

2,320,000

2,370,482

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(e)

6,070,000

6,447,368

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(e)

450,000

467,792

Citigroup,

Inc.

,

2.70%,

3/30/2021

7,000,000

7,109,873

(SOFR

+

1.67%),

1.68%,

5/15/2024(e)

370,000

380,256

(SOFR

+

2.75%),

3.11%,

4/8/2026(e)

4,350,000

4,727,944

Credit

Agricole

SA

,

(SOFRINDX

+

1.68%),

1.91%,

6/16/2026(a)(e)

4,750,000

4,888,068

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Credit

Suisse

Group

Funding

Guernsey

Ltd.

,

3.13%,

12/10/2020

500,000

504,804

HSBC

Holdings

plc

,

3.60%,

5/25/2023

3,280,000

3,527,295

(ICE

LIBOR

USD

3

Month

+

1.00%),

1.39%,

5/18/2024(e)

3,450,000

3,448,873

Intesa

Sanpaolo

SpA

,

3.13%,

7/14/2022(a)

2,340,000

2,401,944

3.38%,

1/12/2023(a)

2,000,000

2,071,060

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.46%),

1.51%,

6/1/2024(e)

1,030,000

1,054,205

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(e)

2,580,000

2,854,076

(SOFR

+

1.85%),

2.08%,

4/22/2026(e)

5,760,000

6,039,295

Lloyds

Banking

Group

plc

,

3.10%,

7/6/2021

2,000,000

2,050,002

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.33%,

6/15/2023(e)

1,990,000

2,008,540

3.90%,

3/12/2024

600,000

663,444

National

Securities

Clearing

Corp.

,

1.20%,

4/23/2023(a)

530,000

540,606

Nordea

Bank

Abp

,

4.88%,

5/13/2021(a)

500,000

516,176

1.00%,

6/9/2023(a)

460,000

467,782

Royal

Bank

of

Canada

,

1.15%,

6/10/2025

980,000

998,513

Santander

UK

Group

Holdings

plc

,

3.57%,

1/10/2023

500,000

518,869

Standard

Chartered

plc

,

3.95%,

1/11/2023(a)

4,000,000

4,175,159

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.80%),

1.07%,

10/16/2023(e)

2,500,000

2,499,999

Svenska

Handelsbanken

AB

,

(ICE

LIBOR

USD

3

Month

+

0.47%),

0.83%,

5/24/2021(e)

2,000,000

2,006,444

Toronto-Dominion

Bank

(The)

,

(ICE

LIBOR

USD

3

Month

+

0.27%),

0.57%,

3/17/2021(e)

960,000

961,399

0.75%,

6/12/2023

1,890,000

1,908,071

UniCredit

SpA

,

6.57%,

1/14/2022(a)

3,690,000

3,922,623

US

Bancorp

,

1.45%,

5/12/2025

1,750,000

1,815,917

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.23%),

1.49%,

10/31/2023(e)

4,000,000

4,043,440

(SOFR

+

1.60%),

1.65%,

6/2/2024(e)

2,420,000

2,466,809

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

3,610,000

3,767,927

98,113,864

Beverages

0.6%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.74%),

1.01%,

1/12/2024(e)

4,450,000

4,477,744

Coca-Cola

Co.

(The)

,

2.95%,

3/25/2025

2,630,000

2,923,127

1.45%,

6/1/2027

250,000

260,302

Constellation

Brands,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.70%),

1.09%,

11/15/2021(e)

3,625,000

3,624,649

PepsiCo,

Inc.

,

0.75%,

5/1/2023

740,000

749,872

2.25%,

3/19/2025

1,040,000

1,120,231

2.63%,

3/19/2027

10,000

11,147

13,167,072

Biotechnology

0.4%

AbbVie,

Inc.

,

2.60%,

11/21/2024(a)

2,000,000

2,139,407

2.95%,

11/21/2026(a)

4,000,000

4,414,501

Gilead

Sciences,

Inc.

,

2.55%,

9/1/2020

1,000,000

1,001,699

3.70%,

4/1/2024

1,000,000

1,108,335

8,663,942

Building

Products

0.1%

Carrier

Global

Corp.

,

1.92%,

2/15/2023(a)

730,000

750,172

2.24%,

2/15/2025(a)

590,000

616,236

1,366,408

Capital

Markets

1.2%

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

190,000

198,386

Credit

Suisse

AG

,

3.63%,

9/9/2024

2,830,000

3,154,441

2.95%,

4/9/2025

1,000,000

1,097,239

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

3,690,000

4,088,003

3.75%,

5/22/2025

7,300,000

8,163,963

Morgan

Stanley

,

(SOFR

+

1.99%),

2.19%,

4/28/2026(e)

4,940,000

5,204,567

UBS

Group

AG

,

3.49%,

5/23/2023(a)

1,000,000

1,047,484

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG,

(ICE

LIBOR

USD

3

Month

+

0.95%),

1.34%,

8/15/2023(a)(e)

2,100,000

2,105,237

(ICE

LIBOR

USD

3

Month

+

0.95%),

2.86%,

8/15/2023(a)(e)

2,600,000

2,706,706

USAA

Capital

Corp.

,

1.50%,

5/1/2023(a)

150,000

154,495

27,920,521

Chemicals

0.2%

Equate

Petrochemical

BV

,

3.00%,

3/3/2022(a)

1,990,000

2,020,726

OCP

SA

,

Reg.

S,

4.50%,

10/22/2025

2,200,000

2,293,940

4,314,666

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

,

5.25%,

11/15/2021

1,000,000

1,061,331

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

,

4.50%,

5/15/2021

1,500,000

1,530,068

American

Express

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.60%),

1.14%,

11/5/2021(e)

2,500,000

2,512,989

American

Express

Credit

Corp.

,

Series

F,

2.60%,

9/14/2020

2,000,000

2,001,268

General

Motors

Financial

Co.,

Inc.

,

3.55%,

7/8/2022

1,500,000

1,558,456

Park

Aerospace

Holdings

Ltd.

,

5.25%,

8/15/2022(a)

185,000

178,255

7,781,036

Diversified

Financial

Services

0.2%

Shell

International

Finance

BV

,

(ICE

LIBOR

USD

3

Month

+

0.40%),

0.83%,

11/13/2023(e)

3,170,000

3,173,438

2.88%,

5/10/2026

830,000

923,094

4,096,532

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.18%),

1.50%,

6/12/2024(e)

4,000,000

4,059,032

3.40%,

5/15/2025

1,000,000

1,112,157

CCO

Holdings

LLC

,

4.50%,

8/15/2030(a)

2,570,000

2,723,943

Verizon

Communications,

Inc.

,

3.38%,

2/15/2025

5,680,000

6,376,667

2.63%,

8/15/2026

580,000

641,330

14,913,129

38

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

0.7%

Duke

Energy

Carolinas

LLC

,

2.50%,

3/15/2023

1,000,000

1,051,027

Duke

Energy

Corp.

,

3.55%,

9/15/2021

2,300,000

2,362,701

2.40%,

8/15/2022

1,000,000

1,038,381

FirstEnergy

Corp.

,

Series

A,

2.85%,

7/15/2022

2,855,000

2,927,453

Series

B,

4.25%,

3/15/2023

2,162,000

2,290,930

Series

A,

1.60%,

1/15/2026

940,000

925,967

Pacific

Gas

and

Electric

Co.

,

1.75%,

6/16/2022

1,790,000

1,796,665

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

5.45%,

5/21/2028(a)

1,830,000

2,168,550

14,561,674

Energy

Equipment

&

Services

0.0%

†

Halliburton

Co.

,

3.25%,

11/15/2021

767,000

786,878

Food

&

Staples

Retailing

0.1%

Walmart,

Inc.

,

3.40%,

6/26/2023

120,000

130,265

3.55%,

6/26/2025

1,160,000

1,323,234

1,453,499

Food

Products

0.2%

Cargill,

Inc.

,

3.25%,

3/1/2023(a)

1,520,000

1,618,277

1.38%,

7/23/2023(a)

330,000

338,095

Hershey

Co.

(The)

,

0.90%,

6/1/2025

400,000

405,162

Mondelez

International

Holdings

Netherlands

BV

,

2.13%,

9/19/2022(a)

210,000

217,316

Mondelez

International,

Inc.

,

2.13%,

4/13/2023

120,000

125,139

1.50%,

5/4/2025

930,000

963,056

Tyson

Foods,

Inc.

,

2.25%,

8/23/2021

1,000,000

1,015,277

4,682,322

Health

Care

Equipment

&

Supplies

0.1%

Becton

Dickinson

and

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.88%),

1.18%,

12/29/2020(e)

683,000

683,137

3.36%,

6/6/2024

1,000,000

1,087,980

1,771,117

Health

Care

Providers

&

Services

1.4%

Aetna,

Inc.

,

2.75%,

11/15/2022

930,000

970,063

Anthem,

Inc.

,

2.50%,

11/21/2020

2,200,000

2,213,691

Cigna

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.89%),

1.17%,

7/15/2023(e)

6,060,000

6,114,249

3.75%,

7/15/2023

20,000

21,788

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Cigna

Corp.,

4.13%,

11/15/2025

4,440,000

5,143,810

CVS

Health

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.72%),

1.03%,

3/9/2021(e)

380,000

381,459

3.70%,

3/9/2023

2,280,000

2,453,701

4.10%,

3/25/2025

4,430,000

5,034,695

3.88%,

7/20/2025

1,170,000

1,328,133

Humana,

Inc.

,

2.50%,

12/15/2020

610,000

614,929

3.15%,

12/1/2022

1,500,000

1,582,884

4.50%,

4/1/2025

260,000

300,756

UnitedHealth

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.07%),

0.34%,

10/15/2020(e)

2,080,000

2,080,262

2.88%,

12/15/2021

1,000,000

1,036,475

2.38%,

10/15/2022

50,000

52,367

3.50%,

6/15/2023

120,000

130,843

3.75%,

7/15/2025

1,650,000

1,897,494

1.25%,

1/15/2026

240,000

247,740

31,605,339

Hotels,

Restaurants

&

Leisure

0.2%

Marriott

International,

Inc.

,

Series

Y,

(ICE

LIBOR

USD

3

Month

+

0.60%),

0.95%,

12/1/2020(e)

290,000

288,161

(ICE

LIBOR

USD

3

Month

+

0.65%),

0.97%,

3/8/2021(e)

300,000

297,897

McDonald's

Corp.

,

2.63%,

1/15/2022

400,000

413,112

3.30%,

7/1/2025

2,000,000

2,238,826

1.45%,

9/1/2025

60,000

62,317

3.70%,

1/30/2026

80,000

91,641

Sands

China

Ltd.

,

4.60%,

8/8/2023

1,810,000

1,911,034

5,302,988

Household

Products

0.2%

Procter

&

Gamble

Co.

(The)

,

2.45%,

3/25/2025

1,100,000

1,197,368

2.45%,

11/3/2026

1,220,000

1,353,146

2.80%,

3/25/2027

60,000

67,870

Reckitt

Benckiser

Treasury

Services

plc

,

(ICE

LIBOR

USD

3

Month

+

0.56%),

0.86%,

6/24/2022(a)(e)

2,100,000

2,099,069

4,717,453

Industrial

Conglomerates

0.6%

3M

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.30%),

0.72%,

2/14/2024(e)

3,600,000

3,593,335

General

Electric

Co.

,

3.15%,

9/7/2022

7,000,000

7,313,397

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

Honeywell

International,

Inc.

,

1.35%,

6/1/2025

2,230,000

2,307,093

13,213,825

Insurance

0.1%

American

International

Group,

Inc.

,

2.50%,

6/30/2025

200,000

213,871

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

150,000

151,546

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

2,320,000

2,346,483

New

York

Life

Global

Funding

,

0.95%,

6/24/2025(a)

300,000

305,160

Principal

Life

Global

Funding

II

,

1.25%,

6/23/2025(a)

140,000

143,057

3,160,117

Interactive

Media

&

Services

0.1%

Tencent

Holdings

Ltd.

,

Reg.

S,

2.99%,

1/19/2023

1,980,000

2,061,939

Internet

&

Direct

Marketing

Retail

0.2%

Amazon.com,

Inc.

,

1.20%,

6/3/2027

3,150,000

3,242,840

Prosus

NV

,

Reg.

S,

4.85%,

7/6/2027

2,000,000

2,272,200

5,515,040

IT

Services

0.4%

PayPal

Holdings,

Inc.

,

1.35%,

6/1/2023

300,000

307,099

1.65%,

6/1/2025

4,350,000

4,534,215

Visa,

Inc.

,

3.15%,

12/14/2025

3,870,000

4,364,511

9,205,825

Media

0.9%

Charter

Communications

Operating

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.65%),

2.34%,

2/1/2024(e)

6,700,000

6,813,183

4.91%,

7/23/2025

460,000

533,284

Comcast

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.63%),

0.91%,

4/15/2024(e)

5,200,000

5,227,437

3.10%,

4/1/2025

2,300,000

2,551,096

3.95%,

10/15/2025

1,870,000

2,165,881

Fox

Corp.

,

3.05%,

4/7/2025

3,070,000

3,370,656

3.50%,

4/8/2030

430,000

489,304

21,150,841

Metals

&

Mining

0.3%

Glencore

Finance

Canada

Ltd.

,

4.25%,

10/25/2022(a)(c)

1,000,000

1,056,192

Glencore

Funding

LLC

,

3.00%,

10/27/2022(a)

1,240,000

1,278,068

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Glencore

Funding

LLC,

4.13%,

3/12/2024(a)

2,000,000

2,159,143

Southern

Copper

Corp.

,

3.88%,

4/23/2025

1,860,000

2,063,692

Vale

Overseas

Ltd.

,

6.88%,

11/21/2036

520,000

709,800

7,266,895

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.25%,

4/15/2023

40,000

42,652

Target

Corp.

,

2.25%,

4/15/2025

2,750,000

2,958,635

3,001,287

Multi-Utilities

0.1%

Consolidated

Edison,

Inc.

,

2.00%,

5/15/2021

1,100,000

1,112,734

Oil,

Gas

&

Consumable

Fuels

2.6%

Apache

Corp.

,

3.25%,

4/15/2022

1,000,000

1,005,450

BP

Capital

Markets

America,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.65%),

0.97%,

9/19/2022(e)

1,000,000

1,004,099

2.94%,

4/6/2023

2,000,000

2,122,596

BP

Capital

Markets

plc

,

(ICE

LIBOR

USD

3

Month

+

0.87%),

1.19%,

9/16/2021(e)

590,000

594,528

3.56%,

11/1/2021

2,200,000

2,285,515

Chevron

Corp.

,

1.55%,

5/11/2025

3,620,000

3,772,588

Cimarex

Energy

Co.

,

4.38%,

6/1/2024

2,300,000

2,453,338

CNOOC

Finance

2015

USA

LLC

,

4.38%,

5/2/2028

1,840,000

2,171,187

Concho

Resources,

Inc.

,

4.38%,

1/15/2025

760,000

784,629

Continental

Resources,

Inc.

,

4.50%,

4/15/2023

850,000

849,014

3.80%,

6/1/2024

1,800,000

1,742,040

Diamondback

Energy,

Inc.

,

2.88%,

12/1/2024

1,490,000

1,514,317

5.38%,

5/31/2025

230,000

238,846

Ecopetrol

SA

,

5.88%,

9/18/2023

1,050,000

1,156,312

5.38%,

6/26/2026

1,000,000

1,106,250

Energy

Transfer

Partners

LP

,

4.50%,

11/1/2023

80,000

85,143

Enterprise

Products

Operating

LLC

,

2.80%,

2/15/2021

5,280,000

5,344,592

3.90%,

2/15/2024

500,000

551,212

3.75%,

2/15/2025

900,000

1,004,779

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023

1,010,000

1,042,374

40

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Exxon

Mobil

Corp.,

2.99%,

3/19/2025

3,290,000

3,619,377

KazMunayGas

National

Co.

JSC

,

3.88%,

4/19/2022(a)

4,160,000

4,290,166

4.75%,

4/24/2025(a)

500,000

550,150

Lukoil

International

Finance

BV

,

4.75%,

11/2/2026(a)

1,860,000

2,068,041

MPLX

LP

,

(ICE

LIBOR

USD

3

Month

+

1.10%),

1.41%,

9/9/2022(e)

4,350,000

4,308,953

Occidental

Petroleum

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.45%),

1.84%,

8/15/2022(e)

2,530,000

2,371,875

Petrobras

Global

Finance

BV

,

6.13%,

1/17/2022

1,510,000

1,589,275

5.30%,

1/27/2025

150,000

162,113

5.75%,

2/1/2029

300,000

324,090

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

1,970,000

2,285,200

Sinopec

Group

Overseas

Development

2014

Ltd.

,

4.38%,

4/10/2024(a)

2,120,000

2,353,009

Western

Midstream

Operating

LP

,

(ICE

LIBOR

USD

3

Month

+

0.85%),

2.12%,

1/13/2023(e)

420,000

390,600

Williams

Cos.,

Inc.

(The)

,

4.55%,

6/24/2024

2,110,000

2,348,003

57,489,661

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

5.75%,

7/14/2026(a)

2,010,000

2,254,235

Pharmaceuticals

0.7%

AstraZeneca

plc

,

(ICE

LIBOR

USD

3

Month

+

0.67%),

1.05%,

8/17/2023(e)

2,186,000

2,188,152

Bristol-Myers

Squibb

Co.

,

2.88%,

8/15/2020

470,000

470,358

2.25%,

8/15/2021

1,845,000

1,880,452

2.60%,

5/16/2022

1,830,000

1,903,769

2.90%,

7/26/2024

150,000

163,347

3.88%,

8/15/2025

1,030,000

1,186,055

Elanco

Animal

Health,

Inc.

,

4.66%,

8/27/2021(c)

666,000

694,938

Eli

Lilly

&

Co.

,

2.35%,

5/15/2022

400,000

413,593

GlaxoSmithKline

Capital

plc

,

(ICE

LIBOR

USD

3

Month

+

0.35%),

0.77%,

5/14/2021(e)

1,500,000

1,503,341

Merck

&

Co.,

Inc.

,

0.75%,

2/24/2026

440,000

446,557

1.45%,

6/24/2030

260,000

267,145

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Pfizer,

Inc.

,

0.80%,

5/28/2025

780,000

793,494

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.80%,

7/21/2023

4,680,000

4,538,664

16,449,865

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom,

Inc.

,

2.25%,

11/15/2023(a)

510,000

530,873

4.70%,

4/15/2025(a)

2,220,000

2,538,488

3.15%,

11/15/2025(a)

630,000

679,283

Micron

Technology,

Inc.

,

2.50%,

4/24/2023

320,000

334,057

NXP

BV

,

2.70%,

5/1/2025(a)

2,350,000

2,518,235

QUALCOMM,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.73%),

1.00%,

1/30/2023(e)

2,700,000

2,727,859

Texas

Instruments,

Inc.

,

1.75%,

5/4/2030

110,000

115,364

9,444,159

Software

0.1%

Oracle

Corp.

,

2.50%,

4/1/2025

2,090,000

2,259,570

Specialty

Retail

0.3%

Home

Depot,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

0.31%),

0.66%,

3/1/2022(e)

1,000,000

1,002,715

3.25%,

3/1/2022

1,000,000

1,047,268

2.50%,

4/15/2027

20,000

22,130

Lowe's

Cos.,

Inc.

,

3.12%,

4/15/2022

3,000,000

3,120,477

TJX

Cos.,

Inc.

(The)

,

3.50%,

4/15/2025

2,300,000

2,564,198

7,756,788

Technology

Hardware,

Storage

&

Peripherals

0.3%

Apple,

Inc.

,

1.55%,

8/4/2021

1,070,000

1,082,321

1.13%,

5/11/2025

2,830,000

2,907,703

Dell

International

LLC

,

4.42%,

6/15/2021(a)

1,796,000

1,845,567

5,835,591

Textiles,

Apparel

&

Luxury

Goods

0.1%

NIKE,

Inc.

,

2.40%,

3/27/2025

3,010,000

3,265,162

Thrifts

&

Mortgage

Finance

0.1%

BPCE

SA

,

3.00%,

5/22/2022(a)

2,770,000

2,872,141

Tobacco

0.5%

Altria

Group,

Inc.

,

3.80%,

2/14/2024

1,200,000

1,318,940

2.35%,

5/6/2025

2,090,000

2,222,430

4.40%,

2/14/2026

840,000

976,958

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

BAT

Capital

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.88%),

1.27%,

8/15/2022(e)

40,000

40,104

2.76%,

8/15/2022

3,500,000

3,638,142

Philip

Morris

International,

Inc.

,

1.13%,

5/1/2023

2,420,000

2,462,828

10,659,402

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.38%,

7/1/2025

260,000

264,405

International

Lease

Finance

Corp.

,

5.88%,

8/15/2022

2,600,000

2,807,311

3,071,716

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(a)

1,910,000

2,110,187

Vodafone

Group

plc

,

(ICE

LIBOR

USD

3

Month

+

0.99%),

1.26%,

1/16/2024(e)

4,349,000

4,366,044

6,476,231

Total

Corporate

Bonds

(cost

$441,676,174)

453,328,764

Exchange-Traded

Funds

0.2%

Shares

Equity

Funds

0.2%

iShares

Russell

3000

ETF

17,973

3,422,958

SPDR

S&P

500

ETF

Trust

66

21,550

SPDR

S&P

MidCap

400

ETF

Trust

700

237,734

Vanguard

Small-Cap

ETF

1,600

243,872

0

Total

Exchange-Traded

Funds

(cost

$2,922,386)

3,926,114

Foreign

Government

Securities

1.7%

Principal

Amount

($)

ARGENTINA

0.1%

Argentine

Republic

,

5.63%,

1/26/2022

3,060,000

1,350,990

Provincia

de

Buenos

Aires

,

6.50%,

2/15/2023(a)

1,200,000

507,000

1,857,990

COLOMBIA

0.1%

Republic

of

Colombia

,

4.38%,

7/12/2021

3,070,000

3,162,100

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

EGYPT

0.0%

†

Arab

Republic

of

Egypt

,

Reg.

S,

6.59%,

2/21/2028

1,220,000

1,203,225

INDONESIA

0.2%

Republic

of

Indonesia

,

3.75%,

4/25/2022(a)

1,200,000

1,249,272

2.95%,

1/11/2023

2,490,000

2,583,726

3,832,998

ISRAEL

0.1%

State

of

Israel

Government

Bond

,

2.88%,

3/16/2026

2,000,000

2,197,840

KUWAIT

0.1%

State

of

Kuwait

,

2.75%,

3/20/2022(a)

900,000

929,225

3.50%,

3/20/2027(a)

1,260,000

1,425,942

2,355,167

MEXICO

0.3%

Mex

Bonos

Desarr

Fix

Rt

,

8.00%,

11/7/2047

MXN

53,130,000

2,718,093

United

Mexican

States

,

4.00%,

10/2/2023

3,060,000

3,296,385

6,014,478

PERU

0.1%

Republic

of

Peru

,

2.39%,

1/23/2026

2,100,000

2,232,300

QATAR

0.2%

State

of

Qatar

,

2.38%,

6/2/2021(a)

500,000

506,250

Reg.

S,

3.88%,

4/23/2023

2,220,000

2,396,108

3.38%,

3/14/2024(a)

760,000

824,155

3,726,513

RUSSIA

0.2%

Russian

Federation

,

6.90%,

5/23/2029

RUB

121,670,000

1,766,362

7.65%,

4/10/2030

144,850,000

2,206,357

7.25%,

5/10/2034

2,250,000

33,611

4,006,330

SAUDI

ARABIA

0.1%

Kingdom

of

Saudi

Arabia

,

4.50%,

4/17/2030(a)

1,450,000

1,758,125

SENEGAL

0.0%

†

Republic

of

Senegal

,

6.25%,

5/23/2033(a)

1,260,000

1,249,227

UNITED

ARAB

EMIRATES

0.2%

United

Arab

Emirates

Government

Bond

,

2.50%,

10/11/2022(a)

1,400,000

1,454,673

42

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

UNITED

ARAB

EMIRATES

United

Arab

Emirates

Government

Bond

(continued)

4.13%,

10/11/2047(a)

1,970,000

2,571,941

4,026,614

Total

Foreign

Government

Securities

(cost

$37,438,776)

37,622,907

Mortgage-Backed

Securities

3.3%

FHLMC

Gold

Pool

Pool#

G61374

4.50%,

4/1/2048

435,655

476,558

Pool#

G67721

4.50%,

4/1/2049

326,791

356,263

FHLMC

UMBS

Pool

Pool#

ZM6115

4.50%,

4/1/2048

285,790

307,436

Pool#

ZM6138

4.50%,

4/1/2048

216,856

233,336

Pool#

ZM6880

4.50%,

6/1/2048

197,229

212,169

Pool#

ZT0474

4.50%,

8/1/2048

62,855

68,285

Pool#

ZA5940

4.50%,

11/1/2048

257,694

280,250

Pool#

ZT1640

4.50%,

1/1/2049

905,666

980,902

Pool#

ZA6356

4.50%,

2/1/2049

773,290

836,651

Pool#

ZA6342

4.50%,

3/1/2049

708,667

775,755

Pool#

ZA6531

4.50%,

3/1/2049

195,499

210,704

Pool#

RA1084

4.50%,

7/1/2049

453,265

491,758

Pool#

SD0291

5.00%,

3/1/2050

1,128,507

1,233,021

Pool#

RA2389

4.50%,

4/1/2050

389,313

419,931

FNMA

Pool

Pool#

BL5547

2.68%,

1/1/2035

300,000

346,247

Pool#

BM6224

2.79%,

1/1/2035(b)

738,311

854,374

Pool#

BL5767

2.68%,

2/1/2035

200,000

231,030

FNMA

UMBS

Pool

Pool#

AL9546

3.50%,

11/1/2046

521,796

562,076

Pool#

BE3776

4.50%,

7/1/2047

852,767

917,359

Pool#

CA0148

4.50%,

8/1/2047

182,883

196,480

Pool#

CA0717

4.50%,

11/1/2047

813,946

875,094

Pool#

CA1565

4.50%,

4/1/2048

947,078

1,017,174

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA1711

4.50%,

5/1/2048

224,427

241,450

Pool#

BM4014

4.50%,

5/1/2048

72,330

78,579

Pool#

BJ9257

4.50%,

6/1/2048

359,726

397,654

Pool#

CA2047

4.50%,

7/1/2048

534,243

585,084

Pool#

CA2055

4.50%,

7/1/2048

295,904

318,196

Pool#

FM3469

3.50%,

8/1/2048

1,420,073

1,520,102

Pool#

CA2199

4.50%,

8/1/2048

878,296

961,879

Pool#

CA2205

4.50%,

8/1/2048

374,566

402,701

Pool#

CA2251

5.00%,

8/1/2048

141,450

154,697

Pool#

BK4814

4.50%,

9/1/2048

215,080

231,142

Pool#

CA2482

4.50%,

10/1/2048

685,686

750,942

Pool#

CA2491

4.50%,

10/1/2048

239,130

257,175

Pool#

BK7603

4.50%,

10/1/2048

134,629

145,943

Pool#

CA2419

4.50%,

10/1/2048

49,688

53,366

Pool#

FM3141

3.50%,

11/1/2048

1,444,495

1,536,555

Pool#

BN1623

4.50%,

11/1/2048

443,448

489,507

Pool#

CA2588

4.50%,

11/1/2048

106,095

114,016

Pool#

MA3527

5.00%,

11/1/2048

867,648

948,800

Pool#

BN0302

4.50%,

12/1/2048

921,567

997,030

Pool#

CA2805

4.50%,

12/1/2048

881,040

946,762

Pool#

CA2801

4.50%,

12/1/2048

364,924

394,811

Pool#

CA2803

4.50%,

12/1/2048

88,638

95,250

Pool#

BN3933

4.50%,

1/1/2049

902,798

978,354

Pool#

BM5317

4.50%,

1/1/2049

321,021

348,230

Pool#

CA3092

4.50%,

2/1/2049

1,630,649

1,771,704

Pool#

CA3055

4.50%,

2/1/2049

358,259

387,586

Pool#

BM5629

4.50%,

2/1/2049

135,423

147,401

Pool#

CA3842

4.50%,

7/1/2049

457,888

496,806

Pool#

FM1263

4.50%,

7/1/2049

204,690

221,344

Pool#

CA4033

4.50%,

8/1/2049

456,758

495,579

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM3154

5.00%,

9/1/2049

89,058

97,353

Pool#

FM1671

4.50%,

10/1/2049

512,456

556,643

Pool#

FM3002

4.50%,

11/1/2049

2,802,916

3,031,252

Pool#

FM3155

5.00%,

12/1/2049

87,470

95,571

Pool#

FM2378

4.50%,

1/1/2050

395,910

427,549

Pool#

FM2988

4.50%,

2/1/2050

95,237

102,843

Pool#

CA5379

4.50%,

3/1/2050

387,918

427,593

Pool#

BP2389

4.50%,

4/1/2050

99,642

107,087

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

8/25/2035

17,100,000

17,786,672

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

8/25/2050

9,300,000

9,634,945

2.50%,

8/25/2050

500,000

525,254

GNMA

II

Pool

Pool#

MA5193

4.50%,

5/20/2048

853,846

920,839

Pool#

MA5399

4.50%,

8/20/2048

1,657,728

1,781,783

Pool#

MA5530

5.00%,

10/20/2048

82,610

90,151

Pool#

MA5597

5.00%,

11/20/2048

781,533

849,875

Pool#

MA5711

4.50%,

1/20/2049

322,802

345,502

Pool#

MA5712

5.00%,

1/20/2049

553,752

599,848

Pool#

MA5819

5.00%,

3/20/2049

884,447

958,477

Pool#

MA6342

5.00%,

12/20/2049

1,613,595

1,747,412

Pool#

BS1728

4.00%,

1/20/2050

99,167

108,077

Pool#

MA6413

5.00%,

1/20/2050

937,531

1,016,954

Pool#

BM7534

3.50%,

2/20/2050

198,489

210,491

Pool#

BS1742

4.00%,

2/20/2050

97,717

106,048

Pool#

MA6477

4.50%,

2/20/2050

575,665

614,985

Pool#

BS1757

4.00%,

3/20/2050

99,460

108,926

Pool#

MA6544

4.50%,

3/20/2050

387,972

414,415

Pool#

BS8420

4.00%,

4/20/2050

398,324

432,364

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA6603

5.00%,

4/20/2050

793,836

863,619

GNMA

TBA

2.50%,

8/15/2050

2,900,000

3,062,898

Total

Mortgage-Backed

Securities

(cost

$74,975,781)

75,376,924

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

5,788

2,662

Alder

Biopharmaceuticals,

Inc.,

CVR*^∞(d)

3,287

0

Oncternal

Therapeutics,

Inc.,

CVR*∞

31

64

Progenics

Pharmaceuticals,

Inc.,

CVR*^∞

3,700

0

Stemline

Therapeutics,

Inc.,

CVR*^∞

1,519

0

2,726

0

Pharmaceuticals

0.0%

†

Dova

Pharmaceuticals,

Inc.,

CVR*^∞

375

0

Elanco

Animal

Health,

Inc.,

CVR*^∞

2,818

0

0

0

Total

Rights

(cost

$11,576)

2,726

U.S.

Treasury

Obligations

6.5%

Principal

Amount

($)

U.S.

Treasury

Bonds

3.00%,

2/15/2049

280,000

403,670

0.00%,

5/15/2049

4,350,000

3,035,829

2.00%,

2/15/2050

7,080,000

8,501,531

1.25%,

5/15/2050

5,510,000

5,575,862

U.S.

Treasury

Inflation

Linked

Bonds

2.13%,

2/15/2040

(f)

1,440,000

2,651,264

2.13%,

2/15/2041

(f)

700,000

1,291,628

1.38%,

2/15/2044

(f)(g)

4,290,000

6,856,181

0.75%,

2/15/2045

(f)

910,000

1,292,753

1.00%,

2/15/2046

(f)

1,830,000

2,742,066

1.00%,

2/15/2049

(f)

11,480,000

16,805,298

0.25%,

2/15/2050

(f)

2,200,000

2,677,017

U.S.

Treasury

Notes

0.13%,

6/30/2022

300,000

300,023

1.75%,

7/15/2022

70,000

72,217

0.25%,

6/30/2025

3,020,000

3,024,837

2.13%,

5/31/2026

1,730,000

1,912,191

0.50%,

6/30/2027

70,100,000

70,633,965

44

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

0.63%,

5/15/2030

17,620,000

17,762,474

Total

U.S.

Treasury

Obligations

(cost

$135,655,925)

145,538,806

Warrants

0.0%

†

Number

of

Warrants

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Occidental

Petroleum

Corp.,

expiring

8/3/2027

(cost

$0)*

4,165

23,324

Short-Term

Investments

0.7%

Shares

Money

Market

Funds

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.09%(h)(

i

)

846,262

846,262

Principal

Amount

($)

U.S.

Government

Agency

Securities

0.1%

FHLB

0.12%,

10/21/2020

1,220,000

1,219,759

0.00%,

10/28/2020

660,000

659,858

1,879,617

U.S.

Treasury

Obligations

0.6%

U.S.

Treasury

Bills

0.14%,

8/18/2020

6,420,000

6,419,779

0.16%,

10/13/2020

3,200,000

3,199,401

0.16%,

11/10/2020

3,200,000

3,199,340

12,818,520

Total

Short-Term

Investments

(cost

$15,542,844)

15,544,399

Repurchase

Agreements

0.0%

†

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$95,085,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$97,277.

(

i

)

95,085

95,085

Total

Repurchase

Agreements

(cost

$95,085)

95,085

Total

Investments

(cost

$1,985,506,383)

—

99.3%

2,236,960,373

Other

assets

in

excess

of

liabilities

—

0.7%

16,767,090

NET

ASSETS

—

100.0%

$

2,253,727,463

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

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

July

31,

2020

was

$276,050,651

which

represents

12.25%

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

July

31,

2020.

(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

July

31,

2020.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$902,545,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$846,262

and

$95,085

respectively,

a

total

value

of

$941,347.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2020.

(f)

Principal

amounts

are

not

adjusted

for

inflation.

(g)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

swaps

contracts.

(h)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(

i

)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$941,347.

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

45

V1

CLO

Collateralized

Loan

Obligations

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

FHLB

Federal

Home

Loan

Bank

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

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

MXN

Mexican

Peso

RUB

Russia

Ruble

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

July

31,

2020

1

:

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

34-V7

5.00

Quarterly

6/20/2025

4.38

USD

16,245,000

(56,447)

537,832

481,385

Markit

CDX

North

American

Investment

Grade

Index

Series

34-V1

1.00

Quarterly

6/20/2025

0.70

USD

68,743,000

489,228

591,556

1,080,784

432,781

1,129,388

1,562,169

1

The

Fund,

as

a

seller

of

credit

protection,

receives

periodic

payments

and

any

upfront

premium

from

the

protection

buyer,

and

the

Fund

is

obligated

to

make

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

credit

protection

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).

46

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Currency:

USD

United

States

dollar

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

July

31,

2020

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

3

Month

LIBOR

quarterly

0.60%

semi-annually

Pay

3/23/2022

USD

15,154,000

(323)

128,966

128,643

–

–

–

3

Month

LIBOR

quarterly

0.45%

semi-annually

Receive

5/15/2027

USD

27,063,000

(59,794)

(83,842)

(143,636)

3

Month

LIBOR

quarterly

0.89%

semi-annually

Receive

7/13/2050

USD

1,737,000

(217)

(51,282)

(51,499)

3

Month

LIBOR

quarterly

0.90%

semi-annually

Receive

3/17/2050

USD

2,254,000

(67)

(80,833)

(80,900)

3

Month

LIBOR

quarterly

1.55%

semi-annually

Receive

6/30/2026

USD

48,125,000

91,131

(3,650,823)

(3,559,692)

31,053

(3,866,780)

(3,835,727)

30,730

(3,737,814)

(3,707,084)

–

–

–

Currency:

USD

United

States

dollar

OTC

Total

return

swap

contracts

outstanding

as

of

July

31,

2020

:

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

($)

BorgWarner,

Inc.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.32%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

40,632

—

1,399

1,399

Central

European

Media

Enterprises

Ltd.

1

month

USD

LIBOR

+

0.29%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

126,418

—

3,235

3,235

Cincinnati

Bell,

Inc.

1

month

USD

LIBOR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

72,556

—

444

444

E*TRADE

Financial

Corp.

1

month

USD

LIBOR

+

0.18%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JP

Morgan

Chase

Bank

NA

3/8/2021

USD

119,327

—

922

922

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

47

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Value

($)

Lennar

Corp.

1

month

USD

LIBOR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

264,136

—

14,224

14,224

Live

Nation

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.27%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

77,139

—

8,402

8,402

LogMeIn,

Inc.

1

month

USD

LIBOR

+

0.44%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

157,534

—

404

404

Russell

3000

Index

1

month

USD

LIBOR

+

0.32%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

12/8/2020

USD

588,883,671

—

15,733,970

15,733,970

Russell

3000

Index

1

month

USD

LIBOR

+

0.23%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

6/8/2021

USD

266,950,850

—

8,819,952

8,819,952

Russell

3000

Index

1

month

USD

LIBOR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

6/8/2021

USD

160,201,387

—

5,620,940

5,620,940

Russell

3000

Index

1

month

USD

LIBOR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

6/8/2021

USD

39,318,331

—

1,334,279

1,334,279

Sirius

XM

Holdings,

Inc.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.73%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

533,486

—

10,986

10,986

Tiffany

&

Co.

1

month

USD

LIBOR

+

0.39%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

129,605

—

2,997

2,997

48

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Value

($)

Willis

Towers

Watson

plc

1

month

USD

LIBOR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

73,047

—

867

867

Willis

Towers

Watson

plc

1

month

USD

LIBOR

+

0.60%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

107,389

—

1,994

1,994

Wright

Medical

Group

NV

1

month

USD

LIBOR

+

0.39%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

177,600

—

79

79

—

31,555,094

31,555,094

Aptiv

plc

1

month

USD

LIBOR

+

0.15%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

112,239

—

(2,932)

(2,932)

Craft

Brew

Alliance,

Inc.

1

month

USD

LIBOR

+

0.15%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

51,724

—

(696)

(696)

E*TRADE

Financial

Corp.

1

month

USD

LIBOR

+

0.21%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JP

Morgan

Chase

Bank

NA

2/22/2021

USD

96,354

—

(3,554)

(3,554)

Fitbit,

Inc.

1

month

USD

LIBOR

+

0.15%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

73,078

—

(4,221)

(4,221)

Fitbit,

Inc.

1

month

USD

LIBOR

+

0.29%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

75,757

—

(4,380)

(4,380)

Lennar

Corp.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.25%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

238,604

—

(15,668)

(15,668)

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

49

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Value

($)

Liberty

Media

Corp-Liberty

SiriusXM

1

month

USD

LIBOR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

51,272

—

(1,349)

(1,349)

Liberty

Media

Corp-Liberty

SiriusXM

1

month

USD

LIBOR

+

0.15%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

546,136

—

(14,358)

(14,358)

Maxim

Integrated

Products,

Inc.

1

month

USD

LIBOR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/15/2021

USD

96,020

—

(2,068)

(2,068)

Meet

Group,

Inc.

(The)

1

month

USD

LIBOR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JP

Morgan

Chase

Bank

NA

3/15/2021

USD

63,048

—

(12)

(12)

—

(49,238)

(49,238)

—

31,505,856

31,505,856

*

There

are

no

upfront

payments

(receipts)

on

the

swap

contracts

listed

above.

LIBOR

London

Interbank

Offered

Rate

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2020:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

BRL

16,870,000

USD

3,139,598

Goldman

Sachs

**

10/16/2020

86,096

CAD

6,064,252

USD

4,468,817

JPMorgan

Chase

Bank

10/16/2020

59,410

USD

3,749,620

RUB

271,547,503

Goldman

Sachs

**

10/16/2020

120,508

Net

unrealized

appreciation

266,014

**

Non-deliverable

forward.

Currency:

BRL

Brazilian

real

CAD

Canadian

dollar

RUB

Russian

ruble

USD

United

States

dollar

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

1

9/2020

USD

73,890

(377)

S&P

500

E-Mini

Index

24

9/2020

USD

391,620

4,265

3

Month

Eurodollar

328

12/2020

USD

81,790,900

1,430,375

1,434,263

50

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

2

Year

Note

(816)

9/2020

USD

(180,323,250)

(141,880)

U.S.

Treasury

5

Year

Note

(2,050)

9/2020

USD

(258,556,250)

(1,259,710)

U.S.

Treasury

10

Year

Note

(55)

9/2020

USD

(7,704,297)

(28,094)

U.S.

Treasury

10

Year

Ultra

Note

(74)

9/2020

USD

(11,784,500)

(172,927)

U.S.

Treasury

Long

Bond

(432)

9/2020

USD

(78,745,500)

(1,928,206)

U.S.

Treasury

Ultra

Bond

(10)

9/2020

USD

(2,276,875)

(13,174)

3

Month

Eurodollar

(244)

3/2021

USD

(60,893,250)

(105,612)

30

Day

Federal

Funds

(79)

6/2021

USD

(32,920,946)

14,664

3

Month

Eurodollar

(510)

12/2021

USD

(127,289,625)

(875,234)

(4,510,173)

(3,075,910)

At

July

31,

2020,

the

Fund

had

$3,776,960

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

July

31,

2020

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

10

Year

Note

Exchange

Traded

59

USD

5,900,000

USD

139.50

8/21/2020

(44,250)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

20

USD

2,000,000

USD

184.00

8/21/2020

(15,625)

(59,875)

Written

Put

Options

Contracts

as

of

July

31,

2020

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

30

Year

Bond

Exchange

Traded

41

USD

4,100,000

USD

180.50

8/21/2020

(31,391)

(31,391)

Total

Written

Options

Contracts

(Premiums

Received

($104,698))

(91,266)

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

51

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

111,788,582

$

–

$

111,788,582

Collateralized

Mortgage

Obligations

–

41,481,328

–

41,481,328

Commercial

Mortgage-Backed

Securities

–

65,938,507

–

65,938,507

52

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

19,480,674

$

–

$

–

$

19,480,674

Air

Freight

&

Logistics

7,280,813

–

–

7,280,813

Airlines

2,526,966

–

–

2,526,966

Auto

Components

2,544,041

–

–

2,544,041

Automobiles

11,211,824

–

–

11,211,824

Banks

47,742,684

–

–

47,742,684

Beverages

18,908,426

–

–

18,908,426

Biotechnology

38,520,486

–

–

38,520,486

Building

Products

7,043,783

–

–

7,043,783

Capital

Markets

33,079,597

–

–

33,079,597

Chemicals

22,913,071

–

–

22,913,071

Commercial

Services

&

Supplies

7,008,819

–

–

7,008,819

Communications

Equipment

11,757,690

–

–

11,757,690

Construction

&

Engineering

1,911,551

–

–

1,911,551

Construction

Materials

1,383,507

–

–

1,383,507

Consumer

Finance

6,290,203

–

–

6,290,203

Containers

&

Packaging

4,946,425

–

–

4,946,425

Distributors

1,389,356

–

–

1,389,356

Diversified

Consumer

Services

2,192,234

–

–

2,192,234

Diversified

Financial

Services

16,151,636

–

–

16,151,636

Diversified

Telecommunication

Services

19,412,861

–

–

19,412,861

Electric

Utilities

22,592,468

–

–

22,592,468

Electrical

Equipment

7,009,133

–

–

7,009,133

Electronic

Equipment,

Instruments

&

Components

8,498,374

–

–

8,498,374

Energy

Equipment

&

Services

2,732,111

–

–

2,732,111

Entertainment

25,020,117

–

–

25,020,117

Equity

Real

Estate

Investment

Trusts

(REITs)

43,648,598

–

–

43,648,598

Food

&

Staples

Retailing

17,372,252

–

–

17,372,252

Food

Products

14,569,752

–

–

14,569,752

Gas

Utilities

1,732,317

–

–

1,732,317

Health

Care

Equipment

&

Supplies

48,270,583

–

–

48,270,583

Health

Care

Providers

&

Services

32,896,063

–

–

32,896,063

Health

Care

Technology

4,130,285

–

–

4,130,285

Hotels,

Restaurants

&

Leisure

20,778,684

–

–

20,778,684

Household

Durables

6,299,355

–

–

6,299,355

Household

Products

19,871,910

–

–

19,871,910

Independent

Power

and

Renewable

Electricity

Producers

1,016,992

65,596

–

1,082,588

Industrial

Conglomerates

11,758,688

–

–

11,758,688

Insurance

27,466,666

–

–

27,466,666

Interactive

Media

&

Services

65,736,028

–

–

65,736,028

Internet

&

Direct

Marketing

Retail

59,510,924

–

–

59,510,924

IT

Services

70,849,535

–

–

70,849,535

Leisure

Products

1,783,223

–

–

1,783,223

Life

Sciences

Tools

&

Services

16,890,763

–

–

16,890,763

Machinery

22,069,828

–

–

22,069,828

Marine

195,325

–

–

195,325

Media

17,082,908

–

–

17,082,908

Metals

&

Mining

5,515,273

–

–

5,515,273

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,028,405

–

–

2,028,405

Multiline

Retail

5,744,026

–

–

5,744,026

Multi-Utilities

11,221,803

–

–

11,221,803

Oil,

Gas

&

Consumable

Fuels

28,030,859

–

–

28,030,859

Paper

&

Forest

Products

402,053

–

–

402,053

Personal

Products

2,333,618

–

–

2,333,618

Pharmaceuticals

49,096,183

–

–

49,096,183

Professional

Services

7,061,527

–

–

7,061,527

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

53

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

July

31,

2020.

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/or

wrote

options

on

futures

contracts

and/or

indexes.

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,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Level

1

Level

2

Level

3

Total

Assets:

Real

Estate

Management

&

Development

$

1,376,504

$

–

$

–

$

1,376,504

Road

&

Rail

13,651,372

–

–

13,651,372

Semiconductors

&

Semiconductor

Equipment

56,847,289

–

–

56,847,289

Software

120,507,315

–

–

120,507,315

Specialty

Retail

29,569,399

–

–

29,569,399

Technology

Hardware,

Storage

&

Peripherals

72,520,615

–

–

72,520,615

Textiles,

Apparel

&

Luxury

Goods

8,972,847

–

–

8,972,847

Thrifts

&

Mortgage

Finance

1,537,996

–

–

1,537,996

Tobacco

7,930,417

–

–

7,930,417

Trading

Companies

&

Distributors

3,972,620

–

–

3,972,620

Transportation

Infrastructure

87,094

–

–

87,094

Water

Utilities

1,798,628

–

–

1,798,628

Wireless

Telecommunication

Services

2,050,299

–

–

2,050,299

Total

Common

Stocks

$

1,285,735,671

$

65,596

$

–

$

1,285,801,267

Convertible

Bond

–

491,640

–

491,640

Corporate

Bonds

–

453,328,764

–

453,328,764

Credit

Default

Swaps*

–

1,129,388

–

1,129,388

Exchange-Traded

Funds

3,926,114

–

–

3,926,114

Foreign

Government

Securities

–

37,622,907

–

37,622,907

Forward

Foreign

Currency

Contracts

–

266,014

–

266,014

Futures

Contracts

1,449,304

–

–

1,449,304

Interest

Rate

Swaps*

–

128,966

–

128,966

Mortgage-Backed

Securities

–

75,376,924

–

75,376,924

Repurchase

Agreements

–

95,085

–

95,085

Rights  

–

2,726

–

2,726

Short-Term

Investments  

846,262

14,698,137

–

15,544,399

Total

Return

Swaps*

–

31,555,094

–

31,555,094

U.S.

Treasury

Obligations

–

145,538,806

–

145,538,806

Warrants

23,324

–

–

23,324

Total

Assets

$

1,291,980,675

$

979,508,464

$

–

$

2,271,489,139

Liabilities:

Futures

Contracts

$

(4,525,214)

$

–

$

–

$

(4,525,214)

Interest

Rate

Swaps*

–

(3,866,780)

–

(3,866,780)

Total

Return

Swaps*

–

(49,238)

–

(49,238)

Options

Written

(91,266)

–

–

(91,266)

Total

Liabilities

$

(4,616,480)

$

(3,916,018)

$

–

$

(8,532,498)

Total

$

1,287,364,195

$

975,592,446

$

–

$

2,262,956,641

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

During

the

period

ended

July

31,

2020,

the

Fund

held

five

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

54

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

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.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

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

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

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

Swap

Contracts

—

The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

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,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

swap

contracts

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

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

is

normally

limited

to

the

net

amount

of

payments

that

the

Fund

Nationwide

Multi-Cap

Portfolio

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

55

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

swap

contracts

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

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

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,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

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,

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,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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.

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

56

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Assets:

Fair

Value

Swap

Contracts

(a)

Equity

risk

Swap

contracts,

at

value

$

31,555,094

Interest

rate

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

128,966

Credit

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

1,129,3

88

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

266,014

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

4,265

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

1,445,039

Total

$

34,528,76

6

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

(91,266)

Swap

Contracts

(a)

Equity

risk

Swap

contracts,

at

value

(49,238)

Interest

rate

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(3,866,780)

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(377)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(4,524,837)

Total

$

(8,532,498)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

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.

Nationwide

AllianzGI

International

Growth

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

97.3%

Shares

Value

($)

ARGENTINA

3.5%

Internet

&

Direct

Marketing

Retail

3.5%

MercadoLibre

,

Inc.

*

7,975

8,968,845

AUSTRALIA

3.6%

Biotechnology

0.8%

CSL

Ltd.

10,673

2,058,428

Hotels,

Restaurants

&

Leisure

2.8%

Domino's

Pizza

Enterprises

Ltd.

136,776

7,245,639

9,304,067

BRAZIL

4.0%

IT

Services

4.0%

StoneCo

Ltd.,

Class

A

*(a)

215,364

10,275,016

CANADA

6.7%

Food

&

Staples

Retailing

2.0%

Alimentation

Couche-Tard,

Inc.,

Class

B

144,327

5,015,806

IT

Services

2.1%

Shopify,

Inc.,

Class

A

*

5,367

5,495,809

Road

&

Rail

0.5%

Canadian

National

Railway

Co.

13,202

1,289,596

Software

2.1%

Constellation

Software,

Inc.

4,580

5,417,458

17,218,669

CHINA

14.4%

Diversified

Consumer

Services

0.9%

TAL

Education

Group,

ADR

*

29,020

2,268,493

Entertainment

2.8%

Tencent

Music

Entertainment

Group,

ADR

*

449,026

7,247,280

Interactive

Media

&

Services

5.1%

Tencent

Holdings

Ltd.

191,123

13,083,255

Internet

&

Direct

Marketing

Retail

5.6%

Alibaba

Group

Holding

Ltd.,

ADR

*

55,839

14,016,706

36,615,734

DENMARK

13.9%

Air

Freight

&

Logistics

2.9%

DSV

PANALPINA

A/S

52,685

7,283,080

Health

Care

Equipment

&

Supplies

6.0%

Ambu

A/S,

Class

B

406,939

14,225,010

Coloplast

A/S,

Class

B

6,310

1,076,222

15,301,232

Pharmaceuticals

1.1%

Novo

Nordisk

A/S,

Class

B

43,371

2,861,474

Software

3.9%

Netcompany

Group

A/S

Reg.

S

*(b)

137,254

9,905,636

35,351,422

GERMANY

11.0%

Diversified

Financial

Services

1.0%

GRENKE

AG

35,119

2,648,241

Common

Stocks

Shares

Value

($)

GERMANY

Internet

&

Direct

Marketing

Retail

1.2%

Zalando

SE

Reg.

S

*(b)

41,067

2,970,197

IT

Services

2.1%

Bechtle

AG

28,136

5,479,168

Semiconductors

&

Semiconductor

Equipment

3.1%

Infineon

Technologies

AG

310,930

7,771,284

Software

2.7%

SAP

SE

43,292

6,848,376

Textiles,

Apparel

&

Luxury

Goods

0.9%

adidas

AG

*

8,341

2,307,420

28,024,686

HONG

KONG

2.3%

Insurance

2.3%

AIA

Group

Ltd.

652,750

5,849,576

INDIA

3.3%

Banks

3.3%

HDFC

Bank

Ltd.,

ADR

*

179,592

8,395,926

INDONESIA

0.7%

Banks

0.7%

Bank

Central

Asia

Tbk

.

PT

811,263

1,737,992

IRELAND

1.3%

Building

Products

1.3%

Kingspan

Group

plc

46,631

3,353,851

ISRAEL

8.6%

IT

Services

8.6%

Wix.com

Ltd.

*

75,268

21,863,849

JAPAN

3.1%

Electronic

Equipment,

Instruments

&

Components

1.9%

Keyence

Corp.

11,087

4,659,365

Trading

Companies

&

Distributors

1.2%

MonotaRO

Co.

Ltd.

73,773

3,152,369

7,811,734

NETHERLANDS

4.4%

Semiconductors

&

Semiconductor

Equipment

4.4%

ASML

Holding

NV

31,871

11,258,233

NEW

ZEALAND

1.4%

Air

Freight

&

Logistics

1.4%

Mainfreight

Ltd.

(a)

116,915

3,639,843

SOUTH

AFRICA

1.1%

Diversified

Financial

Services

1.1%

PSG

Group

Ltd.

321,733

2,915,914

SWEDEN

6.6%

Building

Products

0.6%

Assa

Abloy

AB,

Class

B

69,296

1,520,989

Chemicals

0.9%

Hexpol

AB

*

342,602

2,268,042

Electronic

Equipment,

Instruments

&

Components

1.1%

Hexagon

AB,

Class

B

*

44,221

2,882,092

Machinery

2.0%

Atlas

Copco

AB,

Class

A

72,404

3,208,034

Epiroc

AB,

Class

A

134,199

1,878,212

5,086,246

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

AllianzGI

International

Growth

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Trading

Companies

&

Distributors

2.0%

AddTech

AB,

Class

B

107,813

5,026,281

16,783,650

SWITZERLAND

4.4%

Capital

Markets

1.3%

Partners

Group

Holding

AG

3,463

3,354,286

Chemicals

1.3%

Sika

AG

(Registered)

14,768

3,251,740

Machinery

1.0%

VAT

Group

AG

Reg.

S

*(b)

13,304

2,538,291

Software

0.8%

Temenos

AG

(Registered)

13,443

1,997,669

11,141,986

TAIWAN

1.5%

Entertainment

1.5%

Sea

Ltd.,

ADR

*

30,786

3,762,049

UNITED

KINGDOM

1.5%

Industrial

Conglomerates

1.5%

DCC

plc

43,558

3,912,118

Total

Common

Stocks

(cost

$173,674,699)

248,185,160

Short-Term

Investment

3.6%

Money

Market

Fund

3.6%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(c)(d)

9,270,843

9,270,843

Total

Short-Term

Investment

(cost  $9,270,843)

9,270,843

Repurchase

Agreement

0.4%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$1,041,663,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$1,068,968.

(d)

1,041,657

1,041,657

Total

Repurchase

Agreement

(cost

$1,041,657)

1,041,657

Total

Investments

(cost

$183,987,199)

  —

101.3%

258,497,660

Liabilities

in

excess

of

other

assets

—

(1.3)%

(3,291,211)

NET

ASSETS

—

100.0%

$

255,206,449

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$10,246,085,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$9,270,843

and

$1,041,657,

respectively,

a

total

value

of

$10,312,500.

(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

July

31,

2020

was

$15,414,124

which

represents

6.04%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$10,312,500.

ADR

American

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.

Nationwide

AllianzGI

International

Growth

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

AllianzGI

International

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

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

$

–

$

10,922,923

$

–

$

10,922,923

Banks

8,395,926

1,737,992

–

10,133,918

Biotechnology

–

2,058,428

–

2,058,428

Building

Products

–

4,874,840

–

4,874,840

Capital

Markets

–

3,354,286

–

3,354,286

Chemicals

–

5,519,782

–

5,519,782

Diversified

Consumer

Services

2,268,493

–

–

2,268,493

Diversified

Financial

Services

–

5,564,155

–

5,564,155

Electronic

Equipment,

Instruments

&

Components

–

7,541,457

–

7,541,457

Entertainment

11,009,329

–

–

11,009,329

Food

&

Staples

Retailing

5,015,806

–

–

5,015,806

Health

Care

Equipment

&

Supplies

–

15,301,232

–

15,301,232

Hotels,

Restaurants

&

Leisure

–

7,245,639

–

7,245,639

Industrial

Conglomerates

–

3,912,118

–

3,912,118

Insurance

–

5,849,576

–

5,849,576

Interactive

Media

&

Services

–

13,083,255

–

13,083,255

Internet

&

Direct

Marketing

Retail

22,985,551

2,970,197

–

25,955,748

IT

Services

37,634,674

5,479,168

–

43,113,842

Machinery

–

7,624,537

–

7,624,537

Pharmaceuticals

–

2,861,474

–

2,861,474

Road

&

Rail

1,289,596

–

–

1,289,596

Semiconductors

&

Semiconductor

Equipment

–

19,029,517

–

19,029,517

Software

5,417,458

18,751,681

–

24,169,139

Textiles,

Apparel

&

Luxury

Goods

–

2,307,420

–

2,307,420

Trading

Companies

&

Distributors

–

8,178,650

–

8,178,650

Total

Common

Stocks

$

94,016,833

$

154,168,327

$

–

$

248,185,160

Repurchase

Agreement

–

1,041,657

–

1,041,657

Short-Term

Investment

9,270,843

–

–

9,270,843

Total

$

103,287,676

$

155,209,984

$

–

$

258,497,660

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

89.3%

Principal

Amount

($)

Value

($)

ARGENTINA

1.3%

Construction

&

Engineering

0.4%

Stoneway

Capital

Corp.,

10.00%,

3/1/2027(a)(b)

1,625,045

528,139

Electric

Utilities

0.9%

Pampa

Energia

SA,

7.50%,

1/24/2027(b)

1,230,000

1,054,725

1,582,864

BRAZIL

2.2%

Banks

0.4%

Banco

BTG

Pactual

SA,

4.50%,

1/10/2025(b)

475,000

474,762

Diversified

Financial

Services

0.3%

Banco

Votorantim

SA,

4.38%,

7/29/2025(b)

415,000

416,818

Food

Products

0.7%

Minerva

Luxembourg

SA,

5.88%,

1/19/2028(b)

800,000

834,000

Independent

Power

and

Renewable

Electricity

Producers

0.8%

Cemig

Geracao

e

Transmissao

SA,

9.25%,

12/5/2024(b)

860,000

965,359

2,690,939

CANADA

5.2%

Aerospace

&

Defense

0.2%

Bombardier,

Inc.,

7.88%,

4/15/2027(b)

326,000

259,985

Chemicals

0.3%

NOVA

Chemicals

Corp.,

5.25%,

6/1/2027(b)

325,000

307,531

Commercial

Services

&

Supplies

1.5%

Garda

World

Security

Corp.,

9.50%,

11/1/2027(b)

991,000

1,080,190

GFL

Environmental,

Inc.

7.00%,

6/1/2026(b)

63,000

66,780

8.50%,

5/1/2027(b)

536,000

600,481

1,747,451

Energy

Equipment

&

Services

0.7%

Tervita

Corp.,

7.63%,

12/1/2021(b)

996,000

786,840

Household

Durables

0.6%

Brookfield

Residential

Properties,

Inc.

6.25%,

9/15/2027(b)

620,000

620,000

4.88%,

2/15/2030(b)

150,000

136,125

756,125

Oil,

Gas

&

Consumable

Fuels

1.9%

Baytex

Energy

Corp.,

8.75%,

4/1/2027(b)

736,000

380,880

Cenovus

Energy,

Inc.

5.38%,

7/15/2025

450,000

450,578

6.75%,

11/15/2039

465,000

484,950

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Oil,

Gas

&

Consumable

Fuels

MEG

Energy

Corp.

7.00%,

3/31/2024(b)

386,000

367,665

7.13%,

2/1/2027(b)

250,000

222,500

Parkland

Corp.,

5.88%,

7/15/2027(b)

330,000

349,800

2,256,373

6,114,305

CAYMAN

ISLANDS

0.3%

Consumer

Finance

0.3%

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024(b)(c)

545,000

339,263

CHILE

0.8%

Wireless

Telecommunication

Services

0.8%

Kenbourne

Invest

SA,

6.88%,

11/26/2024(b)

865,000

882,836

CYPRUS

0.5%

Consumer

Finance

0.5%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(b)

860,000

576,200

FRANCE

0.7%

Diversified

Telecommunication

Services

0.3%

Altice

France

SA,

2.13%,

2/15/2025(b)

EUR

335,000

377,594

Food

&

Staples

Retailing

0.3%

Quatrim

SASU,

5.88%,

1/15/2024(b)

EUR

270,000

317,252

Road

&

Rail

0.1%

Kapla

Holding

SAS,

3.38%,

12/15/2026(b)

EUR

140,000

152,544

847,390

GERMANY

3.3%

Auto

Components

0.6%

ZF

Europe

Finance

BV,

Reg.

S,

3.00%,

10/23/2029

EUR

600,000

657,296

Machinery

0.9%

Platin

1426

GmbH,

5.38%,

6/15/2023(b)

EUR

685,000

766,833

Vertical

US

Newco,

Inc.,

5.25%,

7/15/2027(b)

360,000

381,600

1,148,433

Paper

&

Forest

Products

0.5%

Mercer

International,

Inc.,

7.38%,

1/15/2025

535,000

539,012

Pharmaceuticals

1.3%

Cheplapharm

Arzneimittel

GmbH,

3.50%,

2/11/2027(b)

EUR

495,000

574,106

Nidda

BondCo

GmbH,

5.00%,

9/30/2025(b)

EUR

300,000

347,519

6

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

GERMANY

Pharmaceuticals

Nidda

Healthcare

Holding

GmbH,

3.50%,

9/30/2024(b)

EUR

490,000

568,895

1,490,520

3,835,261

INDONESIA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

5/14/2026(b)

310,000

305,578

IRELAND

0.4%

Media

0.4%

Virgin

Media

Vendor

Financing

Notes

III

DAC

4.88%,

7/15/2028(b)

GBP

395,000

523,751

ISRAEL

0.8%

Pharmaceuticals

0.8%

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

2.80%,

7/21/2023

940,000

911,612

ITALY

1.1%

Household

Durables

0.5%

International

Design

Group

SpA,

6.50%,

11/15/2025(b)

EUR

530,000

574,998

Pharmaceuticals

0.6%

Rossini

Sarl,

6.75%,

10/30/2025(b)

EUR

530,000

666,005

1,241,003

LUXEMBOURG

1.4%

Chemicals

0.7%

INEOS

Finance

plc,

2.88%,

5/1/2026(b)

EUR

710,000

811,254

Diversified

Telecommunication

Services

0.3%

Altice

France

Holding

SA,

6.00%,

2/15/2028(b)

400,000

399,516

Food

Products

0.4%

FAGE

International

SA,

5.63%,

8/15/2026(b)

510,000

499,800

1,710,570

MEXICO

1.2%

Airlines

0.0%

†

Aerovias

de

Mexico

SA

de

CV,

7.00%,

2/5/2025(a)

(b)

315,000

70,088

Banks

0.4%

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

7.76%),

8.38%,

10/14/2030(b)(d)(e)

475,000

479,892

Corporate

Bonds

Principal

Amount

($)

Value

($)

MEXICO

Consumer

Finance

0.7%

Unifin

Financiera

SAB

de

CV,

8.38%,

1/27/2028(b)

1,180,000

893,850

Hotels,

Restaurants

&

Leisure

0.1%

Grupo

Posadas

SAB

de

CV,

7.88%,

6/30/2022(b)

246,000

107,650

1,551,480

NETHERLANDS

1.0%

Media

0.4%

Ziggo

Bond

Co.

BV,

3.38%,

2/28/2030(b)

EUR

455,000

511,090

Professional

Services

0.6%

Intertrust

Group

BV,

3.38%,

11/15/2025(b)

EUR

580,000

696,793

1,207,883

NIGERIA

1.2%

Construction

&

Engineering

0.6%

IHS

Netherlands

Holdco

BV

7.13%,

3/18/2025(b)

400,000

405,080

8.00%,

9/18/2027(b)

320,000

325,600

730,680

Oil,

Gas

&

Consumable

Fuels

0.6%

SEPLAT

Petroleum

Development

Co.

plc,

9.25%,

4/1/2023(b)

650,000

654,901

1,385,581

NORWAY

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Aker

BP

ASA,

3.75%,

1/15/2030(b)

300,000

297,335

PORTUGAL

0.3%

Airlines

0.3%

Transportes

Aereos

Portugueses

SA,

5.63%,

12/2/2024(b)

EUR

400,000

321,525

RUSSIA

0.3%

Banks

0.3%

Sovcombank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%),

7.75%,

5/06/2025(b)(d)(e)

325,000

298,042

SINGAPORE

0.9%

Consumer

Finance

0.9%

Avation

Capital

SA,

6.50%,

5/15/2021(b)

1,395,000

1,028,812

SWITZERLAND

1.3%

Auto

Components

0.5%

Garrett

LX

I

Sarl,

5.13%,

10/15/2026(b)

EUR

535,000

534,097

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

SWITZERLAND

Capital

Markets

0.8%

VistaJet

Malta

Finance

plc,

10.50%,

6/1/2024(b)

1,112,000

1,000,800

1,534,897

TURKEY

0.6%

Banks

0.6%

Akbank

T.A.S.,

6.80%,

2/6/2026(b)

655,000

642,326

UKRAINE

1.1%

Food

Products

0.4%

Kernel

Holding

SA,

6.50%,

10/17/2024(b)

525,000

520,012

Metals

&

Mining

0.7%

Metinvest

BV,

7.75%,

10/17/2029(b)

865,000

797,530

1,317,542

UNITED

ARAB

EMIRATES

0.4%

Energy

Equipment

&

Services

0.4%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(b)

1,240,000

471,200

UNITED

KINGDOM

1.7%

Banks

0.2%

Barclays

plc,

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%,

9/15/2023(d)(e)

281,000

286,269

Chemicals

0.2%

Synthomer

plc,

3.88%,

7/1/2025(b)

EUR

225,000

272,203

Diversified

Telecommunication

Services

0.3%

Virgin

Media

Finance

plc,

3.75%,

7/15/2030(b)

EUR

295,000

340,111

Insurance

0.3%

Galaxy

Bidco

Ltd.,

6.50%,

7/31/2026(b)

GBP

225,000

299,060

Oil,

Gas

&

Consumable

Fuels

0.7%

Neptune

Energy

Bondco

plc,

6.63%,

5/15/2025(b)

905,000

791,875

1,989,518

UNITED

STATES

60.3%

Aerospace

&

Defense

0.4%

Howmet

Aerospace,

Inc.,

6.88%,

5/1/2025

375,000

425,804

Air

Freight

&

Logistics

0.2%

XPO

Logistics,

Inc.,

6.25%,

5/1/2025(b)

239,000

258,717

Airlines

0.8%

Delta

Air

Lines,

Inc.

7.38%,

1/15/2026

125,000

123,893

3.75%,

10/28/2029

435,000

354,630

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Airlines

Mileage

Plus

Holdings

LLC,

6.50%,

6/20/2027(b)

455,000

470,925

949,448

Auto

Components

2.0%

American

Axle

&

Manufacturing,

Inc.,

6.25%,

3/15/2026

853,000

859,722

Dealer

Tire

LLC,

8.00%,

2/1/2028(b)

518,000

508,935

Goodyear

Tire

&

Rubber

Co.

(The),

9.50%,

5/31/2025

365,000

410,169

JB

Poindexter

&

Co.,

Inc.,

7.13%,

4/15/2026(b)

595,000

627,725

2,406,551

Automobiles

0.3%

General

Motors

Co.,

6.13%,

10/1/2025

252,000

293,787

Winnebago

Industries,

Inc.,

6.25%,

7/15/2028(b)

75,000

79,313

373,100

Banks

0.5%

Citigroup,

Inc.,

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(d)(e)

270,000

262,913

JPMorgan

Chase

&

Co.,

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(d)(e)

375,000

362,850

625,763

Building

Products

2.2%

Builders

FirstSource,

Inc.

6.75%,

6/1/2027(b)

180,000

198,000

5.00%,

3/1/2030(b)

135,000

141,588

Forterra

Finance

LLC,

6.50%,

7/15/2025(b)

80,000

84,800

JELD-WEN,

Inc.,

6.25%,

5/15/2025(b)

280,000

299,600

Patrick

Industries,

Inc.,

7.50%,

10/15/2027(b)

639,000

680,049

Standard

Industries,

Inc.

5.00%,

2/15/2027(b)

185,000

197,562

4.38%,

7/15/2030(b)

315,000

340,200

Summit

Materials

LLC

5.13%,

6/1/2025(b)

561,000

573,622

5.25%,

1/15/2029(b)

25,000

25,938

2,541,359

Chemicals

1.8%

Koppers,

Inc.,

6.00%,

2/15/2025(b)

42,000

43,260

8

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Chemicals

Olin

Corp.,

5.63%,

8/1/2029

885,000

849,688

Rain

CII

Carbon

LLC,

7.25%,

4/1/2025(b)

365,000

358,613

Tronox,

Inc.

6.50%,

5/1/2025(b)

420,000

446,775

6.50%,

4/15/2026(b)

490,000

491,225

2,189,561

Commercial

Services

&

Supplies

3.1%

Allied

Universal

Holdco

LLC

6.63%,

7/15/2026(b)

260,000

278,200

9.75%,

7/15/2027(b)

585,000

650,239

APX

Group,

Inc.,

6.75%,

2/15/2027(b)

295,000

294,115

Brink's

Co.

(The),

5.50%,

7/15/2025(b)

380,000

403,750

Covanta

Holding

Corp.,

6.00%,

1/1/2027

1,025,000

1,060,875

Prime

Security

Services

Borrower

LLC,

6.25%,

1/15/2028(b)

870,000

906,975

3,594,154

Communications

Equipment

0.3%

CommScope,

Inc.,

6.00%,

3/1/2026(b)

363,000

387,274

Construction

&

Engineering

0.8%

PowerTeam

Services

LLC,

9.03%,

12/4/2025(b)

835,000

884,474

Consumer

Finance

1.2%

Ford

Motor

Credit

Co.

LLC

4.13%,

8/4/2025

305,000

312,594

4.54%,

8/1/2026

255,000

262,650

3.82%,

11/2/2027

575,000

564,219

OneMain

Finance

Corp.,

8.88%,

6/1/2025

190,000

214,225

1,353,688

Containers

&

Packaging

1.4%

Ardagh

Packaging

Finance

plc

5.25%,

4/30/2025(b)

290,000

307,400

2.13%,

8/15/2026(b)

EUR

110,000

126,374

5.25%,

8/15/2027(b)

330,000

345,434

Greif,

Inc.,

6.50%,

3/1/2027(b)

465,000

494,063

Silgan

Holdings,

Inc.,

2.25%,

6/1/2028(b)

EUR

275,000

318,429

1,591,700

Diversified

Consumer

Services

0.3%

Sotheby's,

7.38%,

10/15/2027(b)

375,000

378,984

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Diversified

Telecommunication

Services

0.5%

CCO

Holdings

LLC,

4.75%,

3/1/2030(b)

530,000

564,119

Electric

Utilities

0.7%

Pattern

Energy

Operations

LP,

4.50%,

8/15/2028(b)

70,000

74,200

PG&E

Corp.,

5.00%,

7/1/2028

105,000

108,040

Vistra

Operations

Co.

LLC,

5.63%,

2/15/2027(b)

565,000

606,533

788,773

Electronic

Equipment,

Instruments

&

Components

1.2%

Belden,

Inc.

3.38%,

7/15/2027(b)

EUR

780,000

898,128

3.88%,

3/15/2028(b)

EUR

455,000

530,082

1,428,210

Energy

Equipment

&

Services

2.0%

Archrock

Partners

LP

6.88%,

4/1/2027(b)

615,000

629,428

6.25%,

4/1/2028(b)

175,000

176,750

Exterran

Energy

Solutions

LP,

8.13%,

5/1/2025

733,000

621,217

FTS

International,

Inc.,

6.25%,

5/1/2022

903,000

255,097

SESI

LLC,

7.75%,

9/15/2024

335,000

122,275

Transocean

Sentry

Ltd.,

5.38%,

5/15/2023(b)

72,000

63,180

Transocean,

Inc.

7.25%,

11/1/2025(b)

799,000

391,510

8.00%,

2/1/2027(b)

207,000

100,975

2,360,432

Entertainment

1.8%

AMC

Entertainment

Holdings,

Inc.

10.50%,

4/24/2026(b)

261,000

208,800

12.00%,

6/15/2026(b)

704,000

285,120

Netflix,

Inc.

3.63%,

6/15/2025(b)

300,000

318,000

3.88%,

11/15/2029(b)

EUR

400,000

522,736

3.63%,

6/15/2030(b)

EUR

445,000

571,171

WMG

Acquisition

Corp.,

2.75%,

7/15/2028(b)

EUR

155,000

186,557

2,092,384

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

iStar,

Inc.

4.75%,

10/1/2024

535,000

528,312

4.25%,

8/1/2025

730,000

701,713

Uniti

Group

LP,

7.88%,

2/15/2025(b)

258,000

271,545

1,501,570

Food

&

Staples

Retailing

0.4%

Albertsons

Cos.,

Inc.,

5.88%,

2/15/2028(b)

425,000

465,345

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Food

Products

1.5%

JBS

USA

LUX

SA

6.75%,

2/15/2028(b)

185,000

206,737

5.50%,

1/15/2030(b)

565,000

622,913

Simmons

Foods,

Inc.,

5.75%,

11/1/2024(b)

870,000

874,350

1,704,000

Health

Care

Providers

&

Services

2.6%

Centene

Corp.,

4.75%,

1/15/2025

199,000

206,228

Encompass

Health

Corp.,

4.50%,

2/1/2028

170,000

177,650

LifePoint

Health,

Inc.,

6.75%,

4/15/2025(b)

180,000

193,950

Select

Medical

Corp.,

6.25%,

8/15/2026(b)

81,000

87,277

Surgery

Center

Holdings,

Inc.

6.75%,

7/1/2025(b)

735,000

711,112

10.00%,

4/15/2027(b)

575,000

609,673

US

Renal

Care,

Inc.,

10.63%,

7/15/2027(b)

506,000

538,890

West

Street

Merger

Sub,

Inc.,

6.38%,

9/1/2025(b)

468,000

475,020

2,999,800

Hotels,

Restaurants

&

Leisure

6.5%

Boyd

Gaming

Corp.,

8.63%,

6/1/2025(b)

270,000

297,643

Carnival

Corp.,

10.50%,

2/1/2026(b)

95,000

98,345

Colt

Merger

Sub,

Inc.,

8.13%,

7/1/2027(b)

360,000

366,750

Enterprise

Development

Authority

(The),

12.00%,

7/15/2024(b)

1,407,000

1,389,708

Hilton

Domestic

Operating

Co.,

Inc.,

5.38%,

5/1/2025(b)

65,000

67,957

Hyatt

Hotels

Corp.

5.38%,

4/23/2025

255,000

273,945

4.38%,

9/15/2028

99,000

101,080

International

Game

Technology

plc,

2.38%,

4/15/2028(b)

EUR

550,000

570,231

IRB

Holding

Corp.,

7.00%,

6/15/2025(b)

145,000

157,688

Marriott

International,

Inc.,

Series

EE,

5.75%,

5/1/2025

100,000

111,001

Marriott

International,

Inc.,

4.63%,

6/15/2030

150,000

160,800

Royal

Caribbean

Cruises

Ltd.

9.13%,

6/15/2023(b)

90,000

92,025

11.50%,

6/1/2025(b)

208,000

229,182

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Hotels,

Restaurants

&

Leisure

Scientific

Games

International,

Inc.

3.38%,

2/15/2026(b)

EUR

625,000

682,328

8.25%,

3/15/2026(b)

856,000

857,361

7.00%,

5/15/2028(b)

330,000

303,600

7.25%,

11/15/2029(b)

330,000

301,950

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%,

8/1/2025(b)

75,000

76,031

Station

Casinos

LLC,

4.50%,

2/15/2028(b)

630,000

563,850

Viking

Cruises

Ltd.,

5.88%,

9/15/2027(b)

498,000

327,435

VOC

Escrow

Ltd.,

5.00%,

2/15/2028(b)

485,000

395,275

Wyndham

Destinations,

Inc.,

6.63%,

7/31/2026(b)

235,000

242,556

7,666,741

Household

Durables

3.2%

Beazer

Homes

USA,

Inc.,

7.25%,

10/15/2029

775,000

831,187

CD&R

Smokey

Buyer,

Inc.,

6.75%,

7/15/2025(b)

85,000

90,950

KB

Home,

6.88%,

6/15/2027

590,000

666,700

M/I

Homes,

Inc.,

4.95%,

2/1/2028

605,000

621,638

Shea

Homes

LP,

4.75%,

2/15/2028(b)

200,000

209,830

Taylor

Morrison

Communities,

Inc.,

5.88%,

6/15/2027(b)

863,000

953,615

TRI

Pointe

Group,

Inc.,

5.70%,

6/15/2028

325,000

357,500

3,731,420

Household

Products

0.9%

Energizer

Holdings,

Inc.

6.38%,

7/15/2026(b)

135,000

143,901

4.75%,

6/15/2028(b)

310,000

332,506

Spectrum

Brands,

Inc.,

5.50%,

7/15/2030(b)

530,000

549,875

1,026,282

Independent

Power

and

Renewable

Electricity

Producers

1.5%

Calpine

Corp.

5.13%,

3/15/2028(b)

260,000

270,075

4.63%,

2/1/2029(b)

220,000

222,196

5.00%,

2/1/2031(b)

215,000

220,349

Clearway

Energy

Operating

LLC

5.75%,

10/15/2025

340,000

362,950

4.75%,

3/15/2028(b)

190,000

203,062

10

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Independent

Power

and

Renewable

Electricity

Producers

Talen

Energy

Supply

LLC,

7.63%,

6/1/2028(b)

470,000

491,150

1,769,782

Insurance

0.4%

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.62%,

5/23/2059(b)(e)

EUR

410,000

474,508

Interactive

Media

&

Services

0.0%

†

Rackspace

Hosting,

Inc.,

8.63%,

11/15/2024(b)

57,000

59,534

Internet

&

Direct

Marketing

Retail

0.3%

Expedia

Group,

Inc.

6.25%,

5/1/2025(b)

145,000

158,448

7.00%,

5/1/2025(b)

75,000

81,191

QVC,

Inc.,

4.75%,

2/15/2027

100,000

102,500

342,139

Machinery

0.4%

Navistar

International

Corp.,

9.50%,

5/1/2025(b)

370,000

422,263

Media

2.9%

Clear

Channel

Worldwide

Holdings,

Inc.,

9.25%,

2/15/2024

209,000

189,682

CSC

Holdings

LLC,

5.38%,

2/1/2028(b)

235,000

254,387

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(b)

945,000

517,388

Gray

Television,

Inc.,

5.88%,

7/15/2026(b)

291,000

301,074

Lamar

Media

Corp.

4.88%,

1/15/2029(b)

105,000

109,988

4.00%,

2/15/2030(b)

85,000

85,850

MDC

Partners,

Inc.,

6.50%,

5/1/2024(b)

1,306,000

1,237,435

Outfront

Media

Capital

LLC

5.63%,

2/15/2024

386,000

389,860

6.25%,

6/15/2025(b)

260,000

263,900

3,349,564

Metals

&

Mining

5.3%

Carpenter

Technology

Corp.,

6.38%,

7/15/2028

540,000

567,167

Cleveland-Cliffs,

Inc.

9.88%,

10/17/2025(b)

50,000

54,625

6.75%,

3/15/2026(b)

849,000

853,245

Commercial

Metals

Co.,

5.75%,

4/15/2026

970,000

1,011,225

Freeport-McMoRan,

Inc.,

4.25%,

3/1/2030

275,000

287,320

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Metals

&

Mining

Hecla

Mining

Co.,

7.25%,

2/15/2028

355,000

377,188

Joseph

T

Ryerson

&

Son,

Inc.

11.00%,

5/15/2022(b)

1,550,000

1,598,515

8.50%,

8/1/2028(b)

370,000

395,900

Novelis

Corp.,

4.75%,

1/30/2030(b)

445,000

464,255

SunCoke

Energy

Partners

LP,

7.50%,

6/15/2025(b)

650,000

598,000

6,207,440

Oil,

Gas

&

Consumable

Fuels

3.9%

American

Midstream

Partners

LP,

9.50%,

12/15/2021(b)(f)

1,641,000

1,526,130

Endeavor

Energy

Resources

LP,

6.63%,

7/15/2025(b)

110,000

115,570

Energy

Transfer

Operating

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(d)(e)

600,000

498,750

EnLink

Midstream

LLC,

5.38%,

6/1/2029

70,000

55,943

EnLink

Midstream

Partners

LP,

4.15%,

6/1/2025

395,000

316,474

Global

Partners

LP,

7.00%,

8/1/2027

180,000

174,150

Indigo

Natural

Resources

LLC,

6.88%,

2/15/2026(b)

730,000

703,494

PBF

Holding

Co.

LLC

9.25%,

5/15/2025(b)

185,000

206,734

7.25%,

6/15/2025

605,000

544,070

6.00%,

2/15/2028(b)

200,000

161,000

Tallgrass

Energy

Partners

LP,

6.00%,

3/1/2027(b)

401,000

364,309

4,666,624

Paper

&

Forest

Products

0.7%

Schweitzer-Mauduit

International,

Inc.,

6.88%,

10/1/2026(b)

801,000

850,366

Personal

Products

0.5%

Edgewell

Personal

Care

Co.,

5.50%,

6/1/2028(b)

510,000

552,075

Pharmaceuticals

2.0%

Bausch

Health

Americas,

Inc.,

8.50%,

1/31/2027(b)

85,000

94,563

Bausch

Health

Cos.,

Inc.

9.00%,

12/15/2025(b)

460,000

508,300

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Pharmaceuticals

5.75%,

8/15/2027(b)

65,000

70,550

7.00%,

1/15/2028(b)

39,000

42,413

5.00%,

1/30/2028(b)

230,000

231,145

7.25%,

5/30/2029(b)

57,000

62,700

5.25%,

1/30/2030(b)

160,000

163,400

Catalent

Pharma

Solutions,

Inc.,

2.38%,

3/1/2028(b)

EUR

335,000

377,842

Par

Pharmaceutical,

Inc.,

7.50%,

4/1/2027(b)

810,000

861,540

2,412,453

Professional

Services

0.1%

Jaguar

Holding

Co.

II,

4.63%,

6/15/2025(b)

95,000

99,275

Road

&

Rail

0.4%

Watco

Cos.

LLC,

6.50%,

6/15/2027(b)

410,000

437,675

Software

0.1%

BY

Crown

Parent

LLC,

4.25%,

1/31/2026(b)

90,000

93,289

Specialty

Retail

1.1%

Abercrombie

&

Fitch

Management

Co.,

8.75%,

7/15/2025(b)

65,000

64,837

Asbury

Automotive

Group,

Inc.,

4.50%,

3/1/2028(b)

168,000

172,262

Michaels

Stores,

Inc.,

8.00%,

7/15/2027(b)(g)

856,000

802,175

Staples,

Inc.,

7.50%,

4/15/2026(b)

246,000

215,816

1,255,090

Technology

Hardware,

Storage

&

Peripherals

0.1%

Diebold

Nixdorf,

Inc.,

9.38%,

7/15/2025(b)

55,000

58,179

NCR

Corp.,

8.13%,

4/15/2025(b)

50,000

55,485

113,664

Textiles,

Apparel

&

Luxury

Goods

0.2%

Wolverine

World

Wide,

Inc.,

6.38%,

5/15/2025(b)

195,000

204,994

Thrifts

&

Mortgage

Finance

1.7%

Freedom

Mortgage

Corp.,

8.13%,

11/15/2024(b)

1,336,000

1,315,960

Provident

Funding

Associates

LP,

6.38%,

6/15/2025(b)

665,000

635,075

1,951,035

Trading

Companies

&

Distributors

0.7%

Fortress

Transportation

and

Infrastructure

Investors

LLC,

9.75%,

8/1/2027(b)

225,000

232,312

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Trading

Companies

&

Distributors

Herc

Holdings,

Inc.,

5.50%,

7/15/2027(b)

102,000

107,865

WESCO

Distribution,

Inc.

7.13%,

6/15/2025(b)

245,000

268,861

7.25%,

6/15/2028(b)

170,000

185,725

794,763

Wireless

Telecommunication

Services

0.1%

Sprint

Corp.,

7.63%,

2/15/2025

100,000

121,457

70,467,643

ZAMBIA

0.5%

Metals

&

Mining

0.5%

First

Quantum

Minerals

Ltd.

7.25%,

4/1/2023(b)

370,000

371,646

7.50%,

4/1/2025(b)

200,000

202,000

573,646

Total

Corporate

Bonds

(cost

$108,860,170)

104,649,002

Common

Stock

0.0%

†

Shares

UNITED

STATES

0.0%

†

Entertainment

0.0%

†

AMC

Entertainment

Holdings,

Inc.,

Class A

2,100

8,484

Total

Common

Stock

(cost

$12,485)

8,484

Loan

Participations

6.7%

Principal

Amount

($)

UNITED

STATES

6.7%

Auto

Components

0.7%

Trico

Group

LLC,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

7.00%),

8.00%,

2/2/2024

(e)

915,205

865,445

Commercial

Services

&

Supplies

0.4%

West

Corp.,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

5.00%,

10/10/2024

(e)

576,020

505,302

Diversified

Telecommunication

Services

0.6%

CenturyLink,

Inc.,

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

2.25%),

2.41%,

3/15/2027

(e)

741,275

712,758

Electric

Utilities

0.1%

PG&E

Corp.,

Term

Loan,

(ICE

LIBOR

USD

6

Month

+

4.50%),

5.50%,

6/18/2025

(e)

165,000

162,989

12

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Loan

Participations

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

1.0%

RegionalCare

Hospital

Partners

Holdings,

Inc.,

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

3.75%),

3.91%,

11/16/2025

(e)

1,022,082

997,440

Surgery

Center

Holdings,

Inc.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

8.00%),

9.00%,

9/3/2024

(e)

164,588

165,904

1,163,344

0

Hotels,

Restaurants

&

Leisure

0.9%

Spectacle

Gary

Holdings,

LLC,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

9.00%),

11.00%,

12/23/2025

(e)

1,185,000

1,096,125

IT

Services

0.9%

Dyncorp

International,

Inc.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

6.00%),

7.00%,

8/18/2025

(e)

1,078,000

1,032,023

Machinery

0.4%

Waterjet

Holdings,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.00%),

3.18%,

4/21/2025

(e)

644,567

476,980

Media

0.3%

Diamond

Sports

Group

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.25%),

3.42%,

8/24/2026

(e)

352,338

280,549

Metals

&

Mining

0.5%

Big

River

Steel

LLC,

1st

Lien

Term

Loan

B,

(ICE

LIBOR

USD

3

Month

+

5.00%),

6.00%,

8/23/2023

(e)

602,950

572,803

Personal

Products

0.9%

Alphabet

Holding

Co.,

Inc.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.50%),

3.66%,

9/26/2024

(e)

1,070,255

1,025,272

Total

Loan

Participation

(cost

$8,382,458)

7,893,590

Convertible

Bonds

0.7%

Airlines

0.3%

Air

Canada,

4.00%,

07/01/25

(b)

335,000

348,400

Convertible

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

0.1%

Royal

Caribbean

Cruises

Ltd.,

4.25%,

06/15/23

(b)

165,000

156,479

Software

0.3%

Zendesk,

Inc.,

0.63%,

06/15/25

(b)

261,000

294,122

Total

Convertible

Bond

(cost  $788,473)

799,001

Short-Term

Investment

0.6%

Shares

Money

Market

Fund

0.6%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.09%

(h)(i)

761,805

761,805

Total

Short-Term

Investment

(cost

$761,805)

761,805

Repurchase

Agreement

0.1%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$85,596,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$87,839.

(i)

85,595

85,595

Total

Repurchase

Agreement

(cost

$85,595)

85,595

Total

Investments

(cost

$118,890,986)

—

97.4%

114,197,477

Other

assets

in

excess

of

liabilities

—

2.6%

3,031,049

NET

ASSETS

—

100.0%

$

117,228,526

†

Amount

rounds

to

less

than

0.1%.

(a)

Security

in

default.

(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

July

31,

2020

was

$84,917,148

which

represents

72.44%

of

net

assets.

(c)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

PIK

rate.

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

13

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2020.

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

July

31,

2020.

(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

July

31,

2020.

(g)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$794,115,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$761,805

and

$85,595,

respectively,

a

total

value

of

$847,400.

(h)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(i)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$847,400.

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

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

14

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2020:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

138,849

EUR

119,531

Bank

of

America

NA

8/24/2020

(2,014)

USD

13,437,315

EUR

11,739,972

JPMorgan

Chase

Bank

8/24/2020

(397,762)

USD

1,034,436

GBP

818,876

JPMorgan

Chase

Bank

8/24/2020

(37,592)

Net

unrealized

depreciation

(437,368)

At

July

31,

2020,

the

Fund

had

$600,000

segregated

as

collateral

for

Forward

foreign

currency

contracts.

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

15

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stock

$

8,484

$

–

$

–

$

8,484

Convertible

Bonds

–

799,001

–

799,001

Corporate

Bonds

–

104,649,002

–

104,649,002

Loan

Participations

–

7,893,590

–

7,893,590

Repurchase

Agreement

–

85,595

–

85,595

Short-Term

Investment

761,805

–

–

761,805

Total

Assets

$

770,289

$

113,427,188

$

–

$

114,197,477

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(437,368)

$

–

$

(437,368)

Total

Liabilities

$

–

$

(437,368)

$

–

$

(437,368)

Total

$

770,289

$

112,989,820

$

–

$

113,760,109

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

16

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

Transfers

into

or

out

of

Level

3

are

generally

due

to

a

change

in

market

value

methodology.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

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,

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,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Corporate

Bonds

Total

Balance

as

of

10/31/2019

$

—

$—

Accrued

Accretion/

(Amortization)

—

—

Realized

Gains

(Losses)

62

62

Purchases

—

—

Sales

(64)

(64)

Change

in

Unrealized

Appreciation/

Depreciation

2

2

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2020

$

—

$—

Change

in

Unrealized

Appreciation/

Depreciation

for

Investments

Still

held

as

of

7/31/2020

$

—

$—

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(437,368

)

Total

$

(437,368

)

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.

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

17

Asset-Backed

Securities

8.0%

Principal

Amount

($)

Value

($)

CANADA

0.0%

†

Airlines

0.0%

†

Air

Canada

Pass-Through

Trust,

Series

2013-

1,

Class

B,

5.38%,

5/15/2021(a)

52,567

47,866

CAYMAN

ISLANDS

0.7%

Other

0.7%

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

2.43%,

2/20/2030(a)(b)

350,000

331,561

Symphony

CLO

XXII

Ltd.,

Series

2020-22A,

Class

C,

3.46%,

4/18/2033(a)

(b)

250,000

241,940

York

CLO-4

Ltd.,

Series

2016-2A,

Class

CR,

2.42%,

4/20/2032(a)(b)

600,000

572,921

1,146,422

UNITED

STATES

7.3%

Airlines

0.4%

Alaska

Airlines

Pass-

Through

Trust,

Series

2020-1,

Class

A,

4.80%,

8/15/2027(a)

490,000

507,625

Automobiles

2.8%

CPS

Auto

Receivables

Trust,

Series

2018-

A,

Class

D,

3.66%,

12/15/2023(a)

170,000

174,047

Drive

Auto

Receivables

Trust

Series

2020-2,

Class

C,

2.28%,

8/17/2026

390,000

400,181

Series

2020-2,

Class

D,

3.05%,

5/15/2028

270,000

278,512

First

Investors

Auto

Owner

Trust,

Series

2017-

2A,

Class

E,

5.48%,

10/15/2024(a)

350,000

357,724

Foursight

Capital

Automobile

Receivables

Trust,

Series

2018-

1,

Class

F,

6.82%,

4/15/2025(a)

1,080,000

1,128,584

Tidewater

Auto

Receivables

Trust,

Series

2018-AA,

Class

E,

5.48%,

10/15/2026(a)

750,000

763,341

United

Auto

Credit

Securitization

Trust,

Series

2019-1,

Class

E,

4.29%,

8/12/2024(a)

650,000

647,250

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Westlake

Automobile

Receivables

Trust,

Series

2018-3A,

Class

E,

4.90%,

12/15/2023(a)

490,000

506,187

4,255,826

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-

1A,

Class

C,

6.16%,

8/15/2026(a)

725,000

696,261

Other

3.6%

BCC

Funding

XIV

LLC,

Series

2018-1A,

Class

E,

6.00%,

4/21/2025(a)

750,000

747,908

Conn's

Receivables

Funding

LLC,

Series

2018-A,

Class

C,

6.02%,

1/15/2023(a)

185,173

182,126

Progress

Residential

Trust

Series

2017-SFR1,

Class

E,

4.26%,

8/17/2034(a)

310,000

315,720

Series

2017-SFR1,

Class

F,

5.35%,

8/17/2034(a)

1,200,000

1,213,132

Series

2018-SFR1,

Class

F,

4.78%,

3/17/2035(a)

900,000

901,040

Series

2020-SFR2,

Class

E,

5.12%,

6/18/2037(a)

420,000

446,028

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

570,000

574,888

Tricon

American

Homes

Trust

Series

2016-SFR1,

Class

F,

5.77%,

11/17/2033(a)

240,000

243,538

Series

2017-SFR2,

Class

D,

3.67%,

1/17/2036(a)

150,000

155,085

Series

2017-SFR2,

Class

E,

4.22%,

1/17/2036(a)

475,000

482,268

Series

2017-SFR2,

Class

F,

5.10%,

1/17/2036(a)

140,000

144,970

5,406,703

10,866,415

Total

Asset-Backed

Securities

(cost  $11,977,895)

12,060,703

18

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Collateralized

Mortgage

Obligations

16.0%

Principal

Amount

($)

Value

($)

BERMUDA

2.1%

Bellemeade

Re

Ltd.,

Series

2018-2A,

Class

B1,

2.82%,

8/25/2028(a)(b)

460,000

432,119

Eagle

RE

Ltd.,

Series

2019-1,

Class

M1B,

1.97%,

4/25/2029(a)(b)

715,862

710,149

Home

Re

Ltd.,

Series

2018-1,

Class

M1,

1.77%,

10/25/2028(a)(b)

295,935

291,701

Oaktown

Re

II

Ltd.,

Series

2018-1A,

Class

M1,

1.72%,

7/25/2028(a)(b)

330,485

328,969

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

4.52%,

7/25/2029(a)(b)

1,520,000

1,342,704

3,105,642

0

UNITED

STATES

13.9%

Angel

Oak

Mortgage

Trust

LLC,

Series

2017-1,

Class

B1,

6.13%,

1/25/2047(a)(b)

470,000

462,589

Bunker

Hill

Loan

Depositary

Trust,

Series

2020-1,

Class

M1,

4.35%,

2/25/2055(a)(c)

800,000

806,771

Connecticut

Avenue

Securities

Trust

Series

2019-R05,

Class

1B1,

4.27%,

7/25/2039(a)(b)

500,000

430,315

Series

2020-R01,

Class

1M2,

2.22%,

1/25/2040(a)(b)

260,000

246,712

Series

2020-SBT1,

Class

1M2,

3.82%,

2/25/2040(a)(b)

590,000

553,438

Deephaven

Residential

Mortgage

Trust

Series

2018-2A,

Class

M1,

4.38%,

4/25/2058(a)

(b)

350,000

355,658

Series

2018-2A,

Class

B2,

6.04%,

4/25/2058(a)

(b)

940,000

896,886

Series

2019-3A,

Class

B2,

5.66%,

7/25/2059(a)

(b)

400,000

348,520

FHLMC

REMICS

Series

4395,

Class

TI,

IO,

4.00%,

5/15/2026

112,600

6,166

Series

3927,

Class

AI,

IO,

4.50%,

8/15/2026

288,316

14,968

Series

4097,

Class

CI,

IO,

3.00%,

8/15/2027

451,058

29,986

Series

4123,

Class

DI,

IO,

3.00%,

10/15/2027

1,195,492

85,321

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FHLMC

REMICS

(continued)

Series

4244,

Class

AI,

IO,

4.50%,

8/15/2028

223,171

13,721

FHLMC

STACR

REMIC

Trust

Series

2020-DNA2,

Class

M2,

2.02%,

2/25/2050(a)(b)

950,000

899,777

Series

2020-HQA2,

Class

M2,

3.27%,

3/25/2050(a)(b)

710,000

680,231

Series

2020-HQA2,

Class

B1,

4.27%,

3/25/2050(a)(b)

850,000

676,599

Series

2020-DNA3,

Class

B1,

5.27%,

6/25/2050(a)(b)

1,000,000

985,607

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

11.17%,

10/25/2048(a)(b)

1,090,000

1,016,591

Series

2019-DNA1,

Class

B2,

10.92%,

1/25/2049(a)(b)

1,700,000

1,586,869

Series

2019-HRP1,

Class

B1,

4.22%,

2/25/2049(a)(b)

1,100,000

1,000,451

Series

2019-HQA1,

Class

B2,

12.42%,

2/25/2049(a)(b)

600,000

613,099

Series

2019-HQA2,

Class

B1,

4.27%,

4/25/2049(a)(b)

100,000

96,016

Series

2019-HQA2,

Class

B2,

11.42%,

4/25/2049(a)(b)

510,000

479,212

Series

2019-DNA3,

Class

B2,

8.32%,

7/25/2049(a)(b)

1,410,000

1,111,730

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2015-HQ1,

Class

B,

10.92%,

3/25/2025(b)

402,276

431,277

Series

2015-HQA1,

Class

B,

8.97%,

3/25/2028(b)

564,327

574,508

FNMA

REMICS

Series

2012-130,

Class

UI,

IO,

3.00%,

12/25/2027

580,683

36,049

Series

2012-150,

Class

BI,

IO,

3.00%,

1/25/2028

543,874

35,907

Series

2013-5,

Class

YI,

IO,

3.00%,

2/25/2028

613,905

37,803

Series

2009-31,

Class

PI,

IO,

5.00%,

11/25/2038

135,846

14,364

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

19

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FNMA

Series

2016-C05,

Class

2M2,

4.62%,

1/25/2029(b)

912,184

926,505

Series

2016-C04,

Class

1B,

10.42%,

1/25/2029(b)

198,877

207,797

GNMA

REMICS

Series

2011-167,

Class

,

IO,

5.00%,

12/16/2020

433

3

Series

2013-84,

Class

SC,

IO,

6.42%,

3/16/2040(b)

105,438

18,701

Series

2011-135,

Class

QI,

IO,

4.50%,

6/16/2041

131,830

17,557

Series

2012-140,

Class

IC,

IO,

3.50%,

11/20/2042

179,990

27,389

Series

2016-5,

Class

CS,

IO,

5.96%,

1/20/2046(b)

239,601

52,309

Series

2016-20,

Class

SB,

IO,

5.91%,

2/20/2046(b)

251,776

51,165

Series

2016-17,

Class

JS,

IO,

5.91%,

2/20/2046(b)

218,796

36,437

Series

2016-81,

Class

,

IO,

4.00%,

6/20/2046

140,827

16,975

Series

2016-88,

Class

SM,

IO,

5.91%,

7/20/2046(b)

234,578

39,552

Series

2016-108,

Class

QI,

IO,

4.00%,

8/20/2046

129,291

25,915

Series

2016-118,

Class

DS,

IO,

5.91%,

9/20/2046(b)

248,433

53,600

Series

2016-145,

Class

UI,

IO,

3.50%,

10/20/2046

159,725

19,695

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

2,578,826

285,314

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

1,083,273

106,164

STACR

Trust

Series

2018-HRP2,

Class

B1,

4.37%,

2/25/2047(a)(b)

1,310,000

1,158,489

Series

2018-HRP2,

Class

B2,

10.67%,

2/25/2047(a)(b)

1,380,000

1,260,389

Verus

Securitization

Trust

Series

2019-INV2,

Class

B1,

4.45%,

7/25/2059(a)

(b)

430,000

385,250

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

Verus

Securitization

Trust

(continued)

Series

2020-INV1,

Class

A3,

3.89%,

4/25/2060(a)

(b)

400,000

401,231

Series

2020-INV1,

Class

B1,

5.75%,

4/25/2060(a)

(b)

100,000

93,471

Series

2020-INV1,

Class

B2,

6.00%,

4/25/2060(a)

(b)

100,000

90,225

Series

2020-2,

Class

M1,

5.36%,

5/25/2060(a)

(b)

410,000

423,921

Series

2020-2,

Class

B1,

5.36%,

5/25/2060(a)

(b)

200,000

200,657

Vista

Point

Securitization

Trust,

Series

2020-

1,

Class

B1,

5.38%,

3/25/2065(a)(b)

580,000

574,922

21,000,774

0

Total

Collateralized

Mortgage

Obligations

(cost

$25,306,698)

24,106,416

Commercial

Mortgage-Backed

Securities

3.6%

UNITED

STATES

3.6%

COMM

Mortgage

Trust

Series

2015-CR26,

Class

D,

3.48%,

10/10/2048(b)

1,350,000

1,083,670

Series

2019-GC44,

Class

D,

2.50%,

8/15/2057(a)

1,280,000

862,568

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C4,

Class

D,

3.58%,

11/15/2048(b)

250,000

187,837

GS

Mortgage

Securities

Trust

,

Series

2016-

GS4,

Class

D,

3.23%,

11/10/2049(a)(b)

1,340,000

864,796

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-

C16,

Class

D,

4.77%,

6/15/2047(a)(b)

950,000

617,380

Morgan

Stanley

Capital

I

Trust

,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

785,000

560,993

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-

01,

Class

M10,

3.42%,

10/15/2049(a)(b)

500,000

457,898

20

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

UBS

Commercial

Mortgage

Trust

,

Series

2017-C4,

Class

C,

4.45%,

10/15/2050(b)

810,000

749,771

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-NXS5,

Class

D,

4.97%,

1/15/2059(b)

125,000

94,084

Total

Commercial

Mortgage-Backed

Securities

(cost

$6,546,780)

5,478,997

Corporate

Bonds

55.8%

ARGENTINA

0.3%

Construction

&

Engineering

0.3%

Stoneway

Capital

Corp.,

10.00%,

3/1/2027(a)(d)

1,381,510

448,990

BERMUDA

0.9%

Beverages

0.9%

Bacardi

Ltd.,

5.30%,

5/15/2048(a)

1,000,000

1,355,309

CANADA

2.1%

Chemicals

0.4%

NOVA

Chemicals

Corp.,

5.25%,

6/1/2027(a)

635,000

600,869

Energy

Equipment

&

Services

0.4%

Tervita

Corp.,

7.63%,

12/1/2021(a)

704,000

556,160

Oil,

Gas

&

Consumable

Fuels

1.3%

Cenovus

Energy,

Inc.,

5.38%,

7/15/2025

1,005,000

1,006,291

MEG

Energy

Corp.,

7.13%,

2/1/2027(a)

1,075,000

956,750

1,963,041

3,120,070

CAYMAN

ISLANDS

0.3%

Consumer

Finance

0.3%

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024(a)(e)

725,000

451,313

CYPRUS

0.6%

Consumer

Finance

0.6%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(a)

1,295,000

867,650

FRANCE

0.6%

Banks

0.4%

BNP

Paribas

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%),

4.50%,

2/25/2030(a)(f)(g)

700,000

651,875

Corporate

Bonds

Principal

Amount

($)

Value

($)

FRANCE

Road

&

Rail

0.2%

Kapla

Holding

SAS,

3.38%,

12/15/2026(a)

EUR

280,000

305,089

956,964

GERMANY

0.5%

Automobiles

0.2%

Volkswagen

Group

of

America

Finance

LLC,

3.75%,

5/13/2030(a)

260,000

296,194

Machinery

0.3%

Vertical

US

Newco,

Inc.,

5.25%,

7/15/2027(a)

485,000

514,100

810,294

INDIA

0.2%

Electric

Utilities

0.2%

Adani

Electricity

Mumbai

Ltd.,

3.95%,

2/12/2030(a)

300,000

296,297

IRELAND

1.0%

Banks

0.5%

AIB

Group

plc,

(ICE

LIBOR

USD

3

Month

+

1.87%),

4.26%,

4/10/2025(a)(g)

620,000

668,990

Consumer

Finance

0.5%

Avolon

Holdings

Funding

Ltd.,

3.63%,

5/1/2022(a)

800,000

766,921

1,435,911

ISRAEL

0.2%

Pharmaceuticals

0.2%

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

6.00%,

1/31/2025(a)

300,000

377,238

ITALY

2.4%

Banks

1.6%

Intesa

Sanpaolo

SpA

,

Series

XR,

4.70%,

9/23/2049(a)

945,000

1,110,485

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(g)

1,260,000

1,341,313

2,451,798

Household

Durables

0.4%

International

Design

Group

SpA

,

6.50%,

11/15/2025(a)

585,000

634,667

Pharmaceuticals

0.4%

Rossini

Sarl

,

6.75%,

10/30/2025(a)

475,000

596,891

3,683,356

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

JAPAN

0.9%

Banks

0.9%

Sumitomo

Mitsui

Financial

Group,

Inc.,

3.20%,

9/17/2029

1,155,000

1,274,436

KAZAKHSTAN

0.8%

Oil,

Gas

&

Consumable

Fuels

0.8%

Tengizchevroil

Finance

Co.

International

Ltd.,

2.63%,

8/15/2025(a)

1,130,000

1,138,932

MACAU

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Sands

China

Ltd.,

4.38%,

6/18/2030(a)

305,000

319,991

MEXICO

0.7%

Hotels,

Restaurants

&

Leisure

0.1%

Grupo

Posadas

SAB

de

CV,

7.88%,

6/30/2022(a)

434,000

189,918

Oil,

Gas

&

Consumable

Fuels

0.6%

Petroleos

Mexicanos

,

6.84%,

1/23/2030(a)

925,000

860,250

1,050,168

NETHERLANDS

0.6%

Chemicals

0.4%

OCI

NV,

3.13%,

11/1/2024(a)

575,000

667,462

Professional

Services

0.2%

Intertrust

Group

BV,

3.38%,

11/15/2025(a)

300,000

360,410

1,027,872

NORWAY

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Equinor

ASA,

3.70%,

4/6/2050

150,000

185,486

SINGAPORE

0.6%

Consumer

Finance

0.6%

Avation

Capital

SA,

6.50%,

5/15/2021(a)

1,205,000

888,687

SWITZERLAND

1.9%

Auto

Components

0.3%

Garrett

LX

I

Sarl

,

5.13%,

10/15/2026(a)

475,000

474,199

Capital

Markets

1.6%

Credit

Suisse

Group

AG,

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%,

7/17/2023(a)(f)(g)

675,000

711,815

UBS

Group

AG,

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%,

1/31/2024(a)(f)(g)

640,000

679,110

Corporate

Bonds

Principal

Amount

($)

Value

($)

SWITZERLAND

Capital

Markets

VistaJet

Malta

Finance

plc,

10.50%,

6/1/2024(a)

1,208,000

1,087,200

2,478,125

2,952,324

UKRAINE

0.4%

Metals

&

Mining

0.4%

Metinvest

BV,

7.75%,

10/17/2029(a)

700,000

645,400

UNITED

ARAB

EMIRATES

0.1%

Energy

Equipment

&

Services

0.1%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(a)

560,000

212,800

UNITED

KINGDOM

1.5%

Banks

0.8%

Barclays

plc,

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%,

9/15/2023(f)(g)

800,000

815,000

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.85%),

4.64%,

4/1/2031(a)(g)

245,000

285,653

1,100,653

Insurance

0.2%

Galaxy

Bidco

Ltd.,

6.50%,

7/31/2026(a)

GBP

255,000

338,936

Oil,

Gas

&

Consumable

Fuels

0.5%

Neptune

Energy

Bondco

plc,

6.63%,

5/15/2025(a)

890,000

778,750

2,218,339

UNITED

STATES

38.9%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The),

5.81%,

5/1/2050

590,000

693,016

Airlines

0.6%

Mileage

Plus

Holdings

LLC,

6.50%,

6/20/2027(a)

805,000

833,175

Auto

Components

1.1%

BorgWarner,

Inc.,

2.65%,

7/1/2027

861,000

912,652

Dealer

Tire

LLC,

8.00%,

2/1/2028(a)

717,000

704,452

1,617,104

Automobiles

1.2%

Ford

Motor

Co.

8.50%,

4/21/2023

385,000

427,416

9.00%,

4/22/2025

385,000

453,578

General

Motors

Co.,

6.13%,

10/1/2025

718,000

837,060

22

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Automobiles

Winnebago

Industries,

Inc.,

6.25%,

7/15/2028(a)

105,000

111,038

1,829,092

Banks

2.6%

Citigroup,

Inc.,

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(f)(g)

925,000

900,719

JPMorgan

Chase

&

Co.,

Series

FF,

(SOFR

+

3.38%),

5.00%,

8/01/2024(f)(g)

932,000

937,825

JPMorgan

Chase

&

Co.,

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(f)(g)

1,290,000

1,248,204

Truist

Financial

Corp.,

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(f)(g)

872,000

946,120

4,032,868

Building

Products

0.8%

Standard

Industries,

Inc.,

4.38%,

7/15/2030(a)

720,000

777,600

Summit

Materials

LLC

6.50%,

3/15/2027(a)

345,000

380,059

5.25%,

1/15/2029(a)

50,000

51,875

1,209,534

Chemicals

0.3%

Olin

Corp.,

9.50%,

6/1/2025(a)

390,000

444,600

Commercial

Services

&

Supplies

0.5%

Allied

Universal

Holdco

LLC,

6.63%,

7/15/2026(a)

375,000

401,250

APX

Group,

Inc.,

6.75%,

2/15/2027(a)

400,000

398,800

800,050

Construction

&

Engineering

0.7%

PowerTeam

Services

LLC,

9.03%,

12/4/2025(a)

995,000

1,053,954

Consumer

Finance

0.8%

Ford

Motor

Credit

Co.

LLC,

2.33%,

11/25/2025

EUR

1,110,000

1,234,630

Diversified

Consumer

Services

0.4%

Sotheby's,

7.38%,

10/15/2027(a)

545,000

550,791

Diversified

Telecommunication

Services

1.9%

AT&T,

Inc.,

2.05%,

5/19/2032

360,000

458,564

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.,

1.50%,

9/19/2039

EUR

2,000,000

2,447,092

2,905,656

Electric

Utilities

0.1%

Pattern

Energy

Operations

LP,

4.50%,

8/15/2028(a)

130,000

137,800

Electronic

Equipment,

Instruments

&

Components

1.7%

Belden,

Inc.,

3.88%,

3/15/2028(a)

905,000

1,054,340

Flex

Ltd.,

4.88%,

6/15/2029

926,000

1,067,756

FLIR

Systems,

Inc.,

2.50%,

8/1/2030

487,000

502,378

2,624,474

Energy

Equipment

&

Services

0.7%

FTS

International,

Inc.,

6.25%,

5/1/2022

639,000

180,517

Transocean

Sentry

Ltd.,

5.38%,

5/15/2023(a)

785,000

688,838

Transocean,

Inc.,

8.00%,

2/1/2027(a)

270,000

131,706

1,001,061

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

iStar

,

Inc.

4.75%,

10/1/2024

480,000

474,000

4.25%,

8/1/2025

1,225,000

1,177,531

MPT

Operating

Partnership

LP,

4.63%,

8/1/2029

505,000

533,563

2,185,094

Food

Products

0.3%

Simmons

Foods,

Inc.,

5.75%,

11/1/2024(a)

511,000

513,555

Hotels,

Restaurants

&

Leisure

3.2%

Boyd

Gaming

Corp.,

8.63%,

6/1/2025(a)

480,000

529,143

Carnival

Corp.

3.95%,

10/15/2020

180,000

178,200

10.50%,

2/1/2026(a)

125,000

129,401

Colt

Merger

Sub,

Inc.

6.25%,

7/1/2025(a)

290,000

303,630

8.13%,

7/1/2027(a)

320,000

326,000

Enterprise

Development

Authority

(The),

12.00%,

7/15/2024(a)

1,175,000

1,160,559

Hyatt

Hotels

Corp.,

5.38%,

4/23/2025

330,000

354,517

Scientific

Games

International,

Inc.

3.38%,

2/15/2026(a)

135,000

147,383

7.00%,

5/15/2028(a)

565,000

519,800

Station

Casinos

LLC,

4.50%,

2/15/2028(a)

870,000

778,650

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Hotels,

Restaurants

&

Leisure

Viking

Cruises

Ltd.,

5.88%,

9/15/2027(a)

460,000

302,450

4,729,733

Household

Durables

0.2%

Taylor

Morrison

Communities,

Inc.,

5.88%,

6/15/2027(a)

230,000

254,150

Household

Products

0.3%

Energizer

Holdings,

Inc.,

4.75%,

6/15/2028(a)

472,000

506,267

Industrial

Conglomerates

0.2%

General

Electric

Co.,

4.25%,

5/1/2040

280,000

286,684

Insurance

2.7%

CNO

Financial

Group,

Inc.,

5.25%,

5/30/2029

560,000

639,138

Farmers

Exchange

Capital

III,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(g)

1,070,000

1,270,754

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.62%,

5/23/2059(a)(g)

950,000

1,099,469

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/2097(a)

420,000

712,626

New

York

Life

Insurance

Co.,

3.75%,

5/15/2050(a)

280,000

342,543

4,064,530

Internet

&

Direct

Marketing

Retail

1.7%

Booking

Holdings,

Inc.,

4.63%,

4/13/2030

580,000

706,385

Expedia

Group,

Inc.,

3.25%,

2/15/2030

1,905,000

1,800,288

2,506,673

Media

2.9%

Clear

Channel

International

BV,

6.63%,

8/1/2025(a)

200,000

204,500

Clear

Channel

Worldwide

Holdings,

Inc.,

9.25%,

2/15/2024

785,000

712,442

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(a)

445,000

243,637

MDC

Partners,

Inc.,

6.50%,

5/1/2024(a)

1,517,000

1,437,358

Sirius

XM

Radio,

Inc.,

4.13%,

7/1/2030(a)

1,655,000

1,746,522

4,344,459

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Metals

&

Mining

0.8%

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

8/1/2028(a)

330,000

353,100

Novelis

Corp.,

4.75%,

1/30/2030(a)

765,000

798,102

1,151,202

Multi-Utilities

0.3%

Puget

Energy,

Inc.,

4.10%,

6/15/2030(a)

460,000

515,900

Oil,

Gas

&

Consumable

Fuels

4.3%

Cameron

LNG

LLC,

3.40%,

1/15/2038(a)

542,000

595,675

Energy

Transfer

Operating

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(f)(g)

1,370,000

1,138,812

EnLink

Midstream

LLC,

5.38%,

6/1/2029

871,000

696,094

EnLink

Midstream

Partners

LP,

5.60%,

4/1/2044

167,000

92,685

Hess

Midstream

Operations

LP,

5.13%,

6/15/2028(a)

520,000

526,500

Midwest

Connector

Capital

Co.

LLC,

4.63%,

4/1/2029(a)

587,000

587,896

MPLX

LP,

4.50%,

4/15/2038

610,000

649,684

PBF

Holding

Co.

LLC

9.25%,

5/15/2025(a)

410,000

458,167

6.00%,

2/15/2028(a)

1,100,000

885,500

Tallgrass

Energy

Partners

LP,

6.00%,

3/1/2027(a)

1,009,000

916,676

6,547,689

Paper

&

Forest

Products

0.7%

Schweitzer-Mauduit

International,

Inc.,

6.88%,

10/1/2026(a)

940,000

997,932

Personal

Products

0.5%

Edgewell

Personal

Care

Co.,

5.50%,

6/1/2028(a)

680,000

736,100

Pharmaceuticals

0.1%

Bausch

Health

Cos.,

Inc.,

5.25%,

1/30/2030(a)

130,000

132,763

Semiconductors

&

Semiconductor

Equipment

0.6%

Broadcom,

Inc.,

4.15%,

11/15/2030(a)

770,000

864,726

Software

1.5%

Citrix

Systems,

Inc.,

3.30%,

3/1/2030

1,315,000

1,425,994

24

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Software

Oracle

Corp.,

3.85%,

4/1/2060

660,000

824,118

2,250,112

Specialty

Retail

0.9%

AutoNation,

Inc.,

4.75%,

6/1/2030

415,000

480,764

Michaels

Stores,

Inc.,

8.00%,

7/15/2027(a)(h)

929,000

870,585

1,351,349

Technology

Hardware,

Storage

&

Peripherals

0.1%

Diebold

Nixdorf,

Inc.,

9.38%,

7/15/2025(a)

75,000

79,335

Thrifts

&

Mortgage

Finance

1.4%

Freedom

Mortgage

Corp.

8.13%,

11/15/2024(a)

1,175,000

1,157,375

8.25%,

4/15/2025(a)

516,000

514,710

Nationstar

Mortgage

Holdings,

Inc.,

6.00%,

1/15/2027(a)

405,000

413,100

2,085,185

Trading

Companies

&

Distributors

0.2%

Fortress

Transportation

and

Infrastructure

Investors

LLC,

9.75%,

8/1/2027(a)

295,000

304,587

Wireless

Telecommunication

Services

0.7%

T-Mobile

USA,

Inc.

3.88%,

4/15/2030(a)

315,000

360,574

2.55%,

2/15/2031(a)

660,000

685,668

1,046,242

58,422,072

Total

Corporate

Bonds

(cost

$85,325,128)

84,139,899

Foreign

Government

Securities

2.7%

QATAR

1.0%

State

of

Qatar,

4.82%,

3/14/2049

(a)

1,135,000

1,620,317

UNITED

ARAB

EMIRATES

1.7%

United

Arab

Emirates

Government

Bond,

3.88%,

4/16/2050

(a)

2,000,000

2,532,480

Total

Foreign

Government

Securities

(cost

$3,371,945)

4,152,797

Supranational

0.4%

Principal

Amount

($)

Value

($)

Banque

Ouest

Africaine

de

Developpement

,

4.70%,

10/22/2031(a)

550,000

558,250

Total

Supranational

(cost

$550,000)

558,250

Loan

Participations

4.5%

UNITED

STATES

4.5%

Auto

Components

0.3%

Trico

Group

LLC,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

7.00%),

8.00%,

2/2/2024

(g)

587,900

555,936

Commercial

Services

&

Supplies

0.1%

West

Corp.,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

5.00%,

10/10/2024

(g)

119,176

104,545

Food

Products

0.4%

JBS

USA

Lux

SA,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

2.00%),

3.07%,

5/1/2026

(g)

614,644

592,431

Hotels,

Restaurants

&

Leisure

0.9%

Spectacle

Gary

Holdings,

LLC,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

9.00%),

11.00%,

12/23/2025

(g)

1,535,800

1,420,615

IT

Services

0.8%

Dyncorp

International,

Inc.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

6.00%),

7.00%,

8/18/2025

(g)

1,222,375

1,170,241

Machinery

0.5%

Waterjet

Holdings,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.00%),

3.18%,

4/21/2025

(g)

988,167

731,243

Media

0.2%

Diamond

Sports

Group

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.25%),

3.42%,

8/24/2026

(g)

377,150

300,306

Metals

&

Mining

0.1%

Big

River

Steel

LLC,

1st

Lien

Term

Loan

B,

(ICE

LIBOR

USD

3

Month

+

5.00%),

6.00%,

8/23/2023

(g)

121,563

115,484

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

25

Loan

Participations

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

1.2%

Xplornet

Communications,

Inc.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

4.75%),

4.91%,

12/31/2028

(g)

1,815,000

1,765,650

Total

Loan

Participation

(cost

$7,170,237)

6,756,451

Convertible

Bonds

2.1%

Airlines

1.1%

Air

Canada,

4.00%,

07/01/25

(a)

803,000

835,120

Southwest

Airlines

Co.,

1.25%,

05/01/25

625,000

724,470

1,559,590

Hotels,

Restaurants

&

Leisure

0.7%

Carnival

Corp.,

5.75%,

04/01/23

(a)

605,000

877,432

Royal

Caribbean

Cruises

Ltd.,

4.25%,

06/15/23

(a)

210,000

199,154

1,076,586

Pharmaceuticals

0.3%

Tricida

,

Inc.,

3.50%,

05/15/27

(a)

715,000

489,768

Total

Convertible

Bond

(cost  $2,985,703)

3,125,944

Short-Term

Investment

0.5%

Shares

Money

Market

Fund

0.5%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.09%

(

i

)(j)

785,111

785,111

Total

Short-Term

Investment

(cost

$785,111)

785,111

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$88,214,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$90,527.

(j)

88,214

88,214

Total

Repurchase

Agreement

(cost

$88,214)

88,214

Total

Investments

(cost

$144,107,711)

—

93.7%

141,252,782

Other

assets

in

excess

of

liabilities

—

6.3%

9,420,372

NET

ASSETS

—

100.0%

$

150,673,154

†

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

July

31,

2020

was

$98,239,694

which

represents

65.20%

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

July

31,

2020.

(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

July

31,

2020.

(d)

Security

in

default.

(e)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

PIK

rate.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2020.

The

maturity

date

reflects

the

next

call

date.

(g)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2020.

(h)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$848,094,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$785,111

and

$88,214,

respectively,

a

total

value

of

$873,325.

(

i

)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$873,325.

CLO

Collateralized

Loan

Obligations

26

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

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

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

July

31,

2020

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

34-V7

5.00

Quarterly

6/20/2025

5.76

USD

61,000,000

(411,153)

(1,396,447)

(1,807,600)

Markit

CDX

North

American

Investment

Grade

Index

Series

34-V1

1.00

Quarterly

6/20/2025

6.03

USD

13,000,000

(173,442)

(30,946)

(204,388)

(584,595)

(1,427,393)

(2,011,988)

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

credit

protection

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).

At

July

31,

2020,

the

Fund

had

$4,713,809

segregated

as

collateral

for

credit

default

swap

contracts.

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2020:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

EUR

1,500,000

USD

1,776,931

JPMorgan

Chase

Bank

8/24/2020

(9,242)

USD

9,116,253

EUR

7,964,728

JPMorgan

Chase

Bank

8/24/2020

(269,853)

USD

303,177

GBP

240,000

JPMorgan

Chase

Bank

8/24/2020

(11,018)

Net

unrealized

depreciation

(290,113)

At

July

31,

2020,

the

Fund

had

$390,000

segregated

as

collateral

for

Forward

foreign

currency

contracts.

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

10

Year

Note

1

9/2020

USD

140,078

982

982

28

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

Euro-

Bobl

(10)

9/2020

EUR

(1,593,060)

(9,350)

Euro-Bund

(37)

9/2020

EUR

(7,737,058)

(107,799)

U.S.

Treasury

2

Year

Note

(80)

9/2020

USD

(17,678,750)

(16,471)

U.S.

Treasury

5

Year

Note

(103)

9/2020

USD

(12,990,875)

(70,620)

U.S.

Treasury

10

Year

Ultra

Note

(71)

9/2020

USD

(11,306,750)

(169,807)

U.S.

Treasury

Long

Bond

(70)

9/2020

USD

(12,759,688)

(316,039)

U.S.

Treasury

Ultra

Bond

(39)

9/2020

USD

(8,879,812)

(464,919)

USD

10

Year

Interest

Rate

Swap

(27)

9/2020

USD

(2,757,375)

(103,849)

(1,258,854)

(1,257,872)

At

July

31,

2020,

the

Fund

had

$1,181,871

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

29

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

30

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

Swap

Contracts

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts

during

the

six

months

ended

July

31,

2020

.

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. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

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

July

31,

2020

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

12,060,703

$

–

$

12,060,703

Collateralized

Mortgage

Obligations

–

24,106,416

–

24,106,416

Commercial

Mortgage-Backed

Securities

–

5,478,997

–

5,478,997

Convertible

Bonds

–

3,125,944

–

3,125,944

Corporate

Bonds

–

84,139,899

–

84,139,899

Foreign

Government

Securities

–

4,152,797

–

4,152,797

Futures

Contracts

982

–

–

982

Loan

Participations

–

6,756,451

–

6,756,451

Repurchase

Agreement

–

88,214

–

88,214

Short-Term

Investment

785,111

–

–

785,111

Supranational

–

558,250

–

558,250

Total

Assets

$

786,093

$

140,467,671

$

–

$

141,253,764

Liabilities:

Credit

Default

Swaps*

$

–

$

(1,427,393)

$

–

$

(1,427,393)

Forward

Foreign

Currency

Contracts

–

(290,113)

–

(290,113)

Futures

Contracts

(1,258,854)

–

–

(1,258,854)

Total

Liabilities

$

(1,258,854)

$

(1,717,506)

$

–

$

(2,976,360)

Total

$

(472,761)

$

138,750,165

$

–

$

138,277,404

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

31

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

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

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

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,

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,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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.

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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.

32

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

982

Total

$

982

Liabilities:

Swap

Contracts

(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(1,427,393

)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(290,113

)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,258,854

)

Total

$

(2,976,360

)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

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.

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

98.5%

Shares

Value

($)

ARGENTINA

1.1%

Internet

&

Direct

Marketing

Retail

0.6%

MercadoLibre

,

Inc.

*

800

899,696

Software

0.5%

Globant

SA

*

5,000

864,700

1,764,396

AUSTRALIA

7.1%

Banks

0.5%

Commonwealth

Bank

of

Australia

15,000

762,383

Biotechnology

1.2%

CSL

Ltd.

10,000

1,928,632

Capital

Markets

1.1%

ASX

Ltd.

20,000

1,180,464

Magellan

Financial

Group

Ltd.

15,000

654,663

1,835,127

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Goodman

Group

80,000

967,109

Health

Care

Equipment

&

Supplies

0.4%

Cochlear

Ltd.

5,000

681,224

Hotels,

Restaurants

&

Leisure

0.3%

Aristocrat

Leisure

Ltd.

30,000

560,609

Metals

&

Mining

2.4%

BHP

Group

Ltd.

60,000

1,590,248

BHP

Group

plc

50,000

1,090,502

Rio

Tinto

plc

20,000

1,218,924

3,899,674

Multiline

Retail

0.6%

Wesfarmers

Ltd.

30,000

997,105

11,631,863

CANADA

0.4%

Metals

&

Mining

0.4%

Barrick

Gold

Corp.

25,000

722,750

CHINA

3.9%

Air

Freight

&

Logistics

0.3%

ZTO

Express

Cayman,

Inc.,

ADR

15,000

555,750

Banks

0.5%

China

Construction

Bank

Corp.,

Class

H

1,100,000

802,376

Entertainment

0.6%

NetEase

,

Inc.,

ADR

2,000

916,840

Interactive

Media

&

Services

0.6%

Tencent

Holdings

Ltd.

15,000

1,026,820

Internet

&

Direct

Marketing

Retail

1.3%

Alibaba

Group

Holding

Ltd.,

ADR

*

5,000

1,255,099

JD.com,

Inc.,

ADR

*

12,000

765,480

2,020,579

Oil,

Gas

&

Consumable

Fuels

0.2%

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H

700,000

310,580

Common

Stocks

Shares

Value

($)

CHINA

Wireless

Telecommunication

Services

0.4%

China

Mobile

Ltd.,

ADR

20,000

681,200

6,314,145

COLOMBIA

0.3%

Banks

0.3%

Grupo

Aval

Acciones

y

Valores

SA,

ADR

100,000

457,000

DENMARK

3.8%

Beverages

0.5%

Carlsberg

A/S,

Class

B

6,000

884,666

Electric

Utilities

0.7%

Orsted

A/S

Reg.

S

(a)

8,000

1,145,911

Health

Care

Equipment

&

Supplies

0.6%

Coloplast

A/S,

Class

B

6,000

1,023,349

Marine

0.6%

AP

Moller

-

Maersk

A/S,

Class

B

700

902,035

Pharmaceuticals

1.4%

Novo

Nordisk

A/S,

Class

B

35,000

2,309,183

6,265,144

EGYPT

0.6%

Banks

0.6%

Commercial

International

Bank

Egypt

SAE

(Registered),

GDR

Reg.

S

250,000

964,176

FINLAND

0.6%

Multiline

Retail

0.6%

Tokmanni

Group

Corp.

55,000

1,030,286

FRANCE

9.0%

Automobiles

0.5%

Peugeot

SA

*

50,000

810,320

Banks

1.1%

BNP

Paribas

SA

*

20,000

811,437

Credit

Agricole

SA

*

100,000

966,089

1,777,526

Chemicals

1.3%

Air

Liquide

SA

13,000

2,146,179

Construction

&

Engineering

1.1%

Bouygues

SA

30,000

1,067,073

Eiffage

SA

*

9,000

788,853

1,855,926

Diversified

Telecommunication

Services

0.4%

Orange

SA

50,000

585,776

Electrical

Equipment

1.8%

Schneider

Electric

SE

24,000

2,796,169

Food

&

Staples

Retailing

0.4%

Carrefour

SA

38,000

606,124

Food

Products

0.4%

Danone

SA

10,000

668,088

Multi-Utilities

0.3%

Engie

SA

*

40,000

534,299

34

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Oil,

Gas

&

Consumable

Fuels

0.3%

TOTAL

SE

15,000

556,926

Personal

Products

0.4%

L'Oreal

SA

2,000

669,851

Pharmaceuticals

0.5%

Sanofi

7,500

784,063

Textiles,

Apparel

&

Luxury

Goods

0.5%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,000

868,960

14,660,207

GERMANY

9.6%

Air

Freight

&

Logistics

0.9%

Deutsche

Post

AG

(Registered)

37,000

1,500,027

Automobiles

0.5%

Porsche

Automobil

Holding

SE

(Preference)

*

13,000

738,915

Chemicals

0.6%

BASF

SE

18,000

996,775

Construction

Materials

0.5%

HeidelbergCement

AG

15,000

838,169

Diversified

Telecommunication

Services

0.8%

Deutsche

Telekom

AG

(Registered)

75,000

1,255,856

Health

Care

Equipment

&

Supplies

0.5%

Siemens

Healthineers

AG

Reg.

S

(a)

16,000

829,767

Industrial

Conglomerates

0.6%

Siemens

AG

(Registered)

7,500

961,045

Insurance

1.6%

Allianz

SE

(Registered)

8,000

1,668,620

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

3,800

1,010,305

2,678,925

Internet

&

Direct

Marketing

Retail

0.4%

Zalando

SE

Reg.

S

*(a)

10,000

723,256

Multi-Utilities

0.8%

E.ON

SE

50,000

586,639

RWE

AG

20,000

756,067

1,342,706

Pharmaceuticals

1.2%

Bayer

AG

(Registered)

20,000

1,331,682

Merck

KGaA

5,000

638,795

1,970,477

Software

1.2%

SAP

SE

12,000

1,898,284

15,734,202

HONG

KONG

2.6%

Capital

Markets

0.7%

Hong

Kong

Exchanges

&

Clearing

Ltd.

25,000

1,195,454

Common

Stocks

Shares

Value

($)

HONG

KONG

Diversified

Telecommunication

Services

0.5%

HKT

Trust

&

HKT

Ltd.

550,000

810,783

Food

Products

0.5%

WH

Group

Ltd.

Reg.

S

(a)

850,000

756,685

Insurance

0.6%

AIA

Group

Ltd.

110,000

985,758

Real

Estate

Management

&

Development

0.3%

CK

Asset

Holdings

Ltd.

90,000

496,239

4,244,919

HUNGARY

0.8%

Banks

0.4%

OTP

Bank

Nyrt

.

*

20,000

715,784

Pharmaceuticals

0.4%

Richter

Gedeon

Nyrt

26,000

603,983

1,319,767

IRELAND

1.7%

Building

Products

0.4%

Kingspan

Group

plc

10,000

719,254

Construction

Materials

0.8%

CRH

plc

35,000

1,255,185

Food

Products

0.5%

Kerry

Group

plc,

Class

A

6,000

794,465

2,768,904

ISRAEL

1.2%

Pharmaceuticals

0.4%

Teva

Pharmaceutical

Industries

Ltd.,

ADR

*

60,000

692,400

Software

0.8%

Check

Point

Software

Technologies

Ltd.

*

5,000

626,750

Nice

Ltd.,

ADR

*

3,500

718,340

1,345,090

2,037,490

ITALY

2.0%

Automobiles

0.4%

Ferrari

NV

4,000

717,005

Banks

0.3%

Intesa

Sanpaolo

SpA

*

220,000

446,900

Electric

Utilities

0.9%

Enel

SpA

150,000

1,372,995

Electrical

Equipment

0.4%

Prysmian

SpA

28,000

718,018

3,254,918

JAPAN

20.0%

Auto

Components

0.4%

Bridgestone

Corp.

20,900

616,100

Automobiles

1.7%

Honda

Motor

Co.

Ltd.

23,000

558,803

Suzuki

Motor

Corp.

12,800

425,072

Toyota

Motor

Corp.

25,000

1,489,313

Yamaha

Motor

Co.

Ltd.

35,000

514,444

2,987,632

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

JAPAN

Banks

1.0%

Mitsubishi

UFJ

Financial

Group,

Inc.

250,000

937,863

Sumitomo

Mitsui

Financial

Group,

Inc.

25,000

668,362

1,606,225

Building

Products

0.4%

Daikin

Industries

Ltd.

4,000

703,341

Capital

Markets

0.3%

Nomura

Holdings,

Inc.

100,000

467,084

Chemicals

0.8%

Mitsui

Chemicals,

Inc.

30,000

574,387

Shin-Etsu

Chemical

Co.

Ltd.

6,000

703,540

1,277,927

Construction

&

Engineering

0.3%

Obayashi

Corp.

60,000

536,629

Diversified

Telecommunication

Services

0.3%

Nippon

Telegraph

&

Telephone

Corp.

22,000

509,252

Electrical

Equipment

0.8%

Mitsubishi

Electric

Corp.

55,000

719,380

Nidec

Corp.

8,000

640,195

1,359,575

Electronic

Equipment,

Instruments

&

Components

1.3%

Hitachi

Ltd.

20,000

593,692

Keyence

Corp.

2,000

840,510

Murata

Manufacturing

Co.

Ltd.

10,000

626,372

2,060,574

Entertainment

0.7%

Nintendo

Co.

Ltd.

2,500

1,096,822

Food

&

Staples

Retailing

0.4%

Seven

&

i

Holdings

Co.

Ltd.

20,000

609,367

Health

Care

Equipment

&

Supplies

0.9%

Hoya

Corp.

8,000

789,394

Olympus

Corp.

35,000

628,177

1,417,571

Health

Care

Technology

0.3%

M3,

Inc.

10,000

510,666

Household

Durables

1.5%

Haseko

Corp.

40,000

473,736

Panasonic

Corp.

60,000

515,370

Sekisui

Chemical

Co.

Ltd.

40,000

546,562

Sony

Corp.

13,000

1,008,092

2,543,760

Household

Products

0.3%

Unicharm

Corp.

12,000

539,343

Insurance

0.3%

Tokio

Marine

Holdings,

Inc.

12,000

506,809

IT

Services

0.3%

Fujitsu

Ltd.

4,000

536,789

Machinery

1.3%

FANUC

Corp.

4,000

672,154

Komatsu

Ltd.

50,000

986,416

SMC

Corp.

1,000

521,696

2,180,266

Common

Stocks

Shares

Value

($)

JAPAN

Personal

Products

0.8%

Kao

Corp.

12,000

870,451

Shiseido

Co.

Ltd.

8,000

443,352

1,313,803

Pharmaceuticals

1.0%

Astellas

Pharma,

Inc.

35,000

547,711

Daiichi

Sankyo

Co.

Ltd.

6,000

527,808

Takeda

Pharmaceutical

Co.

Ltd.

18,000

640,413

1,715,932

Professional

Services

0.4%

Recruit

Holdings

Co.

Ltd.

20,000

620,726

Real

Estate

Management

&

Development

0.4%

Mitsubishi

Estate

Co.

Ltd.

44,000

636,326

Semiconductors

&

Semiconductor

Equipment

1.0%

Advantest

Corp.

15,000

811,139

Tokyo

Electron

Ltd.

3,000

819,574

1,630,713

Specialty

Retail

0.3%

Fast

Retailing

Co.

Ltd.

1,000

535,656

Tobacco

0.3%

Japan

Tobacco,

Inc.

25,000

430,161

Trading

Companies

&

Distributors

1.0%

ITOCHU

Corp.

50,000

1,095,266

Sumitomo

Corp.

45,000

501,996

1,597,262

Wireless

Telecommunication

Services

1.5%

KDDI

Corp.

14,000

430,958

Softbank

Corp.

38,000

509,312

SoftBank

Group

Corp.

23,000

1,448,572

2,388,842

32,935,153

NETHERLANDS

6.1%

Banks

0.3%

ING

Groep

NV

80,000

554,644

Capital

Markets

0.4%

Euronext

NV

Reg.

S

(a)

6,000

687,561

Chemicals

0.5%

Akzo

Nobel

NV

8,000

755,877

Food

&

Staples

Retailing

1.1%

Koninklijke

Ahold

Delhaize

NV

60,000

1,729,550

Health

Care

Equipment

&

Supplies

0.4%

Koninklijke

Philips

NV

*

13,263

688,996

IT

Services

0.6%

Adyen

NV

Reg.

S

*(a)

600

1,001,694

Oil,

Gas

&

Consumable

Fuels

0.3%

Royal

Dutch

Shell

plc,

Class

B

30,000

424,664

Professional

Services

0.6%

Wolters

Kluwer

NV

12,000

948,771

Semiconductors

&

Semiconductor

Equipment

1.9%

ASML

Holding

NV

(Registered),

NYRS

7,000

2,476,041

36

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

NETHERLANDS

Semiconductors

&

Semiconductor

Equipment

NXP

Semiconductors

NV

6,000

705,180

3,181,221

9,972,978

NEW

ZEALAND

0.3%

Health

Care

Equipment

&

Supplies

0.3%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

20,000

477,773

PAKISTAN

0.5%

Banks

0.1%

MCB

Bank

Ltd.

200,000

212,389

Chemicals

0.1%

Engro

Fertilizers

Ltd.

600,000

239,117

Oil,

Gas

&

Consumable

Fuels

0.3%

Oil

&

Gas

Development

Co.

Ltd.

500,000

342,306

793,812

PHILIPPINES

0.3%

Wireless

Telecommunication

Services

0.3%

PLDT,

Inc.

20,000

543,006

PORTUGAL

1.1%

Electric

Utilities

0.6%

EDP

-

Energias

de

Portugal

SA

180,000

911,565

Food

&

Staples

Retailing

0.5%

Jeronimo

Martins

SGPS

SA

55,000

928,318

1,839,883

RUSSIA

0.9%

Banks

0.3%

Sberbank

of

Russia

PJSC,

ADR

*

40,000

479,517

Metals

&

Mining

0.2%

Severstal

PAO,

GDR

Reg.

S

30,000

368,115

Oil,

Gas

&

Consumable

Fuels

0.4%

LUKOIL

PJSC,

ADR

8,000

547,873

1,395,505

SINGAPORE

1.6%

Banks

0.9%

DBS

Group

Holdings

Ltd.

60,000

855,756

Oversea-Chinese

Banking

Corp.

Ltd.

110,000

679,974

1,535,730

Real

Estate

Management

&

Development

0.4%

CapitaLand

Ltd.

300,000

596,529

Road

&

Rail

0.3%

ComfortDelGro

Corp.

Ltd.

473,733

463,692

2,595,951

SOUTH

AFRICA

0.8%

Metals

&

Mining

0.8%

Anglo

American

plc

50,000

1,233,896

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

1.9%

Banks

0.4%

KB

Financial

Group,

Inc.

20,000

593,937

Interactive

Media

&

Services

0.8%

NAVER

Corp.

5,000

1,265,124

Technology

Hardware,

Storage

&

Peripherals

0.7%

Samsung

Electronics

Co.

Ltd.

25,000

1,216,805

3,075,866

SWEDEN

1.8%

Banks

0.4%

Skandinaviska

Enskilda

Banken

AB,

Class

A

*

60,000

581,547

Communications

Equipment

0.7%

Telefonaktiebolaget

LM

Ericsson,

Class

B

100,000

1,153,258

Machinery

0.7%

Alfa

Laval

AB

*

25,000

592,705

Volvo

AB,

Class

B

*

35,000

605,625

1,198,330

2,933,135

SWITZERLAND

8.9%

Capital

Markets

0.4%

UBS

Group

AG

(Registered)

60,000

706,542

Construction

Materials

0.6%

LafargeHolcim

Ltd.

(Registered)

*

20,000

947,118

Food

Products

2.2%

Nestle

SA

(Registered)

30,000

3,554,258

Insurance

0.4%

Swiss

Life

Holding

AG

(Registered)

*

2,000

732,691

Life

Sciences

Tools

&

Services

0.4%

Lonza

Group

AG

(Registered)

1,000

624,213

Pharmaceuticals

3.4%

Novartis

AG

(Registered)

25,000

2,070,472

Roche

Holding

AG

10,000

3,460,085

5,530,557

Semiconductors

&

Semiconductor

Equipment

0.4%

STMicroelectronics

NV

22,000

622,617

Technology

Hardware,

Storage

&

Peripherals

1.1%

Logitech

International

SA

(Registered)

25,000

1,821,859

14,539,855

TAIWAN

0.6%

Entertainment

0.6%

Sea

Ltd.,

ADR

*

8,000

977,600

UNITED

KINGDOM

8.3%

Aerospace

&

Defense

0.8%

BAE

Systems

plc

200,000

1,289,702

Banks

0.3%

Standard

Chartered

plc

100,000

508,304

Beverages

0.7%

Diageo

plc

30,000

1,099,324

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Household

Durables

0.4%

Persimmon

plc

20,000

633,195

Industrial

Conglomerates

0.4%

CK

Hutchison

Holdings

Ltd.

90,000

587,686

Insurance

1.1%

Direct

Line

Insurance

Group

plc

220,000

857,759

Phoenix

Group

Holdings

plc

120,000

1,041,319

1,899,078

Oil,

Gas

&

Consumable

Fuels

0.5%

BP

plc

220,000

797,541

Personal

Products

1.1%

Unilever

NV

10,000

591,919

Unilever

plc

20,000

1,201,204

1,793,123

Pharmaceuticals

2.2%

AstraZeneca

plc,

ADR

36,000

2,008,080

GlaxoSmithKline

plc

85,000

1,706,942

3,715,022

Professional

Services

0.5%

RELX

plc

35,000

743,015

Tobacco

0.3%

British

American

Tobacco

plc

17,000

564,178

13,630,168

UNITED

STATES

0.7%

Trading

Companies

&

Distributors

0.7%

Ferguson

plc

12,000

1,073,218

Total

Common

Stocks

(cost

$144,164,693)

161,187,966

Exchange

Traded

Fund

0.7%

UNITED

STATES

0.7%

VanEck

Vectors

Vietnam

ETF

(b)

80,000

1,096,000

Total

Exchange

Traded

Fund

(cost

$1,478,199)

1,096,000

Rights

0.0%

†

Number

of

Rights

PORTUGAL

0.0%

†

Electric

Utilities

0.0%

†

EDP

-

Energias

de

Portugal

SA,

expiring

8/6/2020*

180,000

18,277

Total

Rights

(cost

$–)

18,277

Short-Term

Investment

0.0%

†

Shares

Value

($)

Money

Market

Fund

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(c)(d)

66,148

66,148

Total

Short-Term

Investment

(cost  $66,148)

66,148

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$7,432,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$7,627.(d)

7,432

7,432

Total

Repurchase

Agreement

(cost

$7,432)

7,432

Total

Investments

(cost

$145,716,472)

  —

99.2%

162,375,823

Other

assets

in

excess

of

liabilities

—

0.8%

1,270,764

NET

ASSETS

—

100.0%

$

163,646,587

*

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

July

31,

2020

was

$5,144,874

which

represents

3.14%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$71,240,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$66,148

and

$7,432,

respectively,

a

total

value

of

$73,580.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$73,580.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

NYRS

New

York

Registry

Shares

PAO

Public

Stock

Company

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.

38

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

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

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

39

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

40

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

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

$

–

$

1,289,702

$

–

$

1,289,702

Air

Freight

&

Logistics

555,750

1,500,027

–

2,055,777

Auto

Components

–

616,100

–

616,100

Automobiles

–

5,253,872

–

5,253,872

Banks

457,000

11,541,438

–

11,998,438

Beverages

–

1,983,990

–

1,983,990

Biotechnology

–

1,928,632

–

1,928,632

Building

Products

–

1,422,595

–

1,422,595

Capital

Markets

–

4,891,768

–

4,891,768

Chemicals

–

5,415,875

–

5,415,875

Communications

Equipment

–

1,153,258

–

1,153,258

Construction

&

Engineering

–

2,392,555

–

2,392,555

Construction

Materials

–

3,040,472

–

3,040,472

Diversified

Telecommunication

Services

–

3,161,667

–

3,161,667

Electric

Utilities

–

3,430,471

–

3,430,471

Electrical

Equipment

–

4,873,762

–

4,873,762

Electronic

Equipment,

Instruments

&

Components

–

2,060,574

–

2,060,574

Entertainment

1,894,440

1,096,822

–

2,991,262

Equity

Real

Estate

Investment

Trusts

(REITs)

–

967,109

–

967,109

Food

&

Staples

Retailing

–

3,873,359

–

3,873,359

Food

Products

–

5,773,496

–

5,773,496

Health

Care

Equipment

&

Supplies

–

5,118,680

–

5,118,680

Health

Care

Technology

–

510,666

–

510,666

Hotels,

Restaurants

&

Leisure

–

560,609

–

560,609

Household

Durables

–

3,176,955

–

3,176,955

Household

Products

–

539,343

–

539,343

Industrial

Conglomerates

–

1,548,731

–

1,548,731

Insurance

–

6,803,261

–

6,803,261

Interactive

Media

&

Services

–

2,291,944

–

2,291,944

Internet

&

Direct

Marketing

Retail

2,920,275

723,256

–

3,643,531

IT

Services

–

1,538,483

–

1,538,483

Life

Sciences

Tools

&

Services

–

624,213

–

624,213

Machinery

–

3,378,596

–

3,378,596

Marine

–

902,035

–

902,035

Metals

&

Mining

722,750

5,501,685

–

6,224,435

Multiline

Retail

–

2,027,391

–

2,027,391

Multi-Utilities

–

1,877,005

–

1,877,005

Oil,

Gas

&

Consumable

Fuels

–

2,979,890

–

2,979,890

Personal

Products

–

3,776,777

–

3,776,777

Pharmaceuticals

2,700,480

14,621,137

–

17,321,617

Professional

Services

–

2,312,512

–

2,312,512

Real

Estate

Management

&

Development

–

1,729,094

–

1,729,094

Road

&

Rail

–

463,692

–

463,692

Semiconductors

&

Semiconductor

Equipment

3,181,221

2,253,330

–

5,434,551

Software

2,209,790

1,898,284

–

4,108,074

Specialty

Retail

–

535,656

–

535,656

Technology

Hardware,

Storage

&

Peripherals

–

3,038,664

–

3,038,664

Textiles,

Apparel

&

Luxury

Goods

–

868,960

–

868,960

Tobacco

–

994,339

–

994,339

Trading

Companies

&

Distributors

–

2,670,480

–

2,670,480

Wireless

Telecommunication

Services

681,200

2,931,848

–

3,613,048

Total

Common

Stocks

$

15,322,906

$

145,865,060

$

–

$

161,187,966

Exchange

Traded

Fund

1,096,000

–

–

1,096,000

Repurchase

Agreement

–

7,432

–

7,432

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

41

Level

1

Level

2

Level

3

Total

Assets:

Right

$

18,277

$

–

$

–

$

18,277

Short-Term

Investment

66,148

–

–

66,148

Total

$

16,503,331

$

145,872,492

$

–

$

162,375,823

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report..

42

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Corporate

Bonds

25.3%

Principal

Amount

($)

Value

($)

BRAZIL

1.8%

Chemicals

0.8%

Braskem

Netherlands

Finance

BV,

4.50%,

1/31/2030(a)

620,000

574,275

Health

Care

Providers

&

Services

0.4%

Rede

D'or

Finance

Sarl

,

4.50%,

1/22/2030(a)

296,000

265,290

Paper

&

Forest

Products

0.6%

Suzano

Austria

GmbH,

5.00%,

1/15/2030

383,000

399,277

1,238,842

CHINA

2.7%

Automobiles

1.0%

Geely

Automobile

Holdings

Ltd.,

Reg.

S,

3.63%,

1/25/2023

700,000

707,465

Internet

&

Direct

Marketing

Retail

0.3%

Prosus

NV,

4.03%,

8/3/2050(a)

200,000

208,167

Real

Estate

Management

&

Development

1.4%

China

Aoyuan

Group

Ltd.,

Reg.

S,

6.35%,

2/8/2024

350,000

352,755

Longfor

Group

Holdings

Ltd.,

Reg.

S,

3.95%,

9/16/2029

571,000

614,544

967,299

1,882,931

COLOMBIA

1.7%

Banks

0.6%

Grupo

Aval

Ltd.,

4.38%,

2/4/2030(a)

440,000

421,740

Oil,

Gas

&

Consumable

Fuels

1.1%

Ecopetrol

SA,

6.88%,

4/29/2030

287,000

345,835

Transportadora

de

Gas

Internacional

SA

ESP,

5.55%,

11/1/2028(a)

400,000

442,000

787,835

1,209,575

CONGO,

DEMOCRATIC

REPUBLIC

OF

THE

0.4%

Machinery

0.4%

HTA

Group

Ltd.,

7.00%,

12/18/2025(a)

273,000

281,758

DOMINICAN

REPUBLIC

0.5%

Electric

Utilities

0.5%

AES

Andres

BV,

Reg.

S,

7.95%,

5/11/2026

340,000

348,925

GEORGIA

1.6%

Banks

1.1%

Bank

of

Georgia

JSC,

Reg.

S,

6.00%,

7/26/2023

749,000

756,640

Corporate

Bonds

Principal

Amount

($)

Value

($)

GEORGIA

Electric

Utilities

0.5%

Georgia

Global

Utilities

JSC,

7.75%,

7/30/2025(a)

340,000

342,550

1,099,190

INDIA

1.7%

Diversified

Financial

Services

1.0%

REC

Ltd.,

Reg.

S,

4.63%,

3/22/2028

693,000

714,963

Electric

Utilities

0.4%

Adani

Electricity

Mumbai

Ltd.,

3.95%,

2/12/2030(a)

281,000

277,531

Multiline

Retail

0.3%

Future

Retail

Ltd.,

5.60%,

1/22/2025(a)

300,000

195,067

1,187,561

INDONESIA

2.1%

Banks

1.0%

Bank

Mandiri

Persero

Tbk

.

PT,

Reg.

S,

3.75%,

4/11/2024

337,000

354,288

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT,

Reg.

S,

4.63%,

7/20/2023

325,000

346,125

700,413

Electric

Utilities

0.5%

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

6.25%,

1/25/2049(a)

265,000

360,400

Oil,

Gas

&

Consumable

Fuels

0.6%

Medco

Oak

Tree

Pte.

Ltd.,

Reg.

S,

7.38%,

5/14/2026

461,000

454,424

1,515,237

ISRAEL

1.0%

Pharmaceuticals

1.0%

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

6.00%,

4/15/2024

656,000

693,720

KAZAKHSTAN

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

KazMunayGas

National

Co.

JSC,

Reg.

S,

4.75%,

4/19/2027

330,000

368,973

Nationwide

Emerging

Markets

Debt

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

MEXICO

3.3%

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

394,804

Chemicals

0.3%

Orbia

Advance

Corp.

SAB

de

CV,

Reg.

S,

5.88%,

9/17/2044

200,000

232,000

Consumer

Finance

0.2%

Unifin

Financiera

SAB

de

CV,

Reg.

S,

7.00%,

1/15/2025

238,000

184,128

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Trust

Fibra

Uno,

Reg.

S,

6.95%,

1/30/2044

375,000

404,063

Oil,

Gas

&

Consumable

Fuels

1.2%

Petroleos

Mexicanos

,

Reg.

S,

7.19%,

9/12/2024

MXN

11,891,200

463,609

Petroleos

Mexicanos

,

Series

14-2,

7.47%,

11/12/2026

9,600,000

341,856

805,465

Wireless

Telecommunication

Services

0.5%

Sixsigma

Networks

Mexico

SA

de

CV,

7.50%,

5/2/2025(a)

377,000

354,380

2,374,840

NIGERIA

0.8%

Construction

&

Engineering

0.8%

IHS

Netherlands

Holdco

BV,

7.13%,

3/18/2025(a)

580,000

587,366

PANAMA

0.4%

Media

0.4%

Cable

Onda

SA,

4.50%,

1/30/2030(a)

283,000

297,113

RUSSIA

1.3%

Banks

0.5%

Sovcombank

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%),

7.75%,

5/06/2025(b)(c)

400,000

366,821

Consumer

Finance

0.8%

GTLK

Europe

DAC,

Reg.

S,

5.13%,

5/31/2024

540,000

564,932

931,753

Corporate

Bonds

Principal

Amount

($)

Value

($)

SAUDI

ARABIA

0.3%

Real

Estate

Management

&

Development

0.3%

Dar

Al-

Arkan

Sukuk

Co.

Ltd.,

Reg.

S,

6.75%,

2/15/2025

290,000

256,372

SINGAPORE

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

Puma

International

Financing

SA,

5.00%,

1/24/2026(a)

404,000

356,557

SOUTH

AFRICA

1.2%

Chemicals

0.5%

Sasol

Financing

USA

LLC,

6.50%,

9/27/2028

400,000

361,000

Diversified

Telecommunication

Services

0.5%

Liquid

Telecommunications

Financing

plc,

Reg.

S,

8.50%,

7/13/2022

365,000

368,654

Electric

Utilities

0.2%

Eskom

Holdings

SOC

Ltd.

Reg.

S,

Reg.

S,

7.13%,

2/11/2025

200,000

190,580

920,234

SPAIN

0.4%

Construction

&

Engineering

0.4%

International

Airport

Finance

SA,

12.00%,

3/15/2033(a)

357,000

303,004

TUNISIA

1.7%

Banks

1.7%

Banque

Centrale

de

Tunisie

International

Bond

6.75%,

10/31/2023(a)

EUR

708,000

783,849

Reg.

S,

5.63%,

2/17/2024

411,000

441,489

1,225,338

UKRAINE

0.5%

Metals

&

Mining

0.5%

Metinvest

BV,

8.50%,

4/23/2026(a)

338,000

330,652

UNITED

ARAB

EMIRATES

0.9%

Diversified

Financial

Services

0.6%

ICD

Sukuk

Co.

Ltd.,

Reg.

S,

5.00%,

2/1/2027

370,000

396,198

Multi-Utilities

0.3%

Abu

Dhabi

National

Energy

Co.

PJSC,

4.88%,

4/23/2030(a)

200,000

252,558

648,756

44

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

VENEZUELA,

BOLIVARIAN

REPUBLIC

OF

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Petroleos

de

Venezuela

SA,

Reg.

S,

5.50%,

4/12/2037(d)

560,000

14,000

Total

Corporate

Bonds

(cost

$18,118,370)

18,072,697

Foreign

Government

Securities

70.8%

ALBANIA

0.5%

Republic

of

Albania

3.50%,

6/16/2027

(a)

EUR

300,000

360,894

ANGOLA

0.4%

Republic

of

Angola,

Reg.

S,

9.50%,

11/12/2025

300,000

272,973

ARGENTINA

2.7%

Argentine

Republic

7.50%,

4/22/2026

(d)

354,000

152,220

6.88%,

1/26/2027

(d)

624,000

263,640

5.88%,

1/11/2028

(d)

2,216,000

930,720

8.28%,

12/31/2033

(d)

192,079

97,480

7.63%,

4/22/2046

(d)

1,131,000

480,675

$

1,924,735

ARMENIA

1.3%

Republic

of

Armenia

Reg.

S,

7.15%,

3/26/2025

248,000

281,931

3.95%,

9/26/2029

(a)

670,000

661,840

943,771

BAHAMAS

1.5%

Commonwealth

of

the

Bahamas,

6.00%,

11/21/2028

(a)

1,200,000

1,068,000

BARBADOS

0.1%

Barbados

Government

Bond,

Reg.

S,

6.50%,

10/1/2029

93,800

88,378

BELARUS

0.3%

Republic

of

Belarus

Ministry

of

Finance,

5.88%,

2/24/2026

(a)

223,000

215,641

BELIZE

0.4%

Belize

Government

Bond,

Reg.

S,

4.94%,

2/20/2034

(e)

685,400

291,295

BENIN

1.0%

Benin

Government

Bond,

Reg.

S,

5.75%,

3/26/2026

EUR

670,000

743,846

BRAZIL

4.1%

Federative

Republic

of

Brazil,

10.00%,

1/1/2025

BRL

12,889,000

2,935,012

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

CHILE

2.7%

Tesoreria

General

de

LA

Republica

,

4.50%,

3/2/2025

CLP

1,265,000,000

1,934,307

COLOMBIA

2.3%

Titulos

de

Tesoreria

7.50%,

8/26/2026

COP

1,053,700,000

326,429

7.00%,

6/30/2032

4,119,900,000

1,156,871

7.25%,

10/18/2034

660,300,000

187,103

1,670,403

CZECH

REPUBLIC

0.5%

Czech

Republic,

1.50%,

4/24/2040

CZK

8,240,000

369,656

DOMINICAN

REPUBLIC

0.9%

Dominican

Republic

Government

Bond

Reg.

S,

8.90%,

2/15/2023

DOP

13,450,000

224,454

Reg.

S,

9.75%,

6/5/2026

24,300,000

403,444

627,898

ECUADOR

1.1%

Republic

of

Ecuador

Reg.

S,

10.75%,

3/28/2022

(d)(e)

752,000

417,360

7.88%,

3/27/2025

(a)

(d)(e)

297,000

153,698

Reg.

S,

9.65%,

12/13/2026

(d)(e)

400,000

204,000

775,058

EGYPT

2.8%

Arab

Republic

of

Egypt

6.20%,

3/1/2024

(a)

212,000

217,981

5.75%,

5/29/2024

(a)

600,000

604,692

7.60%,

3/1/2029

(a)

489,000

498,425

5.63%,

4/16/2030

(a)

EUR

668,000

708,388

2,029,486

EL

SALVADOR

2.2%

Republic

of

El

Salvador

Reg.

S,

5.88%,

1/30/2025

564,000

509,292

Reg.

S,

8.63%,

2/28/2029

387,000

382,550

Reg.

S,

8.25%,

4/10/2032

358,000

339,205

9.50%,

7/15/2052

(a)

343,000

349,002

1,580,049

GHANA

0.6%

Republic

of

Ghana,

8.63%,

6/16/2049

(a)

467,000

413,295

HUNGARY

0.7%

Hungary

Government

Bond,

3.25%,

10/22/2031

HUF

130,610,000

494,315

INDONESIA

4.7%

Republic

of

Indonesia

8.38%,

9/15/2026

IDR

8,973,000,000

675,618

Nationwide

Emerging

Markets

Debt

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

45

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

INDONESIA

Republic

of

Indonesia

6.13%,

5/15/2028

IDR

6,096,000,000

400,833

7.00%,

9/15/2030

4,295,000,000

298,002

6.63%,

5/15/2033

12,831,000,000

831,291

8.38%,

3/15/2034

15,714,000,000

1,166,818

3,372,562

IVORY

COAST

1.6%

Republic

of

Cote

d'Ivoire

Reg.

S,

6.38%,

3/3/2028

859,000

875,063

Reg.

S,

6.88%,

10/17/2040

EUR

250,000

273,223

1,148,286

KENYA

0.7%

Republic

of

Kenya,

Reg.

S,

7.00%,

5/22/2027

500,000

491,875

MALAYSIA

1.8%

Malaysia

Government

Bond,

3.91%,

7/15/2026

MYR

4,852,000

1,252,388

MEXICO

3.8%

Mex

Bonos

Desarr

Fix

Rt

5.75%,

3/5/2026

MXN

31,161,500

1,438,316

7.50%,

6/3/2027

8,145,700

409,532

8.50%,

11/18/2038

15,968,200

865,992

2,713,840

MONTENEGRO

0.5%

Republic

of

Montenegro,

2.55%,

10/3/2029

(a)

EUR

370,000

385,022

MOROCCO

1.6%

Kingdom

of

Morocco,

1.50%,

11/27/2031

(a)

1,030,000

1,163,580

MOZAMBIQUE

0.5%

Republic

of

Mozambique,

5.00%,

9/15/2031

(a)(e)

420,000

356,731

NIGERIA

0.9%

Federal

Republic

of

Nigeria

Reg.

S,

7.63%,

11/21/2025

375,000

386,325

7.14%,

2/23/2030

(a)

297,000

284,787

671,112

PARAGUAY

0.6%

Republic

of

Paraguay,

5.40%,

3/30/2050

(a)

314,000

400,350

PERU

2.8%

Bonos

de

la

Tesoreria

Reg.

S,

5.94%,

2/12/2029

(a)

PEN

3,664,000

1,243,784

Reg.

S,

5.35%,

8/12/2040

(a)

1,751,000

514,686

Republic

of

Peru,

Reg.

S,

6.90%,

8/12/2037

PEN

713,000

249,844

2,008,314

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

QATAR

4.5%

State

of

Qatar

4.50%,

4/23/2028

(a)

1,202,000

1,452,377

Reg.

S,

4.82%,

3/14/2049

1,230,000

1,755,938

3,208,315

ROMANIA

0.7%

Romania

Government

Bond

5.00%,

2/12/2029

RON

250,000

65,166

4.75%,

10/11/2034

1,590,000

394,692

459,858

RUSSIA

4.2%

Russian

Federation

7.10%,

10/16/2024

RUB

79,739,000

1,164,157

6.90%,

5/23/2029

83,459,000

1,211,628

7.65%,

4/10/2030

41,427,000

631,017

3,006,802

SAUDI

ARABIA

1.6%

Kingdom

of

Saudi

Arabia

Reg.

S,

3.63%,

3/4/2028

724,000

812,167

Reg.

S,

4.63%,

10/4/2047

270,000

347,652

1,159,819

SENEGAL

0.7%

Republic

of

Senegal,

Reg.

S,

4.75%,

3/13/2028

EUR

457,000

516,973

SERBIA

0.6%

Republic

of

Serbia,

1.50%,

6/26/2029

(a)

358,000

402,729

SOUTH

AFRICA

3.5%

Republic

of

South

Africa,

8.25%,

3/31/2032

ZAR

49,183,000

2,500,929

THAILAND

3.3%

Kingdom

of

Thailand

Reg.

S,

1.25%,

3/12/2028

(f)

THB

64,324,603

1,958,917

3.78%,

6/25/2032

10,456,000

421,367

2,380,284

UKRAINE

2.5%

Ukraine

Government

Bond

Reg.

S,

7.75%,

9/1/2023

1,298,000

1,346,545

Reg.

S,

7.38%,

9/25/2032

466,000

457,156

1,803,701

UNITED

ARAB

EMIRATES

1.6%

Sharjah

Sukuk

Program

Ltd.,

Reg.

S,

3.23%,

10/23/2029

680,000

713,429

United

Arab

Emirates

Government

Bond,

3.13%,

4/16/2030

(a)

349,000

393,054

1,106,483

46

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

URUGUAY

1.5%

Oriental

Republic

of

Uruguay

Reg.

S,

8.50%,

3/15/2028

UYU

22,859,000

526,384

4.38%,

12/15/2028

(f)

20,489,928

520,961

1,047,345

UZBEKISTAN

0.4%

Republic

of

Uzbekistan,

Reg.

S,

4.75%,

2/20/2024

287,000

304,952

VENEZUELA,

BOLIVARIAN

REPUBLIC

OF

0.1%

Bolivarian

Republic

of

Venezuela,

Reg.

S,

11.75%,

10/21/2026

(d)

445,000

30,483

Total

Foreign

Government

Securities

(cost

$51,295,194)

50,631,745

Total

Investments

(cost

$69,413,564)

—

96.1%

68,704,442

Other

assets

in

excess

of

liabilities

—

3.9%

2,804,769

NET

ASSETS

—

100.0%

$

71,509,211

†

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

July

31,

2020

was

$18,483,213

which

represents

25.85%

of

net

assets.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2020.

(c)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2020.

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

July

31,

2020.

(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:

BRL

Brazilian

Real

CLP

Chilean

Peso

COP

Colombian

Peso

CZK

Czech

Republic

Koruna

DOP

Dominican

Peso

EUR

Euro

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

MXN

Mexican

Peso

MYR

Malaysia

Ringgit

PEN

Peru

Nuevo

Sol

RON

Romanian

Leu

RUB

Russia

Ruble

THB

Thailand

Baht

UYU

Uruguay

Peso

Uruguayo

ZAR

South

Africa

Rand

Nationwide

Emerging

Markets

Debt

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

47

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2020:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

CLP

134,500,000

USD

172,793

Deutsche

Bank

Securities,

Inc.

**

10/22/2020

4,996

CLP

336,000,000

USD

433,999

HSBC

Bank

plc

**

10/22/2020

10,143

CZK

68,427,057

USD

2,939,589

Deutsche

Bank

Securities,

Inc.

10/22/2020

132,958

HUF

215,000,000

USD

693,781

Deutsche

Bank

Securities,

Inc.

10/22/2020

41,242

IDR

6,200,000,000

USD

417,340

HSBC

Bank

plc

**

10/22/2020

3,932

INR

91,240,000

USD

1,200,716

HSBC

Bank

plc

**

10/22/2020

9,057

MXN

31,200,000

USD

1,380,601

Royal

Bank

of

Canada

10/22/2020

7,151

USD

117,838

EUR

99,000

JPMorgan

Chase

Bank

10/22/2020

1,022

USD

177,033

EUR

150,000

Royal

Bank

of

Canada

10/22/2020

39

USD

919,050

PEN

3,230,000

Deutsche

Bank

Securities,

Inc.

**

10/22/2020

6,091

USD

1,042,884

PEN

3,650,000

Royal

Bank

of

Canada

**

10/22/2020

11,213

USD

2,300,895

ZAR

38,480,000

Deutsche

Bank

Securities,

Inc.

10/22/2020

69,014

Total

unrealized

appreciation

296,858

BRL

3,300,000

USD

639,634

Deutsche

Bank

Securities,

Inc.

**

10/22/2020

(8,741)

COP

3,640,000,000

USD

999,951

Royal

Bank

of

Canada

**

10/22/2020

(30,608)

USD

2,013,199

BRL

10,715,000

Royal

Bank

of

Canada

**

10/22/2020

(35,291)

USD

1,214,114

CLP

952,799,999

Deutsche

Bank

Securities,

Inc.

**

10/22/2020

(45,346)

USD

1,215,682

CLP

952,800,000

Royal

Bank

of

Canada

**

10/22/2020

(43,778)

USD

4,911,165

EUR

4,285,592

Deutsche

Bank

Securities,

Inc.

10/22/2020

(145,662)

USD

341,789

EUR

295,000

JPMorgan

Chase

Bank

10/22/2020

(6,299)

USD

1,062,517

MXN

24,030,000

HSBC

Bank

plc

10/22/2020

(6,319)

USD

852,497

PLN

3,330,000

HSBC

Bank

plc

10/22/2020

(37,124)

USD

871,748

THB

27,500,000

HSBC

Bank

plc

10/22/2020

(9,989)

Total

unrealized

depreciation

(369,157)

Net

unrealized

depreciation

(72,299)

**

Non-deliverable

forward.

At

July

31,

2020,

the

Fund

had

$260,000

segregated

as

collateral

for

Forward

foreign

currency

contracts.

Currency:

BRL

Brazilian

real

CLP

Chilean

peso

COP

Colombian

peso

CZK

Czech

koruna

EUR

Euro

HUF

Hungarian

forint

IDR

Indonesian

rupiah

INR

Indian

rupee

MXN

Mexican

peso

PEN

Peruvian

nuevo

sol

PLN

Polish

zloty

THB

Thai

baht

USD

United

States

dollar

ZAR

South

African

rand

48

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Emerging

Markets

Debt

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

49

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

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,

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,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

a

dditional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

18,072,697

$

–

$

18,072,697

Foreign

Government

Securities

–

50,631,745

–

50,631,745

Forward

Foreign

Currency

Contracts

–

296,858

–

296,858

Total

Assets

$

–

$

69,001,300

$

–

$

69,001,300

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(369,157)

$

–

$

(369,157)

Total

Liabilities

$

–

$

(369,157)

$

–

$

(369,157)

Total

$

–

$

68,632,143

$

–

$

68,632,143

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

296,858

Total

$

296,858

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(369,157

)

Total

$

(369,157

)

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.

50

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

0

Common

Stocks

98.0%

Shares

Value

($)

AUSTRALIA

1.0%

Commercial

Services

&

Supplies

1.0%

Brambles

Ltd.

63,570

491,158

AUSTRIA

0.8%

Banks

0.8%

Erste

Group

Bank

AG

17,726

393,116

BELGIUM

0.8%

Banks

0.8%

KBC

Group

NV

7,104

407,156

CHINA

2.4%

Chemicals

0.0%

†

Tianhe

Chemicals

Group

Ltd.

*^∞

2,702,000

0

Insurance

1.4%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

61,000

643,476

Internet

&

Direct

Marketing

Retail

1.0%

Prosus

NV

*

5,227

508,280

1,151,756

DENMARK

2.3%

Biotechnology

1.4%

Genmab

A/S

*

1,950

669,103

Pharmaceuticals

0.9%

H

Lundbeck

A/S

11,850

432,699

1,101,802

FINLAND

1.6%

Oil,

Gas

&

Consumable

Fuels

1.6%

Neste

OYJ

16,711

768,704

GERMANY

3.1%

Auto

Components

1.1%

Continental

AG

5,436

530,845

Household

Products

1.3%

Henkel

AG

&

Co.

KGaA

(Preference)

6,149

605,813

Textiles,

Apparel

&

Luxury

Goods

0.7%

HUGO

BOSS

AG

12,655

345,924

1,482,582

INDIA

0.8%

Banks

0.8%

Axis

Bank

Ltd.,

GDR

Reg.

S

*

13,981

405,601

INDONESIA

1.0%

Banks

1.0%

Bank

Mandiri

Persero

Tbk

.

PT

1,200,500

474,442

ITALY

1.3%

Electrical

Equipment

1.3%

Prysmian

SpA

24,134

618,880

JAPAN

9.3%

Diversified

Financial

Services

0.8%

ORIX

Corp.

35,700

384,180

Diversified

Telecommunication

Services

0.7%

Nippon

Telegraph

&

Telephone

Corp.

14,400

333,328

Common

Stocks

Shares

Value

($)

JAPAN

Entertainment

1.0%

Nintendo

Co.

Ltd.

1,100

482,602

Health

Care

Equipment

&

Supplies

0.8%

Hoya

Corp.

4,000

394,697

Household

Durables

2.5%

Sony

Corp.

15,700

1,217,464

Personal

Products

1.2%

Kao

Corp.

8,000

580,301

Pharmaceuticals

1.6%

Takeda

Pharmaceutical

Co.

Ltd.

21,559

767,036

Professional

Services

0.7%

TechnoPro

Holdings,

Inc.

6,500

336,029

4,495,637

MEXICO

0.6%

Construction

Materials

0.6%

Cemex

SAB

de

CV,

ADR

90,200

276,012

NETHERLANDS

2.7%

Food

&

Staples

Retailing

1.8%

Koninklijke

Ahold

Delhaize

NV

30,119

868,205

Semiconductors

&

Semiconductor

Equipment

0.9%

NXP

Semiconductors

NV

3,891

457,309

1,325,514

NORWAY

1.4%

Oil,

Gas

&

Consumable

Fuels

1.4%

Equinor

ASA

47,069

701,220

SOUTH

AFRICA

1.0%

Internet

&

Direct

Marketing

Retail

1.0%

Naspers

Ltd.,

Class

N

2,562

472,182

SWITZERLAND

3.0%

Health

Care

Equipment

&

Supplies

1.1%

Alcon,

Inc.

*

9,095

549,579

Insurance

1.9%

Zurich

Insurance

Group

AG

2,400

887,224

1,436,803

UNITED

KINGDOM

11.0%

Chemicals

2.3%

Linde

plc

4,385

1,074,807

Diversified

Telecommunication

Services

1.1%

BT

Group

plc

423,860

549,970

Electronic

Equipment,

Instruments

&

Components

1.3%

Spectris

plc

19,298

652,116

Paper

&

Forest

Products

0.7%

Mondi

plc

19,307

346,380

Personal

Products

1.8%

Unilever

NV

14,661

867,812

Pharmaceuticals

1.1%

GlaxoSmithKline

plc

26,632

534,815

Nationwide

Global

Sustainable

Equity

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Software

1.6%

Sage

Group

plc

(The)

83,129

796,273

Trading

Companies

&

Distributors

1.1%

Ashtead

Group

plc

16,604

533,663

5,355,836

UNITED

STATES

53.9%

Airlines

1.4%

Southwest

Airlines

Co.

22,642

699,411

Auto

Components

1.8%

Aptiv

plc

11,077

861,237

Banks

0.6%

Wells

Fargo

&

Co.

11,275

273,532

Biotechnology

1.6%

Incyte

Corp.

*

3,596

355,141

Mirati

Therapeutics,

Inc.

*

3,425

415,487

770,628

Capital

Markets

4.0%

Ameriprise

Financial,

Inc.

4,352

668,598

S&P

Global,

Inc.

1,087

380,722

T.

Rowe

Price

Group,

Inc.

6,931

957,171

2,006,491

Chemicals

1.9%

Ecolab,

Inc.

4,926

921,556

Commercial

Services

&

Supplies

2.4%

Montrose

Environmental

Group,

Inc.

*

29,013

631,033

MSA

Safety,

Inc.

4,572

541,919

1,172,952

Electronic

Equipment,

Instruments

&

Components

1.3%

Trimble,

Inc.

*

14,373

639,742

Entertainment

1.6%

Electronic

Arts,

Inc.

*

5,367

760,075

Food

&

Staples

Retailing

1.6%

Costco

Wholesale

Corp.

2,443

795,270

Health

Care

Equipment

&

Supplies

1.2%

Hill-Rom

Holdings,

Inc.

3,036

295,160

Medtronic

plc

2,900

279,792

574,952

Health

Care

Providers

&

Services

2.7%

Laboratory

Corp.

of

America

Holdings

*

1,399

269,895

UnitedHealth

Group,

Inc.

3,414

1,033,691

1,303,586

Hotels,

Restaurants

&

Leisure

1.3%

Vail

Resorts,

Inc.

3,211

616,608

Household

Durables

0.4%

Mohawk

Industries,

Inc.

*

2,545

203,218

Household

Products

1.2%

Procter

&

Gamble

Co.

(The)

4,274

560,407

Insurance

1.7%

Marsh

&

McLennan

Cos.,

Inc.

6,962

811,769

Interactive

Media

&

Services

1.3%

Twitter,

Inc.

*

17,979

654,436

Common

Stocks

Shares

Value

($)

UNITED

STATES

Internet

&

Direct

Marketing

Retail

4.2%

Amazon.com,

Inc.

*

662

2,095,018

IT

Services

2.3%

LiveRamp

Holdings,

Inc.

*

7,637

348,018

Visa,

Inc.,

Class

A

4,077

776,261

1,124,279

Life

Sciences

Tools

&

Services

2.1%

Bio-Rad

Laboratories,

Inc.,

Class

A

*

1,907

1,000,965

Machinery

2.6%

AGCO

Corp.

8,850

580,826

Ingersoll

Rand,

Inc.

*

21,251

671,319

1,252,145

Oil,

Gas

&

Consumable

Fuels

1.1%

Hess

Corp.

10,861

534,470

Pharmaceuticals

0.7%

Eli

Lilly

&

Co.

2,201

330,788

Semiconductors

&

Semiconductor

Equipment

2.6%

Micron

Technology,

Inc.

*

10,262

513,665

ON

Semiconductor

Corp.

*

19,435

400,361

Universal

Display

Corp.

1,921

335,118

1,249,144

Software

5.7%

Microsoft

Corp.

9,089

1,863,336

PTC,

Inc.

*

5,397

461,767

VMware,

Inc.,

Class

A

*(a)

3,345

469,002

2,794,105

Specialty

Retail

3.8%

Lowe's

Cos.,

Inc.

5,938

884,228

TJX

Cos.,

Inc.

(The)

18,576

965,766

1,849,994

Technology

Hardware,

Storage

&

Peripherals

0.8%

Western

Digital

Corp.

8,857

381,737

26,238,515

Total

Common

Stocks

(cost

$37,899,340)

47,596,916

Short-Term

Investment

0.9%

Shares

Value

($)

Money

Market

Fund

0.9%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(b)(c)

421,860

421,860

Total

Short-Term

Investment

(cost  $421,860)

421,860

52

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$47,400,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$48,642.(c)

47,399

47,399

Total

Repurchase

Agreement

(cost

$47,399)

47,399

Total

Investments

(cost

$38,368,599)

  —

99.0%

48,066,175

Other

assets

in

excess

of

liabilities

—

1.0%

500,491

NET

ASSETS

—

100.0%

$

48,566,666

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$464,235,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$421,860

and

$47,399,

respectively,

a

total

value

of

$469,259.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$469,259.

ADR

American

Depositary

Receipt

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.

Nationwide

Global

Sustainable

Equity

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

53

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

54

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Airlines

$

699,411

$

–

$

–

$

699,411

Auto

Components

861,237

530,845

–

1,392,082

Banks

273,532

1,680,315

–

1,953,847

Biotechnology

770,628

669,103

–

1,439,731

Capital

Markets

2,006,491

–

–

2,006,491

Chemicals

1,996,363

–

–

1,996,363

Commercial

Services

&

Supplies

1,172,952

491,158

–

1,664,110

Construction

Materials

276,012

–

–

276,012

Diversified

Financial

Services

–

384,180

–

384,180

Diversified

Telecommunication

Services

–

883,298

–

883,298

Electrical

Equipment

–

618,880

–

618,880

Electronic

Equipment,

Instruments

&

Components

639,742

652,116

–

1,291,858

Entertainment

760,075

482,602

–

1,242,677

Food

&

Staples

Retailing

795,270

868,205

–

1,663,475

Health

Care

Equipment

&

Supplies

574,952

944,276

–

1,519,228

Health

Care

Providers

&

Services

1,303,586

–

–

1,303,586

Hotels,

Restaurants

&

Leisure

616,608

–

–

616,608

Household

Durables

203,218

1,217,464

–

1,420,682

Household

Products

560,407

605,813

–

1,166,220

Insurance

811,769

1,530,700

–

2,342,469

Interactive

Media

&

Services

654,436

–

–

654,436

Internet

&

Direct

Marketing

Retail

2,095,018

980,462

–

3,075,480

IT

Services

1,124,279

–

–

1,124,279

Life

Sciences

Tools

&

Services

1,000,965

–

–

1,000,965

Machinery

1,252,145

–

–

1,252,145

Oil,

Gas

&

Consumable

Fuels

534,470

1,469,924

–

2,004,394

Paper

&

Forest

Products

–

346,380

–

346,380

Personal

Products

–

1,448,113

–

1,448,113

Pharmaceuticals

330,788

1,734,550

–

2,065,338

Professional

Services

–

336,029

–

336,029

Semiconductors

&

Semiconductor

Equipment

1,706,453

–

–

1,706,453

Software

2,794,105

796,273

–

3,590,378

Specialty

Retail

1,849,994

–

–

1,849,994

Technology

Hardware,

Storage

&

Peripherals

381,737

–

–

381,737

Textiles,

Apparel

&

Luxury

Goods

–

345,924

–

345,924

Trading

Companies

&

Distributors

–

533,663

–

533,663

Total

Common

Stocks

$

28,046,643

$

19,550,273

$

–

$

47,596,916

Repurchase

Agreement

–

47,399

–

47,399

Short-Term

Investment

421,860

–

–

421,860

Total

$

28,468,503

$

19,597,672

$

–

$

48,066,175

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

July

31,

2020,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Nationwide

Global

Sustainable

Equity

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

55

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

Transfers

into

or

out

of

Level

3

are

generally

due

to

a

change

in

market

value

methodology.

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. 

Common

Stocks

Total

Balance

as

of

10/31/2019

$

—

$—

Accrued

Accretion/

(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

645,387

645,387

Sales

(645,387)

(645,387)

Change

in

Unrealized

Appreciation/

Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2020

$

—

$—

Change

in

Unrealized

Appreciation/

Depreciation

for

Investments

Still

held

as

of

7/31/2020

$

(645,387)

$(645,387)

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

56

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

97.1%

Shares

Value

($)

AUSTRALIA

5.1%

Chemicals

0.2%

Nufarm

Ltd.

*

340,956

978,684

Containers

&

Packaging

0.4%

Orora

Ltd.

1,151,790

1,891,622

Diversified

Financial

Services

0.0%

†

Challenger

Ltd.

6,831

21,295

Insurance

0.7%

AUB

Group

Ltd.

416,030

3,883,828

IT

Services

1.0%

NEXTDC

Ltd.

*

602,328

4,915,754

Tyro

Payments

Ltd.

*

190,131

469,285

5,385,039

Metals

&

Mining

1.2%

Evolution

Mining

Ltd.

357,153

1,508,400

Mineral

Resources

Ltd.

79,842

1,467,451

Northern

Star

Resources

Ltd.

288,727

3,219,616

6,195,467

Oil,

Gas

&

Consumable

Fuels

0.3%

Beach

Energy

Ltd.

559,681

565,097

Karoon

Energy

Ltd.

*

1,088,417

558,671

Whitehaven

Coal

Ltd.

442,688

437,673

1,561,441

Software

0.4%

Altium

Ltd.

61,191

1,441,746

Bravura

Solutions

Ltd.

217,777

653,079

2,094,825

Trading

Companies

&

Distributors

0.3%

Seven

Group

Holdings

Ltd.

(a)

114,168

1,387,377

Transportation

Infrastructure

0.6%

Atlas

Arteria

Ltd.

332,516

1,574,405

Qube

Holdings

Ltd.

779,270

1,525,989

3,100,394

26,499,972

AUSTRIA

0.6%

Banks

0.5%

BAWAG

Group

AG

Reg.

S

(b)

70,183

2,578,601

Construction

Materials

0.1%

Wienerberger

AG

*

26,314

602,032

3,180,633

BRAZIL

1.8%

Chemicals

0.2%

Braskem

SA

(Preference),

Class

A

218,500

954,999

IT

Services

1.3%

Locaweb

Servicos

de

Internet

SA

Reg.

S

*(b)

211,900

1,945,732

Pagseguro

Digital

Ltd.,

Class

A

*

21,168

809,253

StoneCo

Ltd.,

Class

A

*(a)

93,745

4,472,574

7,227,559

Software

0.2%

TOTVS

SA

203,800

1,009,126

Common

Stocks

Shares

Value

($)

BRAZIL

Water

Utilities

0.1%

Cia

de

Saneamento

do

Parana

*

67,500

396,598

9,588,282

CANADA

0.3%

Chemicals

0.2%

EcoSynthetix

,

Inc.

*

573,923

989,781

Metals

&

Mining

0.1%

ERO

Copper

Corp.

*

57,609

693,312

1,683,093

CHINA

4.7%

Air

Freight

&

Logistics

0.3%

Kerry

Logistics

Network

Ltd.

1,100,500

1,804,755

Auto

Components

0.5%

Minth

Group

Ltd.

479,406

1,430,094

Nexteer

Automotive

Group

Ltd.

(a)

1,529,000

970,710

2,400,804

Automobiles

0.3%

Niu

Technologies,

ADR

*

64,126

1,347,929

Biotechnology

0.6%

Zai

Lab

Ltd.,

ADR

*

43,052

3,276,688

Chemicals

0.4%

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

9,110,000

2,035,477

Containers

&

Packaging

0.2%

AMVIG

Holdings

Ltd.

5,410,275

933,052

Electronic

Equipment,

Instruments

&

Components

0.4%

Kingboard

Holdings

Ltd.

802,164

2,346,394

Independent

Power

and

Renewable

Electricity

Producers

0.4%

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

2,811,245

2,015,009

Interactive

Media

&

Services

0.2%

Tongdao

Liepin

Group

Reg.

S

*

355,000

827,518

Machinery

0.6%

Airtac

International

Group

85,822

1,785,313

Precision

Tsugami

China

Corp.

Ltd.

Reg.

S

1,267,000

1,160,691

2,946,004

Media

0.0%

†

China

Literature

Ltd.

Reg.

S

*(b)

18,400

119,969

Professional

Services

0.2%

51job,

Inc.,

ADR

*

16,232

1,101,828

Software

0.6%

Kingdee

International

Software

Group

Co.

Ltd.

*

1,228,372

3,418,633

24,574,060

Nationwide

International

Small

Cap

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

COLOMBIA

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Canacol

Energy

Ltd.

332,297

870,777

DENMARK

2.9%

Banks

0.4%

Sydbank

A/S

*

96,863

1,845,867

Beverages

0.2%

Royal

Unibrew

A/S

*

11,088

1,125,112

Biotechnology

0.9%

Ascendis

Pharma

A/S,

ADR

*

23,712

3,263,009

Zealand

Pharma

A/S

*

35,293

1,226,804

4,489,813

Building

Products

0.7%

ROCKWOOL

International

A/S,

Class

B

11,673

3,814,610

Software

0.7%

Netcompany

Group

A/S

Reg.

S

*(b)

37,926

2,737,124

SimCorp

A/S

9,418

1,102,332

3,839,456

15,114,858

EGYPT

0.3%

Metals

&

Mining

0.3%

Centamin

plc

646,841

1,726,849

FAROE

ISLANDS

0.1%

Food

Products

0.1%

Bakkafrost

P/F

11,291

687,716

FINLAND

1.1%

Chemicals

0.2%

Kemira

OYJ

90,106

1,203,702

Machinery

0.2%

Cargotec

OYJ,

Class

B

29,989

898,042

Real

Estate

Management

&

Development

0.7%

Kojamo

OYJ

140,605

3,502,620

5,604,364

FRANCE

5.4%

Airlines

0.1%

Air

France-KLM

*(a)

96,327

399,336

Gas

Utilities

0.7%

Rubis

SCA

81,915

3,870,922

Hotels,

Restaurants

&

Leisure

0.7%

Elior

Group

SA

Reg.

S

(b)

628,395

3,497,406

Household

Durables

0.9%

Kaufman

&

Broad

SA

105,548

4,544,272

Media

1.2%

Criteo

SA,

ADR

*

162,727

2,227,733

JCDecaux

SA

*

265,021

4,470,755

6,698,488

Real

Estate

Management

&

Development

0.6%

Nexity

SA

92,709

3,163,253

Semiconductors

&

Semiconductor

Equipment

0.3%

SOITEC

*

14,876

1,755,975

Common

Stocks

Shares

Value

($)

FRANCE

Specialty

Retail

0.9%

Maisons

du

Monde

SA

Reg.

S

*(a)(b)

295,276

4,484,373

28,414,025

GERMANY

3.2%

Health

Care

Equipment

&

Supplies

1.0%

STRATEC

SE

42,162

4,939,483

Industrial

Conglomerates

0.4%

Rheinmetall

AG

23,510

2,227,092

Life

Sciences

Tools

&

Services

0.8%

Gerresheimer

AG

38,629

4,441,064

Metals

&

Mining

0.3%

Aurubis

AG

21,102

1,410,112

Professional

Services

0.3%

Bertrandt

AG

(a)

42,928

1,594,053

Road

&

Rail

0.1%

Sixt

SE

*(a)

9,417

706,208

Semiconductors

&

Semiconductor

Equipment

0.3%

Siltronic

AG

17,527

1,576,106

16,894,118

GHANA

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Kosmos

Energy

Ltd.

154,355

248,512

Tullow

Oil

plc

(a)

766,390

254,326

502,838

GREECE

0.4%

Diversified

Telecommunication

Services

0.4%

Hellenic

Telecommunications

Organization

SA

141,868

2,088,713

HONG

KONG

1.3%

Banks

0.4%

Dah

Sing

Financial

Holdings

Ltd.

672,800

1,859,788

IT

Services

0.6%

SUNeVision

Holdings

Ltd.

(a)

5,043,611

3,786,318

Machinery

0.1%

Singamas

Container

Holdings

Ltd.

(a)

9,523,427

442,750

Pharmaceuticals

0.2%

Hutchison

China

MediTech

Ltd.,

ADR

*

34,199

927,477

7,016,333

ICELAND

0.3%

Machinery

0.3%

Marel

HF

Reg.

S

(b)

342,967

1,797,884

INDIA

0.0%

†

Auto

Components

0.0%

†

Tube

Investments

of

India

Ltd.

16,536

112,869

INDONESIA

0.1%

Diversified

Telecommunication

Services

0.1%

Link

Net

Tbk

.

PT

3,842,635

501,550

58

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

IRELAND

0.9%

Containers

&

Packaging

0.9%

Smurfit

Kappa

Group

plc

141,573

4,775,034

ISRAEL

1.8%

IT

Services

1.8%

Wix.com

Ltd.

*

31,467

9,140,535

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Delek

Group

Ltd.

*

5,762

125,199

9,265,734

ITALY

5.7%

Automobiles

0.3%

Piaggio

&

C

SpA

(a)

470,465

1,316,902

Banks

0.5%

Credito

Emiliano

SpA

*

173,526

887,608

Credito

Valtellinese

SpA

*

215,588

1,575,906

2,463,514

Capital

Markets

0.5%

Banca

Generali

SpA

92,407

2,758,413

Construction

Materials

0.3%

Buzzi

Unicem

SpA

68,049

1,551,178

Diversified

Financial

Services

0.7%

Cerved

Group

SpA

*

465,465

3,851,429

Diversified

Telecommunication

Services

0.8%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S

(b)

450,542

4,561,387

Gas

Utilities

0.8%

Italgas

SpA

617,010

3,968,503

Hotels,

Restaurants

&

Leisure

0.4%

Autogrill

SpA

*

435,888

2,084,210

Machinery

0.6%

Interpump

Group

SpA

95,475

3,126,956

Textiles,

Apparel

&

Luxury

Goods

0.7%

Brunello

Cucinelli

SpA

*(a)

35,785

1,038,848

OVS

SpA

Reg.

S

*(a)(b)

1,246,693

1,349,286

Salvatore

Ferragamo

SpA

*(a)

111,442

1,504,885

3,893,019

Transportation

Infrastructure

0.1%

Enav

SpA

Reg.

S

(b)

68,732

281,512

29,857,023

JAPAN

19.3%

Auto

Components

0.4%

Musashi

Seimitsu

Industry

Co.

Ltd.

94,000

700,899

TPR

Co.

Ltd.

57,000

694,204

Unipres

Corp.

59,600

445,928

1,841,031

Banks

0.7%

Bank

of

Kyoto

Ltd.

(The)

37,816

1,393,849

San-In

Godo

Bank

Ltd.

(The)

238,700

1,116,149

Shiga

Bank

Ltd.

(The)

63,700

1,389,464

3,899,462

Beverages

0.4%

Ito

En

Ltd.

37,900

2,233,954

Common

Stocks

Shares

Value

($)

JAPAN

Building

Products

0.2%

Nitto

Boseki

Co.

Ltd.

26,000

1,224,326

Capital

Markets

0.6%

Ichiyoshi

Securities

Co.

Ltd.

242,100

879,370

Jafco

Co.

Ltd.

66,600

2,371,512

3,250,882

Chemicals

0.9%

JSR

Corp.

140,607

3,025,427

Tokyo

Ohka

Kogyo

Co.

Ltd.

27,830

1,461,248

4,486,675

Commercial

Services

&

Supplies

0.1%

Raksul

,

Inc.

*

15,450

427,082

Diversified

Financial

Services

0.3%

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

315,000

1,329,628

Electrical

Equipment

0.2%

Ushio,

Inc.

70,800

827,806

Electronic

Equipment,

Instruments

&

Components

0.4%

Taiyo

Yuden

Co.

Ltd.

(a)

61,480

1,950,975

Entertainment

0.0%

†

Square

Enix

Holdings

Co.

Ltd.

4,600

245,410

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Comforia

Residential

REIT,

Inc.

1,750

5,489,991

Ichigo

Office

REIT

Investment

Corp.

3,906

2,573,045

Nippon

Accommodations

Fund,

Inc.

899

5,809,953

13,872,989

Food

&

Staples

Retailing

0.5%

Kobe

Bussan

Co.

Ltd.

43,300

2,662,583

Food

Products

0.8%

Itoham

Yonekyu

Holdings,

Inc.

237,700

1,432,750

Nichirei

Corp.

96,100

2,722,480

4,155,230

Health

Care

Equipment

&

Supplies

0.7%

Asahi

Intecc

Co.

Ltd.

101,600

2,833,165

Jeol

Ltd.

20,800

579,893

3,413,058

Insurance

0.8%

Lifenet

Insurance

Co.

*(a)

337,100

4,102,984

Interactive

Media

&

Services

0.7%

Dip

Corp.

184,100

3,498,267

giftee

,

Inc.

*(a)

21,500

372,388

3,870,655

IT

Services

1.2%

Comture

Corp.

24,540

650,193

GMO

Payment

Gateway,

Inc.

36,546

3,827,691

NET

One

Systems

Co.

Ltd.

32,010

1,257,705

TechMatrix

Corp.

22,400

388,323

6,123,912

Machinery

0.8%

Amada

Co.

Ltd.

300,500

2,036,973

MINEBEA

MITSUMI,

Inc.

59,700

986,620

Nationwide

International

Small

Cap

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

THK

Co.

Ltd.

59,100

1,378,777

4,402,370

Media

0.9%

CyberAgent

,

Inc.

5,143

290,885

Hakuhodo

DY

Holdings,

Inc.

270,154

2,986,812

Nippon

Television

Holdings,

Inc.

138,273

1,501,281

4,778,978

Personal

Products

0.4%

Fancl

Corp.

80,500

2,322,021

Professional

Services

0.2%

SMS

Co.

Ltd.

33,300

824,513

Real

Estate

Management

&

Development

1.4%

Ichigo

,

Inc.

855,000

2,024,068

Katitas

Co.

Ltd.

95,700

2,182,870

Tokyo

Tatemono

Co.

Ltd.

278,800

3,012,822

7,219,760

Road

&

Rail

1.0%

Sankyu,

Inc.

29,800

1,036,417

Seino

Holdings

Co.

Ltd.

200,745

2,479,189

Senko

Group

Holdings

Co.

Ltd.

256,400

1,908,727

5,424,333

Semiconductors

&

Semiconductor

Equipment

0.8%

Lasertec

Corp.

24,703

2,192,419

SUMCO

Corp.

62,800

970,458

Tri

Chemical

Laboratories,

Inc.

8,000

792,070

3,954,947

Software

0.6%

Freee

KK

*

19,500

885,732

Rakus

Co.

Ltd.

29,433

688,498

Sansan

,

Inc.

*

19,055

945,040

TeamSpirit

,

Inc.

*(a)

24,200

412,075

2,931,345

Textiles,

Apparel

&

Luxury

Goods

0.8%

Asics

Corp.

(a)

386,800

4,330,369

Transportation

Infrastructure

0.9%

Japan

Airport

Terminal

Co.

Ltd.

94,400

3,278,356

Mitsubishi

Logistics

Corp.

51,500

1,389,723

4,668,079

100,775,357

JERSEY

0.5%

Capital

Markets

0.5%

Sanne

Group

plc

337,329

2,798,831

KAZAKHSTAN

0.5%

Metals

&

Mining

0.2%

KAZ

Minerals

plc

169,172

1,197,903

Oil,

Gas

&

Consumable

Fuels

0.3%

NAC

Kazatomprom

JSC,

GDR

Reg.

S

86,945

1,260,680

2,458,583

Common

Stocks

Shares

Value

($)

LUXEMBOURG

0.2%

Banks

0.2%

Addiko

Bank

AG

*

132,893

975,680

MALAYSIA

0.2%

Electronic

Equipment,

Instruments

&

Components

0.2%

Inari

Amertron

Bhd.

1,656,200

835,525

MEXICO

0.6%

Chemicals

0.6%

Alpek

SAB

de

CV

2,079,527

1,636,150

Orbia

Advance

Corp.

SAB

de

CV

953,364

1,509,618

3,145,768

NETHERLANDS

3.6%

Banks

0.3%

Van

Lanschot

Kempen

NV,

CVA

90,605

1,571,799

Biotechnology

0.8%

Argenx

SE,

ADR

*

9,413

2,166,214

Argenx

SE

*

3,456

784,074

Merus

NV

*

49,641

679,585

ProQR

Therapeutics

NV

*

134,617

695,970

4,325,843

Chemicals

0.4%

Corbion

NV

56,191

2,166,783

Construction

&

Engineering

0.2%

Boskalis

Westminster

*(a)

60,325

1,140,775

Hotels,

Restaurants

&

Leisure

0.2%

DP

Eurasia

NV

Reg.

S

*(a)(b)

2,218,775

1,132,687

Semiconductors

&

Semiconductor

Equipment

0.7%

ASM

International

NV

13,545

2,057,256

BE

Semiconductor

Industries

NV

30,673

1,362,204

3,419,460

Trading

Companies

&

Distributors

1.0%

IMCD

NV

50,850

5,272,694

19,030,041

NEW

ZEALAND

0.8%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Kiwi

Property

Group

Ltd.

3,771,301

2,679,212

Oil,

Gas

&

Consumable

Fuels

0.1%

New

Zealand

Refining

Co.

Ltd.

(The)

1,612,121

759,565

Software

0.1%

Xero

Ltd.

*

9,294

599,053

4,037,830

NORWAY

0.5%

Energy

Equipment

&

Services

0.2%

Aker

Solutions

ASA

Reg.

S

*(a)

591,664

958,616

Food

Products

0.3%

Salmar

ASA

*

38,353

1,829,112

2,787,728

60

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

PHILIPPINES

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Bloomberry

Resorts

Corp.

7,749,500

994,878

RUSSIA

0.1%

Interactive

Media

&

Services

0.1%

Mail.Ru

Group

Ltd.,

GDR

Reg.

S

*

20,471

541,529

SINGAPORE

1.8%

Diversified

Telecommunication

Services

0.2%

NetLink

NBN

Trust

Reg.

S

1,310,700

914,840

Equity

Real

Estate

Investment

Trusts

(REITs)

1.1%

Frasers

Centrepoint

Trust

993,600

1,738,265

Mapletree

Industrial

Trust

1,671,000

3,997,183

5,735,448

Real

Estate

Management

&

Development

0.5%

City

Developments

Ltd.

455,500

2,679,800

9,330,088

SOUTH

AFRICA

0.0%

†

Construction

Materials

0.0%

†

PPC

Ltd.

*

4,049,506

184,814

Containers

&

Packaging

0.0%

†

Nampak

Ltd.

*

96,695

6,563

191,377

SOUTH

KOREA

0.9%

Auto

Components

0.3%

Hankook

Tire

&

Technology

Co.

Ltd.

41,081

899,714

S&T

Motiv

Co.

Ltd.

31,235

1,178,940

2,078,654

Diversified

Telecommunication

Services

0.2%

LG

Uplus

Corp.

120,040

1,155,832

Entertainment

0.1%

Com2uSCorp

3,613

367,885

Semiconductors

&

Semiconductor

Equipment

0.2%

Koh

Young

Technology,

Inc.

11,088

910,935

Software

0.1%

Douzone

Bizon

Co.

Ltd.

4,507

396,327

4,909,633

SPAIN

1.9%

Banks

0.2%

Unicaja

Banco

SA

Reg.

S

*(b)

1,955,697

1,090,668

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Arima

Real

Estate

SOCIMI

SA

*

147,922

1,552,402

Food

Products

0.9%

Ebro

Foods

SA

94,966

2,128,752

Viscofan

SA

38,905

2,853,649

4,982,401

Hotels,

Restaurants

&

Leisure

0.5%

Melia

Hotels

International

SA

*(a)

636,522

2,358,149

9,983,620

Common

Stocks

Shares

Value

($)

SWEDEN

5.4%

Aerospace

&

Defense

0.3%

Saab

AB,

Class

B

*(a)

42,372

1,365,135

Construction

&

Engineering

0.2%

Sweco

AB,

Class

B

15,162

869,617

Containers

&

Packaging

0.3%

BillerudKorsnas

AB

111,349

1,781,467

Entertainment

0.8%

Embracer

Group

AB

*

266,019

4,269,049

Hotels,

Restaurants

&

Leisure

0.5%

SkiStar

AB

224,430

2,609,467

Leisure

Products

0.6%

Thule

Group

AB

Reg.

S

(b)

112,024

3,332,637

Machinery

0.8%

Trelleborg

AB,

Class

B

*

284,078

4,407,625

Real

Estate

Management

&

Development

1.7%

Catena

AB

140,698

5,786,315

Fastighets

AB

Balder,

Class

B

*

67,300

2,780,567

8,566,882

Trading

Companies

&

Distributors

0.2%

Indutrade

AB

*

23,597

1,196,388

28,398,267

SWITZERLAND

3.5%

Consumer

Finance

0.5%

Cembra

Money

Bank

AG

21,742

2,383,649

Life

Sciences

Tools

&

Services

1.7%

Tecan

Group

AG

(Registered)

21,694

9,125,188

Machinery

1.0%

OC

Oerlikon

Corp.

AG

(Registered)

224,944

1,880,492

VAT

Group

AG

Reg.

S

*(b)

18,442

3,518,579

5,399,071

Specialty

Retail

0.3%

Dufry

AG

(Registered)

*

57,942

1,480,004

18,387,912

TAIWAN

3.7%

Communications

Equipment

0.2%

Accton

Technology

Corp.

166,853

1,299,784

Electronic

Equipment,

Instruments

&

Components

0.5%

Chroma

ATE,

Inc.

190,209

1,070,223

Genius

Electronic

Optical

Co.

Ltd.

30,000

696,171

ITEQ

Corp.

229,389

1,042,661

2,809,055

Industrial

Conglomerates

0.3%

Far

Eastern

New

Century

Corp.

1,896,115

1,659,470

Semiconductors

&

Semiconductor

Equipment

2.7%

Advanced

Wireless

Semiconductor

Co.

275,543

916,162

Alchip

Technologies

Ltd.

49,000

1,012,941

ASMedia

Technology,

Inc.

15,687

992,527

Formosa

Sumco

Technology

Corp.

415,009

1,831,966

Nationwide

International

Small

Cap

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

TAIWAN

Semiconductors

&

Semiconductor

Equipment

Globalwafers

Co.

Ltd.

186,661

2,665,942

LandMark

Optoelectronics

Corp.

59,000

525,655

Parade

Technologies

Ltd.

23,700

1,033,419

Realtek

Semiconductor

Corp.

*

197,729

2,505,646

RichWave

Technology

Corp.

74,000

673,098

Sino-American

Silicon

Products,

Inc.

479,000

1,591,006

13,748,362

19,516,671

THAILAND

0.2%

Marine

0.2%

Precious

Shipping

PCL

*

5,948,700

1,023,683

UKRAINE

0.1%

Metals

&

Mining

0.1%

Ferrexpo

plc

197,273

459,313

UNITED

ARAB

EMIRATES

1.0%

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc

*∞

85,922

19,210

IT

Services

1.0%

Network

International

Holdings

plc

Reg.

S

*(b)

940,345

5,005,336

5,024,546

UNITED

KINGDOM

14.9%

Aerospace

&

Defense

0.4%

Meggitt

plc

192,881

684,054

QinetiQ

Group

plc

157,925

634,953

Ultra

Electronics

Holdings

plc

19,282

603,504

1,922,511

Biotechnology

1.4%

Abcam

plc

429,440

7,224,760

Capital

Markets

1.8%

AJ

Bell

plc

286,588

1,628,847

Intermediate

Capital

Group

plc

332,610

5,903,005

Ninety

One

plc

*

509,704

1,455,256

8,987,108

Chemicals

0.3%

Synthomer

plc

381,226

1,455,429

Construction

&

Engineering

0.2%

Balfour

Beatty

plc

181,419

572,881

John

Laing

Group

plc

Reg.

S

(b)

124,640

484,833

1,057,714

Electronic

Equipment,

Instruments

&

Components

0.8%

Spectris

plc

128,481

4,341,614

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

Safestore

Holdings

plc

392,892

3,944,022

UNITE

Group

plc

(The)

234,123

2,890,603

6,834,625

Food

Products

0.9%

Cranswick

plc

54,583

2,565,778

Tate

&

Lyle

plc

267,314

2,280,807

4,846,585

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Hotels,

Restaurants

&

Leisure

1.1%

Domino's

Pizza

Group

plc

313,879

1,311,446

Restaurant

Group

plc

(The)

3,676,842

2,138,251

SSP

Group

plc

859,343

2,324,722

5,774,419

Household

Durables

0.1%

Berkeley

Group

Holdings

plc

12,087

708,430

Insurance

1.6%

Beazley

plc

668,620

3,671,314

Direct

Line

Insurance

Group

plc

531,578

2,072,573

Lancashire

Holdings

Ltd.

214,452

2,183,051

7,926,938

Internet

&

Direct

Marketing

Retail

0.3%

Trainline

plc

Reg.

S

*(b)

252,939

1,362,028

IT

Services

0.5%

Softcat

plc

172,941

2,868,314

Life

Sciences

Tools

&

Services

0.3%

Horizon

Discovery

Group

plc

*

1,362,006

1,742,837

Machinery

0.9%

Rotork

plc

1,308,331

4,820,590

Media

0.1%

Hyve

Group

plc

696,715

732,343

Multiline

Retail

0.7%

B&M

European

Value

Retail

SA

580,906

3,536,174

Oil,

Gas

&

Consumable

Fuels

0.1%

Cairn

Energy

plc

*

417,177

652,755

Professional

Services

0.7%

Clarivate

plc

*

141,829

3,921,572

Real

Estate

Management

&

Development

0.5%

Grainger

plc

733,556

2,800,907

Road

&

Rail

0.4%

Firstgroup

plc

*

1,135,343

529,250

Go-Ahead

Group

plc

(The)

63,465

515,411

National

Express

Group

plc

466,662

931,931

1,976,592

Trading

Companies

&

Distributors

0.2%

Grafton

Group

plc

52,482

444,380

Travis

Perkins

plc

50,193

733,114

1,177,494

Transportation

Infrastructure

0.3%

Signature

Aviation

plc

433,767

1,341,878

78,013,617

UNITED

STATES

0.9%

Biotechnology

0.3%

UroGen

Pharma

Ltd.

*(a)

64,948

1,434,701

Building

Products

0.4%

Caesarstone

Ltd.

116,721

1,338,791

Reliance

Worldwide

Corp.

Ltd.

461,895

888,695

2,227,486

62

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

0.2%

ACM

Research,

Inc.,

Class

A

*

9,895

949,326

4,611,513

Total

Common

Stocks

(cost

$485,549,136)

508,988,715

Exchange

Traded

Fund

1.5%

UNITED

STATES

1.5%

iShares

MSCI

EAFE

Small-

Cap

ETF

(a)

142,562

7,849,464

Total

Exchange

Traded

Fund

(cost

$6,978,052)

7,849,464

Rights

0.0%

†

Number

of

Rights

CANADA

0.0%

†

Biotechnology

0.0%

†

Clementia

Pharmaceuticals,

Inc.,

CVR*∞

16,268

17,407

Total

Rights

(cost

$–)

17,407

Short-Term

Investment

2.3%

Shares

Money

Market

Fund

2.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(c)(d)

11,823,124

11,823,124

Total

Short-Term

Investment

(cost  $11,823,124)

11,823,124

Repurchase

Agreement

0.3%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$1,328,435,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$1,363,257.

(d)

1,328,427

1,328,427

Total

Repurchase

Agreement

(cost

$1,328,427)

1,328,427

Total

Investments

(cost

$505,678,739)

  —

101.2%

530,007,137

Liabilities

in

excess

of

other

assets

—

(1.2)%

(6,084,139)

NET

ASSETS

—

100.0%

$

523,922,998

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$19,627,136,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$11,823,124

and

$1,328,427,

respectively,

and

by

$7,891,651

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$21,043,202.

(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

July

31,

2020

was

$39,280,042

which

represents

7.50%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$13,151,551.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

CVR

Contingent

Value

Rights

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

SOCIMI

Real

Estate

Investment

Trust

Nationwide

International

Small

Cap

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

63

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

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

$

–

$

3,287,646

$

–

$

3,287,646

Air

Freight

&

Logistics

–

1,804,755

–

1,804,755

Airlines

–

399,336

–

399,336

64

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Level

1

Level

2

Level

3

Total

Assets:

Auto

Components

$

–

$

6,433,358

$

–

$

6,433,358

Automobiles

1,347,929

1,316,902

–

2,664,831

Banks

–

16,285,379

–

16,285,379

Beverages

–

3,359,066

–

3,359,066

Biotechnology

12,300,241

8,451,564

–

20,751,805

Building

Products

1,338,791

5,927,631

–

7,266,422

Capital

Markets

–

17,795,234

–

17,795,234

Chemicals

5,090,548

12,326,750

–

17,417,298

Commercial

Services

&

Supplies

–

427,082

–

427,082

Communications

Equipment

–

1,299,784

–

1,299,784

Construction

&

Engineering

–

3,068,106

–

3,068,106

Construction

Materials

–

2,338,024

–

2,338,024

Consumer

Finance

–

2,383,649

–

2,383,649

Containers

&

Packaging

–

9,387,738

–

9,387,738

Diversified

Financial

Services

–

5,202,352

–

5,202,352

Diversified

Telecommunication

Services

–

9,222,322

–

9,222,322

Electrical

Equipment

–

827,806

–

827,806

Electronic

Equipment,

Instruments

&

Components

–

12,283,563

–

12,283,563

Energy

Equipment

&

Services

–

958,616

–

958,616

Entertainment

–

4,882,344

–

4,882,344

Equity

Real

Estate

Investment

Trusts

(REITs)

–

30,674,676

–

30,674,676

Food

&

Staples

Retailing

–

2,662,583

–

2,662,583

Food

Products

–

16,501,044

–

16,501,044

Gas

Utilities

–

7,839,425

–

7,839,425

Health

Care

Equipment

&

Supplies

–

8,352,541

–

8,352,541

Health

Care

Providers

&

Services

–

19,210

–

19,210

Hotels,

Restaurants

&

Leisure

–

18,451,216

–

18,451,216

Household

Durables

–

5,252,702

–

5,252,702

Independent

Power

and

Renewable

Electricity

Producers

–

2,015,009

–

2,015,009

Industrial

Conglomerates

–

3,886,562

–

3,886,562

Insurance

–

15,913,750

–

15,913,750

Interactive

Media

&

Services

–

5,239,702

–

5,239,702

Internet

&

Direct

Marketing

Retail

–

1,362,028

–

1,362,028

IT

Services

16,368,094

23,168,919

–

39,537,013

Leisure

Products

–

3,332,637

–

3,332,637

Life

Sciences

Tools

&

Services

–

15,309,089

–

15,309,089

Machinery

1,160,691

27,080,601

–

28,241,292

Marine

–

1,023,683

–

1,023,683

Media

2,227,733

10,102,045

–

12,329,778

Metals

&

Mining

693,312

10,989,644

–

11,682,956

Multiline

Retail

–

3,536,174

–

3,536,174

Oil,

Gas

&

Consumable

Fuels

1,119,289

4,613,966

–

5,733,255

Personal

Products

–

2,322,021

–

2,322,021

Pharmaceuticals

927,477

–

–

927,477

Professional

Services

5,023,400

2,418,566

–

7,441,966

Real

Estate

Management

&

Development

–

27,933,222

–

27,933,222

Road

&

Rail

–

8,107,133

–

8,107,133

Semiconductors

&

Semiconductor

Equipment

949,326

25,365,785

–

26,315,111

Software

1,009,126

13,279,639

–

14,288,765

Specialty

Retail

–

5,964,377

–

5,964,377

Textiles,

Apparel

&

Luxury

Goods

–

8,223,388

–

8,223,388

Trading

Companies

&

Distributors

–

9,033,953

–

9,033,953

Transportation

Infrastructure

–

9,391,863

–

9,391,863

Water

Utilities

396,598

–

–

396,598

Total

Common

Stocks

$

49,952,555

$

459,036,160

$

–

$

508,988,715

Exchange

Traded

Fund

7,849,464

–

–

7,849,464

Repurchase

Agreement

–

1,328,427

–

1,328,427

Nationwide

International

Small

Cap

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

65

Level

1

Level

2

Level

3

Total

Assets:

Right

$

–

$

17,407

$

–

$

17,407

Short-Term

Investment

11,823,124

–

–

11,823,124

Total

$

69,625,143

$

460,381,994

$

–

$

530,007,137

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Core

Plus

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

2.0%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

785,880

584,797

Other

2.0%

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

1.27%,

1/20/2031(a)(b)

8,250,000

8,066,553

Diamond

CLO

Ltd.,

Series

2019-1A,

Class

A1,

1.84%,

4/25/2029(a)(b)

9,000,000

8,890,353

SBA

Tower

Trust,

3.87%,

10/8/2024(b)

5,000,000

5,286,927

22,243,833

Total

Asset-Backed

Securities

(cost

$22,908,716)

22,828,630

Collateralized

Mortgage

Obligations

0.9%

FHLMC

REMICS

Series

4039,

Class

ME,

2.00%,

12/15/2040

436,157

443,100

Series

4026,

Class

WJ,

2.75%,

8/15/2041

1,652,914

1,726,430

JP

Morgan

Mortgage

Trust

Series

2017-5,

Class

A1A,

3.00%,

10/26/2048(a)(b)

5,748,552

5,772,084

Series

2019-3,

Class

A3,

4.00%,

9/25/2049(a)(b)

1,876,354

1,934,743

Total

Collateralized

Mortgage

Obligations

(cost

$9,728,240)

9,876,357

Commercial

Mortgage-Backed

Securities

4.3%

GNMA

REMICS

Series

2018-17,

Class

MA,

2.60%,

5/1/2052

8,246,212

8,623,411

Series

2017-22,

Class

A,

2.50%,

8/16/2058

2,458,179

2,639,038

Series

2019-34,

Class

AL,

3.15%,

5/16/2059

9,307,366

9,787,629

Series

2018-28,

Class

AG,

2.60%,

8/16/2059(a)

12,264,927

12,876,241

Series

2019-131,

Class

AD,

2.50%,

8/16/2060

9,157,244

9,590,529

Series

2020-89,

Class

GA,

1.50%,

4/16/2062

4,843,159

4,850,827

Total

Commercial

Mortgage-Backed

Securities

(cost

$46,982,745)

48,367,675

Common

Stock

0.0%

†

Shares

Value

($)

Energy

Equipment

&

Services

0.0%

†

Bristow

Group,

Inc.

*

5,456

87,350

Total

Common

Stock

(cost

$294,582)

87,350

Corporate

Bonds

53.5%

Principal

Amount

($)

Aerospace

&

Defense

0.7%

Huntington

Ingalls

Industries,

Inc.

,

3.84%,

5/1/2025(b)

2,000,000

2,221,681

Leidos

,

Inc.

,

4.38%,

5/15/2030(b)

1,800,000

2,100,240

TransDigm

,

Inc.

,

5.50%,

11/15/2027

4,000,000

3,794,800

8,116,721

Air

Freight

&

Logistics

0.6%

FedEx

Corp.

,

4.05%,

2/15/2048

5,200,000

5,927,932

United

Parcel

Service,

Inc.

,

5.20%,

4/1/2040

1,000,000

1,457,658

7,385,590

Airlines

0.4%

Delta

Air

Lines,

Inc.

,

2.90%,

10/28/2024

5,400,000

4,685,225

Auto

Components

0.5%

Dana,

Inc.

,

5.38%,

11/15/2027

5,000,000

5,270,000

Automobiles

0.5%

General

Motors

Co.

,

6.80%,

10/1/2027

1,500,000

1,826,486

Tesla,

Inc.

,

5.30%,

8/15/2025(b)

4,150,000

4,295,250

6,121,736

Banks

2.4%

First

Horizon

National

Corp.

,

4.00%,

5/26/2025

12,410,000

13,482,076

JPMorgan

Chase

&

Co.

,

3.20%,

6/15/2026

8,655,000

9,721,504

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.85%,

3/1/2026

255,000

293,682

National

Westminster

Bank

plc

,

Series

C,

(ICE

LIBOR

USD

3

Month

+

0.25%),

0.62%,

11/28/2020(c)(d)

130,000

113,399

People's

United

Financial,

Inc.

,

3.65%,

12/6/2022

3,740,000

3,980,809

27,591,470

Biotechnology

1.4%

AbbVie,

Inc.

,

4.05%,

11/21/2039(b)

1,965,000

2,406,714

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Amgen,

Inc.

,

3.20%,

11/2/2027

5,000,000

5,709,059

5.15%,

11/15/2041

3,875,000

5,515,074

5.38%,

5/15/2043

1,320,000

1,986,293

15,617,140

Building

Products

0.3%

JELD-WEN,

Inc.

,

4.88%,

12/15/2027(b)

1,000,000

1,017,500

Lennox

International,

Inc.

,

1.70%,

8/1/2027

2,000,000

2,024,170

3,041,670

Capital

Markets

4.0%

BlackRock,

Inc.

,

3.25%,

4/30/2029

7,445,000

8,787,076

2.40%,

4/30/2030

4,200,000

4,673,167

Compass

Group

Diversified

Holdings

LLC

,

8.00%,

5/1/2026(b)

1,000,000

1,055,000

FMR

LLC

,

4.95%,

2/1/2033(b)

5,150,000

7,113,636

FS

KKR

Capital

Corp.

,

4.63%,

7/15/2024

4,420,000

4,443,822

4.13%,

2/1/2025

2,874,000

2,794,965

Moody's

Corp.

,

4.88%,

12/17/2048

5,383,000

7,489,980

Morgan

Stanley

,

7.25%,

4/1/2032

5,600,000

8,630,003

44,987,649

Chemicals

2.5%

Blue

Cube

Spinco

LLC

,

9.75%,

10/15/2023

2,765,000

2,882,512

Chevron

Phillips

Chemical

Co.

LLC

,

5.13%,

4/1/2025(b)

7,500,000

8,824,316

3.40%,

12/1/2026(b)

6,865,000

7,466,690

Cornerstone

Chemical

Co.

,

6.75%,

8/15/2024(b)

1,000,000

920,000

FXI

Holdings,

Inc.

,

7.88%,

11/1/2024(b)

5,650,000

4,908,438

Methanex

Corp.

,

5.25%,

12/15/2029

3,250,000

3,144,375

28,146,331

Commercial

Services

&

Supplies

0.6%

Cimpress

plc

,

7.00%,

6/15/2026(b)

5,725,000

5,799,425

ILFC

E-Capital

Trust

I

,

+

1.55%,

14.50%

Cap),

3.02%,

12/21/2065(b)(d)

1,800,000

898,218

6,697,643

Communications

Equipment

0.0%

†

CommScope

Technologies

LLC

,

6.00%,

6/15/2025(b)

130,000

132,821

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

&

Engineering

0.0%

†

Tutor

Perini

Corp.

,

6.88%,

5/1/2025(b)

60,000

59,840

Consumer

Finance

1.8%

American

Express

Co.

,

3.00%,

10/30/2024

3,877,000

4,245,240

4.05%,

12/3/2042

5,000,000

6,623,587

Enova

International,

Inc.

,

8.50%,

9/1/2024(b)

40,000

36,200

8.50%,

9/15/2025(b)

2,000,000

1,800,000

Ford

Motor

Credit

Co.

LLC

,

5.09%,

1/7/2021

2,824,000

2,838,685

4.06%,

11/1/2024

1,000,000

1,022,200

5.13%,

6/16/2025

1,000,000

1,066,070

John

Deere

Capital

Corp.

,

2.25%,

9/14/2026

3,025,000

3,302,538

SquareTwo

Financial

Corp.

,

+

0.00%),

0.00%,

5/24/2019^∞(d)(e)

125,935

0

20,934,520

Diversified

Consumer

Services

0.7%

Carriage

Services,

Inc.

,

6.63%,

6/1/2026(b)

2,150,000

2,273,647

Duke

University

,

Series

2020,

2.68%,

10/1/2044

4,100,000

4,454,687

Service

Corp.

International

,

5.38%,

5/15/2024

1,099,000

1,120,749

7,849,083

Diversified

Financial

Services

0.7%

Berkshire

Hathaway,

Inc.

,

3.13%,

3/15/2026

2,500,000

2,823,823

GTP

Acquisition

Partners

I

LLC

,

3.48%,

6/16/2025(b)

5,000,000

5,384,938

8,208,761

Diversified

Telecommunication

Services

0.8%

CCO

Holdings

LLC

,

5.88%,

4/1/2024(b)

6,871,000

7,109,424

CenturyLink,

Inc.

,

Series

S,

6.45%,

6/15/2021

1,614,000

1,672,507

8,781,931

Electric

Utilities

3.2%

Commonwealth

Edison

Co.

,

3.70%,

8/15/2028

2,090,000

2,469,794

Drax

Finco

plc

,

6.63%,

11/1/2025(b)

1,400,000

1,459,500

Duke

Energy

Carolinas

LLC

,

4.00%,

9/30/2042

6,515,000

8,414,669

Duke

Energy

Florida

LLC

,

3.80%,

7/15/2028

7,325,000

8,728,024

Entergy

Arkansas

LLC

,

4.20%,

4/1/2049

4,550,000

6,333,705

Evergy

,

Inc.

,

2.45%,

9/15/2024

4,250,000

4,543,025

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025

1,750,000

1,923,647

Nationwide

Core

Plus

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Georgia

Power

Co.

,

4.30%,

3/15/2042

1,606,000

1,989,343

35,861,707

Electrical

Equipment

0.8%

Hubbell,

Inc.

,

3.15%,

8/15/2027

8,585,000

9,013,278

Electronic

Equipment,

Instruments

&

Components

1.4%

Corning,

Inc.

,

7.25%,

8/15/2036

6,312,000

7,928,413

5.75%,

8/15/2040

3,000,000

4,152,510

Jabil,

Inc.

,

3.00%,

1/15/2031

3,770,000

3,824,090

15,905,013

Energy

Equipment

&

Services

0.0%

†

Transocean

Phoenix

2

Ltd.

,

7.75%,

10/15/2024(b)

39,000

37,148

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Omega

Healthcare

Investors,

Inc.

,

3.63%,

10/1/2029

3,000,000

3,018,405

Ventas

Realty

LP

,

4.00%,

3/1/2028

4,600,000

5,015,049

8,033,454

Food

Products

0.1%

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(b)

1,000,000

1,065,000

Gas

Utilities

0.0%

†

Dominion

Energy

Gas

Holdings

LLC

,

Series

C,

3.90%,

11/15/2049

201,000

244,132

Health

Care

Equipment

&

Supplies

0.6%

Edwards

Lifesciences

Corp.

,

4.30%,

6/15/2028

3,000,000

3,666,456

Zimmer

Biomet

Holdings,

Inc.

,

3.05%,

1/15/2026

3,000,000

3,275,258

6,941,714

Health

Care

Providers

&

Services

2.6%

Anthem,

Inc.

,

5.10%,

1/15/2044

4,000,000

5,594,923

CVS

Health

Corp.

,

3.00%,

8/15/2026

2,000,000

2,213,612

6.25%,

6/1/2027

4,000,000

5,069,468

HCA,

Inc.

,

4.50%,

2/15/2027

4,135,000

4,761,816

Laboratory

Corp.

of

America

Holdings

,

3.25%,

9/1/2024

8,210,000

9,025,326

3.60%,

9/1/2027

2,500,000

2,861,574

29,526,719

Hotels,

Restaurants

&

Leisure

1.8%

McDonald's

Corp.

,

3.50%,

7/1/2027

1,700,000

1,963,783

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

McDonald’s

Corp.,

4.60%,

5/26/2045

3,000,000

3,880,979

Royal

Caribbean

Cruises

Ltd.

,

9.13%,

6/15/2023(b)

2,000,000

2,045,000

7.50%,

10/15/2027

1,973,000

1,657,320

Scientific

Games

International,

Inc.

,

8.25%,

3/15/2026(b)

1,495,000

1,497,377

VOC

Escrow

Ltd.

,

5.00%,

2/15/2028(b)

2,300,000

1,874,500

Wyndham

Destinations,

Inc.

,

6.35%,

10/1/2025(f)

7,272,000

7,599,240

20,518,199

Household

Durables

0.4%

NVR,

Inc.

,

3.95%,

9/15/2022

1,994,000

2,117,214

3.00%,

5/15/2030

2,760,000

3,007,313

Shea

Homes

LP

,

6.13%,

4/1/2025(b)

9,000

9,270

5,133,797

Household

Products

0.7%

Central

Garden

&

Pet

Co.

,

6.13%,

11/15/2023

3,694,000

3,800,203

Kimberly-Clark

Corp.

,

3.10%,

3/26/2030

1,500,000

1,745,914

Procter

&

Gamble

Co.

(The)

,

3.55%,

3/25/2040

1,750,000

2,238,150

7,784,267

Industrial

Conglomerates

1.6%

3M

Co.

,

3.05%,

4/15/2030

1,750,000

2,033,341

General

Electric

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.00%),

1.31%,

3/15/2023(d)

5,000,000

4,958,042

7.50%,

8/21/2035

1,680,000

2,195,928

6.88%,

1/10/2039

6,000,000

7,751,819

Trane

Technologies

Global

Holding

Co.

Ltd.

,

4.30%,

2/21/2048

1,000,000

1,223,315

18,162,445

Insurance

1.3%

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

1,255,000

1,490,760

Fidelity

National

Financial,

Inc.

,

4.50%,

8/15/2028

4,500,000

5,098,285

Globe

Life,

Inc.

,

7.88%,

5/15/2023

2,975,000

3,482,867

Sompo

International

Holdings

Ltd.

,

4.70%,

10/15/2022

4,052,000

4,302,538

14,374,450

Interactive

Media

&

Services

0.3%

Tencent

Holdings

Ltd.

,

3.60%,

1/19/2028(b)

1,000,000

1,126,536

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Interactive

Media

&

Services

Twitter,

Inc.

,

3.88%,

12/15/2027(b)

2,000,000

2,139,660

3,266,196

Internet

&

Direct

Marketing

Retail

0.4%

eBay,

Inc.

,

2.75%,

1/30/2023

4,649,000

4,896,265

IT

Services

0.2%

DXC

Technology

Co.

,

4.13%,

4/15/2025

2,500,000

2,697,224

Leisure

Products

0.1%

Mattel,

Inc.

,

5.88%,

12/15/2027(b)

1,250,000

1,345,312

Machinery

0.5%

BCD

Acquisition,

Inc.

,

9.63%,

9/15/2023(b)

4,372,000

4,284,560

Terex

Corp.

,

5.63%,

2/1/2025(b)

1,450,000

1,470,126

5,754,686

Media

1.1%

Comcast

Cable

Communications

Holdings,

Inc.

,

9.46%,

11/15/2022

4,050,000

4,916,494

Comcast

Cable

Holdings

LLC

,

9.88%,

6/15/2022

1,165,000

1,343,527

Comcast

Corp.

,

3.95%,

10/15/2025

3,550,000

4,111,699

Fox

Corp.

,

3.05%,

4/7/2025

1,000,000

1,097,934

TEGNA,

Inc.

,

5.00%,

9/15/2029(b)

1,000,000

1,008,120

12,477,774

Metals

&

Mining

0.4%

Alcoa

Nederland

Holding

BV

,

6.75%,

9/30/2024(b)

20,000

20,852

Allegheny

Ludlum

LLC

,

6.95%,

12/15/2025

2,000,000

1,930,000

Kaiser

Aluminum

Corp.

,

6.50%,

5/1/2025(b)

2,100,000

2,226,000

4,176,852

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.5%

Starwood

Property

Trust,

Inc.

,

3.63%,

2/1/2021

5,645,000

5,574,438

Multiline

Retail

0.8%

Dillard's,

Inc.

,

7.75%,

7/15/2026

4,595,000

4,915,208

Nordstrom,

Inc.

,

8.75%,

5/15/2025(b)

2,000,000

2,190,261

4.38%,

4/1/2030

2,750,000

2,175,082

9,280,551

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

0.9%

Dominion

Energy,

Inc.

,

Series

C,

3.38%,

4/1/2030

8,725,000

10,086,154

Oil,

Gas

&

Consumable

Fuels

3.9%

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026

3,500,000

3,915,866

Enviva

Partners

LP

,

6.50%,

1/15/2026(b)

2,500,000

2,693,750

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(b)

3,300,000

3,341,250

HollyFrontier

Corp.

,

5.88%,

4/1/2026

8,000,000

8,777,126

NuStar

Logistics

LP

,

6.00%,

6/1/2026

1,593,000

1,632,825

ONEOK

Partners

LP

,

6.85%,

10/15/2037

3,793,000

4,439,438

PBF

Holding

Co.

LLC

,

7.25%,

6/15/2025

2,250,000

2,023,403

Phillips

66

,

3.70%,

4/6/2023

2,000,000

2,150,260

Tengizchevroil

Finance

Co.

International

Ltd.

,

4.00%,

8/15/2026(b)

3,000,000

3,205,950

TransCanada

PipeLines

Ltd.

,

6.20%,

10/15/2037

1,565,000

2,205,384

Valero

Energy

Corp.

,

2.85%,

4/15/2025

2,900,000

3,083,156

8.75%,

6/15/2030

2,500,000

3,554,482

7.50%,

4/15/2032

2,641,000

3,798,066

44,820,956

Paper

&

Forest

Products

0.5%

Louisiana-Pacific

Corp.

,

4.88%,

9/15/2024

5,700,000

5,863,875

Pharmaceuticals

0.9%

Bausch

Health

Cos.,

Inc.

,

5.00%,

1/30/2028(b)

4,000,000

4,019,920

HLF

Financing

Sarl

LLC

,

7.25%,

8/15/2026(b)

2,000,000

2,100,000

Pfizer,

Inc.

,

3.60%,

9/15/2028

3,070,000

3,690,057

9,809,977

Professional

Services

0.2%

Equifax,

Inc.

,

3.10%,

5/15/2030

2,255,000

2,503,158

Real

Estate

Management

&

Development

0.4%

Forestar

Group,

Inc.

,

5.00%,

3/1/2028(b)

2,500,000

2,500,000

Hunt

Cos.,

Inc.

,

6.25%,

2/15/2026(b)

400,000

374,000

Ohana

Military

Communities

LLC

,

5.78%,

10/1/2036(b)

1,000,000

1,237,608

4,111,608

Nationwide

Core

Plus

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

0.7%

Ashtead

Capital,

Inc.

,

5.25%,

8/1/2026(b)

2,000,000

2,120,000

Burlington

Northern

Santa

Fe

LLC

,

4.90%,

4/1/2044

4,330,000

6,233,307

8,353,307

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom,

Inc.

,

4.70%,

4/15/2025(b)

2,000,000

2,286,926

NVIDIA

Corp.

,

3.20%,

9/16/2026

592,000

671,525

NXP

BV

,

2.70%,

5/1/2025(b)

2,000,000

2,143,179

5,101,630

Software

1.8%

Citrix

Systems,

Inc.

,

4.50%,

12/1/2027

4,000,000

4,600,459

Infor,

Inc.

,

1.75%,

7/15/2025(b)

2,000,000

2,061,216

Oracle

Corp.

,

2.80%,

4/1/2027

4,720,000

5,240,998

VMware,

Inc.

,

4.50%,

5/15/2025

8,000,000

9,060,054

20,962,727

Specialty

Retail

4.6%

Advance

Auto

Parts,

Inc.

,

4.50%,

12/1/2023

8,310,000

9,172,002

AutoZone,

Inc.

,

4.00%,

4/15/2030

2,000,000

2,385,624

Carvana

Co.

,

8.88%,

10/1/2023(b)

6,775,000

7,046,000

Foot

Locker,

Inc.

,

8.50%,

1/15/2022

6,790,000

7,231,350

Home

Depot,

Inc.

(The)

,

3.30%,

4/15/2040

1,885,000

2,244,253

O'Reilly

Automotive,

Inc.

,

4.20%,

4/1/2030

1,180,000

1,429,386

Ross

Stores,

Inc.

,

4.70%,

4/15/2027

19,265,000

22,737,504

52,246,119

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

2.85%,

5/11/2024

4,501,000

4,879,705

Seagate

HDD

Cayman

,

4.13%,

1/15/2031(b)

500,000

536,660

5,416,365

Textiles,

Apparel

&

Luxury

Goods

0.2%

Tapestry,

Inc.

,

4.13%,

7/15/2027

2,070,000

1,969,249

Trading

Companies

&

Distributors

0.4%

Fortress

Transportation

&

Infrastructure

Investors

LLC

,

6.75%,

3/15/2022(b)

4,000,000

4,060,440

Corporate

Bonds

Principal

Amount

($)

Value

($)

Water

Utilities

0.5%

American

Water

Capital

Corp.

,

2.95%,

9/1/2027

4,583,000

5,145,246

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(b)

2,000,000

2,209,620

Total

Corporate

Bonds

(cost

$561,122,555)

608,359,183

Mortgage-Backed

Securities

25.0%

FHLMC

Gold

Pool

Pool#

J14732

4.00%,

3/1/2026

22

24

Pool#

C91768

3.50%,

7/1/2034

4,468,125

4,824,154

Pool#

G30692

3.50%,

8/1/2034

5,445,757

5,886,594

Pool#

G30782

3.50%,

2/1/2035

1,605,908

1,733,970

Pool#

C91846

3.00%,

9/1/2035

1,583,854

1,682,753

Pool#

C91859

3.50%,

12/1/2035

1,608,876

1,738,304

Pool#

C91868

3.50%,

4/1/2036

4,081,199

4,410,376

Pool#

Q10392

3.50%,

8/1/2042

2,562,259

2,777,337

Pool#

G08541

3.50%,

8/1/2043

3,675,424

3,980,649

Pool#

G08554

3.50%,

10/1/2043

2,097,500

2,269,675

Pool#

G08588

4.00%,

5/1/2044

1,642,732

1,789,712

Pool#

G08702

3.50%,

4/1/2046

9,240,123

9,894,650

Pool#

G08721

3.00%,

9/1/2046

6,096,604

6,484,126

Pool#

G08726

3.00%,

10/1/2046

8,948,835

9,513,649

Pool#

G08793

4.00%,

12/1/2047

7,144,727

7,620,499

FHLMC

UMBS

Pool

Pool#

RB5076

2.00%,

8/1/2040

12,575,000

12,935,640

Pool#

SD0040

3.00%,

7/1/2049

7,348,781

7,781,932

Pool#

SD8016

3.00%,

10/1/2049

15,131,637

16,023,523

Pool#

SD8037

2.50%,

1/1/2050

19,491,824

20,459,137

Pool#

SD8036

3.00%,

1/1/2050

4,513,394

4,779,422

FNMA

UMBS

Pool

Pool#

MA2124

3.00%,

12/1/2029

857,563

900,888

Pool#

MA3340

3.50%,

4/1/2033

4,923,136

5,169,691

6

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL6591

3.00%,

9/1/2033

4,303,536

4,604,892

Pool#

MA1608

3.50%,

10/1/2033

5,295,363

5,722,417

Pool#

MA1982

3.50%,

8/1/2034

6,482,018

6,936,847

Pool#

MA2610

3.00%,

5/1/2036

6,536,561

6,942,677

Pool#

MA3697

3.00%,

7/1/2039

6,743,324

7,140,787

Pool#

AE0311

3.50%,

8/1/2040

4,336,138

4,690,664

Pool#

AB1845

4.00%,

11/1/2040

4,631,613

5,087,471

Pool#

AJ9278

3.50%,

12/1/2041

4,702,385

5,091,726

Pool#

AW8165

4.00%,

1/1/2042

3,379,489

3,714,360

Pool#

AJ8414

4.00%,

2/1/2042

2,783,369

3,059,744

Pool#

AB4696

4.00%,

3/1/2042

1,662,183

1,839,402

Pool#

AU2592

3.50%,

8/1/2043

2,571,000

2,787,973

Pool#

AX4312

3.50%,

2/1/2045

2,253,739

2,413,702

Pool#

AZ7353

3.50%,

11/1/2045

3,640,620

3,894,598

Pool#

AS6408

3.50%,

1/1/2046

5,699,449

6,103,058

Pool#

AS8583

3.50%,

1/1/2047

9,692,813

10,284,266

Pool#

MA3088

4.00%,

8/1/2047

2,563,494

2,741,897

Pool#

CA1191

3.50%,

11/1/2047

6,593,743

6,977,374

Pool#

BM3280

4.50%,

11/1/2047

4,893,871

5,373,757

Pool#

MA3691

3.00%,

7/1/2049

11,463,106

12,138,763

Pool#

MA3744

3.00%,

8/1/2049

7,064,946

7,481,367

Pool#

MA3870

2.50%,

12/1/2049

9,240,497

9,696,451

Pool#

MA3905

3.00%,

1/1/2050

8,181,799

8,664,049

Pool#

BP8608

2.50%,

6/1/2050

17,463,441

18,353,448

Total

Mortgage-Backed

Securities

(cost

$273,268,044)

284,398,395

Municipal

Bonds

0.6%

Principal

Amount

($)

Value

($)

California

0.5

%

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

A,

3.47%,

11/1/2043

5,000,000

5,477,950

Virginia

0.1

%

Montgomery

County

Economic

Development

Authority,

RB,

Series

B,

3.04%,

6/1/2033

1,000,000

1,070,930

Total

Municipal

Bonds

(cost

$6,015,824)

6,548,880

U.S.

Treasury

Obligations

11.4%

U.S.

Treasury

Bonds,

1.13%,

5/15/2040

37,250,000

38,232,178

U.S.

Treasury

Notes

2.75%,

2/15/2024

22,500,000

24,567,187

2.38%,

8/15/2024

10,000,000

10,883,203

2.50%,

1/31/2025

5,000,000

5,514,453

0.50%,

4/30/2027

20,000,000

20,162,500

0.50%,

6/30/2027

4,000,000

4,030,469

0.63%,

5/15/2030

26,250,000

26,462,256

Total

U.S.

Treasury

Obligations

(cost

$125,533,079)

129,852,246

Preferred

Stocks

0.7%

Shares

Consumer

Finance

0.0%

†

SquareTwo

Financial

Canada

Corp.,

0.00%,

*^∞(e)(g)

355

0

Insurance

0.5%

Enstar

Group

Ltd.,

7.00%,

3/1/2024(g)

140,000

3,668,000

Maiden

Holdings

North

America

Ltd.,

7.75%,

12/1/2043(g)(h)

75,000

1,596,750

PartnerRe

Ltd.,

7.25%,

4/29/2021(g)

31,383

816,272

6,081,022

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

Two

Harbors

Investment

Corp.,

(ICE

LIBOR

USD

3

Month

+

5.35%),

7.63%,

7/27/2027(d)(g)

100,000

2,083,000

Thrifts

&

Mortgage

Finance

0.0%

†

FHLMC,

(ICE

LIBOR

USD

3

Month

+

4.16%,

7.88%

Floor),

8.38%,

12/31/2022(d)(g)(h)

35,000

297,500

Total

Preferred

Stocks

(cost

$9,567,324)

8,461,522

Nationwide

Core

Plus

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

7

g

Short-Term

Investment

0.0%

†

Shares

Value

($)

Money

Market

Fund

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.09%

(cost

$4,116)(

i

)(j)

4,116

4,116

Total

Short-Term

Investment

(cost

$4,116)

4,116

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

BNP

Paribas

Securities

Corp.

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$462,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$475.

(j)

462

462

Total

Repurchase

Agreement

(cost

$462)

462

Total

Investments

(cost

$1,055,425,687)

—

98.4%

1,118,784,816

Other

assets

in

excess

of

liabilities

—

1.6%

18,622,367

NET

ASSETS

—

100.0%

$

1,137,407,183

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(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

July

31,

2020.

(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

July

31,

2020

was

$161,510,379

which

represents

14.20%

of

net

assets.

(c)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2020.

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

July

31,

2020.

(e)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(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

July

31,

2020.

(g)

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

July

31,

2020.

(h)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$4,335,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$4,116

and

$462,

respectively,

a

total

value

of

$4,578.

(

i

)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$4,578.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

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

UMBS

Uniform

Mortgage-Backed

Securities

8

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Core

Plus

Bond

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

b

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

22,828,630

$

–

$

22,828,630

Collateralized

Mortgage

Obligations

–

9,876,357

–

9,876,357

Commercial

Mortgage-Backed

Securities

–

48,367,675

–

48,367,675

Common

Stock

87,350

–

–

87,350

  Corporate

Bonds

Aerospace

&

Defense

–

8,116,721

–

8,116,721

Air

Freight

&

Logistics

–

7,385,590

–

7,385,590

Airlines

–

4,685,225

–

4,685,225

Auto

Components

–

5,270,000

–

5,270,000

Automobiles

–

6,121,736

–

6,121,736

Banks

–

27,591,470

–

27,591,470

Biotechnology

–

15,617,140

–

15,617,140

Nationwide

Core

Plus

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Level

1

Level

2

Level

3

Total

Assets:

Building

Products

$

–

$

3,041,670

$

–

$

3,041,670

Capital

Markets

–

44,987,649

–

44,987,649

Chemicals

–

28,146,331

–

28,146,331

Commercial

Services

&

Supplies

–

6,697,643

–

6,697,643

Communications

Equipment

–

132,821

–

132,821

Construction

&

Engineering

–

59,840

–

59,840

Consumer

Finance

–

20,934,520

–

20,934,520

Diversified

Consumer

Services

–

7,849,083

–

7,849,083

Diversified

Financial

Services

–

8,208,761

–

8,208,761

Diversified

Telecommunication

Services

–

8,781,931

–

8,781,931

Electric

Utilities

–

35,861,707

–

35,861,707

Electrical

Equipment

–

9,013,278

–

9,013,278

Electronic

Equipment,

Instruments

&

Components

–

15,905,013

–

15,905,013

Energy

Equipment

&

Services

–

37,148

–

37,148

Equity

Real

Estate

Investment

Trusts

(REITs)

–

8,033,454

–

8,033,454

Food

Products

–

1,065,000

–

1,065,000

Gas

Utilities

–

244,132

–

244,132

Health

Care

Equipment

&

Supplies

–

6,941,714

–

6,941,714

Health

Care

Providers

&

Services

–

29,526,719

–

29,526,719

Hotels,

Restaurants

&

Leisure

–

20,518,199

–

20,518,199

Household

Durables

–

5,133,797

–

5,133,797

Household

Products

–

7,784,267

–

7,784,267

Industrial

Conglomerates

–

18,162,445

–

18,162,445

Insurance

–

14,374,450

–

14,374,450

Interactive

Media

&

Services

–

3,266,196

–

3,266,196

Internet

&

Direct

Marketing

Retail

–

4,896,265

–

4,896,265

IT

Services

–

2,697,224

–

2,697,224

Leisure

Products

–

1,345,312

–

1,345,312

Machinery

–

5,754,686

–

5,754,686

Media

–

12,477,774

–

12,477,774

Metals

&

Mining

–

4,176,852

–

4,176,852

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

5,574,438

–

5,574,438

Multiline

Retail

–

9,280,551

–

9,280,551

Multi-Utilities

–

10,086,154

–

10,086,154

Oil,

Gas

&

Consumable

Fuels

–

44,820,956

–

44,820,956

Paper

&

Forest

Products

–

5,863,875

–

5,863,875

Pharmaceuticals

–

9,809,977

–

9,809,977

Professional

Services

–

2,503,158

–

2,503,158

Real

Estate

Management

&

Development

–

4,111,608

–

4,111,608

Road

&

Rail

–

8,353,307

–

8,353,307

Semiconductors

&

Semiconductor

Equipment

–

5,101,630

–

5,101,630

Software

–

20,962,727

–

20,962,727

Specialty

Retail

–

52,246,119

–

52,246,119

Technology

Hardware,

Storage

&

Peripherals

–

5,416,365

–

5,416,365

Textiles,

Apparel

&

Luxury

Goods

–

1,969,249

–

1,969,249

Trading

Companies

&

Distributors

–

4,060,440

–

4,060,440

Water

Utilities

–

5,145,246

–

5,145,246

Wireless

Telecommunication

Services

–

2,209,620

–

2,209,620

Total

Corporate

Bonds

$

–

$

608,359,183

$

–

$

608,359,183

Mortgage-Backed

Securities

–

284,398,395

–

284,398,395

Municipal

Bonds

–

6,548,880

–

6,548,880

  Preferred

Stocks

Consumer

Finance

–

–

–

–

Insurance

6,081,022

–

–

6,081,022

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,083,000

–

–

2,083,000

10

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Core

Plus

Bond

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

Transfers

into

or

out

of

Level

3

are

generally

due

to

a

change

in

market

value

methodology.

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. 

Level

1

Level

2

Level

3

Total

Assets:

Thrifts

&

Mortgage

Finance

$

297,500

$

–

$

–

$

297,500

Total

Preferred

Stocks

$

8,461,522

$

–

$

–

$

8,461,522

Repurchase

Agreement

–

462

–

462

Short-Term

Investment

4,116

–

–

4,116

U.S.

Treasury

Obligations

–

129,852,246

–

129,852,246

Total

$

8,552,988

$

1,110,231,828

$

–

$

1,118,784,816

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

July

31,

2020,

the

Fund

held

one

corporate

bond

and

one

preferred

stock

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Corporate

Bonds

Total

Balance

as

of

10/31/2019

$

—

$—

Accrued

Accretion/(Amortization)

508

508

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

(637)

(637)

Change

in

Unrealized

Appreciation/Depreciation

129

129

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2020

$

—

$—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

7/31/2020

$

129

$129

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

11

Asset-Backed

Securities

20.9%

Principal

Amount

($)

Value

($)

Airlines

1.3%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

2,650,349

2,254,539

Continental

Airlines

Pass-

Through

Trust,

Series

2007-1,

Class

B,

6.90%,

4/19/2022

98,148

81,011

United

Airlines

Pass-Through

Trust

Series

2014-1,

Class

B,

4.75%,

4/11/2022

840,426

730,521

Series

2016-1,

Class

B,

3.65%,

1/7/2026

2,367,070

1,761,407

4,827,478

Automobiles

2.3%

Credit

Acceptance

Auto

Loan

Trust,

Series

2019-

3A,

Class

A,

2.38%,

11/15/2028(a)

2,142,000

2,190,626

Flagship

Credit

Auto

Trust

Series

2019-3,

Class

A,

2.33%,

2/15/2024(a)

2,230,993

2,262,473

Series

2019-4,

Class

A,

2.17%,

6/17/2024(a)

1,003,408

1,017,555

OneMain

Direct

Auto

Receivables

Trust,

Series

2018-1A,

Class

A,

3.43%,

12/16/2024(a)

3,000,000

3,035,773

8,506,427

Home

Equity

2.1%

Long

Beach

Mortgage

Loan

Trust,

Series

2005-

WL2,

Class

M2,

0.91%,

8/25/2035(b)

4,493,331

4,470,996

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.42%,

1/25/2036(b)

991,792

988,917

Soundview

Home

Loan

Trust,

Series

2006-WF2,

Class

M1,

0.39%,

12/25/2036(b)

2,254,979

2,231,270

Structured

Asset

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2004-6XS,

Class

A6,

5.13%,

3/25/2034(c)

505

507

7,691,690

Other

15.2%

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

2,045,221

2,190,173

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

2,753,838

2,985,529

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

1.33%,

4/20/2031(a)(b)

1,000,000

977,209

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series

2017-SPL5,

Class

B2,

4.50%,

6/28/2057(a)(b)

1,348,100

1,471,884

CCG

Receivables

Trust

Series

2018-2,

Class

A2,

3.09%,

12/15/2025(a)

1,212,596

1,228,274

Series

2019-2,

Class

A2,

2.11%,

3/15/2027(a)

1,411,356

1,430,740

Cedar

Funding

II

CLO

Ltd.,

Series

2013-1A,

Class

BR,

2.06%,

6/9/2030(a)(b)

3,000,000

2,918,160

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

442,742

468,211

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

1,540,549

1,825,064

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

1,632,893

1,718,116

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

10/15/2054(a)

1,670,843

1,699,456

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

169,003

179,219

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

250,099

264,328

Series

2015-1A,

Class

A,

3.84%,

9/21/2040(a)

1,070,032

1,142,669

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.18%,

7/17/2037(a)(b)

1,850,716

1,838,046

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

2,362,876

2,495,631

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

A,

1.60%,

1/19/2032(a)(b)

500,000

495,882

Neuberger

Berman

Loan

Advisers

CLO

36

Ltd.,

Series

2020-36A,

Class

A,

2.30%,

4/20/2033(a)(b)

250,000

247,745

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed,

Series

2019-T2,

Class

AT2,

2.52%,

8/15/2053(a)

4,570,000

4,521,163

NRZ

Advance

Receivables

Trust,

Series

2019-

T1,

Class

AT1,

2.59%,

7/15/2052(a)

2,642,000

2,645,387

12

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Ocwen

Master

Advance

Receivables

Trust,

Series

2019-T2,

Class

AT2,

2.42%,

8/15/2051(a)

3,330,000

3,330,349

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

1,669,905

1,797,148

SPS

Servicer

Advance

Receivables

Trust

Advance

Receivables

Backed

Notes,

Series

2019-T2,

Class

AT2,

2.32%,

10/15/2052(a)

1,120,000

1,111,009

Towd

Point

Mortgage

Trust

Series

2015-6,

Class

M1,

3.75%,

4/25/2055(a)(b)

3,322,000

3,585,716

Series

2018-2,

Class

A1,

3.25%,

3/25/2058(a)(b)

495,931

528,006

Series

2019-1,

Class

A1,

3.75%,

3/25/2058(a)(b)

4,107,788

4,402,313

Series

2019-4,

Class

A1,

2.90%,

10/25/2059(a)(b)

1,642,985

1,744,202

Series

2019-4,

Class

A2,

3.25%,

10/25/2059(a)(b)

590,000

627,464

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

3,525,443

3,648,129

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

2,780,000

2,909,749

56,426,971

Total

Asset-Backed

Securities

(cost

$77,559,354)

77,452,566

Collateralized

Mortgage

Obligations

7.1%

Alternative

Loan

Trust,

Series

2007-2CB,

Class

2A14,

5.75%,

3/25/2037

260,895

209,461

American

Home

Mortgage

Investment

Trust,

Series

2004-3,

Class

6A1,

5.32%,

10/25/2034(c)

14,814

14,964

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

1,728,155

1,739,325

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

4,855,080

4,980,853

CHL

Mortgage

Pass-Through

Trust,

Series

2005-15,

Class

A7,

5.50%,

8/25/2035

69,836

58,186

Citigroup

Mortgage

Loan

Trust,

Series

2015-

RP2,

Class

A1,

3.50%,

1/25/2053(a)(b)

730,584

764,393

FNMA

REMICS

Series

2003-33,

Class

LB,

5.50%,

5/25/2023

176,534

183,733

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2009-42,

Class

AP,

4.50%,

3/25/2039

55,139

57,263

MASTR

Alternative

Loan

Trust,

Series

2005-6,

Class

1A5,

5.50%,

12/25/2035

203,679

185,228

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

1,457,762

1,522,347

New

Residential

Mortgage

Loan

Trust

Series

2016-3A,

Class

A1,

3.75%,

9/25/2056(a)(b)

1,282,281

1,366,930

Series

2019-1A,

Class

A1,

4.00%,

9/25/2057(a)(b)

1,387,915

1,469,192

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

420,192

457,661

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

2,593,940

2,784,319

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,339,512

1,444,993

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

2,111,537

2,285,044

Series

2019-RPL2,

Class

A1,

3.25%,

2/25/2059(a)(b)

3,502,317

3,648,218

RCO

Trust,

Series

2018-

VFS1,

Class

A1,

4.27%,

12/26/2053(a)(b)

1,487,249

1,555,428

Sequoia

Mortgage

Trust

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

471,294

482,544

Series

2018-CH4,

Class

A10,

4.50%,

10/25/2048(a)

(b)

361,371

363,110

Visio

Trust,

Series

2019-

2,

Class

A2,

2.92%,

11/25/2054(a)(b)

697,105

703,439

Total

Collateralized

Mortgage

Obligations

(cost

$25,569,924)

26,276,631

Commercial

Mortgage-Backed

Securities

10.1%

Aventura

Mall

Trust

,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

700,000

746,705

BANK

Series

2019-BN17,

Class

A4,

3.71%,

4/15/2052

1,900,000

2,226,923

Series

2019-BN19,

Class

A3,

3.18%,

8/15/2061

300,000

340,198

Series

2019-BN24,

Class

A3,

2.96%,

11/15/2062

3,400,000

3,810,558

Barclays

Commercial

Mortgage

Trust

,

Series

2019-C3,

Class

A4,

3.58%,

5/15/2052

850,000

985,137

BBCMS

Mortgage

Trust

Series

2016-ETC,

Class

C,

3.39%,

8/14/2036(a)

6,300,000

5,201,629

Nationwide

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

BBCMS

Mortgage

Trust

Series

2018-C2,

Class

A5,

4.31%,

12/15/2051

800,000

961,316

Benchmark

Mortgage

Trust

Series

2018-B5,

Class

A4,

4.21%,

7/15/2051

700,000

838,135

Series

2019-B11,

Class

AS,

3.78%,

5/15/2052

730,000

829,603

Series

2019-B10,

Class

A4,

3.72%,

3/15/2062

1,000,000

1,171,558

Series

2019-B10,

Class

AM,

3.98%,

3/15/2062

700,000

806,243

Series

2019-B15,

Class

A5,

2.93%,

12/15/2072

2,450,000

2,737,863

Cantor

Commercial

Real

Estate

Lending

,

Series

2019-CF3,

Class

A4,

3.01%,

1/15/2053

3,700,000

4,130,435

CSAIL

Commercial

Mortgage

Trust

,

Series

2019-C15,

Class

A4,

4.05%,

3/15/2052

550,000

648,013

GS

Mortgage

Securities

Corp.

II

,

Series

2018-GS10,

Class

A5,

4.16%,

7/10/2051(b)

510,000

602,277

Morgan

Stanley

Capital

I

Trust

Series

2019-H7,

Class

A4,

3.26%,

7/15/2052

700,000

792,765

Series

2019-L3,

Class

A4,

3.13%,

11/15/2052

3,091,000

3,503,864

Natixis

Commercial

Mortgage

Securities

Trust

,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

400,000

448,163

UBS

Commercial

Mortgage

Trust

Series

2018-C9,

Class

A4,

4.12%,

3/15/2051(b)

860,000

990,345

Series

2018-C10,

Class

A4,

4.31%,

5/15/2051

720,000

848,015

Series

2019-C16,

Class

A4,

3.60%,

4/15/2052

1,450,000

1,651,179

Series

2019-C18,

Class

A4,

3.04%,

12/15/2052

2,750,000

3,062,387

Total

Commercial

Mortgage-Backed

Securities

(cost

$35,794,593)

37,333,311

Corporate

Bonds

31.3%

Aerospace

&

Defense

1.3%

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027

1,125,000

1,245,922

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026

1,100,000

1,263,265

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

1,900,000

2,282,806

4,791,993

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

4.3%

Bank

of

America

Corp.

,

4.20%,

8/26/2024

1,000,000

1,121,000

Series

L,

3.95%,

4/21/2025

1,750,000

1,959,772

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(d)

2,000,000

2,288,309

Citigroup,

Inc.

,

4.45%,

9/29/2027

2,000,000

2,329,605

Citizens

Financial

Group,

Inc.

,

3.75%,

7/1/2024

1,500,000

1,621,854

4.35%,

8/1/2025

1,850,000

2,066,505

Cooperatieve

Rabobank

UA

,

5.75%,

12/1/2043

600,000

914,582

HSBC

Holdings

plc

,

4.38%,

11/23/2026

1,000,000

1,127,631

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

3.74%,

10/30/2020(d)(e)

488,000

467,504

3.88%,

9/10/2024

500,000

558,812

4.95%,

6/1/2045

950,000

1,377,760

15,833,334

Beverages

0.8%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

850,000

967,380

4.90%,

2/1/2046

1,000,000

1,282,453

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

500,000

677,655

2,927,488

Biotechnology

0.7%

AbbVie,

Inc.

,

3.85%,

6/15/2024(a)

500,000

553,893

3.80%,

3/15/2025(a)

1,325,000

1,487,047

4.25%,

11/21/2049(a)

400,000

511,314

2,552,254

Capital

Markets

1.5%

FMR

LLC

,

4.95%,

2/1/2033(a)

925,000

1,277,692

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

3,230,000

3,668,366

S&P

Global,

Inc.

,

4.50%,

5/15/2048

425,000

605,264

5,551,322

Chemicals

0.3%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

600,000

652,313

Mosaic

Co.

(The)

,

5.63%,

11/15/2043

350,000

396,513

1,048,826

Commercial

Services

&

Supplies

0.3%

Aramark

Services,

Inc.

,

5.00%,

2/1/2028(a)

950,000

955,938

14

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

4.88%,

7/15/2026(a)

700,000

739,375

Diversified

Financial

Services

0.6%

HERO

Funding

Trust

,

Series

2015-3,

Class

A,

4.28%,

9/20/2041

1,033,528

1,113,391

Shell

International

Finance

BV

,

4.38%,

5/11/2045

750,000

985,417

2,098,808

Diversified

Telecommunication

Services

1.9%

AT&T,

Inc.

,

3.40%,

5/15/2025

500,000

556,078

4.10%,

2/15/2028

1,000,000

1,171,463

4.30%,

2/15/2030

1,981,000

2,379,228

CCO

Holdings

LLC

,

5.75%,

2/15/2026(a)

600,000

627,000

5.13%,

5/1/2027(a)

1,825,000

1,936,211

4.75%,

3/1/2030(a)

325,000

345,922

7,015,902

Electric

Utilities

4.2%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

2,000,000

2,333,329

Appalachian

Power

Co.

,

3.40%,

6/1/2025

1,000,000

1,111,562

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

2,650,000

3,140,154

Evergy

,

Inc.

,

2.45%,

9/15/2024

2,250,000

2,405,131

Indiana

Michigan

Power

Co.

,

3.85%,

5/15/2028

1,250,000

1,437,959

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

500,000

585,133

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

1,000,000

1,167,092

Public

Service

Co.

of

Colorado

,

2.90%,

5/15/2025

3,000,000

3,268,329

15,448,689

Energy

Equipment

&

Services

0.5%

Helmerich

&

Payne,

Inc.

,

4.65%,

3/15/2025

1,575,000

1,754,634

Equity

Real

Estate

Investment

Trusts

(REITs)

1.1%

Piedmont

Operating

Partnership

LP

,

3.40%,

6/1/2023

1,500,000

1,532,574

4.45%,

3/15/2024

2,300,000

2,389,742

3,922,316

Food

&

Staples

Retailing

0.2%

CVS

Pass-Through

Trust

,

7.51%,

1/10/2032(a)

698,897

880,917

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0.9%

Cargill,

Inc.

,

3.25%,

5/23/2029(a)

1,775,000

2,027,226

Grupo

Bimbo

SAB

de

CV

,

3.88%,

6/27/2024(a)

825,000

893,376

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049(a)

500,000

552,222

3,472,824

Health

Care

Equipment

&

Supplies

0.3%

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

700,000

986,224

Health

Care

Providers

&

Services

0.3%

CVS

Health

Corp.

,

4.30%,

3/25/2028

900,000

1,069,187

Household

Durables

0.8%

Newell

Brands,

Inc.

,

4.70%,

4/1/2026(c)

2,850,000

3,085,980

Insurance

1.5%

MassMutual

Global

Funding

II

,

3.40%,

3/8/2026(a)

2,000,000

2,282,162

Metropolitan

Life

Global

Funding

I

,

3.45%,

12/18/2026(a)

2,875,000

3,305,432

5,587,594

Media

0.7%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

1,000,000

1,159,313

Comcast

Corp.

,

4.70%,

10/15/2048

1,000,000

1,435,754

2,595,067

Metals

&

Mining

0.2%

Compass

Minerals

International,

Inc.

,

6.75%,

12/1/2027(a)

550,000

596,811

Multi-Utilities

2.1%

Black

Hills

Corp.

,

3.95%,

1/15/2026

1,750,000

1,919,378

3.15%,

1/15/2027

1,000,000

1,076,173

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

1,000,000

1,411,962

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

1,100,000

1,231,586

3.25%,

6/15/2026

2,000,000

2,166,526

7,805,625

Oil,

Gas

&

Consumable

Fuels

2.5%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

1,500,000

1,486,676

BP

Capital

Markets

plc

,

3.51%,

3/17/2025

2,350,000

2,626,114

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

400,000

602,912

Energy

Transfer

Operating

LP

,

4.20%,

4/15/2027

1,550,000

1,620,093

Nationwide

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Energy

Transfer

Operating

LP,

5.50%,

6/1/2027

1,000,000

1,101,940

Kinder

Morgan,

Inc.

,

4.30%,

3/1/2028

300,000

349,869

5.05%,

2/15/2046

500,000

616,183

Williams

Cos.,

Inc.

(The)

,

5.75%,

6/24/2044

725,000

881,379

9,285,166

Pharmaceuticals

1.6%

Bristol-Myers

Squibb

Co.

,

4.25%,

10/26/2049

450,000

639,524

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

1,175,000

1,320,019

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

1,250,000

1,287,701

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.80%,

7/21/2023

1,500,000

1,454,700

3.15%,

10/1/2026

1,500,000

1,368,315

6,070,259

Road

&

Rail

0.4%

Burlington

Northern

Santa

Fe

LLC

,

3.00%,

4/1/2025

300,000

334,246

4.15%,

4/1/2045

1,000,000

1,329,722

1,663,968

Software

0.9%

Microsoft

Corp.

,

3.30%,

2/6/2027

3,000,000

3,472,842

Technology

Hardware,

Storage

&

Peripherals

0.2%

Digital

Equipment

Corp.

,

7.75%,

4/1/2023

825,000

921,649

Thrifts

&

Mortgage

Finance

0.4%

BPCE

SA

,

5.70%,

10/22/2023(a)

1,500,000

1,683,385

Tobacco

0.6%

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

1,850,000

2,104,172

Total

Corporate

Bonds

(cost

$102,394,921)

115,922,549

Mortgage-Backed

Securities

15.6%

FHLMC

UMBS

Pool#

SD8080

,

2.00%,

6/1/2050

2,982,404

3,089,762

FNMA

Pool

Pool#

AM7838

3.56%,

2/1/2035

2,266,467

2,580,480

Pool#

AM9070

3.77%,

8/1/2045

2,995,000

3,628,005

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

4,902,609

5,147,338

Pool#

FM1776

3.00%,

10/1/2034

1,481,051

1,553,246

Pool#

BC0180

4.00%,

1/1/2046

1,722,785

1,865,670

Pool#

BC9003

3.00%,

11/1/2046

262,203

278,638

Pool#

AS8483

3.00%,

12/1/2046

211,456

224,651

Pool#

MA2863

3.00%,

1/1/2047

2,174,072

2,309,212

Pool#

BM2003

4.00%,

10/1/2047

1,543,591

1,649,930

Pool#

CA2208

4.50%,

8/1/2048

5,312,985

5,710,530

Pool#

CA2469

4.00%,

10/1/2048

3,127,137

3,321,232

Pool#

BN0906

4.00%,

11/1/2048

2,765,445

2,985,190

Pool#

BP5843

2.50%,

5/1/2050

5,977,853

6,277,251

Pool#

BP5783

3.00%,

5/1/2050

13,174,089

13,950,594

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

9/25/2050

3,000,000

3,102,306

Total

Mortgage-Backed

Securities

(cost

$55,870,689)

57,674,035

Municipal

Bonds

0.5%

California

0.2

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

500,000

782,670

District

of

Columbia

0.3

%

Metropolitan

Washington

Airports

Authority,

RB,

Series

D,

7.46%,

10/1/2046

600,000

1,078,806

Total

Municipal

Bonds

(cost

$1,329,570)

1,861,476

U.S.

Treasury

Obligations

12.1%

U.S.

Treasury

Inflation

Linked

Notes,

0.13%,

1/15/2030

(f)

16,000,000

17,682,806

U.S.

Treasury

Notes

1.63%,

10/15/2020

(g)

1,200,000

1,203,600

2.50%,

1/31/2021

500,000

505,820

2.25%,

10/31/2024

3,000,000

3,261,797

2.75%,

2/28/2025

3,500,000

3,905,371

16

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.63%,

1/31/2026

16,000,000

18,052,500

Total

U.S.

Treasury

Obligations

(cost

$42,589,726)

44,611,894

Total

Investments

(cost

$341,108,777)

—

97.6%

361,132,462

Other

assets

in

excess

of

liabilities

—

2.4%

8,910,027

NET

ASSETS

—

100.0%

$

370,042,489

(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

July

31,

2020

was

$127,901,340

which

represents

34.56%

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

July

31,

2020.

(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

July

31,

2020.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2020.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2020.

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.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

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

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

198

9/2020

USD

43,754,906

41,212

U.S.

Treasury

Long

Bond

565

9/2020

USD

102,988,906

2,398,175

U.S.

Treasury

Ultra

Bond

25

9/2020

USD

5,692,188

199,745

2,639,132

Short

Contracts

U.S.

Treasury

5

Year

Note

(46)

9/2020

USD

(5,801,750)

(20,829)

U.S.

Treasury

10

Year

Note

(390)

9/2020

USD

(54,630,469)

(464,499)

U.S.

Treasury

10

Year

Ultra

Note

(269)

9/2020

USD

(42,838,250)

(483,010)

(968,338)

1,670,794

Currency:

USD

United

States

Dollar

Nationwide

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

17

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

18

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

77,452,566

$

–

$

77,452,566

Collateralized

Mortgage

Obligations

–

26,276,631

–

26,276,631

Commercial

Mortgage-Backed

Securities

–

37,333,311

–

37,333,311

Corporate

Bonds

–

115,922,549

–

115,922,549

Futures

Contracts

2,639,132

–

–

2,639,132

Mortgage-Backed

Securities

–

57,674,035

–

57,674,035

Municipal

Bonds

–

1,861,476

–

1,861,476

U.S.

Treasury

Obligations

–

44,611,894

–

44,611,894

Total

Assets

$

2,639,132

$

361,132,462

$

–

$

363,771,594

Liabilities:

Futures

Contracts

$

(968,338)

$

–

$

–

$

(968,338)

Total

Liabilities

$

(968,338)

$

–

$

–

$

(968,338)

Total

$

1,670,794

$

361,132,462

$

–

$

362,803,256

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

19

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

2,639,132

Total

$

2,639,132

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(968,338)

Total

$

(968,338)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

Asset-Backed

Securities

5.8%

Principal

Amount

($)

Value

($)

Other

5.8%

CCG

Receivables

Trust,

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

4,689,632

4,770,682

NRZ

Advance

Receivables

Trust,

Series

2019-

T1,

Class

AT1,

2.59%,

7/15/2052(a)

3,303,000

3,307,235

SPS

Servicer

Advance

Receivables

Trust

Advance

Receivables

Backed

Notes,

Series

2019-T2,

Class

AT2,

2.32%,

10/15/2052(a)

670,000

664,621

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

2,800,000

3,073,814

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

2,820,000

3,043,930

Total

Asset-Backed

Securities

(cost

$14,769,934)

14,860,282

Collateralized

Mortgage

Obligations

0.7%

FHLMC

REMICS

Series

1684,

Class

I,

6.50%,

3/15/2024

88,012

93,566

Series

2296,

Class

H,

6.50%,

3/15/2031

15

15

FNMA

REMICS

Series

1993-16,

Class

Z,

7.50%,

2/25/2023

4,646

4,881

Series

1993-226,

Class

PK,

6.00%,

12/25/2023

42,801

45,044

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

1,596,135

1,663,477

Total

Collateralized

Mortgage

Obligations

(cost

$1,753,364)

1,806,983

Commercial

Mortgage-Backed

Security

0.1%

FNMA

REMICS,

Series

1998-73,

Class

MZ,

6.30%,

10/17/2038

148,086

148,851

Total

Commercial

Mortgage-Backed

Security

(cost

$148,676)

148,851

Mortgage-Backed

Securities

0.9%

FNMA

Pool

Pool#

874982

6.81%,

11/1/2025

1,430,795

1,633,623

Pool#

773298

3.78%,

4/1/2035(b)

477,457

479,112

Pool#

745769

2.91%,

7/1/2036(b)

212,512

215,653

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

813605

3.67%,

7/1/2036(b)

65,000

65,330

Total

Mortgage-Backed

Securities

(cost

$2,228,057)

2,393,718

U.S.

Government

Agency

Securities

4.3%

FFCB,

2.43%,

9/13/2027

3,000,000

3,366,366

FHLB

5.37%,

9/9/2024

2,615,000

3,145,674

3.00%,

3/12/2027

2,000,000

2,302,522

Ukraine

Government

AID

Bond,

1.47%,

9/29/2021

2,000,000

2,027,510

Total

U.S.

Government

Agency

Securities

(cost

$9,938,019)

10,842,072

U.S.

Treasury

Obligations

87.1%

U.S.

Treasury

Inflation

Linked

Bonds

2.38%,

1/15/2025

(c)

11,300,000

17,873,327

1.75%,

1/15/2028

(c)

4,800,000

7,152,448

3.63%,

4/15/2028

(c)

5,000,000

10,874,800

2.50%,

1/15/2029

(c)

4,750,000

7,428,344

3.88%,

4/15/2029

(c)

3,300,000

7,431,342

2.13%,

2/15/2041

(c)

7,375,000

13,608,223

0.75%,

2/15/2042

(c)

11,750,000

17,033,403

0.63%,

2/15/2043

(c)

15,350,000

21,474,816

0.75%,

2/15/2045

(c)

1,000,000

1,420,607

0.88%,

2/15/2047

(c)

5,000,000

7,261,125

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

4/15/2021

(c)

10,500,000

11,431,561

0.13%,

1/15/2022

(c)(d)

5,000,000

5,762,197

0.50%,

4/15/2024

(c)

19,500,000

21,059,386

0.38%,

7/15/2025

(c)

12,000,000

14,075,642

0.63%,

1/15/2026

(c)

17,500,000

20,789,045

0.13%,

7/15/2026

(c)

3,000,000

3,474,622

0.38%,

1/15/2027

(c)

10,250,000

11,964,521

0.38%,

7/15/2027

(c)

8,250,000

9,603,836

0.50%,

1/15/2028

(c)

5,000,000

5,822,500

0.88%,

1/15/2029

(c)

4,500,000

5,327,320

Total

U.S.

Treasury

Obligations

(cost

$196,257,452)

220,869,065

Total

Investments

(cost

$225,095,502)

—

98.9%

250,920,971

Other

assets

in

excess

of

liabilities

—

1.1%

2,778,204

NET

ASSETS

—

100.0%

$

253,699,175

Nationwide

Inflation-Protected

Securities

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

21

g

(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

July

31,

2020

was

$14,860,282

which

represents

5.86%

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

July

31,

2020.

(c)

Principal

amounts

are

not

adjusted

for

inflation.

(d)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

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

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

10

Year

Ultra

Note

134

9/2020

USD

21,339,500

289,288

U.S.

Treasury

Ultra

Bond

19

9/2020

USD

4,326,062

151,806

441,094

Short

Contracts

U.S.

Treasury

5

Year

Note

(109)

9/2020

USD

(13,747,625)

(70,137)

U.S.

Treasury

10

Year

Note

(35)

9/2020

USD

(4,902,734)

(41,693)

U.S.

Treasury

Long

Bond

(165)

9/2020

USD

(30,076,406)

(614,209)

(726,039)

(284,945)

Currency:

USD

United

States

Dollar

22

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Inflation-Protected

Securities

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

23

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings

.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

14,860,282

$

–

$

14,860,282

Collateralized

Mortgage

Obligations

–

1,806,983

–

1,806,983

Commercial

Mortgage-Backed

Security

–

148,851

–

148,851

Futures

Contracts

441,094

–

–

441,094

Mortgage-Backed

Securities

–

2,393,718

–

2,393,718

U.S.

Government

Agency

Securities

–

10,842,072

–

10,842,072

U.S.

Treasury

Obligations

–

220,869,065

–

220,869,065

Total

Assets

$

441,094

$

250,920,971

$

–

$

251,362,065

Liabilities:

Futures

Contracts

$

(726,039)

$

–

$

–

$

(726,039)

Total

Liabilities

$

(726,039)

$

–

$

–

$

(726,039)

Total

$

(284,945)

$

250,920,971

$

–

$

250,636,026

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

24

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

441,094

Total

$

441,094

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(726,039)

Total

$

(726,039)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

25

Asset-Backed

Securities

6.4%

Principal

Amount

($)

Value

($)

Airlines

0.2%

Continental

Airlines

Pass-

Through

Trust,

Series

2010-1,

Class

A,

4.75%,

1/12/2021

1,172,676

1,140,529

Automobiles

4.8%

American

Credit

Acceptance

Receivables

Trust

Series

2020-2,

Class

B,

2.48%,

9/13/2024(a)

275,000

280,809

Series

2019-4,

Class

C,

2.69%,

12/12/2025(a)

700,000

714,766

Americredit

Automobile

Receivables

Trust

Series

2019-1,

Class

A3,

2.97%,

11/20/2023

665,000

679,188

Series

2019-2,

Class

B,

2.54%,

7/18/2024

2,180,000

2,245,767

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-2,

Class

B,

0.97%,

2/18/2026

160,000

160,471

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

980,000

1,003,807

CPS

Auto

Receivables

Trust

Series

2018-D,

Class

B,

3.61%,

11/15/2022(a)

788,434

793,544

Series

2018-A,

Class

C,

3.05%,

12/15/2023(a)

210,432

211,875

Credit

Acceptance

Auto

Loan

Trust

Series

2018-2A,

Class

A,

3.47%,

5/17/2027(a)

1,017,938

1,029,440

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

330,000

337,491

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

680,000

681,487

Drive

Auto

Receivables

Trust,

Series

2019-3,

Class

B,

2.65%,

2/15/2024

995,000

1,012,888

DT

Auto

Owner

Trust

Series

2018-3A,

Class

B,

3.56%,

9/15/2022(a)

1,213,285

1,220,641

Series

2018-2A,

Class

C,

3.67%,

3/15/2024(a)

770,390

775,730

Series

2019-1A,

Class

C,

3.61%,

11/15/2024(a)

540,000

551,411

Series

2019-2A,

Class

C,

3.18%,

2/18/2025(a)

235,000

240,221

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

300,000

310,963

Exeter

Automobile

Receivables

Trust

Series

2020-1A,

Class

B,

2.26%,

4/15/2024(a)

300,000

303,824

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

405,000

420,614

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Flagship

Credit

Auto

Trust

Series

2018-2,

Class

B,

3.56%,

5/15/2023(a)

1,550,000

1,582,796

Series

2018-4,

Class

B,

3.88%,

10/16/2023(a)

380,000

392,090

Series

2020-1,

Class

B,

2.05%,

2/17/2025(a)

230,000

233,881

Series

2020-2,

Class

C,

3.80%,

4/15/2026(a)

65,000

68,762

Ford

Credit

Auto

Owner

Trust,

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,900,000

2,033,993

GLS

Auto

Receivables

Issuer

Trust

Series

2019-2A,

Class

A,

3.06%,

4/17/2023(a)

255,990

258,822

Series

2019-4A,

Class

B,

2.78%,

9/16/2024(a)

425,000

432,205

GLS

Auto

Receivables

Trust,

Series

2018-3A,

Class

B,

3.78%,

8/15/2023(a)

650,000

663,206

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-2,

Class

A3,

1.49%,

12/16/2024

275,000

280,697

NextGear

Floorplan

Master

Owner

Trust

Series

2018-1A,

Class

A2,

3.22%,

2/15/2023(a)

1,060,000

1,070,123

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

845,000

853,951

Series

2020-1A,

Class

A2,

1.55%,

2/15/2025(a)

100,000

96,611

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

385,000

406,101

Santander

Drive

Auto

Receivables

Trust

Series

2019-2,

Class

C,

2.90%,

10/15/2024

1,035,000

1,057,514

Series

2020-2,

Class

B,

0.96%,

11/15/2024

320,000

321,083

Series

2018-5,

Class

C,

3.81%,

12/16/2024

340,000

346,212

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

405,000

415,686

Westlake

Automobile

Receivables

Trust

Series

2019-1A,

Class

B,

3.26%,

10/17/2022(a)

485,000

492,076

Series

2019-2A,

Class

B,

2.62%,

7/15/2024(a)

1,495,000

1,516,283

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

370,000

372,779

25,869,808

26

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

1.1%

Onemain

Financial

Issuance

Trust,

Series

2018-

1A,

Class

A,

3.30%,

3/14/2029(a)

3,585,000

3,633,365

Planet

Fitness

Master

Issuer

LLC,

Series

2018-1A,

Class

A2II,

4.67%,

9/5/2048(a)

913,725

912,485

SCF

Equipment

Leasing

LLC,

Series

2018-1A,

Class

A2,

3.63%,

10/20/2024(a)

507,544

511,571

SoFi

Consumer

Loan

Program

Trust,

Series

2018-2,

Class

A2,

3.35%,

4/26/2027(a)

994,275

1,001,908

6,059,329

Student

Loan

0.3%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

627,848

648,862

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-BA,

Class

A2,

2.12%,

1/15/2069(a)

520,000

529,012

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A2B,

2.95%,

2/25/2042(a)

700,000

720,324

1,898,198

Total

Asset-Backed

Securities

(cost

$34,321,918)

34,967,864

Collateralized

Mortgage

Obligations

14.3%

Federal

Agricultural

Mortgage

Corp.,

Series

2017-1,

Class

A2,

3.72%,

3/25/2047(a)(b)

470,762

487,893

FHLMC

REMICS

Series

1666,

Class

J,

6.25%,

1/15/2024

118,335

126,064

Series

3747,

Class

CY,

4.50%,

10/15/2040

1,000,000

1,216,873

Series

3934,

Class

KB,

5.00%,

10/15/2041

1,000,000

1,167,950

Series

4030,

Class

BE,

4.00%,

4/15/2042

2,511,000

3,086,284

FNMA

REMICS

Series

2010-92,

Class

B,

4.50%,

8/25/2030

1,500,000

1,816,423

Series

2017-82,

Class

FG,

0.42%,

11/25/2032(b)

14,605,752

14,572,252

Series

2004-29,

Class

PS,

IO,

7.43%,

5/25/2034(b)

2,004,109

527,527

Series

2004-37,

Class

AL,

4.50%,

6/25/2034

1,100,000

1,351,594

Series

2016-32,

Class

SA,

IO,

5.93%,

10/25/2034(b)

9,775,031

1,881,781

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2014-78,

Class

QY,

3.00%,

12/25/2034

6,125,455

6,966,378

Series

2010-57,

Class

SA,

IO,

6.28%,

6/25/2040(b)

2,801,571

591,584

Series

2010-63,

Class

SA,

IO,

6.33%,

6/25/2040(b)

2,409,479

510,659

Series

2010-118,

Class

SN,

IO,

6.43%,

10/25/2040(b)

12,051,621

2,718,596

Series

2013-18,

Class

FB,

0.52%,

10/25/2041(b)

982,062

983,201

Series

2012-14,

Class

Z,

4.00%,

3/25/2042

916,665

1,018,645

Series

2015-55,

Class

IN,

IO,

4.50%,

8/25/2045

692,226

100,394

Series

2016-40,

Class

GA,

3.55%,

7/25/2046(b)

656,364

686,082

Series

2017-26,

Class

ID,

IO,

3.50%,

4/25/2047

941,399

68,905

Series

2018-4,

Class

FM,

0.47%,

2/25/2048(b)

851,671

851,340

Series

2019-31,

Class

FA,

0.57%,

7/25/2049(b)

2,629,313

2,635,206

Series

2019-81,

Class

FJ,

0.67%,

1/25/2050(b)

1,811,577

1,821,368

GNMA

REMICS

Series

2009-61,

Class

ZQ,

6.00%,

8/16/2039

3,162,720

4,198,791

Series

2019-21,

Class

,

IO,

4.50%,

2/20/2049

9,301,133

1,236,262

Series

2019-117,

Class

LI,

IO,

3.50%,

9/20/2049

4,664,728

370,630

Series

2019-132,

Class

LI,

IO,

3.50%,

10/20/2049

1,560,204

105,493

Series

2012-H20,

Class

PT,

1.02%,

7/20/2062(b)

844,020

843,037

Series

2018-H02,

Class

ZJ,

4.33%,

10/20/2064(b)

501,984

574,199

Series

2017-H12,

Class

EZ,

4.56%,

6/20/2066(b)

587,649

668,393

Series

2017-H13,

Class

JZ,

4.62%,

5/20/2067(b)

642,221

691,501

Series

2017-H22,

Class

FD,

0.38%,

11/20/2067(b)

344,301

343,196

Series

2017-H25,

Class

FD,

0.33%,

12/20/2067(b)

358,879

357,408

Series

2019-H01,

Class

FT,

0.58%,

10/20/2068(b)

9,564,860

9,539,928

Series

2019-H07,

Class

BZ,

4.27%,

1/20/2069(b)

3,910,820

5,237,207

Series

2019-H05,

Class

FT,

0.60%,

4/20/2069(b)

6,338,503

6,286,924

Series

2019-H13,

Class

FT,

0.62%,

8/20/2069(b)

999,491

998,512

Series

2019-H18,

Class

DF,

0.58%,

10/20/2069(b)

918,091

914,681

Total

Collateralized

Mortgage

Obligations

(cost

$72,371,129)

77,553,161

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Commercial

Mortgage-Backed

Securities

7.0%

Principal

Amount

($)

Value

($)

BANK

Series

2020-BN25,

Class

A5,

2.65%,

1/15/2063

1,030,000

1,129,822

Series

2020-BN26,

Class

A4,

2.40%,

3/15/2063

2,050,000

2,205,459

Citigroup

Commercial

Mortgage

Trust

,

Series

2019-C7,

Class

A4,

3.10%,

12/15/2072

910,000

1,026,842

COMM

Mortgage

Trust

,

Series

2013-CR6,

Class

A4,

3.10%,

3/10/2046

4,450,000

4,617,503

CSAIL

Commercial

Mortgage

Trust

,

Series

2019-

C18,

Class

A4,

2.97%,

12/15/2052

765,000

845,754

CSMC

OA

LLC

,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

530,000

512,936

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K107,

Class

X1,

IO,

1.59%,

1/25/2030(b)

484,898

62,622

Series

K-1513,

Class

X1,

IO,

0.86%,

8/25/2034(b)

979,380

85,205

FNMA

ACES

REMICS,

Series

2020-M33,

Class

X,

IO,

2.06%,

6/25/2028(b)

1,025,000

111,749

GNMA

REMICS,

Series

2018-

82

IO,

0.50%,

5/16/2058(b)

23,274,344

1,153,802

GS

Mortgage

Securities

Trust

Series

2014-GC18,

Class

A4,

4.07%,

1/10/2047

4,139,865

4,486,743

Series

2020-GC45,

Class

A5,

2.91%,

2/13/2053

415,000

461,948

Hudsons

Bay

Simon

JV

Trust

,

Series

2015-HB10,

Class

A10,

4.16%,

8/5/2034(a)

2,015,000

1,612,108

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2019-COR6,

Class

A4,

3.06%,

11/13/2052

1,390,000

1,559,722

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2013-C11,

Class

A4,

4.15%,

8/15/2046(b)

1,130,000

1,217,142

Starwood

Retail

Property

Trust

,

Series

2014-

STAR,

Class

A,

1.64%,

11/15/2027(a)(b)

655,893

449,113

UBS-Barclays

Commercial

Mortgage

Trust

Series

2013-C5,

Class

A4,

3.18%,

3/10/2046

6,270,000

6,516,663

Series

2013-C6,

Class

A4,

3.24%,

4/10/2046

4,440,000

4,620,189

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,505,000

1,621,274

WFRBS

Commercial

Mortgage

Trust

,

Series

2014-C19,

Class

A5,

4.10%,

3/15/2047

3,490,000

3,817,940

Total

Commercial

Mortgage-Backed

Securities

(cost

$37,217,014)

38,114,536

Corporate

Bonds

43.2%

Aerospace

&

Defense

0.3%

Huntington

Ingalls

Industries,

Inc.

,

4.20%,

5/1/2030(a)

175,000

205,302

Raytheon

Technologies

Corp.

,

4.50%,

6/1/2042

630,000

842,130

Textron,

Inc.

,

3.00%,

6/1/2030

685,000

714,034

1,761,466

Airlines

0.4%

Delta

Air

Lines,

Inc.

,

2.90%,

10/28/2024

710,000

616,020

Southwest

Airlines

Co.

,

5.13%,

6/15/2027

1,575,000

1,652,519

2,268,539

Auto

Components

0.2%

BorgWarner,

Inc.

,

2.65%,

7/1/2027

465,000

492,895

Lear

Corp.

,

5.25%,

5/15/2049

320,000

343,125

836,020

Automobiles

0.7%

BMW

US

Capital

LLC

,

1.85%,

9/15/2021(a)

1,090,000

1,102,612

Daimler

Finance

North

America

LLC

,

2.63%,

3/10/2030(a)

165,000

169,491

Hyundai

Capital

America

,

3.95%,

2/1/2022(a)

1,320,000

1,370,138

3.00%,

2/10/2027(a)

665,000

686,867

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

490,000

534,671

3,863,779

Banks

13.8%

ABN

AMRO

Bank

NV

,

2.65%,

1/19/2021(a)

1,905,000

1,924,604

ANZ

New

Zealand

Int'l

Ltd.

,

1.90%,

2/13/2023(a)

1,415,000

1,456,613

Bank

of

America

Corp.

,

(SOFR

+

1.15%),

1.32%,

6/19/2026(c)

1,825,000

1,848,085

28

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(ICE

LIBOR

USD

3

Month

+

1.32%),

4.08%,

4/23/2040(c)

570,000

717,626

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

1,310,000

1,396,770

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

620,000

670,450

Bank

of

Montreal

,

1.85%,

5/1/2025

1,330,000

1,402,248

Bank

of

New

Zealand

,

2.00%,

2/21/2025(a)

2,080,000

2,183,247

Bank

of

Nova

Scotia

(The)

,

1.63%,

5/1/2023

2,505,000

2,581,978

1.30%,

6/11/2025

1,810,000

1,849,385

Banque

Federative

du

Credit

Mutuel

SA

,

3.75%,

7/20/2023(a)

765,000

831,786

2.38%,

11/21/2024(a)

985,000

1,047,523

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

4.61%,

2/15/2023(c)

945,000

996,334

(ICE

LIBOR

USD

3

Month

+

1.61%),

3.93%,

5/7/2025(c)

545,000

596,116

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(c)

880,000

934,709

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(c)

1,270,000

1,320,213

(SOFR

+

1.51%),

3.05%,

1/13/2031(a)(c)

325,000

354,568

Citibank

NA

,

(ICE

LIBOR

USD

3

Month

+

0.60%),

2.84%,

5/20/2022(c)

745,000

758,576

Citigroup,

Inc.

,

(SOFR

+

2.75%),

3.11%,

4/8/2026(c)

535,000

581,483

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

1,190,000

1,263,749

Citizens

Financial

Group,

Inc.

,

3.25%,

4/30/2030

300,000

340,438

Comerica,

Inc.

,

3.70%,

7/31/2023

570,000

616,547

Cooperatieve

Rabobank

UA

,

2.75%,

1/10/2023

460,000

484,900

Credit

Agricole

SA

,

3.75%,

4/24/2023(a)

1,365,000

1,471,126

(SOFRINDX

+

1.68%),

1.91%,

6/16/2026(a)(c)

1,395,000

1,435,548

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

1,910,000

2,056,438

DNB

Bank

ASA

,

2.15%,

12/2/2022(a)

1,430,000

1,485,127

HSBC

Holdings

plc

,

(SOFR

+

2.39%),

2.85%,

6/4/2031(c)

800,000

837,836

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.70%),

3.21%,

4/1/2023(c)

1,005,000

1,049,733

(SOFR

+

1.46%),

1.51%,

6/1/2024(c)

2,510,000

2,568,985

(SOFR

+

2.52%),

2.96%,

5/13/2031(c)

685,000

746,441

KeyCorp

,

2.25%,

4/6/2027

1,440,000

1,537,378

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

905,000

991,843

National

Australia

Bank

Ltd.

,

3.70%,

11/4/2021

1,675,000

1,743,519

Natwest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(c)

1,185,000

1,273,465

NatWest

Markets

plc

,

3.63%,

9/29/2022(a)

1,920,000

2,028,348

PNC

Financial

Services

Group,

Inc.

(The)

,

2.60%,

7/23/2026

355,000

393,287

Royal

Bank

of

Canada

,

1.15%,

6/10/2025

2,575,000

2,623,643

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

1,475,000

1,578,229

3.24%,

10/5/2026

1,075,000

1,139,848

Santander

UK

plc

,

2.50%,

1/5/2021

355,000

358,207

(ICE

LIBOR

USD

3

Month

+

0.62%),

0.97%,

6/1/2021(c)

425,000

426,764

2.88%,

6/18/2024

980,000

1,053,450

Societe

Generale

SA

,

2.63%,

1/22/2025(a)

850,000

880,851

1.38%,

7/8/2025(a)

2,655,000

2,712,793

Standard

Chartered

plc

,

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.79%,

5/21/2025(a)(c)

1,015,000

1,083,309

(ICE

LIBOR

USD

3

Month

+

1.21%),

2.82%,

1/30/2026(a)(c)

1,400,000

1,443,572

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.78%,

7/12/2022

350,000

364,921

2.13%,

7/8/2030

700,000

726,449

Svenska

Handelsbanken

AB

,

3.90%,

11/20/2023

1,035,000

1,146,414

Truist

Financial

Corp.

,

3.05%,

6/20/2022

1,620,000

1,697,198

2.50%,

8/1/2024

560,000

599,733

1.13%,

8/3/2027

2,700,000

2,673,783

1.95%,

6/5/2030

1,135,000

1,194,455

UniCredit

SpA

,

3.75%,

4/12/2022(a)

1,730,000

1,785,224

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

UniCredit

SpA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.75%),

5.46%,

6/30/2035(a)(c)

630,000

647,675

US

Bancorp

,

1.45%,

5/12/2025

2,535,000

2,630,486

Wells

Fargo

&

Co.

,

(SOFR

+

2.00%),

2.19%,

4/30/2026(c)

635,000

662,779

(SOFR

+

2.10%),

2.39%,

6/2/2028(c)

1,420,000

1,491,849

Westpac

Banking

Corp.

,

2.80%,

1/11/2022

525,000

543,423

75,242,077

Beverages

0.1%

Brown-Forman

Corp.

,

3.50%,

4/15/2025

390,000

437,529

Building

Products

0.1%

Carrier

Global

Corp.

,

2.24%,

2/15/2025(a)

350,000

365,564

Lennox

International,

Inc.

,

1.70%,

8/1/2027

180,000

182,175

Owens

Corning

,

3.88%,

6/1/2030

205,000

225,018

772,757

Capital

Markets

3.4%

Ares

Capital

Corp.

,

3.25%,

7/15/2025

1,310,000

1,294,268

3.88%,

1/15/2026

330,000

335,392

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

1,135,000

1,185,093

Brookfield

Finance

LLC

,

3.45%,

4/15/2050

350,000

364,741

Credit

Suisse

Group

AG

,

(SOFR

+

2.04%),

2.19%,

6/5/2026(a)(c)

1,650,000

1,700,413

Deutsche

Bank

AG

,

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

665,000

709,187

E*TRADE

Financial

Corp.

,

2.95%,

8/24/2022

1,075,000

1,126,876

FS

KKR

Capital

Corp.

,

4.13%,

2/1/2025

510,000

495,975

Intercontinental

Exchange,

Inc.

,

3.00%,

6/15/2050

640,000

731,426

KKR

Group

Finance

Co.

VII

LLC

,

3.63%,

2/25/2050(a)

370,000

386,029

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(d)

4,000,000

48,000

Macquarie

Bank

Ltd.

,

2.10%,

10/17/2022(a)

1,870,000

1,933,231

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Northern

Trust

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.13%),

3.38%,

5/8/2032(c)

1,750,000

1,913,480

Oaktree

Specialty

Lending

Corp.

,

3.50%,

2/25/2025

260,000

259,979

Owl

Rock

Capital

Corp.

,

4.25%,

1/15/2026

1,545,000

1,547,333

State

Street

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.65%,

5/15/2023(c)

1,080,000

1,123,457

(SOFR

+

2.60%),

2.90%,

3/30/2026(a)(c)

495,000

540,699

UBS

AG

,

1.75%,

4/21/2022(a)

2,505,000

2,557,627

18,253,206

Chemicals

0.3%

Cabot

Corp.

,

4.00%,

7/1/2029

625,000

667,922

DuPont

de

Nemours,

Inc.

,

2.17%,

5/1/2023

840,000

856,848

PPG

Industries,

Inc.

,

2.55%,

6/15/2030

170,000

183,280

1,708,050

Commercial

Services

&

Supplies

0.0%

†

Waste

Connections,

Inc.

,

3.05%,

4/1/2050

175,000

195,141

Consumer

Finance

2.2%

American

Express

Co.

,

3.70%,

8/3/2023

1,005,000

1,095,206

American

Honda

Finance

Corp.

,

3.63%,

10/10/2023

575,000

628,578

2.15%,

9/10/2024

200,000

211,216

Avolon

Holdings

Funding

Ltd.

,

3.63%,

5/1/2022(a)

705,000

675,849

Capital

One

Financial

Corp.

,

3.90%,

1/29/2024

1,325,000

1,451,563

Caterpillar

Financial

Services

Corp.

,

3.65%,

12/7/2023

965,000

1,065,347

Ford

Motor

Credit

Co.

LLC

,

2.98%,

8/3/2022

1,400,000

1,403,206

4.27%,

1/9/2027

480,000

487,344

General

Motors

Financial

Co.,

Inc.

,

2.90%,

2/26/2025

490,000

507,019

Harley-Davidson

Financial

Services,

Inc.

,

4.05%,

2/4/2022(a)

400,000

415,494

3.35%,

2/15/2023(a)

335,000

345,580

3.35%,

6/8/2025(a)

535,000

561,674

John

Deere

Capital

Corp.

,

2.60%,

3/7/2024

255,000

273,730

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

780,000

808,182

30

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Toyota

Motor

Credit

Corp.

,

1.80%,

2/13/2025

1,950,000

2,042,090

11,972,078

Containers

&

Packaging

0.1%

CCL

Industries,

Inc.

,

3.05%,

6/1/2030(a)

355,000

371,524

Sonoco

Products

Co.

,

3.13%,

5/1/2030

280,000

308,137

679,661

Diversified

Financial

Services

1.1%

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

1,125,000

1,183,973

GE

Capital

Funding

LLC

,

4.05%,

5/15/2027(a)

1,775,000

1,888,596

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

,

2.65%,

9/19/2022(a)

1,400,000

1,440,370

National

Rural

Utilities

Cooperative

Finance

Corp.

,

4.30%,

3/15/2049

470,000

648,867

ORIX

Corp.

,

3.25%,

12/4/2024

635,000

694,000

Pine

Street

Trust

II

,

5.57%,

2/15/2049(a)

275,000

345,436

6,201,242

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

,

3.10%,

2/1/2043

1,335,000

1,367,490

3.65%,

6/1/2051

1,125,000

1,227,169

2,594,659

Electric

Utilities

1.7%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

1,335,000

1,557,497

American

Electric

Power

Co.,

Inc.

,

Series

J,

4.30%,

12/1/2028

1,000,000

1,204,427

3.25%,

3/1/2050

235,000

268,710

Duke

Energy

Corp.

,

2.65%,

9/1/2026

450,000

496,056

Entergy

Mississippi

LLC

,

3.85%,

6/1/2049

255,000

328,352

Entergy

Texas,

Inc.

,

3.45%,

12/1/2027

415,000

454,973

FirstEnergy

Corp.

,

Series

B,

2.25%,

9/1/2030

425,000

421,132

IPALCO

Enterprises,

Inc.

,

4.25%,

5/1/2030(a)

50,000

55,171

ITC

Holdings

Corp.

,

2.95%,

5/14/2030(a)

630,000

698,460

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

175,000

206,808

NextEra

Energy

Capital

Holdings,

Inc.

,

2.40%,

9/1/2021

745,000

761,616

2.25%,

6/1/2030

795,000

856,184

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

PacifiCorp

,

3.30%,

3/15/2051

215,000

264,142

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

420,000

444,812

Vistra

Operations

Co.

LLC

,

4.30%,

7/15/2029(a)

980,000

1,057,969

9,076,309

Electronic

Equipment,

Instruments

&

Components

0.3%

Amphenol

Corp.

,

2.05%,

3/1/2025

230,000

242,921

Flex

Ltd.

,

3.75%,

2/1/2026

275,000

300,210

4.88%,

6/15/2029

640,000

737,974

Jabil,

Inc.

,

3.00%,

1/15/2031

435,000

441,241

1,722,346

Energy

Equipment

&

Services

0.3%

National

Oilwell

Varco,

Inc.

,

3.60%,

12/1/2029

615,000

609,214

Schlumberger

Investment

SA

,

2.65%,

6/26/2030

915,000

949,490

1,558,704

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

1,070,000

1,077,043

Boston

Properties

LP

,

4.13%,

5/15/2021

1,475,000

1,502,390

Brixmor

Operating

Partnership

LP

,

4.05%,

7/1/2030

105,000

110,444

Equinix

,

Inc.

,

1.80%,

7/15/2027

540,000

551,972

Essex

Portfolio

LP

,

2.65%,

3/15/2032

270,000

290,939

Federal

Realty

Investment

Trust

,

3.50%,

6/1/2030

610,000

663,206

Healthpeak

Properties,

Inc.

,

3.00%,

1/15/2030

425,000

458,130

Kimco

Realty

Corp.

,

3.70%,

10/1/2049

350,000

357,873

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

405,000

428,840

Realty

Income

Corp.

,

3.25%,

1/15/2031

460,000

516,058

Simon

Property

Group

LP

,

3.80%,

7/15/2050

470,000

515,714

Welltower

,

Inc.

,

2.75%,

1/15/2031

370,000

377,394

6,850,003

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Staples

Retailing

0.4%

Alimentation

Couche-Tard,

Inc.

,

2.70%,

7/26/2022(a)

1,710,000

1,763,905

Sysco

Corp.

,

3.30%,

2/15/2050

520,000

503,603

2,267,508

Food

Products

0.6%

Bunge

Ltd.

Finance

Corp.

,

4.35%,

3/15/2024

1,000,000

1,098,336

Campbell

Soup

Co.

,

3.13%,

4/24/2050

315,000

348,995

Cargill,

Inc.

,

2.13%,

4/23/2030(a)

335,000

354,775

Hershey

Co.

(The)

,

0.90%,

6/1/2025

415,000

420,356

Mondelez

International,

Inc.

,

2.75%,

4/13/2030

715,000

793,350

3,015,812

Health

Care

Equipment

&

Supplies

1.0%

Abbott

Laboratories

,

3.40%,

11/30/2023

1,508,000

1,646,305

Becton

Dickinson

and

Co.

,

3.79%,

5/20/2050

1,255,000

1,528,038

DH

Europe

Finance

II

Sarl

,

2.20%,

11/15/2024

840,000

891,457

Stryker

Corp.

,

2.90%,

6/15/2050

1,275,000

1,393,742

5,459,542

Health

Care

Providers

&

Services

0.7%

AmerisourceBergen

Corp.

,

2.80%,

5/15/2030

1,090,000

1,184,014

Anthem,

Inc.

,

4.10%,

3/1/2028

1,000,000

1,193,457

Cigna

Corp.

,

3.75%,

7/15/2023

605,000

659,082

4.50%,

2/25/2026

140,000

165,148

CVS

Health

Corp.

,

4.30%,

3/25/2028

675,000

801,891

4,003,592

Hotels,

Restaurants

&

Leisure

0.4%

Choice

Hotels

International,

Inc.

,

3.70%,

12/1/2029

325,000

335,887

3.70%,

1/15/2031

235,000

245,265

Marriott

International,

Inc.

,

Series

Z,

4.15%,

12/1/2023

655,000

684,635

Royal

Caribbean

Cruises

Ltd.

,

2.65%,

11/28/2020

1,050,000

1,036,875

2,302,662

Household

Durables

0.4%

DR

Horton,

Inc.

,

2.55%,

12/1/2020

1,080,000

1,087,380

Panasonic

Corp.

,

2.54%,

7/19/2022(a)

975,000

1,005,960

2,093,340

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Products

0.0%

†

Kimberly-Clark

de

Mexico

SAB

de

CV

,

2.43%,

7/1/2031(a)

200,000

202,750

Independent

Power

and

Renewable

Electricity

Producers

0.4%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

795,000

853,345

Exelon

Generation

Co.

LLC

,

4.25%,

6/15/2022

1,330,000

1,410,469

2,263,814

Insurance

2.6%

Aflac,

Inc.

,

4.75%,

1/15/2049

355,000

486,829

American

Financial

Group,

Inc.

,

3.50%,

8/15/2026

1,075,000

1,162,290

American

International

Group,

Inc.

,

3.30%,

3/1/2021

1,560,000

1,583,555

Arch

Capital

Group

Ltd.

,

3.64%,

6/30/2050

655,000

744,515

Assurant,

Inc.

,

4.20%,

9/27/2023

565,000

598,919

Athene

Global

Funding

,

2.50%,

1/14/2025(a)

1,035,000

1,060,522

Brighthouse

Financial,

Inc.

,

3.70%,

6/22/2027

245,000

255,320

4.70%,

6/22/2047

805,000

798,091

Five

Corners

Funding

Trust

II

,

2.85%,

5/15/2030(a)

1,250,000

1,352,850

Global

Atlantic

Fin

Co.

,

4.40%,

10/15/2029(a)

530,000

552,359

Guardian

Life

Insurance

Co.

of

America

(The)

,

3.70%,

1/22/2070(a)

220,000

250,083

Jackson

National

Life

Global

Funding

,

3.88%,

6/11/2025(a)

195,000

219,246

Manulife

Financial

Corp.

,

2.48%,

5/19/2027

650,000

687,115

Nationwide

Mutual

Insurance

Co.

,

4.35%,

4/30/2050(a)(e)

470,000

532,703

Reliance

Standard

Life

Global

Funding

II

,

3.85%,

9/19/2023(a)

960,000

1,033,075

2.75%,

5/7/2025(a)

1,270,000

1,321,106

Unum

Group

,

4.50%,

3/15/2025

705,000

778,128

4.50%,

12/15/2049

725,000

738,202

14,154,908

Internet

&

Direct

Marketing

Retail

0.4%

Amazon.com,

Inc.

,

2.50%,

6/3/2050

485,000

528,134

eBay,

Inc.

,

1.90%,

3/11/2025

580,000

610,950

32

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Internet

&

Direct

Marketing

Retail

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

725,000

792,237

1,931,321

IT

Services

0.5%

DXC

Technology

Co.

,

4.13%,

4/15/2025

215,000

231,961

IBM

Credit

LLC

,

2.20%,

9/8/2022

1,075,000

1,117,578

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

1,240,000

1,341,545

2,691,084

Leisure

Products

0.1%

Hasbro,

Inc.

,

3.55%,

11/19/2026

710,000

751,926

Machinery

0.5%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

560,000

565,213

Kennametal,

Inc.

,

4.63%,

6/15/2028

765,000

841,375

Timken

Co.

(The)

,

4.50%,

12/15/2028

660,000

731,330

Westinghouse

Air

Brake

Technologies

Corp.

,

3.20%,

6/15/2025

685,000

715,587

2,853,505

Media

0.4%

Discovery

Communications

LLC

,

4.65%,

5/15/2050

635,000

762,258

Interpublic

Group

of

Cos.,

Inc.

(The)

,

3.50%,

10/1/2020

310,000

311,497

ViacomCBS

,

Inc.

,

4.95%,

1/15/2031

375,000

452,924

6.88%,

4/30/2036

440,000

615,897

2,142,576

Metals

&

Mining

0.1%

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

290,000

313,076

Reliance

Steel

&

Aluminum

Co.

,

2.15%,

8/15/2030

120,000

120,323

433,399

Multi-Utilities

0.4%

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(f)

405,000

439,904

Series

B,

3.60%,

3/15/2027

780,000

886,561

DTE

Energy

Co.

,

Series

C,

2.53%,

10/1/2024(f)

495,000

527,508

Puget

Energy,

Inc.

,

4.10%,

6/15/2030(a)

200,000

224,304

2,078,277

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

2.4%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

670,000

664,049

Canadian

Natural

Resources

Ltd.

,

2.95%,

7/15/2030

710,000

728,393

Chevron

Corp.

,

2.24%,

5/11/2030

1,005,000

1,086,526

Diamondback

Energy,

Inc.

,

4.75%,

5/31/2025

1,040,000

1,130,218

Enterprise

Products

Operating

LLC

,

3.20%,

2/15/2052

1,340,000

1,330,357

Equinor

ASA

,

2.38%,

5/22/2030

320,000

343,770

3.25%,

11/18/2049

350,000

401,221

3.70%,

4/6/2050

230,000

284,412

Kinder

Morgan,

Inc.

,

7.80%,

8/1/2031

1,195,000

1,670,334

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

530,000

602,953

Midwest

Connector

Capital

Co.

LLC

,

3.63%,

4/1/2022(a)

830,000

831,033

MPLX

LP

,

(ICE

LIBOR

USD

3

Month

+

0.90%),

1.21%,

9/9/2021(c)

2,000,000

1,990,409

ONEOK,

Inc.

,

3.10%,

3/15/2030

700,000

660,876

7.15%,

1/15/2051

470,000

581,891

Plains

All

American

Pipeline

LP

,

3.80%,

9/15/2030

135,000

135,034

Total

Capital

International

SA

,

3.39%,

6/29/2060

650,000

761,450

13,202,926

Pharmaceuticals

0.9%

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

605,000

656,009

Novartis

Capital

Corp.

,

2.75%,

8/14/2050

1,020,000

1,162,269

Perrigo

Finance

Unlimited

Co.

,

3.15%,

6/15/2030

205,000

218,486

Pfizer,

Inc.

,

3.45%,

3/15/2029

1,000,000

1,195,886

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

1,235,000

1,272,248

Upjohn,

Inc.

,

4.00%,

6/22/2050(a)

150,000

170,947

4,675,845

Road

&

Rail

0.8%

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

1,315,000

1,423,287

4.00%,

7/15/2025(a)

400,000

448,802

4.45%,

1/29/2026(a)

240,000

273,177

Ryder

System,

Inc.

,

3.88%,

12/1/2023

525,000

573,822

4.63%,

6/1/2025

745,000

854,245

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Union

Pacific

Corp.

,

3.95%,

8/15/2059

485,000

619,887

4,193,220

Semiconductors

&

Semiconductor

Equipment

0.7%

Broadcom,

Inc.

,

4.15%,

11/15/2030(a)

1,185,000

1,330,780

Marvell

Technology

Group

Ltd.

,

4.20%,

6/22/2023

940,000

1,017,234

Microchip

Technology,

Inc.

,

3.92%,

6/1/2021

355,000

363,423

2.67%,

9/1/2023(a)

860,000

889,213

Texas

Instruments,

Inc.

,

2.25%,

9/4/2029

225,000

245,592

3,846,242

Software

0.2%

Infor,

Inc.

,

1.45%,

7/15/2023(a)

585,000

591,252

Oracle

Corp.

,

3.60%,

4/1/2050

480,000

571,817

1,163,069

Specialty

Retail

0.4%

AutoNation,

Inc.

,

3.50%,

11/15/2024

800,000

846,405

4.50%,

10/1/2025

675,000

741,948

Best

Buy

Co.,

Inc.

,

4.45%,

10/1/2028

465,000

549,552

2,137,905

Technology

Hardware,

Storage

&

Peripherals

1.0%

Apple,

Inc.

,

3.35%,

2/9/2027

180,000

207,537

Hewlett

Packard

Enterprise

Co.

,

3.50%,

10/5/2021

415,000

428,149

1.45%,

4/1/2024

1,335,000

1,335,766

4.65%,

10/1/2024

815,000

916,449

HP,

Inc.

,

3.00%,

6/17/2027

1,085,000

1,168,499

NetApp,

Inc.

,

1.88%,

6/22/2025

535,000

554,958

Seagate

HDD

Cayman

,

4.88%,

3/1/2024

685,000

744,837

4.13%,

1/15/2031(a)

175,000

187,831

5,544,026

Textiles,

Apparel

&

Luxury

Goods

0.2%

PVH

Corp.

,

4.63%,

7/10/2025(a)

805,000

825,093

Thrifts

&

Mortgage

Finance

0.3%

Nationwide

Building

Society

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

4.36%,

8/1/2024(a)

(c)

1,310,000

1,430,063

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

0.4%

Air

Lease

Corp.

,

3.25%,

10/1/2029

510,000

491,374

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

835,000

819,126

GATX

Corp.

,

4.00%,

6/30/2030

110,000

123,455

WW

Grainger,

Inc.

,

1.85%,

2/15/2025

715,000

752,272

2,186,227

Wireless

Telecommunication

Services

0.2%

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

560,000

600,011

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028(a)

385,000

395,345

995,356

Total

Corporate

Bonds

(cost

$224,272,010)

234,839,554

Foreign

Government

Security

0.2%

CANADA

0.2%

Province

of

Saskatchewan

,

9.38%,

12/15/2020

1,000,000

1,032,008

Total

Foreign

Government

Security

(cost

$1,001,782)

1,032,008

Mortgage-Backed

Securities

6.9%

FNMA

Pool

Pool#

AN3476

4.03%,

11/1/2031

4,039,821

4,841,434

Pool#

AM6492

3.76%,

8/1/2034

2,283,346

2,790,821

FNMA

UMBS

Pool

Pool#

292234

8.00%,

8/1/2024

413

414

Pool#

303300

8.50%,

5/1/2025

2,157

2,355

Pool#

342718

6.50%,

5/1/2026

10,831

12,053

Pool#

250764

7.50%,

12/1/2026

26,687

29,554

Pool#

402854

6.00%,

12/1/2027

5,365

5,964

Pool#

251497

6.00%,

12/1/2027

288

321

Pool#

415652

6.50%,

3/1/2028

2,629

2,925

Pool#

432037

6.00%,

7/1/2028

31,948

35,549

Pool#

437979

6.00%,

8/1/2028

9,603

10,677

Pool#

446099

6.00%,

10/1/2028

4,537

5,045

34

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

440738

6.00%,

12/1/2028

36,116

40,442

Pool#

453865

6.00%,

12/1/2028

33,080

36,797

Pool#

450653

6.00%,

12/1/2028

28,610

31,821

Pool#

252212

6.50%,

1/1/2029

59,529

67,884

Pool#

504076

6.50%,

6/1/2029

28,994

33,595

Pool#

484939

6.50%,

6/1/2029

8,963

9,974

Pool#

252570

6.50%,

7/1/2029

26,013

29,553

Pool#

506638

6.50%,

8/1/2029

10,449

11,627

Pool#

535300

6.50%,

5/1/2030

34,336

39,820

Pool#

539932

7.00%,

5/1/2030

5,016

5,033

Pool#

725027

5.00%,

11/1/2033

441,314

506,202

Pool#

725205

5.00%,

3/1/2034

150,619

172,712

Pool#

MA3209

3.00%,

12/1/2047

4,078,411

4,318,800

Pool#

MA3275

3.00%,

2/1/2048

4,096,391

4,337,840

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

9/25/2035

1,029,000

1,068,874

2.50%,

9/25/2035

1,971,000

2,065,854

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

9/25/2050

2,015,000

2,113,547

GNMA

I

Pool

Pool#

348637

7.50%,

5/15/2023

4,046

4,185

Pool#

354696

6.50%,

12/15/2023

2,852

3,142

Pool#

369270

6.50%,

12/15/2023

1,450

1,598

Pool#

368677

7.50%,

1/15/2024

4,827

4,895

Pool#

359986

7.50%,

1/15/2024

414

415

Pool#

362734

7.50%,

1/15/2024

146

147

Pool#

371909

6.50%,

2/15/2024

4,094

4,510

Pool#

392055

7.00%,

4/15/2024

1,706

1,711

Pool#

442138

8.00%,

11/15/2026

20,628

22,694

Pool#

399109

7.50%,

2/15/2027

6,685

7,180

Pool#

445661

7.50%,

7/15/2027

2,699

2,756

Pool#

443887

7.50%,

8/15/2027

4,579

4,672

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

455381

7.50%,

8/15/2027

3,278

3,630

Pool#

450591

7.50%,

8/15/2027

579

597

Pool#

453295

7.50%,

8/15/2027

343

358

Pool#

446699

6.00%,

8/15/2028

7,983

8,859

Pool#

482748

6.00%,

9/15/2028

30,669

34,039

Pool#

460906

6.00%,

9/15/2028

6,378

7,071

Pool#

476969

6.50%,

1/15/2029

22,443

24,726

Pool#

781029

6.50%,

5/15/2029

75,144

87,472

Pool#

503106

6.50%,

6/15/2029

10,260

11,436

GNMA

II

Pool

Pool#

767673

4.63%,

4/20/2064(b)

1,134,451

1,248,723

Pool#

BA7614

4.54%,

5/20/2067(b)

920,899

1,033,792

Pool#

BC3943

4.46%,

6/20/2067(b)

3,672,101

4,232,734

Pool#

BB0088

4.70%,

7/20/2067(b)

4,075,156

4,789,358

GNMA

TBA

3.00%,

8/15/2050

3,000,000

3,172,318

Total

Mortgage-Backed

Securities

(cost

$35,126,558)

37,340,505

U.S.

Treasury

Obligations

20.0%

U.S.

Treasury

Bonds

4.25%,

5/15/2039

570,000

902,916

4.38%,

11/15/2039

2,400,000

3,872,437

1.13%,

5/15/2040

17,455,000

17,915,239

4.38%,

5/15/2040

8,870,000

14,395,733

2.25%,

8/15/2049

11,385,000

14,341,987

2.00%,

2/15/2050

8,630,000

10,362,742

1.25%,

5/15/2050

5,390,000

5,454,427

U.S.

Treasury

Notes

0.38%,

3/31/2022

9,375,000

9,413,086

1.13%,

2/28/2025

14,990,000

15,625,318

0.25%,

5/31/2025

1,055,000

1,057,143

0.25%,

6/30/2025

15,195,000

15,219,336

Total

U.S.

Treasury

Obligations

(cost

$100,359,129)

108,560,364

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Short-Term

Investments

1.3%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligations

1.3%

U.S.

Treasury

Bills

0.17%,

9/10/2020

4,000,000

3,999,641

0.13%,

10/8/2020

1,000,000

999,833

0.11%,

10/15/2020

2,000,000

1,999,625

Total

U.S.

Treasury

Obligations

(cost

$6,998,568)

6,999,099

Total

Short-Term

Investments

(cost

$6,998,568)

6,999,099

Total

Investments

(cost

$511,668,108)

—

99.3%

539,407,091

Other

assets

in

excess

of

liabilities

—

0.7%

3,885,982

NET

ASSETS

—

100.0%

$

543,293,073

†

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

July

31,

2020

was

$104,217,160

which

represents

19.18%

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

July

31,

2020.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2020.

(d)

Security

in

default.

(e)

Investment

in

affiliate.

(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

July

31,

2020.

ACES

Alternative

Credit

Enhancement

Services

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

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

5

Year

Note

(37)

9/2020

USD

(4,666,625)

(22,584)

U.S.

Treasury

10

Year

Note

(48)

9/2020

USD

(6,723,750)

(58,297)

U.S.

Treasury

10

Year

Ultra

Note

(68)

9/2020

USD

(10,829,000)

(156,920)

U.S.

Treasury

Ultra

Bond

(20)

9/2020

USD

(4,553,750)

(201,356)

(439,157)

At

July

31,

2020,

the

Fund

had

$850,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

36

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

37

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings

.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

34,967,864

$

–

$

34,967,864

Collateralized

Mortgage

Obligations

–

77,553,161

–

77,553,161

Commercial

Mortgage-Backed

Securities

–

38,114,536

–

38,114,536

Corporate

Bonds

–

234,839,554

–

234,839,554

Foreign

Government

Security

–

1,032,008

–

1,032,008

Mortgage-Backed

Securities

–

37,340,505

–

37,340,505

Short-Term

Investments

–

6,999,099

–

6,999,099

U.S.

Treasury

Obligations

–

108,560,364

–

108,560,364

Total

Assets

$

–

$

539,407,091

$

–

$

539,407,091

Liabilities:

Futures

Contracts

$

(439,157)

$

–

$

–

$

(439,157)

Total

Liabilities

$

(439,157)

$

–

$

–

$

(439,157)

Total

$

(439,157)

$

539,407,091

$

–

$

538,967,934

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

38

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(439,157)

Total

$

(439,157)

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.

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

39

Asset-Backed

Securities

24.2%

Principal

Amount

($)

Value

($)

Automobiles

19.2%

Ally

Auto

Receivables

Trust,

Series

2019-4,

Class

A3,

1.84%,

6/17/2024

1,135,000

1,157,935

American

Credit

Acceptance

Receivables

Trust

Series

2020-1,

Class

B,

2.08%,

12/13/2023(a)

115,000

115,927

Series

2020-2,

Class

B,

2.48%,

9/13/2024(a)

165,000

168,486

Series

2019-4,

Class

C,

2.69%,

12/12/2025(a)

840,000

857,719

Americredit

Automobile

Receivables

Trust

Series

2019-1,

Class

A3,

2.97%,

11/20/2023

430,000

439,174

Series

2019-2,

Class

B,

2.54%,

7/18/2024

1,255,000

1,292,861

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-2,

Class

B,

0.97%,

2/18/2026

25,000

25,074

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

570,000

583,847

Bank

of

The

West

Auto

Trust,

Series

2019-1,

Class

A3,

2.43%,

4/15/2024(a)

485,000

496,693

Carmax

Auto

Owner

Trust

Series

2019-4,

Class

A2A,

2.01%,

3/15/2023

511,541

516,161

Series

2020-1,

Class

A2,

1.87%,

4/17/2023

1,225,000

1,237,399

Carvana

Auto

Receivables

Trust,

Series

2019-

3A,

Class

A3,

2.34%,

6/15/2023(a)

675,000

682,473

CPS

Auto

Receivables

Trust

Series

2018-D,

Class

B,

3.61%,

11/15/2022(a)

695,475

699,982

Series

2019-C,

Class

B,

2.63%,

8/15/2023(a)

380,000

384,067

Series

2018-A,

Class

C,

3.05%,

12/15/2023(a)

107,455

108,191

Credit

Acceptance

Auto

Loan

Trust

Series

2018-2A,

Class

A,

3.47%,

5/17/2027(a)

628,842

635,947

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

250,000

255,676

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

280,000

280,612

Drive

Auto

Receivables

Trust

Series

2019-3,

Class

B,

2.65%,

2/15/2024

365,000

371,562

Series

2020-1,

Class

B,

2.08%,

7/15/2024

335,000

340,730

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

DT

Auto

Owner

Trust

Series

2018-3A,

Class

B,

3.56%,

9/15/2022(a)

832,217

837,263

Series

2018-2A,

Class

C,

3.67%,

3/15/2024(a)

495,017

498,448

Series

2019-1A,

Class

C,

3.61%,

11/15/2024(a)

350,000

357,396

Series

2019-2A,

Class

C,

3.18%,

2/18/2025(a)

85,000

86,888

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

135,000

139,933

Exeter

Automobile

Receivables

Trust

Series

2020-1A,

Class

B,

2.26%,

4/15/2024(a)

175,000

177,231

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

185,000

192,132

First

Investors

Auto

Owner

Trust

Series

2018-2A,

Class

A1,

3.23%,

12/15/2022(a)

52,917

53,054

Series

2019-1A,

Class

A,

2.89%,

3/15/2024(a)

213,881

216,865

Series

2019-2A,

Class

A,

2.21%,

9/16/2024(a)

319,341

323,853

Flagship

Credit

Auto

Trust

Series

2018-2,

Class

B,

3.56%,

5/15/2023(a)

995,000

1,016,053

Series

2020-1,

Class

A,

1.90%,

8/15/2024(a)

664,291

672,565

Series

2018-3,

Class

B,

3.59%,

12/16/2024(a)

460,000

470,631

Series

2020-1,

Class

B,

2.05%,

2/17/2025(a)

705,000

716,897

Ford

Credit

Auto

Lease

Trust,

Series

2020-A,

Class

A3,

1.85%,

3/15/2023

320,000

325,296

Ford

Credit

Auto

Owner

Trust

Series

2019-B,

Class

A2A,

2.35%,

2/15/2022

259,221

260,535

Series

2019-C,

Class

A3,

1.87%,

3/15/2024

985,000

1,010,280

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2019-1,

Class

A,

2.84%,

3/15/2024

735,000

759,509

Foursight

Capital

Automobile

Receivables

Trust,

Series

2018-2,

Class

A3,

3.64%,

5/15/2023(a)

743,481

753,346

GLS

Auto

Receivables

Issuer

Trust

Series

2019-2A,

Class

A,

3.06%,

4/17/2023(a)

319,110

322,642

Series

2019-4A,

Class

B,

2.78%,

9/16/2024(a)

260,000

264,407

GLS

Auto

Receivables

Trust,

Series

2018-3A,

Class

B,

3.78%,

8/15/2023(a)

430,000

438,736

40

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

GM

Financial

Automobile

Leasing

Trust,

Series

2020-2,

Class

A3,

0.80%,

7/20/2023

105,000

105,653

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2020-1,

Class

A2,

1.83%,

1/17/2023

383,789

386,714

Series

2019-3,

Class

A3,

2.18%,

4/16/2024

475,000

486,564

Harley-Davidson

Motorcycle

Trust,

Series

2020-A,

Class

A3,

1.87%,

10/15/2024

275,000

280,978

Honda

Auto

Receivables

Owner

Trust,

Series

2019-4,

Class

A3,

1.83%,

1/18/2024

1,090,000

1,119,066

Hyundai

Auto

Lease

Securitization

Trust

Series

2020-A,

Class

A2,

1.90%,

5/16/2022(a)

560,000

564,465

Series

2020-A,

Class

A3,

1.95%,

7/17/2023(a)

950,000

969,933

Hyundai

Auto

Receivables

Trust,

Series

2019-B,

Class

A3,

1.94%,

2/15/2024

830,000

850,305

Mercedes-Benz

Auto

Lease

Trust

Series

2019-B,

Class

A2,

2.01%,

12/15/2021

584,346

587,113

Series

2020-A,

Class

A3,

1.84%,

12/15/2022

455,000

463,405

NextGear

Floorplan

Master

Owner

Trust

Series

2018-1A,

Class

A2,

3.22%,

2/15/2023(a)

610,000

615,826

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

580,000

586,144

Nissan

Auto

Lease

Trust,

Series

2020-A,

Class

A3,

1.84%,

1/17/2023

400,000

406,281

Prestige

Auto

Receivables

Trust,

Series

2019-

1A,

Class

A3,

2.45%,

5/15/2023(a)

1,135,000

1,151,369

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

175,000

184,591

Santander

Drive

Auto

Receivables

Trust

Series

2018-4,

Class

B,

3.27%,

1/17/2023

145,866

146,234

Series

2019-2,

Class

C,

2.90%,

10/15/2024

485,000

495,550

Series

2020-2,

Class

B,

0.96%,

11/15/2024

120,000

120,406

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

170,000

174,486

Toyota

Auto

Receivables

Owner

Trust

Series

2019-D,

Class

A3,

1.92%,

1/16/2024

1,080,000

1,107,157

Series

2020-A,

Class

A3,

1.66%,

5/15/2024

2,260,000

2,315,181

United

Auto

Credit

Securitization

Trust,

Series

2020-1,

Class

B,

1.47%,

11/10/2022(a)

505,000

506,359

Westlake

Automobile

Receivables

Trust

Series

2019-1A,

Class

B,

3.26%,

10/17/2022(a)

80,000

81,167

Series

2019-2A,

Class

B,

2.62%,

7/15/2024(a)

905,000

917,883

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

165,000

166,240

Wheels

SPV

2

LLC,

Series

2019-1A,

Class

A2,

2.30%,

5/22/2028(a)

309,221

312,844

World

Omni

Auto

Receivables

Trust

Series

2020-A,

Class

A2,

1.71%,

11/15/2022

1,700,000

1,717,923

Series

2020-A,

Class

A3,

1.70%,

1/17/2023

1,580,000

1,612,586

Series

2019-C,

Class

A3,

1.96%,

12/16/2024

1,320,000

1,355,076

Series

2020-B,

Class

A3,

0.63%,

5/15/2025

465,000

467,352

World

Omni

Automobile

Lease

Securitization

Trust,

Series

2018-A,

Class

A3,

2.83%,

7/15/2021

99,022

99,116

40,898,443

Credit

Card

1.0%

Barclays

Dryrock

Issuance

Trust,

Series

2019-1,

Class

A,

1.96%,

5/15/2025

925,000

949,580

World

Financial

Network

Credit

Card

Master

Trust,

Series

2019-B,

Class

A,

2.49%,

4/15/2026

1,200,000

1,233,730

2,183,310

Other

3.0%

CNH

Equipment

Trust,

Series

2020-A,

Class

A3,

1.16%,

6/16/2025

95,000

96,310

Diamond

Resorts

Owner

Trust,

Series

2018-1,

Class

A,

3.70%,

1/21/2031(a)

240,615

244,078

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

41

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2020-1,

Class

A2,

1.76%,

6/15/2022(a)

1,825,000

1,840,107

Series

2020-1,

Class

A3,

1.76%,

8/15/2023(a)

600,000

604,146

Onemain

Financial

Issuance

Trust,

Series

2018-

1A,

Class

A,

3.30%,

3/14/2029(a)

1,965,000

1,991,510

SCF

Equipment

Leasing

LLC,

Series

2018-1A,

Class

A2,

3.63%,

10/20/2024(a)

324,217

326,789

SoFi

Consumer

Loan

Program

Trust

Series

2018-2,

Class

A2,

3.35%,

4/26/2027(a)

557,874

562,157

Series

2018-4,

Class

A,

3.54%,

11/26/2027(a)

369,784

373,167

Verizon

Owner

Trust,

Series

2018-A,

Class

A1A,

3.23%,

4/20/2023

445,000

454,114

6,492,378

Student

Loan

1.0%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

416,362

430,298

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A1,

0.52%,

2/25/2042(a)(b)

167,947

166,643

SoFi

Professional

Loan

Program

Trust

Series

2020-A,

Class

A1FX,

2.06%,

5/15/2046(a)

1,440,101

1,453,351

Series

2018-B,

Class

A1FX,

2.64%,

8/25/2047(a)

9,028

9,043

2,059,335

Total

Asset-Backed

Securities

(cost

$50,762,847)

51,633,466

Collateralized

Mortgage

Obligations

1.7%

FHLMC

REMICS

Series

3755,

Class

AL,

1.50%,

11/15/2020

2,130

2,130

Series

3645,

Class

EH,

3.00%,

12/15/2020

10

11

Series

3852,

Class

EA,

4.50%,

12/15/2021

443

444

Series

4060,

Class

EA,

1.75%,

6/15/2022

61,532

61,887

Series

2611,

Class

HD,

5.00%,

5/15/2023

46,996

48,979

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

FHLMC

REMICS

Series

3585,

Class

LA,

3.50%,

10/15/2024

12,054

12,496

Series

3609,

Class

LE,

3.00%,

12/15/2024

90

90

Series

3718,

Class

BC,

2.00%,

2/15/2025

14,267

14,341

Series

3721,

Class

PE,

3.50%,

9/15/2040

89,764

98,046

FNMA

REMICS

Series

2012-99,

Class

TC,

1.50%,

9/25/2022

87,059

87,415

Series

2012-100,

Class

WA,

1.50%,

9/25/2027

221,751

224,933

Series

2012-93,

Class

DP,

1.50%,

9/25/2027

203,398

206,505

GNMA

REMICS

Series

2009-104,

Class

KE,

2.50%,

8/16/2039

34,456

35,299

Series

2009-88,

Class

QE,

3.00%,

9/16/2039

59,171

60,766

Series

2011-39,

Class

NE,

3.50%,

9/16/2039

93,965

99,857

Series

2010-H22,

Class

FE,

0.53%,

5/20/2059(b)

131,120

130,782

Series

2010-H02,

Class

FA,

0.86%,

2/20/2060(b)

364,832

366,918

Series

2011-H11,

Class

FA,

0.68%,

3/20/2061(b)

219,154

218,959

Series

2011-H23,

Class

HA,

3.00%,

12/20/2061

12,555

12,916

Series

2012-H18,

Class

NA,

0.70%,

8/20/2062(b)

108,792

108,766

Series

2016-H13,

Class

FT,

0.76%,

5/20/2066(b)

88,558

88,619

Series

2017-H25,

Class

FD,

0.33%,

12/20/2067(b)

275,228

274,099

Series

2019-H01,

Class

FJ,

0.48%,

9/20/2068(b)

211,574

210,694

Series

2019-H01,

Class

FT,

0.58%,

10/20/2068(b)

474,417

473,181

Series

2019-H13,

Class

FT,

0.62%,

8/20/2069(b)

812,864

812,068

Total

Collateralized

Mortgage

Obligations

(cost

$3,643,698)

3,650,201

42

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Commercial

Mortgage-Backed

Securities

1.5%

Principal

Amount

($)

Value

($)

Benchmark

Mortgage

Trust

,

Series

2019-B10,

Class

A1,

2.79%,

3/15/2062

1,587,556

1,637,439

CSMC

OA

LLC

,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

295,000

285,502

Starwood

Retail

Property

Trust

,

Series

2014-

STAR,

Class

A,

1.64%,

11/15/2027(a)(b)

336,810

230,626

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,015,000

1,093,417

Total

Commercial

Mortgage-Backed

Securities

(cost

$3,328,340)

3,246,984

Corporate

Bonds

63.9%

Aerospace

&

Defense

0.0%

†

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

23,000

24,958

Airlines

0.6%

Delta

Air

Lines,

Inc.

,

2.60%,

12/4/2020

825,000

822,834

Southwest

Airlines

Co.

,

5.25%,

5/4/2025

255,000

273,102

5.13%,

6/15/2027

255,000

267,550

1,363,486

Auto

Components

0.1%

BorgWarner,

Inc.

,

2.65%,

7/1/2027

135,000

143,099

Dana,

Inc.

,

5.63%,

6/15/2028

50,000

52,500

195,599

Automobiles

2.2%

BMW

Finance

NV

,

2.25%,

8/12/2022(a)

1,200,000

1,236,893

BMW

US

Capital

LLC

,

3.45%,

4/12/2023(a)

750,000

802,430

Hyundai

Capital

America

,

3.00%,

2/10/2027(a)

380,000

392,496

Nissan

Motor

Acceptance

Corp.

,

2.15%,

9/28/2020(a)

1,200,000

1,198,906

Volkswagen

Group

of

America

Finance

LLC

,

4.25%,

11/13/2023(a)

765,000

844,820

3.35%,

5/13/2025(a)

280,000

305,526

4,781,071

Banks

19.3%

ANZ

New

Zealand

Int'l

Ltd.

,

2.75%,

1/22/2021(a)

1,560,000

1,578,222

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.05%,

11/21/2022

1,200,000

1,244,222

Banco

Santander

SA

,

2.75%,

5/28/2025

600,000

634,833

Bank

of

America

Corp.

,

(SOFR

+

1.15%),

1.32%,

6/19/2026(c)

735,000

744,297

(SOFR

+

1.53%),

1.90%,

7/23/2031(c)

525,000

534,093

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

360,000

389,294

Bank

of

Montreal

,

2.05%,

11/1/2022

1,190,000

1,234,102

1.85%,

5/1/2025

525,000

553,519

Bank

of

Nova

Scotia

(The)

,

1.95%,

2/1/2023

1,190,000

1,231,618

1.30%,

6/11/2025

620,000

633,491

Banque

Federative

du

Credit

Mutuel

SA

,

2.38%,

11/21/2024(a)

590,000

627,450

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

4.61%,

2/15/2023(c)

415,000

437,544

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

2.24%),

4.70%,

1/10/2025(a)(c)

545,000

608,795

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(c)

550,000

571,746

Canadian

Imperial

Bank

of

Commerce

,

2.70%,

2/2/2021

210,000

212,498

Citigroup,

Inc.

,

(SOFR

+

0.87%),

2.31%,

11/4/2022(c)

335,000

342,179

(ICE

LIBOR

USD

3

Month

+

0.72%),

3.14%,

1/24/2023(c)

650,000

672,920

Comerica,

Inc.

,

3.70%,

7/31/2023

375,000

405,623

Commonwealth

Bank

of

Australia

,

3.45%,

3/16/2023(a)

680,000

733,411

Credit

Agricole

SA

,

3.75%,

4/24/2023(a)

595,000

641,260

(SOFRINDX

+

1.68%),

1.91%,

6/16/2026(a)(c)

575,000

591,713

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

1,225,000

1,318,920

DNB

Bank

ASA

,

2.15%,

12/2/2022(a)

845,000

877,575

Fifth

Third

Bank

NA

,

3.35%,

7/26/2021

1,370,000

1,406,684

1.80%,

1/30/2023

1,005,000

1,035,659

ING

Groep

NV

,

4.10%,

10/2/2023

790,000

870,587

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.70%),

3.21%,

4/1/2023(c)

590,000

616,261

KeyBank

NA

,

3.30%,

2/1/2022

500,000

521,544

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

340,000

372,626

Mitsubishi

UFJ

Financial

Group,

Inc.

,

2.67%,

7/25/2022

540,000

561,641

Mizuho

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.84%),

2.72%,

7/16/2023(c)

1,150,000

1,193,995

National

Australia

Bank

Ltd.

,

3.70%,

11/4/2021

1,125,000

1,171,020

1.88%,

12/13/2022

1,215,000

1,256,094

National

Bank

of

Canada

,

2.15%,

10/7/2022(a)

645,000

666,218

NatWest

Markets

plc

,

3.63%,

9/29/2022(a)

1,200,000

1,267,718

Royal

Bank

of

Canada

,

2.80%,

4/29/2022

1,260,000

1,311,336

1.95%,

1/17/2023

1,030,000

1,066,877

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

610,000

652,691

Santander

UK

plc

,

(ICE

LIBOR

USD

3

Month

+

0.62%),

0.97%,

6/1/2021(c)

545,000

547,262

2.10%,

1/13/2023

815,000

844,592

Skandinaviska

Enskilda

Banken

AB

,

2.20%,

12/12/2022(a)

1,210,000

1,257,494

Societe

Generale

SA

,

2.63%,

1/22/2025(a)

495,000

512,966

1.38%,

7/8/2025(a)

1,055,000

1,077,965

Standard

Chartered

plc

,

(ICE

LIBOR

USD

3

Month

+

1.21%),

2.82%,

1/30/2026(a)(c)

820,000

845,520

Sumitomo

Mitsui

Financial

Group,

Inc.

,

1.47%,

7/8/2025

790,000

807,044

Svenska

Handelsbanken

AB

,

3.90%,

11/20/2023

685,000

758,738

Truist

Bank

,

(ICE

LIBOR

USD

3

Month

+

0.50%),

3.53%,

10/26/2021(c)

1,045,000

1,052,636

Truist

Financial

Corp.

,

3.05%,

6/20/2022

395,000

413,823

1.13%,

8/3/2027

1,050,000

1,039,805

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.75%),

5.46%,

6/30/2035(a)(c)

200,000

205,611

Westpac

Banking

Corp.

,

2.80%,

1/11/2022

325,000

336,405

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Westpac

Banking

Corp.,

2.00%,

1/13/2023

605,000

627,726

41,117,863

Beverages

0.3%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

565,000

627,637

Biotechnology

0.3%

AbbVie,

Inc.

,

2.15%,

11/19/2021(a)

580,000

592,168

Building

Products

0.2%

American

Woodmark

Corp.

,

4.88%,

3/15/2026(a)

95,000

95,475

Carrier

Global

Corp.

,

2.24%,

2/15/2025(a)

200,000

208,893

Lennox

International,

Inc.

,

1.35%,

8/1/2025

160,000

161,379

Summit

Materials

LLC

,

5.25%,

1/15/2029(a)

35,000

36,313

502,060

Capital

Markets

3.0%

Ameriprise

Financial,

Inc.

,

3.00%,

3/22/2022

505,000

525,818

Ares

Capital

Corp.

,

3.25%,

7/15/2025

530,000

523,635

3.88%,

1/15/2026

130,000

132,124

Charles

Schwab

Corp.

(The)

,

3.25%,

5/21/2021

120,000

122,554

Credit

Suisse

AG

,

2.10%,

11/12/2021

415,000

424,215

Credit

Suisse

Group

AG

,

(SOFR

+

2.04%),

2.19%,

6/5/2026(a)(c)

720,000

741,998

FS

KKR

Capital

Corp.

,

4.13%,

2/1/2025

300,000

291,750

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013*(d)

500,000

6,000

Macquarie

Bank

Ltd.

,

2.10%,

10/17/2022(a)

1,210,000

1,250,914

Nomura

Holdings,

Inc.

,

1.85%,

7/16/2025

1,050,000

1,066,333

Oaktree

Specialty

Lending

Corp.

,

3.50%,

2/25/2025

150,000

149,988

Owl

Rock

Capital

Corp.

,

4.25%,

1/15/2026

605,000

605,914

USAA

Capital

Corp.

,

2.63%,

6/1/2021(a)

555,000

566,059

6,407,302

Chemicals

0.4%

DuPont

de

Nemours,

Inc.

,

2.17%,

5/1/2023

340,000

346,820

Ecolab,

Inc.

,

4.35%,

12/8/2021

445,000

468,720

815,540

44

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

5.6%

American

Express

Co.

,

3.70%,

11/5/2021

1,310,000

1,360,789

3.70%,

8/3/2023

665,000

724,688

Capital

One

Financial

Corp.

,

3.90%,

1/29/2024

855,000

936,669

Caterpillar

Financial

Services

Corp.

,

1.95%,

11/18/2022

1,200,000

1,242,845

0.65%,

7/7/2023

820,000

824,617

Ford

Motor

Credit

Co.

LLC

,

4.27%,

1/9/2027

340,000

345,202

General

Motors

Financial

Co.,

Inc.

,

2.90%,

2/26/2025

290,000

300,072

Harley-Davidson

Financial

Services,

Inc.

,

4.05%,

2/4/2022(a)

230,000

238,909

3.35%,

2/15/2023(a)

205,000

211,474

3.35%,

6/8/2025(a)

70,000

73,490

John

Deere

Capital

Corp.

,

0.70%,

7/5/2023

1,005,000

1,015,447

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

495,000

512,885

Navient

Corp.

,

7.25%,

1/25/2022

600,000

630,000

5.00%,

3/15/2027

135,000

129,263

PACCAR

Financial

Corp.

,

1.90%,

2/7/2023

960,000

993,340

1.80%,

2/6/2025

135,000

141,531

Synchrony

Financial

,

2.85%,

7/25/2022

155,000

158,524

4.38%,

3/19/2024

120,000

127,666

Toyota

Motor

Credit

Corp.

,

3.05%,

1/8/2021

1,235,000

1,250,555

1.80%,

2/13/2025

765,000

801,128

12,019,094

Diversified

Financial

Services

1.6%

AIG

Global

Funding

,

0.80%,

7/7/2023(a)

1,050,000

1,056,279

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

435,000

457,803

Equitable

Holdings,

Inc.

,

3.90%,

4/20/2023

585,000

629,774

GE

Capital

Funding

LLC

,

4.05%,

5/15/2027(a)

720,000

766,078

Shell

International

Finance

BV

,

2.38%,

4/6/2025

485,000

520,596

3,430,530

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

,

2.25%,

2/1/2032

530,000

543,425

British

Telecommunications

plc

,

4.50%,

12/4/2023

400,000

447,001

990,426

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

2.2%

Alliant

Energy

Finance

LLC

,

3.75%,

6/15/2023(a)

820,000

884,489

American

Electric

Power

Co.,

Inc.

,

2.15%,

11/13/2020

1,635,000

1,643,232

DPL,

Inc.

,

4.13%,

7/1/2025(a)

140,000

147,444

Eversource

Energy

,

Series

N,

3.80%,

12/1/2023

1,155,000

1,268,425

Pattern

Energy

Operations

LP

,

4.50%,

8/15/2028(a)

100,000

106,000

Vistra

Operations

Co.

LLC

,

3.70%,

1/30/2027(a)

600,000

634,649

4,684,239

Electronic

Equipment,

Instruments

&

Components

0.1%

Flex

Ltd.

,

3.75%,

2/1/2026

120,000

131,000

Jabil,

Inc.

,

3.00%,

1/15/2031

120,000

121,722

252,722

Energy

Equipment

&

Services

0.1%

Schlumberger

Investment

SA

,

2.65%,

6/26/2030

265,000

274,989

Equity

Real

Estate

Investment

Trusts

(REITs)

2.5%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

295,000

296,942

Digital

Realty

Trust

LP

,

2.75%,

2/1/2023

1,235,000

1,297,545

Equinix

,

Inc.

,

1.80%,

7/15/2027

220,000

224,877

Federal

Realty

Investment

Trust

,

3.95%,

1/15/2024

665,000

716,438

GLP

Capital

LP

,

5.25%,

6/1/2025

600,000

646,260

MGM

Growth

Properties

Operating

Partnership

LP

,

4.63%,

6/15/2025(a)

350,000

367,934

Realty

Income

Corp.

,

3.25%,

1/15/2031

95,000

106,577

Simon

Property

Group

LP

,

2.63%,

6/15/2022

1,165,000

1,199,697

3.50%,

9/1/2025

295,000

325,215

Welltower

,

Inc.

,

2.75%,

1/15/2031

155,000

158,098

5,339,583

Food

Products

0.6%

Bunge

Ltd.

Finance

Corp.

,

4.35%,

3/15/2024

795,000

873,177

Conagra

Brands,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.50%),

0.77%,

10/9/2020(c)

200,000

200,029

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

45

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Hershey

Co.

(The)

,

0.90%,

6/1/2025

170,000

172,194

1,245,400

Gas

Utilities

0.4%

CenterPoint

Energy

Resources

Corp.

,

3.55%,

4/1/2023

750,000

807,004

Health

Care

Equipment

&

Supplies

1.3%

Becton

Dickinson

and

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.88%),

1.18%,

12/29/2020(c)

1,079,000

1,079,217

Zimmer

Biomet

Holdings,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.75%),

1.07%,

3/19/2021(c)

1,395,000

1,395,127

3.05%,

1/15/2026

255,000

278,397

2,752,741

Health

Care

Providers

&

Services

1.5%

Cigna

Corp.

,

3.75%,

7/15/2023

535,000

582,824

CVS

Health

Corp.

,

3.70%,

3/9/2023

1,150,000

1,237,612

McKesson

Corp.

,

3.65%,

11/30/2020

1,270,000

1,283,944

3,104,380

Hotels,

Restaurants

&

Leisure

0.9%

Choice

Hotels

International,

Inc.

,

3.70%,

1/15/2031

65,000

67,839

Hyatt

Hotels

Corp.

,

5.38%,

4/23/2025

65,000

69,829

Marriott

International,

Inc.

,

Series

Y,

(ICE

LIBOR

USD

3

Month

+

0.60%),

0.95%,

12/1/2020(c)

1,280,000

1,271,882

Royal

Caribbean

Cruises

Ltd.

,

2.65%,

11/28/2020

420,000

414,750

1,824,300

Household

Durables

0.6%

DR

Horton,

Inc.

,

2.55%,

12/1/2020

720,000

724,920

Panasonic

Corp.

,

2.54%,

7/19/2022(a)

590,000

608,735

1,333,655

Independent

Power

and

Renewable

Electricity

Producers

0.5%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

315,000

338,118

Calpine

Corp.

,

4.63%,

2/1/2029(a)

735,000

742,335

1,080,453

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

0.1%

Honeywell

International,

Inc.

,

1.85%,

11/1/2021

315,000

320,872

Insurance

6.1%

American

International

Group,

Inc.

,

2.50%,

6/30/2025

490,000

523,983

Aon

Corp.

,

2.20%,

11/15/2022

1,195,000

1,240,673

Assurant,

Inc.

,

4.20%,

9/27/2023

305,000

323,310

Athene

Global

Funding

,

2.50%,

1/14/2025(a)

570,000

584,055

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

995,000

1,005,258

Jackson

National

Life

Global

Funding

,

(SOFR

+

0.60%),

0.69%,

1/6/2023(a)(c)

1,205,000

1,195,090

Manulife

Financial

Corp.

,

2.48%,

5/19/2027

255,000

269,561

Marsh

&

McLennan

Cos.,

Inc.

,

3.50%,

12/29/2020

645,000

653,189

MassMutual

Global

Funding

II

,

2.25%,

7/1/2022(a)

990,000

1,026,533

0.85%,

6/9/2023(a)

1,054,000

1,066,031

Metropolitan

Life

Global

Funding

I

,

2.40%,

6/17/2022(a)

560,000

581,927

0.90%,

6/8/2023(a)

445,000

450,289

0.95%,

7/2/2025(a)

490,000

496,064

New

York

Life

Global

Funding

,

0.95%,

6/24/2025(a)

950,000

966,341

Principal

Life

Global

Funding

II

,

1.25%,

6/23/2025(a)

470,000

480,262

Protective

Life

Global

Funding

,

1.08%,

6/9/2023(a)

1,005,000

1,020,404

Reliance

Standard

Life

Global

Funding

II

,

2.15%,

1/21/2023(a)

575,000

588,510

Unum

Group

,

4.50%,

3/15/2025

505,000

557,383

13,028,863

Interactive

Media

&

Services

0.5%

Baidu,

Inc.

,

3.88%,

9/29/2023

1,030,000

1,105,737

Internet

&

Direct

Marketing

Retail

0.5%

eBay,

Inc.

,

1.90%,

3/11/2025

315,000

331,809

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

285,000

311,431

Match

Group

Holdings

II

LLC

,

4.63%,

6/1/2028(a)

350,000

369,586

1,012,826

46

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

0.8%

DXC

Technology

Co.

,

4.13%,

4/15/2025

85,000

91,706

IBM

Credit

LLC

,

2.20%,

9/8/2022

620,000

644,556

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

825,000

892,560

1,628,822

Leisure

Products

0.2%

Hasbro,

Inc.

,

3.55%,

11/19/2026

420,000

444,801

Machinery

0.3%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

230,000

232,141

Westinghouse

Air

Brake

Technologies

Corp.

,

3.20%,

6/15/2025

305,000

318,619

550,760

Media

0.5%

Interpublic

Group

of

Cos.,

Inc.

(The)

,

3.50%,

10/1/2020

295,000

296,425

Outfront

Media

Capital

LLC

,

6.25%,

6/15/2025(a)

415,000

421,225

ViacomCBS

,

Inc.

,

4.75%,

5/15/2025

290,000

333,837

1,051,487

Metals

&

Mining

0.5%

Freeport-McMoRan,

Inc.

,

4.63%,

8/1/2030

250,000

267,500

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

190,000

205,118

Reliance

Steel

&

Aluminum

Co.

,

1.30%,

8/15/2025

570,000

570,924

1,043,542

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

Starwood

Property

Trust,

Inc.

,

3.63%,

2/1/2021

240,000

237,000

Multi-Utilities

0.1%

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(e)

295,000

320,424

Oil,

Gas

&

Consumable

Fuels

3.7%

BP

Capital

Markets

America,

Inc.

,

3.19%,

4/6/2025

485,000

532,675

Canadian

Natural

Resources

Ltd.

,

2.95%,

7/15/2030

205,000

210,311

Cenovus

Energy,

Inc.

,

5.38%,

7/15/2025

345,000

345,443

Diamondback

Energy,

Inc.

,

4.75%,

5/31/2025

395,000

429,266

EQT

Corp.

,

6.13%,

2/1/2025(e)

480,000

529,200

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Equinor

ASA

,

1.75%,

1/22/2026

1,000,000

1,044,419

Marathon

Petroleum

Corp.

,

4.50%,

5/1/2023

680,000

736,787

Midwest

Connector

Capital

Co.

LLC

,

3.63%,

4/1/2022(a)

770,000

770,959

MPLX

LP

,

(ICE

LIBOR

USD

3

Month

+

0.90%),

1.21%,

9/9/2021(c)

395,000

393,106

3.38%,

3/15/2023

780,000

821,097

Occidental

Petroleum

Corp.

,

8.00%,

7/15/2025

480,000

524,400

ONEOK,

Inc.

,

5.85%,

1/15/2026

170,000

194,965

Phillips

66

,

(ICE

LIBOR

USD

3

Month

+

0.60%),

0.96%,

2/26/2021(c)

1,215,000

1,215,048

Plains

All

American

Pipeline

LP

,

3.80%,

9/15/2030

55,000

55,014

7,802,690

Pharmaceuticals

1.8%

AstraZeneca

plc

,

3.50%,

8/17/2023

695,000

756,240

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

385,000

417,460

Bristol-Myers

Squibb

Co.

,

2.00%,

8/1/2022

100,000

103,081

Pfizer,

Inc.

,

3.20%,

9/15/2023

675,000

732,527

Takeda

Pharmaceutical

Co.

Ltd.

,

4.00%,

11/26/2021

1,270,000

1,324,975

Upjohn,

Inc.

,

2.30%,

6/22/2027(a)

505,000

531,545

3,865,828

Road

&

Rail

0.8%

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

845,000

914,584

4.00%,

7/15/2025(a)

45,000

50,490

Ryder

System,

Inc.

,

3.88%,

12/1/2023

350,000

382,548

4.63%,

6/1/2025

245,000

280,926

1,628,548

Semiconductors

&

Semiconductor

Equipment

0.9%

Broadcom,

Inc.

,

3.46%,

9/15/2026(a)

626,000

685,750

Marvell

Technology

Group

Ltd.

,

4.20%,

6/22/2023

600,000

649,298

Microchip

Technology,

Inc.

,

3.92%,

6/1/2021

230,000

235,458

2.67%,

9/1/2023(a)

335,000

346,379

1,916,885

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

47

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

0.1%

Infor,

Inc.

,

1.45%,

7/15/2023(a)

225,000

227,405

Technology

Hardware,

Storage

&

Peripherals

0.8%

Dell

International

LLC

,

5.85%,

7/15/2025(a)

390,000

454,430

Hewlett

Packard

Enterprise

Co.

,

3.50%,

10/5/2021

140,000

144,436

1.45%,

4/1/2024

540,000

540,310

4.65%,

10/1/2024

330,000

371,077

NetApp,

Inc.

,

1.88%,

6/22/2025

215,000

223,021

Seagate

HDD

Cayman

,

4.13%,

1/15/2031(a)

50,000

53,666

1,786,940

Textiles,

Apparel

&

Luxury

Goods

0.4%

Levi

Strauss

&

Co.

,

5.00%,

5/1/2025(a)

185,000

189,181

PVH

Corp.

,

4.63%,

7/10/2025(a)

315,000

322,862

William

Carter

Co.

(The)

,

5.50%,

5/15/2025(a)

350,000

372,425

884,468

Thrifts

&

Mortgage

Finance

0.1%

Ladder

Capital

Finance

Holdings

LLLP

,

4.25%,

2/1/2027(a)

295,000

249,275

Tobacco

0.1%

Altria

Group,

Inc.

,

2.35%,

5/6/2025

140,000

148,871

Trading

Companies

&

Distributors

0.5%

Air

Lease

Corp.

,

3.50%,

1/15/2022

240,000

242,827

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

515,000

505,209

United

Rentals

North

America,

Inc.

,

3.88%,

2/15/2031∞

285,000

285,000

1,033,036

Wireless

Telecommunication

Services

0.2%

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

315,000

337,506

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028(a)

165,000

169,434

506,940

Total

Corporate

Bonds

(cost

$131,438,404)

136,363,220

Mortgage-Backed

Securities

1.3%

FHLMC

Gold

Pool

Pool#

G14899

3.00%,

11/1/2023

135,766

142,420

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G13746

4.50%,

1/1/2025

79,405

84,461

Pool#

J11719

4.00%,

2/1/2025

27,803

29,430

Pool#

G13888

5.00%,

6/1/2025

21,407

22,499

Pool#

J12635

4.00%,

7/1/2025

88,604

93,846

Pool#

J12604

4.00%,

7/1/2025

83,064

87,950

Pool#

G13908

4.00%,

10/1/2025

19,761

20,928

Pool#

J19197

3.00%,

5/1/2027

262,644

276,115

Pool#

G18437

3.00%,

6/1/2027

290,894

305,823

Pool#

C00748

6.00%,

4/1/2029

8,803

9,948

Pool#

C01418

5.50%,

10/1/2032

54,537

63,414

Pool#

G01740

5.50%,

12/1/2034

31,270

36,618

Pool#

G04342

6.00%,

4/1/2038

36,465

42,707

FHLMC

Non

Gold

Pool

Pool#

972136

3.94%,

1/1/2034(b)

49,221

51,279

Pool#

848191

3.86%,

12/1/2034(b)

194,770

197,891

FNMA

Pool#

815323

,

2.33%,

1/1/2035

(b)

56,055

57,530

FNMA

UMBS

Pool

Pool#

981257

5.00%,

5/1/2023

31,822

33,434

Pool#

931892

4.50%,

9/1/2024

284,378

302,444

Pool#

AL0802

4.50%,

4/1/2025

63,354

67,416

Pool#

AB2518

4.00%,

3/1/2026

57,858

61,414

Pool#

AB4998

3.00%,

4/1/2027

450,473

473,038

Pool#

MA1174

3.00%,

9/1/2027

69,533

73,093

Pool#

190307

8.00%,

6/1/2030

704

840

Pool#

253516

8.00%,

11/1/2030

520

628

Pool#

725773

5.50%,

9/1/2034

66,822

78,213

Pool#

811773

5.50%,

1/1/2035

60,870

70,950

GNMA

Pool#

5080

,

4.00%,

6/20/2026

70,861

75,206

Total

Mortgage-Backed

Securities

(cost

$2,666,788)

2,759,535

48

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

U.S.

Treasury

Obligations

6.1%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

0.13%,

5/31/2022

7,190,000

7,189,438

0.13%,

6/30/2022

4,690,000

4,690,366

0.25%,

6/30/2025

1,065,000

1,066,706

Total

U.S.

Treasury

Obligations

(cost

$12,935,511)

12,946,510

Total

Investments

(cost

$204,775,588)

—

98.7%

210,599,916

Other

assets

in

excess

of

liabilities

—

1.3%

2,856,793

NET

ASSETS

—

100.0%

$

213,456,709

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

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

July

31,

2020

was

$74,312,098

which

represents

34.81%

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

July

31,

2020.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2020.

(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

July

31,

2020.

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

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

5

Year

Note

(82)

9/2020

USD

(10,342,250)

(58,261)

U.S.

Treasury

10

Year

Ultra

Note

(44)

9/2020

USD

(7,007,000)

(99,911)

(158,172)

At

July

31,

2020,

the

Fund

had

$327,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

49

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

51,633,466

$

–

$

51,633,466

Collateralized

Mortgage

Obligations

–

3,650,201

–

3,650,201

Commercial

Mortgage-Backed

Securities

–

3,246,984

–

3,246,984

Corporate

Bonds

–

136,363,220

–

136,363,220

Mortgage-Backed

Securities

–

2,759,535

–

2,759,535

U.S.

Treasury

Obligations

–

12,946,510

–

12,946,510

Total

Assets

$

–

$

210,599,916

$

–

$

210,599,916

Liabilities:

Futures

Contracts

$

(158,172)

$

–

$

–

$

(158,172)

Total

Liabilities

$

(158,172)

$

–

$

–

$

(158,172)

Total

$

(158,172)

$

210,599,916

$

–

$

210,441,744

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

50

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(158,172

)

Total

$

(158,172

)

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.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

96.5%

Shares

Value

($)

Airlines

1.2%

Allegiant

Travel

Co.

138,966

15,568,361

Auto

Components

4.2%

Dorman

Products,

Inc.*

195,677

15,996,595

Fox

Factory

Holding

Corp.*

426,998

38,002,822

53,999,417

Banks

1.5%

Pacific

Premier

Bancorp,

Inc.

441,429

9,274,423

Texas

Capital

Bancshares,

Inc.*

283,848

9,429,431

18,703,854

Building

Products

4.4%

AAON,

Inc.

370,575

21,956,569

Trex

Co.,

Inc.*

243,433

33,917,520

55,874,089

Chemicals

2.0%

Balchem

Corp.

251,235

25,188,821

Diversified

Consumer

Services

1.9%

Bright

Horizons

Family

Solutions,

Inc.*

221,524

23,756,234

Electronic

Equipment,

Instruments

&

Components

4.0%

ePlus

,

Inc.*

228,002

16,995,269

Novanta

,

Inc.*

207,510

21,514,637

Rogers

Corp.*

110,105

13,123,415

51,633,321

Food

Products

1.6%

J

&

J

Snack

Foods

Corp.

162,199

19,971,563

Health

Care

Equipment

&

Supplies

11.1%

Cantel

Medical

Corp.

184,710

8,727,547

Globus

Medical,

Inc.,

Class

A*

346,187

16,679,290

LeMaitre

Vascular,

Inc.(a)

339,694

9,963,225

Masimo

Corp.*

156,201

34,382,964

Neogen

Corp.*

309,390

23,751,870

STAAR

Surgical

Co.*

502,903

29,263,926

Tactile

Systems

Technology,

Inc.*

477,216

19,556,312

142,325,134

Health

Care

Providers

&

Services

5.0%

HealthEquity

,

Inc.*

307,514

15,855,422

LHC

Group,

Inc.*

163,497

31,899,900

PetIQ

,

Inc.*(a)

458,745

16,739,605

64,494,927

Health

Care

Technology

5.4%

Omnicell

,

Inc.*

329,304

23,146,778

Tabula

Rasa

HealthCare,

Inc.*(a)

407,806

22,918,697

Vocera

Communications,

Inc.*

731,626

22,512,132

68,577,607

Hotels,

Restaurants

&

Leisure

1.4%

Texas

Roadhouse,

Inc.

306,792

17,238,642

Household

Products

1.0%

WD-40

Co.(a)

68,112

13,387,414

Insurance

4.6%

Kinsale

Capital

Group,

Inc.

255,871

49,869,258

Common

Stocks

Shares

Value

($)

Insurance

Palomar

Holdings,

Inc.*(a)

102,931

9,401,717

59,270,975

IT

Services

3.4%

Evo

Payments,

Inc.,

Class

A*

737,254

16,728,293

ExlService

Holdings,

Inc.*

291,929

18,700,972

I3

Verticals,

Inc.,

Class

A*

355,279

8,590,646

44,019,911

Life

Sciences

Tools

&

Services

3.0%

Bio-

Techne

Corp.

140,839

38,753,259

Machinery

6.3%

Barnes

Group,

Inc.

249,359

9,193,866

Donaldson

Co.,

Inc.

273,169

13,204,990

ESCO

Technologies,

Inc.

201,161

17,287,776

Proto

Labs,

Inc.*

161,333

19,379,320

RBC

Bearings,

Inc.*

172,444

21,110,595

80,176,547

Multiline

Retail

2.4%

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

292,446

30,736,075

Professional

Services

3.1%

Exponent,

Inc.

477,938

40,175,468

Road

&

Rail

1.6%

Marten

Transport

Ltd.

753,849

20,067,460

Semiconductors

&

Semiconductor

Equipment

5.6%

Inphi

Corp.*

305,926

39,972,291

Monolithic

Power

Systems,

Inc.

119,017

31,540,695

71,512,986

Software

19.3%

Alarm.com

Holdings,

Inc.*

444,315

31,119,823

Blackbaud

,

Inc.

207,943

13,004,755

Blackline,

Inc.*

321,078

28,547,045

Bottomline

Technologies

DE,

Inc.*

389,046

18,775,360

Descartes

Systems

Group,

Inc.

(The)*

499,151

28,117,176

Envestnet

,

Inc.*

408,671

33,184,085

Fair

Isaac

Corp.*

99,061

43,506,600

Q2

Holdings,

Inc.*

255,275

24,008,614

Tyler

Technologies,

Inc.*

74,368

26,567,968

246,831,426

Thrifts

&

Mortgage

Finance

0.6%

Axos

Financial,

Inc.*

362,927

8,133,194

Trading

Companies

&

Distributors

1.9%

SiteOne

Landscape

Supply,

Inc.*

192,358

24,627,595

Total

Common

Stocks

(cost

$813,840,790)

1,235,024,280

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

Short-Term

Investment

2.4%

Shares

Value

($)

Money

Market

Fund

2.4%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(b)(c)

31,321,959

31,321,959

Total

Short-Term

Investment

(cost

$31,321,959)

31,321,959

Repurchase

Agreement

0.3%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$3,519,305,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$3,611,557.

(c)

3,519,284

3,519,284

Total

Repurchase

Agreement

(cost

$3,519,284)

3,519,284

Total

Investments

(cost

$848,682,033)

—

99.2%

1,269,865,523

Other

assets

in

excess

of

liabilities

—

0.8%

9,767,273

NET

ASSETS

—

100.0%

$

1,279,632,796

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$45,309,669,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$31,321,959

and

$3,519,284,

respectively,

and

by

$11,818,060

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$46,659,303.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$34,841,243.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

JP

Japan

TW

Taiwan

Nationwide

Geneva

Small

Cap

Growth

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,235,024,280

$

–

$

–

$

1,235,024,280

Repurchase

Agreement

–

3,519,284

–

3,519,284

Short-Term

Investment

31,321,959

–

–

31,321,959

Total

$

1,266,346,239

$

3,519,284

$

–

$

1,269,865,523

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.1%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.30%,

8/15/2025

181,932

169,962

Automobiles

0.0%

†

Nissan

Auto

Lease

Trust,

Series

2020-A,

Class

A4,

1.88%,

4/15/2025

370,000

378,481

Credit

Card

0.1%

Chase

Issuance

Trust,

Series

2012-A7,

Class

A7,

2.16%,

9/15/2024

625,000

649,411

Total

Asset-Backed

Securities

(cost

$1,163,620)

1,197,854

Commercial

Mortgage-Backed

Securities

2.2%

BBCMS

Mortgage

Trust

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

450,000

510,903

Series

2020-C7,

Class

A5,

2.07%,

4/15/2053

670,000

703,499

CFCRE

Commercial

Mortgage

Trust

,

Series

2017-C8,

Class

A4,

3.57%,

6/15/2050

850,000

947,887

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC17,

Class

A4,

4.13%,

11/10/2046

650,000

696,075

Series

2014-GC25,

Class

A4,

3.64%,

10/10/2047

500,000

544,241

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

980,000

1,097,143

COMM

Mortgage

Trust

Series

2013-CR12,

Class

A4,

4.05%,

10/10/2046

300,000

326,587

Series

2014-CR16,

Class

A4,

4.05%,

4/10/2047

750,000

823,625

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K020,

Class

A2,

2.37%,

5/25/2022

600,000

616,494

Series

K026,

Class

A2,

2.51%,

11/25/2022

200,000

208,154

Series

K031,

Class

A2,

3.30%,

4/25/2023(a)

100,000

107,025

Series

K033,

Class

A2,

3.06%,

7/25/2023(a)

100,000

106,836

Series

K038,

Class

A1,

2.60%,

10/25/2023

64,803

66,402

Series

K037,

Class

A2,

3.49%,

1/25/2024

200,000

218,226

Series

K066,

Class

A2,

3.12%,

6/25/2027

750,000

855,172

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

1,200,000

1,503,395

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

ACES

REMICS

Series

2014-M6,

Class

A2,

2.68%,

5/25/2021(a)

61,184

61,665

Series

2014-M2,

Class

ASV2,

2.78%,

6/25/2021(a)

88,165

88,543

Series

2020-M5,

Class

A2,

2.21%,

1/25/2030

1,200,000

1,311,130

GS

Mortgage

Securities

Trust

,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

750,000

816,240

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2011-C5,

Class

A3,

4.17%,

8/15/2046

92,601

94,444

JPMCC

Commercial

Mortgage

Securities

Trust

,

Series

2017-JP7,

Class

A5,

3.45%,

9/15/2050

750,000

847,679

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C7,

Class

A4,

2.92%,

2/15/2046

1,300,000

1,342,616

Series

2013-C10,

Class

ASB,

3.91%,

7/15/2046(a)

753,992

779,357

Series

2013-C10,

Class

A5,

4.08%,

7/15/2046(a)

250,000

269,180

Series

2014-C17,

Class

A5,

3.74%,

8/15/2047

1,500,000

1,621,198

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

A4,

3.59%,

3/15/2049

900,000

996,990

Series

2017-H1,

Class

A5,

3.53%,

6/15/2050

750,000

838,870

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

150,000

171,407

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-SG1,

Class

A4,

3.79%,

9/15/2048

1,700,000

1,872,141

Series

2020-C56,

Class

A5,

2.45%,

6/15/2053

210,000

225,651

WFRBS

Commercial

Mortgage

Trust

Series

2013-C11,

Class

A4,

3.04%,

3/15/2045

500,000

518,702

Series

2012-C7,

Class

A2,

3.43%,

6/15/2045

300,000

306,335

Total

Commercial

Mortgage-Backed

Securities

(cost

$20,528,689)

21,493,812

Corporate

Bonds

28.2%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

4.88%,

5/1/2025

300,000

324,014

3.10%,

5/1/2026

200,000

200,401

3.20%,

3/1/2029

150,000

148,657

5.15%,

5/1/2030

500,000

547,585

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Boeing

Co.

(The),

5.71%,

5/1/2040

200,000

226,113

3.75%,

2/1/2050

250,000

225,773

5.81%,

5/1/2050

200,000

234,921

General

Dynamics

Corp.

,

4.25%,

4/1/2040

200,000

265,860

Howmet

Aerospace,

Inc.

,

6.88%,

5/1/2025

200,000

227,095

L3Harris

Technologies,

Inc.

,

3.83%,

4/27/2025

250,000

281,922

4.85%,

4/27/2035

55,000

73,664

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026

150,000

172,264

1.85%,

6/15/2030

200,000

211,458

3.60%,

3/1/2035

55,000

68,710

4.07%,

12/15/2042

91,000

121,709

4.09%,

9/15/2052

100,000

139,824

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

200,000

217,725

4.75%,

6/1/2043

250,000

343,399

Raytheon

Technologies

Corp.

,

3.50%,

3/15/2027(b)

50,000

56,859

4.13%,

11/16/2028

300,000

360,443

6.13%,

7/15/2038

150,000

228,483

4.50%,

6/1/2042

100,000

133,671

4.35%,

4/15/2047(b)

100,000

132,354

4.05%,

5/4/2047

100,000

128,883

4.63%,

11/16/2048

100,000

140,803

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

269,118

5,481,708

Air

Freight

&

Logistics

0.2%

FedEx

Corp.

,

4.00%,

1/15/2024

250,000

279,112

3.20%,

2/1/2025

300,000

330,237

3.80%,

5/15/2025

150,000

169,525

3.25%,

4/1/2026

45,000

50,187

3.30%,

3/15/2027

70,000

77,656

4.25%,

5/15/2030

100,000

119,978

3.88%,

8/1/2042

50,000

55,149

4.55%,

4/1/2046

150,000

181,026

4.05%,

2/15/2048

75,000

85,499

United

Parcel

Service,

Inc.

,

2.20%,

9/1/2024

250,000

265,395

2.50%,

9/1/2029

55,000

61,095

6.20%,

1/15/2038

205,000

327,505

3.40%,

9/1/2049

35,000

41,950

5.30%,

4/1/2050

100,000

154,132

2,198,446

Airlines

0.0%

†

Southwest

Airlines

Co.

,

2.63%,

2/10/2030

200,000

181,907

Auto

Components

0.0%

†

Aptiv

Corp.

,

4.15%,

3/15/2024

150,000

165,335

Aptiv

plc

,

5.40%,

3/15/2049

50,000

57,393

Corporate

Bonds

Principal

Amount

($)

Value

($)

Auto

Components

BorgWarner,

Inc.

,

3.38%,

3/15/2025

70,000

75,826

2.65%,

7/1/2027

25,000

26,500

Lear

Corp.

,

5.25%,

5/15/2049

100,000

107,226

432,280

Automobiles

0.1%

Daimler

Finance

North

America

LLC

,

8.50%,

1/18/2031

100,000

154,542

General

Motors

Co.

,

6.13%,

10/1/2025

200,000

233,165

4.20%,

10/1/2027

250,000

270,153

6.25%,

10/2/2043

150,000

178,597

Toyota

Motor

Corp.

,

3.42%,

7/20/2023

200,000

216,491

1,052,948

Banks

5.0%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.63%,

11/9/2022

500,000

525,925

Banco

Santander

SA

,

2.71%,

6/27/2024

200,000

213,594

4.25%,

4/11/2027

200,000

227,375

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.12%,

1/20/2023(c)

250,000

258,878

(ICE

LIBOR

USD

3

Month

+

0.93%),

2.82%,

7/21/2023(c)

500,000

520,882

4.10%,

7/24/2023

250,000

276,145

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(c)

271,000

285,652

(ICE

LIBOR

USD

3

Month

+

0.97%),

3.46%,

3/15/2025(c)

250,000

273,197

3.88%,

8/1/2025

250,000

285,938

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.01%,

2/13/2026(c)

100,000

104,445

4.45%,

3/3/2026

55,000

63,548

3.50%,

4/19/2026

145,000

164,429

4.25%,

10/22/2026

145,000

166,878

3.25%,

10/21/2027

250,000

279,661

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(c)

281,000

317,689

(ICE

LIBOR

USD

3

Month

+

1.07%),

3.97%,

3/5/2029(c)

250,000

290,981

(ICE

LIBOR

USD

3

Month

+

1.31%),

4.27%,

7/23/2029(c)

500,000

595,389

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(c)

400,000

470,792

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(ICE

LIBOR

USD

3

Month

+

0.99%),

2.50%,

2/13/2031(c)

300,000

318,740

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

200,000

214,725

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(c)

250,000

339,116

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(c)

500,000

684,976

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(c)

100,000

130,656

Bank

of

Montreal

,

2.90%,

3/26/2022

500,000

521,449

Bank

of

Nova

Scotia

(The)

,

2.70%,

3/7/2022

100,000

103,808

2.38%,

1/18/2023

350,000

366,397

2.70%,

8/3/2026

250,000

276,455

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

4.61%,

2/15/2023(c)

200,000

210,865

3.65%,

3/16/2025

200,000

219,456

4.34%,

1/10/2028

250,000

283,993

4.84%,

5/9/2028

200,000

225,399

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

250,000

299,768

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(c)

200,000

235,615

BBVA

USA

,

3.88%,

4/10/2025

250,000

268,367

BNP

Paribas

SA

,

4.25%,

10/15/2024

250,000

278,018

Canadian

Imperial

Bank

of

Commerce

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

2.61%,

7/22/2023(c)

250,000

259,835

Citibank

NA

,

3.65%,

1/23/2024

500,000

552,001

Citigroup,

Inc.

,

2.75%,

4/25/2022

400,000

415,057

3.88%,

10/25/2023

100,000

110,212

3.75%,

6/16/2024

300,000

333,641

3.30%,

4/27/2025

155,000

172,530

3.70%,

1/12/2026

250,000

283,544

4.60%,

3/9/2026

105,000

121,894

(SOFR

+

2.75%),

3.11%,

4/8/2026(c)

100,000

108,688

3.40%,

5/1/2026

200,000

223,990

(ICE

LIBOR

USD

3

Month

+

1.39%),

3.67%,

7/24/2028(c)

250,000

284,255

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(c)

250,000

281,737

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(c)

350,000

410,548

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

250,000

274,000

(SOFR

+

1.15%),

2.67%,

1/29/2031(c)

200,000

213,763

(SOFR

+

3.91%),

4.41%,

3/31/2031(c)

100,000

121,869

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

200,000

212,395

6.63%,

6/15/2032

182,000

259,711

(SOFR

+

4.55%),

5.32%,

3/26/2041(c)

100,000

144,244

4.65%,

7/23/2048

250,000

351,172

Citizens

Financial

Group,

Inc.

,

2.85%,

7/27/2026

250,000

277,811

Comerica,

Inc.

,

4.00%,

2/1/2029

100,000

115,814

Cooperatieve

Rabobank

UA

,

3.88%,

2/8/2022

250,000

263,082

3.38%,

5/21/2025

250,000

281,595

3.75%,

7/21/2026

250,000

280,135

5.25%,

5/24/2041

125,000

190,812

Credit

Suisse

Group

Funding

Guernsey

Ltd.

,

3.80%,

9/15/2022

250,000

265,713

Discover

Bank

,

4.20%,

8/8/2023

250,000

275,577

Fifth

Third

Bancorp

,

3.50%,

3/15/2022

300,000

313,800

3.95%,

3/14/2028

250,000

297,621

HSBC

Holdings

plc

,

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.26%,

3/13/2023(c)

200,000

207,489

3.60%,

5/25/2023

200,000

215,079

4.25%,

3/14/2024

250,000

272,727

(ICE

LIBOR

USD

3

Month

+

0.99%),

3.95%,

5/18/2024(c)

200,000

215,628

4.30%,

3/8/2026

200,000

228,768

3.90%,

5/25/2026

250,000

280,869

(ICE

LIBOR

USD

3

Month

+

1.35%),

4.29%,

9/12/2026(c)

500,000

559,654

(ICE

LIBOR

USD

3

Month

+

1.55%),

4.04%,

3/13/2028(c)

200,000

223,215

(ICE

LIBOR

USD

3

Month

+

1.53%),

4.58%,

6/19/2029(c)

200,000

233,353

4.95%,

3/31/2030

200,000

244,777

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

(ICE

LIBOR

USD

3

Month

+

1.61%),

3.97%,

5/22/2030(c)

600,000

679,444

ING

Groep

NV

,

3.55%,

4/9/2024

400,000

437,993

JPMorgan

Chase

&

Co.

,

3.38%,

5/1/2023

250,000

267,836

(ICE

LIBOR

USD

3

Month

+

0.73%),

3.56%,

4/23/2024(c)

250,000

269,359

3.63%,

5/13/2024

350,000

388,416

(ICE

LIBOR

USD

3

Month

+

0.89%),

3.80%,

7/23/2024(c)

300,000

327,239

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(c)

400,000

442,492

3.13%,

1/23/2025

250,000

274,188

(SOFR

+

1.16%),

2.30%,

10/15/2025(c)

250,000

264,472

(SOFR

+

1.59%),

2.00%,

3/13/2026(c)

100,000

104,231

3.30%,

4/1/2026

250,000

281,260

(SOFR

+

1.85%),

2.08%,

4/22/2026(c)

100,000

104,849

4.13%,

12/15/2026

250,000

292,881

(ICE

LIBOR

USD

3

Month

+

1.25%),

3.96%,

1/29/2027(c)

500,000

575,815

8.00%,

4/29/2027

202,000

280,932

(SOFR

+

1.51%),

2.74%,

10/15/2030(c)

275,000

299,984

(SOFR

+

2.04%),

2.52%,

4/22/2031(c)

100,000

107,860

(ICE

LIBOR

USD

3

Month

+

1.36%),

3.88%,

7/24/2038(c)

300,000

373,728

(SOFR

+

2.46%),

3.11%,

4/22/2041(c)

100,000

113,352

5.60%,

7/15/2041

200,000

307,722

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(c)

250,000

335,906

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(c)

150,000

194,528

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

200,000

226,669

KeyCorp

,

2.55%,

10/1/2029

250,000

268,987

Korea

Development

Bank

(The)

,

4.63%,

11/16/2021

200,000

209,838

Kreditanstalt

fuer

Wiederaufbau

,

2.00%,

11/30/2021

1,000,000

1,023,921

2.13%,

3/7/2022

1,000,000

1,030,971

1.63%,

2/15/2023

500,000

517,915

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Kreditanstalt

fuer

Wiederaufbau,

1.38%,

8/5/2024

500,000

522,043

2.88%,

4/3/2028

200,000

234,691

1.75%,

9/14/2029

300,000

328,804

Landwirtschaftliche

Rentenbank

,

Series

36,

2.00%,

12/6/2021

500,000

511,613

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024

250,000

276,049

4.34%,

1/9/2048

250,000

312,890

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.46%,

3/2/2023

750,000

802,473

3.76%,

7/26/2023

200,000

217,426

3.85%,

3/1/2026

250,000

287,924

3.75%,

7/18/2039

200,000

239,153

Mizuho

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.84%),

2.72%,

7/16/2023(c)

400,000

415,303

3.17%,

9/11/2027

250,000

275,705

MUFG

Americas

Holdings

Corp.

,

3.00%,

2/10/2025

200,000

217,052

National

Australia

Bank

Ltd.

,

3.38%,

1/14/2026

250,000

284,336

Natwest

Group

plc

,

(ICE

LIBOR

USD

3

Month

+

1.48%),

3.50%,

5/15/2023(c)

200,000

209,126

(ICE

LIBOR

USD

3

Month

+

1.76%),

4.27%,

3/22/2025(c)

200,000

220,213

4.80%,

4/5/2026

250,000

294,358

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

250,000

307,254

Oesterreichische

Kontrollbank

AG

,

1.63%,

9/17/2022

250,000

257,199

PNC

Bank

NA

,

2.95%,

1/30/2023

350,000

369,245

3.30%,

10/30/2024

250,000

277,462

PNC

Financial

Services

Group,

Inc.

(The)

,

2.60%,

7/23/2026

250,000

276,963

2.55%,

1/22/2030

200,000

221,384

Royal

Bank

of

Canada

,

2.80%,

4/29/2022

350,000

364,260

2.25%,

11/1/2024

250,000

266,562

Santander

Holdings

USA,

Inc.

,

4.40%,

7/13/2027

200,000

223,173

Santander

UK

plc

,

2.10%,

1/13/2023

200,000

207,262

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.78%,

7/12/2022

750,000

781,972

2.45%,

9/27/2024

250,000

264,442

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Sumitomo

Mitsui

Financial

Group,

Inc.,

3.78%,

3/9/2026

250,000

285,704

3.20%,

9/17/2029

250,000

275,852

Truist

Bank

,

2.45%,

8/1/2022

500,000

518,922

2.25%,

3/11/2030

250,000

263,711

Truist

Financial

Corp.

,

2.75%,

4/1/2022

250,000

259,170

2.85%,

10/26/2024

250,000

272,006

US

Bancorp

,

3.38%,

2/5/2024

250,000

274,005

2.40%,

7/30/2024

250,000

267,433

Series

X,

3.15%,

4/27/2027

250,000

285,368

Wells

Fargo

&

Co.

,

2.63%,

7/22/2022

250,000

260,077

3.07%,

1/24/2023

300,000

310,548

3.75%,

1/24/2024

750,000

822,136

3.00%,

2/19/2025

60,000

65,249

3.00%,

4/22/2026

250,000

273,947

4.15%,

1/24/2029

100,000

118,763

(ICE

LIBOR

USD

3

Month

+

1.17%),

2.88%,

10/30/2030(c)

200,000

217,476

(ICE

LIBOR

USD

3

Month

+

1.00%),

2.57%,

2/11/2031(c)

250,000

265,331

5.38%,

2/7/2035

118,000

163,097

(SOFR

+

2.53%),

3.07%,

4/30/2041(c)

200,000

218,506

5.61%,

1/15/2044

333,000

472,004

3.90%,

5/1/2045

400,000

497,242

4.40%,

6/14/2046

200,000

250,151

(ICE

LIBOR

USD

3

Month

+

4.24%),

5.01%,

4/4/2051(c)

200,000

288,638

Wells

Fargo

Bank

NA

,

(ICE

LIBOR

USD

3

Month

+

0.65%),

2.08%,

9/9/2022(c)

750,000

762,355

Westpac

Banking

Corp.

,

3.30%,

2/26/2024

350,000

381,657

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.35%),

2.89%,

2/4/2030(c)

150,000

154,977

(USD

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(c)

250,000

284,241

48,655,497

Beverages

0.8%

Anheuser-Busch

Cos.

LLC

,

4.70%,

2/1/2036

150,000

184,316

4.90%,

2/1/2046

415,000

532,218

Anheuser-Busch

InBev

Finance,

Inc.

,

3.30%,

2/1/2023

250,000

266,198

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028

100,000

117,046

4.75%,

1/23/2029

100,000

122,869

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.38%,

4/15/2038

100,000

120,250

5.45%,

1/23/2039

100,000

131,383

4.60%,

4/15/2048

150,000

185,565

4.44%,

10/6/2048

130,000

157,752

5.55%,

1/23/2049

350,000

490,826

4.50%,

6/1/2050

200,000

253,229

4.75%,

4/15/2058

100,000

129,506

5.80%,

1/23/2059

50,000

75,068

Coca-Cola

Co.

(The)

,

3.20%,

11/1/2023

150,000

163,567

1.75%,

9/6/2024

250,000

263,949

2.90%,

5/25/2027

100,000

111,082

2.13%,

9/6/2029

50,000

54,275

4.20%,

3/25/2050

100,000

140,946

2.60%,

6/1/2050

100,000

107,036

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027

400,000

455,465

5.25%,

11/15/2048

100,000

142,657

Diageo

Capital

plc

,

2.38%,

10/24/2029

200,000

219,079

Diageo

Investment

Corp.

,

2.88%,

5/11/2022

500,000

522,416

Keurig

Dr

Pepper,

Inc.

,

4.60%,

5/25/2028

200,000

246,081

5.09%,

5/25/2048

175,000

255,303

Molson

Coors

Beverage

Co.

,

3.50%,

5/1/2022

100,000

104,243

3.00%,

7/15/2026

95,000

100,345

5.00%,

5/1/2042

50,000

56,761

4.20%,

7/15/2046

100,000

105,323

PepsiCo,

Inc.

,

3.60%,

3/1/2024

250,000

275,936

2.25%,

3/19/2025

100,000

107,714

2.85%,

2/24/2026

175,000

195,050

2.63%,

7/29/2029

50,000

56,739

2.75%,

3/19/2030

100,000

114,246

4.45%,

4/14/2046

200,000

285,781

3.45%,

10/6/2046

100,000

124,187

3.38%,

7/29/2049

50,000

62,205

2.88%,

10/15/2049

100,000

115,843

3.63%,

3/19/2050

100,000

130,321

7,282,776

Biotechnology

0.7%

AbbVie,

Inc.

,

2.15%,

11/19/2021(b)

50,000

51,049

3.45%,

3/15/2022(b)

155,000

161,208

3.25%,

10/1/2022(b)

200,000

209,677

2.90%,

11/6/2022

500,000

525,957

2.30%,

11/21/2022(b)

100,000

103,758

3.85%,

6/15/2024(b)

40,000

44,311

2.60%,

11/21/2024(b)

300,000

320,911

3.20%,

5/14/2026

185,000

206,561

4.55%,

3/15/2035(b)

100,000

127,453

4.50%,

5/14/2035

135,000

169,364

4.30%,

5/14/2036

100,000

122,740

4.05%,

11/21/2039(b)

200,000

244,958

4.40%,

11/6/2042

75,000

95,130

6

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

AbbVie,

Inc.,

4.75%,

3/15/2045(b)

84,000

108,107

4.88%,

11/14/2048

150,000

206,540

4.25%,

11/21/2049(b)

350,000

447,400

Amgen,

Inc.

,

2.70%,

5/1/2022

500,000

518,069

4.40%,

5/1/2045

200,000

267,496

4.56%,

6/15/2048

187,000

259,340

4.66%,

6/15/2051

279,000

395,283

Baxalta,

Inc.

,

4.00%,

6/23/2025

30,000

34,266

Biogen,

Inc.

,

4.05%,

9/15/2025

95,000

109,835

2.25%,

5/1/2030

200,000

209,442

3.15%,

5/1/2050

155,000

163,350

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

400,000

443,334

3.65%,

3/1/2026

75,000

86,470

4.50%,

2/1/2045

100,000

138,087

4.75%,

3/1/2046

400,000

577,631

6,347,727

Building

Products

0.1%

Allegion

plc

,

3.50%,

10/1/2029

100,000

109,001

Carrier

Global

Corp.

,

2.24%,

2/15/2025(b)

250,000

261,117

2.49%,

2/15/2027(b)

250,000

263,380

3.58%,

4/5/2050(b)

150,000

165,436

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

150,000

167,723

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

46,000

51,416

4.50%,

2/15/2047

100,000

122,412

Masco

Corp.

,

3.50%,

11/15/2027

100,000

106,810

Owens

Corning

,

4.30%,

7/15/2047

50,000

54,360

1,301,655

Capital

Markets

1.4%

Ameriprise

Financial,

Inc.

,

4.00%,

10/15/2023

250,000

278,284

Bank

of

New

York

Mellon

Corp.

(The)

,

1.95%,

8/23/2022

250,000

258,208

2.95%,

1/29/2023

100,000

106,123

Series

G,

3.00%,

2/24/2025

105,000

115,775

3.30%,

8/23/2029

250,000

288,482

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

250,000

284,561

4.85%,

3/29/2029

100,000

120,079

Charles

Schwab

Corp.

(The)

,

4.00%,

2/1/2029

250,000

302,208

CME

Group,

Inc.

,

5.30%,

9/15/2043

100,000

156,751

Credit

Suisse

AG

,

2.10%,

11/12/2021

250,000

255,551

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

195,000

303,360

Deutsche

Bank

AG

,

Series

D,

5.00%,

2/14/2022

250,000

262,256

4.10%,

1/13/2026

100,000

107,150

Franklin

Resources,

Inc.

,

2.80%,

9/15/2022

250,000

261,260

Goldman

Sachs

Group,

Inc.

(The)

,

5.75%,

1/24/2022

250,000

269,004

(ICE

LIBOR

USD

3

Month

+

0.99%),

2.90%,

7/24/2023(c)

500,000

521,173

3.63%,

2/20/2024

250,000

273,722

4.00%,

3/3/2024

250,000

277,698

3.85%,

7/8/2024

300,000

332,180

3.50%,

4/1/2025

300,000

332,358

3.75%,

2/25/2026

315,000

356,997

(ICE

LIBOR

USD

3

Month

+

1.30%),

4.22%,

5/1/2029(c)

350,000

414,049

6.75%,

10/1/2037

100,000

150,472

(ICE

LIBOR

USD

3

Month

+

1.37%),

4.02%,

10/31/2038(c)

250,000

305,214

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(c)

250,000

318,914

6.25%,

2/1/2041

250,000

393,260

5.15%,

5/22/2045

100,000

139,162

Intercontinental

Exchange,

Inc.

,

3.45%,

9/21/2023

100,000

108,903

3.75%,

12/1/2025

80,000

92,134

3.75%,

9/21/2028

200,000

238,576

2.10%,

6/15/2030

200,000

212,115

Jefferies

Group

LLC

,

4.85%,

1/15/2027

200,000

227,986

4.15%,

1/23/2030

100,000

112,651

Moody's

Corp.

,

4.50%,

9/1/2022

100,000

107,163

3.75%,

3/24/2025

200,000

226,987

Morgan

Stanley

,

2.75%,

5/19/2022

350,000

364,143

3.70%,

10/23/2024

300,000

335,129

(SOFR

+

1.15%),

2.72%,

7/22/2025(c)

250,000

267,264

4.00%,

7/23/2025

155,000

178,276

3.88%,

1/27/2026

250,000

287,032

(SOFR

+

1.99%),

2.19%,

4/28/2026(c)

100,000

105,356

3.13%,

7/27/2026

250,000

280,668

4.35%,

9/8/2026

250,000

292,944

3.63%,

1/20/2027

250,000

287,371

3.95%,

4/23/2027

250,000

285,681

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

100,000

116,938

7.25%,

4/1/2032

76,000

117,122

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.46%,

4/22/2039(c)

100,000

131,547

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

4.38%,

1/22/2047

250,000

351,027

(SOFR

+

4.84%),

5.60%,

3/24/2051(c)

100,000

160,395

Nomura

Holdings,

Inc.

,

3.10%,

1/16/2030

200,000

216,078

Northern

Trust

Corp.

,

3.38%,

8/23/2021

50,000

51,671

3.65%,

8/3/2028

50,000

59,241

Raymond

James

Financial,

Inc.

,

4.65%,

4/1/2030

200,000

247,190

S&P

Global,

Inc.

,

4.40%,

2/15/2026

250,000

297,426

3.25%,

12/1/2049

100,000

118,630

State

Street

Corp.

,

(SOFR

+

2.69%),

2.82%,

3/30/2023(b)(c)

300,000

311,381

3.30%,

12/16/2024

155,000

173,433

TD

Ameritrade

Holding

Corp.

,

2.95%,

4/1/2022

250,000

259,744

13,806,453

Chemicals

0.5%

Air

Products

and

Chemicals,

Inc.

,

2.05%,

5/15/2030

200,000

214,647

Cabot

Corp.

,

4.00%,

7/1/2029

100,000

106,868

Dow

Chemical

Co.

(The)

,

3.50%,

10/1/2024

100,000

109,490

4.25%,

10/1/2034

100,000

118,308

4.38%,

11/15/2042

250,000

290,905

DuPont

de

Nemours,

Inc.

,

2.17%,

5/1/2023

300,000

306,017

4.73%,

11/15/2028

150,000

185,372

5.42%,

11/15/2048

100,000

140,678

Eastman

Chemical

Co.

,

3.60%,

8/15/2022

250,000

262,521

4.65%,

10/15/2044

100,000

124,880

Ecolab,

Inc.

,

4.35%,

12/8/2021

81,000

85,318

3.25%,

1/14/2023

250,000

265,486

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

100,000

128,028

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

103,000

164,561

LYB

International

Finance

III

LLC

,

3.38%,

5/1/2030

200,000

220,554

LyondellBasell

Industries

NV

,

6.00%,

11/15/2021

400,000

422,156

4.63%,

2/26/2055

100,000

120,619

Mosaic

Co.

(The)

,

5.45%,

11/15/2033

50,000

56,337

Nutrien

Ltd.

,

3.15%,

10/1/2022

50,000

52,301

5.88%,

12/1/2036

125,000

159,938

6.13%,

1/15/2041

100,000

132,448

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

100,000

109,622

Praxair,

Inc.

,

3.20%,

1/30/2026

250,000

283,390

Sherwin-Williams

Co.

(The)

,

4.50%,

6/1/2047

150,000

200,940

Westlake

Chemical

Corp.

,

4.38%,

11/15/2047

100,000

109,448

4,370,832

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

,

5.25%,

11/15/2021

350,000

371,466

3.20%,

3/15/2025

100,000

110,827

3.05%,

3/1/2050

50,000

56,004

Waste

Management,

Inc.

,

2.90%,

9/15/2022

300,000

313,690

3.90%,

3/1/2035

90,000

108,742

4.15%,

7/15/2049

100,000

132,926

1,093,655

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

2.50%,

9/20/2026

150,000

167,374

5.50%,

1/15/2040

250,000

389,711

Juniper

Networks,

Inc.

,

3.75%,

8/15/2029

200,000

229,900

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

150,000

165,713

952,698

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.

,

4.25%,

12/15/2047

50,000

59,717

Vulcan

Materials

Co.

,

3.90%,

4/1/2027

100,000

111,758

171,475

Consumer

Finance

0.6%

AerCap

Ireland

Capital

DAC

,

3.65%,

7/21/2027

250,000

229,505

Ally

Financial,

Inc.

,

3.88%,

5/21/2024

200,000

213,653

8.00%,

11/1/2031

100,000

138,284

American

Express

Co.

,

2.50%,

8/1/2022

500,000

518,790

3.63%,

12/5/2024

150,000

166,845

4.05%,

12/3/2042

200,000

264,943

American

Honda

Finance

Corp.

,

2.20%,

6/27/2022

250,000

259,377

3.45%,

7/14/2023

100,000

108,179

Capital

One

Financial

Corp.

,

3.50%,

6/15/2023

350,000

376,590

3.75%,

4/24/2024

100,000

109,434

3.30%,

10/30/2024

100,000

109,102

3.75%,

3/9/2027

250,000

280,978

Discover

Financial

Services

,

4.50%,

1/30/2026

100,000

114,921

8

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

General

Motors

Financial

Co.,

Inc.

,

4.38%,

9/25/2021

100,000

103,418

4.15%,

6/19/2023

500,000

532,611

5.25%,

3/1/2026

350,000

395,972

4.00%,

10/6/2026

250,000

267,666

John

Deere

Capital

Corp.

,

2.65%,

1/6/2022

140,000

144,767

2.70%,

1/6/2023

200,000

211,367

2.25%,

9/14/2026

250,000

272,937

Synchrony

Financial

,

4.50%,

7/23/2025

190,000

205,363

Toyota

Motor

Credit

Corp.

,

2.90%,

3/30/2023

300,000

318,921

3.00%,

4/1/2025

300,000

330,210

3.65%,

1/8/2029

250,000

298,992

5,972,825

Containers

&

Packaging

0.1%

International

Paper

Co.

,

4.80%,

6/15/2044

250,000

319,042

WRKCo,

Inc.

,

4.20%,

6/1/2032

100,000

120,566

439,608

Diversified

Consumer

Services

0.1%

Northwestern

University

,

Series

2017,

3.66%,

12/1/2057

12,000

15,731

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

50,000

59,223

3.30%,

7/15/2056

100,000

130,416

Trustees

of

Princeton

University

(The)

,

5.70%,

3/1/2039

200,000

317,186

University

of

Notre

Dame

du

Lac

,

Series

2017,

3.39%,

2/15/2048

30,000

37,222

Yale

University

,

Series

2020,

2.40%,

4/15/2050

26,000

28,375

588,153

Diversified

Financial

Services

0.3%

Berkshire

Hathaway,

Inc.

,

2.75%,

3/15/2023

200,000

211,931

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

92,000

117,469

5.00%,

4/20/2048

50,000

63,010

GE

Capital

Funding

LLC

,

4.40%,

5/15/2030(b)

200,000

210,750

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035

382,000

394,831

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.40%,

2/7/2028

50,000

58,249

8.00%,

3/1/2032

61,000

97,605

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

National

Rural

Utilities

Cooperative

Finance

Corp.,

4.30%,

3/15/2049

150,000

207,086

Shell

International

Finance

BV

,

2.00%,

11/7/2024

250,000

263,780

3.25%,

5/11/2025

250,000

279,856

4.13%,

5/11/2035

150,000

191,509

6.38%,

12/15/2038

250,000

393,355

4.00%,

5/10/2046

50,000

62,347

3.75%,

9/12/2046

150,000

182,513

3.25%,

4/6/2050

200,000

224,866

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

100,000

112,520

3,071,677

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

,

3.40%,

5/15/2025

250,000

278,039

3.60%,

7/15/2025

250,000

281,393

4.13%,

2/17/2026

250,000

288,056

2.95%,

7/15/2026

250,000

274,254

4.25%,

3/1/2027

250,000

292,694

4.35%,

3/1/2029

200,000

238,977

4.30%,

2/15/2030

300,000

360,307

5.25%,

3/1/2037

250,000

322,815

5.35%,

9/1/2040

175,000

234,293

4.30%,

12/15/2042

267,000

316,069

4.65%,

6/1/2044

150,000

175,687

4.80%,

6/15/2044

150,000

187,529

5.45%,

3/1/2047

250,000

339,804

4.50%,

3/9/2048

410,000

501,026

4.55%,

3/9/2049

100,000

122,464

5.15%,

2/15/2050

300,000

402,318

Bell

Canada,

Inc.

,

4.30%,

7/29/2049

100,000

130,649

British

Telecommunications

plc

,

9.63%,

12/15/2030(d)

191,000

316,988

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(d)

106,000

170,694

Orange

SA

,

9.00%,

3/1/2031(d)

133,000

220,175

5.50%,

2/6/2044

100,000

154,107

Telefonica

Emisiones

SA

,

4.57%,

4/27/2023

200,000

220,244

4.90%,

3/6/2048

150,000

187,496

5.52%,

3/1/2049

150,000

204,252

TELUS

Corp.

,

4.30%,

6/15/2049

100,000

125,006

Verizon

Communications,

Inc.

,

5.15%,

9/15/2023

300,000

342,761

3.50%,

11/1/2024

100,000

111,447

4.13%,

3/16/2027

250,000

299,270

4.33%,

9/21/2028

254,000

313,144

4.02%,

12/3/2029

300,000

366,716

4.40%,

11/1/2034

300,000

387,019

4.81%,

3/15/2039

269,000

368,461

3.85%,

11/1/2042

175,000

221,083

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.,

6.55%,

9/15/2043

250,000

428,179

4.86%,

8/21/2046

200,000

285,662

4.52%,

9/15/2048

150,000

208,975

5.01%,

4/15/2049

95,000

140,882

9,818,935

Electric

Utilities

1.5%

AEP

Transmission

Co.

LLC

,

Series

M,

3.65%,

4/1/2050

200,000

251,487

Appalachian

Power

Co.

,

Series

Y,

4.50%,

3/1/2049

150,000

196,927

Arizona

Public

Service

Co.

,

4.20%,

8/15/2048

50,000

64,965

3.50%,

12/1/2049

100,000

117,362

Baltimore

Gas

and

Electric

Co.

,

3.20%,

9/15/2049

45,000

52,592

CenterPoint

Energy

Houston

Electric

LLC

,

3.95%,

3/1/2048

150,000

197,044

Cleco

Corporate

Holdings

LLC

,

3.38%,

9/15/2029

100,000

103,073

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

200,000

234,988

Connecticut

Light

and

Power

Co.

(The)

,

Series

A,

3.20%,

3/15/2027

100,000

112,992

4.00%,

4/1/2048

100,000

134,936

Dominion

Energy

South

Carolina,

Inc.

,

6.05%,

1/15/2038

50,000

76,026

DTE

Electric

Co.

,

3.65%,

3/15/2024

250,000

274,394

3.70%,

3/15/2045

80,000

100,448

Series

A,

4.05%,

5/15/2048

50,000

67,301

Duke

Energy

Corp.

,

3.05%,

8/15/2022

200,000

209,447

3.75%,

4/15/2024

150,000

166,391

3.75%,

9/1/2046

250,000

308,026

4.20%,

6/15/2049

150,000

199,630

Duke

Energy

Florida

LLC

,

4.20%,

7/15/2048

50,000

68,838

Duke

Energy

Indiana

LLC

,

3.75%,

5/15/2046

250,000

314,801

Duke

Energy

Ohio,

Inc.

,

Series

A,

5.40%,

6/15/2033

51,000

66,578

3.70%,

6/15/2046

100,000

126,101

Emera

US

Finance

LP

,

3.55%,

6/15/2026

250,000

282,980

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

100,000

114,335

4.20%,

4/1/2049

150,000

208,803

Entergy

Corp.

,

4.00%,

7/15/2022

200,000

212,390

Entergy

Louisiana

LLC

,

4.20%,

9/1/2048

150,000

206,445

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Evergy

Metro,

Inc.

,

3.65%,

8/15/2025

100,000

112,795

Series

2019,

4.13%,

4/1/2049

150,000

196,503

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

125,000

137,305

Exelon

Corp.

,

3.50%,

6/1/2022(d)

250,000

261,795

4.05%,

4/15/2030

300,000

358,759

5.63%,

6/15/2035

250,000

342,524

FirstEnergy

Corp.

,

Series

C,

4.85%,

7/15/2047

100,000

123,584

Series

C,

3.40%,

3/1/2050

150,000

153,776

Florida

Power

&

Light

Co.

,

4.05%,

10/1/2044

100,000

134,545

4.13%,

6/1/2048

150,000

209,922

3.15%,

10/1/2049

100,000

122,781

Fortis,

Inc.

,

3.06%,

10/4/2026

100,000

109,587

Georgia

Power

Co.

,

Series

A,

2.20%,

9/15/2024

250,000

264,702

4.30%,

3/15/2042

100,000

123,869

Hydro-Quebec

,

Series

HY,

8.40%,

1/15/2022

153,000

170,175

Series

GF,

8.88%,

3/1/2026

109,000

155,059

Iberdrola

International

BV

,

5.81%,

3/15/2025

82,000

98,665

Kentucky

Utilities

Co.

,

5.13%,

11/1/2040

150,000

212,006

MidAmerican

Energy

Co.

,

5.80%,

10/15/2036

200,000

300,491

Nevada

Power

Co.

,

5.45%,

5/15/2041

100,000

140,185

NextEra

Energy

Capital

Holdings,

Inc.

,

2.75%,

5/1/2025

300,000

328,630

2.75%,

11/1/2029

300,000

335,002

Northern

States

Power

Co.

,

4.00%,

8/15/2045

85,000

113,091

2.90%,

3/1/2050

100,000

116,271

Ohio

Power

Co.

,

4.15%,

4/1/2048

150,000

198,698

Oncor

Electric

Delivery

Co.

LLC

,

5.75%,

3/15/2029

100,000

134,161

5.30%,

6/1/2042

150,000

224,517

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

300,000

301,214

4.50%,

7/1/2040

300,000

344,044

4.95%,

7/1/2050

200,000

242,256

PacifiCorp

,

5.25%,

6/15/2035

123,000

177,308

PPL

Capital

Funding,

Inc.

,

5.00%,

3/15/2044

150,000

195,124

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

164,000

247,598

Public

Service

Co.

of

Colorado

,

3.60%,

9/15/2042

100,000

124,005

10

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

200,000

259,072

Southern

California

Edison

Co.

,

Series

B,

2.40%,

2/1/2022

250,000

254,631

2.85%,

8/1/2029

250,000

270,548

6.00%,

1/15/2034

123,000

168,314

4.00%,

4/1/2047

150,000

178,376

Series

C,

4.13%,

3/1/2048

150,000

179,201

Series

B,

4.88%,

3/1/2049

100,000

132,193

Southern

Co.

(The)

,

3.25%,

7/1/2026

210,000

238,454

4.40%,

7/1/2046

250,000

317,296

Tampa

Electric

Co.

,

3.63%,

6/15/2050

100,000

124,856

Union

Electric

Co.

,

3.50%,

3/15/2029

100,000

117,824

3.25%,

10/1/2049

100,000

120,283

Virginia

Electric

and

Power

Co.

,

4.45%,

2/15/2044

150,000

203,092

Series

B,

4.20%,

5/15/2045

120,000

159,295

Wisconsin

Electric

Power

Co.

,

2.95%,

9/15/2021

250,000

255,518

5.63%,

5/15/2033

41,000

57,180

Wisconsin

Power

and

Light

Co.

,

3.00%,

7/1/2029

250,000

285,942

Xcel

Energy,

Inc.

,

6.50%,

7/1/2036

123,000

186,785

14,789,107

Electrical

Equipment

0.1%

ABB

Finance

USA,

Inc.

,

4.38%,

5/8/2042

100,000

133,354

Eaton

Corp.

,

2.75%,

11/2/2022

250,000

263,066

4.00%,

11/2/2032

150,000

183,973

580,393

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030

100,000

110,148

Arrow

Electronics,

Inc.

,

4.50%,

3/1/2023

100,000

106,609

Corning,

Inc.

,

2.90%,

5/15/2022

365,000

378,398

5.35%,

11/15/2048

100,000

140,990

3.90%,

11/15/2049

100,000

117,449

Tyco

Electronics

Group

SA

,

3.50%,

2/3/2022

150,000

155,902

1,009,496

Energy

Equipment

&

Services

0.1%

Baker

Hughes

a

GE

Co.

LLC

,

3.34%,

12/15/2027

145,000

160,295

3.14%,

11/7/2029

35,000

37,968

4.08%,

12/15/2047

100,000

109,263

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

Halliburton

Co.

,

3.80%,

11/15/2025

54,000

58,499

6.70%,

9/15/2038

100,000

125,722

5.00%,

11/15/2045

200,000

215,154

National

Oilwell

Varco,

Inc.

,

3.95%,

12/1/2042

100,000

88,786

795,687

Entertainment

0.2%

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

156,613

TWDC

Enterprises

18

Corp.

,

3.00%,

2/13/2026

50,000

55,542

3.70%,

12/1/2042

100,000

116,433

3.00%,

7/30/2046

60,000

65,790

Walt

Disney

Co.

(The)

,

1.75%,

8/30/2024

300,000

314,172

3.70%,

9/15/2024

100,000

111,667

3.35%,

3/24/2025

50,000

55,894

3.70%,

10/15/2025

100,000

114,024

7.28%,

6/30/2028

53,000

74,438

2.00%,

9/1/2029

100,000

104,016

6.55%,

3/15/2033

450,000

668,265

2.75%,

9/1/2049

100,000

102,576

4.70%,

3/23/2050

50,000

69,422

3.80%,

5/13/2060

200,000

245,562

2,254,414

Equity

Real

Estate

Investment

Trusts

(REITs)

0.8%

Alexandria

Real

Estate

Equities,

Inc.

,

4.00%,

2/1/2050

100,000

130,833

American

Campus

Communities

Operating

Partnership

LP

,

2.85%,

2/1/2030

100,000

100,552

American

Tower

Corp.

,

3.38%,

5/15/2024

500,000

547,025

4.40%,

2/15/2026

25,000

29,290

3.95%,

3/15/2029

100,000

118,053

3.70%,

10/15/2049

100,000

121,852

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

100,000

112,541

2.30%,

3/1/2030

200,000

214,432

Boston

Properties

LP

,

2.75%,

10/1/2026

150,000

163,128

2.90%,

3/15/2030

100,000

107,124

Brixmor

Operating

Partnership

LP

,

4.13%,

5/15/2029

100,000

106,949

Camden

Property

Trust

,

3.35%,

11/1/2049

100,000

115,523

Crown

Castle

International

Corp.

,

3.70%,

6/15/2026

280,000

319,942

2.25%,

1/15/2031

300,000

311,199

4.00%,

11/15/2049

60,000

73,359

CubeSmart

LP

,

3.00%,

2/15/2030

100,000

109,080

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Duke

Realty

LP

,

2.88%,

11/15/2029

40,000

44,852

Equinix,

Inc.

,

2.63%,

11/18/2024

30,000

32,146

3.20%,

11/18/2029

35,000

39,270

ERP

Operating

LP

,

2.85%,

11/1/2026

250,000

278,612

3.00%,

7/1/2029

100,000

112,938

2.50%,

2/15/2030

150,000

164,436

Essex

Portfolio

LP

,

3.00%,

1/15/2030

150,000

165,182

Federal

Realty

Investment

Trust

,

3.20%,

6/15/2029

100,000

106,430

GLP

Capital

LP

,

5.38%,

11/1/2023

50,000

53,485

5.30%,

1/15/2029

50,000

55,674

Healthcare

Trust

of

America

Holdings

LP

,

3.10%,

2/15/2030

100,000

105,432

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

300,000

328,858

Highwoods

Realty

LP

,

3.05%,

2/15/2030

100,000

103,637

Host

Hotels

&

Resorts

LP

,

Series

D,

3.75%,

10/15/2023

100,000

103,754

Series

H,

3.38%,

12/15/2029

50,000

48,645

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

105,664

Kimco

Realty

Corp.

,

4.45%,

9/1/2047

100,000

113,275

National

Retail

Properties,

Inc.

,

2.50%,

4/15/2030

200,000

196,600

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

100,000

106,049

Realty

Income

Corp.

,

4.65%,

8/1/2023

250,000

277,739

3.25%,

6/15/2029

150,000

166,650

Regency

Centers

LP

,

4.65%,

3/15/2049

100,000

122,032

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

100,000

94,457

Simon

Property

Group

LP

,

2.00%,

9/13/2024

250,000

258,162

2.45%,

9/13/2029

100,000

101,386

2.65%,

7/15/2030

200,000

204,522

4.75%,

3/15/2042

100,000

121,745

Spirit

Realty

LP

,

4.00%,

7/15/2029

85,000

89,568

UDR,

Inc.

,

3.20%,

1/15/2030

150,000

169,014

Ventas

Realty

LP

,

4.88%,

4/15/2049

150,000

172,299

VEREIT

Operating

Partnership

LP

,

3.40%,

1/15/2028

200,000

207,505

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Welltower,

Inc.

,

4.13%,

3/15/2029

250,000

281,649

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

100,000

144,142

WP

Carey,

Inc.

,

3.85%,

7/15/2029

50,000

54,069

7,410,760

Food

&

Staples

Retailing

0.4%

Costco

Wholesale

Corp.

,

2.75%,

5/18/2024

200,000

217,365

Kroger

Co.

(The)

,

4.00%,

2/1/2024

100,000

110,630

7.50%,

4/1/2031

178,000

260,305

5.40%,

1/15/2049

100,000

145,196

Sysco

Corp.

,

3.55%,

3/15/2025

200,000

218,786

3.75%,

10/1/2025

75,000

82,938

3.30%,

7/15/2026

130,000

141,125

6.60%,

4/1/2040

100,000

139,347

6.60%,

4/1/2050

100,000

145,869

Walgreen

Co.

,

3.10%,

9/15/2022

150,000

157,658

Walgreens

Boots

Alliance,

Inc.

,

3.45%,

6/1/2026

305,000

336,499

4.50%,

11/18/2034

155,000

179,036

Walmart,

Inc.

,

3.40%,

6/26/2023

500,000

542,771

2.85%,

7/8/2024

250,000

272,685

3.55%,

6/26/2025

100,000

114,072

3.25%,

7/8/2029

300,000

354,889

7.55%,

2/15/2030

82,000

128,715

5.25%,

9/1/2035

92,000

137,604

6.20%,

4/15/2038

198,000

321,609

4.05%,

6/29/2048

200,000

278,866

4,285,965

Food

Products

0.4%

Archer-Daniels-Midland

Co.

,

2.50%,

8/11/2026

250,000

273,879

4.50%,

3/15/2049

100,000

148,800

Campbell

Soup

Co.

,

4.15%,

3/15/2028

150,000

176,288

4.80%,

3/15/2048

50,000

69,697

Conagra

Brands,

Inc.

,

4.60%,

11/1/2025

100,000

116,585

7.00%,

10/1/2028

154,000

211,017

5.40%,

11/1/2048

50,000

72,320

General

Mills,

Inc.

,

3.15%,

12/15/2021

200,000

206,012

4.20%,

4/17/2028

100,000

120,438

4.70%,

4/17/2048

50,000

72,241

Hershey

Co.

(The)

,

2.45%,

11/15/2029

150,000

165,664

3.13%,

11/15/2049

50,000

59,209

J

M

Smucker

Co.

(The)

,

4.25%,

3/15/2035

100,000

122,455

Kellogg

Co.

,

3.25%,

4/1/2026

40,000

45,434

12

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Kellogg

Co.,

4.30%,

5/15/2028

250,000

300,085

Mead

Johnson

Nutrition

Co.

,

4.13%,

11/15/2025

110,000

128,736

Mondelez

International,

Inc.

,

3.63%,

2/13/2026

250,000

286,139

Tyson

Foods,

Inc.

,

4.50%,

6/15/2022

250,000

266,020

4.55%,

6/2/2047

50,000

64,904

5.10%,

9/28/2048

100,000

140,475

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

250,000

268,226

2.13%,

9/6/2029

100,000

107,931

5.90%,

11/15/2032

50,000

75,394

3,497,949

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

2.63%,

9/15/2029

250,000

278,197

4.13%,

10/15/2044

100,000

131,893

Dominion

Energy

Gas

Holdings

LLC

,

Series

C,

3.90%,

11/15/2049

100,000

121,458

National

Fuel

Gas

Co.

,

3.75%,

3/1/2023

250,000

257,742

Piedmont

Natural

Gas

Co.,

Inc.

,

3.50%,

6/1/2029

200,000

233,576

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

50,000

59,147

1,082,013

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.88%,

9/15/2025

45,000

51,798

3.75%,

11/30/2026

226,000

266,021

5.30%,

5/27/2040

250,000

382,718

Baxter

International,

Inc.

,

2.60%,

8/15/2026

100,000

110,843

Becton

Dickinson

and

Co.

,

3.13%,

11/8/2021

250,000

258,011

4.69%,

12/15/2044

100,000

132,262

4.67%,

6/6/2047

100,000

133,940

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

150,000

211,334

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

45,000

49,532

3.25%,

11/15/2039

100,000

116,598

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

100,000

134,923

Medtronic,

Inc.

,

3.15%,

3/15/2022

135,000

141,152

4.38%,

3/15/2035

75,000

101,790

4.63%,

3/15/2045

150,000

216,277

Stryker

Corp.

,

3.38%,

11/1/2025

80,000

90,156

3.50%,

3/15/2026

35,000

39,775

3.65%,

3/7/2028

200,000

235,105

2.90%,

6/15/2050

200,000

218,626

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Zimmer

Biomet

Holdings,

Inc.

,

3.38%,

11/30/2021

150,000

154,554

3.55%,

3/20/2030

200,000

223,900

3,269,315

Health

Care

Providers

&

Services

1.1%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

21,000

28,211

Aetna,

Inc.

,

6.63%,

6/15/2036

100,000

144,534

3.88%,

8/15/2047

100,000

119,165

AmerisourceBergen

Corp.

,

4.25%,

3/1/2045

100,000

119,947

Anthem,

Inc.

,

3.50%,

8/15/2024

100,000

110,229

4.10%,

3/1/2028

200,000

238,692

4.65%,

8/15/2044

250,000

337,956

3.70%,

9/15/2049

100,000

120,766

Cardinal

Health,

Inc.

,

3.75%,

9/15/2025

170,000

192,521

4.37%,

6/15/2047

100,000

117,893

Cigna

Corp.

,

3.40%,

9/17/2021

100,000

103,295

3.90%,

2/15/2022

250,000

262,689

3.25%,

4/15/2025

100,000

109,989

4.50%,

2/25/2026

100,000

117,963

3.05%,

10/15/2027

100,000

111,369

4.38%,

10/15/2028

200,000

241,496

4.80%,

7/15/2046

150,000

203,042

4.90%,

12/15/2048

150,000

211,424

3.40%,

3/15/2050

200,000

229,145

CommonSpirit

Health

,

4.35%,

11/1/2042

50,000

55,552

4.19%,

10/1/2049

25,000

27,680

CVS

Health

Corp.

,

3.50%,

7/20/2022

150,000

158,100

3.70%,

3/9/2023

250,000

269,046

2.63%,

8/15/2024

50,000

53,758

4.10%,

3/25/2025

250,000

284,125

3.00%,

8/15/2026

50,000

55,340

4.30%,

3/25/2028

450,000

534,594

3.25%,

8/15/2029

50,000

56,310

3.75%,

4/1/2030

100,000

117,303

4.88%,

7/20/2035

100,000

130,006

4.78%,

3/25/2038

250,000

321,349

4.13%,

4/1/2040

100,000

121,628

5.05%,

3/25/2048

400,000

551,097

Duke

University

Health

System,

Inc.

,

Series

2017,

3.92%,

6/1/2047

138,000

182,932

HCA,

Inc.

,

5.00%,

3/15/2024

200,000

225,367

4.50%,

2/15/2027

250,000

287,897

5.13%,

6/15/2039

30,000

38,074

5.25%,

6/15/2049

200,000

265,325

Humana,

Inc.

,

3.15%,

12/1/2022

250,000

263,814

2.90%,

12/15/2022

250,000

263,261

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Humana,

Inc.,

3.95%,

8/15/2049

100,000

126,736

Kaiser

Foundation

Hospitals

,

4.15%,

5/1/2047

150,000

202,207

Laboratory

Corp.

of

America

Holdings

,

3.75%,

8/23/2022

200,000

211,267

2.95%,

12/1/2029

200,000

221,119

McKesson

Corp.

,

3.95%,

2/16/2028

100,000

117,297

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

29,000

32,745

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

20,000

23,837

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

15,000

18,665

Quest

Diagnostics,

Inc.

,

4.20%,

6/30/2029

50,000

60,589

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

12,000

15,292

Sutter

Health

,

Series

2018,

4.09%,

8/15/2048

36,000

43,899

UnitedHealth

Group,

Inc.

,

2.88%,

12/15/2021

500,000

518,238

3.70%,

12/15/2025

250,000

289,013

3.38%,

4/15/2027

250,000

288,974

3.88%,

12/15/2028

200,000

241,415

2.88%,

8/15/2029

50,000

56,982

4.63%,

7/15/2035

25,000

34,064

5.80%,

3/15/2036

200,000

297,717

3.70%,

8/15/2049

200,000

256,825

3.88%,

8/15/2059

150,000

198,958

3.13%,

5/15/2060

150,000

175,915

10,814,638

Hotels,

Restaurants

&

Leisure

0.3%

Las

Vegas

Sands

Corp.

,

3.20%,

8/8/2024

100,000

100,407

Marriott

International,

Inc.

,

Series

N,

3.13%,

10/15/2021

250,000

253,792

Series

EE,

5.75%,

5/1/2025

100,000

111,001

Series

R,

3.13%,

6/15/2026

200,000

198,228

McDonald's

Corp.

,

3.35%,

4/1/2023

250,000

268,274

3.50%,

7/1/2027

100,000

115,517

3.60%,

7/1/2030

100,000

117,291

4.88%,

7/15/2040

50,000

67,147

4.88%,

12/9/2045

250,000

343,604

3.63%,

9/1/2049

100,000

117,532

4.20%,

4/1/2050

100,000

127,707

Sands

China

Ltd.

,

5.40%,

8/8/2028

200,000

223,316

Starbucks

Corp.

,

3.80%,

8/15/2025

100,000

114,467

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Starbucks

Corp.,

4.00%,

11/15/2028

250,000

298,130

4.45%,

8/15/2049

100,000

130,906

3.50%,

11/15/2050

200,000

224,309

2,811,628

Household

Durables

0.0%

†

DR

Horton,

Inc.

,

2.50%,

10/15/2024

85,000

90,428

Whirlpool

Corp.

,

3.70%,

5/1/2025

100,000

109,766

200,194

Household

Products

0.1%

Colgate-Palmolive

Co.

,

2.45%,

11/15/2021

100,000

102,770

Kimberly-Clark

Corp.

,

3.20%,

7/30/2046

85,000

103,353

2.88%,

2/7/2050

100,000

117,638

Procter

&

Gamble

Co.

(The)

,

2.45%,

3/25/2025

300,000

326,555

3.00%,

3/25/2030

200,000

235,851

3.50%,

10/25/2047

100,000

133,296

3.60%,

3/25/2050

100,000

134,757

1,154,220

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Exelon

Generation

Co.

LLC

,

5.75%,

10/1/2041

150,000

180,675

5.60%,

6/15/2042

100,000

121,234

Oglethorpe

Power

Corp.

,

5.05%,

10/1/2048

75,000

90,498

PSEG

Power

LLC

,

3.85%,

6/1/2023

300,000

325,202

Southern

Power

Co.

,

4.15%,

12/1/2025

250,000

291,627

1,009,236

Industrial

Conglomerates

0.3%

3M

Co.

,

3.00%,

8/7/2025

250,000

280,211

3.38%,

3/1/2029

100,000

117,528

5.70%,

3/15/2037

50,000

75,678

3.25%,

8/26/2049

125,000

151,522

General

Electric

Co.

,

2.70%,

10/9/2022(e)

125,000

130,162

3.38%,

3/11/2024

150,000

163,001

3.63%,

5/1/2030

300,000

303,624

6.75%,

3/15/2032

106,000

133,534

6.15%,

8/7/2037

144,000

172,600

6.88%,

1/10/2039

100,000

129,197

4.25%,

5/1/2040

200,000

204,775

4.35%,

5/1/2050

100,000

103,672

Honeywell

International,

Inc.

,

1.85%,

11/1/2021

500,000

509,322

3.81%,

11/21/2047

100,000

133,493

Trane

Technologies

Global

Holding

Co.

Ltd.

,

5.75%,

6/15/2043

50,000

70,180

14

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

Trane

Technologies

Luxembourg

Finance

SA

,

3.55%,

11/1/2024

250,000

277,020

2,955,519

Insurance

0.8%

Aflac,

Inc.

,

3.63%,

11/15/2024

250,000

282,894

Alleghany

Corp.

,

4.95%,

6/27/2022

250,000

265,790

Allstate

Corp.

(The)

,

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(c)

145,000

179,408

American

International

Group,

Inc.

,

4.25%,

3/15/2029

250,000

295,307

4.50%,

7/16/2044

100,000

123,348

4.80%,

7/10/2045

100,000

128,297

4.75%,

4/1/2048

150,000

194,811

Aon

plc

,

3.88%,

12/15/2025

100,000

115,508

4.75%,

5/15/2045

100,000

137,966

Arch

Capital

Finance

LLC

,

4.01%,

12/15/2026

250,000

289,215

Berkshire

Hathaway

Finance

Corp.

,

4.40%,

5/15/2042

150,000

208,470

4.25%,

1/15/2049

100,000

138,071

Brighthouse

Financial,

Inc.

,

3.70%,

6/22/2027

250,000

260,531

Chubb

INA

Holdings,

Inc.

,

2.70%,

3/13/2023

250,000

264,426

3.35%,

5/3/2026

45,000

51,675

4.35%,

11/3/2045

100,000

141,198

CNA

Financial

Corp.

,

5.75%,

8/15/2021

250,000

263,473

3.90%,

5/1/2029

50,000

57,072

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

100,000

145,882

Lincoln

National

Corp.

,

4.35%,

3/1/2048

100,000

121,470

Loews

Corp.

,

4.13%,

5/15/2043

100,000

119,684

Manulife

Financial

Corp.

,

4.15%,

3/4/2026

100,000

119,139

Markel

Corp.

,

5.00%,

5/20/2049

100,000

134,952

Marsh

&

McLennan

Cos.,

Inc.

,

4.90%,

3/15/2049

150,000

223,525

MetLife,

Inc.

,

3.05%,

12/15/2022(d)

250,000

266,005

5.70%,

6/15/2035

86,000

129,209

6.40%,

12/15/2036

100,000

123,937

4.13%,

8/13/2042

200,000

259,132

4.60%,

5/13/2046

85,000

117,439

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(f)

75,000

86,278

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Principal

Financial

Group,

Inc.

,

3.30%,

9/15/2022

250,000

263,655

3.70%,

5/15/2029

200,000

234,713

Progressive

Corp.

(The)

,

3.75%,

8/23/2021

150,000

155,474

6.25%,

12/1/2032

113,000

170,477

4.13%,

4/15/2047

100,000

137,236

Prudential

Financial,

Inc.

,

6.63%,

6/21/2040

100,000

156,273

(ICE

LIBOR

USD

3

Month

+

3.92%),

5.63%,

6/15/2043(c)

400,000

433,172

3.91%,

12/7/2047

130,000

157,086

3.70%,

3/13/2051

200,000

239,184

Travelers

Cos.,

Inc.

(The)

,

4.00%,

5/30/2047

150,000

195,829

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

133,000

201,570

Unum

Group

,

4.00%,

6/15/2029

250,000

270,741

Willis

North

America,

Inc.

,

2.95%,

9/15/2029

30,000

32,910

3.88%,

9/15/2049

100,000

123,554

XLIT

Ltd.

,

4.45%,

3/31/2025

150,000

169,239

8,185,225

Interactive

Media

&

Services

0.0%

†

Baidu,

Inc.

,

4.38%,

5/14/2024

200,000

221,020

Internet

&

Direct

Marketing

Retail

0.3%

Alibaba

Group

Holding

Ltd.

,

3.13%,

11/28/2021

200,000

205,991

4.20%,

12/6/2047

250,000

332,257

Amazon.com,

Inc.

,

3.30%,

12/5/2021

250,000

259,007

2.80%,

8/22/2024

150,000

163,688

3.15%,

8/22/2027

350,000

404,923

4.80%,

12/5/2034

100,000

141,225

3.88%,

8/22/2037

100,000

129,829

4.05%,

8/22/2047

200,000

275,303

2.50%,

6/3/2050

200,000

217,787

4.25%,

8/22/2057

200,000

292,967

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

243,581

eBay,

Inc.

,

3.80%,

3/9/2022

140,000

147,071

4.00%,

7/15/2042

100,000

114,625

Expedia

Group,

Inc.

,

3.25%,

2/15/2030

65,000

61,427

2,989,681

IT

Services

0.5%

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

80,000

89,340

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

Fidelity

National

Information

Services,

Inc.

,

3.75%,

5/21/2029

50,000

59,857

Fiserv,

Inc.

,

2.75%,

7/1/2024

200,000

215,874

4.40%,

7/1/2049

200,000

268,412

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

267,730

4.15%,

8/15/2049

100,000

125,330

International

Business

Machines

Corp.

,

3.00%,

5/15/2024

400,000

436,604

3.45%,

2/19/2026

250,000

284,735

1.70%,

5/15/2027

100,000

103,900

1.95%,

5/15/2030

200,000

209,099

5.88%,

11/29/2032

250,000

367,553

4.25%,

5/15/2049

200,000

263,315

Mastercard,

Inc.

,

2.00%,

3/3/2025

300,000

319,989

3.95%,

2/26/2048

150,000

198,521

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024

35,000

37,489

2.85%,

10/1/2029

70,000

78,985

2.30%,

6/1/2030

250,000

270,318

Visa,

Inc.

,

3.15%,

12/14/2025

195,000

219,917

2.05%,

4/15/2030

200,000

217,227

4.15%,

12/14/2035

150,000

199,873

4.30%,

12/14/2045

100,000

142,475

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

100,000

120,370

4,496,913

Leisure

Products

0.0%

†

Hasbro,

Inc.

,

3.55%,

11/19/2026

200,000

211,810

3.90%,

11/19/2029

50,000

53,030

264,840

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

100,000

109,397

PerkinElmer,

Inc.

,

3.30%,

9/15/2029

50,000

56,383

Thermo

Fisher

Scientific,

Inc.

,

3.20%,

8/15/2027

250,000

284,853

2.60%,

10/1/2029

65,000

71,718

522,351

Machinery

0.3%

Caterpillar,

Inc.

,

2.60%,

6/26/2022

250,000

258,919

2.60%,

4/9/2030

200,000

223,649

6.05%,

8/15/2036

123,000

184,988

3.80%,

8/15/2042

97,000

123,747

3.25%,

9/19/2049

100,000

119,806

Deere

&

Co.

,

3.90%,

6/9/2042

100,000

133,959

3.75%,

4/15/2050

200,000

262,823

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Dover

Corp.

,

2.95%,

11/4/2029

50,000

54,456

5.38%,

3/1/2041

50,000

66,876

Fortive

Corp.

,

4.30%,

6/15/2046

100,000

122,132

IDEX

Corp.

,

4.20%,

12/15/2021

200,000

206,295

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

287,449

Otis

Worldwide

Corp.

,

2.57%,

2/15/2030(b)

100,000

108,575

3.11%,

2/15/2040(b)

100,000

111,494

Parker-Hannifin

Corp.

,

4.20%,

11/21/2034

250,000

311,466

Stanley

Black

&

Decker,

Inc.

,

2.90%,

11/1/2022

150,000

158,515

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.00%,

3/15/2060(c)

50,000

52,061

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(d)

100,000

114,728

2,901,938

Media

0.8%

Charter

Communications

Operating

LLC

,

4.50%,

2/1/2024

300,000

333,423

3.75%,

2/15/2028

250,000

280,293

6.48%,

10/23/2045

100,000

140,458

4.80%,

3/1/2050

250,000

300,816

6.83%,

10/23/2055

250,000

359,129

Comcast

Corp.

,

3.00%,

2/1/2024

1,000,000

1,084,360

4.25%,

1/15/2033

100,000

127,213

7.05%,

3/15/2033

105,000

165,277

6.50%,

11/15/2035

70,000

109,732

4.60%,

10/15/2038

250,000

338,356

3.97%,

11/1/2047

296,000

379,265

4.70%,

10/15/2048

650,000

933,241

3.45%,

2/1/2050

100,000

121,567

2.80%,

1/15/2051

300,000

325,605

Discovery

Communications

LLC

,

3.45%,

3/15/2025

135,000

148,395

4.90%,

3/11/2026

50,000

58,607

3.95%,

3/20/2028

100,000

114,447

5.00%,

9/20/2037

100,000

122,576

5.30%,

5/15/2049

125,000

161,582

Fox

Corp.

,

5.48%,

1/25/2039

100,000

138,315

5.58%,

1/25/2049

100,000

145,651

Grupo

Televisa

SAB

,

6.13%,

1/31/2046

200,000

263,616

Omnicom

Group,

Inc.

,

3.63%,

5/1/2022

50,000

52,726

3.60%,

4/15/2026

250,000

281,306

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

50,000

70,158

16

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Time

Warner

Cable

LLC,

5.50%,

9/1/2041

100,000

125,157

4.50%,

9/15/2042

250,000

288,916

ViacomCBS,

Inc.

,

3.70%,

8/15/2024

250,000

275,738

5.50%,

5/15/2033

82,000

99,192

4.38%,

3/15/2043

200,000

221,883

4.95%,

5/19/2050

150,000

180,686

WPP

Finance

2010

,

3.75%,

9/19/2024

250,000

274,785

8,022,471

Metals

&

Mining

0.3%

Barrick

Gold

Corp.

,

5.25%,

4/1/2042

200,000

282,418

BHP

Billiton

Finance

USA

Ltd.

,

6.42%,

3/1/2026

55,000

70,207

5.00%,

9/30/2043

150,000

220,553

Newmont

Corp.

,

5.88%,

4/1/2035

164,000

233,477

Nucor

Corp.

,

4.00%,

8/1/2023

250,000

272,386

2.70%,

6/1/2030

200,000

216,735

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

144,000

216,802

Rio

Tinto

Finance

USA

plc

,

4.13%,

8/21/2042

50,000

66,915

Southern

Copper

Corp.

,

6.75%,

4/16/2040

100,000

146,972

5.88%,

4/23/2045

150,000

210,196

Teck

Resources

Ltd.

,

5.20%,

3/1/2042

150,000

153,801

Vale

Overseas

Ltd.

,

6.25%,

8/10/2026

250,000

300,500

6.88%,

11/10/2039

100,000

137,625

2,528,587

Multiline

Retail

0.2%

Dollar

General

Corp.

,

3.25%,

4/15/2023

400,000

426,513

Dollar

Tree,

Inc.

,

3.70%,

5/15/2023

200,000

215,320

Kohl's

Corp.

,

3.25%,

2/1/2023

150,000

149,871

Nordstrom,

Inc.

,

4.00%,

10/15/2021

250,000

252,947

4.38%,

4/1/2030

100,000

79,094

Target

Corp.

,

2.50%,

4/15/2026

250,000

275,263

4.00%,

7/1/2042

100,000

134,643

3.90%,

11/15/2047

100,000

136,936

1,670,587

Multi-Utilities

0.5%

Ameren

Corp.

,

3.65%,

2/15/2026

250,000

283,730

Ameren

Illinois

Co.

,

2.70%,

9/1/2022

350,000

363,434

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Berkshire

Hathaway

Energy

Co.

,

3.50%,

2/1/2025

250,000

278,436

4.45%,

1/15/2049

100,000

139,285

4.25%,

10/15/2050(b)

200,000

273,572

Black

Hills

Corp.

,

3.05%,

10/15/2029

125,000

137,675

CenterPoint

Energy,

Inc.

,

2.50%,

9/1/2022

100,000

103,763

2.95%,

3/1/2030

100,000

110,351

CMS

Energy

Corp.

,

3.00%,

5/15/2026

100,000

109,102

Consolidated

Edison

Co.

of

New

York,

Inc.

,

5.70%,

6/15/2040

150,000

218,908

3.95%,

3/1/2043

100,000

123,698

4.45%,

3/15/2044

200,000

262,502

3.70%,

11/15/2059

100,000

122,298

Consumers

Energy

Co.

,

3.75%,

2/15/2050

150,000

198,476

Dominion

Energy,

Inc.

,

4.25%,

6/1/2028

250,000

299,827

Series

B,

5.95%,

6/15/2035

174,000

246,271

Series

C,

4.90%,

8/1/2041

100,000

135,106

DTE

Energy

Co.

,

2.95%,

3/1/2030

100,000

107,245

NiSource,

Inc.

,

5.95%,

6/15/2041

50,000

71,571

4.38%,

5/15/2047

100,000

132,183

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

266,980

Puget

Sound

Energy,

Inc.

,

3.25%,

9/15/2049

100,000

117,244

Sempra

Energy

,

4.05%,

12/1/2023

200,000

220,025

6.00%,

10/15/2039

100,000

148,906

4.00%,

2/1/2048

150,000

183,280

Southern

Co.

Gas

Capital

Corp.

,

4.40%,

6/1/2043

100,000

120,654

WEC

Energy

Group,

Inc.

,

3.55%,

6/15/2025

100,000

112,113

4,886,635

Oil,

Gas

&

Consumable

Fuels

2.0%

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026

250,000

279,705

4.23%,

11/6/2028

300,000

360,789

3.63%,

4/6/2030

200,000

232,028

BP

Capital

Markets

plc

,

3.56%,

11/1/2021

250,000

259,717

3.06%,

3/17/2022

210,000

218,829

3.51%,

3/17/2025

250,000

279,374

Canadian

Natural

Resources

Ltd.

,

3.85%,

6/1/2027

350,000

378,926

6.25%,

3/15/2038

85,000

107,234

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

100,000

113,045

3.70%,

11/15/2029(b)

65,000

68,896

Chevron

Corp.

,

2.36%,

12/5/2022

250,000

260,463

2.95%,

5/16/2026

250,000

279,848

2.24%,

5/11/2030

300,000

324,336

CNOOC

Finance

2014

ULC

,

4.25%,

4/30/2024

200,000

221,668

CNOOC

Finance

2015

USA

LLC

,

4.38%,

5/2/2028

200,000

235,999

Concho

Resources,

Inc.

,

4.30%,

8/15/2028

250,000

283,736

ConocoPhillips

,

5.90%,

10/15/2032

123,000

171,609

6.50%,

2/1/2039

200,000

313,367

Devon

Energy

Corp.

,

5.00%,

6/15/2045

200,000

195,841

Ecopetrol

SA

,

5.88%,

5/28/2045

225,000

257,377

Enable

Midstream

Partners

LP

,

5.00%,

5/15/2044(d)

50,000

40,145

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

100,000

150,728

Enbridge,

Inc.

,

3.13%,

11/15/2029

100,000

107,663

5.50%,

12/1/2046

50,000

66,994

Energy

Transfer

Operating

LP

,

5.20%,

2/1/2022

250,000

260,251

4.25%,

3/15/2023

250,000

261,343

5.25%,

4/15/2029

100,000

108,609

3.75%,

5/15/2030

200,000

197,764

6.05%,

6/1/2041

100,000

106,113

6.50%,

2/1/2042

250,000

274,383

6.25%,

4/15/2049

100,000

107,838

Enterprise

Products

Operating

LLC

,

3.13%,

7/31/2029

100,000

109,979

2.80%,

1/31/2030

200,000

214,216

6.13%,

10/15/2039

90,000

120,067

4.85%,

8/15/2042

150,000

182,200

4.95%,

10/15/2054

450,000

555,425

Equinor

ASA

,

2.88%,

4/6/2025

300,000

328,228

3.95%,

5/15/2043

150,000

185,652

3.25%,

11/18/2049

100,000

114,635

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023

100,000

103,205

3.18%,

3/15/2024

200,000

216,808

2.71%,

3/6/2025

250,000

271,236

2.99%,

3/19/2025

200,000

220,023

3.04%,

3/1/2026

75,000

83,685

3.29%,

3/19/2027

200,000

228,002

3.48%,

3/19/2030

200,000

234,795

3.00%,

8/16/2039

100,000

110,602

4.11%,

3/1/2046

100,000

126,192

4.33%,

3/19/2050

63,000

84,510

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Exxon

Mobil

Corp.,

3.45%,

4/15/2051

187,000

221,543

Hess

Corp.

,

4.30%,

4/1/2027

100,000

105,323

7.30%,

8/15/2031

127,000

152,466

Husky

Energy,

Inc.

,

3.95%,

4/15/2022

200,000

205,929

Kinder

Morgan

Energy

Partners

LP

,

5.80%,

3/15/2035

144,000

177,182

6.38%,

3/1/2041

100,000

130,764

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025

335,000

380,120

5.55%,

6/1/2045

100,000

130,022

5.05%,

2/15/2046

250,000

308,092

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

100,000

111,920

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

82,000

89,488

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

200,000

227,529

6.50%,

3/1/2041

100,000

130,826

MPLX

LP

,

4.50%,

7/15/2023

150,000

162,058

4.88%,

6/1/2025

250,000

283,248

4.13%,

3/1/2027

200,000

218,498

4.00%,

3/15/2028

250,000

272,175

4.70%,

4/15/2048

150,000

161,568

Nexen,

Inc.

,

5.88%,

3/10/2035

92,000

132,761

6.40%,

5/15/2037

100,000

150,121

Noble

Energy,

Inc.

,

3.90%,

11/15/2024

250,000

278,361

6.00%,

3/1/2041

150,000

215,302

ONEOK,

Inc.

,

2.75%,

9/1/2024

250,000

254,000

3.10%,

3/15/2030

100,000

94,411

4.95%,

7/13/2047

150,000

147,441

5.20%,

7/15/2048

100,000

100,578

Ovintiv,

Inc.

,

6.50%,

2/1/2038

150,000

132,685

Phillips

66

,

5.88%,

5/1/2042

150,000

210,702

Phillips

66

Partners

LP

,

3.75%,

3/1/2028

250,000

266,096

Plains

All

American

Pipeline

LP

,

4.70%,

6/15/2044

200,000

187,652

Sabine

Pass

Liquefaction

LLC

,

6.25%,

3/15/2022

250,000

267,477

5.00%,

3/15/2027

250,000

285,995

Spectra

Energy

Partners

LP

,

3.50%,

3/15/2025

250,000

273,597

Suncor

Energy,

Inc.

,

3.60%,

12/1/2024

120,000

131,528

5.95%,

5/15/2035

89,000

110,632

4.00%,

11/15/2047

100,000

110,835

18

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Sunoco

Logistics

Partners

Operations

LP

,

5.35%,

5/15/2045

150,000

147,540

Total

Capital

International

SA

,

3.70%,

1/15/2024

500,000

553,023

3.46%,

7/12/2049

100,000

119,524

TransCanada

PipeLines

Ltd.

,

4.25%,

5/15/2028

250,000

295,626

4.10%,

4/15/2030

150,000

177,161

5.85%,

3/15/2036

150,000

205,211

Transcanada

Trust

,

(ICE

LIBOR

USD

3

Month

+

4.15%),

5.50%,

9/15/2079(c)

100,000

104,522

Valero

Energy

Corp.

,

3.65%,

3/15/2025

205,000

225,261

7.50%,

4/15/2032

82,000

117,925

6.63%,

6/15/2037

100,000

138,116

Williams

Cos.,

Inc.

(The)

,

4.55%,

6/24/2024

250,000

278,199

5.40%,

3/4/2044

250,000

298,899

4.85%,

3/1/2048

100,000

119,070

19,613,080

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

100,000

164,434

Personal

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024

250,000

265,415

3.13%,

12/1/2049

100,000

119,137

384,552

Pharmaceuticals

1.2%

AstraZeneca

plc

,

3.38%,

11/16/2025

250,000

283,942

6.45%,

9/15/2037

50,000

79,773

4.38%,

8/17/2048

150,000

212,324

Bristol-Myers

Squibb

Co.

,

3.25%,

8/15/2022

200,000

211,535

2.90%,

7/26/2024

500,000

544,489

3.20%,

6/15/2026

200,000

227,449

3.40%,

7/26/2029

100,000

117,784

4.63%,

5/15/2044

150,000

211,550

5.00%,

8/15/2045

250,000

374,192

4.25%,

10/26/2049

100,000

142,116

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025

45,000

49,572

3.10%,

5/15/2027

200,000

226,727

3.95%,

3/15/2049

100,000

137,693

Eli

Lilly

and

Co.

,

2.25%,

5/15/2050

200,000

204,916

GlaxoSmithKline

Capital

plc

,

2.85%,

5/8/2022

250,000

260,916

3.38%,

6/1/2029

250,000

292,462

GlaxoSmithKline

Capital,

Inc.

,

5.38%,

4/15/2034

139,000

199,753

Johnson

&

Johnson

,

2.45%,

12/5/2021

250,000

257,525

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Johnson

&

Johnson,

2.45%,

3/1/2026

75,000

83,147

4.95%,

5/15/2033

287,000

408,634

3.63%,

3/3/2037

250,000

312,817

3.75%,

3/3/2047

100,000

133,107

Merck

&

Co.,

Inc.

,

2.75%,

2/10/2025

470,000

513,143

3.40%,

3/7/2029

300,000

354,465

4.15%,

5/18/2043

100,000

136,291

4.00%,

3/7/2049

100,000

138,409

2.45%,

6/24/2050

100,000

107,777

Mylan

NV

,

3.95%,

6/15/2026

100,000

114,268

Mylan,

Inc.

,

4.55%,

4/15/2028

150,000

178,155

5.20%,

4/15/2048

100,000

130,840

Novartis

Capital

Corp.

,

3.40%,

5/6/2024

250,000

277,048

3.00%,

11/20/2025

250,000

279,000

2.20%,

8/14/2030

300,000

327,190

4.00%,

11/20/2045

100,000

134,944

Perrigo

Finance

Unlimited

Co.

,

3.15%,

6/15/2030

200,000

213,157

Pfizer,

Inc.

,

2.95%,

3/15/2024

250,000

272,298

3.00%,

12/15/2026

250,000

285,840

7.20%,

3/15/2039

275,000

484,784

4.13%,

12/15/2046

200,000

274,715

4.00%,

3/15/2049

100,000

135,733

Pharmacia

LLC

,

6.60%,

12/1/2028(d)

123,000

172,414

Sanofi

,

3.63%,

6/19/2028

250,000

295,692

Shire

Acquisitions

Investments

Ireland

DAC

,

2.40%,

9/23/2021

250,000

254,990

3.20%,

9/23/2026

190,000

213,450

Takeda

Pharmaceutical

Co.

Ltd.

,

3.18%,

7/9/2050

200,000

218,990

Upjohn,

Inc.

,

3.85%,

6/22/2040(b)

200,000

227,620

Zoetis,

Inc.

,

3.25%,

2/1/2023

250,000

265,382

4.50%,

11/13/2025

115,000

134,343

4.70%,

2/1/2043

100,000

139,778

11,253,139

Professional

Services

0.0%

†

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

140,000

154,183

Road

&

Rail

0.4%

Burlington

Northern

Santa

Fe

LLC

,

7.95%,

8/15/2030

144,000

223,234

5.05%,

3/1/2041

350,000

493,144

4.70%,

9/1/2045

150,000

213,917

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

168,000

236,860

6.20%,

6/1/2036

64,000

99,892

Canadian

Pacific

Railway

Co.

,

2.90%,

2/1/2025

100,000

109,461

4.80%,

8/1/2045

150,000

214,008

CSX

Corp.

,

5.50%,

4/15/2041

100,000

143,550

3.35%,

9/15/2049

100,000

116,591

3.95%,

5/1/2050

250,000

323,544

Kansas

City

Southern

,

2.88%,

11/15/2029

60,000

66,017

4.20%,

11/15/2069

100,000

122,996

Norfolk

Southern

Corp.

,

2.90%,

2/15/2023

92,000

96,978

2.55%,

11/1/2029

50,000

55,268

4.84%,

10/1/2041

15,000

20,338

4.45%,

6/15/2045

50,000

65,990

3.40%,

11/1/2049

70,000

83,961

4.05%,

8/15/2052

132,000

171,290

Ryder

System,

Inc.

,

2.50%,

9/1/2024

45,000

47,368

2.90%,

12/1/2026

90,000

95,996

Union

Pacific

Corp.

,

3.60%,

9/15/2037

100,000

117,743

4.05%,

3/1/2046

105,000

134,077

4.50%,

9/10/2048

150,000

208,487

3.25%,

2/5/2050

250,000

293,050

3.95%,

8/15/2059

100,000

127,812

3,881,572

Semiconductors

&

Semiconductor

Equipment

0.6%

Applied

Materials,

Inc.

,

4.35%,

4/1/2047

100,000

143,199

Broadcom

Corp.

,

3.63%,

1/15/2024

750,000

810,861

3.88%,

1/15/2027

200,000

222,158

Broadcom,

Inc.

,

3.63%,

10/15/2024(b)

200,000

218,386

4.70%,

4/15/2025(b)

200,000

228,693

5.00%,

4/15/2030(b)

150,000

178,255

4.15%,

11/15/2030(b)

300,000

336,906

Intel

Corp.

,

2.70%,

12/15/2022

250,000

263,637

3.40%,

3/25/2025

100,000

112,419

3.70%,

7/29/2025

150,000

171,780

3.75%,

3/25/2027

100,000

117,736

2.45%,

11/15/2029

250,000

276,390

4.10%,

5/11/2047

100,000

131,142

3.73%,

12/8/2047

207,000

259,157

4.75%,

3/25/2050

150,000

219,145

KLA

Corp.

,

4.65%,

11/1/2024

215,000

248,151

Lam

Research

Corp.

,

3.80%,

3/15/2025

145,000

164,971

1.90%,

6/15/2030

60,000

63,527

4.88%,

3/15/2049

100,000

151,237

2.88%,

6/15/2050

55,000

62,736

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Micron

Technology,

Inc.

,

4.19%,

2/15/2027

250,000

286,922

NVIDIA

Corp.

,

2.85%,

4/1/2030

200,000

223,080

3.50%,

4/1/2050

100,000

120,901

NXP

BV

,

4.30%,

6/18/2029(b)

150,000

174,827

QUALCOMM,

Inc.

,

2.60%,

1/30/2023

70,000

73,720

3.25%,

5/20/2027

100,000

114,621

4.65%,

5/20/2035

250,000

346,017

Texas

Instruments,

Inc.

,

4.15%,

5/15/2048

100,000

139,109

5,859,683

Software

0.7%

Adobe,

Inc.

,

3.25%,

2/1/2025

70,000

78,373

CA,

Inc.

,

4.50%,

8/15/2023

240,000

252,118

Microsoft

Corp.

,

2.00%,

8/8/2023

250,000

262,363

2.88%,

2/6/2024

85,000

92,088

2.40%,

8/8/2026

465,000

511,942

3.30%,

2/6/2027

400,000

463,046

3.50%,

2/12/2035

65,000

82,188

3.45%,

8/8/2036

250,000

312,995

4.45%,

11/3/2045

200,000

290,581

3.70%,

8/8/2046

400,000

519,660

2.53%,

6/1/2050

475,000

519,892

2.68%,

6/1/2060

166,000

182,445

Oracle

Corp.

,

1.90%,

9/15/2021

500,000

508,377

2.40%,

9/15/2023

350,000

369,933

2.50%,

4/1/2025

100,000

108,114

2.65%,

7/15/2026

145,000

159,708

2.80%,

4/1/2027

400,000

444,152

2.95%,

4/1/2030

200,000

227,812

3.25%,

5/15/2030

100,000

117,288

4.30%,

7/8/2034

150,000

192,596

3.60%,

4/1/2040

200,000

236,677

4.13%,

5/15/2045

150,000

190,186

4.00%,

7/15/2046

350,000

436,625

3.60%,

4/1/2050

200,000

238,257

3.85%,

4/1/2060

100,000

124,866

VMware,

Inc.

,

4.70%,

5/15/2030

200,000

234,673

7,156,955

Specialty

Retail

0.4%

AutoZone,

Inc.

,

3.13%,

4/18/2024

250,000

270,440

3.25%,

4/15/2025

165,000

182,050

Home

Depot,

Inc.

(The)

,

2.63%,

6/1/2022

250,000

260,570

3.35%,

9/15/2025

120,000

135,973

2.50%,

4/15/2027

100,000

110,647

2.95%,

6/15/2029

100,000

114,734

3.30%,

4/15/2040

100,000

119,059

5.95%,

4/1/2041

100,000

159,901

20

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The),

4.40%,

3/15/2045

200,000

272,167

4.50%,

12/6/2048

100,000

141,157

3.13%,

12/15/2049

100,000

117,877

3.35%,

4/15/2050

100,000

121,762

Lowe's

Cos.,

Inc.

,

6.50%,

3/15/2029

164,000

224,937

3.65%,

4/5/2029

200,000

234,395

4.25%,

9/15/2044

250,000

315,093

Ross

Stores,

Inc.

,

4.80%,

4/15/2030

300,000

364,204

TJX

Cos.,

Inc.

(The)

,

3.88%,

4/15/2030

200,000

241,127

3,386,093

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

2.30%,

5/11/2022

250,000

258,434

1.70%,

9/11/2022

630,000

648,567

0.75%,

5/11/2023

500,000

506,148

3.45%,

5/6/2024

300,000

332,698

2.50%,

2/9/2025

170,000

184,512

3.25%,

2/23/2026

95,000

107,793

2.45%,

8/4/2026

190,000

208,731

3.00%,

11/13/2027

100,000

114,145

3.85%,

5/4/2043

250,000

324,518

4.38%,

5/13/2045

145,000

202,828

4.65%,

2/23/2046

230,000

331,574

2.95%,

9/11/2049

300,000

345,466

Dell

International

LLC

,

6.02%,

6/15/2026(b)

240,000

281,363

5.30%,

10/1/2029(b)

100,000

115,302

8.35%,

7/15/2046(b)

150,000

208,701

Hewlett

Packard

Enterprise

Co.

,

2.25%,

4/1/2023

250,000

258,580

6.35%,

10/15/2045(d)

100,000

128,570

HP,

Inc.

,

6.00%,

9/15/2041

100,000

124,007

Seagate

HDD

Cayman

,

4.09%,

6/1/2029(b)

107,000

114,342

4,796,279

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030

100,000

113,285

3.38%,

11/1/2046

100,000

120,866

3.38%,

3/27/2050

100,000

122,574

356,725

Thrifts

&

Mortgage

Finance

0.0%

†

BPCE

SA

,

4.00%,

4/15/2024

250,000

278,545

Tobacco

0.4%

Altria

Group,

Inc.

,

2.85%,

8/9/2022

250,000

261,242

2.35%,

5/6/2025

300,000

319,009

4.80%,

2/14/2029

200,000

241,014

4.25%,

8/9/2042

100,000

112,581

5.38%,

1/31/2044

100,000

129,425

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Altria

Group,

Inc.,

5.95%,

2/14/2049

150,000

211,933

BAT

Capital

Corp.

,

2.76%,

8/15/2022

150,000

155,920

3.22%,

8/15/2024

150,000

161,944

3.56%,

8/15/2027

200,000

220,084

3.46%,

9/6/2029

50,000

54,519

4.39%,

8/15/2037

100,000

114,236

4.54%,

8/15/2047

150,000

171,663

4.76%,

9/6/2049

50,000

58,991

Philip

Morris

International,

Inc.

,

2.38%,

8/17/2022

200,000

207,809

3.60%,

11/15/2023

250,000

274,429

4.88%,

11/15/2043

150,000

204,847

4.25%,

11/10/2044

100,000

128,931

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

100,000

113,739

5.70%,

8/15/2035

75,000

95,658

5.85%,

8/15/2045

100,000

132,138

3,370,112

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

2.25%,

1/15/2023

250,000

247,278

3.63%,

12/1/2027

250,000

247,889

Aircastle

Ltd.

,

5.00%,

4/1/2023

50,000

50,119

4.13%,

5/1/2024

100,000

97,888

GATX

Corp.

,

4.00%,

6/30/2030

200,000

224,463

867,637

Water

Utilities

0.1%

American

Water

Capital

Corp.

,

3.45%,

6/1/2029

100,000

117,260

4.30%,

9/1/2045

150,000

199,901

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

150,000

175,405

492,566

Wireless

Telecommunication

Services

0.4%

America

Movil

SAB

de

CV

,

3.13%,

7/16/2022

250,000

260,987

2.88%,

5/7/2030

200,000

217,700

6.38%,

3/1/2035

123,000

184,178

Rogers

Communications,

Inc.

,

5.00%,

3/15/2044

250,000

343,474

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(b)

200,000

220,962

3.75%,

4/15/2027(b)

200,000

227,242

3.88%,

4/15/2030(b)

300,000

343,404

4.38%,

4/15/2040(b)

100,000

122,424

4.50%,

4/15/2050(b)

200,000

250,914

Vodafone

Group

plc

,

3.75%,

1/16/2024

400,000

439,175

4.38%,

5/30/2028

250,000

303,456

7.88%,

2/15/2030

144,000

211,913

6.15%,

2/27/2037

75,000

110,724

5.25%,

5/30/2048

75,000

101,906

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

Vodafone

Group

plc,

4.25%,

9/17/2050

140,000

172,683

3,511,142

Total

Corporate

Bonds

(cost

$241,345,504)

273,358,734

Foreign

Government

Securities

1.8%

CANADA

0.3%

Canada

Government

Bond

,

2.00%,

11/15/2022

250,000

260,171

Export

Development

Canada

,

2.50%,

1/24/2023

500,000

527,524

Province

of

Alberta

,

2.95%,

1/23/2024

250,000

270,738

3.30%,

3/15/2028

100,000

116,822

Province

of

New

Brunswick

,

3.63%,

2/24/2028

100,000

118,438

Province

of

Ontario

,

2.20%,

10/3/2022

500,000

519,950

3.05%,

1/29/2024

500,000

545,107

Province

of

Quebec

,

2.50%,

4/20/2026

200,000

219,936

7.50%,

9/15/2029

200,000

311,355

2,890,041

CHILE

0.1%

Republic

of

Chile

,

3.24%,

2/6/2028

500,000

561,875

2.55%,

1/27/2032

200,000

214,702

776,577

COLOMBIA

0.2%

Republic

of

Colombia

,

2.63%,

3/15/2023

200,000

205,000

4.00%,

2/26/2024

250,000

266,562

3.88%,

4/25/2027

200,000

217,400

4.50%,

3/15/2029

200,000

227,000

7.38%,

9/18/2037

100,000

145,900

5.63%,

2/26/2044

200,000

261,202

5.00%,

6/15/2045

350,000

431,375

1,754,439

GERMANY

0.0%

†

FMS

Wertmanagement

AoeR

,

2.75%,

1/30/2024

400,000

434,307

HUNGARY

0.1%

Hungary

Government

Bond

,

5.38%,

3/25/2024

500,000

574,375

INDONESIA

0.1%

Republic

of

Indonesia

,

4.75%,

2/11/2029

200,000

240,352

3.85%,

10/15/2030

200,000

229,935

4.35%,

1/11/2048

250,000

299,831

770,118

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ISRAEL

0.1%

State

of

Israel

Government

Bond

,

3.15%,

6/30/2023

250,000

267,708

4.13%,

1/17/2048

200,000

258,323

3.88%,

7/3/2050

200,000

248,900

774,931

ITALY

0.1%

Italian

Republic

Government

Bond

,

6.88%,

9/27/2023

200,000

232,161

2.38%,

10/17/2024

200,000

204,006

5.38%,

6/15/2033

234,000

296,380

732,547

JAPAN

0.2%

Japan

Bank

for

International

Cooperation

,

3.38%,

10/31/2023

1,000,000

1,093,100

2.00%,

10/17/2029

500,000

547,919

1,641,019

MEXICO

0.2%

United

Mexican

States

,

4.00%,

10/2/2023

200,000

215,450

3.90%,

4/27/2025

200,000

217,600

4.13%,

1/21/2026

250,000

275,000

3.75%,

1/11/2028

250,000

268,163

6.75%,

9/27/2034

200,000

275,500

5.55%,

1/21/2045

200,000

252,000

4.60%,

1/23/2046

250,000

278,437

5.00%,

4/27/2051

300,000

351,000

5.75%,

10/12/2110

200,000

239,500

2,372,650

PANAMA

0.1%

Republic

of

Panama

,

3.88%,

3/17/2028

200,000

231,750

3.16%,

1/23/2030

200,000

224,000

6.70%,

1/26/2036

250,000

384,062

4.50%,

4/16/2050

200,000

264,750

1,104,562

PERU

0.0%

†

Republic

of

Peru

,

2.78%,

1/23/2031

200,000

222,700

5.63%,

11/18/2050

200,000

341,000

563,700

PHILIPPINES

0.1%

Republic

of

Philippines

,

7.75%,

1/14/2031

250,000

388,761

6.38%,

10/23/2034

250,000

378,082

3.95%,

1/20/2040

250,000

308,919

1,075,762

POLAND

0.0%

†

Republic

of

Poland

,

4.00%,

1/22/2024

250,000

279,063

22

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea

,

2.88%,

1/21/2025

350,000

380,180

Republic

of

Korea

,

5.63%,

11/3/2025

200,000

249,105

2.50%,

6/19/2029

200,000

221,669

850,954

SWEDEN

0.0%

†

Svensk

Exportkredit

AB

,

2.88%,

3/14/2023

200,000

213,134

URUGUAY

0.1%

Oriental

Republic

of

Uruguay

,

4.50%,

8/14/2024

350,000

386,918

4.38%,

1/23/2031

200,000

245,000

5.10%,

6/18/2050

300,000

419,625

1,051,543

Total

Foreign

Government

Securities

(cost

$16,073,234)

17,859,722

Mortgage-Backed

Securities

26.2%

FHLMC

Gold

Pool

Pool#

J00935

5.00%,

12/1/2020

479

503

Pool#

J00854

5.00%,

1/1/2021

645

678

Pool#

J00855

5.50%,

1/1/2021

541

542

Pool#

J01279

5.50%,

2/1/2021

225

227

Pool#

J01570

5.50%,

4/1/2021

517

522

Pool#

J01771

5.00%,

5/1/2021

1,213

1,274

Pool#

J06015

5.00%,

5/1/2021

819

861

Pool#

J05950

5.50%,

5/1/2021

2,788

2,802

Pool#

G18122

5.00%,

6/1/2021

947

995

Pool#

J01980

6.00%,

6/1/2021

1,451

1,458

Pool#

J03074

5.00%,

7/1/2021

276

290

Pool#

C00351

8.00%,

7/1/2024

138

149

Pool#

D60780

8.00%,

6/1/2025

404

417

Pool#

G30267

5.00%,

8/1/2025

73,983

80,853

Pool#

J13883

3.50%,

12/1/2025

217,338

228,321

Pool#

J18127

3.00%,

3/1/2027

124,159

130,503

Pool#

J18702

3.00%,

3/1/2027

122,190

128,462

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

J19106

3.00%,

5/1/2027

50,917

53,746

Pool#

J20471

3.00%,

9/1/2027

228,001

239,751

Pool#

D82854

7.00%,

10/1/2027

334

361

Pool#

G14609

3.00%,

11/1/2027

302,369

317,973

Pool#

C00566

7.50%,

12/1/2027

525

605

Pool#

G15100

2.50%,

7/1/2028

98,422

104,590

Pool#

C18271

7.00%,

11/1/2028

1,396

1,565

Pool#

C00678

7.00%,

11/1/2028

682

790

Pool#

C00836

7.00%,

7/1/2029

361

415

Pool#

C31285

7.00%,

9/1/2029

862

984

Pool#

C31282

7.00%,

9/1/2029

44

45

Pool#

C32914

8.00%,

11/1/2029

644

660

Pool#

G18536

2.50%,

1/1/2030

1,163,742

1,224,105

Pool#

C37436

8.00%,

1/1/2030

984

1,172

Pool#

C36429

7.00%,

2/1/2030

423

437

Pool#

C36306

7.00%,

2/1/2030

419

437

Pool#

C00921

7.50%,

2/1/2030

660

768

Pool#

G01108

7.00%,

4/1/2030

247

279

Pool#

C37703

7.50%,

4/1/2030

463

490

Pool#

G18552

3.00%,

5/1/2030

532,048

559,699

Pool#

J32243

3.00%,

7/1/2030

509,496

540,839

Pool#

J32257

3.00%,

7/1/2030

36,722

39,085

Pool#

J32255

3.00%,

7/1/2030

30,087

31,936

Pool#

C41561

8.00%,

8/1/2030

1,310

1,371

Pool#

C01051

8.00%,

9/1/2030

1,288

1,554

Pool#

C43550

7.00%,

10/1/2030

980

1,010

Pool#

C44017

7.50%,

10/1/2030

307

312

Pool#

C43967

8.00%,

10/1/2030

2,765

2,776

Pool#

C44957

8.00%,

11/1/2030

596

611

Pool#

C01106

7.00%,

12/1/2030

4,610

5,324

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C01103

7.50%,

12/1/2030

615

741

Pool#

C46932

7.50%,

1/1/2031

445

463

Pool#

C01116

7.50%,

1/1/2031

397

474

Pool#

G01217

7.00%,

3/1/2031

5,159

6,015

Pool#

C48206

7.50%,

3/1/2031

1,180

1,184

Pool#

C91366

4.50%,

4/1/2031

82,264

90,096

Pool#

G18601

3.00%,

5/1/2031

30,141

31,705

Pool#

G18605

3.00%,

6/1/2031

15,851

16,656

Pool#

C91377

4.50%,

6/1/2031

43,608

47,833

Pool#

C53324

7.00%,

6/1/2031

1,084

1,159

Pool#

C01209

8.00%,

6/1/2031

455

528

Pool#

C54792

7.00%,

7/1/2031

1,525

1,594

Pool#

J35107

2.50%,

8/1/2031

36,080

38,336

Pool#

G01309

7.00%,

8/1/2031

755

870

Pool#

G01311

7.00%,

9/1/2031

5,654

6,538

Pool#

C01222

7.00%,

9/1/2031

670

783

Pool#

G01315

7.00%,

9/1/2031

192

224

Pool#

J35522

2.50%,

10/1/2031

178,966

188,295

Pool#

C58694

7.00%,

10/1/2031

2,988

3,280

Pool#

C60012

7.00%,

11/1/2031

496

513

Pool#

C61298

8.00%,

11/1/2031

1,735

1,788

Pool#

J35957

2.50%,

12/1/2031

316,226

332,713

Pool#

C61105

7.00%,

12/1/2031

3,712

4,022

Pool#

C01305

7.50%,

12/1/2031

504

578

Pool#

C63171

7.00%,

1/1/2032

4,065

4,740

Pool#

V61548

2.50%,

2/1/2032

328,668

349,260

Pool#

G01391

7.00%,

4/1/2032

9,579

11,194

Pool#

C01345

7.00%,

4/1/2032

3,066

3,602

Pool#

C01370

8.00%,

4/1/2032

730

853

Pool#

G16285

3.50%,

5/1/2032

26,303

28,194

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C66916

7.00%,

5/1/2032

7,898

8,604

Pool#

C01381

8.00%,

5/1/2032

8,895

10,677

Pool#

C68290

7.00%,

6/1/2032

1,615

1,773

Pool#

C68300

7.00%,

6/1/2032

701

707

Pool#

G01449

7.00%,

7/1/2032

6,080

7,083

Pool#

C69908

7.00%,

8/1/2032

16,874

19,505

Pool#

C91558

3.50%,

9/1/2032

94,936

102,633

Pool#

G16407

2.50%,

1/1/2033

124,165

132,328

Pool#

G16408

2.50%,

1/1/2033

73,019

77,683

Pool#

G01536

7.00%,

3/1/2033

7,430

8,811

Pool#

G30646

3.00%,

5/1/2033

147,538

157,933

Pool#

G30642

3.00%,

5/1/2033

69,690

74,603

Pool#

K90535

3.00%,

5/1/2033

27,654

29,792

Pool#

G18696

3.50%,

7/1/2033

23,996

25,191

Pool#

A16419

6.50%,

11/1/2033

10,612

11,814

Pool#

A16522

6.50%,

12/1/2033

17,491

20,298

Pool#

C01806

7.00%,

1/1/2034

8,431

8,982

Pool#

A21356

6.50%,

4/1/2034

33,537

39,366

Pool#

C01851

6.50%,

4/1/2034

18,537

22,123

Pool#

A22067

6.50%,

5/1/2034

19,787

22,689

Pool#

A24301

6.50%,

5/1/2034

19,495

21,702

Pool#

G18737

3.50%,

6/1/2034

167,254

175,600

Pool#

A24988

6.50%,

7/1/2034

7,797

8,680

Pool#

G01741

6.50%,

10/1/2034

6,794

7,809

Pool#

G08023

6.50%,

11/1/2034

13,761

16,008

Pool#

A33137

6.50%,

1/1/2035

2,640

2,939

Pool#

G08064

6.50%,

4/1/2035

7,608

9,083

Pool#

G01947

7.00%,

5/1/2035

6,516

7,666

Pool#

G08088

6.50%,

10/1/2035

64,922

75,920

Pool#

A39759

5.50%,

11/1/2035

6,813

7,906

24

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A40376

5.50%,

12/1/2035

4,056

4,656

Pool#

A42305

5.50%,

1/1/2036

11,933

13,371

Pool#

A41548

7.00%,

1/1/2036

8,296

8,674

Pool#

G08111

5.50%,

2/1/2036

17,945

20,811

Pool#

A43886

5.50%,

3/1/2036

254,785

294,262

Pool#

A43861

5.50%,

3/1/2036

34,064

37,578

Pool#

G08116

5.50%,

3/1/2036

20,250

23,425

Pool#

A43534

6.50%,

3/1/2036

1,525

1,698

Pool#

A48735

5.50%,

5/1/2036

4,997

5,508

Pool#

G08136

6.50%,

6/1/2036

8,343

9,696

Pool#

A53039

6.50%,

10/1/2036

32,009

35,632

Pool#

A53219

6.50%,

10/1/2036

757

843

Pool#

C91982

3.50%,

3/1/2038

116,227

123,534

Pool#

G04251

6.50%,

4/1/2038

4,019

4,629

Pool#

G04569

6.50%,

8/1/2038

4,743

5,440

Pool#

C92013

3.50%,

9/1/2038

256,892

271,663

Pool#

A84252

6.50%,

1/1/2039

18,464

21,062

Pool#

A84287

6.50%,

1/1/2039

8,829

10,546

Pool#

G05535

4.50%,

7/1/2039

621,943

691,567

Pool#

A91165

5.00%,

2/1/2040

1,047,876

1,203,447

Pool#

G60342

4.50%,

5/1/2042

130,871

145,401

Pool#

G60195

4.00%,

6/1/2042

313,055

344,447

Pool#

G07158

3.50%,

10/1/2042

204,854

221,968

Pool#

Q12051

3.50%,

10/1/2042

129,681

140,657

Pool#

G07163

3.50%,

10/1/2042

112,868

123,033

Pool#

Q11532

3.50%,

10/1/2042

88,570

96,110

Pool#

Q12052

3.50%,

10/1/2042

55,930

60,670

Pool#

C09020

3.50%,

11/1/2042

475,481

515,842

Pool#

G07264

3.50%,

12/1/2042

217,064

235,347

Pool#

Q14292

3.50%,

1/1/2043

45,162

49,230

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q14881

3.50%,

1/1/2043

42,614

46,241

Pool#

Q15884

3.00%,

2/1/2043

484,145

521,020

Pool#

V80002

2.50%,

4/1/2043

260,155

277,534

Pool#

Q16915

3.00%,

4/1/2043

459,433

499,814

Pool#

Q17675

3.50%,

4/1/2043

220,551

239,322

Pool#

Q18523

3.50%,

5/1/2043

489,080

527,270

Pool#

Q18751

3.50%,

6/1/2043

780,930

844,550

Pool#

G07410

3.50%,

7/1/2043

84,785

93,766

Pool#

Q20332

3.50%,

7/1/2043

19,861

21,549

Pool#

G07459

3.50%,

8/1/2043

413,727

448,544

Pool#

G60038

3.50%,

1/1/2044

626,085

678,724

Pool#

Q26869

4.00%,

6/1/2044

609,611

670,416

Pool#

G07946

4.00%,

7/1/2044

107,676

118,273

Pool#

Q28607

3.50%,

9/1/2044

108,288

117,277

Pool#

G61231

3.50%,

9/1/2044

19,704

21,353

Pool#

G08609

3.50%,

10/1/2044

56,872

60,854

Pool#

Q30833

4.00%,

1/1/2045

9,796

10,576

Pool#

G60400

4.50%,

1/1/2045

95,570

105,431

Pool#

Q34165

4.00%,

6/1/2045

218,983

239,231

Pool#

V81873

4.00%,

8/1/2045

26,655

29,007

Pool#

G08669

4.00%,

9/1/2045

143,996

156,052

Pool#

Q38357

4.00%,

1/1/2046

11,103

12,041

Pool#

G61365

4.50%,

1/1/2046

103,907

114,940

Pool#

G08697

3.00%,

3/1/2046

215,000

228,555

Pool#

Q39434

3.50%,

3/1/2046

42,203

45,183

Pool#

Q39440

4.00%,

3/1/2046

10,064

10,819

Pool#

G08704

4.50%,

4/1/2046

19,869

21,642

Pool#

Q40097

4.50%,

4/1/2046

1,340

1,444

Pool#

G60582

3.50%,

5/1/2046

122,163

133,080

Pool#

Q40718

3.50%,

5/1/2046

41,625

44,468

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

25

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08707

4.00%,

5/1/2046

179,721

194,262

Pool#

G08708

4.50%,

5/1/2046

14,695

15,974

Pool#

Q40728

4.50%,

5/1/2046

1,214

1,308

Pool#

Q41548

3.00%,

7/1/2046

31,367

33,336

Pool#

Q41903

3.50%,

7/1/2046

209,045

223,619

Pool#

Q41491

3.50%,

7/1/2046

29,419

31,367

Pool#

Q41935

3.50%,

7/1/2046

14,448

15,743

Pool#

G61791

4.00%,

7/1/2046

18,603

20,335

Pool#

Q41947

4.50%,

7/1/2046

7,491

8,109

Pool#

G08715

3.00%,

8/1/2046

287,129

304,921

Pool#

Q42596

3.50%,

8/1/2046

190,355

203,656

Pool#

Q42393

3.50%,

8/1/2046

39,464

42,007

Pool#

Q42203

3.50%,

8/1/2046

31,100

33,330

Pool#

G61323

3.00%,

9/1/2046

279,963

301,102

Pool#

G08721

3.00%,

9/1/2046

214,447

228,078

Pool#

V82617

3.50%,

9/1/2046

123,549

133,721

Pool#

G08722

3.50%,

9/1/2046

32,001

34,178

Pool#

G60733

4.50%,

9/1/2046

42,478

47,608

Pool#

G60722

3.00%,

10/1/2046

403,113

435,341

Pool#

Q44035

3.00%,

10/1/2046

261,613

278,125

Pool#

G61815

4.00%,

10/1/2046

16,712

18,098

Pool#

G61257

3.00%,

11/1/2046

488,075

516,966

Pool#

Q44452

3.00%,

11/1/2046

110,078

116,816

Pool#

G08732

3.00%,

11/1/2046

34,079

36,221

Pool#

Q44473

3.50%,

11/1/2046

28,810

30,652

Pool#

Q44223

3.50%,

11/1/2046

17,798

18,864

Pool#

G08734

4.00%,

11/1/2046

251,856

271,382

Pool#

G08737

3.00%,

12/1/2046

1,420,065

1,507,160

Pool#

G60989

3.00%,

12/1/2046

164,136

175,809

Pool#

Q45878

3.00%,

12/1/2046

40,879

43,383

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08738

3.50%,

12/1/2046

913,499

972,418

Pool#

Q45024

3.50%,

12/1/2046

65,095

71,323

Pool#

G61862

3.50%,

12/1/2046

37,440

40,071

Pool#

G08741

3.00%,

1/1/2047

284,779

302,157

Pool#

G08747

3.00%,

2/1/2047

450,634

478,415

Pool#

G08748

3.50%,

2/1/2047

52,332

55,615

Pool#

G08749

4.00%,

2/1/2047

417,040

446,355

Pool#

G08751

3.50%,

3/1/2047

236,903

250,868

Pool#

Q47592

3.50%,

4/1/2047

104,288

110,390

Pool#

Q47484

3.50%,

4/1/2047

54,229

58,586

Pool#

G60988

3.00%,

5/1/2047

882,720

953,291

Pool#

Q48098

3.50%,

5/1/2047

200,049

216,136

Pool#

G61390

3.00%,

6/1/2047

271,704

288,690

Pool#

V83270

3.50%,

7/1/2047

84,206

89,157

Pool#

G08770

3.50%,

7/1/2047

78,541

83,393

Pool#

G61339

3.00%,

8/1/2047

99,869

106,085

Pool#

G08774

3.50%,

8/1/2047

127,033

134,481

Pool#

Q49917

3.50%,

8/1/2047

62,008

65,789

Pool#

Q53085

3.00%,

9/1/2047

77,247

82,105

Pool#

G08779

3.50%,

9/1/2047

207,235

219,067

Pool#

G61295

3.50%,

9/1/2047

161,299

176,617

Pool#

G61622

3.00%,

10/1/2047

225,443

239,673

Pool#

G08785

4.00%,

10/1/2047

13,433

14,320

Pool#

Q52075

4.00%,

11/1/2047

259,644

277,262

Pool#

V83598

3.50%,

12/1/2047

78,855

83,445

Pool#

G67707

3.50%,

1/1/2048

184,527

205,182

Pool#

T65458

3.50%,

2/1/2048

319,183

331,117

Pool#

G61311

3.50%,

2/1/2048

289,432

306,872

Pool#

G08800

3.50%,

2/1/2048

34,338

36,304

Pool#

Q54460

4.00%,

2/1/2048

136,566

148,645

26

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08801

4.00%,

2/1/2048

90,800

96,674

Pool#

G61298

4.00%,

2/1/2048

18,243

20,027

Pool#

G61929

3.50%,

3/1/2048

89,490

94,726

Pool#

Q54727

3.50%,

3/1/2048

75,951

80,612

Pool#

Q55401

5.00%,

4/1/2048

17,510

19,173

Pool#

V84237

3.50%,

5/1/2048

271,682

287,226

Pool#

G08820

4.50%,

5/1/2048

324,299

348,789

Pool#

G67713

4.00%,

6/1/2048

35,106

38,296

Pool#

G08817

4.00%,

6/1/2048

24,770

26,280

Pool#

G67712

4.00%,

6/1/2048

18,801

20,956

Pool#

G08824

4.00%,

7/1/2048

1,395,266

1,480,969

Pool#

G08827

4.50%,

7/1/2048

171,944

185,007

Pool#

Q57401

4.50%,

7/1/2048

42,198

46,722

Pool#

Q57402

4.50%,

7/1/2048

16,903

18,578

Pool#

G08831

4.00%,

8/1/2048

212,411

225,411

Pool#

G08836

4.00%,

9/1/2048

781,705

829,630

Pool#

G67716

4.50%,

10/1/2048

136,911

151,651

Pool#

G08843

4.50%,

10/1/2048

46,385

49,909

Pool#

V85044

4.00%,

12/1/2048

75,612

81,218

Pool#

V85082

4.50%,

12/1/2048

454,638

488,689

Pool#

G61846

4.00%,

1/1/2049

433

460

Pool#

V85139

4.50%,

1/1/2049

23,401

25,138

Pool#

V85279

3.50%,

4/1/2049

61,708

66,415

FHLMC

Non

Gold

Pool

Pool#

1B8478

3.96%,

7/1/2041(a)

50,886

52,768

Pool#

2B0108

3.86%,

1/1/2042(a)

2,452

2,495

FHLMC

UMBS

Pool

Pool#

ZS8701

3.50%,

6/1/2033

114,151

119,880

Pool#

SB0218

3.00%,

10/1/2033

103,930

109,090

Pool#

QN0248

3.00%,

7/1/2034

71,766

75,341

Pool#

SB0095

3.50%,

7/1/2034

140,245

147,795

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB0069

3.00%,

9/1/2034

1,621,931

1,709,238

Pool#

SB8021

3.00%,

12/1/2034

894,835

939,583

Pool#

QA2237

3.00%,

7/1/2046

1,188,241

1,265,307

Pool#

QA2226

3.00%,

7/1/2046

717,503

764,038

Pool#

ZS4693

3.00%,

12/1/2046

684,166

726,019

Pool#

ZM2339

3.50%,

1/1/2047

150,311

159,596

Pool#

ZT1321

4.50%,

11/1/2048

288,813

310,408

Pool#

ZA6536

4.00%,

3/1/2049

47,374

50,301

Pool#

ZA6380

4.00%,

3/1/2049

40,082

42,547

Pool#

RA1859

3.00%,

12/1/2049

549,696

582,096

Pool#

SD8045

3.50%,

2/1/2050

274,273

288,884

Pool#

QA8965

3.00%,

4/1/2050

550,000

582,418

Pool#

RA2579

3.00%,

5/1/2050

155,110

166,356

Pool#

SD8063

3.50%,

5/1/2050

585,969

617,649

Pool#

RA3022

2.50%,

6/1/2050

305,000

323,670

FNMA

Pool

Pool#

AC9890

3.47%,

4/1/2040(a)

287,367

300,354

Pool#

AJ1249

4.07%,

9/1/2041(a)

73,230

76,481

Pool#

AL1437

3.78%,

1/1/2042(a)

21,257

22,206

Pool#

AK0714

3.80%,

2/1/2042(a)

2,419

2,498

Pool#

AP1961

2.70%,

8/1/2042(a)

27,916

29,054

Pool#

BF0203

3.00%,

2/1/2047

347,516

369,288

Pool#

BF0206

4.00%,

2/1/2047

72,588

78,482

Pool#

BF0200

3.50%,

11/1/2051

365,356

396,225

FNMA

UMBS

Pool

Pool#

969977

5.00%,

5/1/2023

63,882

67,144

Pool#

AA2549

4.00%,

4/1/2024

30,623

32,409

Pool#

935348

5.50%,

6/1/2024

7,363

7,424

Pool#

AC1374

4.00%,

8/1/2024

41,433

43,868

Pool#

AC1529

4.50%,

9/1/2024

18,818

20,010

Pool#

AD0244

4.50%,

10/1/2024

14,554

15,462

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AD4089

4.50%,

5/1/2025

159,209

169,333

Pool#

890216

4.50%,

7/1/2025

26,897

28,617

Pool#

AH1361

3.50%,

12/1/2025

104,920

110,215

Pool#

AH1518

3.50%,

12/1/2025

48,309

50,716

Pool#

AE6384

4.00%,

1/1/2026

8,748

9,263

Pool#

AL0298

4.00%,

5/1/2026

140,861

149,552

Pool#

AB4277

3.00%,

1/1/2027

488,509

513,234

Pool#

AP4746

3.00%,

8/1/2027

76,761

81,111

Pool#

AP7855

3.00%,

9/1/2027

507,235

536,010

Pool#

AP4640

3.00%,

9/1/2027

55,551

58,707

Pool#

AQ5096

3.00%,

11/1/2027

104,990

110,959

Pool#

AB6887

3.00%,

11/1/2027

85,991

90,888

Pool#

AQ4532

3.00%,

11/1/2027

74,596

78,849

Pool#

AQ3758

3.00%,

11/1/2027

56,755

59,995

Pool#

AQ7406

3.00%,

11/1/2027

52,061

55,029

Pool#

AB6886

3.00%,

11/1/2027

40,246

42,554

Pool#

AQ2884

3.00%,

12/1/2027

46,595

49,256

Pool#

AS0487

2.50%,

9/1/2028

211,041

224,532

Pool#

930998

4.50%,

4/1/2029

23,830

25,768

Pool#

MA0243

5.00%,

11/1/2029

14,613

16,365

Pool#

BM1507

2.50%,

12/1/2029

77,356

81,282

Pool#

AL8077

3.50%,

12/1/2029

16,930

17,864

Pool#

MA0268

5.00%,

12/1/2029

12,536

14,057

Pool#

AX7727

2.50%,

3/1/2030

320,713

336,765

Pool#

BM4299

3.00%,

3/1/2030

563,351

591,077

Pool#

AD5655

5.00%,

5/1/2030

31,849

35,734

Pool#

MA0443

5.00%,

5/1/2030

17,246

19,327

Pool#

AB1038

5.00%,

5/1/2030

14,464

16,021

Pool#

AS5412

2.50%,

7/1/2030

46,935

49,363

Pool#

AS5420

3.00%,

7/1/2030

67,696

71,821

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL7152

3.50%,

7/1/2030

399,612

425,138

Pool#

AS5702

2.50%,

8/1/2030

364,901

383,780

Pool#

AZ4898

2.50%,

8/1/2030

256,187

269,055

Pool#

AY8448

3.00%,

8/1/2030

233,183

245,134

Pool#

AZ2953

3.00%,

9/1/2030

269,715

283,567

Pool#

AZ5718

3.00%,

9/1/2030

248,644

260,911

Pool#

MA0559

5.00%,

9/1/2030

6,780

7,607

Pool#

AS6060

3.00%,

10/1/2030

279,969

293,780

Pool#

AZ9234

3.50%,

10/1/2030

18,451

19,499

Pool#

AS6272

2.50%,

12/1/2030

69,139

72,715

Pool#

AH1515

4.00%,

12/1/2030

258,839

279,212

Pool#

AD0716

6.50%,

12/1/2030

171,205

191,717

Pool#

BA6532

2.50%,

1/1/2031

61,197

64,366

Pool#

BM5016

3.00%,

1/1/2031

210,944

224,043

Pool#

MA0641

4.00%,

2/1/2031

261,314

281,718

Pool#

560868

7.50%,

2/1/2031

456

463

Pool#

BC0774

3.00%,

3/1/2031

51,755

55,352

Pool#

AS6919

3.50%,

3/1/2031

47,648

50,195

Pool#

BC5968

2.50%,

4/1/2031

76,864

80,782

Pool#

BC4430

3.00%,

4/1/2031

20,900

22,274

Pool#

AL8566

3.00%,

6/1/2031

64,481

68,606

Pool#

AL8565

3.00%,

6/1/2031

55,396

59,142

Pool#

AL8561

3.50%,

6/1/2031

41,865

44,776

Pool#

AS8028

2.50%,

9/1/2031

213,921

225,027

Pool#

BM1888

2.50%,

10/1/2031

579,459

609,320

Pool#

MA2775

2.50%,

10/1/2031

421,135

442,962

Pool#

AS8038

2.50%,

10/1/2031

220,711

232,160

Pool#

BC4777

2.50%,

10/1/2031

143,239

150,533

Pool#

AS8612

3.00%,

10/1/2031

80,300

84,452

Pool#

607212

7.50%,

10/1/2031

2,432

2,506

28

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

607632

6.50%,

11/1/2031

55

61

Pool#

MA2830

2.50%,

12/1/2031

159,285

167,546

Pool#

BM3814

2.50%,

12/1/2031

107,472

113,232

Pool#

AS8609

3.00%,

1/1/2032

85,523

90,030

Pool#

AL9786

3.00%,

1/1/2032

56,786

61,116

Pool#

AL9585

3.50%,

1/1/2032

21,176

22,837

Pool#

BM1036

2.50%,

2/1/2032

696,012

738,622

Pool#

BM4624

3.00%,

2/1/2032

74,759

80,225

Pool#

AS8767

3.00%,

2/1/2032

70,307

75,062

Pool#

AL9740

3.00%,

2/1/2032

37,094

39,610

Pool#

AL9871

3.00%,

2/1/2032

29,072

31,146

Pool#

BM1007

2.50%,

3/1/2032

182,627

192,071

Pool#

AL9899

3.00%,

3/1/2032

110,351

117,835

Pool#

BM3269

2.50%,

4/1/2032

177,644

186,843

Pool#

MA1029

3.50%,

4/1/2032

237,925

257,045

Pool#

AS9695

3.50%,

5/1/2032

93,018

99,504

Pool#

BM4088

3.00%,

6/1/2032

67,205

70,700

Pool#

890786

3.50%,

6/1/2032

70,903

76,433

Pool#

MA1107

3.50%,

7/1/2032

65,011

70,270

Pool#

BH6610

3.50%,

7/1/2032

20,658

21,829

Pool#

BM1669

3.00%,

8/1/2032

34,673

37,309

Pool#

BH5355

3.50%,

8/1/2032

24,744

26,285

Pool#

MA1166

3.50%,

9/1/2032

370,751

400,580

Pool#

BM5167

3.50%,

9/1/2032

17,918

18,862

Pool#

CA0586

2.50%,

10/1/2032

17,966

19,143

Pool#

BH9391

3.50%,

10/1/2032

19,854

21,349

Pool#

BM3389

3.00%,

11/1/2032

70,488

75,857

Pool#

BM3977

3.00%,

12/1/2032

153,229

163,019

Pool#

CA0951

3.00%,

12/1/2032

110,075

116,432

Pool#

FM1661

2.50%,

1/1/2033

439,741

461,950

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM4338

2.50%,

1/1/2033

170,111

178,948

Pool#

BM3919

3.00%,

2/1/2033

34,252

36,860

Pool#

656559

6.50%,

2/1/2033

10,606

11,802

Pool#

694846

6.50%,

4/1/2033

7,259

8,261

Pool#

AB9402

3.00%,

5/1/2033

180,211

194,102

Pool#

AB9403

3.00%,

5/1/2033

70,784

75,765

Pool#

AB9300

3.00%,

5/1/2033

62,167

67,110

Pool#

MA3372

4.00%,

5/1/2033

38,383

40,705

Pool#

254767

5.50%,

6/1/2033

415,365

485,043

Pool#

MA1527

3.00%,

8/1/2033

354,937

379,918

Pool#

750229

6.50%,

10/1/2033

16,578

18,834

Pool#

725228

6.00%,

3/1/2034

446,461

525,985

Pool#

725424

5.50%,

4/1/2034

472,754

542,953

Pool#

MA3739

3.50%,

8/1/2034

169,435

177,756

Pool#

788027

6.50%,

9/1/2034

16,224

18,053

Pool#

FM2412

3.50%,

1/1/2035

69,467

73,613

Pool#

735141

5.50%,

1/1/2035

245,273

286,839

Pool#

735227

5.50%,

2/1/2035

270,162

315,623

Pool#

AL4260

5.50%,

9/1/2036

35,665

41,749

Pool#

310104

5.50%,

8/1/2037

261,110

305,651

Pool#

955194

7.00%,

11/1/2037

127,444

154,125

Pool#

MA3464

3.50%,

9/1/2038

131,087

138,474

Pool#

AB1735

3.50%,

11/1/2040

7,034

7,448

Pool#

AB2067

3.50%,

1/1/2041

325,166

357,467

Pool#

AB2068

3.50%,

1/1/2041

188,242

205,027

Pool#

932888

3.50%,

1/1/2041

105,071

117,660

Pool#

932891

3.50%,

1/1/2041

19,826

22,069

Pool#

AL6521

5.00%,

4/1/2041

648,116

744,283

Pool#

AL5863

4.50%,

6/1/2041

418,044

456,586

Pool#

AI9920

4.00%,

9/1/2041

8,038

8,560

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AI9851

4.50%,

9/1/2041

45,239

50,347

Pool#

AL0761

5.00%,

9/1/2041

458,729

527,607

Pool#

AJ5431

4.50%,

10/1/2041

105,340

117,305

Pool#

AL0933

5.00%,

10/1/2041

89,174

102,547

Pool#

AJ4861

4.00%,

12/1/2041

162,730

178,122

Pool#

AX5316

4.50%,

1/1/2042

15,799

17,577

Pool#

AL2499

4.50%,

1/1/2042

7,175

7,989

Pool#

AX5297

5.00%,

1/1/2042

20,735

23,804

Pool#

AW8167

3.50%,

2/1/2042

437,402

473,689

Pool#

AB5185

3.50%,

5/1/2042

293,117

318,002

Pool#

AO3575

4.50%,

5/1/2042

59,251

64,761

Pool#

890621

5.00%,

5/1/2042

58,519

67,205

Pool#

AO4647

3.50%,

6/1/2042

541,257

587,216

Pool#

AO8036

4.50%,

7/1/2042

571,100

627,063

Pool#

AP2092

4.50%,

8/1/2042

31,939

34,485

Pool#

AP6579

3.50%,

9/1/2042

620,251

672,832

Pool#

AP7489

4.00%,

9/1/2042

411,728

453,239

Pool#

AP6756

4.00%,

9/1/2042

14,404

15,779

Pool#

AL2782

4.50%,

9/1/2042

64,021

71,282

Pool#

AB6524

3.50%,

10/1/2042

935,484

1,014,914

Pool#

AB7074

3.00%,

11/1/2042

801,758

862,712

Pool#

AP8785

3.00%,

11/1/2042

111,913

120,365

Pool#

AB6786

3.50%,

11/1/2042

323,004

350,230

Pool#

AL2677

3.50%,

11/1/2042

152,055

165,707

Pool#

AB7362

3.00%,

12/1/2042

436,157

469,093

Pool#

MA1273

3.50%,

12/1/2042

237,331

257,355

Pool#

AR4210

3.50%,

1/1/2043

201,421

218,480

Pool#

AR8213

3.50%,

4/1/2043

203,533

221,804

Pool#

AB9238

3.00%,

5/1/2043

571,872

622,027

Pool#

AB9237

3.00%,

5/1/2043

416,908

455,768

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB9236

3.00%,

5/1/2043

98,208

107,842

Pool#

AB9362

3.50%,

5/1/2043

416,474

457,938

Pool#

AT4145

3.00%,

6/1/2043

202,543

220,309

Pool#

AB9814

3.00%,

7/1/2043

546,224

594,131

Pool#

AS0203

3.00%,

8/1/2043

252,446

274,588

Pool#

AS0255

4.50%,

8/1/2043

189,629

211,128

Pool#

AS0516

3.00%,

9/1/2043

252,495

272,111

Pool#

AL6951

3.50%,

10/1/2043

346,751

375,945

Pool#

BM4222

3.00%,

1/1/2044

346,043

372,128

Pool#

AS2276

4.50%,

4/1/2044

294,767

328,148

Pool#

AW1006

4.00%,

5/1/2044

126,933

142,994

Pool#

AL7767

4.50%,

6/1/2044

9,955

11,065

Pool#

AS3161

4.00%,

8/1/2044

330,714

360,784

Pool#

BM4650

3.00%,

10/1/2044

631,239

678,908

Pool#

CA0688

3.50%,

10/1/2044

209,471

227,082

Pool#

BC5090

4.00%,

10/1/2044

46,466

50,857

Pool#

AS3946

4.00%,

12/1/2044

463,984

514,221

Pool#

AL8303

3.00%,

1/1/2045

113,257

121,819

Pool#

BM4384

4.00%,

1/1/2045

128,753

141,539

Pool#

BM3611

4.00%,

1/1/2045

81,955

89,746

Pool#

BM3804

3.50%,

2/1/2045

37,809

40,978

Pool#

AL9555

4.00%,

2/1/2045

1,125,178

1,235,676

Pool#

AX9524

4.00%,

2/1/2045

368,816

415,482

Pool#

AS4418

4.00%,

2/1/2045

265,897

299,537

Pool#

AS4375

4.00%,

2/1/2045

185,317

208,765

Pool#

AL6889

4.50%,

2/1/2045

74,363

83,304

Pool#

BM3931

3.00%,

3/1/2045

78,092

83,976

Pool#

AY1312

3.50%,

3/1/2045

754,902

829,678

Pool#

AS4578

4.00%,

3/1/2045

122,109

136,928

Pool#

BM3664

3.00%,

5/1/2045

349,310

375,630

30

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS4921

3.50%,

5/1/2045

501,674

546,487

Pool#

AS5012

4.00%,

5/1/2045

501,477

564,925

Pool#

BM5562

4.00%,

6/1/2045

113,167

124,414

Pool#

AL7207

4.50%,

8/1/2045

91,035

102,013

Pool#

AZ2947

4.00%,

9/1/2045

269,819

292,911

Pool#

BA2164

3.00%,

11/1/2045

80,466

85,679

Pool#

AS6213

4.00%,

11/1/2045

22,273

23,950

Pool#

AS6282

3.50%,

12/1/2045

880,408

958,828

Pool#

AS6311

3.50%,

12/1/2045

631,168

675,194

Pool#

BC0326

3.50%,

12/1/2045

147,899

158,227

Pool#

AS6362

4.50%,

12/1/2045

18,618

20,576

Pool#

AS6474

3.50%,

1/1/2046

121,072

134,686

Pool#

AL9849

3.50%,

1/1/2046

117,122

126,904

Pool#

AS6539

3.50%,

1/1/2046

109,886

122,244

Pool#

AS6527

4.00%,

1/1/2046

92,537

100,079

Pool#

BC2667

4.00%,

2/1/2046

30,171

32,721

Pool#

AL9781

4.50%,

2/1/2046

154,084

171,231

Pool#

BM4621

3.50%,

3/1/2046

93,970

101,780

Pool#

BA6972

4.00%,

3/1/2046

32,409

34,869

Pool#

BC0823

3.50%,

4/1/2046

140,250

149,402

Pool#

AS7026

4.00%,

4/1/2046

141,371

151,733

Pool#

AS7251

4.00%,

5/1/2046

210,568

226,080

Pool#

AL8833

4.00%,

6/1/2046

130,745

147,279

Pool#

AS7593

3.50%,

7/1/2046

587,396

634,736

Pool#

AS7594

3.50%,

7/1/2046

564,163

610,432

Pool#

AS7545

3.50%,

7/1/2046

217,967

231,493

Pool#

AL8824

3.50%,

7/1/2046

78,876

87,747

Pool#

BC1452

4.00%,

7/1/2046

719,334

778,393

Pool#

MA2705

3.00%,

8/1/2046

411,681

437,028

Pool#

BC1489

3.00%,

8/1/2046

39,789

43,313

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BD4890

3.50%,

8/1/2046

458,696

487,131

Pool#

AS7760

4.00%,

8/1/2046

154,077

168,018

Pool#

AS7648

4.00%,

8/1/2046

99,749

106,869

Pool#

AS7795

4.00%,

8/1/2046

82,884

88,878

Pool#

BD3911

4.00%,

8/1/2046

16,557

17,869

Pool#

BD3923

4.00%,

8/1/2046

12,445

13,341

Pool#

AS7770

4.50%,

8/1/2046

14,645

15,862

Pool#

AL8947

3.50%,

9/1/2046

24,410

26,740

Pool#

AS8185

3.00%,

10/1/2046

706,941

750,040

Pool#

AL9263

3.00%,

10/1/2046

82,358

88,927

Pool#

BM3932

3.50%,

10/1/2046

149,876

159,478

Pool#

AL9234

3.50%,

10/1/2046

43,467

48,356

Pool#

FM1871

4.00%,

10/1/2046

103,762

113,601

Pool#

BC4766

4.50%,

10/1/2046

22,843

24,728

Pool#

AS8154

4.50%,

10/1/2046

16,129

17,470

Pool#

FM1368

3.00%,

11/1/2046

1,267,832

1,342,612

Pool#

BC9003

3.00%,

11/1/2046

115,289

122,515

Pool#

MA2806

3.00%,

11/1/2046

90,288

95,784

Pool#

AS8369

3.50%,

11/1/2046

433,918

469,529

Pool#

BE5067

3.50%,

11/1/2046

341,571

366,352

Pool#

BE5038

4.00%,

11/1/2046

20,814

23,637

Pool#

MA2833

3.00%,

12/1/2046

2,206,079

2,343,858

Pool#

AS8483

3.00%,

12/1/2046

586,956

623,582

Pool#

BC9067

3.00%,

12/1/2046

117,492

124,876

Pool#

AS8488

3.00%,

12/1/2046

112,327

122,141

Pool#

AS8509

3.00%,

12/1/2046

23,217

25,486

Pool#

BM1121

3.50%,

12/1/2046

397,641

436,869

Pool#

AS8572

3.50%,

12/1/2046

321,000

341,425

Pool#

AS8417

3.50%,

12/1/2046

148,672

157,982

Pool#

AS8492

3.50%,

12/1/2046

92,484

102,886

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

31

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8650

3.00%,

1/1/2047

765,664

813,227

Pool#

AL9697

3.00%,

1/1/2047

296,218

322,097

Pool#

AS8647

3.00%,

1/1/2047

214,615

231,731

Pool#

BE5775

3.00%,

1/1/2047

171,196

181,904

Pool#

AS8692

3.50%,

1/1/2047

193,095

204,749

Pool#

BM3204

3.50%,

1/1/2047

164,453

182,867

Pool#

AL9774

3.50%,

1/1/2047

57,988

64,867

Pool#

BD2440

3.50%,

1/1/2047

53,395

56,755

Pool#

BE7115

4.50%,

1/1/2047

6,818

7,425

Pool#

MA2895

3.00%,

2/1/2047

2,941,689

3,123,961

Pool#

BM3688

3.50%,

2/1/2047

324,731

347,068

Pool#

BD5046

3.50%,

2/1/2047

59,440

63,151

Pool#

AL9859

3.00%,

3/1/2047

488,044

518,308

Pool#

AL9848

3.00%,

3/1/2047

291,568

309,725

Pool#

AS8966

4.00%,

3/1/2047

41,245

44,022

Pool#

AS8979

4.50%,

3/1/2047

36,078

39,902

Pool#

BM3707

2.50%,

4/1/2047

81,239

86,653

Pool#

AS9463

3.50%,

4/1/2047

300,461

330,105

Pool#

AS9451

3.50%,

4/1/2047

220,908

233,487

Pool#

BD7122

4.00%,

4/1/2047

399,367

426,373

Pool#

AS9467

4.00%,

4/1/2047

15,029

16,416

Pool#

AS9470

4.50%,

4/1/2047

120,740

132,964

Pool#

BH0304

4.50%,

4/1/2047

12,742

13,754

Pool#

AS9562

3.00%,

5/1/2047

55,144

58,539

Pool#

BM3237

3.50%,

5/1/2047

199,689

219,387

Pool#

AS9577

3.50%,

5/1/2047

179,467

196,339

Pool#

AS9586

4.00%,

5/1/2047

862,916

955,775

Pool#

BM1268

4.00%,

5/1/2047

258,930

284,285

Pool#

BE3670

3.50%,

6/1/2047

324,697

343,500

Pool#

AS9794

3.50%,

6/1/2047

162,201

179,186

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3549

4.00%,

6/1/2047

200,951

217,418

Pool#

BE3702

4.00%,

6/1/2047

118,611

126,793

Pool#

BM1295

4.50%,

6/1/2047

117,367

129,022

Pool#

BE9624

4.50%,

6/1/2047

68,371

74,081

Pool#

BM3801

3.00%,

7/1/2047

259,868

276,006

Pool#

BM1551

3.50%,

7/1/2047

224,323

246,455

Pool#

AS9909

3.50%,

7/1/2047

119,946

131,780

Pool#

AS9973

4.00%,

7/1/2047

13,741

14,606

Pool#

890673

3.00%,

8/1/2047

208,847

221,960

Pool#

MA3087

3.50%,

8/1/2047

369,344

390,756

Pool#

BM1658

3.50%,

8/1/2047

211,423

230,144

Pool#

CA0240

3.50%,

8/1/2047

160,833

170,191

Pool#

BH7375

3.50%,

8/1/2047

101,188

107,039

Pool#

CA0123

4.00%,

8/1/2047

269,354

298,340

Pool#

BH2597

4.00%,

8/1/2047

151,152

161,175

Pool#

CA0133

4.00%,

8/1/2047

63,145

67,292

Pool#

CA0407

3.50%,

9/1/2047

286,928

303,750

Pool#

CA0265

4.00%,

9/1/2047

425,086

453,092

Pool#

BH4004

4.00%,

9/1/2047

165,578

176,474

Pool#

CA0392

4.00%,

9/1/2047

74,429

79,203

Pool#

BM3556

4.00%,

9/1/2047

38,596

43,781

Pool#

CA0487

3.50%,

10/1/2047

540,129

569,568

Pool#

BM1959

3.50%,

10/1/2047

234,358

260,602

Pool#

CA0493

4.00%,

10/1/2047

345,786

368,255

Pool#

CA0549

4.00%,

10/1/2047

97,054

103,137

Pool#

CA0496

4.50%,

10/1/2047

139,014

155,691

Pool#

CA0623

4.50%,

10/1/2047

28,474

30,691

Pool#

CA0693

3.50%,

11/1/2047

459,141

486,046

Pool#

BM3358

3.50%,

11/1/2047

61,391

68,246

Pool#

CA0696

4.00%,

11/1/2047

324,446

344,739

32

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0808

4.00%,

11/1/2047

105,724

112,962

Pool#

BM3191

4.00%,

11/1/2047

38,779

41,450

Pool#

BM3379

3.00%,

12/1/2047

358,079

387,151

Pool#

BJ1699

4.00%,

12/1/2047

148,133

167,124

Pool#

MA3238

3.50%,

1/1/2048

357,754

378,115

Pool#

CA1015

4.00%,

1/1/2048

206,912

220,804

Pool#

CA1025

4.50%,

1/1/2048

637,235

686,502

Pool#

CA1242

3.50%,

2/1/2048

102,017

114,088

Pool#

MA3277

4.00%,

2/1/2048

269,083

286,305

Pool#

CA4341

3.00%,

3/1/2048

155,285

164,438

Pool#

BK1972

4.50%,

3/1/2048

35,212

39,627

Pool#

MA3332

3.50%,

4/1/2048

296,589

313,490

Pool#

CA1510

3.50%,

4/1/2048

114,152

120,747

Pool#

CA1531

3.50%,

4/1/2048

42,277

47,279

Pool#

CA1551

4.00%,

4/1/2048

1,612,748

1,715,255

Pool#

CA1560

4.50%,

4/1/2048

77,419

83,878

Pool#

BJ2681

5.00%,

4/1/2048

23,079

25,230

Pool#

BM4024

3.50%,

5/1/2048

21,609

24,165

Pool#

MA3358

4.50%,

5/1/2048

325,403

351,864

Pool#

CA1898

4.50%,

6/1/2048

125,489

138,588

Pool#

CA1951

4.00%,

7/1/2048

97,674

103,810

Pool#

CA1988

4.50%,

7/1/2048

93,442

100,358

Pool#

BK6577

4.50%,

7/1/2048

16,857

18,119

Pool#

CA2065

5.00%,

7/1/2048

63,355

70,335

Pool#

BK4766

4.50%,

8/1/2048

310,846

343,622

Pool#

CA2216

5.00%,

8/1/2048

73,836

81,650

Pool#

CA2376

4.00%,

9/1/2048

186,556

198,142

Pool#

MA3495

4.00%,

10/1/2048

296,192

314,115

Pool#

BM4664

4.50%,

10/1/2048

87,809

96,654

Pool#

FM1001

3.50%,

11/1/2048

42,529

44,996

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3521

4.00%,

11/1/2048

224,696

238,300

Pool#

MA3536

4.00%,

12/1/2048

225,857

239,492

Pool#

BN0340

4.50%,

12/1/2048

308,526

331,150

Pool#

CA2779

4.50%,

12/1/2048

100,240

109,549

Pool#

BN3944

4.00%,

1/1/2049

63,648

68,251

Pool#

BN6135

4.00%,

2/1/2049

131,145

139,286

Pool#

FM2337

4.50%,

2/1/2049

717,235

769,954

Pool#

CA3387

4.00%,

4/1/2049

181,024

199,203

Pool#

CA3382

5.00%,

4/1/2049

38,883

43,494

Pool#

CA3489

4.00%,

5/1/2049

108,267

119,140

Pool#

MA3665

4.50%,

5/1/2049

249,578

268,045

Pool#

FM1051

4.50%,

5/1/2049

141,418

151,975

Pool#

CA3669

4.00%,

6/1/2049

215,365

236,396

Pool#

CA3639

4.00%,

6/1/2049

80,744

87,097

Pool#

CA3825

4.00%,

7/1/2049

59,218

66,110

Pool#

CA3844

4.50%,

7/1/2049

258,588

277,965

Pool#

CA4030

4.00%,

8/1/2049

507,635

539,178

Pool#

CA4035

4.50%,

8/1/2049

177,051

190,332

Pool#

BO2258

3.00%,

10/1/2049

869,706

920,968

Pool#

BO5494

3.00%,

11/1/2049

159,239

170,683

Pool#

MA3835

3.50%,

11/1/2049

429,777

452,726

Pool#

MA3836

4.00%,

11/1/2049

330,483

350,783

Pool#

BO6220

3.00%,

12/1/2049

1,198,409

1,269,045

Pool#

BO6225

3.00%,

12/1/2049

961,838

1,018,531

Pool#

BO5380

3.00%,

12/1/2049

192,436

206,265

Pool#

MA3873

4.00%,

12/1/2049

226,413

240,320

Pool#

MA3902

2.50%,

1/1/2050

309,980

325,563

Pool#

FM2432

3.00%,

2/1/2050

1,064,360

1,127,096

Pool#

CA5152

3.00%,

2/1/2050

251,590

269,759

Pool#

MA3939

3.50%,

2/1/2050

1,275,996

1,344,108

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM0077

3.00%,

3/1/2050

101,106

107,783

Pool#

CA5575

4.00%,

4/1/2050

1,336,709

1,436,569

Pool#

CA6598

2.50%,

8/1/2050

463,000

486,597

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

8/25/2035

800,000

832,125

2.50%,

8/25/2035

6,040,000

6,339,168

3.00%,

8/25/2035

700,598

735,245

3.50%,

8/25/2035

674,000

707,305

4.00%,

8/25/2035

625,000

662,073

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

8/25/2050

3,600,000

3,729,656

2.50%,

8/25/2050

13,307,000

13,979,108

3.00%,

8/25/2050

1,503,000

1,590,271

3.50%,

8/25/2050

8,542,000

9,007,139

4.00%,

8/25/2050

4,336,504

4,606,519

4.50%,

8/25/2050

800,000

860,063

5.00%,

8/25/2050

575,000

629,046

5.50%,

8/25/2050

23,000

25,386

2.50%,

9/25/2050

2,000,000

2,097,813

3.00%,

9/25/2050

7,531,000

7,949,636

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

332

353

Pool#

457801

7.00%,

8/15/2028

1,463

1,609

Pool#

486936

6.50%,

2/15/2029

719

829

Pool#

502969

6.00%,

3/15/2029

2,133

2,374

Pool#

487053

7.00%,

3/15/2029

685

753

Pool#

781014

6.00%,

4/15/2029

1,647

1,929

Pool#

509099

7.00%,

6/15/2029

2,092

2,155

Pool#

470643

7.00%,

7/15/2029

5,500

5,664

Pool#

434505

7.50%,

8/15/2029

36

36

Pool#

416538

7.00%,

10/15/2029

59

59

Pool#

524269

8.00%,

11/15/2029

2,466

2,475

Pool#

781124

7.00%,

12/15/2029

5,140

6,062

Pool#

507396

7.50%,

9/15/2030

26,921

28,189

Pool#

531352

7.50%,

9/15/2030

1,695

1,755

Pool#

536334

7.50%,

10/15/2030

119

123

Pool#

540659

7.00%,

1/15/2031

551

559

Pool#

486019

7.50%,

1/15/2031

613

641

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

535388

7.50%,

1/15/2031

378

385

Pool#

537406

7.50%,

2/15/2031

215

216

Pool#

528589

6.50%,

3/15/2031

13,376

14,737

Pool#

508473

7.50%,

4/15/2031

2,611

2,827

Pool#

544470

8.00%,

4/15/2031

1,567

1,574

Pool#

781287

7.00%,

5/15/2031

2,420

2,886

Pool#

781319

7.00%,

7/15/2031

724

879

Pool#

485879

7.00%,

8/15/2031

4,930

5,635

Pool#

572554

6.50%,

9/15/2031

29,508

33,431

Pool#

781328

7.00%,

9/15/2031

2,406

2,913

Pool#

550991

6.50%,

10/15/2031

368

411

Pool#

571267

7.00%,

10/15/2031

709

820

Pool#

555171

6.50%,

12/15/2031

867

955

Pool#

781380

7.50%,

12/15/2031

740

896

Pool#

781481

7.50%,

1/15/2032

3,276

4,017

Pool#

580972

6.50%,

2/15/2032

125

142

Pool#

781401

7.50%,

2/15/2032

2,183

2,649

Pool#

781916

6.50%,

3/15/2032

34,205

39,774

Pool#

552474

7.00%,

3/15/2032

3,234

3,787

Pool#

781478

7.50%,

3/15/2032

1,358

1,664

Pool#

781429

8.00%,

3/15/2032

2,383

2,933

Pool#

781431

7.00%,

4/15/2032

9,035

10,955

Pool#

552616

7.00%,

6/15/2032

26,534

30,844

Pool#

570022

7.00%,

7/15/2032

9,914

11,777

Pool#

595077

6.00%,

10/15/2032

4,724

5,501

Pool#

552903

6.50%,

11/15/2032

66,114

75,653

Pool#

552952

6.00%,

12/15/2032

3,630

4,117

Pool#

602102

6.00%,

2/15/2033

10,288

11,440

Pool#

588192

6.00%,

2/15/2033

2,848

3,186

Pool#

553144

5.50%,

4/15/2033

14,210

16,616

34

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

604243

6.00%,

4/15/2033

6,765

8,052

Pool#

611526

6.00%,

5/15/2033

5,775

6,412

Pool#

553320

6.00%,

6/15/2033

15,845

18,867

Pool#

573916

6.00%,

11/15/2033

23,330

25,928

Pool#

604788

6.50%,

11/15/2033

45,757

52,823

Pool#

781688

6.00%,

12/15/2033

22,595

26,868

Pool#

604875

6.00%,

12/15/2033

18,832

22,402

Pool#

781690

6.00%,

12/15/2033

9,013

10,724

Pool#

781699

7.00%,

12/15/2033

3,269

3,828

Pool#

621856

6.00%,

1/15/2034

6,369

7,074

Pool#

564799

6.00%,

3/15/2034

22,742

25,791

Pool#

630038

6.50%,

8/15/2034

44,453

51,304

Pool#

781804

6.00%,

9/15/2034

25,912

30,837

Pool#

781847

6.00%,

12/15/2034

18,950

22,536

Pool#

486921

5.50%,

2/15/2035

8,056

9,420

Pool#

781902

6.00%,

2/15/2035

21,978

26,138

Pool#

649513

5.50%,

10/15/2035

181,785

205,668

Pool#

649510

5.50%,

10/15/2035

99,657

116,123

Pool#

652207

5.50%,

3/15/2036

30,132

33,210

Pool#

655519

5.00%,

5/15/2036

14,044

15,437

Pool#

652539

5.00%,

5/15/2036

8,455

9,476

Pool#

606308

5.50%,

5/15/2036

11,236

12,560

Pool#

606314

5.50%,

5/15/2036

4,969

5,472

Pool#

656666

6.00%,

6/15/2036

11,515

12,832

Pool#

657912

6.50%,

8/15/2036

3,231

3,560

Pool#

704630

5.50%,

7/15/2039

32,158

37,124

Pool#

757039

4.00%,

12/15/2040

206,949

232,123

Pool#

757038

4.00%,

12/15/2040

178,719

200,708

Pool#

755656

4.00%,

12/15/2040

67,243

75,320

Pool#

757044

4.00%,

12/15/2040

66,875

73,942

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

742235

4.00%,

12/15/2040

61,048

66,247

Pool#

755655

4.00%,

12/15/2040

47,435

53,188

Pool#

757043

4.00%,

12/15/2040

32,551

36,565

Pool#

756631

4.00%,

12/15/2040

20,528

23,076

Pool#

742244

4.00%,

1/15/2041

154,438

173,111

Pool#

755959

4.00%,

1/15/2041

145,476

163,533

Pool#

753826

4.00%,

1/15/2041

69,129

77,493

Pool#

690662

4.00%,

1/15/2041

53,921

59,468

Pool#

719486

4.00%,

1/15/2041

18,383

19,564

Pool#

757555

4.00%,

2/15/2041

31,271

34,466

Pool#

757557

4.00%,

2/15/2041

31,060

33,391

Pool#

AD6012

3.50%,

4/15/2043

329,787

357,181

Pool#

AD7471

3.50%,

4/15/2043

260,265

280,141

Pool#

AA6307

3.50%,

4/15/2043

178,421

193,266

Pool#

AD9472

3.50%,

4/15/2043

138,110

150,123

Pool#

AD7472

3.50%,

4/15/2043

125,483

136,140

Pool#

AB3946

3.50%,

4/15/2043

92,840

100,517

Pool#

AA6403

3.00%,

5/15/2043

596,592

641,037

Pool#

783781

3.50%,

6/15/2043

96,097

102,528

Pool#

784015

3.00%,

7/15/2043

33,801

35,828

Pool#

784714

3.00%,

1/15/2044

134,133

142,208

Pool#

784459

3.00%,

12/15/2046

79,652

84,043

Pool#

784355

4.00%,

12/15/2046

62,602

67,485

Pool#

784500

3.00%,

2/15/2047

132,852

140,221

Pool#

784713

3.00%,

2/15/2047

27,878

29,422

Pool#

784458

3.50%,

12/15/2047

262,958

292,023

Pool#

784747

4.00%,

5/15/2048

138,330

146,648

Pool#

785073

4.00%,

9/15/2049

95,000

101,126

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

132,586

153,213

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

4559

5.00%,

10/20/2039

192,556

218,565

Pool#

4715

5.00%,

6/20/2040

193,316

219,858

Pool#

4747

5.00%,

7/20/2040

105,728

120,237

Pool#

4771

4.50%,

8/20/2040

317,044

349,226

Pool#

4834

4.50%,

10/20/2040

869,147

957,491

Pool#

737727

4.00%,

12/20/2040

654,820

733,933

Pool#

737730

4.00%,

12/20/2040

201,636

221,637

Pool#

4923

4.50%,

1/20/2041

125,982

141,267

Pool#

4978

4.50%,

3/20/2041

18,624

20,516

Pool#

5017

4.50%,

4/20/2041

199,220

219,460

Pool#

5082

4.50%,

6/20/2041

338,139

372,190

Pool#

5175

4.50%,

9/20/2041

251,940

277,326

Pool#

675523

3.50%,

3/20/2042

267,467

290,457

Pool#

MA0392

3.50%,

9/20/2042

1,391,787

1,508,533

Pool#

MA0462

3.50%,

10/20/2042

498,999

540,857

Pool#

MA0534

3.50%,

11/20/2042

1,283,713

1,391,396

Pool#

MA0625

3.50%,

12/20/2042

367,393

398,212

Pool#

MA0698

3.00%,

1/20/2043

316,672

338,026

Pool#

MA0852

3.50%,

3/20/2043

575,598

623,884

Pool#

MA0934

3.50%,

4/20/2043

677,936

734,808

Pool#

AF1001

3.50%,

6/20/2043

203,641

222,905

Pool#

MA1376

4.00%,

10/20/2043

543,064

595,767

Pool#

AJ9335

3.50%,

10/20/2044

18,465

19,684

Pool#

MA2754

3.50%,

4/20/2045

241,164

257,313

Pool#

MA2824

2.50%,

5/20/2045

303,102

323,478

Pool#

MA2825

3.00%,

5/20/2045

509,262

542,202

Pool#

MA2891

3.00%,

6/20/2045

1,344,986

1,429,717

Pool#

MA2960

3.00%,

7/20/2045

425,404

452,120

Pool#

784156

4.00%,

8/20/2045

134,697

143,782

Pool#

AO1103

3.50%,

9/20/2045

425,380

454,879

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

AO1099

3.50%,

9/20/2045

15,845

17,208

Pool#

MA3106

4.00%,

9/20/2045

73,471

79,462

Pool#

MA3172

3.00%,

10/20/2045

150,291

159,642

Pool#

MA3173

3.50%,

10/20/2045

9,412

10,066

Pool#

MA3174

4.00%,

10/20/2045

13,722

14,867

Pool#

MA3243

3.00%,

11/20/2045

132,603

141,002

Pool#

MA3244

3.50%,

11/20/2045

174,806

186,532

Pool#

MA3309

3.00%,

12/20/2045

260,424

276,418

Pool#

MA3310

3.50%,

12/20/2045

71,563

76,370

Pool#

MA3377

4.00%,

1/20/2046

38,084

41,135

Pool#

784119

3.00%,

2/20/2046

524,036

556,452

Pool#

MA3521

3.50%,

3/20/2046

413,668

441,472

Pool#

MA3522

4.00%,

3/20/2046

389,570

421,003

Pool#

MA3596

3.00%,

4/20/2046

237,340

252,012

Pool#

MA3597

3.50%,

4/20/2046

74,501

79,628

Pool#

MA3662

3.00%,

5/20/2046

435,071

461,679

Pool#

MA3735

3.00%,

6/20/2046

497,955

527,873

Pool#

MA3736

3.50%,

6/20/2046

1,425,502

1,526,511

Pool#

MA3802

3.00%,

7/20/2046

882,828

937,666

Pool#

MA3804

4.00%,

7/20/2046

35,462

38,282

Pool#

MA3873

3.00%,

8/20/2046

871,781

927,368

Pool#

MA3876

4.50%,

8/20/2046

14,039

15,473

Pool#

MA3936

3.00%,

9/20/2046

776,006

822,574

Pool#

MA3939

4.50%,

9/20/2046

7,746

8,508

Pool#

MA4068

3.00%,

11/20/2046

230,292

244,154

Pool#

MA4125

2.50%,

12/20/2046

125,000

133,077

Pool#

MA4126

3.00%,

12/20/2046

1,648,255

1,748,395

Pool#

MA4127

3.50%,

12/20/2046

362,011

384,307

Pool#

MA4194

2.50%,

1/20/2047

329,248

350,161

Pool#

MA4196

3.50%,

1/20/2047

48,492

51,420

36

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4261

3.00%,

2/20/2047

390,387

413,400

Pool#

MA4262

3.50%,

2/20/2047

2,500,499

2,662,191

Pool#

MA4264

4.50%,

2/20/2047

16,549

18,148

Pool#

MA4321

3.50%,

3/20/2047

684,546

730,791

Pool#

MA4382

3.50%,

4/20/2047

366,460

389,954

Pool#

AZ1974

3.50%,

4/20/2047

181,003

196,574

Pool#

MA4384

4.50%,

4/20/2047

16,685

18,217

Pool#

MA4509

3.00%,

6/20/2047

184,391

195,482

Pool#

MA4511

4.00%,

6/20/2047

668,163

719,147

Pool#

MA4512

4.50%,

6/20/2047

47,789

52,174

Pool#

MA4585

3.00%,

7/20/2047

29,342

31,066

Pool#

MA4587

4.00%,

7/20/2047

736,489

793,625

Pool#

BC1888

3.50%,

8/20/2047

258,763

277,382

Pool#

784471

3.50%,

8/20/2047

216,475

231,055

Pool#

MA4652

3.50%,

8/20/2047

201,517

214,141

Pool#

MA4653

4.00%,

8/20/2047

26,815

28,895

Pool#

784408

3.50%,

10/20/2047

137,702

146,962

Pool#

MA4836

3.00%,

11/20/2047

306,051

324,034

Pool#

MA4837

3.50%,

11/20/2047

592,572

628,630

Pool#

MA4838

4.00%,

11/20/2047

1,431,487

1,540,239

Pool#

MA4899

3.00%,

12/20/2047

650,659

688,890

Pool#

MA4900

3.50%,

12/20/2047

451,356

480,479

Pool#

784421

3.50%,

12/20/2047

265,757

283,625

Pool#

MA4961

3.00%,

1/20/2048

613,548

649,598

Pool#

MA4962

3.50%,

1/20/2048

435,937

462,835

Pool#

MA5018

3.00%,

2/20/2048

142,192

150,546

Pool#

MA5078

4.00%,

3/20/2048

651,962

698,271

Pool#

784480

3.50%,

4/20/2048

97,089

103,614

Pool#

784479

3.50%,

4/20/2048

62,106

66,280

Pool#

784481

3.50%,

4/20/2048

20,728

22,069

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5137

4.00%,

4/20/2048

318,086

339,068

Pool#

BD4034

4.00%,

4/20/2048

49,087

52,621

Pool#

MA5139

5.00%,

4/20/2048

70,349

76,674

Pool#

MA5192

4.00%,

5/20/2048

1,497,756

1,603,019

Pool#

MA5194

5.00%,

5/20/2048

33,670

36,625

Pool#

MA5265

4.50%,

6/20/2048

482,756

520,312

Pool#

MA5331

4.50%,

7/20/2048

174,753

188,898

Pool#

MA5398

4.00%,

8/20/2048

566,648

605,332

Pool#

MA5399

4.50%,

8/20/2048

386,855

415,805

Pool#

MA5466

4.00%,

9/20/2048

347,210

371,282

Pool#

BJ2692

4.00%,

11/20/2048

30,858

32,760

Pool#

MA5597

5.00%,

11/20/2048

40,696

44,254

Pool#

MA5652

4.50%,

12/20/2048

444,815

477,498

Pool#

784656

4.50%,

12/20/2048

179,767

192,225

Pool#

BK2856

4.50%,

12/20/2048

21,899

23,534

Pool#

MA5653

5.00%,

12/20/2048

66,951

72,606

Pool#

MA5712

5.00%,

1/20/2049

311,636

337,577

Pool#

MA5818

4.50%,

3/20/2049

112,739

120,653

Pool#

MA5878

5.00%,

4/20/2049

40,076

43,435

Pool#

MA5933

5.00%,

5/20/2049

30,383

32,936

Pool#

MA5987

4.50%,

6/20/2049

679,066

725,228

Pool#

MA6041

4.50%,

7/20/2049

303,829

325,320

Pool#

MA6092

4.50%,

8/20/2049

102,468

109,349

Pool#

MA6339

3.50%,

12/20/2049

477,545

502,138

Pool#

MA6409

3.00%,

1/20/2050

1,096,921

1,161,373

Pool#

MA6410

3.50%,

1/20/2050

791,063

831,996

Pool#

MA6474

3.00%,

2/20/2050

1,103,015

1,168,181

Pool#

MA6476

4.00%,

2/20/2050

180,383

191,680

Pool#

MA6657

3.50%,

5/20/2050

769,606

812,261

GNMA

TBA

2.50%,

8/15/2050

785,000

829,095

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

37

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

TBA

3.00%,

8/15/2050

5,591,000

5,912,143

3.50%,

8/15/2050

1,339,750

1,409,407

4.00%,

8/15/2050

227,500

241,479

4.50%,

8/15/2050

327,000

349,200

5.00%,

8/15/2050

181,000

196,281

Total

Mortgage-Backed

Securities

(cost

$244,429,455)

253,400,498

Municipal

Bonds

0.7%

California

0.3

%

Bay

Area

Toll

Authority,

RB

Series

F-2,

6.26%,

4/1/2049

150,000

268,740

Series

S-3,

6.91%,

10/1/2050

100,000

188,892

California

State,

GO,

7.60%,

11/1/2040

100,000

187,720

East

Bay

Municipal

Utility

District,

RB,

Series

B,

5.87%,

6/1/2040

100,000

154,488

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

100,000

181,867

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

100,000

150,802

Los

Angeles,

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

210,000

372,718

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

125,000

203,115

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

200,000

257,168

State

of

California,

GO

7.55%,

4/1/2039

125,000

226,959

7.63%,

3/1/2040

220,000

396,024

University

of

California,

RB

Series

AX,

3.06%,

7/1/2025

50,000

55,243

Series

R,

5.77%,

5/15/2043

50,000

73,078

Series

AD,

4.86%,

5/15/2112

200,000

307,416

3,024,230

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

D,

5.09%,

10/1/2030

200,000

241,490

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

147,000

225,589

Municipal

Bonds

Principal

Amount

($)

Value

($)

Illinois

0.1

%

Chicago

O'Hare

International

Airport,

RB,

Series

C,

4.57%,

1/1/2054

35,000

48,670

State

of

Illinois,

GO,

5.10%,

6/1/2033

435,000

456,089

504,759

Massachusetts

0.0

%

†

Commonwealth

of

Massachusetts,

RB,

Series

A,

5.73%,

6/1/2040

150,000

218,776

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

150,000

186,704

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

165,000

291,053

Rutgers-State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

351,955

829,712

New

York

0.1

%

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

140,000

229,519

New

York

City

Municipal

Water

Finance

Authority,

Water

and

Sewer

System

Revenue

Taxable,

Second

General

Resolution,

RB,

Series

CC,

5.88%,

6/15/2044

100,000

169,025

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured,

RB,

Series

B,

5.57%,

11/1/2038

100,000

141,279

New

York

State

Dormitory

Authority,

RB,

Series

F,

3.11%,

2/15/2039

100,000

113,597

New

York

State

Thruway

Authority,

RB,

2.90%,

1/1/2035

50,000

54,533

Port

Authority

of

New

York

&

New

Jersey,

RB

6.04%,

12/1/2029

300,000

409,632

4.46%,

10/1/2062

100,000

138,674

1,256,259

Ohio

0.0

%

†

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

100,000

146,395

38

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

Oregon

0.0

%

†

Oregon

School

Boards

Association,

Limited

Tax

Pension,

GO,

AGM

Insured,

5.53%,

6/30/2028

200,000

239,870

Texas

0.1

%

Dallas

Independent

School

District,

Texas

School

Building,

GO,

PSF-GTD,

Series

C,

6.45%,

2/15/2035

150,000

154,438

Dallas/Fort

Worth

International

Airport,

RB,

Series

A,

2.99%,

11/1/2038

50,000

51,941

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

25,000

26,566

Texas

State

Taxable

Build

America

Bond,

GO,

Series

A,

5.52%,

4/1/2039

50,000

75,200

Texas

Transportation

Commission,

RB,

Series

B,

5.18%,

4/1/2030

100,000

129,445

437,590

Wisconsin

0.0

%

†

State

of

Wisconsin

Bond,

RB,

Series

C,

3.15%,

5/1/2027

20,000

22,324

Total

Municipal

Bonds

(cost

$5,376,710)

7,146,994

Supranational

1.3%

African

Development

Bank,

1.63%,

9/16/2022

500,000

514,448

Asian

Development

Bank

1.75%,

9/13/2022

500,000

515,914

1.50%,

10/18/2024

500,000

525,184

0.63%,

4/29/2025

500,000

506,181

2.50%,

11/2/2027

500,000

566,902

2.75%,

1/19/2028

200,000

230,846

European

Bank

for

Reconstruction

&

Development,

2.75%,

3/7/2023

250,000

265,862

European

Investment

Bank

2.13%,

10/15/2021

250,000

255,745

2.25%,

3/15/2022

750,000

774,535

1.38%,

5/15/2023

500,000

516,334

2.63%,

3/15/2024

500,000

542,281

2.50%,

10/15/2024

500,000

545,588

Inter-American

Development

Bank

1.75%,

9/14/2022

250,000

258,083

0.50%,

5/24/2023

500,000

503,797

2.63%,

1/16/2024

500,000

540,085

2.00%,

6/2/2026

200,000

217,309

2.00%,

7/23/2026

500,000

542,554

4.38%,

1/24/2044

200,000

320,021

Supranational

Principal

Amount

($)

Value

($)

International

Bank

for

Reconstruction

&

Development

1.38%,

9/20/2021

500,000

506,372

2.13%,

7/1/2022

250,000

259,150

7.63%,

1/19/2023

677,000

798,818

1.88%,

6/19/2023

250,000

261,725

3.00%,

9/27/2023

250,000

271,777

2.50%,

3/19/2024

500,000

539,766

2.50%,

7/29/2025

250,000

276,465

1.75%,

10/23/2029

500,000

546,174

International

Finance

Corp.,

1.38%,

10/16/2024

250,000

260,589

Nordic

Investment

Bank,

2.25%,

5/21/2024

200,000

214,677

Total

Supranational

(cost

$11,437,769)

12,077,182

U.S.

Government

Agency

Securities

1.4%

FFCB,

2.85%,

9/20/2021

745,000

767,885

FHLB

3.63%,

6/11/2021

200,000

205,972

3.13%,

6/13/2025

1,075,000

1,210,154

5.50%,

7/15/2036

300,000

477,309

FHLMC

0.13%,

7/25/2022

185,000

184,818

0.25%,

6/26/2023

2,700,000

2,700,429

0.38%,

7/21/2025

65,000

64,922

6.75%,

9/15/2029

388,000

589,135

6.75%,

3/15/2031

400,000

632,810

6.25%,

7/15/2032

365,000

578,191

FNMA

2.63%,

1/11/2022

355,000

367,513

2.63%,

9/6/2024

500,000

548,016

0.50%,

6/17/2025

2,000,000

2,008,269

6.25%,

5/15/2029

500,000

727,484

FNMA

Discount

notes,

7.25%,

5/15/2030(g)

1,000,000

1,589,823

Tennessee

Valley

Authority,

4.88%,

1/15/2048

300,000

460,713

Total

U.S.

Government

Agency

Securities

(cost

$11,949,482)

13,113,443

U.S.

Treasury

Obligations

36.8%

U.S.

Treasury

Bonds

8.13%,

8/15/2021

1,800,000

1,948,921

7.13%,

2/15/2023

1,000,000

1,178,047

6.25%,

8/15/2023

869,000

1,030,037

6.00%,

2/15/2026

1,444,500

1,899,743

5.50%,

8/15/2028

5,300,000

7,422,070

5.25%,

11/15/2028

1,000,000

1,391,055

4.50%,

5/15/2038

500,000

806,699

4.50%,

8/15/2039

185,000

302,099

4.38%,

11/15/2039

830,000

1,339,218

3.88%,

8/15/2040

900,000

1,379,848

4.25%,

11/15/2040

1,500,000

2,411,426

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

39

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

3.75%,

8/15/2041

2,250,000

3,425,273

3.13%,

11/15/2041

2,100,000

2,944,840

3.13%,

2/15/2042

2,650,000

3,726,977

2.75%,

11/15/2042

800,000

1,064,688

3.13%,

2/15/2043

1,750,000

2,463,740

2.88%,

5/15/2043

900,000

1,222,453

3.63%,

8/15/2043

2,000,000

3,031,016

3.75%,

11/15/2043

1,850,000

2,856,732

3.63%,

2/15/2044

800,000

1,216,406

3.38%,

5/15/2044

1,700,000

2,499,266

3.13%,

8/15/2044

2,400,000

3,405,656

3.00%,

11/15/2044

5,250,000

7,319,443

3.00%,

5/15/2045

2,000,000

2,797,188

2.88%,

8/15/2045

2,000,000

2,746,328

2.50%,

2/15/2046

550,000

711,262

2.50%,

5/15/2046

1,200,000

1,554,609

2.25%,

8/15/2046

1,000,000

1,240,156

2.88%,

11/15/2046

1,775,000

2,461,218

3.00%,

2/15/2047

1,000,000

1,419,531

3.00%,

5/15/2047

1,600,000

2,274,000

2.75%,

8/15/2047

1,000,000

1,364,453

3.00%,

8/15/2048

1,750,000

2,511,797

2.88%,

5/15/2049

1,400,000

1,979,195

2.25%,

8/15/2049

2,500,000

3,149,316

2.38%,

11/15/2049

4,800,000

6,207,750

2.00%,

2/15/2050

4,000,000

4,803,125

1.25%,

5/15/2050

1,200,000

1,214,344

U.S.

Treasury

Notes

1.13%,

6/30/2021

2,000,000

2,018,047

2.25%,

7/31/2021

5,000,000

5,104,688

2.13%,

8/15/2021

1,500,000

1,530,820

1.50%,

9/30/2021

8,000,000

8,126,562

2.88%,

10/15/2021

6,500,000

6,712,266

1.25%,

10/31/2021

4,000,000

4,055,625

1.75%,

11/30/2021

2,000,000

2,043,125

2.00%,

12/31/2021

2,000,000

2,052,578

1.50%,

1/31/2022

2,000,000

2,040,859

1.75%,

2/28/2022

3,000,000

3,076,523

1.75%,

3/31/2022

1,000,000

1,026,719

1.75%,

4/30/2022

2,000,000

2,056,641

1.88%,

4/30/2022

2,000,000

2,060,781

1.75%,

5/15/2022

1,700,000

1,748,875

0.13%,

5/31/2022

5,000,000

4,999,609

1.75%,

5/31/2022

2,000,000

2,058,984

1.75%,

6/30/2022

1,000,000

1,030,938

2.13%,

6/30/2022

500,000

519,063

1.88%,

7/31/2022

4,000,000

4,139,219

2.00%,

7/31/2022

7,000,000

7,261,953

1.63%,

8/15/2022

5,200,000

5,358,641

1.63%,

8/31/2022

1,750,000

1,804,688

1.88%,

8/31/2022

3,500,000

3,627,285

1.75%,

9/30/2022

2,000,000

2,070,078

1.88%,

9/30/2022

500,000

518,945

1.38%,

10/15/2022

3,500,000

3,596,250

1.63%,

11/15/2022

4,000,000

4,137,031

2.00%,

11/30/2022

1,400,000

1,460,977

2.13%,

12/31/2022

2,000,000

2,096,328

2.38%,

1/31/2023

1,750,000

1,848,027

1.50%,

2/28/2023

1,000,000

1,035,430

1.50%,

3/31/2023

2,500,000

2,591,699

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.38%,

6/30/2023

2,700,000

2,797,875

2.50%,

8/15/2023

3,800,000

4,072,680

1.38%,

8/31/2023

3,700,000

3,841,641

2.75%,

8/31/2023

2,000,000

2,160,781

2.13%,

11/30/2023

3,900,000

4,157,004

2.25%,

12/31/2023

4,500,000

4,821,855

2.25%,

1/31/2024

4,800,000

5,151,375

2.50%,

1/31/2024

7,000,000

7,572,031

2.75%,

2/15/2024

4,500,000

4,913,438

2.13%,

3/31/2024

4,500,000

4,823,438

2.00%,

4/30/2024

2,000,000

2,137,578

2.25%,

4/30/2024

2,700,000

2,910,305

2.50%,

5/15/2024

1,700,000

1,849,945

2.00%,

5/31/2024

3,500,000

3,745,547

2.00%,

6/30/2024

2,500,000

2,678,320

2.13%,

7/31/2024

1,500,000

1,616,602

2.38%,

8/15/2024

250,000

272,080

1.88%,

8/31/2024

1,000,000

1,069,219

1.50%,

9/30/2024

2,500,000

2,636,621

2.13%,

9/30/2024

2,500,000

2,701,660

2.25%,

10/31/2024

1,000,000

1,087,266

2.25%,

11/15/2024

2,160,000

2,349,506

2.13%,

11/30/2024

1,200,000

1,299,797

1.38%,

1/31/2025

1,300,000

1,368,504

2.50%,

1/31/2025

1,500,000

1,654,336

2.00%,

2/15/2025

1,500,000

1,621,758

0.50%,

3/31/2025

2,700,000

2,737,125

2.63%,

3/31/2025

3,200,000

3,558,250

0.38%,

4/30/2025

4,500,000

4,535,859

2.13%,

5/15/2025

1,600,000

1,745,250

0.25%,

5/31/2025

2,000,000

2,004,063

2.75%,

6/30/2025

1,750,000

1,966,016

2.88%,

7/31/2025

1,750,000

1,979,961

2.00%,

8/15/2025

2,000,000

2,176,797

3.00%,

10/31/2025

500,000

571,699

2.25%,

11/15/2025

1,500,000

1,656,914

2.63%,

12/31/2025

2,000,000

2,254,375

2.63%,

1/31/2026

2,250,000

2,538,633

1.63%,

2/15/2026

2,900,000

3,114,441

1.63%,

5/15/2026

3,000,000

3,228,047

1.50%,

8/15/2026

3,400,000

3,639,195

1.38%,

8/31/2026

4,500,000

4,784,590

1.63%,

9/30/2026

2,500,000

2,697,070

1.63%,

10/31/2026

4,000,000

4,317,812

2.00%,

11/15/2026

1,000,000

1,103,047

1.50%,

1/31/2027

4,300,000

4,615,108

2.25%,

2/15/2027

3,800,000

4,263,867

1.13%,

2/28/2027

5,000,000

5,247,070

0.63%,

3/31/2027

1,500,000

1,524,844

0.50%,

4/30/2027

2,000,000

2,016,250

2.25%,

11/15/2027

3,870,000

4,382,170

2.75%,

2/15/2028

3,000,000

3,518,203

2.88%,

5/15/2028

3,000,000

3,560,156

2.88%,

8/15/2028

3,000,000

3,573,984

2.63%,

2/15/2029

1,657,000

1,954,613

2.38%,

5/15/2029

2,100,000

2,440,922

1.63%,

8/15/2029

1,000,000

1,099,727

1.75%,

11/15/2029

500,000

556,621

40

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.50%,

2/15/2030

5,000,000

5,456,641

Total

U.S.

Treasury

Obligations

(cost

$323,295,399)

356,659,661

Short-Term

Investment

0.0%

†

Shares

Money

Market

Fund

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.09%(h)(i)

118,593

118,593

Total

Short-Term

Investment

(cost

$118,593)

118,593

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

BNP

Paribas

Securities

Corp.

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$13,325,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$13,674.

(i)

13,325

13,325

Total

Repurchase

Agreement

(cost

$13,325)

13,325

Total

Investments

(cost

$875,731,780)

—

98.7%

956,439,818

Other

assets

in

excess

of

liabilities

—

1.3%

12,465,759

NET

ASSETS

—

100.0%

$

968,905,577

†

Amount

rounds

to

less

than

0.1%.

(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

July

31,

2020.

(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

July

31,

2020

was

$7,031,987

which

represents

0.73%

of

net

assets.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2020.

(d)

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

July

31,

2020.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$128,079,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$118,593

and

$13,325,

respectively,

a

total

value

of

$131,918.

(f)

Investment

in

affiliate.

(g)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(h)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(i)

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

July

31,

2020

was

$131,918.

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

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Nationwide

Bond

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

41

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

42

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bond

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

1,197,854

$

–

$

1,197,854

Commercial

Mortgage-Backed

Securities

–

21,493,812

–

21,493,812

Corporate

Bonds

–

273,358,734

–

273,358,734

Foreign

Government

Securities

–

17,859,722

–

17,859,722

Mortgage-Backed

Securities

–

253,400,498

–

253,400,498

Municipal

Bonds

–

7,146,994

–

7,146,994

Repurchase

Agreement

–

13,325

–

13,325

Short-Term

Investment

118,593

–

–

118,593

Supranational

–

12,077,182

–

12,077,182

U.S.

Government

Agency

Securities

–

13,113,443

–

13,113,443

U.S.

Treasury

Obligations

–

356,659,661

–

356,659,661

Total

$

118,593

$

956,321,225

$

–

$

956,439,818

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

98.9%

Shares

Value

($)

AUSTRALIA

7.7%

Airlines

0.0%

†

Qantas

Airways

Ltd.

67,163

155,801

Banks

1.6%

Australia

&

New

Zealand

Banking

Group

Ltd.

255,016

3,269,004

Commonwealth

Bank

of

Australia

158,329

8,047,159

National

Australia

Bank

Ltd.

286,985

3,617,489

Westpac

Banking

Corp.

322,954

3,939,360

18,873,012

Beverages

0.1%

Coca-Cola

Amatil

Ltd.

47,888

279,718

Treasury

Wine

Estates

Ltd.

64,276

495,646

775,364

Biotechnology

0.6%

CSL

Ltd.

40,471

7,805,364

Capital

Markets

0.4%

ASX

Ltd.

17,503

1,033,083

Macquarie

Group

Ltd.

29,826

2,642,142

Magellan

Financial

Group

Ltd.

11,801

515,045

4,190,270

Chemicals

0.0%

†

Orica

Ltd.

35,732

442,816

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

137,532

1,062,606

Construction

&

Engineering

0.0%

†

CIMIC

Group

Ltd.

8,551

131,138

Diversified

Financial

Services

0.0%

†

AMP

Ltd.*

280,920

293,747

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

371,986

889,915

TPG

Telecom

Ltd.*

32,780

188,294

1,078,209

Electric

Utilities

0.0%

†

AusNet

Services

151,603

193,169

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Dexus

98,757

600,005

Goodman

Group

146,304

1,768,649

GPT

Group

(The)

172,557

477,813

Mirvac

Group

346,187

516,427

Scentre

Group

465,106

676,976

Stockland

216,674

493,304

Vicinity

Centres

275,733

256,797

4,789,971

Food

&

Staples

Retailing

0.4%

Coles

Group

Ltd.

119,438

1,553,454

Woolworths

Group

Ltd.

112,994

3,121,223

4,674,677

Gas

Utilities

0.1%

APA

Group

110,326

866,533

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

5,818

792,673

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

16,226

718,002

Common

Stocks

Shares

Value

($)

AUSTRALIA

Health

Care

Providers

&

Services

Sonic

Healthcare

Ltd.

39,486

905,111

1,623,113

Hotels,

Restaurants

&

Leisure

0.1%

Aristocrat

Leisure

Ltd.

49,529

925,548

Crown

Resorts

Ltd.

35,525

228,877

Tabcorp

Holdings

Ltd.

176,350

448,123

1,602,548

Insurance

0.2%

Insurance

Australia

Group

Ltd.

203,879

740,963

Medibank

Pvt

Ltd.

251,759

507,032

QBE

Insurance

Group

Ltd.

131,661

931,428

Suncorp

Group

Ltd.

115,337

703,924

2,883,347

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.

5,008

387,790

SEEK

Ltd.

27,715

428,765

816,555

IT

Services

0.1%

Afterpay

Ltd.*

19,382

955,024

Computershare

Ltd.

43,467

416,687

1,371,711

Metals

&

Mining

2.3%

BHP

Group

Ltd.

264,710

7,015,909

BHP

Group

plc

189,070

4,123,622

BlueScope

Steel

Ltd.

45,189

360,863

Evolution

Mining

Ltd.

146,937

620,574

Fortescue

Metals

Group

Ltd.

148,404

1,844,683

Glencore

plc*

906,859

2,091,281

Newcrest

Mining

Ltd.∞

70,939

1,796,922

Northern

Star

Resources

Ltd.

67,157

748,872

Rio

Tinto

Ltd.

33,261

2,422,358

Rio

Tinto

plc

99,844

6,085,111

South32

Ltd.

418,169

614,803

27,724,998

Multiline

Retail

0.3%

Wesfarmers

Ltd.

101,609

3,377,161

Multi-Utilities

0.1%

AGL

Energy

Ltd.

58,755

697,379

Oil,

Gas

&

Consumable

Fuels

0.3%

Ampol

Ltd.

22,510

422,331

Oil

Search

Ltd.

179,065

373,063

Origin

Energy

Ltd.

158,642

608,033

Santos

Ltd.

157,328

591,693

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

8,987

125,440

Woodside

Petroleum

Ltd.

85,835

1,225,956

3,346,516

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

59,190

479,521

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

174,363

554,035

Software

0.0%

†

WiseTech

Global

Ltd.

13,170

195,187

Transportation

Infrastructure

0.2%

Sydney

Airport

95,725

361,865

44

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

AUSTRALIA

Transportation

Infrastructure

Transurban

Group

244,440

2,421,614

2,783,479

93,580,900

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

25,076

556,120

Raiffeisen

Bank

International

AG*

12,208

208,694

764,814

Electric

Utilities

0.0%

†

Verbund

AG

6,001

314,163

Machinery

0.0%

†

ANDRITZ

AG

6,555

220,655

Metals

&

Mining

0.0%

†

voestalpine

AG

10,207

226,227

Oil,

Gas

&

Consumable

Fuels

0.1%

OMV

AG*

13,902

440,140

1,965,999

BELGIUM

0.9%

Banks

0.1%

KBC

Group

NV

22,696

1,300,789

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

67,360

3,648,964

Biotechnology

0.1%

Galapagos

NV*

3,686

688,972

Chemicals

0.1%

Solvay

SA

6,573

514,158

Umicore

SA(a)

17,583

826,112

1,340,270

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

SA

6,648

576,268

Groupe

Bruxelles

Lambert

SA

3,442

299,251

Sofina

SA

1,399

391,855

1,267,374

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP

13,940

287,259

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

2,804

304,395

Food

&

Staples

Retailing

0.0%

†

Colruyt

SA

5,305

309,730

Insurance

0.1%

Ageas

SA/NV

16,225

607,375

Media

0.0%

†

Telenet

Group

Holding

NV

4,001

155,911

Pharmaceuticals

0.1%

UCB

SA

11,271

1,444,290

11,355,329

Common

Stocks

Shares

Value

($)

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

33,723

456,242

CHINA

0.6%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

327,100

905,527

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

156,200

564,723

Biotechnology

0.1%

BeiGene

Ltd.,

ADR*

3,420

714,780

Food

Products

0.0%

†

Wilmar

International

Ltd.

174,758

592,097

Internet

&

Direct

Marketing

Retail

0.4%

Prosus

NV*

43,574

4,237,189

Machinery

0.0%

†

Yangzijiang

Shipbuilding

Holdings

Ltd.

251,566

168,644

7,182,960

DENMARK

2.5%

Air

Freight

&

Logistics

0.2%

DSV

PANALPINA

A/S

19,043

2,632,470

Banks

0.1%

Danske

Bank

A/S*

61,617

998,180

Beverages

0.1%

Carlsberg

A/S,

Class

B

9,516

1,403,080

Biotechnology

0.2%

Genmab

A/S*

5,813

1,994,614

Chemicals

0.2%

Chr

Hansen

Holding

A/S

9,827

1,119,224

Novozymes

A/S,

Class

B

19,683

1,180,831

2,300,055

Electric

Utilities

0.2%

Orsted

A/S

Reg.

S(b)

17,008

2,436,207

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

17,697

2,287,636

Health

Care

Equipment

&

Supplies

0.3%

Ambu

A/S,

Class

B(a)

14,815

517,875

Coloplast

A/S,

Class

B

10,515

1,793,419

Demant

A/S*

8,851

275,453

GN

Store

Nord

A/S

11,619

712,721

3,299,468

Insurance

0.0%

†

Tryg

A/S

10,895

322,290

Marine

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

286

341,365

AP

Moller

-

Maersk

A/S,

Class

B

584

752,555

1,093,920

Pharmaceuticals

0.9%

H

Lundbeck

A/S

5,521

201,598

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

DENMARK

Pharmaceuticals

Novo

Nordisk

A/S,

Class

B

157,617

10,399,044

10,600,642

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Pandora

A/S

9,205

587,016

29,955,578

FINLAND

1.2%

Banks

0.2%

Nordea

Bank

Abp

285,340

2,212,792

Communications

Equipment

0.2%

Nokia

OYJ

507,367

2,440,353

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

12,697

754,787

Electric

Utilities

0.1%

Fortum

OYJ

40,146

818,243

Insurance

0.1%

Sampo

OYJ,

Class

A

42,745

1,552,727

Machinery

0.2%

Kone

OYJ,

Class

B

30,711

2,433,470

Wartsila

OYJ

Abp

36,432

305,920

2,739,390

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ

37,469

1,723,570

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R

50,673

639,866

UPM-

Kymmene

OYJ

47,733

1,278,837

1,918,703

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B

9,760

426,349

14,586,914

FRANCE

10.5%

Aerospace

&

Defense

0.6%

Airbus

SE*

52,564

3,878,265

Dassault

Aviation

SA*

203

169,265

Safran

SA*

28,859

3,067,108

Thales

SA

9,708

704,690

7,819,328

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

15,353

1,606,481

Faurecia

SE*

6,859

267,870

Valeo

SA

19,339

499,126

2,373,477

Automobiles

0.1%

Peugeot

SA*

52,937

857,918

Renault

SA*

17,560

419,056

1,276,974

Banks

0.5%

BNP

Paribas

SA*

100,597

4,081,404

Credit

Agricole

SA*

102,767

992,822

Societe

Generale

SA*

72,415

1,112,792

6,187,018

Beverages

0.3%

Pernod

Ricard

SA

19,066

3,292,097

Common

Stocks

Shares

Value

($)

FRANCE

Beverages

Remy

Cointreau

SA

1,924

308,092

3,600,189

Building

Products

0.1%

Cie

de

Saint-Gobain*

46,957

1,735,663

Capital

Markets

0.1%

Amundi

SA

Reg.

S*(b)

5,500

418,171

Natixis

SA*

80,254

196,402

614,573

Chemicals

0.6%

Air

Liquide

SA

42,133

6,955,767

Arkema

SA

5,909

613,936

7,569,703

Construction

&

Engineering

0.4%

Bouygues

SA

20,311

722,444

Eiffage

SA*

7,657

671,139

Vinci

SA

46,158

3,985,556

5,379,139

Diversified

Financial

Services

0.0%

†

Eurazeo

SE*

3,736

195,537

Wendel

SE

2,490

233,284

428,821

Diversified

Telecommunication

Services

0.2%

Iliad

SA(a)

1,325

260,269

Orange

SA

178,738

2,094,010

2,354,279

Electric

Utilities

0.0%

†

Electricite

de

France

SA

57,603

583,160

Electrical

Equipment

0.6%

Legrand

SA

23,526

1,822,430

Schneider

Electric

SE

49,609

5,779,801

7,602,231

Electronic

Equipment,

Instruments

&

Components

0.1%

Ingenico

Group

SA*

5,181

836,085

Entertainment

0.2%

Bollore

SA

81,557

273,221

Ubisoft

Entertainment

SA*

8,008

669,611

Vivendi

SA

74,187

1,965,649

2,908,481

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Covivio

4,179

301,840

Gecina

SA

4,285

552,884

ICADE

2,477

163,940

Klepierre

SA

16,946

293,041

Unibail

-

Rodamco

-Westfield

12,689

666,115

1,977,820

Food

&

Staples

Retailing

0.1%

Carrefour

SA

53,821

858,478

Casino

Guichard

Perrachon

SA*(a)

3,335

92,759

951,237

Food

Products

0.3%

Danone

SA

54,738

3,656,978

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

3,645

591,501

Health

Care

Providers

&

Services

0.1%

Orpea

*

4,691

599,233

46

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

17,288

432,817

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

7,800

284,550

Sodexo

SA

7,685

530,467

1,247,834

Household

Durables

0.0%

†

SEB

SA

2,138

353,904

Insurance

0.3%

AXA

SA

171,244

3,427,270

CNP

Assurances*

15,763

190,951

SCOR

SE*

14,148

365,051

3,983,272

IT

Services

0.4%

Atos

SE*

8,526

731,310

Capgemini

SE

14,599

1,893,068

Edenred

21,875

1,089,841

Worldline

SA

Reg.

S*(b)

12,443

1,073,513

4,787,732

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

2,447

761,840

Machinery

0.1%

Alstom

SA*

17,149

958,591

Media

0.1%

JCDecaux

SA*

7,695

129,810

Publicis

Groupe

SA

18,661

601,616

731,426

Multi-Utilities

0.3%

Engie

SA*

161,834

2,161,694

Suez

SA

32,568

429,252

Veolia

Environnement

SA

46,681

1,067,334

3,658,280

Oil,

Gas

&

Consumable

Fuels

0.7%

TOTAL

SE(a)

221,456

8,222,300

Personal

Products

0.6%

L'Oreal

SA

22,480

7,529,121

Pharmaceuticals

0.9%

Ipsen

SA

3,462

334,423

Sanofi

100,515

10,508,014

10,842,437

Professional

Services

0.2%

Bureau

Veritas

SA*

25,802

565,700

Teleperformance

5,306

1,552,836

2,118,536

Software

0.2%

Dassault

Systemes

SE

11,906

2,171,807

Textiles,

Apparel

&

Luxury

Goods

1.7%

EssilorLuxottica

SA*

25,162

3,345,458

Hermes

International

2,832

2,298,783

Kering

SA

6,771

3,844,026

LVMH

Moet

Hennessy

Louis

Vuitton

SE

24,755

10,755,551

20,243,818

Transportation

Infrastructure

0.1%

Aeroports

de

Paris

2,578

244,397

Common

Stocks

Shares

Value

($)

FRANCE

Transportation

Infrastructure

Getlink

SE*

37,985

571,523

815,920

127,472,708

GERMANY

9.3%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

4,808

836,234

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

88,457

3,586,160

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*(a)

21,700

192,449

Auto

Components

0.1%

Continental

AG

9,809

957,885

Automobiles

0.8%

Bayerische

Motoren

Werke

AG

29,530

1,911,696

Bayerische

Motoren

Werke

AG

(Preference)

5,317

272,843

Daimler

AG

(Registered)

76,222

3,377,149

Porsche

Automobil

Holding

SE

(Preference)*

13,836

786,433

Volkswagen

AG

2,859

448,549

Volkswagen

AG

(Preference)

16,533

2,446,616

9,243,286

Banks

0.0%

†

Commerzbank

AG*

82,802

426,474

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)*

175,664

1,577,467

Deutsche

Boerse

AG

16,974

3,103,308

4,680,775

Chemicals

0.6%

BASF

SE

82,389

4,562,405

Covestro

AG

Reg.

S(b)

15,217

591,323

Evonik

Industries

AG

20,061

542,013

Fuchs

Petrolub

SE

(Preference)

6,531

286,331

LANXESS

AG

7,441

385,100

Symrise

AG

11,612

1,450,754

7,817,926

Construction

&

Engineering

0.0%

†

Hochtief

AG

2,000

162,604

Construction

Materials

0.1%

HeidelbergCement

AG

13,523

755,637

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

298,918

5,005,306

Telefonica

Deutschland

Holding

AG

85,329

233,719

United

Internet

AG

(Registered)

9,042

409,480

5,648,505

Food

&

Staples

Retailing

0.0%

†

METRO

AG

18,069

165,525

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

GERMANY

Health

Care

Equipment

&

Supplies

0.2%

Carl

Zeiss

Meditec

AG

3,849

403,222

Sartorius

AG

(Preference)

3,156

1,210,992

Siemens

Healthineers

AG

Reg.

S(b)

13,292

689,329

2,303,543

Health

Care

Providers

&

Services

0.3%

Fresenius

Medical

Care

AG

&

Co.

KGaA

19,025

1,676,154

Fresenius

SE

&

Co.

KGaA

36,837

1,840,769

3,516,923

Household

Products

0.2%

Henkel

AG

&

Co.

KGaA

9,226

802,077

Henkel

AG

&

Co.

KGaA

(Preference)

16,138

1,589,951

2,392,028

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Uniper

SE

17,515

607,401

Industrial

Conglomerates

0.7%

Siemens

AG

(Registered)

68,076

8,723,215

Insurance

1.0%

Allianz

SE

(Registered)

37,376

7,795,790

Hannover

Rueck

SE

5,379

910,656

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

12,960

3,445,669

12,152,115

Interactive

Media

&

Services

0.1%

Scout24

AG

Reg.

S(b)

9,764

844,909

Internet

&

Direct

Marketing

Retail

0.2%

Delivery

Hero

SE

Reg.

S*(b)

11,277

1,301,234

Zalando

SE

Reg.

S*(b)

13,767

995,707

2,296,941

Machinery

0.1%

GEA

Group

AG

13,516

486,737

KION

Group

AG

5,455

419,989

Knorr-

Bremse

AG

4,092

478,805

1,385,531

Metals

&

Mining

0.0%

†

thyssenkrupp

AG*

38,562

299,999

Multi-Utilities

0.4%

E.ON

SE

202,127

2,371,510

RWE

AG

51,701

1,954,472

4,325,982

Personal

Products

0.1%

Beiersdorf

AG

8,867

1,056,596

Pharmaceuticals

0.6%

Bayer

AG

(Registered)

87,419

5,820,717

Merck

KGaA

11,431

1,460,413

7,281,130

Real

Estate

Management

&

Development

0.5%

Aroundtown

SA*

103,197

622,501

Deutsche

Wohnen

SE

30,721

1,494,085

LEG

Immobilien

AG

6,262

873,814

Vonovia

SE

46,160

2,999,682

5,990,082

Common

Stocks

Shares

Value

($)

GERMANY

Semiconductors

&

Semiconductor

Equipment

0.2%

Infineon

Technologies

AG

111,507

2,786,970

Software

1.3%

Nemetschek

SE

5,241

386,568

SAP

SE

93,227

14,747,611

TeamViewer

AG

Reg.

S*(b)

11,797

637,693

15,771,872

Textiles,

Apparel

&

Luxury

Goods

0.4%

adidas

AG*

17,069

4,721,898

Puma

SE*

7,298

567,859

5,289,757

Trading

Companies

&

Distributors

0.1%

Brenntag

AG

13,703

843,927

Transportation

Infrastructure

0.0%

†

Fraport

AG

Frankfurt

Airport

Services

Worldwide*(a)

4,070

158,989

112,501,370

HONG

KONG

2.8%

Banks

0.1%

Bank

of

East

Asia

Ltd.

(The)

106,950

243,645

Hang

Seng

Bank

Ltd.

68,900

1,085,070

1,328,715

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

108,100

5,169,142

Diversified

Telecommunication

Services

0.1%

HKT

Trust

&

HKT

Ltd.

313,420

462,029

PCCW

Ltd.

338,000

190,714

652,743

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

59,500

310,462

CLP

Holdings

Ltd.

148,000

1,402,467

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

227,500

235,460

Power

Assets

Holdings

Ltd.

124,800

695,362

2,643,751

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

189,151

1,456,670

Food

&

Staples

Retailing

0.0%

†

Dairy

Farm

International

Holdings

Ltd.

35,400

152,182

Food

Products

0.1%

WH

Group

Ltd.

Reg.

S(b)

831,000

739,771

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

945,872

1,358,204

Hotels,

Restaurants

&

Leisure

0.1%

Melco

Resorts

&

Entertainment

Ltd.,

ADR

19,790

325,743

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

19,700

791,546

Jardine

Matheson

Holdings

Ltd.

400

16,292

48

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

HONG

KONG

Industrial

Conglomerates

Jardine

Strategic

Holdings

Ltd.

17,700

350,991

Jardine

Strategic

Holdings

Ltd.

1,700

34,299

NWS

Holdings

Ltd.

151,645

117,507

1,310,635

Insurance

0.8%

AIA

Group

Ltd.

1,082,200

9,698,064

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

122,500

1,281,924

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

228,886

1,262,025

Hang

Lung

Properties

Ltd.

184,000

451,879

Henderson

Land

Development

Co.

Ltd.

123,352

458,821

Hongkong

Land

Holdings

Ltd.

92,500

340,400

Hongkong

Land

Holdings

Ltd.

8,700

33,167

Kerry

Properties

Ltd.

61,000

145,263

New

World

Development

Co.

Ltd.

136,707

667,726

Sino

Land

Co.

Ltd.

296,200

359,269

Sun

Hung

Kai

Properties

Ltd.

118,200

1,436,567

Swire

Pacific

Ltd.,

Class

A

46,500

227,792

Swire

Properties

Ltd.

104,400

241,350

Wharf

Real

Estate

Investment

Co.

Ltd.(a)

150,270

526,241

6,150,500

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

136,214

677,375

Semiconductors

&

Semiconductor

Equipment

0.0%

†

ASM

Pacific

Technology

Ltd.

26,900

299,517

33,244,936

IRELAND

0.7%

Building

Products

0.1%

Kingspan

Group

plc

13,628

980,200

Construction

Materials

0.2%

CRH

plc

69,849

2,504,954

Containers

&

Packaging

0.0%

†

Smurfit

Kappa

Group

plc

19,951

672,916

Food

Products

0.2%

Kerry

Group

plc,

Class

A

14,365

1,902,082

Hotels,

Restaurants

&

Leisure

0.2%

Flutter

Entertainment

plc

13,583

2,054,499

Trading

Companies

&

Distributors

0.0%

†

AerCap

Holdings

NV*

11,279

303,744

8,418,395

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

2,177

307,204

Banks

0.2%

Bank

Hapoalim

BM

98,402

589,515

Common

Stocks

Shares

Value

($)

ISRAEL

Banks

Bank

Leumi

Le-Israel

BM

130,817

659,566

Israel

Discount

Bank

Ltd.,

Class

A

111,305

340,555

Mizrahi

Tefahot

Bank

Ltd.

11,747

244,184

1,833,820

Chemicals

0.0%

†

ICL

Group

Ltd.

57,452

179,640

Consumer

Finance

0.0%

†

Isracard

Ltd.

1

1

IT

Services

0.1%

Wix.com

Ltd.*

4,185

1,215,659

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

97,920

1,129,997

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

4,017

189,611

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

10,953

1,372,959

Nice

Ltd.*

5,484

1,124,896

2,497,855

7,353,787

ITALY

2.1%

Aerospace

&

Defense

0.0%

†

Leonardo

SpA

37,717

242,292

Auto

Components

0.0%

†

Pirelli

&

C

SpA

Reg.

S*(b)

39,668

156,892

Automobiles

0.2%

Ferrari

NV

11,101

1,989,869

Banks

0.5%

FinecoBank

Banca

Fineco

SpA

*

51,200

746,382

Intesa

Sanpaolo

SpA

*

1,334,598

2,711,052

Mediobanca

Banca

di

Credito

Finanziario

SpA

(a)

58,006

467,765

UniCredit

SpA

*

188,568

1,731,714

5,656,913

Beverages

0.0%

†

Davide

Campari-Milano

NV

53,307

537,222

Diversified

Telecommunication

Services

0.1%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

21,779

220,495

Telecom

Italia

SpA

1,310,602

527,732

748,227

Electric

Utilities

0.6%

Enel

SpA

724,242

6,629,206

Terna

Rete

Elettrica

Nazionale

SpA

125,752

938,026

7,567,232

Electrical

Equipment

0.0%

†

Prysmian

SpA

21,810

559,285

Gas

Utilities

0.1%

Snam

SpA

185,691

988,935

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

ITALY

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

2,285

448,621

Insurance

0.2%

Assicurazioni

Generali

SpA

96,920

1,454,226

Poste

Italiane

SpA

Reg.

S(b)

47,782

439,064

1,893,290

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

28,485

512,070

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

228,836

2,046,703

Pharmaceuticals

0.0%

†

Recordati

SpA

9,593

513,237

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

*

17,580

679,382

Transportation

Infrastructure

0.1%

Atlantia

SpA

*

45,388

724,101

25,264,271

JAPAN

24.3%

Air

Freight

&

Logistics

0.1%

SG

Holdings

Co.

Ltd.

13,800

505,225

Yamato

Holdings

Co.

Ltd.

27,400

702,385

1,207,610

Airlines

0.0%

†

ANA

Holdings,

Inc.*

9,400

193,782

Japan

Airlines

Co.

Ltd.

11,074

179,937

373,719

Auto

Components

0.5%

Aisin

Seiki

Co.

Ltd.

15,300

442,123

Bridgestone

Corp.

47,400

1,397,278

Denso

Corp.

39,400

1,453,985

JTEKT

Corp.

16,600

111,506

Koito

Manufacturing

Co.

Ltd.

9,100

358,178

NGK

Spark

Plug

Co.

Ltd.

13,700

184,603

Stanley

Electric

Co.

Ltd.

12,400

295,894

Sumitomo

Electric

Industries

Ltd.

68,200

760,081

Sumitomo

Rubber

Industries

Ltd.

14,100

117,857

Toyoda

Gosei

Co.

Ltd.

6,700

130,821

Toyota

Industries

Corp.

12,900

655,775

Yokohama

Rubber

Co.

Ltd.

(The)

11,300

144,955

6,053,056

Automobiles

1.6%

Honda

Motor

Co.

Ltd.

144,600

3,513,163

Isuzu

Motors

Ltd.

51,700

425,258

Mazda

Motor

Corp.

52,160

295,911

Mitsubishi

Motors

Corp.

60,099

118,413

Nissan

Motor

Co.

Ltd.

208,000

718,716

Subaru

Corp.

54,700

1,043,459

Suzuki

Motor

Corp.

32,700

1,085,926

Toyota

Motor

Corp.

189,020

11,260,392

Yamaha

Motor

Co.

Ltd.

26,000

382,159

18,843,397

Banks

1.1%

Aozora

Bank

Ltd.

10,200

164,268

Bank

of

Kyoto

Ltd.

(The)

5,300

195,351

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Chiba

Bank

Ltd.

(The)

45,500

209,322

Concordia

Financial

Group

Ltd.

98,700

293,216

Fukuoka

Financial

Group,

Inc.

16,720

244,679

Japan

Post

Bank

Co.

Ltd.

37,800

282,118

Mebuki

Financial

Group,

Inc.

80,630

179,549

Mitsubishi

UFJ

Financial

Group,

Inc.

1,084,184

4,067,264

Mizuho

Financial

Group,

Inc.

2,162,719

2,629,314

Resona

Holdings,

Inc.

184,401

604,881

Seven

Bank

Ltd.

60,500

147,665

Shinsei

Bank

Ltd.

12,200

138,396

Shizuoka

Bank

Ltd.

(The)

36,600

238,683

Sumitomo

Mitsui

Financial

Group,

Inc.

117,005

3,128,069

Sumitomo

Mitsui

Trust

Holdings,

Inc.

30,676

792,137

13,314,912

Beverages

0.3%

Asahi

Group

Holdings

Ltd.

35,100

1,152,181

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

11,800

176,864

Ito

En

Ltd.

4,900

288,823

Kirin

Holdings

Co.

Ltd.

74,300

1,437,187

Suntory

Beverage

&

Food

Ltd.

12,300

464,944

3,519,999

Biotechnology

0.0%

†

PeptiDream

,

Inc.*

8,900

357,684

Building

Products

0.4%

AGC,

Inc.

17,020

481,881

Daikin

Industries

Ltd.

22,300

3,921,127

LIXIL

Group

Corp.

24,100

321,319

TOTO

Ltd.

12,100

453,227

5,177,554

Capital

Markets

0.3%

Daiwa

Securities

Group,

Inc.

134,400

594,334

Japan

Exchange

Group,

Inc.

45,500

1,079,531

Nomura

Holdings,

Inc.

283,200

1,322,781

SBI

Holdings,

Inc.

20,770

438,093

3,434,739

Chemicals

0.9%

Air

Water,

Inc.

15,700

202,874

Asahi

Kasei

Corp.

114,800

823,980

Daicel

Corp.

22,800

152,556

JSR

Corp.

16,900

363,636

Kansai

Paint

Co.

Ltd.

15,200

293,816

Kuraray

Co.

Ltd.

26,200

258,006

Mitsubishi

Chemical

Holdings

Corp.

114,800

619,355

Mitsubishi

Gas

Chemical

Co.,

Inc.

14,500

230,779

Mitsui

Chemicals,

Inc.

16,820

322,040

Nippon

Paint

Holdings

Co.

Ltd.

13,300

905,514

Nissan

Chemical

Corp.

11,200

591,033

Nitto

Denko

Corp.

13,810

783,334

50

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Shin-Etsu

Chemical

Co.

Ltd.

31,600

3,705,309

Showa

Denko

KK

12,600

261,724

Sumitomo

Chemical

Co.

Ltd.

139,000

402,656

Taiyo

Nippon

Sanso

Corp.

14,200

224,014

Teijin

Ltd.

14,860

214,283

Toray

Industries,

Inc.

123,700

536,879

Tosoh

Corp.

24,900

335,487

11,227,275

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

22,050

482,938

Park24

Co.

Ltd.

9,900

133,753

Secom

Co.

Ltd.

18,800

1,622,622

Sohgo

Security

Services

Co.

Ltd.

6,400

301,623

Toppan

Printing

Co.

Ltd.

22,900

345,964

2,886,900

Construction

&

Engineering

0.2%

JGC

Holdings

Corp.

18,900

192,540

Kajima

Corp.

41,200

451,796

Obayashi

Corp.

54,400

486,544

Shimizu

Corp.

46,100

332,155

Taisei

Corp.

16,800

579,304

2,042,339

Construction

Materials

0.0%

†

Taiheiyo

Cement

Corp.

10,700

233,432

Consumer

Finance

0.0%

†

Acom

Co.

Ltd.

38,600

136,301

Diversified

Consumer

Services

0.0%

†

Benesse

Holdings,

Inc.

6,900

179,890

Diversified

Financial

Services

0.1%

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

37,300

157,445

ORIX

Corp.

120,500

1,296,741

Tokyo

Century

Corp.

3,100

173,834

1,628,020

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

114,516

2,650,793

Electric

Utilities

0.2%

Chubu

Electric

Power

Co.,

Inc.

56,900

675,409

Chugoku

Electric

Power

Co.,

Inc.

(The)

27,200

331,549

Kansai

Electric

Power

Co.,

Inc.

(The)

61,800

588,556

Kyushu

Electric

Power

Co.,

Inc.

34,400

288,228

Tohoku

Electric

Power

Co.,

Inc.

36,200

341,660

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

122,400

325,804

2,551,206

Electrical

Equipment

0.5%

Fuji

Electric

Co.

Ltd.

9,940

273,586

Mitsubishi

Electric

Corp.

163,800

2,142,444

Nidec

Corp.

40,000

3,200,977

5,617,007

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

1.5%

Hamamatsu

Photonics

KK

13,100

567,125

Hirose

Electric

Co.

Ltd.

2,765

291,441

Hitachi

Ltd.

87,060

2,584,342

Keyence

Corp.

16,272

6,838,386

Kyocera

Corp.

28,100

1,567,706

Murata

Manufacturing

Co.

Ltd.

51,400

3,219,551

Omron

Corp.

16,400

1,177,139

Shimadzu

Corp.

20,700

527,137

TDK

Corp.

11,700

1,307,031

Yokogawa

Electric

Corp.

21,300

327,287

18,407,145

Entertainment

0.5%

Konami

Holdings

Corp.

8,800

269,564

Nexon

Co.

Ltd.

43,100

1,112,054

Nintendo

Co.

Ltd.

10,000

4,387,287

Square

Enix

Holdings

Co.

Ltd.

8,500

453,476

Toho

Co.

Ltd.

9,400

279,708

6,502,089

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Daiwa

House

REIT

Investment

Corp.

173

449,619

GLP

J-REIT

330

550,663

Japan

Prime

Realty

Investment

Corp.

75

198,305

Japan

Real

Estate

Investment

Corp.

121

620,674

Japan

Retail

Fund

Investment

Corp.

231

279,831

Nippon

Building

Fund,

Inc.

117

656,007

Nippon

Prologis

REIT,

Inc.

183

631,851

Nomura

Real

Estate

Master

Fund,

Inc.

363

450,738

Orix

JREIT,

Inc.

241

310,717

United

Urban

Investment

Corp.

260

253,777

4,402,182

Food

&

Staples

Retailing

0.5%

Aeon

Co.

Ltd.

59,200

1,400,452

Cosmos

Pharmaceutical

Corp.

1,800

328,888

FamilyMart

Co.

Ltd.

21,900

492,610

Kobe

Bussan

Co.

Ltd.

5,600

344,353

Lawson,

Inc.

4,600

228,109

Seven

&

i

Holdings

Co.

Ltd.

67,300

2,050,520

Sundrug

Co.

Ltd.

6,000

205,318

Tsuruha

Holdings,

Inc.

3,500

482,370

Welcia

Holdings

Co.

Ltd.

3,900

356,920

5,889,540

Food

Products

0.4%

Ajinomoto

Co.,

Inc.

43,300

782,134

Calbee

,

Inc.

7,500

238,255

Kikkoman

Corp.

13,500

632,980

MEIJI

Holdings

Co.

Ltd.

10,098

790,599

NH

Foods

Ltd.

6,900

303,936

Nisshin

Seifun

Group,

Inc.

16,152

247,730

Nissin

Foods

Holdings

Co.

Ltd.

5,900

528,868

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

JAPAN

Food

Products

Toyo

Suisan

Kaisha

Ltd.

7,700

465,301

Yakult

Honsha

Co.

Ltd.

10,400

590,999

Yamazaki

Baking

Co.

Ltd.

9,700

162,003

4,742,805

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

32,280

595,531

Toho

Gas

Co.

Ltd.

6,200

268,252

Tokyo

Gas

Co.

Ltd.

34,580

732,858

1,596,641

Health

Care

Equipment

&

Supplies

0.7%

Asahi

Intecc

Co.

Ltd.

18,200

507,516

Hoya

Corp.

33,800

3,335,190

Olympus

Corp.

103,200

1,852,223

Sysmex

Corp.

15,000

1,155,048

Terumo

Corp.

57,900

2,178,871

9,028,848

Health

Care

Providers

&

Services

0.1%

Alfresa

Holdings

Corp.

18,100

371,882

Medipal

Holdings

Corp.

16,200

299,621

Suzuken

Co.

Ltd.

5,780

204,876

876,379

Health

Care

Technology

0.2%

M3,

Inc.

39,900

2,037,556

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.

5,824

278,205

Oriental

Land

Co.

Ltd.

17,800

2,142,336

2,420,541

Household

Durables

1.1%

Casio

Computer

Co.

Ltd.

16,000

251,918

Iida

Group

Holdings

Co.

Ltd.

12,400

191,197

Nikon

Corp.

24,200

169,587

Panasonic

Corp.

197,702

1,698,162

Rinnai

Corp.

3,300

269,841

Sekisui

Chemical

Co.

Ltd.

32,100

438,616

Sekisui

House

Ltd.

57,200

1,046,218

Sharp

Corp.

19,700

192,532

Sony

Corp.

113,900

8,832,438

13,090,509

Household

Products

0.2%

Lion

Corp.

20,700

533,648

Pigeon

Corp.

10,800

419,756

Unicharm

Corp.

35,700

1,604,546

2,557,950

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Electric

Power

Development

Co.

Ltd.

13,000

177,230

Industrial

Conglomerates

0.1%

Keihan

Holdings

Co.

Ltd.

8,500

345,357

Toshiba

Corp.

33,270

1,015,308

1,360,665

Insurance

0.6%

Dai-ichi

Life

Holdings,

Inc.

96,300

1,132,666

Japan

Post

Holdings

Co.

Ltd.

139,300

951,462

Japan

Post

Insurance

Co.

Ltd.

20,700

275,498

Common

Stocks

Shares

Value

($)

JAPAN

Insurance

MS&AD

Insurance

Group

Holdings,

Inc.

40,055

1,004,938

Sompo

Holdings,

Inc.

30,425

1,002,329

T&D

Holdings,

Inc.

44,700

369,208

Tokio

Marine

Holdings,

Inc.

56,300

2,377,777

7,113,878

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

11,900

288,252

LINE

Corp.*

5,700

301,295

Z

Holdings

Corp.

235,000

1,240,303

1,829,850

Internet

&

Direct

Marketing

Retail

0.1%

Mercari

,

Inc.*(a)

7,100

297,516

Rakuten

,

Inc.

76,200

696,699

ZOZO,

Inc.

10,700

291,407

1,285,622

IT

Services

0.7%

Fujitsu

Ltd.

17,410

2,336,375

GMO

Payment

Gateway,

Inc.

3,900

408,471

Itochu

Techno-Solutions

Corp.

8,200

331,971

NEC

Corp.

21,900

1,236,186

Nomura

Research

Institute

Ltd.

29,054

768,380

NTT

Data

Corp.

58,300

662,430

Obic

Co.

Ltd.

6,300

1,130,606

Otsuka

Corp.

9,700

505,040

SCSK

Corp.

4,700

237,674

TIS,

Inc.

20,300

438,786

8,055,919

Leisure

Products

0.3%

Bandai

Namco

Holdings,

Inc.

18,149

1,004,646

Sega

Sammy

Holdings,

Inc.

13,600

153,157

Shimano,

Inc.

6,700

1,463,217

Yamaha

Corp.

11,800

547,161

3,168,181

Machinery

1.3%

Amada

Co.

Ltd.

28,100

190,479

Daifuku

Co.

Ltd.

9,300

839,467

FANUC

Corp.

17,300

2,907,067

Hino

Motors

Ltd.

27,500

159,886

Hitachi

Construction

Machinery

Co.

Ltd.

9,400

271,545

Hoshizaki

Corp.

4,200

321,588

Kawasaki

Heavy

Industries

Ltd.

10,920

150,081

Komatsu

Ltd.

78,800

1,554,592

Kubota

Corp.

91,900

1,317,002

Kurita

Water

Industries

Ltd.

9,400

252,891

Makita

Corp.

19,600

754,254

MINEBEA

MITSUMI,

Inc.

31,900

527,189

MISUMI

Group,

Inc.

24,800

586,156

Mitsubishi

Heavy

Industries

Ltd.

28,920

675,081

Miura

Co.

Ltd.

8,000

300,201

Nabtesco

Corp.

9,900

299,275

NGK

Insulators

Ltd.

24,200

302,493

NSK

Ltd.

33,500

224,652

SMC

Corp.

5,100

2,660,650

52

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

Sumitomo

Heavy

Industries

Ltd.

10,900

213,771

THK

Co.

Ltd.

10,600

247,293

Yaskawa

Electric

Corp.

21,600

719,504

15,475,117

Marine

0.0%

†

Nippon

Yusen

KK

15,140

196,880

Media

0.1%

CyberAgent

,

Inc.

9,100

514,691

Dentsu

Group,

Inc.

18,961

427,180

Hakuhodo

DY

Holdings,

Inc.

22,100

244,337

1,186,208

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.

20,300

265,835

JFE

Holdings,

Inc.

39,800

260,930

Maruichi

Steel

Tube

Ltd.

5,800

137,530

Mitsubishi

Materials

Corp.

9,400

192,336

Nippon

Steel

Corp.

71,906

590,296

Sumitomo

Metal

Mining

Co.

Ltd.

20,700

619,376

2,066,303

Multiline

Retail

0.1%

Isetan

Mitsukoshi

Holdings

Ltd.

29,378

134,818

Marui

Group

Co.

Ltd.

16,900

246,040

Pan

Pacific

International

Holdings

Corp.

35,700

809,470

Ryohin

Keikaku

Co.

Ltd.

22,000

264,404

1,454,732

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

276,517

966,675

Idemitsu

Kosan

Co.

Ltd.

18,044

374,319

Inpex

Corp.

89,900

514,335

1,855,329

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

73,800

307,566

Personal

Products

0.5%

Kao

Corp.

42,700

3,097,354

Kobayashi

Pharmaceutical

Co.

Ltd.

4,100

362,564

Kose

Corp.

2,900

291,768

Pola

Orbis

Holdings,

Inc.

7,200

119,093

Shiseido

Co.

Ltd.

35,500

1,967,375

5,838,154

Pharmaceuticals

1.9%

Astellas

Pharma,

Inc.

166,900

2,611,799

Chugai

Pharmaceutical

Co.

Ltd.

59,700

2,675,035

Daiichi

Sankyo

Co.

Ltd.

50,900

4,477,572

Eisai

Co.

Ltd.

22,800

1,841,755

Hisamitsu

Pharmaceutical

Co.,

Inc.

4,000

174,384

Kyowa

Kirin

Co.

Ltd.

24,500

603,300

Nippon

Shinyaku

Co.

Ltd.

4,200

323,921

Ono

Pharmaceutical

Co.

Ltd.

33,700

945,250

Otsuka

Holdings

Co.

Ltd.

34,900

1,451,044

Santen

Pharmaceutical

Co.

Ltd.

31,500

530,475

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

Shionogi

&

Co.

Ltd.

23,400

1,389,871

Sumitomo

Dainippon

Pharma

Co.

Ltd.

16,200

203,210

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

3,270

184,809

Takeda

Pharmaceutical

Co.

Ltd.

141,397

5,030,690

22,443,115

Professional

Services

0.4%

Nihon

M&A

Center,

Inc.

13,600

659,282

Persol

Holdings

Co.

Ltd.

16,700

214,066

Recruit

Holdings

Co.

Ltd.

113,700

3,528,826

4,402,174

Real

Estate

Management

&

Development

0.5%

Aeon

Mall

Co.

Ltd.

7,450

89,279

Daito

Trust

Construction

Co.

Ltd.

5,600

440,595

Daiwa

House

Industry

Co.

Ltd.

50,900

1,131,652

Hulic

Co.

Ltd.

26,500

227,608

Mitsubishi

Estate

Co.

Ltd.

104,500

1,511,275

Mitsui

Fudosan

Co.

Ltd.

84,400

1,326,635

Nomura

Real

Estate

Holdings,

Inc.

10,200

170,830

Sumitomo

Realty

&

Development

Co.

Ltd.

27,900

716,984

Tokyu

Fudosan

Holdings

Corp.

58,600

226,330

5,841,188

Road

&

Rail

0.7%

Central

Japan

Railway

Co.

12,900

1,558,150

East

Japan

Railway

Co.

27,090

1,563,551

Hankyu

Hanshin

Holdings,

Inc.

20,100

576,379

Keikyu

Corp.

19,600

256,425

Keio

Corp.

8,880

442,309

Keisei

Electric

Railway

Co.

Ltd.

11,800

288,610

Kintetsu

Group

Holdings

Co.

Ltd.

15,350

598,025

Kyushu

Railway

Co.

12,500

246,539

Nagoya

Railroad

Co.

Ltd.

16,600

419,442

Nippon

Express

Co.

Ltd.

6,650

317,496

Odakyu

Electric

Railway

Co.

Ltd.

27,250

568,783

Seibu

Holdings,

Inc.

21,800

195,543

Tobu

Railway

Co.

Ltd.

17,100

478,694

Tokyu

Corp.

44,050

491,615

West

Japan

Railway

Co.

14,400

620,328

8,621,889

Semiconductors

&

Semiconductor

Equipment

0.6%

Advantest

Corp.

17,700

957,144

Disco

Corp.

2,600

620,543

Lasertec

Corp.

6,800

603,508

Renesas

Electronics

Corp.*

71,200

395,280

Rohm

Co.

Ltd.

7,600

483,991

SUMCO

Corp.

24,300

375,511

Tokyo

Electron

Ltd.

13,300

3,633,447

7,069,424

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

JAPAN

Software

0.1%

Oracle

Corp.

Japan

3,200

384,277

Trend

Micro,

Inc.

11,900

693,281

1,077,558

Specialty

Retail

0.5%

ABC-Mart,

Inc.

2,500

131,450

Fast

Retailing

Co.

Ltd.

5,200

2,785,414

Hikari

Tsushin,

Inc.

1,900

410,483

Nitori

Holdings

Co.

Ltd.

7,000

1,539,151

Shimamura

Co.

Ltd.

1,600

111,362

USS

Co.

Ltd.

20,400

305,201

Yamada

Denki

Co.

Ltd.

65,800

285,635

5,568,696

Technology

Hardware,

Storage

&

Peripherals

0.3%

Brother

Industries

Ltd.

20,300

316,435

Canon,

Inc.

90,300

1,443,683

FUJIFILM

Holdings

Corp.

32,000

1,425,864

Ricoh

Co.

Ltd.

62,000

399,846

Seiko

Epson

Corp.

23,700

252,154

3,837,982

Tobacco

0.2%

Japan

Tobacco,

Inc.

106,800

1,837,650

Trading

Companies

&

Distributors

0.8%

ITOCHU

Corp.

120,900

2,648,354

Marubeni

Corp.

140,500

650,797

Mitsubishi

Corp.

121,700

2,456,904

Mitsui

&

Co.

Ltd.

149,500

2,243,446

MonotaRO

Co.

Ltd.

11,200

478,584

Sumitomo

Corp.

105,300

1,174,670

Toyota

Tsusho

Corp.

19,400

489,700

10,142,455

Transportation

Infrastructure

0.0%

†

Japan

Airport

Terminal

Co.

Ltd.

4,800

166,696

Kamigumi

Co.

Ltd.

9,600

175,585

342,281

Wireless

Telecommunication

Services

1.5%

KDDI

Corp.

147,500

4,540,455

NTT

DOCOMO,

Inc.

104,600

2,877,692

Softbank

Corp.

171,000

2,291,904

SoftBank

Group

Corp.

139,900

8,811,093

18,521,144

294,065,208

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

13,194

372,105

LUXEMBOURG

0.2%

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA

44,355

259,609

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE*

1,197

781,021

Media

0.0%

†

SES

SA,

FDR

34,353

243,790

Metals

&

Mining

0.1%

ArcelorMittal

SA*

62,594

696,179

1,980,599

Common

Stocks

Shares

Value

($)

MACAU

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Galaxy

Entertainment

Group

Ltd.

191,000

1,302,950

Sands

China

Ltd.

221,100

857,119

SJM

Holdings

Ltd.

177,000

199,594

Wynn

Macau

Ltd.

143,600

251,899

2,611,562

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^∞

1,554,139

0

NETHERLANDS

4.2%

Banks

0.2%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

37,468

312,729

ING

Groep

NV

348,819

2,418,381

2,731,110

Beverages

0.3%

Heineken

Holding

NV

10,492

909,738

Heineken

NV

23,028

2,239,188

3,148,926

Chemicals

0.3%

Akzo

Nobel

NV

17,883

1,689,669

Koninklijke

DSM

NV

15,641

2,388,324

4,077,993

Diversified

Financial

Services

0.1%

EXOR

NV

9,836

556,461

Diversified

Telecommunication

Services

0.1%

Altice

Europe

NV*

50,655

241,219

Koninklijke

KPN

NV(a)

321,415

833,700

1,074,919

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

98,294

2,833,405

Health

Care

Equipment

&

Supplies

0.4%

Koninklijke

Philips

NV*

81,098

4,212,940

Insurance

0.1%

Aegon

NV

158,469

468,146

NN

Group

NV

25,937

953,743

1,421,889

Internet

&

Direct

Marketing

Retail

0.1%

Just

Eat

Takeaway.com

NV

Reg.

S*(a)(b)

11,013

1,190,733

IT

Services

0.2%

Adyen

NV

Reg.

S*(b)

1,614

2,694,558

Oil,

Gas

&

Consumable

Fuels

0.9%

Koninklijke

Vopak

NV(a)

5,933

323,942

Royal

Dutch

Shell

plc,

Class

A

368,520

5,445,522

Royal

Dutch

Shell

plc,

Class

B

331,356

4,690,499

10,459,963

Professional

Services

0.2%

Randstad

NV*

10,369

499,820

Wolters

Kluwer

NV

24,770

1,958,422

2,458,242

54

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

NETHERLANDS

Semiconductors

&

Semiconductor

Equipment

1.1%

ASML

Holding

NV

38,007

13,425,737

50,286,876

NEW

ZEALAND

0.3%

Diversified

Telecommunication

Services

0.1%

Spark

New

Zealand

Ltd.

157,321

513,222

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

67,336

208,717

Food

Products

0.1%

a2

Milk

Co.

Ltd.*

64,716

895,152

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

50,914

1,216,267

Health

Care

Providers

&

Services

0.0%

†

Ryman

Healthcare

Ltd.

34,475

303,928

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

121,902

391,961

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.

110,275

467,899

3,997,146

NORWAY

0.6%

Banks

0.1%

DNB

ASA

84,059

1,292,165

Chemicals

0.1%

Yara

International

ASA

15,585

655,422

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

64,414

1,000,447

Food

Products

0.1%

Mowi

ASA

40,252

729,018

Orkla

ASA

67,227

663,143

1,392,161

Insurance

0.1%

Gjensidige

Forsikring

ASA*

17,090

351,372

Media

0.0%

†

Schibsted

ASA,

Class

B*

8,471

280,157

Metals

&

Mining

0.0%

†

Norsk

Hydro

ASA*

123,820

348,792

Oil,

Gas

&

Consumable

Fuels

0.1%

Equinor

ASA

91,090

1,357,032

6,677,548

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

231,286

1,171,290

Food

&

Staples

Retailing

0.0%

†

Jeronimo

Martins

SGPS

SA

22,323

376,779

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

42,475

447,361

1,995,430

Common

Stocks

Shares

Value

($)

RUSSIA

0.0%

†

Metals

&

Mining

0.0%

†

Evraz

plc

48,296

183,820

SINGAPORE

1.0%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

141,200

338,493

Airlines

0.0%

†

Singapore

Airlines

Ltd.

122,282

306,887

Banks

0.5%

DBS

Group

Holdings

Ltd.

163,150

2,326,941

Oversea-Chinese

Banking

Corp.

Ltd.

296,289

1,831,536

United

Overseas

Bank

Ltd.

106,762

1,500,012

5,658,489

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

66,400

396,450

Distributors

0.0%

†

Jardine

Cycle

&

Carriage

Ltd.

8,726

125,810

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

742,503

1,349,330

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

24,800

321,274

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Ascendas

REIT

266,455

680,697

CapitaLand

Commercial

Trust

224,186

265,283

CapitaLand

Mall

Trust

241,700

328,376

Mapletree

Commercial

Trust

185,300

246,590

Mapletree

Logistics

Trust

241,400

372,720

Suntec

REIT

156,600

154,409

2,048,075

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

569,417

302,208

Industrial

Conglomerates

0.1%

Keppel

Corp.

Ltd.

128,200

501,981

Real

Estate

Management

&

Development

0.1%

CapitaLand

Ltd.

226,945

451,264

City

Developments

Ltd.

37,599

221,203

UOL

Group

Ltd.

44,213

211,928

884,395

12,233,392

SOUTH

AFRICA

0.2%

Metals

&

Mining

0.2%

Anglo

American

plc

109,052

2,691,176

SPAIN

2.3%

Banks

0.5%

Banco

Bilbao

Vizcaya

Argentaria

SA

597,400

1,871,817

Banco

Santander

SA

1,488,877

3,197,799

Bankinter

SA

65,090

338,677

CaixaBank

SA

325,869

704,053

6,112,346

Biotechnology

0.1%

Grifols

SA

26,615

776,968

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

SPAIN

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

24,572

569,977

Ferrovial

SA

43,204

1,060,750

1,630,727

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

22,438

1,411,457

Telefonica

SA(a)

419,362

1,754,876

3,166,333

Electric

Utilities

0.7%

Endesa

SA

28,311

805,009

Iberdrola

SA

528,839

6,826,439

Red

Electrica

Corp.

SA

38,754

756,370

8,387,818

Electrical

Equipment

0.0%

†

Siemens

Gamesa

Renewable

Energy

SA

20,056

469,935

Gas

Utilities

0.1%

Enagas

SA

21,065

532,107

Naturgy

Energy

Group

SA(a)

26,289

488,167

1,020,274

Insurance

0.0%

†

Mapfre

SA

94,665

171,035

IT

Services

0.1%

Amadeus

IT

Group

SA

38,664

1,941,785

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

129,843

1,013,622

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

98,032

2,613,420

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

6,189

806,522

28,110,785

SWEDEN

3.1%

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A*

144,745

1,402,934

Svenska

Handelsbanken

AB,

Class

A*

137,368

1,301,906

Swedbank

AB,

Class

A*

79,278

1,287,963

3,992,803

Building

Products

0.2%

Assa

Abloy

AB,

Class

B

89,113

1,955,955

Nibe

Industrier

AB,

Class

B*

28,299

679,886

2,635,841

Capital

Markets

0.0%

†

EQT

AB

21,620

507,653

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B*

29,567

441,890

Communications

Equipment

0.3%

Telefonaktiebolaget

LM

Ericsson,

Class

B

261,059

3,010,685

Construction

&

Engineering

0.1%

Skanska

AB,

Class

B*

31,793

642,139

Common

Stocks

Shares

Value

($)

SWEDEN

Diversified

Financial

Services

0.3%

Industrivarden

AB,

Class

C*

14,961

367,956

Investor

AB,

Class

B

40,586

2,399,128

Kinnevik

AB,

Class

B

21,818

766,319

L

E

Lundbergforetagen

AB,

Class

B*

6,536

306,151

3,839,554

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

226,910

883,247

Electronic

Equipment,

Instruments

&

Components

0.1%

Hexagon

AB,

Class

B*

24,932

1,624,937

Food

&

Staples

Retailing

0.0%

†

ICA

Gruppen

AB

9,127

447,899

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

Gaming

Group

AB

Reg.

S(b)

11,537

785,795

Household

Durables

0.1%

Electrolux

AB

Series B

20,733

389,195

Husqvarna

AB,

Class

B

33,823

323,137

712,332

Household

Products

0.1%

Essity

AB,

Class

B*

54,426

1,792,627

Industrial

Conglomerates

0.0%

†

Investment

AB

Latour

,

Class

B(a)

13,435

275,461

Machinery

0.9%

Alfa

Laval

AB*

27,441

650,577

Atlas

Copco

AB,

Class

A

60,050

2,660,659

Atlas

Copco

AB,

Class

B

34,233

1,325,185

Epiroc

AB,

Class

A

58,101

813,166

Epiroc

AB,

Class

B

35,206

480,377

Sandvik

AB*

100,953

1,881,767

SKF

AB,

Class

B

35,088

649,089

Volvo

AB,

Class

B*

132,899

2,299,626

10,760,446

Metals

&

Mining

0.1%

Boliden

AB

23,506

640,991

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Lundin

Energy

AB

16,273

377,043

Paper

&

Forest

Products

0.1%

Svenska

Cellulosa

AB

SCA,

Class

B*

54,981

665,102

Specialty

Retail

0.1%

Hennes

&

Mauritz

AB,

Class

B(a)

73,721

1,148,007

Tobacco

0.1%

Swedish

Match

AB

15,432

1,182,380

Wireless

Telecommunication

Services

0.1%

Tele2

AB,

Class

B

43,228

612,960

36,979,792

SWITZERLAND

10.5%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

2,732

286,598

56

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Beverages

0.0%

†

Coca-Cola

HBC

AG

17,268

454,794

Building

Products

0.2%

Geberit

AG

(Registered)

3,333

1,842,331

Capital

Markets

0.7%

Credit

Suisse

Group

AG

(Registered)

220,354

2,361,344

Julius

Baer

Group

Ltd.

19,945

878,813

Partners

Group

Holding

AG

1,637

1,585,610

UBS

Group

AG

(Registered)

328,459

3,867,832

8,693,599

Chemicals

0.6%

Clariant

AG

(Registered)(a)

17,775

335,915

EMS-

Chemie

Holding

AG

(Registered)(a)

764

659,385

Givaudan

SA

(Registered)

830

3,425,437

Sika

AG

(Registered)

11,680

2,571,799

6,992,536

Construction

Materials

0.2%

LafargeHolcim

Ltd.

(Registered)*

47,510

2,249,880

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

2,369

1,261,353

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

164,888

4,130,405

Food

Products

2.8%

Barry

Callebaut

AG

(Registered)

278

578,814

Chocoladefabriken

Lindt

&

Spruengli

AG

100

773,927

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

9

770,052

Nestle

SA

(Registered)

265,823

31,493,449

33,616,242

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.*

43,613

2,635,379

Sonova

Holding

AG

(Registered)*

4,884

1,096,923

Straumann

Holding

AG

(Registered)

926

911,968

4,644,270

Insurance

0.7%

Baloise

Holding

AG

(Registered)

3,983

607,777

Swiss

Life

Holding

AG

(Registered)*

2,840

1,040,421

Swiss

Re

AG

26,412

2,086,130

Zurich

Insurance

Group

AG

13,408

4,956,629

8,690,957

Life

Sciences

Tools

&

Services

0.3%

Lonza

Group

AG

(Registered)

6,687

4,174,115

Machinery

0.1%

Schindler

Holding

AG

3,614

914,110

Schindler

Holding

AG

(Registered)

1,853

461,824

1,375,934

Common

Stocks

Shares

Value

($)

SWITZERLAND

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)*

4,724

813,529

Pharmaceuticals

3.2%

Novartis

AG

(Registered)

191,888

15,891,947

Roche

Holding

AG

62,754

21,713,414

Vifor

Pharma

AG

4,162

587,923

38,193,284

Professional

Services

0.2%

Adecco

Group

AG

(Registered)

13,925

662,042

SGS

SA

(Registered)

542

1,423,584

2,085,626

Real

Estate

Management

&

Development

0.0%

†

Swiss

Prime

Site

AG

(Registered)

6,723

613,123

Semiconductors

&

Semiconductor

Equipment

0.1%

STMicroelectronics

NV

57,881

1,638,078

Software

0.1%

Temenos

AG

(Registered)

5,812

863,680

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

14,924

1,087,577

Textiles,

Apparel

&

Luxury

Goods

0.3%

Cie

Financiere

Richemont

SA

(Registered)

46,841

2,912,248

Swatch

Group

AG

(The)

2,515

528,243

Swatch

Group

AG

(The)

(Registered)

5,079

202,406

3,642,897

127,350,808

UNITED

KINGDOM

12.4%

Aerospace

&

Defense

0.2%

BAE

Systems

plc

287,235

1,852,239

Rolls-Royce

Holdings

plc*

175,233

535,416

2,387,655

Automobiles

0.1%

Fiat

Chrysler

Automobiles

NV*

97,500

998,317

Banks

1.2%

Barclays

plc

1,535,610

2,039,503

HSBC

Holdings

plc

1,806,436

8,215,177

Lloyds

Banking

Group

plc

6,326,680

2,194,051

Natwest

Group

plc

432,704

604,825

Standard

Chartered

plc

243,927

1,239,890

14,293,446

Beverages

0.7%

Coca-Cola

European

Partners

plc

18,626

766,833

Diageo

plc

209,352

7,671,519

8,438,352

Capital

Markets

0.5%

3i

Group

plc

86,161

1,009,690

Hargreaves

Lansdown

plc

30,373

698,794

London

Stock

Exchange

Group

plc

28,133

3,137,989

Schroders

plc

11,677

455,438

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Capital

Markets

St

James's

Place

plc

47,005

583,229

Standard

Life

Aberdeen

plc

203,197

671,209

6,556,349

Chemicals

0.1%

Croda

International

plc

11,370

855,625

Johnson

Matthey

plc

17,083

503,531

1,359,156

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

165,039

1,160,574

Diversified

Financial

Services

0.0%

†

M&G

plc

238,485

504,944

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

807,105

1,047,240

Electric

Utilities

0.1%

SSE

plc

92,133

1,576,753

Electrical

Equipment

0.0%

†

Melrose

Industries

plc

445,734

502,655

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

33,950

972,345

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

British

Land

Co.

plc

(The)

77,276

372,263

Land

Securities

Group

plc

62,094

471,144

Segro

plc

99,372

1,265,786

2,109,193

Food

&

Staples

Retailing

0.3%

J

Sainsbury

plc

146,755

360,499

Tesco

plc

876,403

2,498,848

Wm

Morrison

Supermarkets

plc

226,455

555,381

3,414,728

Food

Products

0.1%

Associated

British

Foods

plc

32,175

747,231

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

79,068

1,578,557

Hotels,

Restaurants

&

Leisure

0.3%

Compass

Group

plc

161,869

2,238,366

GVC

Holdings

plc

52,882

463,585

InterContinental

Hotels

Group

plc

15,015

697,315

Whitbread

plc

18,152

520,538

3,919,804

Household

Durables

0.2%

Barratt

Developments

plc

94,885

638,926

Berkeley

Group

Holdings

plc

11,424

669,570

Persimmon

plc

28,284

895,465

Taylor

Wimpey

plc

290,157

452,645

2,656,606

Household

Products

0.5%

Reckitt

Benckiser

Group

plc

63,108

6,382,925

Industrial

Conglomerates

0.3%

CK

Hutchison

Holdings

Ltd.

242,386

1,582,742

DCC

plc

8,785

789,016

Smiths

Group

plc

36,586

653,089

3,024,847

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Insurance

0.6%

Admiral

Group

plc

16,350

515,035

Aviva

plc

358,198

1,246,952

Direct

Line

Insurance

Group

plc

113,976

444,382

Legal

&

General

Group

plc

523,904

1,482,380

Prudential

plc

233,755

3,416,355

RSA

Insurance

Group

plc

95,454

539,750

7,644,854

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

81,858

577,780

Internet

&

Direct

Marketing

Retail

0.1%

Ocado

Group

plc*

41,943

1,127,300

Machinery

0.1%

CNH

Industrial

NV*

92,133

632,978

Spirax-Sarco

Engineering

plc

6,477

877,889

1,510,867

Media

0.2%

Informa

plc

134,452

654,851

ITV

plc

316,028

236,159

Pearson

plc

66,668

461,493

WPP

plc

113,210

846,731

2,199,234

Multiline

Retail

0.1%

Next

plc

11,837

849,602

Multi-Utilities

0.3%

National

Grid

plc

313,731

3,710,406

Oil,

Gas

&

Consumable

Fuels

0.5%

BP

plc

1,814,320

6,577,248

Paper

&

Forest

Products

0.1%

Mondi

plc

43,168

774,461

Personal

Products

1.2%

Unilever

NV

130,458

7,722,056

Unilever

plc

104,953

6,303,499

14,025,555

Pharmaceuticals

1.8%

AstraZeneca

plc

117,011

12,978,074

GlaxoSmithKline

plc

449,439

9,025,487

22,003,561

Professional

Services

0.6%

Experian

plc

80,721

2,844,457

Intertek

Group

plc

14,213

1,005,291

RELX

plc

172,981

3,679,165

7,528,913

Software

0.1%

AVEVA

Group

plc

5,942

323,996

Sage

Group

plc

(The)

97,934

938,086

1,262,082

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

40,273

321,286

Kingfisher

plc

195,773

623,227

944,513

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

35,527

585,525

Tobacco

0.7%

British

American

Tobacco

plc

205,518

6,820,514

58

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Tobacco

Imperial

Brands

plc

85,317

1,431,587

8,252,101

Trading

Companies

&

Distributors

0.2%

Ashtead

Group

plc

40,751

1,309,763

Bunzl

plc

30,066

867,770

2,177,533

Water

Utilities

0.1%

Severn

Trent

plc

20,709

666,506

United

Utilities

Group

plc

63,225

747,819

1,414,325

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

2,410,702

3,661,589

150,459,126

UNITED

STATES

0.3%

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI

39,653

819,763

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

20,601

1,023,135

Software

0.0%

†

CyberArk

Software

Ltd.*

3,557

419,157

Trading

Companies

&

Distributors

0.1%

Ferguson

plc

19,996

1,788,339

4,050,394

Total

Common

Stocks

(cost

$1,031,327,624)

1,197,385,156

Rights

0.0%

†

Number

of

Rights

PORTUGAL

0.0%

†

Electric

Utilities

0.0%

†

EDP

-

Energias

de

Portugal

SA,

expiring

8/6/2020*

231,286

23,485

SPAIN

0.0%

†

Diversified

Telecommunication

Services

0.0%

†

Cellnex

Telecom

SA

,

expiring

8/7/2020*

22,438

93,829

Telefonica

SA,

expiring

7/1/2020*

419,362

84,225

178,054

Total

Rights

(cost

$89,531)

201,539

Short-Term

Investment

0.7%

Shares

Money

Market

Fund

  0.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(c)(d)

8,990,969

8,990,969

Total

Short-Term

Investment

(cost

$8,990,969)

8,990,969

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$1,010,216,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$1,036,697.(d)

1,010,211

1,010,211

Total

Repurchase

Agreement

(cost

$1,010,211)

1,010,211

Total

Investments

(cost

$1,041,418,335)

—

99.7%

1,207,587,875

Other

assets

in

excess

of

liabilities

—

0.3%

4,078,141

NET

ASSETS

—

100.0%

$

1,211,666,016

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$14,929,355,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$8,990,969

and

$1,010,211,

respectively,

and

by

$6,503,809

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$16,504,989.

(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

July

31,

2020

was

$19,685,225

which

represents

1.62%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$10,001,180.

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.

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

59

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

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

112

9/2020

EUR

4,199,345

(106,228)

FTSE

100

Index

31

9/2020

GBP

2,388,683

(92,584)

SGX

Nikkei

225

Index

26

9/2020

JPY

2,679,089

(67,507)

SPI

200

Index

12

9/2020

AUD

1,259,861

(16,664)

(282,983)

At

July

31,

2020,

the

Fund

had

$1,242,066

segregated

in

foreign

currency

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

60

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

61

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

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

$

–

$

11,931,206

$

–

$

11,931,206

Air

Freight

&

Logistics

–

7,426,240

–

7,426,240

Airlines

–

1,028,856

–

1,028,856

Auto

Components

–

9,541,310

–

9,541,310

Automobiles

–

32,351,843

–

32,351,843

Banks

–

88,169,923

–

88,169,923

Beverages

766,833

25,324,780

–

26,091,613

Biotechnology

714,780

11,623,602

–

12,338,382

Building

Products

–

12,371,589

–

12,371,589

Capital

Markets

–

34,243,550

–

34,243,550

Chemicals

–

43,962,792

–

43,962,792

Commercial

Services

&

Supplies

–

5,551,970

–

5,551,970

Communications

Equipment

–

5,451,038

–

5,451,038

Construction

&

Engineering

–

9,988,086

–

9,988,086

Construction

Materials

–

6,563,666

–

6,563,666

Consumer

Finance

–

136,302

–

136,302

Containers

&

Packaging

–

672,916

–

672,916

Distributors

–

125,810

–

125,810

Diversified

Consumer

Services

–

179,890

–

179,890

Diversified

Financial

Services

299,251

8,219,670

–

8,518,921

Diversified

Telecommunication

Services

188,294

24,282,599

–

24,470,893

Electric

Utilities

–

28,756,104

–

28,756,104

Electrical

Equipment

–

21,169,154

–

21,169,154

Electronic

Equipment,

Instruments

&

Components

–

22,161,786

–

22,161,786

Energy

Equipment

&

Services

–

259,609

–

259,609

Entertainment

–

9,410,570

–

9,410,570

Equity

Real

Estate

Investment

Trusts

(REITs)

–

16,783,911

–

16,783,911

Food

&

Staples

Retailing

–

19,215,702

–

19,215,702

Food

Products

–

48,284,519

–

48,284,519

Gas

Utilities

–

5,830,587

–

5,830,587

Health

Care

Equipment

&

Supplies

–

28,116,688

–

28,116,688

Health

Care

Providers

&

Services

–

6,919,576

–

6,919,576

Health

Care

Technology

–

2,037,556

–

2,037,556

Hotels,

Restaurants

&

Leisure

325,743

14,944,791

–

15,270,534

Household

Durables

–

16,813,351

–

16,813,351

Household

Products

–

13,125,530

–

13,125,530

Independent

Power

and

Renewable

Electricity

Producers

–

1,176,592

–

1,176,592

Industrial

Conglomerates

1,142,537

14,054,267

–

15,196,804

Insurance

–

58,486,465

–

58,486,465

Interactive

Media

&

Services

–

4,069,094

–

4,069,094

Internet

&

Direct

Marketing

Retail

–

10,137,785

–

10,137,785

IT

Services

1,215,659

19,363,775

–

20,579,434

Leisure

Products

–

3,168,181

–

3,168,181

Life

Sciences

Tools

&

Services

–

6,740,111

–

6,740,111

Machinery

–

35,877,099

–

35,877,099

Marine

–

2,104,329

–

2,104,329

Media

–

4,796,726

–

4,796,726

Metals

&

Mining

–

35,334,727

–

35,334,727

Multiline

Retail

–

5,681,495

–

5,681,495

Multi-Utilities

–

12,392,047

–

12,392,047

Oil,

Gas

&

Consumable

Fuels

–

37,866,827

–

37,866,827

Paper

&

Forest

Products

–

3,665,832

–

3,665,832

Personal

Products

–

28,449,426

–

28,449,426

Pharmaceuticals

1,129,997

114,120,150

–

115,250,147

Professional

Services

–

18,593,491

–

18,593,491

62

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

International

Index

Fund

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

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

Level

1

Level

2

Level

3

Total

Assets:

Real

Estate

Management

&

Development

$

340,400

$

19,808,020

$

–

$

20,148,420

Road

&

Rail

–

9,853,299

–

9,853,299

Semiconductors

&

Semiconductor

Equipment

–

25,219,726

–

25,219,726

Software

1,792,116

22,467,082

–

24,259,198

Specialty

Retail

–

10,274,636

–

10,274,636

Technology

Hardware,

Storage

&

Peripherals

–

4,925,559

–

4,925,559

Textiles,

Apparel

&

Luxury

Goods

–

31,028,395

–

31,028,395

Tobacco

–

11,272,131

–

11,272,131

Trading

Companies

&

Distributors

303,744

14,952,254

–

15,255,998

Transportation

Infrastructure

–

6,099,191

–

6,099,191

Water

Utilities

–

1,414,325

–

1,414,325

Wireless

Telecommunication

Services

–

22,795,693

–

22,795,693

Total

Common

Stocks

$

8,219,354

$

1,189,165,802

$

–

$

1,197,385,156

Repurchase

Agreement

–

1,010,211

–

1,010,211

Rights  

117,314

84,225

–

201,539

Short-Term

Investment

8,990,969

–

–

8,990,969

Total

Assets

$

17,327,637

$

1,190,260,238

$

–

$

1,207,587,875

Liabilities:

Futures

Contracts

$

(282,983)

$

–

$

–

$

(282,983)

Total

Liabilities

$

(282,983)

$

–

$

–

$

(282,983)

Total

$

17,044,654

$

1,190,260,238

$

–

$

1,207,304,892

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

July

31,

2020,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

Level

3

investment

which

was

valued

at

$0.

Nationwide

International

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

63

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(282,983

)

Total

$

(282,983

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

64

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

99.6%

Shares

Value

($)

Aerospace

&

Defense

1.0%

Axon

Enterprise,

Inc.*(a)

27,842

2,314,506

Curtiss-Wright

Corp.

18,458

1,644,977

Hexcel

Corp.

37,001

1,380,137

Mercury

Systems,

Inc.*

24,640

1,907,875

7,247,495

Air

Freight

&

Logistics

0.4%

XPO

Logistics,

Inc.*

40,384

3,029,608

Airlines

0.2%

JetBlue

Airways

Corp.*

119,526

1,235,899

Auto

Components

1.3%

Adient

plc*

38,692

643,835

Dana,

Inc.

64,030

731,863

Delphi

Technologies

plc*

38,268

573,637

Gentex

Corp.

108,520

2,928,955

Goodyear

Tire

&

Rubber

Co.

(The)

103,120

929,111

Lear

Corp.

24,165

2,667,333

Visteon

Corp.*(a)

12,414

901,380

9,376,114

Automobiles

0.6%

Harley-Davidson,

Inc.

67,881

1,766,943

Thor

Industries,

Inc.

24,462

2,788,423

4,555,366

Banks

5.6%

Associated

Banc-Corp.

68,103

874,443

BancorpSouth

Bank

43,079

901,644

Bank

of

Hawaii

Corp.

17,732

1,004,163

Bank

OZK

53,572

1,288,407

Cathay

General

Bancorp

33,494

809,885

CIT

Group,

Inc.

43,593

826,959

Commerce

Bancshares,

Inc.

44,485

2,547,211

Cullen/Frost

Bankers,

Inc.(a)

25,227

1,817,858

East

West

Bancorp,

Inc.(a)

62,702

2,173,251

First

Financial

Bankshares

,

Inc.(a)

62,953

1,883,554

First

Horizon

National

Corp.

244,888

2,270,112

FNB

Corp.

143,170

1,060,890

Fulton

Financial

Corp.

71,702

695,509

Glacier

Bancorp,

Inc.

39,319

1,388,354

Hancock

Whitney

Corp.

38,238

728,816

Home

BancShares

,

Inc.(a)

68,065

1,111,501

International

Bancshares

Corp.

25,168

765,611

PacWest

Bancorp

51,620

943,356

Pinnacle

Financial

Partners,

Inc.

31,597

1,251,873

Prosperity

Bancshares,

Inc.

41,064

2,281,516

Signature

Bank

23,740

2,434,062

Sterling

Bancorp(a)

86,176

969,480

Synovus

Financial

Corp.

65,273

1,315,251

TCF

Financial

Corp.

67,410

1,853,101

Texas

Capital

Bancshares,

Inc.*

22,347

742,367

Trustmark

Corp.

28,106

632,947

UMB

Financial

Corp.

18,773

934,895

Umpqua

Holdings

Corp.

97,592

1,058,873

United

Bankshares

,

Inc.(a)

56,364

1,483,501

Valley

National

Bancorp

173,583

1,296,665

Webster

Financial

Corp.

39,961

1,089,736

Common

Stocks

Shares

Value

($)

Banks

Wintrust

Financial

Corp.

25,513

1,091,956

41,527,747

Beverages

0.5%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

4,279

3,467,873

Biotechnology

1.4%

Arrowhead

Pharmaceuticals,

Inc.*

45,103

1,942,586

Emergent

BioSolutions

,

Inc.*(a)

19,770

2,199,215

Exelixis

,

Inc.*

135,902

3,137,977

Ligand

Pharmaceuticals,

Inc.*

7,113

833,501

United

Therapeutics

Corp.*

19,505

2,174,223

10,287,502

Building

Products

1.4%

Lennox

International,

Inc.

15,424

4,135,791

Owens

Corning

47,792

2,889,982

Trex

Co.,

Inc.*

25,639

3,572,282

10,598,055

Capital

Markets

2.8%

Affiliated

Managers

Group,

Inc.

20,934

1,440,050

Eaton

Vance

Corp.

50,490

1,824,709

Evercore

,

Inc.,

Class

A

17,964

993,409

FactSet

Research

Systems,

Inc.

16,784

5,812,299

Federated

Hermes,

Inc.,

Class

B

42,496

1,120,195

Interactive

Brokers

Group,

Inc.,

Class

A(a)

34,015

1,687,144

Janus

Henderson

Group

plc(a)

68,017

1,420,875

Legg

Mason,

Inc.

37,054

1,852,329

SEI

Investments

Co.

55,070

2,881,813

Stifel

Financial

Corp.

30,362

1,471,950

20,504,773

Chemicals

2.6%

Ashland

Global

Holdings,

Inc.

26,792

2,022,260

Avient

Corp.

40,504

968,046

Cabot

Corp.

25,359

925,096

Chemours

Co.

(The)

72,776

1,348,539

Ingevity

Corp.*

18,263

1,068,020

Minerals

Technologies,

Inc.

15,137

709,623

NewMarket

Corp.

3,200

1,199,392

Olin

Corp.(a)

69,955

786,294

RPM

International,

Inc.

57,386

4,682,124

Scotts

Miracle-

Gro

Co.

(The)

17,464

2,769,267

Sensient

Technologies

Corp.

(a)

18,992

991,572

Valvoline,

Inc.

81,999

1,682,619

19,152,852

Commercial

Services

&

Supplies

1.9%

Brink's

Co.

(The)

22,374

992,287

Clean

Harbors,

Inc.*

22,660

1,350,536

Healthcare

Services

Group,

Inc.(a)

32,979

863,720

Herman

Miller,

Inc.

26,045

610,235

HNI

Corp.

18,900

561,330

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

IAA,

Inc.*

59,569

2,582,316

KAR

Auction

Services,

Inc.

57,264

866,404

MSA

Safety,

Inc.

15,840

1,877,515

Stericycle,

Inc.*(a)

40,513

2,448,403

Tetra

Tech,

Inc.

23,943

2,122,547

14,275,293

Communications

Equipment

1.3%

Ciena

Corp.*

68,089

4,051,976

InterDigital

,

Inc.

13,813

829,056

Lumentum

Holdings,

Inc.*

33,193

3,081,306

NetScout

Systems,

Inc.*

28,165

717,081

ViaSat

,

Inc.*(a)

25,889

982,747

9,662,166

Construction

&

Engineering

1.0%

AECOM*

70,945

2,567,500

Dycom

Industries,

Inc.*(a)

14,109

604,288

EMCOR

Group,

Inc.

24,306

1,664,961

Fluor

Corp.

63,459

646,647

MasTec

,

Inc.*(a)

25,821

1,027,159

Valmont

Industries,

Inc.

9,598

1,163,278

7,673,833

Construction

Materials

0.2%

Eagle

Materials,

Inc.

18,443

1,479,682

Consumer

Finance

0.5%

FirstCash

,

Inc.

18,365

1,058,558

LendingTree,

Inc.*

3,416

1,182,927

Navient

Corp.(a)

78,106

621,724

SLM

Corp.(a)

166,231

1,125,384

3,988,593

Containers

&

Packaging

1.1%

AptarGroup,

Inc.

28,446

3,276,979

Greif,

Inc.,

Class

A

12,040

418,872

O-I

Glass,

Inc.

69,387

724,400

Silgan

Holdings,

Inc.

34,821

1,331,903

Sonoco

Products

Co.

44,463

2,300,516

8,052,670

Distributors

0.8%

Pool

Corp.

17,698

5,604,957

Diversified

Consumer

Services

1.2%

Adtalem

Global

Education,

Inc.*(a)

22,957

788,343

Graham

Holdings

Co.,

Class

B

1,894

754,513

Grand

Canyon

Education,

Inc.*

20,968

1,860,700

Service

Corp.

International

78,948

3,423,185

Strategic

Education,

Inc.

9,845

1,242,538

WW

International,

Inc.*

21,344

550,248

8,619,527

Diversified

Financial

Services

0.2%

Jefferies

Financial

Group,

Inc.

100,075

1,621,215

Electric

Utilities

1.3%

ALLETE,

Inc.(a)

22,950

1,360,935

Hawaiian

Electric

Industries,

Inc.

48,370

1,753,896

IDACORP,

Inc.

22,360

2,085,070

OGE

Energy

Corp.

88,709

2,918,526

Common

Stocks

Shares

Value

($)

Electric

Utilities

PNM

Resources,

Inc.

35,300

1,490,719

9,609,146

Electrical

Equipment

2.0%

Acuity

Brands,

Inc.

17,568

1,740,989

EnerSys

(a)

18,813

1,265,362

Generac

Holdings,

Inc.*

27,777

4,377,100

Hubbell,

Inc.

24,020

3,241,980

nVent

Electric

plc

69,250

1,257,580

Regal

Beloit

Corp.(a)

17,957

1,651,505

Sunrun

,

Inc.*

35,319

1,295,854

14,830,370

Electronic

Equipment,

Instruments

&

Components

3.7%

Arrow

Electronics,

Inc.*

34,863

2,496,888

Avnet,

Inc.

43,768

1,169,481

Belden,

Inc.

16,957

535,841

Cognex

Corp.

76,087

5,087,938

Coherent,

Inc.*(a)

10,748

1,492,145

II-VI,

Inc.*

42,780

2,169,802

Jabil,

Inc.

60,782

2,118,861

Littelfuse

,

Inc.

10,759

1,911,336

National

Instruments

Corp.

52,088

1,849,124

SYNNEX

Corp.(a)

18,250

2,276,505

Trimble,

Inc.*

110,687

4,926,678

Vishay

Intertechnology

,

Inc.

59,390

931,829

26,966,428

Energy

Equipment

&

Services

0.2%

ChampionX

Corp.*

82,323

782,892

Transocean

Ltd.*(a)

263,643

537,831

1,320,723

Entertainment

0.2%

Cinemark

Holdings,

Inc.

48,825

577,600

World

Wrestling

Entertainment,

Inc.,

Class

A(a)

20,526

956,717

1,534,317

Equity

Real

Estate

Investment

Trusts

(REITs)

9.5%

American

Campus

Communities,

Inc.

60,982

2,173,399

Brixmor

Property

Group,

Inc.

131,377

1,512,149

Camden

Property

Trust

43,157

3,919,087

CoreCivic

,

Inc.

53,016

472,373

CoreSite

Realty

Corp.

17,863

2,305,220

Corporate

Office

Properties

Trust

49,710

1,316,321

Cousins

Properties,

Inc.

65,828

2,022,236

CyrusOne

,

Inc.

51,053

4,258,841

Douglas

Emmett,

Inc.

73,057

2,128,881

EastGroup

Properties,

Inc.

17,308

2,296,079

EPR

Properties

34,337

983,068

First

Industrial

Realty

Trust,

Inc.

56,375

2,475,990

GEO

Group,

Inc.

(The)

53,910

573,063

Healthcare

Realty

Trust,

Inc.

59,798

1,752,081

Highwoods

Properties,

Inc.

46,039

1,765,135

Hudson

Pacific

Properties,

Inc.

67,936

1,601,252

JBG

SMITH

Properties

52,102

1,511,479

Kilroy

Realty

Corp.

46,917

2,733,854

Lamar

Advertising

Co.,

Class

A

38,263

2,515,027

Life

Storage,

Inc.

20,789

2,040,025

66

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Macerich

Co.

(The)

52,942

403,947

Mack-Cali

Realty

Corp.

40,150

578,963

Medical

Properties

Trust,

Inc.

234,140

4,713,238

National

Retail

Properties,

Inc.

76,209

2,701,609

Omega

Healthcare

Investors,

Inc.

100,556

3,256,003

Park

Hotels

&

Resorts,

Inc.

104,408

863,454

Pebblebrook

Hotel

Trust

57,947

614,238

Physicians

Realty

Trust

89,768

1,619,415

PotlatchDeltic

Corp.

29,671

1,270,216

PS

Business

Parks,

Inc.

8,890

1,226,376

Rayonier,

Inc.

61,363

1,704,664

Rexford

Industrial

Realty,

Inc.

54,562

2,560,595

Sabra

Health

Care

REIT,

Inc.

91,097

1,342,770

Service

Properties

Trust

75,213

503,927

Spirit

Realty

Capital,

Inc.

45,620

1,572,065

STORE

Capital

Corp.

98,605

2,335,952

Taubman

Centers,

Inc.

27,303

1,057,172

Urban

Edge

Properties

49,062

514,170

Weingarten

Realty

Investors

53,365

910,407

70,104,741

Food

&

Staples

Retailing

1.0%

BJ's

Wholesale

Club

Holdings,

Inc.*

54,669

2,189,494

Casey's

General

Stores,

Inc.

(a)

16,306

2,595,752

Grocery

Outlet

Holding

Corp.*

28,191

1,240,122

Sprouts

Farmers

Market,

Inc.*

52,200

1,377,036

7,402,404

Food

Products

2.0%

Darling

Ingredients,

Inc.*

72,697

2,030,427

Flowers

Foods,

Inc.

85,324

1,941,121

Hain

Celestial

Group,

Inc.

(The)*(a)

34,791

1,182,198

Ingredion,

Inc.

29,680

2,567,320

Lancaster

Colony

Corp.(a)

8,779

1,392,262

Pilgrim's

Pride

Corp.*

23,587

362,060

Post

Holdings,

Inc.*(a)

28,401

2,520,305

Sanderson

Farms,

Inc.(a)

8,772

978,034

Tootsie

Roll

Industries,

Inc.(a)

7,787

246,848

TreeHouse

Foods,

Inc.*

25,010

1,095,938

14,316,513

Gas

Utilities

1.5%

National

Fuel

Gas

Co.

40,046

1,624,666

New

Jersey

Resources

Corp.

42,434

1,318,000

ONE

Gas,

Inc.

23,429

1,773,576

Southwest

Gas

Holdings,

Inc.

(a)

24,427

1,701,096

Spire,

Inc.(a)

22,706

1,400,052

UGI

Corp.(a)

92,297

3,077,182

10,894,572

Health

Care

Equipment

&

Supplies

3.6%

Avanos

Medical,

Inc.*

21,658

664,251

Cantel

Medical

Corp.

16,440

776,790

Globus

Medical,

Inc.,

Class

A*

33,532

1,615,572

Haemonetics

Corp.*

22,330

1,957,448

Hill-Rom

Holdings,

Inc.

29,496

2,867,601

ICU

Medical,

Inc.*

8,586

1,577,506

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Integra

LifeSciences

Holdings

Corp.*

31,208

1,490,182

LivaNova

plc*

21,531

1,002,053

Masimo

Corp.*

22,064

4,856,727

NuVasive

,

Inc.*(a)

22,712

1,297,764

Penumbra,

Inc.*(a)

14,652

3,251,425

Quidel

Corp.*(a)

16,938

4,784,477

26,141,796

Health

Care

Providers

&

Services

3.2%

Acadia

Healthcare

Co.,

Inc.*(a)

39,417

1,175,021

Amedisys

,

Inc.*

14,349

3,359,962

Chemed

Corp.

7,035

3,462,557

Encompass

Health

Corp.(a)

44,053

2,999,128

HealthEquity

,

Inc.*

33,682

1,736,644

LHC

Group,

Inc.*

13,159

2,567,452

MEDNAX,

Inc.*(a)

38,890

777,022

Molina

Healthcare,

Inc.*

26,811

4,951,992

Patterson

Cos.,

Inc.

38,212

1,014,911

Tenet

Healthcare

Corp.*

46,406

1,226,974

23,271,663

Hotels,

Restaurants

&

Leisure

3.0%

Boyd

Gaming

Corp.

35,498

840,238

Caesars

Entertainment,

Inc.*

67,840

2,106,432

Choice

Hotels

International,

Inc.(a)

13,984

1,175,215

Churchill

Downs,

Inc.(a)

15,554

2,154,540

Cracker

Barrel

Old

Country

Store,

Inc.

10,500

1,159,935

Dunkin'

Brands

Group,

Inc.

36,389

2,501,016

Jack

in

the

Box,

Inc.(a)

10,048

825,041

Marriott

Vacations

Worldwide

Corp.

16,192

1,370,815

Papa

John's

International,

Inc.

9,963

943,197

Penn

National

Gaming,

Inc.*(a)

57,243

1,937,676

Scientific

Games

Corp.*

24,860

436,790

Six

Flags

Entertainment

Corp.

34,903

606,963

Texas

Roadhouse,

Inc.

28,873

1,622,374

Wendy's

Co.

(The)

78,952

1,830,107

Wyndham

Destinations,

Inc.

37,729

1,003,592

Wyndham

Hotels

&

Resorts,

Inc.

41,255

1,821,821

22,335,752

Household

Durables

1.5%

Helen

of

Troy

Ltd.*

11,187

2,105,953

KB

Home

38,561

1,297,192

Taylor

Morrison

Home

Corp.*

57,435

1,346,851

Tempur

Sealy

International,

Inc.*

19,186

1,553,107

Toll

Brothers,

Inc.

51,221

1,956,642

TopBuild

Corp.*

14,769

1,948,326

TRI

Pointe

Group,

Inc.*

58,017

970,044

11,178,115

Household

Products

0.2%

Energizer

Holdings,

Inc.(a)

28,214

1,414,368

Industrial

Conglomerates

0.4%

Carlisle

Cos.,

Inc.

24,336

2,897,931

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Insurance

4.5%

Alleghany

Corp.

6,342

3,312,553

American

Financial

Group,

Inc.

33,047

2,008,266

Brighthouse

Financial,

Inc.*

41,589

1,178,632

Brown

&

Brown,

Inc.

104,244

4,739,975

CNO

Financial

Group,

Inc.

63,647

961,070

First

American

Financial

Corp.

49,378

2,518,772

Genworth

Financial,

Inc.,

Class

A*

223,053

455,028

Hanover

Insurance

Group,

Inc.

(The)

16,840

1,715,659

Kemper

Corp.(a)

27,182

2,134,331

Mercury

General

Corp.

12,043

516,765

Old

Republic

International

Corp.(a)

126,637

2,035,057

Primerica,

Inc.

18,072

2,162,495

Reinsurance

Group

of

America,

Inc.

30,056

2,562,274

RenaissanceRe

Holdings

Ltd.

22,481

4,055,123

RLI

Corp.

17,719

1,561,575

Selective

Insurance

Group,

Inc.

26,461

1,437,891

33,355,466

Interactive

Media

&

Services

0.2%

TripAdvisor,

Inc.

44,652

903,310

Yelp,

Inc.*

29,788

744,104

1,647,414

Internet

&

Direct

Marketing

Retail

1.3%

Etsy,

Inc.*

52,594

6,226,078

Grubhub

,

Inc.*

40,752

2,943,924

9,170,002

IT

Services

2.0%

Alliance

Data

Systems

Corp.

18,785

833,302

CACI

International,

Inc.,

Class

A*

11,117

2,310,335

KBR,

Inc.

63,062

1,402,499

LiveRamp

Holdings,

Inc.*

29,358

1,337,844

MAXIMUS,

Inc.

27,172

2,016,434

Perspecta

,

Inc.

60,491

1,294,507

Sabre

Corp.

122,103

923,099

Science

Applications

International

Corp.

21,893

1,751,002

WEX,

Inc.*

19,283

3,053,849

14,922,871

Leisure

Products

0.9%

Brunswick

Corp.

35,067

2,348,788

Mattel,

Inc.*

153,734

1,707,985

Polaris,

Inc.

25,515

2,644,119

6,700,892

Life

Sciences

Tools

&

Services

2.3%

Bio-

Techne

Corp.

16,939

4,660,935

Charles

River

Laboratories

International,

Inc.*

21,931

4,364,050

PRA

Health

Sciences,

Inc.*

28,197

3,004,672

Repligen

Corp.*

20,862

3,148,284

Syneos

Health,

Inc.*(a)

27,699

1,728,141

16,906,082

Common

Stocks

Shares

Value

($)

Machinery

4.5%

AGCO

Corp.

27,539

1,807,385

Colfax

Corp.*

37,232

1,082,707

Crane

Co.

21,840

1,235,489

Donaldson

Co.,

Inc.

55,896

2,702,013

Graco

,

Inc.

73,831

3,930,762

ITT,

Inc.

38,245

2,207,884

Kennametal,

Inc.

36,745

990,645

Lincoln

Electric

Holdings,

Inc.

26,318

2,378,884

Middleby

Corp.

(The)*

24,631

2,045,851

Nordson

Corp.

22,750

4,405,082

Oshkosh

Corp.

30,167

2,374,746

Terex

Corp.(a)

29,030

547,215

Timken

Co.

(The)

29,940

1,367,060

Toro

Co.

(The)

47,496

3,388,840

Trinity

Industries,

Inc.(a)

42,096

822,135

Woodward,

Inc.(a)

25,121

1,882,568

33,169,266

Marine

0.2%

Kirby

Corp.*

26,607

1,230,308

Media

1.3%

AMC

Networks,

Inc.,

Class

A*

18,466

426,564

Cable

One,

Inc.

2,332

4,250,210

John

Wiley

&

Sons,

Inc.,

Class

A

19,359

654,915

New

York

Times

Co.

(The),

Class

A

63,949

2,950,607

TEGNA,

Inc.

96,846

1,140,846

9,423,142

Metals

&

Mining

1.8%

Allegheny

Technologies,

Inc.*

56,118

487,665

Commercial

Metals

Co.

52,765

1,091,180

Compass

Minerals

International,

Inc.

15,108

769,601

Reliance

Steel

&

Aluminum

Co.

28,204

2,771,325

Royal

Gold,

Inc.

29,063

4,066,786

Steel

Dynamics,

Inc.

93,213

2,554,968

United

States

Steel

Corp.

97,607

650,063

Worthington

Industries,

Inc.

16,247

607,963

12,999,551

Multiline

Retail

0.5%

Nordstrom,

Inc.(a)

48,008

657,229

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

25,060

2,633,806

3,291,035

Multi-Utilities

0.6%

Black

Hills

Corp.

27,809

1,609,029

MDU

Resources

Group,

Inc.

88,865

1,864,387

NorthWestern

Corp.

22,607

1,271,870

4,745,286

Oil,

Gas

&

Consumable

Fuels

1.2%

Antero

Midstream

Corp.

124,589

706,420

Cimarex

Energy

Co.

45,248

1,106,766

CNX

Resources

Corp.*

82,899

799,975

EQT

Corp.

113,253

1,644,434

Equitrans

Midstream

Corp.

180,116

1,738,119

Murphy

Oil

Corp.(a)

64,732

855,110

68

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

PBF

Energy,

Inc.,

Class

A

46,764

405,911

World

Fuel

Services

Corp.

28,061

660,275

WPX

Energy,

Inc.*(a)

180,974

1,080,415

8,997,425

Paper

&

Forest

Products

0.3%

Domtar

Corp.

25,131

527,500

Louisiana-Pacific

Corp.

49,726

1,574,822

2,102,322

Personal

Products

0.2%

Edgewell

Personal

Care

Co.*

24,265

725,281

Nu

Skin

Enterprises,

Inc.,

Class

A

23,000

1,031,550

1,756,831

Pharmaceuticals

1.2%

Catalent

,

Inc.*

72,080

6,295,467

Nektar

Therapeutics*(a)

78,880

1,747,981

Prestige

Consumer

Healthcare,

Inc.*

22,380

832,312

8,875,760

Professional

Services

1.2%

ASGN,

Inc.*(a)

23,266

1,592,790

CoreLogic

,

Inc.

35,192

2,398,687

FTI

Consulting,

Inc.*(a)

16,441

1,963,713

Insperity

,

Inc.

16,149

1,079,722

ManpowerGroup

,

Inc.

25,726

1,769,692

8,804,604

Real

Estate

Management

&

Development

0.3%

Jones

Lang

LaSalle,

Inc.(a)

22,881

2,263,160

Road

&

Rail

1.0%

Avis

Budget

Group,

Inc.*

24,387

631,623

Knight-Swift

Transportation

Holdings,

Inc.

54,187

2,356,592

Landstar

System,

Inc.

17,005

2,070,869

Ryder

System,

Inc.

23,814

872,307

Werner

Enterprises,

Inc.

25,416

1,117,923

7,049,314

Semiconductors

&

Semiconductor

Equipment

5.1%

Cabot

Microelectronics

Corp.

(a)

12,880

1,941,274

Cirrus

Logic,

Inc.*

25,870

1,772,871

Cree,

Inc.*(a)

47,933

3,303,542

Enphase

Energy,

Inc.*(a)

36,069

2,177,125

First

Solar,

Inc.*(a)

33,793

2,012,373

MKS

Instruments,

Inc.(a)

24,317

3,098,959

Monolithic

Power

Systems,

Inc.(a)

18,439

4,886,519

Semtech

Corp.*

28,873

1,609,092

Silicon

Laboratories,

Inc.*(a)

19,361

1,945,974

SolarEdge

Technologies,

Inc.*(a)

21,995

3,851,325

Synaptics

,

Inc.*

15,084

1,207,022

Teradyne,

Inc.

73,463

6,535,268

Universal

Display

Corp.

18,788

3,277,567

37,618,911

Software

4.1%

ACI

Worldwide,

Inc.*

51,383

1,376,551

Common

Stocks

Shares

Value

($)

Software

Blackbaud

,

Inc.

21,990

1,375,255

CDK

Global,

Inc.

53,857

2,448,339

Ceridian

HCM

Holding,

Inc.*(a)

44,988

3,522,111

CommVault

Systems,

Inc.*

18,824

829,762

Fair

Isaac

Corp.*

12,853

5,644,909

J2

Global,

Inc.*

20,088

1,139,391

LogMeIn,

Inc.

21,614

1,854,697

Manhattan

Associates,

Inc.*

28,140

2,695,531

Paylocity

Holding

Corp.*

15,941

2,123,341

PTC,

Inc.*

46,145

3,948,166

Qualys

,

Inc.*(a)

14,848

1,833,431

Teradata

Corp.*

48,084

1,009,764

29,801,248

Specialty

Retail

2.3%

Aaron's,

Inc.

29,943

1,562,426

American

Eagle

Outfitters,

Inc.

(a)

68,944

689,440

AutoNation,

Inc.*

25,733

1,321,132

Dick's

Sporting

Goods,

Inc.

28,875

1,317,278

Five

Below,

Inc.*(a)

24,700

2,690,077

Foot

Locker,

Inc.(a)

46,174

1,357,054

Murphy

USA,

Inc.*(a)

12,155

1,609,444

Restoration

Hardware

Holdings,

Inc.*(a)

7,352

2,113,185

Sally

Beauty

Holdings,

Inc.*

51,070

592,923

Urban

Outfitters,

Inc.*

31,199

516,031

Williams-Sonoma,

Inc.

34,460

3,002,155

16,771,145

Technology

Hardware,

Storage

&

Peripherals

0.1%

NCR

Corp.*

57,220

1,054,565

Textiles,

Apparel

&

Luxury

Goods

0.9%

Carter's,

Inc.

19,327

1,521,422

Columbia

Sportswear

Co.

12,600

955,584

Deckers

Outdoor

Corp.*

12,408

2,596,374

Skechers

USA,

Inc.,

Class

A*

60,348

1,766,989

6,840,369

Thrifts

&

Mortgage

Finance

0.7%

Essent

Group

Ltd.

49,041

1,757,139

New

York

Community

Bancorp,

Inc.

211,522

2,227,327

Washington

Federal,

Inc.

34,531

805,953

4,790,419

Trading

Companies

&

Distributors

0.9%

GATX

Corp.

15,611

952,115

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

20,132

1,328,914

Univar

Solutions,

Inc.*

61,378

1,084,549

Watsco

,

Inc.(a)

14,518

3,427,264

6,792,842

Water

Utilities

0.6%

Essential

Utilities,

Inc.

98,821

4,481,532

Wireless

Telecommunication

Services

0.1%

Telephone

and

Data

Systems,

Inc.

43,819

850,965

Total

Common

Stocks

(cost

$647,235,432)

732,592,786

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

69

Short-Term

Investment

0.3%

Shares

Value

($)

Money

Market

Fund

0.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(b)(c)

2,009,857

2,009,857

Total

Short-Term

Investment

(cost

$2,009,857)

2,009,857

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$225,826,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$231,745.(c)

225,824

225,824

Total

Repurchase

Agreement

(cost

$225,824)

225,824

Total

Investments

(cost

$649,471,113)

—

99.9%

734,828,467

Other

assets

in

excess

of

liabilities

—

0.1%

798,095

NET

ASSETS

—

100.0%

$

735,626,562

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$33,088,525,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$2,009,857

and

$225,824,

respectively,

and

by

$32,269,050

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$34,504,731.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$2,235,681.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

27

9/2020

USD

5,023,350

212,281

212,281

At

July

31,

2020,

the

Fund

had

$772,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

70

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

71

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

732,592,786

$

–

$

–

$

732,592,786

Futures

Contracts

212,281

–

–

212,281

Repurchase

Agreement

–

225,824

–

225,824

Short-Term

Investment

2,009,857

–

–

2,009,857

Total

$

734,814,924

$

225,824

$

–

$

735,040,748

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

212,281

Total

$

212,281

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

72

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

99.6%

Shares

Value

($)

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

22,078

3,488,324

General

Dynamics

Corp.

9,624

1,412,226

Howmet

Aerospace,

Inc.

16,237

239,983

Huntington

Ingalls

Industries,

Inc.

1,738

301,908

L3Harris

Technologies,

Inc.

8,971

1,510,088

Lockheed

Martin

Corp.

10,157

3,849,198

Northrop

Grumman

Corp.

6,378

2,072,914

Raytheon

Technologies

Corp.

60,498

3,429,027

Teledyne

Technologies,

Inc.*

1,497

459,130

Textron,

Inc.

9,646

337,031

TransDigm

Group,

Inc.(a)

2,096

904,592

18,004,421

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

5,637

528,300

Expeditors

International

of

Washington,

Inc.

6,780

572,978

FedEx

Corp.

9,850

1,658,740

United

Parcel

Service,

Inc.,

Class

B

29,015

4,142,181

6,902,199

Airlines

0.2%

Alaska

Air

Group,

Inc.

5,116

176,195

American

Airlines

Group,

Inc.

(a)

15,212

169,157

Delta

Air

Lines,

Inc.

23,639

590,266

Southwest

Airlines

Co.

22,241

687,025

United

Airlines

Holdings,

Inc.*

10,372

325,473

1,948,116

Auto

Components

0.1%

Aptiv

plc

10,739

834,957

BorgWarner,

Inc.

8,820

322,812

1,157,769

Automobiles

0.2%

Ford

Motor

Co.

163,123

1,078,243

General

Motors

Co.

51,653

1,285,643

2,363,886

Banks

3.5%

Bank

of

America

Corp.

324,595

8,075,924

Citigroup,

Inc.

85,663

4,284,007

Citizens

Financial

Group,

Inc.

17,260

428,221

Comerica,

Inc.

6,066

233,662

Fifth

Third

Bancorp

29,864

593,099

First

Republic

Bank

7,098

798,383

Huntington

Bancshares,

Inc.

43,258

401,002

JPMorgan

Chase

&

Co.

125,425

12,121,072

KeyCorp

41,449

497,802

M&T

Bank

Corp.

5,272

558,568

People's

United

Financial,

Inc.

18,690

201,665

PNC

Financial

Services

Group,

Inc.

(The)

17,295

1,844,858

Regions

Financial

Corp.

40,594

440,851

SVB

Financial

Group*

2,160

484,423

Truist

Financial

Corp.

55,236

2,069,140

US

Bancorp

56,158

2,068,861

Wells

Fargo

&

Co.

153,772

3,730,509

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

6,111

198,424

39,030,471

Beverages

1.7%

Brown-Forman

Corp.,

Class

B

7,697

533,710

Coca-Cola

Co.

(The)

159,261

7,523,490

Constellation

Brands,

Inc.,

Class

A

6,857

1,221,917

Molson

Coors

Beverage

Co.,

Class

B

7,927

297,421

Monster

Beverage

Corp.*

15,345

1,204,276

PepsiCo,

Inc.

57,166

7,869,471

18,650,285

Biotechnology

2.3%

AbbVie,

Inc.

72,579

6,888,473

Alexion

Pharmaceuticals,

Inc.*

9,059

928,457

Amgen,

Inc.

24,226

5,927,375

Biogen,

Inc.*

6,689

1,837,401

Gilead

Sciences,

Inc.

51,662

3,592,059

Incyte

Corp.*

7,464

737,145

Regeneron

Pharmaceuticals,

Inc.*

4,154

2,625,619

Vertex

Pharmaceuticals,

Inc.*

10,671

2,902,512

25,439,041

Building

Products

0.4%

A

O

Smith

Corp.(a)

5,799

279,164

Allegion

plc

3,911

388,988

Carrier

Global

Corp.

33,802

920,766

Fortune

Brands

Home

&

Security,

Inc.

5,824

445,536

Johnson

Controls

International

plc

30,671

1,180,220

Masco

Corp.(a)

10,836

619,386

Trane

Technologies

plc

9,909

1,108,520

4,942,580

Capital

Markets

2.6%

Ameriprise

Financial,

Inc.

5,072

779,211

Bank

of

New

York

Mellon

Corp.

(The)

33,399

1,197,354

BlackRock,

Inc.

6,348

3,650,163

Cboe

Global

Markets,

Inc.

4,433

388,774

Charles

Schwab

Corp.

(The)

47,347

1,569,553

CME

Group,

Inc.

14,753

2,451,654

E*TRADE

Financial

Corp.

8,970

455,407

Franklin

Resources,

Inc.

11,823

248,874

Goldman

Sachs

Group,

Inc.

(The)

12,721

2,518,249

Intercontinental

Exchange,

Inc.

22,482

2,175,808

Invesco

Ltd.(a)

16,147

162,116

MarketAxess

Holdings,

Inc.

1,576

814,319

Moody's

Corp.

6,609

1,859,112

Morgan

Stanley

49,062

2,398,151

MSCI,

Inc.

3,471

1,305,027

Nasdaq,

Inc.

4,664

612,430

Northern

Trust

Corp.

8,661

678,589

Raymond

James

Financial,

Inc.

5,149

357,753

S&P

Global,

Inc.

9,906

3,469,576

State

Street

Corp.

14,425

920,171

Nationwide

S&P

500

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.

9,352

1,291,511

29,303,802

Chemicals

1.8%

Air

Products

&

Chemicals,

Inc.

9,140

2,619,798

Albemarle

Corp.(a)

4,467

368,349

Celanese

Corp.

4,788

465,394

CF

Industries

Holdings,

Inc.

9,218

288,800

Corteva,

Inc.

31,307

894,128

Dow,

Inc.

30,276

1,243,132

DuPont

de

Nemours,

Inc.

30,084

1,608,892

Eastman

Chemical

Co.

5,271

393,375

Ecolab,

Inc.

10,186

1,905,597

FMC

Corp.

5,178

549,127

International

Flavors

&

Fragrances,

Inc.(a)

4,462

561,989

Linde

plc

21,606

5,295,847

LyondellBasell

Industries

NV,

Class

A

10,800

675,216

Mosaic

Co.

(The)

15,130

203,801

PPG

Industries,

Inc.

9,576

1,030,856

Sherwin-Williams

Co.

(The)

3,354

2,173,124

20,277,425

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

3,429

1,035,112

Copart,

Inc.*(a)

8,509

793,464

Republic

Services,

Inc.

8,536

744,766

Rollins,

Inc.

5,903

309,317

Waste

Management,

Inc.

16,053

1,759,409

4,642,068

Communications

Equipment

0.9%

Arista

Networks,

Inc.*

2,283

593,055

Cisco

Systems,

Inc.

174,770

8,231,667

F5

Networks,

Inc.*

2,534

344,371

Juniper

Networks,

Inc.

13,022

330,498

Motorola

Solutions,

Inc.

7,026

982,235

10,481,826

Construction

&

Engineering

0.1%

Jacobs

Engineering

Group,

Inc.

5,377

458,927

Quanta

Services,

Inc.

5,891

235,463

694,390

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,506

519,193

Vulcan

Materials

Co.

5,368

630,311

1,149,504

Consumer

Finance

0.4%

American

Express

Co.

27,363

2,553,515

Capital

One

Financial

Corp.

18,882

1,204,671

Discover

Financial

Services

12,681

626,822

Synchrony

Financial

22,168

490,578

4,875,586

Containers

&

Packaging

0.3%

Amcor

plc

65,558

675,247

Avery

Dennison

Corp.

3,552

402,584

Ball

Corp.(a)

13,478

992,385

International

Paper

Co.

16,466

572,852

Packaging

Corp.

of

America

3,935

378,232

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Sealed

Air

Corp.

6,404

228,495

Westrock

Co.

10,860

291,700

3,541,495

Distributors

0.1%

Genuine

Parts

Co.

5,798

522,690

LKQ

Corp.*

12,919

364,186

886,876

Diversified

Consumer

Services

0.0%

†

H&R

Block,

Inc.

8,486

123,047

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

80,099

15,681,782

Diversified

Telecommunication

Services

1.7%

AT&T,

Inc.

293,467

8,680,754

CenturyLink,

Inc.

40,724

392,987

Verizon

Communications,

Inc.

170,553

9,803,386

18,877,127

Electric

Utilities

2.0%

Alliant

Energy

Corp.

10,052

541,300

American

Electric

Power

Co.,

Inc.

20,307

1,764,272

Duke

Energy

Corp.

30,261

2,564,317

Edison

International

15,714

874,798

Entergy

Corp.

8,320

874,682

Evergy,

Inc.

9,142

592,676

Eversource

Energy

13,952

1,256,657

Exelon

Corp.

39,801

1,536,717

FirstEnergy

Corp.

22,615

655,835

NextEra

Energy,

Inc.

20,182

5,665,087

NRG

Energy,

Inc.

9,848

332,961

Pinnacle

West

Capital

Corp.

4,722

392,304

PPL

Corp.

31,707

844,040

Southern

Co.

(The)

43,531

2,377,228

Xcel

Energy,

Inc.

21,558

1,488,364

21,761,238

Electrical

Equipment

0.5%

AMETEK,

Inc.

9,596

894,827

Eaton

Corp.

plc

16,351

1,522,769

Emerson

Electric

Co.

24,830

1,539,708

Rockwell

Automation,

Inc.

4,740

1,033,983

4,991,287

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A

12,099

1,279,590

CDW

Corp.

5,809

675,296

Corning,

Inc.

31,492

976,252

FLIR

Systems,

Inc.

5,170

215,382

IPG

Photonics

Corp.*

1,486

266,009

Keysight

Technologies,

Inc.*(a)

7,614

760,563

TE

Connectivity

Ltd.

13,648

1,215,627

Zebra

Technologies

Corp.,

Class

A*

2,168

608,666

5,997,385

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

27,208

421,452

Halliburton

Co.

36,639

525,037

National

Oilwell

Varco,

Inc.

16,079

185,069

74

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

Ltd.

57,177

1,037,191

TechnipFMC

plc

17,810

143,014

2,311,763

Entertainment

2.1%

Activision

Blizzard,

Inc.

31,720

2,621,024

Electronic

Arts,

Inc.*(a)

11,842

1,677,064

Live

Nation

Entertainment,

Inc.*(a)

5,930

277,583

Netflix,

Inc.*

18,112

8,854,594

Take-Two

Interactive

Software,

Inc.*

4,736

776,799

Walt

Disney

Co.

(The)

74,404

8,700,804

22,907,868

Equity

Real

Estate

Investment

Trusts

(REITs)

2.7%

Alexandria

Real

Estate

Equities,

Inc.

5,221

926,989

American

Tower

Corp.

18,260

4,772,981

Apartment

Investment

&

Management

Co.,

Class

A

6,221

241,499

AvalonBay

Communities,

Inc.

5,863

897,743

Boston

Properties,

Inc.

5,999

534,451

Crown

Castle

International

Corp.

17,169

2,862,072

Digital

Realty

Trust,

Inc.

10,967

1,760,642

Duke

Realty

Corp.

15,468

621,659

Equinix,

Inc.

3,642

2,860,718

Equity

Residential

14,612

783,642

Essex

Property

Trust,

Inc.

2,660

587,168

Extra

Space

Storage,

Inc.

5,359

553,799

Federal

Realty

Investment

Trust

2,922

222,949

Healthpeak

Properties,

Inc.

21,769

594,076

Host

Hotels

&

Resorts,

Inc.

28,051

302,390

Iron

Mountain,

Inc.

11,955

337,011

Kimco

Realty

Corp.

17,928

199,897

Mid-America

Apartment

Communities,

Inc.

4,814

573,781

Prologis,

Inc.

30,390

3,203,714

Public

Storage

6,154

1,230,061

Realty

Income

Corp.

14,145

849,407

Regency

Centers

Corp.

6,969

285,938

SBA

Communications

Corp.

4,638

1,444,923

Simon

Property

Group,

Inc.

12,673

790,162

SL

Green

Realty

Corp.

2,894

134,571

UDR,

Inc.

12,332

446,418

Ventas,

Inc.

15,508

594,887

Vornado

Realty

Trust

6,697

231,180

Welltower,

Inc.

17,055

913,466

Weyerhaeuser

Co.

30,216

840,307

30,598,501

Food

&

Staples

Retailing

1.5%

Costco

Wholesale

Corp.

18,183

5,919,112

Kroger

Co.

(The)

32,634

1,135,337

Sysco

Corp.

21,068

1,113,444

Walgreens

Boots

Alliance,

Inc.

30,108

1,225,697

Walmart,

Inc.

58,319

7,546,478

16,940,068

Common

Stocks

Shares

Value

($)

Food

Products

1.1%

Archer-Daniels-Midland

Co.

22,641

969,714

Campbell

Soup

Co.

7,132

353,533

Conagra

Brands,

Inc.(a)

19,759

739,975

General

Mills,

Inc.

24,820

1,570,361

Hershey

Co.

(The)

6,017

874,932

Hormel

Foods

Corp.

11,525

586,162

J

M

Smucker

Co.

(The)(a)

4,804

525,317

Kellogg

Co.

10,468

722,187

Kraft

Heinz

Co.

(The)

26,037

895,152

Lamb

Weston

Holdings,

Inc.

6,139

368,831

McCormick

&

Co.,

Inc.

(Non-Voting)

5,154

1,004,515

Mondelez

International,

Inc.,

Class

A

58,758

3,260,482

Tyson

Foods,

Inc.,

Class

A

11,934

733,344

12,604,505

Gas

Utilities

0.1%

Atmos

Energy

Corp.

5,022

532,282

Health

Care

Equipment

&

Supplies

4.0%

Abbott

Laboratories

72,851

7,331,725

ABIOMED,

Inc.*

1,877

562,987

Align

Technology,

Inc.*

2,996

880,285

Baxter

International,

Inc.

21,063

1,819,422

Becton

Dickinson

and

Co.

12,140

3,415,467

Boston

Scientific

Corp.*

58,639

2,261,706

Cooper

Cos.,

Inc.

(The)

1,989

562,748

Danaher

Corp.

25,914

5,281,273

Dentsply

Sirona,

Inc.

8,789

391,989

DexCom,

Inc.*

3,801

1,655,487

Edwards

Lifesciences

Corp.*

25,508

2,000,082

Hologic,

Inc.*

10,628

741,622

IDEXX

Laboratories,

Inc.*

3,497

1,390,932

Intuitive

Surgical,

Inc.*

4,800

3,290,112

Medtronic

plc

55,270

5,332,450

ResMed,

Inc.

5,892

1,193,189

STERIS

plc

3,568

569,560

Stryker

Corp.

13,249

2,561,032

Teleflex,

Inc.

1,941

724,187

Varian

Medical

Systems,

Inc.*(a)

3,834

547,188

West

Pharmaceutical

Services,

Inc.

3,056

821,667

Zimmer

Biomet

Holdings,

Inc.

8,610

1,161,145

44,496,255

Health

Care

Providers

&

Services

2.7%

AmerisourceBergen

Corp.

6,104

611,560

Anthem,

Inc.

10,373

2,840,127

Cardinal

Health,

Inc.

11,939

652,108

Centene

Corp.*

23,919

1,560,715

Cigna

Corp.

15,187

2,622,643

CVS

Health

Corp.

53,864

3,390,200

DaVita,

Inc.*

3,434

300,097

HCA

Healthcare,

Inc.

10,909

1,381,516

Henry

Schein,

Inc.*(a)

5,832

400,833

Humana,

Inc.

5,476

2,149,056

Laboratory

Corp.

of

America

Holdings*

3,938

759,719

McKesson

Corp.

6,581

988,203

Nationwide

S&P

500

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Quest

Diagnostics,

Inc.

5,422

688,974

UnitedHealth

Group,

Inc.

39,057

11,825,679

Universal

Health

Services,

Inc.,

Class

B

3,142

345,306

30,516,736

Health

Care

Technology

0.1%

Cerner

Corp.

12,507

868,611

Hotels,

Restaurants

&

Leisure

1.5%

Carnival

Corp.(a)

19,293

267,787

Chipotle

Mexican

Grill,

Inc.*

1,065

1,230,245

Darden

Restaurants,

Inc.

5,478

415,780

Domino's

Pizza,

Inc.

1,614

623,989

Hilton

Worldwide

Holdings,

Inc.

11,552

866,978

Las

Vegas

Sands

Corp.

13,764

600,661

Marriott

International,

Inc.,

Class

A

11,174

936,661

McDonald's

Corp.

30,609

5,946,716

MGM

Resorts

International(a)

20,212

325,211

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

10,528

143,602

Royal

Caribbean

Cruises

Ltd.

7,182

349,835

Starbucks

Corp.

48,077

3,679,333

Wynn

Resorts

Ltd.

4,042

292,762

Yum!

Brands,

Inc.

12,408

1,129,748

16,809,308

Household

Durables

0.4%

DR

Horton,

Inc.

13,587

898,916

Garmin

Ltd.

5,834

575,174

Leggett

&

Platt,

Inc.

5,460

218,891

Lennar

Corp.,

Class

A

11,058

800,046

Mohawk

Industries,

Inc.*

2,510

200,424

Newell

Brands,

Inc.

16,067

263,499

NVR,

Inc.*

145

569,872

PulteGroup,

Inc.

10,667

465,081

Whirlpool

Corp.

2,443

398,502

4,390,405

Household

Products

1.8%

Church

&

Dwight

Co.,

Inc.

9,949

958,387

Clorox

Co.

(The)

5,131

1,213,533

Colgate-Palmolive

Co.

35,413

2,733,884

Kimberly-Clark

Corp.

13,975

2,124,759

Procter

&

Gamble

Co.

(The)

102,034

13,378,698

20,409,261

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

28,000

426,440

Industrial

Conglomerates

1.1%

3M

Co.

23,708

3,567,343

General

Electric

Co.

359,328

2,181,121

Honeywell

International,

Inc.

28,935

4,322,021

Roper

Technologies,

Inc.

4,282

1,851,751

11,922,236

Insurance

1.9%

Aflac,

Inc.

29,637

1,054,188

Allstate

Corp.

(The)

13,053

1,232,073

Common

Stocks

Shares

Value

($)

Insurance

American

International

Group,

Inc.

35,625

1,144,988

Aon

plc,

Class

A

9,592

1,968,470

Arthur

J

Gallagher

&

Co.

7,836

842,292

Assurant,

Inc.

2,571

276,305

Chubb

Ltd.

18,586

2,364,883

Cincinnati

Financial

Corp.

6,377

496,960

Everest

Re

Group

Ltd.

1,598

349,626

Globe

Life,

Inc.

3,935

313,226

Hartford

Financial

Services

Group,

Inc.

(The)

14,487

613,090

Lincoln

National

Corp.

7,759

289,178

Loews

Corp.(a)

9,768

355,653

Marsh

&

McLennan

Cos.,

Inc.

20,979

2,446,151

MetLife,

Inc.

31,507

1,192,540

Principal

Financial

Group,

Inc.

10,272

435,841

Progressive

Corp.

(The)

24,182

2,184,602

Prudential

Financial,

Inc.

16,263

1,030,586

Travelers

Cos.,

Inc.

(The)

10,390

1,188,824

Unum

Group

8,963

154,432

W

R

Berkley

Corp.

6,063

374,390

Willis

Towers

Watson

plc

5,275

1,107,803

21,416,101

Interactive

Media

&

Services

5.6%

Alphabet,

Inc.,

Class

A*

12,353

18,380,647

Alphabet,

Inc.,

Class

C*

12,048

17,866,702

Facebook,

Inc.,

Class

A*

99,034

25,121,955

Twitter,

Inc.*

32,341

1,177,212

62,546,516

Internet

&

Direct

Marketing

Retail

5.3%

Amazon.com,

Inc.*

17,256

54,609,718

Booking

Holdings,

Inc.*

1,686

2,802,351

eBay,

Inc.

27,382

1,513,677

Expedia

Group,

Inc.

5,525

447,580

59,373,326

IT

Services

5.6%

Accenture

plc,

Class

A

26,237

5,897,553

Akamai

Technologies,

Inc.*

6,556

737,157

Automatic

Data

Processing,

Inc.

17,778

2,362,874

Broadridge

Financial

Solutions,

Inc.

4,790

643,489

Cognizant

Technology

Solutions

Corp.,

Class

A

22,103

1,510,077

DXC

Technology

Co.

9,792

175,375

Fidelity

National

Information

Services,

Inc.

25,448

3,723,297

Fiserv,

Inc.*

23,158

2,310,937

FleetCor

Technologies,

Inc.*

3,433

887,671

Gartner,

Inc.*

3,568

444,715

Global

Payments,

Inc.

12,319

2,193,028

International

Business

Machines

Corp.

36,601

4,499,727

Jack

Henry

&

Associates,

Inc.

(a)

3,116

555,583

Leidos

Holdings,

Inc.

5,422

515,957

Mastercard,

Inc.,

Class

A

36,421

11,236,971

Paychex,

Inc.

12,985

933,881

76

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

IT

Services

PayPal

Holdings,

Inc.*

48,356

9,481,161

VeriSign,

Inc.*

4,230

895,406

Visa,

Inc.,

Class

A

69,521

13,236,798

Western

Union

Co.

(The)

16,627

403,704

62,645,361

Leisure

Products

0.0%

†

Hasbro,

Inc.

5,355

389,630

Life

Sciences

Tools

&

Services

1.2%

Agilent

Technologies,

Inc.

12,676

1,221,079

Bio-Rad

Laboratories,

Inc.,

Class

A*

869

456,129

Illumina,

Inc.*

6,053

2,313,215

IQVIA

Holdings,

Inc.*

7,240

1,146,744

Mettler-Toledo

International,

Inc.*

993

928,455

PerkinElmer,

Inc.

4,656

553,645

Thermo

Fisher

Scientific,

Inc.

16,260

6,730,827

Waters

Corp.*(a)

2,562

546,090

13,896,184

Machinery

1.5%

Caterpillar,

Inc.

22,288

2,961,629

Cummins,

Inc.

6,085

1,175,987

Deere

&

Co.

12,805

2,257,650

Dover

Corp.(a)

5,811

598,126

Flowserve

Corp.

5,435

151,474

Fortive

Corp.

12,335

865,794

IDEX

Corp.

3,048

502,371

Illinois

Tool

Works,

Inc.

11,818

2,186,212

Ingersoll

Rand,

Inc.*

14,429

455,812

Otis

Worldwide

Corp.

16,901

1,060,369

PACCAR,

Inc.

14,170

1,205,584

Parker-Hannifin

Corp.

5,226

935,036

Pentair

plc

7,074

303,121

Snap-on,

Inc.(a)

2,123

309,682

Stanley

Black

&

Decker,

Inc.

6,338

971,742

Westinghouse

Air

Brake

Technologies

Corp.

7,255

451,188

Xylem,

Inc.

7,536

549,977

16,941,754

Media

1.3%

Charter

Communications,

Inc.,

Class

A*

6,203

3,597,740

Comcast

Corp.,

Class

A

187,589

8,028,809

Discovery,

Inc.,

Class

A*

6,660

140,526

Discovery,

Inc.,

Class

C*

12,708

240,817

DISH

Network

Corp.,

Class

A*

10,730

344,540

Fox

Corp.,

Class

A

13,906

358,358

Fox

Corp.,

Class

B(a)

6,988

180,081

Interpublic

Group

of

Cos.,

Inc.

(The)

16,523

298,240

News

Corp.,

Class

A

15,976

203,215

News

Corp.,

Class

B(a)

5,527

70,524

Omnicom

Group,

Inc.

8,629

463,636

ViacomCBS,

Inc.

22,632

590,016

14,516,502

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

60,639

783,456

Newmont

Corp.

32,907

2,277,164

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Nucor

Corp.

11,987

502,855

3,563,475

Multiline

Retail

0.5%

Dollar

General

Corp.

10,431

1,986,062

Dollar

Tree,

Inc.*

9,918

925,845

Kohl's

Corp.

6,670

126,997

Target

Corp.

20,551

2,586,960

5,625,864

Multi-Utilities

1.0%

Ameren

Corp.

9,929

796,703

CenterPoint

Energy,

Inc.

22,502

427,763

CMS

Energy

Corp.

11,966

767,978

Consolidated

Edison,

Inc.

13,952

1,071,932

Dominion

Energy,

Inc.

34,570

2,801,207

DTE

Energy

Co.

7,826

904,920

NiSource,

Inc.

15,688

383,572

Public

Service

Enterprise

Group,

Inc.

20,551

1,149,623

Sempra

Energy(a)

11,965

1,489,164

WEC

Energy

Group,

Inc.

12,957

1,234,284

11,027,146

Oil,

Gas

&

Consumable

Fuels

2.3%

Apache

Corp.

15,793

242,423

Cabot

Oil

&

Gas

Corp.

16,238

303,651

Chevron

Corp.

76,865

6,452,048

Concho

Resources,

Inc.

7,917

415,959

ConocoPhillips

44,063

1,647,516

Devon

Energy

Corp.

16,286

170,840

Diamondback

Energy,

Inc.

6,424

256,061

EOG

Resources,

Inc.

23,987

1,123,791

Exxon

Mobil

Corp.

174,143

7,327,937

Hess

Corp.

10,791

531,025

HollyFrontier

Corp.

6,347

174,542

Kinder

Morgan,

Inc.

79,334

1,118,609

Marathon

Oil

Corp.

34,065

187,017

Marathon

Petroleum

Corp.

27,046

1,033,157

Noble

Energy,

Inc.

20,011

199,910

Occidental

Petroleum

Corp.

37,460

589,620

ONEOK,

Inc.

17,363

484,601

Phillips

66

17,893

1,109,724

Pioneer

Natural

Resources

Co.

6,642

643,743

Valero

Energy

Corp.

16,942

952,649

Williams

Cos.,

Inc.

(The)

49,429

945,577

25,910,400

Personal

Products

0.2%

Coty,

Inc.,

Class

A

12,087

44,843

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

9,194

1,816,183

1,861,026

Pharmaceuticals

4.2%

Bristol-Myers

Squibb

Co.

93,171

5,465,411

Eli

Lilly

&

Co.

34,664

5,209,653

Johnson

&

Johnson

108,537

15,820,353

Merck

&

Co.,

Inc.

103,950

8,340,948

Mylan

NV*

21,775

350,795

Perrigo

Co.

plc

5,728

303,699

Pfizer,

Inc.

228,761

8,802,723

Nationwide

S&P

500

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Zoetis,

Inc.(a)

19,540

2,963,827

47,257,409

Professional

Services

0.3%

Equifax,

Inc.(a)

5,034

818,327

IHS

Markit

Ltd.

16,367

1,321,308

Nielsen

Holdings

plc

13,631

196,695

Robert

Half

International,

Inc.

4,497

228,762

Verisk

Analytics,

Inc.

6,680

1,260,583

3,825,675

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

13,666

598,707

Road

&

Rail

1.0%

CSX

Corp.

31,437

2,242,716

JB

Hunt

Transport

Services,

Inc.(a)

3,557

460,276

Kansas

City

Southern

3,983

684,478

Norfolk

Southern

Corp.

10,503

2,018,782

Old

Dominion

Freight

Line,

Inc.(a)

3,870

707,513

Union

Pacific

Corp.

28,000

4,853,800

10,967,565

Semiconductors

&

Semiconductor

Equipment

4.7%

Advanced

Micro

Devices,

Inc.*(a)

48,035

3,719,350

Analog

Devices,

Inc.

15,189

1,744,457

Applied

Materials,

Inc.

37,712

2,426,013

Broadcom,

Inc.

16,490

5,223,207

Intel

Corp.

174,493

8,328,551

KLA

Corp.

6,359

1,270,719

Lam

Research

Corp.

5,994

2,260,697

Maxim

Integrated

Products,

Inc.

11,005

749,330

Microchip

Technology,

Inc.(a)

10,057

1,023,099

Micron

Technology,

Inc.*

45,709

2,287,964

NVIDIA

Corp.

25,345

10,761,234

Qorvo,

Inc.*

4,646

595,385

QUALCOMM,

Inc.

46,363

4,896,396

Skyworks

Solutions,

Inc.

6,949

1,011,635

Texas

Instruments,

Inc.

37,881

4,831,722

Xilinx,

Inc.

9,886

1,061,262

52,191,021

Software

9.0%

Adobe,

Inc.*

19,842

8,816,197

ANSYS,

Inc.*

3,575

1,110,395

Autodesk,

Inc.*(a)

8,970

2,120,777

Cadence

Design

Systems,

Inc.*

11,478

1,253,972

Citrix

Systems,

Inc.

4,754

678,681

Fortinet,

Inc.*

5,588

772,820

Intuit,

Inc.

10,743

3,291,333

Microsoft

Corp.

312,356

64,036,104

NortonLifeLock,

Inc.

22,611

485,006

Oracle

Corp.

85,736

4,754,061

Paycom

Software,

Inc.*

1,977

562,199

salesforce.com,

Inc.*

37,108

7,230,494

ServiceNow,

Inc.*

7,852

3,448,598

Synopsys,

Inc.*

6,271

1,249,309

Common

Stocks

Shares

Value

($)

Software

Tyler

Technologies,

Inc.*(a)

1,638

585,176

100,395,122

Specialty

Retail

2.4%

Advance

Auto

Parts,

Inc.

2,915

437,658

AutoZone,

Inc.*

952

1,149,464

Best

Buy

Co.,

Inc.

9,218

918,021

CarMax,

Inc.*

6,653

645,141

Gap,

Inc.

(The)

9,174

122,656

Home

Depot,

Inc.

(The)

44,296

11,760,145

L

Brands,

Inc.

9,730

237,509

Lowe's

Cos.,

Inc.

31,074

4,627,229

O'Reilly

Automotive,

Inc.*

3,051

1,456,486

Ross

Stores,

Inc.

14,729

1,320,750

Tiffany

&

Co.

4,536

568,633

TJX

Cos.,

Inc.

(The)

49,219

2,558,896

Tractor

Supply

Co.

4,794

684,296

Ulta

Beauty,

Inc.*

2,286

441,175

26,928,059

Technology

Hardware,

Storage

&

Peripherals

6.7%

Apple,

Inc.

167,828

71,333,613

Hewlett

Packard

Enterprise

Co.

51,876

512,016

HP,

Inc.

58,589

1,029,995

NetApp,

Inc.

8,999

398,656

Seagate

Technology

plc

9,210

416,476

Western

Digital

Corp.

12,334

531,595

Xerox

Holdings

Corp.

8,087

134,649

74,357,000

Textiles,

Apparel

&

Luxury

Goods

0.6%

Hanesbrands,

Inc.

15,022

212,261

NIKE,

Inc.,

Class

B

51,111

4,988,945

PVH

Corp.(a)

3,105

151,089

Ralph

Lauren

Corp.

1,796

128,055

Tapestry,

Inc.

10,715

143,152

Under

Armour,

Inc.,

Class

A*

7,994

84,097

Under

Armour,

Inc.,

Class

C*

8,313

78,890

VF

Corp.

13,182

795,666

6,582,155

Tobacco

0.7%

Altria

Group,

Inc.

76,375

3,142,831

Philip

Morris

International,

Inc.

64,151

4,927,439

8,070,270

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.(a)

23,441

1,102,665

United

Rentals,

Inc.*

2,993

465,022

WW

Grainger,

Inc.

1,747

596,653

2,164,340

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

7,545

1,111,152

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

23,413

2,514,088

Total

Common

Stocks

(cost

$831,925,052)

1,114,133,693

78

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Short-Term

Investment

0.1%

Shares

Value

($)

Money

Market

Fund

0.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(b)(c)

1,099,712

1,099,712

Total

Short-Term

Investment

(cost

$1,099,712)

1,099,712

Warrants

0.0%

Number

of

Warrants

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Occidental

Petroleum

Corp.,

expiring

8/3/2027*

4,682

26,219

Total

Warrants

(cost

$–)

26,219

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$123,563,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$126,802.(c)

123,562

123,562

Total

Repurchase

Agreement

(cost

$123,562)

123,562

Total

Investments

(cost

$833,148,326)

—

99.7%

1,115,383,186

Other

assets

in

excess

of

liabilities

—

0.3%

3,245,801

NET

ASSETS

—

100.0%

$

1,118,628,987

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$12,615,723,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$1,099,712

and

$123,562,

respectively,

and

by

$11,842,318

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$13,065,592.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$1,223,274.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

32

9/2020

USD

5,221,600

78,361

78,361

At

July

31,

2020,

the

Fund

had

$364,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

S&P

500

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

79

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

80

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,114,133,693

$

–

$

–

$

1,114,133,693

Futures

Contracts

78,361

–

–

78,361

Repurchase

Agreement

–

123,562

–

123,562

Short-Term

Investment

1,099,712

–

–

1,099,712

Warrant

26,219

–

–

26,219

Total

$

1,115,337,985

$

123,562

$

–

$

1,115,461,547

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

78,361

Total

$

78,361

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.

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

0.9%

AAR

Corp.

4,047

69,689

Aerojet

Rocketdyne

Holdings,

Inc.*

8,682

358,132

AeroVironment,

Inc.*

2,552

195,356

Astronics

Corp.*

2,726

23,716

Cubic

Corp.

3,807

159,894

Ducommun,

Inc.*

1,304

46,879

Kaman

Corp.

3,371

133,121

Kratos

Defense

&

Security

Solutions,

Inc.*

12,556

226,133

Maxar

Technologies,

Inc.

7,221

128,462

Moog,

Inc.,

Class

A

3,504

188,235

National

Presto

Industries,

Inc.

608

51,917

PAE,

Inc.*(a)

7,220

56,894

Park

Aerospace

Corp.

2,366

25,505

Parsons

Corp.*

2,679

93,310

Triumph

Group,

Inc.

5,987

40,592

Vectrus,

Inc.*

1,374

60,442

1,858,277

Air

Freight

&

Logistics

0.4%

Air

Transport

Services

Group,

Inc.*(a)

6,795

165,594

Atlas

Air

Worldwide

Holdings,

Inc.*

3,046

158,636

Echo

Global

Logistics,

Inc.*

3,095

77,576

Forward

Air

Corp.

3,282

170,631

Hub

Group,

Inc.,

Class

A*

3,902

206,416

Radiant

Logistics,

Inc.*

4,820

20,485

799,338

Airlines

0.3%

Allegiant

Travel

Co.

1,586

177,680

Hawaiian

Holdings,

Inc.(a)

5,673

67,452

Mesa

Air

Group,

Inc.*

4,294

13,311

SkyWest,

Inc.

5,966

156,965

Spirit

Airlines,

Inc.*(a)

10,465

165,452

580,860

Auto

Components

1.3%

Adient

plc*

10,417

173,339

American

Axle

&

Manufacturing

Holdings,

Inc.*

13,480

95,169

Cooper

Tire

&

Rubber

Co.

6,053

188,006

Cooper-Standard

Holdings,

Inc.*

2,091

22,395

Dana,

Inc.

17,210

196,710

Dorman

Products,

Inc.*

3,113

254,488

Fox

Factory

Holding

Corp.*

4,535

403,615

Gentherm,

Inc.*

3,832

148,567

Goodyear

Tire

&

Rubber

Co.

(The)

27,863

251,046

LCI

Industries

2,954

371,613

Modine

Manufacturing

Co.*

6,058

32,955

Motorcar

Parts

of

America,

Inc.*(a)

2,277

37,901

Standard

Motor

Products,

Inc.

2,426

110,334

Stoneridge,

Inc.*

3,077

63,755

Tenneco,

Inc.,

Class

A*

6,246

46,283

Visteon

Corp.*

3,294

239,177

Common

Stocks

Shares

Value

($)

Auto

Components

Workhorse

Group,

Inc.*

7,305

113,374

XPEL,

Inc.

Reg.

S*

1,841

30,984

2,779,711

Automobiles

0.1%

Winnebago

Industries,

Inc.

3,747

226,356

Banks

7.7%

1st

Constitution

Bancorp

999

12,348

1st

Source

Corp.

2,059

68,194

ACNB

Corp.

1,086

22,372

Allegiance

Bancshares,

Inc.

2,263

55,195

Altabancorp

1,955

36,656

Amalgamated

Bank,

Class

A

1,683

19,439

Amerant

Bancorp,

Inc.*

2,787

37,206

American

National

Bankshares,

Inc.

1,400

30,744

Ameris

Bancorp

7,853

181,208

Ames

National

Corp.

1,079

19,961

Arrow

Financial

Corp.

1,534

41,878

Atlantic

Capital

Bancshares,

Inc.*

2,553

25,530

Atlantic

Union

Bankshares

Corp.(a)

9,299

209,878

Auburn

National

Bancorp,

Inc.

285

12,967

Banc

of

California,

Inc.(a)

5,275

56,548

BancFirst

Corp.

2,225

96,921

Bancorp,

Inc.

(The)*

6,189

58,362

BancorpSouth

Bank

11,911

249,297

Bank

First

Corp.

703

43,734

Bank

of

Commerce

Holdings

2,281

17,222

Bank

of

Marin

Bancorp

1,519

47,712

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

6,164

160,449

Bank

of

Princeton

(The)

675

12,143

Bank7

Corp.

499

4,945

BankFinancial

Corp.

1,732

12,626

BankUnited,

Inc.

11,067

222,889

Bankwell

Financial

Group,

Inc.

876

13,052

Banner

Corp.

3,987

141,259

Bar

Harbor

Bankshares(a)

1,861

36,997

Baycom

Corp.*

1,512

15,543

BCB

Bancorp,

Inc.

1,663

13,387

Berkshire

Hills

Bancorp,

Inc.

5,374

53,525

Boston

Private

Financial

Holdings,

Inc.

9,533

56,102

Bridge

Bancorp,

Inc.

1,995

36,090

Brookline

Bancorp,

Inc.

9,129

87,593

Bryn

Mawr

Bank

Corp.

2,489

64,814

Business

First

Bancshares,

Inc.

1,612

21,988

Byline

Bancorp,

Inc.(a)

2,862

37,092

C&F

Financial

Corp.

362

10,625

Cadence

Bancorp(a)

14,601

114,034

California

Bancorp,

Inc.*

704

9,229

Cambridge

Bancorp

761

41,239

Camden

National

Corp.

1,732

54,887

Capital

Bancorp,

Inc.*

850

9,027

Capital

City

Bank

Group,

Inc.

1,648

31,032

Capstar

Financial

Holdings,

Inc.

2,232

22,655

82

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Carter

Bank

&

Trust

2,792

19,684

Cathay

General

Bancorp

9,147

221,174

CB

Financial

Services,

Inc.

585

10,120

CBTX,

Inc.

2,089

32,985

Central

Pacific

Financial

Corp.

3,216

50,041

Central

Valley

Community

Bancorp

1,479

19,434

Century

Bancorp,

Inc.,

Class

A

297

20,683

Chemung

Financial

Corp.

476

12,857

ChoiceOne

Financial

Services,

Inc.

764

21,774

CIT

Group,

Inc.

11,864

225,060

Citizens

&

Northern

Corp.

1,749

30,957

Citizens

Holding

Co.

495

10,672

City

Holding

Co.

1,852

115,676

Civista

Bancshares,

Inc.

1,956

25,682

CNB

Financial

Corp.

1,764

28,806

Coastal

Financial

Corp.*

1,129

15,095

Codorus

Valley

Bancorp,

Inc.

1,055

12,396

Colony

Bankcorp,

Inc.

833

8,888

Columbia

Banking

System,

Inc.(a)

8,392

242,781

Community

Bank

System,

Inc.

(a)

5,919

332,825

Community

Bankers

Trust

Corp.

2,576

13,292

Community

Financial

Corp.

(The)

537

12,093

Community

Trust

Bancorp,

Inc.

1,969

60,271

ConnectOne

Bancorp,

Inc.

4,667

64,358

County

Bancorp,

Inc.

517

9,596

CrossFirst

Bankshares,

Inc.*

5,515

50,573

Customers

Bancorp,

Inc.*

3,522

41,736

CVB

Financial

Corp.(a)

15,264

275,820

Delmar

Bancorp

723

4,208

Dime

Community

Bancshares,

Inc.

3,500

41,107

Eagle

Bancorp

Montana,

Inc.

569

8,791

Eagle

Bancorp,

Inc.(a)

3,732

112,259

Enterprise

Bancorp,

Inc.

1,039

22,338

Enterprise

Financial

Services

Corp.

2,981

86,628

Equity

Bancshares,

Inc.,

Class

A*

1,920

27,149

Esquire

Financial

Holdings,

Inc.*

786

12,222

Evans

Bancorp,

Inc.

715

15,766

Farmers

&

Merchants

Bancorp,

Inc.

1,277

27,443

Farmers

National

Banc

Corp.

2,985

32,268

FB

Financial

Corp.

2,273

57,757

Fidelity

D&D

Bancorp,

Inc.

486

22,191

Financial

Institutions,

Inc.

1,845

27,251

First

Bancorp,

Inc.

(The)

1,353

27,249

First

Bancorp/NC

3,398

70,203

First

Bancorp/PR

24,605

133,851

First

Bancshares,

Inc.

(The)(a)

2,513

50,034

First

Bank

2,037

13,302

First

Busey

Corp.(a)

6,036

103,216

Common

Stocks

Shares

Value

($)

Banks

First

Business

Financial

Services,

Inc.

1,217

18,097

First

Capital,

Inc.

393

21,029

First

Choice

Bancorp

1,496

22,634

First

Commonwealth

Financial

Corp.

11,392

89,655

First

Community

Bankshares,

Inc.

2,084

40,763

First

Community

Corp.

712

9,541

First

Financial

Bancorp(a)

11,347

157,893

First

Financial

Bankshares,

Inc.

15,369

459,840

First

Financial

Corp.

1,702

56,898

First

Foundation,

Inc.

4,440

68,243

First

Guaranty

Bancshares,

Inc.

499

5,883

First

Internet

Bancorp

1,240

18,166

First

Interstate

BancSystem,

Inc.,

Class

A

5,165

150,353

First

Merchants

Corp.

6,545

159,894

First

Mid

Bancshares,

Inc.

1,804

44,036

First

Midwest

Bancorp,

Inc.

13,251

160,801

First

Northwest

Bancorp

1,130

11,582

First

of

Long

Island

Corp.

(The)(a)

2,775

41,375

First

Savings

Financial

Group,

Inc.

194

8,245

First

United

Corp.

814

8,799

First

Western

Financial,

Inc.*

575

8,113

Flushing

Financial

Corp.

3,298

36,542

FNCB

Bancorp,

Inc.

2,079

11,622

Franklin

Financial

Network,

Inc.(a)

1,559

41,158

Franklin

Financial

Services

Corp.

489

11,795

Fulton

Financial

Corp.

19,395

188,131

FVCBankcorp,

Inc.*

1,453

14,327

German

American

Bancorp,

Inc.(a)

2,946

83,784

Glacier

Bancorp,

Inc.

11,359

401,086

Great

Southern

Bancorp,

Inc.

1,410

50,859

Great

Western

Bancorp,

Inc.

6,551

85,163

Guaranty

Bancshares,

Inc.

800

21,680

Hancock

Whitney

Corp.

10,398

198,186

Hanmi

Financial

Corp.

3,697

34,123

HarborOne

Bancorp,

Inc.(a)

5,784

50,089

Hawthorn

Bancshares,

Inc.

692

11,432

HBT

Financial,

Inc.

1,085

13,042

Heartland

Financial

USA,

Inc.

4,244

132,583

Heritage

Commerce

Corp.

7,450

50,511

Heritage

Financial

Corp.(a)

3,987

75,414

Hilltop

Holdings,

Inc.

8,760

170,557

Home

BancShares,

Inc.

18,064

294,985

HomeTrust

Bancshares,

Inc.

2,085

30,066

Hope

Bancorp,

Inc.

13,860

116,840

Horizon

Bancorp,

Inc.

5,463

55,231

Howard

Bancorp,

Inc.*

1,385

13,171

Independent

Bank

Corp.

6,650

288,313

Independent

Bank

Group,

Inc.

(a)

4,481

196,850

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

Banks

International

Bancshares

Corp.(a)

6,421

195,327

Investar

Holding

Corp.

1,235

16,463

Investors

Bancorp,

Inc.

27,815

225,858

Lakeland

Bancorp,

Inc.

6,153

62,638

Lakeland

Financial

Corp.

2,934

129,859

Landmark

Bancorp,

Inc.

335

6,901

LCNB

Corp.

1,644

20,583

Level

One

Bancorp,

Inc.

716

11,578

Limestone

Bancorp,

Inc.*

557

5,893

Live

Oak

Bancshares,

Inc.(a)

3,477

59,144

Macatawa

Bank

Corp.

3,676

26,467

Mackinac

Financial

Corp.

1,033

9,400

MainStreet

Bancshares,

Inc.*

848

10,965

Mercantile

Bank

Corp.

2,062

43,900

Meridian

Corp.*

467

7,014

Metrocity

Bankshares,

Inc.

2,292

30,896

Metropolitan

Bank

Holding

Corp.*

875

25,882

Mid

Penn

Bancorp,

Inc.

696

13,377

Middlefield

Banc

Corp.

736

12,983

Midland

States

Bancorp,

Inc.

2,876

40,523

MidWestOne

Financial

Group,

Inc.

1,949

35,238

MVB

Financial

Corp.

1,134

14,991

National

Bank

Holdings

Corp.,

Class

A

3,369

93,591

National

Bankshares,

Inc.

725

18,183

NBT

Bancorp,

Inc.(a)

4,979

148,324

Nicolet

Bankshares,

Inc.*(a)

1,116

62,518

Northeast

Bank

1,065

20,278

Northrim

Bancorp,

Inc.

822

18,922

Norwood

Financial

Corp.

698

16,906

Oak

Valley

Bancorp

856

10,957

OceanFirst

Financial

Corp.

7,127

109,186

OFG

Bancorp

5,998

78,454

Ohio

Valley

Banc

Corp.

432

8,510

Old

National

Bancorp(a)

19,329

270,413

Old

Second

Bancorp,

Inc.(a)

3,478

28,937

Origin

Bancorp,

Inc.

2,721

64,597

Orrstown

Financial

Services,

Inc.

1,271

17,286

Pacific

Premier

Bancorp,

Inc.

10,176

213,798

Park

National

Corp.(a)

1,745

149,651

Parke

Bancorp,

Inc.

1,225

14,320

PCB

Bancorp

1,516

13,947

Peapack-Gladstone

Financial

Corp.

2,308

37,574

Penns

Woods

Bancorp,

Inc.

982

19,836

Peoples

Bancorp

of

North

Carolina,

Inc.

748

12,379

Peoples

Bancorp,

Inc.

2,386

47,887

Peoples

Financial

Services

Corp.

798

28,656

Plumas

Bancorp

601

12,543

Preferred

Bank

1,668

62,133

Premier

Financial

Bancorp,

Inc.

1,744

18,486

Professional

Holding

Corp.,

Class

A*

397

4,490

Common

Stocks

Shares

Value

($)

Banks

QCR

Holdings,

Inc.

1,833

54,770

RBB

Bancorp

2,022

25,882

Red

River

Bancshares,

Inc.

586

23,463

Reliant

Bancorp,

Inc.

1,984

29,264

Renasant

Corp.

6,479

150,507

Republic

Bancorp,

Inc.,

Class

A

1,189

35,932

Republic

First

Bancorp,

Inc.*

5,020

11,697

Richmond

Mutual

Bancorp,

Inc.

1,645

18,967

S&T

Bancorp,

Inc.(a)

4,379

94,148

Salisbury

Bancorp,

Inc.

310

11,287

Sandy

Spring

Bancorp,

Inc.

5,617

129,865

SB

Financial

Group,

Inc.

802

9,961

SB

One

Bancorp

1,005

18,603

Seacoast

Banking

Corp.

of

Florida*

5,864

110,712

Select

Bancorp,

Inc.*

2,077

16,221

ServisFirst

Bancshares,

Inc.

5,764

210,905

Shore

Bancshares,

Inc.

1,507

13,970

Sierra

Bancorp

1,721

30,255

Silvergate

Capital

Corp.,

Class

A*

1,837

25,112

Simmons

First

National

Corp.,

Class

A(a)

12,078

200,374

SmartFinancial,

Inc.

1,611

22,973

South

Plains

Financial,

Inc.

1,207

16,126

South

State

Corp.

8,370

398,914

Southern

First

Bancshares,

Inc.*

792

19,325

Southern

National

Bancorp

of

Virginia,

Inc.

2,292

19,299

Southside

Bancshares,

Inc.

3,733

103,404

Spirit

of

Texas

Bancshares,

Inc.*

1,870

21,785

Stock

Yards

Bancorp,

Inc.

2,529

98,859

Summit

Financial

Group,

Inc.

1,539

23,147

Texas

Capital

Bancshares,

Inc.*

6,115

203,140

Tompkins

Financial

Corp.

1,698

109,572

Towne

Bank

8,151

143,784

TriCo

Bancshares

3,068

85,904

TriState

Capital

Holdings,

Inc.*

3,379

44,772

Triumph

Bancorp,

Inc.*

2,740

71,788

Trustmark

Corp.

7,440

167,549

UMB

Financial

Corp.

5,159

256,918

United

Bankshares,

Inc.(a)

14,813

389,878

United

Community

Banks,

Inc.

9,375

168,094

United

Security

Bancshares

1,817

11,374

Unity

Bancorp,

Inc.

806

10,083

Univest

Financial

Corp.

3,674

56,175

Valley

National

Bancorp

47,715

356,431

Veritex

Holdings,

Inc.(a)

5,655

94,552

Washington

Trust

Bancorp,

Inc.

2,148

71,614

WesBanco,

Inc.

7,922

157,093

West

Bancorp,

Inc.

2,133

35,003

Westamerica

Bancorp(a)

3,035

183,193

16,917,822

84

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Beverages

0.3%

Celsius

Holdings,

Inc.*

4,001

58,695

Coca-Cola

Consolidated,

Inc.

544

124,881

Craft

Brew

Alliance,

Inc.*(a)

1,485

21,993

MGP

Ingredients,

Inc.(a)

1,442

52,301

National

Beverage

Corp.*

1,380

88,527

New

Age

Beverages

Corp.*(a)

12,276

27,866

Primo

Water

Corp.

18,663

265,201

639,464

Biotechnology

9.9%

89bio,

Inc.*

324

9,843

Abeona

Therapeutics,

Inc.*

7,274

20,731

ADMA

Biologics,

Inc.*

6,948

24,804

Aduro

Biotech,

Inc.*

7,446

20,998

Adverum

Biotechnologies,

Inc.*

8,715

146,151

Aeglea

BioTherapeutics,

Inc.*

5,052

34,606

Affimed

NV*

8,956

31,615

Agenus,

Inc.*

16,513

50,200

Aimmune

Therapeutics,

Inc.*

5,542

73,210

Akcea

Therapeutics,

Inc.*

1,949

21,127

Akebia

Therapeutics,

Inc.*

15,439

172,454

Akero

Therapeutics,

Inc.*

1,324

46,486

Albireo

Pharma,

Inc.*

1,572

44,425

Alector,

Inc.*

5,480

85,872

Allakos,

Inc.*(a)

2,897

217,478

Allogene

Therapeutics,

Inc.*(a)

5,757

211,109

Amicus

Therapeutics,

Inc.*

30,121

435,248

AnaptysBio,

Inc.*

2,593

46,570

Anavex

Life

Sciences

Corp.*(a)

6,343

26,767

Anika

Therapeutics,

Inc.*

1,645

59,878

Apellis

Pharmaceuticals,

Inc.*

7,097

183,741

Applied

Genetic

Technologies

Corp.*

3,032

16,009

Applied

Therapeutics,

Inc.*

1,580

40,764

Aprea

Therapeutics,

Inc.*

770

21,121

Aptinyx,

Inc.*

2,915

10,990

Aravive,

Inc.*

1,483

8,735

Arcturus

Therapeutics

Holdings,

Inc.*

1,504

78,554

Arcus

Biosciences,

Inc.*

3,953

77,795

Arcutis

Biotherapeutics,

Inc.*(a)

1,211

32,334

Ardelyx,

Inc.*

8,559

48,358

Arena

Pharmaceuticals,

Inc.*

6,715

412,234

Arrowhead

Pharmaceuticals,

Inc.*

11,896

512,361

Assembly

Biosciences,

Inc.*

3,610

80,142

Atara

Biotherapeutics,

Inc.*

6,878

85,218

Athenex,

Inc.*

8,786

93,219

Athersys,

Inc.*(a)

20,083

51,412

Atreca,

Inc.,

Class

A*(a)

2,516

32,582

AVEO

Pharmaceuticals,

Inc.*

1,488

6,339

Avid

Bioservices,

Inc.*

6,428

47,696

Avrobio,

Inc.*

3,716

62,986

Axcella

Health,

Inc.*

1,409

6,326

Beam

Therapeutics,

Inc.*(a)

1,430

27,656

Beyondspring,

Inc.*

1,676

18,486

Common

Stocks

Shares

Value

($)

Biotechnology

BioCryst

Pharmaceuticals,

Inc.*(a)

17,668

71,909

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

5,594

358,240

BioSpecifics

Technologies

Corp.*

680

42,609

Bioxcel

Therapeutics,

Inc.*

1,253

56,836

Black

Diamond

Therapeutics,

Inc.*

1,405

39,087

Blueprint

Medicines

Corp.*

6,432

470,694

BrainStorm

Cell

Therapeutics,

Inc.*

3,118

42,249

Bridgebio

Pharma,

Inc.*(a)

8,561

240,907

Cabaletta

Bio,

Inc.*

1,519

17,362

Calithera

Biosciences,

Inc.*

7,704

36,209

Calyxt,

Inc.*

1,119

4,935

CareDx,

Inc.*(a)

5,085

169,585

CASI

Pharmaceuticals,

Inc.*

7,158

13,815

Castle

Biosciences,

Inc.*

1,103

42,708

Catabasis

Pharmaceuticals,

Inc.*

2,196

12,693

Catalyst

Biosciences,

Inc.*

2,210

11,293

Catalyst

Pharmaceuticals,

Inc.*(a)

10,934

47,016

Cellular

Biomedicine

Group,

Inc.*

1,523

20,058

CEL-SCI

Corp.*(a)

3,816

47,738

Centogene

NV*

469

5,956

Checkpoint

Therapeutics,

Inc.*

5,500

12,375

ChemoCentryx,

Inc.*

5,294

279,047

Chimerix,

Inc.*

6,687

20,797

Cidara

Therapeutics,

Inc.*

3,994

14,578

Clovis

Oncology,

Inc.*(a)

8,440

48,868

Cohbar,

Inc.

Reg.

S*

2,438

3,633

Coherus

Biosciences,

Inc.*(a)

6,891

121,213

Concert

Pharmaceuticals,

Inc.*

3,385

31,379

Constellation

Pharmaceuticals,

Inc.*

3,189

85,752

ContraFect

Corp.*

1,722

9,574

Corbus

Pharmaceuticals

Holdings,

Inc.*(a)

7,472

46,849

Cortexyme,

Inc.*

1,855

73,922

Crinetics

Pharmaceuticals,

Inc.*

3,145

43,653

Cue

Biopharma,

Inc.*

3,276

61,949

Cyclerion

Therapeutics,

Inc.*

2,958

11,300

Cytokinetics,

Inc.*

6,645

143,665

CytomX

Therapeutics,

Inc.*

5,283

37,034

Deciphera

Pharmaceuticals,

Inc.*

4,438

205,790

Denali

Therapeutics,

Inc.*

7,445

174,362

DermTech,

Inc.*

943

9,986

Dicerna

Pharmaceuticals,

Inc.*(a)

7,624

163,916

Dyadic

International,

Inc.*

2,366

20,537

Dynavax

Technologies

Corp.*(a)

10,564

85,674

Eagle

Pharmaceuticals,

Inc.*

1,205

55,900

Editas

Medicine,

Inc.*

6,569

192,866

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Biotechnology

Eidos

Therapeutics,

Inc.*

1,291

51,769

Eiger

BioPharmaceuticals,

Inc.*

2,934

29,487

Emergent

BioSolutions,

Inc.*

5,239

582,786

Enanta

Pharmaceuticals,

Inc.*

2,215

101,558

Enochian

Biosciences,

Inc.*

1,508

5,806

Epizyme,

Inc.*

10,565

146,220

Esperion

Therapeutics,

Inc.*(a)

3,079

115,863

Evelo

Biosciences,

Inc.*(a)

1,529

5,825

Exicure,

Inc.*

7,024

15,734

Fate

Therapeutics,

Inc.*

7,423

232,117

Fennec

Pharmaceuticals,

Inc.*

2,571

21,712

FibroGen,

Inc.*

9,879

399,803

Five

Prime

Therapeutics,

Inc.*

3,166

18,679

Flexion

Therapeutics,

Inc.*

4,059

55,081

Fortress

Biotech,

Inc.*

6,511

18,068

Frequency

Therapeutics,

Inc.*(a)

3,336

70,523

G1

Therapeutics,

Inc.*

4,189

61,453

Galectin

Therapeutics,

Inc.*(a)

4,008

10,461

Galera

Therapeutics,

Inc.*

893

6,215

Genprex,

Inc.*(a)

3,282

11,060

Geron

Corp.*

21,758

34,595

GlycoMimetics,

Inc.*

4,082

16,083

Gossamer

Bio,

Inc.*

5,820

69,374

Gritstone

Oncology,

Inc.*

3,112

9,974

Halozyme

Therapeutics,

Inc.*

15,916

432,756

Harpoon

Therapeutics,

Inc.*

1,194

13,146

Heron

Therapeutics,

Inc.*

10,456

170,328

Homology

Medicines,

Inc.*

4,035

53,060

Hookipa

Pharma,

Inc.*

1,160

11,206

iBio,

Inc.*

4,492

19,944

Ideaya

Biosciences,

Inc.*

1,565

19,735

IGM

Biosciences,

Inc.*

840

42,218

Immunic,

Inc.*

490

8,428

ImmunoGen,

Inc.*(a)

20,398

83,836

Immunovant,

Inc.*

2,263

51,166

Inovio

Pharmaceuticals,

Inc.*

16,996

330,402

Insmed,

Inc.*

11,996

313,336

Intellia

Therapeutics,

Inc.*(a)

5,169

92,060

Intercept

Pharmaceuticals,

Inc.*(a)

3,053

139,339

Invitae

Corp.*(a)

13,692

399,806

Ironwood

Pharmaceuticals,

Inc.*

18,547

170,076

IVERIC

bio,

Inc.*

5,589

22,412

Jounce

Therapeutics,

Inc.*

2,080

9,526

Kadmon

Holdings,

Inc.*(a)

18,669

68,329

KalVista

Pharmaceuticals,

Inc.*

1,462

14,371

Karuna

Therapeutics,

Inc.*

1,836

150,185

Karyopharm

Therapeutics,

Inc.*

8,260

132,573

Keros

Therapeutics,

Inc.*

852

27,349

Kezar

Life

Sciences,

Inc.*

3,210

14,028

Kindred

Biosciences,

Inc.*

4,813

15,835

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

2,288

44,662

Kodiak

Sciences,

Inc.*

3,439

159,329

Krystal

Biotech,

Inc.*

1,434

59,210

Common

Stocks

Shares

Value

($)

Biotechnology

Kura

Oncology,

Inc.*

6,320

103,901

La

Jolla

Pharmaceutical

Co.*

2,654

10,563

Lexicon

Pharmaceuticals,

Inc.*(a)

4,969

9,640

Ligand

Pharmaceuticals,

Inc.*

1,730

202,721

LogicBio

Therapeutics,

Inc.*

1,264

9,910

MacroGenics,

Inc.*

5,731

145,567

Madrigal

Pharmaceuticals,

Inc.*(a)

1,050

107,740

Magenta

Therapeutics,

Inc.*

1,922

13,492

MannKind

Corp.*(a)

25,891

40,390

Marker

Therapeutics,

Inc.*(a)

3,396

6,826

MediciNova,

Inc.*(a)

5,388

33,513

MEI

Pharma,

Inc.*

12,615

35,007

MeiraGTx

Holdings

plc*

2,429

31,553

Mersana

Therapeutics,

Inc.*(a)

5,430

107,948

Minerva

Neurosciences,

Inc.*

3,672

12,797

Mirati

Therapeutics,

Inc.*

4,348

527,456

Mirum

Pharmaceuticals,

Inc.*

622

13,734

Molecular

Templates,

Inc.*

2,853

31,297

Momenta

Pharmaceuticals,

Inc.*

14,003

412,948

Morphic

Holding,

Inc.*(a)

1,622

36,511

Mustang

Bio,

Inc.*

3,607

11,110

Myriad

Genetics,

Inc.*(a)

8,531

102,969

NantKwest,

Inc.*

3,592

40,159

Natera,

Inc.*

8,276

397,414

Neoleukin

Therapeutics,

Inc.*

3,487

33,754

Neubase

Therapeutics,

Inc.*

2,082

15,480

NeuroBo

Pharmaceuticals,

Inc.*

527

3,378

NextCure,

Inc.*

1,898

16,930

Novavax,

Inc.*

6,895

986,674

Nymox

Pharmaceutical

Corp.*(a)

4,609

14,841

Oncocyte

Corp.*

4,649

6,276

OPKO

Health,

Inc.*(a)

46,934

241,710

Organogenesis

Holdings,

Inc.*

2,619

9,638

Orgenesis,

Inc.*

1,913

10,560

ORIC

Pharmaceuticals,

Inc.*(a)

1,052

21,114

Ovid

therapeutics,

Inc.*

5,166

33,321

Oyster

Point

Pharma,

Inc.*

672

15,033

Passage

Bio,

Inc.*

1,635

25,571

PDL

BioPharma,

Inc.*(a)

12,622

40,138

Pfenex,

Inc.*

4,194

29,735

PhaseBio

Pharmaceuticals,

Inc.*

1,706

6,824

Pieris

Pharmaceuticals,

Inc.*

5,940

15,266

Precigen,

Inc.*(a)

7,959

33,507

Precision

BioSciences,

Inc.*

5,482

34,866

Prevail

Therapeutics,

Inc.*

1,650

24,700

Principia

Biopharma,

Inc.*

3,472

290,259

Protagonist

Therapeutics,

Inc.*

2,643

41,574

Protara

Therapeutics,

Inc.*

245

6,110

Prothena

Corp.

plc*

3,646

44,627

PTC

Therapeutics,

Inc.*

7,287

337,607

Puma

Biotechnology,

Inc.*

3,487

35,951

Radius

Health,

Inc.*

5,242

65,787

RAPT

Therapeutics,

Inc.*

1,328

28,685

86

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

REGENXBIO,

Inc.*

4,085

135,213

Replimune

Group,

Inc.*

1,981

39,561

Retrophin,

Inc.*

4,759

94,609

REVOLUTION

Medicines,

Inc.*

1,644

39,653

Rhythm

Pharmaceuticals,

Inc.*

3,868

74,343

Rigel

Pharmaceuticals,

Inc.*

20,117

46,269

Rocket

Pharmaceuticals,

Inc.*

4,065

95,649

Rubius

Therapeutics,

Inc.*

4,757

23,357

Sangamo

Therapeutics,

Inc.*

13,441

145,566

Savara,

Inc.*

5,887

11,715

Scholar

Rock

Holding

Corp.*

2,637

29,772

Selecta

Biosciences,

Inc.*

7,885

18,766

Seres

Therapeutics,

Inc.*

4,820

18,027

Soleno

Therapeutics,

Inc.*

3,845

6,613

Solid

Biosciences,

Inc.*

3,359

8,834

Sorrento

Therapeutics,

Inc.*(a)

20,569

183,475

Spectrum

Pharmaceuticals,

Inc.*

14,438

43,170

Spero

Therapeutics,

Inc.*

1,749

20,463

SpringWorks

Therapeutics,

Inc.*(a)

2,529

107,811

Stoke

Therapeutics,

Inc.*

1,423

35,845

Sutro

Biopharma,

Inc.*

1,958

15,214

Syndax

Pharmaceuticals,

Inc.*

3,138

44,277

Syros

Pharmaceuticals,

Inc.*

4,855

46,074

TCR2

Therapeutics,

Inc.*

2,034

34,069

TG

Therapeutics,

Inc.*

11,430

223,799

Translate

Bio,

Inc.*

5,875

89,241

Turning

Point

Therapeutics,

Inc.*(a)

3,287

194,689

Twist

Bioscience

Corp.*

3,510

196,700

Tyme

Technologies,

Inc.*(a)

8,042

9,570

Ultragenyx

Pharmaceutical,

Inc.*

6,718

525,079

UNITY

Biotechnology,

Inc.*

3,918

36,947

UroGen

Pharma

Ltd.*(a)

2,352

51,956

Vanda

Pharmaceuticals,

Inc.*

6,140

61,891

Vaxart,

Inc.*

4,871

45,739

VBI

Vaccines,

Inc.*

20,694

84,225

Veracyte,

Inc.*

5,877

209,633

Verastem,

Inc.*

18,820

25,219

Vericel

Corp.*

5,453

89,920

Viela

Bio,

Inc.*(a)

2,353

86,143

Viking

Therapeutics,

Inc.*(a)

8,177

57,403

Vir

Biotechnology,

Inc.*

5,468

261,152

Voyager

Therapeutics,

Inc.*

3,041

33,664

X4

Pharmaceuticals,

Inc.*

1,972

14,632

XBiotech,

Inc.*(a)

1,527

22,203

Xencor,

Inc.*

6,515

196,036

XOMA

Corp.*

694

11,590

Y-mAbs

Therapeutics,

Inc.*

3,564

125,203

Zentalis

Pharmaceuticals,

Inc.*

1,245

42,953

ZIOPHARM

Oncology,

Inc.*(a)

25,642

76,157

21,605,216

Building

Products

1.6%

AAON,

Inc.

4,877

288,962

Advanced

Drainage

Systems,

Inc.

5,870

287,630

Common

Stocks

Shares

Value

($)

Building

Products

Alpha

Pro

Tech

Ltd.*

1,374

29,912

American

Woodmark

Corp.*

2,062

166,238

Apogee

Enterprises,

Inc.

3,029

65,396

Builders

FirstSource,

Inc.*

13,886

328,959

Caesarstone

Ltd.

2,797

32,082

Cornerstone

Building

Brands,

Inc.*

5,786

32,807

CSW

Industrials,

Inc.

1,605

107,198

Gibraltar

Industries,

Inc.*

3,881

200,725

Griffon

Corp.

4,294

98,204

Insteel

Industries,

Inc.

2,238

41,716

JELD-WEN

Holding,

Inc.*

8,307

162,817

Masonite

International

Corp.*

2,917

246,049

Patrick

Industries,

Inc.(a)

2,669

170,683

PGT

Innovations,

Inc.*

6,797

116,025

Quanex

Building

Products

Corp.

4,091

57,479

Resideo

Technologies,

Inc.*

14,964

198,722

Simpson

Manufacturing

Co.,

Inc.(a)

5,152

497,477

UFP

Industries,

Inc.

7,168

417,321

3,546,402

Capital

Markets

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

6,562

237,741

Assetmark

Financial

Holdings,

Inc.*

1,926

53,639

Associated

Capital

Group,

Inc.,

Class

A

274

11,081

B.

Riley

Financial,

Inc.

2,304

58,775

BGC

Partners,

Inc.,

Class

A

30,745

85,164

Blucora,

Inc.*

5,674

66,896

Brightsphere

Investment

Group,

Inc.

7,598

102,117

Calamos

Asset

Management,

Inc.*^∞

5,293

0

Cohen

&

Steers,

Inc.

2,944

177,170

Cowen,

Inc.,

Class

A

3,365

55,422

Diamond

Hill

Investment

Group,

Inc.

345

39,340

Donnelley

Financial

Solutions,

Inc.*

3,935

34,038

Federated

Hermes,

Inc.,

Class

B

11,611

306,066

Focus

Financial

Partners,

Inc.,

Class

A*

3,791

140,077

GAMCO

Investors,

Inc.,

Class

A

668

7,876

Greenhill

&

Co.,

Inc.

2,012

24,104

Hamilton

Lane,

Inc.,

Class

A

2,591

187,174

Houlihan

Lokey,

Inc.

5,218

285,946

Moelis

&

Co.,

Class

A

6,377

189,971

Oppenheimer

Holdings,

Inc.,

Class

A

1,187

25,153

Piper

Sandler

Cos.

2,133

132,054

PJT

Partners,

Inc.,

Class

A

2,801

149,938

Pzena

Investment

Management,

Inc.,

Class

A

2,448

12,827

Safeguard

Scientifics,

Inc.

2,919

16,609

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Capital

Markets

Sculptor

Capital

Management,

Inc.

2,125

26,414

Siebert

Financial

Corp.*

976

3,377

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,063

11,693

Stifel

Financial

Corp.

7,979

386,822

StoneX

Group,

Inc.*(a)

1,982

104,015

Value

Line,

Inc.

100

2,465

Virtus

Investment

Partners,

Inc.

894

121,512

Waddell

&

Reed

Financial,

Inc.,

Class

A

7,858

114,648

Westwood

Holdings

Group,

Inc.

984

11,178

WisdomTree

Investments,

Inc.

18,441

66,388

3,247,690

Chemicals

1.7%

Advanced

Emissions

Solutions,

Inc.

2,069

8,607

AdvanSix,

Inc.*

3,153

39,255

AgroFresh

Solutions,

Inc.*

3,461

8,445

American

Vanguard

Corp.(a)

3,482

46,868

Amyris,

Inc.*(a)

8,195

35,075

Avient

Corp.

10,989

262,637

Balchem

Corp.

3,804

381,389

Chase

Corp.

862

86,683

Ferro

Corp.*

9,632

112,598

FutureFuel

Corp.

2,709

35,705

GCP

Applied

Technologies,

Inc.*(a)

5,639

128,682

Hawkins,

Inc.

1,189

61,269

HB

Fuller

Co.

6,193

280,791

Ingevity

Corp.*

4,984

291,464

Innospec,

Inc.

2,901

218,068

Intrepid

Potash,

Inc.*

11,576

10,489

Koppers

Holdings,

Inc.*

2,609

65,669

Kraton

Corp.*

3,662

48,155

Kronos

Worldwide,

Inc.

2,751

30,921

Livent

Corp.*

17,320

108,596

Marrone

Bio

Innovations,

Inc.*

7,658

8,500

Minerals

Technologies,

Inc.

4,012

188,083

Orion

Engineered

Carbons

SA

7,136

72,787

PQ

Group

Holdings,

Inc.*

4,300

52,761

Quaker

Chemical

Corp.(a)

1,557

302,058

Rayonier

Advanced

Materials,

Inc.*

8,717

25,366

Sensient

Technologies

Corp.

5,072

264,809

Stepan

Co.

2,533

276,604

Trecora

Resources*

2,828

16,261

Tredegar

Corp.

3,130

49,704

Trinseo

SA

4,683

101,621

Tronox

Holdings

plc,

Class

A

10,826

82,494

3,702,414

Commercial

Services

&

Supplies

2.2%

ABM

Industries,

Inc.

7,973

286,231

ACCO

Brands

Corp.

10,930

71,264

Advanced

Disposal

Services,

Inc.*

8,628

260,220

Brady

Corp.,

Class

A

5,732

263,500

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

BrightView

Holdings,

Inc.*

3,875

46,965

Brink's

Co.

(The)

6,009

266,499

Casella

Waste

Systems,

Inc.,

Class

A*

5,430

300,876

CECO

Environmental

Corp.*

3,740

25,058

Cimpress

plc*(a)

2,112

211,200

Covanta

Holding

Corp.(a)

14,486

142,542

Deluxe

Corp.

4,898

138,271

Ennis,

Inc.

3,165

54,754

Harsco

Corp.*

9,417

150,295

Healthcare

Services

Group,

Inc.

8,904

233,196

Heritage-Crystal

Clean,

Inc.*

1,824

25,408

Herman

Miller,

Inc.

7,157

167,689

HNI

Corp.

5,194

154,262

Interface,

Inc.

7,378

58,876

KAR

Auction

Services,

Inc.

15,566

235,514

Kimball

International,

Inc.,

Class

B

4,530

49,558

Knoll,

Inc.(a)

5,940

69,557

Matthews

International

Corp.,

Class

A

3,465

74,844

McGrath

RentCorp

2,860

165,937

NL

Industries,

Inc.

865

3,166

PICO

Holdings,

Inc.*(a)

2,236

18,156

Pitney

Bowes,

Inc.

19,352

64,636

Quad/Graphics,

Inc.

3,834

11,924

SP

Plus

Corp.*

2,744

43,602

Steelcase,

Inc.,

Class

A

10,567

113,384

Team,

Inc.*

3,600

14,220

Tetra

Tech,

Inc.

6,353

563,193

UniFirst

Corp.(a)

1,762

328,578

US

Ecology,

Inc.(a)

3,748

129,981

Viad

Corp.

2,386

34,502

VSE

Corp.

1,035

29,115

4,806,973

Communications

Equipment

1.0%

Acacia

Communications,

Inc.*

4,579

311,280

ADTRAN,

Inc.

5,891

73,166

Applied

Optoelectronics,

Inc.*

2,334

33,166

CalAmp

Corp.*

4,037

31,812

Calix,

Inc.*

5,767

118,281

Cambium

Networks

Corp.*

543

6,570

Casa

Systems,

Inc.*

3,876

21,744

Clearfield,

Inc.*

1,159

21,604

Comtech

Telecommunications

Corp.

3,055

50,163

DASAN

Zhone

Solutions,

Inc.*

1,609

16,267

Digi

International,

Inc.*

3,174

38,469

Extreme

Networks,

Inc.*

13,724

62,444

Genasys,

Inc.*

3,863

16,225

Harmonic,

Inc.*

11,137

62,145

Infinera

Corp.*

18,777

148,151

Inseego

Corp.*(a)

6,818

91,907

InterDigital,

Inc.

3,701

222,134

KVH

Industries,

Inc.*

1,677

13,617

NETGEAR,

Inc.*

3,415

105,011

NetScout

Systems,

Inc.*

8,251

210,071

PCTEL,

Inc.*

2,227

14,587

88

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Communications

Equipment

Plantronics,

Inc.

3,926

78,481

Resonant,

Inc.*

5,942

16,400

Ribbon

Communications,

Inc.*

8,621

37,932

Viavi

Solutions,

Inc.*(a)

27,380

378,665

2,180,292

Construction

&

Engineering

1.3%

Aegion

Corp.*

3,531

54,448

Ameresco,

Inc.,

Class

A*(a)

2,719

75,262

API

Group

Corp.

Reg.

S*(b)

16,894

235,333

Arcosa,

Inc.(a)

5,817

245,594

Argan,

Inc.(a)

1,692

72,587

Comfort

Systems

USA,

Inc.

4,332

215,344

Concrete

Pumping

Holdings,

Inc.*

3,539

13,236

Construction

Partners,

Inc.,

Class

A*

2,174

35,980

Dycom

Industries,

Inc.*(a)

3,706

158,728

EMCOR

Group,

Inc.

6,499

445,181

Fluor

Corp.

10,680

108,829

Granite

Construction,

Inc.

5,648

95,790

Great

Lakes

Dredge

&

Dock

Corp.*

7,592

63,469

HC2

Holdings,

Inc.*

5,558

15,062

IES

Holdings,

Inc.*

1,106

26,356

MasTec,

Inc.*

6,805

270,703

MYR

Group,

Inc.*

1,979

72,570

Northwest

Pipe

Co.*

985

24,477

NV5

Global,

Inc.*(a)

1,262

71,606

Primoris

Services

Corp.

5,926

94,994

Sterling

Construction

Co.,

Inc.*

3,270

33,681

Tutor

Perini

Corp.*

5,021

59,097

WillScot

Mobile

Mini

Holdings

Corp.*(a)

19,403

292,209

2,780,536

Construction

Materials

0.1%

Forterra,

Inc.*

2,016

26,188

Summit

Materials,

Inc.,

Class

A*

14,010

206,227

United

States

Lime

&

Minerals,

Inc.

239

21,560

US

Concrete,

Inc.*

1,971

48,920

302,895

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*

493

4,028

Curo

Group

Holdings

Corp.

2,194

15,336

Encore

Capital

Group,

Inc.*

3,675

134,248

Enova

International,

Inc.*

3,715

59,774

EZCORP,

Inc.,

Class

A*

6,242

35,704

FirstCash,

Inc.

4,803

276,845

Green

Dot

Corp.,

Class

A*

6,029

305,610

LendingClub

Corp.*

8,511

44,427

Navient

Corp.

23,210

184,752

Nelnet,

Inc.,

Class

A

2,059

119,422

Oportun

Financial

Corp.*

2,342

33,491

PRA

Group,

Inc.*

5,373

212,556

Regional

Management

Corp.*

1,003

15,235

World

Acceptance

Corp.*

576

42,797

1,484,225

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

0.2%

Greif,

Inc.,

Class

A

3,024

105,205

Greif,

Inc.,

Class

B

782

30,725

Myers

Industries,

Inc.

4,472

67,348

O-I

Glass,

Inc.

18,914

197,462

Ranpak

Holdings

Corp.*

2,880

23,530

UFP

Technologies,

Inc.*

828

35,720

459,990

Distributors

0.1%

Core-Mark

Holding

Co.,

Inc.(a)

5,273

139,840

Funko,

Inc.,

Class

A*

3,320

18,393

Greenlane

Holdings,

Inc.,

Class

A*

2,099

8,102

Weyco

Group,

Inc.

717

13,207

179,542

Diversified

Consumer

Services

0.7%

Adtalem

Global

Education,

Inc.*

6,147

211,088

American

Public

Education,

Inc.*

1,706

49,662

Aspen

Group,

Inc.*

2,046

18,005

Carriage

Services,

Inc.

1,875

41,456

Collectors

Universe,

Inc.

1,147

43,655

Franchise

Group,

Inc.

2,277

55,786

Houghton

Mifflin

Harcourt

Co.*

12,709

37,619

K12,

Inc.*(a)

4,686

214,572

Laureate

Education,

Inc.,

Class

A*

13,122

166,387

OneSpaWorld

Holdings

Ltd.(a)

5,685

31,608

Perdoceo

Education

Corp.*

8,242

118,685

Regis

Corp.*

2,782

21,366

Strategic

Education,

Inc.

2,573

324,738

Universal

Technical

Institute,

Inc.*

3,383

25,136

Vivint

Smart

Home,

Inc.*

8,414

129,155

WW

International,

Inc.*

5,612

144,677

1,633,595

Diversified

Financial

Services

0.2%

Alerus

Financial

Corp.

1,719

33,314

A-Mark

Precious

Metals,

Inc.*

528

12,720

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

4,014

46,844

Cannae

Holdings,

Inc.*

9,971

375,707

Marlin

Business

Services

Corp.

953

6,995

Morgan

Group

Holding

Co.*

6

76

SWK

Holdings

Corp.*

394

4,972

480,628

Diversified

Telecommunication

Services

1.0%

Alaska

Communications

Systems

Group,

Inc.

4,981

11,357

Anterix,

Inc.*

1,498

65,283

ATN

International,

Inc.

1,327

76,475

Bandwidth,

Inc.,

Class

A*

2,268

328,361

Cincinnati

Bell,

Inc.*

6,020

90,360

Cogent

Communications

Holdings,

Inc.

5,013

451,721

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Consolidated

Communications

Holdings,

Inc.*

9,041

65,999

IDT

Corp.,

Class

B*

2,090

13,606

Iridium

Communications,

Inc.*(a)

13,944

381,926

Liberty

Latin

America

Ltd.,

Class

A*(a)

5,514

56,684

Liberty

Latin

America

Ltd.,

Class

C*

13,170

134,729

Ooma,

Inc.*

2,476

37,487

ORBCOMM,

Inc.*

9,628

40,534

Vonage

Holdings

Corp.*

27,567

329,426

2,083,948

Electric

Utilities

0.8%

ALLETE,

Inc.

6,246

370,388

Genie

Energy

Ltd.,

Class

B

1,794

14,585

MGE

Energy,

Inc.

4,145

274,938

Otter

Tail

Corp.

4,665

178,436

PNM

Resources,

Inc.

9,459

399,453

Portland

General

Electric

Co.

10,743

474,089

Spark

Energy,

Inc.,

Class

A

1,584

11,959

1,723,848

Electrical

Equipment

1.0%

Allied

Motion

Technologies,

Inc.

901

33,968

American

Superconductor

Corp.*

2,605

24,226

Atkore

International

Group,

Inc.*

5,611

149,645

AZZ,

Inc.

3,089

97,551

Bloom

Energy

Corp.,

Class

A*

10,156

123,497

Encore

Wire

Corp.

2,390

119,954

EnerSys

5,100

343,026

FuelCell

Energy,

Inc.*(a)

25,316

56,455

LSI

Industries,

Inc.

3,205

18,781

Orion

Energy

Systems,

Inc.*

2,737

10,838

Plug

Power,

Inc.*(a)

38,336

295,571

Powell

Industries,

Inc.

1,089

28,913

Preformed

Line

Products

Co.

334

16,453

Sunrun,

Inc.*

13,822

507,129

Thermon

Group

Holdings,

Inc.*

3,683

49,905

TPI

Composites,

Inc.*

3,629

92,830

Ultralife

Corp.*

710

5,041

Vicor

Corp.*

2,124

173,042

Vivint

Solar,

Inc.*

5,971

121,450

2,268,275

Electronic

Equipment,

Instruments

&

Components

2.3%

Akoustis

Technologies,

Inc.*(a)

3,721

29,545

Arlo

Technologies,

Inc.*

9,745

41,124

Badger

Meter,

Inc.

3,413

213,654

Bel

Fuse,

Inc.,

Class

B

1,549

18,898

Belden,

Inc.

5,340

168,744

Benchmark

Electronics,

Inc.

4,510

91,824

CTS

Corp.

3,775

74,972

Daktronics,

Inc.

4,279

17,843

ePlus,

Inc.*

1,520

113,301

Fabrinet*

4,348

315,795

FARO

Technologies,

Inc.*

2,068

123,728

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Fitbit,

Inc.,

Class

A*(a)

28,284

184,977

II-VI,

Inc.*

11,775

597,228

Insight

Enterprises,

Inc.*

4,174

208,032

Intellicheck,

Inc.*

1,955

14,311

Iteris,

Inc.*

4,871

22,601

Itron,

Inc.*

4,785

332,845

Kimball

Electronics,

Inc.*

2,647

35,152

Knowles

Corp.*

10,635

162,290

Luna

Innovations,

Inc.*

3,300

18,711

Methode

Electronics,

Inc.

4,402

124,136

MTS

Systems

Corp.

2,527

46,876

Napco

Security

Technologies,

Inc.*

1,451

38,277

nLight,

Inc.*

4,052

93,885

Novanta,

Inc.*

4,016

416,379

OSI

Systems,

Inc.*

1,954

138,656

PAR

Technology

Corp.*(a)

1,920

59,059

PC

Connection,

Inc.

1,276

55,761

Plexus

Corp.*(a)

3,365

249,986

Powerfleet,

Inc.*

3,161

14,161

Research

Frontiers,

Inc.*(a)

3,039

10,272

Rogers

Corp.*

2,205

262,814

Sanmina

Corp.*

8,067

239,429

ScanSource,

Inc.*

3,051

70,021

TTM

Technologies,

Inc.*

11,782

145,036

Vishay

Intertechnology,

Inc.

16,015

251,275

Vishay

Precision

Group,

Inc.*(a)

1,537

39,117

Wrap

Technologies,

Inc.*

1,508

14,778

5,055,493

Energy

Equipment

&

Services

0.7%

Archrock,

Inc.

16,048

106,880

Aspen

Aerogels,

Inc.*

2,345

14,891

Bristow

Group,

Inc.*

706

11,303

Cactus,

Inc.,

Class

A

5,844

132,191

ChampionX

Corp.*

22,412

213,138

DMC

Global,

Inc.(a)

1,680

49,358

Dril-Quip,

Inc.*

4,258

141,749

Exterran

Corp.*

3,237

16,088

Frank's

International

NV*

19,560

44,597

Helix

Energy

Solutions

Group,

Inc.*

16,764

70,241

Liberty

Oilfield

Services,

Inc.,

Class

A

8,098

45,754

Matrix

Service

Co.*

3,424

29,977

Nabors

Industries

Ltd.

833

35,327

National

Energy

Services

Reunited

Corp.*

2,927

19,582

Newpark

Resources,

Inc.*

10,954

20,703

NexTier

Oilfield

Solutions,

Inc.*

20,640

52,013

Oceaneering

International,

Inc.*

11,649

65,467

Oil

States

International,

Inc.*

7,031

31,499

Patterson-UTI

Energy,

Inc.

21,778

84,390

ProPetro

Holding

Corp.*

9,345

50,183

RPC,

Inc.*

7,320

21,740

SEACOR

Holdings,

Inc.*(a)

2,375

69,065

Select

Energy

Services,

Inc.,

Class

A*(a)

7,795

34,610

90

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A(a)

3,843

27,900

Tidewater,

Inc.*

4,739

29,477

Transocean

Ltd.*(a)

71,230

145,309

US

Silica

Holdings,

Inc.(a)

9,198

32,469

1,595,901

Entertainment

0.3%

AMC

Entertainment

Holdings,

Inc.,

Class

A(a)

6,385

25,796

Cinemark

Holdings,

Inc.

12,952

153,222

Eros

International

plc*(a)

8,787

24,955

Gaia,

Inc.*

1,589

14,587

Glu

Mobile,

Inc.*

15,305

144,479

IMAX

Corp.*

6,056

68,372

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

4,300

80,195

Liberty

Media

Corp-Liberty

Braves,

Class

A*

1,211

22,900

LiveXLive

Media,

Inc.*

3,365

10,196

Marcus

Corp.

(The)

2,585

35,699

580,401

Equity

Real

Estate

Investment

Trusts

(REITs)

6.1%

Acadia

Realty

Trust

10,361

124,746

Agree

Realty

Corp.

6,281

420,639

Alexander

&

Baldwin,

Inc.

8,868

104,820

Alexander's,

Inc.

251

63,199

Alpine

Income

Property

Trust,

Inc.

866

12,159

American

Assets

Trust,

Inc.

6,106

164,862

American

Finance

Trust,

Inc.

12,967

94,724

Armada

Hoffler

Properties,

Inc.

7,100

68,444

Bluerock

Residential

Growth

REIT,

Inc.

2,956

21,401

BRT

Apartments

Corp.

1,281

13,220

CareTrust

REIT,

Inc.

11,079

199,644

CatchMark

Timber

Trust,

Inc.,

Class

A

6,022

58,775

Chatham

Lodging

Trust

6,159

32,088

CIM

Commercial

Trust

Corp.

1,381

14,086

City

Office

REIT,

Inc.

5,844

50,551

Clipper

Realty,

Inc.

1,899

12,685

Colony

Capital,

Inc.

59,081

113,436

Columbia

Property

Trust,

Inc.

13,866

165,837

Community

Healthcare

Trust,

Inc.

2,552

116,703

CoreCivic,

Inc.

14,577

129,881

CorEnergy

Infrastructure

Trust,

Inc.

1,534

13,438

CorePoint

Lodging,

Inc.

5,048

28,218

DiamondRock

Hospitality

Co.

24,250

112,035

Diversified

Healthcare

Trust

26,844

104,557

Easterly

Government

Properties,

Inc.

8,880

217,116

EastGroup

Properties,

Inc.

4,566

605,726

Essential

Properties

Realty

Trust,

Inc.

11,059

178,050

Farmland

Partners,

Inc.

3,020

20,868

Four

Corners

Property

Trust,

Inc.

8,511

214,477

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Franklin

Street

Properties

Corp.

13,130

68,933

Front

Yard

Residential

Corp.

6,182

53,598

GEO

Group,

Inc.

(The)

14,292

151,924

Getty

Realty

Corp.

4,134

122,490

Gladstone

Commercial

Corp.

4,210

76,622

Gladstone

Land

Corp.

2,208

35,505

Global

Medical

REIT,

Inc.

5,224

62,113

Global

Net

Lease,

Inc.

10,932

182,018

Healthcare

Realty

Trust,

Inc.

15,885

465,431

Hersha

Hospitality

Trust

4,369

20,796

Independence

Realty

Trust,

Inc.

11,598

133,377

Industrial

Logistics

Properties

Trust

7,482

157,945

Innovative

Industrial

Properties,

Inc.

2,004

208,877

Investors

Real

Estate

Trust

1,428

103,244

iStar,

Inc.

9,102

105,674

Jernigan

Capital,

Inc.

2,664

37,323

Kite

Realty

Group

Trust

10,199

100,664

Lexington

Realty

Trust

30,473

353,487

LTC

Properties,

Inc.

4,583

170,258

Macerich

Co.

(The)

17,274

131,801

Mack-Cali

Realty

Corp.

11,031

159,067

Monmouth

Real

Estate

Investment

Corp.

11,243

162,237

National

Health

Investors,

Inc.

5,165

320,230

National

Storage

Affiliates

Trust

7,363

226,928

New

Senior

Investment

Group,

Inc.

10,491

35,669

NexPoint

Residential

Trust,

Inc.

2,552

97,563

Office

Properties

Income

Trust

5,543

139,406

One

Liberty

Properties,

Inc.

1,879

32,209

Pebblebrook

Hotel

Trust

15,355

162,763

Physicians

Realty

Trust

24,283

438,065

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

15,195

246,311

Plymouth

Industrial

REIT,

Inc.

1,768

23,461

PotlatchDeltic

Corp.

7,858

336,401

Preferred

Apartment

Communities,

Inc.,

Class

A

5,502

39,779

PS

Business

Parks,

Inc.

2,406

331,908

QTS

Realty

Trust,

Inc.,

Class

A

7,051

507,319

Retail

Opportunity

Investments

Corp.

13,577

147,582

Retail

Properties

of

America,

Inc.,

Class

A

26,029

165,544

Retail

Value,

Inc.

2,277

28,827

RLJ

Lodging

Trust

19,608

157,060

RPT

Realty

10,166

63,233

Ryman

Hospitality

Properties,

Inc.

6,093

195,098

Sabra

Health

Care

REIT,

Inc.

24,617

362,855

Safehold,

Inc.

2,028

102,272

Saul

Centers,

Inc.

1,405

43,148

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Seritage

Growth

Properties,

Class

A*

4,135

38,497

Service

Properties

Trust

19,491

130,590

SITE

Centers

Corp.

18,687

136,976

STAG

Industrial,

Inc.

17,892

583,279

Summit

Hotel

Properties,

Inc.

12,324

63,838

Sunstone

Hotel

Investors,

Inc.

25,348

189,603

Tanger

Factory

Outlet

Centers,

Inc.

11,310

72,723

Terreno

Realty

Corp.

7,840

476,358

UMH

Properties,

Inc.

4,050

49,815

Uniti

Group,

Inc.

23,033

228,027

Universal

Health

Realty

Income

Trust

1,508

104,927

Urban

Edge

Properties

14,129

148,072

Urstadt

Biddle

Properties,

Inc.,

Class

A

3,625

35,561

Washington

REIT

9,896

221,275

Whitestone

REIT

4,691

30,961

Xenia

Hotels

&

Resorts,

Inc.

13,418

106,807

13,360,709

Food

&

Staples

Retailing

0.9%

Andersons,

Inc.

(The)

3,654

51,960

BJ's

Wholesale

Club

Holdings,

Inc.*

16,250

650,812

Chefs'

Warehouse,

Inc.

(The)*

3,171

36,562

HF

Foods

Group,

Inc.*(a)

4,395

38,940

Ingles

Markets,

Inc.,

Class

A

1,611

64,843

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,040

16,463

Performance

Food

Group

Co.*

15,675

439,213

PriceSmart,

Inc.(a)

2,747

179,571

Rite

Aid

Corp.*(a)

6,505

98,616

SpartanNash

Co.

4,356

91,585

United

Natural

Foods,

Inc.*

6,290

124,857

Village

Super

Market,

Inc.,

Class

A(a)

973

24,568

Weis

Markets,

Inc.

1,150

57,293

1,875,283

Food

Products

1.4%

Alico,

Inc.

596

17,987

B&G

Foods,

Inc.(a)

7,638

220,814

Bridgford

Foods

Corp.*

206

3,317

Calavo

Growers,

Inc.

1,970

113,807

Cal-Maine

Foods,

Inc.*

3,793

166,683

Darling

Ingredients,

Inc.*

19,118

533,966

Farmer

Bros

Co.*

2,090

10,408

Fresh

Del

Monte

Produce,

Inc.

(a)

3,777

85,285

Freshpet,

Inc.*

4,594

441,254

Hostess

Brands,

Inc.*

14,339

181,818

J

&

J

Snack

Foods

Corp.

1,801

221,757

John

B

Sanfilippo

&

Son,

Inc.

1,046

92,226

Lancaster

Colony

Corp.

2,242

355,559

Landec

Corp.*

2,718

25,658

Limoneira

Co.

1,661

22,390

Sanderson

Farms,

Inc.

2,385

265,916

Seneca

Foods

Corp.,

Class

A*

828

32,441

Common

Stocks

Shares

Value

($)

Food

Products

Simply

Good

Foods

Co.

(The)*(a)

9,945

239,078

Tootsie

Roll

Industries,

Inc.(a)

1,783

56,521

3,086,885

Gas

Utilities

1.1%

Brookfield

Infrastructure

Corp.,

Class

A

3,854

175,897

Chesapeake

Utilities

Corp.(a)

1,898

160,362

New

Jersey

Resources

Corp.

11,418

354,643

Northwest

Natural

Holding

Co.

3,616

193,420

ONE

Gas,

Inc.

6,153

465,782

RGC

Resources,

Inc.

917

21,274

South

Jersey

Industries,

Inc.

(a)

10,996

256,537

Southwest

Gas

Holdings,

Inc.

6,538

455,306

Spire,

Inc.

5,883

362,746

2,445,967

Health

Care

Equipment

&

Supplies

3.6%

Accelerate

Diagnostics,

Inc.*(a)

3,444

50,041

Accuray,

Inc.*

10,494

23,402

Alphatec

Holdings,

Inc.*

5,452

27,096

AngioDynamics,

Inc.*

4,148

34,262

Antares

Pharma,

Inc.*

18,720

48,859

Apyx

Medical

Corp.*

4,134

18,562

Aspira

Women's

Health,

Inc.*

5,812

25,980

AtriCure,

Inc.*

4,548

185,604

Atrion

Corp.

163

101,076

Avanos

Medical,

Inc.*

5,688

174,451

Axogen,

Inc.*

4,170

47,413

Axonics

Modulation

Technologies,

Inc.*

3,599

152,454

Bellerophon

Therapeutics,

Inc.*

444

5,701

Beyond

Air,

Inc.*

1,342

8,334

BioLife

Solutions,

Inc.*

825

15,947

BioSig

Technologies,

Inc.*

2,445

22,054

Cantel

Medical

Corp.

4,538

214,420

Cardiovascular

Systems,

Inc.*

4,108

125,212

Cerus

Corp.*

19,022

135,627

Chembio

Diagnostics,

Inc.*(a)

1,867

10,324

Co-Diagnostics,

Inc.*(a)

3,006

72,144

CONMED

Corp.

3,247

268,007

CryoLife,

Inc.*

4,238

82,260

CryoPort,

Inc.*

3,909

129,544

Cutera,

Inc.*

2,055

29,243

CytoSorbents

Corp.*

4,022

38,511

Electromed,

Inc.*

833

13,819

FONAR

Corp.*

745

18,342

GenMark

Diagnostics,

Inc.*

7,969

142,326

Glaukos

Corp.*

5,027

219,680

Heska

Corp.*

804

77,361

Inogen,

Inc.*

2,199

67,509

Integer

Holdings

Corp.*

3,869

254,464

IntriCon

Corp.*

1,035

11,178

Invacare

Corp.

4,418

31,103

iRadimed

Corp.*

520

11,586

iRhythm

Technologies,

Inc.*

3,194

397,589

Lantheus

Holdings,

Inc.*

7,880

106,222

92

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

LeMaitre

Vascular,

Inc.(a)

1,903

55,815

LivaNova

plc*

5,791

269,513

Meridian

Bioscience,

Inc.*

5,100

124,899

Merit

Medical

Systems,

Inc.*

6,421

287,147

Mesa

Laboratories,

Inc.(a)

482

114,205

Milestone

Scientific,

Inc.*

4,670

9,013

Misonix,

Inc.*

1,753

21,790

Natus

Medical,

Inc.*

3,981

73,967

Nemaura

Medical,

Inc.*

881

5,586

Neogen

Corp.*(a)

6,197

475,744

Nevro

Corp.*(a)

3,979

529,048

NuVasive,

Inc.*

6,138

350,725

OraSure

Technologies,

Inc.*

7,018

127,377

Orthofix

Medical,

Inc.*

2,116

64,982

OrthoPediatrics

Corp.*

1,322

55,775

PAVmed,

Inc.*

3,506

6,977

Pulse

Biosciences,

Inc.*(a)

1,336

13,694

Quotient

Ltd.*

7,126

55,868

Repro-Med

Systems,

Inc.*

2,864

29,871

Retractable

Technologies,

Inc.*

1,735

20,768

Rockwell

Medical,

Inc.*(a)

9,454

16,261

SeaSpine

Holdings

Corp.*

3,096

29,010

Shockwave

Medical,

Inc.*

3,174

156,542

SI-BONE,

Inc.*

3,022

51,676

Sientra,

Inc.*

6,110

23,218

Silk

Road

Medical,

Inc.*

3,762

174,783

Soliton,

Inc.*

749

4,824

STAAR

Surgical

Co.*(a)

5,323

309,745

Stereotaxis,

Inc.*

5,382

20,721

Surgalign

Holdings,

Inc.*

6,820

19,164

Surmodics,

Inc.*

1,613

76,279

Tactile

Systems

Technology,

Inc.*

2,160

88,517

Tela

Bio,

Inc.*

644

7,496

TransMedics

Group,

Inc.*

2,268

40,960

Utah

Medical

Products,

Inc.

413

33,659

Vapotherm,

Inc.*

2,251

117,592

Varex

Imaging

Corp.*

4,401

69,008

Venus

Concept,

Inc.*(a)

2,506

7,167

ViewRay,

Inc.*

13,585

37,630

VolitionRX

Ltd.*

2,576

8,320

Wright

Medical

Group

NV*(a)

15,183

455,794

Zynex,

Inc.*(a)

1,938

37,055

7,875,892

Health

Care

Providers

&

Services

2.5%

1Life

Healthcare,

Inc.*(a)

2,484

73,551

AdaptHealth

Corp.*

795

15,487

Addus

HomeCare

Corp.*

1,614

155,606

American

Renal

Associates

Holdings,

Inc.*

1,569

10,120

AMN

Healthcare

Services,

Inc.*

5,514

302,939

Apollo

Medical

Holdings,

Inc.*

1,106

18,526

Avalon

GloboCare

Corp.*

2,534

4,105

BioTelemetry,

Inc.*

3,944

167,857

Brookdale

Senior

Living,

Inc.*

21,830

60,469

Community

Health

Systems,

Inc.*

10,016

49,880

CorVel

Corp.*(a)

1,060

84,259

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Covetrus,

Inc.*

11,769

260,801

Cross

Country

Healthcare,

Inc.*

4,309

27,944

Ensign

Group,

Inc.

(The)

6,142

282,471

Enzo

Biochem,

Inc.*

5,766

13,723

Exagen,

Inc.*

547

6,810

Five

Star

Senior

Living,

Inc.*

2,580

11,713

Fulgent

Genetics,

Inc.*

1,123

29,591

Hanger,

Inc.*

4,258

74,345

HealthEquity,

Inc.*

8,837

455,636

InfuSystem

Holdings,

Inc.*

1,605

19,597

Joint

Corp.

(The)*

1,635

23,609

LHC

Group,

Inc.*

3,579

698,299

Magellan

Health,

Inc.*

2,760

204,709

MEDNAX,

Inc.*

10,063

201,059

National

HealthCare

Corp.

1,471

87,260

National

Research

Corp.

1,522

87,043

Ontrak,

Inc.*(a)

884

33,822

Option

Care

Health,

Inc.*

3,877

45,671

Owens

&

Minor,

Inc.

7,730

124,298

Patterson

Cos.,

Inc.

10,241

272,001

Pennant

Group,

Inc.

(The)*

2,941

73,701

PetIQ,

Inc.*(a)

2,368

86,408

Progyny,

Inc.*(a)

3,012

80,195

Providence

Service

Corp.

(The)*

1,413

114,467

R1

RCM,

Inc.*

12,379

169,221

RadNet,

Inc.*

5,263

83,629

Select

Medical

Holdings

Corp.*

12,806

243,826

Sharps

Compliance

Corp.*

1,434

10,970

Surgery

Partners,

Inc.*(a)

2,705

41,305

Tenet

Healthcare

Corp.*

12,517

330,949

Tivity

Health,

Inc.*

5,218

68,460

Triple-S

Management

Corp.,

Class

B*(a)

2,793

54,352

US

Physical

Therapy,

Inc.

1,528

126,916

Viemed

Healthcare,

Inc.*

4,035

43,739

5,431,339

Health

Care

Technology

1.1%

Allscripts

Healthcare

Solutions,

Inc.*

19,292

173,628

Computer

Programs

&

Systems,

Inc.

1,605

39,611

Evolent

Health,

Inc.,

Class

A*

9,145

106,539

Health

Catalyst,

Inc.*(a)

3,785

132,096

HealthStream,

Inc.*

2,948

64,723

HMS

Holdings

Corp.*

10,506

341,445

iCAD,

Inc.*

2,285

21,068

Inovalon

Holdings,

Inc.,

Class

A*

8,704

204,805

Inspire

Medical

Systems,

Inc.*

3,100

308,016

NantHealth,

Inc.*

3,319

14,935

NextGen

Healthcare,

Inc.*

6,872

100,469

Omnicell,

Inc.*

5,026

353,278

OptimizeRx

Corp.*

1,486

21,027

Phreesia,

Inc.*

3,359

100,972

Schrodinger,

Inc.*

1,673

121,092

Simulations

Plus,

Inc.(a)

1,429

100,602

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

Health

Care

Technology

Tabula

Rasa

HealthCare,

Inc.*(a)

2,387

134,149

Vocera

Communications,

Inc.*

3,613

111,172

2,449,627

Hotels,

Restaurants

&

Leisure

2.8%

Accel

Entertainment,

Inc.*

4,582

36,610

BBX

Capital

Corp.

1,390

19,349

Biglari

Holdings,

Inc.,

Class

A*

13

4,111

Biglari

Holdings,

Inc.,

Class

B*

107

6,947

BJ's

Restaurants,

Inc.

2,328

46,700

Bloomin'

Brands,

Inc.

10,326

118,955

Bluegreen

Vacations

Corp.

905

6,516

Boyd

Gaming

Corp.

9,821

232,463

Brinker

International,

Inc.

5,354

143,969

Caesars

Entertainment,

Inc.*

16,165

501,923

Carrols

Restaurant

Group,

Inc.*

4,193

25,745

Century

Casinos,

Inc.*

3,456

13,928

Cheesecake

Factory,

Inc.

(The)(a)

5,205

124,920

Churchill

Downs,

Inc.

4,485

621,262

Chuy's

Holdings,

Inc.*

2,015

32,059

Cracker

Barrel

Old

Country

Store,

Inc.

2,875

317,601

Dave

&

Buster's

Entertainment,

Inc.(a)

5,785

71,387

Del

Taco

Restaurants,

Inc.*

3,615

27,655

Denny's

Corp.*

6,463

57,424

Dine

Brands

Global,

Inc.(a)

1,905

86,544

El

Pollo

Loco

Holdings,

Inc.*(a)

2,145

42,385

Everi

Holdings,

Inc.*

10,158

57,697

Fiesta

Restaurant

Group,

Inc.*

2,020

13,090

GAN

Ltd.*

916

17,725

Golden

Entertainment,

Inc.*

2,163

18,494

Hilton

Grand

Vacations,

Inc.*

10,042

203,853

International

Game

Technology

plc

12,240

120,686

Jack

in

the

Box,

Inc.(a)

2,687

220,630

Kura

Sushi

USA,

Inc.,

Class

A*

421

4,374

Lindblad

Expeditions

Holdings,

Inc.*

2,907

21,076

Marriott

Vacations

Worldwide

Corp.

4,821

408,146

Monarch

Casino

&

Resort,

Inc.*

1,532

55,443

Nathan's

Famous,

Inc.

349

17,775

Noodles

&

Co.*

3,587

24,930

Papa

John's

International,

Inc.

3,791

358,894

Penn

National

Gaming,

Inc.*

15,904

538,350

PlayAGS,

Inc.*

3,335

11,272

RCI

Hospitality

Holdings,

Inc.

1,255

15,160

Red

Robin

Gourmet

Burgers,

Inc.*

1,455

12,717

Red

Rock

Resorts,

Inc.,

Class

A

8,036

88,074

Ruth's

Hospitality

Group,

Inc.

3,491

23,372

Scientific

Games

Corp.*

6,810

119,652

SeaWorld

Entertainment,

Inc.*(a)

6,066

87,775

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Shake

Shack,

Inc.,

Class

A*

4,137

200,851

Target

Hospitality

Corp.*

4,070

5,820

Texas

Roadhouse,

Inc.

7,840

440,530

Twin

River

Worldwide

Holdings,

Inc.

2,305

49,696

Wingstop,

Inc.

3,477

543,281

6,217,816

Household

Durables

2.3%

Beazer

Homes

USA,

Inc.*

3,115

34,857

Casper

Sleep,

Inc.*(a)

1,333

12,304

Cavco

Industries,

Inc.*

1,031

206,540

Century

Communities,

Inc.*

3,384

120,538

Ethan

Allen

Interiors,

Inc.

2,918

34,549

GoPro,

Inc.,

Class

A*

15,413

81,535

Green

Brick

Partners,

Inc.*

2,650

36,570

Hamilton

Beach

Brands

Holding

Co.,

Class

A

937

14,242

Helen

of

Troy

Ltd.*

3,006

565,880

Hooker

Furniture

Corp.

1,389

29,725

Installed

Building

Products,

Inc.*

2,767

218,897

iRobot

Corp.*

3,305

240,240

KB

Home

10,480

352,547

La-Z-Boy,

Inc.

5,263

149,785

Legacy

Housing

Corp.*

1,044

14,345

LGI

Homes,

Inc.*

2,592

295,773

Lifetime

Brands,

Inc.

1,472

10,378

Lovesac

Co.

(The)*(a)

1,170

37,183

M/I

Homes,

Inc.*

3,279

136,505

MDC

Holdings,

Inc.

6,139

275,211

Meritage

Homes

Corp.*

4,347

431,135

Purple

Innovation,

Inc.*

1,804

43,963

Skyline

Champion

Corp.*

6,270

177,002

Sonos,

Inc.*(a)

9,622

153,952

Taylor

Morrison

Home

Corp.*

15,080

353,626

TopBuild

Corp.*

3,952

521,348

TRI

Pointe

Group,

Inc.*

15,442

258,190

Tupperware

Brands

Corp.(a)

6,263

96,638

Turtle

Beach

Corp.*

1,733

31,783

Universal

Electronics,

Inc.*(a)

1,512

69,658

VOXX

International

Corp.*

2,527

16,476

5,021,375

Household

Products

0.2%

Central

Garden

&

Pet

Co.*

1,134

42,933

Central

Garden

&

Pet

Co.,

Class

A*

4,706

163,063

Oil-Dri

Corp.

of

America

538

18,706

WD-40

Co.(a)

1,600

314,480

539,182

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Atlantic

Power

Corp.*

8,493

16,646

Clearway

Energy,

Inc.,

Class

A(a)

4,182

95,810

Clearway

Energy,

Inc.,

Class

C

9,461

232,173

Ormat

Technologies,

Inc.

4,697

279,471

Sunnova

Energy

International,

Inc.*

3,699

92,512

94

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

TerraForm

Power,

Inc.,

Class

A∞(a)

10,469

202,575

919,187

Industrial

Conglomerates

0.0%

†

Raven

Industries,

Inc.

4,286

92,620

Insurance

2.4%

Ambac

Financial

Group,

Inc.*

5,393

69,030

American

Equity

Investment

Life

Holding

Co.(a)

10,494

267,072

AMERISAFE,

Inc.

2,242

142,277

Argo

Group

International

Holdings

Ltd.

3,972

133,102

Benefytt

Technologies,

Inc.,

Class

A*(a)

1,244

38,465

BRP

Group,

Inc.,

Class

A*

2,442

42,613

Citizens,

Inc.*(a)

5,986

34,360

CNO

Financial

Group,

Inc.

16,912

255,371

Crawford

&

Co.,

Class

A

1,976

14,484

Donegal

Group,

Inc.,

Class

A(a)

1,392

19,460

eHealth,

Inc.*

3,008

207,973

Employers

Holdings,

Inc.

3,495

113,657

Enstar

Group

Ltd.*

1,451

243,696

FBL

Financial

Group,

Inc.,

Class

A

1,269

44,136

FedNat

Holding

Co.

1,541

14,424

Fidelity

National

Financial,

Inc.

1,442

46,663

Genworth

Financial,

Inc.,

Class

A*

60,936

124,310

Global

Indemnity

Ltd.

1,131

25,843

Goosehead

Insurance,

Inc.,

Class

A*

1,511

156,132

Greenlight

Capital

Re

Ltd.,

Class

A*

3,197

20,653

HCI

Group,

Inc.

715

31,903

Heritage

Insurance

Holdings,

Inc.

2,920

34,660

Horace

Mann

Educators

Corp.

4,758

178,806

Independence

Holding

Co.

651

21,522

Investors

Title

Co.

153

17,607

James

River

Group

Holdings

Ltd.

3,419

158,368

Kinsale

Capital

Group,

Inc.

2,444

476,336

MBIA,

Inc.*

8,203

65,706

National

General

Holdings

Corp.

8,272

281,165

National

Western

Life

Group,

Inc.,

Class

A

313

60,969

NI

Holdings,

Inc.*

857

14,123

Palomar

Holdings,

Inc.*

2,151

196,472

ProAssurance

Corp.

6,132

90,140

ProSight

Global,

Inc.*

1,141

8,968

Protective

Insurance

Corp.,

Class

B

904

11,571

RLI

Corp.

4,714

415,445

Safety

Insurance

Group,

Inc.

1,697

128,412

Selective

Insurance

Group,

Inc.

7,068

384,075

Common

Stocks

Shares

Value

($)

Insurance

State

Auto

Financial

Corp.

1,968

30,524

Stewart

Information

Services

Corp.

2,764

115,950

Third

Point

Reinsurance

Ltd.*

9,378

73,055

Tiptree,

Inc.

2,901

14,650

Trupanion,

Inc.*

3,519

177,956

United

Fire

Group,

Inc.

2,474

62,765

United

Insurance

Holdings

Corp.

2,471

18,285

Universal

Insurance

Holdings,

Inc.

3,399

59,517

Watford

Holdings

Ltd.*

2,007

32,935

5,175,606

Interactive

Media

&

Services

0.4%

Cargurus,

Inc.*

10,229

295,516

Cars.com,

Inc.*

7,906

64,197

DHI

Group,

Inc.*

6,378

15,945

Eventbrite,

Inc.,

Class

A*(a)

7,631

65,016

EverQuote,

Inc.,

Class

A*

1,668

90,823

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*

8,337

20,676

Meet

Group,

Inc.

(The)*

7,701

47,977

QuinStreet,

Inc.*

5,845

68,240

TrueCar,

Inc.*

13,041

49,034

Yelp,

Inc.*

8,455

211,206

928,630

Internet

&

Direct

Marketing

Retail

0.8%

1-800-Flowers.com,

Inc.,

Class

A*

3,111

87,886

CarParts.com,

Inc.*

2,770

38,074

Duluth

Holdings,

Inc.,

Class

B*(a)

1,323

9,777

Groupon,

Inc.*

2,865

43,978

Lands'

End,

Inc.*

1,896

16,343

Liquidity

Services,

Inc.*

3,270

16,840

Magnite,

Inc.*(a)

12,058

72,408

Overstock.com,

Inc.*

4,838

365,704

PetMed

Express,

Inc.(a)

2,363

73,726

Quotient

Technology,

Inc.*

10,711

85,795

RealReal,

Inc.

(The)*

7,486

102,109

Shutterstock,

Inc.(a)

2,266

123,134

Stamps.com,

Inc.*

1,953

508,327

Stitch

Fix,

Inc.,

Class

A*(a)

6,725

148,959

Waitr

Holdings,

Inc.*(a)

8,811

47,051

1,740,111

IT

Services

2.0%

Brightcove,

Inc.*

4,720

49,938

Cardtronics

plc,

Class

A*

4,212

94,054

Cass

Information

Systems,

Inc.

1,605

57,507

Conduent,

Inc.*

20,184

38,551

CSG

Systems

International,

Inc.

3,878

163,380

Endurance

International

Group

Holdings,

Inc.*

8,559

48,530

EVERTEC,

Inc.(a)

7,157

222,225

Evo

Payments,

Inc.,

Class

A*

4,904

111,272

ExlService

Holdings,

Inc.*

3,948

252,909

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

IT

Services

GreenSky,

Inc.,

Class

A*(a)

7,621

43,021

Grid

Dynamics

Holdings,

Inc.*

2,376

15,872

GTT

Communications,

Inc.*(a)

3,546

22,340

Hackett

Group,

Inc.

(The)

2,949

40,667

I3

Verticals,

Inc.,

Class

A*

1,623

39,244

Information

Services

Group,

Inc.*

4,221

8,653

International

Money

Express,

Inc.*

1,552

20,921

KBR,

Inc.

17,037

378,903

Limelight

Networks,

Inc.*

13,446

84,306

LiveRamp

Holdings,

Inc.*

7,803

355,583

ManTech

International

Corp.,

Class

A

3,194

222,239

MAXIMUS,

Inc.

7,277

540,026

MoneyGram

International,

Inc.*

7,976

27,756

NIC,

Inc.

7,654

167,776

Paysign,

Inc.*(a)

3,725

34,792

Perficient,

Inc.*

3,840

150,566

Perspecta,

Inc.

16,508

353,271

PFSweb,

Inc.*

1,770

14,036

Priority

Technology

Holdings,

Inc.*

732

1,610

Repay

Holdings

Corp.*

4,192

92,769

ServiceSource

International,

Inc.*

10,066

15,703

StarTek,

Inc.*

1,992

9,721

Sykes

Enterprises,

Inc.*

4,509

123,817

TTEC

Holdings,

Inc.

2,146

101,849

Tucows,

Inc.,

Class

A*

1,083

65,532

Unisys

Corp.*

7,344

87,320

Verra

Mobility

Corp.*

15,906

162,718

Virtusa

Corp.*

3,435

139,461

4,358,838

Leisure

Products

0.7%

Acushnet

Holdings

Corp.(a)

4,113

156,500

Callaway

Golf

Co.(a)

11,145

212,312

Clarus

Corp.

2,506

30,022

Escalade,

Inc.

1,486

22,810

Johnson

Outdoors,

Inc.,

Class

A

599

52,448

Malibu

Boats,

Inc.,

Class

A*

2,433

143,012

Marine

Products

Corp.

999

12,817

MasterCraft

Boat

Holdings,

Inc.*

2,261

46,803

Nautilus,

Inc.*

3,715

38,748

Smith

&

Wesson

Brands,

Inc.*(a)

6,506

155,428

Sturm

Ruger

&

Co.,

Inc.

2,019

164,286

Vista

Outdoor,

Inc.*

7,000

120,050

YETI

Holdings,

Inc.*

8,875

433,899

1,589,135

Life

Sciences

Tools

&

Services

0.7%

Champions

Oncology,

Inc.*

817

7,141

ChromaDex

Corp.*

4,369

22,107

Codexis,

Inc.*

6,118

72,376

Fluidigm

Corp.*

8,697

61,227

Harvard

Bioscience,

Inc.*

4,360

13,560

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Luminex

Corp.

5,044

183,602

Medpace

Holdings,

Inc.*

3,213

383,471

NanoString

Technologies,

Inc.*

4,458

160,978

NeoGenomics,

Inc.*(a)

12,190

466,024

Pacific

Biosciences

of

California,

Inc.*

18,076

67,423

Personalis,

Inc.*

2,392

41,645

Quanterix

Corp.*

2,252

72,762

1,552,316

Machinery

3.6%

Alamo

Group,

Inc.(a)

1,168

120,432

Albany

International

Corp.,

Class

A

3,713

178,521

Altra

Industrial

Motion

Corp.

7,772

266,036

Astec

Industries,

Inc.

2,711

120,612

Barnes

Group,

Inc.(a)

5,671

209,090

Blue

Bird

Corp.*

1,870

23,431

Chart

Industries,

Inc.*

4,262

292,075

CIRCOR

International,

Inc.*

2,532

66,389

Columbus

McKinnon

Corp.

2,885

95,580

Douglas

Dynamics,

Inc.

2,766

97,778

Eastern

Co.

(The)

572

9,329

Energy

Recovery,

Inc.*

4,640

35,218

Enerpac

Tool

Group

Corp.

6,401

120,979

EnPro

Industries,

Inc.

2,539

121,186

ESCO

Technologies,

Inc.

3,037

261,000

Evoqua

Water

Technologies

Corp.*

10,169

195,550

ExOne

Co.

(The)*(a)

1,345

11,782

Federal

Signal

Corp.

7,063

218,317

Franklin

Electric

Co.,

Inc.

5,485

296,464

Gencor

Industries,

Inc.*

755

9,037

Gorman-Rupp

Co.

(The)

1,991

60,248

Graham

Corp.

1,425

18,753

Greenbrier

Cos.,

Inc.

(The)

4,002

102,971

Helios

Technologies,

Inc.(a)

3,500

132,405

Hillenbrand,

Inc.

8,932

261,082

Hurco

Cos.,

Inc.

696

19,307

Hyster-Yale

Materials

Handling,

Inc.

1,147

42,795

John

Bean

Technologies

Corp.

3,747

351,319

Kadant,

Inc.

1,339

145,295

Kennametal,

Inc.

9,980

269,061

L

B

Foster

Co.,

Class

A*

1,248

17,547

Lindsay

Corp.

1,247

120,922

Luxfer

Holdings

plc

3,397

43,142

Lydall,

Inc.*(a)

2,060

33,372

Manitowoc

Co.,

Inc.

(The)*

4,005

42,693

Mayville

Engineering

Co.,

Inc.*

801

6,080

Meritor,

Inc.*

8,267

188,074

Miller

Industries,

Inc.

1,171

33,198

Mueller

Industries,

Inc.

6,706

187,500

Mueller

Water

Products,

Inc.,

Class

A(a)

18,848

190,742

Navistar

International

Corp.*

5,988

191,796

NN,

Inc.(a)

5,093

26,789

Omega

Flex,

Inc.

354

43,099

Park-Ohio

Holdings

Corp.

1,094

15,775

Proto

Labs,

Inc.*(a)

3,155

378,979

96

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Machinery

RBC

Bearings,

Inc.*

2,940

359,915

REV

Group,

Inc.

3,479

22,613

Rexnord

Corp.

12,578

364,385

Shyft

Group,

Inc.

(The)

4,036

76,200

SPX

Corp.*

5,052

212,184

SPX

FLOW,

Inc.*(a)

5,128

205,530

Standex

International

Corp.

1,532

82,039

Tennant

Co.(a)

2,175

144,899

Terex

Corp.

8,192

154,419

TriMas

Corp.*

5,152

120,557

Wabash

National

Corp.

6,378

72,645

Watts

Water

Technologies,

Inc.,

Class

A

3,213

269,539

Welbilt,

Inc.*

15,417

93,735

7,850,410

Marine

0.1%

Costamare,

Inc.

6,263

28,497

Eagle

Bulk

Shipping,

Inc.*(a)

5,665

13,766

Genco

Shipping

&

Trading

Ltd.

1,943

13,193

Matson,

Inc.(a)

5,130

186,834

Pangaea

Logistics

Solutions

Ltd.

2,095

4,274

Safe

Bulkers,

Inc.*

7,061

9,391

Scorpio

Bulkers,

Inc.

717

10,511

266,466

Media

0.8%

AMC

Networks,

Inc.,

Class

A*

4,663

107,715

Boston

Omaha

Corp.,

Class

A*

1,255

19,955

Cardlytics,

Inc.*(a)

3,099

205,836

Central

European

Media

Enterprises

Ltd.,

Class

A*

10,621

42,272

comScore,

Inc.*

7,838

23,514

Daily

Journal

Corp.*

126

35,784

Emerald

Holding,

Inc.

3,007

8,179

Entercom

Communications

Corp.,

Class

A

14,197

19,876

Entravision

Communications

Corp.,

Class

A

7,805

10,303

EW

Scripps

Co.

(The),

Class

A

6,941

78,989

Fluent,

Inc.*

5,334

9,708

Gannett

Co.,

Inc.

13,690

20,261

Gray

Television,

Inc.*

10,563

151,473

Hemisphere

Media

Group,

Inc.*

1,888

16,614

iHeartMedia,

Inc.,

Class

A*(a)

7,117

59,498

Loral

Space

&

Communications,

Inc.

1,683

30,580

Meredith

Corp.

4,964

71,283

MSG

Networks,

Inc.,

Class

A*(a)

4,622

44,048

National

CineMedia,

Inc.

8,669

21,412

Saga

Communications,

Inc.,

Class

A

578

13,514

Scholastic

Corp.

3,414

81,697

Sinclair

Broadcast

Group,

Inc.,

Class

A(a)

6,367

131,160

TechTarget,

Inc.*

2,774

100,668

TEGNA,

Inc.

26,264

309,390

Tribune

Publishing

Co.

1,940

18,915

Common

Stocks

Shares

Value

($)

Media

WideOpenWest,

Inc.*

6,601

36,041

1,668,685

Metals

&

Mining

1.5%

Alcoa

Corp.*

22,504

292,552

Allegheny

Technologies,

Inc.*

15,323

133,157

Arconic

Corp.*

12,007

195,594

Caledonia

Mining

Corp.

plc

1,227

28,135

Carpenter

Technology

Corp.

5,793

129,531

Century

Aluminum

Co.*(a)

5,968

51,981

Cleveland-Cliffs,

Inc.(a)

47,505

246,076

Coeur

Mining,

Inc.*

28,393

225,157

Commercial

Metals

Co.

14,285

295,414

Compass

Minerals

International,

Inc.(a)

4,076

207,631

Gold

Resource

Corp.

7,512

32,978

Haynes

International,

Inc.

1,490

27,356

Hecla

Mining

Co.

61,439

339,143

Kaiser

Aluminum

Corp.

1,880

116,466

Materion

Corp.

2,396

137,578

Novagold

Resources,

Inc.*

27,858

254,065

Olympic

Steel,

Inc.

1,332

14,093

Ryerson

Holding

Corp.*

2,201

12,392

Schnitzer

Steel

Industries,

Inc.,

Class

A

3,290

60,536

SunCoke

Energy,

Inc.

10,314

32,902

TimkenSteel

Corp.*

5,961

21,877

United

States

Steel

Corp.

26,465

176,257

Warrior

Met

Coal,

Inc.(a)

6,200

98,704

Worthington

Industries,

Inc.

4,495

168,203

3,297,778

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.3%

Anworth

Mortgage

Asset

Corp.

11,625

21,041

Apollo

Commercial

Real

Estate

Finance,

Inc.

18,524

172,273

Arbor

Realty

Trust,

Inc.

12,615

128,547

Ares

Commercial

Real

Estate

Corp.

3,888

35,497

Arlington

Asset

Investment

Corp.,

Class

A

4,670

12,702

ARMOUR

Residential

REIT,

Inc.

7,791

72,768

Blackstone

Mortgage

Trust,

Inc.,

Class

A

16,153

388,803

Broadmark

Realty

Capital,

Inc.

15,238

140,494

Capstead

Mortgage

Corp.

11,460

70,479

Cherry

Hill

Mortgage

Investment

Corp.

1,946

17,962

Chimera

Investment

Corp.

23,151

208,128

Colony

Credit

Real

Estate,

Inc.

10,389

65,451

Dynex

Capital,

Inc.

2,667

41,205

Ellington

Financial,

Inc.

4,968

58,424

Ellington

Residential

Mortgage

REIT

1,022

11,293

Granite

Point

Mortgage

Trust,

Inc.

6,687

45,405

Great

Ajax

Corp.

2,552

21,998

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

8,387

293,797

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Invesco

Mortgage

Capital,

Inc.

19,033

58,431

KKR

Real

Estate

Finance

Trust,

Inc.

3,263

54,329

Ladder

Capital

Corp.

12,945

100,583

MFA

Financial,

Inc.

54,980

144,597

New

York

Mortgage

Trust,

Inc.

46,064

120,688

Orchid

Island

Capital,

Inc.

8,005

41,146

PennyMac

Mortgage

Investment

Trust

11,505

216,869

Ready

Capital

Corp.

4,753

38,119

Redwood

Trust,

Inc.

14,078

100,376

TPG

RE

Finance

Trust,

Inc.

7,348

63,781

Two

Harbors

Investment

Corp.

33,189

180,216

Western

Asset

Mortgage

Capital

Corp.

6,394

13,491

2,938,893

Multiline

Retail

0.2%

Big

Lots,

Inc.

4,771

187,691

Dillard's,

Inc.,

Class

A(a)

916

21,572

Macy's,

Inc.(a)

28,131

170,474

379,737

Multi-Utilities

0.5%

Avista

Corp.

7,928

294,367

Black

Hills

Corp.

7,523

435,281

NorthWestern

Corp.

6,047

340,204

Unitil

Corp.

1,654

71,370

1,141,222

Oil,

Gas

&

Consumable

Fuels

1.5%

Adams

Resources

&

Energy,

Inc.

290

6,139

Antero

Resources

Corp.*(a)

29,151

86,287

Arch

Resources,

Inc.(a)

1,913

59,341

Ardmore

Shipping

Corp.

4,185

17,200

Berry

Corp.

7,965

37,475

Bonanza

Creek

Energy,

Inc.*

2,418

43,983

Brigham

Minerals,

Inc.,

Class

A

3,766

41,727

Clean

Energy

Fuels

Corp.*

16,039

38,173

CNX

Resources

Corp.*

21,702

209,424

Comstock

Resources,

Inc.*

1,879

10,071

CONSOL

Energy,

Inc.*

3,017

17,740

Contango

Oil

&

Gas

Co.*

10,448

18,597

CVR

Energy,

Inc.

3,694

70,925

Delek

US

Holdings,

Inc.(a)

7,621

133,215

DHT

Holdings,

Inc.

12,878

73,147

Diamond

S

Shipping,

Inc.*

2,754

24,180

Dorian

LPG

Ltd.*

3,788

32,350

Earthstone

Energy,

Inc.,

Class

A*

4,110

10,809

Energy

Fuels,

Inc.*

14,782

25,277

Evolution

Petroleum

Corp.

3,703

9,702

Falcon

Minerals

Corp.

4,678

11,742

Frontline

Ltd.(a)

13,843

110,744

Golar

LNG

Ltd.*

10,545

79,088

Goodrich

Petroleum

Corp.*

1,170

8,717

Green

Plains,

Inc.*

4,091

52,897

Gulfport

Energy

Corp.*

20,352

20,556

International

Seaways,

Inc.

2,902

50,118

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kosmos

Energy

Ltd.

49,958

80,432

Magnolia

Oil

&

Gas

Corp.,

Class

A*

15,018

89,808

Matador

Resources

Co.*(a)

13,020

113,014

Montage

Resources

Corp.*

2,673

11,467

NACCO

Industries,

Inc.,

Class

A

539

11,772

NextDecade

Corp.*(a)

3,346

5,186

Nordic

American

Tankers

Ltd.

(a)

16,359

74,433

Overseas

Shipholding

Group,

Inc.,

Class

A*

8,148

18,822

Ovintiv,

Inc.(a)

31,399

304,256

Par

Pacific

Holdings,

Inc.*

4,906

36,353

PBF

Energy,

Inc.,

Class

A

11,763

102,103

PDC

Energy,

Inc.*(a)

11,992

171,006

Peabody

Energy

Corp.

8,768

27,356

Penn

Virginia

Corp.*(a)

1,707

16,916

Petrocorp,

Inc.*^∞

1,500

0

PrimeEnergy

Resources

Corp.*

62

4,418

Range

Resources

Corp.

25,392

164,032

Renewable

Energy

Group,

Inc.*

4,534

125,048

REX

American

Resources

Corp.*(a)

677

46,138

Scorpio

Tankers,

Inc.(a)

5,904

78,051

SFL

Corp.

Ltd.

10,939

90,903

SM

Energy

Co.

13,137

38,754

Southwestern

Energy

Co.*

63,929

155,348

Talos

Energy,

Inc.*

1,501

10,222

Tellurian,

Inc.*(a)

18,472

16,473

Uranium

Energy

Corp.*

20,823

20,163

W&T

Offshore,

Inc.*(a)

11,415

25,798

Whiting

Petroleum

Corp.*(a)

11,482

8,956

World

Fuel

Services

Corp.

7,510

176,710

3,323,562

Paper

&

Forest

Products

0.6%

Boise

Cascade

Co.

4,661

217,156

Clearwater

Paper

Corp.*

1,926

71,108

Domtar

Corp.

6,696

140,549

Louisiana-Pacific

Corp.

13,501

427,577

Neenah,

Inc.

2,040

91,004

P

H

Glatfelter

Co.(a)

5,212

83,027

Schweitzer-Mauduit

International,

Inc.

3,816

124,134

Verso

Corp.,

Class

A

4,108

50,159

1,204,714

Personal

Products

0.4%

BellRing

Brands,

Inc.,

Class

A*

4,721

93,806

Edgewell

Personal

Care

Co.*

6,479

193,657

elf

Beauty,

Inc.*

3,292

58,795

Inter

Parfums,

Inc.

2,096

85,706

Lifevantage

Corp.*

1,714

22,008

Medifast,

Inc.

1,368

228,634

Nature's

Sunshine

Products,

Inc.*

728

6,923

Revlon,

Inc.,

Class

A*(a)

882

5,574

USANA

Health

Sciences,

Inc.*

1,397

113,409

98

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Personal

Products

Veru,

Inc.*

5,127

14,509

823,021

Pharmaceuticals

1.9%

AcelRx

Pharmaceuticals,

Inc.*

9,771

10,650

Aerie

Pharmaceuticals,

Inc.*(a)

4,340

50,170

Agile

Therapeutics,

Inc.*

7,787

19,468

AMAG

Pharmaceuticals,

Inc.*(a)

3,490

33,347

Amneal

Pharmaceuticals,

Inc.*

12,013

52,016

Amphastar

Pharmaceuticals,

Inc.*

4,176

83,604

ANI

Pharmaceuticals,

Inc.*

1,147

33,963

Aquestive

Therapeutics,

Inc.*(a)

2,102

11,057

Arvinas,

Inc.*

3,409

107,384

Avenue

Therapeutics,

Inc.*

673

6,817

Axsome

Therapeutics,

Inc.*

3,288

234,533

Aytu

BioScience,

Inc.*

3,445

4,789

BioDelivery

Sciences

International,

Inc.*

10,145

42,508

Cara

Therapeutics,

Inc.*(a)

4,894

80,457

Cassava

Sciences,

Inc.*

2,998

9,504

Cerecor,

Inc.*

4,624

12,624

Chiasma,

Inc.*

4,402

19,237

Collegium

Pharmaceutical,

Inc.*

4,026

63,530

Corcept

Therapeutics,

Inc.*

11,367

169,937

CorMedix,

Inc.*(a)

2,936

13,065

Cymabay

Therapeutics,

Inc.*

8,670

30,779

Durect

Corp.*

23,134

45,343

Eloxx

Pharmaceuticals,

Inc.*

3,052

8,515

Endo

International

plc*(a)

27,124

94,392

Eton

Pharmaceuticals,

Inc.*(a)

1,832

12,238

Evofem

Biosciences,

Inc.*(a)

5,045

15,085

Evolus,

Inc.*(a)

2,840

9,258

Fulcrum

Therapeutics,

Inc.*

1,471

23,345

Harrow

Health,

Inc.*

2,839

15,558

IMARA,

Inc.*

616

12,437

Innoviva,

Inc.*

7,389

100,084

Intersect

ENT,

Inc.*

3,949

67,883

Intra-Cellular

Therapies,

Inc.*

6,518

129,219

Kala

Pharmaceuticals,

Inc.*

4,543

39,751

Kaleido

Biosciences,

Inc.*(a)

1,324

7,904

Lannett

Co.,

Inc.*

3,697

21,997

Liquidia

Technologies,

Inc.*

2,402

13,283

Lyra

Therapeutics,

Inc.*

564

7,558

Mallinckrodt

plc*(a)

10,692

23,843

Marinus

Pharmaceuticals,

Inc.*

10,158

17,065

Menlo

Therapeutics,

Inc.*

13,402

21,577

MyoKardia,

Inc.*

5,884

530,325

NGM

Biopharmaceuticals,

Inc.*

2,898

53,004

Ocular

Therapeutix,

Inc.*

6,094

47,777

Odonate

Therapeutics,

Inc.*

1,555

56,555

Omeros

Corp.*(a)

6,153

78,943

Optinose,

Inc.*

3,925

19,998

Osmotica

Pharmaceuticals

plc*

1,435

7,677

Pacira

BioSciences,

Inc.*(a)

4,871

256,263

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Paratek

Pharmaceuticals,

Inc.*

4,557

19,914

Phathom

Pharmaceuticals,

Inc.*

1,277

42,473

Phibro

Animal

Health

Corp.,

Class

A

2,338

54,230

Prestige

Consumer

Healthcare,

Inc.*

5,870

218,305

Provention

Bio,

Inc.*(a)

5,017

52,127

Recro

Pharma,

Inc.*

2,427

9,926

Relmada

Therapeutics,

Inc.*(a)

1,665

60,556

Revance

Therapeutics,

Inc.*

6,707

157,480

Satsuma

Pharmaceuticals,

Inc.*

1,097

25,900

scPharmaceuticals,

Inc.*

688

5,160

SIGA

Technologies,

Inc.*

6,258

40,176

Strongbridge

Biopharma

plc*

4,463

15,040

Supernus

Pharmaceuticals,

Inc.*

5,693

126,755

TherapeuticsMD,

Inc.*(a)

29,211

54,040

Theravance

Biopharma,

Inc.*

5,355

103,994

Tricida,

Inc.*

3,307

44,248

Verrica

Pharmaceuticals,

Inc.*

1,636

10,732

WaVe

Life

Sciences

Ltd.*(a)

2,352

20,651

Xeris

Pharmaceuticals,

Inc.*(a)

4,653

13,308

Zogenix,

Inc.*

6,604

157,109

4,058,440

Professional

Services

1.3%

Acacia

Research

Corp.*

4,922

19,491

Akerna

Corp.*(a)

1,235

8,065

ASGN,

Inc.*

6,053

414,388

Barrett

Business

Services,

Inc.

964

50,784

BG

Staffing,

Inc.

1,247

11,323

CBIZ,

Inc.*

5,972

144,403

CRA

International,

Inc.

937

39,139

Exponent,

Inc.

6,090

511,925

Forrester

Research,

Inc.*

1,205

42,308

Franklin

Covey

Co.*

1,533

27,732

GP

Strategies

Corp.*

1,471

10,930

Heidrick

&

Struggles

International,

Inc.

2,300

46,529

Huron

Consulting

Group,

Inc.*

2,603

124,215

ICF

International,

Inc.

2,112

142,792

Insperity,

Inc.

4,307

287,966

Kelly

Services,

Inc.,

Class

A

4,262

63,120

Kforce,

Inc.

2,412

69,562

Korn

Ferry

6,640

186,584

Mastech

Digital,

Inc.*

496

10,664

Mistras

Group,

Inc.*

1,957

6,908

Red

Violet,

Inc.*

690

10,564

Resources

Connection,

Inc.(a)

3,938

44,499

TriNet

Group,

Inc.*

4,948

326,568

TrueBlue,

Inc.*

4,244

65,485

Upwork,

Inc.*

10,987

165,025

Willdan

Group,

Inc.*

1,187

29,271

2,860,240

Real

Estate

Management

&

Development

0.7%

Altisource

Portfolio

Solutions

SA*

787

10,569

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

American

Realty

Investors,

Inc.*

418

3,862

CTO

Realty

Growth,

Inc.

491

19,463

Cushman

&

Wakefield

plc*(a)

13,031

139,432

eXp

World

Holdings,

Inc.*

2,817

55,974

Forestar

Group,

Inc.*

1,936

33,512

FRP

Holdings,

Inc.*

709

27,736

Griffin

Industrial

Realty,

Inc.

257

12,644

Kennedy-Wilson

Holdings,

Inc.

14,739

218,727

Marcus

&

Millichap,

Inc.*

2,695

73,412

Maui

Land

&

Pineapple

Co.,

Inc.*

609

6,340

Newmark

Group,

Inc.,

Class

A

17,083

69,528

Rafael

Holdings,

Inc.,

Class

B*

1,312

18,329

RE/MAX

Holdings,

Inc.,

Class

A

2,144

69,401

Realogy

Holdings

Corp.(a)

13,581

123,044

Redfin

Corp.*

11,409

474,386

RMR

Group,

Inc.

(The),

Class

A

1,876

53,954

St

Joe

Co.

(The)*(a)

3,883

80,029

Stratus

Properties,

Inc.*

627

11,976

Tejon

Ranch

Co.*

2,385

34,225

Transcontinental

Realty

Investors,

Inc.*

239

5,616

1,542,159

Road

&

Rail

0.6%

ArcBest

Corp.

3,119

94,786

Avis

Budget

Group,

Inc.*

6,405

165,890

Covenant

Logistics

Group,

Inc.,

Class

A*

1,654

27,870

Daseke,

Inc.*

5,855

24,415

Heartland

Express,

Inc.

5,349

108,504

Hertz

Global

Holdings,

Inc.*

11,474

16,637

Marten

Transport

Ltd.

4,567

121,574

PAM

Transportation

Services,

Inc.*

240

6,734

Saia,

Inc.*(a)

3,125

373,281

Universal

Logistics

Holdings,

Inc.

999

18,352

US

Xpress

Enterprises,

Inc.,

Class

A*

2,536

23,230

Werner

Enterprises,

Inc.

7,167

315,241

1,296,514

Semiconductors

&

Semiconductor

Equipment

2.9%

Advanced

Energy

Industries,

Inc.*

4,509

331,727

Alpha

&

Omega

Semiconductor

Ltd.*

2,261

24,622

Ambarella,

Inc.*

3,873

175,369

Amkor

Technology,

Inc.*

12,167

165,410

Atomera,

Inc.*(a)

1,716

18,258

Axcelis

Technologies,

Inc.*(a)

3,880

114,150

AXT,

Inc.*

4,177

20,008

Brooks

Automation,

Inc.

8,670

472,082

Cabot

Microelectronics

Corp.

3,433

517,422

CEVA,

Inc.*

2,485

99,897

Cohu,

Inc.

4,793

90,252

CyberOptics

Corp.*

845

33,251

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Diodes,

Inc.*

5,026

258,588

DSP

Group,

Inc.*

2,566

38,105

FormFactor,

Inc.*

9,022

260,195

GSI

Technology,

Inc.*

1,836

10,502

Ichor

Holdings

Ltd.*

2,693

88,384

Impinj,

Inc.*(a)

2,025

47,790

Lattice

Semiconductor

Corp.*

15,894

494,144

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

5,517

233,148

MaxLinear,

Inc.*(a)

7,988

202,496

NeoPhotonics

Corp.*(a)

5,743

52,319

NVE

Corp.

581

31,513

Onto

Innovation,

Inc.*

5,603

211,905

PDF

Solutions,

Inc.*(a)

3,369

82,810

Photronics,

Inc.*

7,406

87,983

Pixelworks,

Inc.*

4,276

13,640

Power

Integrations,

Inc.

3,463

422,590

Rambus,

Inc.*

13,149

194,079

Semtech

Corp.*

7,672

427,561

Silicon

Laboratories,

Inc.*

5,090

511,596

SiTime

Corp.*

570

30,296

SMART

Global

Holdings,

Inc.*

1,685

46,995

SunPower

Corp.*(a)

9,130

85,183

Synaptics,

Inc.*

4,011

320,960

Ultra

Clean

Holdings,

Inc.*

4,724

142,145

Veeco

Instruments,

Inc.*

5,761

77,889

6,435,264

Software

5.6%

8x8,

Inc.*

11,965

190,244

A10

Networks,

Inc.*

7,314

59,097

ACI

Worldwide,

Inc.*

13,597

364,264

Agilysys,

Inc.*

2,303

48,271

Alarm.com

Holdings,

Inc.*

5,381

376,885

Altair

Engineering,

Inc.,

Class

A*

4,905

197,672

American

Software,

Inc.,

Class

A

3,532

58,172

Appfolio,

Inc.,

Class

A*

1,888

262,847

Appian

Corp.*(a)

3,927

199,767

Asure

Software,

Inc.*

1,174

7,572

Avaya

Holdings

Corp.*

11,111

140,665

Benefitfocus,

Inc.*

3,737

43,760

Blackbaud,

Inc.

5,923

370,424

Blackline,

Inc.*(a)

5,945

528,570

Bottomline

Technologies

DE,

Inc.*

5,138

247,960

Box,

Inc.,

Class

A*

17,498

314,089

Cerence,

Inc.*

4,390

174,107

ChannelAdvisor

Corp.*

3,085

62,842

Cloudera,

Inc.*

24,516

276,295

CommVault

Systems,

Inc.*

4,903

216,124

Cornerstone

OnDemand,

Inc.*

7,238

257,021

Digimarc

Corp.*

1,495

21,020

Digital

Turbine,

Inc.*

9,676

134,303

Domo,

Inc.,

Class

B*

3,063

98,567

Ebix,

Inc.(a)

3,305

72,892

eGain

Corp.*

2,526

25,033

Envestnet,

Inc.*

6,298

511,398

Forescout

Technologies,

Inc.*

5,657

163,996

100

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

GlobalSCAPE,

Inc.

1,779

16,954

GTY

Technology

Holdings,

Inc.*

4,860

15,795

Intelligent

Systems

Corp.*

847

25,681

J2

Global,

Inc.*

5,500

311,960

LivePerson,

Inc.*(a)

7,196

309,284

Majesco*

1,277

16,665

MicroStrategy,

Inc.,

Class

A*

903

111,900

Mimecast

Ltd.*

6,672

313,117

Mitek

Systems,

Inc.*

4,120

42,271

MobileIron,

Inc.*

11,992

74,710

Model

N,

Inc.*

3,980

153,071

OneSpan,

Inc.*

3,986

124,124

Park

City

Group,

Inc.*

1,299

5,677

Ping

Identity

Holding

Corp.*

2,972

102,118

Progress

Software

Corp.

5,267

183,608

PROS

Holdings,

Inc.*

4,728

154,275

Q2

Holdings,

Inc.*(a)

5,823

547,653

QAD,

Inc.,

Class

A

1,402

55,393

Qualys,

Inc.*

4,007

494,784

Rapid7,

Inc.*(a)

5,946

354,203

Rimini

Street,

Inc.*

2,428

12,844

Rosetta

Stone,

Inc.*

2,723

72,895

SailPoint

Technologies

Holdings,

Inc.*

10,456

329,364

Sapiens

International

Corp.

NV

3,020

92,291

SeaChange

International,

Inc.*

2,749

4,316

SecureWorks

Corp.,

Class

A*

1,143

13,670

ShotSpotter,

Inc.*

1,020

23,501

Smith

Micro

Software,

Inc.*

3,873

15,996

Sprout

Social,

Inc.,

Class

A*

926

26,752

SPS

Commerce,

Inc.*

4,205

316,090

SVMK,

Inc.*

14,151

339,341

Synchronoss

Technologies,

Inc.*

4,791

15,810

Telenav,

Inc.*

3,855

19,988

Tenable

Holdings,

Inc.*

7,194

244,092

Upland

Software,

Inc.*

2,620

90,180

Varonis

Systems,

Inc.*

3,709

401,870

Verint

Systems,

Inc.*

7,597

341,029

Veritone,

Inc.*

2,858

32,353

VirnetX

Holding

Corp.(a)

7,092

36,666

Workiva,

Inc.*(a)

4,551

254,401

Xperi

Holding

Corp.(a)

12,806

236,143

Yext,

Inc.*

12,016

202,109

Zix

Corp.*

6,533

46,482

Zuora,

Inc.,

Class

A*(a)

11,722

136,444

12,141,727

Specialty

Retail

2.6%

Aaron's,

Inc.

8,080

421,614

Abercrombie

&

Fitch

Co.,

Class

A

7,485

72,081

American

Eagle

Outfitters,

Inc.

(a)

17,862

178,620

America's

Car-Mart,

Inc.*

761

72,417

Asbury

Automotive

Group,

Inc.*

2,291

229,444

At

Home

Group,

Inc.*(a)

5,551

68,943

Common

Stocks

Shares

Value

($)

Specialty

Retail

Bed

Bath

&

Beyond,

Inc.(a)

15,437

167,028

Boot

Barn

Holdings,

Inc.*

3,379

65,417

Buckle,

Inc.

(The)

3,690

59,151

Caleres,

Inc.

4,774

30,124

Camping

World

Holdings,

Inc.,

Class

A(a)

3,985

145,931

Cato

Corp.

(The),

Class

A

2,412

17,342

Chico's

FAS,

Inc.

13,352

16,957

Children's

Place,

Inc.

(The)(a)

1,783

43,523

Citi

Trends,

Inc.(a)

1,532

26,381

Conn's,

Inc.*

2,402

23,924

Container

Store

Group,

Inc.

(The)*

1,909

6,586

Designer

Brands,

Inc.,

Class

A

7,377

43,598

Envela

Corp.*

1,226

5,186

Express,

Inc.*

7,889

7,968

GameStop

Corp.,

Class

A*

6,563

26,318

Genesco,

Inc.*

1,727

26,855

Group

1

Automotive,

Inc.

2,126

178,627

GrowGeneration

Corp.*

3,308

27,920

Guess?,

Inc.(a)

5,484

56,705

Haverty

Furniture

Cos.,

Inc.

2,179

30,985

Hibbett

Sports,

Inc.*

2,153

49,928

Hudson

Ltd.,

Class

A*

4,859

21,282

Lithia

Motors,

Inc.,

Class

A

2,640

604,956

Lumber

Liquidators

Holdings,

Inc.*

3,384

75,531

MarineMax,

Inc.*

2,434

67,519

Michaels

Cos.,

Inc.

(The)*(a)

9,425

67,671

Monro,

Inc.

3,980

224,074

Murphy

USA,

Inc.*(a)

3,295

436,291

National

Vision

Holdings,

Inc.*

9,579

306,432

ODP

Corp.

(The)

6,327

139,637

OneWater

Marine,

Inc.,

Class

A*

704

17,600

Rent-A-Center,

Inc.

5,809

167,996

Restoration

Hardware

Holdings,

Inc.*

1,982

569,686

Sally

Beauty

Holdings,

Inc.*

13,607

157,977

Shoe

Carnival,

Inc.(a)

1,255

30,810

Signet

Jewelers

Ltd.(a)

6,221

66,814

Sleep

Number

Corp.*

3,198

148,707

Sonic

Automotive,

Inc.,

Class

A

2,942

112,149

Sportsman's

Warehouse

Holdings,

Inc.*

5,196

83,604

Tilly's,

Inc.,

Class

A

3,331

20,019

Urban

Outfitters,

Inc.*

8,406

139,035

Winmark

Corp.

348

55,325

Zumiez,

Inc.*

2,626

60,661

5,673,349

Technology

Hardware,

Storage

&

Peripherals

0.2%

3D

Systems

Corp.*(a)

13,354

88,003

Avid

Technology,

Inc.*

3,378

27,801

Diebold

Nixdorf,

Inc.*(a)

8,572

59,747

Eastman

Kodak

Co.*(a)

1,832

40,029

Immersion

Corp.*

2,106

14,215

Intevac,

Inc.*

2,539

15,031

Quantum

Corp.*

3,774

16,417

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Super

Micro

Computer,

Inc.*

5,370

162,738

423,981

Textiles,

Apparel

&

Luxury

Goods

0.8%

Crocs,

Inc.*

8,030

288,598

Deckers

Outdoor

Corp.*

3,335

697,849

Fossil

Group,

Inc.*

6,034

19,973

G-III

Apparel

Group

Ltd.*

5,262

52,041

Kontoor

Brands,

Inc.

6,329

121,264

Lakeland

Industries,

Inc.*(a)

882

20,868

Movado

Group,

Inc.

1,928

18,586

Oxford

Industries,

Inc.

1,968

84,506

Rocky

Brands,

Inc.

807

18,359

Steven

Madden

Ltd.

9,778

207,098

Superior

Group

of

Cos.,

Inc.

1,226

23,601

Unifi,

Inc.*

1,500

17,940

Vera

Bradley,

Inc.*

2,432

10,664

Wolverine

World

Wide,

Inc.

9,635

231,625

1,812,972

Thrifts

&

Mortgage

Finance

1.6%

Axos

Financial,

Inc.*

6,701

150,169

Bogota

Financial

Corp.*

1,068

8,427

Bridgewater

Bancshares,

Inc.*

2,562

23,801

Capitol

Federal

Financial,

Inc.

15,368

148,301

Columbia

Financial,

Inc.*(a)

5,517

66,370

ESSA

Bancorp,

Inc.

965

12,159

Essent

Group

Ltd.

12,898

462,135

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,126

67,008

Flagstar

Bancorp,

Inc.

4,298

134,871

FS

Bancorp,

Inc.

535

20,330

Greene

County

Bancorp,

Inc.

344

7,406

Hingham

Institution

for

Savings

169

29,744

Home

Bancorp,

Inc.

908

21,229

HomeStreet,

Inc.

2,413

63,800

Kearny

Financial

Corp.

8,940

71,878

Luther

Burbank

Corp.

2,014

19,274

Merchants

Bancorp

894

16,476

Meridian

Bancorp,

Inc.

5,526

63,024

Meta

Financial

Group,

Inc.(a)

3,944

73,595

MMA

Capital

Holdings,

Inc.*

584

14,472

Mr.

Cooper

Group,

Inc.*

9,243

150,938

NMI

Holdings,

Inc.,

Class

A*

8,070

125,246

Northfield

Bancorp,

Inc.

4,967

47,733

Northwest

Bancshares,

Inc.

13,713

135,073

Oconee

Federal

Financial

Corp.

196

4,980

OP

Bancorp

1,643

10,219

PCSB

Financial

Corp.

1,679

18,671

PDL

Community

Bancorp*

715

6,507

PennyMac

Financial

Services,

Inc.

5,512

266,009

Pioneer

Bancorp,

Inc.*

1,383

12,032

Premier

Financial

Corp.

4,606

81,434

Provident

Bancorp,

Inc.

791

6,209

Provident

Financial

Holdings,

Inc.

656

8,003

Provident

Financial

Services,

Inc.

7,278

99,345

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Prudential

Bancorp,

Inc.

1,148

12,858

Radian

Group,

Inc.

22,933

342,160

Riverview

Bancorp,

Inc.

3,218

15,704

Security

National

Financial

Corp.,

Class

A*

758

4,662

Southern

Missouri

Bancorp,

Inc.

959

20,916

Standard

AVB

Financial

Corp.

381

7,643

Sterling

Bancorp,

Inc.

2,193

6,689

Territorial

Bancorp,

Inc.

873

19,180

Timberland

Bancorp,

Inc.

928

15,460

TrustCo

Bank

Corp.

11,479

66,463

Walker

&

Dunlop,

Inc.

3,433

173,058

Washington

Federal,

Inc.

9,018

210,480

Waterstone

Financial,

Inc.(a)

2,702

41,287

Western

New

England

Bancorp,

Inc.

2,933

14,782

WSFS

Financial

Corp.

5,908

168,555

3,566,765

Tobacco

0.1%

Turning

Point

Brands,

Inc.

1,071

35,215

Universal

Corp.

2,977

125,510

Vector

Group

Ltd.

16,115

142,134

302,859

Trading

Companies

&

Distributors

1.4%

Alta

Equipment

Group,

Inc.*

2,144

16,294

Applied

Industrial

Technologies,

Inc.

4,646

293,256

Beacon

Roofing

Supply,

Inc.*

6,611

205,999

BMC

Stock

Holdings,

Inc.*

8,046

205,978

CAI

International,

Inc.*

1,799

30,961

DXP

Enterprises,

Inc.*

1,926

32,511

EVI

Industries,

Inc.*(a)

556

14,056

Foundation

Building

Materials,

Inc.*

2,568

35,259

GATX

Corp.

4,162

253,840

General

Finance

Corp.*

1,359

7,991

GMS,

Inc.*

5,045

118,204

H&E

Equipment

Services,

Inc.

3,892

68,460

Herc

Holdings,

Inc.*

2,912

97,669

Lawson

Products,

Inc.*

539

16,105

MRC

Global,

Inc.*

9,572

56,953

Nesco

Holdings,

Inc.*

1,866

6,270

NOW,

Inc.*

13,461

106,073

Rush

Enterprises,

Inc.,

Class

A

3,283

156,205

Rush

Enterprises,

Inc.,

Class

B

654

26,029

SiteOne

Landscape

Supply,

Inc.*

4,965

635,669

Systemax,

Inc.

1,581

35,430

Textainer

Group

Holdings

Ltd.*

6,037

50,952

Titan

Machinery,

Inc.*

2,323

25,239

Transcat,

Inc.*

776

21,650

Triton

International

Ltd.

6,122

192,659

Veritiv

Corp.*

1,629

24,940

WESCO

International,

Inc.*

5,919

230,072

Willis

Lease

Finance

Corp.*

380

7,410

2,972,134

102

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Water

Utilities

0.5%

American

States

Water

Co.

4,336

333,352

Artesian

Resources

Corp.,

Class

A

916

32,133

Cadiz,

Inc.*(a)

2,243

23,821

California

Water

Service

Group

5,709

267,581

Consolidated

Water

Co.

Ltd.

1,436

17,620

Global

Water

Resources,

Inc.

1,383

14,369

Middlesex

Water

Co.

1,956

125,301

Pure

Cycle

Corp.*

2,316

20,913

SJW

Group

3,063

191,315

York

Water

Co.

(The)

1,503

69,604

1,096,009

Wireless

Telecommunication

Services

0.2%

Boingo

Wireless,

Inc.*(a)

5,236

75,660

Gogo,

Inc.*(a)

8,347

24,290

Shenandoah

Telecommunications

Co.

5,683

285,684

Spok

Holdings,

Inc.

2,204

22,084

407,718

Total

Common

Stocks

(cost

$228,358,699)

215,665,229

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Oncternal

Therapeutics,

Inc.,

CVR*∞

95

195

Pharmaceuticals

0.0%

†

Biondvax

Pharmaceuticals

Ltd.,

expiring

8/14/2020*∞

1

0

Total

Rights

(cost

$–)

195

Short-Term

Investment

4.3%

Shares

Money

Market

Fund

4.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(c)(d)

9,465,185

9,465,185

Total

Short-Term

Investment

(cost

$9,465,185)

9,465,185

Repurchase

Agreement

0.5%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$1,063,499,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$1,091,377.

(d)

1,063,493

1,063,493

Total

Repurchase

Agreement

(cost

$1,063,493)

1,063,493

Total

Investments

(cost

$238,887,377)

—

103.4%

226,194,102

Liabilities

in

excess

of

other

assets

—

(3.4)%

(7,391,303)

NET

ASSETS

—

100.0%

$

218,802,799

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$23,907,302,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$9,465,185

and

$1,063,493,

respectively,

and

by

$14,467,432

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$24,996,110.

(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

July

31,

2020

was

$235,333

which

represents

0.11%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$10,528,678.

CVR

Contingent

Value

Rights

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

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

103

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

45

9/2020

USD

3,325,050

140,787

140,787

At

July

31,

2020,

the

Fund

had

$258,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

104

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

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

$

1,858,277

$

–

$

–

$

1,858,277

Air

Freight

&

Logistics

799,338

–

–

799,338

Airlines

580,860

–

–

580,860

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

105

Level

1

Level

2

Level

3

Total

Assets:

Auto

Components

$

2,779,711

$

–

$

–

$

2,779,711

Automobiles

226,356

–

–

226,356

Banks

16,917,822

–

–

16,917,822

Beverages

639,464

–

–

639,464

Biotechnology

21,605,216

–

–

21,605,216

Building

Products

3,546,402

–

–

3,546,402

Capital

Markets

3,247,690

–

–

3,247,690

Chemicals

3,702,414

–

–

3,702,414

Commercial

Services

&

Supplies

4,806,973

–

–

4,806,973

Communications

Equipment

2,180,292

–

–

2,180,292

Construction

&

Engineering

2,780,536

–

–

2,780,536

Construction

Materials

302,895

–

–

302,895

Consumer

Finance

1,484,225

–

–

1,484,225

Containers

&

Packaging

459,990

–

–

459,990

Distributors

179,542

–

–

179,542

Diversified

Consumer

Services

1,633,595

–

–

1,633,595

Diversified

Financial

Services

480,628

–

–

480,628

Diversified

Telecommunication

Services

2,083,948

–

–

2,083,948

Electric

Utilities

1,723,848

–

–

1,723,848

Electrical

Equipment

2,268,275

–

–

2,268,275

Electronic

Equipment,

Instruments

&

Components

5,055,493

–

–

5,055,493

Energy

Equipment

&

Services

1,595,901

–

–

1,595,901

Entertainment

580,401

–

–

580,401

Equity

Real

Estate

Investment

Trusts

(REITs)

13,360,709

–

–

13,360,709

Food

&

Staples

Retailing

1,875,283

–

–

1,875,283

Food

Products

3,086,885

–

–

3,086,885

Gas

Utilities

2,445,967

–

–

2,445,967

Health

Care

Equipment

&

Supplies

7,875,892

–

–

7,875,892

Health

Care

Providers

&

Services

5,431,339

–

–

5,431,339

Health

Care

Technology

2,449,627

–

–

2,449,627

Hotels,

Restaurants

&

Leisure

6,217,816

–

–

6,217,816

Household

Durables

5,021,375

–

–

5,021,375

Household

Products

539,182

–

–

539,182

Independent

Power

and

Renewable

Electricity

Producers

716,612

202,575

–

919,187

Industrial

Conglomerates

92,620

–

–

92,620

Insurance

5,175,606

–

–

5,175,606

Interactive

Media

&

Services

928,630

–

–

928,630

Internet

&

Direct

Marketing

Retail

1,740,111

–

–

1,740,111

IT

Services

4,358,838

–

–

4,358,838

Leisure

Products

1,589,135

–

–

1,589,135

Life

Sciences

Tools

&

Services

1,552,316

–

–

1,552,316

Machinery

7,850,410

–

–

7,850,410

Marine

266,466

–

–

266,466

Media

1,668,685

–

–

1,668,685

Metals

&

Mining

3,297,778

–

–

3,297,778

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,938,893

–

–

2,938,893

Multiline

Retail

379,737

–

–

379,737

Multi-Utilities

1,141,222

–

–

1,141,222

Oil,

Gas

&

Consumable

Fuels

3,323,562

–

–

3,323,562

Paper

&

Forest

Products

1,204,714

–

–

1,204,714

Personal

Products

823,021

–

–

823,021

Pharmaceuticals

4,058,440

–

–

4,058,440

Professional

Services

2,860,240

–

–

2,860,240

Real

Estate

Management

&

Development

1,542,159

–

–

1,542,159

Road

&

Rail

1,296,514

–

–

1,296,514

Semiconductors

&

Semiconductor

Equipment

6,435,264

–

–

6,435,264

106

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

Transfers

into

or

out

of

Level

3

are

generally

due

to

a

change

in

market

value

methodology.

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

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

Level

1

Level

2

Level

3

Total

Assets:

Software

$

12,141,727

$

–

$

–

$

12,141,727

Specialty

Retail

5,673,349

–

–

5,673,349

Technology

Hardware,

Storage

&

Peripherals

423,981

–

–

423,981

Textiles,

Apparel

&

Luxury

Goods

1,812,972

–

–

1,812,972

Thrifts

&

Mortgage

Finance

3,566,765

–

–

3,566,765

Tobacco

302,859

–

–

302,859

Trading

Companies

&

Distributors

2,972,134

–

–

2,972,134

Water

Utilities

1,096,009

–

–

1,096,009

Wireless

Telecommunication

Services

407,718

–

–

407,718

Total

Common

Stocks

$

215,462,654

$

202,575

$

–

$

215,665,229

Futures

Contracts

140,787

–

–

140,787

Repurchase

Agreement

–

1,063,493

–

1,063,493

Rights

–

195

–

195

Short-Term

Investment

9,465,185

–

–

9,465,185

Total

$

225,068,626

$

1,266,263

$

–

$

226,334,889

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

July

31,

2020,

the

Fund

held

two

common

stock

investments

that

were

categorized

as

Level

3

investment

which

was

valued

at

$0.

Common

Stocks

Total

Balance

as

of

10/31/2019

$

—

$—

Accrued

Accretion/

(Amortization)

—

—

Realized

Gains

(Losses)

7,806

7,806

Purchases

—

—

Sales

(7,806)

(7,806)

Change

in

Unrealized

Appreciation/

Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2020

$

—

$—

Change

in

Unrealized

Appreciation/

Depreciation

for

Investments

Still

held

as

of

7/31/2020

$

—

$—

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Small

Cap

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

107

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

140,787

Total

$

140,787

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

108

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Ziegler

NYSE

Arca

Tech

100

Index

Fund

Common

Stocks

99.6%

Shares

Value

($)

Aerospace

&

Defense

7.4%

Boeing

Co.

(The)

54,509

8,612,422

General

Dynamics

Corp.

54,509

7,998,650

L3Harris

Technologies,

Inc.

54,509

9,175,500

Lockheed

Martin

Corp.

54,509

20,657,276

Raytheon

Technologies

Corp.

54,509

3,089,570

49,533,418

Biotechnology

4.9%

Amgen,

Inc.

54,509

13,336,717

Biogen,

Inc.*

54,509

14,973,077

Gilead

Sciences,

Inc.

54,509

3,790,011

Myriad

Genetics,

Inc.*

54,509

657,924

32,757,729

Chemicals

0.4%

DuPont

de

Nemours,

Inc.

54,509

2,915,141

Communications

Equipment

5.5%

Ciena

Corp.*

54,509

3,243,831

Cisco

Systems,

Inc.

54,509

2,567,374

F5

Networks,

Inc.*

54,509

7,407,773

InterDigital

,

Inc.

54,509

3,271,630

Juniper

Networks,

Inc.

54,509

1,383,438

Motorola

Solutions,

Inc.

54,509

7,620,358

Nokia

OYJ,

ADR-FI(a)

54,509

260,553

Ubiquiti,

Inc.

54,509

10,100,518

Viavi

Solutions,

Inc.*

54,509

753,860

36,609,335

Diversified

Telecommunication

Services

0.2%

AT&T,

Inc.

54,509

1,612,376

Electronic

Equipment,

Instruments

&

Components

1.5%

Amphenol

Corp.,

Class

A

54,509

5,764,872

Corning,

Inc.

54,509

1,689,779

FLIR

Systems,

Inc.

54,509

2,270,845

LG

Display

Co.

Ltd.,

ADR-KR*

54,509

289,443

10,014,939

Energy

Equipment

&

Services

0.4%

Halliburton

Co.

54,509

781,114

National

Oilwell

Varco,

Inc.

54,509

627,399

Schlumberger

Ltd.

54,509

988,793

2,397,306

Entertainment

0.7%

Activision

Blizzard,

Inc.

54,509

4,504,079

Health

Care

Equipment

&

Supplies

3.5%

Baxter

International,

Inc.

54,509

4,708,488

Boston

Scientific

Corp.*

54,509

2,102,412

Danaher

Corp.

54,509

11,108,934

Medtronic

plc

54,509

5,259,028

23,178,862

Health

Care

Technology

2.7%

Cerner

Corp.

54,509

3,785,650

Veeva

Systems,

Inc.,

Class

A*

54,509

14,421,446

18,207,096

Household

Durables

1.4%

Garmin

Ltd.

54,509

5,374,042

iRobot

Corp.*

54,509

3,962,259

9,336,301

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

1.2%

Honeywell

International,

Inc.

54,509

8,142,009

Interactive

Media

&

Services

2.7%

Facebook,

Inc.,

Class

A*

54,509

13,827,298

SINA

Corp.*

54,509

2,199,438

Twitter,

Inc.*

54,509

1,984,128

18,010,864

Internet

&

Direct

Marketing

Retail

2.5%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

54,509

13,682,849

eBay,

Inc.

54,509

3,013,258

16,696,107

IT

Services

9.8%

Akamai

Technologies,

Inc.*

54,509

6,128,992

Amdocs

Ltd.

54,509

3,385,009

Automatic

Data

Processing,

Inc.

54,509

7,244,791

DXC

Technology

Co.

54,509

976,256

International

Business

Machines

Corp.

54,509

6,701,336

LiveRamp

Holdings,

Inc.*

54,509

2,483,975

Mastercard

,

Inc.,

Class

A

54,509

16,817,662

VeriSign,

Inc.*

54,509

11,538,465

Visa,

Inc.,

Class

A

54,509

10,378,514

65,655,000

Life

Sciences

Tools

&

Services

7.3%

Agilent

Technologies,

Inc.

54,509

5,250,852

Illumina,

Inc.*

54,509

20,831,159

Thermo

Fisher

Scientific,

Inc.

54,509

22,564,001

48,646,012

Pharmaceuticals

1.8%

AstraZeneca

plc,

ADR-UK

54,509

3,040,512

Bausch

Health

Cos.,

Inc.*

54,509

995,880

Bristol-Myers

Squibb

Co.

54,509

3,197,498

Novartis

AG,

ADR-CH

54,509

4,477,369

11,711,259

Semiconductors

&

Semiconductor

Equipment

22.3%

Advanced

Micro

Devices,

Inc.*(a)

54,509

4,220,632

Analog

Devices,

Inc.

54,509

6,260,359

Applied

Materials,

Inc.

54,509

3,506,564

ASML

Holding

NV

(Registered),

NYRS-NL

54,509

19,280,923

Broadcom,

Inc.

54,509

17,265,726

FormFactor

,

Inc.*

54,509

1,572,040

Intel

Corp.

54,509

2,601,715

KLA

Corp.(a)

54,509

10,892,533

Lam

Research

Corp.

54,509

20,558,614

Microchip

Technology,

Inc.(a)

54,509

5,545,201

Micron

Technology,

Inc.*

54,509

2,728,448

NVIDIA

Corp.

54,509

23,143,976

NXP

Semiconductors

NV

54,509

6,406,443

ON

Semiconductor

Corp.*

54,509

1,122,885

QUALCOMM,

Inc.

54,509

5,756,695

Teradyne,

Inc.

54,509

4,849,121

Texas

Instruments,

Inc.

54,509

6,952,623

Xilinx,

Inc.(a)

54,509

5,851,541

148,516,039

Nationwide

Ziegler

NYSE

Arca

Tech

100

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Software

18.4%

Adobe,

Inc.*

54,509

24,219,439

Check

Point

Software

Technologies

Ltd.*

54,509

6,832,703

Citrix

Systems,

Inc.

54,509

7,781,705

Intuit,

Inc.

54,509

16,699,922

J2

Global,

Inc.*

54,509

3,091,750

Microsoft

Corp.

54,509

11,174,890

NortonLifeLock

,

Inc.

54,509

1,169,218

Open

Text

Corp.

54,509

2,454,540

Oracle

Corp.

54,509

3,022,524

Progress

Software

Corp.

54,509

1,900,184

PTC,

Inc.*

54,509

4,663,790

salesforce.com,

Inc.*

54,509

10,621,079

SAP

SE,

ADR-DE

54,509

8,678,923

Synopsys,

Inc.*

54,509

10,859,283

Teradata

Corp.*

54,509

1,144,689

VMware,

Inc.,

Class

A*(a)

54,509

7,642,707

Xperi

Holding

Corp.

54,509

1,005,146

122,962,492

Technology

Hardware,

Storage

&

Peripherals

4.8%

Apple,

Inc.

54,509

23,168,505

HP,

Inc.

54,509

958,268

NetApp,

Inc.

54,509

2,414,749

Seagate

Technology

plc

54,509

2,464,897

Western

Digital

Corp.

54,509

2,349,338

Xerox

Holdings

Corp.

54,509

907,575

32,263,332

Wireless

Telecommunication

Services

0.2%

Telephone

and

Data

Systems,

Inc.

54,509

1,058,565

Total

Common

Stocks

(cost

$234,812,183)

664,728,261

Short-Term

Investments

1.0%

Money

Market

Fund

1.0%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(b)(c)

6,501,343

6,501,343

U.S.

Treasury

Obligation

0.0%

†

U.S.

Treasury

Bills,

0.00%,

2/25/2021(d)

272,000

271,844

Total

Short-Term

Investment

(cost

$6,773,129)

6,773,187

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$730,485,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$749,633.(c)

730,480

730,480

Total

Repurchase

Agreement

(cost

$730,480)

730,480

Total

Investments

(cost

$242,315,792)

—

100.7%

672,231,928

Liabilities

in

excess

of

other

assets

—

(0.7)%

(4,840,008)

NET

ASSETS

—

100.0%

$

667,391,920

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$13,788,627,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$6,501,343

and

$730,480,

respectively,

and

by

$6,943,051

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$14,174,874.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$7,231,823.

(d)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

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

110

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Ziegler

NYSE

Arca

Tech

100

Index

Fund

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

NASDAQ

100

E-Mini

Index

14

9/2020

USD

3,049,340

63,844

63,844

Currency:

USD

United

States

Dollar

Nationwide

Ziegler

NYSE

Arca

Tech

100

Index

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

111

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

112

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Ziegler

NYSE

Arca

Tech

100

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

664,728,261

$

–

$

–

$

664,728,261

Futures

Contracts

63,844

–

–

63,844

Repurchase

Agreement

–

730,480

–

730,480

Short-Term

Investments  

6,501,343

271,844

–

6,773,187

Total

$

671,293,448

$

1,002,324

$

–

$

672,295,772

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

63,844

Total

$

63,844

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Mellon

Disciplined

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.7%

Shares

Value

($)

Aerospace

&

Defense

2.2%

L3Harris

Technologies,

Inc.

46,703

7,861,516

Northrop

Grumman

Corp.

6,275

2,039,438

9,900,954

Automobiles

1.4%

General

Motors

Co.

246,187

6,127,594

Banks

8.8%

Bank

of

America

Corp.

227,966

5,671,794

Citigroup,

Inc.

114,852

5,743,749

JPMorgan

Chase

&

Co.

204,896

19,801,149

PNC

Financial

Services

Group,

Inc.

(The)

31,270

3,335,571

US

Bancorp

115,941

4,271,266

38,823,529

Beverages

0.8%

PepsiCo,

Inc.

24,274

3,341,559

Biotechnology

2.0%

AbbVie,

Inc.

91,312

8,666,422

Building

Products

2.4%

Carrier

Global

Corp.

243,567

6,634,765

Trane

Technologies

plc

36,139

4,042,870

10,677,635

Capital

Markets

8.8%

Charles

Schwab

Corp.

(The)

101,230

3,355,775

Goldman

Sachs

Group,

Inc.

(The)

62,779

12,427,731

LPL

Financial

Holdings,

Inc.

75,248

5,946,097

Morgan

Stanley

256,285

12,527,211

State

Street

Corp.

68,836

4,391,048

38,647,862

Chemicals

2.9%

CF

Industries

Holdings,

Inc.

341,792

10,708,344

Dow,

Inc.

53,254

2,186,609

12,894,953

Communications

Equipment

1.8%

Cisco

Systems,

Inc.

164,733

7,758,924

Construction

&

Engineering

1.1%

Quanta

Services,

Inc.

122,902

4,912,393

Construction

Materials

2.0%

Vulcan

Materials

Co.

76,160

8,942,707

Consumer

Finance

0.5%

Capital

One

Financial

Corp.

37,213

2,374,189

Diversified

Financial

Services

5.1%

Berkshire

Hathaway,

Inc.,

Class

B*

71,216

13,942,668

Voya

Financial,

Inc.

171,435

8,468,889

22,411,557

Electric

Utilities

4.4%

Exelon

Corp.

115,774

4,470,034

FirstEnergy

Corp.

79,558

2,307,182

PPL

Corp.

481,373

12,814,149

19,591,365

Electrical

Equipment

2.7%

Eaton

Corp.

plc

128,432

11,960,872

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

2.5%

Corning,

Inc.

232,843

7,218,133

Dolby

Laboratories,

Inc.,

Class

A

54,105

3,765,708

10,983,841

Equity

Real

Estate

Investment

Trusts

(REITs)

1.2%

Lamar

Advertising

Co.,

Class

A

30,616

2,012,390

Weyerhaeuser

Co.

121,000

3,365,010

5,377,400

Food

Products

1.4%

Archer-Daniels-Midland

Co.

144,309

6,180,754

Health

Care

Equipment

&

Supplies

5.3%

Becton

Dickinson

and

Co.

39,263

11,046,252

Medtronic

plc

127,448

12,296,183

23,342,435

Health

Care

Providers

&

Services

3.5%

Anthem,

Inc.

22,052

6,037,838

CVS

Health

Corp.

51,730

3,255,886

Humana,

Inc.

15,073

5,915,399

15,209,123

Hotels,

Restaurants

&

Leisure

1.1%

Las

Vegas

Sands

Corp.

108,173

4,720,670

Household

Durables

2.1%

DR

Horton,

Inc.

39,040

2,582,886

Lennar

Corp.,

Class

A

94,047

6,804,301

9,387,187

Independent

Power

and

Renewable

Electricity

Producers

1.8%

Clearway

Energy,

Inc.,

Class

C

91,817

2,253,189

NextEra

Energy

Partners

LP(a)

94,460

5,875,412

8,128,601

Insurance

4.3%

American

International

Group,

Inc.

65,337

2,099,931

Assurant,

Inc.

56,979

6,123,533

Chubb

Ltd.

55,982

7,123,150

Willis

Towers

Watson

plc

18,181

3,818,192

19,164,806

Interactive

Media

&

Services

1.7%

Alphabet,

Inc.,

Class

A*

5,129

7,631,696

IT

Services

0.8%

International

Business

Machines

Corp.

28,094

3,453,876

Life

Sciences

Tools

&

Services

0.5%

Thermo

Fisher

Scientific,

Inc.

5,499

2,276,311

Machinery

0.7%

Otis

Worldwide

Corp.

49,548

3,108,642

Metals

&

Mining

2.9%

Freeport-McMoRan,

Inc.

809,935

10,464,360

Newmont

Corp.

33,724

2,333,701

12,798,061

Oil,

Gas

&

Consumable

Fuels

7.1%

ConocoPhillips

157,447

5,886,943

Hess

Corp.

149,064

7,335,440

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mellon

Disciplined

Value

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Marathon

Petroleum

Corp.

226,567

8,654,859

Phillips

66

94,264

5,846,253

Pioneer

Natural

Resources

Co.

34,888

3,381,345

31,104,840

Paper

&

Forest

Products

1.3%

Louisiana-Pacific

Corp.

187,046

5,923,747

Pharmaceuticals

2.4%

Bristol-Myers

Squibb

Co.

100,164

5,875,620

Eli

Lilly

&

Co.

18,011

2,706,873

Merck

&

Co.,

Inc.

24,486

1,964,757

10,547,250

Road

&

Rail

2.0%

Union

Pacific

Corp.

50,538

8,760,762

Semiconductors

&

Semiconductor

Equipment

5.8%

Applied

Materials,

Inc.

104,875

6,746,609

Intel

Corp.

139,907

6,677,761

Microchip

Technology,

Inc.

27,126

2,759,528

NXP

Semiconductors

NV

49,713

5,842,769

QUALCOMM,

Inc.

32,823

3,466,437

25,493,104

Specialty

Retail

1.4%

Lowe's

Cos.,

Inc.

42,238

6,289,661

Technology

Hardware,

Storage

&

Peripherals

0.6%

Apple,

Inc.

5,770

2,452,481

Tobacco

1.5%

Philip

Morris

International,

Inc.

84,786

6,512,413

Wireless

Telecommunication

Services

0.9%

Vodafone

Group

plc,

ADR-UK

272,796

4,146,499

Total

Common

Stocks

(cost

$427,438,363)

440,026,675

Short-Term

Investment

1.2%

Money

Market

Fund

1.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%

(b)(c)

5,376,864

5,376,864

Total

Short-Term

Investment

(cost

$5,376,864)

5,376,864

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$604,139,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$619,976.(c)

604,136

604,136

Total

Repurchase

Agreement

(cost

$604,136)

604,136

Total

Investments

(cost

$433,419,363)

—

101.0%

446,007,675

Liabilities

in

excess

of

other

assets

—

(1.0)%

(4,393,326)

NET

ASSETS

—

100.0%

$

441,614,349

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$5,815,700,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$5,376,864

and

$604,136,

respectively,

a

total

value

of

$5,981,000.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$5,981,000.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Nationwide

Mellon

Disciplined

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mellon

Disciplined

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

440,026,675

$

–

$

–

$

440,026,675

Repurchase

Agreement

–

604,136

–

604,136

Short-Term

Investment

5,376,864

–

–

5,376,864

Total

$

445,403,539

$

604,136

$

–

$

446,007,675

Amounts

designa

ted

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Aggressive

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

91.1%

Shares

Value

($)

Alternative

Assets

1.9%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

976,160

8,912,344

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

918,898

8,867,361

Total

Alternative

Assets

(cost

$18,353,542)

17,779,705

Equity

Funds

86.4%

Nationwide

International

Index

Fund,

Class

R6(a)

28,154,198

205,244,105

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,896,259

37,443,048

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

2,479,140

37,112,721

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

7,764,991

110,262,878

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

36,157,873

404,606,604

Total

Equity

Funds

(cost

$761,685,093)

794,669,356

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

2.8%

Nationwide

Bond

Index

Fund,

Class

R6(a)

1,084,770

12,963,004

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

386,154

4,236,112

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

705,455

8,416,074

Total

Fixed

Income

Funds

(cost

$23,733,966)

25,615,190

Total

Investment

Companies

(cost

$803,772,601)

838,064,251

Exchange

Traded

Fund

9.0%

Equity

Fund

9.0%

iShares

Core

MSCI

Emerging

Markets

ETF

1,596,077

82,533,142

Total

Exchange

Traded

Fund

(cost

$84,358,539)

82,533,142

Total

Investments

(cost

$888,131,140)

—

100.1%

920,597,393

Liabilities

in

excess

of

other

assets

—

(0.1)%

(485,131)

NET

ASSETS

—

100.0%

$

920,112,262

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Investor

Destinations

Aggressive

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Tra

ded

Fund

$

82,533,142

$

–

$

–

$

82,533,142

Investment

Companies

838,064,251

–

–

838,064,251

Total

$

920,597,393

$

–

$

–

$

920,597,393

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

92.5%

Shares

Value

($)

Alternative

Assets

6.4%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

4,622,894

42,207,025

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

2,161,891

21,359,481

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

2,901,139

27,995,994

Total

Alternative

Assets

(cost

$95,008,214)

91,562,500

Equity

Funds

73.5%

Nationwide

International

Index

Fund,

Class

R6(a)

34,072,504

248,388,555

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

5,234,482

50,303,374

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

2,939,785

44,008,588

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

8,092,123

114,908,153

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

52,707,061

589,792,008

Total

Equity

Funds

(cost

$996,531,803)

1,047,400,678

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

12.6%

Nationwide

Bond

Index

Fund,

Class

R6(a)

7,200,743

86,048,876

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

4,876,790

53,498,385

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,216,384

13,209,928

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,227,304

26,571,735

Total

Fixed

Income

Funds

(cost

$165,610,757)

179,328,924

Total

Investment

Companies

(cost

$1,257,150,774)

1,318,292,102

Exchange

Traded

Fund

7.6%

Equity

Fund

7.6%

iShares

Core

MSCI

Emerging

Markets

ETF

2,074,620

107,278,600

Total

Exchange

Traded

Fund

(cost

$108,452,434)

107,278,600

Total

Investments

(cost

$1,365,603,208)

—

100.1%

1,425,570,702

Liabilities

in

excess

of

other

assets

—

(0.1)%

(800,085)

NET

ASSETS

—

100.0%

$

1,424,770,617

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings

.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Fund

$

107,278,600

$

–

$

–

$

107,278,600

Investment

Companies

1,318,292,102

–

–

1,318,292,102

Total

$

1,425,570,702

$

–

$

–

$

1,425,570,702

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Moderate

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

86.1%

Shares

Value

($)

Alternative

Assets

6.6%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

3,909,449

35,693,269

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,828,249

18,063,100

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

2,453,410

23,675,409

Total

Alternative

Assets

(cost

$80,759,962)

77,431,778

Equity

Funds

56.7%

Nationwide

International

Index

Fund,

Class

R6(a)

21,684,190

158,077,748

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,408,619

23,146,830

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

1,559,075

23,339,349

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

4,262,500

60,527,505

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

35,824,218

400,873,005

Total

Equity

Funds

(cost

$623,257,714)

665,964,437

Fixed

Income

Funds

22.8%

Nationwide

Bond

Index

Fund,

Class

R6(a)

8,383,469

100,182,456

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

5,155,348

56,554,164

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,028,661

11,171,257

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

4,709,018

56,178,582

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

4,279,530

44,293,141

Total

Fixed

Income

Funds

(cost

$250,838,798)

268,379,600

Total

Investment

Companies

(cost

$954,856,474)

1,011,775,815

Exchange-Traded

Funds

6.5%

Shares

Value

($)

Equity

Fund

5.1%

iShares

Core

MSCI

Emerging

Markets

ETF

1,143,732

59,142,382

Fixed

Income

Fund

1.4%

iShares

20+

Year

Treasury

Bond

ETF

97,348

16,646,508

Total

Exchange-Traded

Funds

(cost

$73,065,032)

75,788,890

Investment

Contract

7.5%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

87,824,951

87,824,951

Total

Investment

Contract

(cost

$87,824,951)

87,824,951

Total

Investments

(cost

$1,115,746,457)

—

100.1%

1,175,389,656

Liabilities

in

excess

of

other

assets

—

(0.1)%

(617,307)

NET

ASSETS

—

100.0%

$

1,174,772,349

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

6

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Investor

Destinations

Moderate

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

75,788,890

$

–

$

–

$

75,788,890

Investment

Companies

1,011,775,815

–

–

1,011,775,815

Investment

Contract

–

–

87,824,951

87,824,951

Total

$

1,087,564,705

$

–

$

87,824,951

$

1,175,389,656

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Investor

Destinations

Moderate

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

7

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

131,059,368

$

131,059,368

Purchases

*

22,315,887

22,315,887

Sales

(65,550,304)

(65,550,304)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

87,824,951

$

87,824,951

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

Investment

Companies

82.0%

Shares

Value

($)

Alternative

Assets

5.7%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,412,755

12,898,449

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

660,673

6,527,449

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

443,293

4,277,782

Total

Alternative

Assets

(cost

$24,861,274)

23,703,680

Equity

Funds

37.6%

Nationwide

International

Index

Fund,

Class

R6(a)

5,212,069

37,995,980

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

423,438

4,069,242

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

1,262,230

17,923,665

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

8,553,915

95,718,311

Total

Equity

Funds

(cost

$142,698,694)

155,707,198

Fixed

Income

Funds

38.7%

Nationwide

Bond

Index

Fund,

Class

R6(a)

5,966,774

71,302,949

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

2,608,257

28,612,584

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,115,179

12,110,846

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,361,387

16,241,343

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

3,093,060

32,013,168

Total

Fixed

Income

Funds

(cost

$149,461,643)

160,280,890

Total

Investment

Companies

(cost

$317,021,611)

339,691,768

Exchange

Traded

Funds

5.5%

Shares

Value

($)

Equity

Fund

3.5%

iShares

Core

MSCI

Emerging

Markets

ETF

279,800

14,468,458

Fixed

Income

Fund

2.0%

iShares

20+

Year

Treasury

Bond

ETF

46,886

8,017,506

Total

Exchange

Traded

Funds

(cost

$20,425,421)

22,485,964

Investment

Contract

12.6%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

52,342,080

52,342,080

Total

Investment

Contract

(cost

$52,342,080)

52,342,080

Total

Investments

(cost

$389,789,112)

—

100.1%

414,519,812

Liabilities

in

excess

of

other

assets

—

(0.1)%

(279,170)

NET

ASSETS

—

100.0%

$

414,240,642

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

9

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

22,485,964

$

–

$

–

$

22,485,964

Investment

Companies

339,691,768

–

–

339,691,768

Investment

Contract

–

–

52,342,080

52,342,080

Total

$

362,177,732

$

–

$

52,342,080

$

414,519,812

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

10

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

70,933,606

$

70,933,606

Purchases

*

11,893,195

11,893,195

Sales

(30,484,721)

(30,484,721)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

52,342,080

$

52,342,080

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Conservative

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

76.7%

Shares

Value

($)

Alternative

Assets

6.1%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,436,023

13,110,888

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,911,331

18,883,949

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

683,345

6,594,282

Total

Alternative

Assets

(cost

$40,103,038)

38,589,119

Equity

Funds

18.8%

Nationwide

International

Index

Fund,

Class

R6(a)

4,286,488

31,248,495

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

326,369

3,136,406

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

860,254

12,215,614

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,441,358

72,078,799

Total

Equity

Funds

(cost

$105,761,119)

118,679,314

Fixed

Income

Funds

51.8%

Nationwide

Bond

Index

Fund,

Class

R6(a)

11,555,305

138,085,895

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

5,169,642

56,710,973

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,868,201

31,148,659

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,049,332

12,518,534

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

8,451,962

87,477,807

Total

Fixed

Income

Funds

(cost

$304,372,543)

325,941,868

Total

Investment

Companies

(cost

$450,236,700)

483,210,301

Exchange

Traded

Funds

5.4%

Shares

Value

($)

Equity

Fund

1.4%

iShares

Core

MSCI

Emerging

Markets

ETF

175,211

9,060,161

Fixed

Income

Fund

4.0%

iShares

20+

Year

Treasury

Bond

ETF

147,439

25,212,069

Total

Exchange

Traded

Funds

(cost

$28,818,448)

34,272,230

Investment

Contract

17.9%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

112,461,901

112,461,901

Total

Investment

Contract

(cost

$112,461,901)

112,461,901

Total

Investments

(cost

$591,517,049)

—

100.0%

629,944,432

Liabilities

in

excess

of

other

assets

—

0.0%

†

(211,579)

NET

ASSETS

—

100.0%

$

629,732,853

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

12

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Investor

Destinations

Conservative

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings

.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

34,272,230

$

–

$

–

$

34,272,230

Investment

Companies

483,210,301

–

–

483,210,301

Investment

Contract

–

–

112,461,901

112,461,901

Total

$

517,482,531

$

–

$

112,461,901

$

629,944,432

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Investor

Destinations

Conservative

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

155,037,226

$

155,037,226

Purchases

*

19,028,152

19,028,152

Sales

(61,603,477)

(61,603,477)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

112,461,901

$

112,461,901

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bailard

Cognitive

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

11111111111

Common

Stocks

98.8%

Shares

Value

($)

Aerospace

&

Defense

1.1%

AAR

Corp.

5,000

86,100

Embraer

SA,

ADR-BR*

9,200

53,176

Hexcel

Corp.

1,900

70,870

Huntington

Ingalls

Industries,

Inc.

800

138,968

Mercury

Systems,

Inc.*

2,000

154,860

Moog,

Inc.,

Class

A

2,100

112,812

Vectrus

,

Inc.*

377

16,584

633,370

Air

Freight

&

Logistics

1.2%

Atlas

Air

Worldwide

Holdings,

Inc.*

7,700

401,016

Echo

Global

Logistics,

Inc.*

2,300

57,650

Hub

Group,

Inc.,

Class

A*

2,100

111,090

XPO

Logistics,

Inc.*

1,700

127,534

697,290

Airlines

0.3%

Hawaiian

Holdings,

Inc.(a)

4,100

48,749

Spirit

Airlines,

Inc.*(a)

7,100

112,251

161,000

Auto

Components

1.2%

Cooper-Standard

Holdings,

Inc.*

4,600

49,266

Dana,

Inc.

32,200

368,046

Garrett

Motion,

Inc.*

26,400

155,232

Standard

Motor

Products,

Inc.

1,400

63,672

Strattec

Security

Corp.

5,259

113,647

749,863

Banks

14.4%

Associated

Banc-Corp.

44,900

576,516

Bancorp,

Inc.

(The)*

51,000

480,930

Bank

of

Commerce

Holdings

16,700

126,085

BankUnited

,

Inc.

6,300

126,882

Boston

Private

Financial

Holdings,

Inc.

26,300

154,776

C&F

Financial

Corp.

4,800

140,880

Cadence

Bancorp

12,100

94,501

Central

Pacific

Financial

Corp.

29,000

451,240

CIT

Group,

Inc.

8,000

151,760

Citizens

Financial

Group,

Inc.

17,600

436,656

Civista

Bancshares,

Inc.

13,304

174,682

Comerica,

Inc.

5,500

211,860

ConnectOne

Bancorp,

Inc.

8,600

118,594

Customers

Bancorp,

Inc.*

8,100

95,985

Evans

Bancorp,

Inc.

5,700

125,685

Financial

Institutions,

Inc.

29,934

442,125

First

Financial

Bancorp

16,100

224,032

First

Foundation,

Inc.

3,100

47,647

First

Horizon

National

Corp.

31,400

291,078

Fulton

Financial

Corp.

7,300

70,810

Glacier

Bancorp,

Inc.

2,700

95,337

Great

Western

Bancorp,

Inc.

7,300

94,900

Hancock

Whitney

Corp.

2,000

38,120

Hilltop

Holdings,

Inc.

4,900

95,403

Horizon

Bancorp,

Inc.

6,872

69,476

International

Bancshares

Corp.

2,700

82,134

Mercantile

Bank

Corp.

11,000

234,190

MVB

Financial

Corp.

4,500

59,490

Common

Stocks

Shares

Value

($)

Banks

Northrim

Bancorp,

Inc.

12,617

290,443

OceanFirst

Financial

Corp.

7,400

113,368

Old

National

Bancorp(a)

10,300

144,097

Orrstown

Financial

Services,

Inc.

7,200

97,920

Peapack

-Gladstone

Financial

Corp.

100

1,628

Peoples

Bancorp

of

North

Carolina,

Inc.

2,748

45,479

Republic

First

Bancorp,

Inc.*

58,616

136,575

Shore

Bancshares,

Inc.

14,500

134,415

Sierra

Bancorp

12,902

226,817

Simmons

First

National

Corp.,

Class

A

3,400

56,406

SmartFinancial

,

Inc.

12,926

184,325

South

State

Corp.

3,000

142,980

TCF

Financial

Corp.

3,000

82,470

Trustmark

Corp.

3,600

81,072

UMB

Financial

Corp.

9,000

448,200

Valley

National

Bancorp

27,000

201,690

Webster

Financial

Corp.

20,100

548,127

Wintrust

Financial

Corp.

9,500

406,600

8,654,386

Beverages

0.1%

Primo

Water

Corp.

6,000

85,260

Biotechnology

2.3%

Akebia

Therapeutics,

Inc.*

5,800

64,786

Apellis

Pharmaceuticals,

Inc.*

900

23,301

Ardelyx

,

Inc.*

14,241

80,462

Arena

Pharmaceuticals,

Inc.*

1,000

61,390

Blueprint

Medicines

Corp.*

800

58,544

Eagle

Pharmaceuticals,

Inc.*

800

37,112

Esperion

Therapeutics,

Inc.*(a)

2,300

86,549

Intellia

Therapeutics,

Inc.*(a)

3,100

55,211

Invitae

Corp.*

3,100

90,520

Iovance

Biotherapeutics

,

Inc.*

3,700

107,559

Jounce

Therapeutics,

Inc.*

14,652

67,106

Kura

Oncology,

Inc.*

5,300

87,132

MacroGenics

,

Inc.*

2,800

71,120

Rocket

Pharmaceuticals,

Inc.*

5,952

140,050

Sangamo

Therapeutics,

Inc.*

10,100

109,383

VBI

Vaccines,

Inc.*

13,600

55,352

Veracyte

,

Inc.*

2,700

96,309

Viking

Therapeutics,

Inc.*(a)

8,500

59,670

1,351,556

Building

Products

0.2%

Masonite

International

Corp.*

1,300

109,655

Capital

Markets

1.0%

Blucora

,

Inc.*

3,200

37,728

Cowen,

Inc.,

Class

A

9,001

148,246

Federated

Hermes,

Inc.,

Class

B

5,800

152,888

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

10,609

116,699

Stifel

Financial

Corp.

2,600

126,048

581,609

Chemicals

1.7%

AdvanSix

,

Inc.*

16,200

201,690

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Cabot

Corp.

7,400

269,952

Hawkins,

Inc.

3,100

159,743

Koppers

Holdings,

Inc.*

15,500

390,135

1,021,520

Commercial

Services

&

Supplies

2.5%

Acme

United

Corp.

6,256

135,568

Brink's

Co.

(The)

900

39,915

CECO

Environmental

Corp.*

23,367

156,559

CompX

International,

Inc.

1,868

25,834

Deluxe

Corp.

11,700

330,291

Herman

Miller,

Inc.

5,800

135,894

Kimball

International,

Inc.,

Class

B

8,350

91,349

Matthews

International

Corp.,

Class

A

4,400

95,040

NL

Industries,

Inc.

300

1,098

SP

Plus

Corp.*

3,800

60,382

Tetra

Tech,

Inc.

2,000

177,300

UniFirst

Corp.

900

167,832

Viad

Corp.

3,700

53,502

1,470,564

Communications

Equipment

0.7%

Aviat

Networks,

Inc.*

7,200

147,600

Calix,

Inc.*

5,800

118,958

PCTEL,

Inc.*(a)

20,086

131,563

398,121

Construction

&

Engineering

2.8%

Aegion

Corp.*

13,060

201,385

EMCOR

Group,

Inc.

4,900

335,650

Great

Lakes

Dredge

&

Dock

Corp.*

15,677

131,060

IES

Holdings,

Inc.*

6,481

154,442

MYR

Group,

Inc.*

5,000

183,350

Orion

Group

Holdings,

Inc.*

49,900

143,712

Primoris

Services

Corp.

9,200

147,476

Quanta

Services,

Inc.

6,900

275,793

Valmont

Industries,

Inc.

500

60,600

WillScot

Mobile

Mini

Holdings

Corp.*

4,000

60,240

1,693,708

Consumer

Finance

1.3%

Ally

Financial,

Inc.

9,600

192,960

Navient

Corp.

51,100

406,756

OneMain

Holdings,

Inc.

6,600

189,420

789,136

Containers

&

Packaging

0.8%

Graphic

Packaging

Holding

Co.

11,400

158,916

Westrock

Co.

12,500

335,750

494,666

Diversified

Consumer

Services

1.9%

Adtalem

Global

Education,

Inc.*

11,100

381,174

American

Public

Education,

Inc.*

4,546

132,334

Carriage

Services,

Inc.

7,700

170,247

OneSpaWorld

Holdings

Ltd.(a)

4,800

26,688

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Perdoceo

Education

Corp.*

8,500

122,400

Strategic

Education,

Inc.

1,000

126,210

Universal

Technical

Institute,

Inc.*

21,308

158,318

1,117,371

Diversified

Financial

Services

0.1%

Alerus

Financial

Corp.

1,100

21,318

Marlin

Business

Services

Corp.

6,048

44,392

65,710

Diversified

Telecommunication

Services

0.1%

Bandwidth,

Inc.,

Class

A*

600

86,868

Electric

Utilities

1.7%

ALLETE,

Inc.

4,900

290,570

NRG

Energy,

Inc.

6,400

216,384

OGE

Energy

Corp.

10,300

338,870

Portland

General

Electric

Co.

3,500

154,455

1,000,279

Electrical

Equipment

1.7%

Atkore

International

Group,

Inc.*

8,200

218,694

AZZ,

Inc.

4,700

148,426

Broadwind

,

Inc.*

23,144

107,157

LSI

Industries,

Inc.

8,319

48,749

nVent

Electric

plc

18,400

334,144

Powell

Industries,

Inc.

5,000

132,750

989,920

Electronic

Equipment,

Instruments

&

Components

3.9%

Arrow

Electronics,

Inc.*

2,700

193,374

Avnet,

Inc.

8,000

213,760

II-VI,

Inc.*

4,100

207,952

Itron

,

Inc.*

2,600

180,856

Jabil,

Inc.

9,300

324,198

Kimball

Electronics,

Inc.*

11,000

146,080

LGL

Group,

Inc.

(The)*

17,500

152,775

Littelfuse

,

Inc.

1,000

177,650

Methode

Electronics,

Inc.

7,800

219,960

MTS

Systems

Corp.

4,400

81,620

nLight

,

Inc.*

900

20,853

Rogers

Corp.*

1,200

143,028

ScanSource

,

Inc.*

10,835

248,663

2,310,769

Energy

Equipment

&

Services

0.9%

Archrock

,

Inc.

12,700

84,582

ChampionX

Corp.*

14,600

138,846

Helmerich

&

Payne,

Inc.

4,100

73,103

Natural

Gas

Services

Group,

Inc.*

4,600

29,348

NexTier

Oilfield

Solutions,

Inc.*

28,500

71,820

Patterson-UTI

Energy,

Inc.

21,600

83,700

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A(a)

4,100

29,766

511,165

Entertainment

0.1%

Zynga,

Inc.,

Class

A*

7,200

70,776

Nationwide

Bailard

Cognitive

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

8.8%

Agree

Realty

Corp.

4,100

274,577

American

Assets

Trust,

Inc.

5,000

135,000

Braemar

Hotels

&

Resorts,

Inc.

34,900

85,156

BRT

Apartments

Corp.

26,253

270,931

Chatham

Lodging

Trust

14,900

77,629

Colony

Capital,

Inc.

33,700

64,704

CoreSite

Realty

Corp.

2,400

309,720

Cousins

Properties,

Inc.

7,100

218,112

CyrusOne

,

Inc.

1,800

150,156

Equity

LifeStyle

Properties,

Inc.

2,100

143,472

Essential

Properties

Realty

Trust,

Inc.

6,100

98,210

Highwoods

Properties,

Inc.

5,600

214,704

JBG

SMITH

Properties

12,400

359,724

Kilroy

Realty

Corp.

1,400

81,578

Kimco

Realty

Corp.

29,400

327,810

LTC

Properties,

Inc.

9,000

334,350

Macerich

Co.

(The)

8,700

66,381

One

Liberty

Properties,

Inc.

69

1,171

Pebblebrook

Hotel

Trust

23,800

252,280

Physicians

Realty

Trust

4,500

81,180

PS

Business

Parks,

Inc.

3,500

482,825

Ryman

Hospitality

Properties,

Inc.

2,600

83,252

Safehold

,

Inc.

3,100

156,333

Sunstone

Hotel

Investors,

Inc.

30,200

225,896

Terreno

Realty

Corp.

2,400

145,824

VEREIT,

Inc.

57,400

373,674

Weingarten

Realty

Investors

13,900

237,134

5,251,783

Food

&

Staples

Retailing

1.3%

Casey's

General

Stores,

Inc.

1,000

159,190

Performance

Food

Group

Co.*

8,300

232,566

SpartanNash

Co.

6,500

136,663

United

Natural

Foods,

Inc.*

7,400

146,890

US

Foods

Holding

Corp.*

3,900

79,170

754,479

Food

Products

1.4%

Hostess

Brands,

Inc.*

12,300

155,964

Ingredion,

Inc.

3,300

285,450

John

B

Sanfilippo

&

Son,

Inc.

2,134

188,155

Seneca

Foods

Corp.,

Class

A*

4,601

180,267

809,836

Gas

Utilities

0.8%

National

Fuel

Gas

Co.

2,500

101,425

UGI

Corp.

10,700

356,738

458,163

Health

Care

Equipment

&

Supplies

1.1%

Globus

Medical,

Inc.,

Class

A*

2,700

130,086

Hill-Rom

Holdings,

Inc.

800

77,776

ICU

Medical,

Inc.*

700

128,611

Integer

Holdings

Corp.*

2,600

171,002

Microbot

Medical,

Inc.*

3,100

20,801

Pro-

Dex

,

Inc.*

4,084

77,596

Surmodics

,

Inc.*

1,300

61,477

667,349

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

1.8%

CorVel

Corp.*(a)

3,700

294,113

LHC

Group,

Inc.*

800

156,088

MEDNAX,

Inc.*

9,700

193,806

National

HealthCare

Corp.

4,877

289,304

Owens

&

Minor,

Inc.

9,000

144,720

1,078,031

Health

Care

Technology

1.6%

HMS

Holdings

Corp.*

4,900

159,250

MTBC,

Inc.*

12,603

136,995

NextGen

Healthcare,

Inc.*

25,600

374,272

Omnicell

,

Inc.*

2,400

168,696

Simulations

Plus,

Inc.

1,298

91,379

930,592

Hotels,

Restaurants

&

Leisure

0.2%

Del

Taco

Restaurants,

Inc.*

19,600

149,940

Household

Durables

3.1%

Century

Communities,

Inc.*

3,300

117,546

Green

Brick

Partners,

Inc.*

5,849

80,716

Hamilton

Beach

Brands

Holding

Co.,

Class

A

2,931

44,551

Helen

of

Troy

Ltd.*

900

169,425

Hooker

Furniture

Corp.

5,400

115,560

KB

Home

4,800

161,472

Lovesac

Co.

(The)*(a)

3,100

98,518

MDC

Holdings,

Inc.

4,400

197,252

PulteGroup,

Inc.

4,500

196,200

Skyline

Champion

Corp.*

1,500

42,345

TopBuild

Corp.*

1,300

171,496

TRI

Pointe

Group,

Inc.*

22,700

379,544

Turtle

Beach

Corp.*

6,051

110,976

1,885,601

Household

Products

0.6%

Oil-

Dri

Corp.

of

America

5,157

179,309

Spectrum

Brands

Holdings,

Inc.

3,600

194,976

374,285

Independent

Power

and

Renewable

Electricity

Producers

1.0%

AES

Corp.

(The)

14,800

225,404

Atlantic

Power

Corp.*

109,400

214,424

Atlantica

Sustainable

Infrastructure

plc

4,800

143,856

583,684

Insurance

2.9%

American

Equity

Investment

Life

Holding

Co.

5,400

137,430

Argo

Group

International

Holdings

Ltd.

3,800

127,338

Assured

Guaranty

Ltd.

5,600

122,248

FedNat

Holding

Co.

14,730

137,873

Global

Indemnity

Ltd.

4,200

95,970

Kemper

Corp.

2,800

219,856

National

General

Holdings

Corp.

6,100

207,339

ProAssurance

Corp.

5,200

76,440

Stewart

Information

Services

Corp.

4,600

192,970

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Insurance

Third

Point

Reinsurance

Ltd.*

31,000

241,490

Unum

Group

9,400

161,962

1,720,916

Interactive

Media

&

Services

0.1%

Cars.com,

Inc.*

11,100

90,132

Internet

&

Direct

Marketing

Retail

1.5%

1-800-Flowers.com,

Inc.,

Class

A*

5,400

152,550

CarParts.com,

Inc.*(a)

11,285

155,112

Duluth

Holdings,

Inc.,

Class

B*

3,800

28,082

Etsy,

Inc.*

1,400

165,732

Overstock.com,

Inc.*

2,800

211,652

PetMed

Express,

Inc.(a)

1,600

49,920

RealReal

,

Inc.

(The)*

2,300

31,372

Revolve

Group,

Inc.*

1,900

31,103

Stitch

Fix,

Inc.,

Class

A*(a)

3,500

77,525

903,048

IT

Services

3.0%

CACI

International,

Inc.,

Class

A*

700

145,474

DXC

Technology

Co.

17,100

306,261

LiveRamp

Holdings,

Inc.*

3,500

159,495

ManTech

International

Corp.,

Class

A

2,700

187,866

Perspecta

,

Inc.

15,500

331,700

Science

Applications

International

Corp.

4,200

335,916

Sykes

Enterprises,

Inc.*

13,100

359,726

1,826,438

Leisure

Products

0.3%

Polaris,

Inc.

1,700

176,171

Life

Sciences

Tools

&

Services

0.3%

10X

Genomics,

Inc.,

Class

A*

900

88,533

Harvard

Bioscience,

Inc.*

18,500

57,535

Quanterix

Corp.*

1,800

58,158

204,226

Machinery

2.3%

Crane

Co.

6,200

350,734

Evoqua

Water

Technologies

Corp.*

8,000

153,840

Hillenbrand,

Inc.

6,800

198,764

Miller

Industries,

Inc.

4,700

133,245

Rexnord

Corp.

5,500

159,335

Timken

Co.

(The)

7,900

360,714

1,356,632

Media

0.4%

Fluent,

Inc.*

80,633

146,752

Gray

Television,

Inc.*

6,100

87,474

Townsquare

Media,

Inc.,

Class

A

3,865

17,161

251,387

Metals

&

Mining

1.5%

Alcoa

Corp.*

9,000

117,000

Allegheny

Technologies,

Inc.*

4,900

42,581

Cleveland-Cliffs,

Inc.(a)

9,200

47,656

Commercial

Metals

Co.

12,300

254,364

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Reliance

Steel

&

Aluminum

Co.

3,900

383,214

Worthington

Industries,

Inc.

2,200

82,324

927,139

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2.4%

AG

Mortgage

Investment

Trust,

Inc.

31,600

88,164

Arbor

Realty

Trust,

Inc.

19,500

198,705

Blackstone

Mortgage

Trust,

Inc.,

Class

A

10,300

247,921

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,300

150,629

Ladder

Capital

Corp.

12,200

94,794

MFA

Financial,

Inc.

73,800

194,094

New

Residential

Investment

Corp.

14,700

116,571

New

York

Mortgage

Trust,

Inc.

24,300

63,666

PennyMac

Mortgage

Investment

Trust

4,700

88,595

Starwood

Property

Trust,

Inc.

7,500

112,125

TPG

RE

Finance

Trust,

Inc.

11,400

98,952

1,454,216

Multi-Utilities

1.5%

Avista

Corp.

6,500

241,345

Black

Hills

Corp.

4,170

241,276

MDU

Resources

Group,

Inc.

9,600

201,408

NorthWestern

Corp.

3,300

185,658

869,687

Oil,

Gas

&

Consumable

Fuels

2.4%

Altus

Midstream

Co.*

2,000

27,120

Amplify

Energy

Corp.(a)

37,910

46,250

Cimarex

Energy

Co.

5,100

124,746

CNX

Resources

Corp.*

9,100

87,815

Devon

Energy

Corp.

10,600

111,194

Diamondback

Energy,

Inc.

2,100

83,706

Enerplus

Corp.

11,800

29,264

Evolution

Petroleum

Corp.

6,800

17,816

Green

Plains,

Inc.*

4,800

62,064

Kosmos

Energy

Ltd.

10,800

17,388

Laredo

Petroleum,

Inc.*

5,900

89,444

Murphy

Oil

Corp.

3,200

42,272

Par

Pacific

Holdings,

Inc.*

4,600

34,086

PBF

Energy,

Inc.,

Class

A

9,400

81,592

PDC

Energy,

Inc.*(a)

8,400

119,784

Penn

Virginia

Corp.*(a)

16,420

162,722

Ring

Energy,

Inc.*

101,000

111,100

Southwestern

Energy

Co.*

10,100

24,543

World

Fuel

Services

Corp.

4,500

105,885

WPX

Energy,

Inc.*

13,300

79,401

1,458,192

Paper

&

Forest

Products

0.2%

Clearwater

Paper

Corp.*

3,100

114,452

Pharmaceuticals

0.3%

Amphastar

Pharmaceuticals,

Inc.*

3,300

66,066

Arvinas

,

Inc.*

1,300

40,950

Provention

Bio,

Inc.*(a)

5,900

61,301

Nationwide

Bailard

Cognitive

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Pharmaceuticals

SCYNEXIS,

Inc.*

4,734

30,676

198,993

Professional

Services

1.5%

ASGN,

Inc.*

2,300

157,458

FTI

Consulting,

Inc.*

1,600

191,104

ManpowerGroup

,

Inc.

5,700

392,103

Mastech

Digital,

Inc.*

4,994

107,371

Resources

Connection,

Inc.

6,600

74,580

922,616

Road

&

Rail

0.5%

Saia,

Inc.*(a)

1,200

143,340

Universal

Logistics

Holdings,

Inc.

8,329

153,004

296,344

Semiconductors

&

Semiconductor

Equipment

2.4%

Advanced

Energy

Industries,

Inc.*

2,300

169,211

Amkor

Technology,

Inc.*

15,200

206,644

Cabot

Microelectronics

Corp.

1,100

165,792

Entegris

,

Inc.

2,600

186,966

MKS

Instruments,

Inc.

1,400

178,416

NeoPhotonics

Corp.*(a)

6,400

58,304

NVE

Corp.

2,045

110,921

Photronics

,

Inc.*

6,950

82,566

Power

Integrations,

Inc.

1,300

158,639

Silicon

Laboratories,

Inc.*

1,500

150,765

1,468,224

Software

1.7%

ChannelAdvisor

Corp.*

9,000

183,330

Envestnet

,

Inc.*

2,100

170,520

Nuance

Communications,

Inc.*

5,800

158,630

Nutanix

,

Inc.,

Class

A*

900

19,971

Progress

Software

Corp.

9,700

338,142

Support.com,

Inc.

87,983

146,932

VirnetX

Holding

Corp.(a)

3,989

20,623

1,038,148

Specialty

Retail

1.6%

American

Eagle

Outfitters,

Inc.

(a)

15,500

155,000

GrowGeneration

Corp.*

3,500

29,540

Lithia

Motors,

Inc.,

Class

A

900

206,235

MarineMax

,

Inc.*

2,000

55,480

Monro

,

Inc.

2,800

157,640

National

Vision

Holdings,

Inc.*

4,200

134,358

Signet

Jewelers

Ltd.(a)

6,100

65,514

Williams-Sonoma,

Inc.

2,100

182,952

986,719

Textiles,

Apparel

&

Luxury

Goods

1.6%

Capri

Holdings

Ltd.*

6,500

97,370

Culp,

Inc.

14,700

163,170

Deckers

Outdoor

Corp.*

800

167,400

Lakeland

Industries,

Inc.*(a)

6,000

141,960

Rocky

Brands,

Inc.

6,721

152,903

Superior

Group

of

Cos.,

Inc.

12,563

241,838

964,641

Thrifts

&

Mortgage

Finance

3.0%

Essent

Group

Ltd.

3,900

139,737

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Flagstar

Bancorp,

Inc.

16,700

524,046

FS

Bancorp,

Inc.

2,300

87,400

Meridian

Bancorp,

Inc.

9,400

107,207

MGIC

Investment

Corp.

25,800

213,366

NMI

Holdings,

Inc.,

Class

A*

10,700

166,064

Radian

Group,

Inc.

14,600

217,832

Riverview

Bancorp,

Inc.

29,400

143,472

Timberland

Bancorp,

Inc.

8,100

134,946

WSFS

Financial

Corp.

1,500

42,795

1,776,865

Trading

Companies

&

Distributors

3.1%

Applied

Industrial

Technologies,

Inc.

2,700

170,424

BMC

Stock

Holdings,

Inc.*

5,500

140,800

CAI

International,

Inc.*

8,184

140,847

Fly

Leasing

Ltd.,

ADR-IE*

4,300

27,907

Herc

Holdings,

Inc.*

8,500

285,090

MRC

Global,

Inc.*

14,200

84,490

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

6,500

429,065

Triton

International

Ltd.

5,600

176,232

Veritiv

Corp.*

4,300

65,833

WESCO

International,

Inc.*

8,335

323,981

1,844,669

Wireless

Telecommunication

Services

0.6%

Telephone

and

Data

Systems,

Inc.

17,700

343,734

Total

Common

Stocks

(cost

$56,111,434)

59,181,894

Exchange

Traded

Fund

0.4%

Equity

Fund

0.4%

Vanguard

Small-Cap

Value

ETF

2,305

254,564

Total

Exchange

Traded

Fund

(cost

$190,626)

254,564

Master

Limited

Partnership

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Cedar

Fair

LP

1,200

28,608

Total

Master

Limited

Partnership

(cost  $25,689)

28,608

Short-Term

Investment

1.7%

Money

Market

Fund

1.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(b)(c)

1,039,186

1,039,186

Total

Short-Term

Investment

(cost

$1,039,186)

1,039,186

6

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Repurchase

Agreement

0.2%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$116,762,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$119,823.(c)

116,761

116,761

Total

Repurchase

Agreement

(cost

$116,761)

116,761

Total

Investments

(cost

$57,483,696)

—

101.2%

60,621,013

Liabilities

in

excess

of

other

assets

—

(1.2)%

(717,968)

NET

ASSETS

—

100.0%

$

59,903,045

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$1,440,903,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$1,039,186

and

$116,761,

respectively,

and

by

$357,615

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$1,513,562.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$1,155,947.

ADR

American

Depositary

Receipt

BR

Brazil

ETF

Exchange

Traded

Fund

IE

Ireland

REIT

Real

Estate

Investment

Trust

Nationwide

Bailard

Cognitive

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

7

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

8

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

59,181,894

$

–

$

–

$

59,181,894

Exchange

Traded

Fund

254,564

–

–

254,564

Master

Limited

Partnership

28,608

–

–

28,608

Repurchase

Agreement

–

116,761

–

116,761

Short-Term

Investment

1,039,186

–

–

1,039,186

Total

$

60,504,252

$

116,761

$

–

$

60,621,013

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bailard

Technology

&

Science

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

99.4%

Shares

Value

($)

Biotechnology

5.9%

Acceleron

Pharma,

Inc.*

6,000

595,020

Alkermes

plc*

17,500

315,175

Alnylam

Pharmaceuticals,

Inc.*(a)

3,500

510,160

Apellis

Pharmaceuticals,

Inc.*

16,000

414,240

Arena

Pharmaceuticals,

Inc.*

9,500

583,205

Assembly

Biosciences,

Inc.*

26,000

577,200

Biogen,

Inc.*

1,050

288,424

BioMarin

Pharmaceutical,

Inc.*

4,000

479,240

Bluebird

Bio,

Inc.*

6,100

370,270

Dynavax

Technologies

Corp.*(a)

50,000

405,500

Esperion

Therapeutics,

Inc.*(a)

10,200

383,826

FibroGen

,

Inc.*

13,000

526,110

Gilead

Sciences,

Inc.

2,700

187,731

Ionis

Pharmaceuticals,

Inc.*

3,000

172,680

Iovance

Biotherapeutics

,

Inc.*

14,000

406,980

Kura

Oncology,

Inc.*

41,000

674,040

Magenta

Therapeutics,

Inc.*

20,000

140,400

Mersana

Therapeutics,

Inc.*(a)

36,000

715,680

Neurocrine

Biosciences,

Inc.*

3,900

469,404

Precision

BioSciences

,

Inc.*

10,200

64,872

VBI

Vaccines,

Inc.*

50,000

203,500

Vertex

Pharmaceuticals,

Inc.*

2,200

598,400

Xencor

,

Inc.*

14,500

436,305

9,518,362

Communications

Equipment

2.4%

Cisco

Systems,

Inc.

83,670

3,940,857

Electronic

Equipment,

Instruments

&

Components

2.8%

Insight

Enterprises,

Inc.*

44,290

2,207,414

TE

Connectivity

Ltd.

25,915

2,308,249

4,515,663

Entertainment

5.6%

Activision

Blizzard,

Inc.

38,100

3,148,203

Electronic

Arts,

Inc.*

25,450

3,604,229

Sea

Ltd.,

ADR-TW*

19,040

2,326,688

9,079,120

Household

Durables

2.3%

Sony

Corp.,

ADR-JP

46,800

3,648,528

Interactive

Media

&

Services

8.9%

Alphabet,

Inc.,

Class

A*

4,298

6,395,209

Facebook,

Inc.,

Class

A*

31,165

7,905,626

14,300,835

Internet

&

Direct

Marketing

Retail

4.9%

Amazon.com,

Inc.*

2,502

7,918,029

IT

Services

14.7%

Akamai

Technologies,

Inc.*

10,615

1,193,551

Booz

Allen

Hamilton

Holding

Corp.

36,400

2,976,064

Euronet

Worldwide,

Inc.*

32,725

3,146,181

Fiserv,

Inc.*

14,000

1,397,060

PayPal

Holdings,

Inc.*

29,250

5,735,047

Twilio

,

Inc.,

Class

A*

13,930

3,864,461

Visa,

Inc.,

Class

A

28,065

5,343,576

23,655,940

Common

Stocks

Shares

Value

($)

Pharmaceuticals

0.9%

Arvinas

,

Inc.*

7,500

236,250

Bristol-Myers

Squibb

Co.

2,800

164,248

Catalent

,

Inc.*

8,000

698,720

Pfizer,

Inc.

5,500

211,640

Provention

Bio,

Inc.*(a)

18,500

192,215

1,503,073

Semiconductors

&

Semiconductor

Equipment

20.8%

Broadcom,

Inc.

2,966

939,480

KLA

Corp.

14,940

2,985,460

Lam

Research

Corp.

10,390

3,918,692

Micron

Technology,

Inc.*

59,400

2,973,267

NVIDIA

Corp.

15,510

6,585,391

NXP

Semiconductors

NV

41,170

4,838,710

QUALCOMM,

Inc.

48,200

5,090,402

Skyworks

Solutions,

Inc.

16,010

2,330,736

Texas

Instruments,

Inc.

31,450

4,011,448

33,673,586

Software

22.2%

Adobe,

Inc.*

16,000

7,109,120

Avalara,

Inc.*

9,000

1,210,050

DocuSign,

Inc.*

11,765

2,551,005

Elastic

NV*

10,800

1,038,852

HubSpot

,

Inc.*

4,350

1,020,554

Microsoft

Corp.

78,630

16,119,936

RingCentral,

Inc.,

Class

A*

15,850

4,600,779

ServiceNow

,

Inc.*

2,950

1,295,640

Varonis

Systems,

Inc.*

9,050

980,568

35,926,504

Technology

Hardware,

Storage

&

Peripherals

8.0%

Apple,

Inc.

28,350

12,049,884

HP,

Inc.

48,910

859,838

12,909,722

Total

Common

Stocks

(cost

$53,786,257)

160,590,219

Rights

0.0%

†

Number

of

Rights

Pharmaceuticals

0.0%

†

Bristol-Myers

Squibb

Co.,

CVR,

expiring

12/31/2020*

30,000

108,000

Total

Rights

(cost

$101,713)

108,000

Short-Term

Investment

0.5%

Money

Market

Fund

0.5%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%

(b)(c)

771,396

771,396

Total

Short-Term

Investment

(cost

$771,396)

771,396

10

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$86,673,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$88,945.(c)

86,673

86,673

Total

Repurchase

Agreement

(cost

$86,673)

86,673

Total

Investments

(cost

$54,746,039)

—

100.0%

161,556,288

Other

assets

in

excess

of

liabilities

—

0.0%

†

33,714

NET

ASSETS

—

100.0%

$

161,590,002

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$1,098,646,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$771,396

and

$86,673,

respectively,

and

by

$324,061

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$1,182,130.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$858,069.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

JP

Japan

TW

Taiwan

Nationwide

Bailard

Technology

&

Science

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

11

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

12

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

160,590,219

$

–

$

–

$

160,590,219

Repurchase

Agreement

–

86,673

–

86,673

Right

108,000

–

–

108,000

Short-Term

Investment

771,396

–

–

771,396

Total

$

161,469,615

$

86,673

$

–

$

161,556,288

Amounts

design

ated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Diamond

Hill

Large

Cap

Concentrated

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

99.1%

Shares

Value

($)

Auto

Components

4.3%

BorgWarner,

Inc.

23,886

874,227

Banks

5.9%

Citigroup,

Inc.

24,211

1,210,792

Beverages

5.7%

PepsiCo,

Inc.

8,487

1,168,320

Capital

Markets

8.7%

Charles

Schwab

Corp.

(The)

24,929

826,397

KKR

&

Co.,

Inc.(a)

27,036

956,263

1,782,660

Diversified

Financial

Services

6.7%

Berkshire

Hathaway,

Inc.,

Class

B*

6,951

1,360,867

Entertainment

5.6%

Walt

Disney

Co.

(The)

9,855

1,152,444

Food

Products

5.7%

Mondelez

International,

Inc.,

Class

A

21,023

1,166,566

Health

Care

Equipment

&

Supplies

8.9%

Abbott

Laboratories

18,109

1,822,490

Household

Durables

4.8%

NVR,

Inc.*

249

978,607

Household

Products

4.9%

Procter

&

Gamble

Co.

(The)

7,679

1,006,870

Insurance

10.2%

American

International

Group,

Inc.

39,033

1,254,521

MetLife,

Inc.

21,760

823,616

2,078,137

Interactive

Media

&

Services

8.2%

Alphabet,

Inc.,

Class

A*

542

806,469

Facebook,

Inc.,

Class

A*

3,430

870,088

1,676,557

IT

Services

4.0%

Fidelity

National

Information

Services,

Inc.

5,515

806,900

Machinery

3.8%

Parker-Hannifin

Corp.

4,280

765,778

Oil,

Gas

&

Consumable

Fuels

3.1%

Chevron

Corp.

7,513

630,641

Pharmaceuticals

4.6%

Pfizer,

Inc.

24,567

945,338

Specialty

Retail

4.0%

TJX

Cos.,

Inc.

(The)

15,498

805,741

Total

Investments

(cost

$18,934,162)

—

99.1%

20,232,935

Other

assets

in

excess

of

liabilities

—

0.9%

176,028

NET

ASSETS

—

100.0%

$

20,408,963

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$4,846,

which

was

collateralized

by

$5,027

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048.

14

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Diamond

Hill

Large

Cap

Concentrated

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

20,232,935

$

–

$

–

$

20,232,935

Total

$

20,232,935

$

–

$

–

$

20,232,935

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

98.9%

Shares

Value

($)

Aerospace

&

Defense

2.2%

Boeing

Co.

(The)

13,361

2,111,038

Lockheed

Martin

Corp.

25,574

9,691,779

Northrop

Grumman

Corp.

20,789

6,756,633

Raytheon

Technologies

Corp.

102,847

5,829,368

24,388,818

Air

Freight

&

Logistics

1.0%

FedEx

Corp.

64,381

10,841,760

Airlines

0.2%

Southwest

Airlines

Co.

61,708

1,906,160

Banks

2.3%

Bank

of

America

Corp.

1,019,553

25,366,479

Beverages

1.1%

Coca-Cola

Co.

(The)

268,172

12,668,445

Biotechnology

0.8%

Incyte

Corp.*

8,507

840,151

Regeneron

Pharmaceuticals,

Inc.*

2,871

1,814,673

Seattle

Genetics,

Inc.*

20,304

3,375,946

Vertex

Pharmaceuticals,

Inc.*

11,256

3,061,632

9,092,402

Building

Products

0.5%

Trane

Technologies

plc

49,582

5,546,738

Capital

Markets

2.6%

BlackRock,

Inc.

5,453

3,135,530

Blackstone

Group,

Inc.

(The),

Class

A

184,047

9,806,024

Charles

Schwab

Corp.

(The)

194,974

6,463,388

S&P

Global,

Inc.

18,057

6,324,464

TD

Ameritrade

Holding

Corp.

83,835

3,008,838

28,738,244

Chemicals

2.0%

Celanese

Corp.

57,092

5,549,343

FMC

Corp.

50,204

5,324,134

Linde

plc

26,409

6,473,110

PPG

Industries,

Inc.

44,634

4,804,850

22,151,437

Consumer

Finance

0.3%

American

Express

Co.

33,686

3,143,577

Containers

&

Packaging

0.7%

Ball

Corp.

64,656

4,760,621

Crown

Holdings,

Inc.*

41,039

2,937,572

7,698,193

Diversified

Financial

Services

1.0%

Berkshire

Hathaway,

Inc.,

Class

B*

27,229

5,330,894

Equitable

Holdings,

Inc.

287,518

5,882,618

11,213,512

Electric

Utilities

3.4%

Duke

Energy

Corp.

114,082

9,667,309

Edison

International

105,573

5,877,249

Exelon

Corp.

324,163

12,515,933

FirstEnergy

Corp.

297,987

8,641,623

Southern

Co.

(The)

26,569

1,450,933

38,153,047

Common

Stocks

Shares

Value

($)

Electrical

Equipment

0.3%

Rockwell

Automation,

Inc.

12,857

2,804,626

Electronic

Equipment,

Instruments

&

Components

0.5%

Corning,

Inc.

188,579

5,845,949

Energy

Equipment

&

Services

0.2%

Schlumberger

Ltd.

97,934

1,776,523

Entertainment

2.3%

Electronic

Arts,

Inc.*

38,661

5,475,171

Netflix,

Inc.*

28,394

13,881,259

Spotify

Technology

SA*

10,183

2,625,381

Walt

Disney

Co.

(The)

31,826

3,721,732

25,703,543

Equity

Real

Estate

Investment

Trusts

(REITs)

3.4%

Alexandria

Real

Estate

Equities,

Inc.

32,212

5,719,241

American

Tower

Corp.

47,034

12,294,217

Boston

Properties,

Inc.

32,328

2,880,102

Equinix

,

Inc.

11,978

9,408,479

Prologis,

Inc.

73,484

7,746,683

38,048,722

Food

&

Staples

Retailing

0.3%

Kroger

Co.

(The)

104,358

3,630,615

Food

Products

1.6%

Mondelez

International,

Inc.,

Class

A

322,973

17,921,772

Health

Care

Equipment

&

Supplies

3.7%

Boston

Scientific

Corp.*

232,171

8,954,835

Danaher

Corp.

50,563

10,304,739

Edwards

Lifesciences

Corp.*

84,234

6,604,788

IDEXX

Laboratories,

Inc.*

4,866

1,935,451

Intuitive

Surgical,

Inc.*

10,988

7,531,615

Teleflex,

Inc.

13,825

5,158,108

40,489,536

Health

Care

Providers

&

Services

3.2%

Anthem,

Inc.

28,265

7,738,957

Centene

Corp.*

61,822

4,033,885

HCA

Healthcare,

Inc.

35,376

4,480,017

Laboratory

Corp.

of

America

Holdings*

12,433

2,398,574

McKesson

Corp.

20,485

3,076,028

Quest

Diagnostics,

Inc.

18,341

2,330,591

UnitedHealth

Group,

Inc.

38,052

11,521,385

35,579,437

Hotels,

Restaurants

&

Leisure

1.1%

Las

Vegas

Sands

Corp.

71,425

3,116,987

McDonald's

Corp.

44,807

8,705,104

11,822,091

Household

Durables

1.4%

DR

Horton,

Inc.

167,213

11,062,812

Lennar

Corp.,

Class

A

67,236

4,864,525

15,927,337

Household

Products

2.7%

Procter

&

Gamble

Co.

(The)

224,278

29,407,331

Industrial

Conglomerates

0.8%

General

Electric

Co.

193,902

1,176,985

16

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Fund

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

Honeywell

International,

Inc.

54,768

8,180,696

9,357,681

Insurance

2.6%

American

International

Group,

Inc.

120,273

3,865,574

Athene

Holding

Ltd.,

Class

A*

121,799

3,928,018

Hartford

Financial

Services

Group,

Inc.

(The)

135,367

5,728,731

Marsh

&

McLennan

Cos.,

Inc.

73,281

8,544,565

Progressive

Corp.

(The)

78,978

7,134,872

29,201,760

Interactive

Media

&

Services

7.0%

Alphabet,

Inc.,

Class

A*

26,742

39,790,759

Facebook,

Inc.,

Class

A*

97,623

24,764,027

Match

Group,

Inc.*

72,079

7,402,513

Snap,

Inc.,

Class

A*

249,969

5,604,305

77,561,604

Internet

&

Direct

Marketing

Retail

6.2%

Amazon.com,

Inc.*

21,612

68,395,064

IT

Services

5.0%

FleetCor

Technologies,

Inc.*

37,360

9,660,175

Global

Payments,

Inc.

92,106

16,396,710

PayPal

Holdings,

Inc.*

57,604

11,294,416

VeriSign,

Inc.*

15,283

3,235,106

Visa,

Inc.,

Class

A

75,208

14,319,603

54,906,010

Life

Sciences

Tools

&

Services

1.1%

Thermo

Fisher

Scientific,

Inc.

30,417

12,591,117

Machinery

2.2%

Fortive

Corp.

108,479

7,614,141

Illinois

Tool

Works,

Inc.

2,156

398,839

Ingersoll

Rand,

Inc.*

203,415

6,425,880

Parker-Hannifin

Corp.

11,623

2,079,587

Stanley

Black

&

Decker,

Inc.

15,726

2,411,110

Westinghouse

Air

Brake

Technologies

Corp.

90,180

5,608,294

24,537,851

Media

2.4%

Charter

Communications,

Inc.,

Class

A*

35,892

20,817,360

Omnicom

Group,

Inc.

103,059

5,537,360

26,354,720

Multiline

Retail

1.0%

Dollar

General

Corp.

59,017

11,236,837

Oil,

Gas

&

Consumable

Fuels

2.6%

BP

plc,

ADR-UK(a)

66,979

1,476,217

Chevron

Corp.

81,297

6,824,070

Concho

Resources,

Inc.

18,007

946,088

Diamondback

Energy,

Inc.

22,518

897,568

EOG

Resources,

Inc.

114,195

5,350,036

Exxon

Mobil

Corp.

184,105

7,747,138

Marathon

Petroleum

Corp.

95,506

3,648,329

Noble

Energy,

Inc.

99,936

998,361

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Pioneer

Natural

Resources

Co.

11,948

1,158,000

29,045,807

Pharmaceuticals

5.8%

AstraZeneca

plc,

ADR-UK

341,273

19,036,208

Eli

Lilly

&

Co.

120,493

18,108,893

Pfizer,

Inc.

668,944

25,740,965

Royalty

Pharma

plc,

Class

A*

31,620

1,361,241

64,247,307

Professional

Services

1.2%

Equifax,

Inc.

16,040

2,607,462

IHS

Markit

Ltd.

137,600

11,108,448

13,715,910

Road

&

Rail

1.2%

JB

Hunt

Transport

Services,

Inc.

68,054

8,806,188

Uber

Technologies,

Inc.*

143,944

4,355,745

13,161,933

Semiconductors

&

Semiconductor

Equipment

4.7%

Advanced

Micro

Devices,

Inc.*

166,308

12,877,228

KLA

Corp.

31,232

6,241,091

Lam

Research

Corp.

7,431

2,802,676

Marvell

Technology

Group

Ltd.

251,105

9,157,799

Micron

Technology,

Inc.*

118,071

5,910,044

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

83,721

6,604,750

Texas

Instruments,

Inc.

70,405

8,980,158

52,573,746

Software

8.1%

Adobe,

Inc.*

8,765

3,894,465

Microsoft

Corp.

292,184

59,900,642

salesforce.com,

Inc.*

51,110

9,958,784

ServiceNow

,

Inc.*

9,504

4,174,157

Slack

Technologies,

Inc.,

Class

A*

39,449

1,165,718

Splunk

,

Inc.*

13,676

2,869,498

SS&C

Technologies

Holdings,

Inc.

56,134

3,227,705

Workday,

Inc.,

Class

A*

24,144

4,368,132

89,559,101

Specialty

Retail

2.0%

AutoZone,

Inc.*

7,322

8,840,729

TJX

Cos.,

Inc.

(The)

251,357

13,068,051

21,908,780

Technology

Hardware,

Storage

&

Peripherals

6.0%

Apple,

Inc.

156,299

66,433,327

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

25,257

2,712,097

Total

Common

Stocks

(cost

$831,584,993)

1,097,366,946

Nationwide

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

17

Exchange

Traded

Fund

0.6%

Shares

Value

($)

Equity

Fund

0.6%

SPDR

S&P

500

ETF

Trust

19,236

6,280,939

Total

Exchange

Traded

Fund

(cost

$5,386,240)

6,280,939

Total

Investments

(cost

$836,971,233)

—

99.5%

1,103,647,885

Other

assets

in

excess

of

liabilities

—

0.5%

5,566,813

NET

ASSETS

—

100.0%

$

1,109,214,698

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$1,260,401,

which

was

collateralized

by

$1,329,725

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

TW

Taiwan

UK

United

Kingdom

18

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

Nationwide

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

19

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,097,366,946

$

–

$

–

$

1,097,366,946

Exchange

Traded

Fund

6,280,939

–

–

6,280,939

Total

$

1,103,647,885

$

–

$

–

$

1,103,647,885

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

Common

Stocks

99.2%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Axon

Enterprise,

Inc.*

79,854

6,638,263

HEICO

Corp.,

Class

A

17,315

1,325,463

7,963,726

Banks

1.2%

Signature

Bank

66,102

6,777,438

Building

Products

0.8%

Fortune

Brands

Home

&

Security,

Inc.

58,612

4,483,818

Capital

Markets

3.4%

Intercontinental

Exchange,

Inc.

128,105

12,398,002

Raymond

James

Financial,

Inc.

84,858

5,895,934

18,293,936

Commercial

Services

&

Supplies

3.3%

Copart

,

Inc.*

190,111

17,727,851

Distributors

3.4%

Pool

Corp.

58,425

18,503,197

Diversified

Consumer

Services

2.7%

frontdoor

,

Inc.*

178,891

7,512,528

Grand

Canyon

Education,

Inc.*

82,202

7,294,605

14,807,133

Electronic

Equipment,

Instruments

&

Components

8.3%

Amphenol

Corp.,

Class

A

133,511

14,120,123

Cognex

Corp.

83,311

5,571,007

Keysight

Technologies,

Inc.*

119,880

11,974,813

National

Instruments

Corp.

214,810

7,625,755

Trimble,

Inc.*

131,393

5,848,302

45,140,000

Health

Care

Equipment

&

Supplies

14.2%

ABIOMED,

Inc.*

42,463

12,736,352

Align

Technology,

Inc.*

27,161

7,980,445

Cooper

Cos.,

Inc.

(The)

16,450

4,654,198

IDEXX

Laboratories,

Inc.*

49,759

19,791,642

Masimo

Corp.*

45,664

10,051,560

STERIS

plc

76,471

12,207,066

Teleflex,

Inc.

27,588

10,293,083

77,714,346

Health

Care

Providers

&

Services

1.1%

HealthEquity

,

Inc.*

113,064

5,829,580

Hotels,

Restaurants

&

Leisure

0.8%

Texas

Roadhouse,

Inc.

72,840

4,092,880

Household

Products

2.9%

Church

&

Dwight

Co.,

Inc.

163,494

15,749,377

Industrial

Conglomerates

2.5%

Roper

Technologies,

Inc.

31,956

13,819,372

IT

Services

12.2%

Broadridge

Financial

Solutions,

Inc.

99,083

13,310,810

EPAM

Systems,

Inc.*

54,925

15,932,644

Fiserv,

Inc.*

143,174

14,287,334

Gartner,

Inc.*

60,247

7,509,186

Global

Payments,

Inc.

86,016

15,312,568

66,352,542

Common

Stocks

Shares

Value

($)

Leisure

Products

0.8%

Hasbro,

Inc.

60,675

4,414,713

Life

Sciences

Tools

&

Services

1.8%

Repligen

Corp.*

65,682

9,912,071

Machinery

2.1%

IDEX

Corp.

68,913

11,358,241

Pharmaceuticals

0.8%

Catalent

,

Inc.*

47,205

4,122,885

Professional

Services

7.5%

CoStar

Group,

Inc.*

29,513

25,078,967

Verisk

Analytics,

Inc.

84,272

15,902,969

40,981,936

Road

&

Rail

0.9%

JB

Hunt

Transport

Services,

Inc.(a)

38,680

5,005,192

Semiconductors

&

Semiconductor

Equipment

0.9%

Microchip

Technology,

Inc.(a)

47,982

4,881,209

Software

18.1%

ANSYS,

Inc.*

56,786

17,637,732

Blackline,

Inc.*

148,838

13,233,186

HubSpot

,

Inc.*(a)

52,167

12,238,900

Intuit,

Inc.

57,648

17,661,618

RealPage

,

Inc.*

215,477

13,577,206

SS&C

Technologies

Holdings,

Inc.

144,247

8,294,202

Tyler

Technologies,

Inc.*(a)

45,768

16,350,618

98,993,462

Specialty

Retail

6.4%

Burlington

Stores,

Inc.*

63,627

11,961,876

O'Reilly

Automotive,

Inc.*

36,759

17,548,012

Ulta

Beauty,

Inc.*

28,962

5,589,376

35,099,264

Trading

Companies

&

Distributors

1.6%

Watsco

,

Inc.

37,974

8,964,522

Total

Investments

(cost

$313,333,795)

—

99.2%

540,988,691

Other

assets

in

excess

of

liabilities

—

0.8%

4,592,993

NET

ASSETS

—

100.0%

$

545,581,684

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$7,285,730,

which

was

collateralized

by

$7,493,651

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048.

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

21

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

540,988,691

$

–

$

–

$

540,988,691

Total

$

540,988,691

$

–

$

–

$

540,988,691

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Long/Short

Equity

Fund

Long

Positions

—

103.9%

Common

Stocks

-103.9%

Shares

Value

($)

Banks

7.8%

JPMorgan

Chase

&

Co.

(a)

6,061

585,735

PNC

Financial

Services

Group,

Inc.

(The)

3,632

387,426

US

Bancorp

15,336

564,978

1,538,139

Beverages

2.1%

Coca-Cola

Co.

(The)

8,595

406,028

Biotechnology

4.1%

AbbVie,

Inc.

(a)

4,073

386,569

Amgen,

Inc.

(a)

1,669

408,354

794,923

Capital

Markets

1.9%

S&P

Global,

Inc.

(a)

1,064

372,666

Chemicals

4.3%

Ecolab,

Inc.

(a)

1,779

332,815

Sherwin-Williams

Co.

(The)

(a)

776

502,786

835,601

Communications

Equipment

3.1%

Cisco

Systems,

Inc.

(a)

13,010

612,771

Diversified

Consumer

Services

0.9%

Grand

Canyon

Education,

Inc.

*

2,016

178,900

Diversified

Telecommunication

Services

3.9%

AT&T,

Inc.

(a)

26,068

771,091

Electronic

Equipment,

Instruments

&

Components

0.9%

Littelfuse

,

Inc.

(a)

1,005

178,538

Health

Care

Equipment

&

Supplies

4.4%

Align

Technology,

Inc.

*(a)

1,281

376,383

Masimo

Corp.

*(a)

2,241

493,289

869,672

Health

Care

Providers

&

Services

2.8%

BioTelemetry

,

Inc.

*(a)

6,364

270,852

UnitedHealth

Group,

Inc.

(a)

900

272,502

543,354

Hotels,

Restaurants

&

Leisure

1.2%

Starbucks

Corp.

(a)

3,168

242,447

Household

Products

2.2%

Procter

&

Gamble

Co.

(The)

3,316

434,794

Industrial

Conglomerates

2.1%

Honeywell

International,

Inc.

2,704

403,897

Insurance

1.1%

Primerica,

Inc.

(a)

1,793

214,550

Interactive

Media

&

Services

2.7%

Alphabet,

Inc.,

Class

A

*(a)

107

159,210

Facebook,

Inc.,

Class

A

*(a)

1,434

363,763

522,973

Internet

&

Direct

Marketing

Retail

2.9%

Amazon.com,

Inc.

*(a)

181

572,807

IT

Services

13.8%

Broadridge

Financial

Solutions,

Inc.

(a)

2,461

330,611

EPAM

Systems,

Inc.

*

1,375

398,860

Fiserv,

Inc.

*(a)

4,082

407,343

Long

Positions

Common

Stocks

Shares

Value

($)

IT

Services

FleetCor

Technologies,

Inc.

*

935

241,763

Global

Payments,

Inc.

(a)

1,879

334,500

International

Business

Machines

Corp.

(a)

3,245

398,940

Mastercard

,

Inc.,

Class

A

(a)

1,961

605,027

2,717,044

Oil,

Gas

&

Consumable

Fuels

6.3%

Chevron

Corp.

(a)

8,590

721,044

Royal

Dutch

Shell

plc,

Class

B,

ADR-NL

(a)

18,129

513,051

1,234,095

Pharmaceuticals

5.0%

Pfizer,

Inc.

(a)

11,878

457,066

Zoetis,

Inc.

(a)

3,393

514,650

971,716

Professional

Services

2.2%

Verisk

Analytics,

Inc.

(a)

2,288

431,769

Real

Estate

Management

&

Development

1.6%

CBRE

Group,

Inc.,

Class

A

*(a)

7,034

308,160

Road

&

Rail

1.7%

CSX

Corp.

(a)

4,732

337,581

Semiconductors

&

Semiconductor

Equipment

3.3%

Broadcom,

Inc.

(a)

1,304

413,042

ON

Semiconductor

Corp.

*(a)

11,699

240,999

654,041

Software

6.2%

Microsoft

Corp.

1,376

282,094

Paycom

Software,

Inc.

*(a)

1,656

470,917

Trade

Desk,

Inc.

(The),

Class

A

*

1,030

464,859

1,217,870

Specialty

Retail

6.0%

Five

Below,

Inc.

*(a)

2,595

282,621

Floor

&

Decor

Holdings,

Inc.,

Class

A

*

6,254

412,139

Home

Depot,

Inc.

(The)

(a)

1,821

483,457

1,178,217

Technology

Hardware,

Storage

&

Peripherals

5.2%

Apple,

Inc.

(a)

2,407

1,023,071

Tobacco

4.2%

Philip

Morris

International,

Inc.

(a)

10,858

834,003

Total

Common

Stocks

(cost

$16,623,491)

20,400,718

Total

Investments

(cost

$16,623,491)

—

103.9%

20,400,718

Liabilities

in

excess

of

other

assets

—

(3.9)%

(773,980)

NET

ASSETS

—

100.0%

$

19,626,738

Nationwide

Long/Short

Equity

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Short

Positions

-24.2%

Common

Stocks

6.9%

Shares

Value

($)

Auto

Components

1.5%

Dorman

Products,

Inc.

*

3,600

294,300

Health

Care

Equipment

&

Supplies

1.1%

Dentsply

Sirona,

Inc.

4,800

214,080

Health

Care

Providers

&

Services

1.0%

HealthEquity

,

Inc.

*

3,800

195,928

Independent

Power

and

Renewable

Electricity

Producers

0.9%

Ormat

Technologies,

Inc.

3,000

178,500

Machinery

1.3%

Snap-on,

Inc.

1,800

262,566

Textiles,

Apparel

&

Luxury

Goods

1.1%

Canada

Goose

Holdings,

Inc.

*

9,700

216,116

Total

Common

Stocks

(proceeds

$1,325,047)

1,361,490

Exchange

Traded

Fund

17.3%

Equity

Fund

17.3%

iShares

Russell

2000

ETF

23,015

3,391,490

Total

Exchange

Traded

Fund

(proceeds

$2,876,230)

3,391,490

TOTAL

SECURITIES

SOLD

SHORT

(proceeds

$4,201,277)

-24.2%

4,752,980

*

Denotes

a

non-income

producing

security.

(a)

All

or

a

portion

of

this

security

is

segregated

as

collateral

for

short

sales.

The

total

value

of

securities

and

cash

segregated

as

collateral

is

approximately

$15,157,388

and

$1,136,376,

respectively.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

NL

Netherlands

24

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Long/Short

Equity

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

Nationwide

Long/Short

Equity

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

25

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

20,400,718

$

–

$

–

$

20,400,718

Total

Assets

$

20,400,718

$

–

$

–

$

20,400,718

Liabilities:

Common

Stocks

$

(1,361,490)

$

–

$

–

$

(1,361,490)

Exchange

Traded

Fund

(3,391,490)

–

–

(3,391,490)

Total

Liabilities

$

(4,752,980)

$

–

$

–

$

(4,752,980)

Total

$

15,647,738

$

–

$

–

$

15,647,738

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

Fund

Common

Stocks

98.7%

Shares

Value

($)

Aerospace

&

Defense

2.6%

Boeing

Co.

(The)

64,763

10,232,554

Air

Freight

&

Logistics

3.2%

Expeditors

International

of

Washington,

Inc.

146,413

12,373,363

Beverages

4.7%

Monster

Beverage

Corp.*

232,963

18,282,936

Biotechnology

6.0%

BioMarin

Pharmaceutical,

Inc.*

59,148

7,086,522

Regeneron

Pharmaceuticals,

Inc.*

25,520

16,130,426

23,216,948

Capital

Markets

5.1%

FactSet

Research

Systems,

Inc.

20,481

7,092,570

MSCI,

Inc.

16,891

6,350,678

SEI

Investments

Co.

125,535

6,569,247

20,012,495

Communications

Equipment

1.9%

Cisco

Systems,

Inc.

153,393

7,224,810

Energy

Equipment

&

Services

0.7%

Schlumberger

Ltd.

155,858

2,827,264

Entertainment

1.9%

Walt

Disney

Co.

(The)

61,882

7,236,481

Health

Care

Equipment

&

Supplies

1.6%

Intuitive

Surgical,

Inc.*

6,077

4,165,419

Varian

Medical

Systems,

Inc.*

14,666

2,093,131

6,258,550

Health

Care

Technology

1.9%

Cerner

Corp.

104,474

7,255,719

Hotels,

Restaurants

&

Leisure

4.2%

Starbucks

Corp.

78,337

5,995,130

Yum

China

Holdings,

Inc.

123,899

6,348,585

Yum!

Brands,

Inc.

44,118

4,016,944

16,360,659

Household

Products

1.2%

Colgate-Palmolive

Co.

62,412

4,818,206

Interactive

Media

&

Services

10.1%

Alphabet,

Inc.,

Class

A*

5,788

8,612,255

Alphabet,

Inc.,

Class

C*

5,794

8,592,270

Facebook,

Inc.,

Class

A*

88,071

22,340,971

39,545,496

Internet

&

Direct

Marketing

Retail

13.9%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

92,595

23,243,197

Amazon.com,

Inc.*

9,754

30,868,289

54,111,486

IT

Services

5.0%

Automatic

Data

Processing,

Inc.

18,501

2,458,968

Visa,

Inc.,

Class

A

90,278

17,188,931

19,647,899

Life

Sciences

Tools

&

Services

1.7%

Illumina,

Inc.*

17,312

6,615,954

Common

Stocks

Shares

Value

($)

Machinery

2.7%

Deere

&

Co.

58,903

10,385,188

Pharmaceuticals

5.2%

Novartis

AG,

ADR-CH

67,417

5,537,632

Novo

Nordisk

A/S,

ADR-DK

52,421

3,424,664

Roche

Holding

AG,

ADR-CH

265,175

11,429,043

20,391,339

Semiconductors

&

Semiconductor

Equipment

6.9%

NVIDIA

Corp.

44,136

18,739,704

QUALCOMM,

Inc.

77,421

8,176,432

26,916,136

Software

17.0%

Autodesk,

Inc.*

80,849

19,115,129

Microsoft

Corp.

54,639

11,201,542

Oracle

Corp.

270,174

14,981,148

salesforce.com,

Inc.*

56,860

11,079,171

Workday,

Inc.,

Class

A*

54,403

9,842,591

66,219,581

Textiles,

Apparel

&

Luxury

Goods

1.2%

Under

Armour

,

Inc.,

Class

A*

457,025

4,807,903

Total

Investments

(cost

$271,593,973)

—

98.7%

384,740,967

Other

assets

in

excess

of

liabilities

—

1.3%

4,951,465

NET

ASSETS

—

100.0%

$

389,692,432

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

Nationwide

Loomis

All

Cap

Growth

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

27

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

28

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

384,740,967

$

–

$

–

$

384,740,967

Total

$

384,740,967

$

–

$

–

$

384,740,967

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dynamic

U.S.

Growth

Fund)

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

85.8%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Boeing

Co.

(The)

19,361

3,059,038

General

Dynamics

Corp.

8,455

1,240,687

Howmet

Aerospace,

Inc.

13,628

201,422

Huntington

Ingalls

Industries,

Inc.

1,465

254,485

L3Harris

Technologies,

Inc.

7,820

1,316,341

Lockheed

Martin

Corp.

8,900

3,372,833

Northrop

Grumman

Corp.

5,624

1,827,856

Raytheon

Technologies

Corp.

53,121

3,010,898

Teledyne

Technologies,

Inc.*

1,356

415,885

Textron,

Inc.

8,101

283,049

TransDigm

Group,

Inc.(a)

1,842

794,970

15,777,464

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

4,793

449,200

Expeditors

International

of

Washington,

Inc.

6,065

512,553

FedEx

Corp.

8,658

1,458,007

United

Parcel

Service,

Inc.,

Class

B

25,427

3,629,959

6,049,719

Airlines

0.2%

Alaska

Air

Group,

Inc.

4,330

149,125

American

Airlines

Group,

Inc.

(a)

18,824

209,323

Delta

Air

Lines,

Inc.

20,388

509,089

Southwest

Airlines

Co.

19,361

598,061

United

Airlines

Holdings,

Inc.*

9,126

286,374

1,751,972

Auto

Components

0.1%

Aptiv

plc

9,814

763,038

BorgWarner,

Inc.

7,256

265,570

1,028,608

Automobiles

0.2%

Ford

Motor

Co.

141,038

932,261

General

Motors

Co.

45,344

1,128,612

2,060,873

Banks

3.0%

Bank

of

America

Corp.

283,217

7,046,439

Citigroup,

Inc.

75,608

3,781,156

Citizens

Financial

Group,

Inc.

15,466

383,711

Comerica,

Inc.

5,257

202,499

Fifth

Third

Bancorp

25,897

514,314

First

Republic

Bank

6,177

694,789

Huntington

Bancshares,

Inc.

36,815

341,275

JPMorgan

Chase

&

Co.

110,437

10,672,632

KeyCorp

35,575

427,256

M&T

Bank

Corp.

4,723

500,402

People's

United

Financial,

Inc.

15,792

170,396

PNC

Financial

Services

Group,

Inc.

(The)

15,385

1,641,118

Regions

Financial

Corp.

35,388

384,314

SVB

Financial

Group*

1,858

416,694

Truist

Financial

Corp.

48,672

1,823,253

US

Bancorp

49,713

1,831,427

Wells

Fargo

&

Co.

135,275

3,281,771

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

5,957

193,424

34,306,870

Beverages

1.4%

Brown-Forman

Corp.,

Class

B

6,575

455,910

Coca-Cola

Co.

(The)

139,632

6,596,216

Constellation

Brands,

Inc.,

Class

A

6,040

1,076,328

Molson

Coors

Beverage

Co.,

Class

B

6,607

247,895

Monster

Beverage

Corp.*

13,533

1,062,070

PepsiCo,

Inc.

50,158

6,904,750

16,343,169

Biotechnology

2.0%

AbbVie,

Inc.

63,675

6,043,394

Alexion

Pharmaceuticals,

Inc.*

7,923

812,028

Amgen,

Inc.

21,278

5,206,088

Biogen,

Inc.*

5,964

1,638,251

Gilead

Sciences,

Inc.

45,351

3,153,255

Incyte

Corp.*

6,505

642,434

Regeneron

Pharmaceuticals,

Inc.*

3,637

2,298,839

Vertex

Pharmaceuticals,

Inc.*

9,360

2,545,920

22,340,209

Building

Products

0.4%

A

O

Smith

Corp.

4,908

236,271

Allegion

plc

3,318

330,008

Carrier

Global

Corp.

29,127

793,420

Fortune

Brands

Home

&

Security,

Inc.

4,950

378,675

Johnson

Controls

International

plc

26,992

1,038,652

Masco

Corp.

9,608

549,193

Trane

Technologies

plc

8,690

972,151

4,298,370

Capital

Markets

2.3%

Ameriprise

Financial,

Inc.

4,444

682,732

Bank

of

New

York

Mellon

Corp.

(The)

28,906

1,036,280

BlackRock,

Inc.

5,569

3,202,231

Cboe

Global

Markets,

Inc.

3,967

347,906

Charles

Schwab

Corp.

(The)

41,397

1,372,311

CME

Group,

Inc.

12,956

2,153,028

E*TRADE

Financial

Corp.

8,026

407,480

Franklin

Resources,

Inc.

9,950

209,447

Goldman

Sachs

Group,

Inc.

(The)

11,217

2,220,517

Intercontinental

Exchange,

Inc.

19,818

1,917,986

Invesco

Ltd.

13,723

137,779

MarketAxess

Holdings,

Inc.

1,370

707,879

Moody's

Corp.

5,839

1,642,511

Morgan

Stanley

43,171

2,110,198

MSCI,

Inc.

3,054

1,148,243

Nasdaq,

Inc.

4,119

540,866

Northern

Trust

Corp.

7,593

594,912

Raymond

James

Financial,

Inc.

4,438

308,352

S&P

Global,

Inc.

8,718

3,053,479

State

Street

Corp.

12,770

814,598

30

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dy-

namic

U.S.

Growth

Fund)

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.

8,237

1,137,530

25,746,265

Chemicals

1.6%

Air

Products

&

Chemicals,

Inc.

8,021

2,299,059

Albemarle

Corp.

3,761

310,132

Celanese

Corp.

4,360

423,792

CF

Industries

Holdings,

Inc.

7,791

244,092

Corteva

,

Inc.

27,010

771,406

Dow,

Inc.

26,751

1,098,396

DuPont

de

Nemours,

Inc.

26,678

1,426,739

Eastman

Chemical

Co.

4,852

362,105

Ecolab,

Inc.

8,952

1,674,740

FMC

Corp.

4,634

491,436

International

Flavors

&

Fragrances,

Inc.(a)

3,941

496,369

Linde

plc

19,017

4,661,257

LyondellBasell

Industries

NV,

Class

A

9,275

579,873

Mosaic

Co.

(The)

12,731

171,486

PPG

Industries,

Inc.

8,526

917,824

Sherwin-Williams

Co.

(The)

2,926

1,895,814

17,824,520

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

3,022

912,251

Copart

,

Inc.*

7,371

687,346

Republic

Services,

Inc.

7,507

654,986

Rollins,

Inc.

4,974

260,637

Waste

Management,

Inc.

14,078

1,542,949

4,058,169

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

1,914

497,200

Cisco

Systems,

Inc.

153,251

7,218,122

F5

Networks,

Inc.*

2,193

298,029

Juniper

Networks,

Inc.

12,301

312,199

Motorola

Solutions,

Inc.

6,164

861,727

9,187,277

Construction

&

Engineering

0.1%

Jacobs

Engineering

Group,

Inc.

4,813

410,789

Quanta

Services,

Inc.

5,046

201,689

612,478

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,245

465,119

Vulcan

Materials

Co.

4,776

560,798

1,025,917

Consumer

Finance

0.4%

American

Express

Co.

23,890

2,229,415

Capital

One

Financial

Corp.

16,496

1,052,445

Discover

Financial

Services

11,244

555,791

Synchrony

Financial

19,639

434,611

4,272,262

Containers

&

Packaging

0.3%

Amcor

plc

57,621

593,496

Avery

Dennison

Corp.

2,962

335,713

Ball

Corp.

11,770

866,625

International

Paper

Co.

14,177

493,218

Packaging

Corp.

of

America

3,524

338,727

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Sealed

Air

Corp.

5,477

195,420

Westrock

Co.

9,050

243,083

3,066,282

Distributors

0.1%

Genuine

Parts

Co.

5,181

467,067

LKQ

Corp.*

10,866

306,313

773,380

Diversified

Consumer

Services

0.0%

†

H&R

Block,

Inc.

7,137

103,486

Diversified

Financial

Services

1.2%

Berkshire

Hathaway,

Inc.,

Class

B*

70,331

13,769,403

Diversified

Telecommunication

Services

1.4%

AT&T,

Inc.

258,142

7,635,840

CenturyLink,

Inc.

35,021

337,953

Verizon

Communications,

Inc.

149,505

8,593,547

16,567,340

Electric

Utilities

1.7%

Alliant

Energy

Corp.

8,964

482,711

American

Electric

Power

Co.,

Inc.

17,816

1,547,854

Duke

Energy

Corp.

26,543

2,249,254

Edison

International

13,595

756,834

Entergy

Corp.

7,277

765,031

Evergy

,

Inc.

8,296

537,830

Eversource

Energy

12,116

1,091,288

Exelon

Corp.

35,062

1,353,744

FirstEnergy

Corp.

19,484

565,036

NextEra

Energy,

Inc.

17,688

4,965,022

NRG

Energy,

Inc.

8,910

301,247

Pinnacle

West

Capital

Corp.

3,993

331,738

PPL

Corp.

27,694

737,214

Southern

Co.

(The)

38,146

2,083,153

Xcel

Energy,

Inc.

18,911

1,305,615

19,073,571

Electrical

Equipment

0.4%

AMETEK,

Inc.

8,260

770,245

Eaton

Corp.

plc

14,508

1,351,130

Emerson

Electric

Co.

21,623

1,340,842

Rockwell

Automation,

Inc.

4,170

909,644

4,371,861

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A

10,695

1,131,103

CDW

Corp.

5,120

595,200

Corning,

Inc.

27,491

852,221

FLIR

Systems,

Inc.

4,770

198,718

IPG

Photonics

Corp.*

1,271

227,522

Keysight

Technologies,

Inc.*

6,750

674,258

TE

Connectivity

Ltd.

11,925

1,062,160

Zebra

Technologies

Corp.,

Class

A*

1,927

541,005

5,282,187

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

23,608

365,688

Halliburton

Co.

31,064

445,147

National

Oilwell

Varco,

Inc.

13,726

157,987

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dynamic

U.S.

Growth

Fund)

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

Ltd.

50,079

908,433

TechnipFMC

plc

14,875

119,446

1,996,701

Entertainment

1.8%

Activision

Blizzard,

Inc.

27,845

2,300,832

Electronic

Arts,

Inc.*

10,508

1,488,143

Live

Nation

Entertainment,

Inc.*

5,227

244,676

Netflix,

Inc.*

15,927

7,786,392

Take-Two

Interactive

Software,

Inc.*

4,110

674,122

Walt

Disney

Co.

(The)

65,264

7,631,972

20,126,137

Equity

Real

Estate

Investment

Trusts

(REITs)

2.3%

Alexandria

Real

Estate

Equities,

Inc.

4,550

807,853

American

Tower

Corp.

16,014

4,185,899

Apartment

Investment

&

Management

Co.,

Class

A

5,269

204,543

AvalonBay

Communities,

Inc.

5,036

771,112

Boston

Properties,

Inc.

5,212

464,337

Crown

Castle

International

Corp.

15,062

2,510,835

Digital

Realty

Trust,

Inc.

9,676

1,553,385

Duke

Realty

Corp.

13,307

534,808

Equinix

,

Inc.

3,199

2,512,751

Equity

Residential

12,587

675,041

Essex

Property

Trust,

Inc.

2,330

514,324

Extra

Space

Storage,

Inc.

4,588

474,124

Federal

Realty

Investment

Trust

2,469

188,385

Healthpeak

Properties,

Inc.

19,258

525,551

Host

Hotels

&

Resorts,

Inc.

25,780

277,908

Iron

Mountain,

Inc.

10,151

286,157

Kimco

Realty

Corp.

15,014

167,406

Mid-America

Apartment

Communities,

Inc.

4,126

491,778

Prologis,

Inc.

26,684

2,813,027

Public

Storage

5,476

1,094,543

Realty

Income

Corp.

12,360

742,218

Regency

Centers

Corp.

6,109

250,652

SBA

Communications

Corp.

4,053

1,262,672

Simon

Property

Group,

Inc.

11,071

690,277

SL

Green

Realty

Corp.

2,935

136,478

UDR,

Inc.

10,636

385,023

Ventas,

Inc.

13,457

516,211

Vornado

Realty

Trust

5,641

194,727

Welltower

,

Inc.

15,064

806,828

Weyerhaeuser

Co.

26,924

748,756

26,787,609

Food

&

Staples

Retailing

1.3%

Costco

Wholesale

Corp.

15,956

5,194,157

Kroger

Co.

(The)

28,467

990,367

Sysco

Corp.

18,411

973,021

Walgreens

Boots

Alliance,

Inc.

26,877

1,094,162

Walmart,

Inc.

51,177

6,622,304

14,874,011

Common

Stocks

Shares

Value

($)

Food

Products

1.0%

Archer-Daniels-Midland

Co.

20,109

861,268

Campbell

Soup

Co.

6,015

298,163

Conagra

Brands,

Inc.(a)

17,577

658,259

General

Mills,

Inc.

21,793

1,378,843

Hershey

Co.

(The)

5,282

768,056

Hormel

Foods

Corp.

10,096

513,483

J

M

Smucker

Co.

(The)

4,052

443,086

Kellogg

Co.

9,020

622,290

Kraft

Heinz

Co.

(The)

22,485

773,034

Lamb

Weston

Holdings,

Inc.

5,146

309,172

McCormick

&

Co.,

Inc.

(Non-Voting)

4,464

870,034

Mondelez

International,

Inc.,

Class

A

51,634

2,865,171

Tyson

Foods,

Inc.,

Class

A

10,781

662,492

11,023,351

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

4,401

466,462

Health

Care

Equipment

&

Supplies

3.4%

Abbott

Laboratories

63,913

6,432,204

ABIOMED,

Inc.*

1,596

478,704

Align

Technology,

Inc.*

2,571

755,411

Baxter

International,

Inc.

18,351

1,585,160

Becton

Dickinson

and

Co.

10,702

3,010,901

Boston

Scientific

Corp.*

51,503

1,986,471

Cooper

Cos.,

Inc.

(The)

1,769

500,503

Danaher

Corp.

22,770

4,640,526

Dentsply

Sirona,

Inc.

8,007

357,112

DexCom

,

Inc.*

3,330

1,450,348

Edwards

Lifesciences

Corp.*

22,422

1,758,109

Hologic

,

Inc.*

9,462

660,258

IDEXX

Laboratories,

Inc.*

3,051

1,213,535

Intuitive

Surgical,

Inc.*

4,212

2,887,073

Medtronic

plc

48,453

4,674,746

ResMed

,

Inc.

5,189

1,050,825

STERIS

plc

3,129

499,482

Stryker

Corp.

11,611

2,244,406

Teleflex,

Inc.

1,675

624,943

Varian

Medical

Systems,

Inc.*

3,360

479,539

West

Pharmaceutical

Services,

Inc.

2,694

724,336

Zimmer

Biomet

Holdings,

Inc.

7,417

1,000,257

39,014,849

Health

Care

Providers

&

Services

2.4%

AmerisourceBergen

Corp.

5,385

539,523

Anthem,

Inc.

9,108

2,493,770

Cardinal

Health,

Inc.

10,575

577,607

Centene

Corp.*

21,003

1,370,446

Cigna

Corp.

13,349

2,305,239

CVS

Health

Corp.

47,201

2,970,831

DaVita,

Inc.*

3,108

271,608

HCA

Healthcare,

Inc.

9,447

1,196,368

Henry

Schein,

Inc.*

5,215

358,427

Humana,

Inc.

4,761

1,868,455

Laboratory

Corp.

of

America

Holdings*

3,566

687,953

McKesson

Corp.

5,859

879,787

Quest

Diagnostics,

Inc.

4,783

607,776

32

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dy-

namic

U.S.

Growth

Fund)

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

UnitedHealth

Group,

Inc.

34,335

10,395,951

Universal

Health

Services,

Inc.,

Class

B

2,887

317,281

26,841,022

Health

Care

Technology

0.1%

Cerner

Corp.

11,033

766,242

Hotels,

Restaurants

&

Leisure

1.3%

Carnival

Corp.(a)

17,051

236,668

Chipotle

Mexican

Grill,

Inc.*

922

1,065,057

Darden

Restaurants,

Inc.

4,743

359,994

Domino's

Pizza,

Inc.

1,411

545,507

Hilton

Worldwide

Holdings,

Inc.

10,132

760,407

Las

Vegas

Sands

Corp.

12,352

539,041

Marriott

International,

Inc.,

Class

A

9,709

813,857

McDonald's

Corp.

26,904

5,226,909

MGM

Resorts

International

17,900

288,011

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

9,368

127,779

Royal

Caribbean

Cruises

Ltd.

6,094

296,839

Starbucks

Corp.

42,253

3,233,622

Wynn

Resorts

Ltd.

3,497

253,288

Yum!

Brands,

Inc.

10,869

989,622

14,736,601

Household

Durables

0.3%

DR

Horton,

Inc.

11,907

787,767

Garmin

Ltd.

5,156

508,330

Leggett

&

Platt,

Inc.

4,625

185,416

Lennar

Corp.,

Class

A

9,955

720,244

Mohawk

Industries,

Inc.*

2,123

169,522

Newell

Brands,

Inc.

13,517

221,679

NVR,

Inc.*

126

495,199

PulteGroup,

Inc.

9,066

395,278

Whirlpool

Corp.

2,259

368,488

3,851,923

Household

Products

1.6%

Church

&

Dwight

Co.,

Inc.

9,009

867,837

Clorox

Co.

(The)

4,527

1,070,681

Colgate-Palmolive

Co.

30,948

2,389,185

Kimberly-Clark

Corp.

12,368

1,880,431

Procter

&

Gamble

Co.

(The)

89,575

11,745,074

17,953,208

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

24,687

375,983

Industrial

Conglomerates

0.9%

3M

Co.

20,780

3,126,766

General

Electric

Co.

316,015

1,918,211

Honeywell

International,

Inc.

25,402

3,794,297

Roper

Technologies,

Inc.

3,753

1,622,985

10,462,259

Insurance

1.6%

Aflac,

Inc.

25,973

923,860

Allstate

Corp.

(The)

11,389

1,075,008

American

International

Group,

Inc.

31,178

1,002,061

Common

Stocks

Shares

Value

($)

Insurance

Aon

plc,

Class

A

8,449

1,733,904

Arthur

J

Gallagher

&

Co.

6,830

734,157

Assurant,

Inc.

2,177

233,962

Chubb

Ltd.

16,282

2,071,722

Cincinnati

Financial

Corp.

5,387

419,809

Everest

Re

Group

Ltd.

1,448

316,808

Globe

Life,

Inc.

3,530

280,988

Hartford

Financial

Services

Group,

Inc.

(The)

13,189

558,158

Lincoln

National

Corp.

7,041

262,418

Loews

Corp.

8,794

320,189

Marsh

&

McLennan

Cos.,

Inc.

18,425

2,148,355

MetLife,

Inc.

27,947

1,057,794

Principal

Financial

Group,

Inc.

9,199

390,313

Progressive

Corp.

(The)

21,087

1,905,000

Prudential

Financial,

Inc.

14,305

906,508

Travelers

Cos.,

Inc.

(The)

9,153

1,047,286

Unum

Group

7,439

128,174

W

R

Berkley

Corp.

5,133

316,963

Willis

Towers

Watson

plc

4,634

973,186

18,806,623

Interactive

Media

&

Services

4.8%

Alphabet,

Inc.,

Class

A*

10,859

16,157,649

Alphabet,

Inc.,

Class

C*

10,592

15,707,512

Facebook,

Inc.,

Class

A*

87,014

22,072,842

Twitter,

Inc.*

28,337

1,031,467

54,969,470

Internet

&

Direct

Marketing

Retail

4.6%

Amazon.com,

Inc.*

15,157

47,967,055

Booking

Holdings,

Inc.*

1,482

2,463,277

eBay,

Inc.

24,289

1,342,696

Expedia

Group,

Inc.

4,947

400,756

52,173,784

IT

Services

4.8%

Accenture

plc,

Class

A

23,007

5,171,513

Akamai

Technologies,

Inc.*

5,854

658,224

Automatic

Data

Processing,

Inc.

15,541

2,065,554

Broadridge

Financial

Solutions,

Inc.

4,140

556,168

Cognizant

Technology

Solutions

Corp.,

Class

A

19,619

1,340,370

DXC

Technology

Co.

9,387

168,121

Fidelity

National

Information

Services,

Inc.

22,313

3,264,615

Fiserv,

Inc.*

20,360

2,031,724

FleetCor

Technologies,

Inc.*

3,040

786,053

Gartner,

Inc.*

3,216

400,842

Global

Payments,

Inc.

10,839

1,929,559

International

Business

Machines

Corp.

32,069

3,942,563

Jack

Henry

&

Associates,

Inc.

2,720

484,976

Leidos

Holdings,

Inc.

4,798

456,578

Mastercard

,

Inc.,

Class

A

31,999

9,872,651

Paychex,

Inc.

11,519

828,447

PayPal

Holdings,

Inc.*

42,430

8,319,250

VeriSign,

Inc.*

3,694

781,946

Visa,

Inc.,

Class

A

61,052

11,624,301

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dynamic

U.S.

Growth

Fund)

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

IT

Services

Western

Union

Co.

(The)

15,063

365,730

55,049,185

Leisure

Products

0.0%

†

Hasbro,

Inc.

4,734

344,446

Life

Sciences

Tools

&

Services

1.1%

Agilent

Technologies,

Inc.

11,178

1,076,777

Bio-Rad

Laboratories,

Inc.,

Class

A*

792

415,713

Illumina,

Inc.*

5,302

2,026,212

IQVIA

Holdings,

Inc.*

6,436

1,019,398

Mettler

-Toledo

International,

Inc.*

870

813,450

PerkinElmer,

Inc.

3,951

469,813

Thermo

Fisher

Scientific,

Inc.

14,296

5,917,829

Waters

Corp.*(a)

2,252

480,014

12,219,206

Machinery

1.3%

Caterpillar,

Inc.

19,598

2,604,182

Cummins,

Inc.

5,358

1,035,487

Deere

&

Co.

11,357

2,002,353

Dover

Corp.

5,159

531,016

Flowserve

Corp.

4,612

128,536

Fortive

Corp.

10,693

750,542

IDEX

Corp.

2,679

441,553

Illinois

Tool

Works,

Inc.

10,411

1,925,931

Ingersoll

Rand,

Inc.*

12,604

398,160

Otis

Worldwide

Corp.

14,563

913,683

PACCAR,

Inc.

12,474

1,061,288

Parker-Hannifin

Corp.

4,633

828,936

Pentair

plc

5,910

253,244

Snap-on,

Inc.(a)

1,939

282,842

Stanley

Black

&

Decker,

Inc.

5,553

851,386

Westinghouse

Air

Brake

Technologies

Corp.

6,433

400,068

Xylem,

Inc.

6,426

468,969

14,878,176

Media

1.1%

Charter

Communications,

Inc.,

Class

A*

5,468

3,171,440

Comcast

Corp.,

Class

A

164,534

7,042,055

Discovery,

Inc.,

Class

A*

5,558

117,274

Discovery,

Inc.,

Class

C*

11,514

218,190

DISH

Network

Corp.,

Class

A*

9,260

297,339

Fox

Corp.,

Class

A

12,467

321,274

Fox

Corp.,

Class

B

5,740

147,920

Interpublic

Group

of

Cos.,

Inc.

(The)

13,623

245,895

News

Corp.,

Class

A

13,567

172,572

News

Corp.,

Class

B(a)

4,198

53,567

Omnicom

Group,

Inc.

7,650

411,034

ViacomCBS

,

Inc.

19,498

508,313

12,706,873

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

52,349

676,349

Newmont

Corp.

29,066

2,011,367

Nucor

Corp.

10,752

451,047

3,138,763

Common

Stocks

Shares

Value

($)

Multiline

Retail

0.4%

Dollar

General

Corp.

9,108

1,734,163

Dollar

Tree,

Inc.*

8,553

798,423

Kohl's

Corp.

5,598

106,586

Target

Corp.

18,090

2,277,169

4,916,341

Multi-Utilities

0.8%

Ameren

Corp.

8,881

712,611

CenterPoint

Energy,

Inc.

19,507

370,828

CMS

Energy

Corp.

10,321

662,402

Consolidated

Edison,

Inc.

11,988

921,038

Dominion

Energy,

Inc.

30,280

2,453,588

DTE

Energy

Co.

6,907

798,656

NiSource,

Inc.

13,770

336,677

Public

Service

Enterprise

Group,

Inc.

18,237

1,020,178

Sempra

Energy

10,535

1,311,186

WEC

Energy

Group,

Inc.

11,376

1,083,678

9,670,842

Oil,

Gas

&

Consumable

Fuels

2.0%

Apache

Corp.

13,199

202,605

Cabot

Oil

&

Gas

Corp.

14,837

277,452

Chevron

Corp.

67,550

5,670,147

Concho

Resources,

Inc.

7,134

374,820

ConocoPhillips

38,849

1,452,564

Devon

Energy

Corp.

14,245

149,430

Diamondback

Energy,

Inc.

5,792

230,869

EOG

Resources,

Inc.

20,980

982,913

Exxon

Mobil

Corp.

152,785

6,429,193

Hess

Corp.

9,406

462,869

HollyFrontier

Corp.

5,332

146,630

Kinder

Morgan,

Inc.

70,256

990,610

Marathon

Oil

Corp.

28,432

156,092

Marathon

Petroleum

Corp.

23,462

896,248

Noble

Energy,

Inc.

16,945

169,281

Occidental

Petroleum

Corp.

32,507

511,660

ONEOK,

Inc.

16,256

453,705

Phillips

66

15,811

980,598

Pioneer

Natural

Resources

Co.

5,950

576,674

Valero

Energy

Corp.

14,812

832,879

Williams

Cos.,

Inc.

(The)

43,709

836,153

22,783,392

Personal

Products

0.1%

Coty,

Inc.,

Class

A

10,521

39,033

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

8,117

1,603,432

1,642,465

Pharmaceuticals

3.6%

Bristol-Myers

Squibb

Co.

82,058

4,813,522

Eli

Lilly

&

Co.

30,412

4,570,619

Johnson

&

Johnson

95,360

13,899,674

Merck

&

Co.,

Inc.

91,381

7,332,411

Mylan

NV*

18,145

292,316

Perrigo

Co.

plc

4,785

253,701

Pfizer,

Inc.

201,187

7,741,676

Zoetis,

Inc.

17,246

2,615,873

41,519,792

34

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dy-

namic

U.S.

Growth

Fund)

Common

Stocks

Shares

Value

($)

Professional

Services

0.3%

Equifax,

Inc.

4,379

711,850

IHS

Markit

Ltd.

14,461

1,167,436

Nielsen

Holdings

plc

12,485

180,159

Robert

Half

International,

Inc.

4,172

212,230

Verisk

Analytics,

Inc.

5,879

1,109,426

3,381,101

Real

Estate

Management

&

Development

0.0%

†

CBRE

Group,

Inc.,

Class

A*

11,928

522,566

Road

&

Rail

0.8%

CSX

Corp.

27,705

1,976,475

JB

Hunt

Transport

Services,

Inc.

3,003

388,588

Kansas

City

Southern

3,449

592,711

Norfolk

Southern

Corp.

9,274

1,782,555

Old

Dominion

Freight

Line,

Inc.(a)

3,424

625,976

Union

Pacific

Corp.

24,571

4,259,383

9,625,688

Semiconductors

&

Semiconductor

Equipment

4.0%

Advanced

Micro

Devices,

Inc.*

42,312

3,276,218

Analog

Devices,

Inc.

13,287

1,526,012

Applied

Materials,

Inc.

33,201

2,135,820

Broadcom,

Inc.

14,434

4,571,970

Intel

Corp.

153,429

7,323,166

KLA

Corp.

5,626

1,124,244

Lam

Research

Corp.

5,232

1,973,301

Maxim

Integrated

Products,

Inc.

9,623

655,230

Microchip

Technology,

Inc.

8,847

900,005

Micron

Technology,

Inc.*

40,186

2,011,510

NVIDIA

Corp.

22,273

9,456,893

Qorvo

,

Inc.*

4,174

534,898

QUALCOMM,

Inc.

40,703

4,298,644

Skyworks

Solutions,

Inc.

6,061

882,361

Texas

Instruments,

Inc.

33,217

4,236,828

Xilinx,

Inc.

8,820

946,827

45,853,927

Software

7.7%

Adobe,

Inc.*

17,418

7,739,166

ANSYS,

Inc.*

3,083

957,580

Autodesk,

Inc.*

7,937

1,876,545

Cadence

Design

Systems,

Inc.*

10,128

1,106,484

Citrix

Systems,

Inc.

4,216

601,876

Fortinet,

Inc.*

4,869

673,383

Intuit,

Inc.

9,420

2,886,005

Microsoft

Corp.

274,343

56,243,058

NortonLifeLock

,

Inc.

19,653

421,557

Oracle

Corp.

75,498

4,186,364

Paycom

Software,

Inc.*

1,748

497,079

salesforce.com,

Inc.*

32,640

6,359,904

ServiceNow

,

Inc.*

6,882

3,022,574

Synopsys,

Inc.*

5,425

1,080,769

Tyler

Technologies,

Inc.*

1,464

523,014

88,175,358

Specialty

Retail

2.1%

Advance

Auto

Parts,

Inc.

2,512

377,152

AutoZone,

Inc.*

846

1,021,477

Common

Stocks

Shares

Value

($)

Specialty

Retail

Best

Buy

Co.,

Inc.

8,226

819,227

CarMax,

Inc.*

5,860

568,244

Gap,

Inc.

(The)

7,636

102,093

Home

Depot,

Inc.

(The)

38,923

10,333,667

L

Brands,

Inc.

8,084

197,331

Lowe's

Cos.,

Inc.

27,322

4,068,519

O'Reilly

Automotive,

Inc.*

2,688

1,283,198

Ross

Stores,

Inc.

12,920

1,158,536

Tiffany

&

Co.

3,939

493,793

TJX

Cos.,

Inc.

(The)

43,338

2,253,143

Tractor

Supply

Co.

4,195

598,794

Ulta

Beauty,

Inc.*

2,042

394,086

23,669,260

Technology

Hardware,

Storage

&

Peripherals

5.7%

Apple,

Inc.

147,585

62,729,528

Hewlett

Packard

Enterprise

Co.

46,135

455,353

HP,

Inc.

51,879

912,033

NetApp,

Inc.

8,041

356,216

Seagate

Technology

plc

8,190

370,352

Western

Digital

Corp.

10,801

465,523

Xerox

Holdings

Corp.

6,733

112,104

65,401,109

Textiles,

Apparel

&

Luxury

Goods

0.5%

Hanesbrands,

Inc.

12,716

179,677

NIKE,

Inc.,

Class

B

44,852

4,378,004

PVH

Corp.(a)

2,631

128,024

Ralph

Lauren

Corp.

1,814

129,338

Tapestry,

Inc.

10,091

134,816

Under

Armour

,

Inc.,

Class

A*

6,617

69,611

Under

Armour

,

Inc.,

Class

C*

6,836

64,873

VF

Corp.

11,557

697,581

5,781,924

Tobacco

0.6%

Altria

Group,

Inc.

67,166

2,763,881

Philip

Morris

International,

Inc.

56,274

4,322,406

7,086,287

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

20,674

972,505

United

Rentals,

Inc.*

2,619

406,914

WW

Grainger,

Inc.

1,582

540,300

1,919,719

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

6,526

961,084

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

20,704

2,223,195

Total

Common

Stocks

(cost

$787,122,033)

978,388,586

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dynamic

U.S.

Growth

Fund)

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Purchased

Options

1.2%

Number

of

Contracts

Value

($)

Call

Options

1.2%

Future

Equity

Index

Options:

0.5%

S&P

500

E-Mini

Index

9/18/2020

at

USD

3,150.00,

American

Style

Notional

Amount:

USD

76,380,652

Exchange

Traded

*

467

4,146,960

S&P

500

E-Mini

Index

9/18/2020

at

USD

3,300.00,

American

Style

Notional

Amount:

USD

38,272,104

Exchange

Traded

*

234

890,370

Future

Interest

Rate

Options:

0.7%

U.S.

Treasury

30

Year

Bond

8/21/2020

at

USD

174.00,

American

Style

Notional

Amount:

USD

53,700,000

Exchange

Traded

*

537

4,488,984

U.S.

Treasury

30

Year

Bond

8/21/2020

at

USD

168.00,

American

Style

Notional

Amount:

USD

26,900,000

Exchange

Traded

*

269

3,854,266

Total

Purchased

Options

(cost

$10,060,652)

13,380,580

Short-Term

Investments

8.2%

Shares

Money

Market

Fund

0.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(b)(c)

968,451

968,451

U.S.

Treasury

Obligation

8.1%

U.S.

Treasury

Bills,

0.15%,

9/17/2020

93,155,000

93,144,665

Total

Short-Term

Investment

(cost

$94,104,904)

94,113,116

Warrants

0.0%

†

Number

of

Warrants

Value

($)

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Occidental

Petroleum

Corp.,

expiring

8/3/2027*

4,063

22,753

Total

Warrants

(cost

$–)

22,753

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$108,814,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$111,667.(c)

108,814

108,814

Total

Repurchase

Agreement

(cost

$108,814)

108,814

Total

Investments

(cost

$891,396,403)

—

95.2%

1,086,013,849

Other

assets

in

excess

of

liabilities

—

4.8%

54,927,709

NET

ASSETS

—

100.0%

$

1,140,941,558

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$2,144,946,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$968,451

and

$108,814,

respectively,

and

by

$1,139,631

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$2,216,896.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$1,077,265.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

36

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dy-

namic

U.S.

Growth

Fund)

Futures

contracts

outstanding

as

of

July

31,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

261

9/2020

USD

42,588,675

2,526,475

U.S.

Treasury

Long

Bond

165

9/2020

USD

30,076,406

510,049

3,036,524

At

July

31,

2020,

the

Fund

had

$4,704,646

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dynamic

U.S.

Growth

Fund)

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

37

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

38

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dy-

namic

U.S.

Growth

Fund)

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020.

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

purchased

and/or

wrote

options

on

futures

contracts

and/or

indexes.

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,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

978,388,586

$

–

$

–

$

978,388,586

Futures

Contracts

3,036,524

–

–

3,036,524

Purchased

Options

13,380,580

–

–

13,380,580

Repurchase

Agreement

–

108,814

–

108,814

Short-Term

Investments  

968,451

93,144,665

–

94,113,116

Warrants

22,753

–

–

22,753

Total

$

995,796,894

$

93,253,479

$

–

$

1,089,050,373

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

Nationwide

Dynamic

U.S.

Growth

Fund)

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

39

Fund's

Prospectus.

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2020:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

5,037,330

Interest

rate

risk

Investment

securities,

at

value

8,343,250

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

2,526,475

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

510,049

Total

$

16,417,104

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.

40

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

Common

Stocks

97.7%

Shares

Value

($)

Biotechnology

2.5%

Cyclerion

Therapeutics,

Inc.*

31,551

120,525

Ironwood

Pharmaceuticals,

Inc.*

600,760

5,508,969

Vericel

Corp.*

88,327

1,456,512

7,086,006

Chemicals

1.0%

Balchem

Corp.

29,256

2,933,207

Communications

Equipment

0.5%

NetScout

Systems,

Inc.*

51,418

1,309,102

Electronic

Equipment,

Instruments

&

Components

4.6%

Cognex

Corp.

194,339

12,995,449

Energy

Equipment

&

Services

0.7%

DMC

Global,

Inc.(a)

70,204

2,062,594

Health

Care

Equipment

&

Supplies

26.0%

ABIOMED,

Inc.*

44,415

13,321,835

Cantel

Medical

Corp.

29,029

1,371,620

Cardiovascular

Systems,

Inc.*

209,381

6,381,933

Glaukos

Corp.*(a)

211,063

9,223,453

Inogen

,

Inc.*

134,990

4,144,193

iRhythm

Technologies,

Inc.*

87,213

10,856,274

Neogen

Corp.*

133,895

10,279,119

OrthoPediatrics

Corp.*

33,200

1,400,708

Quidel

Corp.*

49,078

13,863,063

Tandem

Diabetes

Care,

Inc.*(a)

30,361

3,171,510

74,013,708

Health

Care

Technology

7.4%

NextGen

Healthcare,

Inc.*

193,117

2,823,370

Veeva

Systems,

Inc.,

Class

A*

45,190

11,955,918

Vocera

Communications,

Inc.*

207,132

6,373,452

21,152,740

IT

Services

0.2%

NIC,

Inc.

27,863

610,757

Life

Sciences

Tools

&

Services

2.0%

Bio-

Techne

Corp.

20,347

5,598,680

Machinery

4.6%

Helios

Technologies,

Inc.

78,765

2,979,680

Proto

Labs,

Inc.*

85,256

10,240,951

13,220,631

Software

48.2%

ACI

Worldwide,

Inc.*

20,439

547,561

Alarm.com

Holdings,

Inc.*

145,779

10,210,361

Alteryx,

Inc.,

Class

A*(a)

75,029

13,166,839

American

Software,

Inc.,

Class

A

46,415

764,455

Anaplan,

Inc.*

180,291

8,187,014

ANSYS,

Inc.*

34,982

10,865,409

Appfolio

,

Inc.,

Class

A*

66,023

9,191,722

Blackbaud

,

Inc.

54,571

3,412,871

Datadog

,

Inc.,

Class

A*

86,364

8,106,125

Guidewire

Software,

Inc.*

73,755

8,678,013

Manhattan

Associates,

Inc.*

136,635

13,088,267

Paycom

Software,

Inc.*

39,315

11,180,007

PROS

Holdings,

Inc.*

205,156

6,694,240

Q2

Holdings,

Inc.*

131,285

12,347,354

Smartsheet

,

Inc.,

Class

A*(a)

198,640

9,483,074

Common

Stocks

Shares

Value

($)

Software

Tyler

Technologies,

Inc.*

31,996

11,430,571

137,353,883

Total

Common

Stocks

(cost

$165,945,659)

278,336,757

Short-Term

Investment

0.2%

Money

Market

Fund

0.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%

(b)(c)

628,574

628,574

Total

Short-Term

Investment

(cost

$628,574)

628,574

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$70,626,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$72,477.(c)

70,626

70,626

Total

Repurchase

Agreement

(cost

$70,626)

70,626

Total

Investments

(cost

$166,644,859)

—

97.9%

279,035,957

Other

assets

in

excess

of

liabilities

—

2.1%

5,946,100

NET

ASSETS

—

100.0%

$

284,982,057

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$2,222,287,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$628,574

and

$70,626,

respectively,

and

by

$1,592,597

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$2,291,797.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$699,200.

Nationwide

Small

Company

Growth

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

41

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

42

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

278,336,757

$

–

$

–

$

278,336,757

Repurchase

Agreement

–

70,626

–

70,626

Short-Term

Investment

628,574

–

–

628,574

Total

$

278,965,331

$

70,626

$

–

$

279,035,957

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

U.S.

Small

Cap

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

99.4%

Shares

Value

($)

Aerospace

&

Defense

0.6%

AAR

Corp.

3,009

51,815

AeroVironment

,

Inc.*

253

19,367

Astronics

Corp.*

1,509

13,128

Astronics

Corp.,

Class

B*

176

1,461

CPI

Aerostructures

,

Inc.*

1,172

3,832

Cubic

Corp.

1,258

52,836

Ducommun,

Inc.*

1,570

56,442

Kaman

Corp.

1,293

51,061

Moog,

Inc.,

Class

A

1,058

56,836

National

Presto

Industries,

Inc.

465

39,706

Park

Aerospace

Corp.

1,447

15,599

SIFCO

Industries,

Inc.*

425

1,619

Textron,

Inc.

818

28,581

Vectrus

,

Inc.*

1,209

53,184

445,467

Air

Freight

&

Logistics

0.9%

Air

Transport

Services

Group,

Inc.*

900

21,933

Atlas

Air

Worldwide

Holdings,

Inc.*

3,099

161,396

Echo

Global

Logistics,

Inc.*

2,911

72,964

Forward

Air

Corp.

730

37,953

Hub

Group,

Inc.,

Class

A*

1,565

82,788

Radiant

Logistics,

Inc.*

3,110

13,218

XPO

Logistics,

Inc.*

3,407

255,593

645,845

Airlines

0.9%

Alaska

Air

Group,

Inc.

5,739

197,651

Allegiant

Travel

Co.

314

35,177

Copa

Holdings

SA,

Class

A

934

38,705

Hawaiian

Holdings,

Inc.(a)

3,303

39,273

JetBlue

Airways

Corp.*

18,819

194,589

Mesa

Air

Group,

Inc.*

2,300

7,130

SkyWest,

Inc.

2,727

71,747

Spirit

Airlines,

Inc.*(a)

5,153

81,469

665,741

Auto

Components

2.6%

Adient

plc*

4,572

76,078

American

Axle

&

Manufacturing

Holdings,

Inc.*

9,149

64,592

Autoliv

,

Inc.

1,623

105,544

BorgWarner,

Inc.

18,510

677,466

Cooper

Tire

&

Rubber

Co.

2,393

74,327

Cooper-Standard

Holdings,

Inc.*

1,546

16,558

Dana,

Inc.

11,715

133,902

Gentherm

,

Inc.*

1,311

50,827

Goodyear

Tire

&

Rubber

Co.

(The)

17,054

153,656

LCI

Industries

347

43,653

Lear

Corp.

2,167

239,193

Modine

Manufacturing

Co.*

6,171

33,570

Motorcar

Parts

of

America,

Inc.*(a)

2,809

46,756

Standard

Motor

Products,

Inc.

1,476

67,128

Stoneridge,

Inc.*

1,794

37,172

Strattec

Security

Corp.

442

9,552

Common

Stocks

Shares

Value

($)

Auto

Components

Tenneco,

Inc.,

Class

A*

200

1,482

1,831,456

Automobiles

0.2%

Harley-Davidson,

Inc.

4,674

121,664

Winnebago

Industries,

Inc.

902

54,490

176,154

Banks

14.9%

1st

Source

Corp.

1,726

57,165

Allegiance

Bancshares,

Inc.

1,532

37,365

Altabancorp

949

17,794

American

National

Bankshares

,

Inc.

1,014

22,267

Ameris

Bancorp

5,034

116,160

AmeriServ

Financial,

Inc.

1,800

5,166

Associated

Banc-Corp.

14,807

190,122

Atlantic

Capital

Bancshares,

Inc.*

1,998

19,980

Atlantic

Union

Bankshares

Corp.(a)

3,737

84,344

Banc

of

California,

Inc.

5,698

61,083

Bancorp,

Inc.

(The)*

6,834

64,445

BancorpSouth

Bank

2,369

49,583

Bank

of

Commerce

Holdings

1,636

12,352

Bank

of

Marin

Bancorp

1,081

33,954

Bank

OZK

8,887

213,732

BankFinancial

Corp.

2,748

20,033

BankUnited

,

Inc.

7,101

143,014

Banner

Corp.

3,517

124,607

Bar

Harbor

Bankshares

(a)

1,353

26,898

Baycom

Corp.*

825

8,481

BCB

Bancorp,

Inc.

754

6,070

Berkshire

Hills

Bancorp,

Inc.

5,726

57,031

BOK

Financial

Corp.

1,903

105,997

Boston

Private

Financial

Holdings,

Inc.

7,771

45,732

Bridge

Bancorp,

Inc.

1,513

27,370

Brookline

Bancorp,

Inc.

4,203

40,328

Bryn

Mawr

Bank

Corp.

1,690

44,008

Byline

Bancorp,

Inc.(a)

1,452

18,818

C&F

Financial

Corp.

391

11,476

Cadence

Bancorp

6,095

47,602

Camden

National

Corp.

1,576

49,943

Capital

City

Bank

Group,

Inc.

2,442

45,983

Capstar

Financial

Holdings,

Inc.

1,268

12,870

Cathay

General

Bancorp

857

20,722

Central

Pacific

Financial

Corp.

1,061

16,509

Central

Valley

Community

Bancorp

600

7,884

Century

Bancorp,

Inc.,

Class

A

429

29,876

CIT

Group,

Inc.

8,275

156,977

Citizens

&

Northern

Corp.

1,281

22,674

Civista

Bancshares,

Inc.

1,335

17,529

CNB

Financial

Corp.

1,186

19,367

Columbia

Banking

System,

Inc.

4,820

139,443

Comerica,

Inc.

5,855

225,535

Community

Bankers

Trust

Corp.

300

1,548

44

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

U.S.

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Banks

Community

Trust

Bancorp,

Inc.

1,466

44,874

ConnectOne

Bancorp,

Inc.

4,207

58,015

Customers

Bancorp,

Inc.*

4,849

57,461

Dime

Community

Bancshares,

Inc.

2,552

29,973

Eagle

Bancorp,

Inc.

2,631

79,140

Enterprise

Bancorp,

Inc.

843

18,125

Enterprise

Financial

Services

Corp.

1,141

33,157

Equity

Bancshares,

Inc.,

Class

A*

1,841

26,032

Farmers

National

Banc

Corp.

2,578

27,868

FB

Financial

Corp.

530

13,467

Financial

Institutions,

Inc.

2,157

31,859

First

Bancorp,

Inc.

(The)

1,541

31,036

First

Bancorp/NC

1,589

32,829

First

Bancorp/PR

13,455

73,195

First

Bancshares,

Inc.

(The)(a)

2,315

46,092

First

Bank

980

6,399

First

Busey

Corp.(a)

3,934

67,271

First

Business

Financial

Services,

Inc.

1,233

18,335

First

Commonwealth

Financial

Corp.

5,097

40,113

First

Community

Bankshares

,

Inc.

1,996

39,042

First

Financial

Bancorp

5,312

73,916

First

Financial

Corp.

1,346

44,997

First

Financial

Northwest,

Inc.

1,754

15,961

First

Foundation,

Inc.

4,149

63,770

First

Horizon

National

Corp.

34,637

321,085

First

Internet

Bancorp

1,300

19,045

First

Interstate

BancSystem

,

Inc.,

Class

A

1,398

40,696

First

Merchants

Corp.

2,284

55,798

First

Mid

Bancshares,

Inc.

1,748

42,669

First

Midwest

Bancorp,

Inc.

5,335

64,740

First

Northwest

Bancorp

900

9,225

First

of

Long

Island

Corp.

(The)(a)

1,976

29,462

Flushing

Financial

Corp.

3,037

33,650

FNB

Corp.

22,726

168,400

Franklin

Financial

Network,

Inc.(a)

1,643

43,375

Fulton

Financial

Corp.

7,599

73,710

German

American

Bancorp,

Inc.(a)

1,805

51,334

Great

Southern

Bancorp,

Inc.

1,663

59,984

Great

Western

Bancorp,

Inc.

4,505

58,565

Hancock

Whitney

Corp.

4,848

92,403

Hanmi

Financial

Corp.

3,592

33,154

HarborOne

Bancorp,

Inc.(a)

4,218

36,528

Heartland

Financial

USA,

Inc.

2,755

86,066

Heritage

Commerce

Corp.

5,520

37,426

Heritage

Financial

Corp.

3,400

64,311

Hilltop

Holdings,

Inc.

13,855

269,757

Home

BancShares

,

Inc.

2,610

42,621

HomeTrust

Bancshares,

Inc.

1,832

26,417

Hope

Bancorp,

Inc.

9,959

83,954

Horizon

Bancorp,

Inc.

5,529

55,898

Common

Stocks

Shares

Value

($)

Banks

Independent

Bank

Corp.

2,402

70,702

Independent

Bank

Group,

Inc.

(a)

2,675

117,513

International

Bancshares

Corp.

3,387

103,033

Investors

Bancorp,

Inc.

20,118

163,358

Lakeland

Bancorp,

Inc.

4,948

50,371

LCNB

Corp.

700

8,764

Live

Oak

Bancshares,

Inc.(a)

4,218

71,748

Macatawa

Bank

Corp.

3,062

22,046

Malvern

Bancorp,

Inc.*

490

5,919

Mercantile

Bank

Corp.

1,474

31,381

Metropolitan

Bank

Holding

Corp.*

251

7,425

Midland

States

Bancorp,

Inc.

3,756

52,922

MidWestOne

Financial

Group,

Inc.

2,203

39,830

MVB

Financial

Corp.

189

2,499

National

Bank

Holdings

Corp.,

Class

A

1,732

48,115

NBT

Bancorp,

Inc.

1,917

57,107

Nicolet

Bankshares

,

Inc.*(a)

349

19,551

Northeast

Bank

528

10,053

Northrim

Bancorp,

Inc.

746

17,173

OceanFirst

Financial

Corp.

3,791

58,078

OFG

Bancorp

4,119

53,877

Ohio

Valley

Banc

Corp.

475

9,358

Old

National

Bancorp(a)

9,116

127,533

Old

Second

Bancorp,

Inc.(a)

1,364

11,348

Pacific

Premier

Bancorp,

Inc.

7,385

155,159

PacWest

Bancorp

9,669

176,701

Park

National

Corp.(a)

305

26,157

Peapack

-Gladstone

Financial

Corp.

1,953

31,795

Penns

Woods

Bancorp,

Inc.

514

10,383

Peoples

Bancorp

of

North

Carolina,

Inc.

709

11,734

Peoples

Bancorp,

Inc.

2,467

49,513

People's

United

Financial,

Inc.

18,219

196,583

Pinnacle

Financial

Partners,

Inc.

5,104

202,220

Popular,

Inc.

4,622

171,522

Preferred

Bank

199

7,413

Premier

Financial

Bancorp,

Inc.

1,453

15,402

QCR

Holdings,

Inc.

1,103

32,958

RBB

Bancorp

2,073

26,534

Renasant

Corp.

7,555

175,503

Republic

Bancorp,

Inc.,

Class

A

1,400

42,308

Republic

First

Bancorp,

Inc.*

2,486

5,792

S&T

Bancorp,

Inc.

2,595

55,793

Sandy

Spring

Bancorp,

Inc.

2,620

60,574

Seacoast

Banking

Corp.

of

Florida*

1,504

28,396

Shore

Bancshares,

Inc.

1,088

10,086

Sierra

Bancorp

1,940

34,105

Simmons

First

National

Corp.,

Class

A

7,740

128,407

SmartFinancial

,

Inc.

1,179

16,813

South

State

Corp.

3,203

152,655

Nationwide

U.S.

Small

Cap

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Banks

Southern

First

Bancshares,

Inc.*

254

6,198

Southern

National

Bancorp

of

Virginia,

Inc.

3,175

26,734

Southside

Bancshares,

Inc.

1,378

38,171

Spirit

of

Texas

Bancshares,

Inc.*

745

8,679

Sterling

Bancorp

9,300

104,625

Synovus

Financial

Corp.

3,199

64,460

TCF

Financial

Corp.

5,435

149,408

Texas

Capital

Bancshares,

Inc.*

3,052

101,387

Towne

Bank

4,760

83,966

TriCo

Bancshares

2,016

56,448

TriState

Capital

Holdings,

Inc.*

2,801

37,113

Triumph

Bancorp,

Inc.*

1,442

37,780

Trustmark

Corp.

6,033

135,863

UMB

Financial

Corp.

316

15,737

Umpqua

Holdings

Corp.

10,533

114,283

United

Bankshares

,

Inc.

13,745

361,768

United

Community

Banks,

Inc.

3,026

54,256

United

Security

Bancshares

303

1,897

Univest

Financial

Corp.

3,230

49,387

Valley

National

Bancorp

26,562

198,418

Veritex

Holdings,

Inc.

867

14,496

Washington

Trust

Bancorp,

Inc.

971

32,373

Webster

Financial

Corp.

697

19,007

WesBanco

,

Inc.

5,388

106,844

Wintrust

Financial

Corp.

2,927

125,276

Zions

Bancorp

NA

10,675

346,617

10,628,438

Beverages

0.1%

Craft

Brew

Alliance,

Inc.*(a)

3,854

57,078

Biotechnology

0.4%

Akebia

Therapeutics,

Inc.*

1,292

14,432

Anika

Therapeutics,

Inc.*

2,019

73,492

Chimerix

,

Inc.*

3,912

12,166

Enanta

Pharmaceuticals,

Inc.*

180

8,253

GlycoMimetics

,

Inc.*

2,196

8,652

Jounce

Therapeutics,

Inc.*

2,373

10,868

Myriad

Genetics,

Inc.*

6,047

72,987

PDL

BioPharma

,

Inc.*(a)

16,214

51,561

Vanda

Pharmaceuticals,

Inc.*

3,613

36,419

288,830

Building

Products

1.7%

American

Woodmark

Corp.*

1,343

108,273

Apogee

Enterprises,

Inc.

3,822

82,517

Armstrong

Flooring,

Inc.*

2,969

8,818

Builders

FirstSource

,

Inc.*

2,774

65,716

Gibraltar

Industries,

Inc.*

1,861

96,251

Griffon

Corp.

2,743

62,732

Insteel

Industries,

Inc.

1,585

29,544

JELD-WEN

Holding,

Inc.*

5,566

109,094

Masonite

International

Corp.*

813

68,576

Owens

Corning

3,144

190,118

Patrick

Industries,

Inc.

449

28,714

PGT

Innovations,

Inc.*

3,432

58,584

Common

Stocks

Shares

Value

($)

Building

Products

Quanex

Building

Products

Corp.

3,563

50,060

Resideo

Technologies,

Inc.*

6,721

89,255

UFP

Industries,

Inc.

3,045

177,280

1,225,532

Capital

Markets

1.8%

Blucora

,

Inc.*

8,815

103,929

Calamos

Asset

Management,

Inc.*^∞

4,093

0

Cowen,

Inc.,

Class

A

3,305

54,433

Donnelley

Financial

Solutions,

Inc.*

5,811

50,265

Invesco

Ltd.

27,407

275,166

Janus

Henderson

Group

plc

9,627

201,108

Legg

Mason,

Inc.

4,965

248,200

Oppenheimer

Holdings,

Inc.,

Class

A

1,662

35,218

Stifel

Financial

Corp.

2,877

139,477

StoneX

Group,

Inc.*(a)

1,162

60,982

Virtus

Investment

Partners,

Inc.

606

82,368

Waddell

&

Reed

Financial,

Inc.,

Class

A

1,919

27,998

1,279,144

Chemicals

3.1%

AdvanSix

,

Inc.*

4,545

56,585

AgroFresh

Solutions,

Inc.*

3,582

8,740

American

Vanguard

Corp.(a)

3,435

46,235

Ashland

Global

Holdings,

Inc.

510

38,495

Avient

Corp.

1,085

25,932

Cabot

Corp.

1,251

45,636

CF

Industries

Holdings,

Inc.

4,958

155,334

Core

Molding

Technologies,

Inc.*

1,940

8,924

Element

Solutions,

Inc.*

16,672

181,058

FutureFuel

Corp.

4,490

59,178

Hawkins,

Inc.

1,132

58,332

HB

Fuller

Co.

2,978

135,023

Huntsman

Corp.

14,404

266,474

Innospec

,

Inc.

1,558

117,115

Intrepid

Potash,

Inc.*

4,498

4,076

Kraton

Corp.*

2,199

28,917

Kronos

Worldwide,

Inc.

5,223

58,707

Livent

Corp.*

2,541

15,932

Minerals

Technologies,

Inc.

3,638

170,549

Olin

Corp.

10,710

120,380

PQ

Group

Holdings,

Inc.*

7,368

90,405

Sensient

Technologies

Corp.

511

26,679

Stepan

Co.

765

83,538

Trecora

Resources*

2,122

12,202

Tredegar

Corp.

2,024

32,141

Trinseo

SA

301

6,532

Tronox

Holdings

plc,

Class

A

9,307

70,919

Westlake

Chemical

Corp.

5,606

305,527

2,229,565

Commercial

Services

&

Supplies

2.1%

ABM

Industries,

Inc.

7,702

276,502

ACCO

Brands

Corp.

7,788

50,778

46

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

U.S.

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Acme

United

Corp.

200

4,334

ADT,

Inc.

17,398

149,797

Advanced

Disposal

Services,

Inc.*

3,239

97,688

AMREP

Corp.*

216

963

BrightView

Holdings,

Inc.*

6,585

79,810

CECO

Environmental

Corp.*

5,773

38,679

Civeo

Corp.*

25,762

21,382

Clean

Harbors,

Inc.*

1,754

104,538

Ennis,

Inc.

2,261

39,115

Heritage-Crystal

Clean,

Inc.*

1,827

25,450

Herman

Miller,

Inc.

2,270

53,186

HNI

Corp.

665

19,751

Interface,

Inc.

4,720

37,666

KAR

Auction

Services,

Inc.

3,302

49,959

Knoll,

Inc.

1,460

17,097

Matthews

International

Corp.,

Class

A

3,877

83,743

McGrath

RentCorp

1,204

69,856

NL

Industries,

Inc.

2,541

9,300

PICO

Holdings,

Inc.*(a)

3,792

30,791

Quad/Graphics,

Inc.

5,525

17,183

SP

Plus

Corp.*

1,711

27,188

Steelcase,

Inc.,

Class

A

4,831

51,837

Team,

Inc.*

3,343

13,205

UniFirst

Corp.

249

46,434

Viad

Corp.

1,842

26,635

Virco

Mfg.

Corp.*

1,500

3,330

VSE

Corp.

1,400

39,382

1,485,579

Communications

Equipment

0.9%

Aviat

Networks,

Inc.*

639

13,099

BK

Technologies

Corp.

2,881

9,018

CalAmp

Corp.*

800

6,304

Clearfield,

Inc.*

800

14,912

CommScope

Holding

Co.,

Inc.*

2,490

23,107

Communications

Systems,

Inc.

2,369

11,490

Comtech

Telecommunications

Corp.

3,156

51,821

Digi

International,

Inc.*

3,964

48,044

EchoStar

Corp.,

Class

A*(a)

2,605

71,116

EMCORE

Corp.*

3,875

13,562

Harmonic,

Inc.*

5,582

31,148

InterDigital

,

Inc.

1,678

100,714

KVH

Industries,

Inc.*

2,877

23,361

NETGEAR,

Inc.*

2,165

66,574

NetScout

Systems,

Inc.*

3,895

99,167

Network-1

Technologies,

Inc.

3,171

6,881

Optical

Cable

Corp.*

300

720

PCTEL,

Inc.*

1,200

7,860

Ribbon

Communications,

Inc.*

8,118

35,719

TESSCO

Technologies,

Inc.

1,310

8,070

642,687

Construction

&

Engineering

2.1%

Aegion

Corp.*

2,701

41,649

Ameresco

,

Inc.,

Class

A*(a)

2,048

56,689

Arcosa

,

Inc.

5,937

250,660

Argan

,

Inc.(a)

336

14,414

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Comfort

Systems

USA,

Inc.

2,170

107,871

Dycom

Industries,

Inc.*(a)

1,961

83,990

EMCOR

Group,

Inc.

605

41,442

Goldfield

Corp.

(The)*

6,069

23,608

Granite

Construction,

Inc.

3,799

64,431

Great

Lakes

Dredge

&

Dock

Corp.*

4,808

40,195

IES

Holdings,

Inc.*

673

16,038

MasTec

,

Inc.*

3,534

140,583

MYR

Group,

Inc.*

1,996

73,193

Northwest

Pipe

Co.*

1,450

36,033

Orion

Group

Holdings,

Inc.*

7,050

20,304

Primoris

Services

Corp.

3,357

53,813

Quanta

Services,

Inc.

5,723

228,748

Valmont

Industries,

Inc.

573

69,448

WillScot

Mobile

Mini

Holdings

Corp.*

8,458

127,377

1,490,486

Construction

Materials

0.3%

Summit

Materials,

Inc.,

Class

A*

8,357

123,015

United

States

Lime

&

Minerals,

Inc.

750

67,657

US

Concrete,

Inc.*

797

19,782

210,454

Consumer

Finance

1.7%

Ally

Financial,

Inc.

20,675

415,567

Asta

Funding,

Inc.*

267

3,463

Consumer

Portfolio

Services,

Inc.*

1,523

4,980

Elevate

Credit,

Inc.*

2,235

4,314

Encore

Capital

Group,

Inc.*

2,004

73,206

Enova

International,

Inc.*

100

1,609

EZCORP,

Inc.,

Class

A*

7,524

43,037

LendingClub

Corp.*

1,765

9,213

Navient

Corp.

11,910

94,804

Nelnet,

Inc.,

Class

A

2,604

151,032

OneMain

Holdings,

Inc.

5,641

161,897

PRA

Group,

Inc.*

1,451

57,402

Regional

Management

Corp.*

1,533

23,286

Santander

Consumer

USA

Holdings,

Inc.(a)

9,788

179,708

1,223,518

Containers

&

Packaging

0.9%

Graphic

Packaging

Holding

Co.

8,830

123,090

Greif,

Inc.,

Class

A

1,337

46,514

Greif,

Inc.,

Class

B

626

24,596

Sonoco

Products

Co.

1,589

82,215

UFP

Technologies,

Inc.*

723

31,190

Westrock

Co.

13,225

355,223

662,828

Distributors

0.2%

Core-Mark

Holding

Co.,

Inc.(a)

3,117

82,663

Weyco

Group,

Inc.

1,396

25,714

108,377

Nationwide

U.S.

Small

Cap

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

0.9%

Adtalem

Global

Education,

Inc.*

2,937

100,857

American

Public

Education,

Inc.*

1,395

40,608

Carriage

Services,

Inc.

2,154

47,625

Graham

Holdings

Co.,

Class

B

449

178,868

K12,

Inc.*

2,643

121,023

Laureate

Education,

Inc.,

Class

A*

3,922

49,731

Perdoceo

Education

Corp.*

2,770

39,888

Universal

Technical

Institute,

Inc.*

3,600

26,748

Zovio

,

Inc.*

1,950

7,683

613,031

Diversified

Financial

Services

0.6%

Cannae

Holdings,

Inc.*

1,016

38,283

Jefferies

Financial

Group,

Inc.

799

12,944

Marlin

Business

Services

Corp.

1,601

11,751

Voya

Financial,

Inc.

6,895

340,613

403,591

Diversified

Telecommunication

Services

0.5%

ATN

International,

Inc.

1,005

57,918

Cincinnati

Bell,

Inc.*

1,048

15,731

Consolidated

Communications

Holdings,

Inc.*

6,728

49,114

Iridium

Communications,

Inc.*

3,572

97,837

Liberty

Latin

America

Ltd.,

Class

A*(a)

4,524

46,507

Liberty

Latin

America

Ltd.,

Class

C*

10,022

102,525

ORBCOMM,

Inc.*

4,821

20,296

389,928

Electrical

Equipment

1.3%

AZZ,

Inc.

2,362

74,592

Broadwind

,

Inc.*

2,432

11,260

Encore

Wire

Corp.

980

49,186

EnerSys

941

63,292

LSI

Industries,

Inc.

4,939

28,943

nVent

Electric

plc

3,126

56,768

Powell

Industries,

Inc.

1,555

41,285

Preformed

Line

Products

Co.

824

40,590

Regal

Beloit

Corp.

1,977

181,825

Sensata

Technologies

Holding

plc*

8,177

310,562

Thermon

Group

Holdings,

Inc.*

3,576

48,455

Ultralife

Corp.*

3,374

23,955

930,713

Electronic

Equipment,

Instruments

&

Components

4.1%

Arlo

Technologies,

Inc.*

9,221

38,913

Arrow

Electronics,

Inc.*

7,164

513,086

Avnet,

Inc.

9,790

261,589

Bel

Fuse,

Inc.,

Class

B

2,229

27,194

Benchmark

Electronics,

Inc.

2,050

41,738

CTS

Corp.

2,480

49,253

Daktronics,

Inc.

6,564

27,372

ePlus

,

Inc.*

963

71,782

Fabrinet

*

1,468

106,621

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Flex

Ltd.*

20,903

240,175

Frequency

Electronics,

Inc.*

900

9,423

Insight

Enterprises,

Inc.*

1,464

72,966

Jabil,

Inc.

7,032

245,135

Key

Tronic

Corp.*

2,680

18,144

Kimball

Electronics,

Inc.*

3,362

44,647

Knowles

Corp.*

4,684

71,478

Methode

Electronics,

Inc.

2,170

61,194

MTS

Systems

Corp.

1,181

21,907

OSI

Systems,

Inc.*

682

48,395

PC

Connection,

Inc.

2,443

106,759

Plexus

Corp.*

1,415

105,120

RF

Industries

Ltd.

443

1,980

Richardson

Electronics

Ltd.

2,700

11,691

Rogers

Corp.*

582

69,368

Sanmina

Corp.*

3,671

108,955

ScanSource

,

Inc.*

1,974

45,303

SYNNEX

Corp.

2,673

333,430

TTM

Technologies,

Inc.*

4,689

57,722

Vishay

Intertechnology

,

Inc.

7,078

111,054

Vishay

Precision

Group,

Inc.*(a)

1,428

36,343

Wayside

Technology

Group,

Inc.

200

4,626

2,963,363

Energy

Equipment

&

Services

1.4%

Archrock

,

Inc.

15,431

102,771

Bristow

Group,

Inc.*

1,385

22,174

ChampionX

Corp.*

5,612

53,370

Dril

-Quip,

Inc.*

2,401

79,929

Exterran

Corp.*

3,920

19,482

Geospace

Technologies

Corp.*

1,817

13,718

Gulf

Island

Fabrication,

Inc.*

3,273

9,688

Helix

Energy

Solutions

Group,

Inc.*

14,933

62,569

Helmerich

&

Payne,

Inc.

5,619

100,187

Independence

Contract

Drilling,

Inc.*

435

1,457

Liberty

Oilfield

Services,

Inc.,

Class

A

2,400

13,560

Matrix

Service

Co.*

2,448

21,432

Nabors

Industries

Ltd.

567

24,047

Natural

Gas

Services

Group,

Inc.*

2,509

16,007

Newpark

Resources,

Inc.*

11,622

21,966

NexTier

Oilfield

Solutions,

Inc.*

15,641

39,415

Oceaneering

International,

Inc.*

7,289

40,964

Oil

States

International,

Inc.*

4,635

20,765

Patterson-UTI

Energy,

Inc.

15,129

58,625

ProPetro

Holding

Corp.*

6,740

36,194

RPC,

Inc.*

5,800

17,226

SEACOR

Holdings,

Inc.*

3,120

90,730

Select

Energy

Services,

Inc.,

Class

A*(a)

7,447

33,065

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

2,300

16,698

TechnipFMC

plc

8,281

66,497

Tidewater,

Inc.*

3,724

23,163

48

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

U.S.

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

US

Silica

Holdings,

Inc.(a)

6,029

21,282

1,026,981

Entertainment

0.4%

AMC

Entertainment

Holdings,

Inc.,

Class

A(a)

4,846

19,578

Ballantyne

Strong,

Inc.*

3,325

5,719

Cinemark

Holdings,

Inc.

532

6,294

Eros

International

plc*(a)

1,900

5,396

IMAX

Corp.*

3,077

34,739

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

578

10,780

Lions

Gate

Entertainment

Corp.,

Class

A*

7,757

59,419

Lions

Gate

Entertainment

Corp.,

Class

B*

17,666

125,605

Marcus

Corp.

(The)

1,682

23,228

Reading

International,

Inc.,

Class

A*

3,433

14,968

305,726

Food

&

Staples

Retailing

1.2%

Andersons,

Inc.

(The)

3,088

43,911

Chefs'

Warehouse,

Inc.

(The)*

641

7,391

Ingles

Markets,

Inc.,

Class

A

854

34,374

Natural

Grocers

by

Vitamin

Cottage,

Inc.

2,516

39,828

Performance

Food

Group

Co.*

1,381

38,696

PriceSmart

,

Inc.

1,350

88,250

Rite

Aid

Corp.*

3,420

51,847

SpartanNash

Co.

2,198

46,213

United

Natural

Foods,

Inc.*

7,053

140,002

US

Foods

Holding

Corp.*

10,748

218,184

Village

Super

Market,

Inc.,

Class

A(a)

1,765

44,566

Weis

Markets,

Inc.

1,946

96,950

850,212

Food

Products

2.3%

Alico

,

Inc.

847

25,563

Bunge

Ltd.

4,598

199,737

Cal-Maine

Foods,

Inc.*

330

14,502

Darling

Ingredients,

Inc.*

8,528

238,187

Farmer

Bros

Co.*

775

3,860

Fresh

Del

Monte

Produce,

Inc.

(a)

2,502

56,495

Hostess

Brands,

Inc.*

9,222

116,935

Ingredion,

Inc.

3,403

294,360

Pilgrim's

Pride

Corp.*

1,938

29,748

Post

Holdings,

Inc.*

3,704

328,693

Sanderson

Farms,

Inc.

479

53,406

Sanderson

Farms,

Inc.*^∞

200

0

Seaboard

Corp.(a)

45

121,646

Seneca

Foods

Corp.,

Class

A*

1,146

44,900

Simply

Good

Foods

Co.

(The)*(a)

3,775

90,751

TreeHouse

Foods,

Inc.*

216

9,465

1,628,248

Health

Care

Equipment

&

Supplies

0.5%

AngioDynamics

,

Inc.*

4,840

39,978

Avanos

Medical,

Inc.*

3,131

96,028

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

FONAR

Corp.*

951

23,414

Integer

Holdings

Corp.*

1,365

89,776

Invacare

Corp.

5,401

38,023

Kewaunee

Scientific

Corp.

92

876

OraSure

Technologies,

Inc.*

1,405

25,501

Surgalign

Holdings,

Inc.*

12,630

35,490

Varex

Imaging

Corp.*

2,403

37,679

386,765

Health

Care

Providers

&

Services

2.5%

Acadia

Healthcare

Co.,

Inc.*

6,053

180,440

Brookdale

Senior

Living,

Inc.*

14,257

39,492

Covetrus

,

Inc.*(a)

15,100

334,616

DaVita,

Inc.*

1,865

162,982

Digirad

Corp.*

403

1,128

Five

Star

Senior

Living,

Inc.*

1,196

5,430

Magellan

Health,

Inc.*

3,617

268,273

MedCath

Corp.*^∞

2,115

0

MEDNAX,

Inc.*

7,679

153,426

National

HealthCare

Corp.

1,147

68,040

Owens

&

Minor,

Inc.

4,862

78,181

Patterson

Cos.,

Inc.

4,674

124,142

Premier,

Inc.,

Class

A*

1,770

61,897

Providence

Service

Corp.

(The)*

529

42,854

Select

Medical

Holdings

Corp.*

6,879

130,976

Surgery

Partners,

Inc.*(a)

3,991

60,943

Triple-S

Management

Corp.,

Class

B*(a)

2,880

56,045

1,768,865

Health

Care

Technology

0.4%

Allscripts

Healthcare

Solutions,

Inc.*

10,863

97,767

Computer

Programs

&

Systems,

Inc.

782

19,300

Evolent

Health,

Inc.,

Class

A*

7,852

91,476

HealthStream

,

Inc.*

2,023

44,415

NextGen

Healthcare,

Inc.*

694

10,146

263,104

Hotels,

Restaurants

&

Leisure

1.2%

Aramark

3,875

81,840

Ark

Restaurants

Corp.

318

3,136

Biglari

Holdings,

Inc.,

Class

A*

17

5,376

Biglari

Holdings,

Inc.,

Class

B*

394

25,582

BJ's

Restaurants,

Inc.

1,130

22,668

Carrols

Restaurant

Group,

Inc.*

3,065

18,819

Cheesecake

Factory,

Inc.

(The)(a)

747

17,928

Chuy's

Holdings,

Inc.*

1,775

28,240

Del

Taco

Restaurants,

Inc.*

4,535

34,693

Dover

Motorsports,

Inc.

1,000

1,420

El

Pollo

Loco

Holdings,

Inc.*(a)

3,513

69,417

Extended

Stay

America,

Inc.

11,108

126,742

International

Game

Technology

plc

9,079

89,519

J

Alexander's

Holdings,

Inc.*

2,426

9,753

Luby's

,

Inc.*

1,181

1,346

Nationwide

U.S.

Small

Cap

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Marriott

Vacations

Worldwide

Corp.

2,785

235,778

Monarch

Casino

&

Resort,

Inc.*

505

18,276

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

3,322

45,312

Playa

Hotels

&

Resorts

NV*

9,907

35,962

Red

Robin

Gourmet

Burgers,

Inc.*

1,310

11,449

883,256

Household

Durables

3.9%

Bassett

Furniture

Industries,

Inc.

1,614

14,155

Cavco

Industries,

Inc.*

331

66,309

Century

Communities,

Inc.*

3,066

109,211

Ethan

Allen

Interiors,

Inc.

2,716

32,157

Flexsteel

Industries,

Inc.

964

15,202

Green

Brick

Partners,

Inc.*

4,524

62,431

Hooker

Furniture

Corp.

1,721

36,829

KB

Home

4,345

146,166

La-Z-Boy,

Inc.

2,174

61,872

LGI

Homes,

Inc.*

581

66,298

Lifetime

Brands,

Inc.

3,756

26,480

M/I

Homes,

Inc.*

5,099

212,271

MDC

Holdings,

Inc.

4,622

207,204

Meritage

Homes

Corp.*

7,800

773,604

Mohawk

Industries,

Inc.*

3,030

241,946

New

Home

Co.,

Inc.

(The)*

2,958

10,235

Orleans

Homebuilders,

Inc.*^∞

1,500

0

Taylor

Morrison

Home

Corp.*

5,403

126,700

Toll

Brothers,

Inc.

6,988

266,942

TopBuild

Corp.*

761

100,391

TRI

Pointe

Group,

Inc.*

8,346

139,545

Universal

Electronics,

Inc.*(a)

919

42,338

VOXX

International

Corp.*

3,361

21,914

ZAGG,

Inc.*

2,669

7,607

2,787,807

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

1,218

46,114

Central

Garden

&

Pet

Co.,

Class

A*

2,225

77,096

Oil-

Dri

Corp.

of

America

461

16,029

Spectrum

Brands

Holdings,

Inc.

951

51,506

190,745

Independent

Power

and

Renewable

Electricity

Producers

0.1%

TerraForm

Power,

Inc.,

Class

A∞

2,500

48,375

Insurance

5.0%

Ambac

Financial

Group,

Inc.*

3,099

39,667

American

Equity

Investment

Life

Holding

Co.

10,641

270,813

American

National

Group,

Inc.

2,305

169,763

Argo

Group

International

Holdings

Ltd.

1,823

61,089

Assured

Guaranty

Ltd.

5,265

114,935

Athene

Holding

Ltd.,

Class

A*

9,660

311,535

Common

Stocks

Shares

Value

($)

Insurance

Axis

Capital

Holdings

Ltd.

3,612

144,913

CNO

Financial

Group,

Inc.

26,729

403,608

Donegal

Group,

Inc.,

Class

A

3,402

47,560

Employers

Holdings,

Inc.

2,348

76,357

Enstar

Group

Ltd.*

919

154,346

FBL

Financial

Group,

Inc.,

Class

A

2,094

72,829

FedNat

Holding

Co.

2,849

26,667

Genworth

Financial,

Inc.,

Class

A*

16,392

33,440

Global

Indemnity

Ltd.

2,052

46,888

Greenlight

Capital

Re

Ltd.,

Class

A*

3,732

24,109

Hallmark

Financial

Services,

Inc.*

2,825

8,023

Heritage

Insurance

Holdings,

Inc.

2,811

33,367

Horace

Mann

Educators

Corp.

2,725

102,405

Independence

Holding

Co.

1,156

38,217

Investors

Title

Co.

230

26,468

Kingstone

Cos.,

Inc.

739

3,991

MBIA,

Inc.*

11,856

94,967

National

General

Holdings

Corp.

8,612

292,722

National

Western

Life

Group,

Inc.,

Class

A

367

71,488

ProAssurance

Corp.

2,221

32,649

Protective

Insurance

Corp.,

Class

B

1,193

15,270

Reinsurance

Group

of

America,

Inc.

2,612

222,673

Safety

Insurance

Group,

Inc.

255

19,296

State

Auto

Financial

Corp.

2,907

45,088

Stewart

Information

Services

Corp.

1,899

79,663

Third

Point

Reinsurance

Ltd.*

9,769

76,101

United

Fire

Group,

Inc.

2,058

52,211

United

Insurance

Holdings

Corp.

6,043

44,718

Unum

Group

10,038

172,955

White

Mountains

Insurance

Group

Ltd.

186

163,704

3,594,495

Interactive

Media

&

Services

0.3%

Cars.com,

Inc.*

10,320

83,798

DHI

Group,

Inc.*

6,813

17,033

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*

3,089

7,661

Meet

Group,

Inc.

(The)*

7,706

48,008

QuinStreet

,

Inc.*

2,032

23,724

TrueCar

,

Inc.*

8,555

32,167

Yelp,

Inc.*

1,239

30,950

243,341

Internet

&

Direct

Marketing

Retail

0.7%

1-800-Flowers.com,

Inc.,

Class

A*

2,576

72,772

Lands'

End,

Inc.*

2,455

21,162

Qurate

Retail,

Inc.,

Series

A*

30,140

328,827

50

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

U.S.

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

Stamps.com,

Inc.*

256

66,632

489,393

IT

Services

1.0%

Alithya

Group,

Inc.,

Class

A*

477

768

CACI

International,

Inc.,

Class

A*

744

154,618

Cass

Information

Systems,

Inc.

556

19,922

Computer

Task

Group,

Inc.*

2,911

14,060

Conduent

,

Inc.*

10,886

20,792

DXC

Technology

Co.

2,683

48,053

KBR,

Inc.

4,246

94,431

ManTech

International

Corp.,

Class

A

1,907

132,689

Perficient

,

Inc.*

1,851

72,578

Sykes

Enterprises,

Inc.*

3,064

84,137

Virtusa

Corp.*

1,500

60,900

702,948

Leisure

Products

0.6%

Acushnet

Holdings

Corp.

3,147

119,743

Callaway

Golf

Co.

4,363

83,115

Clarus

Corp.

2,104

25,206

Escalade,

Inc.

1,700

26,095

Johnson

Outdoors,

Inc.,

Class

A

618

54,112

Vista

Outdoor,

Inc.*

5,365

92,010

400,281

Life

Sciences

Tools

&

Services

0.0%

†

Harvard

Bioscience,

Inc.*

8,872

27,592

Machinery

5.4%

AGCO

Corp.

3,620

237,581

Alamo

Group,

Inc.(a)

1,607

165,698

Altra

Industrial

Motion

Corp.

829

28,377

Astec

Industries,

Inc.

2,390

106,331

Barnes

Group,

Inc.

3,325

122,593

Chart

Industries,

Inc.*

1,060

72,642

CIRCOR

International,

Inc.*

1,010

26,482

Colfax

Corp.*

11,580

336,746

Columbus

McKinnon

Corp.

1,848

61,224

Crane

Co.

732

41,409

Eastern

Co.

(The)

399

6,508

EnPro

Industries,

Inc.

1,083

51,692

ESCO

Technologies,

Inc.

1,176

101,065

Federal

Signal

Corp.

855

26,428

FreightCar

America,

Inc.*

2,266

3,626

Gates

Industrial

Corp.

plc*(a)

8,313

87,619

Gencor

Industries,

Inc.*

1,501

17,967

Gorman-Rupp

Co.

(The)

1,739

52,622

Greenbrier

Cos.,

Inc.

(The)

2,650

68,184

Helios

Technologies,

Inc.

1,636

61,890

Hillenbrand,

Inc.

236

6,898

Hurco

Cos.,

Inc.

1,023

28,378

Hyster

-Yale

Materials

Handling,

Inc.

895

33,392

ITT,

Inc.

356

20,552

Kadant

,

Inc.

388

42,102

Kennametal,

Inc.

3,233

87,162

L

B

Foster

Co.,

Class

A*

1,392

19,571

Common

Stocks

Shares

Value

($)

Machinery

LS

Starrett

Co.

(The),

Class

A*

690

2,215

Lydall

,

Inc.*(a)

1,755

28,431

Manitowoc

Co.,

Inc.

(The)*

4,799

51,157

Middleby

Corp.

(The)*

2,676

222,269

Miller

Industries,

Inc.

1,496

42,412

Mueller

Industries,

Inc.

1,792

50,104

NN,

Inc.

3,856

20,283

Oshkosh

Corp.

2,014

158,542

Park-Ohio

Holdings

Corp.

1,319

19,020

Perma

-Pipe

International

Holdings,

Inc.*

700

4,137

REV

Group,

Inc.

6,281

40,826

Rexnord

Corp.

4,916

142,417

Shyft

Group,

Inc.

(The)

1,730

32,662

Snap-on,

Inc.

2,407

351,109

SPX

FLOW,

Inc.*

5,769

231,222

Standex

International

Corp.

755

40,430

Terex

Corp.

3,704

69,820

Timken

Co.

(The)

4,730

215,972

TriMas

Corp.*

2,320

54,288

Trinity

Industries,

Inc.

7,175

140,128

Twin

Disc,

Inc.*

800

4,688

Wabash

National

Corp.

3,737

42,564

3,879,435

Marine

0.5%

Costamare

,

Inc.

16,100

73,255

Genco

Shipping

&

Trading

Ltd.

3,972

26,970

Golden

Ocean

Group

Ltd.

4,045

15,533

Kirby

Corp.*

2,391

110,560

Matson,

Inc.(a)

3,101

112,938

Scorpio

Bulkers,

Inc.

545

7,990

347,246

Media

2.0%

AMC

Networks,

Inc.,

Class

A*

2,175

50,242

comScore,

Inc.*

3,942

11,826

Cumulus

Media,

Inc.,

Class

A*

820

3,223

EW

Scripps

Co.

(The),

Class

A

4,634

52,735

Gannett

Co.,

Inc.

14,643

21,672

Gray

Television,

Inc.*

3,225

46,246

Interpublic

Group

of

Cos.,

Inc.

(The)

17,621

318,059

John

Wiley

&

Sons,

Inc.,

Class

A

3,517

118,980

Meredith

Corp.

3,266

46,900

News

Corp.,

Class

A

21,221

269,931

News

Corp.,

Class

B(a)

9,792

124,946

Nexstar

Media

Group,

Inc.,

Class

A

1,574

137,961

Saga

Communications,

Inc.,

Class

A

533

12,462

Scholastic

Corp.

1,409

33,717

TEGNA,

Inc.

9,023

106,291

Townsquare

Media,

Inc.,

Class

A

2,500

11,100

Tribune

Publishing

Co.

2,973

28,987

1,395,278

Metals

&

Mining

2.7%

Alcoa

Corp.*

15,517

201,721

Nationwide

U.S.

Small

Cap

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Allegheny

Technologies,

Inc.*

5,612

48,768

Ampco

-Pittsburgh

Corp.*

2,015

5,904

Carpenter

Technology

Corp.

2,222

49,684

Century

Aluminum

Co.*(a)

8,759

76,291

Commercial

Metals

Co.

8,948

185,045

Friedman

Industries,

Inc.

1,708

8,574

Gold

Resource

Corp.

2,355

10,338

Haynes

International,

Inc.

1,614

29,633

Hecla

Mining

Co.

22,568

124,575

Kaiser

Aluminum

Corp.

193

11,956

Materion

Corp.

2,369

136,028

Nexa

Resources

SA

6,700

42,143

Olympic

Steel,

Inc.

1,983

20,980

Reliance

Steel

&

Aluminum

Co.

3,533

347,153

Ryerson

Holding

Corp.*

5,362

30,188

Schnitzer

Steel

Industries,

Inc.,

Class

A

3,122

57,445

Steel

Dynamics,

Inc.

11,795

323,301

SunCoke

Energy,

Inc.

7,382

23,549

Synalloy

Corp.*

400

2,840

TimkenSteel

Corp.*

5,628

20,655

United

States

Steel

Corp.

6,635

44,189

Universal

Stainless

&

Alloy

Products,

Inc.*

1,762

12,669

Warrior

Met

Coal,

Inc.(a)

1,920

30,566

Worthington

Industries,

Inc.

2,517

94,186

1,938,381

Multiline

Retail

0.6%

Big

Lots,

Inc.

2,289

90,049

Dillard's,

Inc.,

Class

A(a)

2,020

47,571

Kohl's

Corp.

10,028

190,933

Macy's,

Inc.(a)

15,612

94,609

423,162

Oil,

Gas

&

Consumable

Fuels

4.1%

Adams

Resources

&

Energy,

Inc.

928

19,646

Antero

Resources

Corp.*(a)

21,541

63,761

Arch

Resources,

Inc.

2,050

63,591

Ardmore

Shipping

Corp.

5,093

20,932

Berry

Corp.

5,513

25,939

Bonanza

Creek

Energy,

Inc.*

1,916

34,852

Callon

Petroleum

Co.*

18,056

20,584

Cimarex

Energy

Co.

4,226

103,368

Clean

Energy

Fuels

Corp.*

25,589

60,902

CNX

Resources

Corp.*

9,215

88,925

CONSOL

Energy,

Inc.*

2,275

13,377

Continental

Resources,

Inc.(a)

3,568

61,691

Delek

US

Holdings,

Inc.

3,065

53,576

Denbury

Resources,

Inc.*

25,568

652

Devon

Energy

Corp.

8,564

89,836

DHT

Holdings,

Inc.

6,528

37,079

Dorian

LPG

Ltd.*

5,107

43,614

Earthstone

Energy,

Inc.,

Class

A*

2,838

7,464

EnLink

Midstream

LLC*(a)

35,905

87,967

EQT

Corp.

6,084

88,340

Evolution

Petroleum

Corp.

2,000

5,240

GasLog

Ltd.

4,228

12,346

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Green

Plains,

Inc.*

3,632

46,962

Gulfport

Energy

Corp.*

13,783

13,921

HighPoint

Resources

Corp.*

16,760

6,057

HollyFrontier

Corp.

9,930

273,075

International

Seaways,

Inc.

2,715

46,888

Kosmos

Energy

Ltd.

17,034

27,425

Matador

Resources

Co.*(a)

5,257

45,631

Montage

Resources

Corp.*

1,842

7,902

Murphy

Oil

Corp.

8,438

111,466

NACCO

Industries,

Inc.,

Class

A

839

18,324

Nordic

American

Tankers

Ltd.

(a)

20,339

92,542

Overseas

Shipholding

Group,

Inc.,

Class

A*

10,848

25,059

Panhandle

Oil

and

Gas,

Inc.,

Class

A

1,332

2,930

Par

Pacific

Holdings,

Inc.*

1,952

14,464

Parsley

Energy,

Inc.,

Class

A

18,557

203,756

PBF

Energy,

Inc.,

Class

A

8,852

76,835

PDC

Energy,

Inc.*(a)

4,253

60,648

Peabody

Energy

Corp.

8,119

25,331

Penn

Virginia

Corp.*

1,473

14,597

QEP

Resources,

Inc.

25,654

37,711

Range

Resources

Corp.

9,915

64,051

Renewable

Energy

Group,

Inc.*

3,212

88,587

REX

American

Resources

Corp.*

635

43,275

SandRidge

Energy,

Inc.*

2,887

3,753

Scorpio

Tankers,

Inc.(a)

5,390

71,256

SFL

Corp.

Ltd.

9,974

82,884

SilverBow

Resources,

Inc.*

479

1,710

SM

Energy

Co.

8,878

26,190

Southwestern

Energy

Co.*

43,353

105,348

Talos

Energy,

Inc.*

4,181

28,473

Teekay

Corp.*

497

1,183

Teekay

Tankers

Ltd.,

Class

A*

2,640

39,521

World

Fuel

Services

Corp.

3,068

72,190

WPX

Energy,

Inc.*

21,230

126,743

2,910,370

Paper

&

Forest

Products

0.7%

Boise

Cascade

Co.

2,834

132,036

Clearwater

Paper

Corp.*

1,533

56,598

Domtar

Corp.

2,460

51,636

Mercer

International,

Inc.

6,443

48,000

Neenah,

Inc.

1,097

48,937

P

H

Glatfelter

Co.(a)

3,544

56,456

Schweitzer-Mauduit

International,

Inc.

1,802

58,619

Verso

Corp.,

Class

A

3,262

39,829

492,111

Personal

Products

0.4%

Coty,

Inc.,

Class

A

22,132

82,110

Edgewell

Personal

Care

Co.*

4,129

123,416

Mannatech

,

Inc.

180

3,024

52

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

U.S.

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Personal

Products

Nu

Skin

Enterprises,

Inc.,

Class

A

983

44,087

252,637

Pharmaceuticals

0.4%

AMAG

Pharmaceuticals,

Inc.*(a)

3,751

35,841

Amphastar

Pharmaceuticals,

Inc.*

2,941

58,879

Endo

International

plc*

3,379

11,759

Jazz

Pharmaceuticals

plc*

435

47,089

Mallinckrodt

plc*(a)

6,627

14,778

Prestige

Consumer

Healthcare,

Inc.*

1,126

41,876

Supernus

Pharmaceuticals,

Inc.*

2,400

53,436

Taro

Pharmaceutical

Industries

Ltd.*

569

36,990

300,648

Professional

Services

1.4%

Acacia

Research

Corp.*

5,032

19,927

ASGN,

Inc.*

1,733

118,641

Barrett

Business

Services,

Inc.

676

35,612

CBIZ,

Inc.*

3,102

75,006

CRA

International,

Inc.

1,400

58,478

GP

Strategies

Corp.*

1,197

8,894

Heidrick

&

Struggles

International,

Inc.

1,731

35,018

Hudson

Global,

Inc.*

305

2,839

Huron

Consulting

Group,

Inc.*

1,657

79,072

ICF

International,

Inc.

1,662

112,368

Kelly

Services,

Inc.,

Class

A

2,620

38,802

Korn

Ferry

2,537

71,290

ManpowerGroup

,

Inc.

1,529

105,180

Mistras

Group,

Inc.*

3,248

11,465

Nielsen

Holdings

plc

9,511

137,244

RCM

Technologies,

Inc.*

400

612

Resources

Connection,

Inc.(a)

4,430

50,059

TrueBlue

,

Inc.*

3,581

55,255

1,015,762

Real

Estate

Management

&

Development

1.1%

CTO

Realty

Growth,

Inc.

425

16,847

Cushman

&

Wakefield

plc*(a)

3,903

41,762

Forestar

Group,

Inc.*

5,615

97,196

FRP

Holdings,

Inc.*

852

33,330

Griffin

Industrial

Realty,

Inc.

535

26,322

Howard

Hughes

Corp.

(The)*

253

13,457

Jones

Lang

LaSalle,

Inc.

2,899

286,740

Marcus

&

Millichap,

Inc.*

2,718

74,038

RE/MAX

Holdings,

Inc.,

Class

A

1,401

45,351

Realogy

Holdings

Corp.

9,434

85,472

St

Joe

Co.

(The)*

839

17,292

Tejon

Ranch

Co.*

3,020

43,337

781,144

Road

&

Rail

1.4%

AMERCO

824

261,810

ArcBest

Corp.

2,132

64,791

Common

Stocks

Shares

Value

($)

Road

&

Rail

Covenant

Logistics

Group,

Inc.,

Class

A*

2,293

38,637

Heartland

Express,

Inc.

2,419

49,069

Hertz

Global

Holdings,

Inc.*

10,391

15,067

Knight-Swift

Transportation

Holdings,

Inc.

952

41,402

Marten

Transport

Ltd.

3,090

82,256

PAM

Transportation

Services,

Inc.*

559

15,686

Patriot

Transportation

Holding,

Inc.

156

1,406

Ryder

System,

Inc.

2,107

77,179

Saia,

Inc.*(a)

822

98,188

Schneider

National,

Inc.,

Class

B

2,528

63,529

Universal

Logistics

Holdings,

Inc.

1,705

31,321

US

Xpress

Enterprises,

Inc.,

Class

A*

228

2,088

USA

Truck,

Inc.*

1,450

14,167

Werner

Enterprises,

Inc.

2,840

124,917

981,513

Semiconductors

&

Semiconductor

Equipment

1.7%

Alpha

&

Omega

Semiconductor

Ltd.*

3,413

37,168

Amkor

Technology,

Inc.*

21,105

286,922

Amtech

Systems,

Inc.*

2,835

14,600

Axcelis

Technologies,

Inc.*

2,232

65,665

Diodes,

Inc.*

1,991

102,437

First

Solar,

Inc.*

894

53,238

FormFactor

,

Inc.*

1,118

32,243

Ichor

Holdings

Ltd.*

1,024

33,608

inTEST

Corp.*

3,095

14,454

Kulicke

&

Soffa

Industries,

Inc.

3,369

79,845

NeoPhotonics

Corp.*

4,701

42,826

ON

Semiconductor

Corp.*

9,552

196,771

Onto

Innovation,

Inc.*

1,875

70,913

Photronics

,

Inc.*

4,421

52,521

SMART

Global

Holdings,

Inc.*

1,200

33,468

Ultra

Clean

Holdings,

Inc.*

2,764

83,169

1,199,848

Software

0.7%

Aware,

Inc.*

1,965

5,836

BSQUARE

Corp.*

700

1,036

Ebix

,

Inc.

2,067

45,588

J2

Global,

Inc.*

2,263

128,357

LogMeIn,

Inc.

1,376

118,075

Xperi

Holding

Corp.

12,453

229,633

528,525

Specialty

Retail

4.3%

Aaron's,

Inc.

3,432

179,082

Abercrombie

&

Fitch

Co.,

Class

A

6,288

60,553

American

Eagle

Outfitters,

Inc.

13,864

138,640

Asbury

Automotive

Group,

Inc.*

976

97,746

At

Home

Group,

Inc.*(a)

4,466

55,468

AutoNation,

Inc.*

6,122

314,304

Nationwide

U.S.

Small

Cap

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Specialty

Retail

Bed

Bath

&

Beyond,

Inc.(a)

9,976

107,940

Big

5

Sporting

Goods

Corp.

1,914

10,718

Boot

Barn

Holdings,

Inc.*

1,497

28,982

Buckle,

Inc.

(The)

2,711

43,457

Caleres

,

Inc.

3,629

22,899

Cato

Corp.

(The),

Class

A

1,843

13,251

Citi

Trends,

Inc.(a)

1,494

25,727

Conn's,

Inc.*

2,640

26,294

Container

Store

Group,

Inc.

(The)*

6,565

22,649

Designer

Brands,

Inc.,

Class

A

5,316

31,418

Dick's

Sporting

Goods,

Inc.

4,587

209,259

Foot

Locker,

Inc.

7,388

217,133

GameStop

Corp.,

Class

A*

9,043

36,262

Genesco,

Inc.*

1,503

23,372

Group

1

Automotive,

Inc.

737

61,923

Guess?,

Inc.(a)

4,707

48,670

Haverty

Furniture

Cos.,

Inc.

1,834

26,080

Hibbett

Sports,

Inc.*

2,306

53,476

Hudson

Ltd.,

Class

A*

1,000

4,380

Lithia

Motors,

Inc.,

Class

A

1,590

364,349

MarineMax

,

Inc.*

2,496

69,239

Monro

,

Inc.

670

37,721

ODP

Corp.

(The)

2,598

57,338

Penske

Automotive

Group,

Inc.

5,269

236,157

Rent-A-Center,

Inc.

846

24,466

Shoe

Carnival,

Inc.

1,568

38,494

Signet

Jewelers

Ltd.(a)

4,404

47,299

Sonic

Automotive,

Inc.,

Class

A

2,441

93,051

Tandy

Leather

Factory,

Inc.*

1,309

4,110

Tilly's,

Inc.,

Class

A

2,890

17,369

TravelCenters

of

America,

Inc.*

453

6,333

Urban

Outfitters,

Inc.*

9,274

153,392

Zumiez

,

Inc.*

2,529

58,420

3,067,421

Technology

Hardware,

Storage

&

Peripherals

0.5%

AstroNova

,

Inc.

765

5,263

Intevac,

Inc.*

3,894

23,053

Stratasys

Ltd.*

2,237

33,510

Super

Micro

Computer,

Inc.*

1,738

52,670

Xerox

Holdings

Corp.

14,519

241,741

356,237

Textiles,

Apparel

&

Luxury

Goods

1.3%

Capri

Holdings

Ltd.*

4,188

62,736

Culp,

Inc.

2,016

22,377

Delta

Apparel,

Inc.*

158

2,225

Fossil

Group,

Inc.*

3,794

12,558

G-III

Apparel

Group

Ltd.*

2,785

27,544

Lakeland

Industries,

Inc.*(a)

1,538

36,389

Movado

Group,

Inc.

1,572

15,154

Oxford

Industries,

Inc.

1,020

43,799

PVH

Corp.(a)

7,819

380,472

Ralph

Lauren

Corp.

1,853

132,119

Rocky

Brands,

Inc.

1,432

32,578

Skechers

USA,

Inc.,

Class

A*

315

9,223

Superior

Group

of

Cos.,

Inc.

1,724

33,187

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Unifi,

Inc.*

2,251

26,922

Vera

Bradley,

Inc.*

3,532

15,488

Wolverine

World

Wide,

Inc.

4,122

99,093

951,864

Thrifts

&

Mortgage

Finance

2.5%

Axos

Financial,

Inc.*

3,760

84,262

Bridgewater

Bancshares,

Inc.*

862

8,008

Capitol

Federal

Financial,

Inc.

10,275

99,154

ESSA

Bancorp,

Inc.

1,116

14,062

Federal

Agricultural

Mortgage

Corp.,

Class

C

469

27,910

First

Place

Financial

Corp.*^∞

367

0

Flagstar

Bancorp,

Inc.

6,124

192,171

FS

Bancorp,

Inc.

194

7,372

Home

Bancorp,

Inc.

1,283

29,996

HomeStreet

,

Inc.

2,228

58,908

Kearny

Financial

Corp.

7,926

63,725

Merchants

Bancorp

700

12,901

Meridian

Bancorp,

Inc.

3,111

35,481

Meta

Financial

Group,

Inc.

1,451

27,076

Mr.

Cooper

Group,

Inc.*

7,302

119,242

New

York

Community

Bancorp,

Inc.

24,761

260,733

Northfield

Bancorp,

Inc.

5,085

48,867

Northwest

Bancshares,

Inc.

4,854

47,812

PCSB

Financial

Corp.

1,126

12,521

PennyMac

Financial

Services,

Inc.

956

46,137

Premier

Financial

Corp.

2,663

47,082

Provident

Financial

Holdings,

Inc.

1,703

20,777

Provident

Financial

Services,

Inc.

3,510

47,911

Radian

Group,

Inc.

3,835

57,218

Riverview

Bancorp,

Inc.

3,853

18,803

Southern

Missouri

Bancorp,

Inc.

598

13,042

Sterling

Bancorp,

Inc.

1,475

4,499

Territorial

Bancorp,

Inc.

1,453

31,922

Timberland

Bancorp,

Inc.

690

11,495

TrustCo

Bank

Corp.

8,349

48,341

Walker

&

Dunlop,

Inc.

1,301

65,583

Washington

Federal,

Inc.

3,311

77,279

Waterstone

Financial,

Inc.(a)

3,737

57,101

Western

New

England

Bancorp,

Inc.

4,598

23,174

WSFS

Financial

Corp.

2,815

80,312

1,800,877

Tobacco

0.1%

Universal

Corp.

1,067

44,985

Trading

Companies

&

Distributors

2.3%

Air

Lease

Corp.

6,611

173,340

Applied

Industrial

Technologies,

Inc.

1,022

64,509

Beacon

Roofing

Supply,

Inc.*

8,479

264,206

BMC

Stock

Holdings,

Inc.*

2,277

58,291

CAI

International,

Inc.*

1,776

30,565

DXP

Enterprises,

Inc.*

1,761

29,726

54

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

U.S.

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

GATX

Corp.

3,197

194,985

GMS,

Inc.*

2,696

63,167

H&E

Equipment

Services,

Inc.

1,994

35,074

Herc

Holdings,

Inc.*

1,162

38,973

Houston

Wire

&

Cable

Co.*

5,159

12,949

Lawson

Products,

Inc.*

901

26,922

MRC

Global,

Inc.*

1,120

6,664

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

1,454

95,979

NOW,

Inc.*

8,873

69,919

Rush

Enterprises,

Inc.,

Class

A

2,058

97,920

Textainer

Group

Holdings

Ltd.*

4,802

40,529

Titan

Machinery,

Inc.*

3,049

33,127

Triton

International

Ltd.

4,008

126,132

Univar

Solutions,

Inc.*

2,145

37,902

Veritiv

Corp.*

2,525

38,658

WESCO

International,

Inc.*

2,854

110,935

Willis

Lease

Finance

Corp.*

352

6,864

1,657,336

Transportation

Infrastructure

0.3%

Macquarie

Infrastructure

Corp.

(a)

6,480

194,141

Wireless

Telecommunication

Services

0.4%

Spok

Holdings,

Inc.

3,314

33,206

Telephone

and

Data

Systems,

Inc.

7,466

144,990

United

States

Cellular

Corp.*

4,355

129,213

307,409

Total

Common

Stocks

(cost

$78,233,132)

71,022,269

Preferred

Stock

0.0%

†

Trading

Companies

&

Distributors

0.0%

†

WESCO

International,

Inc., Series

A(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

10.33%),

(b)

2,212

59,989

Total

Preferred

Stock

(cost

$58,728)

59,989

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

12,733

5,857

Diversified

Financial

Services

0.0%

†

First

Eagle

Private

Credit

LLC,

CVR*^∞

8,788

893

Media

0.0%

†

Media

General,

Inc.,

CVR*^∞

5,993

0

Total

Rights

(cost

$34,705)

6,750

Short-Term

Investment

1.7%

Shares

Value

($)

Money

Market

Fund

1.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.09%(c)(d)

1,179,626

1,179,626

Total

Short-Term

Investment

(cost

$1,179,626)

1,179,626

Repurchase

Agreement

0.2%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

0.07%,

dated

7/31/2020,

due

8/3/2020,

repurchase

price

$132,542,

collateralized

by

U.S.

Treasury

Note,

1.50%,

maturing

8/15/2026;

total

market

value

$136,016.(d)

132,541

132,541

Total

Repurchase

Agreement

(cost

$132,541)

132,541

Total

Investments

(cost

$79,638,732)

—

101.3%

72,401,175

Liabilities

in

excess

of

other

assets

—

(1.3)%

(957,364)

NET

ASSETS

—

100.0%

$

71,443,811

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$3,469,219,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

and

a

repurchase

agreement

with

a

value

of

$1,179,626

and

$132,541,

respectively,

and

by

$2,269,852

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048;

total

value

of

$3,582,019.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2020.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2020.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2020

was

$1,312,167.

CVR

Contingent

Value

Rights

Nationwide

U.S.

Small

Cap

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

55

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

56

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

U.S.

Small

Cap

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

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

$

445,467

$

–

$

–

$

445,467

Air

Freight

&

Logistics

645,845

–

–

645,845

Airlines

665,741

–

–

665,741

Auto

Components

1,831,456

–

–

1,831,456

Automobiles

176,154

–

–

176,154

Banks

10,628,438

–

–

10,628,438

Beverages

57,078

–

–

57,078

Biotechnology

288,830

–

–

288,830

Building

Products

1,225,532

–

–

1,225,532

Capital

Markets

1,279,144

–

–

1,279,144

Chemicals

2,229,565

–

–

2,229,565

Commercial

Services

&

Supplies

1,485,579

–

–

1,485,579

Communications

Equipment

642,687

–

–

642,687

Construction

&

Engineering

1,490,486

–

–

1,490,486

Construction

Materials

210,454

–

–

210,454

Consumer

Finance

1,223,518

–

–

1,223,518

Containers

&

Packaging

662,828

–

–

662,828

Distributors

108,377

–

–

108,377

Diversified

Consumer

Services

613,031

–

–

613,031

Diversified

Financial

Services

403,591

–

–

403,591

Diversified

Telecommunication

Services

389,928

–

–

389,928

Electrical

Equipment

930,713

–

–

930,713

Electronic

Equipment,

Instruments

&

Components

2,963,363

–

–

2,963,363

Energy

Equipment

&

Services

1,026,981

–

–

1,026,981

Entertainment

305,726

–

–

305,726

Food

&

Staples

Retailing

850,212

–

–

850,212

Food

Products

1,628,248

–

–

1,628,248

Health

Care

Equipment

&

Supplies

386,765

–

–

386,765

Health

Care

Providers

&

Services

1,768,865

–

–

1,768,865

Health

Care

Technology

263,104

–

–

263,104

Hotels,

Restaurants

&

Leisure

883,256

–

–

883,256

Household

Durables

2,787,807

–

–

2,787,807

Household

Products

190,745

–

–

190,745

Independent

Power

and

Renewable

Electricity

Producers

–

48,375

–

48,375

Insurance

3,594,495

–

–

3,594,495

Interactive

Media

&

Services

243,341

–

–

243,341

Internet

&

Direct

Marketing

Retail

489,393

–

–

489,393

IT

Services

702,948

–

–

702,948

Leisure

Products

400,281

–

–

400,281

Life

Sciences

Tools

&

Services

27,592

–

–

27,592

Machinery

3,879,435

–

–

3,879,435

Marine

347,246

–

–

347,246

Media

1,395,278

–

–

1,395,278

Metals

&

Mining

1,938,381

–

–

1,938,381

Multiline

Retail

423,162

–

–

423,162

Oil,

Gas

&

Consumable

Fuels

2,910,370

–

–

2,910,370

Paper

&

Forest

Products

492,111

–

–

492,111

Personal

Products

252,637

–

–

252,637

Pharmaceuticals

300,648

–

–

300,648

Professional

Services

1,015,762

–

–

1,015,762

Real

Estate

Management

&

Development

781,144

–

–

781,144

Road

&

Rail

981,513

–

–

981,513

Semiconductors

&

Semiconductor

Equipment

1,199,848

–

–

1,199,848

Software

528,525

–

–

528,525

Specialty

Retail

3,067,421

–

–

3,067,421

Nationwide

U.S.

Small

Cap

Value

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

57

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

Transfers

into

or

out

of

Level

3

are

generally

due

to

a

change

in

market

value

methodology.

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. 

Level

1

Level

2

Level

3

Total

Assets:

Technology

Hardware,

Storage

&

Peripherals

$

356,237

$

–

$

–

$

356,237

Textiles,

Apparel

&

Luxury

Goods

951,864

–

–

951,864

Thrifts

&

Mortgage

Finance

1,800,877

–

–

1,800,877

Tobacco

44,985

–

–

44,985

Trading

Companies

&

Distributors

1,657,336

–

–

1,657,336

Transportation

Infrastructure

194,141

–

–

194,141

Wireless

Telecommunication

Services

307,409

–

–

307,409

Total

Common

Stocks

$

70,973,894

$

48,375

$

–

$

71,022,269

Preferred

Stock

59,989

–

–

59,989

Repurchase

Agreement

–

132,541

–

132,541

Rights  

–

5,857

893

6,750

Short-Term

Investment

1,179,626

–

–

1,179,626

Total

$

72,213,509

$

186,773

$

893

$

72,401,175

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

July

31,

2020,

the

Fund

held

five

common

stock

investments

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Rights

Total

Balance

as

of

10/31/2019

$

—

$

428

$428

Accrued

Accretion/

(Amortization)

—

—

—

Realized

Gains

(Losses)

6,037

5,416

11,453

Purchases

—

—

—

Sales

(6,037)

(5,416)

(11,453)

Change

in

Unrealized

Appreciation/

Depreciation

—

465

465

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

7/31/2020

$

—

$

893

$893

Change

in

Unrealized

Appreciation/

Depreciation

for

Investments

Still

held

as

of

7/31/2020

$

—

$

465

$465

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

58

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

WCM

Focused

Small

Cap

Fund

Common

Stocks

92.2%

Shares

Value

($)

Auto

Components

2.6%

Dorman

Products,

Inc.*

18,911

1,545,974

Biotechnology

2.7%

Emergent

BioSolutions

,

Inc.*

14,255

1,585,726

Building

Products

2.1%

American

Woodmark

Corp.*

15,404

1,241,870

Capital

Markets

10.5%

Focus

Financial

Partners,

Inc.,

Class

A*

92,555

3,419,907

Virtus

Investment

Partners,

Inc.

21,094

2,867,097

6,287,004

Chemicals

1.2%

Chase

Corp.

7,243

728,356

Commercial

Services

&

Supplies

16.6%

BrightView

Holdings,

Inc.*

71,107

861,817

Healthcare

Services

Group,

Inc.

104,355

2,733,058

KAR

Auction

Services,

Inc.

115,208

1,743,097

SP

Plus

Corp.*

57,364

911,514

UniFirst

Corp.

15,430

2,877,386

US

Ecology,

Inc.(a)

22,950

795,906

9,922,778

Construction

&

Engineering

2.5%

EMCOR

Group,

Inc.

21,791

1,492,683

Electrical

Equipment

4.6%

EnerSys

41,280

2,776,493

Electronic

Equipment,

Instruments

&

Components

5.8%

ePlus

,

Inc.*

36,544

2,723,990

FLIR

Systems,

Inc.

18,048

751,879

3,475,869

Health

Care

Equipment

&

Supplies

2.1%

Natus

Medical,

Inc.*

68,886

1,279,902

Health

Care

Providers

&

Services

3.7%

Addus

HomeCare

Corp.*

23,234

2,239,990

Insurance

3.8%

Enstar

Group

Ltd.*

13,429

2,255,401

IT

Services

4.7%

Cass

Information

Systems,

Inc.

25,655

919,219

Verra

Mobility

Corp.*

186,457

1,907,455

2,826,674

Machinery

3.1%

Crane

Co.

32,829

1,857,137

Media

1.6%

Hemisphere

Media

Group,

Inc.*

109,083

959,930

Paper

&

Forest

Products

0.8%

Neenah,

Inc.

11,023

491,736

Real

Estate

Management

&

Development

3.9%

Jones

Lang

LaSalle,

Inc.

23,711

2,345,255

Road

&

Rail

2.0%

Landstar

System,

Inc.

9,730

1,184,919

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

4.6%

Cabot

Microelectronics

Corp.

18,125

2,731,800

Software

4.5%

Manhattan

Associates,

Inc.*

28,406

2,721,011

Specialty

Retail

4.5%

America's

Car-Mart,

Inc.*

28,011

2,665,527

Trading

Companies

&

Distributors

4.3%

Beacon

Roofing

Supply,

Inc.*

82,544

2,572,071

Total

Investments

(cost

$54,979,630)

—

92.2%

55,188,106

Other

assets

in

excess

of

liabilities

—

7.8%

4,679,603

NET

ASSETS

—

100.0%

$

59,867,709

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2020.

The

total

value

of

securities

on

loan

at

July

31,

2020

was

$40,645,

which

was

collateralized

by

$42,274

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.50%,

and

maturity

dates

ranging

from

8/31/2020

–

11/15/2048.

Nationwide

WCM

Focused

Small

Cap

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

59

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

55,188,106

$

–

$

–

$

55,188,106

Total

$

55,188,106

$

–

$

–

$

55,188,106

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report

60

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Ziegler

Equity

Income

Fund

Common

Stocks

98.8%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Raytheon

Technologies

Corp.

5,151

291,959

Air

Freight

&

Logistics

1.8%

United

Parcel

Service,

Inc.,

Class

B

2,799

399,585

Banks

10.9%

Bank

of

America

Corp.

24,779

616,502

JPMorgan

Chase

&

Co.

7,980

771,187

PNC

Financial

Services

Group,

Inc.

(The)

4,735

505,082

Truist

Financial

Corp.

14,451

541,335

2,434,106

Beverages

1.7%

Coca-Cola

Co.

(The)

8,056

380,565

Biotechnology

3.8%

AbbVie,

Inc.

2,855

270,968

Amgen,

Inc.

1,510

369,452

Gilead

Sciences,

Inc.

2,959

205,739

846,159

Capital

Markets

4.7%

BlackRock,

Inc.

509

292,680

Evercore

,

Inc.,

Class

A

3,485

192,721

Invesco

Ltd.

29,577

296,953

Morgan

Stanley

5,196

253,980

1,036,334

Chemicals

1.5%

Dow,

Inc.

8,270

339,566

Communications

Equipment

1.6%

Cisco

Systems,

Inc.

7,421

349,529

Consumer

Finance

1.1%

Discover

Financial

Services

4,786

236,572

Containers

&

Packaging

2.1%

International

Paper

Co.

7,185

249,966

Packaging

Corp.

of

America

2,236

214,924

464,890

Diversified

Telecommunication

Services

3.2%

Verizon

Communications,

Inc.

12,502

718,615

Electric

Utilities

6.2%

Duke

Energy

Corp.

3,119

264,304

Entergy

Corp.

2,956

310,764

NRG

Energy,

Inc.

9,144

309,159

PPL

Corp.

9,875

262,872

Southern

Co.

(The)

4,346

237,335

1,384,434

Electrical

Equipment

1.8%

Eaton

Corp.

plc

4,395

409,306

Energy

Equipment

&

Services

0.6%

Schlumberger

Ltd.

7,935

143,941

Equity

Real

Estate

Investment

Trusts

(REITs)

5.2%

AvalonBay

Communities,

Inc.

2,137

327,218

Crown

Castle

International

Corp.

2,119

353,237

Duke

Realty

Corp.

11,612

466,686

1,147,141

Common

Stocks

Shares

Value

($)

Food

&

Staples

Retailing

3.2%

Walgreens

Boots

Alliance,

Inc.

5,097

207,499

Walmart,

Inc.

3,831

495,731

703,230

Health

Care

Providers

&

Services

4.4%

Cardinal

Health,

Inc.

6,773

369,941

CVS

Health

Corp.

9,663

608,189

978,130

Hotels,

Restaurants

&

Leisure

0.7%

McDonald's

Corp.

817

158,727

Household

Durables

1.8%

Whirlpool

Corp.

2,447

399,155

Household

Products

3.2%

Kimberly-Clark

Corp.

2,739

416,438

Procter

&

Gamble

Co.

(The)

2,227

292,004

708,442

Industrial

Conglomerates

1.2%

3M

Co.

1,758

264,526

Insurance

4.8%

Aflac,

Inc.

7,798

277,375

American

Financial

Group,

Inc.

4,020

244,295

MetLife,

Inc.

14,570

551,475

1,073,145

IT

Services

1.7%

International

Business

Machines

Corp.

3,014

370,541

Machinery

3.6%

Caterpillar,

Inc.

3,834

509,462

Cummins,

Inc.

1,480

286,025

795,487

Media

3.4%

Comcast

Corp.,

Class

A

12,780

546,984

Omnicom

Group,

Inc.

3,756

201,810

748,794

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

Chimera

Investment

Corp.

11,157

100,301

Multiline

Retail

2.1%

Target

Corp.

3,735

470,162

Oil,

Gas

&

Consumable

Fuels

4.3%

Chevron

Corp.

5,059

424,652

Exxon

Mobil

Corp.

6,694

281,684

Valero

Energy

Corp.

4,521

254,216

960,552

Pharmaceuticals

6.1%

Johnson

&

Johnson

5,049

735,942

Merck

&

Co.,

Inc.

3,445

276,427

Pfizer,

Inc.

9,175

353,054

1,365,423

Road

&

Rail

1.2%

Union

Pacific

Corp.

1,573

272,680

Semiconductors

&

Semiconductor

Equipment

4.4%

Broadcom,

Inc.

1,141

361,412

Intel

Corp.

7,769

370,814

Nationwide

Ziegler

Equity

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Maxim

Integrated

Products,

Inc.

3,606

245,533

977,759

Specialty

Retail

2.3%

Best

Buy

Co.,

Inc.

5,179

515,777

Technology

Hardware,

Storage

&

Peripherals

2.0%

Hewlett

Packard

Enterprise

Co.

22,166

218,779

Seagate

Technology

plc

5,101

230,667

449,446

Tobacco

0.5%

Altria

Group,

Inc.

2,647

108,924

Total

Common

Stocks

(cost

$21,065,458)

22,003,903

Exchange

Traded

Fund

0.7%

Equity

Fund

0.7%

Vanguard

Value

ETF

1,370

141,535

Total

Exchange

Traded

Fund

(cost

$124,269)

141,535

Total

Investments

(cost

$21,189,727)

—

99.5%

22,145,438

Other

assets

in

excess

of

liabilities

—

0.5%

119,125

NET

ASSETS

—

100.0%

$

22,264,563

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

62

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Ziegler

Equity

Income

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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.

Nationwide

Ziegler

Equity

Income

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

63

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

22,003,903

$

–

$

–

$

22,003,903

Exchange

Traded

Fund

141,535

–

–

141,535

Total

$

22,145,438

$

–

$

–

$

22,145,438

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2065

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

90.3%

Shares

Value

($)

Equity

Funds

85.1%

Nationwide

International

Index

Fund,

Class

R6(a)

31,710

231,169

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,218

88,293

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

51,109

571,913

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

3,901

35,070

Total

Equity

Funds

(cost

$882,790)

926,445

Fixed

Income

Funds

5.2%

Nationwide

Bond

Index

Fund,

Class

R6(a)

4,030

48,165

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

837

9,184

Total

Fixed

Income

Funds

(cost

$55,922)

57,349

Total

Investment

Companies

(cost

$938,712)

983,794

Exchange

Traded

Funds

9.7%

Shares

Value

($)

Equity

Fund

8.8%

iShares

Core

MSCI

Emerging

Markets

ETF

1,847

95,508

Fixed

Income

Fund

0.9%

iShares

20+

Year

Treasury

Bond

ETF

58

9,918

Total

Exchange

Traded

Funds

(cost

$98,473)

105,426

Total

Investments

(cost

$1,037,185)

—

100.0%

1,089,220

Liabilities

in

excess

of

other

assets

—

0.0%

†

(162)

NET

ASSETS

—

100.0%

$

1,089,058

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2065

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

105,426

$

–

$

–

$

105,426

Investment

Companies

983,794

–

–

983,794

Total

$

1,089,220

$

–

$

–

$

1,089,220

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2025

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

88.3%

Shares

Value

($)

Alternative

Assets

3.9%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,151,329

11,375,128

Total

Alternative

Assets

(cost

$11,632,555)

11,375,128

Equity

Funds

48.9%

Nationwide

International

Index

Fund,

Class

R6(a)

5,349,405

38,997,162

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

632,687

8,984,149

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

7,869,069

88,054,885

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

555,770

4,996,374

Total

Equity

Funds

(cost

$131,251,077)

141,032,570

Fixed

Income

Funds

35.5%

Nationwide

Bond

Index

Fund,

Class

R6(a)

6,047,547

72,268,189

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

2,043,737

22,419,797

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

709,781

7,708,219

Total

Fixed

Income

Funds

(cost

$94,565,788)

102,396,205

Total

Investment

Companies

(cost

$237,449,420)

254,803,903

Exchange

Traded

Funds

6.8%

Shares

Value

($)

Equity

Fund

3.9%

iShares

Core

MSCI

Emerging

Markets

ETF

217,854

11,265,231

Fixed

Income

Fund

2.9%

iShares

20+

Year

Treasury

Bond

ETF

48,425

8,280,675

Total

Exchange

Traded

Funds

(cost

$17,783,883)

19,545,906

Investment

Contract

4.9%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

14,200,898

14,200,898

Total

Investment

Contract

(cost

$14,200,898)

14,200,898

Total

Investments

(cost

$269,434,201)

—

100.0%

288,550,707

Liabilities

in

excess

of

other

assets

—

0.0%

†

(113,597)

NET

ASSETS

—

100.0%

$

288,437,110

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

4

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2025

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

19,545,906

$

–

$

–

$

19,545,906

Investment

Companies

254,803,903

–

–

254,803,903

Investment

Contract

–

–

14,200,898

14,200,898

Total

$

274,349,809

$

–

$

14,200,898

$

288,550,707

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2025

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

5

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

26,991,856

$

26,991,856

Purchases

*

4,659,885

4,659,885

Sales

(17,450,843)

(17,450,843)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

14,200,898

$

14,200,898

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2030

Fund

Investment

Companies

91.6%

Shares

Value

($)

Alternative

Assets

2.9%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

887,650

8,769,987

Total

Alternative

Assets

(cost

$9,041,222)

8,769,987

Equity

Funds

59.9%

Nationwide

International

Index

Fund,

Class

R6(a)

7,075,178

51,578,048

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

930,023

13,206,328

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

9,945,486

111,289,988

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

748,844

6,732,112

Total

Equity

Funds

(cost

$174,268,975)

182,806,476

Fixed

Income

Funds

28.8%

Nationwide

Bond

Index

Fund,

Class

R6(a)

5,347,426

63,901,738

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

1,849,418

20,288,119

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

335,604

3,644,661

Total

Fixed

Income

Funds

(cost

$81,004,594)

87,834,518

Total

Investment

Companies

(cost

$264,314,791)

279,410,981

Exchange

Traded

Funds

6.9%

Shares

Value

($)

Equity

Fund

5.3%

iShares

Core

MSCI

Emerging

Markets

ETF

313,760

16,224,530

Fixed

Income

Fund

1.6%

iShares

20+

Year

Treasury

Bond

ETF

28,192

4,820,832

Total

Exchange

Traded

Funds

(cost

$20,575,934)

21,045,362

Investment

Contract

1.5%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

4,665,064

4,665,064

Total

Investment

Contract

(cost

$4,665,064)

4,665,064

Total

Investments

(cost

$289,555,789)

—

100.0%

305,121,407

Liabilities

in

excess

of

other

assets

—

0.0%

†

(112,931)

NET

ASSETS

—

100.0%

$

305,008,476

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2030

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

7

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

21,045,362

$

–

$

–

$

21,045,362

Investment

Companies

279,410,981

–

–

279,410,981

Investment

Contract

–

–

4,665,064

4,665,064

Total

$

300,456,343

$

–

$

4,665,064

$

305,121,407

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

8

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2030

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

13,179,520

$

13,179,520

Purchases

*

1,892,652

1,892,652

Sales

(10,407,108)

(10,407,108)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

4,665,064

$

4,665,064

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2035

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

90.0%

Shares

Value

($)

Alternative

Assets

2.5%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

644,547

6,368,129

Total

Alternative

Assets

(cost

$6,637,910)

6,368,129

Equity

Funds

70.2%

Nationwide

International

Index

Fund,

Class

R6(a)

6,739,238

49,129,048

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

961,741

13,656,724

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

9,639,771

107,869,032

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

741,067

6,662,196

Total

Equity

Funds

(cost

$170,542,395)

177,317,000

Fixed

Income

Funds

17.3%

Nationwide

Bond

Index

Fund,

Class

R6(a)

2,856,304

34,132,832

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

845,291

9,272,846

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

34,789

377,810

Total

Fixed

Income

Funds

(cost

$40,627,847)

43,783,488

Total

Investment

Companies

(cost

$217,808,152)

227,468,617

Exchange

Traded

Funds

9.1%

Shares

Value

($)

Equity

Fund

7.0%

iShares

Core

MSCI

Emerging

Markets

ETF

343,204

17,747,079

Fixed

Income

Fund

2.1%

iShares

20+

Year

Treasury

Bond

ETF

30,773

5,262,183

Total

Exchange

Traded

Funds

(cost

$22,389,860)

23,009,262

Investment

Contract

0.9%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

2,151,968

2,151,968

Total

Investment

Contract

(cost

$2,151,968)

2,151,968

Total

Investments

(cost

$242,349,980)

—

100.0%

252,629,847

Liabilities

in

excess

of

other

assets

—

0.0%

†

(107,036)

NET

ASSETS

—

100.0%

$

252,522,811

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2035

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

23,009,262

$

–

$

–

$

23,009,262

Investment

Companies

227,468,617

–

–

227,468,617

Investment

Contract

–

–

2,151,968

2,151,968

Total

$

250,477,879

$

–

$

2,151,968

$

252,629,847

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2035

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

8,353,860

$

8,353,860

Purchases

*

611,722

611,722

Sales

(6,813,614)

(6,813,614)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

2,151,968

$

2,151,968

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2040

Fund

Investment

Companies

90.1%

Shares

Value

($)

Alternative

Assets

0.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

125,149

1,236,476

Total

Alternative

Assets

(cost

$1,223,239)

1,236,476

Equity

Funds

76.9%

Nationwide

International

Index

Fund,

Class

R6(a)

5,820,911

42,434,444

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

1,001,883

14,226,742

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

9,033,949

101,089,893

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

640,269

5,756,019

Total

Equity

Funds

(cost

$157,822,734)

163,507,098

Fixed

Income

Funds

12.6%

Nationwide

Bond

Index

Fund,

Class

R6(a)

1,698,497

20,297,036

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

592,235

6,496,821

Total

Fixed

Income

Funds

(cost

$24,838,813)

26,793,857

Total

Investment

Companies

(cost

$183,884,786)

191,537,431

Exchange

Traded

Funds

9.4%

Equity

Fund

7.4%

iShares

Core

MSCI

Emerging

Markets

ETF

305,012

15,772,170

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

2.0%

iShares

20+

Year

Treasury

Bond

ETF

24,920

4,261,320

Total

Exchange

Traded

Funds

(cost

$19,595,001)

20,033,490

Investment

Contract

0.5%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

1,150,677

1,150,677

Total

Investment

Contract

(cost

$1,150,677)

1,150,677

Total

Investments

(cost

$204,630,464)

—

100.0%

212,721,598

Liabilities

in

excess

of

other

assets

—

0.0%

†

(93,673)

NET

ASSETS

—

100.0%

$

212,627,925

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2040

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

13

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

20,033,490

$

–

$

–

$

20,033,490

Investment

Companies

191,537,431

–

–

191,537,431

Investment

Contract

–

–

1,150,677

1,150,677

Total

$

211,570,921

$

–

$

1,150,677

$

212,721,598

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

14

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2040

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

4,521,729

$

4,521,729

Purchases

*

579,328

579,328

Sales

(3,950,380)

(3,950,380)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

1,150,677

$

1,150,677

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2045

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

90.5%

Shares

Value

($)

Equity

Funds

80.8%

Nationwide

International

Index

Fund,

Class

R6(a)

5,018,574

36,585,403

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

840,574

11,936,149

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

7,869,982

88,065,103

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

564,028

5,070,612

Total

Equity

Funds

(cost

$136,293,752)

141,657,267

Fixed

Income

Funds

9.7%

Nationwide

Bond

Index

Fund,

Class

R6(a)

1,095,170

13,087,278

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

352,252

3,864,202

Total

Fixed

Income

Funds

(cost

$15,721,540)

16,951,480

Total

Investment

Companies

(cost

$152,015,292)

158,608,747

Exchange

Traded

Funds

9.5%

Equity

Fund

7.5%

iShares

Core

MSCI

Emerging

Markets

ETF

252,819

13,073,271

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

2.0%

iShares

20+

Year

Treasury

Bond

ETF

21,086

3,605,706

Total

Exchange

Traded

Funds

(cost

$16,318,770)

16,678,977

Investment

Contract

0.0%

†

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

83,217

83,217

Total

Investment

Contract

(cost

$83,217)

83,217

Total

Investments

(cost

$168,417,279)

—

100.0%

175,370,941

Liabilities

in

excess

of

other

assets

—

0.0%

†

(76,644)

NET

ASSETS

—

100.0%

$

175,294,297

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

16

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2045

Fund

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

16,678,977

$

–

$

–

$

16,678,977

Investment

Companies

158,608,747

–

–

158,608,747

Investment

Contract

–

–

83,217

83,217

Total

$

175,287,724

$

–

$

83,217

$

175,370,941

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2045

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

339,351

$

339,351

Purchases

*

291,282

291,282

Sales

(547,416)

(547,416)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

83,217

$

83,217

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2050

Fund

Investment

Companies

90.1%

Shares

Value

($)

Equity

Funds

82.6%

Nationwide

International

Index

Fund,

Class

R6(a)

4,202,153

30,633,692

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

769,917

10,932,817

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,641,539

74,318,818

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

479,936

4,314,624

Total

Equity

Funds

(cost

$116,041,285)

120,199,951

Fixed

Income

Funds

7.5%

Nationwide

Bond

Index

Fund,

Class

R6(a)

762,073

9,106,774

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

163,451

1,793,060

Total

Fixed

Income

Funds

(cost

$10,106,668)

10,899,834

Total

Investment

Companies

(cost

$126,147,953)

131,099,785

Exchange

Traded

Funds

9.9%

Shares

Value

($)

Equity

Fund

7.8%

iShares

Core

MSCI

Emerging

Markets

ETF

220,399

11,396,832

Fixed

Income

Fund

2.1%

iShares

20+

Year

Treasury

Bond

ETF

17,669

3,021,399

Total

Exchange

Traded

Funds

(cost

$14,040,629)

14,418,231

Total

Investments

(cost

$140,188,582)

—

100.0%

145,518,016

Liabilities

in

excess

of

other

assets

—

0.0%

†

(62,302)

NET

ASSETS

—

100.0%

$

145,455,714

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2050

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

19

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

14,418,231

$

–

$

–

$

14,418,231

Investment

Companies

131,099,785

–

–

131,099,785

Total

$

145,518,016

$

–

$

–

$

145,518,016

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2055

Fund

Investment

Companies

90.6%

Shares

Value

($)

Equity

Funds

83.6%

Nationwide

International

Index

Fund,

Class

R6(a)

2,380,677

17,355,132

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

468,598

6,654,096

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

3,830,993

42,868,814

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

290,881

2,615,023

Total

Equity

Funds

(cost

$67,128,077)

69,493,065

Fixed

Income

Funds

7.0%

Nationwide

Bond

Index

Fund,

Class

R6(a)

415,647

4,966,977

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

75,091

823,753

Total

Fixed

Income

Funds

(cost

$5,327,696)

5,790,730

Total

Investment

Companies

(cost

$72,455,773)

75,283,795

Exchange

Traded

Funds

9.4%

Shares

Value

($)

Equity

Fund

8.2%

iShares

Core

MSCI

Emerging

Markets

ETF

131,398

6,794,591

Fixed

Income

Fund

1.2%

iShares

20+

Year

Treasury

Bond

ETF

6,164

1,054,044

Total

Exchange

Traded

Funds

(cost

$7,738,897)

7,848,635

Total

Investments

(cost

$80,194,670)

—

100.0%

83,132,430

Liabilities

in

excess

of

other

assets

—

0.0%

†

(35,546)

NET

ASSETS

—

100.0%

$

83,096,884

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2055

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

21

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

7,848,635

$

–

$

–

$

7,848,635

Investment

Companies

75,283,795

–

–

75,283,795

Total

$

83,132,430

$

–

$

–

$

83,132,430

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

2060

Fund

Investment

Companies

90.7%

Shares

Value

($)

Equity

Funds

84.5%

Nationwide

International

Index

Fund,

Class

R6(a)

885,616

6,456,141

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

171,435

2,434,372

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

1,418,643

15,874,620

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

109,492

984,335

Total

Equity

Funds

(cost

$24,931,355)

25,749,468

Fixed

Income

Funds

6.2%

Nationwide

Bond

Index

Fund,

Class

R6(a)

133,551

1,595,937

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

27,403

300,607

Total

Fixed

Income

Funds

(cost

$1,757,031)

1,896,544

Total

Investment

Companies

(cost

$26,688,386)

27,646,012

Exchange

Traded

Funds

9.3%

Shares

Value

($)

Equity

Fund

8.3%

iShares

Core

MSCI

Emerging

Markets

ETF

49,088

2,538,340

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF

1,810

309,510

Total

Exchange

Traded

Funds

(cost

$2,751,628)

2,847,850

Total

Investments

(cost

$29,440,014)

—

100.0%

30,493,862

Liabilities

in

excess

of

other

assets

—

0.0%

†

(11,416)

NET

ASSETS

—

100.0%

$

30,482,446

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2060

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

23

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

2,847,850

$

–

$

–

$

2,847,850

Investment

Companies

27,646,012

–

–

27,646,012

Total

$

30,493,862

$

–

$

–

$

30,493,862

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

Investment

Companies

84.9%

Shares

Value

($)

Alternative

Assets

5.7%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,482,508

14,647,177

Total

Alternative

Assets

(cost

$14,768,339)

14,647,177

Equity

Funds

33.5%

Nationwide

International

Index

Fund,

Class

R6(a)

2,750,564

20,051,611

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

318,053

4,516,359

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,482,419

61,348,272

Total

Equity

Funds

(cost

$77,047,339)

85,916,242

Fixed

Income

Funds

45.7%

Nationwide

Bond

Index

Fund,

Class

R6(a)

6,241,821

74,589,758

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

2,294,708

25,172,949

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,608,961

17,473,314

Total

Fixed

Income

Funds

(cost

$107,852,940)

117,236,021

Total

Investment

Companies

(cost

$199,668,618)

217,799,440

Exchange

Traded

Funds

4.5%

Equity

Fund

1.5%

iShares

Core

MSCI

Emerging

Markets

ETF

73,966

3,824,782

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

3.0%

iShares

20+

Year

Treasury

Bond

ETF

45,635

7,803,585

Total

Exchange

Traded

Funds

(cost

$10,553,780)

11,628,367

Investment

Contract

10.7%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

27,443,957

27,443,957

Total

Investment

Contract

(cost

$27,443,957)

27,443,957

Total

Investments

(cost

$237,666,355)

—

100.1%

256,871,764

Liabilities

in

excess

of

other

assets

—

(0.1)%

(162,083)

NET

ASSETS

—

100.0%

$

256,709,681

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

Retirement

Fund

-

July

31,

2020

(Unaudited)

-

Statement

of

Investments

-

25

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

as

follows.

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-based

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-based

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.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

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

significant 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

July

31,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings

.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,628,367

$

–

$

–

$

11,628,367

Investment

Companies

217,799,440

–

–

217,799,440

Investment

Contract

–

–

27,443,957

27,443,957

Total

$

229,427,807

$

–

$

27,443,957

$

256,871,764

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

26

-

Statement

of

Investments

-

July

31,

2020

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

*    NFA

can

increase

or

redeem

all

or

a

portion

of

each

Fund’s

investment

in

the

Nationwide

contract

on

a

daily

basis

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

NLIC

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

Fair

Value

Committee

(“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.

Investment

Contract

Total

Balance

as

of

October

31,

2019

$

12,893,005

$

12,893,005

Purchases

*

23,174,994

23,174,994

Sales

(8,624,042)

(8,624,042)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2020

$

27,443,957

$

27,443,957

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

Daily

Transactions

$1.00

($1.00)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.